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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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Power Grid Corporation gains as board accords investment approval
Mar 14,2017

The announcement was made on Saturday, 11 March 2017.

Meanwhile, the S&P BSE Sensex was up 452.51 points or 1.56% at 29,401.55

On BSE, so far 28,000 shares were traded in the counter as against average daily volume of 3.99 lakh shares in the past one quarter. The stock hit a high of Rs 198.30 and a low of Rs 195.20 so far during the day. The stock had hit a record high of Rs 209 on 22 February 2017. The stock had hit a 52-week low of Rs 136.30 on 18 March 2016.

The large-cap company has equity capital of Rs 5231.59 crore. Face value per share is Rs 10.

Power Grid Corporation of Indias net profit rose 20.16% to Rs 1930.02 crore on 23.94% increase in total income to Rs 6787.51 crore in Q3 December 2016 over Q3 December 2015.

Power Grid Corporation of India is a state run electric power transmission utility company. The Government of India holds 57.9% stake in the firm as at 31 December 2016.

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ACC gains after selling shares in Shiva Cements
Mar 14,2017

The announcement was made after market hours on Friday, 10 March 2017.

Meanwhile, the S&P BSE Sensex was up 453.07 points, or 1.57% to 29,399.30.

On the BSE, 5,246 shares were traded in the counter so far, compared with average daily volumes of 18,870 shares in the past one quarter. The stock had hit a high of Rs 1,428.40 and a low of Rs 1,409.20 so far during the day.

The stock hit a 52-week high of Rs 1,738 on 8 August 2016. The stock hit a 52-week low of Rs 1,218.60 on 11 March 2016.

The stock had underperformed the market over the past one month till 10 March 2017, falling 5.78% compared with 2.18% rise in the Sensex. The scrip had also underperformed the market in past one quarter, rising 1.48% as against Sensexs 8.22% rise.

The large-cap cement major has equity capital of Rs 187.79 crore. Face value per share is Rs 10.

ACC announced that it has on 9 March 2017, sold its entire 12.13% stake in Shiva Cement, comprising 2.36 crore shares, at a total consideration of Rs 38.66 crore to JSW Cement. The open market transaction took place at Rs 16.35 per share. The transaction is part of an earlier share purchase agreement (SPA) dated 15 February 2017, entered into between the company and JSW Cement. ACC was holding 12.13% in Shiva Cement in the public shareholders (non-promoter) category.

Shiva Cement had executed a SPA with JSW Cement in January this year for sale of shares held by the promoters of Shiva Cement, followed by an open offer to the public shareholders of Shiva Cement, to enable JSW Cement to get a controlling stake in the Odisha-based company. JSW Cement had agreed to buy a 35.6% stake from Shiva Cements promoters for Rs 97.24 crore. Further, JSW Cement had made an open offer to the public equity shareholders of Shiva Cement to acquire up to 6.24 crore fully paid-up equity shares, constituting 32% of the total fully diluted voting equity share capital of the company.

The total promoter holding in Shiva Cement end December 2016 stood at 35.62%. Shiva Cement runs an integrated plant near Rourkela in Odisha. It sells cement under the Sumangal brand and caters primarily to the eastern states.

ACCs consolidated net profit declined 44.98% to Rs 56.34 crore on 6.13% fall in net sales to Rs 2671.61 crore in Q4 December 2016 over Q4 December 2015.

ACC is a manufacturer of cement and concrete and is a member of LafargeHolcim group. The company has a countrywide network of modern cement and concrete plants, sales offices, dealers and retailers.

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Outcome of board meeting of Palred Technologies
Mar 14,2017

Palred Technologies announced that the Board of Directors of the Company at its meeting held on 13 March 2017 has considered and approved the following -

Preferential Issue of Equity Shares.

Convening Extra-Ordinary General Meeting of the Company on 08 April 2017.

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To cater to the needs of the local farmers, the Central Government has established this Banana Research Centre: Shri Radha Mohan Singh
Mar 14,2017

Union Agriculture and Farmers Welfare Minister Shri Radha Mohan Singh said that Bihar and particularly Vaishali district is very suitable for the cultivation of bananas and large scale production of banana can change the fate of farmers.

Shri Singh stated that Rajendra Krishi Viswavidyalaya, Pusa has got the status of Central Agriculture University only in October, 2016. After that the Government has established this Banana Research Centre to fulfil the aspirations of the banana growers of Vaishali. Banana Research Centre, Vaishali falls under Garole area and because of the ecological conditions of Garole, it has been selected for the establishment of this centre. He further stated that this centre will work in the areas of finding reasons of less production in banana, enhancement in acreage for cultivation, suitable utilization of the various parts of the plants, different products, marketing and value addition.

