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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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Let Budget be presented on 01 February 2017- ASSOCHAM
Jan 16,2017

Making a strong appeal to different political parties to let the Union Budget for 2017-18 be presented to Parliament on February 1, the apex industry chamber ASSOCHAM said the advancement to this effect would help the government to begin its capital and other expenditure right from April and revive the much needed economic growth.

n++The decision of the Central Government for advancing the date of the Budget is well thought out from the point of view of revival of the economic sentiment. As is evident, the consumer demands as also corporate investment have rather been subdued owing to a host of factors. Under these circumstances, the only option in the immediate future is the government expenditure gathering pace and creating a positive cycle of economic revival, ASSOCHAM Secretary General Mr D S Rawat said.

He said in the earlier arrangement when the Budget was presented on the last working day of February, its full and final passage could take place in the middle of May with the result that by the time the money is available with the individual ministries and departments, half the financial year is completed.

n++This typically leads to back- loading, rather than front-loading of the government expenditure of the order of Rs 20 lakh crore, which itself is a strong trigger for boosting the economic activity. The bundling of expenditure in the last few months also affects the quality of government spending as the pressure to exhaust the allocated outlays in the set period leads to rush jobs, the chamber said.

It said with early beginning of the budget allocations, the quality of spending would certainly improve even as it leaves a positive multiplier effect on rest of the economy. This is particularly true in sectors like roads, highways, ports, irrigation projects and above all the railways.

The Indian Railway is implementing a big capex plan that can generate a significant multiplier impact on several sectors like steel, cement, manufacturing, wagon building etc. All efforts must be made to ensure that all the Parliamentary approvals are given to the Rail budget, which would now be part of the main Budget, well in time.

Same holds good for other vital infrastructure ministries like shipping, power, coal, road transport, petroleum etc.

The chamber said the Budget should be seen well beyond the partisan politics for the common national good.

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Modi Naturals inches up as board mulls issue of convertible warrants
Jan 16,2017

The announcement was made after market hours on Friday, 13 January 2017.

Meanwhile, the S&P BSE Sensex was up 31.92 points or 0.12% at 27,269.98.

On the BSE, 1,649 shares were traded on the counter so far as against the average daily volumes of 3,424 shares in the past one quarter. The stock had hit a high of Rs 174.20 and a low of Rs 162.60 so far during the day.

The stock had hit a record high of Rs 188.80 on 5 April 2016 and a 52-week low of Rs 60.50 on 20 January 2016. The stock had outperformed the market over the past one month till 13 January 2017, advancing 40.75% compared with the Sensexs 2.02% rise. The scrip had also outperformed the market over the past one quarter advancing 26.99% as against the Sensexs 1.47% fall.

The small-cap company has equity capital of Rs 11.12 crore. Face value per share is Rs 10.

Modi Naturals said that a meeting of the board of directors of the company is scheduled on 19 January 2017, inter alia, to consider and approve the allotment of convertible warrants on preferential basis. The proposal was approved by the shareholders through a special resolution at the extraordinary general meeting (EGM) of the company held on 9 January 2017 and in-principle approval accorded by the BSE vide its letter dated 11 January 2017.

Modi Naturals net profit fell 97.8% to Rs 0.02 crore on 16.3% rise in net sales to Rs 59.03 crore in Q2 September 2016 over Q2 September 2015.

Modi Naturals is engaged in natural oil processing. It has marked its entry in the fast-moving consumer goods industry.

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Outcome of board meeting of Ruby Traders & Exporters
Jan 16,2017

Ruby Traders & Exporters announced that the Board of Directors of the Company at its meeting held on 14 January 2017 has considered and approved the following -

Resignation of Nikit Devchand Rambhia, Whole Time Director of the Company with effect from 14 January 2017.

To change the name of the Company from Ruby Traders & Exporters to Panache Innovations.

Alteration in Clause IIIA (Object Clause) of the Company by inserting the sub-clause 2 under part A of clause III, after the existing sub-clause 1 and the remaining sub-clauses be re-numbered accordingly, pursuant to its product range expansion plans, subject to necessary approvals as may be required.

Alteration in Memorandum of Association of the Company as per the new format of Companies Act, 2013.

Appointment of Jayachandran Sundermoorthy as Additional Director with effect from 14 January 2017.

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Axis Bank gains after announcing reduction in MCLRs
Jan 16,2017

The announcement was made after market hours on Friday, 13 January 2017.

Meanwhile, the BSE Sensex was up 33.75 points, or 0.12%, to 27,271.81

On BSE, so far 1.61 lakh shares were traded in the counter, compared with average daily volume of 5.67 lakh shares in the past one quarter. The stock hit a high of Rs 478.60 and a low of Rs 468.40 so far during the day.

