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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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Water Coolers at Railway Stations
Jul 03,2017

Railways endeavours to provide free potable water at all Railway Stations. As per extant policy guidelines, water coolers are provided on those Railway Stations which deal with 1000 passengers or more (inward and outward) per day, on the average. The details of water coolers provided at Railway Stations over Indian Railways are given below:-S.NO.Zonal RailwayTotal no. of stations provided with water coolersTotal no. of water coolers provided1Central1525292Northern1404793North Central682384North Western1774135Northeast Frontier18486East Coast78627Eastern81818East Central781839Southern11222010South Central5715511South East Central7019412South Eastern255813South Western8114314Western21952315West Central62187Grand Total14183513

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Water Coolers at Railway Stations which deal with 1000 passengers or more (inward and outward) per day
Jul 03,2017

Railways endeavours to provide free potable water at all Railway Stations. As per extant policy guidelines, water coolers are provided on those Railway Stations which deal with 1000 passengers or more (inward and outward) per day, on the average. The details of water coolers provided at Railway Stations over Indian Railways are given below:-S.NO.Zonal RailwayTotal no. of stations provided with water coolersTotal no. of water coolers provided1Central1525292Northern1404793North Central682384North Western1774135Northeast Frontier18486East Coast78627Eastern81818East Central781839Southern11222010South Central5715511South East Central7019412South Eastern255813South Western8114314Western21952315West Central62187Grand Total14183513

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CL Educate announces resignation of director
Jul 03,2017

CL Educate announced that Sangeeta Modi has resigned as Non Executive and Independent Director of the Company with effect from 03 July 2017.

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Spentex Industries appoints CFO
Jul 03,2017

Spentex Industries has appointed Ashok Kumar Kucheria designated as a Chief Financial Officer (CFO) to the Company with effect from 3 July 2017 subject to approval in next board meeting .

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Everest Industries allots 32265 equity shares
Jul 03,2017

Everest Industries has allotted 32265 equity shares under various ESOPs.

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V2 Retail announces closure of its store in Lucknow
Jul 03,2017

V2 Retail has closed one operational retail store in Lucknow, Uttar Pradesh. With this, there are now 38 retail stores in operation.

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Pave way for domestic participation on corporate bond market: ASSOCHAM study to SEBI, RBI
Jul 03,2017

Market regulator Securities and Exchange Board of India (SEBI) should pave way for more domestic participation in the Indian debt market which may witness less of foreign investors interest, following hike in rates by the US Federal Reserve, according to an ASSOCHAM Study on Bond Market.

There should be focus on domestic participation, as with the US rate hike there may be fall in foreign investors in Indian debt market, noted the ASSOCHAM study.

The study also suggested that both the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI) should help create a vibrant distribution channel for channelising huge deposits sitting with the banks after demonetisation.

While releasing the study, Mr Rawat said that once a strong bond market is created and investors interest is channelized, then n++even with the deposit rates falling, an investor will benefit from the Bond market .

The study noted with concern, that at present and with the existing system, the bond market is practically non-existent for most of the Indian companies. Most firms, including the big ones, tend to rely on secured institutional borrowings for their financial needs.

The bond market currently accounts for less than 5% of the funds of corporates In fact, despite having a well-functioning government debt market, which is regarded as a pre-requisite for the development of a vibrant corporate debt market (as it provides the benchmark rates), Indias corporate debt market has not followed the steps of its government debt market.

n++Indias need for investments in core sectors like infrastructure and education over the next two decades will far surpass the ability of equity markets to finance these needs. Eventually, corporate debt will need to play a larger role than it does today. Indias aspiration and plans to take up large infrastructure projects across the country has now made it critical for it to have a healthy corporate bond market. At a time when major public sector banks are stressed with rising non-performing assets and mounting losses, relying predominantly on banks to fund infrastructure development in the country will not be prudent.

Yet another issue coming in the way of easing the processes is the absence of a standard stamp duty rate across the nation as well as the maximum amount payable. The stamp duty for a typical debt issuance is 0.25% of the total issue size. In addition, the taxes are non-uniform across the states. Also the existence of Tax Deducted at Source (TDS) on corporate bonds is considered to be cumbersome.

In the case of corporate bonds TDS is deducted on accrued interest at the end of every fiscal year as per prevalent tax laws. A TDS certificate is issued to the registered owner. While insurance companies and mutual funds are exempt from the provisions of TDS, other market participants are subject to TDS in respect of interest paid on the corporate bonds.