Shri Singh said that Dr. Rajendra Prasad Central Agricultural University has already started the research work for doubling the income from banana cultivation. With starting this centre the research work will get more momentum. He was hopeful that with the cooperation of the researchers of this centre and with the participation of farmers, it would help to bring a new era of banana cultivation in Bihar and surrounding states like it happened in Maharashtra.

Union Agriculture and Farmers Welfare Minister further stated that the farmers of Maharashtra have developed a domestic and export market with the help of 26 cooperative societies operating in the state and thus has given a new direction in the field of banana cultivation. By adopting high density cultivation, tissue culture, drip irrigation etc. Maharashtra is transporting high quality bananas to the entire country through 12-15 thousand Railway Wagons.

Shri Singh further informed that the total production of banana in the country is around 14.2 million tons. India holds number one position in the world in the area of banana production and stands at number three in acreages which is 13 per cent of the entire acreage and 33 per cent of the total production. Among the states, Maharashtra is the largest producer followed by Tamil Nadu. Productivity of Maharashtra is 65.7 ton/ha, which is more than the average national production of 34.1 ton/ha. Banana is grown in Bihar in around 27.2 thousand hectare, production is around 550 thousand tons and average productivity is 20.0 ton/ha, which is very less than the national average.

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Tata Elxsi Partners with DiSTI
Mar 14,2017

The DiSTI Corporation, a leading provider of graphical userinterface software and customized 3D virtual maintenance training solutions, has entered into strategic partnership with Tata Elxsi to deliver DiSTIs GL Studio UI products with Tata Elxsi software services. Tata Elxsi developed their e-Cockpit demonstrator using DiSTIs GL Studio UIDesigner.

DiSTI and TATA ELXSI will showcase the e-Cockpit demonstration at Embedded World 2017 in Germany on 14-16 March.

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Indian Bank announces cessation of director
Mar 14,2017

Indian Bank announced that Deepak D Samant, who has been appointed as Officer Employee Director on the Board of Directors of Indian Bank for a period of three years vide Government of India Notification dated 11 March 2014, ceases to be a director of the Bank on completion of his three years tenure on 10 March 2017.

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Palred Technologies raises Rs 22 crore
Mar 14,2017

Palred Technologies is raising Rs 22 crore through a preferentialallotment. The board of the Company approved an allotment of Rs 22 crore by way of preferential allotment at a price of Rs 145 per share. Florintree led and advised investors are the lead participants in thisround of preferential allotment.

The investors include Mathew Cyriac (former Co-Head ofBlackstone India Private Equity Business), Chidambaram Palaniappan (founder of Florintree), K. Madhavan (Joint Managing Director of Star TV India) and Bharat Sheth (Managing Director of Great Eastern Shipping).

Ashish Dhawan, founder of Chryscapital and an existing investor for over ten years in the Company is participating in this financing round apart from another existing investor, Passage to India Master Fund.

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Precious metals shine
Mar 14,2017

Bullion prices ended higher at Comex on Monday, 13 March 2017. Gold futures marked their first advance on Monday after nine straight sessions of losses, underpinned by uncertainty surrounding elections in the Netherlands, after strong expectations for a Federal Reserve interest-rate hike on Wednesday clobbered precious metals.

Gold for April delivery rose $1.70, or 0.1%, to settle at $1,203.10. The contract ended at $1,201.40 an ounce Fridayn++the lowest finish since Jan 2016. The metals nine-session slide had marked the longest streak of declines since July 2015.

May silver also rose 4.9 cents, or 0.3%, Monday to finish at $16.972 an ounce.

Futures prices for gold posted a decline of roughly 2% last week, while silver lost about 4.6%.

But golds ability to hold ground late last week above the key $1,200-an-ounce level helped set up a possible short-term rebound for the yellow metal on Monday. The prospect of higher interest rates, with the Federal Reserves looming decision March 15, can boost the allure of holding the dollar and erode demand for dollar-priced commodities like gold. The Fed-funds futures market is currently pricing in a nearly 90% chance that the Fed will raise interest rates at the conclusion of its two-day meeting on Wednesday.

The ICE U.S. Dollar Index was up by 0.1% on Monday.

Global investors also were focused on Wednesdays Dutch parliamentary elections. The risk of a euroskeptic party emerging there is small, but a notable election performance could renew market concerns about the popularity of the anti-euro, far-right party in French presidential elections in April and May. Amid this uncertainty, investors may prefer increased holdings in gold, which is considered a haven asset in times of uncertainty.

