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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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China Stocks end stronger
Nov 25,2016

Mainland China stock market closed stronger on Friday, 25 November 2016, due to gains in real estate and banking shares on signs that the economy is on steadier footing were more than offset by losses in resources shares on profit booking. The blue-chip CSI300 index rose 0.93%, to 3,521.30, while the Shanghai Composite Index gained 0.62% to 3,261.94 points. The Shenzhen Composite Index, which tracks stocks on Chinas second exchange, added 0.4% to 2,129.84. For the week, the CSI300 rose 3%, while the SSEC gained 2.2%, its best week since mid-November.

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Board of Puravankara Projects to consider September quarter results
Nov 25,2016

Puravankara Projects announced that a Meeting of the Board of Directors of the Company will be held on 09 December 2016, inter alia:

- To consider and approve the Consolidated & Standalone Unaudited Financial Statements of the Company & its Subsidiaries for the quarter ended 30 September 2016.

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Hong Kong Stocks closed higher
Nov 25,2016

The Hong Kong stock market advanced on Friday, 25 November 2016, partly aided by steady money inflows from China as a cross-border link will be launched soon. The Thanksgiving break in the United States also helped slow a relentless surge in the U.S. dollar that has sucked capital out of most emerging markets. The market has witnessed relatively strong inflows from Chinese investors via the Shanghai-Hong Kong Stock Connect, as a sister investment link connecting Hong Kong and Shenzhen will be launched soon. Most sectors rose, with financial and consumer related stocks leading the gains. The Hang Seng Index ended up 0.51%, or 114.96 points, to 22,723.45 and the Hang Seng China Enterprises index added 1.15%, or 111.46 points, to 9,9790.23. Turnover increased to HK$56.2 billion from HK$55.8 billion on Thursday.

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Tide Water Oil Co (I) fixes record date for interim dividend
Nov 25,2016

Tide Water Oil Co (I) announced that the Company has fixed 07 December 2016 as the Record Date for the purpose of Payment of Interim Dividend.

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Rupee recovers
Nov 25,2016

Rupee recovered to close at 68.4799/4900 per dollar on Friday (25 November 2016), versus its previous close of 68.7179/7330 per dollar.

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Mainstreaming New Coal-based Capacities To Require Market Corrections
Nov 25,2016

Favourable government policies have boosted private investments in power generation over the last decade and resulted in significant capacity additions, says FICCI. From 17 GW in 2006-07, private capacity has moved up to 124 GW in 2015-16, constituting 41% of the total generation portfolio of 302 GW in the country.

To examine the business environment in which the commissioned plants are being operationalised and the new capacities in pipeline to be mainstreamed, FICCI took up a unit-wise analysis of the project shelf of base load generation taken up by Independent Power Producers (IPPs) with coal as fuel. Constraints of Power Purchase Agreements (PPA) as well as Fuel Supply Agreements (FSA) are majorly restricting these plants from approaching the power market and finding buyers, the study reveals. An aberration is that while investments have been made in new generating assets, the IPP industry stands fragmented in various capacity compartments according to their FSA and PPA status with limited or no market access.

The study also shows that 46 GW out of installed capacity of 71 GW of coal-based IPP plants are in operational stress attributable largely to absent FSA and PPA, but also to financial and regulatory issues. Taking together the commissioned and pipeline projects of private developers as at August 2016, aggregate coal-based capacities without FSA and PPA are seen to be in the range of 26-28 GW and 41-43 GW respectively. Market corrections are necessary to optimally utilise these generating assets and avoid stress on the banking system by ensuring the operational cash flows. Meanwhile, financing issues have proved to be the major impediment to progressing with 21 GW of 33 GW projects taken up for construction, further straining the lending operations.

n++Government has been pro-actively addressing the refinancing options of the stressed assets in the economy and new guidelines have been recently issued by RBI to recast the debt restructuring schemes and repayment schedules based on asset-liability management risk. For coal-based IPP generating plants, however, the eco-system of fuel tie-up and market access for selling power will have to concurrently improve if financial re-engineering is to have any effectn++ said Dr. A. Didar Singh, Secretary General, FICCI. While the demand for power will be muted till private investments and industrial activity pick-up momentum, an immediate measure is to liberalise the regime of open access by removing the tariff and non-tariff barriers so that large consumers, when faced with unreliable and high-cost power supply, can procure directly from generators, feels Dr. Singh.

The benefit will be economy-wide as it will support Make in India initiative as has been observed by Economic Survey and will result in reducing the cost of power as the plants with unutilised capacities will be able to spread their fixed costs over a larger base of consumers. The new capacities, when operationalised, will also act as a buffer against old plants which do not meet the current-day emission norms and are to be retired in furtherance of countrys climate change goals.

