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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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Williamson Financial Services to invest in preference shares of McNally Bharat Engineering Company
Feb 18,2017

Williamson Financial Services announced that the Company has decided to subscribe for not exceeding 15,151,515 Compulsorily Convertible Preference Shares of Rs. 10/- each at a price of Rs. 66/- per Share in the Private Placement Offer to be made by McNally Bharat Engineering Company .

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Himatsingka Seide incorporates subsidiary in England
Feb 18,2017

Himatsingka Seide has incorporated a wholly owned subsidiary in Europe namely n++Himatsingka Europen++, which is registered with the Registrar of Companies for England and Wales on 17 February 2017. This will help to strengthen the distribution network in Europe.

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Board of CIAN Agro Industries & Infrastructure approves acquisition of Jairam Infraventures
Feb 18,2017

CIAN Agro Industries & Infrastructure announced that the Board of Directors of the Company at its meeting held on 18 February 2017 approved to acquire entire 100% paid up equity share capital of Jairam Infraventure, comprising of 10000 equity shares of Rs 10 each at par to make it a wholly owned subsidiary of the Company.

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Williamson Magor & Company to invest in preference shares of McNally Bharat Engineering Company
Feb 18,2017

Williamson Magor & Company Ltd has informed BSE that the Company has decided to subscribe for not exceeding 15,151,515 Compulsorily Convertible Preference Shares of Rs. 10/- each at a price of Rs. 66/- per Share in the Private Placement Offer to be made by McNally Bharat Engineering Company.

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Gartner Says Worldwide Business Intelligence and Analytics Market to Reach $18.3 Billion in 2017
Feb 18,2017

Global revenue in the business intelligence (BI) and analytics software market is forecast to reach $18.3 billion in 2017, an increase of 7.3 percent from 2016, according to the latest forecast from Gartner, Inc. By the end of 2020, the market is forecast to grow to $22.8 billion.

According to Gartner, modern BI and analytics continues to expand more rapidly than the overall market, which is offsetting declines in traditional BI spending. The modern BI and analytics platform emerged in the last few years to meet new organizational requirements for accessibility, agility and deeper analytical insight, shifting the market from IT-led, system-of-record reporting to business-led, agile analytics including self-service.

The modern BI and analytics market is expected to decelerate, however, from 63.6 percent growth in 2015 to a projected 19 percent by 2020. Gartner believes this reflects data and analytics becoming mainstream. The market is growing in terms of seat expansion, but revenue will be dampened by pricing pressure.

Purchasing decisions continue to be influenced heavily by business executives and users who want more agility and the option for small personal and departmental deployments to prove success, said Rita Sallam, research vice president at Gartner. Enterprise-friendly buying models have become more critical to successful deployments.

Gartner believes the rapidly evolving modern BI and analytics market is being influenced by the following seven dynamics:

1. Modern BI at scale will dominate new buying n++ While business users initially flocked to new modern tools because they could be used without IT assistance, the increased need for governance will serve as the catalyst for renewed IT engagement. Modern BI tools that support greater accessibility, agility and analytical insight at the enterprise level will dominate new purchases.

2. New innovative and established vendors will drive the next wave of market disruption n++ The emergence of smart data discovery capabilities, machine learning and automation of the entire analytics workflow will drive a new flurry of buying because of its potential value to reduce time to insights from advanced analytics and deliver them to a broader set of people across the enterprise. While this smart wave is being driven by new innovative startups, traditional BI vendors that were slow to adjust to the current modern wave are driving it in some cases.

3. Need for complex datasets drives investments in data preparation n++ Business users want to analyze a diverse, often large and more complex combinations of data sources and data models, faster than ever before. The ability to rapidly prepare, clean, enrich and find trusted datasets in a more automated way becomes an important enabler of expanded use.

4. Extensibility and embeddability will be key drivers of expanded use and value n++ Both internal users and customers will either use more automated tools or will embed analytics in the applications they use in their context, or a combination of both. The ability to embed and extend analytics content will be a key enabler of more pervasive adoption and value from analytics.

5. Support for real-time events and streaming data will expand use n++ Organizations will increasingly leverage streaming data generated by devices, sensors and people to make faster decisions. Vendors need to invest in similar capabilities to offer buyers a single platform that combines real-time events and streaming data with other types of source data.

6. Interest in cloud deployments will continue to grow n++ Cloud deployments of BI and analytics platforms have the potential to reduce cost of ownership and speed time to deployment. However, data gravity that still tilts to the majority of enterprise data residing on-premises continues to be a major inhibitor to adoption. That reticence is abating and Gartner expects the majority of new licensing buying likely to be for cloud deployments by 2020.

