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Jindal Drilling & Industries standalone net profit declines 3.66% in the June 2016 quarter

Jindal Drilling & Industries standalone net profit declines 3.66% in the June 2016 quarter

Sep 14,2016

Net profit of Jindal Drilling & Industries declined 3.66% to Rs 9.48 crore in the quarter ended June 2016 as against Rs 9.84 crore during the previous quarter ended June 2015. Sales rose 11.24% to Rs 92.66 crore in the quarter ended June 2016 as against Rs 83.30 crore during the previous quarter ended June 2015.

ParticularsQuarter Ended
n++Jun. 2016Jun. 2015% Var.
Sales92.6683.3011
OPM %9.8912.74-
PBDT14.5518.68-22
PBT12.0915.01-19
NP9.489.84-4

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Global air freight demand up 8.2% in October 2016
Dec 07,2016

The International Air Transport Association (IATA) released data for global air freight markets in October 2016 showing that demand, measured in freight tonne kilometers (FTKs), rose 8.2% year-on-year in October. This was the fastest pace of growth seen in 18 months. Freight capacity, measured in available freight tonne kilometers (AFTKs), increased 3.6% over the same period.

Global air freight markets look set to end 2016 on a high note. Demand is growing at its fastest pace in 18 months. It remains to be seen how long this growth trend will endure after the year-end peak period and we still face headwinds from weak global trade. But there are some encouraging signs. The peak has been stronger than expected. And purchasing managers are reporting a pick-up in new export orders. So we will enter 2017 propelled by some much-needed positive momentum, said Alexandre de Juniac, IATAs Director General and CEO.

Some one-off factors are likely impacting Octobers positive results: (1) there is potential modal shift to air cargo following the collapse of the Hanjin Shipping Company in August and (2) there could be some last minute reliance on air transport as companies exercised caution in ordering as a result of weak market conditions earlier in the year.

Structural market shifts are also likely underpinning a portion of the stronger performance. This includes strong growth in cross-border e-commerce and pharmaceutical flows. Preparation for the increasing popularity of sales events such as Black Friday and Cyber Monday may also have contributed to the increased demand peak.

The drivers of stronger growth are sending a major signal for change to the air cargo industry. Whether it is e-commerce or the trade in pharmaceuticals, shippers are demanding more than current paper processes can support. The shift to e-freight is more critical than ever, said de Juniac

Regional Performance

Airlines in all regions except Latin America reported an increase in year-on-year demand in October. However results continued to vary considerably.

Asia-Pacific airlines saw demand in freight volumes both from the Within Asia air cargo market as well as on routes to and from the region increase in October 2016 compared to the same period last year. Regional demand increased 7.8% and capacity grew by 3.9%. International freight volumes expanded 8.0% in October, contributing to an annualized increase, in seasonally adjusted terms, of 15% since March 2016.

North American carriers freight volumes expanded 3.7% in October 2016 compared to the same period last year, and capacity increased by just 0.1%. International freight volumes increased by 7.2% in October - their fastest pace since the disruption at US seaports in February last year. Seasonally-adjusted freight volumes are back to the levels reached since the post-global financial crisis bounce-back in 2010. US exports continue to suffer from the strength of the US dollar which has kept the US export market under pressure.

European airlines posted the largest increase in freight demand of all regions in October, 13.4% year on year. Capacity increased 5.9%. Octobers positive performance corresponds with the sustained increase in export orders in Germany over the last few months and the ongoing weakness in the Euro. International freight demand grew by 13.2% year-on-year in October - the fastest pace since April 2011 - and the upward trend in seasonally-adjusted traffic was very strong.

Middle Eastern carriers saw air freight demand increase by 9.2% in October 2016 year-on-year, marking an improvement over the last few months performance. However seasonally-adjusted growth has slowed, predominantly due to weak freight volumes between the Middle East and Asia, and the Middle East and North America. Capacity in the region increased by 4.2%.

Latin American airlines experienced a demand contraction of 0.1% in October 2016, compared to the same period last year, while capacity decreased by 1.8%. International freight volumes grew by 0.2%. In seasonally-adjusted terms this is an improvement over the last few months. The region continues to be blighted by weak economic and political conditions, particularly in the regions largest economy, Brazil.

African carriers freight demand increased by 7.4% in October 2016 compared to the same month last year. However, capacity surged by 24.7% on the back of long-haul expansion, in particular by Ethiopian Airlines. International freight demand for African airlines slowed in October, but still remained robust at 7.7% year-on-year.

