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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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Bodal Chemicals advances after boards nod for investment in S P S Processors
Mar 20,2017

The announcement was made during market hours today, 20 March 2017.

Meanwhile, the S&P Sensex was down 145.97 points or 0.49% at 29,503.02. The BSE Small-Cap index was up 39.31 points or 0.28% at 14,051.94.

On the BSE, 3.09 lakh shares were traded on the counter so far as against the average daily volumes of 1.38 lakh shares in the past one quarter. The stock had hit a high of Rs 141.90 and a low of Rs 137.80 so far during the day.

The stock had hit a record high of Rs 155 on 6 October 2016 and a 52-week low of Rs 61.05 on 17 March 2016. The stock had outperformed the market over the past one month till 17 March 2017, advancing 4.29% compared with the Sensexs 4.15% rise. The scrip had, however, underperformed the market over the past one quarter, rising 5.81% as against the Sensexs 11.93% rise.

The small-cap company has equity capital of Rs 21.82 crore. Face value per share is Rs 2.

S P S Processors is a company engaged in manufacturing of dye intermediates. Bodal Chemicals (BCL) will hold 70% equity stake in S P S Processors after this investment. BCL will also provide unsecured loan of about Rs 45 crore to S P S Processors to make it debt free company by retiring its existing total debt and also for expansion of its manufacturing capacities.

S P S Processors has manufacturing plant located at Kosi, Uttar Pradesh, with operational capacity to produce 250 tons per month (TPM) of H-Acid, a key dye intermediate. The plant is a zero discharge unit and only about one and half year old.

S P S Processors also has all necessary permissions to manufacture Vinyl Sulphone (VS-another key dye intermediate) as well as dyestuff, at the same plant. The board approved a plan to build a 350-TPM VS plant at the cost of about Rs 10 crore. As most of the basic infrastructure is ready at the existing plant of S P S Processors, the BCL management expects new VS plant to be operational by second quarter of FY 2O18.

This investment will help BCL to increase its manufacturing capacity of dyes intermediates by 25% and consolidate its position in the local & global markets of dye intermediates and dyestuff. This transaction will be entirely funded through internal accruals and is targeted to close before 31 March 2017 .

This acquisition is not a related party transaction and the promoters/promoter group/group companies do not have any interest in S P S Processors.

Bodal Chemicals net profit rose 54.3% to Rs 31.56 crore on 36% rise in net sales to Rs 272.24 crore in Q3 December 2016 over Q3 December 2015.

Bodal Chemicals is engaged in manufacturing of acid, direct and reactive dyestuffs and dye intermediates for textile, leather, plastics and papermaking applications.

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Idea Cellular tumbles as details of Vodafone merger disappoint investors
Mar 20,2017

The announcement was made before trading hours today, 20 March 2017.

Meanwhile, the S&P BSE Sensex was down 136 points, or 0.46% to 29,512.99.

On the BSE, 2.45 crore shares were traded in the counter so far, compared with average daily volumes of 48.33 lakh shares in the past one quarter. The stock had hit a high of Rs 123.75 and a low of Rs 92 so far during the day.

The stock hit a 52-week high of Rs 128.05 on 28 April 2016. The stock hit a 52-week low of Rs 66 on 9 November 2016.

The stock had underperformed the market over the past one month till 17 March 2017, rising 0.09% compared with 4.76% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 41.60% as against Sensexs 11.93% rise.

The large-cap company has equity capital of Rs 3603.50 crore. Face value per share is Rs 10.

The board of directors of Idea Cellular at its meeting held today, 20 March 2017, have approved the scheme of amalgamation of Vodafone India (VIL) and its wholly owned subsidiary Vodafone Mobile Services (VMSL) with the company subject to receipt of necessary approvals of shareholders, creditors, Sebi, stock exchanges, the Competition Commission of India, the Department of Telecommunications (DoT), the Foreign Investment Promotion Board, the Reserve Bank of India and other governmental authorities and third parties (as may be required).

Upon the amalgamation becoming effective, the entire business of VIL and VMSL (excluding VILs investment in Indus Towers, its international network assets and information technology platforms) will vest in Idea Cellular. The agreement contemplates the completion of the proposed amalgamation within a period of 24 months.

