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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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Videocon Industries slumps 35.49% in two sessions
May 23,2017

The stock has dropped 35.49% in two sessions to its ruling price of Rs 64.80 from a close of Rs 100.45 on 19 May 2017.

Meanwhile, the S&P BSE Sensex was down 71.74 points, or 0.25%, to 30,495.49. The S&P BSE Small-Cap index was down 314.33 points, or 2.09%, to 14,739.81.

High volumes were witnessed on the counter. On the BSE, 1.31 lakh shares were traded in the counter so far, compared with an average volume of 30,163 shares in the past one quarter.

The stock was locked at a low of Rs 64.80 so far during the day, which is also a 52-week low for the stock. The stock had hit a 52-week high of Rs 114.90 on 6 October 2016.

The stock had underperformed the market over the past one month till 22 May 2017, falling 21.85% compared with the Sensexs 4.11% rise. The scrip had also underperformed the market in past one quarter, dropping 21.63% as against the Sensexs 5.91% rise.

The small-cap company has an equity capital of Rs 334.46 crore. Face value per share is Rs 10.

Of late, Dena Bank has become the first lender to classify Videocon Industries as a bad loan in its Q4 results, potentially opening a can of worms for the rest of the banking sector, which is already plagued by rising stressed assets, report said.

Videocon was a potential non-performing asset (NPA) candidate as per the buzz. Now with Dena Bank biting the bullet, other public and private sector lenders may also have to follow suit creating a crater in some bank books, report added.

As of December 2015, the company had a consolidated total debt of Rs 47553.97 crore.

The company will announce its Q1 results on Friday, 26 May 2017.

Videocon Industries reported net loss of Rs 509.78 crore in Q4 December 2016 compared with net loss of Rs 84.42 crore in Q4 December 2015. Net sales fell 32.6% to Rs 2079.43 crore in Q4 December 2016 over Q4 December 2015.

Videocon Industries operates in four segments: consumer electronics and home appliances, crude oil and natural gas, telecommunications and power.

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Maruti in top gear on brokerage rating
May 23,2017

Meanwhile, the S&P BSE Sensex was down 116.97 points or 0.38% at 30,454.

On the BSE, 59,000 shares were traded on the counter so far as against the average daily volumes of 67,188 shares in the past one quarter. The stock had hit a high of Rs 6,905.40 and a low of Rs 6,744.55 so far during the day.

The stock had hit a record high of Rs 6,969.60 on 16 May 2017 and a 52-week low of Rs 3,868.10 on 24 June 2016. It had outperformed the market over the past one month till 22 May 2017, advancing 7.99% compared with the Sensexs 4.11% rise. The scrip had also outperformed the market over the past one quarter, gaining 10.2% as against the Sensexs 5.91% rise.

The large-cap company has equity capital of Rs 151.04 crore. Face value per share is Rs 5.

The global brokerage house reportedly said that the companys retail passenger vehicle (PV) demand trends are showing a big improvement.

The brokerage reportedly sees FY 2018 to be the first double digit growth year for the Indian PV industry since FY 2011. If demand improvement sustains, waiting lists for Marutis models will grow, the brokerage added.

Shares of Maruti Suzuki India (Maruti) had declined 3.63% in the preceding four trading sessions to settle at Rs 6,699.55 yesterday, 22 May 2017, from its closing of Rs 6,952.60 on 16 May 2017.

Marutis net profit rose 15.8% to Rs 1709 crore on 20.3% growth in net sales to Rs 18005.20 crore in Q4 March 2017 over Q4 March 2016.

Maruti Suzuki India is Indias biggest car maker in terms of market share. Japanese parent Suzuki Motor Corporation currently holds 56.21% stake in Maruti Suzuki India (as per the shareholding pattern as on 31 March 2017).

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Bharat Heavy Electricals commissions 3rd 660 MW unit of coal based STPP in U.P.
May 23,2017

Bharat Heavy Electricals has commissioned the third unit of the 3x660 MW Prayagraj Super Thermal Power Project and successfully executed the 1980 MW coal based supercritical thermal power project in Uttar Pradesh.