The stock hit a 52-week high of Rs 638 on 7 September 2016. The stock hit a 52-week low of Rs 366.65 on 18 January 2016. The stock had underperformed the market over the past 30 days till 13 January 2017, falling 0.87% compared with the 2.71% rise in the Sensex. The scrip had also underperformed the market in past one quarter, sliding 9.16% as against Sensexs 1.57% decline.

The large-cap private sector bank has equity capital of Rs 478.30 crore. Face value per share is Rs 2.

Axis Bank announced that it has reduced its marginal cost of funds based lending rates (MCLR) by 65 to 70 basis points (bps) across various tenors with effect from 18 January 2017. The banks MCLR for overnight loans will be 7.9%, for one month will be 7.9% and for three months will be 8.05%. The MCLR on 6-month loans will be 8.15% and for one-year loans the rate would be 8.25%, the bank said. MCLR for two-year loans would be at 8.3% and loans with three-year maturity would carry an MCLR of 8.35%, the bank said.

Axis Banks net profit declined 83.34% to Rs 319.08 crore on 14.15% growth in total income to Rs 13698.77 crore in Q2 September 2016 over Q2 September 2015.

Axis Bank is one of the biggest private sector banks in India.

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Board of Aksh Optifibre approves scheme of amalgamation
Jan 16,2017

Aksh Optifibre announced that the Board of Directors of the Company at its meeting held on 14 January 2017 has approved the scheme of amalgamation between APAksh Broadband (Transferor Company) and Aksh Optifibre (Transferee Company) and their respective shareholders and creditors.

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SPML Infra gallops after multiple orders win
Jan 16,2017

The announcement was made during market hours today, 16 January 2017.

Meanwhile, the S&P BSE Sensex was up 35.45 points or 0.13% at 27,273.51

On BSE, so far 3.75 lakh shares were traded in the counter as against average daily volume of 2,721 shares in the past one quarter. The stock hit a high of Rs 66.95 and a low of Rs 55.85 so far during the day.

The stock had hit a 52-week low of Rs 48.70 on 22 November 2016. The stock had hit a 52-week high of Rs 108.80 on 13 July 2016. The stock had outperformed the market over the past 30 days till 13 January 2017, rising 4.1% compared with the 2.71% rise in the Sensex. The scrip, however, underperformed the market in past one quarter, sliding 14.81% as against Sensexs 1.57% decline.

The small-cap company has equity capital of Rs 7.33 crore. Face value per share is Rs 2.

SPML Infra said it has received several new orders for power substation, rooftop solar power plant, water and wastewater treatment, and municipal solid waste management projects from different states in India.

SPML Infras net profit fell 84.21% to Rs 0.48 crore on 7.78% rise in net sales to Rs 302.84 crore in Q2 September 2016 over Q2 September 2015.

SPML Infra is one of the leading infrastructure development companies in India.

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Coal India provides update on subsidiary - Central Coalfields
Jan 16,2017

Coal India announced that the Board of Directors of Central Coalfields, a subsidiary of Coal India has approved revision of coking coal prices with effect from 14 January 2017. The increase in price is done by subsuming the Washery Recovery Charge (WRC) which was being charged separately in the case of non-linked washery grade coking coal keeping in view the observation of ADRM.

Due to this revision, Coal India will earn approx. additional revenue of Rs 89.98 crore for the balance period of FY 2017 and additional revenue of Rs 222 crore for FY 2018 subject to achievement of production and dispatch target norms.

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Refining margins in Asia expected to stay at $5.0-$5.5 per barrel through 2017
Jan 16,2017

Refining margins in Asia, is expected to stay at $5.0-$5.5 per barrel through 2017, says Moodys in its latest edition of Asia Oil and Gas Quarterly.

Moodys Investors Service has released its latest edition of Asia Oil and Gas Quarterly, a quarterly publication that examines the major credit trends in the oil and gas industry across Asia, through recently published Moodys reports.

We expect that refining margins will show volatility in 2017, driven by bloated supply and the lagged effect of crude-price fluctuations on petroleum-product prices, says Rachel Chua, a Moodys Analyst.

Moodys believes that low profitability levels will force small-scale, low-complexity refiners with higher costs of production to reduce output.

Moodys newsletter also says that firmer oil prices in 2017 and continued cost reductions will support the earnings of Asian integrated and upstream players. At the same time, capital spending levels should rise, and upstream acquisitions in 2017 should increase, based on the growth ambitions of Asian players.

Moodys says that given the prolonged oversupply of oil globally, compounded by very high inventory levels, a rebalancing of the oil markets will likely occur in late 2017 at the earliest.