Vodafone India has a net worth of Rs 12855 crore and a turnover of Rs 5025 crore. Vodafone Mobile Services has a net worth of Rs 3737 crore and turnover of Rs 40378 crore. Idea Cellular has a net worth Rs 24296 crore and turnover of Rs 36000 crore.

All the entities forming part of the amalgamation are engaged in the business of cellular mobile telecommunication services pursuant to licences granted to them by the DoT. The board of directors of Idea Cellular believes that the proposed amalgamation will result in creation of largest Indian telecom operator with widest mobile network in the country and pan India 3G/4G footprint. It will provide sufficient spectrum to complete with major operators in the market while offering innovative and attractively priced mobile service to customers. The amalgamation will acceleration of expansion of wireless broadband networks across India to deliver the Government of Indias Digital Indian++ mission. It will create substantial cost and capex synergies creating value for shareholders; and leverage the customers affinity for both the existing brands.

On the scheme of amalgamation of VMSL with Idea Cellular becoming effective, Idea Cellular will issue an aggregate number of its equity shares to VIL equal to 47% of the post issue paid-up capital of Idea Cellular on a fully diluted basis. Immediately thereafter, on the amalgamation of VIL with Idea Cellular, the shares issued to VIL pursuant to the amalgamation of VMSL with Idea Cellular shall stand cancelled and, post such cancellation, Idea Cellular shall issue an aggregate number of equity shares of Idea Cellular (credited as fully paid-up) equal to 50% of the post issue paid up capital of Idea Cellular to the shareholder of VIL (Vodafone).

Vodafone will own 45.1% of the combined company after transferring a stake of approximately 4.9% to the promoters of Idea/their affiliates (together promoters of Idea) for Rs 3874 crore in cash concurrent with the completion of the amalgamation. The promoters of Idea will hold 26% of the company and the balance will be held by the public.

The promoters of Idea Cellular have the right to acquire up to a 9.5% additional stake from Vodafone under an agreed mechanism with a view to equalising the shareholdings over time. If Vodafone and the promoters of Idea do not have equal shareholding by the expiry of the 4th year from completion of the amalgamation, Vodafone is obliged to reduce its holding in order to equalise its ownership with that of the promoters of Idea over the following 5 year period. Until equalisation is achieved, the additional shares held by Vodafone will be restricted and votes will be exercised jointly under the terms of the Shareholders Agreement.

The shareholders agreement will become effective only upon the scheme of amalgamation becoming effective. None of the above including the scheme of amalgamation, the entry into the shareholders agreement and the entry into the implementation agreement is a related party transaction.

On consolidated basis, Idea Cellular reported a net loss of Rs 383.88 crore in Q3 December 2016 compared with net profit of Rs 659.36 crore in Q3 December 2015. Net sales declined 3.7% to Rs 8660.74 crore in Q3 December 2016 over Q3 December 2015.

Idea Cellular is one of the leading telecom operators in India.

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Growth-oriented policy agenda needed to ensure stronger economic recovery with benefits for all workers and households
Mar 20,2017

Governments must deploy policy packages that take advantage of the synergies between labour, product and financial market reforms to escape the low-growth trap and ensure that benefits are broadly shared by the vast majority of citizens, according to the OECDs annual Going for Growth report.

Going for Growth 2017 offers a comprehensive assessment of policy reforms that can be packaged together to boost long-term growth, improve competitiveness and productivity, create jobs and ensure a more inclusive economy.

This years edition of Going for Growth reveals an uptick in policy-maker attention to reforms to lift employment, particularly measures aimed at helping women, young people and low-skilled workers enter and thrive in the labour market, and these have delivered results. However, a worrisome slowdown in reforms that influence labour productivity - such as those in education and innovation policy- is of particular concern in light of the persistent and widespread decline in productivity growth, which is the key to boost wages and living standards.

n++Reversing the prolonged period of stagnating living standards that is affecting a large share of people worldwide will require coherent structural reform strategies and the political will to deploy them,n++ OECD Secretary-General Angel Gurrn++a said. n++The vast array of growth and inclusiveness challenges facing advanced and emerging economies call out for a quicker pace and more comprehensive set of reforms. While efforts to promote employment and bring down inequalities are beginning to pay off, governments cannot afford to let up.n++

