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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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High expectations riding on new UP Government: ASSOCHAM
Mar 21,2017

Faced with high expectations created by a massive mandate given to the BJP, the incoming Chief Minister of Uttar Pradesh has to meet immediate challenges of ensuring much better electricity supply in the coming summer, give urgent relief to Bundelkhand and find a lasting solutions for arrears of sugarcane farmers, the ASSOCHAM said today.

The Uttar Pradesh has a sizeable annual budget of about Rs 3.5 lakh crore with a deficit of about Rs 50,000 crore. Though there is a scope for bettering the state balance sheet, its fiscal situation is not as bad as some states, the chamber said.

The top priority of the new government should be to drastically improve the quality and quantity of power supply in the ensuing summer. Like several parts of the country, the challenge is not as much generation and availability of power but the financial health of the power utilities, mostly in the state ownership.

The new government should immediately take recourse to the UDAY scheme of the Centre and bring the state utility to robust health so that the users in both rural and urban areas are given better power supply. As is provided in the new scheme of things, fresh investment should be made in separate supply channels to the farmers who, for welfare reasons, have to be given the electricity supply at the concessional rates and the financial load can be taken by the state government, rather than the individual power utility.

n++Being an agricultural state, Uttar Pradesh has a huge potential in diverse agro activities like live stock, milk production and processing, food processing . For instance, abundant supply of potatoes in districts like Kannauj and mango in areas like Maliabad, need a modern processing facilities which should be encouraged in the private sector by way of fiscal and other support. Likewise, lot more agro hubs and mandis should be built in the state,n++ ASSOCHAM Secretary General Mr D S Rawat said.

As of now, the state produces about 360-400 lakh tonnes per annum and is the number one producer of milk in the country.

The state has several large sized cities like Lucknow, Kanpur, Varanasi, Allahabad, Noida, Agra, Meerut, Moradabad, Meerut , which need to be modernized and upgraded in terms of infrastructure. While initiatives like metro rail have been taken, they must be enlarged and lot more investment be made in city infrastructure including sanitation, drinking water, urban waste management.

n++A drive down the state presents a bad picture of heaps of plastics not only in cities but also in villages, creating an environment hazards, including the ground water,n++ the chamber said.

Since the same BJP is now in power in Madhya Pradesh and Uttar Pradesh, a better coordination should be achieved between the two states to give a better deal to the Bundelkhand areas which have suffered for long due to water scarcity and general backwardness.

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Equitas Holdings to allot 1,87,642 equity shares
Mar 21,2017

Equitas Holdings announced that the Stakeholders Relationship Committee (SRC) of Board of Directors of our Company has, on 20 March 2017, approved allotment of 1,87,642 Equity shares of Rs.10/- each to the option grantees who have exercised their options vide Resolution by Circulation dated 20 March 2017. The Company is in the process of applying for the final listing of the above shares from NSE and BSE. The paid up share capital of the Company will accordingly increase from Rs. 337,62,61,040 to Rs.337,81,37,460. The new equity shares issued shall rank pari passu with existing equity shares.

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Ashoka Concessions receives LoA for NHAI project in Andhra Pradesh
Mar 21,2017

Ashoka Buildcons subsidiary viz. Ashoka Concessions (ACL) has received Letter of Award (LOA) from National Highways Authority of India (NHAI) for the Project viz. Request for Proposal for Six laning of Ranastalam to Anandpuram (Visakhapatnam) (from km 634.000 to km 681.000) section of NH-5 (New NH- 16) in the state of Andhra Pradesh under NHDP Phase - V (Package II) on Hybrid Annuity Mode Project (Project). The accepted bid Project Cost is Rs. 1,187.10 crore.

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NBCC (India) signs agreement with Republic of Mauritius
Mar 21,2017

NBCC (India) has signed an agreement with the Republic of Mauritius for Project Management Services for Construction of Social Housing Units in Mauritius on 20 March 2017.

The value of the project is USD 22 million (Rs 150 crore) approx. having completion period of 18 months.

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ABB India wins Smart Technology of the Year 2016
Mar 21,2017

ABB India has restored and modernized the critical 1,035 MW Sharavathi hydropower plant in Karnataka, which approximately accounts for 25 percent of the state utility Karnataka Power Corporations power generation.

The India Smart Grid Foundation (ISGF) Innovation Award, one of Indias most prestigious ones, recognized ABB Indias efforts by awardingthe n++Smart Technology of the Year 2016n++ to this project.

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Divis Laboratories leads losers in BSEs A group
Mar 21,2017

Divis Laboratories slumped 18.69% at Rs 642.90 at 13:54 IST after the US drug regulator issued an import alert at the companys Visakhapatnam unit-II. The stock topped the losers in A group. On the BSE, 20.50 lakh shares were traded on the counter so far as against the average daily volumes of 1.34 lakh shares in the past two weeks.

Idea Cellular slipped 4.82% at Rs 92.90, with the stock extending Mondays slide triggered by the companys announcement of merger details with Vodafone India. The stock was the second biggest loser in A group. On the BSE, 1.67 crore shares were traded on the counter so far as against the average daily volumes of 52.14 lakh shares in the past two weeks.

