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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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Mystic Electronics appoints company secretary and compliance officer
Jan 30,2017

Mystic Electronics announced that pursuant to section 203 of the Companies Act, 2013 and Regulation 6(1) of the SEBI (LODR) 2015, Manisha Swami is been appointed as Company Secretary and Compliance Officer of the Company with effect from 27 January 2017.

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Thirani Projects appoints director
Jan 30,2017

Thirani Projects announced that the Board have appointed Sudarson Kayori as Additional Independent Director to hold office as such w.e.f. 30 January 2017 till the conclusion of ensuing Annual General Meeting.

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Adani Power allots 3,90,43,268 equity shares
Jan 30,2017

Adani Power announced that the convertible warrant holders, to whom the warrants were allotted in the month of May, 2016 on preferential basis, have exercised their rights for conversion and applied for conversion of part of the warrants into equity shares. Consequently, Management Committee of the Board of Directors of the Company at its meeting held on 30 January 2017 has made allotment of total 3,90,43,268 Equity Shares of the face value of Rs. 10/- each (with a premium of Rs. 22.54 per equity share) to the said convertible warrant holders.

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Tata Chemicals signs MoU with Government of Andhra Pradesh
Jan 30,2017

Tata Chemicals has signed an MOU with the Government of Andhra Pradesh on 28 January 2017 during the 2nd Sunrise Andhra Pradesh Investment Meet for creation and development of Biotechnology based nutritional products such as Oligosaccharides and other nutritional products in Nellore district involving an investments of approximately Rs. 200 - 250 crore.

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Rushil Decor signs MoU with Government of Andhra Pradesh
Jan 30,2017

Rushil Decor has executed a Memorandum of Understanding (MOU) on 28 January 2017 with Government of Andhra Pradesh during 2nd Sunrise Andhra Pradesh Investment Meet & 23rd edition of CII Partnership Summit.

As per MOU, the Company agreed for establishment of Thin & Thick MDF Board and other Panel Board Manufacturing Facility at Atchutapuram Dist. Vishakhapatnam.

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Idea Cellular plans to raise Rs 500 crore
Jan 30,2017

Idea Cellular is proposing to issue unsecured redeemable non-convertible debentures amounting to Rs 500 crore on private placement basis.

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GST on healthcare will make medicare unaffordable: ASSOCHAM-TechSci study
Jan 30,2017

The healthcare sector catering to the unmet health needs of the society should be kept out of the purview of the Goods and Services Tax (GST) or else medical care would become expensive and unaffordable for the common persons, said an ASSOCHAM-TechSci Research paper.

Currently healthcare is exempted from service tax and a similar dispensation should continue even after implementation of the GST regime at least for ten year. Besides, the Finance Minister, Mr Arun Jaitley in the forthcoming Budget should raise tax exemption on preventive health check-up and announce a healthcare infrastructure medical innovation fund, it said.

A large number of items like food and other essentials for a common household are being kept outside the purview of the GST. The healthcare is equally important and essential, important only next to food. So, there is a strong case for the sector to be spared the GST, said ASSOCHAM Secretary General Mr D S Rawat.

The paper cautioned that if GST is levied on healthcare services and facilities, the much avowed national goal to provide universal healthcare coverage would take a hit.

The paper also pressed for significantly raising the tax exemption on preventive health check-up under section 80-D of the Income Tax Act, 1961 from current value of Rs 5,000-20,000 in order to achieve the aim of universal healthcare coverage. Additionally, the GST exemption should cover the health insurance premium, as the same is exempted from the service tax at present.

The other pre-Budget demand with regard to the healthcare sector includes increasing the depreciation rate on medical devices, equipment from 15% to 30%.

Also, the need of healthcare facilities in midsized and smaller cities could be met by revising the corporate income tax incentives, which are currently given on capital expenditure for hospitals having 100 beds and above. This incentive needs to be extended to greenfield hospitals with 50 beds, thereby encouraging the healthcare facilities in tier 2, 3 and 4 cities. In addition, medical innovation fund and healthcare innovation fund should be set up in order to encourage new business models and entrepreneurship in healthcare sector, said the paper.

