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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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V I P Industries standalone net profit rises 27.34% in the June 2017 quarter
Aug 03,2017

Net profit of V I P Industries rose 27.34% to Rs 37.82 crore in the quarter ended June 2017 as against Rs 29.70 crore during the previous quarter ended June 2016. Sales rose 8.97% to Rs 399.82 crore in the quarter ended June 2017 as against Rs 366.92 crore during the previous quarter ended June 2016.

ParticularsQuarter Endedn++Jun. 2017Jun. 2016% Var. Sales399.82366.92 9 OPM %14.3212.90 - PBDT59.6948.80 22 PBT57.1645.53 26 NP37.8229.70 27

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The Ramco Cements standalone net profit declines 0.08% in the June 2017 quarter
Aug 03,2017

Net profit of The Ramco Cements declined 0.08% to Rs 155.81 crore in the quarter ended June 2017 as against Rs 155.93 crore during the previous quarter ended June 2016. Sales rose 5.06% to Rs 990.54 crore in the quarter ended June 2017 as against Rs 942.80 crore during the previous quarter ended June 2016.

ParticularsQuarter Endedn++Jun. 2017Jun. 2016% Var. Sales990.54942.80 5 OPM %29.3231.45 - PBDT280.23276.93 1 PBT208.23210.61 -1 NP155.81155.93 0

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Cummins India standalone net profit rises 22.62% in the June 2017 quarter
Aug 03,2017

Net profit of Cummins India rose 22.62% to Rs 222.16 crore in the quarter ended June 2017 as against Rs 181.18 crore during the previous quarter ended June 2016. Sales rose 6.57% to Rs 1309.13 crore in the quarter ended June 2017 as against Rs 1228.41 crore during the previous quarter ended June 2016.

ParticularsQuarter Endedn++Jun. 2017Jun. 2016% Var. Sales1309.131228.41 7 OPM %14.9216.80 - PBDT249.40245.79 1 PBT228.56225.19 1 NP222.16181.18 23

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Colgate-Palmolive (India) standalone net profit rises 8.48% in the June 2017 quarter
Aug 03,2017

Net profit of Colgate-Palmolive (India) rose 8.48% to Rs 136.38 crore in the quarter ended June 2017 as against Rs 125.72 crore during the previous quarter ended June 2016. Sales declined 3.60% to Rs 969.43 crore in the quarter ended June 2017 as against Rs 1005.59 crore during the previous quarter ended June 2016.

ParticularsQuarter Endedn++Jun. 2017Jun. 2016% Var. Sales969.431005.59 -4 OPM %22.8821.01 - PBDT234.27221.35 6 PBT196.98189.71 4 NP136.38125.72 8

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Bajaj Electricals standalone net profit declines 10.36% in the June 2017 quarter
Aug 03,2017

Net profit of Bajaj Electricals declined 10.36% to Rs 20.50 crore in the quarter ended June 2017 as against Rs 22.87 crore during the previous quarter ended June 2016. Sales rose 7.31% to Rs 1017.64 crore in the quarter ended June 2017 as against Rs 948.29 crore during the previous quarter ended June 2016.

ParticularsQuarter Endedn++Jun. 2017Jun. 2016% Var. Sales1017.64948.29 7 OPM %4.445.95 - PBDT40.7343.39 -6 PBT32.7536.72 -11 NP20.5022.87 -10

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Kirloskar Ferrous Industries standalone net profit declines 96.75% in the June 2017 quarter
Aug 03,2017

Net profit of Kirloskar Ferrous Industries declined 96.75% to Rs 1.23 crore in the quarter ended June 2017 as against Rs 37.81 crore during the previous quarter ended June 2016. Sales rose 12.12% to Rs 377.22 crore in the quarter ended June 2017 as against Rs 336.43 crore during the previous quarter ended June 2016.

