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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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Precious metals end 2016 on dull note
Jan 02,2017

Bullion prices ended lower at Comex on Friday, 30 December 2016. Gold futures moved in and out of positive territory on Friday, risking a fifth straight session gain, but still on track to snap what had been the longest weekly losing streak in more than 12 years.

Gold futures for February delivery fell $1.00, or 0.1%, to $1,157.10 an ounce, but had earlier traded up to $1,164.

Gold futures fell on Friday but snapped what had been the longest weekly losing streak in more than 12 years with a 1.5% weekly gain. Gold logged a 9% gain for all of 2016, owed to its early-year move. Gold is off more than 15% from its 2016 best, which was the settle high of $1,364.90 hit 6 July 2016.

March silver was down 15 cents, or 0.9%, at $16.08 an ounce after trading at its highest in about two weeks. For the month, silver fell a roughly 2%. Silver gained 17% for the year.

Precious metals moved in choppy fashion in this final trading day of 2016 as the dollar index pulled back from the 14-year highs it hit late this month. Thanks to strong early-year performances, both gold and silver logged sizable gains for the year, their best annual showing since 2012.

The ICE Dollar which typically moves inversely to gold, was down 0.5% at 102.13. This dollar gauge, which measures the strength of the buck against a basket of six currencies, traded in recent sessions at its highest level since December 2002.

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Lakshmi Vilas Bank provides update on QIP issue
Jan 02,2017

Lakshmi Vilas Bank announced that in respect of the QIP, the Committee of Directors for Capital Raising of the Bank (the Committee) at its meeting held on 31 December 2016, has inter alia, passed the following resolutions:

a. Approved the closure of the QIP on 31 December 2016;

b. Approved the issue price of Rs. 140.00 per Equity Share (including premium of Rs. 130.00 per Equity Share), which is at a discount of Rs. 1.15 per Equity Share, to the Floor Price of Rs. 141.15 per Equity Share, for the issuance and allocation of 1,19,85,138 Equity Shares to be allotted to eligible qualified institutional buyers pursuant to the QIP aggregating upto Rs. 167.8 crore; and

c. Approved and adopted the placement document dated 31 December 2016, in connection with the QIP.

d. Approved the issue of Confirmation of Allocation Notes (CANs) to the qualified institutional buyers.

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Bombay Dyeing & Manufacturing Company enters into agreement to sell land & building and flat
Jan 02,2017

Bombay Dyeing & Manufacturing Company announced that pursuant to the approval of the Committee of the Board the Company has entered into an Agreement for sale of;

1. MIDC Land & Building and some specific utility machineries of Ranjangaon unit situated at Ranjangaon, District - Pune, Maharashtra, at an aggregate value of Rs. 174.45 crore 31 December 2016.

2. A Company owned Flat at Beach Towers, Prabhadevi, Mumbai at a value of Rs.9.4 crore on 31 December 2016.

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Mahindra CIE Automotive to announce December quarter and FY results
Jan 02,2017

Mahindra CIE Automotive announced that a meeting of the Board of Directors of the Company will be held on 23 February 2017, inter alia, to consider and approve the audited Financial Results of the Company (Standalone and Consolidated) for the quarter and Financial Year ended 31 December 2016.

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Punjab National Bank reduces MCLR rates
Jan 02,2017

Punjab National Bank has reduced the Marginal Cost of Funds Based Lending Rate (MCLR) with effect from 01 January 2017 as under -

Overnight - 8.20%
One month - 8.25%
Three months - 8.35%
Six months - 8.40%
One year - 8.45%
Three years - 8.60%
Five years - 8.75%

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India to Supply Additional 80 MW of Power to Nepal from 1st January 2017
Jan 02,2017

From the first day of the new year, 1st January, 2017, additional power transfer of 80MW to Nepal is expected to commence. With this, the total supply of electricity to Nepal from India will be about 400 MW.

Shri Janardan Sharma, Minister of Energy, Government of Nepal, in a recent visit to India, held discussions with Shri Piyush Goyal, Minister of State (IC) for Power, Coal, New & Renewable Energy and Mines, Government of India. Besides reviewing cooperation and expanding ties between the two countries in the power/energy sector, Minister of Energy of Nepal requested for an additional supply of 80 MW from India to alleviate power shortage in Nepal due to seasonal reduction in supply from domestic hydro projects in winter months.