The corporate bond markets serves as an effective source to finance the long term and large quantum funding needs of companies. A vibrant corporate bond market ensures that funds flow towards productive investments. There has been growing focus on growing this segment of the financial market as countrys growth prospects could be linked to performance of the corporate bond markets by way of providing the funding for investments. It is very important to create a right ecosystem for moving the issuers and investors closer to the bond market.

The total corporate bond issuance in India is highly fragmented because bulk of the debt raised is through private placements. The dominance of private placements has been attributed to several factors, including ease of issuance, cost efficiency and primarily institutional demand. The dominance of private placement in total issuances is attributable to the Ease of issuance, viz. minimum disclosures, low cost of issuance, tailor made structures and the speed of raising funds. However many market participants have indicated that private placements lack transparency and access is not available to a large pool of investors.

It can be observed that since FY11, the number of issuances has been on the rise, barring FY14 where the issuances have fallen. The issuances in terms of volume have grown at a CAGR of 15.8% during FY 11 - FY 17. Considering the value of public issues and private placements, private placements account for over 90% share. Public issuances have grown at a CAGR of 20.9% while the private placements have increased at a CAGR of 19.6%, highlighted the study.

There is a huge gap between the amount raised via public issues and private placements. There have been substantial fluctuations in the public issuances. In FY 12, the public issuances increased to INR 35,611crore from INR 9,451crore. It again slumped 52% in FY 13 before increasing nearly three folds in FY14. In FY15, the public issuances remained lacklustre though they increased and reached INR 33,812 crore in FY16 and fell by 12.6% to INR 29,547 crore in FY 17. Private placements, on the other hand, have grown consistently over the years except in FY14, adds the study.

Indias need for investments in core sectors like infrastructure and education over the next two decades will far surpass the ability of equity markets to finance these needs. Eventually, corporate debt will need to play a larger role than it does today. Indias aspiration and plans to take up large infrastructure projects across the country has now made it critical for it to have a healthy corporate bond market. At a time when major public sector banks are stressed with rising non-performing assets and mounting losses, relying predominantly on banks to fund infrastructure development in the country will not be prudent.

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Saksoft completes acquisition of balance 24% in 360 Logica
Jul 03,2017

Saksoft announced that the Company has completed the acquisition of balance 24% stake in Threesixty Logica Testing Services (360 Logica) , a subsidiary of the Company. With this acquisition 360 Logica has now become a wholly owned subsidiary of the Company.

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Just Dial announces resignation of CFO
Jul 03,2017

Just Dial announced that Ramkumar Krishnamachari, Chief Financial Officer and Key Managerial Personnel of the Company has submitted his resignation today from his post. The Company has accepted the resignation and decided to relieve Ramkumar Krishnamachari from his duties with effect from 30 September 2017.

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Board of Tata Global Beverages approves change in directorate
Jul 03,2017

The Board of Directors of Tata Global Beverages at its meeting held on 03 July 2017 has appointed Chandrasekaran as an Additional Director and as Chairman of the Board of the Company in place of Harish Bhat who expressed a desire to step down as Chairman. The Board also appointed Mr Siraj Azmat Chaudhry as Non Executive Independent Director w.e.f 3 July 2017.

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Yes Bank proposes sub-division of equity shares
Jul 03,2017

Yes Bank plans for sub-division of equity shares of the Bank of face value of Rs 10 each. The Board of the Bank will consider the proposal on 26 July 2017.

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Asia Pacific Market: Stocks starts month with mixed note
Jul 03,2017

Asia Pacific share market closed mixed on Monday, 03 July 2017, as investors digested key economic indicators out of China and the Bank of Japans quarterly tankan survey, with energy producers advanced on oils rally and technology shares tracked declines of their U.S. peers. The MSCI Asia Pacific Index slipped 0.2% to 154.29. The MSCI Asia Pacific Energy Index advanced 0.4%, while the regions technology gauge lost 0.4%

A highly influential manufacturing survey has showed that Chinas economy is picking up at a faster pace than analysts predicted. Caixin manufacturing PMI for the month of June came in at 50.4. The official manufacturing purchasing managers index, a key gauge of factory activity, released on last Friday came in at 51.7% in June, which was better than expected and was higher than Mays figure of 51.2 and marked the 11th consecutive month of expansion, according to data released by the National Bureau of Statistics on Friday. New orders accelerated for the domestic sector as well as for the export market. New orders in June, as shown in a sub index of the PMI, increased to 53.1 from Mays 52.3, while export orders jumped to 52, 1.3 percentage points higher than in May.

