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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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FM: Organized traders and unorganized sellers in Textile Sector have not been affected by the Goods and Services Tax (GST)
Jul 18,2017

In a written reply to a Starred Question in Rajya Sabha today, the Union Minister for Finance, Defence and Corporate Affairs, Shri Arun Jaitley said that the organized traders and unorganized sellers in Textile Sector have not been affected by the Goods and Services Tax (GST).

Shri Jaitley said that the GST rate structure for the textile sector was discussed in detail in the GST Council Meeting held on 3rd June, 2017, wherein the Council recommended the detailed rate structure for the textile sector. Accordingly, the GST rates for the textile sector have been notified as under: 

S. No.

Type of fibre/filament

GST rate

Fibre

Yarn

Fabrics*

Garments and made ups**

1.

Silk

Nil

5%

5%

5% / 12%

2.

Wool

Nil

5%

5%

5% / 12%

3.

Cotton

Nil

5%

5%

5% / 12%

4.

Other vegetable fibres

Nil / 5%

5%

5%

5% / 12%

5.

Manmade fibres / filaments

18%

18%

5%

5% / 12%

* - 5% GST rate with no refund of unutilized input tax credit.

** - (i) 5% GST rate for garments / made ups of sale value not exceeding Rs.1000 per piece.

       (ii) 12% GST rate for garments / made ups of sale value exceeding Rs.1000 per piece.

 Thus, the GST rate structure for the Textiles Sector enables ease of classification and determination of rate.

 The main demand of the textile traders is not to put any tax on fabrics. However, the same cannot be accepted because of the following reasons:

 -+         Nil GST on fabrics will break the input tax credit chain and then the garments / made ups manufacturers will not be able to get the credit of tax on previous stages

-+         Nil GST on fabrics will result in zero rating of imported fabrics, while domestic fabrics will continue to bear the burden of input taxes.

-+         Generally, the GST rates are equal or lower than the pre-GST tax incidence. And therefore, the price of fabrics is not likely to go up. 

It is not correct to say that textiles sector was never taxed in independent India. In fact, during 2003-04, the entire textiles sector was subjected to central excise duty. Necessary steps have been taken to facilitate taxpayers to take GST registration. GST Sewa Kendras have been set-up in various centres to handhold the taxpayers and to provide all necessary guidance regarding GST compliance.

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Shriram Transport Finance Company allots NCDs aggregating Rs 980 crore
Jul 18,2017

Shriram Transport Finance Company announced that the Allotment Committee - NCDs of the Company in its meeting held on 18 July 2017, approved and allotted 9800 Secured Redeemable Rated Listed Non-Convertible Debenture of face value of Rs.10,00,000/- (Rupees Ten Lakh only) each, aggregating to Rs. 980 crore on private placement basis.

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Board of Golkonda Aluminium Extrusions appoints director
Jul 18,2017

The Board of Golkonda Aluminium Extrusions at its meeting held on 18 July 2017 has appointed Pradeep Kumar Jain as Additional Independent Director with effect from 18 July 2017.

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HCL Technologies fixes record date for 2nd interim dividend
Jul 18,2017

HCL Technologies has fixed 04 August 2017 as the Record Date for the purpose of Payment of Second Interim Dividend.

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Jayant Agro Organics fixes record date for bonus issue
Jul 18,2017

Jayant Agro Organics has fixed 02 August 2017 as record date for bonus issue.

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IL&FS Engineering & Construction Co gets rating assigned for proposed CP issue
Jul 18,2017

IL&FS Engineering & Construction Co announced that CARE Ratings has issued credit rating of CARE A1+ (SO) to the proposed issue of commercial paper of the Company for an amount of Rs 100 crore.

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TV18 Broadcast tumbles after weak Q1 numbers
Jul 18,2017

The result was announced during market hours today, 18 July 2017.

Meanwhile, the S&P BSE Sensex was down 367.89 points or 1.15% at 31,706.89. The S&P BSE Mid-Cap index declined 89.14 points or 0.59% at 15,108.31.

On the BSE, 56.97 lakh shares were traded on the counter so far as against the average daily volumes of 8.20 lakh shares in the past one quarter. The stock had hit a high of Rs 41.85 and a low of Rs 38.35 so far during the day. The stock had hit a 52-week high of Rs 50 on 10 October 2016 and a 52-week low of Rs 33.15 on 24 May 2017.

