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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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Oil India jumps on bonus issue plan
Nov 24,2016

The announcement was made after market hours yesterday, 23 November 2016.

Meanwhile, the BSE Sensex was down 96.19 points, or 0.37%, to 25,955.62.

On BSE, so far 80,000 shares were traded in the counter, compared with average daily volume of 70,199 shares in the past one quarter. The stock hit a high of Rs 446 so far during the day, which is also 52-week high for the counter. The stock hit a low of Rs 437.05 so far during the day. The stock hit a record low of Rs 300.50 on 1 March 2016. The stock had outperformed the market over the past 30 days till 23 November 2016, rising 3.14% compared with the 7.26% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 11.35% as against Sensexs 6.41% decline.

The large-cap company has equity capital of Rs 601.14 crore. Face value per share is Rs 10.

Oil Indias net profit fell 33.5% to Rs 494.41 crore on 22.4% decline in net sales to Rs 2133.31 crore in Q1 June 2016 over Q1 June 2015. The company will announce Q2 results on 28 November 2016.

The Government of India held 67.64% stake in Oil India as per the shareholding pattern as on 30 June 2016.

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Seamec bucks trend after bagging contract
Nov 24,2016

The announcement was made after market hours yesterday, 23 November 2016.

Meanwhile, the BSE Sensex was down 119.29 points, or 0.46%, to 25,932.52.

On BSE, so far 322 shares were traded in the counter, compared with average daily volume of 11,660 shares in the past one quarter. The stock hit a high of Rs 85.40 and a low of Rs 83 so far during the day. The stock hit a 52-week high of Rs 124 on 2 December 2015. The stock hit a 52-week low of Rs 64.25 on 31 March 2016. The stock had underperformed the market over the past 30 days till 23 November 2016, falling 16.73% compared with the 7.26% decline in the Sensex. The scrip had also underperformed the market in past one quarter, falling 17.02% as against Sensexs 6.41% decline.

The small-cap company has equity capital of Rs 25.43 crore. Face value per share is Rs 10.

Seamec said it has entered into a contract for the charter hire of vessel n++Revelationn++ with Resolve Salvage and Fire (Asia) for undertaking a job in West Coast of India. The tenure of the contract is for a firm period of 25 days subject to extension. The contract will commence around the first week of January 2017. The value of charter during firm period is $244,000.

Seamec reported net loss of Rs 11.16 crore in Q1 June 2016 as against net profit of Rs 12.19 crore in Q1 June 2015. Net sales declined 46.28% to Rs 46.62 crore in Q1 June 2016 over Q1 June 2015.

Seamec is the regions leading provider of Diving Support Vessel (DSV) based diving services. The company has experience in the ongoing subsea inspection, repair, maintenance and light construction required for the efficient and productive support of offshore oil production.

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US stocks end on a flat note
Nov 24,2016

US stock market ended the pre-holiday affair on a flat note on Wednesday, 23 November 2016 despite a deluge of economic data. Dow industrials and the S&P 500 notched a third straight record close on Wednesday, boosted in part by industrials, while the Nasdaq lagged behind in trading ahead of the Thanksgiving Day holiday.

The Dow Jones Industrial Average rose 59.31 points, or 0.3%, to close at 19,083.18, after hitting an intraday record of 19,083.76. The S&P 500 which had been in negative territory for most of the session, advanced 1.78 points, or less than 0.1%, to finish at a record 2,204.72, its session high, led by 0.8% gains in both the industrials and telecom sectors. Its the third session in a row both the Dow and the S&P 500 have turned in record closes. Bucking the positive tone, the Nasdaq Composite Index declined 5.67 points, or 0.1%, to finish at 5,380.68, pressured by a drop in biotech stocks.

The major averages diverged at the start of the session as the heavily-weighted technology and health care spaces slipped down the sector leaderboard.

Stocks barely budged after the Federal Reserve released minutes from its November meeting, but the Dow gradually skewed upward and the S&P 500 swung to a slight gain heading in to the close. The Fed minutes showed that policy makers agreed an interest-rate increase may be appropriate relatively soon.

Todays economic data included the weekly MBA Mortgage Index, weekly initial claims, Durable Orders for October, the FHFA Housing Price Index for September, New Home Sales for October, and the University of Michigan Consumer Sentiment Survey for November. The MBA Mortgage Index indicated that mortgage applications rose by 5.5% in the week ending 19 November 2016. This followed a 9.2% decline in the prior week.

