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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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Choice International to hold board meeting
Jul 07,2017

Choice International will hold a meeting of the Board of Directors of the Company on 15 July 2017 for the quarter ended June 30, 2017

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Colinz Laboratories to hold board meeting
Jul 07,2017

Colinz Laboratories will hold a meeting of the Board of Directors of the Company on 29 July 2017 to consider, approve and take on record Un-audited Financial Results of the Company for the quarter ended 30th June, 2017, to approve draft notice of forthcoming Annual General Meeting

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Gini Silk Mills to hold board meeting
Jul 07,2017

Gini Silk Mills will hold a meeting of the Board of Directors of the Company on 12 July 2017 To adopt the Notice for convening Annual General Meeting for the financial year 2017, to recommend the Appointment of New Statutory Auditors of the Company

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Marico to hold AGM
Jul 07,2017

Marico announced that the 29th Annual General Meeting(AGM) of the company on 1 August 2017.

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Colgate-Palmolive (India) to hold AGM
Jul 07,2017

Colgate-Palmolive (India) announced that the 76th Annual General Meeting(AGM) of the company on 3 August 2017.

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RBL Bank drops after announcing fresh issue of shares
Jul 07,2017

The announcement was made during market hours today, 7 July 2017.

Meanwhile, the S&P BSE Sensex was down 25 points or 0.08% at 31,344.34

On BSE, so far 5.56 lakh shares were traded in the counter as against average daily volume of 2.83 lakh shares in the past one quarter. The stock hit a high of Rs 524.50 and a low of Rs 508.90 so far during the day. The stock had hit a record high of Rs 600 on 3 May 2017. The stock had hit a record low of Rs 273.70 on 31 August 2016.

The large-cap bank has equity capital of Rs 376.72 crore. Face value per share is Rs 10.

RBL Bank said that the banks board has approved the proposal to issue 3.26 crore equity shares on preferential basis to the one or more investors at Rs 515 per equity share totalling to Rs 1680 crore. The investors include ABG Capital, CDC Group PLC, Global IVY Ventures LLP, HDFC Standard Life Insurance Company, ICICI Lombard General Insurance Company, LTR Focus Fund, Multiples Private Equity Fund II LLP, Plenty CI Fund I, Plenty Private Equity Find I and Steadview Capital Mauritius.

The purpose of this capital raise is to augment the banks tier 1 capital for supporting the future organic growth of business as well as enabling the bank to capitalize on inorganic opportunities and for other general corporate purposes, RBL Bank.

RBL Banks net profit rose 54.59% to Rs 130.13 crore on 35.17% growth in total income to Rs 1222.87 crore in Q4 March 2017 over Q4 March 2016.

RBL Bank is a private sector bank. It currently services over two million customers through a network of 237 branches and 375 ATMs spread across 16 Indian states and Union Territories.

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Ministry of Railways reforms recruitment process through induction of digital technology
Jul 07,2017

Ministry of Railways reformed its recruitment process through induction of digital technology in a big way. This has brought transparency & efficiency.

Railway Recruitment Boards (RRBs) have conducted the worlds largest computer based test for about 92 lakh candidates. This examination was conducted in 351 cities across India, including remote areas like North East, Kashmir Valley, Lakshadweep & Andaman Islands.

Pursuing PMs vision of Digital India, 2nd stage written test and 3rd stage Aptitude (Psycho) test for Assistant Station Masters and Typing Skill Test for Ministerial posts have also been conducted in Computer based manner for 45,989 candidates across India.

Computer based Test for Aptitude (Psycho) Test and Typing Skill Test is another major initiative as it has been attempted for the first time in history. Due to this land mark digital transformation, both these tests could be completed in one day each, whereas in conventional mode these would have taken about 2 months time. This has resulted in substantial saving of time and resources.

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FSSAI addressing industrys concerns over notified standards for food supplements & nutraceuticals: CEO
Jul 07,2017

The Food Safety and Standards Authority of India (FSSAI) is in the process of addressing concerns raised by the industry on new standards for eight categories of products, including health supplements and nutraceuticals notified last year, its CEO (chief executive officer), Mr Pawan Agarwal said at an ASSOCHAM event.

n++I am taking this opportunity to reassure the industry here that if there are concerns with the standards we have released, we are still open to changing those standards, making provisions to address the concerns that you have,n++ said Mr Agarwal.

n++We have received 5-6 representations, of course it has to go through a process, we are in the process of doing so,n++ he said.

n++These standards will come into force for compliance from January 1, 2018 so we have a little time at hand before these come into compliance and hopefully we will be able to iron out those differences and concerns which will be addressed within the next 5-6 months that we have,n++ added Mr Agarwal.