In a swift response to this request, within a period of 20 days, the Power Grid Corporation of India Limited (PGCIL) installed an additional 220/132kV, 100MVA transformer at Muzaffarpur substation in India. This transformer will facilitate additional power supply up to 80MW to Nepal through the Muzaffarpur (India) - Dhalkebar (Nepal) transmission line. With this augmentation, a total of 160 MW can now be supplied to Nepal through this transmission line.

The electrical grids of India and Nepal are connected through various radial lines at 132kV, 33kV and 11kV voltage levels. Prior to February 2016, as per the request received from Nepal from time to time, various short-term augmentation schemes were carried out which resulted in enhancement of power flow to Nepal from 50MW to about 240MW.

In February 2016, Prime Ministers of India and Nepal inaugurated the first high capacity 400kV cross-border line, initially being operated at 132kV, from Muzaffarpur in India to Dhalkebar in Nepal. This had resulted in additional flow of 80 MW, enhancing the total power supply to Nepal to about 320MW.

The Muzaffapur - Dhalkebar line is planned to be charged at 220kV with the commissioning of 220kV Dhalkebar substation in Nepal by March 2017. This will facilitate additional 150 MW of power transfer to Nepal. This would be followed by commissioning of 400 kV substation at Dhalkebar (Nepal), which would enable operation of Muzaffarpur - Dhalkebar 400 kV DC line at its rated voltage, leading to increase in power transfer to Nepal by 300-400 MW.

India is also working with Nepal to supply power through two more radial 132kV lines viz. Raxaul-Parwanipur and Kataiya-Kushaha, which are being commissioned through the grant assistance of Government of India.

India, through PGCIL, has also assisted Nepal in preparation of electricity Master Plan for Nepal- short term (up to 2018-19), medium term (up to 2021-22) and long term (up to 2035). Accordingly, a number of high capacity cross-border interconnections are being considered between India and Nepal. Initially, these interconnections would be utilized for transfer of power from India to Nepal and later with the development of hydro projects in Nepal, these links would be utilized for transfer of surplus power from Nepal to India.

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Mahanagar Gas launches CNG-fueled Two-Wheelers in Mumbai
Jan 02,2017

Mahanagar Gas in association with Eco Fuel (Indian Partners of Lovato, Italy) launched CNG fueled two wheeler on 01 January 2017.

The CNG kit for two wheelers comprises of two cylinders of 1.2 kg each, which can run up to 120 km to 130 km per kg at an approximate cost of Rs 0.60 per km per single fill. In the initial phase, the scooters will be retrofitted with a CNG kit manufactured by Lavato.

Additionally, Mahanagar Gas has also launched MGL Connect Mobile App (available on Google Play Store).

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Coal India announces provisional production and offtake figures
Jan 02,2017

Coal India announced the provision production and offtake performance of the Company and its subsidiaries for the month of December 2016 and for April-December 2016.

Coal production was 96% of targeted production at 54.20 million tonnes in December 2016 and coal offtake was 98% of target at 51.46 million tonnes in December 2016.

Coal product was 90% of targeted production at 377.77 million tonnes for the period April-December 2016 and coal offtake was 90% of target at 391.78 million tonnes for the period April-December 2016.

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Maruti Suzuki may drop on fall in sales in December
Jan 02,2017

Maruti Suzuki India announced on Sunday, 1 January 2017 that total sales fell 1% to 1.17 lakh units in December 2016 over December 2015. Domestic sales fell 4.4% to 1.06 lakh units in December 2016 over December 2015. Exports rose 47.1% to 11,494 units in December 2016 over December 2015.

Eicher Motors announced on Sunday, 1 January 2017 that sale volume of VE Commercial Vehicles, an unlisted subsidiary of Eicher Motors fell 20.04% to 4,048 units in December 2016 over December 2015.

Separately, Eicher Motors said that total motorcycles sales rose 42% to 57,398 units in December 2016 over December 2015.

Bombay Dyeing & Manufacturing Company announced on Sunday, 1 January 2017, that pursuant to the approval of the committee of the board the company has entered into an agreement for sale of MIDC land & building and some specific utility machineries of Ranjangaon unit situated at Ranjangaon, District - Pune, Maharashtra, at an aggregate value of Rs 174.45 crore on 31 December 2016.