7. Marketplaces will create new opportunities for organizations to buy and sell analytic capabilities and speed time to insight n++ The availability of an active marketplace where buyers and sellers converge to exchange analytic applications, aggregated data sources, custom visualizations and algorithms is likely to generate increased interest in the BI and analytics space and fuel its future growth.

Organizations will benefit from the many new and innovative vendors continuing to emerge, as well as significant investment in innovation from large vendors and venture capital-funded startups, said Ms. Sallam. They do, however, need to be careful to limit their technical debt that can occur when multiple stand-alone solutions that demonstrate business value quickly, turn into production deployments without adequate attention being paid to design, implementation and support.

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Lime Chemicals announces demise of Chairman
Feb 18,2017

Lime Chemicals announced about the sad demise of M.M. Gadgil, Chairman (Independent, Non-Executive Director) on 14 February 2017.

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Dilip Buildcon secures road project on NH-361 from NHAI
Feb 18,2017

Dilip Buildcon announced that a Letter of Award issued by National Highways Authority of India (Ministry of Road Transport & Highways, Government of India) to Dilip Buildcon for the Project Four Laning of Tuljapur-Ausa (Including Tuljapur Bypass) Section of NH-361 from Km 0.000 to km 55.835 under NHDP Phase IV on Hybrid Annuity Mode in the State of Maharashtra.

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Blue Star decides to incorporate subsidiary in Dubai Airport Free Zone
Feb 18,2017

Blue Star announced that in partial modification of the resolution passed by the Board of Directors of the Company at its meeting held on 10 November 2016, the Directors have approved change in location for incorporation of wholly owned subsidiary of the Company in Dubai Airport Free Zone instead of Dubai South.

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India Ratings Rates Indias First State Government Revenue Supported Bond Backed by RBI
Feb 18,2017

India Ratings and Research (India Ratings) on 16 February 2017 assigned U.P. Power Corporations (UPPCL) proposed INR100 billion bonds a Provisional IND AA(SO) rating with a stable outlook. This is Indias first state government revenue supported bond. India Ratings notes that while state/central government supported bonds, in the form of an unconditional and irrevocable guarantee are common, what makes this particular bond issue different from the bonds issued in the past is that in this case the entire state revenue is available for bond servicing. As the quarterly debt servicing of the proposed bond is only a fraction of the Uttar Pradesh state government revenue, India Ratings believes this structure will provide confidence to investors and timely servicing of the debt.

The rating action commentary: India Ratings Assigns U.P. Power Corporations Proposed Bonds Provisional IND AA(SO); Outlook Stable.

Another first for this transaction, is the structured debt servicing mechanism that is backed by the Reserve Bank of India (RBI). Under this mechanism, in case the specially created bond servicing account falls short of the amount required to service the debt and later if the state government is unable to fund it by a specified date then RBI will debit the requisite amount from the government of UPs account with the RBI and credit it to the UPPCL bond servicing account one day prior to the due date of bond servicing. This structure is similar to the power bonds issued by the state governments in 2003. As part of the one-time settlement of the dues owed by state electricity boards to public sector undertakings namely, NTPC Limited (IND AAA/Stable), NHPC Limited (IND AAA/Stable), Power Grid Corporation of India Limited and coal public sector units. An agreement was thus reached between 27 state governments, Union Ministry of Power and RBI in 2003, to release these bonds for the state-owned firms.

The UPPCL bond also has other regular security features such as state guarantee and debt-service reserve account. India Ratings believes the innovative structure put in place to service the bonds has the potential to open a new and alternative funding line for state governments in India, besides also imposing fiscal discipline on the state governments.

Based on bond market yields and banks lending rates, India Ratings expects UPPCL to save interest cost of around INR2-2.5 billion annually. Similar to UPPCL many other state power distribution companies under financial strain could rely on such structures for funding.

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India Ratings Rates Indias First State Government Revenue Supported Bond Backed by RBI
Feb 18,2017

India Ratings and Research (India Ratings) on 16 February 2017 assigned U.P. Power Corporations (UPPCL) proposed INR100 billion bonds a Provisional IND AA(SO) rating with a stable outlook. This is Indias first state government revenue supported bond. India Ratings notes that while state/central government supported bonds, in the form of an unconditional and irrevocable guarantee are common, what makes this particular bond issue different from the bonds issued in the past is that in this case the entire state revenue is available for bond servicing. As the quarterly debt servicing of the proposed bond is only a fraction of the Uttar Pradesh state government revenue, India Ratings believes this structure will provide confidence to investors and timely servicing of the debt.