Going for Growth 2017 suggests governments should concentrate reform efforts around packages of policy measures designed to simultaneously target economic and social objectives. The framework for selecting policy priorities laid out in this years report considers for the first time inclusiveness as a prime objective, alongside productivity and employment, which are the principal drivers of average income growth.

n++Governments in most countries need reforms to escape the low-growth trap and prepare for coming technological changes, but they must pay better attention to addressing the concerns of those who bear the costs of the reform agenda,n++ Mr Gurrn++a said. n++Putting inclusiveness at the heart of the policy equation is the only appropriate response to the growing political headwinds that have slowed reform.n++

Presenting Going for Growth with German Finance Minister Wolfgang Schn++uble ahead of the G20 Meeting of Finance Ministers and Central Bank Governors taking place in Baden Baden, Mr Gurrn++a said that implementing the reports reform recommendations would help to achieve the G-20 objectives for stronger and more inclusive growth.

The Going for Growth analysis forms the basis of the OECDs wider contribution to the G20 Framework for Strong, Sustainable and Balanced Growth. The OECD works with G20 countries to quantify their efforts to boost GDP and to achieve national growth strategy objectives.

The recipe for reform varies by country, but the ingredients include measures to promote business dynamism and the diffusion of innovation, to help workers to cope with the rapid turnover of firms and jobs, and to better prepare youth for the labour market of the future. These will require improving outcomes and equity in basic education and adult training programmes, exposing businesses to stronger product market competition, including through greater openness to cross-border trade and investment, and beefing-up job search assistance and other active labour market policies to facilitate the return to work in quality jobs of laid-off workers.

Going for Growth 2017 notes that the pace of reforms continues to vary across both countries and policy areas. It points out that governments have tended to concentrate reform efforts in specific policy areas, running the risk of missing potential gains from policy synergies and reform complementarities. Improved packaging of reforms would make them easier to implement, maximise the impact on growth and job creation and help reduce income inequality.

Among the highlights in this years report:

n++The pace of reform has slowed in countries which have been particularly active in the previous two-year period, such as Mexico, Greece, Ireland, Portugal, Poland and Spain, as well as in a number of countries where reform activity was not so intense, including Australia, Indonesia and Slovenia.

n++Reform intensity has increased noticeably in some countries which had not been among the most active reformers, such as Belgium, Chile, Colombia, Israel, Italy and Sweden, as well as in Austria, Brazil and France.

n++The slowdown in the pace of reform is principally driven by a decline in reforms tin productivity-related areas. Given the importance of productivity gains for long-term living standards, this years report puts more emphasis on reform priorities in the areas of education, product market competition and public investment.

n++Many countries have heeded OECD recommendations to boost job creation by lowering labour tax wedges on low-wage workers. Individualised job search support and wage subsidies have been stepped up to facilitate the return to work of the long-term unemployed. Similarly, the number of reforms aimed at reducing barriers to women working, including increased access to child care and early childhood education, are increasing. These are both areas where pro-growth reforms also promote greater inclusiveness.

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Volumes jump at Magma Fincorp counter
Mar 20,2017

Magma Fincorp clocked volume of 2.84 crore shares by 13:42 IST on BSE, a 1724.46-times surge over two-week average daily volume of 16,000 shares. The stock rose 3.69% at Rs 103.95.

Redington (India) notched up volume of 1.61 crore shares, a 217.51-fold surge over two-week average daily volume of 74,000 shares. The stock lost 1.05% at Rs 108.

Bayer CropScience saw volume of 1.38 lakh shares, a 202.97-fold surge over two-week average daily volume of 1,000 shares. The stock was down 1.33% at Rs 3,799.

Greenply Industries clocked volume of 38.70 lakh shares, a 195.58-fold surge over two-week average daily volume of 20,000 shares. The stock declined 2.45% at Rs 277.

Reliance Power saw volume of 6.06 crore shares, a 72.04-fold rise over two-week average daily volume of 8.42 lakh shares. The stock rose 1.05% at Rs 48.20.

