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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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Mathew Easow Research Securities to hold board meeting
May 18,2017

Mathew Easow Research Securities will hold a meeting of the Board of Directors of the Company on 29 May 2017, to consider and approve, the Audited Financial Results of the Company for the quarter/year ended 31st March, 2017.

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Seven Hill Industries to hold board meeting
May 18,2017

Seven Hill Industries will hold a meeting of the Board of Directors of the Company on 29 May 2017, to consider and approve the Audited Financial Results of the Company for the quarter and year ended March 31, 2017.

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Gopal Iron & Steels Co.(Gujarat) to hold board meeting
May 18,2017

Gopal Iron & Steels Co.(Gujarat) will hold a meeting of the Board of Directors of the Company on 29 May 2017, to consider and approve the Audited Financial Results of the Company for the quarter and year ended March 31, 2017.

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NMDC to hold board meeting
May 18,2017

NMDC will hold a meeting of the Board of Directors of the Company on 29 May 2017, to consider, approve and take on record the Audited Financial Results of the Company for the Quarter and Financial Year ended 31st March 2017.

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Alchemist to hold board meeting
May 18,2017

Alchemist will hold a meeting of the Board of Directors of the Company on 29 May 2017, to consider and approve the Audited Financial Results of the Company for the quarter and year ended March 31st, 2017.

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Alchemist Realty to hold board meeting
May 18,2017

Alchemist Realty will hold a meeting of the Board of Directors of the Company on 29 May 2017, to consider and approve the Audited Financial Results of the Company for the quarter and year ended March 31, 2017.

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CLIO Infotech to hold board meeting
May 18,2017

CLIO Infotech will hold a meeting of the Board of Directors of the Company on 29 May 2017, to consider and approve the Audited Financial Results of the Company for the quarter and year ended on March 31, 2017.

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IEC Education to hold board meeting
May 18,2017

IEC Education will hold a meeting of the Board of Directors of the Company on 29 May 2017, to consider and take on record the Audited Financial Results (standalone & consolidated) for the 04th Quarter and financial year ended on March 31, 2017.

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Ind-Ra: Impact of Demonetisation Waning on Construction Equipment and Commercial Vehicle Loans, MFI Loans Remain Under Spell
May 18,2017

India Ratings and Research (Ind-Ra) analysed the performance of various asset classes under its rated portfolio as of the collection month of February 2017. Commercial vehicle loans registered a stable performance and were able to weather the impact of demonetisation. Construction equipment loans registered an improved performance, driven by an increase in infrastructure spending and a rise in mining activity. Tractor loans continued to show mixed signals, with higher stress in early delinquency buckets but lower forward roll rate indicating fewer loans moving into greater delinquency buckets relative to the historical trend. Microfinance institutions (MFI) loans witnessed a sharp rise in delinquencies after demonetisation and remained under stress. Moreover, MBS transactions continue to show a stable performance, supported by an adequate credit enhancement (CE) cover.

After demonetisation, Ind-Ras Early Delinquency Index (EDI) for commercial vehicle (CV) loans increased by 153bp to 6.86% in February 2017 from the average for 1HFY17. However, the rise in weighted average (WA) 60+dpd delinquencies is extremely marginal in February 2017 compared with the average for 1HFY17, indicating fewer loans are moving into deeper buckets. 2016 vintage loans experienced slightly higher delinquencies compared with 2015 vintage loans. However, WA 90+dpd delinquencies remained at a low gradient compared with 2012-13 vintages. 2015 vintage outperformed previous vintages, with WA 90+dpd delinquencies falling to a new low of 1.25% in February 2017.

High frequency data on the underlying pools of construction equipment ABS indicates that the stress in the asset class is easing out. This is evident from a continual and significant drop observed in defaults, with WA 90+dpd delinquencies reducing 265bp in February 2017 from a high of 3.88% in November 2015. Also, the Ind-Ra Construction Equipment Gross Loss Index declined to 0.64% in February 2017 from 2.92% in February 2016.

The performance of tractor loans was mixed, considering short-term delinquencies rose and forward roll rate remained low in the last 12 months. 2016 vintage performed better across all vintages; WA 90+ delinquency for 2016 vintage loans stood at 3.26% in February 2017 (vintage with lowest delinquency at similar seasoning levels). However, farm loan waiver and pressure from the farming community may affect the credit discipline of borrowers.

Microfinance loans registered a sharp rise in delinquencies after demonetisation. Ind-Ras 0+days delinquency index increased to 10.82% in February 2017 from 0.45% in October 2016. The rise in delinquencies is expected to have a limited impact on the ratings of significantly amortised transactions that are cushioned by a high CE cover. However, local issues such as political interventions and loan waivers would continue to remain key imponderables for recent vintage loans.

Ind-Ra-rated MBS transactions registered a stable performance on account of an upright pool performance and adequate CE. WA 90+dpd delinquencies hovered at about 0.5% in FY17.

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Bajaj Auto slips after poor Q4 results
May 18,2017

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

Meanwhile, the S&P BSE Sensex was down 186.18 points or 0.61% at 30,472.59.

