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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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KLG Capital Services appoints director
Feb 10,2017

KLG Capital Services announced that vide circular resolution passed on 10 February 2017, inter alia, approved appointment of J Alexander as an Additional (Independent) Director of the Company for a period of 5 years.

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No decision taken on bank transaction tax; govt. examining recommendations received from Chief Ministers panel: Shaktikanta Das
Feb 10,2017

The government has not taken any decision with regard to the tax on bank transactions, though it has received a set of recommendations from the Committee of Chief Ministers, Economic Affairs secretary, Mr Shaktikanta Das said.

n++The government is carefully examining the report, no decision has been taken so far, as and when a decision is taken, naturally government will give it out,n++ said Mr Das.

Highlighting Indias strong fiscal foundation, he said, n++Fiscal deficit has gradually been brought down, it is necessary to find the right balance between requirements of public expenditure and fiscal consolidation by targeting those sectors of economy where you need to spend more.n++

He said that the government has certain fiscal constraints and it will be difficult for the government to reduce corporate tax rates to 25 per cent overnight because fiscal cost will be very high and government will not be able to do justice to various other sectors of the economy - agriculture, rural infrastructure and other areas.

Talking about Indias growth prospective, Mr Das said though the world scenario overall remains uncertain, the outlook for Indias growth is very positive.

n++We would expect the growth to be upwards of seven per cent on the back of various policy measures taken by the government both before and during the budget and which the government will continue to take in the coming months,n++ said the Economic Affairs secretary.

n++Our growth is premised on creating more job opportunities through increased infrastructure spending by carrying out reforms and new policy initiatives in sectors like - textiles, leather, footwear and other similar sectors by taking tax reform measures, by continuing with the policy of reforms,n++ he added.

With regards to taxation, he said that the government is very much committed to ensure that tax administration is taxpayer friendly. n++Emphasis of the government is on honouring the honest. The Revenue Department, CBEC (Central Board of Excise and Customs) and CBDT (Central Board of Direct Taxes) are taking number of steps to ensure that there is no misuse of power, the annual performance reports of officers in the tax departments together with orders passed by officers of income tax are also being gone through by senior level officers.n++

He also said that private sector should also take stringent steps in this regard. n++While from the government side, we are taking steps, I think from the private sector and industry side we would encourage similar steps to be taken as the tax administration at the highest level, in the ministry is working towards bringing about greater accountability, transparency.n++

Highlighting the strong and robust reforms undertaken by the government on tax side, he said that the reform agenda of the government will continue as spelt out by the finance minister in this years budget.

On the issue of transfer of technology, Mr Das said that India has to use its markets and low-cost manufacturing capabilities to ensure that there is domestic manufacturing. n++We have to spend more on research and developing own technological capabilities.n++

In her address at the ASSOCHAM event, Union Textile Minister, Ms Smriti Irani said stressed upon the need for systematic reforms as the challenges faced by India over 70 years ago still stand.

n++Industry cannot grow at the cost of labour rights, as such the government has also ensured of safeguarding labours interest, besides state levies will be refunded to industry to fuel growth and create job opportunities,n++ said Ms Irani.

n++This government understands the need for entrepreneurship even of the not financially stable section of the society,n++ she said.

She added that another example set by this government is the declaration of rail and general budget together for the first time ever.

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Lypsa Gems & Jewellery secured order worth Rs 15.5 crore in UAE
Feb 10,2017

Lypsa Gems & Jewellery announced that its subsidiary - Lypsa Gems & Jewellery DMCC has received an order of Rs 15.5 crore to supply diamonds and diamond studded jewellery to customers in UAE.

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NHPC fixes record date for buyback of shares
Feb 10,2017

NHPC has fixed Record Date as 20 February 2017 for the purpose of Buyback of equity shares of the Company.

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Prime Securities allots 41800 equity shares
Feb 10,2017

Prime Securities announced that the Board of Directors of the Company, vide a resolution passed by circulation on 09 February 2017, has allotted 41,800 equity shares of face value of Rs. 5/- each to employees, pursuant to the exercise of the Options granted to them under the Employee Stock Option Scheme 2008 (ESOS 2008), at an exercise price of Rs. 15/- per equity share.

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Veronica Production announces new website
Feb 10,2017

Veronica Production announced that the Companys new website address is www.veronicaproduction.com

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Sika Interplant Systems provides update on subsidiary - Sikka N Sikka Engineers
Feb 10,2017

Sika Interplant Systems announced that the Board of Directors of Sikka N Sikka Engineers (Sikka N Sikka), a subsidiary of the Company, has noted the proposal of shifting of the Registered Office of Sikka N Sikka from the State of Maharashtra to State of Karnataka and consequent changes to the Clause II of the Memorandum of Association, subject to the approval of the members and confirmation by the Regional Director, Western Region, Mumbai, Ministry of Corporate Affairs and/or other prescribed authorities.