ParticularsQuarter Endedn++Jun. 2017Jun. 2016% Var. Sales377.22336.43 12 OPM %4.2820.13 - PBDT14.0666.74 -79 PBT1.5554.80 -97 NP1.2337.81 -97

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Entertainment Network (India) consolidated net profit declines 72.57% in the June 2017 quarter
Aug 03,2017

Net profit of Entertainment Network (India) declined 72.57% to Rs 4.57 crore in the quarter ended June 2017 as against Rs 16.66 crore during the previous quarter ended June 2016. Sales declined 9.56% to Rs 98.67 crore in the quarter ended June 2017 as against Rs 109.10 crore during the previous quarter ended June 2016.

ParticularsQuarter Endedn++Jun. 2017Jun. 2016% Var. Sales98.67109.10 -10 OPM %16.9126.98 - PBDT18.3232.92 -44 PBT2.6724.45 -89 NP4.5716.66 -73

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Tejas Networks reports consolidated net profit of Rs 20.44 crore in the June 2017 quarter
Aug 03,2017

Net profit of Tejas Networks reported to Rs 20.44 crore in the quarter ended June 2017 as against net loss of Rs 1.76 crore during the previous quarter ended June 2016. Sales rose 46.47% to Rs 201.67 crore in the quarter ended June 2017 as against Rs 137.69 crore during the previous quarter ended June 2016.

ParticularsQuarter Endedn++Jun. 2017Jun. 2016% Var. Sales201.67137.69 46 OPM %22.3116.43 - PBDT42.6712.86 232 PBT25.81-1.76 LP NP20.44-1.76 LP

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Tejas Networks reports standalone net profit of Rs 20.20 crore in the June 2017 quarter
Aug 03,2017

Net profit of Tejas Networks reported to Rs 20.20 crore in the quarter ended June 2017 as against net loss of Rs 1.37 crore during the previous quarter ended June 2016. Sales rose 46.87% to Rs 200.10 crore in the quarter ended June 2017 as against Rs 136.24 crore during the previous quarter ended June 2016.

ParticularsQuarter Endedn++Jun. 2017Jun. 2016% Var. Sales200.10136.24 47 OPM %22.3517.70 - PBDT42.4313.25 220 PBT25.57-1.37 LP NP20.20-1.37 LP

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Narayana Hrudayalaya consolidated net profit declines 36.66% in the June 2017 quarter
Aug 03,2017

Net profit of Narayana Hrudayalaya declined 36.66% to Rs 10.92 crore in the quarter ended June 2017 as against Rs 17.24 crore during the previous quarter ended June 2016. Sales rose 15.30% to Rs 521.11 crore in the quarter ended June 2017 as against Rs 451.95 crore during the previous quarter ended June 2016.

ParticularsQuarter Endedn++Jun. 2017Jun. 2016% Var. Sales521.11451.95 15 OPM %9.1911.15 - PBDT42.7948.03 -11 PBT20.9729.08 -28 NP10.9217.24 -37

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Niyogin Fintech reports standalone net loss of Rs 2.10 crore in the June 2017 quarter
Aug 03,2017

Net Loss of Niyogin Fintech reported to Rs 2.10 crore in the quarter ended June 2017 as against net loss of Rs 0.02 crore during the previous quarter ended June 2016. There were no Sales reported in the quarter ended June 2017 and during the previous quarter ended June 2016.

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Narayana Hrudayalaya standalone net profit declines 14.48% in the June 2017 quarter
Aug 03,2017

Net profit of Narayana Hrudayalaya declined 14.48% to Rs 19.37 crore in the quarter ended June 2017 as against Rs 22.65 crore during the previous quarter ended June 2016. Sales rose 10.15% to Rs 441.09 crore in the quarter ended June 2017 as against Rs 400.44 crore during the previous quarter ended June 2016.

ParticularsQuarter Endedn++Jun. 2017Jun. 2016% Var. Sales441.09400.44 10 OPM %10.2612.56 - PBDT47.4150.46 -6 PBT29.4334.44 -15 NP19.3722.65 -14

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Reliance Infra cracks after subdued Q1 result
Aug 03,2017

The result was announced after market hours yesterday, 2 August 2017.