The stock had outperformed the market over the past one month till 17 July 2017, advancing 9.68% compared with the Sensexs 3.28% rise. The stock had, however, underperformed the market over the past one quarter, declining 4.39% as against the Sensexs 9.05% rise. The scrip had also underperformed the market over the past one year, gaining 1.1% as against the Sensexs 15.23% rise.

The mid-cap company has equity capital of Rs 342.87 crore. Face value per share is Rs 2.

TV18 Broadcasts consolidated total income rose 2.9% to Rs 226.72 crore in Q1 June 2017 over Q1 June 2016.

Adil Zainulbhai, Chairman of TV18, said that the industry is navigating through a period of flux in both the advertising environment and the subscription business model; but underlying growth tailwinds are intact and bode well for committed players. The management believes that TV18 is well-positioned to capitalize on its strengths in content curation and creation of scalable platforms for seamless delivery.

TV18 Broadcast telecasts and produces news and current affairs programmes.

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GAIL (India) drops on buzz of CCI probe
Jul 18,2017

Meanwhile, the S&P Sensex was down 352.30 points or 1.1% at 31,722.48.

On the BSE, 2.3 lakh shares were traded on the counter so far as against the average daily volumes of 2.16 lakh shares in the past one quarter. The stock had hit a high of Rs 385 and a low of Rs 370 so far during the day.

The stock had underperformed the market over the past one month till 17 July 2017, rising 1.88% compared with the Sensexs 3.28% rise. The stock had also underperformed the market over the past one quarter, dropping 2.07% as against the Sensexs 9.05% rise. The scrip had, however, outperformed the market over the past one year, rising 30.92% as against the Sensexs 15.23% rise.

The Competition Commission of Indias (CCI) probe is reportedly followed by the complaint by Uttar Pradesh-based glass-bottle manufacturer Mohan Meakin. The company is alleged to have violated Section 4 of the Competition Act that is related to the abuse of dominant market position.

This is the second time in less than a week that the company has come under the lens of the watchdog for alleged unfair business practices, report added.

GAIL (India)s net profit dropped 68.7% to Rs 260.16 crore on 15.4% rise in net sales to Rs 13452 crore in Q4 March 2017 over Q4 March 2016.

GAIL (India), Indias largest natural gas company, is one of the seven Maharatna Public Sector Undertakings (PSUs). Government of India held 54.44% stake in the firm as per the shareholding pattern as on 31 March 2017.

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Commercial Transport Scheme in Ganga River
Jul 18,2017

The Jal Marg Vikas Project (JMVP) is being implemented with the technical and investment support of the World Bank to strengthen the navigation capacity and promote transportation of cargo and passengers on National Waterway-1, on the Haldia-Varanasi stretch of Ganga-Bhagirathi-Hooghly River System,.

The project has been appraised by the Public Investment Board, at an estimated cost of Rs. 5,369.18 crore, and is scheduled to be completed by 2021-22. The project includes construction of multimodal terminals at Varanasi in Uttar Pradesh, Sahibganj in Jharkhand and Haldia in West Bengal, and a new navigational lock at Farakka in West Bengal.

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Increase in the Compensation Cess rate on cigarettes to make the total tax incidence on cigarettes in GST regime at par with pre-GST regime
Jul 18,2017

In pursuance of the recommendations of the GST Council in its 14th Meeting held on 18.05.2017 and 19.05.2017, the Compensation Cess rates under Section 8 (2) of the Goods and Services Tax (Compensation to States) Act, 2017, was notified vide notification No.1/2017-Compensation Cess (Rate), dated 28.06.2017 on Intra-State or Inter-State supply of the specified goods, including cigarettes.

            In respect of cigarettes, the Fitment Committee had recommended that in line with the weighted average VAT rate [28.7%], the GST rate on cigarettes may be kept at 28%. In addition, Compensation Cess may be levied on cigarettes at rates equal to 1.05 times the Specific Excise Duty Rates [net of NCCD]. However, this method of calibrating the Compensation Cess did not take into consideration the cascading of taxes [that is in earlier regime VAT being charged on value inclusive of the excise duty]. As a result, the total tax incidence on cigarettes in GST regime has come down, as compared to the total tax in pre-GST regime.