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Texmaco Rail & Engineering allots 1,68,500 equity shares
Jan 16,2017

Texmaco Rail & Engineering announced that the Compensation Committee of the Company at its meeting held on 14 January 2017 has allotted 1,68,500 equity shares of Re 1 each pursuant to exercise of options by its employees under the Texmaco Employee Stock Option Scheme 2014. Consequently, the paid up share capital of the Company has increased to 21,05,02,598 equity shares of Re 1 each.

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NTPC gains after declaring commercial operation of 1st unit of BRBCL power project
Jan 16,2017

The announcement was made during trading hours today, 16 January 2017.

Meanwhile, the BSE Sensex was up 52.90 points, or 0.19%, to 27,290.96.

On the BSE, so far 3.02 lakh shares were traded in the counter, compared with average daily volumes of 2.58 lakh shares in the past one quarter. The stock had hit a high of Rs 172.30 and a low of Rs 169.10 so far during the day.

The stock hit a 52-week high of Rs 175 on 13 January 2017. The stock hit a 52-week low of Rs 116.80 on 25 February 2016. The stock had outperformed the market over the past 30 days till 13 January 2017, rising 6.71% compared with the 2.71% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 18.05% as against Sensexs 1.57% decline.

The large-cap company has equity capital of Rs 8245.46 crore. Face value per share is Rs 10.

NTPC said that 1st Unit of 250 megawatts (MW) of Nabinagar Thermal Power Project of Bhartiya Rail Bijlee Company (BRBCL-a subsidiary of NTPC) (4x250 MW) is declared on commercial operation from 15 January 2017. With this, the commercial capacity of Nabinagar Thermal Power Project of BRBCL and NTPC group has become 250 MW and 46,178 MW respectively.

NTPCs net profit declined 17.9% to Rs 2495.97 crore on 8.4% rise in net sales to Rs 19241.47 crore in Q2 September 2016 over Q2 September 2015.

NTPC, Indias largest power company, has presence in the entire value chain of power generation business. The government of India holds 69.75% stake in the company as per the shareholding pattern as at 31 December 2016.

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Tamboli Capital to consider Q3 and 9M results
Jan 16,2017

Tamboli Capital announced that a meeting of the Board of Directors of the Company will be held on 11 February 2017, inter alia, to consider and take on record Un-audited Quarterly Financial results of the Company for October-December 2016 quarter and nine month ended on 31 December 2016.

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ICICI Bank allots 18,300 equity shares
Jan 16,2017

ICICI Bank has allotted 18,300 equity shares of face value of Rs. 2/- each on 12 January 2017 under the Employees Stock Option Scheme, 2000 (ESOS).

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UltraTech Cement allots 10,841 equity shares
Jan 16,2017

UltraTech Cement announced that The Nomination, Remuneration and Compensation Committee has on 16 January 2017 allotted 10,841 equity shares of Rs. 10/- of the Company to Option Grantees upon exercise of stock options under the Companys Employee Stock Option Scheme.

On allotment, the equity share capital of the Company stands increased to 27,44,80,814 equity shares of Rs. 10/- each aggregating to Rs. 2,74,48,08,140/-.

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Precision Camshafts gains after receiving Rs 64.41 crore
Jan 16,2017

The announcement was made on Saturday, 14 January 2017.

Meanwhile, the S&P BSE Sensex was up 39.76 points or 0.15% at 27,277.82

On BSE, so far 2,561 shares were traded in the counter as against average daily volume of 16,480 shares in the past one quarter. The stock hit a high of Rs 163.30 and a low of Rs 159.20 so far during the day. The stock had hit a record high of Rs 188.20 on 25 October 2016. The stock had hit a record low of Rs 126.15 on 8 July 2016. The stock had underperformed the market over the past 30 days till 13 January 2017, rising 2.18% compared with the 2.71% rise in the Sensex. The scrip, however, underperformed the market in past one quarter, sliding 6.27% as against Sensexs 1.57% decline.

The small-cap company has equity capital of Rs 94.77 crore. Face value per share is Rs 10.

Precision Camshafts said that the company had on 13 January 2017 received Rs 62 crore towards redemption of its investment in preference shares of Cams Technology along with related dividend of Rs 2.41 crore.

Precision Camshafts net profit dropped 27.47% to Rs 13.04 crore on 8.32% decline in total income to Rs 114.03 crore in Q2 September 2016 over Q2 September 2015.

Precision Camshafts, promoted by first generation entrepreneurs Yatin Shah and Suhasini Shah, is one of the worlds leading manufacturers of camshafts, a critical engine component in passenger vehicles.

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Board of Onward Technologies to consider December quarter results
Jan 16,2017

Onward Technologies announced that that meeting of the Board of Directors of the Company shall be convened on 23 January 2017, to consider and take on record the unaudited financial results for the quarter ended 31 December 2016.

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