On the BSE, 37,000 shares were traded on the counter so far as against the average daily volumes of 26,377 shares in the past one quarter. The stock had hit a high of Rs 3,030.95 and a low of Rs 2,982 so far during the day.

The stock had hit a record high of Rs 3,122 on 9 September 2016 and a 52-week low of Rs 2,366 on 24 May 2016. It had outperformed the market over the past one month till 17 May 2017, advancing 6.39% compared with the Sensexs 4.23% rise. The scrip had also outperformed the market over the past one quarter, gaining 9.03% as against the Sensexs 7.69% rise.

The large-cap company has equity capital of Rs 289.37 crore. Face value per share is Rs 10.

Bajaj Autos standalone net profit fell 15.48% to Rs 802 crore on 7.72% decline in total income to Rs 5506 crore in Q4 March 2017 over Q4 March 2016.

The companys standalone operating earnings before interest, taxation, depreciation and amortization (EBITDA) dropped by 16.25% to Rs 1056 crore in Q4 March 2017 over Q4 March 2016. Operating EBITDA margin contracted to 21.2% in Q4 March 2017, from 23.3% in Q4 March 2016. The drop in the margins was due to rise in input material cost, increase in costs on transition from BS III to BS IV compliant vehicles.

Bajaj Autos board recommended a dividend of Rs 55 per share for the year ended March 2017.

Bajaj Auto is one of the leading two-and three-wheeler manufacturers in India.

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Ind-Ra: Denim Industry Reels Under Cost Pressure; Credit Negative
May 18,2017

The denim industry which represents below 10% of the textile market is likely to face deterioration in credit profile in the absence of improvements in realisations in FY18, says India Ratings and Research (Ind-Ra). The sectors operating margins are expected to fall to 10%-11% in FY18 (9MFY17; 12.6%) due to cost inflation amid surplus capacity in denim standard products which have low cotton content.

Ind-Ra estimates prices to moderate in 2HFY18, highlighted in the report Stable Input Prices, Fiscal Incentives to Support Textile and Cotton in FY18. However the denim surplus situation and inventory losses are likely to pressurise margins. Moreover, the man-made industry demands a level playing field for the taxation of cotton, which is exempt from indirect taxation. If cotton is brought under the Goods and Services Tax (GST) then cotton fabrics including denim sectors profitability may come under pressure in the transitory period.

The agencies denim peer set average EBITDA margins deteriorated in 9MFY17 to 12.6% from FY16s 13.2%. The fall in margins is on account of players inability to completely pass on the increase in cotton prices, on the back of high competitive pressure, similar to the situation in FY14. Raw cotton prices have increased by 32.8% yoy in March 2017 and Ind-Ra expects it to remain elevated until 1HFY18. For Denim manufacturers cotton forms more than 35%-40% of the total raw material requirement. The agency notes that for many of the basic denim fabric manufacturers catering to domestic consumption average realisations remained steady, despite higher cotton prices in 9MFY17. However, some of them have been able to increase realisations for 4QFY17 partly passing the cost inflation with a lag. Denim garments players are likely to perform better than fabric players, as the retail margins may sustain as fabric prices remain under pressure.

Ind-Ra expects the denim sector to post robust volume growth of over 10%-15% in line with the past trend along with rising disposable incomes, rapid growth of the retail sector, westernisation trend, young population demographics, and versatility of denim as a fabric. However, Ind-Ra views that the capacity addition is growing at a faster rate. Moreover, the existing capacities will face competition from new-age cost efficient plants.

The denim fabric industry is cyclical in nature and is characterised by periods of excess capacity followed by narrowing the demand-supply gap. The apparent short project pay-back has encouraged a number of denim fabric manufacturers to put up additional capacity, higher than the estimated demand growth. Further capacity additions are likely to keep the domestic competitive pressures heightened. As per CMIE data, a moderate level of new capacity ramp-up is underway in FY18. This includes capital expenditure for expansion and backward integration by a few companies namely, Nandan Denim Limited, Raymond Uco Denim Pvt Limited and RSWM Limited (IND A+/Stable).

Overall, the credit profile for most players has come under pressure also due to the stretched working capital cycle and debt-led capacity expansion in the backdrop of operating margin pressure. Aggregate peer set net leverage (Net Debt/EBITDA) increased to 4.59x in 1HFY17 compared to 2.83x in FY16. The working capital cycle has got stretched to 61 days in 1HFY17compared to 54 days in FY16, on account of the high credit period and inventory holding for the new capacity ramp-up. Increased competition in the international arena and higher receivable days will impact the exports profitability. However, Ind-Ra believes the credit profile of value-add export-oriented manufacturers will remain robust. Industry players with diversified revenue lines with a mix of man-made textile products are better placed than the pure denim players. Also, companies with strong liquidity, low leverage and short working capital cycle are better placed to face the challenging times.

Ind-Ras rated portfolio includes Sangam (India) Ltd. (SIL; IND A+/Stable), Aarvee Denims Limited, (IND tA-/Negative), RSWM Limited and Ultra Denim Private Ltd (IND BB-/Stable). Financials of Nandan Denim Ltd, Jindal Worldwide Limited and KG Denim Limited also formed part of the peer set for this study.