The company has also entered into an agreement for sale of company owned flat at Beach Towers, Prabhadevi, Mumbai at a value of Rs 9.4 crore on 31 December 2016.

Coal India announced before market hours today, 2 January 2017, that the coal production of the company and its subsidiaries was 96% of targeted production at 54.20 million tonnes in December 2016 and coal offtake was 98% of target at 51.46 million tonnes in December 2016.

Mahanagar Gas announced on Sunday, 1 January 2017 the launch of CNG-fueled two-wheelers in Mumbai.

Punjab National Bank announced on Sunday, 1 January 2017 that the bank has reduced marginal cost of funds based lending rate (MCLR) with effect from 1 January 2017.

State Bank of India has reportedly cut its marginal cost of lending rate, or MCLR, by 90 basis points across all maturities. The countrys largest bank has reduced its key one-year benchmark MCLR to 8% per annum. The one-year benchmark is used for pricing home and car loans. Loans are provided to borrowers at 35 basis points over the MCLR. SBIs new rates were effective from 1 January 2017.

Realty stocks will be in focus as Prime Minister Narendra Modi on the eve of New Year on 31 December 2016, announced that two new middle income categories have been created under the Pradhan Mantri Awaas Yojana in urban areas. Loans of up to Rs 9 lakh taken in 2017, will receive interest subvention of 4%. Loans of up to Rs 12 lakh taken in 2017, will receive interest subvention of 3%. The number of houses being built for the poor, under the Pradhan Mantri Awaas Yojana in rural areas, is being increased by 33%.

In addition to this, another scheme is being put in place for the neo middle and middle class in rural areas. Loans of up to Rs 2 lakh taken in 2017, for new housing, or extension of housing in rural areas, will receive an interest subvention of 3%.

Shares of public sector oil marketing companies (PSU OMCs), automobiles firms and aviation firms will be watched. Petrol price was hiked by Rs 1.29 a litre and the diesel rate by Rs 0.97 a litre on Sunday, 1 January 2017. The increase in petrol and diesel rates is excluding state levies and the actual hike will be higher.

Further, aviation turbine fuel (ATF) price was hiked by a steep 8.6%. ATF price hike is applicable from midnight of 31 December 2016. Meanwhile, subsidised LPG rate was raised by Rs 2 per cylinder.

Shilpi Cable Technologies announced that its board of directors at its meeting held on Friday, 30 December 2016, approved acquisition of 100% shareholding of Gulf Aglow LED Lighting FZCO (GAL), a UAE based company incorporated within the laws of UAE. GAL is engaged in the manufacturing of lighting products.

The acquisition will be in the nature of cash consideration. The indicative time period for the completion of the acquisition is 3 months. This acquisition is intended to expand market share of Shilpi Cable in lighting products, wires & cables in middle east & African countries. The transaction is subject to applicable FEMA and RBI regulations. The announcement was made after market hours on Friday, 30 December 2016.

Ujaas Energy announced that it has received letter of Intent from MOIL for design, engineering, procurement & supply, construction, erection, testing & commissioning of solar PV plant with tracking system on turnkey basis of 5 megawatts (MW) (AC) capacity in Maharashtra. The announcement was made on Saturday, 31 December 2016.

IL&FS Engineering and Construction Company announced that it has received a letter of acceptance (LoA) for a road contract worth Rs 242.56 crore from Ministry of Road Transport & Highways (MoRTH) through CE (NH) PWD, Government of Karnataka.

The engineering, procurement & construction (EPC) project is expected to be completed in 24 months. The company is currently executing a metro rail contract in Karnataka for Bangalore Metro Rail Corporation for a value of Rs 326.99 crore. The announcement was made after market hours on Friday, 30 December 2016.

Bafna Pharmaceuticals announced that the meeting of the board of directors of the company is scheduled to be held on 4 January 2017, to transact withdrawal of entire preferential issue of 40 lakh share warrants and in-principle application filed with the stock exchanges.

