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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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Board of Rasoi recommends final dividend
Jun 15,2017

Rasoi announced that the Board of Directors of the Company at its meeting held on 29 May 2017, inter alia, have recommended the final dividend of Rs 20 per equity Share (i.e. 10%) , subject to the approval of the shareholders.

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Board of Orient Press recommends final dividend
Jun 15,2017

Orient Press announced that the Board of Directors of the Company at its meeting held on 29 May 2017, inter alia, have recommended the final dividend of Rs 1.25 per equity Share (i.e. 12.5%) , subject to the approval of the shareholders.

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Aurobindo Pharma receives final approval for Sevelamer Carbonate oral suspension
Jun 15,2017

Aurobindo Pharma has received final approval from the US Food & Drug Administration (USFDA) to manufacture Sevelamer Carbonate oral suspension, 0.8 gm and 2.4 gm. Sevelamer Carbonate oral suspension, a therapeutic equivalent generic version of Genzymes Renvelan++ oral suspension. The product is being launched immediately.

Sevelamer Carbonate oral suspension is indicated for the control of serum phosphorus in patients with chronic kidney disease (CKD) on dialysis. The approved product has an estimated market size of US$ 140 million for the twelve months ending April 2017 according to IMS.

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Cadila Healthcare gains after USFDA nod for Acyclovir
Jun 15,2017

The announcement was made during trading hours today, 15 June 2017.

Meanwhile, the S&P BSE Sensex was up 15.23 points, or 0.05% to 31,171.14.

On the BSE, 26,000 shares were traded in the counter so far, compared with average daily volumes of 1.51 lakh shares in the past one quarter. The stock had hit a high of Rs 542 and a low of Rs 528.85 so far during the day. The stock hit a record high of Rs 558 on 12 June 2017. The stock hit a 52-week low of Rs 305.05 on 24 June 2016.

The stock had outperformed the market over the past one month till 14 June 2017, rising 8.18% compared with 1.87% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 19.43% as against Sensexs 5.31% rise. The scrip had also outperformed the market in past one year, rising 65.84% as against Sensexs 16.57% rise.

The large-cap company has equity capital of Rs 102.37 crore. Face value per share is Re 1.

Cadila Healthcare said it received the final approval from the US Food and Drug Administration (USFDA) to market Acyclovir for injection USP in strengths of 500 mg/vial and 1000 mg/vial. Acyclovir for Injection USP, which caters to the anti-viral segment, will be produced at the groups formulations manufacturing facility at Moraiya, Ahmedabad.

The group now has more than 120 approvals and has so far filed over 300 Abbreviated New Drug Applications (ANDAs) since the commencement of the filing process in financial year ending March 2004.

Cadila Healthcares consolidated net profit fell 32.2% to Rs 385.5 crore on 6.5% rise in net sales to Rs 2417.50 crore in Q4 March 2017 over Q4 March 2016.

Cadila Healthcare is an innovative, global pharmaceutical company that discovers, develops, manufactures and markets a broad range of healthcare therapies.

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Jindal Saw jumps after cutting stake in foreign unit
Jun 15,2017

The announcement was made after market hours yesterday, 14 June 2017.

Meanwhile, the S&P BSE Sensex was up 21.14 points, or 0.07% to 31,177.05.

On the BSE, 1.99 lakh shares were traded in the counter so far, compared with average daily volumes of 1.43 lakh shares in the past one quarter. The stock had hit a high of Rs 78.30 and a low of Rs 74.80 so far during the day. The stock hit a 52-week high of Rs 87.45 on 17 March 2017. The stock hit a 52-week low of Rs 43.56 on 12 August 2016.

The stock had underperformed the market over the past one month till 14 June 2017, falling 8.93% compared with 1.87% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 13.08% as against Sensexs 5.31% rise. The scrip had, however, outperformed the market in past one year, rising 44.59% as against Sensexs 16.57% rise.

The small-cap company has equity capital of Rs 63.95 crore. Face value per share is Rs 2.

Jindal Saw had a wholly-owned step down foreign subsidiary, namely, Jindal Tubular USA LLC (JTUL), which had acquired a pipe manufacturing plant in Mississippi, USA under Chapter XI.