Initial jobless claims increased by 18,000 for the week ending 19 November to 251,000 (consensus 243,000). Continuing claims for the week ending 12 November increased by 66,000 to 2.043 million. Durable orders for October surged past estimates, jumping 4.8% (consensus 1.1%), thanks to a 12.0% spike in transportation orders. Excluding transportation, durable orders increased 1.0% in October (consensus 0.3%) on top of an unrevised 0.2% increase in September.

The FHFA Housing Price Index for September rose 0.6%, which followed an increase of 0.7% in August. Sales of new single-family home sales declined 1.9% in October to a seasonally adjusted annual rate of 563,000 from a revised September rate of 574,000 (from 593,000). The October reading was lower than the consensus estimate of 587,000.

Separately, the final reading of the University of Michigan Consumer Sentiment Survey for November increased to 93.8 (consensus 91.6) from the preliminary reading of 91.6. The sentiment index jumped 8.2 points after the election, leaving the index 6.6 points above its level from October.

Heavy machinery names outperformed in the industrial sector. The group led after Deere topped consensus estimates for the fourth quarter and issued upbeat sales guidance for the first quarter and full-year 2017. Peer and Dow component Caterpillar finished at the top of the price-weighted average. The broader sector has gained 8.7% so far this month.

In the technology space, large cap tech names underperformed. Microsoft and Alphabet finished lower by 1.0% apiece. Meanwhile, HP tumbled 6.8% after issuing cautious first-quarter guidance. However, the company did report in-line results for the fourth quarter.

Oil prices fell slightly, settling down 0.2% at $47.96 a barrel, on the day after U.S. inventory data from the Energy Information Administration showed a rise in stockpiles, a negative sign for demand. However, crude prices have been buffeted ahead of next weeks meeting of the Organization of the Petroleum Exporting Countries.

Gold prices settled down 1.8% at $1,189.30 an ounce, hurt by the rise in the dollar.

Treasuries ended on a broadly lower note as yields jumped across the curve. The yield on the 2-yr note finished up four basis points at 1.13% while the yield on the benchmark 10-yr note also rose four basis points to 2.36%.

Todays trading volume was below the recent average of one billion as fewer than 808 million shares changed hands at the NYSE floor.

Tomorrow, bond and equity markets will be closed for Thanksgiving while Fridays session will end at 13:00 ET. Two pieces of economic data will be released Friday with October International Trade in Goods and October Advance Wholesale Inventories (consensus +0.2%) each crossing the wires at 8:30 ET.

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Power Grid Corporation of India in spotlight on fund raising plan
Nov 24,2016

Power Grid Corporation of India (PGCIL) after market hours yesterday, 23 November 2016 said that a meeting of Committee of Directors for Bonds is planned to be held on 28 November 2016, to consider issue of secured, redeemable, non-convertible, non-cumulative, taxable bonds (debenture) under private placement.

Software major Infosys after market hours yesterday, 23 November 2016, announced that it has signed a definitive agreement to a Limited Partner investment of Rs 31.6 crore from its Innovation Fund in Stellaris Venture Partners, an India-based early stage venture fund. This investment is towards the first close of Stellaris fund. The investment is expected to complete by 15 December 2016.

Zee Entertainment Enterprises (Zee) after market hours yesterday, 23 November 2016, announced the acquisition of general entertainment television broadcasting undertakings from Anil Ambani led Reliance Group (Reliance) under a composite scheme of arrangement subject to requisite approvals. Reliances TV business comprises two entertainment channels (Big Magic, Big Ganga) and four other TV licenses. The business shall get demerged into Zee from three Reliance entities viz. Big Magic, Reliance Big Broadcasting (RBBL) and Azalia Broadcast (Azalia). The consideration payable by the company for the proposed acquisition shall be by way of taking over off debt of the demerged undertakings aggregating about Rs 295 crore and issuance of unlisted preference shares aggregating to Rs 3.95 crore to the shareholders of transferor companies. The appointed date of the demerger scheme shall be 31 March 2017. The transaction is expected to close in the second half of the calendar year 2017. Reliance also operates a news and current affairs channel (BTV) which is not part of the transaction.

RBL Bank said it entered into an agreement with Bajaj Finance for launching a series of co-branded credit cards in partnership for the Indian market. These co-branded credit cards are proposed to be launched in December 2016. The announcement was made after market hours yesterday, 23 November 2016.

AXIS Bank said that its board allotted 18,000 unsecured redeemable non-convertible subordinated debentures (Basel-III compliant Tier II debentures) (Series - 25) of the face value of Rs 10 lakh each for cash at par aggregating to Rs 1800 crore on a private placement basis. The said debentures will be listed on the wholesale debt market segment of the BSE and National Stock Exchange of India. The said debentures is rated n++AAA by ICRA and Ind-Ra. The announcement was made after market hours yesterday, 23 November 2016.

