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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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Fitch: Global Attacks Spur Demand for Cyber Insurance
May 16,2017

The slew of recent ransomware attacks in over 150 countries reveals the widening scope of corporations cyber risk exposures, which is likely to increase demand for related insurance protection, Fitch Ratings says. Insurers are in a unique position to assist customers in addressing the cyber threat. However, a cautious approach to adding cyber exposures is warranted as there is considerable uncertainty in pricing and underwriting this risk. Aggressive expansion by individual underwriters into the segment could be credit negative.

Tallying the costs from recent attacks will take time. However, growth in corporate anxiety from cyber-related threats amid regular reports of data breaches and other information system intrusions will spur demand for cyber protection and solutions including insurance protection. Furthermore, compliance with developing regulations will likely increase the demand for coverage.

Insurers are playing an expanded role in countering the cyber threat, utilizing traditional expertise in risk management and claims services. They are also gaining more technical expertise in cyber threat testing and prevention and post-event resolution through acquisitions or alliances with cyber security vendors. Cyber protection coverage, therefore, increasingly includes a service and advisory component, as well as insured loss limits.

Besides cyber extortion and ransomware attacks, cyber-related events may include systems hacking, data theft and denial of service attacks. These events may create economic losses from damage to systems and property, remediation costs, lost revenue due to business interruption and reputation damages. Hacking events can also generate third-party liability exposures triggered by errors and omissions or failure to protect data. Professional liability exposures, including potential claims against directors and officers for failing to manage risks and prevent cyber incidents, are also possible.

US insurers wrote approximately $1.3 billion in cyber coverage in 2016, and this market could grow more than tenfold to $14 billion by 2022. Leading writers of cyber risk include American International Group, Inc. XL Group Ltd and Chubb Limited. Many insurers have taken a cautious approach to introducing cyber coverage, particularly with regard to liability coverage. Underwriting experience relating to cyber coverage, as reported by insurers, has appeared relatively favorable for insurers in the past two years, but the market remains untested.

Insurers reluctance to write more cyber coverage lies with challenges in establishing actuarially robust pricing and coverage terms for cyber-related risks given still-limited data from historical claims losses. The evolving nature of events and uncertainty regarding the source and range of potential losses add further challenges. Premium growth in cyber products may also be dampened somewhat by contrasts between the coverage insurers are currently willing to offer and the policyholders perspective of the nature of their cyber risk and protection needs. Over time, these differences will likely converge as the market matures.

Given the scope of these challenges, we would view aggressive growth in stand-alone cyber coverage, or movement to high portfolio concentration in cyber, as negative for an insurers credit profile. Underwriting, pricing and reserving uncertainties would outweigh the potential earnings growth benefits. Controlled growth as part of a diversified portfolio, coupled with continually enhanced underwriting standards, would generally be neutral for the credit profile.

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Piramal drops on profit booking
May 16,2017

Meanwhile, the S&P BSE Sensex was up 111.35 points or 0.37% at 30,433.47.

On the BSE, 27,000 shares were traded on the counter so far as against the average daily volumes of 23,654 shares in the past one quarter. The stock had hit a high of Rs 2,910 and a low of Rs 2,797.15 so far during the day.

The stock had hit a record high of Rs 2,941.90 on 15 May 2017 and a 52-week low of Rs 1,215 on 13 May 2016. It had outperformed the market over the past one month till 15 May 2017, advancing 28.09% compared with the Sensexs 2.92% rise. The scrip had also outperformed the market over the past one quarter, gaining 54.39% as against the Sensexs 7.69% rise.

The large-cap company has equity capital of Rs 34.51 crore. Face value per share is Rs 2.

Shares of Piramal Enterprises had surged 15.1% in the preceding four trading sessions to settle at Rs 2,866.10 yesterday, 15 May 2017, from its closing of Rs 2,490.15 on 9 May 2017. The stock surged 9.84% in a single trading session yesterday, 15 May 2017 after the company reported strong Q4 March 2017 earnings after market hours on Friday, 12 May 2017.

Piramal Enterprises consolidated net profit rose 61.1% to Rs 310.96 crore on 45.8% rise in net sales to Rs 2450.93 crore in Q4 March 2017 over Q4 March 2016. The strong profitability was mainly on account of improved performance across business segments and lower research and development (R&D) expenses.

The companys total loan book grew by 87% to Rs 24400 crore in the year ended March 2017 compared with Rs 13048 crore in the year ended March 2016.

On consolidated basis, the companys net profit rose 38.4% to Rs 1252.33 crore on 34.1% rise in net sales to Rs 8503.65 crore in the year ended March 2017 over the year ended March 2016.

Piramal Enterprises is one of the Indias large diversified companies, with a presence in pharmaceuticals, healthcare information management and financial services.

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Chennai Petroleum tumbles after weak Q4 results
May 16,2017

The result was announced after market hours yesterday, 15 May 2017.