In a closely-watched Bank of Japan Tankan survey released on Monday, showing business confidence among Japans large manufacturers strengthened to its highest level in more than three years in the second quarter, as a pickup in the global economy and renewed strength in stocks brightened the outlook for corporate Japan. The main index measuring large manufacturers confidence rose to plus 17 in the April-June period from plus 12 previously. The improvement in business sentiment adds to recent encouraging data for Prime Minister Shinzo Abes administration, pointing to renewed strength in Japans economy after the longest expansion since 2006. Sentiment at large non-manufacturing firms also rose, for a second straight quarter, and is now at its highest since December, 2015. The tankan index for large non-manufacturers came to plus 23 in the June survey compared with plus 20 in the previous quarter. The outlook part of the survey found large manufacturers hopeful, rising to a score of 15 from the previous quarters 11. Large manufacturers expect the dollar will trade at an average 108.31 yen this financial year. The tankans indexes are derived by simply subtracting the number of respondents who say conditions are bad from those who say they are good, with any positive reading meaning that the optimists are winning.

Among Asian bourses

Australia Market falls on first day of new Australian fiscal year

Australian equity market finished session lower, marking a cautious start to the new Australian fiscal year, with weakness led by biotech giant CSL, the biggest drag on the benchmark, while Fairfax Media tumbled after two private equity firms withdrew rival takeover bids. Market losses were, however, capped after survey that showed that Australias manufacturing and service sectors both enjoyed strong activity in June with upbeat demand encouraging more hiring. The S&P/ASX 200 index fell 0.7%, or 36.99 points, to 5,684.5 at the close of trade.

The Healthcare sector was the biggest drag on the index, with biotech firm CSL falling 2% to a near one-month closing low on profit booking after biotech firm hits an all-time record high.

Real estate stocks also weighed on the benchmark with Scentre Group and Stockland Corp Ltd slipping more than 1% each. Among the other big losers was Fairfax Media, which slumped more than 10% to its lowest since March after it said two private equity firms withdrew from rival takeover bids worth up to A$2.9 billion.

Commonwealth Bank of Australia dropped by 0.5%, Westpac Banking shed 0.4% and Australia & New Zealand Banking and National Australia Bank each slipped 0.2%. The regional banks fared better, with Bendigo & Adelaide Bank picking up 0.5% and Bank of Queensland rising 0.8%.

At the other end, the energy sector eked out a minor gain as crude-oil prices built on recent gains in Asian trade supported by the first fall in US drilling activity in months, although rising output from Opec despite a pledge to cut supplies capped gains. Oil producer Santos was up 0.8% while Beach Energy jumped 3.5%. Diversified miners BHP Billiton and Rio Tinto diverged, with the former losing 0.2% but Rio gaining 0.5%. Gold producer Newcrest Mining fell 0.6% and Oz Minerals declined 1.5%.

Virgin Australia Holdings gained more than 6% after the carrier said it expects to report positive cash flow for the 2017 fiscal year.

Nikkei gains after upbeat Tankan sentiment data

The Japan share market finished session higher, buoyed by positive lead from Wall Street Friday, an upbeat Bank of Japans quarterly tankan business confidence survey and a stable dollar-yen exchange rate, but defeat for Japans ruling party in a Tokyo poll checked investor risk appetite and capped the upside. The benchmark Nikkei 225 average gained 22.37 points, or 0.11%, to close at 20,055.80. The Topix, including all first-section issues, finished up 2.51 points, or 0.16%, at 1,614.41. Rising issues outnumbered falling ones 1,117 to 767 in the TSEs first section, while 138 issues were unchanged. Volume fell to 1.601 billion shares, from Fridays 1.968 billion shares.

Exporters were mostly solid on Monday, as the dollar gained 0.2% to 112.58 yen. Toyota Motor Corp rose 1.0%, Subaru Corp climbed 1.7% and Panasonic Corp gained 0.7%. Auto parts maker Ashimori Industry surged on speculation that it may take over demand for Takata products.

Daiseki Co jumped 6.9% after industrial waste disposal business operator said its operating profit surged 25.2% to 2.3 billion for the March-May quarter.

China Stocks up as PMI strengthens

The Mainland China equity market eked out small gains, buoyed by positive economic data showing manufacturing expansion and demand, and optimism about companies interim results after strong guidance in sectors, including non-ferrous metals, electronics, property, light manufacturing and chemicals. But, concerns of economic slowdown in the second half and lingering fears of monetary tightening checked investor risk appetite and capped the upside. Financial and consumer stocks fell on profit-taking but commodity shares rose on the back of higher raw material prices triggered by recent dollar weakness. The Shanghai Composite Index edged up 0.11% to 3,195.91 points.