The rating action commentary: India Ratings Assigns U.P. Power Corporations Proposed Bonds Provisional IND AA(SO); Outlook Stable.

Another first for this transaction, is the structured debt servicing mechanism that is backed by the Reserve Bank of India (RBI). Under this mechanism, in case the specially created bond servicing account falls short of the amount required to service the debt and later if the state government is unable to fund it by a specified date then RBI will debit the requisite amount from the government of UPs account with the RBI and credit it to the UPPCL bond servicing account one day prior to the due date of bond servicing. This structure is similar to the power bonds issued by the state governments in 2003. As part of the one-time settlement of the dues owed by state electricity boards to public sector undertakings namely, NTPC Limited (IND AAA/Stable), NHPC Limited (IND AAA/Stable), Power Grid Corporation of India Limited and coal public sector units. An agreement was thus reached between 27 state governments, Union Ministry of Power and RBI in 2003, to release these bonds for the state-owned firms.

The UPPCL bond also has other regular security features such as state guarantee and debt-service reserve account. India Ratings believes the innovative structure put in place to service the bonds has the potential to open a new and alternative funding line for state governments in India, besides also imposing fiscal discipline on the state governments.

Based on bond market yields and banks lending rates, India Ratings expects UPPCL to save interest cost of around INR2-2.5 billion annually. Similar to UPPCL many other state power distribution companies under financial strain could rely on such structures for funding.

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Constant improvement in ease of doing biz & robust infrastructure development imperative for Indias all round economic growth: Report
Feb 18,2017

The government needs to continuously invest in improving the ease of doing business environment, develop sound infrastructure, and ensure availability of trained workforce as India is set on a growth trajectory that promises all-round development, economic welfare and strong macro-economic indicators, noted a recent ASSOCHAM-EY report.

n++Improved governance, favourable conditions to conduct business, transparency in government procedures and responsive policy making with an immediate focus on effective implementation of government reforms will continue to evolve India into a preferred destination for foreign investment,n++ highlighted the report titled India: Transforming through radical reforms, jointly conducted by ASSOCHAM and global advisory firm Ernst & Young (EY).

It also termed demonetisation as a major step aimed at strengthening Indias proposition of becoming a transparent economy by curbing black money, terror financing and fake currency circulating in the economy.

n++Combining demonetisation with Digital India and Pradhan Mantri Jan Dhan Yojna will ensure transparency in financial transactions. Transfer of subsidies through bank accounts opened under the scheme has removed the middlemen, thus eliminating one of the biggest contributors to corruption,n++ said the ASSOCHAM-EY report.

It also said that the GST (goods and services tax) which is expected to be rolled out by July 2017, will further boost the economy by simplifying the indirect tax structure, and eliminating the cascading effect of taxes on customers and make doing business easier in the country.

Hailing the Centres ambitious Make in India initiative, the report said that it has provided robust support to Indias manufacturing sector, backed by domestic demand and many regulatory reforms. It has helped India become the sixth largest manufacturing economy in the world in 2016.

Reforms like Power for All, Smart Cities, Skill India and Startup India are expected to work in tandem with Make in India to help the country achieve the goal of becoming a manufacturing hub, it added.

n++All these radical reforms are acting as enablers for boosting the domestic environment which in turn is improving the countrys stature globally,n++ further said the report. n++The major reforms from the Government will continue to boost investor sentiment and Indias outlook across the world.n++

It also complemented the Governments view of promoting innovation and entrepreneurship through reforms like Startup India and Skill India, to equip the young workforce to face the changing global economic environment and technological disruption.

While the pace of Indias radical reforms may vary, the direction is firmly set toward higher growth. The economy will continue to benefit from significant progress in trade, proactive policy actions and robust external buffers.

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Mineral Production during December 2016 was 5.2% higher as compared to December 2015
Feb 18,2017

The index of mineral production of mining and quarrying sector for the month of December (new Series 2004-05=100) 2016 at 144.5, was 5.2% higher as compared to December 2015. The cumulative growth for the period April- December 2016-17 over the corresponding period of previous year has been (+) 0.9 percent.

The total value of mineral production (excluding atomic & minor minerals) in the country during December 2016 was Rs. 22348 crore. The contribution of Coal was the highest at Rs. 9317 crore (42%). Next in the order of importance were: Petroleum (crude) Rs. 5553 crore, Iron ore Rs. 2438 crore, Natural gas (utilized) Rs. 2195 crore, Lignite Rs.804 crore and Limestone Rs. 528 crore. These six minerals together contributed about 93% of the total value of mineral production in December 2016.

