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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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RIL declines as Sebi imposes penalty
Mar 27,2017

Meanwhile, the S&P BSE Sensex was down 145.90 points or 0.5% at 29,275.50.

On the BSE, 1.67 lakh shares were traded on the counter so far as against the average daily volumes of 1.94 crore shares in the past one quarter. The stock had hit a high of Rs 1,278.50 and a low of Rs 1,259 so far during the day.

The stock had hit a 52-week high of Rs 1,326.75 on 7 March 2017 and a 52-week low of Rs 925.70 on 23 May 2016. It had outperformed the market over the past one month till 24 March 2017, surging 8.76% compared with the Sensexs 1.83% rise. The scrip had also outperformed the market over the past one quarter, gaining 21.55% as against the Sensexs 12.98% rise.

The large-cap company has equity capital of Rs 3251.28 crore. Face value per share is Rs 10.

The markets regulator Securities and Exchanges Board of India (Sebi) directed Reliance Industries (RIL) to disgorge Rs 447.27 crore in the matter relating to trading of shares in Reliance Petroleum (RPL) by RIL in November 2007. Sebi also barred RIL from the futures and options (F&O) segment for a year and asked it to settle all existing open positions. It will also have to pay 12% per annum on the disgorgement amount of Rs 447.27 crore since 29 November 2007 onwards. RIL has been asked to pay up within 45 days of the order.

Meanwhile, RIL after market hours on Friday, 24 March 2017, said that the trades in RPL shares which were examined by Sebi were genuine and bona fide transactions. These were carried out keeping the best interest of the company and its shareholders, in view, it added.

RIL said that Sebi appears to have misconstrued the true nature of the transactions and imposed unjustifiable sanctions.

RIL said it is in the process of consulting its legal advisors. It proposes to prefer an appeal and challenge the order in Securities Appellate Tribunal (SAT). RIL said it remains confident of fully justifying the veracity of the transactions and vindicating its stand.

RIL said that it has full confidence in the judicial process and it proposes to vigorously exercise all options available to it to challenge the untenable findings in the order.

RILs consolidated net profit rose 3.6% to Rs 7506 crore on 17.6% growth in net sales to Rs 79408 crore in Q3 December 2016 over Q3 December 2015.

Reliance Industries (RIL) is Indias largest private sector company. RILs activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and telecommunications.

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Board of Coal India recommends dividend
Mar 27,2017

Coal India announced that the Board of Directors of the Company at its meeting held on 26 March 2017, inter alia, have recommended the dividend of Rs 1.15 per equity Share (i.e. 11.5%) , subject to the approval of the shareholders.

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Third meeting of G-20 framework working group to be held at Varanasi, Uttar Pradesh (UP) on 28th and 29th March, 2017
Mar 27,2017

The 3rd G-20 Framework Working Group (FWG) Meeting under the G-20 German Presidency is being co-hosted by Department of Economic Affairs, Ministry of Finance, Govt. of India and Reserve Bank of India (RBI) in Varanasi on 28th and 29th of March, 2017. The first two G 20 FWG meetings under the G-20 German Presidency have already been held at Berlin in Dec 16 and at Riyadh in Feb 17.

Since the inception of the FWG in 2009, this is the fourth occasion that India is hosting this meeting. Previously, India had hosted the G-20 FWG Meetings in Neemrana, Rajasthan (2012 under Mexican Presidency), in Goa (in 2014 under G-20 Australian Presidency) and in Kerala (2015 under G-20 Turkish Presidency).

In the forthcoming meeting in Varanasi, the G-20 FWG will discuss the current global economic situation as well as deliberate on the policy options that countries can pursue to counter the important development challenges. One important focus of this meeting will be to deliberate on the inclusive growth agenda of G-20 and to formulate a framework that will enable countries to help frame country specific inclusive growth policies.

The G-20 is the group of 19 countries and European Union (EU) deliberating on global economic issues and other important development challenges. G-20 Framework Working Group (FWG) is one of the core working groups of G-20. The mandate of FWG is to deliberate on the challenges facing the global economy and the policy options that countries can use to address these challenges. India along with Canada has been co-chairing this group.

