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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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A2Z Infra Engineering gets reaffirmation in credit ratings
Jul 06,2017

A2Z Infra Engineering has received revision in credit ratings from CARE as under -

Long term bank facilities (Rs 931.78 crore) - CARE D (Reaffirmed)
Short term bank facilities (Rs 1016.69 crore) - CARE D (Reaffirmed)

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Fitch: GST Should Boost Indias Long-Term Growth Prospects
Jul 06,2017

Indias new Goods and Services Tax (GST) will unify the indirect tax system and remove domestic barriers to trade, which should support productivity gains and GDP growth over the long term, says Fitch Ratings.

The GST that came into effect on 1 July is relatively complex, including multiple tax rates for different goods - ranging from 0% to 28%, or higher where sin taxes are applied - and requires frequent filing in all states in which a company operates. Nevertheless, it is far simpler than the previous system, under which each state set its own sales taxes - in addition to the central government - and imposed border taxes on goods entering the state.

The unified national system should offer significant opportunities for productivity. For example, it will become much quicker and less costly to move goods across the country now that trucks will not be held up at checkpoints at state borders. Smoother logistics should reduce retailers need for working capital and allow them to operate centralised warehouses, rather than in every state. Supply chains could extend, encouraging specialisation, now that there is less incentive to source goods within state borders. Tax filing may also become less time-consuming as a result of the new electronic system.

The GST is unlikely to increase revenue in the short term. However, it is likely to boost revenue indirectly over the long term, as it supports GDP growth and encourages tax compliance. A benefit of value-added taxes like Indias GST is that retailers are required to show compliance right along the supply chain to claim refunds. Large companies will now have an incentive to pressure smaller suppliers into compliance. The new electronic filing system is also likely to lead to more tax reporting. Moreover, the tax base will be broadened, as only SMEs with sales of INR2 million (USD31,000) will now be exempt from paying GST, down from INR15 million.

Small informal retailers - which account for over 90% of retail sales - should also find it harder to understate their sales or to avoid filing tax returns altogether in a system where transactions are tracked throughout the supply chain. This could accelerate the shift toward organised retail.

Shifting activity into the formal sector, where activity is regulated and taxed, is a key government goal and was the main motivation stated for demonetisation in late-2016. The informal sector is very large, accounting for over 20% of GDP and 80% of employment, and is largely untaxed. This is one of the reasons why government revenue is low, at just 21.4% of GDP in 2016, compared with a median of 29.9% for BBB range sovereigns.

There are significant short-term risks involved in the GST implementation, emphasised by the late changes to the bill and the disruptive roll-out of demonetisation. High compliance costs for businesses and administrative difficulties have been problems in some emerging economies that have introduced value-added taxes, particularly those that had complex systems, under-resourced bureaucracies and short lead-in periods.

Indias new system will overhaul the way businesses operate, affecting their financial reporting, tax accounting, supply-chain management and technology requirements. Contracts will also need to be renegotiated. Smaller firms, many of which still keep their books manually, are likely to find the transition particularly difficult. Indias large bureaucracy is likely to be tested by the new system, with further potential implications for businesses. For example, delays in processing tax returns and paying out refunds might create cash flow problems. Multiple GST rates are also likely to lead to disputes over which goods fall into which category, which could add to strains on the judicial system.

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SVC Resources announces change in directorate
Jul 06,2017

SVC Resources announced that Riyaz Khan and Om Prakash Chugh have tendered their resignation from the office of director due to pre-occupation. The Board of Directors in their meeting held on 06 July 2017 has appointed Ghanshyam Chudasama and Sonam Barot as Independent Directors in the Company. Further, Rajesh Baheti, Chairman has also been appointed as Chief Financial Officer (CFO) of the Company.

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Redington India spurts after huge bulk deal
Jul 06,2017

Meanwhile, the S&P BSE Sensex was up 141.49 points, or 0.45%, to 31,387.05. The S&P BSE Mid-Cap index was up 77.01 points, or 0.52%, to 14,979.

Bulk deal boosted volume on the scrip. On BSE, so far 2.17 crore shares were traded in the counter, compared with an average volume of 99,136 shares in the past one quarter. The stock hit a high of Rs 137.45 and a low of Rs 126.10 so far during the day. The stock hit a record high of Rs 155.35 on 5 June 2017. The stock hit a 52-week low of Rs 79.70 on 9 November 2016.

The stock had underperformed the market over the past one month till 5 July 2017, falling 10.28% compared with 0.18% rise in the Sensex. The scrip, however, outperformed the market in past one quarter, rising 13.24% as against Sensexs 4.40% rise. The scrip also outperformed the market in past one year, gaining 23% as against Sensexs 15.01% rise.

