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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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Amarnath Securities to hold board meeting
Mar 17,2017

Amarnath Securities will hold a meeting of the Board of Directors of the Company on 27 March 2017, to consider the appointment of Mr. Hitesh Ruke (DIN. 07752179) as Whole-Time Director of the Company with immediate effect, & to consider the appointment of Mrs. Dia Wadhwani (DIN. 07752120) as Independent Director of the Company with immediate effect.

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Kilpest India to hold board meeting
Mar 17,2017

Kilpest India will hold a meeting of the Board of Directors of the Company on 21 March 2017, to consider and approve the investment in the equity capital of its subsidiary company i.e. M/S. 3B BLACKBIO BIOTECH INDIA LTD, for meeting its growth objectives, financial obligations and to increase equity stake in our Biotech subsidiary company.

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Sharanam Infraproject & Trading to hold board meeting
Mar 17,2017

Sharanam Infraproject & Trading will hold a meeting of the Board of Directors of the Company on 23 March 2017, to appoint Ms. Shivangi Gajjar as a Company Secretary cum Compliance Officer of the Company. 2. Any other business with the permission of the Chair.

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Board of AksharChem (India) recommends dividend
Mar 17,2017

AksharChem (India) announced that the Board of Directors of the Company at its meeting held on 16 March 2017, inter alia, have recommended the dividend of Rs 3.5 per equity Share (i.e. 35%) , subject to the approval of the shareholders.

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Board of Sakthi Finance recommends dividend
Mar 17,2017

Sakthi Finance announced that the Board of Directors of the Company at its meeting held on 16 March 2017, inter alia, have recommended the dividend of Rs 10 per equity Share (i.e. 100%) , subject to the approval of the shareholders.

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Bullions jump higher
Mar 17,2017

Bullion metals jumped across the board on Thursday, 16 March 2017 with gold prices notching their highest finish in two weeks, on the heels of the dollars decline, which came after the U.S. Federal Reserve raised interest rates, but struck a less hawkish tone than expected.

April gold rallied $26.40, or 2.2%, to settle at $1,227.10 an ounce, with prices ending at their highest level since March 2. The metal scored its biggest one-day percentage gain since June of last year. That is when the U.K. announced its decision to exit from the European Union.

Silver jumped 40.7 cents, or 2.4%, to finish at $17.33 an ounce, marking its highest dally percentage gain since January.

The Fed on Wednesday, as expected, lifted its benchmark interest rate by 25 basis points to a range of 0.75% to 1%. It also stuck to its forecast for just two more rate hikes this year, even as some economists thought the central bank would signal it was ready to pick up the pace of rate hikes. Higher interest rates tend to boost the dollar.

Gold prices got a lift as the dollar weakened against most currency rivals following the Feds hint a measured pace of monetary tightening. The ICE Dollar Index fell 0.3%, building on a roughly 1.2% slump from Wednesday.

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Aditya Birla Nuvo slips after announcing plant shut down
Mar 17,2017

The announcement was made after market hours yesterday, 16 March 2017.

Meanwhile, the S&P BSE Sensex was up 116.20 points, or 0.39%, to 29,702.05

On BSE, so far 2,226 shares were traded in the counter, compared with average daily volume of 1.25 lakh shares in the past one quarter. The stock hit a high of Rs 1,530 and a low of Rs 1,513.40 so far during the day. The stock hit a record high of Rs 1,664 on 9 August 2016. The stock hit a 52-week low of Rs 758.75 on 16 March 2016.

The stock had underperformed the market over the past one month till 16 March 2017, rising 5.03% compared with 5.08% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, gaining 27.98% as against Sensexs 11.69% rise.

The large-cap company has equity capital of Rs 130.25 crore. Face value per share is Rs 10.

Aditya Birla Nuvo said that the shut down is from 17 March 2017 and the plants are expected to resume operations from 10 April 2017. During this period, various annual maintenance jobs shall be carried out at the plants.

On a consolidated basis, Aditya Birla Nuvos net profit declined 35.15% to Rs 206.23 crore on 10.41% rise in net sales to Rs 3262.58 crore in Q3 December 2016 over Q3 December 2015.