JTUL had a bank debt for more than $140 million and had been incurring continuous losses since the year of acquisition, resulting into a negative net worth. Since the loan and losses were being consolidated with the financials of Jindal Saw, banks and financial institutions prevented the company to provide any cash support further. Therefore, in order to conserve the resources of the company and to seek the rating up-gradation, the ownership in JTUL was brought down to 19% by transferring the remaining equity to prevent further financial erosion of the company.

Meanwhile, Jindal Saw has also sold/disposed its shareholding in JITF Shipping & Logistics (Singapore), which was wholly-owned subsidiary of the company. The reason for this is that the subsidiary was not doing any business and had no assets. Therefore, in order to conserve the resources of the company and to seek the rating up-gradation, the same was disposed off.

Further, Jindal SAW Espana SL incorporated in Spain as subsidiary was closed down as the purpose for which it was created was not fulfilled.

Net profit of Jindal Saw rose 69.41% to Rs 113.93 crore on 5.78% decline in net sales to Rs 1723.58 crore in Q4 March 2017 over Q4 March 2016.

Jindal Saw makes saw pipes (submerged arc welded pipes) and spiral pipes for the energy transportation sector; carbon, alloy and seamless pipes and tubes for industrial applications; and ductile iron (DI) pipes and fittings for water and wastewater transportation.

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Zydus Cadila receives final approval for Acyclovir for Injection USP
Jun 15,2017

Zydus Cadila has received the final approval from the USFDA to market Acyclovir for Injection USP in strengths of 500 mg/vial and 100 mg/vial.

Acyclovir for Injection USP which caters to anti-viral segment, will be produced at the groups formulations manufacturing facility at Moraiya, Ahmedabad.

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Vijaya Bank drops ex-dividend
Jun 15,2017

Meanwhile, the S&P BSE Sensex was up 17.53 points, or 0.06% at 31,173.44. The S&P BSE Mid-Cap index was up 26.29 points, or 0.18% at 14,825.70.

On the BSE, 72,000 shares were traded on the counter so far as against the average daily volumes of 2.31 lakh shares in the past two weeks. The stock had hit a high of Rs 82.85 and a low of Rs 81.65 so far during the day. The stock had hit a 52-week high of Rs 97.40 on 9 May 2017 and a 52-week low of Rs 31.15 on 14 June 2016.

The stock had underperformed the market over the past one month till 14 June 2017, declining 4.29% compared with the Sensexs 3.21% rise. The scrip had, however, outperformed the market over the past one quarter advancing 31.73% as against the Sensexs 5.82% rise. The scrip had also outperformed the market over the past one year advancing 162.64% as against the Sensexs 18.03% rise.

The mid-cap bank has equity capital of Rs 998.85 crore. Face value per share is Rs 10.

Before turning ex-dividend, the stock offered a dividend yield of Rs 1.79% based on the closing price of Rs 83.65 yesterday, 14 June 2017.

Vijaya Banks net profit spurted 186.1% to Rs 203.99 crore on 8.6% increase in total income to Rs 3504.73 crore in Q4 March 2017 over Q4 March 2016.

The Government of India held 70.33% stake in Vijaya Bank as at 31 March 2017.

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Bombay Burmah advances after block deals
Jun 15,2017

Meanwhile, the S&P BSE Sensex was up 5.42 points or 0.02% at 31,161.33. The S&P BSE Mid-Cap index rose 24.96 points or 0.17% at 14,824.37.

On the BSE, 49,000 shares were traded on the counter so far as against the average daily volumes of 1.73 lakh shares in the past two weeks. The stock had hit a high of Rs 962 and a low of Rs 939.80 so far during the day. The stock had hit a record high of Rs 964.80 yesterday, 14 June 2017 and a 52-week low of Rs 377 on 24 June 2016.

The stock had outperformed the market over the past one month till 14 June 2017, advancing 5.2% compared with the Sensexs 3.21% rise. The stock had also outperformed the market over the past one quarter, gaining 22.22% as against the Sensexs 5.82% rise. The scrip had also outperformed the market over the past one year, surging 129.08% as against the Sensexs 18.03% rise.

The mid-cap company has equity capital of Rs 13.95 crore. Face value per share is Rs 2.

Promoter Archway Investment Company offloaded a combined 11.80 lakh shares of Bombay Burmah Trading Corporation (BBTC) at Rs 877 per share in a series of block deals on the BSE yesterday, 14 June 2017.

