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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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Venus Remedies gains as board to consider allotment of shares
Mar 16,2017

The announcement was made after market hours yesterday, 15 March 2017.

Meanwhile, the S&P BSE Sensex was up 128.02 points, or 0.44%, to 29,526.13

On the BSE, so far 77,000 shares were traded in the counter, compared with average daily volumes of 29,336 shares in the past one quarter. The stock had hit a high of Rs 104.85 and a low of Rs 99.55 so far during the day. The stock hit a 52-week high of Rs 142.80 on 5 October 2016. The stock hit a 52-week low of Rs 65 on 1 June 2016.

The small-cap company has equity capital of Rs 11.44 crore. Face value per share is Rs 10.

Venus Remedies reported net loss of Rs 2.10 crore in Q3 December 2016 as against net loss of Rs 0.25 crore in Q3 December 2015. Net sales declined 12.61% to Rs 84.49 crore in Q3 December 2016 over Q3 December 2015.

Venus Remedies is a pharmaceutical company.

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Great Eastern Shipping Company takes delivery of Jag Leena
Mar 16,2017

Great Eastern Shipping Company has taken delivery of Secondhand Suezmax Crude Carrier Jag Leena (2010 Built) of about 157,000 dwt. The Company had contracted to buy the vessel in December 2016.

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Adani Power allots 3,38,34,391 equity shares
Mar 16,2017

Adani Power announced the allotment of 3,38,34,391 equity shares of Rs. 10/- each upon partial conversion of the Convertible Warrants as earlier issued and allotted on preferential basis to Promoter Group Entities.

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Shriram Transport Finance drops on profit booking
Mar 16,2017

Meanwhile, the S&P Sensex was up 137.49 points or 0.47% at 29,539.45.

On the BSE, 16,000 shares were traded on the counter so far as against the average daily volumes of 83,022 shares in the past one quarter. The stock had hit a high of Rs 1,071.95 and a low of Rs 1,039.55 so far during the day.

The stock had hit a record high of Rs 1,325 on 1 August 2016 and a 52-week low of Rs 778 on 26 December 2016. The stock had outperformed the market over the past one month till 15 March 2017, advancing 14.71% compared with the Sensexs 4.41% rise. The scrip had also outperformed the market over the past one quarter advancing 25.72% as against the Sensexs 10.86% rise.

The large-cap company has equity capital of Rs 226.88 crore. Face value per share is Rs 10.

Shriram Transport Finance Company had rallied 11.96% in the preceding two trading sessions to settle at Rs 1,071.60 yesterday, 15 March 2017, from its closing of Rs 957.15 on 10 March 2017.

Shriram Transport Finance Companys net profit fell 7.8% to Rs 345.96 crore on 5.8% increase in total income to Rs 2717.43 crore in Q3 December 2016 over Q3 December 2015.

Shriram Transport Finance Company is one of the leading asset financing non-banking financial companies (NBFC) in India.

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Wipro moves higher after opening AEC in Detroit
Mar 16,2017

The announcement was made after market hours yesterday, 15 March 2017.

Meanwhile, the S&P BSE Sensex was up 166.69 points, or 0.57%, to 29,564.80

On the BSE, so far 6.69 lakh shares were traded in the counter, compared with average daily volumes of 1.03 lakh shares in the past one quarter. The stock had hit a high of Rs 500 and a low of Rs 495.35 so far during the day. The stock hit a 52-week high of Rs 606.75 on 20 April 2016. The stock hit a 52-week low of Rs 410 on 9 November 2016.

The large-cap company has equity capital of Rs 486.18 crore. Face value per share is Rs 2.

Wipro said that the Automotive Engineering Center (AEC) aims to drive innovation in connected vehicle concepts - design, product engineering, digital customer-vehicle experiences, artificial intelligence, and sensors-driven advanced vehicle data analytics.