Dr Reddys Laboratories skid 3.99% at Rs 2,632.95. The stock was the third biggest loser in A group. On the BSE, 1.19 lakh shares were traded on the counter so far as against the average daily volumes of 55,000 shares in the past two weeks.

Sadbhav Engineering declined 3.37% at Rs 306.50. The stock was the fourth biggest loser in A group. On the BSE, 5,809 shares were traded on the counter so far as against the average daily volumes of 8,229 shares in the past two weeks.

Srei Infrastructure Finance fell 3.34% at Rs 93.95. The stock was the fifth biggest loser in A group. On the BSE, 88,000 shares were traded on the counter so far as against the average daily volumes of 1.19 lakh shares in the past two weeks.

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Moodys: Liquidity-Stress Index down again in March, extending overall declining trend
Mar 21,2017

Moodys Liquidity-Stress Index (LSI) edged lower again in March, extending its overall improving trend, the rating agency says in its most recent edition of SGL Monitor. The index declined to 5.6% in mid-March from 5.7 in February. The decreasing LSI bodes well for a lower US speculative-grade default rate, which Moodys forecasts will fall to 3.1% by next February, from around 5.4% today.

Moodys Liquidity-Stress Index falls when corporate liquidity appears to improve and rises when it appears to weaken.

The LSI has been steadily improving for a year now, except for a short-lived uptick in January, said Senior Vice President, John Puchalla. Speculative-grade companies continue to benefit from generally solid fundamentals, including modest US economic growth and robust credit markets fueled by investor appetite for higher yields.

New high-yield bond and loan issuance in the year to date is at least twice as high as it was this time last year, Puchalla says in LSI Stable Amid Robust Issuance. Bond issuance so far totals about $70 billion and loan issuance around $190 billion, according to Dealogic. February was a particularly busy month, with the momentum carrying into March. While M&A activity has been modest, refinancing activity is heavy as issuers continue to capitalize on good market conditions to push out maturities at favorable pricing.

So far in March, there have been three upgrades and three downgrades of Moodys speculative-grade liquidity (SGL) ratings. Operating weakness contributed to the downgrades, but appear to reflect company-specific issues rather than any more broad-based industry shifts. The number of SGL rating downgrades remains far below the level of early 2016, when Moodys undertook a major ratings review of the energy sector.

Meanwhile, Moodys Covenant-Stress Index slipped to 3.6% in February from 3.9% the prior month, also resuming a steady decline after a brief uptick in January. The index measures the extent to which US speculative-grade companies are at risk of violating debt covenants, and continues to indicate that the risk of their doing so is very small.

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Volumes jump at KNR Constructions counter
Mar 21,2017

KNR Constructions clocked volume of 5.01 lakh shares by 13:45 IST on BSE, a 98.97-times surge over two-week average daily volume of 5,000 shares. The stock fell 0.14% to Rs 180.05.

NLC India notched up volume of 6.41 lakh shares, a 24.52-fold surge over two-week average daily volume of 26,000 shares. The stock rose 12.62% to Rs 109.30.

Joonktollee Tea & Industries saw volume of 6.07 lakh shares, a 16.82-fold surge over two-week average daily volume of 36,000 shares. The stock fell 0.35% to Rs 173.

Divis Laboratories clocked volume of 20.32 lakh shares, a 15.21-fold surge over two-week average daily volume of 1.34 lakh shares. The stock fell 18.75% to Rs 642.45.

Ramco Industries saw volume of 4.03 lakh shares, a 10.25-fold rise over two-week average daily volume of 39,000 shares. The stock fell 0.33% to Rs 210.50.

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Mandhana Industries announces cessation of director
Mar 21,2017

Mandhana Industries announced the cessation of Sangeeta M Mandhana as Non Executive Director of the Company with effect from 20 March 2017.

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PC Jeweller to open 4 new showroom
Mar 21,2017

PC Jeweller announced it is opening 4 new showrooms on 28 March 2017 at Noida (U.P.), Dwarka (New Delhi), Alwar (Rajasthan) and Aligarh (U.P.).

With the opening of these 4 showrooms, the Company will have a total of 75 showrooms located in 58 cities in India.

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Future Enterprises allots 2,76,117 Equity Shares
Mar 21,2017

Future Enterprises has allotted 2,76,117 Equity Shares of Rs. 2/- each to eligible employee(s) under the Employee Stock Option Scheme 2012 (ESOS - 2012) of the Company.

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Bharat Financial Inclusion allots 6,493 equity shares
Mar 21,2017

Bharat Financial Inclusion has allotted on 21 March 2017 6,493 equity shares of Rs.10/- each to the employees of the Company who have exercised options under various Stock Option Plans. The said shares shall rank pari-passu with the existing equity shares of the Company in all respects

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ASSOCHAM-Crisil study suggests three pronged strategy to deepen bond market in India
Mar 21,2017

A three pronged approach based on - facilitating larger institutional investment in corporate bonds together with weaning companies away from bank loans and ensuring facilitative policies and infrastructure from perspective of both issuers and investors is imperative for comprehensive development of debt market in India, suggested a recent ASSOCHAM-Crisil joint study.

n++Setting up of a dedicated team of experts or department within the Ministry of Finance to facilitate development of the corporate bond market and following up on relevant implementation initiatives will help,n++ suggested the study titled, Giving debt its due, jointly conducted by ASSOCHAM and Crisil thereby highlighting the need to put in facilitative policies and requisite infrastructure.

