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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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Fitch: Most Asian Telcos to Come Under Pressure in 2017
Nov 14,2016

Fiercer competition and rising capex needs will put pressure on the credit profiles of most Asian telcos over the next year, says Fitch Ratings. We have a negative outlook on the telecoms sectors in India, Singapore, Malaysia, Thailand and the Philippines. Korea, Indonesia, China and Sri Lanka are all on stable outlook.

Competition is likely to intensify in India, Singapore and Malaysia, with new entrants poised to offer cheaper tariffs to poach customers from incumbents. Competition could be the most intense in India, where a well-capitalised new entrant, Reliance Jio, is offering free voice and text services and cheaper data tariffs than the incumbents. We expect the blended tariff to decline by 5%-6% for Indian telcos. In Malaysia, the fixed-line market leader, Telekom Malaysia, is making a move into the wireless market, which will prevent a recovery in the revenue of wireless incumbents next year. Finally, Singapore will soon auction sufficient spectrum to allow the entry of a fourth mobile network operator.

Rising competition will add to pressure on revenue, which Fitch expects to grow by just 0-5% in most Asian telco markets in 2017. Data usage will continue to rise strongly, but most telcos are pricing data in such a way that increased usage is not translating into similar revenue growth. The trend of falling data tariffs and the substitution of data for voice and text will continue in most markets. Fixed-line and international long-distance services are in a structural decline. China is the only market where we expect higher data usage to translate into growth in average revenue per mobile user.

Weak revenue growth will result in a hit to the profit of most Asian telcos. EBITDA margins are likely to shrink the most in the Philippines and India, where telcos still derive the majority of their revenue from voice and text services. Chinese and Korean telcos profitability will remain stable, reflecting weaker competition and lower marketing and handset subsidy costs. Chinese telcos will benefit further from lower tower lease rental costs.

Rising capex needs will mean that many Asian telcos will have minimal-to-negative free cash flow next year. Thai, Philippine and Indian telcos are likely to have the highest capex/revenue ratios, at around 28%-30%, as they strengthen 4G networks in response to fast-growing data consumption and the rising importance of network quality. In contrast, Chinese telcos capex could decline by 10% as their 4G development cycle has peaked.

We expect industry consolidation in India, Indonesia and Sri Lanka, as weaker telcos exit the market or seek M&A to strengthen their competitive position. The Sri Lankan market looks particularly crowded and ripe for consolidation. Debt-funded M&A could threaten the ratings of acquirers in these markets.

Among the Fitch-rated Asian telcos, Singapore Telecom (A+/Stable), Telekom Malaysia Berhad (A-/Stable), Reliance Communications (BB-/Stable), Global Cloud Xchange (B+/Stable) and PT Tower Bersama Infrastructure Tbk (BB/Stable) have low ratings headroom.

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Sadbhav Infrastructure Project announces demise of director
Nov 14,2016

Sadbhav Infrastructure Project announced that that Dr. Jagdish P. Joshipura, an Independent Director of the Company, passed away on 12 November 2016.

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Board of Veer Energy & Infrastructure approves change in CFO
Nov 14,2016

Veer Energy & Infrastructure announced that the Board of Directors of the Company at its meeting held on 12 November 2016 accepted resignation of Kunal Shah from post of CFO with immediate effect and appointed Aakash Shah as CFO with effect from 12 November 2016.

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Board of Anjali Synthetics approves change in directorate
Nov 14,2016

Anjali Synthetics announced that the Board of Directors of the Company at its meeting held on 12 November 2016 approved appointment of Govindprasad Madanchand Goyal as Independent Director of the Company and accepted the resignation of Ajay C Shah, Independent Director of the Company.

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Board of Bothra Metals & Alloys to consider HY results
Nov 14,2016

Bothra Metals & Alloys announced that the meeting of Board of Directors of the Company is scheduled to be held on 14 November 2016, inter alia, to consider the following agenda:

- To consider the Standalone Unaudited Financial Results of the company for the half ended on 30 September 2016.