Aditya Birla Nuvo is a business conglomerate. It commands leadership position across its financial services, telecom, linen and manufacturing businesses.

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Nocil moves higher as board approves capex plan
Mar 17,2017

The announcement was made after market hours yesterday, 16 March 2017.

Meanwhile, the S&P Sensex was up 114.50 points or 0.39% at 29,700.35. The S&P Small-cap index was up 15.26 points or 0.11% at 14,021.66.

On the BSE, 3.62 lakh shares were traded on the counter so far as against the average daily volumes of 3.31 lakh shares in the past one quarter. The stock had hit a high of Rs 88.50 so far during the day, which is also its 52-week high. The stock hit a low of Rs 86 so far during the day.

The stock had hit a 52-week low of Rs 43.35 on 16 March 2016. The stock had underperformed the market over the past one month till 16 March 2017, advancing 3.6% compared with the Sensexs 4.54% rise. The scrip had, however, outperformed the market over the past one quarter advancing 23.15% as against the Sensexs 11.69% rise.

The small-cap company has equity capital of Rs 163.58 crore. Face value per share is Rs 10.

Nocil announced that its board at a meeting held on 16 March 2017, approved expansion of capacities of rubber chemicals and their intermediates at the companys plants situated at Navi Mumbai and Dahej.

The total capital expenditure envisaged is about Rs 170 crore. The expansion project is likely to be commissioned by the end of Q2 of FY 2019. The capital expenditure will be financed largely through internal accruals.

Nocils net profit rose 26.2% to Rs 25.47 crore on 3.2% increase in net sales to Rs 173.84 crore in Q3 December 2016 over Q3 December 2015.

Nocil manufactures basic organic chemicals.

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Music Broadcast sees strong debut
Mar 17,2017

The stock debuted at Rs 420, a premium of 26.13% to the initial public offer (IPO) price. So far the stock hit a high of Rs 420 and low of Rs 370.15. On BSE, so far 20.30 lakh shares were traded on the counter.

Music Broadcast priced the IPO at Rs 333 per share, the top end of the Rs 324 - Rs 333 price band for the IPO. The IPO of Music Broadcast ended with strong response from investors. The IPO received bids for 41.58 crore shares compared with 1.04 crore shares on offer. The IPO was subscribed 39.67 times. The issue opened for bidding on 6 March 2017. It closed on 8 March 2017.

The qualified institutional buyers (QIBs) category was subscribed 39.78 times. The non institutional investors category, made up of high net-worth individuals, was subscribed 109.13 times. The retail individual investors (RIIs) category was subscribed 9.85 times.

The IPO was a combination of a fresh issue of shares for up to Rs 400 crore and an offer for sale of up to 26.58 lakh shares. Out of Rs 400 crore, the company will spend Rs 200 crore on redemption of the listed NCDs (non-convertible debentures), Rs 98.24 crore for early redemption of the JPL NCDs & repayment/ pre-payment of the JPL ICD (inter-corporate deposits) and rest for general corporate purpose.

The company raised Rs 146.55 crore by selling 44.01 lakh shares to a total of 15 anchor investors ahead of the opening of the companys initial public offer (IPO). The shares were allotted to the anchor investors at Rs 333 per share, the top end of the Rs 324 to Rs 333 per share price band for the IPO.

Music Broadcast, promoted by Jagran Prakashan, operates radio stations under the brand Radio City. Radio City is the first private FM radio broadcaster in India. The company has grown its presence from four cities in 2001 to 37 cities as on 15 February 2017. The company expects the remaining two New Radio City Stations to be become operational by March/ April 2017. The company is present in 12 out of the top 15 cities in India by population. As on 31 March 2016, the companys radio stations reached out to over 49.60 million listeners in 23 cities.

Music Broadcast reported a net profit of Rs 29.76 crore on net sales of Rs 136.89 crore in six-months ended September 2016.