As part of facilitating larger institutional investment in corporate bonds - mutual funds, insurance companies and pension funds have best chance of channelling financial savings. While bank financing is by far the most preferred mode of funding, as such more companies should come out with bonds.

n++The Indian bond market has not grown the way it should have due to structural constraints - dominance of banks in lending, risk appetite of investors limited to higher ratings, regulatory arbitrage between loans and bonds and prescriptive regulatory limits on investments,n++ noted the study.

Factors such as dominance of banks in lending, risk appetite of investors limited to higher ratings, regulatory arbitrage between loans and bonds, and prescriptive regulatory limits on investments are hindering the growth of corporate bond market in India.

n++Also, retail (individuals) participation in debt markets is almost non-existent, even though the Indian investor psyche is skewed towards fixed income instruments - with as much as 47 per cent of the annual household financial savings flowing into bank fixed deposits,n++ said the report.

Highlighting the importance of a thriving corporate bond market, it said, n++It would be a win-win for both industry participants and investors - issuers will benefit from being able to generate stable funding at low costs, while investors can get secure and predictable cash flows with higher returns compared with plain-vanilla bank fixed deposits.n++

The report further stated that in the long run, this also offers economic benefits to the country as a whole, and is growth-conducive as it becomes especially important for funding the governments ambitious infrastructure agenda, which will require an estimated Rs 43 trillion in the five fiscals to 2020.

Considering the major role of individual investors, the study highlighted the urgent need to promote vigorous investor education and awareness initiatives as part of encouraging measures undertaken by regulators.

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Ramky Infra drops on profit taking
Mar 21,2017

Meanwhile, the S&P BSE Sensex was down 98.29 points or 0.33% at 29,420.45. The BSE Small-Cap index was down 65.67 points or 0.47% at 13,989.32.

On the BSE, 2.99 lakh shares were traded on the counter so far as against the average daily volumes of 23,085 shares in the past one quarter. The stock had hit a high of Rs 112.80 so far during the day, which is a 52-week high. The stock hit a low of Rs 102 so far during the day.

The stock had hit a 52-week low of Rs 51.80 on 18 November 2016. The stock had outperformed the market over the past one month till 20 March 2017, advancing 24% compared with the Sensexs 2.99% rise. The scrip had also outperformed the market over the past one quarter, rising 67.37% as against the Sensexs 12.2% rise.

The small-cap company has equity capital of Rs 57.20 crore. Face value per share is Rs 10.

Shares of Ramky Infrastructure had rallied 33.13% in the preceding four trading sessions to settle at Rs 106.70, from its closing of Rs 80.15 on 14 March 2017.

Ramky Infrastructure reported net profit of Rs 27.63 crore in Q3 December 2016 as against net loss of Rs 10.43 crore in Q3 December 2015. Net sales rose 9.2% to Rs 373.25 crore in Q3 December 2016 over Q3 December 2015.

Ramky Infrastructure is an integrated construction, infrastructure development and management company in India.

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Dredging Corporation of India soars over 48% in six sessions
Mar 21,2017

Meanwhile, the S&P BSE Sensex was down 106.91 points, or 0.36% to 29,411.83.

On the BSE, 1.27 lakh shares were traded in the counter so far, compared with average daily volumes of 68,215 shares in the past one quarter. The stock had hit a high of Rs 713.85 and a low of Rs 684 so far during the day. The stock hit a 52-week high of Rs 716 on 17 March 2017. The stock hit a 52-week low of Rs 330 on 21 March 2016.

The stock had outperformed the market over the past one month till 20 March 2017, rising 51.51% compared with 3.69% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 76.80% as against Sensexs 12.20% rise.

The small-cap company has equity capital of Rs 28 crore. Face value per share is Rs 10.

Shares of Dredging Corporation of India have rallied 48.05% in six trading sessions from its close of Rs 474.50 on 10 March 2017.

On 6 March 2017, some media reports suggested that the government was looking to sell a 51% stake in state-run company. The strategic stake sale could materialise by middle of the next fiscal year starting April 2017, the reports added.

The company, however, clarified during trading hours on 6 March 2017, that it has not received any specific official communication from the government regarding stake sale. Hence, the company had no comments to offer on the same. The company added that it will inform the stock exchange as and when any official information is received from the government in this regard.

The government currently holds 73.47% stake in Dredging Corporation of India (as on 31 December 2016).

Dredging Corporation of India reported net profit of Rs 14.04 crore in Q3 December 2016, compared with net loss of Rs 19.62 crore in Q3 December 2015. Net sales fell 13.7% to Rs 139.39 crore in Q3 December 2016 over Q3 December 2015.

State-run Dredging Corporation of India provides dredging services to the major ports of the country.

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