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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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Mine Developer & Operator Appointments - A Large Growth Opportunity for EPC Players
Jul 04,2017

The mine developer and operator (MDO) route presents a large growth opportunity for domestic engineering, procurement and construction (EPC) players with a demonstrated relevant track record, subject to attractive mine economics, says India Ratings and Research (Ind-Ra).

The credit profile of the appointed MDOs during the mine development phase is perceived to be risky, owing to high capex and negative free cash flow. The credit profile is likely to improve gradually over the mine operating period as the cash flows are negative to low till the annual production reaches the peak production capacity, and thereafter turn positive. Given the high capex during the development phase, it becomes extremely important for the operator to achieve the envisaged strip ratio and/or operational efficiencies to recover the capex along with a reasonable return.

As of May 2017, one out of the four MDOs appointed by central and state power utilities in the last 21 months has commenced mining operations and another two are likely to commence operations in FY18. The remaining MDO will commence mine development in FY19. The slow pace of appointment is attributed to the delay in securing requisite clearances and collection of techno-commercial data by the awarding authority for inviting prospective bids. Nevertheless, 14 captive coal mines owned by central and state power utilities with geological reserves of 6.8 billion metric tonnes are under various stages of bid invitation and evaluation while techno-commercial bids for 19 mines with geological reserves of 9.3 billion metric tonnes are in the pipeline.

MDO is a specialised operating leverage play and attracts limited competition, given the risks and reward involved. MDO projects offer multi-year revenue visibility which strengthens the overall order book and imparts diversification benefits to the appointed EPC players. Successful operations require robust mine designing and engineering capabilities as well as the financial strength to sustain viable operations over the long haul.

MDOs need to make significant upfront capex in equipment and infrastructure during the mine development phase, followed by recurring replacement capex for machinery every five years during the mine operation phase based on asset usage. The overall investment outlay is in the range of 8%-10% of project revenues over the MDO tenure. After the commencement of mining operations, it generally takes two to five years for the mine to achieve peak production capacity and EBITDA margins of 25%-30%. Return ratios are likely to be moderate in the range of 11%-14% over the operating period, owing to high capital intensity. The ability of an MDO to maintain the scheduled production timelines; maintain, or operate below, the stipulated strip ratio; and keep asset utilisation at the optimum level are key monitorables.

Ind-Ra expects EPC contractors with an experience of excavating more than three million metric tonne per annum of mineral or overburden in mining belts, moderate free cash flow, low leverage translating into high financial flexibility to be the strong contenders for MDO appointment. However, given the amount of investment and length of the gestation period involved in mine development, most moderately leveraged private contractors can only operate two mines under development phase at the most to maintain their credit profile in a comfortable range.

Despite the promising benefits, MDO projects are fraught with operational challenges with respect to delay or inability to achieve the peak production capacity, risk of an increase in strip ratio, variability in off-take, challenges in incremental land acquisition and conflicts from inhabitants. These impediments can spiral costs and weaken the financial metrics of appointed contractors.

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Munjal Auto Industries fixes record date for bonus issue
Jul 04,2017

Munjal Auto Industries has fixed 12 June 2017 as record date for proposed bonus issue.

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Emami Paper Mills jumps on capacity expansion plan
Jul 04,2017

The announcement was made after market hours yesterday, 3 July 2017.

Meanwhile, the S&P BSE Sensex was almost flat at 31,221.38.

On the BSE, 18,000 shares were traded in the counter so far, compared with average daily volumes of 7,178 shares in the past one quarter. The stock had hit a high of Rs 134 and a low of Rs 126.05 so far during the day. The stock hit a record high of Rs 152.20 on 3 November 2016. The stock hit a 52-week low of Rs 54 on 11 July 2016.

The stock had outperformed the market over the past one month till 3 July 2017, rising 19.67% compared with 0.17% decline in the Sensex. The scrip had, however, underperformed the market in past one quarter, falling 1.70% as against Sensexs 4.38% rise. The scrip had outperformed the market in past one year, rising 114.02% as against Sensexs 14.45% rise.

The small-cap company has equity capital of Rs 12.10 crore. Face value per share is Rs 2.

Emami Paper Mills said it received in principle approval from Odisha Government for proposed expansion plan for increasing capacity of multi layer coated board manufacturing at Balgopalpur in Odisha at an estimated cost of Rs 650 crore, subject to necessary approvals from the board of directors and other concerned.

