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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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Cipla in spotlight as arm to sell stake in Four M Propack
Jan 19,2017

Cipla announced that its wholly-owned subsidiary Goldencross Pharma has entered in to a definitive agreement to sell its 100% equity stake in Four M Propack, India (Four M Propack) to Shriji Polymers (India) (Shriji Polymers) for a consideration of Rs 13.50 crore and an additional sum derived on the basis of the value of mutual funds, cash and bank balance, tax refunds, etc. at the time of closing estimated at around Rs 5.70 crore. The announcement was made after market hours yesterday, 18 January 2017.

Shriji Polymers is engaged in the business of manufacturing of HDPE bottles and PP caps for the pharmaceutical industry. The turnover of Four M Propack for the financial year ended 31 March 2016 was Rs 9.77 crore which is entirely on account of sales to the company. The net worth of Four M Propack as on 31 March 2016 was Rs 15.82 crore constituting 0.001% of the consolidated net worth of the company. The transaction is expected to be completed within 45 days from date of signing of the definitive agreement, subject to completion of certain condition precedent and receipt of applicable approvals.

Cipla said that none of the persons belonging to promoter/promoter Group(s) of the company has any interest in the transaction and it is not a related party transaction for the company.

Axis Bank and Yes Bank will announce October-December 2016 quarterly results today, 19 January 2017.

NHPC announced that TLDP-III (4 X 33) 132 megawatts (MW) power station in West Bengal has been completely restored on 18 January 2017 which was under complete shutdown for restoration work of GIS (Line-I Bay). The announcement was made after market hours yesterday, 18 January 2017.

Punjab National Bank (PNB) announced that the bank and India Post Payments Bank (IPPB) have signed a memorandum of understanding on 17 January 2017, wherein PNB shall provide technology platform for pilot launch of IPPB on receipt of regulatory approval from the Reserve Bank of India. The announcement was made after market hours yesterday, 18 January 2017.

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Orbit Exports to consider Q3 results and interim dividend for FY 2017
Jan 18,2017

Orbit Exports announced that a meeting of the Board of Directors of the Company is scheduled to be held on 25 January 2017, inter alia, to:

1. consider and approve and take on record the Unaudited Financial Results for the quarter and nine months ended 31 December 2016.

2. consider declaration of Interim Dividend to the equity shareholders of the Company for the Financial Year 2016-2017

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Ushdev International fixes record date for sub-division of shares
Jan 18,2017

Ushdev International has fixed 31 January 2017, as the Record Date for the purpose of Sub-Division of Equity Shares.

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Rane (Madras) to consider interim dividend for FY 2017
Jan 18,2017

Rane (Madras) announced that the board of directors at their meeting scheduled to be held on 23 January 2017, inter alia, proposes to consider interim dividend, if any, for the financial year 2016-17 and to fix record date thereof.

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Kallam Spinning Mills fixes record date for sub-division of shares
Jan 18,2017

Kallam Spinning Mills has fixed 03 February 2017, as the record date for the purpose of sub-division of Equity Shares of the Company from Face Value of Rs. 10/- each to Face Value of Rs. 2/- each.

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Datamatics Global Services wins CIO CHOICE 2017 Honor & Recognition
Jan 18,2017

Datamatics Global Services has received the CIO CHOICE 2017 Honor & Recognition title in 3 categories of Document Management Services, Business Intelligent Solutions and Emergent Technology.

The Company has been recognised for second consecutive year for its Document Management Services and Business Intelligent Solutions.

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ITC allots 47,52,480 equity shares
Jan 18,2017

ITC announced that the Company on 18 January 2017 issued and allotted 47,52,480 Ordinary Shares of Re. 1/- each, upon exercise of 4,75,248 Options by Optionees under the Companys Employee Stock Option Schemes.

Consequently, with effect from January 18, 2017, the Issued and Subscribed Share Capital of the Company stands increased to Rs. 1212,61,14,461/- divided into 1212,61,14,461 Ordinary Shares of Re. 1/- each.