He said that the standards of nutraceuticals were released by FSSAI a few months ago after very prolonged deliberations in the FSSAI by the scientific panel, scientific committee and then the authority.

n++There are associated standards and regulations, and the key amongst them being labelling regulations, claim regulations for which again the draft will soon be available on our website and we will be very happy to get feedback from the industry on those drafts,n++ he said.

He said that these are also quite contentious issues considering that consumers interest for any regulator is primary. n++I think that is non-negotiable. So any food supplement manufacturer giving any kinds of claims, has to be extra cautious and as a regulator we have to ensure that those claims are substantiated with evidence.n++

Mr Agarwal also apprehended that industry might have reservations regarding claims regulations which will soon be put in place. n++There may be some concerns from the sector, I am pre-warning you.n++

On the labelling, he said there may not be too many issues. He however added that FSSAI has been getting reports from the field that increasingly large number of spurious products are available in the market today.

n++The challenge with the food supplements is that there is no robust framework for testing of food supplements products. There are also issue about good manufacturing practices around food supplements and nutraceuticals sectors,n++ said the FSSAI chief.

He said that FSSAI has set up a technical panel with representatives from food supplement companies to put together the framework for goods manufacturing practices (GMPs) for nutraceuticals and food supplements.

n++We do hope that it will bring greater clarity to have a more robust ecosystem for manufacturing, processing and distribution of food supplements in the country,n++ said Mr Agarwal.

He further said that though there are many companies that import food supplements and while the FSSAI intends to provide them a level-playing field but considering the Make in India, campaign of the government, their focus is on promoting much of processing and manufacturing within India.

The FSSAI chief also said that it is imperative for both the industry and government to work together to provide a more robust framework for growth of food supplement and nutraceuticals sector in India.

In his address at the ASSOCHAM conference, Mr J.P. Meena, secretary, Ministry of Food Processing Industries (MoFPI) stressed upon the need to make the food supplements and nutraceuticals affordable as about 43 per cent children across India remain malnourished while the sector mainly caters to the middle and upper-middle class consumers.

Noting the various challenges being faced by the sector like the need to gain public confidence and questions raised as to whether the claims being made the manufacturers are evidence-based, Mr Meena said, n++Attempts are being made to remove these constraints but I think the industry has to walk a lot of distance to make it a popular product, more so when health awareness is on the rise about processed foods, the traceability will become paramount.n++

He said that the only way to ensure traceability is to develop backward linkages. n++The present practice of sourcing raw material from here and there, I think will have to come over and get into organised cultivation of plants required for nutraceuticals.n++

Mr Meena also informed that MoFPI has particularly being focusing on making farmers/growers partners in the growth story of food processing sector.

n++Unless the benefits to some extent are passed on to the farmers, I see that the future of industry will not be very stable and we may not be able to face challenges which will emerge in the future on account of health concerns,n++ he said.

n++Sooner or later traceability is going to be an issue and everybody who is there in the food business may be required to have certification on this issue and there lies actually the tie-up with the farmers,n++ he added.

He also informed that with regards to capacity expansion and creating new capacities, MoFPI has come out with a new scheme, Kisan Sampada, whereby government will be investing Rs 6,000 crore over next three years which should bring an investment of about Rs 35,000 crore in the food processing sector as a whole.

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Shriram City Union Finance biggest loser on BSEs A group
Jul 07,2017

Shriram City Union Finance slipped 4.37% at Rs 2,409.95. The stock topped the losers in A group. On the BSE, 3,276 shares were traded on the counter so far as against the average daily volumes of 419 shares in the past two weeks.

Intellect Design Arena declined 4.87% at Rs 122. The stock was the second biggest loser in A group. On the BSE, 1.13 lakh shares were traded on the counter so far as against the average daily volumes of 86,000 shares in the past two weeks.

Edelweiss Financial Services fell 2.74% at Rs 193.45. The stock was the third biggest loser in A group. On the BSE, 10.34 lakh shares were traded on the counter so far as against the average daily volumes of 2.48 lakh shares in the past two weeks.

