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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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Disa India announces change in directorate
Jan 20,2017

Disa India announced that the Companys Promoters Group, namely Norican Group, has made certain announcements regarding restructuring of the positions of some of its Country Heads and other Senior Executives of the Group arising out of which, Viraj Naidu, the Managing Director of DSA India will relocate to a global position.

In view of the above, the Company will shortly initiate the search process to identify a suitable candidate to replace Viraj Naidu in due course of time. Naidu will relocate after the replacement has joined the Company.

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Board of Nitesh Estates to consider December quarter results
Jan 20,2017

Nitesh Estates announced that a meeting of the Board of Directors of the Company is scheduled to be held on 09 February 2017, inter alia, to consider and approve the unaudited financial results of the Company for the quarter ended 31 December 2016.

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MEP Infrastructure Developers subsidiary gets project finance
Jan 20,2017

The announcement was made after market hours yesterday, 19 January 2017.

Meanwhile, the BSE Sensex was down 84.25 points, or 0.31%, to 27,224.35

On the BSE, so far 36,000 shares were traded in the counter, compared with average daily volumes of 42,291 shares in the past one quarter. The stock had hit a high of Rs 43.60 and a low of Rs 41.75 so far during the day.

The stock hit a 52-week high of Rs 50 on 23 September 2016. The stock hit a 52-week low of Rs 34 on 10 November 2016.

The small-cap company has equity capital of Rs 162.57 crore. Face value per share is Rs 10.

MEP Infrastructure Developers said that the companys subsidiary MEP SANJOSE Arawali Kante Road has achieved the financial closure as per the concession agreement executed with the Ministry of Road Transport and Highways dated 28 June 2016. This is for the rehabilitation and up-gradation of National Highway 66 to four lane with paved shoulder in Maharashtra under NHDP IV on hybrid annuity mode by tying up of project finance of Rs 266.84 crore.

On a consolidated basis, MEP Infrastructure Developers reported net profit of Rs 62.42 crore in Q2 September 2016 as compared with net loss of Rs 11.23 crore in Q2 September 2015. Total income rose 22.2% to Rs 570.13 crore in Q2 September 2016 over Q2 September 2015.

MEP Infrastructure Developers is one of the leading infrastructure operator and toll management company.

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MEP Infrastructure Developers gains as subsidiary gets project finance
Jan 20,2017

The announcement was made after market hours yesterday, 19 January 2017.

Meanwhile, the BSE Sensex was down 84.25 points, or 0.31%, to 27,224.35

On the BSE, so far 36,000 shares were traded in the counter, compared with average daily volumes of 42,291 shares in the past one quarter. The stock had hit a high of Rs 43.60 and a low of Rs 41.75 so far during the day.

The stock hit a 52-week high of Rs 50 on 23 September 2016. The stock hit a 52-week low of Rs 34 on 10 November 2016.

The small-cap company has equity capital of Rs 162.57 crore. Face value per share is Rs 10.

MEP Infrastructure Developers said that the companys subsidiary MEP SANJOSE Arawali Kante Road has achieved the financial closure as per the concession agreement executed with the Ministry of Road Transport and Highways dated 28 June 2016. This is for the rehabilitation and up-gradation of National Highway 66 to four lane with paved shoulder in Maharashtra under NHDP IV on hybrid annuity mode by tying up of project finance of Rs 266.84 crore.

On a consolidated basis, MEP Infrastructure Developers reported net profit of Rs 62.42 crore in Q2 September 2016 as compared with net loss of Rs 11.23 crore in Q2 September 2015. Total income rose 22.2% to Rs 570.13 crore in Q2 September 2016 over Q2 September 2015.

MEP Infrastructure Developers is one of the leading infrastructure operator and toll management company.

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UltraTech Cement imposed with penalty of Rs 68.3 crore for alleged cartelization
Jan 20,2017

UltraTech Cement announced that the Competition Commission of India (CCI), in a reference filed by the Government of Haryana for alleged cartelization in August, 2012, has, on 19 January 2017 assed an order, which is uploaded on their web site, directing:

1. the Company and other opposite parties to cease and desist from indulging in the acts / conduct which have been found to be in contravention of the provisions of the Competition Act, 2002, and

2. imposed a penalty of Rs. 68.3 crore on the Company, being 0.3% of the average turnover for the financial years 2012-13, 2013-14 and 2014-15.

The Company will take appropriate action after examining the Order fully.

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UltraTech Cement imposed with penalty of Rs 68.3 crore for alleged cartelization
Jan 20,2017

UltraTech Cement announced that the Competition Commission of India (CCI), in a reference filed by the Government of Haryana for alleged cartelization in August, 2012, has, on 19 January 2017 assed an order, which is uploaded on their web site, directing:

1. the Company and other opposite parties to cease and desist from indulging in the acts / conduct which have been found to be in contravention of the provisions of the Competition Act, 2002, and

2. imposed a penalty of Rs. 68.3 crore on the Company, being 0.3% of the average turnover for the financial years 2012-13, 2013-14 and 2014-15.

The Company will take appropriate action after examining the Order fully.

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Visa Steel announces resignation of director
Jan 20,2017

Visa Steel announced that Manoj Kumar Digga has resigned as Whole time Director of the Company w.e.f. 18 January 2017. He shall however continue as the Chief Financial Officer of the Company.