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ITC declines after govt divests part stake
Mar 27,2017

It was stated by Arjun Ram Meghwal, Minister of State in the Ministry of Finance in written reply to a question in Lok Sabha on Friday, 24 March 2017.

Meanwhile, the S&P BSE Sensex was down 159.71 points, or 0.54% to 29,261.69.

On the BSE, 45,097 shares were traded on the counter so far as against the average daily volumes of 11.98 lakh shares in the past one quarter. The stock had hit a high of Rs 281.20 and a low of Rs 276.40 so far during the day.

The stock had hit a record high of Rs 291.95 on 7 February 2017 and a 52-week low of Rs 204 on 6 May 2016. The stock had outperformed the market over the past one month till 24 March 2017, rising 5.78% compared with the 1.83% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 25.02% as against Sensexs 12.98% gains.

The large-cap company has equity capital of Rs 1214.74 crore. Face value per share is Re 1.

Government through specified undertaking of the Unit Trust of India (SUUTI) has divested 2% shares of the total shares of ITC to LIC through block trade on 7 March 2017. Government has received an amount of Rs 6682 crore from this transaction.

Disinvestment of Government of India equity is under taken as per the disinvestment policy of the GoI keeping in view the resource requirement of the Government and the prevailing market conditions. SUUTI had held 11.1% stake and LIC of India held 14.29% in ITC as on 31 December 2016, as per the shareholding pattern of the company.

ITCs net profit rose 5.7% to Rs 2646.73 crore on 4.1% increase in net sales to Rs 9149.31 crore in Q3 December 2016 over Q3 December 2015.

ITC is a diversified company, with presence in cigarettes, hotels, paperboards & specialty papers, packaging, agri-business, packaged foods & confectionery, information technology, branded apparel, personal care, stationery and other FMCG products. ITC is a market leader in cigarettes.

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Oberoi Realty allots 20,037 equity shares
Mar 27,2017

Oberoi Realty announced that the Directors of the Company vide a resolution passed by circulation on 24 March 2017 have allotted 20,037 equity shares of Rs. 10 each to certain option grantees pursuant to exercise by them of the options granted to them under the Companys Employee Stock Option Scheme 2009. The exercise price for the said options is Rs. 260 per share. Post the aforesaid allotment the equity share capital of the Company stands increased to 33,95,35,426 equity shares of Rs. 10 each, aggregating to Rs. 3,39,53,54,260.

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Coal India to pay 2nd interim dividend
Mar 27,2017

Coal India announced that 2nd interim dividend for FY 2017 shall be paid on and from 31 March 2017.

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Cimmco hits 52-week high
Mar 27,2017

Meanwhile, the S&P BSE Sensex was down 145.23 points or 0.49% at 29,276.17. The BSE Small-Cap index was up 3.30 points or 0.02% at 14,080.91

On the BSE, 2.62 lakh shares were traded on the counter so far as against the average daily volumes of 21,401 shares in the past one quarter. The stock had hit a high of Rs 97 so far during the day, which is a 52-week high for the counter. The stock hit a low of Rs 91.10 so far during the day.

The stock had hit a 52-week low of Rs 56.35 on 9 November 2016. It had outperformed the market over the past one month till 24 March 2017, surging 35.28% compared with the Sensexs 1.83% rise. The scrip had also outperformed the market over the past one quarter, gaining 31.84% as against the Sensexs 12.98% rise.

The small-cap company has equity capital of Rs 20.15 crore. Face value per share is Rs 10.

Shares of Cimmco have surged 56.4% in four trading sessions from its close of Rs 59.75 on 21 March 2017.

Among latest developments, Equity Intelligence India bought 2.12 lakh shares of the company at Rs 69.95 per share in a bulk deal on the NSE on 23 March 2017. Tarun Suresh Jain purchased 1.44 lakh shares at Rs 87.43 per share in a bulk deal on the NSE on 24 March 2017.

Cimmco reported net loss of Rs 1.20 crore in Q3 December 2016 as against net loss of Rs 5.88 crore in Q3 December 2015. Net sales rose 109.6% to Rs 40.09 crore in Q3 December 2016 over Q3 December 2015.

Cimmco is engaged in the manufacturing and selling of railway wagons and heavy engineering products.