Located in Bara Tehsil in Allahabad district of Uttar Pradesh, the project is owned by Prayagraj Power Generation Company, a subsidiary company of Jaiprakash Power Ventures.

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TTI Enterprise appoints company secretary
May 23,2017

TTI Enterprise has appointed Parul Harlalka as Company Secretary of the Company w.e.f 8 May 2017.

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Ind-Ra: GST Transition to Disrupt Working Capital Cycle of India Inc; Easy System Liquidity Essential
May 23,2017

The transition to GST will disrupt the working capital cycle of businesses in the initial phase and thus easy liquidity in the system is essential for two to four months, says India Ratings and Research (Ind-Ra). The agency believes that in order to minimise the magnitude of such disruption at the earliest, and to absorb the sudden changes in requirement of short term finance, easy system liquidity is necessary. Ind-Ra studied a sample set of 11,000 corporates and estimates that the input credit lock up for this sample could be around INR 1 trillion of which about INR500 billion could be blocked for about two months which may result in higher short term working capital requirement for businesses in the near term.

Ind-Ras sample set of corporates showed that the task is humongous and can be gauged by the size of closing inventory of around INR11.2 trillion as at FY16, which are at various stages of production process and includes other inventory procured at various dates from different sources including CST, VAT and exempt purchases. The average excise duty of the sample set works out to around 5.5%. Further assuming that 25% of the over-all inventory is procured locally and is subject to an average VAT rate of 14%, the over-all input credit lock up will be around INR1 trillion for this sample and would be higher on an over-all basis. Even if 50% of this is not available for set-off during the transition phase, it would result in blockage of INR500 billion of input credit for about two months (although may not necessarily be used during the first two months). Moreover, service tax rates are likely to increase by a flat 3% to 18% as against 15%. These factors may put stress on the short term working capital requirement for businesses.

Ind-Ra believes that even if businesses are able to achieve this seemingly mammoth task and the amounts are credited to the electronic ledger on a provisional basis, it will be subject to variations in the near term as there could be litigations on eligibility and availability under the existing laws and under the GST regime which may lead to disruption of working capital for businesses. The impact on individual companies could however vary widely and Ind-Ras study suggests that around 85% of the blocked input credit will be with companies with greater than INR5 billion revenues. Ind-Ra believes larger companies whose credit profiles are relatively stronger will tide over the short term working capital disruption relatively easily as compared to the ones which have weaker credit profiles.

Focusing on the liquidity conditions, the system liquidity remained abundant- reflected in the liquidity adjustment facility (LAF) provided by Reserve Bank of India (RBI). On an average in May 2017 banks are parking over INR3 trillion (3% of net demand and time liabilities) under the LAF window, comparted to above INR5 trillion in March 2017. Currently, the high liquidity situation is owing to the lower amount of currency in circulation and a surge in foreign portfolio investments (FPI). The currency in circulation has now restored to INR14.5 trillion, compared to INR18 trillion, prior to November 2016. Additionally, net FPI investment in equity and debt has crossed INR1 trillion since the starting of 2017, an exogenous money creation.

The sloshing system liquidity has become a cause for concern, as it impacts the monetary policy objective and practices. The objective of monetary policy is to keep the overnight rate (O/N) and the shortest end of the yield curve anchored to policy rate (i.e. repo rate). During the months of March -April 2017, O/N rates were substantially lower than the policy rates and similarly short term yields were below the policy rate. To tackle such anomalies the RBI in its April 2017 monetary policy spelt out a detailed course of actions. And in line with the monetary policy communication, RBI has sterilised INR1 trillion of liquidity through Treasury bills (T- Bills) under the market stabilisation scheme. As a result, the O/N rates and short term rates have now realigned to RBIs objective, i.e. anchored to repo rates.

