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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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MOIL gains after announcing price hike
Jun 01,2017

The announcement was made after market hours yesterday, 31 May 2017.

Meanwhile, the S&P BSE Sensex was up 23.30 points, or 0.07% at 31,169.10. The S&P BSE Mid-Cap index was up 53.02 points, or 0.36% at 14,678.31.

On the BSE, 19,000 shares were traded on the counter so far as against the average daily volumes of 49,550 shares in the past one quarter. The stock had hit a high of Rs 341.50 and a low of Rs 334.90 so far during the day. The stock had hit a 52-week high of Rs 429 on 12 January 2017 and hit a 52-week low of Rs 220.20 on 1 June 2016.

The mid-cap company has equity capital of Rs 133.19 crore. Face value per share is Rs 10.

MOIL announced that the prices have been increased by 10% on the existing prices prevailing since 1 May 2017 for all Ferro Grades of ore. The prices have been increased by 10% on all grades of SMGR (Mn 30%) and SMGR Low (Mn 25%) on the prevailing prices since 1 May 2017.

The prices have been increased by 10% on all grades of fines and chemical grades ore on the prevailing prices since 1 May 2017. However, prices of Electrolytic Manganese Dioxide (EMD) were kept unchanged. MOIL announced that the latest price increase is inline with the companys business practice of fixing/revising prices of different grades of manganese ore.

MOILs net profit spurted 441.6% to Rs 115.80 crore on 19.8% increase in net sales to Rs 251.30 crore in Q4 March 2017 over Q4 March 2016.

MOIL produces and sells different grades of manganese ore. Government of India currently holds 65.58% stake in MOIL (as per the shareholding pattern as on 31 March 2017).

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Shifting of financial year to January-December should be done by all states in one go, not in turns: ASSOCHAM
Jun 01,2017

The Centre, states and all the Union Territories need to evolve a consensus on the lines of the Goods and Services Tax for shifting to January-December financial year and move to the new system in one go throughout the country instead of some select states choosing to shift to a new financial year, creating practical difficulties for trade and industry, ASSOCHAM has said.

n++For pan-India businesses, the accounting standards and the financial year of all the government organisations should be uniform. We should not have a situation where the industry and trade has one set of books for Madhya Pradesh, Telangana and Andhra Pradesh and the other for Uttar Pradesh and yet another for the Central government,n++ said the ASSOCHAM. It said if all the states and the Centre agree to a shift of the financial year from April-March to January-December, NITI Aayog should work towards building a consensus and then, n++let the entire country shift towards the calendar year becoming the financial year in one go.n++

n++This is even more important in the wake of roll out of the Goods and Services Tax from July 1, which will unite the entire country into a single market. The businesses are all busy and working overtime to meet this deadline in terms of putting their IT infrastructure in place and in sync with the GSTN. At this point in time, if some select states choose to shift their fiscal year to a new system, it could be quite a task for the trade and industry; first to comply with the GST, then to align with the financial years of different states. Uniformity is the key, whatever is the financial year, that is critical,n++ the Chamber Secretary General Mr D S Rawat said.

He said, if there is a merit in shifting to the January-December financial year, then, it should not be difficult for the states to come to a consensus. Although , states have their own Constitutional right to have their accounting methods, for the sake of ease of doing business and ease of convenience to the common citizens, uniformity is essential.

n++In any case, under the impending GST regime, there is a dual registration with the Centre and the states. Ideally, both must have a uniform financial year t. Now with a few states taking the lead in shifting to the new system, the system of IT network would have to be re-configured. Although, the financial year may not come under its purview, the idea for a consensus building can be flagged at the meeting of the GST Council itself, purely on voluntary basis. Merits of one nation, one tax should be disseminated along with other best accounting practices,n++ the chamber said, making a plea to the NITI Aayog to work out an ideal system.

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India signs Loan Agreement with the World Bank for USD 36 Million for n++Himachal Pradesh Public Financial Management Capacity Building Programn++
Jun 01,2017

An agreement for IBRD Credit of USD 36 Million from World Bank for n++Himachal Pradesh Public Financial Management Capacity Building Programn++ was signed today in New Delhi by Shri Raj Kumar, Joint Secretary (MI), Department of Economic Affairs on behalf of the Government of India and Mr. Junaid Kamal Ahmad, Country Director, World Bank (India) on behalf of the World Bank. The Implementing Entity Agreement was signed by the Additional Director, Treasuries, Accounts and Lotteries, on behalf of Government of Himachal Pradesh (GoHP), and the Country Director (India) on behalf of the World Bank.