Bharti Infratel skid 2.43% at Rs 404.90. The stock was the fourth biggest loser in A group. On the BSE, 23,000 shares were traded on the counter so far as against the average daily volumes of 91,000 shares in the past two weeks.

Page Industries tumbled 1.83% at Rs 17,070. The stock was the fifth biggest loser in A group. On the BSE, 181 shares were traded on the counter so far as against the average daily volumes of 1,183 shares in the past two weeks.

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Tea stocks sizzle on hopes of firm prices
Jul 07,2017

Assam Company (India) (up 7.54%), Jay Shree Tea & Industries (up 4.74%), Warren Tea (up 2.41%), McLeod Russel India (up 4.23%), Goodricke Group (up 3.24%), Diana Tea (up 0.67%), James Warren Tea (up 2.05%), Rossel India (up 2.76%), Dhunseri Tea & Industries (up 0.8%), Andrew Yule & Company (up 3.59%) and Tata Global Beverages (up 2.02%) edged higher.

Meanwhile, the S&P BSE Sensex was down 39.19 points, or 0.12% to 31,330.15

As per reports, initial indicators showed that average auction prices for Darjeeling tea in the first week of June rose to Rs 360.66/kg in 2017 from Rs 346.6/kg in 2016. Leaf plucking and processing activities have been suspended since the second week of June, following the political strife in the region.

A research report indicated that the current political unrest in Darjeeling is likely to impact the production and exports of the premium tea.

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The Central Governments decision on recommendations of the 7th Central Pay Commission (CPC) on Allowances are given effect from 01 July 2017
Jul 07,2017

Resolution conveying the Central Governments decision on recommendations of the 7th Central Pay Commission (CPC) on Allowances has been published in Gazette of India yesterday i.e.6th July, 2017.

Based on the Report of Committee on Allowances (CoA) and the recommendation of E-CoS, the Cabinet had earlier approved the modifications in 34 Allowances in its Meeting held on 28th June 2017.

All allowances are given effect from 1st July 2017.

Concerned Ministries have now been advised to issue their Orders on Allowances governed by them immediately so that the revised rates of allowances get reflected in the current months Salary Bills of the Government employees.

Major Highlights of the Allowances approved by the Union Cabinet are as follows:

n++Cabinet approved recommendations of 7th CPC on allowances with 34 modifications - revised rates effective from 01.07.2017

n++It will benefit 34 lakh Civilian employees and 14 lakh Defence Forces personnel

n++7th CPC examined 197 allowances, recommending abolition of 53 allowances and subsuming 37 in others.

n++7th CPC recommended revised rates commensurate with Dearness Allowance

n++Fully DA-indexed allowances - no raise, not DA indexed raised by 2.25, partially indexed raised by 1.5, % based rationalised by 0.8

n++Risk & Hardship Matrix evolved for allowances linked to risk and hardship

n++7th CPC projected additional financial implication at Rs.29,300 cr per annum, modifications to have additional implication of Rs.1448.23 cr

n++Combined additional financial implication estimated at Rs.30748.23 crore per annum.

1. Number of allowances recommended to be abolished and subsumed:

n++ Government decided not to abolish 12 allowances in view of specific functional requirements

n++ 3 of 37 subsumed allowances will continue as separate identities due to unique nature of these allowances.

2. House Rent Allowance (HRA)

n++ HRA will be paid @24%, 16% & 8% for X, Y & Z cities respectively

n++ HRA not to be less than Rs.5400, 3600 & 1800 for X,Y&Z cities, calculated @30,20,&10% of min pay of Rs.18000 - to benefit >7.5 lakh employee

n++ 7th CPC recommended revision of HRA when DA reaches 50% & 100%, Govt decided to revise rates when DA crosses 25% and 50% respectively.

3. Siachen Allowance:

n++Rates of Siachen Allowance increased from Rs.14000 pm (Soldiers) to Rs.30000 & Rs.21000 pm (Officers) to Rs.42500 for extreme risk & hardship.

4. Dress Allowance:

n++ Government decided to pay Dress Allowance to Nurses on monthly basis due to high maintenance and hygiene requirements.

n++ Higher rate of Dress Allowance for Special Protection Group accepted by Govt.