Seamec said it has entered into a contract for the charter hire of vessel n++REVELATIONn++ with Resolve Salvage and Fire (Asia) for undertaking a job in West Coast of India. The tenure of the contract is for a firm period of 25 days subject to extension. The contract will commence around the first week of January 2017. The value of charter during firm period is $244,000. The announcement was made after market hours yesterday, 23 November 2016.

Rallis India said it signed an agreement for increasing its stake in its subsidiary, Zero Waste Agro - Organics, to 100% from 73.63% earlier. Consequently, ZWAOL will become a wholly owned subsidiary of the company. The announcement was made after market hours yesterday, 23 November 2016.

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HPL Electric & Power gets revision in credit ratings
Nov 23,2016

HPL Electric & Power has received revision in ratings for various facilities from India Rating & Research.

Long term - IND A / Positive outlook (upgraded from IND A- / Stable outlook)

Short term - IND A1 (reaffirmed)

Commercial paper - IND A1 (reaffirmed)

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Bannari Amman Sugars gets High Court approval for scheme of amalgamation
Nov 23,2016

Bannari Amman Sugars announced that the Honble High Court of Judicature at Madras on 15 November 2016 has passed an Order sanctioning the Scheme of Amalgamation of Madras Sugars with the Company. The appointed date for the Scheme of Amalgamation is 01 January, 2016. The Company have filed the certified copy of the scheme of amalgamation with the Registrar of Companies on 23 November 2016.

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Board of Bannari Amman Sugars announced recommends dividend
Nov 23,2016

Bannari Amman Sugars announced that the Board of Directors of the Company at its meeting held on 23 November 2016 recommended payment of dividend @ Rs. 7.50 per equity share on 1,14,39,700 equity shares of Rs. 10/- each for the year ended 31 March 2016.

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Bodal Chemicals gets High Court approval for scheme of amalgamation
Nov 23,2016

Bodal Chemicals announced that Honble High Court of Gujarat vide its Oral Order dated 11 November 2016 (received on 23 November 2016) approved the Scheme of Amalgamation Bodal Agrotech with Bodal Chemicals. The Appointed date of Scheme of Amalgamation is 01 April 2016.

Further, Company is awaiting the certified copy of the Order of Honble High Court of Gujarat for further action.

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AXISCADES Engineering Technologies gets High Court approval for scheme of amalgamation
Nov 23,2016

AXISCADES Engineering Technologies announced that the Honble High Court of Karnataka has sanctioned the Scheme of amalgamation of India Aviation Training Institute with the Company, without any modifications and a copy of the Certified Order sanctioning the Scheme has been received by the Company on 23 November 2016. The Company will be taking necessary steps to give effect to the Certified Order.

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RBL Bank and Bajaj Finance partner to launch co-branded credit card
Nov 23,2016

RBL Bank announced that the Bank and Bajaj Finance have on 23 November 2016 entered into an agreement for launching a series of co-branded credit cards in partnership for the Indian market. These co-branded credit cards are proposed to be launched in December 2016.

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Noida Toll Bridge Company announces change in nominee director
Nov 23,2016

Noida Toll Bridge Company announced about the following change in Composition of the Board of Directors of the Company with immediate effect:-

1. Resignation of Arun K Saha, Non Executive, Nominee Director of IL&FS Transportation Networks.

2. Appointment of Pradeep Puri as Executive Vice Chairman representing IL&FS Transportation Networks.

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UltraTech Cement proposes to raise Rs 400 crore
Nov 23,2016

UltraTech Cement announced that the Company has proposed to issue unsecured redeemable non-convertible debentures amounting to Rs 400 crore on private placement basis.

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Rallis India to acquire remaining stake holding in subsidiary
Nov 23,2016

Rallis India announced that the Company has on 23 November 2016 signed an Agreement for increasing its stake in its Subsidiary, Zero Waste Agro - Organics from 73.63% to 100%. Consequently, ZWAOL will become a wholly owned subsidiary of the Company, on completion of the acquisition of the balance shares in ZWAOL.

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Ruchi Infrastructure announces resignation of director
Nov 23,2016

Ruchi Infrastructure announced that due to pre-occupation, Amrtia Shahra Sachdev has resigned from the Board of Directors of the Company.

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Shares of High Ground Enterprise get listed on NSE
Nov 23,2016

High Ground Enterprise announced that the National Stock Exchange of India vide its letter dated 23 November 2016 have admitted 115,115,949 equity shares of Re. 1/- of the Company for trading on its exchange w.e.f. 24 November 2016.

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