The reasons the board will consider such a proposal is that the proposed allottees in the promoter group and one of the investors were ineligible due to sale/purchase/transfer within the group during the 6 months preceding the relevant date and due to inordinate delay in the process, few of the proposed allottees expressed their unwillingness to subscribe for the issue

The board will also propose and consider fresh issue of 80 lakh share warrants to promoter and non-promoter group subject to necessary approvals. The announcement was made after market hours on Friday, 30 December 2016.

Transformers and Rectifiers (India) announced that the company has been awarded the order for 40 numbers of 15MVA and 40 numbers of 20MVA power transformers with natural/synthetic ester oil of 66 kV class amounting to Rs 92 crore from Gujarat Energy Transmission Corporation Limited (GETCO).

The order falls under the normal course of business. The company neither has any interest in the entity that awarded the order nor fall within related party transactions. With this order, the companys order book as on date stands around Rs 960 crore.

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Asia Pacific market: Stocks end mixed on final day of 2016
Dec 30,2016

Asia Pacific share market ended mixed in thin pre-holiday trading on final trading day of 2016 (Friday, 30 December 2016), tracking a weak lead from Wall Street overnight. But, Asian stocks looked set to end 2016 on an upbeat note, with the benchmark headed for its first annual gain in three years, while the dollar reversed earlier losses and oil was poised to record its biggest gains in seven years.

In a year marked by major political shocks, including Brexit in June and the unexpected election of Donald Trump as U.S. president in November, Asia Pacific ex-Japan stocks were poised to record a 3.8% gain.

For the year, Chinas Shenzhen composite was Asias worst-performing index, down nearly 15%, while Pakistans Karachi All-Share Index was the biggest winner with gains of 45%. Thailands SET Index has soared 20% in 2016, meanwhile Indonesias Jakarta Stock Exchange Composite Index has jumped 16% and Taiwans Taiex rose 11%. Japans Nikkei eked out a modest 0.4% gain. Indias Sensex has gained 1.95% in calendar year 2016. Australias ASX 200 ended the year with a 7% gain, while New Zealands benchmark index closed out 2016 with a near 9% gain. Hong Kongs Hang Seng index finished 2016 with a 0.4% rise.

Among Asian bourses

Australia Market ends down

Australian share market ended down on last trading session of calendar year 2016, pulled down by poor performances in financial and basic material stocks, but having their best quarter this year and their best yearly run since 2013. At the closing bell, the benchmark S&P/ASX 200 index declined 3.30 points, or 0.58%, to 5665.80, while the broader All Ordinaries index dropped 27.60 points, or 0.48%, to close at 5719.10. On the year, the Australian index gained 4.2%.

Shares of gold miners rallied after the precious metal notched up its fourth day of gains, its longest winning streak in over three months. Newcrest Mining advanced 5.1%, while smaller peers Evolution Mining jumped 10%.

Mining stocks were down as investors took the opportunity to cash in on recent gains after as the iron ore price slipped a little on Thursday night to $US80.43/tonne. The big diversified miners such as BHP and Rio Tinto traded lower by 1.7% and 1.4%, respectively, while Fortescue shed 1.7%.

Oil producers came under selling pressure after the U.S. Energy Information Administration said Thursday that crude stockpiles grew 614,000 barrels, confounding earlier expectations for a 1.4-million-barrel decline. The EIA report contributed to light, sweet crude for February delivery settling down 29 cents, or 0.5%, at US$53.77 a barrel on the New York Mercantile Exchange. For Brent, the global benchmark, the front-month February contract expired at settlement. The more-actively-traded March contract lost 11 cents, or 0.19%, to US$56.85 a barrel. Woodside Petroleum dropped 1.8%, while Oil Search ended unchanged at A$7.17.

Nikki drop on weak Wall St, strong yen

The Japan share market closed lower in light trading, on taking its downward lead from the US overnight, but still hit a 20-year closing high for the final trading session of the calendar year 2016 on optimism over the incoming US government. The 225-issue Nikkei Stock Average ended down 30.77 points, or 0.16%, from Thursday at 19,114.37. The broader Topix index of all First Section issues on the Tokyo Stock Exchange finished 0.22 points, or 0.01%, higher at 1,518.61. The Nikkei 225 index rose 0.42% at 19,114.37 in 2016, marking the fifth consecutive annual increase and highest year-end finish since 1996 when it ended at 19,361.35. The broader Topix index lost 1.85%, snapping four years of gains. The Japan financial market is scheduled to reopen on Wednesday after the long holiday weekend.