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Cabinet approves four GST Bills
Mar 20,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the following four GST related bills:

1. The Central Goods and Services Tax Bill 2017 (The CGST Bill)

2. The Integrated Goods and Services Tax Bill 2017 (The IGST Bill)

3. The Union Territory Goods and Services Tax Bill 2017 (The UTGST Bill)

4. The Goods and Services Tax (Compensation to the States) Bill 2017 (The Compensation Bill)

The above four Bills have been earlier approved by the GST Council after thorough, clause by clause, discussion over 12 meetings of the Council held in the last six months.

The CGST Bill makes provisions for levy and collection of tax on intra-state supply of goods or services for both by the Central Government. On the other hand, IGST Bill makes provisions for levy and collection of tax on inter-state supply of goods or services or both by the Central Government.

The UTGST Bill makes provisions for levy on collection of tax on intra-UT supply of goods and services in the Union Territories without legislature. Union Territory GST is akin to States Goods and Services Tax (SGST) which shall be levied and collected by the States/Union Territories on intra-state supply of goods or services or both.

The Compensation Bill provides for compensation to the states for loss of revenue arising on account of implementation of the goods and services tax for a period of five years as per section 18 of the Constitution (One Hundred and First Amendment) Act, 2016.

Background:

The Government is committed to early introduction of GST, one of the biggest reforms, in the country as early as possible. GST Council has decided 1st July as the date of commencement of GST. The Finance Minister in his Budget Speech has mentioned that country-wide outreach efforts will be made to explain the provisions of GST to Trade and Industry.

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ABG Shipyard extends gains
Mar 20,2017

Meanwhile, the S&P Sensex was down 136.98 points or 0.46% at 29,512.01. The BSE Small-Cap index was up 35.85 points or 0.26% at 14,048.48.

On the BSE, 40,000 shares were traded on the counter so far as against the average daily volumes of 63,447 shares in the past one quarter. The stock had opened with an upward gap by surging by the maximum permissible level of 5% and remained locked at that level at Rs so far during the day.

The stock had hit a 52-week high of Rs 74.60 on 22 March 2016 and a record low of Rs 19.95 on 15 March 2017. The stock had underperformed the market over the past one month till 17 March 2017, sliding 17.95% compared with the Sensexs 4.15% rise. The scrip had also underperformed the market over the past one quarter, declining 29.23% as against the Sensexs 11.93% rise.

The small-cap company has equity capital of Rs 99.68 crore. Face value per share is Rs 10.

Shares of ABG Shipyard have risen 15.5% in three trading sessions from its closing of Rs 20.35 on 15 March 2017.

With reference to news report titled, Reliance Defence expresses interest in buying Agreed Assets of ABG Shipyard, ABG Shipyard clarified after market hours on Thursday, 16 March 2017, that lenders have invited expression of interest for acquisition of majority shareholding in ABG Shipyard. Accordingly, few parties have expressed their interest. Information/details will be submitted to the stock exchanges on completion of the process, ABG Shipyard said. The stock had surged by the maximum permissible level of 5% to settle at Rs 22.40 on Friday, 17 March 2017.

ABG Shipyard reported net loss of Rs 1710.68 crore in Q4 March 2016 as against net loss of Rs 374.86 crore in Q4 March 2015. Net sales declined 90.5% to Rs 1.95 crore in Q4 March 2016 over Q4 March 2015.

ABG Shipyard is into shipbuilding and ship repair business.

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Idea Cellular leads losers on BSEs A group
Mar 20,2017

Idea Cellular fell 7.32% at Rs 100. The stock topped the losers in A group. On the BSE, 2.24 crore shares were traded on the counter so far as against the average daily volumes of 23.53 lakh shares in the past two weeks.

Jaiprakash Associates slipped 5.36% at Rs 13.25. The stock was the second biggest loser in A group. On the BSE, 55.77 lakh shares were traded on the counter so far as against the average daily volumes of 58.04 lakh shares in the past two weeks.

Delta Corp declined 5.36% at Rs 161.65. The stock was the third biggest loser in A group. On the BSE, 7.62 lakh shares were traded on the counter so far as against the average daily volumes of 13.73 lakh shares in the past two weeks.

Firstsource Solutions tumbled 3.18% at Rs 41.05. The stock was the fourth biggest loser in A group. On the BSE, 3.05 lakh shares were traded on the counter so far as against the average daily volumes of 4.21 lakh shares in the past two weeks.

