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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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3 states together account for half of total investments attracted by real estate & construction sector: Study
May 10,2017

Maharashtra, Uttar Pradesh (UP) and Gujarat together account for over half of the total investments attracted by real estate and construction sector in India as of December 2016, noted a recent study by apex industry body ASSOCHAM.

n++There are about 3,489 projects worth Rs 14.5 lakh crore in the construction and real estate sector that are currently live across India,n++ according to the study titled Construction and real estate investment: State-level analysis, conducted by ASSOCHAM.

While Maharashtra alone accounts for lions share of about 25 per cent in total investments attracted by real estate and construction industry in India as of December 2016 followed by UP (13 per cent), Gujarat (13 per cent), Karnataka (10 per cent) and Haryana (nine per cent).

n++The centre and state governments must introduce a single-window clearance system at the earliest to avoid time and cost overruns that are impacting the growth and development of real estate sector in India,n++ said Mr D.S. Rawat, national secretary general of ASSOCHAM while releasing the findings of the chambers study.

n++Government should also grant industry status to the sector to counter the apathy of banks in financing realty projects,n++ said Mr Rawat.

n++As for the sector, the companies in the real estate space must keep looking for long-term financial resources to become independent,n++ he added.

The study prepared by ASSOCHAM Economic Research Bureau (AERB) highlighted that almost 90 per cent of construction and real estate investments are concentrated in top 10 states.

So far as the investment growth trend in this sector is concerned, the sector touched highest rate of 13.5 per cent in 2010 but recorded sharp downfall till 2013 whereby it recorded negative growth of about eight per cent but it picked up in 2014 to reach about three per cent and again fell to (-) 2 per cent in 2015.P>However, the real estate and construction investments recorded a positive growth rate of 2.5 per cent in 2016 as such the sector clocked compounded annual growth rate (CAGR) of (-) 0.7 per cent between 2011-16.

Among states, Odisha has recorded highest CAGR of about 37 per cent in investments attracted by realty sector during 2011-16 followed by UP (nine per cent), Maharashtra (three per cent), Kerala (1.6 per cent) and Andhra Pradesh (1.4 per cent) while rest all top states clocked negative growth in this regard.

It is worrisome to note that 70 per cent of construction and real estate investment projects remained non-starter in India since 2013.

Secondly, significant growth has also been recorded in projects that remained under different stages of implementation i.e. from 63 per cent in 2009 to about 77 per cent in 2015 which moderated to 72 per cent in 2016.

Among states, over 95 per cent of realty investment projects are under implementation in West Bengal followed by UP (90 per cent) and Punjab (88 per cent).

High under-implementation rate leads to time and cost overruns. As such of over 2,300 construction and real estate projects that are under-implementation, 886 projects are facing an average delay of 39 months and about 93 per cent of these projects are in the housing sector while rest are commercial complex.

More than 95 per cent of delayed 886 projects i.e. 845 projects are accruing to private sector ownership while public sector ownership has only 41 such projects.

Real estate projects in Punjab are facing maximum delays to the tune of 48 months followed by Telangana (45 months), West Bengal, Odisha and Haryana (44 months).

On a positive note, while the new investment activities in real estate and construction sector have recorded negative growth between 2011 and 2015, it recorded a significant spike in 2016 (32 per cent).

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InterGlobe Aviation in spotlight after Q4 results
May 10,2017

InterGlobe Aviations net profit fell 24.6% to Rs 440.30 crore on 18.5% growth in revenue from operations to Rs 4848.21 crore in Q4 March 2017 over Q4 March 2016. The company earnings before interest, taxation, depreciation, amortization and rent costs (EBITDAR) declined 6.6% to Rs 1449.16 crore in Q4 March 2017 over Q4 March 2016. EBITDAR margin contracted to 29.9% in Q4 March 2017, from 37.9% in Q4 March 2016. The result was announced after market hours yesterday, 9 May 2017. InterGlobe Aviations board recommended a final dividend of Rs 34 per share for the year ended March 2017 (FY 2017).

On a consolidated basis, Bharti Airtels net profit fell 69.22% to Rs 470.60 crore on 12.12% decline in net sales to Rs 21934.60 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 9 May 2017.

Drug major Lupin clarified to the media news after market hours yesterday, 9 May 2017. The company said that recently its Aurangabad facility underwent an inspection by the US Food and Drug Administration (USFDA). The inspection was completed on 26 April 2017, subsequent to which, the USFDA issued Form 483 citing eight observations. The company is in the midst of putting together a response to address the observations.