The mid-cap company has an equity capital of Rs 79.97 crore. Face value per share is Rs 2.

Redington Indias consolidated net profit rose 11.15% to Rs 153.32 crore on 3.07% rise in total income to Rs 10813.14 crore in Q4 March 2017 over Q4 March 2016.

Redington India is a supply chain solutions provider worldwide to leading manufacturers of information technology, telecom, lifestyle and consumer electronics products.

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Alfa Transformers to hold AGM
Jul 06,2017

Alfa Transformers announced that the 35th Annual General Meeting(AGM) of the company on 12 September 2017.

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Titan Company to hold AGM
Jul 06,2017

Titan Company announced that the 33th Annual General Meeting(AGM) of the company on 3 August 2017.

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Karnimata Cold Storage to hold AGM
Jul 06,2017

Karnimata Cold Storage announced that the 6th Annual General Meeting(AGM) of the company on 26 August 2017.

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Alfa Transformers to hold EGM
Jul 06,2017

Alfa Transformers announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 7 August 2017 .

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VST Tillers Tractors to hold AGM
Jul 06,2017

VST Tillers Tractors announced that the 49th Annual General Meeting(AGM) of the company on 11 August 2017.

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Tamilnadu Petroproducts drops after recent sharp rally
Jul 06,2017

Meanwhile, the S&P BSE Sensex was up 159.63 points, or 0.51% at 31,405.19. The S&P BSE Small-Cap index was up 122.89 points, or 0.78% at 15,863.49.

On the BSE, 1.88 lakh shares were traded on the counter so far as against the average daily volumes of 1.64 lakh shares in the past one quarter. The stock had hit a high of Rs 56.05 and a low of Rs 53.40 so far during the day. The stock had hit a 52-week high of Rs 56.05 on 5 July 2017 and a 52-week low of Rs 20.30 on 4 August 2016.

The stock had outperformed the market over the past one month till 5 July 2017, advancing 40.68% compared with the Sensexs 0.2% fall. The scrip had also outperformed the market over the past one quarter advancing 22.04% as against the Sensexs 4.24% rise. The scrip had also outperformed the market over the past one year advancing 165.09% as against the Sensexs 15.01% rise.

The small-cap company has equity capital of Rs 89.97 crore. Face value per share is Rs 10.

Shares of Tamilnadu Petroproducts had rallied 38.25% in the preceding three trading sessions to settle at Rs 56.20 yesterday, 5 July 2017, from its close of Rs 40.65 on 30 June 2017.

Tamilnadu Petroproducts reported net loss of Rs 15.15 crore in Q4 March 2017, compared with net loss of Rs 9.26 crore in Q4 March 2016. Net sales rose 91% to Rs 248.42 crore in Q4 March 2017 over Q4 March 2016.

Tamilnadu Petroproducts is engaged in the manufacturing and selling of petrochemical and chemical products, namely Linear Alkyl Benzene and Caustic Soda.

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PNB vaults after brokerage upgrade
Jul 06,2017

Meanwhile, the S&P BSE Sensex was up 154.78 points, or 0.5%, to 31,400.34

On the BSE, so far 7.01 lakh shares were traded in the counter, compared with average daily volumes of 10.41 lakh shares in the past one quarter. The stock had hit a high of Rs 142.75 and a low of Rs 139.75 so far during the day. The stock hit a 52-week high of Rs 185.65 on 5 May 2017. The stock hit a 52-week low of Rs 112 on 29 December 2016.

The stock had underperformed the market over the past one month till 5 July 2017, falling 8.27% compared with 0.18% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 9.39% as against Sensexs 4.40% rise. The scrip, however, outperformed the market in past one year, gaining 20.32% as against Sensexs 15.01% rise.

The large-cap state-run bank has equity capital of Rs 425.59 crore. Face value per share is Rs 2.

A foreign brokerage firm reportedly upgraded the Punjab National Bank (PNB) stock to buy from neutral citing the risk-reward ratio turning favourable and maintained its price target of Rs 180. The brokerage expects near-term provisioning to remain elevated and pressure on the banks pre-provisioning operating profit to sustain. While subsidiaries continue to accrete value, systemic loan growth remains anaemic, the brokerage firm reportedly said.

PNB reported net profit of Rs 261.90 crore in Q4 March 2017 as compared with net loss of Rs 5367.14 crore in Q4 March 2016. Total income rose 18.31% to Rs 14989.33 crore in Q4 March 2017 over Q4 March 2016.

Government of India holds 65.01% stake in PNB (as on 31 March 2017).

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Jubilant Life gains after USFDA nod for generic drug
Jul 06,2017

The announcement was made during trading hours today, 6 July 2017.

Meanwhile, the S&P BSE Sensex was up 160.84 points, or 0.51% to 31,406.40.