The objective of the project is to improve the efficiency of Public Expenditure Management and Tax Administration in Himachal Pradesh. The Program is expected to contribute to enhancing efficiency of key departments, improving budget credibility, strengthening systems and procedures to improve fiscal discipline, improving revenue administration to increase fiscal space, and targeted organizational reforms including human resource reforms. The Program focuses on the priority areas identified by the GoHP, which were articulated in various stakeholder workshops during Program preparation.

The programme size is USD 45 million, of which USD 36 million will be financed by the Bank, and the remaining amount will be funded out of State Budget. The programme duration is 5 years.

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Auto, PSU OMC stocks in focus
Jun 01,2017

Auto stocks will be in focus as these companies will start reporting sales volume data for May 2017, starting from today, 1 June 2017.

Shares of public sector oil marketing companies (PSU OMCs) will be watched. Indian Oil Corporation (IOCL) yesterday, 31 May 2017, announced an increase in the price of petrol and diesel with effect from the midnight of 31 May/1 June 2017. Petrol price was hiked by Rs 1.23 per litre and diesel price was raised by Rs 0.89 a litre at Delhi (excluding state levies).

MOIL announced increase in price of various grades of manganese ore effective from 1 June 2017. The announcement was made after market hours yesterday, 31 May 2017.

MOIL announced that the prices have been increased by 10% on the existing prices prevailing since 1 May 2017 for all Ferro Grades. The prices have been increased by 10% on all grades of SMGR (Mn 30%) and SMGR Low (Mn 25%) on the prevailing prices since 1 May 2017.

The prices have been increased by 10% on all grades of fines and chemical grades ores on the prevailing prices since 1 May 2017. However, prices of Electrolytic Manganese Dioxide (EMD) were kept unchanged.

Future Market Networks announced after market hours yesterday, 31 May 2017, that it executed a share purchase agreement with IL&FS Township and Urban Assets (ITUAL) to acquire 50% equity share capital viz. 1.50 crore equity shares of Rs.10/- each held by ITUAL in Future Retail Destination (FRDL). FRDL is set up for development of infra logistic parks across India as a special purpose vehicle company. FRDL shall become 100% subsidiary of the company upon completion of the transaction. The total consideration payable by the company under the SPA is Rs 14 crore. In terms of the SPA, the company has paid an amount of Rs 9 crore and the balance consideration of Rs 5 crore shall be paid on or before 30 September 2018.

Pfizer announced after market hours yesterday, 31 May 2017, that it entered into an acquisition agreement with AstraZeneca AB, Sweden, pursuant to which the brand Neksium is being acquired by the company in India for a consideration of Rs 75 crore, subject to completion of necessary conditions precedent. Neksium (esomeprazole) complements the companys existing product portfolio in the gastrointestinal (GI) therapeutic area.

JK Paper announced after market hours yesterday, 31 May 2017, that meeting of the committee of directors of the company will be held on 8 June 2017, to consider allotment of equity shares of the company consequent to conversion notices received from one of the foreign currency convertible bonds (FCCBs) holders, seeking conversion of its FCCBs (Series 4) and FCCBs (Series 5) of 2.4 million euro each into equity shares of the company.

Bharat Gears announced after market hours yesterday, 31 May 2017, that the finance committee of board of directors of the company approved the proposal to avail a term loan of Rs 110 crore from KKR India Financial Services for repaying some of the existing term debts, working capital requirements and capital expenditure, among others.

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Brigade Enterprises receives revision in credit ratings
May 31,2017

Brigade Enterprises has received revision in credit ratings from ICRA as under -

Long term fund based bank lines (Rs 2140 crore) - ICRA A/ Stable (Revised from ICRA A / Negative)

Short term Non fund based bank lines (Rs 60 crore) - ICRA A1 (Reaffirmed)

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IVRCL announces change in directorate
May 31,2017

IVRCL announced the appointment of Subrahmanya Gopal Chebolu as Additional Director and Executive Director and resignation of K.Ashok Reddy as Director & Joint Managing Director.

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GDP growth slows to 6.1% in Q4FY2017
May 31,2017

Indias Gross Domestic Product (GDP) rose at moderated pace of 6.1% in Q4FY2017, which is the lowest pace of growth in last nine quarters. The GSP growth decelerated sharply from 7% growth recorded in the preceding last quarter and 8.7% surge posted in the corresponding quarter last year.

Another measure of economic activity - Gross Value Added (GVA) grew at slower pace in last 12 quarters at 5.6% in Q4FY2017 compared with 6.7% in Q3FY2017 and 8.7% in Q4FY2016.

Growth rates in various sectors for Q4FY2017 are as agriculture, forestry and fishing (5.2%), mining and quarrying (6.4%), manufacturing (5.3%), electricity, gas and water supply and other utility services (6.1%) construction (-3.7%), Trade, hotels, transport, communication and services related to broadcasting (6.5%), financial, real estate and professional services (2.2%), and Public administration, defence and Other Services (17%).