The Wipros AEC is part of the companys vision to build a global network of delivery centers that offer best-in-class engineering and IT services, augmented by leading-edge automotive domain and digital solutions. The center will serve as a hub to support the automotive engineering and IT requirements of original equipment manufacturers (OEMs) and tier-I suppliers, based in North America.

Separately, Wipro announced after market hours yesterday, 15 March 2017, its partnership with Harte Hanks, an American marketing services company to offer marketing technology services. As a part of the multi-year engagement, Wipro will upgrade Harte Hanks data analytics and applications platform, create a scalable operating model and simplify IT related processes for the company.

Wipros consolidated net profit rose 2.04% to Rs 2109.40 crore on 0.93% decline in net sales to Rs 13764.50 crore in Q3 December 2016 over Q2 September 2016.

Wipro is a leading information technology, consulting and business process services company that delivers solutions to enable its clients do business better.

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Cabinet approves six laning of Handia-Varanasi section of NH-2 in Uttar Pradesh
Mar 16,2017

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, has given its approval for development of the six laning of Handia-Varanasi section of NH-2 in Uttar Pradesh.

This work will be under the National Highways Development Project (NHDP) Phase-V. The approval is in Hybrid Annuity Mode.

The cost is estimated to be Rs.2,147.33 crore including cost of land acquisition, resettlement and rehabilitation and other pre-construction activities. The total length of the road will be approximately 73 kms.

The project will lead to the improvement of infrastructure in Uttar Pradesh and reduce the time and cost of travel for traffic, particularly heavy traffic, plying on this stretch. The development of this stretch will also help in uplifting the socio-economic condition of the concerned regions of the State and would also increase employment potential for local labourers for project activities. It has been estimated that a total number of 4,076 mandays are required for construction of one kilometre of highways. As such, employment potential of 3,00,000 (approx.) mandays will be generated locally during the construction period of the project.

The project is covered in the region of Handia and Varanasi.

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15 Indian Institutes of Information Technology (IIITs) declared as Institutes of National Importance
Mar 16,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved -

i. Introduction of the Indian Institutes of Information Technology Public Private Partnership (IIIT PPP) Bill, 2017;

ii. To grant statutory status to the fifteen Indian Institutes of Information Technology in Public Private Partnership and declare them as Institutions of National Importance;

iii. To enable these institutions to grant degrees to their students in the academic courses conducted by them.

There is no financial implication with regard to the proposed IIIT PPP Bill, 2017

The Bill will declare the existing Indian Institutes of Information Technology in Public Private Partnership as Institutions of National Importance with powers to award degrees. This will entitle them to use the nomenclature of Bachelor of Technology (B.Tech) or Master of Technology (M.Tech) or Ph.D degree as issued by a University or Institution of National Importance.

The grant of a formal degree in Information Technology, Engineering or Ph.D will enhance the prospects of the graduating students in the job market and will also enable the Institutes to attract enough students required to develop a strong research base in the country in the field of information technology.

The emerging needs of the industry and the economy, as a whole for skilled technical manpower is expected to be met from the talent pool of trained personnel of the institutes.

Every Institute shall be open to all - irrespective of gender, caste, creed, disability, and domicile, and ethnicity, social or economic background. Academic Session has commenced in the following15 Institutes:-

Andhra Pradesh(Chittoor), Assam(Guwahati) Gujarat(Vadodara), Haryana(Sonipat), Himachal Pradesh(Una), Jharkhand(Ranchi), Karnataka(Dharwad), Kerala(Kottayam) Maharashtra (Nagpur & Pune), Manipur(Senapati), Rajasthan (Kota), Tamilnadu(Tiruchirappalli), Uttar Pradesh (Lucknow), Kalyani (West Bengal).

Background

The Scheme of Setting up of 20 new IIITs in Public Private Partnership (IIIT PPP) as approved by the Union Cabinet on 7.12.2010 does not have provision which empowers the Institutes set up in Public Private Partnership to grant degrees to its students. The first batch of under-graduate students enrolled in the Year 2013-14 will be passing out in the Year 2017. Academic Session has started in 15 IIITs.