            While any reduction in tax incidence on items of mass consumption would be welcome, the same would be unacceptable in case of demerit goods like cigarettes.

            The GST Council in its 19thMeeting  held today i.e. on 17.07.2017 reviewed the Compensation Cess rates on cigarettes and recommended the following increase in the same with effect from 00 hours on 18th July, 2017 i.e. the midnight of 17th and 18th July, 2017:

Compensation Cess Rates

Tariff Item

 

Present rate

Proposed Increase

New rates

 

Non- filter

 

 

 

2402 20 10

Not exceeding 65 mm

5% + Rs.1591 per thousand

Rs.485 per thousand

5% + Rs.2076 per thousand

2402 20 20

Exceeding 65 mm but not 70 mm

5% + Rs.2876 per thousand

Rs.792 per thousand

5% + Rs.3668 per thousand

 

Filter

 

 

 

2402 20 30

Not exceeding 65 mm

5% + Rs.1591 per thousand

Rs.485 per thousand

5% + Rs.2076 per thousand

2402 20 40

Exceeding 65 mm but not 70 mm

5% + Rs.2126 per thousand

Rs.621 per thousand

5% + Rs.2747 per thousand

2402 20 50

Exceeding 70 mm but not 75 mm

5% + Rs.2876 per thousand

Rs.792 per thousand

5% + Rs.3668 per thousand

2402 20 90

Others

5% + Rs.4170 per thousand

31%

36% + Rs.4170 per thousand

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HT Media surges after reporting strong Q1 earnings
Jul 18,2017

The result was announced during market hours today, 18 July 2017.

Meanwhile, the S&P BSE Sensex was down 241.11 points, or 0.75% at 31,833.67. The S&P BSE Small-Cap index was down 20.84 points, or 0.13% at 15,889.24.

High volumes were witnessed on the counter. On the BSE, 3.16 lakh shares were traded on the counter so far as against the average daily volumes of 61,580 shares in the past one quarter. The stock had hit a high of Rs 89.20 and a low of Rs 82.90 so far during the day. The stock had hit a 52-week high of Rs 96.30 on 1 November 2016 and a 52-week low of Rs 69.50 on 2 December 2016.

The stock had underperformed the market over the past one month till 17 July 2017, advancing 2.59% compared with the Sensexs 3.28% rise. The scrip had also underperformed the market over the past one quarter sliding 2% as against the Sensexs 9.05% rise. The scrip had also underperformed the market over the past one year advancing 3.49% as against the Sensexs 15.23% rise.

The small-cap company has equity capital of Rs 46.55 crore. Face value per share is Rs 2.

HT Media is engaged in printing and publishing of newspapers. The companys segments include printing & publishing; radio broadcast & entertainment, and digital.

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Alembic Pharma gets livelier after USFDA nod for drug
Jul 18,2017

The announcement was made during market hours today, 18 July 2017.

Meanwhile, the S&P BSE Sensex was down 195.77 points, or 0.61% to 31,879.01.

On the BSE, 17,230 shares were traded in the counter so far, compared with average daily volumes of 15,527 shares in the past one quarter. The stock had hit a high of Rs 561.60 and a low of Rs 540 so far during the day.

The stock had hit a 52-week high of Rs 709.30 on 23 March 2017. The stock had hit a 52-week low of Rs 492.25 on 27 June 2017.

The stock has gained 5.67% in four sessions to its current price, from a close of Rs 526.45 on 12 July 2017.

The stock had outperformed the market over the past one month till 17 July 2017, rising 4.39% compared with the Sensexs 3.28% rise. The stock had, however, underperformed the market over the past one quarter, dropping 10.56% as against the Sensexs 9.05% rise. The scrip had also underperformed the market over the past one year, declining 4.98% as against the Sensexs 15.23% rise.

The large-cap company has equity capital of Rs 37.70 crore. Face value per share is Rs 2.

Alembic Pharmaceuticals said that it has received approval from the US Food & Drug Administration (USFDA) for its abbreviated new drug application (ANDA) for Olmesartan Medoxomil and Amlodipine Tablets, 20mg/5mg, 40mg/5mg, 20mg/10mg and 40mg/10mg.