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Oil & Natural Gas Corpn fixes record date
Jan 18,2017

Oil & Natural Gas Corpn announced that the Company has fixed 08 February 2017 as the Record Date for the purpose of Payment of Second Interim Dividend, if any.

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Oil & Natural Gas Corpn fixes record date for 2nd interim dividend
Jan 18,2017

Oil & Natural Gas Corpn announced that the Company has fixed 08 February 2017 as the Record Date for the purpose of Payment of Second Interim Dividend, if any.

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Cabinet approves MoU between India and the United Arab Emirates on Institutional Cooperation in Maritime Transport
Jan 18,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the Memorandum of Understanding (MoU) between India and the United Arab Emirates on Institutional Cooperation in Maritime Transport.

The proposed MoU will pave way for facilitation and promotion of maritime transport, simplification of customs and other formalities, wherever possible, observed in Ports and facilitation of the use of existing installations for the disposal of waste.

The MoU will enable Shipping Companies in both countries to enter into bilateral and multi-lateral arrangements for sustainable trading activities.

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Asia Pacific Market: Stocks end mixed
Jan 18,2017

Asia Pacific share market closed mixed on Wednesday, 18 January 2017, after recouping early losses on tracking weak lead from Wall Street and European markets overnight.

Investors digested U.S. President-elect Donald Trumps remarks on the U.S. dollar and British Prime Minister Theresa Mays statement that her country will leave the European single market when it quits the European Union.

On Wall Street, stocks closed lower on Wednesday after the long holiday weekend following British Prime Minister Theresa Mays Brexit speech in which she said the U.K. will not seek to hold on to bits of EU membership. May also said Britain will not seek to remain in the single market, as it would mean not leaving the EU at all. The Dow fell 58.96 points or 0.3% to 19,826.77, the Nasdaq slid 35.39 points or 0.6% to 5,538.73 and the S&P 500 dipped 6.75 points or 0.3% to 2,267.89.

The major European markets also moved lower on Tuesday. While the U.K.s FTSE 100 Index tumbled by 1.5%, the French CAC 40 Index fell by 0.5% and the German DAX Index edged down by 0.1%.

Among Asian bourses

Australia Market ends down for second day

Australian share market ended down for second straight session, on tracking weak lead from Wall Street and European markets overnight, Most sectors lost ground, with shares in the Healthcare, Financials and Consumer Discretionary sectors leading losses. At the closing bell, the benchmark S&P/ASX 200 index declined 20.60 points, or 0.36%, to 5678.80, while the broader All Ordinaries index dropped 21 points, or 0.36%, to close at 5733.70.

Shares of healthcare sector underperformed the most after Trump told the Washington Post that he would target companies over drug pricing and would replace Obamacare with a plan that would envisage insurance for everybody. U.S.-exposed ResMed Inc dropped 3% to A$8.37, while CSL declined 1.1% to A$99.12.

Shares of financial sector also trapped with selloff pressure, with the big four banks driving the losses. Among major banks, Australia & New Zealand Banking Group declined 1% to A$30.11, Westpac 1% to A$32.43, National Australia Bank 0.7% to A$30.58, and Commonwealth Bank of Australia 0.8% to A$82.66.

Japan Stocks settle higher after volatile ride

The Japan share market settled higher after wavering above and below break-even throughout the day, thanks to bargain hunting and yen decent against major currencies. But market gained capped on caution ahead of the new presidents inauguration later this week as uncertainty continues to swirl around Mr. Trumps plans for taxes and spending. The benchmark Nikkei gained 0.43%, or 80.84 points, to end the day at 18,894.37, while the Topix index of all first-section issues rose 0.32%, or 4.76 points, to 1,513.86.

Export-related stocks benefited from the yen retreat against the dollar. The dollar was trading at 113.25 yen Wednesday afternoon, rebounding from below 113 yen earlier in the day. A weaker yen is positive for Japanese exporters as it makes their products more competitive abroad and inflates the value of their repatriated profits. Toyota closed 0.25% higher at 6,736 yen while Sony fell 0.57% to 3,484.