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Ajmera Realty & Infra India provides update on subsidiary - Ajmera Clean Green Energy
Feb 10,2017

Ajmera Realty & Infra India announced that its subsdiary, Ajmera Clean Green Energy (ACGL) has agreed to sell its entire 49% stake in associate Company, Comet Power (CPPL) to Ramesh A. Mehta Group for a consideration of Rs.16.92 crore.

The Comet Power had Loss of Rs.3.67 Lakhs for the financial year ended 31 March 2016. Thus, sale of Power Business will not have any impact in the Profit of the Company. The sale proceeds of stake in CPPL will be deployed in the Company for core Real Estate business.The Comet Power Private Limited ceases to be associate Company of ACGL after completion of the transaction, which shall be completed on or before March 31, 2016.None of the Promoters are interested in the said transaction and it is not a related party transaction for the Company.

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Board of SRM Energy appoints CFO and company secretary
Feb 10,2017

SRM Energy announced that the Board of Directors of the company at its meeting held on 09 February 2017 approved the appointment of Achyut Pai as CFO with immediate effect. The Board also appointed Ruchi Singh as Company secretary and Compliance officer of the Company with immediate effect.

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Uttam Galva Steels appoints director
Feb 10,2017

Uttam Galva Steels announced the induction of Rajiv Munjal as an Additional Director on the Board of the Company with effect from 09 February 2017 in the category of Non-Executive & Non Independent Director at board meeting held on 09 February 2017.

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Usha Martin Education & Solutions announces resignation of director
Feb 10,2017

Usha Martin Education & Solutions announced that R. P. Agrawal and S. K. Mitra, Independent and Non-Executive Directors of the Company resigned from their position w.e.f. 08 February 2017.

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Board of Marathon Nextgen Realty appoints director
Feb 10,2017

Marathon Nextgen Realty announced that at the Meeting of Board of Directors of the Company held on 09 February 2017, the Board has appointed Deepak R Shah as an Additional Director (Independent Director).

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Two key labour reform bills to come up in Parliament: Labour Minister
Feb 10,2017

As a part of Labour reforms, The Government would introduce two important bills relating to wages and industrial relations in Parliament in March for simplification and rationalisation of the Labour Laws, Labour Minister Mr.Bandaru Dattatreya said.

n++Next week at the inter-ministerial meeting under the chairmanship of Finance Minister Mr. Arun Jaitely, we will take the final decision and after that we will go to the Cabinet. In the March (leg of Budget Session) both the bills would be introduced and I am hopeful it would be passedn++, Mr.Dattatreya said. He said all 43 Labour Laws would be codified into four broad categories.

The Labour Minster said the Central Board of Trustees would consider the proposal to increase the EPFO portfolio in the share market from existing 10 % to 15% from the total corpus. At present as much as Rs. 17000 crore from the EPFO corpus of Rs. 8.70 Lakh crore has already been invested in the stock market.

The minister said the returns on EPFO investment into equities amounted to 8.7-9% annually.

Mr.Dattatreya said with the codification of Labour Laws the industry would see an end to the red tape and inspector Raj while the welfare of the workers would also be ensured.

In response to queries from the ASSOCHAM members, the minister said the minimum wages of skilled and unskilled workers have been fixed keeping in view the rising cost of living.

He also listed initiatives for women work force for whom the maternity leave is being extended from 12 to 23 weeks. The bonus limit for workers has also been increased along with the health benefits being extended by the Employees State Insurance Corporation (ESIC).

In his remarks ASSOCHAM President Mr. Sunil Kanoria said that a fine balance was required between welfare of the workforce and industrial productivity. He complimented the government for taking a number of steps in this direction.

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Board of Central Bank of India approves fund raising up to Rs 500 crore
Feb 10,2017

Central Bank of India announced that the Capital Raising Committee of the Board of Directors of the Bank at their meeting held on 09 February 2017 considered and approved the proposal for raising capital funds upto Rs. 500.00 crore by issuance and allotment of Non-Convertible Redeemable Unsecured Basel III compliant Tier 2 Bonds (Series-II) in the nature of promissory notes of the face value of Rs. 10.00 lakh each on private placement basis.

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Board of Century Enka announces change in CFO
Feb 10,2017

Century Enka announced that pursuant to an exercise undertaken on restructuring the functions of Senior Executives of the Company, the Board of Directors, in its meeting held on 09 February 2017 have appointed K. G. Ladsaria as the Chief Financial Officer (CFO) in place of D. B. Roonghta effective from 13 February 2017.

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