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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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Bharat Financial extends Tuesdays rally
Nov 30,2016

Meanwhile, the S&P BSE Sensex was up 126.78 points or 0.48% at 26,520.79.

On the BSE, 2.13 lakh shares were traded on the counter so far as against the average daily volumes of 2.19 lakh shares in the past one quarter. The stock had hit a high of Rs 754.60 and a low of Rs 735.45 so far during the day. The stock had hit a 52-week high of Rs 938.75 on 29 July 2016. The stock had hit a 52-week low of Rs 434.85 on 9 December 2015. The stock had underperformed the market over the past one month till 29 November 2016, declining 16.88% compared with the Sensexs 5.54% fall. The scrip had also underperformed the market in past one quarter, sliding 7.31% as against the Sensexs 5.41% fall.

The large-cap company has equity capital of Rs 137.91 crore. Face value per share is Rs 10.

A foreign brokerage has recently maintained overweight rating on Bharat Financial Inclusion (BFIL) stock for a target price of Rs 1,125, citing the companys strong collection progress. The brokerage reportedly said that BFIL has collected 89% of its overall dues over the period from 11 November to 25 November 2016. In the wake of brokerage reports, BFIL stock had surged 7.86% to settle at Rs 734 yesterday, 29 November 2016.

Meanwhile, the company in its presentation issued to the stock exchanges before market hours yesterday, 29 November 2016, said, it is recording a collection efficiency of 97% with a 2-week lag in the wake of the governments recent demonetisation move. The company said that most of its customers cater to non-discretionary spending.

Bharat Financial Inclusions net profit rose 87.4% to Rs 145.88 crore on 38.6% increase in total income to Rs 449.60 crore in Q2 September 2016 over Q2 September 2015.

Bharat Financial Inclusion is among the largest microfinance companies in India.

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INR 4000 crore Welding Industry Set to Grow to INR 5700 crore by 2021
Nov 30,2016

The two flagship programmes of the government - Make in India and Skill India got a big boost at the maiden CII Welding conference. Speaking during the session Y S Trivedi, Sr Vice President and Member of the Board - Heavy Engineering IC, Larsen & Toubro stressed, n++The amount of weld in a nuclear reactor and submarine is less than 2 and 8 percent respectively, yet these welds decide the fate of the INR 12,000 crore submarine as well as determines whether a nuclear power plant lasts 10 years or 60. If we have to transform India into a global manufacturing hub we need to pay attention to welding.n++ Further he commended that welding holds immense potential for employment and skill development initiative and has a major role to play in the nations growth.

Talking of the present welding industry, Chetan Ligade, Director, BDB India said that the sector today stands at INR 4,000 crore out of which INR 2,800 falls under consumables and INR 1,200 crore under welding equipment market. Driven by infrastructure, the welding industry is slated to pick up rapidly in the next few quarters and by 2021 the consumable market will grow to INR 4,200 crore and equipment market to INR 1,500 crore. On this occasion a special report on Indian welding industry was released.

Elaborating on the importance of R&D in manufacturing sector D G Padmanabham, Director, International Advanced Research Centre for Power Metallurgy and New Materials (ARCI), emphasized, n++In the west, 70% of R&D funding comes from the industry and 30% from the government whereas in India only 10% comes from the industry. This needs to change. When industry funds a project it drives R&D with purpose, focus, application and absorption. Hence, industry R&D interaction has to be strengthened.n++ Sharing his experience on industry government collaboration he averred that the success rate has been always very high when there is co-operation and collaboration.

A Shivkumar, Conference Chairman and Former Chief Executive, EWAC Alloys said, n++The stakeholders in the welding sector such as researchers who work on materials, manufacturers, people who execute it like welders and the final beneficiary the consumer - are not connected and aligned to a common agenda. At CII we aim to bring all stakeholders together to create a common agenda and goal to meet challenges and make opportunities available to them in the future.n++

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Sarda Energy & Minerals announces resumption of operations at iron ore mine
Nov 30,2016

Sarda Energy & Minerals announced that the operations at the iron ore mine of the Company, which were suspended on 07 March 2016 due to naxal attack, have been restored.

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State Bank of Bikaner and Jaipur revises MCLR
Nov 30,2016

State Bank of Bikaner and Jaipur has revised the Marginal Cost of Fund based Lending Rates (MCLR) with effect from 01 December 2016.

Overnight - 8.75%
1 month - 8.85%
3 months - 8.95%
6 months - 9.05%
1 year - 9.15%
2 year - 9.20%
3 year - 9.30%.