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Graphite India gets ratings reaffirmation for various facilities
Mar 17,2017

Graphite India announced that ICRA has reaffirmed the ratings for various facilities as under -

Fund based and non fund based facilities (Rs 720 crore)
Long term rating - ICRA AA+; Stable (Reaffirmed)
Short term rating - ICRA A1+ (Reaffirmed)

Non-convertible debentures (Rs 100 crore) - ICRA AA+; Stable (Reaffirmed)

Commercial paper / short term debt (Rs 70 crore) - ICRA A1+

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ITC spurts on reports foreign brokerage maintains buy call
Mar 17,2017

Meanwhile, the S&P BSE Sensex was up 122.73 points, or 0.41% to 29,708.58.

On the BSE, 11.84 lakh shares were traded in the counter so far, compared with average daily volumes of 10.82 lakh shares in the past one quarter. The stock had hit a high of Rs 289 and a low of Rs 276 so far during the day. The stock hit a record high of Rs 291.95 on 7 February 2017. The stock hit a 52-week low of Rs 204.10 on 6 May 2016.

The stock had underperformed the market over the past one month till 16 March 2017, falling 1.90% compared with 5.08% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 18.38% as against Sensexs 11.69% rise.

The large-cap company has equity capital of Rs 1,214 crore. Face value per share is Re 1.

According to reports, the foreign brokerage stated that the Goods & Services Tax (GST) tax structure is likely to be a revenue-neutral outcome which comes as a big relief for ITC.

The GST Council, headed by Finance Minister Arun Jaitley, yesterday, 16 March 2017, reportedly paved the way for rolling out the new tax regime from 1 July 2017, clearing all legislations required for one of the most ambitious reform measures since Independence. The council, which met in the national capital, approved the state GST (SGST) and the union territory GST (UTGST) bills. The bills will now have to be cleared by Parliament and state assemblies.

ITCs net profit rose 5.71% to Rs 2646.73 crore on 4.1% increase in net sales to Rs 9149.31 crore in Q3 December 2016 over Q3 December 2015.

ITC is a diversified company, with presence in cigarettes, hotels, paperboards & specialty papers, packaging, agri-business, packaged foods & confectionery, information technology, branded apparel, personal care, stationery and other FMCG products. ITC is a market leader in cigarettes.

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Lupin gains after announcing launch of Generic Minastrin 24 Fe in US
Mar 17,2017

The announcement was made after market hours yesterday, 16 March 2017.

Meanwhile, the S&P BSE Sensex was down 148.56 points, or 0.5% to 29,734.41

On the BSE, 29,000 shares were traded on the counter so far as against the average daily volumes of 70,250 shares in the past one quarter. The stock had hit a high of Rs 1,475 and a low of Rs 1,464.05 so far during the day.

The stock had hit a 52-week high 1,765.85 on 17 March 2016 and a 52-week low of Rs 1,294.05 on 29 March 2016. The stock had underperformed the market over the past one month till 16 March 2017, rising 1.7% compared with 5.08% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 0.83% as against Sensexs 11.69% rise.

The large-cap company has equity capital of Rs 90.31 crore. Face value per share is Rs 2.

Lupin announced the launch of Mibelas 24 Fe (Norethindrone Acetate and Ethinyl Estradiol Chewable Tablets, 1mg/0.02mg and Ferrous Fumarate Tablets, 75mg) having received an approval from the United States Food and Drug Administration (FDA) earlier. Lupins Mibelas 24 Fe is the AB rated generic equivalent of Allergan Pharmaceuticals Internationals Minastrin 24 Fe Tablets. It is indicated for use by females of reproductive age to prevent pregnancy. Minastrin 24 Fe chewable tablets had US sales of $360.5 million as per IMS MAT December 2016.

Lupins consolidated net profit rose 20.7% to Rs 633.11 crore on 31.5% increase in net sales to Rs 4404.94 crore in Q3 December 2016 over Q3 December 2015.

Lupin is a pharmaceutical company developing and delivering a wide range of branded & generic formulations, biotechnology products and APIs globally. The company is a significant player in the cardiovascular, diabetology, asthma, pediatric, CNS, GI, anti-infective and NSAID space and holds global leadership position in the anti-TB segment.