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Beardsell gains as board approves stock-split
Mar 16,2017

The announcement was made after market hours yesterday, 15 March 2017.

Meanwhile, the S&P Sensex was up 164.98 points or 0.56% at 29,563.09.

On the BSE, 940 shares were traded on the counter so far as against the average daily volumes of 613 shares in the past one quarter. The stock hit a high of Rs 440.20 and a low of Rs 440.15 so far during the day.

The stock had hit a record high of Rs 622 on 4 November 2016 and a 52-week low of Rs 102.90 on 9 June 2016. The stock had outperformed the market over the past one month till 15 March 2017, advancing 7.51% compared with the Sensexs 4.41% rise. The scrip had, however, underperformed the market over the past one quarter sliding 0.05% as against the Sensexs 10.86% rise.

The small-cap company has equity capital of Rs 4.68 crore. Face value per share is Rs 10.

Beardsell announced that its board at its meeting held on 15 March 2017, approved 5-for-1 stock split. The board approved issue of bonus shares in the ratio of one equity share of face value of Rs 2 each for every five existing equity shares of Rs 2 each (post stock split).

Beardsells net profit spurted 256.5% to Rs 1.64 crore on 7.6% fall in net sales to Rs 38.24 crore in Q3 December 2016 over Q3 December 2015.

Beardsell is engaged in the manufacturing, selling and contracting activities in expanded polystyrene, insulation and packaging material, prefabricated panels and solar shield, quikbuild construction panels, marketing of textiles, electric motors, exports and technical consultancy services.

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Board of Megri Soft to acquire 11.67% stake in Kohli & Kohli Financial Consultants
Mar 16,2017

Megri Soft announced that the Board of Directors of the Company in their meeting held on 15 March 2017 has decided to acquire/invest Rs. 25,30,000/- (accounting to 11.67%) in the Equity Shares of the Kohli & Kohli Financial Consultants.

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US stocks rally following Feds rate hike
Mar 16,2017

U.S. stocks climbed higher on Wednesday, 15 March 2017 as the Federal Reserve raised interest rates for the third time since December 2015. The Fed increased its benchmark interest rate by 25 basis points, noting that headline inflation is n++moving closen++ to its 2% target. The major averages started the day in the green thanks to a bullish sentiment in the crude oil market and climbed to new session highs in the afternoon following the FOMC decision.

The Dow Jones Industrial Average rose 112.73 points, or 0.5%, to end at 20,950.10. The S&P 500 index advanced 19.81 points, or 0.8%, to finish at 2,385.26. The Nasdaq Composite Index advanced 43.23 points, or 0.7%, to 5,900.05.

As expected, the Federal Open Market Committee voted to raise the fed funds target range by 25 basis points to 0.75%-1.00% on Wednesday. More notably, the Fed still believes that three rate hikes are appropriate for 2017, relieving investors fears that the central bank could begin setting the groundwork for a fourth hike.

The ICE U.S. dollar index extended its decline following the news, which had been widely expected. A weaker greenback tends to provide support for dollar-denominated commodities.

Economic data released on Wednesday showed the Consumer Price Index rose 0.1% in February, the smallest increase since last summer. Separately, retail sales rose 0.1% in February.

Economic data also showed that the Empire Manufacturing Survey for March rose to 16.4 from the prior months reading of 18.7. The consensus estimate was pegged at 14.5. The NAHB Housing Market Index for March rose to 71 (consensus 65) from an unrevised reading of 65 in February. Business Inventories rose 0.3% in January, which is in line with the consensus. The prior months reading was left unrevised at 0.4%.

Crude oil prices ended their long losing streak on Wednesday, 15 March 2017 as a drop in the dollar in the wake of the Federal Reserves decision to raise interest rates, as expected, fed an earlier rebound. Oil futures had been on the rise after U.S. government data showed the first decline for domestic-crude stockpiles in 10 weeks.