Japanese stocks have surged since Prime Minister Shinzo Abe took office, with the Nikkei hitting an almost two-decade high in June 2015, on hopes his Abenomics policies of monetary stimulus, fiscal expansion and structural reform would end decades of deflation and stagnation. Attention has since shifted to U.S. politics and economic growth, after President-elect Donald Trumps surprising victory last month.

Exporters stocks were down as the yen strengthened slightly against greenback. Among key Japanese exporters, Honda Motor dropped 0.8%, Nissan Motor fell 0.4% and Sony declined 0.7%.

Among individual movers - Shares in troubled Toshiba jumped 9.43% to 283.1 yen following a three-day bloodletting, losing some 40%, on over expectations of a massive one-time loss. The company this week warned of a possible loss of several billion dollars in its US nuclear business but said the exact figure had yet to be determined, which fuelled investor anxiety.

Auto parts maker Takata surged 21.21% to 857 yen, adding to a 16.47% jump the day before after news it is close to settling a US criminal probe into an exploding airbag scandal.

China Stocks rise slightly

Mainland China stock market saw a slight upturn on the last trading day of 2016, due to bargain buying on recently battered stocks, but this didnt help it to rebound from a loss of over 110% this year. The blue-chip CSI300 index, which tracks large companies in Shanghai or Shenzhen, rose 0.38% to 3,430.25, while the Shanghai Composite Index rose 0.45% to 3,210.37 points. The Shenzhen Composite Index, which tracks stocks on Chinas second exchange, added 0.15% to 1,969.11. The ChiNext Index, which tracks Chinas NASDAQ-style board of growth enterprises, jumped 0.14% to close at 1,962.06 points.

The CSI 300 Index ended the year with a 10.37% loss. The Shanghai Composite index ended trading 12.46% down in 2016, while the Shenzhen Composite tumbled 14.72% this year.

This was a major decline compared to the markets 2015 performance when the Shanghai Composite skyrocketed 60% in the first half before plummeting more than 40% in less than three months, nevertheless, it closed the year with an overall gain of 9.4%. After the fall, Beijing introduced a circuit breaker mechanism in January 2016 to automatically stop trading if prices fell dramatically. It was used twice in one week before being scrapped.

Hong Kong Stocks up 0.96%

The Hong Kong stock market closed up on the last trading day of 2016, but the main indexes ended 2016 near where they started after a volatile 12 months. All sectors in Hong Kong gained ground on Friday, with the raw materials and services sectors among the best performers. Hong Kongs benchmark Hang Seng Index closed 209.65 points, or 0.96%, higher at 22,000.56. The Hang Seng China Enterprises Index, known as the H-shares index, added 82.11 points, 0.88%, to 9,394.87. For the whole year, the index gained 86 points. Turnover increased to HK$53.8 billion from HK$52.5 billion on Thursday.

Macau gaming players gained broadly after news reported that Macau is ready to launch the junket credit database next month. Galaxy Ent (00027) put on 2.27% to HK$33.8 while Wynn Macau (01128) climbed 1.31% to HK$12.34. MGM China (02282) shot up 8.94% to HK$16.08. SJM Holdings (00880) rose 3.05% to HK$6.08 while Sands China (01928) gained 1.66% to HK$33.7.

Lenovo (00992) gained 1.51% to HK$4.7 after Nomura maintained its neutral rating for the stock. For the whole year, Lenovo fell nearly 40%, making itself the top blue-chip loser.

Sensex, Nifty end 2016 trading with gains

Indian benchmark indices registered modest gains on the last trading day of the week and the calendar year 2016 on steady buying in index pivotals especially ITC and Infosys. The barometer index, the S&P BSE Sensex, gained 260.31 points or 0.99% to settle at 26,626.46. The Nifty 50 index gained 82.20 points or 1.01% to settle at 8,185.80. Meanwhile, the Sensex has fallen 26.35 points or 0.1% in December 2016. It has gained 508.92 points or 1.95% in calendar year 2016.