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Tata Steel intimates of divestment of Harbour Services
Dec 07,2016

Tata Steel announced that its subsidiary, TM International Logistics has divested entire stake in its wholly owned step down subsidiary TM Harbour Services. The stake has been divested to Adani Ports & Special Economic Zone.

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Tata Steel intimates of divestment of TM Harbour Services
Dec 07,2016

Tata Steel announced that its subsidiary, TM International Logistics has divested entire stake in its wholly owned step down subsidiary TM Harbour Services. The stake has been divested to Adani Ports & Special Economic Zone for a total consideration of Rs 106 crore in an all cash deal.

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Rudraksh Cap-Tech announces change in website
Dec 07,2016

Rudraksh Cap-Tech announced that the domain name of website of the company was changed from www.rudrakshcap-tech.com to www.aexanderstampsandcoin.com pursuant to certificate of change of name as received from Ministry of Corporate affairs.

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Phoenix Mills to hike stake in Alliance Spaces
Dec 07,2016

Phoenix Mills announced that its subsidiary, Phoenix Hospitality Company has 57.99% stake holding in Alliance Spaces. Hence, Alliance Spaces is an indirect subsidiary of the Company and the Company has an effective shareholding of 33.01%.

On 06 December 2016, the Company has entered into a share purchase agreement for acquisition of 20.01% stake holding in K2A Hospitality, an equity shareholder of Alliance Spaces.

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Monnet Ispat & Energy Director resigns
Dec 07,2016

Monnet Ispat & Energy announced that the Company has on 07 December 2016 received a letter from Amit Dixit, Independent Director of the Company, tendering-his resignation from the Board of Directors of the Company w.e.f. 06 December 2016.

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Allahabad Bank announces change in directorate
Dec 07,2016

Allahabad Bank announced that in exercise of the powers conferred by sub-section 3(c) of Section 9 of the Banking Companies (Acquisition & Transfer of Undertakings) Act, 1970, read with Sub clause (1) of Clause 3 of the Nationalized Banks (Management 8s Miscellaneous Provisions) Scheme, 1970, the Govt, of India, Ministry of Finance, Department of Financial Services vide their Notification dated 06 December 2016, have nominated Vivek Deep, Regional Director, Kanpur, Reserve Bank of India, Director on the Board of Bank in place of A. Udgata with immediate effect until further orders.

Accordingly, A. Udgata has ceased to be the Director of Bank with effect from 06 December 2016 and Vivek Deep has joined the Bank as Director with effect from 06 December 2016.

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Shares of IFM Impex Global lists on Metropolitan Stock Exchange of India
Dec 07,2016

IFM Impex Global announced that the equity shares of the Company, IFM Impex Global, have been listed on Metropolitan Stock Exchange of India w.e.f. 09 December 2016 vide notice dated 06 December 2016.

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Indian Oil Corporation signs Consortium Agreement for 60 MMTPA refinery project in Maharashtra
Dec 07,2016

Indian Oil Corporation announced that Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation signed a Consortium Agreement on 07 December 2016 to carry out pre-project activities for setting up of West Coast Refinery and a Petrochemical Project of approximately 60 MMTPA capacity in the state of Maharashtra through a Joint Venture Company.

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Bharat Petroleum Corporation signs Consortium Agreement for 60 MMTPA refinery project in Maharashtra
Dec 07,2016

Bharat Petroleum Corporation announced that Indian Oil Corporation , Bharat Petroleum Corporation and Hindustan Petroleum Corporation signed a Consortium Agreement on 07 December 2016 to carry out pre-project activities for setting up of a West Coast Refinery & Petrochemical project of approximately 60 MMTPA capacity in the State of Maharashtra through a Joint Venture Company.

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Board of Hindustan Foods approves preferential issue of shares
Dec 07,2016

Hindustan Foods announced that the Board of Directors of the Company at its meeting held on 07 December 2016 approved the allotment of 7992500 equity shares of Rs 10 each at Rs 40 per share on preferential basis to promoters and non-promoters of the Company. Pursuant to the above, the issue and paid up capital of the Company has increased to Rs 129,925,000.

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Board of Ess Dee Aluminium to consider September quarter and half year results
Dec 07,2016

Ess Dee Aluminium announced that a meeting of the Board of Directors of the Company will be held on 14 December 2016, inter alia, to transact the following business:

1. To take on record the Un-Audited Financial Results of the Company for quarter and half year ended 30 September 2016.

2. A meeting of the members of the Audit Committee will also be held on 14 December 2016 prior to the Board Meeting to review the Un-Audited Financial Results for quarter and half year ended 30 September 2016.