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GPT Infraprojects spurts on bonus issue plan
May 18,2017

The announcement was made during trading hours today, 18 May 2017.

Meanwhile, the S&P BSE Sensex was down 139.31 points, or 0.45% to 30,519.46.

On the BSE, 4,604 shares were traded in the counter so far, compared with average daily volumes of 10,732 shares in the past one quarter. The stock had hit a high of Rs 275 and a low of Rs 244.95 so far during the day. The stock hit a record high of Rs 299.85 on 3 October 2016. The stock hit a 52-week low of Rs 192.05 on 21 November 2016.

The stock had underperformed the market over the past one month till 17 May 2017, rising 4.55% compared with 4.57% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 2.08% as against Sensexs 8.33% rise.

The small-cap company has equity capital of Rs 14.54 crore. Face value per share is Rs 10.

GPT Infraprojects said that its board will meet on 23 May 2017 to consider bonus issue of shares. The board will also consider raising funds by issuing equity shares and/or other securities. Further, the board will also consider audited financial results of the company for the quarter and year ended 31 March 2017.

On a consolidated basis, net profit of GPT Infraprojects declined 14.45% to Rs 3.02 crore on 13.81% decline in net sales to Rs 106.15 crore in Q3 December 2016 over Q3 December 2015.

GPT Infraprojects is an infrastructure company based out of Kolkata.

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ABNL skids after reporting weak Q4 results
May 18,2017

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

Meanwhile, the S&P BSE Sensex was down 135.77 points or 0.44% at 30,523.

On the BSE, 12,000 shares were traded on the counter so far as against the average daily volumes of 20,506 shares in the past one quarter. The stock had hit a high of Rs 1,698 and a low of Rs 1,650 so far during the day.

The stock had hit a record high of Rs 1746.95 on 4 May 2017 and a 52-week low of Rs 955.10 on 18 May 2016. It had outperformed the market over the past one month till 17 May 2017, surging 9.74% compared with the Sensexs 4.23% rise. The scrip had also outperformed the market over the past one quarter, gaining 13.37% as against the Sensexs 7.69% rise.

The large-cap company has equity capital of Rs 130.26 crore. Face value per share is Rs 10.

Aditya Birla Nuvo (ABNL) said it has planned a capex of about Rs 200 crore for its divisions including ongoing linen yarn and VFY expansions.

ABNL said that the composite scheme of arrangement for amalgamation of ABNL with Grasim Industries followed by the demerger and listing of financial services business is now subject to the final sanction from the National Company Law Tribunal (NCLT) and the stock exchanges. The scheme is expected to be effective during Q2 September 2017.

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

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Kirloskar Brothers advances after reporting decent Q4 results
May 18,2017

The result was announced after market hours yesterday, 17 May 2017.

Meanwhile, the S&P BSE Sensex was down 108.98 points, or 0.36% at 30,549.79. The S&P BSE Small-cap index was down 148.84 points, 0.95% at 15,532.40.

On the BSE, 17,000 shares were traded on the counter so far as against the average daily volumes of 18,007 shares in the past one quarter. The stock had hit a high of Rs 280 and a low of Rs 268.35 so far during the day.

The stock had hit a 52-week high of Rs 297 on 7 April 2017 and a 52-week low of Rs 116.25 on 6 June 2016. The stock had underperformed the market over the past one month till 17 May 2017, declining 4.59% compared with the Sensexs 4.23% rise. The scrip had, however, outperformed the market over the past one quarter advancing 18.65% as against the Sensexs 7.69% rise.

The small-cap company has equity capital of Rs 15.88 crore. Face value per share is Rs 2.

Kirloskar Brothers is a pump manufacturing company with expertise in engineering and manufacture of systems for fluid management.

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JK Lakshmi Cement leads losers in BSEs A group
May 18,2017

JK Lakshmi Cement declined 6.77% at Rs 480.25 at 13:40 IST. The stock topped the losers in A group. On the BSE, 26,000 shares were traded on the counter so far as against the average daily volumes of 20,000 shares in the past two weeks.

Den Networks fell 3.93% at Rs 97.90. The stock was the second biggest loser in A group. On the BSE, 29,000 shares were traded on the counter so far as against the average daily volumes of 71,000 shares in the past two weeks.

Indian Overseas Bank (IOB) skid 3.89% at Rs 28.45. The stock was the third biggest loser in A group. On the BSE, 3.21 lakh shares were traded on the counter so far as against the average daily volumes of 10.75 lakh shares in the past two weeks.

Bharat Forge was down 3.68% at Rs 1,082. The stock was the fourth biggest loser in A group. On the BSE, 27,000 shares were traded on the counter so far as against the average daily volumes of 58,000 shares in the past two weeks.

IRB Infrastructure Developers (IRB Infra) lost 3.52% at Rs 247.90. The stock was the fifth biggest loser in A group. On the BSE, 2.08 lakh shares were traded on the counter so far as against the average daily volumes of 3.87 lakh shares in the past two weeks.

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