Shree Cement slipped 2.69% at Rs 16,000. The stock was the fifth biggest loser in A group. On the BSE, 1,398 shares were traded on the counter so far as against the average daily volumes of 620 shares in the past two weeks.

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Marathon Nextgen Realty advances as board approves share buyback plan
Mar 20,2017

The announcement was made after market hours on Friday, 17 March 2017. The buyback price of Rs 275 per share, was at a premium of 6.83% to Fridays, 17 March 2017 closing price of Rs 257.40.

Meanwhile, the S&P Sensex was down 131.81 points, 0.44% at 29,517.18. The S&P Small-cap index was up 37.16 points or 0.27% at 14,049.79, outperforming the Sensex.

High volumes were witnessed on the counter. On the BSE, 17,000 shares were traded on the counter so far as against the average daily volumes of 6,068 shares in the past one quarter. The stock had hit a high of Rs 265 and a low of Rs 255 so far during the day.

The stock had hit a 52-week high of Rs 297 on 12 August 2016 and a 52-week low of Rs 135 on 5 April 2016. The stock had outperformed the market over the past one month till 17 March 2017, advancing 22.11% compared with the Sensexs 4.15% rise. The scrip had also outperformed the market over the past one quarter advancing 20.7% as against the Sensexs 11.93% rise.

The small-cap company has equity capital of Rs 28.44 crore. Face value per share is Rs 10.

Marathon Nextgen Realty announced that the board of directors at its meeting held on Friday, 17 March 2017, approved a proposal to buyback up to 54.37 lakh equity shares of the company amounting to Rs 149.52 crore being 19.12% of the total paid-up equity share capital, at Rs 275 per share.

The buyback is proposed to be made from the shareholders of the company on a proportionate basis under the tender offer route using the stock exchange mechanism.

The buy-back is subject to approval of the members by means of a special resolution through postal ballot. The public announcement setting out the process, timelines and other requisite details will be released in due course in accordance with the buyback regulations.

Marathon Nextgen Realtys net profit declined 22.2% to Rs 25.16 crore on 36.4% decline in net sales to Rs 53.81 crore in Q3 December 2016 over Q3 December 2015.

Marathon Nextgen Realty is engaged in real estate development business.

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Board of APM Industries approves demerger of finance and investment business to subsidiary
Mar 20,2017

APM Industries announced that the Board of Directors of the Company at its meeting held on 20 March 2017 has considered and approved the demerger/ hiving off of the finance and investment business and assets of the Company to the wholly owned subsidiary- APM Finvest, through a scheme of arrangement.

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Glenmark Pharmaceuticals receives tentative approval for Fingolimod Capsules
Mar 20,2017

Glenmark Pharmaceuticals has been granted tentative approval by the United States Food & Drug Administration (USFDA) for Fingolimod Capsules, 0.5 Mg, the generic version of Gilenyan++ Capsules of NovartisPharmaceuticals Corp.

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Hindalco Industries intimates on proposed amalgamation of Idea Cellular and Vodafone Group
Mar 20,2017

Hindalco Industries holds 6.34% and is classified as a promoter of Idea Cellular. The Board of Idea Cellular on 20 March 2017 approved the amalgamation of Vodafone India and its subsidiary, Vodafone Mobile Services with Idea Cellular subject to requisite approvals.

Upon the amalgamation becoming effective, the entire business of Vodafone India and Vodafone Mobile Services will vest in Idea. The shareholders of Vodafone will own 45.1% of Idea after transferring a stake of 4.9% to some or all the existing promoters of Idea and/or their affiliates for Rs 38.74 billion in cash concurrent to the completion of amalgamation. The promoters of Idea will hold 26% of Idea and the balance 28.9% will be held by public.

In connection with the proposed merger, the Board of the Company has approved the execution of an Implementation Agreement amongst Idea and the promoters of Idea, Vodafone India, Vodafone Mobile Services, Vodafone and Vodafone International Holdings BV.

In addition to the Implementation Agreement, the Board of the Company also approved the execution of Shareholders Agreement amongst Idea, Promoters of Idea, Vodafone and Vodafone International Holdings BV which will be effective only up on the amalgamation becoming effective.