Meanwhile, the S&P BSE Sensex was up 118.09 points, or 0.39% to 30,440.21.

On the BSE, 1.57 lakh shares were traded in the counter so far, compared with average daily volumes of 80,210 shares in the past one quarter. The stock had hit a high of Rs 410 and a low of Rs 392.60 so far during the day. The stock hit a 52-week high of Rs 424.80 on 11 May 2017. The stock hit a 52-week low of Rs 178.95 on 24 June 2016.

The stock had outperformed the market over the past one month till 15 May 2017, rising 8% compared with 2.92% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 15.78% as against Sensexs 7% rise.

The mid-cap company has equity capital of Rs 149 crore. Face value per share is Rs 10.

Chennai Petroleum Corporations net profit rose 38.81% to Rs 1029.75 crore on 7.13% rise in net sales to Rs 27669.92 crore in the year ended March 2017 over the year ended March 2016.

State-run public sector oil marketing firm Indian Oil Corporation (IOC) holds 51.88% stake in Chennai Petroleum Corporation as per the shareholding pattern as on 31 March 2017.

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Board of Atlanta recommends final dividend
May 16,2017

Atlanta announced that the Board of Directors of the Company at its meeting held on 15 May 2017, inter alia, have recommended the final dividend of Rs 0.3 per equity Share (i.e. 15%) , subject to the approval of the shareholders.

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Board of Amrit Corp. recommends final dividend
May 16,2017

Amrit Corp. announced that the Board of Directors of the Company at its meeting held on 15 May 2017, inter alia, have recommended the final dividend of Rs 7.5 per equity Share (i.e. 75%) , subject to the approval of the shareholders.

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Board of Alkali Metals recommends final dividend
May 16,2017

Alkali Metals announced that the Board of Directors of the Company at its meeting held on 15 May 2017, inter alia, have recommended the final dividend of Rs 0.5 per equity Share (i.e. 5%) , subject to the approval of the shareholders.

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Board of Arrow Textiles recommends final dividend
May 16,2017

Arrow Textiles announced that the Board of Directors of the Company at its meeting held on 15 May 2017, inter alia, have recommended the final dividend of Rs 1.5 per equity Share (i.e. 15%) , subject to the approval of the shareholders.

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Board of Atul Auto recommends final dividend
May 16,2017

Atul Auto announced that the Board of Directors of the Company at its meeting held on 13 May 2017, inter alia, have recommended the final dividend of Rs 1.5 per equity Share (i.e. 30%) , subject to the approval of the shareholders.

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Avanti Feeds to hold AGM
May 16,2017

Avanti Feeds announced that the Annual General Meeting (AGM) of the company will be held on 12 August 2017.

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Voltamp Transformers hits 52-week high after decent Q4 results
May 16,2017

The result was announced after market hours yesterday, 15 May 2017.

Meanwhile, the S&P BSE Sensex was up 110.02 points, or 0.36% at 30,432.14. The S&P BSE Small-cap index was up 38.18 points, 0.24% at 15,688.55.

High volumes were witnessed on the counter. On the BSE, 29,000 shares were traded on the counter so far as against the average daily volumes of 7,573 shares in the past one quarter. The stock had hit a high of Rs 1,367 so far during the day, which is also its 52-week high. The stock hit a low of Rs 1,267.70 so far during the day.

The stock had hit a 52-week low of Rs 740 on 24 May 2016. The stock had underperformed the market over the past one month till 15 May 2017, declining 3.98% compared with the Sensexs 2.92% rise. The scrip had, however, outperformed the market over the past one quarter advancing 29.21% as against the Sensexs 7.69% rise.

The small-cap company has equity capital of Rs 10.12 crore. Face value per share is Rs 10.

Voltamp Transformers is engaged in the manufacturing of electrical transformers. The companys products include oil filled transformers, cast resin transformers, unitised sub-station, induction furnace transformers and lighting transformers.

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Board of Avanti Feeds recommends final dividend
May 16,2017

Avanti Feeds announced that the Board of Directors of the Company at its meeting held on 13 May 2017, inter alia, have recommended the final dividend of Rs 9 per equity Share (i.e. 450%) , subject to the approval of the shareholders.

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Board of ADF Foods recommends final dividend
May 16,2017

ADF Foods announced that the Board of Directors of the Company at its meeting held on 12 May 2017, inter alia, have recommended the final dividend of Rs 2.5 per equity Share (i.e. 25%) , subject to the approval of the shareholders.

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Oriental Hotels to hold AGM
May 16,2017

Oriental Hotels announced that the 47th Annual General Meeting (AGM) of the company will be held on 25 July 2017.

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Adani Power spurts on report Mundra plant gets CERC relief
May 16,2017

Meanwhile, the S&P BSE Sensex was up 119.48 points, or 0.39% to 30,441.60.