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FM approves the re-organisation of the field formations of the Central Board of Excise & Customs (CBEC) for the implementation of Goods & Services Tax
Mar 27,2017

Reorganisation of the field formations of the Central Board of Excise & Customs (CBEC) for the implementation of Goods & Services Tax (GST) has been approved by the Union Finance Minister, Shri Arun Jaitley. The existing formations of Central Excise & Service Tax under the CBEC have been re-organised to implement and enforce the provisions of the proposed Goods & Services Tax Laws.

The Central Board of Excise & Customs (CBEC) is being renamed as the Central Board of Indirect Taxes & Customs (CBIC), after getting legislative approval. The proposed CBIC shall, inter alia, supervise the work of all its field formations and Directorates and assist the Government in policy making in relation to GST, continuing Central Excise levy & Customs functions.

The CBIC will have 21 Zones, 101 GST Tax payer Services Commissionerates comprising 15 sub-Commissionerates, 768 Divisions, 3969 Ranges, 49 Audit Commissionerates and 50 Appeals Commissionerates. This will ensure rendering of taxpayer services to all the taxpayers through an indirect tax administration structure, having pan-India presence.

For a robust IT Network, the Directorate General of Systems under CBEC is being strengthened. The Directorate General Tax Payer Services is being expanded for greater out- reach for facilitating smooth transition for the taxpayers to the GST environment. The existing training establishment, to be renamed as National Academy of Customs, Indirect Taxes and Narcotics will have an all India presence, to enable capacity building to the employees of the indirect tax administration of the Centre as well as of the State Governments and to members of Trade and Industry. The renamed Directorate General of Goods & Service Tax Intelligence is also being strengthened and expanded to become an important wing of the Government in its fight against Tax Evasion and Black Money.

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Larsen & Toubro secures order worth Rs 705 crore
Mar 27,2017

Larsen & Toubro announced that the water and effluent treatment business segment of its construction arm has won an order worth Rs 705 crore from the Ministry of Water and Irrigation of the United Republic of Tanzania. The project will be executed by L&T in a joint venture with Shriram EPC.

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Coal India drops after CCI imposes penalty
Mar 27,2017

Ministry of Corporate Affairs made the announcement after market hours on Friday, 24 March 2017.

Meanwhile, the BSE Sensex was down 69.70 points, or 0.24%, to 29,351.70.

On the BSE, 92,157 shares were traded in the counter so far, compared with average daily volumes of 3.56 lakh shares in the past one quarter. The stock had hit a high of Rs 294.70 and a low of Rs 290.55 so far during the day. The stock had hit a 52-week high of Rs 349.85 on 17 August 2016. The stock hit a 52-week low of Rs 272.05 on 12 April 2016.

The stock had underperformed the market over the past 30 days till 24 March 2017, falling 9.27% compared with the 1.83% rise in the Sensex. The scrip had also underperformed the market in past one quarter, rising 3.45% as against Sensexs 12.98% gains.

The large-cap company has equity capital of Rs 6316.36 crore. Face value per share is Rs 10.

The Competition Commission of India (CCI) has found Coal India (CIL) and its subsidiaries to be in contravention of the provisions of section 4(2)(a)(i) of the Competition Act, 2002 for imposing unfair/discriminatory conditions in fuel supply agreements (FSAs) with the power producers for supply of non-coking coal.

The final order has been passed on a batch of informations filed by Maharashtra State Power Generation Company and Gujarat State Electricity Corporation against Coal India and its subsidiaries (Mahanadi Coalfields, Western Coalfields, South Eastern Coalfields).

The order has been passed by CCI pursuant to the directions issued by Competition Appellate Tribunal remanding the matter back while setting aside the original order of CCI in which a penalty of Rs 1773.05 crore had been imposed upon CIL. After hearing the parties afresh in terms of the directions issued by Competition Appellate Tribunal, CCI held that CIL through its subsidiaries operates independently of market forces and enjoys dominance in the relevant market of production and supply of non-coking coal in India.

CCI noted in the order that CIL did not evolve/draft/finalize the terms and conditions of FSAs through a bilateral process and the same were imposed upon the buyers through a unilateral conduct. CCI found CIL and its subsidiaries to be in contravention of the provisions of section 4(2)(a)(i) of the Competition Act, 2002 for imposing unfair/discriminatory conditions in FSAs with the power producers for supply of non-coking coal.