Sintex Industries said that the foreign currency convertible bonds (FCCB) Committee of its board of directors allotted 47.56 lakh equity shares to FCCB holders on the exercise of their conversion right. The announcement was made after market hours yesterday, 9 May 2017.

Atul said that the joint venture agreements for the partnership with Akzo Nobel Chemicals International B.V. (Akzo) have been executed between the company, its affiliates and Akzo. The announcement was made after market hours yesterday, 9 May 2017.

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Board of Ador Multi Products decides to discontinue Chennai trading division
May 09,2017

The Board of Directors of Ador Multi Products at its meeting held on 09 May 2017 has approved discontinuation of Chennai trading division due to non viability.

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Board of Vijaya Bank approves raising Rs 1000 crore of CET I Capital
May 09,2017

The Board of Directors of Vijaya Bank has accorded its approval for raising Rs 1000 crore of Common Equity Tier I capital for the FY 2017-18. Further, the board has approved to raise Additional Tier I Capital to the extent of shortfall, if any in raising CET I capital on or before 31 March 2018.

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Board of Arcotech approved sub-division of equity shares
May 09,2017

Arcotech announced that the Board of Directors at its meetind held on 09 May 2017 has approved the sub-division of equity shares of the Company from existing Rs 10 per share to face value of Rs 2 per share, subject to approval of shareholders.

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Board of Alicon Castalloy approves allotment of shares to Enkei Corporation, Japan
May 09,2017

Alicon Castalloy announced that the Board of Directors of the Company at its meeting held on 09 May 2017 has decided to issue 8,60,000 equity shares of Rs 5 each to Enkei Corporation, Japan at Rs 478 per share on preferential basis. The Board has convened an EGM on 08 June 2017 for obtaining the necessary approvals.

With the proposed allotment of 8,60,000 equity shares, the holding of Enkei in Alicon Castalloy will increase from 8.98% to 14.94% of the expanded capital.

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NIIT allots 44,999 equity shares
May 09,2017

NIIT has allotted 44,999 (Forty Four Thousand Nine Hundred Ninety Nine) Equity Shares of Rs. 2/- each to the employee of the Company in accordance with the terms of ESOP-2005.

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GEE announces resignation of company secretary
May 09,2017

GEE announced that Omkar Chandrakant Mhamunkar has resigned from the post of Company Secretary of the Company for personal reasons with effect from close of business hours of 08 May, 2017. Consequent to his resignation as Company Secretary, Omkar Mhamunkar also ceases to be the Compliance Officer of the Company.

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Sintex Industries allots 47,56,954 equity shares
May 09,2017

Sintex Industries has allotted 47,56,954 Equity shares of Re. 1/- each to Foreign Currency Convertible Bonds (FCCB) holders on the exercise of their conversion right. With the said allotment of 47,56,954 Equity Shares of Re. 1/- each of the Company as aforesaid, the paid up equity share capital of the Company as on May 9, 2017 stands increased from Rs. 55,01,84,746/- to Rs. 55,49,41,700/- divided into 55,49,41,700 Equity shares of Re. 1/- each.

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Stylam Industries announces resignation of director
May 09,2017

Stylam Industries announced that Usha Gupta, Director of the Company, has tendered her resignation and Company has accepted the same in its Board Meeting.

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Pasupati Acrylon announces cessation of nominee director
May 09,2017

Pasupati Acrylon announced that PICUP has withdrawn the nomination of Ram Singh, Nominee Director with effect from 30 March 2017 due to his retirement from the services of PICUP.

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India Tourism Development Corporation announces appointment of nominee director
May 09,2017

India Tourism Development Corporation announced that President of India, Ministry of Tourism has appointed Dr. Pradeep Kumar, IAS (Kerala:1987) Joint Secretary & Financial Advisor (JS&FA), Ministry of Power having additional charge of FA of Ministry of Tourism as Part-time Govt. Nominee Director on the Board of the Company.

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HCL Technologies announces demise of director
May 09,2017

HCL Technologies announced the sad demise of Amal Ganguli, Independent Director of the Company on 08 May 2017.

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Eco Recycling appoints company secretary
May 09,2017

Eco Recycling announced that Priyanka Bang has been appointed as Company Secretary of the Company from 09 May 2017.

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VLS Finance to pay dividend
May 09,2017

VLS Finance announced that dividend, if approved, will be paid on or before 24 October 2017 to the members whose name stand in register of members on the date of closure of transfer books for this purpose.

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