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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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Raiffeisen chooses iGTB to provide digital trade finance platform
Mar 08,2017

Intellect Design Arena announced that iGTB, its global transaction banking division, five Austrian Raiffeisen Regional Banks and Raiffeisen Bank International (RBI), Vienna, a leading banking group in Austria and Central and Eastern Europe, have agreed a contract to implement a comprehensive digital trade platform.

The iGTB solution enables Raiffeisen to automate its operations better and adapt to continuing business and market demands.

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Salzer Electronics gets Energy Service Company grading
Mar 08,2017

Salzer Electronics announced that CRISIL has assigned ESCO (Energy Service Company) Grading as CRISIL -BEE Grade 1 to the Company which indicates Very High ability of the Company to carry out energy efficiency audits and undertake energy efficiency projects.

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ISGEC Heavy Engineering to incorporate wholly owned subsidiary in Canada
Mar 08,2017

ISGEC Heavy Engineering has decided to incorporate a Wholly Owned Subsidiary Company in Canada with the name and style of ISGEC Canada. The Subsidiary Company is being incorporated to expand the business of the Company in that part of the world by having manufacturing operations by acquiring assets or an existing company.

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Shriram City Union Finance allots 3,500 equity shares
Mar 08,2017

Shriram City Union Finance has allotted 3,500 Equity Shares of Rs 35 each (including Rs 25 as premium) to A M Ramana and Krithika Doraiswamy, employees of the Company who exercised their options under ESOP Scheme 2006.

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GNA Axles gets upgradation in credit ratings
Mar 08,2017

GNA Axles announced that Credit Analysis & Research has upgraded the credit rating in respect of, Long Term Bank Facilities and Fund Based Limits of Rs. 163.37 crore from CARE A- (Single A minus) to CARE A; Stable (Single A; outlook stable, and Short Term Bank Facilities - Non Fund Based from CARE A2+ (A two plus) to CARE A1 (A One).

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Outcome of board meeting of Manvijay Development Company
Mar 08,2017

Manvijay Development Company announced that the Board of Directors of the Company at its meeting held on 08 March 2017 transacted the following -

1. The Board decided to undertake activities of specialized NBFCs as Core Investment Companies (CICs) by discontinuing the activities of Realty Estate business.

2. to make Investment upto Rs. 4.50 crore (approx) in the Preses Constructions Solutions.

3. Appointment M/s. Ferrao MSR & Associates as Secretarial Auditor of the Company for the Secretarial Audit for Financial Year 2016-2017.

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Coffee Day Enterprises to hold board meeting
Mar 08,2017

Coffee Day Enterprises will hold a meeting of the Board of Directors of the Company on 11 March 2017, to consider the Issuance of Rated, Redeemable, Secured, Un-listed Non-convertible Debentures for an amount not exceeding Rs. INR 3050 Million.

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Board of NILE recommends dividend
Mar 08,2017

NILE announced that the Board of Directors of the Company at its meeting held on 8 March 2017, inter alia, have recommended the dividend of Rs 3 per equity Share (i.e. 30%) , subject to the approval of the shareholders.

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Tamil Nadu Newsprint & Papers stops production in Paper Machine II
Mar 08,2017

Tamil Nadu Newsprint & Papers has stopped production in paper machine II (PM II), in unit I (Karur) from 07 March 2017 afternoon. The other two paper machines are in operations. The production in PM II will be resumed on availability of water.

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Mastek allots 28,754 equity shares
Mar 08,2017

Mastek announced that the Stakeholder Relationship Committee has allotted 28,754 Equity Shares of Rs. 5/- each (Face Value) to the eligible employees who exercised their vested options under the Companys Employee Stock Option Schemes (ESOP).

The said equity shares shall rank pari-passu with the existing equity shares of the Company in all respects. Resultantly, the paid up share capital of the Company stands increased to 2,33,77,533 Equity Shares amounting in aggregate to Rs. 11,68,87,665/- You are requested to kindly take the same on record.

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Wipro joins LoRa Alliancen++
Mar 08,2017

Wipro announced that it has become a member of the LoRa Alliance, one of the fastest growing Internet of Things (IoT) alliances with over 400 members. This membership will help Wirpo accelerate its Internet of Things (IoT) solution deployments, using Low Power Wide Area Networks (LPWAN) technology for customers across industry sectors such as energy, utilities, natural resources, smart cities, ports and logistics.