Meanwhile, the S&P BSE Sensex was down 238.86 points, or 0.74% to 32,237.88

On the BSE, 4.12 lakh shares were traded in the counter, compared with average daily volumes of 3.18 lakh shares in the past one quarter. The stock had hit a high of Rs 543.70 and a low of Rs 523.10. The stock had hit a 52-week high of Rs 635.35 on 9 September 2016. The stock had hit a 52-week low of Rs 426.45 on 9 November 2016.

The large-cap company has equity capital of Rs 262.99 crore. Face value per share is Rs 10.

Reliance Infrastructure (RInfra) is one of the largest infrastructure companies, developing projects through various special purpose vehicles (SPVs) in several high growth sectors such as power, roads and metro rail in the infrastructure space and the defence sector.

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Outcome of board meeting of V I P Industries
Aug 03,2017

V I P Industries announced that the Board of Directors of the company at its meeting held on 03 August 2017 have approved the following -

Investment of Rs 25 crore in the wholly owned subsidiary companies to be incorporated in Bangladesh for carrying on activities of manufacturing and marketing of lugguage, bags and other products;

Shifting of registered office to 5th Floor, DGP House, 88C, old Prabhadevi Road, Mumbai 400 025, Maharashtra.

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FICCI-EY study outlines 10-point agenda to revive PPP momentum in transport sector
Aug 03,2017

A FICCI-EY study titled, Revival of PPP momentum in the transport sector, underlines the need to resolve multiple issues dampening the private sector interest and slowing the rate of private investment in the sector. It calls for key interventions to remove the roadblocks to PPP and accelerate the implementation of PPP projects. These interventions would include policy actions, regulatory changes and push the reforms agenda, which will create conducive environment for bringing investments into the sector.

The main recommendations of the Study include: Strengthening of lending institutions, Greater participation of insurance and pension funds, Establishment of Infrastructure PPP Project Review Committee (IPRC) and the Infrastructure PPP Adjudicatory Tribunal (IPAT), Setting up of 3P India as proposed in the Union Budget for 2014-15, Mechanism to keep a check on aggressive bidding , Need for independent regulators, Passing and enactment of pending Bills, Strong emphasis on performance-based contracts, Better preparation of DPR and Revisiting the Viability Gap Funding (VGF) Scheme.

The following are the recommendations in detail:

Strengthening of lending institutions

Despite the creation of other lending institutions such as IIFCL, IDFs, and IFCs, commercial banks remain a major source of debt financing of PPP projects in India. However, banks are faced with issues such as asset liability mismatch (ALM) and liquidity constraints as they have been funding long-duration infrastructure projects with their short-term deposits. Hence, strengthening of banks and other financial institutions has been long due.

In 2014, RBI attempted to resolve the issue by bringing in the 5:25 scheme, which allows banks to extend long-term loans of 20-25 years to match the cash flow of projects, while refinancing them every five or seven years. At present, the scheme is applicable to projects in which total exposure of lenders is more than INR 500 crore. Therefore, the government should also look into inclusion of projects with less than INR 500 crore of lending exposure in order to expand the scope of the scheme. On the supply side, RBI has relaxed reserve requirements and lending norms for banks so that they can issue long-term bonds with a minimum maturity of seven years to raise resources for lending to long-term projects in infrastructure subsectors.94 However, more such measures are required to augment financing in the sector. The Kelkar Committee has suggested that banks and financial institution be encouraged to issue Deep Discount Bonds or Zero Coupon Bonds (ZCB) in order to lower debt servicing costs during the initial phases of the project. Further, refinancing terms may be streamlined to allow automatic refinancing of infrastructure loans. In addition, there is an urgent need to develop appraisal skills and capacities among banks to evaluate lending proposals.