Shares of banks and financials benefited from prospects of higher interest rates underperformed, as U.S. Treasury yields have trended lower in recent sessions. Mitsubishi UFJ Financial Group Inc. declined 0.5% to 711.5 yen. Mizuho Financial Group Inc. dropped 0.5% to 207.3 yen.

Steel makers and real estate developers rose, recovering somewhat from losses in recent sessions. Nippon Steel & Sumitomo Metal Corp. gained 4.9% to 2,685.5 yen. Major property developer Mitsui Fudosan Co. advanced 2.8% to 2,639.5 yen.

Industrial conglomerate Toshiba Corp. gained 2.4% to 288.4 yen after saying it was considering spinning off of its profitable semiconductor unit, a plan that could help it raise cash in response to a multibillion-dollar write-down at its nuclear power plant business.

China Stocks gain on PBOC liquidity injection

Mainland China stock market ended higher for second straight session, on the back of blue chips solid 2016 earnings projection and the central bank continued liquidity injection into the banking system as the Chinese New Year holiday approaches. Maret gains were, however, limited amid renewed weakness in small-caps and worries about Donald Trumps approach to Beijing. Sectors advanced across the board, with infrastructure stocks leading the gains. The blue-chip CSI300 index, which tracks large companies in Shanghai or Shenzhen, was up 0.39% to close at 3,339.37. The Shanghai Composite Index added 0.14% to close at 3,113.01. The Shenzhen Composite Index, which tracks stocks on Chinas second exchange, declined 0.45% to 1864.59. The ChiNext Index, which tracks Chinas NASDAQ-style board of growth enterprises, shed 1.18% to 1,845.79 points.

Heavyweight Baoshan Iron & Steel Co Ltd added more than 1.6% after the company expects net profit in 2016 to be nearly eight times the previous years level. Baosteel and other cyclical companies involved in the production of building materials have benefitted from higher government spending on infrastructure projects and a housing market rally, which have sparked a construction boom.

Hang Seng hugs the psychologically key 23,000 level

The Hong Kong stock market ended two and half a month high. The rally on the Hong Kong bourse comes as the British Prime Minister delivered her policy speech on Brexit on Tuesday, easing mounting concerns on how she planned to exit the European Union which sent the pound soaring overnight, as well as pushing up stocks with exposure to European market. The Hang Seng Index added 1.13% or 257.29 points to close at 23,098.26. The Hang Seng China Enterprises index, or the H-share index, rose 1.04% or 100.67 points to 9,802.86. Turnover increased to HK$68.5 billion from HK$50.7 billion on Tuesday.

The pounds rebound lent support to companies with European exposure. CKH Holdings (00001) added 1.4% to HK$91.7. Cheung Kong Infrastructure, with 60% of its net profit derived from the UK, climbed 1.9% to HK$62.1. CK Property (01113) jumped 3.4% to HK$52.4 after Li Ka-shing announced on Tuesday a plan to spend HK$183.3 million buying its shares at HK$50 to HK$50.8. The repurchase plan came after Li announced on Monday that three of his firms would acquire Australian energy company Duet Group.

Morgan Stanley revised upwards its target prices for a number of banks. BOCHK (02388) jumped 3% to HK$30.4. HSBC (00005) rose 0.8% to HK$64.7. Hang Seng Bank (00011) added 2% to HK$152.7.

AAC Tech (02018) shot up 2.7% to HK$78.25 after Morgan Stanley upgraded its higher target price to HK$80. Sunny Optical (02382) soared 3.9% to HK$42.35.

MGM China (02282) said the opening date of MGM Cotai will be delayed to the second half of 2017. It dipped 2.4% to HK$14.78. Galaxy Entertainment (00027) and Wynn Macau (01128) also added 1% and 2.7% to HK$35.8 and HK$13.02.