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Zydus Cadila acquires US based Sentynl Therapeutics
Jan 20,2017

Cadila Healthcare announced that Zydus Cadila has acquired Sentynl Therapeutics Inc., a US based specialty pharma company specialised in marketing of products in the pain management segment. The transaction will be EPS accretive.

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Future Consumer forms joint venture with Tilda Hain India
Jan 20,2017

Future Consumer has entered into a Joint Venture Agreement dated 19 January, 2017 with Tilda Hain India (Hain India), a part of Hain Celestial Group, Inc., New York, USA (JV Agreement), for undertaking the business of manufacturing, marketing, trading, selling and distributing various food products in the health and wellness category such as chips, non-dairy beverages, straws and infant / toddler foods, by way of forming a Joint Venture Company (JV Company) as per the terms and conditions agreed under the said JV Agreement.

The additional important terms and conditions of said J V Agreement inter alia are as follows:

1. The Company and Hain India each shall hold 50.00% of the paid-up share capital of the JV Company.

2. The Company and Hain India inter alia shall have the right:

i) To nominate three Directors each, on the Board of the JV Company
ii) To vote on few customary items in the Reserved Matters as provided under the JV Agreement
3. Hain India is not related to any of the Promoter and/or Promoter Group entities of the Company.
4. The J V Agreement executed by and between the Company and Hain India, does not fall within the ambit of Related Party Transactions.

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Jindal Stainless to hold EGM
Jan 20,2017

Jindal Stainless announced that the Extra Ordinary General Meeting (EGM) of the Company will be held on 11 February 2017.

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Board of Saka to consider December quarter results
Jan 20,2017

Saka announced that a meeting of the Board of Directors of the Company will he held on 06 February 2017, to take on record the un-audited results for the quarter ended 31 December 2016.

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Board of Monica Electronics to consider December quarter results
Jan 20,2017

Monica Electronics announced that a meeting of the Board of Directors of the Company will be held on 06 February 2017, to take on record the Un-audited results for the quarter ended 31 December 2016.

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Bharti Airtel gains as board to mull fund raising
Jan 20,2017

The announcement was made after market hours yesterday, 19 January 2017.

Meanwhile, the BSE Sensex was down 94.81 points, or 0.35%, to 27,213.79.

On the BSE, so far 8,644 shares were traded in the counter, compared with average daily volumes of 1.45 lakh shares in the past one quarter. The stock had hit a high of Rs 320.25 and a low of Rs 315.60 so far during the day.

The stock hit a 52-week high of Rs 384.90 on 28 April 2016. The stock hit a 52-week low of Rs 282.30 on 29 January 2016. The stock had outperformed the market over the past 30 days till 19 January 2017, rising 4.77% compared with the 4.06% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 2.31% as against Sensexs 2.74% decline.

The large-cap company has equity capital of Rs 1,998.70 crore. Face value per share is Rs 5.

Meanwhile, media reports sugested that Bharti Airtel has entered final stages of discussion with Norwegian telecom operator Telenor to acquire its local unit. The deal will be finalised by the end of February 2017, and that Airtel is a stronger negotiating position. Telenor, on the other hand, has been scouting for a buyer for a long time, reports added.

On a consolidated basis, Bharti Airtels net profit declined 4.9% to Rs 1460.70 crore on 3.4% growth in net sales to Rs 24651.50 crore in Q2 September 2016 over Q2 September 2015.

Bharti Airtel is a leading global telecommunications company with operations in 18 countries across Asia and Africa.

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Board of Motherson Sumi Systems approves acquisition of Finland based PKC Group
Jan 20,2017

Motherson Sumi Systems announced that the Board of Directors of the Company at their meeting held on 19 January 2017 have approved a proposal to make a voluntary, recommended public tender offer to acquire all the issued and outstanding shares and option rights in PKC Group Pic (PKC) having its headquartered in Helsinki, Finland and currently listed on the Nasdaq Helsinki stock exchange. The acquisition will be made through a wholly owned subsidiary (directly/indirectly) of the Company, to be setup for the purpose.

The Board has also approved for signing of Combination Agreement between the Company and PKC for the proposed transaction. Accordingly, Combination Agreement has been executed by the Company.

PKC is a global tier 1 supplier of wiring harness and associated components to Original Equipment Manufacturers (OEMs) in the Heavy & Medium Duty Commercial Vehicles and Locomotive segments across North America, Europe, Brazil and China.

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Board of Motherson Sumi Systems approves acquisition of Finland based PKC Group
Jan 20,2017

Motherson Sumi Systems announced that the Board of Directors of the Company at their meeting held on 19 January 2017 have approved a proposal to make a voluntary, recommended public tender offer to acquire all the issued and outstanding shares and option rights in PKC Group Pic (PKC) having its headquartered in Helsinki, Finland and currently listed on the Nasdaq Helsinki stock exchange. The acquisition will be made through a wholly owned subsidiary (directly/indirectly) of the Company, to be setup for the purpose.

The Board has also approved for signing of Combination Agreement between the Company and PKC for the proposed transaction. Accordingly, Combination Agreement has been executed by the Company.

PKC is a global tier 1 supplier of wiring harness and associated components to Original Equipment Manufacturers (OEMs) in the Heavy & Medium Duty Commercial Vehicles and Locomotive segments across North America, Europe, Brazil and China.

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