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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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RCF gains after good Q3 financial performance
Feb 13,2017

The result was announced after market hours on Friday, 10 February 2017.

Meanwhile, the S&P BSE Sensex was down 54.33 points, or 0.19%, to 28,279.92

On BSE, so far 3.76 lakh shares were traded in the counter, compared with average daily volume of 4.76 lakh shares in the past one quarter. The stock hit a high of Rs 61.90 and a low of Rs 60 so far during the day. The stock hit a 52-week high of Rs 64.40 on 9 February 2017. The stock hit a 52-week low of Rs 35.25 on 12 February 2016.

The small-cap company has an equity capital of Rs 551.69 crore. Face value per share is Rs 10.

State-run Rashtriya Chemicals and Fertilizers (RCF) is one of the leading producers of urea in India. The Government of India (GoI) currently holds 80% stake in RCF (as per the shareholding pattern as on 31 December 2016).

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Board of Modi Naturals approves entering into other allied foods category business
Feb 13,2017

Modi Naturals announced that the Board of Directors of the Company at its meeting held on 13 February 2017 has approved the following -

Entering into other allied foods category business in addition to existing business of edible oils processing subject to the provisions of the Companies Act 2013 and other applicable laws and requisite approvals.

Amendment in the Main Objects clause of Memorandum of Association of the Company by inserting new main object clause of other allied food products category of business subject to approval of shareholders.

Adoption of new set of Memorandum and Articles of Association of the Company subject to approval of shareholders.

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Reliance Defence gains after signing master ship repair pact with US Navy
Feb 13,2017

The announcement was made during trading hours today, 13 February 2017.

Meanwhile, the BSE Sensex was down 17.23 points, or 0.06%, to 28,317.02.

On the BSE, so far 10.61 lakh shares were traded in the counter, compared with average daily volumes of 6.86 lakh shares in the past one quarter. The stock had hit a high of Rs 61.90 and a low of Rs 57.40 so far during the day.

The stock hit a 52-week high of Rs 74.90 on 8 March 2016. The stock hit a 52-week low of Rs 48.40 on 22 November 2016. The stock had underperformed the market over the past 30 days till 10 February 2017, rising 2.44% compared with the 3.99% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 6.72% as against Sensexs 5.65% decline.

The mid-cap company has equity capital of Rs 736.21 crore. Face value per share is Rs 10.

Reliance Infrastructure (Rlnfra) controlled Reliance Defence and Engineering (RDEL) has signed the master ship repair agreement (MSRA) with US Navy. Earlier in January 2017, the Reliance Shipyard was qualified by US Navy as an approved contractor to perform complex repair and alternation services for the US Navys Seventh Fleet vessels operating in the region.

Reliance Shipyard at Pipavav, Gujarat is the first Shipyard in India to have received MSRA Certification to undertake servicing and repairing works for the vessels of Seventh Fleet. The fleet has about 100 vessels of different types including auxiliaries. Currently, the vessels of US Navys Seventh Fleet visit Singapore or Japan for such works.

Reliance Shipyard has been selected after a detailed site survey by US Government representatives in end October 2016.

Reliance Defence & Engineering reported net loss of Rs 132.71 crore in Q3 December 2016 as against net loss of Rs 293.60 crore in Q3 December 2015. Net sales rose 142.8% to Rs 120.94 crore in Q3 December 2016 over Q3 December 2015.

Reliance Defence and Engineering (RDEL) has a large ship building/repair infrastructure in India. It has one of the largest Dry Dock in the world.

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Fitch: The Trump Administration Poses Risks to Global Sovereigns
Feb 13,2017

The Trump Administration represents a risk to international economic conditions and global sovereign credit fundamentals, Fitch Ratings says. US policy predictability has diminished, with established international communication channels and relationship norms being set aside and raising the prospect of sudden, unanticipated changes in US policies with potential global implications.