Infrastructure companies, coal and steel providers and non-ferrous metal shares were among the biggest gainers on the bourse. Maanshan Iron & Steel Co Ltd jumped 9.89% to 3.89 yuan (US$0.57), Shaanxi Coal Industry Co Ltd added 5.66% to 7.47 yuan and Huaxin Cement Co rose 3.99% to 9.91 yuan.

Hong Kong Market gains on start of China, Hong Kong Bond Connect scheme

The Hong Kong stock market ended higher, mirroring gains on the Wall Street Friday and on the back of a new bond trading link between Hong Kong and China. At the close, the Hang Seng index rose 0.1%, to 25,784.17 points, while the China Enterprises Index gained 0.5%, to 10,412.48 points. Turnover decreased to HK$75 billion from HK$81.3 billion on Friday.

Index heavyweight HSBC Plc - which on Monday conducted the first deal under the n++Bond Connectn++ - added 1.2% to HK$73.55, while BOC Hong Kong, another beneficiary of the scheme that allows foreign investors to buy China bonds, jumped 1.5% to HK$37.9. Hong Kong Exchanges and Clearing (00388) barely rose 0.5% to HK$202.8.

Hong Kongs small-caps and mid-caps rose after Beijing on Friday allowed insurers to buy the citys stocks under the Shenzhen-Hong Kong Stock Connect, potentially boosting demand for smaller companies. But the services index in Hong Kong was down 1.5%.

Country Garden (02007), China Vanke (02202) and China Evergrande (03333) were top three Chinese developers in terms of sales for the first half of 2017. Country Garden shot up 3.9% to HK$9.4. China Vanke soared 5.7% to HK$23.35. China Evergrande surged 9.2% to HK$15.3.

Geely Automobile (00175) was top blue-chip winner today. It rose 4% to HK$17.52 after some Chinese research houses investment upgrades.

Strong gains on Indian bourses as investors cheer GST rollout

Trading for the second quarter and July month started on a positive note as key benchmark indices settled with good gains as firmness in global stocks perked up sentiment. The barometer index, the S&P BSE Sensex rose 300.01 points or 0.97% to settle at 31,221.62. The Nifty 50 index advanced 94.10 points or 0.99% to settle at 9,615. The Sensex closed above the psychological 31,000 level. The sentiment was also boosted after the biggest tax reform, the Goods and Services Tax came into force from 1 July 2017. The gains were supported by a sharp jump in index heavyweight ITC. Bank and metal sector stocks advanced.

Index heavyweight and cigarette maker ITC jumped 5.7% at Rs 342.30 on reports that taxation for cigarettes under the goods and services tax regime is around 5-6% lower compared to the previous tax structure. Under the GST regime, cigarettes have been put in the highest tax slab of 28%. Basic excise duty and additional excise duty are repealed and only national calamity duty is continuing under the GST regime for cigarettes.

Mahindra & Mahindra (M&M) was up 1.21%. The companys total auto sales fell 8% to 35,716 units in June 2017 over June 2016. Total tractor sales rose 9% to 32,933 units in June 2017 over June 2016. The announcement was made on Saturday, 1 July 2017.

Maruti Suzuki India rose 1.96% after the companys total sales rose 7.6% to 1.06 lakh units in June 2017 over June 2016. Domestic sales grew by 1.2% to 93,263 units in June 2017 over June 2016. Export sales jumped 95.8% to 13,131 units in June 2017 over June 2016. The announcement was made on Saturday, 1 July 2017.

Meanwhile, Maruti Suzuki India on Saturday, 1 July 2017 announced that the company has passed on the entire benefit of GST rates on vehicles to its customers. The ex-showroom prices of Maruti Suzuki India models have come down by up to 3%. The rate of reduction varies across locations depending on the VAT rates applicable prior to GST, the company said.

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Coromandel International to hold board meeting
Jul 03,2017

Coromandel International will hold a meeting of the Board of Directors of the Company on 28 July 2017 Quarterly Results

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Manaksia Steels to hold board meeting
Jul 03,2017

Manaksia Steels will hold a meeting of the Board of Directors of the Company on 3 July 2017.

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Can Fin Homes to hold board meeting
Jul 03,2017

Can Fin Homes will hold a meeting of the Board of Directors of the Company on 21 July 2017 to consider inter-alia and approve the un-audited financial results of the Company for the I Quarter ended on June 30, 2017 (Financial Year 2017-18) together with the Limited Review Report for the above said period. Further, the trading window to deal in equity shares of the Company is closed from June 11, 2017 to July 23, 2017 (both days inclusive).

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