On the BSE, 34.68 lakh shares were traded in the counter so far, compared with average daily volumes of 18.31 lakh shares in the past one quarter. The stock had hit a high of Rs 33.70 and a low of Rs 30.50 so far during the day. The stock hit a 52-week high of Rs 46.30 on 11 April 2017. The stock hit a 52-week low of Rs 23.35 on 9 November 2016.

The stock had underperformed the market over the past one month till 15 May 2017, falling 7.76% compared with 2.92% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 16.07% as against Sensexs 7% rise.

The large-cap company has equity capital of Rs 3856.94 crore. Face value per share is Rs 10.

According to reports, the Central Electricity Regulatory Authority (CERC) has granted Adani Power full compensation for the rise in the cost of electricity generation at its 4,620-megawatts (MW) thermal power plant at Mundra, Gujarat due to increased domestic levies on imported coal.

The regulators decision comes after the Supreme Court ruling on 11 April 2017 that said power firms cannot get relief for any adverse fallout from policy changes effected by a foreign government, but expanded the scope of reliefs under the n++change in lawn++ provision in the domestic context.

The Supreme Court (SC) on 11 April 2017, set aside an earlier Appellate Tribunal for Electricity (Aptel) ruling that allowed Tata Power and Adani Power to charge compensatory tariff from consumers. A bench comprising justices Pinaki Chandra Ghose and Rohinton F. Nariman ruled in a batch of appeals filed against an April 2016 ruling of Appellate Tribunal for Electricity (Aptel) which held that an unforeseen increase in the cost of coal would be a n++force majeure eventn++ under the power purchase agreements (PPAs) between power generating companies and distributors. Supreme Court (SC) said higher tariffs could be allowed only if there was a change in Indian laws.

Tata Powers wholly-owned subsidiary Coastal Gujarat Power (CGPL) and Adani Powers Mundra project in Gujarat have PPAs with state discoms in Rajasthan, Gujarat, Haryana and Punjab. Both generating plants are fueled by coal imported from Indonesia.

On a consolidated basis, Adani Power reported net loss of Rs 323.61 crore in Q3 December 2016, compared with the net profit of Rs 109.49 crore in Q3 December 2015. Net sales declined 6.15% to Rs 5803.52 crore in Q3 December 2016 over Q3 December 2015.

Adani Power is the largest private thermal power producer in India with an installed capacity of 10,480 MW.

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Prompt disposal of grievances by Government: Dr Jitendra Singh
May 16,2017

The Union Minister of State (Independent Charge) for Development of North Eastern Region (DoNER), MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy and Space, Dr Jitendra Singh has said that grievances filed by the public with the Government increased five times during the present Government. While the number of grievances has increased almost five times, Dr Jitendra Singh said, this was possible mainly because of the prompt disposal of complaints in a time-bound manner, which encouraged larger and larger sections of population to come forward and file their complaints. Now people feel motivated to file a complaint, he added.

Dr Jitendra Singh cited figures to state that before the present government came in, the total number of grievances or complaints filed in the grievance cell in the DARPG was hardly about two lakhs annually, which showed a steep and progressive rise in the last three years. In 2013, from 1st January to 31st December the total number of grievances filed was 2,09,297 but in 2014 after the present Government took over on 26th May, the seven months period also made a difference and the total number of grievances registered was 2,70,413. In 2015, the number further increased to 8,79,230, in 2016 it went up to 11,94,931 and in the current year 2017, from 1st January to 15th May we have already received 5,49,761 grievance complaints, which means that by the end of this year, this figure may go up beyond around 12 lakhs.

Similarly, on the other hand, Dr Jitendra Singh claimed that in 2013, the average time taken for the disposal of any grievance was 220 days, which has been remarkably reduced to just 24 days in the current year.

Dr Jitendra Singh said, a number of innovative steps in the last two to three years also helped in making the Grievance Cell proactive. For example, now we have a round-the-clock portal and the facility is also available on mobile app so that a citizen is in a position to file complaint any time from anywhere. In addition, he said, a Twitter Sewa is also available for the purpose. Referring to a unique experiment started by him, Dr Jitendra Singh said, in the last one year, he started the practice of randomly calling up some of the complainants in order to assess the level of satisfaction and also to seek their inputs and suggestions. He said, the response to this exercise has been unique and citizens have showered compliments through social media and other means.

Dr Jitendra Singh also read out the names and telephone numbers of some of the complainants who he has been speaking from time to time at random and also gave the contact details of two of such complainants whom he had spoken this morning, one of the them being from Telangana and the other from Punjab.

Dr Jitendra Singh appealed to the media to help in educating the masses to understand that grievance disposal does not necessarily mean fulfillment of individual aspiration or wish. For example, he said, if a citizen files a complaint claiming that he is more deserving to get a departmental promotion than his other colleagues, the grievance disposal cell will provide him with the response from the respective department within stipulated timeframe, but that does not mean that grievance cell gets him the promotion if the concerned department denies him so on its own considerations.

He also appealed to the State Governments to activate their respective grievance cells and expressed disappointment that in certain States, the grievance cell was dormant or was never even attended appropriately.

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