Data showed that domestic institutional investors (DIIs) bought shares worth a net Rs 957.83 crore yesterday, 29 December 2016, as per provisional data. The foreign portfolio investors (FPIs) sold shares worth a net Rs 662.29 crore yesterday, 29 December 2016, as per provisional data released by the stock exchanges.

Yes Bank rose 0.65% after the bank said it has raised Rs 330 crore of Green Infrastructure Bonds through private placement. The tenure of the instrument is 7 years. The date of allotment is 29 December 2016 and the date of maturity is 29 December 2023. The interest offered is 7.62% per annum.

RS Software (India) rose 1.91% after the company said it made further investment in its wholly-owned subsidiary, Paypermint by acquiring 59 lakh equity shares for Rs 5.90 crore. RS Software (India) holds 75% stake in Paypermint.

GE Power India jumped 5.34% after the company said it has secured a contract worth about Rs 271.1 crore from Bharat Heavy Electricals (Bhel) to supply components and services for the supercritical steam generator island packages.

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Rabi Crops Sowing Crosess 582 Lakh Hactare
Dec 30,2016

As per preliminary reports received from the States, the total area sown under Rabi crops as on 30th December, 2016 stands at 582.87 lakh hectares as compared to 545.46 lakh hectare this time in 2015.

Wheat has been sown/transplanted in 292.39 lakh hectares, rice in 10.68 lakh hectares, pulses in 148.11 lakh hectares, coarse cereals in 52.21 lakh hectares and area sown under oilseeds is 79.48 lakh hectares.

The area sown so far and that sown during last year this time is as follows:

Lakh hectare 

CropArea sown in 2016-17Area sown in 2015-16Wheat292.39271.46Rice10.6814.77Pulses148.11131.12Coarse Cereals52.2156.29Oilseeds79.4871.83Total582.87545.46

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Board of RCI Industries & Technologies approves preferential issue of shares
Dec 30,2016

RCI Industries & Technologies announced that the Board of Directors of the Company at meeting held on 30 December 2016 considered and ue approved issue of 22 lakh equity shares of Rs 10 each on preferential basis to promoter. The Board has fixed EGM on 03 February 2017.

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Nikki drop on weak Wall St, strong yen
Dec 30,2016

The Japan share market closed at three-week low in light trading on Friday, 30 December 2016, on taking its downward lead from the US overnight, but still hit a 20-year closing high for the final trading session of the calendar year 2016 on optimism over the incoming US government. The 225-issue Nikkei Stock Average ended down 30.77 points, or 0.16%, from Thursday at 19,114.37. The broader Topix index of all First Section issues on the Tokyo Stock Exchange finished 0.22 points, or 0.01%, higher at 1,518.61. The Nikkei 225 index rose 0.42% at 19,114.37 in 2016, marking the fifth consecutive annual increase and highest year-end finish since 1996 when it ended at 19,361.35. The broader Topix index lost 1.85%, snapping four years of gains. The Japan financial market is scheduled to reopen on Wednesday after the long holiday weekend.

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China Stocks rise slightly
Dec 30,2016

Mainland China stock market saw a slight upturn on the last trading day of 2016 (Friday, 30 December 2016), due to bargain buying on recently battered stocks, but this didnt help it to rebound from a loss of over 110 percent this year. The blue-chip CSI300 index, which tracks large companies in Shanghai or Shenzhen, rose 0.38% to 3,430.25, while the Shanghai Composite Index rose 0.45% to 3,210.37 points. The Shenzhen Composite Index, which tracks stocks on Chinas second exchange, added 0.15% to 1,969.11. The ChiNext Index, which tracks Chinas NASDAQ-style board of growth enterprises, jumped 0.14% to close at 1,962.06 points. The CSI 300 Index ended the year with a 10.37% loss. The Shanghai Composite index ended trading 12.46% down in 2016, while the Shenzhen Composite tumbled 14.72% this year.

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Board of Shilpi Cable Technologies approves acquisition of UAE based company
Dec 30,2016

Shilpi Cable Technologies announced that Board of Directors of the Company in their meeting held on 30 December 2016, approved:

- Acquisition of 100% shareholding of Gulf Aglow LED Lighting FZCO (GAL), a UAE based company incorporated within the laws of UAE. The GAL is engaged in the manufacturing of lighting products.

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