Indian Market settles with minor gains

Key benchmark indices settled with tiny gains after a volatile session of trade amid mixed cues from the global stocks. The barometer index, the S&P BSE Sensex, rose 21.98 points or 0.08% to settle at 27,257.64. The gains of the Nifty 50 index were higher than those for the Sensex in%age terms. The Nifty 50 index gained 19 points or 0.23% to settle at 8,417. In sectoral trend, bank stocks nudged higher. Metal & mining stocks witnessed buying interest. Telecom stocks ended in red.

Among stock specific action, State Bank of India (SBI) edged higher after the bank said that it concluded the issue of $500 million fixed rate senior unsecured notes having a maturity of 5 years at a coupon of 3.25% payable semi-annually.

Back to key indices, earlier during the day, key indices had regained positive terrain after slipping into the red for a brief period after witnessing initial gains triggered by reports suggesting that the Central Board of Direct Taxes put in abeyance its earlier circular raising foreign investors concerns over a potential rise in tax liability under indirect transfer provisions.

Among other Asian market South Koreas KOSPI Index declined 1.33 points or 0.06% to settle at 2,070.54 in choppy trade. New Zealands benchmark S&P/NZX-50 index edged down 3.69 points or 0.05% to settle at 7,059.27. Also, Singapores Straits Times Index dipped 0.42% and Taiwans Weighted Index declined 0.13%.

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Hang Seng hugs psychologically key 23,000 level
Jan 18,2017

The Hong Kong stock market ended two and half a month high on Wednesday, 18 January 2017. The rally on the Hong Kong bourse comes as the British Prime Minister delivered her policy speech on Brexit on Tuesday, easing mounting concerns on how she planned to exit the European Union which sent the pound soaring overnight, as well as pushing up stocks with exposure to European market. The Hang Seng Index added 1.13% or 257.29 points to close at 23,098.26. The Hang Seng China Enterprises index, or the H-share index, rose 1.04% or 100.67 points to 9,802.86. Turnover increased to HK$68.5 billion from HK$50.7 billion on Tuesday.

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China Stocks gain on PBOC liquidity injection
Jan 18,2017

Mainland China stock market ended higher for second straight session on Wednesday, 18 January 2017, on the back of blue chips solid 2016 earnings projection and the central bank continued liquidity injection into the banking system as the Chinese New Year holiday approaches. Maret gains were, however, limited amid renewed weakness in small-caps and worries about Donald Trumps approach to Beijing. Sectors advanced across the board, with infrastructure stocks leading the gains. The blue-chip CSI300 index, which tracks large companies in Shanghai or Shenzhen, was up 0.39% to close at 3,339.37. The Shanghai Composite Index added 0.14% to close at 3,113.01. The Shenzhen Composite Index, which tracks stocks on Chinas second exchange, declined 0.45% to 1864.59. The ChiNext Index, which tracks Chinas NASDAQ-style board of growth enterprises, shed 1.18% to 1,845.79 points.

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Japan Stocks settle higher after volatile ride
Jan 18,2017

The Japan share market settled higher after wavering above and below break-even throughout the day on Wednesday, 18 January 2017, thanks to bargain hunting and yen decent against major currencies. But market gained capped on caution ahead of the new presidents inauguration later this week as uncertainty continues to swirl around Mr. Trumps plans for taxes and spending. The benchmark Nikkei gained 0.43 percent, or 80.84 points, to end the day at 18,894.37, while the Topix index of all first-section issues rose 0.32 percent, or 4.76 points, to 1,513.86.

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Cabinet approves Alternative Mechanism to decide on the quantum of disinvestment in case of minority stake sale in CPSEs
Jan 18,2017

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi has given its approval to Alternative Mechanism, who would decide on the quantum of disinvestment in a particular Central Public Sector Undertaking (CPSE) on a case by case basis subject to Government retaining 51 percent equity and management control. This is in addition to the present functions performed by Alternative Mechanism as has been approved by CCEA in August, 2014.

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