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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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Atul to hold board meeting
Mar 01,2017

Atul will hold a meeting of the Board of Directors of the Company on 24 March 2017 Accounts

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Jindal Stainless (Hisar) signs license agreement with Defence Research & Development Organisation
Mar 01,2017

Jindal Stainless (Hisar) has signed a License Agreement with Defence Research & Development Organisation which entails Transfer of Technology for manufacturing High Nitrogen Steel (n++HNSn++) for armour applications.

With this, Jindal Stainless (Hisar) has become the Indias first company to commercially manufacture High Nitrogen Steel for the defence sector. The use of HNS will replace the Jackal Armour Steel, existing material which is mostly being imported into the country, which will result into 50% cost efficiency in material acquisition.

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Gayatri Projects JV secures irrigation contract worth Rs 1363 cr
Mar 01,2017

Gayatri Projects has secured a Rs. 1363 crore irrigation contract in joint Venture with RNS Infrastructure (RNS) and Sadguru Infratech (SIPL)from Executive Engineer, Karnataka Neeravari Nigama. The project entails the execution of a lift irrigation system to provide irrigation for an area of 27,462 Hectares. The contract also involves operations and maintenance of the system for 5 years after commissioning.

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ITC advances after bulk deal
Mar 01,2017

Meanwhile, the S&P BSE Sensex was up 203.43 points, or 0.71%, to 28,946.75.

Bulk deal boosted volume on the scrip. On the BSE, 19.64 lakh shares were traded on the counter so far as against the average daily volumes of 8.95 lakh shares in the past one quarter. The stock had hit a high of Rs 265.05 and a low of Rs 262.80 so far during the day.

The stock had hit a record high of Rs 291.95 on 7 February 2017 and a 52-week low of Rs 178.67 on 29 February 2016. The stock had underperformed the market over the past one month till 28 February 2017, advancing 1.81% compared with the Sensexs 3.09% rise. The scrip had, however, outperformed the market over the past one quarter advancing 12.27% as against the Sensexs 9.08% rise.

The large-cap company has equity capital of Rs 1213.78 crore. Face value per share is Re 1.

ITCs net profit rose 5.71% to Rs 2646.73 crore on 4.05% increase in net sales to Rs 9149.31 crore in Q3 December 2016 over Q3 December 2015.

ITC is a diversified company, with presence in cigarettes, hotels, paperboards & specialty papers, packaging, agri-business, packaged foods & confectionery, information technology, branded apparel, personal care, stationery and other FMCG products. ITC is a market leader in cigarettes.

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Board of Choksi Laboratories appoints director
Mar 01,2017

Choksi Laboratories announced that Himika Choksi has been appointed as Additional Director of the Company at the Board Meeting of Directors held on 01 March 2017.

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Grasim moves higher amid action from foreign funds
Mar 01,2017

Meanwhile, the S&P BSE Sensex was up 193.22 points or 0.67% at 28,936.54.

On the BSE, 55,000 shares were traded on the counter so far as against the average daily volumes of 60,409 shares in the past one quarter. The stock had hit a high of Rs 1,012.80 and a low of Rs 976.65 so far during the day.

The stock had hit a record high of Rs 1,077.20 on 22 February 2017 and a 52-week low of Rs 650.65 on 29 February 2016. It had outperformed the market over the past one month till 28 February 2017, gaining 6.87% compared with the Sensexs 3.09% rise. The scrip had also outperformed the market over the past one quarter, advancing 18.2% as against the Sensexs 9.08% rise.

The large-cap company has equity capital of Rs 93.36 crore. Face value per share is Rs 2.

Integrated Core Strategies (Asia) Pte sold 29.30 lakh shares of Grasim Industries at Rs 989.66 per share in a bulk deal on the NSE on 28 February 2017. Barclays Global Fund Advisors bought 60.09 lakh shares at Rs 990.23 a piece.

Grasim Industries consolidated net profit rose 13.7% to Rs 728.19 crore on 1.1% rise in net sales to Rs 8495.36 crore in Q3 December 2016 over Q3 December 2015.

Grasim Industries two main businesses are viscose staple fibre (VSF) and cement.

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Coal India provides update on subsidiary - Mahanadi Coalfields
Mar 01,2017

Coal India announced that the Board of Directors of its subsidiary, Mahanadi Coalfields (MCL) meeting held on 28 February 2017 has considered and approved the buyback of 55,327 fully paid equity shares of face value of Rs 1000 each from the members of MCL on a proportionate basis through tender offer for an aggregate amount not exceeding Rs 1617.06 crore, at a price of Rs 292,273 per equity share, subject to approval of shareholders of MCL.