Production level of important minerals in December 2016 were: Coal 642 lakh tonnes, Lignite 46 lakh tonnes, Natural gas (utilized) 2654 million cu. m., Petroleum (crude) 31 lakh tonnes, Bauxite 2081 thousand tonnes, Chromite 456 thousand tonnes, Copper conc. 11 thousand tonnes, Gold 151 kg., Iron ore 179 lakh tonnes, Lead conc. 26 thousand tonnes, Manganese ore 248 thousand tonnes, Zinc conc. 171 thousand tonnes, Apatite & Phosphorite 47 thousand tonnes, Limestone 247 lakh tonnes, Magnesite 20 thousand tonnes and Diamond 2096 carat.

The production of important minerals showing positive growth during December 2016 over December 2015 include Chromite (67.4%), Lignite (56.6%), Zinc conc. (38.9%), Iron ore (36.2%), Manganese ore (34.1%), Gold (28.0%), Lead conc. (22.3%), Bauxite (21.0%), Apatite & Phosphorite (10.7%), Limestone (5.8%), Coal (3.8%) and Natural gas (utilized) (0.4%). The production of other important minerals showing negative growth are: Diamond [(-) 37.2%], Copper conc. [(-) 21.5 %], Magnesite [(-) 19.6 %] and Petroleum (crude) [(-) 0.8%].

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Spice Mobility intimates of incorporation of step down subsidiary
Feb 18,2017

Spice Mobility announced that its step down subsidiary - SGIC has incorporated Omnia, as a wholly owned subsidiary company in Singapore for undertaking activities relating to development of software for interactive Digital Media (except games).

Consequently, Omnia has also become a step down subsidiary of the Company.

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Religare Enterprises provides update on indirect subsidiary - Religare Wealth Management
Feb 18,2017

Religare Enterprises announced that Religare Wealth Management , an indirect subsidiary of the Company has entered into a definitive agreement on 17 February 2017 with the Anand Rathi Group to sell its interests in its wealth management business subject to necessary approvals.

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Maximum Possible Marks to Indian NRA in WHO Assessment
Feb 18,2017

WHO has completed the assessment of the status of the Indian vaccine regulatory system against WHO NRA Global Benchmarking Tool (GBT) for benchmarking and measured the maturity of the system. The assessment has been carried out by a WHO team comprising lead experts in different areas from WHO Headquarters Geneva, WHO India Country Office, experts drawn from the regulators of USA, Italy, Germany, Netherlands, Indonesia, Thailand and Egypt. The assessment has been done in respect of nine different functionalities and Indian NRA has been declared functional with a maturity level of 4 i.e. the highest level as per currently evolved definitions in respect of 5 functions, and maturity level 3 in respect of 4 functions. While, maturity level 4 indicates good results and sustained improvement trends, maturity level 3 reflects systematic process based approach, early stage of systematic improvements, data availability regarding conformance to objectives and existence of improvement trends.

India is one of the main players in the pharmaceutical industry worldwide. The pharmaceutical industry covers conventional as well as biological medicinal products including vaccines, medical devices, and traditional medicines. India, as a large vaccine producing country, is currently supplying several vaccines to the UN agencies (UNICEF, WHO and PAHO).

A fully functional NRA is a pre-requisite for WHO prequalification of vaccines. One of the requirements to become eligible and retain prequalification status is to have the National Regulatory Authority (NRA) assessed as functional against the WHO published NRA indicators. WHO Prequalification Programme, as such, facilitates access to vaccines that meet the unified standards of quality, safety and efficacy as well as programme needs. The vaccine manufacturers can only apply for WHO vaccine prequalification if the NRA meets the standards of the WHO NRA published indicators i.e. WHO Global benchmarking Tool on functional regulatory system for vaccines.

World Health Organisation (WHO) has, based on a robust benchmarking tool developed over years in consultation with various experts drawn from across the globe, carried out assessment of the National Regulatory Authority (NRA) of India comprising the Central Drugs Standard Control Organisation (CDSCO), State Drug Regulatory Authorities, Pharmaco-vigilance Programme of India (PvPI) and Adverse Events Following Immunization (AEFI) structures at the Central and States levels. The nine functions included in the tool are National Regulatory System; Registration and Marketing Authorization; Vigilance; Laboratory Access and Testing; Regulatory Inspection; Clinical Trial Oversight; NRA Lot Release; Licensing Premises; and Market Surveillance and Control. The Global Benchmarking Tool (GBT) so developed has 63 indicators and 288 sub-indicators, out of which 150 are critical with the following maturity level definitions:

The result reflects the growing maturity of the Indian NRA emanating from a concerted effort by the Government in consultation WHO to build capacity and capability of the National Regulatory Authority over last several years.

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