April West Texas Intermediate crude rose $1.14, or 2.4%, to settle at $48.86 a barrel on the New York Mercantile Exchange after seven straight session losses. It touched highs above $49 following the Fed news, which came about a half-hour before the settlement. May Brent crude on the ICE Futures exchange in London gained 89 cents, or 1.8%, to $51.81 a barrel.

Early Wednesday, the U.S. Energy Information Administration reported that domestic crude-oil supplies fell 200,000 barrels from a record level to total 528.2 million barrels for the week ended March 10. Market had forecast a climb of 3.5 million barrels. The supply decline came even as the EIA reported U.S. crude output rose 21,000 barrels to 9.109 million barrels a day. Meanwhile, gasoline supplies fell by 3.1 million barrels, while distillate stockpiles dropped 4.2 million barrels last week.

Gold futures settled with a loss on Wednesday, 15 March 2017 while silver ended flat. Gold climbed up in post electronic tradingbuoyed by a fall in the U.S. dollar following the Federal Reserves decision to increase interest rates, as expected. Expectations for higher rates had already been generally dollar-positive and gold-negative as a richer buck makes gold less attractive to investors using another currency.

Gold for April delivery fell $1.90, or 0.2%, to finish at $1,200.70 an ounce. It was trading higher at $1,210.50 in electronic trading shortly after the Fed announcement, which followed the price settlement. May silver settled flat at $16.923 an ounce.

U.S. Treasuries spiked across the board in the wake of the FOMCs decision to tighten monetary policy. The benchmark 10-yr yield, which moves inversely to the price of the 10-yr Treasury note, finished ten basis points lower at 2.51%. Meanwhile, the 2-yr yield, which is more vulnerable to short-term interest rate hikes, lost seven basis points to finish at 1.31%.

Tomorrows economic data will include February Housing Starts (consensus 1.260 million), Initial Claims (consensus 242,000), and March Philadelphia Fed (consensus 25.0) at 8:30 ET.

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Special assistance measure for Andhra Pradesh by way of special dispensation in funding of EAPs & funding of irrigation component of Polavaram project
Mar 16,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for the Special assistance measure for the Successor State of Andhra Pradesh by way of special dispensation in funding of Externally Aided Projects (EAPs) and funding of irrigation component of Polavaram project.

The modalities for implementation of the announcements for providing central assistance to the State of Andhra Pradesh are as follows:

i. The Central Government will provide special assistance measure to Government of Andhra Pradesh, which would make up for the additional Central share the State might have received during 2015-16 to 2019-20, if the funding of Centrally Sponsored Schemes (CSS) would have been shared at the ratio of 90:10 between the Centre and the State. The special assistance will be provided by way of repayment of loan and interest for the Externally Aided Projects (EAPs) signed and disbursed during 2015-2016 to 2019-20 by the State.

ii. Funding of 100% of the remaining cost of the irrigation component only of the Polavaram project for the period starting from 1.4.2014, to the extent of the cost of the irrigation component on that date. Andhra Pradesh Government will execute the project on behalf of Government of India. However, the overall coordination, quality control, design issues, monitoring, clearances related issues etc. are to be dealt by the Polavaram Project Authority of Ministry of Water Resources, River Development & Ganga Rejuvenation. The Polavaram Project Authority will also assess out the cost of the irrigation component as on 01.04.2014 in consultation with the Department of Expenditure, Ministry of Finance.

This support for capital expenditure by way of repayment of EAP loans would help and assist the newly formed state of Andhra Pradesh to put the States finances on a firmer footing and promote economic growth. Further, the central funding of the irrigation component of the Polavaram Irrigation Project and its execution by the State Government shall expedite completion of the project and the increase irrigation prospects in the State benefitting the people at large.