Greater participation of insurance and pension funds

Companies need access to long-term funds for infrastructure projects with long gestation periods. Globally, long-term capital is raised via capital markets where major investors are pension and insurance managers. There is an urgent need in India to tap such markets to fund its infrastructure requirement. However, there are regulatory constraints on insurance and pension funds which restricts them to invest in infrastructure sector. It is recommended that investment and exposure norms posed by the Insurance Regulatory and Development Authority (IRDA) and Pension Fund Regulatory and Development Authority (PFRDA) be relaxed in a rational way so as to encourage these funds to actively participate in infrastructure projects.

Further, the government should actively promote and issue rupee denominated Zero Coupon Bonds (ZCB). This will also help promote the general bond market in the country and attract investments from certain categories of investors such as pension funds and insurance companies.

Establishment of Infrastructure PPP Project Review Committee (IPRC) and the Infrastructure PPP Adjudicatory Tribunal (IPAT)

The Kelkar Committeen++n++s report on n++n++Revisiting and Revitalizing the PPP Model of Infrastructuren++n++ suggested a two-tier framework of the IPRC and IPAT for faster resolution of disputes relating to private sector partnerships and public procurement.

One of the roles of the IPRC would be to screen and identify actionable stress in any infrastructure PPP project in a time bound manner. The detailed evaluation of the underlying technical and financial issues should be considered by the IPRC. Constitution of IPRC by IPAT would ensure that only relevant and deserved cases which involves substantial question of law reaches the tribunal for hearing in order to save time and money during the entire process. It is suggested that IPAT be chaired by a judicial member (former Judge SC/Chief Justice HC) with a technical and/or financial member. Since an independent tribunal for PPP projects in India has been long due and the list of stressed or disputed PPP projects is growing year on year, it is recommended that the a framework for establishment of the tribunal in line with the Kelkar Committee report suggestions be developed and the independent tribunal be set up through an Act of Parliament on priority basis.

Setting up of 3P India

PPPs have so far delivered some of the iconic infrastructure like airports, ports and highways. Once termed as the panacea for infrastructure funding issues in the country, PPPs today face a plethora of challenges including but not limited to lending constraints, lack of equity in the market, poor project preparation activities, and absence of dedicated policy or regulation. There is an imminent need for continuous evolution of the PPP framework in view of the everchanging PPP environment in the country. The absence of a dedicated institution to oversee and guide the sector on the evolutionary path has led to delays in many policy and regulatory decisions.

To resolve the issue, the government in the Union Budget 2014-15 has proposed to set up an institution to provide support to mainstreaming PPPs called 3P India with a sum of INR 500 crore. It is envisaged that the institution would be set up as a Center of Excellence (CoE) for PPPs, facilitating nuanced and sophisticated models of contracting, developing quick dispute redressal mechanism of PPPs, building capacities and providing support to mainstreaming of PPPs in India. Not much progress toward a dedicated institution has been observed till now; nonetheless, there is an urgent need to set up 3P India.

Mechanism to keep a check on aggressive bidding

Aggressive bidding is a major cause of concern in PPP projects. Developers bid aggressively to bag projects on account of booming economy in order to capture the significant portion of the market share. Any adverse situation in the economy results in huge losses to the developers who then become incapable of raising funds and executing projects within the stipulated timelines. Of late, many PPP projects in roads and ports sector have witnessed aggressive bidding.

Today, authorities lack the capacity to assess whether a particular bid is aggressive or not. Hence, it is recommended that the government develop a framework that would enable authorities to analyze the lowest bid with respect to internal estimates. For each project, authorities should be able to decide the range of variation, i.e., the upper and lower limit of variation in bidding parameter (total project cost, revenue share, annuity etc.) to check aggressive bidding. Authorities may be given the power to outrightly reject any bid that is outside the prescribed range. Appropriate mechanism needs to be put in place to create a balance between transparency and safeguarding authorities and its officials. Alternatively, any outlier bid may be evaluated and scrutinized further by the authority or any institutio