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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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n++Demonetisation a Masterstroken++, Give it time to play out - CII
Nov 15,2016

The recent move by the government to demonetise high denomination notes is likely to have far-reaching impact, striking a blow at the heart of the illegal economy. While it is not possible to have a firm estimate of unaccounted wealth, it is widely estimated at around a fifth of Indias GDP or around $450 billion. While some of this may be stored in cash, some may be in assets such as real estate and jewellery. This negatively affects the business environment, especially for those who comply with the law of the land and follow ethical practices, CII has said.

n++After a short period of some pain when the economy adjusts to the sudden withdrawal of cash, CII expects a much stronger economy. Indias cash-dependence is extremely high with a currency-GDP ratio of around 12 per cent compared to 4-5 per cent in other developing countries. High level of cash usage tends to slow down the flow of money through the economy. As we transition to a greater usage of fintech for payments, spending will rise leading to additional economic growth. This is an economic masterstroke by the Prime Minister and must be allowed time to play outn++ said Chandrajit Banerjee, Director General, CII.

The prevalence of cash use has also made India prone to high inflation. Corruption and excessive cash use tends to erode the purchasing power of money. Lower cash use will have a dampening impact on inflation and this will be a further positive for Indias macro-fundamentals. n++The Reserve Bank will now have more room to cut interest rates as inflation subsides. Already, the bond market has reacted to the news with a reduction in the bond yieldsn++ Mr Banerjee observed.

The CII release further elaborated, that this move will be positive for banks whose deposit mobilisation will be strengthened. The old currency notes will be deposited with banks and more households will find it imperative to open bank accounts and make use of card payments. Currency in the form of Rs 1000 and Rs 500 notes amounted to Rs 14.2 lakh crore as of March 2016, or about 85 per cent of total currency in circulation. If this is converted to current and savings deposits, there will be an increase in banks liquidity. This is also a great opportunity to transition to a n++plastic economyn++, where there is a prevalence of debit and credit cards for transactions, CII said in the release.

CII has stated that in all likelihood, a fair proportion of the Rs 14 lakh crore in high-denomination currency will not return to the banking system, for fear of accounts being scrutinized. If one assumes that about 20 per cent of the cash does not return to the system, this would amount to about Rs 3 lakh crore or $42 billion. This is a reduction in the RBIs liability to the public, allowing it to print a similar amount of fresh money or transfer the gain to the government.

n++The biggest gain from this move will be greater formalisation of the economy. Currently, the costs of informality are evident in low tax base which impacts government revenues, lack of economic control through monetary instruments, and lower economies of scale. Indias tax base is low and its tax to GDP ratio needs to increase from the current level of 16.6 per cent, which is much lower than about 21 per cent in other emerging economies. Less than 30 million Indians filed personal income tax with more than half of these paying no taxn++ said the CII Director General.

The demonetization of high denomination notes is ultimately a strong message that goes out to all those who used cash for illicit activities. A big blow has been dealt to those who engaged in corruption and took cash bribes. The message will have far-reaching implications for those who indulge in such illicit activities. This would greatly curb such transactions and will be a body blow to corruption, racketeering, human trafficking, gambling, and other such activities which vitiate the entire security system of the country, said the CII release.

For industry, this is indeed a historic and welcome move with very positive implications. The existence of a parallel economy provides unfair competition to organised industry which pays taxes and complies with standards. Such a decisive move will change the perception of India completely and bring about much-needed transparency. It will prevent people from violating the law with impunity even for daily business transactions, CII said.

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Mefcom Capital Markets announces resignation of company secretary
Nov 15,2016

Mefcom Capital Markets announced that Nipa Verma, Company Secretary of the Company has tendered resignation on 21 September 2016 and relieved from the duties with effect from close of business hours on 15 October 2016 and the same has been taken on record by the Management and will be noted in upcoming Board Meeting of the Company.

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Board of Sanguine Media to consider change in FV of shares
Nov 15,2016

Sanguine Media announced that the Board of Directors in its meeting held on 14 November 2016, has decided the following matters:

1. Change the face value of equity shares of the Company from Re. 1/- to Rs. 10/- per share.

2. To hold the Shareholders meeting in due course.

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Board of Aadhaar Ventures India to consider change in FV of shares
Nov 15,2016

Aadhaar Ventures India announced that the meeting of Board of Directors of the Company will be held on 01 December 2016, inter alia, to consider the change the face value of the Equity shares of the Company.

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Board of HPCL approves proposal to participate in proposed refinery and petrochemical complex
Nov 15,2016

Hindustan Petroleum Corporation announced that the Board of Directors in its meeting held on 15 November 2016, have considered the proposal to participate in the proposed 60 MMTPA Grass Root Refinery and Petrochemicals Complex on the West Coast in Maharashtra in consortium with other partners.

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Vardhman Industries announces change in directorate
Nov 15,2016

Vardhman Industries announced that Radhika Gupta has tendered her resignation from the directorship of the Board of the Company with effect from 14 November 2016.

Further the Company has informed that, Neelam Sharma has appointed Director of the Company with effect from 14 November 2016 by the Board of Directors in their meeting held on 14 November 2016

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Elevated Global Yields, Benign Domestic Conditions to Keep Markets Choppy
Nov 15,2016

Rising global yields are posing challenges for markets at a time when domestic developments are anchoring investment interests, says India Ratings and Research (Ind-Ra). Domestically, currency and debt markets will take cues from global developments while considering domestic inflation data and interbank liquidity conditions. The 10-year G-sec yield could trade at 6.64%-6.74% (6.72% at close on 11 November 2016). The rupee is likely to trade at 67.25/USD-67.95/USD (67.25/USD at close on 11 November 2016).

