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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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Vipul fixes record date for interim dividend
Nov 15,2016

Vipul has fixed 24 November 2016 as the Record Date for the purpose of Payment of Interim Dividend. The dividend shall be paid on or after 30 November 2016.

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Mayur Uniquoters fixes record date for 2nd interim dividend
Nov 15,2016

Mayur Uniquoters has fixed record date of 22 November 2016 for payment of second interim dividend for FY 2016-17, if declared.

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Board of Mayur Uniquoters declares 2nd interim dividend
Nov 15,2016

The Board of Mayur Uniquoters declared a second interim dividend of 5% or Rs 0.25 per share of Rs 5 each for FY 2016-17.

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There is a need to address deeper structural issues to ensure that growth revives and is sustainable
Nov 15,2016

Commenting on the September 2016 IIP data, Dr A Didar Singh, Secretary General, FICCI said growth and investments in manufacturing remain an area of concern. While a slew of measures have been taken by the government in the last few months however, there is a need to address deeper structural issues to ensure that growth revives and is sustainable.

The de- growth in key sectors like capital goods, mining, apparels, chemicals and electrical machinery is indeed a cause for concernn++ said Dr Singh, FICCI.

n++The situation demands that the Government should now provide relief to the industry by lowering the interest cost burden and taking sector specific measures to boost growthn++, Dr Singh added.

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Hindalco Industries hits 52-week high after strong Q2 earnings
Nov 15,2016

The result was announced on Saturday, 12 November 2016. The stock markets were closed on Monday, 14 November 2016, for a public holiday.

Meanwhile, the S&P BSE Sensex was down 375.78 points or 1.4% at 26,443.04

On BSE, so far 12.41 lakh shares were traded in the counter as against average daily volume of 19.92 lakh shares in the past two weeks. The stock hit a high of Rs 180.50 so far during the day, which is a 52-week high for the counter. The stock hit a low of Rs 173.10 so far during the day. The stock had hit a 52-week low of Rs 58.85 on 12 February 2016.

The large-cap company has equity capital of Rs 206.52 crore. Face value per share is Re 1.

Hindalco Industries said that in aluminium segment, the company delivered robust operational performance in Q2 September 2016 in a challenging macroeconomic environment on the back of efficiency gains and lower input costs. Improved visibility over coal sourcing and cost and major portion of requirement secured through linkages, Hindalco Industries said. In copper segment, copper performance rebounded strongly in Q2 September 2016 post successful completion of planned maintenance shutdown.

Aluminium production increased 19% to 321 KT (Kilo Tonne) in Q2 September 2016 over Q2 September 2015, significant cost efficiencies achieved across the plants. Inputs costs were largely supportive though crude derivative prices hardened sequentially, Hindalco Industries said. Aluminium Value Added Products (FRP and Extrusions) rose 8%, Wire Rod Production increased 36% reflecting the companys focus on power and other growth sectors, Hindalco Industries said. The company delivered highest ever quarterly copper production at 106 KT, after successful planned annual maintenance shutdown. Improved efficiencies helped offset sharp decline in sulphuric acid prices, the company said. Revenues for Q2 September 2016, were broadly stable, as the impact of higher aluminium revenues was largely negated by a sharp decline in copper realisation, it added. Following a notification issued by the Ministry of Coal making applicability of contribution to District Mineral Foundation effective retrospectively from 12 January 2015, a one-time provision of Rs 60 crore has been made during Q2 September 2016 and is included in exceptional items.

Hindalco Industries said that the macroeconomic headwinds still persist and the uncertain global macro factors pose several challenges. The price recovery is vulnerable to imminent Chinese capacity additions and smelter restarts. The high level of imports continue to impact domestic sales volumes. Hindalco remains focussed on operational excellence, higher value addition, customer centricity and cash conservation to tide over these issues, the company said.

Hindalco Industries board of directors approved raising of long term finance by way of public or private offerings through equity or equity-linked instruments on preferential allotment basis through Qualified Institutional Placement, Rights Offer, Global Depository Receipts, American Depository Receipts and Foreign Currency Convertible Bonds of up to Rs 5000 crore.

A part of the Aditya Birla Group, Hindalco Industries is the worlds largest aluminium rolling company and one of the biggest producers of primary aluminium in Asia. Its copper smelter is amongst the largest single location custom smelter globally.

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Ramco announces Oceania Headquarters in Melbourne
Nov 15,2016

Ramco Systems announced that SeaRoad Holdings, the parent company of SeaRoad Shipping and SeaRoad Logistics has choosen Ramco Logistics Suite. The announcement was made during the launch of Ramcos new office in Melbourne which will also double up to become the Oceanic Headquarters for the Company.

Ramco in Australia has seen a record growth in business since its entry in 2012. As the fastest growing market, Australia contributed 11% to the overall revenue in FY 2016. The strategic thrust placed in targetingtwo key offerings - Global Payroll and Logistics as an Industry vertical - has helped the region yield good results.

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Board of Veritas (India) approves further investment in subsidiary
Nov 15,2016

Veritas (India) announced that the Board of Directors of the Company at its meeting held on 14 November 2016, has transacted the following:

- The Company proposes further investment of an amount up to Rs. 1,00,00,000/- (Rupees One Crore Only) into its Wholly Owned Subsidiary (WOS) Veritas Polychem.

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Board of Lippi Systems approves resignation of director
Nov 15,2016

The Board of Lippi Systems approved the resignation of Sanjay C Agarwal, Non Executive Director of the Company.