Promoter Nusli Neville Wadia bought 7.05 lakh shares. Promoter Nowrosjee Wadia and Sons purchased 3.43 lakh shares. Estate of Shri Edulji Framrize Dinshaw bought 1.32 lakh shares.

Archway Investment Company controlled 12.5% stake, Nusli Neville Wadia held 8.8% and Nowrosjee Wadia and Sons owned 3.29% stake end March 2017.

Bombay Burmah Trading Corporation reported net profit of Rs 5.05 crore in Q4 March 2017 compared with net loss of Rs 16.25 crore in Q4 March 2016. Net sales rose 12% to Rs 61.11 crore in Q4 March 2017 over Q4 March 2016.

Bombay Burmah Trading Corporation has diversified its interests into tea, coffee, other plantation products, biscuit and dairy products, auto electric and white goods parts, weighing products, horticulture and landscaping services, healthcare products (viz.) dental, orthopaedic and opthalmic products.

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SCI spurts on stake-sale buzz
Jun 15,2017

Meanwhile, the S&P BSE Sensex was up 9.63 points, or 0.03% to 31,165.54.

On the BSE, 13.46 lakh shares were traded in the counter so far, compared with average daily volumes of 4.09 lakh shares in the past one quarter. The stock had hit a high of Rs 92 and a low of Rs 87.15 so far during the day. The stock hit a 52-week high of Rs 92 on 15 June 2017. The stock hit a 52-week low of Rs 55.75 on 21 November 2016.

The stock had underperformed the market over the past one month till 14 June 2017, falling 3.58% compared with 1.87% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 22.74% as against Sensexs 5.31% rise. The scrip had also outperformed the market in past one year, rising 17.29% as against Sensexs 16.57% rise.

The mid-cap company has equity capital of Rs 465.80 crore. Face value per share is Rs 10.

According to reports, the core group of secretaries on disinvestment, headed by the cabinet secretary, discussed the proposal and has mandated the Shipping Ministry to find out legal hassles, if any, in the process. The proposal will soon go to the Cabinet Committee on Economic Affairs, reports added.

The government, at present, holds 63.75% stake in Navratna PSU Shipping Corporation of India (SCI). After the sale of 26% stake, the government holding in the company will come down to 37.75%. The sale of 26% stake could fetch about Rs 960 crore to the exchequer. The government has budgeted to raise Rs 15000 crore through strategic sale of PSUs this fiscal.

Net profit of Shipping Corporation of India declined 58.78% to Rs 92.36 on 5.09% decline in net sales to Rs 897.73 crore in Q4 March 2017 over Q4 March 2016.

Shipping Corporation of India in the largest Indian shipping company. The SCI also has substantial interests in various segments of the shipping trade.

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Central Bank of India drops as RBI puts bank under PCA
Jun 15,2017

The announcement was made after market hours yesterday, 14 June 2017.

Meanwhile, the S&P BSE Sensex was up 12.70 points or 0.04% at 31,168.61.

On the BSE, 9,555 shares were traded on the counter so far as against the average daily volumes of 68,000 shares in the past two weeks. The stock had hit a high of Rs 101.90 and a low of Rs 97.60 so far during the day. The stock had hit a 52-week high of Rs 125 on 22 May 2017 and a 52-week low of Rs 76.35 on 28 November 2016.

The stock had underperformed the market over the past one month till 14 June 2017, sliding 11.18% compared with the Sensexs 3.21% rise. The stock had, however, outperformed the market over the past one quarter, gaining 8.31% as against the Sensexs 5.82% rise. The scrip had underperformed the market over the past one year, surging 14.6% as against the Sensexs 18.03% rise.

The large-cap bank has equity capital of Rs 1902.17 crore. Face value per share is Rs 10.

Central Bank of India said that the Reserve Bank of India (RBI) has put the bank under prompt corrective action (PCA) in view of high net non performing assets (NPA) and negative return on assets (RoA). The bank believes that corrective measures arising out of the PCA will help in improving overall performance of the bank.

Central Bank of India reported net loss of Rs 591.77 crore in Q4 March 2017, compared with net loss of Rs 898.04 crore in Q4 March 2016. Total income rose 6.1% to Rs 7121.05 crore in Q4 March 2017 over Q4 March 2016.

The Government of India holds 81.28% stake in Central Bank of India (as per the shareholding pattern as on 31 March 2017).