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ICICI Bank to allot AT-1 Bonds aggregating Rs 3425 crore
Mar 17,2017

ICICI Bank announced that on 16 March 2017 the Committee of Executive Directors of the Bank at its meeting has approved the allotment of 34,250 Basel III compliant unsecured subordinated perpetual Additional Tier 1 bonds aggregating Rs 3425 crore on private placement basis, date of allotment being 17 March 2017. The notes carry a coupon of 9.20% p.a. payable annually and were issued at par. The bonds would be listed in the Wholesale Debt Market segment of BSE and/or National Stock Exchange of India. The bonds are rated CARE AA+; Stable by Credit Analysis & Research and [ICRA]AA+ (hyb) by ICRA

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Poly Medicure fixes record date for bonus issue
Mar 17,2017

Poly Medicure announced that the the Board of Directors vide circular resolution dated 16 March 2017 have fixed 28 March 2017 as Record date for the purpose of ascertaining the eligibility of shareholders who would be entitled to receive 1 (one) new bonus equity share of nominal value of Rs. 5/- (Rupees Five) each in lieu of 1 (one) existing equity share of nominal value of Rs. 5/- (Rupees five) each.

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Environment Ministry Issues Notification, Provides Six-Months Window to Get Environmental Clearance to Deal With Cases of Violation
Mar 17,2017

The Ministry of Environment, Forest and Climate Change (MoEF&CC) has provided a six months window, as a one-time opportunity to the units, which have not obtained prior environmental clearance to apply for the same. Ministry of Environment, Forest and Climate Change (MoEF&CC) and State Environment Impact Assessment Authorities (SEIAAs) have been receiving proposals under the Environmental Impact Assessment (EIA) Notification, 2006 for grant of Terms of Reference (ToR) & Environmental Clearance (EC) for projects which have started the work on site, expanded the production beyond the limit of environmental clearance or changed the product mix without obtaining prior EC.

The Ministry had issued Office Memoranda (OM) dated 12 December 2012 and 27 June 2013 and laid down a process for grant of EC to such cases of violation. However, High Court of Jharkhand had passed an order dated the 28 November 2014, declaring some of the provisions of said OM dated 12 December 2012 void and had further held that action for alleged violation would be an independent and separate activity. Subsequently the above two O.Ms were quashed by the NGT vide order dated 7th July, 2015, mainly on the ground that the Environment Impact Assessment Notification, 2006 provides for prior environmental clearance, so no procedure can be laid through O.Ms for post environment clearance. It was cited that O.M. cannot amend a notification, which is a subordinate legislation.

In view of the above, the Ministry issued the notification vide S.O 804 (E) dated 14 March 2017 to bring such projects and activities in compliance with the environmental laws at the earliest point of time, rather than leaving them unregulated and unchecked. As such units are more polluting if they are not brought under the environment compliance regime, but the process for such violators has to be stringent and punitive.

The salient features of notification are as follows:

n++ This is a one-time opportunity for six months to apply for environmental clearance to units which are in violation on date of the notification i.e. 14 March 2017.

n++ The States / SPCBs will take action under Section 19 of the E (P) Act, 1986 for violation.

n++ All the cases of violation, irrespective of category, will be appraised as category n++An++ projects by respective sector Expert Appraisal Committee (EAC) at Central level. So, violation cases can only be appraised at the level of Ministry.

n++ The EAC will first examine the proposal with an angle that the project or activity is a permissible activity at the site on which it has come up. If it is not then the recommendation of EAC will be for closure.

n++ Respective EAC will prescribe the specific ToR for assessment of ecological damage, Remediation Plan and Natural and Community Resource Augmentation Plan (NCRAP) in addition to general ToR required under EIA Notification, 2006 for undertaking EIA/EMP.

n++ The idea is to take away the economic benefit (if any) derived by the company due to violation and pay for the remediation of damage caused due to violation.

n++ The plan shall be prepared as an independent chapter in the EIA report by the accredited consultants. The collection and analysis of data for assessment of ecological damage shall be done by an environmental laboratory duly notified under E(P) Act, 1986 / accredited by NABL/CSIR.

n++ The EAC shall stipulate the implementation of EMP, comprising remediation plan and NCRAP corresponding to the ecological damage assessed and economic benefit derived due to violation as a specific condition of EC.

n++ The project proponent will also be required to submit a bank guarantee equivalent to the amount of remediation plan and NCRAP with the SPCB.

n++ No consent to operate or occupancy certificate will be issued till the project is granted the EC.

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