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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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Eastern Sugar & Industries to hold board meeting
Jun 16,2017

Eastern Sugar & Industries will hold a meeting of the Board of Directors of the Company on 22 June 2017.

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Gammon Infrastructure Projects to hold board meeting
Jun 16,2017

Gammon Infrastructure Projects will hold a meeting of the Board of Directors of the Company on 18 June 2017.

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MSP Steel & Power to hold board meeting
Jun 16,2017

MSP Steel & Power will hold a meeting of the Board of Directors of the Company on 17 June 2017.

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Axis Bank to hold board meeting
Jun 16,2017

Axis Bank will hold a meeting of the Board of Directors of the Company on 25 July 2017.

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Raunaq EPC Intl. to hold board meeting
Jun 16,2017

Raunaq EPC Intl. will hold a meeting of the Board of Directors of the Company on 20 June 2017.

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Magma Fincorp to hold board meeting
Jun 16,2017

Magma Fincorp will hold a meeting of the Board of Directors of the Company on 20 June 2017.

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SSK Lifestyles to hold board meeting
Jun 16,2017

SSK Lifestyles will hold a meeting of the Board of Directors of the Company on 24 June 2017.

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India Motor Parts & Accessories to hold AGM
Jun 16,2017

India Motor Parts & Accessories announced that the Annual General Meeting (AGM) of the company will be held on 4 September 2017.

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Kajaria Ceramics to hold EGM
Jun 16,2017

Kajaria Ceramics announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 21 July 2017 .

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Hong Kong Stocks end with gains
Jun 16,2017

The Hong Kong stock market ended higher on Friday, 16 June 2017, as investors chased for bargain hunting after the previous days sharp losses triggered by U.S. monetary tightening. Sector performance was mixed, with financials rising, but property developers, which is vulnerable to higher borrowing costs, continuing to fall. The Hang Seng Index rose by 0.2%, or 61.15 points, to 25,626.49 by the close, although it remains 1.6%, or 403.80 points, lower on the week. The Hang Seng China Enterprises index was 0.4%, or 38.74 points, higher at 10,384.89. Daily market turnover was HK$80.69 billion, up from Thursdays HK$74.99 billion.

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Board of BLS International Services recommends final dividend
Jun 16,2017

BLS International Services announced that the Board of Directors of the Company at its meeting held on 13 June 2017, inter alia, have recommended the final dividend of Rs 0.3 per equity Share (i.e. 30%) , subject to the approval of the shareholders.

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China Stocks fall on slowdown woes
Jun 16,2017

The Mainland China equity market closed lower on Friday, 16 June 2017, as investors sentiment was soured by renewed concerns about slowdown in the worlds second-biggest economy after weak producer inflation and investment data. The Shanghai Composite Index fell 0.3%, or 9.32 points, to 3,123.17 while the CSI 300 n++ which tracks the large caps listed in Shanghai and Shenzhen n++ dropped 0.3%, or 10.03 points, to 3,518.76. The Shenzhen Composite Index lost 0.2%, or 3.66 points, to 1,866.05 while the Nasdaq style ChiNext shed 0.3%, or 6.21 points, to 1810.05. For the week, CSI300 dropped 1.6%, while Shanghai Composite Index contracted 1.1%.

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Ind-Ra: Qatar Diplomatic Isolation Credit Neutral for LNG Industry in India
Jun 16,2017

The recent diplomatic events involving Qatar are unlikely to have a near-term impact on the Liquefied Natural Gas (LNG) volumes imported into India by Petronet LNG Limited (PLL; IND AA+/Positive), says India Ratings and Research (Ind-Ra) as LNG vessels continue to sail for India from Ras Laffan Gas Terminal (Ras-Gas). In Ind-Ras assessment this event is credit neutral on PLL. Thus, Ind-Ra does not factor in any immediate volume or price impact on the end-user industries viz. fertiliser, power, refinery and city gas distribution.

Moreover, in case LNG supplies from Qatar are affected, there is ample liquidity in the spot LNG markets globally and hence volumes disruption, if any, will be for a limited period. However, the diplomatic stand-off in Ind-Ras opinion highlights geopolitical concentration of Indias energy imports.