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Sun Pharma Advanced Research Company provides update on SPARC DPI
Jun 15,2017

Sun Pharma Advanced Research Company provided update on its breath activated device SPARC DPI.

SPARC DPI is a pre-metered, 60 dose, breath activated device containing Salmeterol - Fluticasone. SPARC DPI uses half the dose of the both Salmeterol and Fluticasone compared to Seretide Accuhalern++.

The Company announced the top-line results of the PIF study and Low dose PK study for SPARC DPI.

Anil Raghavan, CEO, SPARC said that the results confirms that the device is highly efficient and consistent in delivering more drug to the lungs and suitable for all classes of patients. The Company will consult the regulatory agencies in Europe to understand the potential path forward for SPARC DPI.

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Board of Balasore Alloys appoints director
Jun 15,2017

The Board of Directors of Balasore Alloys have vide circular resolution dated 14 June, 2017, appointed Dr. Samuel Nwabuokei Onyeabor, as an Additional Director (Category: Non - Executive, Non Independent) with effect from 14 June, 2017 to hold office upto the date of the ensuing Annual General Meeting of the Company.

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CCI issues order against Hyundai Motor India Limited (HMIL) for anti-competitive conduct, imposes penalty of Rs. 87 crore
Jun 15,2017

The Competition Commission of India (CCI) has found Hyundai Motor India Limited (HMIL) to be in contravention of the provisions of Section 3(4)(e) read with Section 3(1) of the Competition Act, 2002 for imposing arrangements upon its dealers which resulted into Resale Price Maintenance in sale of passenger cars manufactured by it. Such arrangements also included monitoring of the maximum permissible discount levels through a Discount Control Mechanism. Further, HMIL was found to have contravened the provisions of Section 3(4)(a) read with Section 3(1) of the Act for mandating its dealers to use recommended lubricants/ oils and penalising them for use of non-recommended lubricants and oils.

The final order has been passed today on informations filed by the dealers of HMIL viz. Fx Enterprise Solutions India Pvt. Ltd. and St. Antonys Cars Pvt. Ltd.

Apart from issuing a cease and desist order against HMIL, CCI has imposed a penalty of Rs. 87 crore upon HMIL for the anti-competitive conduct. The penalty has been levied @ 0.3% of the average relevant turnover of HMIL of preceding three years. CCI noted in its order that for the purposes of determining the relevant turnover for the impugned infringement, revenue from sale of motor vehicles alone have been taken into account.

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Wipro in focus after securing contract from Valmet
Jun 15,2017

Wipro announced that it has won IT Applications Managed Services engagement with Finnish company, Valmet, a leading global developer and supplier of technologies, automation and services for the pulp, paper, and energy industries. The announcement was made after market hours yesterday, 14 June 2017.

Valmet has selected Wipro as the partner for supporting its renewed Infor LN ERP platform. As part of the multi-year engagement, Wipro will deliver the maintenance and support of the new ERP platforms in a Managed Services model covering all global locations in which Valmet operates.

Repco Home Finance announced that the securities allotment committee of the board of directors of the company approved the allotment of 2,720 secured, redeemable, non-convertible, non-cumulative debentures (SRNCD) aggregating to Rs 272 crore on private placement basis to International Finance Corporation. The announcement was made after market hours yesterday, 14 June 2017.

Corporation Bank has revised the banks tenor based Marginal Cost of Funds based Lending Rate (MCLR) for all new rupee loans and advances including renewals from 15 June 2017.

MCLR for overnight loans will be 8.15%, the rate for one month will be 8.15% and for three months it will be 8.25%. The MCLR on 6-month loans will be 8.65% and for one-year loans the rate will be 8.75%, the bank said. The announcement was made after market hours yesterday, 14 June 2017.

Central Bank of India said that the Reserve Bank of India (RBI) has put the bank under prompt corrective action in view of high net non performing assets (NPA) and negative return on assets (RoA). The bank believes that corrective measures arising out of the PCA will help in improving overall performance of the bank. The announcement was made after market hours yesterday, 14 June 2017.

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Board of Piramal Enterprises approves private placement of NCDs
Jun 14,2017

The Board of Director of Piramal Enterprises at its meeting held on 14 June 2017 approved the issue of secured NCDs aggregating Rs 400 crore with a Greenshoe option of Rs 200 crore not exceeding total issue size of Rs 600 crore on private placement basis.

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