The approved ANDA is therapeutically equivalent to the reference listed drug product Azor Tablets, 20mg/5mg, 40mg/5mg, 20mg/10mg and 40mg/10mg of Daiichi Sankyo Inc. It is indicated for the treatment of hypertension, alone or with other antihypertensive agents to lower blood pressure.

The drug has an estimated annual market size of $312 million in US for twelve months ending December 2016 according to IMS.

Alembic Pharmaceuticals consolidated net profit rose 2.4% to Rs 93.04 crore on 18.3% rise in net sales to Rs 741.35 crore in Q4 March 2017 over Q4 March 2016.

Alembic Pharmaceuticals, a vertically integrated research and development pharmaceutical company, manufactures and markets generic pharmaceutical products all over the world.

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Star rating of hotels is irrelevant for determining the applicable rate of GST
Jul 18,2017

Reports have been received expressing doubts whether 5-star Hotels are liable to pay GST @ 28% irrespective of the declared tariff of a unit of accommodation.

In this context, it is hereby clarified that accommodation in any hotel, including 5-star hotels, having a declared tariff of a unit of accommodation of less than INR 7500 per unit per day, will attract GST @ 18%. Star rating of hotels is, therefore, irrelevant for determining the applicable rate of GST.

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UltraTech Cement gains after good Q1 results
Jul 18,2017

The result was announced during market hours today, 18 July 2017.

Meanwhile, the S&P BSE Sensex was down 249.76 points or 0.78% at 31,825.02.

On the BSE, 45,000 shares were traded on the counter so far as against the average daily volumes of 14,308 shares in the past one quarter. The stock had hit a high of Rs 4,451.05 and a low of Rs 4,365 so far during the day. The stock had hit a record high of Rs 4,531 on 16 May 2017 and a 52-week low of Rs 3,052 on 27 December 2016.

The stock had outperformed the market over the past one month till 17 July 2017, advancing 5.63% compared with the Sensexs 3.28% rise. The stock had, however, underperformed the market over the past one quarter, gaining 8.78% as against the Sensexs 9.05% rise. The scrip had outperformed the market over the past one year, advancing 23.34% as against the Sensexs 15.23% rise.

The large-cap company has equity capital of Rs 274.52 crore. Face value per share is Rs 10.

The companys consolidated profit before interest, depreciation and tax (PBIDT) rose 10.57% at Rs 1798 crore in Q1 June 2017 over Q1 June 2016.

In its outlook, UltraTech said that the government spending on infrastructure, rural and affordable housing will be the key demand drivers for cement. The company added that it is well positioned across the country to cater to the demand.

UltraTech Cement is a leading cement manufacturer in India. It is a part of the Aditya Birla Group.

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ITC leads losers in A group
Jul 18,2017

ITC slumped 12.42% to Rs 285.30 at 14:00 IST after Goods & Services Tax council increased the compensation cess rate on cigarettes to make total tax incidence on cigarettes in GST regime at par with the total tax incidence in pre-GST regime. The stock topped the losers in the BSEs A group. On the BSE, 84.39 lakh shares were traded on the counter so far as against the average daily volumes of 10.58 lakh shares in the past two weeks.

TV18 Broadcast tanked 5.56% at Rs 39.05. The stock was second biggest loser in A group. On the BSE, 22.11 lakh shares were traded on the counter so far as against the average daily volumes of 16.34 lakh shares in the past two weeks.

Godfrey Phillips India dropped 5.34% to Rs 1,161.90 after Goods & Services Tax council increased the compensation cess rate on cigarettes to make total tax incidence on cigarettes in GST regime at par with the total tax incidence in pre-GST regime. The stock was third biggest loser in A group. On the BSE, 72,000 shares were traded on the counter so far as against the average daily volumes of 15,000 shares in the past two weeks.

Videocon Industries declined 4.84% at Rs 27.50. The stock was fourth biggest loser in A group. On the BSE, 1.68 lakh shares were traded on the counter so far as against the average daily volumes of 6.06 lakh shares in the past two weeks.

Network 18 Media & Investments fell 3.69% to Rs 54.80. The stock was fifth biggest loser in A group. On the BSE, 2.93 lakh shares were traded on the counter so far as against the average daily volumes of 4.44 lakh shares in the past two weeks.

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