The GDP growth for FY2017 stood at 7.1%, in line with second advance estimate. However, the GDP growth has showed moderation from 8% growth in FY2016. The GVA at basic prices in 2016-17 is 6.6% against 7.9% in FY2016. The sectors which registered growth rate of over 7.0% at constant prices are public administration, defence and other services (11.3%), manufacturing (7.9%), trade, hotels, transport, communication and services related to broadcasting (7.8%),electricity, gas, water supply other utility services (7.2%) .The growth in the agriculture, forestry and fishing, mining and quarrying, construction and financial, real estate and professional services is estimated to be 4.9%, 1.8%, 1.7% and 5.7% respectively.

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NMDC revises prices of Iron Ore
May 31,2017

NMDC has fixed prices of Iron Ore with effect from 30 May 2017 as under -

Lump Ore @ Rs 2425 WMT
Fines @ Rs 2185 WMT

The above FOR prices are excluding Royalty, DMF, NMET, Cess, Forest Permit Fee and other taxes.

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Zydus Cadila receives final approval for Felbamate Tablets
May 31,2017

Zydus Cadila has received final approval from USFDA to market Felbamate Tablets USP in strengths of 400 mg and 600 mg.

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Eight core infrastructure sector output rises 2.5% in April 2017
May 31,2017

The Eight core infrastructure industries have showed 2.5% growth in output for April 2017 over April 2017. Its cumulative output growth had stood at 4.8% in April- March 2016-17.

The Base Year of the Index of Eight Core Industries has been revised from the year 2004-05 to 2011-12 from April 2017. The shift is in line with the new base year of Index of Industrial Production (IIP). The industries covered in the Index of Eight Core are namely Coal, Crude Oil, Natural Gas, Refinery Products, Fertilizers, Steel, Cement and Electricity. These remain the same as in the 2004-05 series. The revised basket of Eight Core Industries is aligned to the new series of IIP (2011-12) as far as possible. The revised Eight Core Industries have a combined weight of 40.27% in the IIP.

Coal production (weight: 10.33%) declined by 3.8% in April 2017 over April 2016. Its cumulative index increased by 3.2% in April-March 2016-17 over corresponding period of the previous year.

Crude Oil production (weight: 8.98%) declined by 0.6% in April 2017 over April 2016. Its cumulative index declined by 2.5% in April-March 2016-17 over the corresponding period of previous year.

The Natural Gas production (weight: 6.88%) increased by 2.0% in April 2017 over April 2016. Its cumulative index declined by 1.0% in April-March 2016-17 over the corresponding period of previous year.

Petroleum Refinery production (weight: 28.04%) increased by 0.2% in April 2017 over April 2016. Its cumulative index increased by 4.9% in April-March 2016-17 over the corresponding period of previous year.

Fertilizer production (weight: 2.63%) increased by 6.2% in April 2017 over April 2016. Its cumulative index increased by 0.2% in April-March 2016-17 over the corresponding period of previous year.

Steel production (weight: 17.92%) increased by 9.3% in April 2017 over April 2016. Its cumulative index increased by 10.7% in April-March 2016-17 over the corresponding period of previous year.

Cement production (weight: 5.37%) declined by 3.7% in April 2017 over April 2016. Its cumulative index declined by 1.2% in April-March 2016-17 over the corresponding period of previous year.

Electricity generation (weight: 19.85%) increased by 4.7% in April 2017 over April 2016. Its cumulative index increased by 5.9% in April-March 2016-17 over the corresponding period of previous year.

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Kumaka Industries announces resignation of CFO
May 31,2017

Kumaka Industries announced that Bharat Ambalal Parikh has resigned as CFO of the Company with effect from 30 May 2017.

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Centrum Retail Services to sell minority stake in CentrumDirect
May 31,2017

Centrum Capital announced that its subsidiary, Centrum Retail Services has entered into agreement with Evolvence India Fund II for sale of minority stake in its wholly owned subsidiary Company i.e. CentrumDirect subject to obtaining all regulatory approvals

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Apollo Tyres allots NCDs aggregating Rs 450 crore
May 31,2017

Apollo Tyres has allotted NCDs aggregating to Rs 450 crore on private placement basis on 31 May 2017.

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HRB Floriculture announces appointment of CFO
May 31,2017

HRB Floriculture has appointed Vinod Upadhyaya has been designated as Chief Financial Officer (CFO) of the Company.

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Sunshield Chemicals announces resignation of director
May 31,2017

Sunshield Chemicals announced that Arun Roy, Non-executive Director of the Company has tendered his resignation from the Board of the Company with effect from 31 May 2017.

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