Demand Boost for Bonds, Global Risks Continue: With a large cash component (INR14.1trn currency consists of INR500 and INR1000 notes at an aggregate level) entering the banking channel, the first impact will be a deposit boost. This durable increase in the deposit base will create more demand for government bonds and other high rated bonds in an environment of tepid credit demand. Additionally, benign retail inflation trajectory will keep aid investors appetite for bonds. Headwinds to bond market momentum will emerge from a surge in global bond yields - US 30-year and 10-year treasury yields surged over 50bp in less than a month to 2.96% and 2.25% respectively, following the alignment post the US election outcome.

Improvement in Liquidity Conditions: Interbank liquidity will increase as a large amount of cash in circulation moves in to the formal banking channel - translating to almost no scope for open market purchase operations. The sharp improvement in interbank liquidity and deposit will lead to a reduction in certificate of deposits issuances and a drop in deposit rates.

Rupee Weakening Bias to Intensify: As the dust settles following the US presidential elections and as investors ascertain implications of the outcome, risk aversion sentiment dominates globally. Additionally, the US Feds stance on rates is in focus, keeping the dollar firm. The rupee has emerged as a low beta asset among the major Asian currencies, exhibiting relative stability. This resilience is likely to continue, keeping it anchored on account of domestic fundamentals. However, vulnerability to global sentiments will keep the currency trading with a depreciation bias in the near term.

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Volumes jump at ACC counter
Nov 15,2016

ACC clocked volume of 84.80 lakh shares by 13:24 IST on BSE, a 448.40-times surge over two-week average daily volume of 19,000 shares. The stock fell 2.50% to Rs 1,363.45.

Ambuja Cements notched up volume of 4.45 crore shares, a 221.22-fold surge over two-week average daily volume of 2.01 lakh shares. The stock fell 3.53% to Rs 211.70.

Future Lifestyle Fashions saw volume of 9.53 lakh shares, a 132.43-fold surge over two-week average daily volume of 7,000 shares. The stock fell 5.55% to Rs 120.80.

INOX Leisure clocked volume of 4.09 lakh shares, a 27.86-fold surge over two-week average daily volume of 15,000 shares. The stock fell 1.81% to Rs 233.50.

Astral Poly Technik saw volume of 1.49 lakh shares, a 27.07-fold rise over two-week average daily volume of 6,000 shares. The stock fell 5.09% to Rs 394.70.

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Lupin launches generic Activellan++ Tablets
Nov 15,2016

Lupin has launched AmabelzTM Tablets (Estradiol and Norethindrone Acetate Tablets USP, 0.5 mg/ 0.1 mg and 1 mg/ 0.5 mg) having USFDA approval earlier, to market a generic version of Amneal Pharmaceuticals Activellan++ Tablets.

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Bharat Heavy Electricals secures export orders for supply of industrial motors
Nov 15,2016

Bharat Heavy Electricals has secured export orders for supply of industrial motors to Togo and Benin from Scancem International DA, Norway (Heidelberg Cement Group). The motors will be manufactured at the Companys Bhopal unit.

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Thakral Services (India) appoints company secretary
Nov 15,2016

Thakral Services (India) has appointed Sowmya B S as Company Secretary of the Company with effect from 14 November 2016.

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BLS International Services fixes record date for interim dividend
Nov 15,2016

BLS International Services has fixed 24 November 2016 as the Record Date for the purpose of payment of Interim Dividend.

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MOIL slides after poor Q2 financials
Nov 15,2016

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

Meanwhile, the BSE Sensex was down 366.43 points, or 1.37%, to 26,452.39

On BSE, so far 48,000 shares were traded in the counter, compared with average daily volume of 2.05 lakh shares in the past two weeks. The stock hit a high of Rs 326 and a low of Rs 310.65 so far during the day. The stock hit a 52-week high of Rs 387.90 on 2 November 2016. The stock hit a record low of Rs 180.10 on 12 February 2016.

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

MOIL produces and sells different grades of manganese ore. Government of India currently holds 75.58% stake in MOIL (as per the shareholding pattern as on 11 October 2016).

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Board of Centum Electronics allots equity shares under ESOP
Nov 15,2016

The Board of Centum Electronics approved the allotment of 34,101 equity shares under Centum ESOP 2007 & ESOP 2013 plan.

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Divis Lab drops after poor Q2 result
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 BSE Sensex was down 412.89 points, or 1.54%, to 26,405.93

On BSE, so far 34,000 shares were traded in the counter, compared with an average volume of 19,000 shares in the past two weeks. The stock hit a high of Rs 1,201.05 and a low of Rs 1,111 so far during the day. The stock hit a record high of Rs 1,380 on 16 September 2016. The stock hit a 52-week low of Rs 918.10 on 29 February 2016.

The large-cap company has an equity capital of Rs 53.09 crore. Face value per share is Rs 2.

Divis Laboratories paid a one time ex-gratia of Rs 79 crore in Q2 September 2016 to the employees and whole-time directors on the occasion of completion of 25 years of formation of the company. Forex loss amounted to Rs 11 crore in Q2 September 2016 as against a gain of Rs 12 crore in Q2 September 2015, Divis Laboratories said.

Divis Laboratories is primarily engaged in the manufacture of active pharmaceutical ingredients (APIs) & intermediates for generics, custom synthesis of APIs and advanced intermediates for discovery compounds for pharma giants, building blocks for peptides, building blocks for nucleotides, carotenoids and chiral ligands.

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