Apart from issuing a cease and desist order against CIL and its subsidiaries, CCI has directed modification of FSAs in light of the findings and observations recorded in the order. The impugned clauses related to sampling and testing procedure, charging transportation and other expenses for supply of ungraded coal from the buyers, capping compensation for supply of stones etc.

For effecting the modifications in FSAs, CIL has been ordered to consult all the stakeholders. CIL has also been directed to ensure uniformity between old and new power producers as well as between private and PSU power producers.

Further, CCI has imposed a penalty of Rs 591.01 crore upon CIL for the abusive conduct. While reducing penalty, CCI noted the steps taken by CIL to improve the sampling procedure even post-passing of the original order by CCI.

However, while holding the extant sampling procedure as unfair, CIL has been directed to incorporate suitable modifications in fuel supply agreements to provide for a fair and equitable sampling and testing procedure besides considering the feasibility of sampling at the unloading-end in consultation with power producers and adopting international best practices.

Meanwhile, Coal India announced that the board of directors of CIL in a meeting on Sunday, 26 March 2017, approved payment of 2nd interim dividend for the financial year ending 31 March 2017 (FY 2017) at Rs 1.15 per share as recommended by the audit committee of CIL in its meeting held on date.The date of payment of 2nd interim dividend is on and from 31 March 2017.

Coal Indias consolidated net profit fell 20.3% to Rs 2884.47 crore on 3.9% rise in net sales to Rs 19704.45 crore in Q3 December 2016 over Q3 December 2015.

Coal India (CIL) as an organized state owned coal mining corporate. The government of India held 79.78% stake in the company as per shareholding pattern as on 31 December 2016.

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Motherson Sumi Systems acquires Finland based auto component major PKC Group Plc
Mar 27,2017

Motherson Sumi Systems announced that it has acquired Finland based global auto component major PKC Group Plc for approximately Euro 571 million. The acquisition will help the Company expand its footprint significantly in American and European commercial vehicle market segment.

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HDFC inches higher after completing masala bonds issue
Mar 27,2017

The announcement was made after market hours on Friday, 24 March 2017.

Meanwhile, the S&P BSE Sensex was down 71.03 points or 0.24% at 29,350.37.

On the BSE, 1,507 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 1,465.50 and a low of Rs 1,460.15 so far during the day.

HDFC said that the bonds issue of Rs 2000 crore issue plus green shoe option received a strong response from 29 investors across Asia and Europe. The aggregate demand for the transaction was 2.16 times at Rs 4315 crore.

The issue size is Rs 3300 crore with a yield of 7.35% per annum payable semi-annually. The maturity date of bonds is 30 April 2020.

HDFCs net profit rose 11.9% to Rs 1701.21 crore on 11.9% growth in total income to Rs 8148.61 crore in Q3 December 2016 over Q3 December 2015.

HDFC is Indias first retail housing finance company and is currently one of the largest originators of housing loans in the country.

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India Signs Financing Agreement with World Bank for Us$ 100 Million for Uttarakhand Health Systems Development Project
Mar 27,2017

A financing agreement for IDA credit of US$ 100 (equivalent) for the Uttarakhand Health Systems Development Project was signed here with the World Bank .

The Financing Agreement was signed by Mr. Raj Kumar, Joint Secretary, Department of Economic Affairs on behalf of Government of India and Mr. Hisham Abdo, Acting Country Director, World Bank (India) on behalf of the World Bank. A Project Agreement was also signed by Dr. Neeraj Kharwal, Additional Secretary (Health), Government of Uttarakhand and Mr. Hisham Abdo, Acting Country Director, World Bank.

The objective of the project is to improve access to quality health services, particularly in the hilly districts of the State, and to expand health financial risk protection for residents of the State. The project will benefit the residents of hilly districts in particular. The project has two main components, (i) Innovations of engaging the private sector; and (ii) Stewardship and system improvement. Out of the total project size of USD 125 million, USD 25 million will be the counterpart contribution of the State Government.

