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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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Shree Cement to pay special dividend
Jan 30,2017

Shree Cement announced that the One-time Special Dividendn++ at the rate of Rs. 100/- per Equity Share of Rs. 10 each will be paid from 09 February 2016.

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Board of Shree Cement declares one time special dividend
Jan 30,2017

Shree Cement announced that the Board of Directors of the Company at its meeting held on 30 January 2017, inter alia:

1. Board declared One-time Special Dividendn++ at the rate of Rs. 100/- per Equity Share of Rs. 10 each. The Dividend will be paid from 09 February 2016.

2. Board has approved the foreclosure of the existing term of Prashant Bangur as Joint Managing Director (which is up to 22 August 2017) w.e.f. Close of Business Hours of 31 March 2017. He has been re-appointed as Joint Managing Director for a term of 5 years w.e.f. 01 April 2017 subject to the approval of the members in the ensuing Annual General Meeting of the Company.

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Board of Hinduja Global Solutions to consider 3rd interim dividend
Jan 30,2017

Hinduja Global Solutions announced that at the board meeting scheduled on 08 February 2017, the board will consider declaration of Third Interim Dividend for Financial Year 2016-17.

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Board of V-Guard Industries recommends bonus issue
Jan 30,2017

V-Guard Industries announced that the Board of Directors, at its meeting held on 30 January 2017, has recommended the Issue of Bonus Shares by way of Capitalization of Reserves in the ratio of 2:5 (two shares for every five shares held) to the members.

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Board of Alankit declares interim dividend
Jan 30,2017

Alankit announced that the Board of Directors of the Company at its meeting held on 30 January 2017, inter alia, have considered the following businesses:

1. The Board ratified the appointment of Preeti Chadha as Company Secretary and took the note of her Change in Designation as Whole-Time Director and Company Secretary.

2. The Board considered and declared Interim Dividend @ Re. 0.10 per share on face value of equity share of Re. 1 each at the rate of 10%.

3. The Board constituted Corporate Social Responsibility Committee with Yash Jeet Basrar as Chairman and Alok Kumar Agarwal, Ankit Agarwal as its members.

4. The Board approved purchase of 370 shares of AED 1000 each of Alankit Global Resources DMCC, Dubai.

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The Hi-Tech Gears to consider Q3 results and interim dividend
Jan 30,2017

The Hi-Tech Gears announced that the a meeting of the Board of Directors of the Company will be held on 10 February 2017, inter alia, to transact the following;

1. To consider & approve the un-audited financial results for the 3rd quarter and period ended 31 December 2016.

2. To consider & declare the payment of Interim Dividend for the year 2016-17, if any and fixation of record date for such matter

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PC Jeweller to open its 71st showroom in Allahabad
Jan 30,2017

PC Jeweller is opening its 71st showroom on 02 February 2017 at Allahabad, Uttar Pradesh.

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Fitch: Indian Small Auto Borrowers Face More Short-Term Pressure
Jan 30,2017

Demonetisation appears to have had a negative impact on Indian auto-loan repayments, based on collection reports from Fitch-rated securitisation transactions. Small auto-loan borrowers have been affected the most. Demonetisation is likely to have had a detrimental effect on the income and cash flows of commercial vehicle operators, which could continue to feed through into repayments in the next few months, but Fitch-rated Indian ABS transactions have sufficient external credit enhancement to cover the likely short-term impact. We do not expect ratings to be affected.

The collections (as a percentage of investor payment obligations) of Fitch-rated ABS transactions dropped by an average of around 100bp in November 2016 (the first month of demonetisation), to 101.5% from 102.5% in October. Fitch has received December 2016 collection data for around 40% of its rated transactions, which points to a further average drop of 60bp.

Borrowers were initially permitted to use demonetised notes for loan repayments, which helped in managing collections in November. However, demonetisation has disrupted economic activity - particularly in the informal sector - and is likely to have hit borrowers incomes. It is possible that collections will fall further in early 2017, and we believe it could take at least another two to three months before for collections to return to normal.

The cash shortage has affected used-vehicle operators - which generally have weaker credit profiles - more than the new-vehicle borrowers. Pools backed predominantly by used-vehicle loans saw an average drop in collections of 130bp in November 2016. Those with a higher concentration of light and small commercial vehicles, which again have relatively weaker borrower credit profiles compared with medium and heavy vehicle owners, also dropped significantly - by almost 200bp.