Background:

The Government of India, while fulfilling its commitments under Andhra Pradesh Reorganisation Act 2014, has already provided Special Assistance of Rs.1,976.50 crore to the state during 2016-17. The amount includes Rs.1176.50 for Resource Gap, Rs.350 crore for the development of 7 backward districts covering Rayalaseema & North Coastal region and Rs.450 crore as assistance to the capital city.

Apart from this the Ministry of Water Resources, River Development & Ganga Rejuvenation has also provided Rs.2081.54 crore for the Polavaram Irrigation Project during the current financial year. Thus the Central Government, after the enactment of the Reorganisation Act, has provided central assistance of Rs.10,461.04 crore to the state of Andhra Pradesh which includes Rs.4403 crore released during 2014-15, Rs.2000 crore released during 2015-16 and Rs. 4058.04 in released in 2016-17.

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Gold settles with loss while silver ends flat
Mar 16,2017

Gold futures settled with a loss on Wednesday, 15 March 2017 while silver ended flat. Gold climbed up in post electronic trading buoyed by a fall in the U.S. dollar following the Federal Reserves decision to increase interest rates, as expected. Expectations for higher rates had already been generally dollar-positive and gold-negative as a richer buck makes gold less attractive to investors using another currency.

Gold for April delivery fell $1.90, or 0.2%, to finish at $1,200.70 an ounce. It was trading higher at $1,210.50 in electronic trading shortly after the Fed announcement, which followed the price settlement. May silver settled flat at $16.923 an ounce.

As expected, the Federal Open Market Committee voted to raise the fed funds target range by 25 basis points to 0.75%-1.00% on Wednesday. More notably, the Fed still believes that three rate hikes are appropriate for 2017, relieving investors fears that the central bank could begin setting the groundwork for a fourth hike.

Gold futures had dug in just above the $1,200 mark in recent sessions, even as prices returned to late-January lows. The metal suffered from a nine-session slide that ended Friday that marked the longest streak of declines since July 2015, FactSet data showed.

The ICE U.S. dollar index extended its decline following the news, which had been widely expected. A weaker greenback tends to provide support for dollar-denominated commodities such as gold.

Earlier Wednesday, gold was little moved by a series of economic releases, which did little to alter expectations for the Fed meeting. The data revealed a still-strong reading in a New York-area business gauge, plus a small rise in a consumer-inflation reading and negligible February improvement in retail sales which were held back by delayed tax refunds.

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MoU between LBSNAA, Mussoorie and Namibia Institute of Public Administration and Management (NIPAM) of Namibia for capacity building
Mar 16,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for signing of a Memorandum of Understanding (MoU) between Lal Bahadur Shastri National Academy of Administration (LBSNAA), Mussoorie and Namibia Institute of Public Administration and Management (NIPAM), Namibia in the field of capacity building of public officials of Namibia and other training activities for the benefit of both the institutes.

The MOU will help the Academy to disseminate some of its experience in running a training institution for higher civil services in the country to NIPAM. It will also help the two sides to engage in collaborative activities in the sphere of public administration and capacity building.

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Cholamandalam Investment & Finance Company appoints directors
Mar 16,2017

Cholamandalam Investment & Finance Company announced that the Board of Directors of the Company at its meeting held on 15 March 2017 has approved the following changes in the constitution of the Board of directors of the Company, subject to the approval of the members at the next general meeting of the Company:

1. Appointment of N Srinivasan as an Executive Vice Chairman and Managing Director of the Company for a term of two years effective 19 August 2017.

2. Appointment of Arun Alagappan as an Executive Director of the Company for a term of five years effective 19 August 2017.

It may be noted that as per the terms of appointment approved by the members at the thirty eighth annual general meeting of the Company held on 29 July 2016, Vellayan Subbiah, the current Managing Director holds office till 18 August 2017.

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Board of Tube Investments of India appoints director
Mar 16,2017

Tube Investments of India announced that the Board of Directors at its meeting held on 15 March 2017 has appointed Vellayan Subbiah as Additional Director on the Board and as the Managing Director (Deisgnate) of the Company, with effect from 19 August 2017.

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