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Agenda for board meeting of Fortune Financial Services (India)
Dec 07,2016

Fortune Financial Services (India) announced that a meeting of the Board of Directors of the Company is scheduled to be held on 12 December 2016, inter alia, to consider and approve following items as under:

1. Alteration of Clause III of the Memorandum of Association for change in object clause, shifting of certain sub clauses from objects incidental or ancillary to the attainment of the main objects to the main object clause.

2. Entering in to related party transactions for acquisition of equity shares of Suraksha Asset Reconstruction.

3. Approval of Postal Ballot Notice for the resolutions to be passed by members through postal ballot

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EPFO Takes Steps to Cover Contract Workers in Government Departments
Dec 07,2016

A sub-committee of Central Board of Trustees, EPF met on 7th November 2016. The committee noted that the coverage of contract workers increased from 89.25 lakh to 1.02 crore. The Committee however further noted that large number of contact workers in the country still remain deprived of PF benefits. This is because many Central Government Departments/ Organizations do not come under the purview of the EPF and MP Act, 1952. Considering the social security as the basic right of all workers, it decided to recommend to the Government of India for cancellation of exclusion to such categories, including Indian Railways.

The Committee noted that transfer of accounts of contract workers is now possible through Universal Account Number (UAN). It was decided to encourage contract workers to make full use of Aadhaar seeded UAN, upon change of every employment for consolidating their EPF money. The Committee also recommended to the Government to consider increase in the wage ceiling under EPFO to Rs. 25,000 per month from the existing Rs. 15,000 per month.

Zonal review meeting of Additional Central P.F. Commissioners was held on 26th November 2016. All Zonal Addl. PF Commissioners were advised to take up with the State Government for further asking State PSUs, State Corporations, State Government Departments, State PWDs etc. to ensure coverage of all contract workers.

With Aadhaar backed UAN, a number of direct services to EPF members are made available like submission of claim directly with EPFO without employers attestation. At present, out of 8.11 cores UAN issued by EPFO, 2.01 crore Aadhaar numbers of members have been uploaded in UAN database. For creating awareness on benefits of Aadhaar seeding with UAN, EPFO will conduct country wide awareness programme so as to ensure seeding of all UAN with Aadhaar by December end. Beginning December, ECR version 2.0 will be launched. This will further facilitate auto transfer of UAN linked accounts.

An enduring issue with EPFO, has been enrolment of all eligible workers. At present, EPFO has 4 crore contributing workers. EPFO proposes to launch a six months enrolment campaign during 1st January 2017 to 30th June 2017 to enroll all the eligible workers. This campaign will also focus on linking UAN to Aadhaar.

The last date of submission of life certificate by pensioners under Employees Pension Scheme, 1995 has been extended upto 15th January 2017. There are around 54 lakh pensioners with EPFO.

EPFO is focusing its attention on next phase of computerization so that services to members, pensioners and establishments can be made seamless and digitized. The field offices data base is being centralized to operate from the central computing facility. Consolidation of field offices database commenced in October and so far 26 offices of EPFO have migrated to the consolidated database of the Central Data Centre. The computerization reforms includes facilitating submission of online claims as well as Pradhan Mantri Rojgar Protsahan Yojana (PMRPY). ECR 2.0, UAN 2.0 and PMRPY services will be made operational from December 2016.

A stakeholder engagement meeting from industry was held on 29th November 2016. Representatives from PHDCCI, CII, ASSOCHAM and FICCI attended the meeting. In the meeting, the new version of Electronic-challan-cum Return (ECR 2.0) and UAN 2.0 were explained and the need of enrolment of all eligible workers with EPFO and linking of UAN with Aadhaar was impressed. The representatives received the idea well.

The Executive Committee, CBT, EPF was reconstituted on 24th November 2016. Secretary, Government of India, Ministry of Labour & Employment is the Chairperson of the Executive Committee. The 87th meeting of the Executive Committee, CBT, EPF is scheduled to held on 12th December 2016.

EPFO settled 18,501 grievances during the month leaving 3,153 pending. Out of the pending grievances, 82% were pending for less than 07 days.

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Unitech to announce Q2 results
Dec 07,2016

Unitech announced that a meeting of the Board of Directors of the Company will be held on 14 December 2016 to inter alia, consider and approve the Unaudited financial results of the Company for the 2nd quarter & half year ended 30 September 2016 (Q2).

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