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Mission Fingerling with a total expenditure of about Rs. 52000 lakh to achieve Blue Revolution
Mar 14,2017

Recognizing the potential and possibilities in the fisheries sector, Government of India has envisaged a program named Blue Revolution to unlock the countrys latent potential through an integrated approach. The Blue Revolution, in its scope and reach, focuses on creating an enabling environment for an integrated and holistic development and management of fisheries for the socio economic development of the fishers and fish farmers. Thrust areas have been identified for enhancing fisheries production from 10.79 mmt (2014-15) to 15 mmt in 2020-21.

Greater emphasis will be on infrastructure with an equally strong focus on management and conservation of the resources through technology transfer to increase in the income of the fishers and fish farmers. Productivity enhancement shall also be achieved through employing the best global innovations and integration of various production oriented activities such as: Production of quality fish seeds, Cost effective feed and adoption of technology etc.

Fish Fingerling production is the single most important critical input visualised to achieve fish production targets under the Blue Revolution. We need to establish more hatchery to produce Fry/PL required for different categories of water bodies. Barring few States thats to in terms of fry (15-20 mm size), all States are in need of Fingerling production (standard size 80-100 mm). Use of High Yielding Verities of brooders is another significant aspect to be addressed on priority.

The Department has identified 20 States based on their potential and other relevant factors to strengthen the Fish Seed infrastructure in the country. This program with a total expenditure of about Rs. 52000 lakh will facilitate the establishment of hatcheries and Fingerling rearing pond to ensure the fish production of 426 crores fish fingerling, 25.50 crores Post Larvae of shrimp and crab in the country. This will converge in the production of 20 lakh tonnes of fish annually and will benefit about 4 million families. The implementation of this program will supplement the requirement of stocking materials in the country up to a large extent, which is a much needed input to achieve the enhanced fish production.

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Pneumatic Holding fixes record date for interim dividend
Mar 14,2017

Pneumatic Holding has fixed 23 March 2017, as Record Date for the purpose of ascertaining the names of members entitled to interim dividend for the financial year 2016-17. The date of payment of the interim dividend will be 27 March 2017.

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Shares of RMC Switchgears get listed
Mar 14,2017

The equity shares of RMC Switchgears (Scrip Code: 540358) are listed effective 14 March 2017 and admitted to dealings on the Exchange in the list of M Group Securities.

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ACC in focus after selling shares in Shiva Cements
Mar 14,2017

Cement major ACC announced that it has on 9 March 2017, sold its entire 12.13% stake in Shiva Cement, comprising 2.36 crore shares, at a total consideration of Rs 38.66 crore to JSW Cement. The open market transaction took place at Rs 16.35 per share. The announcement was made after market hours on Friday, 10 March 2017. The transaction is part of an earlier share purchase agreement (SPA) dated 15 February 2017, entered into between the company and JSW Cement. ACC was holding 12.13% in Shiva Cement in the public shareholders (non-promoter) category.

Shiva Cement had executed a SPA with JSW Cement in January this year for sale of shares held by the promoters of Shiva Cement, followed by an open offer to the public shareholders of Shiva Cement, to enable JSW Cement to get a controlling stake in the Odisha-based company. JSW Cement had agreed to buy a 35.6% stake from Shiva Cements promoters for Rs 97.24 crore. Further, JSW Cement had made an open offer to the public equity shareholders of Shiva Cement to acquire up to 6.24 crore fully paid-up equity shares, constituting 32% of the total fully diluted voting equity share capital of the company.

The total promoter holding in Shiva Cement end December 2016 stood at 35.62%. Shiva Cement runs an integrated plant near Rourkela in Odisha. It sells cement under the Sumangal brand and caters primarily to the eastern states.

Power Grid Corporation of India (PGCIL) said that its board of directors at a meeting held on Friday, 10 March 2017, accorded approval for various investment proposals aggregating to Rs 1197.10 crore. The announcement was made on Saturday, 11 March 2017.

NBCC (India) announced that the company has signed an agreement on Friday 10 March 2017, with the State of Mauritius (Government of Mauritius) and Landscope (Mauritius) for construction of new supreme court building on PMC basis in Mauritius. The approximate value of the project is Rs 250 crore having completion period of 24 months. The announcement was made after market hours on Friday, 10 March 2017.

Alkem Laboratories announced that US Food and Drug Administration (USFDA) had conducted an inspection at the companys manufacturing facilities located at Baddi from 2 March 2017 to 10 March 2017. The company has received the inspection report which contains three 483 observations. Alkem said it shall put together a detailed response with adequate corrective and preventive measures to address the USFDA observations and the same is proposed to be filed within the timeline stipulated by USFDA. The announcement was made after market hours on Friday, 10 March 2017.