5. Tough Location Allowance:

n++ 7th CPC recommended-TLA not to be granted with SDA-Govt decided to give option of SCLRA at pre-revised rates with SDA at revised rates

6. Recommendations in respect of some important allowances paid to all categories:

n++ Children Education Allowance increased from Rs.1500 pm/child (max.2) to Rs.2250/child and Hostel Subsidy increased from Rs.4500 pm to Rs.6750 pm.

n++ Special Allowance for Child Care for Women with Disabilities doubled from Rs.1500 pm to Rs.3000 pm

n++ Higher Qualification Incentive for Civilians increased from Rs.2000 - Rs.10000 (Grant) to Rs.10000 - Rs.30000 (Grant)

7. Recommendations in respect of some important allowances paid to Uniformed Services: Defence, CAPFs, Police, Indian Coast Guard and Security Agencies

n++ Abolition of Ration Money Allowance and free ration to Defence officers in peace areas not accepted, RMA to be credited in bank account

n++ Technical Allowance (Tier-II) not to be merged, Govt. decided to continue Technical Allowance (Tier-II) @Rs.4500 pm-courses to be reviewed

n++ Aeronautical Allowance increased Rs.300 pm to Rs.450 pm and extended to Indian Coast Guard also

n++ Counter Insurgency Ops (CI Ops) Allowance for counter - insurgency ops increased from Rs.3000 - Rs.11700 pm to Rs.6000 - Rs.16900 pm

n++ MARCOS and Chariot Allowance paid to marine commandos increased from Rs.10500 - Rs.15750 pm to Rs.17300 - Rs.25000 pm

n++ Conditionality of 12 hrs reduced to 4 hrs for Sea Going Allowance and rates increased from Rs.3000 - Rs.7800 pm to Rs.6000 - Rs.10500 pm

n++ COBRA Allowance granted to CRPF personnel in Naxal hit areas increased from Rs.8400 - Rs.16800 pm to Rs.17300 - Rs.25000 pm

n++ Modified Field, Field & Highly Active Field Area Allowances increased from Rs.1200 - Rs.12600 pm to Rs.6000 - Rs.16900 pm.

n++ Flying Allowance increased from Rs.10500 - Rs.15750 pm to Rs.17300 - Rs.25000 pm and extended to BSF Air Wing also

n++ High Altitude Allowance increased from Rs.810 - Rs.16800 pm to Rs.2700 - Rs.25000 pm

n++ Higher Qualification Incentive for Defence Personnel increased from Rs.9000 - Rs.30000 (Grant) to Rs.10000 - Rs.30000 (Grant).

n++ Test Pilot and Flight Test Engineer Allowance increased from Rs.1500 / 3000 pm to Rs.4100 / 5300 pm

n++ Additional Free Railway Warrant (Leave Travel Concession) extended to CAPFs.

n++ Territorial Army Allowance increased from Rs.175 - Rs.450 pm to Rs.1000 -Rs. 2000 pm

n++ Ceilings of Deputation (Duty) Allowance for Defence Personnel increased from Rs.2000 - Rs.4500 pm to Rs.4500 - Rs.9000 pm

n++ Detachment Allowance increased Rs.165 - Rs.780 per day to Rs.405 - Rs.1170 per day

n++ Para Jump Instructor Allowance increased from Rs.2700/3600 pm to Rs.6000/10500 pm

n++ Govt. increased Special Security Allowance for Special Protection Group to 55% and 27.5% of BP for ops and non - ops duties

n++ Housing provisions for PBORs and their families residing at other stations significantly improved and linked to HRA, process simplified

8. Allowances paid to Indian Railways

n++ Additional Allowance increased from Rs.500 / 1000 pm to Rs.1125 / 2250 pm and extended to Loco Pilot Goods and Senior Passenger Guards @Rs.750 pm

n++ Special Train Controllers Allowance @5000 pm introduced for Train Controllers of Railways

9. Allowances paid to Nurses & Ministerial Staffs of Hospital

n++ Government increased rate of Nursing Allowance from Rs.4800 pm to Rs.7200 pm

n++ Operation Theatre Allowance not abolished and rates increased from Rs.360 pm to Rs.540 pm

n++ Hospital Patient Care Allowance/Patient Care Allowance increased from Rs.2070 - Rs.2100 pm to Rs.4100 - Rs.5300 pm

n++ 7th CPC recommendations modified and HPCA / PCA to continue for Ministerial staff

10. Allowances to Pensioners

n++ Fixed Medical Allowance for Pensioners increased from Rs.500 pm to Rs.1000 pm

n++ Constant Attendance Allowance on 100% disablement increased from Rs.4500 pm to Rs.6750 pm