The primary risks to sovereign credits include the possibility of disruptive changes to trade relations, diminished international capital flows, limits on migration that affect remittances and confrontational exchanges between policymakers that contribute to heightened or prolonged currency and other financial market volatility. The materialisation of these risks would provide an unfavourable backdrop for economic growth, putting pressure on public finances that may have rating implications for some sovereigns. Increases in the cost or reductions in the availability of external financing, particularly if accompanied by currency depreciation, could also affect ratings.

In assessing the global sovereign credit implications of policies enacted by the new US Administration, Fitch will focus on changes in growth trajectories, public finance positions and balance of payments performances, with particular emphasis on medium-term export prospects and possible pressures on external liquidity and sustainable funding. US positions on some countries may change quickly, at least initially, but any potential rating adjustments will depend on consequent changes to sovereign credit fundamentals, which will almost certainly be slower to materialise.

Elements of President Trumps economic agenda would be positive for growth, including the long-overdue boost to US infrastructure investment, the focus on reducing the regulatory burden and the possibility of tax cuts and reforms, assuming cuts dont lead to proportionate increases in the government deficit and debt. One interpretation of current events is that, after an early flurry of disruptive change to establish a fundamental reorientation of policy direction and intent, the Administration will settle in, embracing a consistent business- and trade-friendly framework that leverages these aspects of its economic programme, with favourable international spill-overs.

In Fitchs view, the present balance of risks points toward a less benign global outcome. The Administration has abandoned the Trans-Pacific Partnership, confirmed a pending renegotiation of the North American Free Trade Agreement, rebuked US companies that invest abroad, while threatening financial penalties for companies that do so, and accused a number of countries of manipulating exchange rates to the USs disadvantage. The full impact of these initiatives will not be known for some time, and will depend on iterative exchanges among multiple parties and unforeseen additional developments. In short, a lot can change, but the aggressive tone of some Administration rhetoric does not portend an easy period of negotiation ahead, nor does it suggest there is much scope for compromise.

Sovereigns most at risk from adverse changes to their credit fundamentals are those with close economic and financial ties with the US that come under scrutiny due to either existing financial imbalances or perceptions of unfair frameworks or practices that govern their bilateral relations. Canada, China, Germany, Japan and Mexico have been identified explicitly by the Administration as having trade arrangements or exchange rate policies that warrant attention, but the list is unlikely to end there. Our revision of the Outlook on Mexicos BBB+ sovereign rating to Negative in December partly reflected increased economic uncertainty and asset price volatility following the US election.

The integrative aspects of global supply chains, particularly in manufactured goods, means actions taken by the US that limit trade flows with one country will have cascading effects on others. Regional value chains are especially well developed in East Asia, focused on China, and Central Europe, focused on Germany.

Tighter immigration controls and possible deportations could have meaningful effects on remittance flows, as the US has the worlds largest immigrant population. World Bank data confirm that the US and Mexico share the worlds top migration corridor and have the largest bilateral remittance flows. Relative to GDP, remittances are even larger for Honduras, El Salvador, Guatemala and Nicaragua, all of which receive most inflows from the US.

Countries hosting US direct investment, at least part of which has financed export industries focused back on the US, are at risk of being singled out for punitive trade measures. The list of these countries is potentially long, since US-based entities account for nearly one-quarter of the stock of global foreign direct investment. Countries with the highest stock of US investment in manufacturing are Canada, the UK, Netherlands, Mexico, Germany, China and Brazil.

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DCW declares lock-out at Sahupuram factory
Feb 13,2017

DCW has declared lock- out at its factory at Sahupuram, Tamil Nadu at 9.30 p.m. on 10 February 2017.

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Idea Cellular slips after dismal Q3 earnings
Feb 13,2017

The result was announced on Saturday, 11 February 2017.

Meanwhile, the BSE Sensex was almost flat at 28,334.72.

On the BSE, so far 11.79 lakh shares were traded in the counter, compared with average daily volumes of 16.48 lakh shares in the past one quarter. The stock had hit a high of Rs 107.80 and a low of Rs 102 so far during the day.