On the BSE, 36,000 shares were traded in the counter so far, compared with average daily volumes of 80,604 shares in the past one quarter. The stock had hit a high of Rs 724 and a low of Rs 706 so far during the day. The stock hit a record high of Rs 879.10 on 12 April 2017. The stock hit a 52-week low of Rs 298.05 on 18 July 2016.

The stock had underperformed the market over the past one month till 5 July 2017, falling 4.53% compared with 0.18% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 15.38% as against Sensexs 4.40% rise. The scrip had outperformed the market in past one year, rising 122.72% as against Sensexs 15.01% rise.

The large-cap company has equity capital of Rs 15.93 crore. Face value per share is Re 1.

Jubilant Life Sciences announced that Jubilant Pharma, a material wholly owned subsidiary of the company, through one of its wholly-owned subsidiaries, has received abbreviated new drug application (ANDA) final approval for Bupropion Hydrochloride extended-release tablets USP (XL), 150 mg and 300 mg, the generic version of Wellbutrin XL of Valeant, which is used for the treatment of major depressive disorder and prevention of seasonal affective disorder.

This is the fourth approval that the company has received from the US Food and Drug Administration (USFDA) during the current financial year. As on 31 March 2017, Jubilant Life Sciences had a total of 81 ANDAs for oral solids filed in the US, of which 51 have been approved.

Jubilant Life Sciences consolidated net profit spurted 1272.3% to Rs 149.03 crore on 7% growth in net sales to Rs 1565.79 crore in Q4 March 2017 over Q4 March 2016.

Jubilant Life Sciences is an integrated global pharmaceutical and life sciences company engaged in pharmaceuticals, life science ingredients and drug discovery solutions.

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Industry alone to add USD 280 billion to GDP from GST in 8-9 years: ASSOCHAM
Jul 06,2017

Industry alone is expected to contribute USD 280 billion to Indias Gross Domestic Product (GDP) in the next 8-9 years, as a positive fall out of the Goods and Services Tax as structural changes in the ease of doing business would propel the growth, an ASSOCHAM-APAS study has said.

Describing the GST, in the short-term, as a n++mini budget short of projection of estimated revenue,n++ the paper said most businesses would be able to get significantly more credits under GST, leading to a benefit for most of them.

n++It will bring a systematic approach and enhance transparency which will aid growth of business and would help the industry to concentrate on its core business,n++ the paper said, adding n++we believe that GST is a structural reform and is expected to accelerate the pace of GDP growth in India, despite implementation challenges in the near term. It would usher in lower taxes, seamless input tax credit, logistics savings and market share swings from unorganized to organised playersn++.

The ASSOCHAM Secretary General Mr D S Rawat said, one of the most visible benefits, accruing immediately from GST is removal of the octroi / chungi check posts at the inter-state borders, the most irritating and efficiency killing phenomenon that should have gone long ago. In any case, with most of the states, removing the major trade obstacle, immediately after the roll out of the GST, the ease of doing business would go up significantly and the operational efficiency would improve singularly from the removal of the border check posts at inter-state borders.

As the paper notes that industry would alone would bring accretion to the GDP by USD 280 billion by 2026. Combined with other vital sectors of the economy, the gains would be still higher, significantly.

Notwithstanding the teething troubles, the GST would make even the micro, small and medium enterprises (MSMEs) more efficient and confident, integrating them well into the mainstream of the economy. n++Eventually, GST will turn these MSMEs more competitive with a level playing field between large enterprises and them. Furthermore, the Indian MSMEs would be able to compete with foreign competition coming from cheap cost centres such as China, the Philippines and Bangladeshn++.

Among the other benefits to the industry and particularly the SMEs, they would find it easier to start the business and improvement in the market for the MSMEs. Besides the logistics overheads would be lower as the country-wide market becomes unified.

Just as GST would help the MSMEs, the newly started Insolvency and Bankruptcy Code (IBC) should put the non-productive assets into productive use, though the institutional infrastructure and capacity building to implement the IBC would be key.

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Alps Industries to hold AGM
Jul 06,2017

Alps Industries announced that the th Annual General Meeting(AGM) of the company on 29 August 2017.

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Jubilant Life Science gets final approval for Bupropion Hydrochloride ER Tablets
Jul 06,2017

Jubilant Life Science has announced that Jubilant Pharma, a material wholly owned subsidiary of the Company, through one of its wholly owned subsidiaries, has received Abbreviated New Drug Application(ANDA) final approval for Bupropion Hydrochloride Extended-Release Tablets USP (XL), 150 mg and 300 mg, the generic version of Wellbutrin XLn++ of Valeant, which is used for the treatment of major depressive disorder and prevention of seasonal affective disorder.

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