The Indian pharma industry, with an estimated turnover at USD36.7 billion in 2015, is amongst the largest producers of pharma products in the world. Due to economies of scale, the Indian pharma industry also enjoys low cost of production But the imposition of multiple taxes, litigation cost associated with the current tax setup and loss of credit of tax paid tend to raise product prices. Discontinuance of CST would be the most obvious impact that appears to be proposed with the introduction of GST. It is a cost to pharmaceutical manufacturers whenever they obtain raw materials from outside their state and if sale is on inter-state basis. This is due to the fact that CST paid in purchases is not creditable against VAT liability of manufacturer.

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Everest Industries announces resignation of director
Jan 30,2017

Everest Industries announced that Madan Lal Narula has tendered his resignation from the directorship of the Company w.e.f. 30 January 2017 as his tenure as Independent Director as per the Companys policy ended on 29 January 2017.

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Board of Vertex Securities approves allotment of equity shares under ESOP
Jan 30,2017

Vertex Securities announced that the Board of Directors of the Company at its meeting held on 28 January 2017, have approved the allotment of 2,58,439 Equity shares of Rs. 2 each under ESOP Scheme.

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Monsanto India appoints company secretary and compliance officer
Jan 30,2017

Monsanto India announced that the Board of Directors at their meeting held on 30 January 2017 have approved the appointment of Monika Gupta as the Company Secretary & Compliance Officer of the Company with effect from 30 January 2017.

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Tech Mahindra announces change in company secretary and compliance officer
Jan 30,2017

Tech Mahindra announced that Jayararnan G. Company Secretary and Chief Compliance Officer of the Company will retire at the close of business hours on 31 March 2017.

Further, Anil Khatri has been appointed as a Company Secretary and Compliance Officer of the Company with effect from01 April 2017.

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PNB Housing Finance to raise Rs 1025 crore
Jan 30,2017

PNB Housing Finance announced private placement of Secured Redeemable Non-Convertible Bonds (NCD) for a total amount of Rs 1,025 crore including green shoe option. The issue will open on 30 January 2017 and close on 31 January 2017.

The Companys NCD Issue is rated as AAA by Care and Ind AAA by India Ratings and is issued at a semi-annual fixed coupon rate of 7.46% for a tenure of 3 year and 3 months.

The proceeds from the issue will be utilised by the Bank for expansion of branch network in Tier 2 and Tier 3 cities and grow its Loan book while maintaining an adequate capital adequacy ratio.

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Sundaram Finance to consider declaration of interim dividend for FY 2017
Jan 30,2017

Sundaram Finance announced that a meeting of the Board of Directors of the Company has been convened on 17 February 2017, inter alia, to consider the following:

1. declaration of Interim dividend for the financial year 2016-17 and fixing Record Date for the same;

2. approval of postal ballot notice to the shareholders in connection with the intention to raise funds by making offer(s) or invitation(s) to subscribe to listed non-convertible debentures on private placement basis, in accordance with the provisions of S.42 read with S.71 of the Companies Act. 2013.

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Punjab & Sind Bank announces cessation of director
Jan 30,2017

Punjab & Sind Bank announced that Anita Karnavar Part-Time Non-Official Director on the Board ot Directors of Punjab & Sind Bank appointed by Government of India as per Notification dated 30 January 2014, has ceased to be Director of the Bank on completion of her tenure on 29 January 2017.

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Piramal Enterprises acquires portfolio of intrathecal spasticity and pain management drugs from Mallinckrodt
Jan 30,2017

Piramal Enterprises announced that its wholly owned Critical Care subsidiary in the UK has entered into an agreement to acquire aportfolio of intrathecal spasticity and pain management drugs from Mallinckrodt LLC (Mallinckrodt) in an all cash deal for a consideration of US$ 171 million and up to an additional US$ 32 million payabledepending on financial performance of the acquired assets over the next 3 years.

The portfolio acquired includes Gablofenn++ (baclofen), a severe spasticity management product, which is currently marketed in the United States, and two pain management products, which are currently underdevelopment. Gablofenn++ has also been approved for launch in 8 European markets. Gablofenn++ is the only intrathecal baclofen drug available in vials and pre-filled syringes, which are preferred by users over the competing products available in ampoules. The pain management drugs under development are also for intrathecal administration. In the twelve months ending 30 September 2016, the acquired portfolio generated revenues of US$ 44.6 million.

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