Buoyed by the performance of its first packaging unit at Balasore, touching almost 180,000 tonnes per annum (TPA) mark, Emami Paper Mills is now planning to put in place a similar plant of multi-layer coated board. This will result in doubling its present capacity and the significant market share. Encouraged by good market response and growth in packaging sector, the company is now conceptualising another big ticket expansion in the form of similar plant at Balasore with somewhat similar capacity, details of which are being worked out. Emami Paper Mills said it will furnish further information in this context as soon as the decision is firmed up at the board level and after getting further necessary approvals, the company said in a statement.

Net profit of Emami Paper Mills declined 94.02% to Rs 1.40 on 110.26% rise in net sales to Rs 300.84 crore in Q4 March 2017 over Q4 March 2016.

Emami Paper Mills, a part of Emami Group, specializes in the manufacture of newsprint, writing & printing paper and multilayer coated board.

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GIPCO declines on profit booking
Jul 04,2017

Meanwhile, the S&P BSE Sensex was down 2.62 points, or 0.01% at 31,219. The S&P BSE Small-Cap index was down 7.84 points, or 0.05% at 15,564.82.

On the BSE, 72,000 shares were traded on the counter so far as against the average daily volumes of 1.02 lakh shares in the past two weeks. The stock had hit a high of Rs 128 so far during the day, which is also its 52-week high. The stock hit a low of Rs 121.35 so far during the day. The stock had hit a 52-week low of Rs 84.10 on 21 September 2016.

The stock had outperformed the market over the past one month till 3 July 2017, advancing 18.78% compared with the Sensexs 0.17% fall. The scrip had also outperformed the market over the past one quarter advancing 14.75% as against the Sensexs 4.38% rise. The scrip had also outperformed the market over the past one year advancing 33.37% as against the Sensexs 15.02% rise.

The small-cap company has equity capital of Rs 151.25 crore. Face value per share is Rs 10.

Shares of Gujarat Industries Power Company had rallied 13.6% in the preceding four trading sessions to settle at Rs 124.90 yesterday, 3 July 2017, from its close of Rs 109.95 on 27 June 2017.

Gujarat Industries Power Companys net profit rose 29.7% to Rs 82.45 crore on 8.7% decrease in net sales to Rs 336.22 crore in Q4 March 2017 over Q4 March 2016.

Gujarat Industries Power Company is engaged in the business of electrical power generation.

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CCL Products (India) to hold board meeting
Jul 04,2017

CCL Products (India) will hold a meeting of the Board of Directors of the Company on 11 July 2017 to consider and approve un-audited standalone financial results and un-audited consolidated financial results of the Company for the first quarter ended 30th June, 2017.

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Hil to hold board meeting
Jul 04,2017

Hil will hold a meeting of the Board of Directors of the Company on 18 July 2017 to consider and take on record, among other matters the Unaudited Financial Results for the quarter ended 30.06.2017.

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Natco Economicals to hold board meeting
Jul 04,2017

Natco Economicals will hold a meeting of the Board of Directors of the Company on 6 July 2017 for consider the appointment of company secretary & compliance officer of the company

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Zydus Cadila receives tentative approval for Sitagliptin and Metformin Hydrochloride Tablets
Jul 04,2017

Zydus Cadila has received the tentative approval from the USFDA to market Sitagliptin and Metformin Hydrochloride Tablets in the strengths of 50 mg/ 500 mg and 50 mg/ 1000 mg.

This is a fixed dose combination of two anti-diabetic drugs indicated for Type II diabetes mellitus and will be produced at the groups formulations manufacturing facility at Pharma SEZ in Ahmedabad.

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Mindtree to hold board meeting
Jul 04,2017

Mindtree will hold a meeting of the Board of Directors of the Company on 19 July 2017 to consider the audited financial results of the Company for the quarter ended June 30, 2017.

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Linde India to hold board meeting
Jul 04,2017

Linde India will hold a meeting of the Board of Directors of the Company on 17 July 2017 consider and approve the Unaudited Financial Results of the Company for the second quarter and half year ended 30 June 2017.

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Shree Ganesh Biotech India to hold board meeting
Jul 04,2017

Shree Ganesh Biotech India will hold a meeting of the Board of Directors of the Company on 12 July 2017 to consider the Unaudited financial results of the company for quarter ending June 30, 2017.

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Lypsa Gems & Jewellery receives order worth Rs 16 crore
Jul 04,2017

Lypsa Gems & Jewellery DMCC - a subsidiary of Lypsa Gems & Jewellery has received an order of Rs 16 crore to supply diamonds and diamond studded jewellery to customers in UAE.