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Dilip Buildcon gains 13.93% in four sessions
Mar 01,2017

Meanwhile, the BSE Sensex was up 193.36 points, or 0.67%, to 28,935.30.

More than usual volumes were witnessed on the counter. On the BSE, 91,405 shares were traded in the counter so far, compared with average daily volumes of 37,005 shares in the past one quarter. The stock had hit a high of Rs 333.65 in intraday trade, which is a record high for the stock. The stock had hit a low of Rs 308 so far during the day. The stock had hit a record low of Rs 178.60 on 9 November 2016.

The stock had outperformed the market over the past one month till 28 February 2017, rising 26.32% compared with 3.09% gains in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 32.35% as against Sensexs 9.08% rise.

The mid-cap company has equity capital of Rs 136.77 crore. Face value per share is Rs 10.

Dilip Buildcon had announced before market hours yesterday, 28 February 2017, its successful completion of rehabilitation and up-gradation of Mandla-Pindrai & Salimnabad-Vilayatkalan Major District Road intermediate laning/two laning with paved/hard shoulder in Madhya Pradesh on engineering procurement and construction (EPC) mode. The total project cost is Rs 190.80 crore. The stock had risen 2.46% to Rs 306 yesterday, 28 February 2017, post announcement.

As the company has completed the project 185 days prior to the schedule completion period of the project the company is entitled to receive maximum allowable 3% bonus or Rs 5.72 crore of the project cost from the Madhya Pradesh Road development Corporation, it had added.

The stock has risen 13.93% in four sessions to its current ruling price of Rs 323.70 from a close of Rs 284.10 on 22 February 2017.

Dilip Buildcons net profit jumped 151.7% to Rs 108.64 crore on 41.9% rise in net sales to Rs 1388.43 crore in Q3 December 2016 over Q3 December 2015.

Dilip Buildcon is a road-focused engineering procurement construction (EPC) contractor. The company develops infrastructure across the country in diverse areas such as roads & bridges, water sanitation & sewage, irrigation, industrial, commercial & residential buildings.

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Classify Biscuits In Its Lowest GST Slabs Among Food Industries: FBMI
Mar 01,2017

Federation of Biscuit Manufacturers of India (FBMI) has urged the GST Council to keep biscuits in its lowest slab since biscuits are an item of mass consumption and higher taxation on it would adversely hit biscuit production as well as its consumption and hence employment in the industry

FBMI which is an affiliate association of PHD Chamber of Commerce and Industry is of the view that lower GST rates on biscuits will enable their availability and access within the reach of aam aadmi and that too at affordable prices.

In a representation sent on to GST Council by FBMI , it has been emphasized biscuits be taxed within the lowest slab of GST for Foods .

It has been pointed out that almost 93% of the food basket comprises basic food. The government proposes to tax basic food at a lower rate under GST. Taxing the remaining 7% food items at higher rates under GST will lead to increase in complexity, without substantial addition to the revenues. It will also not meet the goals of efficiency and equity.

Tax rates should apply uniformly across the entire supply chain, from one end, to another so as to encourage value added activities in the farm produce and food sector. GST provides the right opportunity to correct the current anomalies. Under GST, there should be no discrimination while taxing food products on the basis of their being branded or un-branded, or premium or non-premium products, as this will encourage value addition across the chain from farm to plate .

FBMI also emphasized that multiple rates within a sector will lead to classification disputes and complex record-keeping and compliance system. There is a predominance of the SMEs at the retail level and they will be ill-equipped to handle multiple rates. Thus, in the interest of simplicity, all food items including biscuits should be taxed at a uniform, low rate.

A higher rate of tax would impact demand in the entire value chain. It will cut down on procurement of raw materials by biscuit manufacturers that would adversely impact farmers across India. Lower demand will also negatively impact investments, exports and employment in the food industry.

Lower and uniform GST rate on Biscuits will also help India to be in line with international best practices, wherein countries such as New Zealand, Singapore, Denmark and Japan, have a single lower VAT rate for all goods including biscuits, though Biscuits are treated as non-taxable basic grocery in countries such as Canada and UK.

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Indian manufacturing production and new orders expand in February: Nikkei India Manufacturing PMI
Mar 01,2017

February data indicated that Indian manufacturing production continued to increase, as a rebound in export demand contributed to a stronger expansion of total new orders. There was evidence of an intensification of inflationary pressures, with input costs rising at the quickest pace since August 2014 and output charge inflation climbing to a 40-month peak. Greater output needs encouraged some firms to step up buying levels, but production requirements were insufficient to generate job creation.