The stock hit a 52-week high of Rs 128.05 on 28 April 2016. The stock hit a 52-week low of Rs 66 on 9 November 2016. The stock had outperformed the market over the past 30 days till 10 February 2017, rising 52.84% compared with the 3.99% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 57.76% as against Sensexs 5.65% decline.

The large-cap company has equity capital of Rs 3601.69 crore. Face value per share is Rs 10.

Consolidated net sales fell 3.73% to Rs 8660.74 crore in Q3 December 2016 over Q3 December 2015.

On a standalone basis, the company reported net loss of Rs 492.28 crore in Q3 December 2016 compared with net profit of Rs 636.03 crore in Q3 December 2015. Net sales fell 4.4% to Rs 8570.50 crore in Q3 December 2016 over Q3 December 2015.

The company said that the Indian mobile industry witnessed an unprecedented disruption in Q3 December 2016, primarily due to free voice and mobile data promotions by the new entrant in the sector. Consequently, revenue key performance indicators (KPIs) and financial parameters for all mobile operators have sharply declined, and for the first time in its history the flourishing Indian wireless sector is trending towards an annual revenue decline of 3 to 5% in the financial year ending March 2017 (FY2017) compared with FY 2016. The sector can expect to recover revenues only once the new operator starts charging for its pan India mobile services, the company added.

As a result of this current industry upheaval, the companys standalone revenue dropped 6.9% to Rs 8662.70 crore and standalone EBITDA fell 23.9% to Rs 2165.50 crore in Q3 December 2016 over Q2 September 2016. The Q3 December 2016 EBITDA margin at 25% is lower by 5.5% against EBITDA margin of 30.5% in Q2 September 2016, impacted by the free offerings of new operator along with minor effects of demonetisation.

In an effort to retain its existing mobile subscribers, Idea was forced to reduce on sequential quarterly basis its voice rates by 10.6% to 29.60 paisa per minute (compared with 33.10 paisa in Q2 September 2016) and drop its mobile data rates (ARMB) by 15.2% to 15.9 paisa per megabyte (compared with 18.70 paisa in Q2 September 2016). Despite an unprecedented outgoing voice rate fall, the lure of free offerings resulted in lower than normal volume elasticity with the quarterly sequential voice minutes growing only by 7.3% to 210 billion minutes (compared with 195.50 billion minutes in Q2 September 2016), that too led by double digit growth in incoming call volume. The higher blended voice realisation rate fall was also an outcome of the tsunami of minutes terminating on Ideas network from the new operator resulting in overall higher ratio of subsidised incoming minutes recovered at below cost IUC settlement rates.

The impact of free promotions was even more pronounced on mobile data business. Idea, for the first time, witnessed a decline of 5.5 million mobile data customers on sequential quarter basis with overall mobile data subscriber (2G+3G+4G) base receding to 48.6 million (compared with 54.1 million in Q2 September 2016). In spite of a massive mobile data rate drop of 15.2%, mobile data volume elasticity was negligible as overall Idea mobile data volume grew only by 1.3% (compared with Q2 September 2016) to 108.8 billion megabyte, though the per subscriber data usage grew marginally to 703 megabyte against 694 megabyte in Q2 September 2016.

Consequently, the data ARPU per data subscriber (2G+3G+4G) fell to Rs 111 against Rs 130 in Q2 September 2016. The Non Voice Revenue (including mobile data) contribution to the overall service revenue fell to 27.2% as mobile data revenue contribution declined to 20.2% level.

Idea Cellular is the third largest wireless operator in India with a revenue market share of 18.7% (Q2 September 2016).

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Reliance Defence & Engineering selected to undertake repair and maintenance works for U.S. Navy
Feb 13,2017

Reliance Infrastructure controlled Reliance Defence & Engineering has signed the Master Ship Repair Agreement with U.S. Navy. Earlier in January 2017, the Reliance Shipyard was qualified by U.S. Navy as an approved contractor to perform complex repair and alternation services for the U.S. Navys Seventh Fleet Vessels operating in the region.