11. Allowances to Scientific Departments

n++ 7th CPC recommendations to abolish Launch Campaign Allowance and Space Technology Allowance not accepted - rates revised from Rs.7500 pa to Rs.11250 pa

n++ Professional Update Allowance for non-gazetted staff of DAE will continue at enhanced rate of Rs.11250 pa

n++ Antarctica Allowance - Summer rates revised from Rs.1125 per day to Rs.1500 per day, Winter rates from Rs.1688 per day to Rs.2000 per day

12. Allowance paid to D/o Posts & Railways

n++ Cycle Allowance not abolished - rates doubled from Rs.90 to Rs.180 pm for functional requirements of Postmen in Posts and Trackmen in Railways.

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NIIT Technologies to hold board meeting
Jul 07,2017

NIIT Technologies will hold a meeting of the Board of Directors of the Company on 20 July 2017 Quarterly Results

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Confidence Petroleum corrects on profit booking
Jul 07,2017

Meanwhile, the S&P BSE Sensex was down 51.26 points, or 0.16% to 31,318.08.

On the BSE, 2.72 lakh shares were traded in the counter so far, compared with average daily volumes of 6.52 lakh shares in the past one quarter. The stock had hit a high of Rs 17.64 and a low of Rs 16.77 so far during the day. The stock hit a 52-week high of Rs 17.97 on 6 July 2017. The stock hit a 52-week low of Rs 4.87 on 7 July 2016.

The stock had outperformed the market over the past one month till 6 July 2017, rising 35.77% compared with 0.31% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 123.14% as against Sensexs 5.60% rise. The scrip had also outperformed the market in past one year, rising 260.20% as against Sensexs 15.32% rise.

The small-cap company has equity capital of Rs 25.88 crore. Face value per share is Re 1.

Shares of Confidence Petroleum India rose 26.89% in nine trading sessions to settle at Rs 17.65 yesterday, 6 July 2017, from its close of Rs 13.91 on 22 June 2017.

Recent rise in the stock was triggered by the company winning orders worth Rs 361.96 crore for supplying LPG cylinders. The announcement was made during trading hours on Wednesday, 5 July 2017. Shares of Confidence Petroleum India hit an upper circuit limit of 5% to settle at Rs 17.27 on 5 July 2017.

Confidence Petroleum India will supply 30,16,352 LPG cylinders. The orders have been awarded by the BPCL, HPCL and Indian Oil Corporation, with an option of order for equivalent quantity next year, the company said in a statement.

On a consolidated basis, Confidence Petroleum India reported net loss of Rs 0.10 crore in Q4 March 2017 as against net profit of Rs 0.01 crore in Q4 March 2016. Net sales rose 69.74% to Rs 157.55 crore in Q4 March 2017 over Q4 March 2016.

Confidence Petroleum India is manufacturer of liquefied petroleum gas (LPG) cylinders for domestic, as well as commercial use.

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Export of Oilmeals Up by 64% in April - June 2017
Jul 07,2017

The Solvent Extractors Association of India has compiled the export data for export of oilmeals for the month of June 2017. The export during June 2017 is reported at 150,918 tons compared to 132,771 tons in June 2016 i.e. up by 14%. The overall export of oilmeals during April - June 2017 provisionally reported at 499,140 tons compared to 304,703 tons during the same period of last year i.e. Up by 64%.

In last three months the export of oilmeals improved compared to the previous year, thanks to good monsoon, better oilseeds production and price parity. In percentage terms export showing improvement, but still it is lower compared to earlier years, which can be seen from the below table. It may be also noted that India faced drought years during 2014-15 and 2015-16, which lead to lower production of oilseeds which affected export of oilmeals to a lowest level.

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Maruti Suzuki India gets NCLT approval for scheme of amalgamation
Jul 07,2017

Maruti Suzuki India announced that the National Company Law Tribunal vide its order dated 27 June 2017 has approved the scheme of amalgamation of Maruti Suzuki India (Amalgamated Company) and seven of its wholly owned subsidiary companies, i.e.,(i) Maruti Insurance Business Agency; (ii) Maruti Insurance Distribution Services ; (iii) Maruti Insurance Agency Network ; (iv) Maruti Insurance Agency Solutions ; (v) Maruti Insurance Agency Services ; (vi) Maruti Insurance Agency Logistics and (vii) Maruti Insurance Broker (Amalgamating Companies).

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