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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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Coventry Coil-O-Matic Haryana to consider Q2 results
Nov 10,2016

Coventry Coil-O-Matic (Haryana) announced that the Board of Directors of the Company would meet on 14 November 2016, inter alia, to consider Unaudited Financial Results of the Company for the 2nd Quarter ended 30 September 2016.

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Hinduja Global Solutions fixes record date for interim dividend
Nov 10,2016

Hinduja Global Solutions has fixed 23 November 2016 as the Record Date for the purpose of Payment of Interim Dividend. The said Dividend will be paid on or after 01 December 2016.

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Sundaram Brake Linings to announce September quarter and half year results
Nov 10,2016

Sundaram Brake Linings announced that a meeting of the Board of Directors of the Company is scheduled to be held on 10 December 2016, interalia, to consider and approve the Unaudited Financial Results in accordance with Ind AS for the Quarter / Half Year ended 30 September 2016.

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Cipla shrugs off weak Q2 outcome
Nov 10,2016

The result was announced after market hours yesterday, 9 November 2016.

Meanwhile, the S&P BSE Sensex was up 309.64 points or 1.14% at 27,562.17.

On BSE, so far 66,000 shares were traded in the counter as against average daily volume of 1.99 lakh shares in the past one quarter. The stock hit a high of Rs 554.30 and a low of Rs 538 so far during the day.

The large-cap company has equity capital of Rs 160.84 crore. Face value per share is Rs 2.

Cipla said that consolidated net profit dropped 34.75% to Rs 354.34 crore on 8.39% rise in total income to Rs 3778.25 crore in Q2 September 2016 over Q2 September 2015. The company said the results are not strictly comparable to Q2 September 2015 results. The Q2 September 2016 earnings include revenue from InvaGen Pharmaceuticals, a US-based company that Cipla acquired in February this year, and as Q2 September 2015 results included profit from Esomeprazole.

Cipla said that Q2 September 2016 reflected improved profitability in base business driven by better product and geography mix. The company launched 6 new products during this quarter in the US market and continues to invest in building a niche and differentiated product portfolio, Cipla said. Commenting on the results, Umang Vohra, MD and Global CEO, Cipla said that the company continues to stay focused on building operational efficiencies and strengthening presence in priority markets.

Cipla is a global pharmaceutical company

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Direct Tax Collections up to October, 2016 show an increase of 10.6%
Nov 10,2016

The figures for Direct Tax Collections up to October, 2016 show that net collections are at Rs.3.77 lakh crore which is 10.6% more than the net collections for the corresponding period last year. Till October, 2016, 44.5% of the Budget Estimates of direct taxes for FY 2016-17 has been achieved.

As regards the growth rates for Corporate Income Tax (CIT) and Personal Income Tax (PIT), in terms of gross revenue collections, the growth rate under CIT is 11.6% while that under PIT (including STT etc.) is 18.6%. However, after adjusting for refunds, the net growth in CIT collections is 5.0% while that in PIT collections is 18.4%. Refunds amounting to Rs.93,836 crore have been issued during April-October, 2016, which is 32.2% higher than the refunds issued during the corresponding period last year.

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TCS announces change in Chairman
Nov 10,2016

Tata Consultancy Services announced about the following material events:

1. The Company has received a letter dated 09 November 2016 from Tata Sons Limited nominating Ishaat Hussain as the Chairman of the Board of Directors of the Company in place of Cyrus P. Mistry with immediate effect. In view of this, Mistry has ceased to be the Chairman of the Board of Directors of the Company and Hussain is the new Chairman of the Company. The Company has been further informed that Hussain shall hold office as Chairman of the Company until a new Chairman is appointed in his place.

2. Tata Sons has issued a special notice under Section 169 read with Section 115 of the Companies Act, 2013 and a requisition for convening an extraordinary general meeting of shareholders of the Company under Section 100(2) of the Companies Act, 2013 to consider a resolution for the removal of Cyrus P. Mistry as Director of the Company.