Karnataka Bank announced that the bank entered into Memorandum of Understanding with Bajaj Allianz General Insurance Company (BAGICL) for general insurance business. Karnataka Banks Managing Director & CEO P Jayarma Bhat said the bank will be able to provide vast choice of non-life insurance products to its customers across all its 747 branches, supported by the customer centric products of BAGICL. The announcement was made after market hours on Friday, 10 March 2017.

Bombay Burmah Trading Corporation announced that the company has issued commercial paper for an aggregate amount of Rs 50 crore on 10 March 2017 for 90 days and having maturity on 8 June 2017. India Ratings & Research has granted rating of A1+ for issue of commercial paper by the company. The announcement was made after market hours on Friday, 10 March 2017.

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ACC in focus after selling shares in Shiva Cements
Mar 14,2017

Cement major ACC announced that it has on 9 March 2017, sold its entire 12.13% stake in Shiva Cement, comprising 2.36 crore shares, at a total consideration of Rs 38.66 crore to JSW Cement. The open market transaction took place at Rs 16.35 per share. The announcement was made after market hours on Friday, 10 March 2017. The transaction is part of an earlier share purchase agreement (SPA) dated 15 February 2017, entered into between the company and JSW Cement. ACC was holding 12.13% in Shiva Cement in the public shareholders (non-promoter) category.

Shiva Cement had executed a SPA with JSW Cement in January this year for sale of shares held by the promoters of Shiva Cement, followed by an open offer to the public shareholders of Shiva Cement, to enable JSW Cement to get a controlling stake in the Odisha-based company. JSW Cement had agreed to buy a 35.6% stake from Shiva Cements promoters for Rs 97.24 crore. Further, JSW Cement had made an open offer to the public equity shareholders of Shiva Cement to acquire up to 6.24 crore fully paid-up equity shares, constituting 32% of the total fully diluted voting equity share capital of the company.

The total promoter holding in Shiva Cement end December 2016 stood at 35.62%. Shiva Cement runs an integrated plant near Rourkela in Odisha. It sells cement under the Sumangal brand and caters primarily to the eastern states.

Power Grid Corporation of India (PGCIL) said that its board of directors at a meeting held on Friday, 10 March 2017, accorded approval for various investment proposals aggregating to Rs 1197.10 crore. The announcement was made on Saturday, 11 March 2017.

NBCC (India) announced that the company has signed an agreement on Friday 10 March 2017, with the State of Mauritius (Government of Mauritius) and Landscope (Mauritius) for construction of new supreme court building on PMC basis in Mauritius. The approximate value of the project is Rs 250 crore having completion period of 24 months. The announcement was made after market hours on Friday, 10 March 2017.

Alkem Laboratories announced that US Food and Drug Administration (USFDA) had conducted an inspection at the companys manufacturing facilities located at Baddi from 2 March 2017 to 10 March 2017. The company has received the inspection report which contains three 483 observations. Alkem said it shall put together a detailed response with adequate corrective and preventive measures to address the USFDA observations and the same is proposed to be filed within the timeline stipulated by USFDA. The announcement was made after market hours on Friday, 10 March 2017.

Karnataka Bank announced that the bank entered into Memorandum of Understanding with Bajaj Allianz General Insurance Company (BAGICL) for general insurance business. Karnataka Banks Managing Director & CEO P Jayarma Bhat said the bank will be able to provide vast choice of non-life insurance products to its customers across all its 747 branches, supported by the customer centric products of BAGICL. The announcement was made after market hours on Friday, 10 March 2017.

Bombay Burmah Trading Corporation announced that the company has issued commercial paper for an aggregate amount of Rs 50 crore on 10 March 2017 for 90 days and having maturity on 8 June 2017. India Ratings & Research has granted rating of A1+ for issue of commercial paper by the company. The announcement was made after market hours on Friday, 10 March 2017.

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Board of Aarey Drugs & Pharmaceuticals consider proposal to takeover Forel Labs
Mar 11,2017

Aarey Drugs & Pharmaceuticals announced that the Board of Directors at its meeting held on 10 March 2017 has considered the takeover of Forel Labs in equity swap after due diligence and considering viability of takeover.

Forel Labs is a manufacturer of API products with production facility at Visakhapatnam, Andhra Pradesh. These products are - Clopidogrel Bisulfate, Fexofenadine Hydrochloride and Pantoprazole Sodium. Forel Labs is certified with ISO 9001:2008 &GMP and facilities are in-compliance with US-FDA & WHO norms.

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Board of Sun TV Network recommends dividend
Mar 11,2017

Sun TV Network announced that the Board of Directors of the Company at its meeting held on 10 March 2017, inter alia, have recommended the dividend of Rs 5 per equity Share (i.e. 100%) , subject to the approval of the shareholders.

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