Saudi Arabia, Egypt, United Arab Emirates, Yemen, Libya and Bahrain have severed diplomatic ties with Qatar recently and cut-off land, sea and air contact. Qatar exports its LNG largely through Strait of Hormuz which passes though Iranian and Omani territorial waters and transit through the Strait is protected under a UN Convention. While LNG exports from Qatar could be threatened in the event that Iran and Oman restrict shipments from Qatar, the possibility of this is remote given Irans diplomatic stance. Moreover, Fitch Ratings in its report Fitch: Duration of Diplomatic Dispute is Key to Qatar Impact believes that the other Gulf Cooperation Council (GCC) members do not desire to completely alienate Qatar, which suggests that both sides will work towards a relatively swift resolution.

The immediate fallout of the diplomatic isolation is limited to fuel costs of LNG vessels, as vessels heading to Qatar or arriving from Qatar are not able to halt at the port of Fujairah, which is a key bunkering port. This means that LNG vessels use LNG as fuel instead of FO/LSHS. Ind-Ra notes that the switch-over is unlikely to have any material impact on the transportation costs (around USD 0.35/mmbtu) and on the profitability of PLL. However, PLLs long term contract with Qatar extends till 2028 and Ind-Ra discounts the possibility of an immediate second renegotiation given that the contract has already been renegotiated recently. Hence the long-term LNG imports from Qatar into India are unlikely to be repriced significantly and will continue to track crude prices.

Ind-Ra notes that though the LNG volumes from Qatar have not been directly impacted due to the diplomatic stand-off, the same could be under threat if short-term LNG prices remain soft as compared to long-term ones, which Ind-Ra expects to be the case. Ind-Ra notes that the LNG market has transitioned to a buyers market from a sellers market and the buyers would flex their power after expiry of the existing long term contracts. Qatars diplomatic stand-off adds to the buyers advantage as Qatar depends on the oil and gas for 50% of its gross domestic product and would be keen to retain its exports.

India Ratings had highlighted in the report Spot Liquefied Natural Gas Prices Fall 15%-21% Lower Than Term Prices, Could Impact Long-Term Volumes that spot LNG prices are likely to remain benign, as LNG markets become buyer dominated from supplier dominated. This would be driven by a combination of: (i) significant supply-side capacity additions, (ii) peaking of demand from major LNG importers (Korea, Japan and China), (iii) competition from alternate fuels such as fuel oil and coal, (iv) increase in the share of non-long-term LNG, (v) expiration of long-term LNG contracts and (vi) increased competition in the Indian LNG market.

Globally, the LNG liquefaction capacity stood at 301.5mtpa as of January 2016. Over the next five years, the International Gas Union estimates that capacity will grow by 46% (141.5mtpa, primarily in North America (62mtpa) and Australia (53.8mtpa). It is also interesting to note that nearly 890mtpa of new liquefaction capacity is proposed, with 670mtpa in US and Canada alone, on account of the shale gas supplies. According to India Ratings, even if a significant part of this proposed capacity does not come on-stream the supply will remain significantly higher than demand. Moreover, in an oversupplied market, the key liquefaction players presently (Qatar and Australia) could price gas at operating costs. Additionally, renegotiation of long-term contracts in India in terms of pricing formula and destination flexibility, points to the leverage that buyers are enjoying in the LNG market.

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Nikkei gains as soft yen boosts exporters
Jun 16,2017

The Japan share market finished session in positive territory on Friday, 16 June 2017, as investors appetite for risk assets supported by the yens depreciation above 111-level against greenback on the back of brisk U.S. economic indicators released on Thursday. Investors also took heart from the Bank of Japan monetary policy statement. No change was made in the BOJs monetary policy as expected, following a two-day meeting. Securities, precision instrument and machinery-linked issues comprised those that gained the most by the close of play. The benchmark Nikkei 225 average gained 111.44 points, or 0.56%, to close at 19,943.26, while the broader Topix index of all first-section issues finished up 7.95 points, or 0.50%, at 1,596.04. Rising issues outnumbered falling ones 1,237 to 652 in the TSEs first section, while 129 issues were unchanged.Volume grew to 2.285 billion shares from Thursdays 1.881 billion shares. Export-oriented names attracted buying thanks to the weaker yen. They included automakers Nissan and Honda, camera maker Canon, electronics maker Panasonic, technology firm Kyocera and electronics parts producer Murata Manufacturing.

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Australia Market gains on banks strength
Jun 16,2017

Australian equity market ended modest higher on Friday, 16 June 2017, buoyed in large part by a rebound by the banks that more than offset the drag of mining stocks. The S&P/ASX 200 finished up 10.8 points, or 0.2%, at 5774.0. The benchmark S&P/ASX 200 grew 1.7% over a holiday-shortened week, taking back the bulk of last weeks slump. For the session, 2.83 billion shares were traded with a value of A$8.09 billion

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