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Hinduja Global Solutions to pay 2nd interim dividend
Nov 10,2016

Hinduja Global Solutions announced that second Interim Dividend of Rs. 2.50 per equity share of Rs. 10/- each paid up for the Financial Year 2016-17 will be paid on or after 01 December 2016.

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Hinduja Global Solutions declares 2nd interim dividend of Rs 2.50
Nov 10,2016

Hinduja Global Solutions announced that the Board of Directors at their meeting held on 09 November 2016 declared second Interim Dividend of Rs. 2.50 per equity share of Rs. 10/- each paid up for the Financial Year 2016-17. The said Dividend will be paid on or after 01 December 2016.

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Poly Medicure to pay interim dividend for FY 2017
Nov 10,2016

Poly Medicure announced that interim dividend for the financial year 2016-17, of Re. 1.00/- (Rupee One Only) per Equity Share i.e. @20% (Twenty) on equity shares of Rs. 5.00/- each fully paid-up of the Company shall be paid to the shareholders on or before 08 December 2016.

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Board of Poly Medicure declares interim dividend of Re 1
Nov 10,2016

Poly Medicure announced that the Board of Directors of the Company at its meeting held on 09 November 2016, inter alia, has declared interim dividend for the financial year 2016-17, of Re. 1.00/- (Rupee One Only) per Equity Share i.e. @20% (Twenty) on equity shares of Rs. 5.00/- each fully paid-up of the Company.

The said interim dividend will be paid to the shareholders on or before 08 December 2016.

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Protocol amending the Double Taxation Amending Convention (DTAC) between India and Japan comes into force
Nov 10,2016

A Protocol amending the Double Taxation Avoidance Convention (DTAC) between India and Japan for the Avoidance of Double Taxation and the Prevention of Fiscal evasion with respect to taxes on income which was signed on 11th December, 2015 has entered into force on 29th October, 2016 on completion of procedural requirements by both countries. The Protocol amending the DTAC aims to promote transparency and cooperation between the two countries.

The Protocol provides for internationally accepted standards for effective exchange of information on tax matters including bank information and information without domestic tax interest. It is further provided that the information received from Japan in respect of a resident of India can be shared with other law enforcement agencies with authorization of the Competent Authority of Japan and vice versa.

The Protocol provides for exemption of interest income from taxation in the source country with respect to debt-claims insured by the Government/Government owned financial institutions.

The Protocol inserts a new article on assistance in collection of taxes. India and Japan shall now lend assistance to each other in the collection of revenue claims.

The existing Double Taxation Avoidance Convention (DTAC) between India and Japan was earlier signed on 7th March, 1989 and was notified on 1st March 1990. The DTAC was subsequently amended on 24th February, 2006.

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Indirect Tax Collections up to October 2016 register an increase of 26.7% over the net collections for the corresponding period last year
Nov 10,2016

The figures for indirect tax collections (Central Excise, Service Tax and Customs) up to October 2016 show that net revenue collections are at Rs 4.85 lakh crore which is 26.7% more than the net collections for the corresponding period last year. Till October 2016, 62.4% of the Budget Estimates of indirect taxes for Financial Year 2016-17 has been achieved.

As regards Central Excise, net tax collections stood at Rs.2.14 lakh crore during April-October, 2016 as compared to Rs.1.47 lakh crore during the corresponding period in the previous Financial Year, thereby registering a growth of 45.4%.

Net Tax collections on account of Service Tax during April-October, 2016 stood at Rs. 1.43 lakh crore as compared to Rs.1.12 lakh crore during the corresponding period in the previous Financial Year, thereby registering a growth of 26.9%.

Net Tax collections on account of Customs during April-October 2016 stood at Rs. 1.27 lakh crore as compared to Rs. 1.22 lakh crore during the same period in the previous Financial Year, thereby registering a growth of 4.1%.