Reliance Shipyard at Pipavav, Gujarat is the first Shipyard in India to have received MSRA Certification to undertake servicing and repairing works for the vessels of Seventh Fleet. The fleet has about 100 vessels of different types including auxiliaries. Currently, the vessels of U.S. Navys Seventh Fleet visit Singapore or Japan for such works.

Reliance Shipyard has been selected after detailed site survey by US Government representatives in end October 2016.

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Board of Indo Count Industries recommends dividend
Feb 13,2017

Indo Count Industries announced that the Board of Directors of the Company at its meeting held on 11 February 2017, inter alia, have recommended the dividend of Rs 0.4 per equity Share (i.e. 20%) , subject to the approval of the shareholders.

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Board of Sterling Tools recommends dividend
Feb 13,2017

Sterling Tools announced that the Board of Directors of the Company at its meeting held on 11 February 2017, inter alia, have recommended the dividend of Rs 1 per equity Share (i.e. 50%) , subject to the approval of the shareholders.

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Subros provides business update
Feb 13,2017

Subros has started supplies of air conditioning parts to Suzuki Motor Gujarat from its Gujarat Plant and is gearing up capacities to cater SMG both current and future requirements.

Subros is a key supplier to Maruti Suzuki India for their Gurugram and Manesar Plants.

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Modi Udyog renamed as Pincon Lifestyle
Feb 13,2017

Modi Udyog announced that the Company has applied for changing its name from Modi Udyog to Pincon Lifestyle and got approval from Ministry of Corporate Affairs (attached herewith).

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Modi Udyog announced change in website
Feb 13,2017

Modi Udyog announced that the website of the Company changed from www.modiudyog.com to www.pinconlifestyle.com.

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Moodys: Demonetization hits collections and delinquencies of Indian ABS transactions, but impact expected to be short-lived
Feb 13,2017

Moodys Investors Service says that the Indian governments decision to remove a high proportion of currency notes from circulation (demonetization) in November 2016 has proved negative for the performance of Indian auto asset backed securities (ABS) in the short term, leading to a 1.3% decline in collections for November and December 2016, and a 1.9% increase in 30+ days delinquencies in December 2016.

During December, the first month when the full effects of demonetization were felt, the 30+ days delinquency rate for Indian auto ABS increased 1.9 percentage point to 10.9% from 9.0% in October 2016. On the other hand, at 0.6%, 0.5% and 0.3%, the increase in the 60+ days, 90+ days and 180+ days delinquency rates, respectively and over the same period, were more subdued.

In such an environment, we expect the performance of the 15 Indian auto ABS transactions that we rate to continue to be weaker than was the case prior to demonetization until at least the end of March 2017, owing to the temporary drag on consumption and investment triggered by the policy announced on 8 November 2016, says Vincent Tordo, a Moodys Analyst.

Moodys notes that demonetization has disrupted the recovery observed in the commercial vehicle (CV) loan segment for the past two years. According to ICRA data, CV loan delinquencies fell to 6.3% in June 2016 compared with peak levels of about 9.0% at the end of 2014.

However, the deterioration in performance has been limited to early-stage delinquencies and supports Moodys expectations of a short-lived slippage in performance and proactive delinquency management by servicers, rather than as a precursor of permanent losses.

Cash collateral and excess interest spread protect Indian auto ABS against the drop in collections, and we note that such securities have large levels of cash collateral and excess interest spread, leaving them well placed to withstand the impacts of demonetization and the economic slowdown, adds Tordo.

Moreover, our analysis shows that our rated transactions can weather a stressed scenario of a 25% shortfall in collections and still fund investor payouts for a minimum of 24 months and an average of 34 months, says Tordo. And, even if we stress the collections by 50%, investors can be paid for at least 10 months and 17 months on average.