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Board of Norben Tea & Exports approves change in company secretary
Nov 14,2016

Norben Tea & Exports announced that the Board of Directors at its meeting held on 12 November 2016, has accepted the resignation of Pawan Kothari from the position of Company Secretary of the Company with effect from the conclusion of the business hour on 30 November 2016.

Further, the Board of Directors has appointed Mira Haider as Company Secretary w.e.f. 01 December 2016.

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Board of Manjeera Constructions approves resignation of CFO
Nov 14,2016

The Board of Manjeera Constructions approved the resignation of R Venkata Rao as Chief Financial Officer of the Company.

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Ujjivan Financial Services provides update on subsidiary
Nov 14,2016

Ujjivan Financial Services announced that the Reserve Bank of India has issued to the subsidiary of the Company i.e. Ujjivan Small Finance Bank, the Licence No. MUM 122 dated 11 November 2016 to carry on Small Finance Bank business in India subject to the terms and conditions as mentioned in its letter dated 11 November 2016.

Further, Ujjivan Small Finance Bank is in the process of seeking necessary approvals, registrations and licensing from various departments of the Reserve Bank of India and other agencies prior to the commencement of the banking business. On receipt of the mandatory approvals required to start the operations as a Small Finance Bank, Ujjivan Small Finance Bank will commence its operations of a Small Finance Bank.

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Board of Autoline Industries allots equity shares on preferential basis
Nov 14,2016

Autoline Industries announced that the Board of Directors of the Company at its meeting held on 12 November 2016 allotted 16 lakh equity shares on preferential basis in two tranches. Remaining 12 lakh equity shares will be allotted after receipt of share application money.

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Board of Viji Finance approves incorporation of subsidiary company
Nov 14,2016

Viji Finance announced that the Board of Directors of the Company at its meeting held on 12 November 2016 approved the incorporation of a Company as a subsidiary company - Viji Housing Finance for the purpose housing finance subject to requisite authority.

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Fiem Industries appoints director
Nov 14,2016

Fiem Industries announced that in the Board Meeting held on 12 November 2016, Jawahar Thakur has been appointed as Independent Director of the Company w.e.f. 12 November 2016.

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Board of Scooters India approves withdrawal of CFO
Nov 14,2016

Scooters India announced that the Board of Directors of the Company in their meeting held on 11 November 2016 have withdrawn the nomination of B N Raj, as Chief Financial Officer and Key Managerial Personnel of the Company.

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Board of Intellivate Capital Ventures approves change in compliance officer
Nov 14,2016

The Board of Intellivate Capital Ventures approved the resignation of Puja Kapat as Compliance officer with effect from 14 November 2016 and approved the appointment of Prasad Chitnis as Compliance Officer with effect from 14 November 2016.

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Facor Alloys director resigns
Nov 14,2016

Facor Alloys announced that Keshaorao Pardhey, has resigned as a Director from the Board of Directors of the Company with effect from 12 November 2016.

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Rabi Crops Sowing Crosess 146 Lakh Hactare
Nov 14,2016

As per preliminary reports received from the States, the total area sown under Rabi crops as on 11th November, 2016 stands at 146.85 lakh hectares as compared to 126.71 lakh hectare this time in 2015.

Wheat has been sown/transplanted in 25.72 lakh hectares, rice in 9.68 lakh hectares, pulses in 49.24 lakh hectares, coarse cereals in 20.17 lakh hectares and area sown under oilseeds in 42.03 lakh hectares.

The area sown so far and that sown during last year this time is as follows:

Lakh hectare 

CropArea sown in 2016-17Area sown in 2015-16Wheat25.7218.65Rice9.686.46Pulses49.2437.23Coarse Cereals20.1733.26Oilseeds42.0331.11Total146.85126.71

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