The ongoing dilemma is now, how RBI will tackle this sloshing liquidity surplus, or whether it is even necessary to sterilise such liquidity. Ind-Ra believes that such liquidity surplus need not be sterilised. The RBIs objective is to keep O/N rates close to policy rate, where liquidity is one of the tools. After issuances of T-Bills under the market stabilisation scheme at higher yield, overnight rates have now recalibrated to policy rate. And as more importantly, as per Ind-Ras prognosis the system liquidity should be at ease during the transition phase of GST. Thus in order to minimise the magnitude of such disruption at the earliest and to absorb the sudden changes in requirement of short term finance, easy system liquidity is necessary. However some fine tuning will be needed to maintain O/N rates closer to policy rates.

Thus Ind-Ra believes the changes of both fund flow and cash flow cycle may cause abrupt volatility in the working capital requirements during the initial phase of GST transition. The actual manifestation is expected to be visible in the volatility of system liquidity and short term rates. To tackle such a disruption with ease and so as to ring-fence short term fiancn++ market from a market failure, the easy financing option is critical. Thus an easy system level liquidity is essential to pursue these objectives. Since the overall credit offtakes is low and banking system liquidity is at its high level, banks will also be in a position to tackle any unanticipated volatility in fund requirements.

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Nutech Global to hold board meeting
May 23,2017

Nutech Global will hold a meeting of the Board of Directors of the Company on 30 May 2017to consider and approve Audited Financial Results for quarter and year ended 31st March, 2017 as reviewed by the Audit Committee.

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KMC Speciality Hospitals (India) to hold board meeting
May 23,2017

KMC Speciality Hospitals (India) will hold a meeting of the Board of Directors of the Company on 27 May 2017to consider and approve the Audited financial results of the Company for the quarter and year ended 31st March, 2017.

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Confidence Petroleum India to hold board meeting
May 23,2017

Confidence Petroleum India will hold a meeting of the Board of Directors of the Company on 30 May 2017to consider and approve the audited Financial Results for the Fourth Quarter and Year ended on 31st March, 2017, and any other matter with the permission of Chairman.

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Cerebra Integrated Technologies to hold board meeting
May 23,2017

Cerebra Integrated Technologies will hold a meeting of the Board of Directors of the Company on 29 May 2017for consideration of Audited Financial Results for the 4th Quarter and Financial year ended 31st March, 2017.

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Tavernier Resources to hold board meeting
May 23,2017

Tavernier Resources will hold a meeting of the Board of Directors of the Company on 29 May 2017to consider and approve the Audited Financial Statements of the Company for the Quarter and Financial Year ended March 31, 2017.

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India Home Loans to hold board meeting
May 23,2017

India Home Loans will hold a meeting of the Board of Directors of the Company on 29 May 2017to take on record and approve Audited Accounts and Financial Statements of the Company for the Quarter and Year ended March 31, 2017 alongwith Statutory Auditors Report thereon and to consider recommendation of dividend, if any, for financial year 2016-2017.

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Om Metals Infraprojects to hold board meeting
May 23,2017

Om Metals Infraprojects will hold a meeting of the Board of Directors of the Company on 30 May 2017to consider and approve the Audited Financial Results of the Company for the Year ended March 31, 2017 and to recommend a dividend, if any, for the financial year ended March 31, 2017.

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Priyadarshini to hold board meeting
May 23,2017

Priyadarshini will hold a meeting of the Board of Directors of the Company on 29 May 2017to consider and take on record the Audited Financial Results of the Company for the year ended 31st March, 2017.

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Prem Somani Financial Services to hold board meeting
May 23,2017

Prem Somani Financial Services will hold a meeting of the Board of Directors of the Company on 29 May 2017To Approve Audited Financial Results For Year Ended 31.03.2017.

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Solis Marketing to hold board meeting
May 23,2017

Solis Marketing will hold a meeting of the Board of Directors of the Company on 30 May 2017to Consider and Approve Audited Financial Results for the Quarter and year ended 31 March 2017.

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