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UCO Bank allots equity shares to LIC of India
Nov 30,2016

UCO Bank announced that on 29 November 2016, the Bank has issued and allotted 7,17,00,000 equity shares of Rs. 10/- to Life Insurance Corporation of India at an issue price of Rs. 37.74 per equity shares including a premium of Rs. 27.74 on preferential basis. The above shares will be under lock-in for a period of one year from the date of trading from the Stock Exchanges i.e. NSE & BSE where the equity shares of the Bank are listed.

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Steel Authority of India gets in principle approval for divestment of 3 alloy steel plants
Nov 30,2016

Steel Authority of India announced Government of India, Ministry of Steel has communicated the in principle approval of the Cabinet Committee on Economic Affairs (CCEA) of the Government of India for strategic disinvestment of the Bhadrawati, Salem and Durgapur (Alloy Steel Plants) Units of Steel Authority of India. Disinvestment of these Units shall be to strategic buyer(s) to be identified through two stage auction process, as recommended by the Core Group of Secretaries on Disinvestment.

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Board of Simplex Projects to consider September quarter results
Nov 30,2016

Simplex Projects announced that the meeting of Board of Directors will be held on 09 December 2016, inter alia, to consider the Unaudited Financial Results for the Quarter ended 30 September 2016.

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Welspun Corp leads gainers in A group
Nov 30,2016

Welspun Corp jumped 16.29% to Rs 82.80 at 13:12 IST. The stock topped the gainers in the BSEs A group. On the BSE, 22.64 lakh shares were traded on the counter so far as against the average daily volumes of 1.22 lakh shares in the past two weeks.

Jubilant Life Sciences galloped 7.66% at Rs 709.55. The stock was second biggest gainer in A group. On the BSE, 2.54 lakh shares were traded on the counter so far as against the average daily volumes of 81,000 shares in the past two weeks.

Balkrishna Industries spurted 7.93% to Rs 994.40. The stock was third biggest gainer in A group. On the BSE, 26,000 shares were traded on the counter so far as against the average daily volumes of 4,190 shares in the past two weeks.

JK Lakshmi Cement gained 5.32% at Rs 395.80. The stock was fourth biggest gainer in A group. On the BSE, 6,114 shares were traded on the counter so far as against the average daily volumes of 25,000 shares in the past two weeks.

Crompton Greaves rose 4.54% to Rs 77.20. The stock was fifth biggest gainer in A group. On the BSE, 2.27 lakh shares were traded on the counter so far as against the average daily volumes of 3.07 lakh shares in the past two weeks.

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Fitch: Indian ABS Buffers Cover Near-Term Demonetisation Impact
Nov 30,2016

Fitch Ratings believes that demonetisation could lead to a short-term liquidity stress in Indian auto ABS transactions. The stress is likely to be limited to a few months, in which case it would not result in pressure on ratings.

India began to withdraw high-denomination bank notes - that account for 86% of the value of currency in circulation - earlier this month. The withdrawal has created a cash crunch that Fitch expects to hold back economic activity in the near term.

Fitch expects a liquidity squeeze in Indian auto ABS to result from a substantial drop in collections from small commercial vehicle (CV) operators - especially used-CV operators - in November and December. Cash collections typically account for 20%-50% of total collections by Indian CV loan originators within Fitch-rated ABS transactions. The cash-collection percentage is especially high on loans for used CVs, as well as for new small CVs, light CVs and tractors. Smaller CV operators usually receive their income and pay expenses in cash. We expect the cash crunch caused by demonetisation to affect both the income of these borrowers and their repayment capabilities in the short term, due to the delaying of non-critical economic activities by their customers.

Furthermore, the impact of demonetisation on economic activity could lead to a temporary drop in demand for services involving CVs, creating stress on the repayment capabilities of CV loan borrowers. We also see a moral-hazard risk of capable borrowers also defaulting on their monthly repayments, given the potential for a general increase in tolerance of delinquencies due to this disruption.

Delinquencies are likely to remain high for several months in 2017, as small borrowers are likely to take time to make up for missed payments. Fitch will continue to monitor closely the repayment behaviour of underlying borrowers in the next few months.

Average collection for Fitch-rated Indian ABS transactions was around 107% of scheduled investor payout obligations, as of the last reported collection month. In a scenario of a sharp decline of 30% in collections, all Fitch-rated Indian ABS transactions could manage timely payment of interest and principal for at least nine months, and on average for 24 months, with support from available external CE.

Nevertheless, there could be an impact on the ratings of recent, less-seasoned transactions if delinquencies continue to rise sharply for more than a few months.