Moodys also notes that nine of the 15 auto ABS transactions that we rate had utilized on average less than 1% of their credit facilities to fund investors payouts in January 2017, while the other six had funded investor payouts solely out of collections.

We expect our current ratings for Indian auto ABS deals to hold against the backdrop of a mild and temporary deterioration in performance. To rate those transactions, we have assumed mean loss levels that are higher than what has occurred historically during prolonged economic downturns, thereby providing sufficient buffer in our opinion to the deterioration in performance observed.

Looking ahead, Moodys expects Indian auto ABS delinquencies and collections to return during 2017 to levels prior to demonetization, as the economic slowdown triggered by the decision to remove a very large proportion of high denomination currency notes from circulation wanes, oil prices remain around current levels and positive policy initiatives announced in the Union Budget on 1 February 2017 take hold to support earnings of CV operators.

Income tax rates for lower-income individuals were cut by half in the budget, while the tax rate for micro and small- and medium-sized enterprises with annual turnovers of up to INR500 million was reduced to 25% from 30%. These lower tax rates will increase the disposable incomes of people with CV loans, which will be positive for the performance of auto ABS backed by such loans.

Furthermore, the Indian government has a target to double farmers incomes. As such, the performance of agriculture-linked assets that back ABS, such as loans for tractors or CVs used in agriculture-allied activities -- and present in most of the deals we rate although at low levels -- should improve, contingent on the implementation of schemes designed to achieve the governments target.

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GAIL (India) gains after strong Q3 results
Feb 13,2017

The result was announced after market hours on Friday, 10 February 2017.

Meanwhile, the BSE Sensex was up 18.11 points, or 0.06%, to 28,352.36.

On the BSE, so far 58,000 shares were traded in the counter, compared with average daily volumes of 2.20 lakh shares in the past one quarter. The stock had hit a high of Rs 491.75 and a low of Rs 483.90 so far during the day.

The stock hit a 52-week high of Rs 493.90 on 9 February 2017. The stock hit a 52-week low of Rs 290.65 on 29 February 2016. The stock had outperformed the market over the past 30 days till 10 February 2017, rising 9.26% compared with the 3.99% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 10.11% as against Sensexs 5.65% decline.

The large-cap company has equity capital of Rs 1268.48 crore. Face value per share is Rs 10.

GAIL (India) said that its net profit in Q3 December 2016 was buoyed by a turnaround in petrochemicals segment and increase in profitability of liquid hydrocarbons segment.

The company also registered growth in physical performance in all segments on quarter on quarter basis i.e. petrochemical sales up by 8%, liquid hydrocarbon sales up by 4% and natural gas marketing & transmission volumes up by 3% and 2% respectively. The third quarter witnessed a pricing pressure in petchem business during November and December 2016, profit after tax (PAT) grew by 6% sequentially to Rs 983 crore.

GAIL (India), Indias largest natural gas company, is one of the seven Maharatna Public Sector Undertakings (PSUs).

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RSWM slumps after weak Q3 result
Feb 13,2017

The result was announced after market hours on Friday, 10 February 2017.

Meanwhile, the S&P BSE Sensex was up 25.84 points, or 0.09%, to 28,360.09.

On the BSE, 4,344 shares were traded on the counter so far as against the average daily volumes of 5,453 shares in the past one quarter. The stock had hit a high of Rs 470 and a low of Rs 441.90 so far during the day.

The stock had hit a record high of Rs 510 on 6 February 2017 and a 52-week low of Rs 251.70 on 12 February 2016. The stock had outperformed the market over the past one month till 10 February 2017, advancing 6.46% compared with the Sensexs 5.33% rise. The scrip had also outperformed the market over the past one quarter advancing 4.57% as against the Sensexs 2.97% rise.

The small-cap company has equity capital of Rs 23.55 crore. Face value per share is Rs 10.

RSWM is one of the largest producers and exporters of polyster viscose blended yarn in the country. The company has strengths and expertise to deliver Indias largest quality of grey, dyed and melange yarn while specializing in technical fabric.

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