At 50.7 in February, up from 50.4, the seasonally adjusted Nikkei India Manufacturing Purchasing Managers IndexTM (PMITM) - a composite indicator designed to provide a single-figure snapshot of the performance of the manufacturing economy - was above the neutral 50.0 value for the second month running and indicated that the health of the sector improved to a greater extent than in January. That said, the latest reading was much weaker than the long-run series average (54.2), largely reflecting below-trend rates of growth for output and new business.

Higher levels of manufacturing production have now been recorded for two successive months, with the sector continuing to recover from Decembers downturn. The upturn in output reflected improved demand from both the domestic and external markets. The total volume of incoming new work increased for the second month in a row, whereas new export orders expanded for the first time since November 2016. Rates of growth for both production and order books picked up since January, but remained marginal.

Increased new order intakes contributed to a further rise in outstanding business. Furthermore, the rate of backlog accumulation was the fastest since last October.

Simultaneously, manufacturing employment declined, though the rate of job losses was marginal overall. Indeed, the vast majority of survey participants signalled unchanged payroll numbers. Evidence provided by panellists indicated that current staffing levels were sufficient to cope with existing production requirements.

Input price inflation quickened in February, with the rate of increase accelerating to the fastest in two-and-a-half years. Indian goods producers reported higher purchasing costs for metals, chemicals, energy and plastics.

Output price inflation also accelerated in February as businesses looked to protect margins in the face of rising cost burdens. The rate of charge inflation was solid and the strongest since October 2013.

Destocking continued in February, with holdings of inputs and post-production inventories both decreasing. The latter dipped for the twentieth successive month, and at the second-sharpest pace in this sequence. The contraction in stocks or purchases was only mild in comparison.

Confidence among Indian manufacturers was relatively subdued in February. Although sentiment towards the year-ahead outlook for output remained positive, the degree of optimism fell since January and was well below its near five-year historical average.

Commenting on the Indian Manufacturing PMI survey data, Pollyanna De Lima, Economist at IHS Markit and author of the report, said: n++Indian manufacturers benefited from recovering demand and raised production volumes in response to another expansion in inflows of new work. February is the second month in succession in which the health of the sector improved after the demonetisation-related contraction recorded at the end of 2016.

However, with growth rates well below-par, the sector still has many areas to develop before it can fire on all cylinders. Businesses dont yet seem convinced as to the sustainability of the rebound as highlighted by cuts to payroll numbers and destocking initiatives. In fact, confidence towards the year-ahead outlook for production dipped since January to the second-lowest since the end of 2015.

Of concern, higher commodity prices resulted in increased cost burdens facing manufacturers. The sharp rate of inflation seen in February was the most pronounced in two-and-a-half years and led factory charges to be raised at the quickest pace in 40 months. This is likely to cause demand from price-sensitive consumers to fall and could potentially jeopardise the economic recovery.

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Tata Sponge Iron hits 52-week high on fund buying
Mar 01,2017

Meanwhile, the S&P BSE Sensex was up 202.98 points or 0.71% at 28,946.30.

On the BSE, 1.18 lakh shares were traded on the counter so far as against the average daily volumes of 48,755 shares in the past one quarter. The stock had hit a high of Rs 687.45 so far during the day, which is a 52-week high for the counter. The stock hit a low of Rs 655 so far during the day.

The stock had hit a 52-week low of Rs 364.25 on 29 February 2016. It had outperformed the market over the past one month till 28 February 2017, gaining 6.54% compared with the Sensexs 3.09% rise. The scrip had also outperformed the market over the past one quarter, advancing 21.25% as against the Sensexs 9.08% rise.

The small-cap company has equity capital of Rs 15.40 crore. Face value per share is Rs 10.

Shares of Tata Sponge Iron had surged 5.7% in the preceding two trading sessions to settle at Rs 653.85 yesterday, 28 February 2017, from its closing price of Rs 618.55 on 23 February 2017.

Tata Sponge Irons consolidated net profit surged 109% to Rs 10.97 crore on 3.4% growth in net sales to Rs 143.46 crore in Q3 December 2016 over Q3 December 2015.

Tata Sponge Iron is a sponge iron manufacturer. Tata Steel is the promoter of Tata Sponge Iron. Tata Steel owned 54.5% stake in the company end December 2016.