The collection of pools securitised in 2016 fell by an average 120bp compared with 80bp for pools securitised before 2016. More seasoned pools are on average likely to have more experienced borrowers, with a stronger ability to meet their repayments. Furthermore, borrowers in seasoned pools will on average have serviced their loans for longer and have higher equity than those in less seasoned pools, leading to a greater willingness to pay.

Fitch-rated auto-loan ABS transactions remain resilient to a drop in collections. Only four transactions made any utilisation of credit enhancement in November 2016. All Fitch-rated transactions are currently able to withstand a 30% drop in collections for a minimum of eight months and an average of 22 months.

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Rupee sustains gains
Jan 30,2017

Rupee on Monday sustained its gains to close higher at 67.9247/9447 per dollar, versus its previous close of 68.0329/0480 per dollar last Friday.

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Japan Stocks down on stronger yen, Trump immigration curbs
Jan 30,2017

The Japan share market settled down on Monday, 30 January 2017, due to yen ascent against greenback while sentiment was also hit by Donald Trumps weekend executive order temporarily freezing refugee and migration from some countries and travel ban on people from several predominantly Muslim countries. Investors were adjusting their positions following the recent gain amid concerned about uncertain elements such as Trumps policies. The 225-issue Nikkei average declined 98.55 points, or 0.51%, to end at 19,368.85. The Topix index of all first-section issues dropped 5.48 points, or 0.35%, at 1,543.77.

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Australia Equities slide 0.9%
Jan 30,2017

Australian equity market ended steep lower on Monday, 30 January 2017, as investors flew away from riskier equities on following a lacklustre performance on Wall Street on last Friday and US President Donald Trumps weekend executive order temporarily freezing refugee and migration from some countries and travel ban on people from several predominantly Muslim countries. Mr Trump sparked a backlash in the United States and abroad after he put a 120-day hold on allowing refugees into the country, an indefinite ban on refugees from Syria and a 90-day bar on citizens from Iran, Iraq, Libya, Somalia, Sudan, Syria and Yemen. At the closing bell, the benchmark S&P/ASX 200 index slid 52.50 points, or 0.92%, to 5661.50, while the broader All Ordinaries index sank 51.30 points, or 0.89%, to close at 5714.30.

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Prithvi Softech announces resignation of company secretary and compliance officer
Jan 30,2017

Prithvi Softech announced that that Megha Somani, Company Secretary and Compliance officer of the company has resigned from the post with effect from the closing hours of 31 January 2017.

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Shri Dinesh Mills announces resignation of CFO
Jan 30,2017

Shri Dinesh Mills announced the resignation of M B Thummar as Chief Financial Officer (CFO) of the Company with effect from 31 January 2017.

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NILE gets upgradation in credit facilities
Jan 30,2017

NILE announced that India Ratings and Research has upgraded the Companys long term issuer ratings to IND A- from IND BBB+. The outlook is Stable.

Fund based working capital facility (Rs 40 crore) - IND A-; Stable (upgraded from IND BBB+; Stable)

Non-fund based working capital facility (Rs 15 crore) - IND A2+ (upgraded from IND A2).

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Reduce customs duty on chilled & frozen sea food and poultry to 10% & 20% respectively: ASSOCHAM plea
Jan 30,2017

Apex industry body ASSOCHAM has urged the Union Government to reduce customs duty on chilled and frozen sea food from present level of 30 per cent to 10 per cent to bring down food inflation and satiate high demand for sea food in India.

n++Local fisheries will not get affected by imports because sea food availability in India is much lower than its demand,n++ highlighted ASSOCHAM in its pre-budget memorandum (indirect taxes) submitted to the Centre.

n++High import duty makes it unviable to bring-in a variety of sea food products available globally which shall reduce food inflation tremendously and provide much-needed proteins to Indians at cheap cost,n++ said Mr D.S. Rawat, secretary general of ASSOCHAM.

The chamber has also suggested the Union Government to reduce customs duty on chilled and frozen poultry meat (chicken) to 20 per cent for whole chicken and that in parts as it is unlikely to destabilise the Rs 40,000 crore Indian poultry industry because majority of Indian market prefers live poultry over frozen food.

n++Though chicken is a basic non-vegetarian food, but import duty on chicken products is as high as 100 per cent on its parts as such India is not able to import chicken,n++ highlighted the ASSOCHAM pre-budget recommendation.

Considering that prices of chicken produced in India are mostly much higher than that in rest of the world as its cost is decided upon its production, ASSOCHAM has appealed that it should be based on international prices.

n++This shall have huge impact on food inflation,n++ it said.

Factors like growing affordability, rising health consciousness, increasing consumer awareness and with more women getting into jobs are together likely to boost demand for frozen chicken and sea food products.

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