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Secondary market liquidity needed to attract retail investor into corporate bond space: SEBI official
Mar 08,2017

Infusing some amount of secondary market liquidity can help attract retail investors to enter the corporate bonds space, a top Securities Exchange Board of India (SEBI) official said at an ASSOCHAM event.

n++As retail investor, when I get into bonds I also think about liquidity. When I put money in the banks fixed deposits, it is not merely for the interest rate that I get but it is also for the liquidity it gives me, that gives me a tremendous amount of comfort in addition to the return, though the return is much less but I am satisfied because the liquidity is there,n++ said Mr G. Mahalingam, Whole Time Member, SEBI.

n++If same were to be the case with the bonds, I am sure that it is going to be an important, tempting factor for the retail investor to come into the bonds space and that is where perhaps some amount of secondary market liquidity is needed,n++ he added.

Mr Mahalingam however emphasised upon the need to create that liquidity.

n++Even with a much lesser liquidity we can afford to live within the corporate bond world,n++ he said.

The SEBI Whole Time Member also said that people should be allowed to move around freely from one segment to another segment with free connectivity as that would create and open up the entire market in a robust manner which could not be imagined.

n++If we can open up this connectivity, if the banks can play a role in the exchange traded platform segment, we are going to have a bond market where perhaps the liquidity will go unchallenged and perhaps match the liquidity levels in the US,n++ said Mr Mahalingam.

He also said that it must be seen whether regulators like IRDA (Insurance Regulatory and Development Authority), PFRDA (Pension Fund Regulatory and Development Authority) have created that kind of a bandwidth for the insurance companies, for the pension funds, provident funds to invest in the bond market.

n++There is another question which we need to find out whether these regulators have to open up their space in a bigger way, as SEBI feels it has opened it up for mutual funds sufficiently,n++ further said Mr Mahalingam.

He said that on an average, the portfolio return cannot be more than 200-300 basis points in corporate bonds.

n++If we understand this reality, then we will say that bonds are really-really good investments, if we do not look at this reality and if we continue to live in utopia that I am going to earn a return which is going to be double-triple of the bank deposits, we do not touch the bonds at all, this is the problem,n++ he said.

He lamented that most people do not realise that bond markets are growing. n++One stark fact now is that bond markets growth this year has out-stripped the bank credit growth, which is surprising, it has never possibly happened in the past at all.n++

He informed that bank deposit growth this year is almost close to about 10 per cent, the bank deposits are standing at Rs 105 lakh crores. While the bank credit has grown by an abysmal 4.8 per cent this year and it is at around Rs 73 lakh crores. n++If you look at correspondingly the bond market, it has really grown by leaps and bounds.n++

Talking about the initiatives taken by the government with a view to boost the corporate bond markets in India, Mr Mahalingam informed that the insolvency regime is finally in place, besides the enablers have also been put in place so today there is no reason why people should feel sceptical about investments in bonds.

Further he said that governments borrowing budget in the current year has come down by almost Rs two lakh crore which is going to be a great enabler for the corporate bonds to come into the picture.

n++There is a Rs two lakh crore space which is left vacant, which has to be absorbed possibly by corporate bonds, some of it is already in the coming form of commercial paper, certificate of deposits is coming down obviously for the reason that banks are no longer in need of deposits which have poured into the banks ever since November 9,n++ said Mr Mahalingam.

n++Given that background, the government is actually vacating space, there is a huge amount of space which is developing so automatically the corporate bond scenario is going to grow in a very robust way,n++ he added.

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Housing Development Finance Corporation allots 11,96,155 equity shares
Mar 08,2017

Housing Development Finance Corporation has allotted 11,96,155 equity shares of Rs 2 each pursuant to exercise of stock option by certain employers/ directors.

Post the above allotment, the paid up equity share capital of the Company would stand at Rs 317.42 crore consisting of 158,71,33,535 equity shares of Rs 2 wach.

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Shree Ajit Pulp And Paper gets reaffirmation of credit ratings
Mar 08,2017

Shree Ajit Pulp And Paper announced that ICRA has re-affirmed its rating A- (ICRA A Minus) for Long Term Rating and A2+ (ICRA A Two Plus) for Short Term Rating of the Company. The outlook has been revised from Stable to Negative.

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Board of Saianand Commercial appoints directors
Mar 08,2017

Saianand Commercial announced that the Board of Directors of the Company at its meeting held on 08 March 2017 considered the following - To appoint Vikram Champaklal Sanghvi, Jitendra Babulal Shah and Karishma Vikram Sanghvi as additional directors of the Company with effect from 08 March 2017.

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