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Board of Rajasthan Petro Synthetics accepts resignation of company secretary cum compliance officer
Nov 30,2016

Rajasthan Petro Synthetics announced that Amit Kumar resigned as Company Secretary (KMP)-cum-Compliance Officer of the Company and the Board of Directors have accepted his resignation w.e.f. 31 October 2016.

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Board of Prism Cement approves private placement of NCDs
Nov 30,2016

Prism Cement announced that the Board of Directors of the Company at its meeting held on 30 November 2016 approved issue of Secured, Rated, Listed, Non-convertible, Redeemable Taxable Debentures - Tranche VIII (NCDs) aggregating Rs. 200 crore on private placement basis.

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Yes Bank launches SIMsePAY
Nov 30,2016

Yes Bank has launched SIMsePAY, a unique innovation that allows any account holder to do money transfers, pay utility bills and other mobile banking services, without the need for smart phones or internet. The offering is based on a frugal sim-sleeve technology, in association with Taisys Technologies, who holds global patents for the same and has implemented the same successfully in other countries including Kenya and China.

Yes Bank plans to garner a base of 5 lakh SimsePay users by 2017.

Yes Bank has launched the service with the District Co-operative Bank, Dehradun and subsequently plans to launch its across the country.

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Max Ventures jumps in the wake of shareholding rejig
Nov 30,2016

Meanwhile, the S&P BSE Sensex was up 81.45 points or 0.31% at 26,475.46.

On the BSE, 96,000 shares were traded on the counter so far as against the average daily volumes of 94,006 shares in the past one quarter. The stock had hit a high of Rs 54 and a low of Rs 51.85 so far during the day. The stock had hit a record high of Rs 85.80 on 7 July 2016. The stock had hit a record low of Rs 43.30 on 21 November 2016. The stock had underperformed the market over the past one month till 29 November 2016, declining 7.06% compared with the Sensexs 5.54% fall. The scrip had also underperformed the market in past one quarter, sliding 11.03% as against the Sensexs 5.41% fall.

The small-cap company has equity capital of Rs 53.40 crore. Face value per share is Rs 10.

Xenox sold 17.78 lakh shares of Max Ventures and Industries (MVIL) to Siva Enterprises at Rs 50.50 per share in a block deal on the NSE on 29 November 2016. Xenox held 5.27% stake in MVIL end September 2016. Meanwhile, Ambika Anil Raika bought 2.70 lakh shares of the company at Rs 51.03 per share in a bulk deal on the NSE on 28 November 2016.

Max Ventures and Industries consolidated net profit fell 77.5% to Rs 0.45 crore on 10.85% growth in net sales to Rs 169.89 crore in Q2 September 2016 over Q1 June 2016.

Max Ventures and Industries, through its subsidiaries, manufactures and sells biaxial oriented polypropylene films.

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Volumes jump at Raunaq EPC International counter
Nov 30,2016

Raunaq EPC International clocked volume of 4.02 lakh shares by 12:15 IST on BSE, a 191.42-times surge over two-week average daily volume of 2,000 shares. The stock jumped 10.46% to Rs 142.

Welspun Corp notched up volume of 21.7 lakh shares, a 17.81-fold surge over two-week average daily volume of 1.22 lakh shares. The stock surged 17.7% to Rs 83.80.

IDFC Bank saw volume of 38.28 lakh shares, a 6.63-fold surge over two-week average daily volume of 5.78 lakh shares. The stock dropped 3.94% to Rs 68.25.

Jai Corp clocked volume of 9.44 lakh shares, a 5.75-fold surge over two-week average daily volume of 1.64 lakh shares. The stock surged 9.45% to Rs 70.65.

Vivimed Labs saw volume of 5.18 lakh shares, a 4.8-fold rise over two-week average daily volume of 1.08 lakh shares. The stock jumped 8.5% to Rs 100.20 after the company said its FDF manufacturing facility in Alathur, near Chennai has a favourable outcome post its United States Food and Drug Administration inspection. The announcement was made after market hours yesterday, 29 November 2016. The audit was conducted during the last week of November and concluded on 28 November 2016.

Furthermore, Vivimed obtained abbreviated new drug application (ANDA) approval for Metronidazole and same is commercialised. During November 2016, the company acquired ANDA of Zolpidem and the file transfer has successfully been completed. It is expected to be commercialised by Q4 March 2017.

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Board of Krebs Biochemicals & Industries to consider September quarter results
Nov 30,2016

Krebs Biochemicals & Industries announced that the meeting of Board of Directors of the Company is scheduled to be held on 07 December 2016, inter alia, to transact the following:

- To consider and approve the unaudited financial results for the quarter and half year ended 30 September 2016.

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