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Alembic Pharmaceuticals gets tentative approval for Vardenafil Hydrochloride Orally Disintegrating Tablets
Jul 04,2017

Alembic Pharmaceuticals has received tentative approval from the USFDA for its Abbreviated New Drug Application for Vardenafil Hydrochloride Orally Disintegrating Tablets, 10 mg. The tentatively approved ANDA is therapeutically equivalent to the reference listed drug product STAXYN Orally Disintegrating Tablets, 10 mg of Bayer Healthcare and is used under license by GlaxoSmithKline. Vardenafil Hydrochloride Orally Disintegrating Tablets are indicated for treatment of erectile dysfunction.

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Ind-Ra: Affordable Housing Finance- INR6 Trillion Opportunity
Jul 04,2017

Affordable housing finance (largely for loan ticket size up to INR1.5 million) will become a large segment for housing finance companies (HFCs) in the next five years, with the estimated share to increase to around 37% in FY22 (FY17: 26%) says India Ratings and Research (Ind-Ra). The accelerated urbanisation on account of fast economic growth over the last decade and a half has created massive need for affordable housing.

Multiple tailwinds underpinning growth of the sector: The agency anticipates a demand for 25 million homes (4x of the entire current housing finance stock) over FY17-FY22 in the Medium Income Group (MIG) and Lower Income Group (LIG) categories. A combination of factors such as: 1) government financial and policy thrust, 2) regulatory support, 3) rising urbanisation, 4) increasing nuclearisation of families, and 5) increasing affordability is converting latent demand into a commercially lucrative business opportunity. Ind-Ra expects the sector to attract over INR200 billion of equity inflows over FY17-FY22 which would support growth.

Built-for-scale models required to compete with entrenched incumbents: Ind-Ras analysis reveals that on operating cost metrics, the new entrants with their pan-India ambitions would need to build scale quickly to compete with the incumbents whose regional-focussed models have helped maintain tight opex ratios in addition to their funding cost advantage. This entails building up the book at a rapid pace and hence will lead to high proportion of unseasoned portfolio at any point in time. To offset this it would necessitate having the right people with adequate skill-set (who have seen various cycles and scale) and the right processes (building a scalable credit funnel and robust underwriting platform) while getting the pricing (risk and opex adjusted spreads) right. These would be the key differentiators for the new age HFCs. Informal credit assessment remains the crux for the segment, and hence reasonable assessment of instalment paying ability while keeping sufficient margin for income volatality over lifecycle would be of prime importance.

Key risks and possible mitigants: Aggressive expansion without ensuring appropriate credit assessment could be a risk for the segment especially in view of limited financial data available and possibly less financial savvy customer segment. Also, the segment requires high customer connect, therefore, attracting and retaining people with on ground connect would be of prime importance. HFCs would need to build a sense of ownership, as well as develop a right incentive structure to manage this risk. Operationally, managing liquidity, mainly in view of long tenure nature of assets would be key consideration. Ind-Ra expects a prudent asset liability tenure management by HFCs.

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HEG drops after recent sharp rally
Jul 04,2017

Meanwhile, the S&P BSE Sensex was down 29.34 points, or 0.09% at 31,192.28. The S&P BSE Small-Cap index was up 3.13 points, or 0.02% at 15,575.97.

On the BSE, 21,000 shares were traded on the counter so far as against the average daily volumes of 1.29 lakh shares in the past two weeks. The stock had hit a high of Rs 390 and a low of Rs 376.55 so far during the day. The stock had hit a 52-week high of Rs 391 on 3 July 2017 and a 52-week low of Rs 144.10 on 22 November 2016.

The stock had outperformed the market over the past one month till 3 July 2017, advancing 41.81% compared with the Sensexs 0.17% fall. The scrip had also outperformed the market over the past one quarter advancing 72% as against the Sensexs 4.38% rise. The scrip had also outperformed the market over the past one year advancing 141.95% as against the Sensexs 15.02% rise.

The small-cap company has equity capital of Rs 39.96 crore. Face value per share is Rs 10.

Shares of HEG had rallied 21.43% in the preceding three trading sessions to settle at Rs 387 yesterday, 3 July 2017, from its close of Rs 318.70 on 28 June 2017.

HEG reported net loss of Rs 3.86 crore in Q4 March 2017, compared with net loss of Rs 27.11 crore in Q4 March 2016. Net sales rose 44.4% to Rs 247.68 crore in Q4 March 2017 over Q4 March 2016.

HEG is the leading manufacturer and exporter of graphite electrodes in India.

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