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Indian Bank declines on profit taking
Mar 20,2017

Meanwhile, the S&P Sensex was down 143.27 points or 0.48% at 29,505.72.

On the BSE, 15,000 shares were traded on the counter so far as against the average daily volumes of 74,685 shares in the past one quarter. The stock had hit a high of Rs 286.35 and a low of Rs 275.05 so far during the day.

The stock had hit a 52-week high of Rs 310 on 9 February 2017 and a 52-week low of Rs 84.80 on 12 May 2016. The stock had underperformed the market over the past one month till 17 March 2017, sliding 2.16% compared with the Sensexs 4.15% rise. The scrip had, however, outperformed the market over the past one quarter, surging 21.68% as against the Sensexs 11.93% rise.

The large-cap bank has equity capital of Rs 480.29 crore. Face value per share is Rs 10.

Shares of Indian Bank had risen 6.28% in the preceding four trading sessions to settle at Rs 283.20 on Friday, 17 March 2017, from its closing of Rs 266.45 on 10 March 2017.

Meanwhile, Indian Bank announced on Saturday, 18 March 2017, that its board approved to raise capital by issuing 4.75 crore equity shares through follow-on issue/rights issue/private placement /qualified institutional placement (QIP)/preferential issue, subject to necessary approval from Reserve Bank of India, Government of India, shareholders of the bank and other regulatory authorities, at appropriate time.

Net profit of Indian Bank rose 670.4% to Rs 373.48 crore on 2.5% growth in total income to Rs 4557.25 crore in Q3 December 2016 over Q3 December 2015.

Government of India currently holds 82.1% stake in Indian Bank (as on 31 December 2016).

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Larsen & Toubro Infotech partners with Scandinavian Energy Company - OKQ8 Scandinavia
Mar 20,2017

Larsen & Toubro Infotech announced the signing of a multi-year strategic partnership with OKQ8 Scandinavia, one of Scandinavias largest energy companies. As part of the deal, LTI will provide Application Development and Maintenance Services (ADMS) and also help OKQ8 Scandinavia transform its IT systems and business processes.

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Intellect Design Arena allots 503,500 shares
Mar 20,2017

Intellect Design Arena announced that the Members of the Stakeholders Relationship Committee of the Company vide its Circular Resolution dated 18 March 2017 has approved the allotment of 503,500 shares to Fourteen (14) associates under ASOP 2011 Scheme, the allotment of 23,000 shares to Five (5) associates under ISOP 2015 Scheme.

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Indiabulls Real Estate gains on plan to raise Rs 100 crore through NCDs
Mar 20,2017

The announcement was made after market hours on Friday, 17 March 2017.

Meanwhile, the S&P BSE Sensex was down 147.53 points, or 0.50% to 29,501.46.

On the BSE, 3.83 lakh shares were traded in the counter so far, compared with average daily volumes of 8.67 lakh shares in the past one quarter. The stock had hit a high of Rs 83.65 and a low of Rs 81.65 so far during the day.

The stock hit a 52-week high of Rs 105.25 on 30 May 2016. The stock hit a 52-week low of Rs 51.80 on 18 March 2016.

The stock had outperformed the market over the past one month till 17 March 2017, rising 7.16% compared with 4.76% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 17.74% as against Sensexs 11.93% rise.

The mid-cap company has equity capital of Rs 98.33 crore. Face value per share is Rs 2.

Indiabulls Real Estate said it proposes to issue secured, redeemable, non-convertible debentures (NCD) of face value Rs 10 lakh each, aggregating Rs 100 crore, on a private placement basis. The NCD issue with tenor of 13 months will open on 22 March 2017, the company said in a notice. The company had received shareholders approval for the same in September 2016 through a special resolution at its annual general meeting then.

On a consolidated basis, Indiabulls Real Estates net profit fell 13.7% to Rs 58.58 crore on 58.8% decline in net sales to Rs 291.21 crore in Q3 December 2016 over Q3 December 2015.

Indiabulls Real Estate is a real estate development company with development projects spread across office and commercial complexes, premium residential developments, mega townships, retail spaces, hotel and resorts, special economic zones and infrastructure development.

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