The planned design of the Project consists of multiple self-contained clusters of clinical services managed by operators on a PPP basis, providing services for free or at nominal charges, backed up by a robust oversight and monitoring mechanism fully integrated with the expanded health insurance program in the State. This will be concurrent with strengthening the states capacity to implement the project.

The closing date of Uttarakhand Health Systems Development Project is 30th September, 2023.

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Economic Corridor Development (ECD) now at the forefront in promoting Sustained Growth in the SASEC Sub-region
Mar 27,2017

India and Asian Development Bank (ADB) have been partnering on the economic corridor approach for some time now. Economic Corridor Development contributes to and stimulates economic development along the route. The economic corridor approach involves leveraging infrastructure connectivity and developing urban areas as growth centers and gateways, to unlock the full potential of markets.

Since late 2013, ADB has been supporting studies on how to transform transport corridors into dynamic economic corridors. These studies considered how to best link the existing and planned transport corridors in various modes (surface, maritime, and multimodal transport) with other economic corridors such as the Delhi-Mumbai Industrial Corridor, the Bangalore-Chennai Economic Corridor, Amritsar- Kolkata Industrial Corridor and the corridors in the Greater Mekong Sub-region.

n++This India-ADB partnership has in fact yielded useful lessons on Economic Corridor Development (ECD), through their joint work on the East Coast Economic Corridor (ECEC), Indias first coastal corridorn++ noted Mr. Ronald Antonio Butiong, Director of ADB South Asia Departments Regional Cooperation and Operations Coordination Division. n++The ECEC, which runs along the entire east coast from Kolkata to Kanyakumari, is a multimodal, regional maritime corridor that can play a vital role in unifying the large domestic market, as well as integrating the Indian economy with the dynamic global value chains of Southeast and East Asia.n++ Aside from an ambitious infrastructure program, the ECEC involves developing skills, and creating an attractive regulatory environment, bringing in new investments, and nurturing existing businesses to grow and innovate, and create much needed jobs.

Phase 1 of the ECEC is the Visakhapatnam-Chennai Industrial Corridor (VCIC) which covers 11 districts in Andhra Pradesh and Tamil Nadu. ADB helped prepare the Conceptual Development Plan (CDP) and Regional Perspective Plan (RPP) for VCIC, which served as the bases for the Visakhapatnam-Chennai Industrial Corridor Development Program, which was approved by the ADB Board in September 2016. The Program comprises a multi-tranche financing facility (MFF), a grant, and a policy-based loan (PBL) for a total investment amount of $631 million. The MFF and grant will support priority infrastructure investments in the VCIC region and the PBL will support policy reforms and institutional development in the state of Andhra Pradesh.

ADBs indicative lending pipeline for 2017-2019 to support economic corridor development in South Asia includes: (i) the VCIC Development Program MFF Tranche 2 in India in 2018, with an ADB loan: $250 million; and (ii) Regional Urban Development Project in Nepal in 2017, with an ADB loan: $150 million.

Earlier, ADB has developed a SASEC Operational Plan (OP) 2016-2025 which identifies promoting economic corridor development (ECD) as of one its key strategic focus areas. The SASEC OP, adopted by the SASEC member countries in June 2016, is the SASEC programs first comprehensive long-term plan to promote greater economic cooperation among its member countries, bringing regional cooperation to a higher level with the aim of extending physical and economic linkages not only within SASEC but also with East and Southeast Asia.

Under the SASEC OP, the operational focus on economic corridors will involve promoting synergies between corridors across SASEC countries. n++Such approach adopted by the SASEC program should maximize the corridors development impacts through improved cross-border linkages between corridors, and better coordination of policies, plans and programs for multi-sector infrastructure interventions. This would result in stronger consistency between and among transport, urban and industrial development efforts within the sub-regionn++, stressed Mr. Dinesh Sharma, Special Secretary, Department of Economic Affairs, Ministry of Finance, Government of India.

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Godrej Properties enters into development agreement with Shivam Realty
Mar 27,2017

Godrej Properties has entered into a development management agreement with Shivam Realty to develop a residential group housing project off the Akurli cross road at Hanuman Nagar, Kandivali East, Mumbai. Spread over 5 acres, the project will offer approximately 93,000 square meter (1 million sq. ft.) of saleable area and will be developed as a modern residential development comprising of apartments of various configurations.

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