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Corporation Bank vaults after decent Q2 results
Nov 15,2016

The result was announced on Monday, 14 November 2016, when the stock market was closed for a public holiday.

Meanwhile, the BSE Sensex was down 375.96 points, or 1.40%, to 26,442.86.

On BSE, so far 4.77 lakh shares were traded in the counter, compared with average daily volume of 65,560 shares in the past one quarter. The stock hit a high of Rs 47.80 so far during the day, matching the stocks 52-week high level. The stock hit a low of Rs 44.40 so far during the day. The stock hit a 52-week high of Rs 47.80 on 9 September 2016. The stock hit a 52-week low of Rs 30.75 on 25 February 2016. The stock had outperformed the market over the past 30 days till 11 November 2016, rising 2.31% compared with the 2.98% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 3.82% as against Sensexs 4.74% decline.

The mid-cap company has equity capital of Rs 229.41 crore. Face value per share is Rs 2.

Corporation Banks gross non-performing assets (NPAs) stood at Rs 15611.06 crore as on 30 September 2016 as against Rs 15726.12 crore as on 30 June 2016 and Rs 7729.07 crore as on 30 September 2015. The ratio of gross NPAs to gross advances stood at 10.81% as on 30 September 2016 as against 11.01% as on 30 June 2016 and 5.32% as on 30 September 2015. The ratio of net NPAs to net advances stood at 6.91% as on 30 September 2016 as against 7.22% as on 30 June 2016 and 3.54% as on 30 September 2015. The banks provisions and contingencies (excluding tax provisions) rose 46.66% to Rs 826.80 crore in Q2 September 2016 over Q2 September 2015. Provision coverage ratio of the bank was at 57.39% as on 30 September 2016.

Government of India holds 70.765% stake in Corporation Bank (as on 30 September 2016).

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Atul Auto provides business update
Nov 15,2016

Atul Auto announced the launch of Electric Three Wheeler (Green Vehicle).

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Board of Oricon Enterprises approves scheme of amalgamation
Nov 15,2016

Oricon Enterprises announced that the Board of Directors of the Company at its meeting held on 14 November 2016, inter alia, has:

1. Approved the Scheme of Amalgamation of Oriental Containers (OCL) and Oricon Properties (OPPL) (wholly owned subsidiaries of the Company) with partial modification of Appointed date in case of OPPL to 01 July 2016 instead of 01 April 2016.

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Borosil Glass Works to announce September quarter and half year results
Nov 15,2016

Borosil Glass Works announced that a meeting of the Board of Directors of the Company is scheduled to be held on 25 November 2016, inter alia, to approve the Unaudited Standalone Financial Results of the Company for the quarter and half year ended on 30 September 2016.

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Larsen & Toubro Infotech partners with Hartford Steam Boiler
Nov 15,2016

Larsen & Toubro Infotech has been awarded a five year applications managed services contract by Hartford Steam Boiler (HSB), a leading specialty insurer with 150 years of industry leadership in equipment breakdown insurance and a subsidiary of Munich Re. The core business areas covered as part of the transformational engagement include policy administration, claims, engineering, reporting, financial system and underwriting.

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Board of Bihar Sponge Iron approves change in directorate
Nov 15,2016

The Board of Bihar Sponge Iron took note of the following change in directorate -

Bihar State Industrial Development Corporation vide letter dated 23 August 2016 has nominated Anshuli Arya on the Board of the Company.

Rohit Garg has been appointed as an Additional Director on the Board of the Company with effect from 14 November 2016.

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Aurobindo Pharma drops in volatile trade after announcing Q2 result
Nov 15,2016

The result was announced on Monday, 14 November 2016, when the stock market was closed for a public holiday.

Meanwhile, the S&P BSE Sensex was down 375.62 points or 1.4% at 26,443.20

On BSE, so far 1.11 lakh shares were traded in the counter as against average daily volume of 2.41 lakh shares in the past two weeks. The stock was volatile. The stock hit a high of Rs 792 and a low of Rs 738 so far during the day. The stock had hit a record high of Rs 895 on 6 October 2016. The stock had hit a 52-week low of Rs 582 on 25 February 2016.

The large-cap company has equity capital of Rs 58.52 crore. Face value per share is Re 1.

Aurobindo Pharmas consolidated earnings before interest, taxation, depreciation and amortization (EBITDA) before forex rose 19.3% to Rs 929.20 crore in Q2 September 2016 over Q2 September 2015. Consolidated EBITDA margin expanded to 24.6% in Q2 September 2016 from 23.1% in Q2 September 2015. Formulations business rose 12.4% to Rs 3004 crore in Q2 September 2016 over Q2 September 2015. API business rose 11.3% to Rs 7688 crore in Q2 September 2016 over Q2 September 2015.

N. Govindarajan, Managing Director, Aurobindo Pharma said that the company witnessed satisfactory quarter on a year on year basis with enhanced cost efficiencies. The company continues to invest for long term growth by creating niche, differentiated products using newer technologies, Aurobindo Pharma said.

Aurobindo Pharma manufactures generic pharmaceuticals and active pharmaceutical ingredients. The companys manufacturing facilities are approved by several leading regulatory agencies like US FDA, UK MHRA, EU, Japan PMDA, WHO, Health Canada, South Africa MCC, Brazil ANVISA. The companys robust product portfolio is spread over 6 major therapeutic/product areas encompassing Antibiotics, Anti-Retroviral, CVS, CNS, Gastroenterological, Pain management and Anti-Allergic, supported by an outstanding R&D set-up. The company is marketing these products globally in over 150 countries

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