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Non-subsidized price of LPG cylinder has increased by Rs 86
Mar 01,2017

With effect from 1st March, 2017, non-subsidized price of LPG cylinder has increased by Rs 86. This is in line with the rise in global LPG product prices. However, there will be no impact on the LPG consumers receiving subsidized refills. To illustrate with an example, the consumer will pay Rs.737 for a new refill in Delhi w.e.f. 1st March, 2017 and will receive subsidy amount of Rs.303 in his/ her account and the net price for the consumer will be Rs.434, which remains unchanged. Thus, there will be no net impact of the increase in price of non-subsidized cylinder on the LPG consumers receiving subsidized refills.

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HPCL drops after turning ex-dividend
Mar 01,2017

Before turning ex-dividend, the stock offered a dividend yield of 4.1% based on the closing price of Rs 537.80 yesterday, 28 February 2017.

Meanwhile, the S&P BSE Sensex was up 200.06 points, or 0.7%, to 28,943.38.

On the BSE, 2.19 lakh shares were traded in the counter so far, compared with average daily volume of 2.18 lakh shares in the past one quarter. The stock had hit a high of Rs 526.50 and a low of Rs 511.50 so far during the day. The stock had hit record high of Rs 584.45 on 14 February 2017. The stock had hit a 52-week low of Rs 214.66 on 29 February 2016.

The stock had underperformed the market over the past one month till 28 February 2017, rising 0.43% compared with 3.09% gains in the Sensex. The scrip had, however, outperformed the market in past one quarter, gaining 11.84% as against Sensexs 9.08% rise.

The large-cap company has an equity capital of Rs 1015.88 crore. Face value per share is Rs 10.

HPCLs net profit rose 52.7% to Rs 1590.31 crore on 12.9% rise in net sales to Rs 48485.57 crore in Q3 December 2016 over Q3 December 2015.

HPCL is a public sector oil marketing company. The Government of India held 51.11% stake in HPCL as per the shareholding pattern as on 31 December 2016.

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Prism Cement gains after successfully bidding in auction of coal linkages
Mar 01,2017

The announcement was made after market hours yesterday, 28 February 2017.

Meanwhile, the S&P BSE Sensex was up 210.73 points, or 0.73%, to 28,954.05.

On the BSE, 1.72 lakh shares were traded on the counter so far as against the average daily volumes of 1.17 lakh shares in the past one quarter. The stock had hit a high of Rs 103.50 and a low of Rs 100.20 so far during the day.

The stock had hit a 52-week high of Rs 118.45 on 23 August 2016 and a 52-week low of Rs 61.40 on 29 February 2016. The stock had underperformed the market over the past one month till 28 February 2017, sliding 0.31% compared with the Sensexs 3.09% rise. The scrip had also underperformed the market over the past one quarter advancing 4.44% as against the Sensexs 9.08% rise.

The mid-cap company has equity capital of Rs 503.36 crore. Face value per share is Rs 10.

Prism Cement announced that the company has successfully bid for 18,300 tonne per annum of coal from South Eastern Coalfields, a subsidiary of Coal India (CIL), in a recently held auction of coal linkages for the cement industry. The company has secured part fuel requirement for the next five years, Prism Cement said. The allocation by CIL has been made at a nominal premium over the floor price, the company said. This, alongwith the earlier coal linkage of 120,000 tonne per annum, constitutes about 25% of the companys annual fuel requirement, it said. The company is yet to receive the allotment letter, it added.

Prism Cement reported net loss of Rs 47.02 crore in Q3 December 2016, as compared to net loss of Rs 15.22 crore in Q3 December 2015. Net sales fell 9.2% to Rs 1134.54 crore in Q3 December 2016 over Q3 December 2015.

Prism Cement is an integrated building materials company, with a wide range of products from cement, ready-mixed concrete, tiles, bath products to kitchens. The company has three divisions, viz. Prism Cement, H & R Johnson (India) and RMC Readymix (India).

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India Tourism Development Corporation announces change in directorate
Mar 01,2017

India Tourism Development Corporation announced that pursuant to order of Ministry of Tourism Government of India Umang Narula, IAS Chairman & Managing Director ITDC stands relieved from his duties in ITDC w.e.f. 28 February 2017. The Ministry has approved that the additional charge of the post of Chairman & Managing Director of ITDC has been entrusted to Piyush Tiwari, Director Commercial & Marketing ITDC, for a period of three months w.e.f. 01 March 2017 or until further orders, whichever is earlier.

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