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Cipla may drop on weak Q2 outcome
Nov 10,2016

Ciplas consolidated net profit dropped 34.75% to Rs 354.34 crore on 8.39% rise in total income to Rs 3778.25 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 9 November 2016.

Cipla said that Q2 September 2016 reflected improved profitability in base business driven by better product and geography mix. The company launched 6 new products during this quarter in the US market and continues to invest in building a niche and differentiated product portfolio, Cipla said. Commenting on the results, Umang Vohra, MD and Global CEO, Cipla said that the company continues to stay focused on building operational efficiencies and strengthening presence in priority markets.

Boschs net profit rose 79.2% to Rs 703.74 crore on 9.59% rise in total income to Rs 3026.96 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 9 November 2016.

Power Grid Corporation of Indias net profit rose 32.01% to Rs 1872 crore on 29.86% rise in total income to Rs 6480.20 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 9 November 2016.

Tata Consultancy Services announcd before market hours today, 10 November 2016, that the company has received a letter dated 9 November 2016 from Tata Sons nominating Ishaat Hussain as the Chairman of the board of directors of the company in place of Cyrus P. Mistry with immediate effect. In view of this, Mistry has ceased to be the Chairman of the board of directors of the company and Hussain is the new Chairman of the company. The company has been further informed that Hussain shall hold office as Chairman of the company until a new Chairman is appointed in his place. Tata Sons has issued a special notice and a requisition for convening an extraordinary general meeting of shareholders of the company to consider a resolution for the removal of Cyrus P. Mistry as Director of the company. It may be recalled that Tata Sons, promoters of the company, had replaced Cyrus Mistry as Chairman of Tata Sons with immediate effect. Ratan Tata was appointed as Interim Chairman of Tata Sons.

HDFC announced after market hours yesterday, 9 November 2016 that the company will issue secured, senior, redeemable non-convertible debentures worth Rs 2000 crore on private placement basis on 11 November 2016. The debentures carry coupon of 7.8% and tenor of 3 years. The proceeds would be utilized for financing/refinancing the housing finance business requirements of the company.

DCM Shriram announced after market hours yesterday, 9 November 2016 that the company has on 8 November 2016 commissioned additional captive power generation capacity at its chlor-alkali unit in Bharuch (Gujarat). The total coal based captive power generation at the Bharuch (Gujarat) unit now stands at 115 megawatts (MW). The increased power generation capacity will meet the power requirements of its chloro-alkali unit at Bharuch (Gujarat) wherein the expansion of chlor-alkali capacity to 1013 tonnes per day (TPD) was completed in October 2016.

Pidilite Industries consolidated net profit rose 13.1% to Rs 231 crore on 9.1% rise in gross sales to Rs 1522 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 9 November 2016.

JK Tyre & Industries consolidated net profit dropped 13.54% to Rs 100.15 crore on 5.26% rise in total income to Rs 2077.24 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 9 November 2016.

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Wall Street greets President Trump with cheer
Nov 10,2016

U.S. stocks rallied on Wednesday, 09 November 2016 with the Dow Industrials led by a surge in financial, health-care and industrial stocks, as investors bet on the infrastructure spending policy promised by President-elect Donald Trump. The rally on Wall Street was in contrast to sharp losses seen in the futures market before the market opened, as it became apparent that the Republican contender was close to pulling off a major upset in the U.S. presidential contest.

The Dow Jones Industrial Average gained as much as 316 points, briefly surpassing the all-time closing high set in August. The index closed 256.95 points, or 1.4%, higher at 18,589.69. The Nasdaq Composite advanced 57.58 points, or 1.1%, to 5,251.07. The S&P 500 index ended up 23.70 points, or 1.1%, at 2,163.26.

Big gains in health care, financials and industrials more than offset sharp losses in defensive sectors such as utilities and consumer staples. Technology stocks in general were weaker. Pfizer and Caterpillar led the gains, rallying more than 7%.