FICCI also suggests a performance metric to be assigned under the UDAY Scheme so that Discoms can transparently demonstrate the efficacy of their power procurement planning to meet the demand estimates and account for un served loads, if any. However, to maximise fuel supply and supplement CILs coal production, FICCI recommends opening up of the coal sector and ushering in commercial mining, which will also be a Make in India initiative. FICCI had earlier proposed the concept of a Clearing House as a market construct for over-the-counter selling of coal under a system of daily trade monitoring and real time liability and collateral management.

FICCI believes that forward trades via term-ahead contracts for procurement of power combined with voluntary spot purchases at the exchange will generally provide the market fundamentals, but with the advent of renewables, lower Plant Load Factors (PLF) will be the new normal for base load generating stations. In future, inclusion of financial products along with physical trading and capacity contracts will be necessary to enable risk management of output and demand, improve liquidity and secure the revenue streams.

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K E C International repurchases debentures
Nov 25,2016

K E C International has on 25 November 2016 repurchased 750 Secured Rated Listed Redeemble Non-Convertible Debentures and made payment of Rs 78.59 crore against the same based on the acceptance by the debenture holders.

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Board of Nestle India to consider 3rd interim dividend
Nov 25,2016

Nestle India announced that the Board of Directors will consider declaration of third interim dividend for the year 2016, if any, on 05 December 2016.

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Nestle India fixes record date for 3rd interim dividend
Nov 25,2016

Nestle India announced that the Company has fixed 13 December 2016 as the Record Date for the purpose of Payment of Third Interim Dividend.

Further, the third interim dividend for 2016, if any declared, would be paid on and from 22 December 2016.

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Hindusthan Urban Infrastructure to hold EGM
Nov 25,2016

Hindusthan Urban Infrastructure announced that the Extra Ordinary General Meeting (EGM) of the Company will be held on 22 December 2016.

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L&T Hydrocarbons unveils high-tech spool based facilities
Nov 25,2016

Larsen & Toubro announced that its wholly owned subsidiary - L&T Hydrocarbons has unveiled high-tech spool based facilities at L&Ts fabrication unit at Kattupalli, in Chennai on 25 November 2016. These facilities are being employed to execute a prestigious lump sum turn key contract that has been bagged from ONGC for a subsea installation by a consortium of J Ray Mc Dermott S.A, Berlian McDermott & L&T Hydrocarbon Engineering in international competitive bidding.

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Sharp India makes reference to BIFR
Nov 25,2016

Sharp India announced that the Company has, in pursuance of the provisions of Section 23(1) of the Sick Industrial Companies (Special Provisions) Act, 1985, reported to the Board for Industrial and Financial Reconstruction the fact that its accumulated losses, as at 31 March 2016, have resulted in erosion of more than 50 per cent of its peak net worth during the immediately preceding four financial years.

In the opinion of the Board of Directors of the Company, the report made by the Company to the Board for Industrial and Financial Reconstruction of the fact of erosion of net worth of the Company is material for the Company.

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The Government has approved domestic procurement of 10 lakh tonnes of pulses
Nov 25,2016

The Government has approved domestic procurement of 10 lakh tonnes of pulses consisting of 5 lakh tonnes of pulses from Kharif Marketing Season 2016-17 and 5 lakh tonnes from Rabi Marketing Season 2017-18 for building the buffer.

As on 21 November 2016, a buffer of 638,205.55 MT of pulses, viz. 130,492.33 MT of Chana; 204,030.859 MT of Tur; 143,555.76 MT of Masur; 83,181.792 MT of Urad; and 76,943.81 MT of Moong, have been built through domestic procurement and import contracts. Of the 20 lakh tonnes of buffer stock of pulses approved by the Government, the tentative target is 10 lakh tonne through domestic procurement from farmers and another 10 lakh tonnes from imports.

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Jubilant Life Sciences issue commercial paper aggregating Rs 25 crore
Nov 25,2016

Jubilant Life Sciences has issued commercial paper of Rs 50 crore on 25 November 2016. The aggregate amount of commercial paper outstanding as on date is 150 crore.

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Ashok Leyland completes acquisition of Nissans stake in three JVs
Nov 25,2016

Ashok Leyland has completed the acquisition of Nissan Motor Co.s stake in each of the three joint ventures formed between the two companies, namely, Ashok Leyland Nissan-Vehicles, Nisan-Ashok Leyland Powertrain and Nissan-Ashok Leyland Technologies.

Under the new arrangement, Ashok Leyland will continue to build, under a licensing agreement, the successful Dost, Mitr and Partner light commercial vehicles, which are based on Nissans design, engineering and technology. Servicing and parts availability for customers will be ensured by a technical support arrangement. In addition, the two companies have agreed to continue a deal to procure made-in-India parts to Nissan.

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