Dow futures plunged as much as 800 points late Tuesday and early Wednesday as Trump claimed victories in several key battleground states, while S&P 500 futures hit a trading limit, down 5%, the biggest futures decline allowed under CME Group rules.

Trumps acceptance speech early Wednesday mentioning Keynesian-style spending and sounding a touch more conciliatory than had been the case during his campaign appeared to reset investors expectations. He pledged to supporters gathered in New York City that he will n++be president for all Americans.n++ The President-elect also underscored that infrastructure spending will play a large role in his administration.

Equity indices showed marked resilience as the group erased marginal losses by mid-morning. Resilience in the broader market continued to stoke risk appetite as investors worked to price-in expectations of aggressive infrastructure spending and responded to a lower likelihood for price controls in the health care space.

Financials surged thanks to a jump in interest rates to their highest levels since January. Shares of Bank of America Corp surged 5.7%, Wells Fargo & Co. gained 5.4% while J.P. Morgan Chase rallied 4.5%.

Todays economic data was limited to the weekly MBA Mortgage Index and the Wholesale Inventory Report for September. The MBA Mortgage Index indicated that mortgage applications fell 1.2% in the week ending November 5. This followed a 1.2% decline in the prior week. Separately, wholesale inventories increased 0.1% month-over-month in September (consensus +0.2%) following an upwardly revised 0.1% decline (from -0.2%) in August. Wholesale sales were up 0.2% on the heels of an unrevised 0.7% increase in August.

The energy sector gained 1.5% as crude oil snapped a recent losing streak. The energy component rose following a mixed inventory report from the Department of Energy. The EIA reported that crude oil inventories increased by 2.43 million barrels (consensus: +1.33 million) while gasoline stockpiles fell by 2.84 million barrels (consensus: -1.03 million). WTI crude finished higher by 0.6% ($45.20/bbl; +$0.25).

Treasuries finished on a lower note as the long end of the curve underperformed. The yield on the 2-yr note finished higher by three basis points (0.90%) while the yield on the 10-yr note surged 22 basis points (2.08%).

Todays trading volume was above the average of 877 million as more than 1.39 billion shares changed hands at the NYSE floor.

Tomorrows economic data will be limited to the 8:30 ET release of weekly initial claims (consensus 262k) and the 14:00 ET release of the October Treasury Budget.

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More than one crore connections released under PMUY
Nov 09,2016

More than 1 crore connections being released under the ambitious scheme of Honble Prime Minister, Shri Narendra Modi to provide deposit free LPG connections in the name of women of BPL families in the country under n++Pradhan Mantri Ujjwala Yojanan++.

It was informed by the Honble Minister that in a short span of 6 months of implementation of the scheme, 638 districts of 35 States/UTs are covered under the scheme and more than 1.81 crore applications are received. Out of which 1.5 crore applications have been cleared and 1.01 crore connections are already given to the beneficiaries. Top 5 States which have accounted for maximum number of connections released under the scheme include Uttar Pradesh (34.55 lakh), Madhya Pradesh(13.32 lakh), Rajasthan (12.94 lakh), Bihar (10.34 lakh) and West Bengal (7.66 lakh). Further, the districts of Sitapur (1.29 lakh), Allahabad (1.26 lakh), Kushinagar (1.16 lakh), Unnao (87,752) and Gonda (84,173) topped the list of districts with highest number of connections released.

On an average, 22 - 25 lakh new connections are released every month across the country under PMUY. Further analysis of the refill purchase status of the beneficiaries revealed that more than 80% of the beneficiaries have purchased their refills. The major beneficiaries of this scheme are from weaker sections of the society i.e. SC/ST who accounted for 44% of the connections released.

The Minister also informed that a massive safety awareness campaign will be carried out over a period of 4 months starting from November to educate all LPG consumers on importance of safety following norms.

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