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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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India Ratings Rates Indias First State Government Revenue Supported Bond Backed by RBI
Feb 18,2017

India Ratings and Research (India Ratings) on 16 February 2017 assigned U.P. Power Corporations (UPPCL) proposed INR100 billion bonds a Provisional IND AA(SO) rating with a stable outlook. This is Indias first state government revenue supported bond. India Ratings notes that while state/central government supported bonds, in the form of an unconditional and irrevocable guarantee are common, what makes this particular bond issue different from the bonds issued in the past is that in this case the entire state revenue is available for bond servicing. As the quarterly debt servicing of the proposed bond is only a fraction of the Uttar Pradesh state government revenue, India Ratings believes this structure will provide confidence to investors and timely servicing of the debt.

The rating action commentary: India Ratings Assigns U.P. Power Corporations Proposed Bonds Provisional IND AA(SO); Outlook Stable.

Another first for this transaction, is the structured debt servicing mechanism that is backed by the Reserve Bank of India (RBI). Under this mechanism, in case the specially created bond servicing account falls short of the amount required to service the debt and later if the state government is unable to fund it by a specified date then RBI will debit the requisite amount from the government of UPs account with the RBI and credit it to the UPPCL bond servicing account one day prior to the due date of bond servicing. This structure is similar to the power bonds issued by the state governments in 2003. As part of the one-time settlement of the dues owed by state electricity boards to public sector undertakings namely, NTPC Limited (IND AAA/Stable), NHPC Limited (IND AAA/Stable), Power Grid Corporation of India Limited and coal public sector units. An agreement was thus reached between 27 state governments, Union Ministry of Power and RBI in 2003, to release these bonds for the state-owned firms.

The UPPCL bond also has other regular security features such as state guarantee and debt-service reserve account. India Ratings believes the innovative structure put in place to service the bonds has the potential to open a new and alternative funding line for state governments in India, besides also imposing fiscal discipline on the state governments.

Based on bond market yields and banks lending rates, India Ratings expects UPPCL to save interest cost of around INR2-2.5 billion annually. Similar to UPPCL many other state power distribution companies under financial strain could rely on such structures for funding.

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Constant improvement in ease of doing biz & robust infrastructure development imperative for Indias all round economic growth: Report
Feb 18,2017

The government needs to continuously invest in improving the ease of doing business environment, develop sound infrastructure, and ensure availability of trained workforce as India is set on a growth trajectory that promises all-round development, economic welfare and strong macro-economic indicators, noted a recent ASSOCHAM-EY report.

n++Improved governance, favourable conditions to conduct business, transparency in government procedures and responsive policy making with an immediate focus on effective implementation of government reforms will continue to evolve India into a preferred destination for foreign investment,n++ highlighted the report titled India: Transforming through radical reforms, jointly conducted by ASSOCHAM and global advisory firm Ernst & Young (EY).

It also termed demonetisation as a major step aimed at strengthening Indias proposition of becoming a transparent economy by curbing black money, terror financing and fake currency circulating in the economy.

n++Combining demonetisation with Digital India and Pradhan Mantri Jan Dhan Yojna will ensure transparency in financial transactions. Transfer of subsidies through bank accounts opened under the scheme has removed the middlemen, thus eliminating one of the biggest contributors to corruption,n++ said the ASSOCHAM-EY report.

It also said that the GST (goods and services tax) which is expected to be rolled out by July 2017, will further boost the economy by simplifying the indirect tax structure, and eliminating the cascading effect of taxes on customers and make doing business easier in the country.

Hailing the Centres ambitious Make in India initiative, the report said that it has provided robust support to Indias manufacturing sector, backed by domestic demand and many regulatory reforms. It has helped India become the sixth largest manufacturing economy in the world in 2016.

Reforms like Power for All, Smart Cities, Skill India and Startup India are expected to work in tandem with Make in India to help the country achieve the goal of becoming a manufacturing hub, it added.

n++All these radical reforms are acting as enablers for boosting the domestic environment which in turn is improving the countrys stature globally,n++ further said the report. n++The major reforms from the Government will continue to boost investor sentiment and Indias outlook across the world.n++

It also complemented the Governments view of promoting innovation and entrepreneurship through reforms like Startup India and Skill India, to equip the young workforce to face the changing global economic environment and technological disruption.

While the pace of Indias radical reforms may vary, the direction is firmly set toward higher growth. The economy will continue to benefit from significant progress in trade, proactive policy actions and robust external buffers.

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Mineral Production during December 2016 was 5.2% higher as compared to December 2015
Feb 18,2017

The index of mineral production of mining and quarrying sector for the month of December (new Series 2004-05=100) 2016 at 144.5, was 5.2% higher as compared to December 2015. The cumulative growth for the period April- December 2016-17 over the corresponding period of previous year has been (+) 0.9 percent.

The total value of mineral production (excluding atomic & minor minerals) in the country during December 2016 was Rs. 22348 crore. The contribution of Coal was the highest at Rs. 9317 crore (42%). Next in the order of importance were: Petroleum (crude) Rs. 5553 crore, Iron ore Rs. 2438 crore, Natural gas (utilized) Rs. 2195 crore, Lignite Rs.804 crore and Limestone Rs. 528 crore. These six minerals together contributed about 93% of the total value of mineral production in December 2016.

Production level of important minerals in December 2016 were: Coal 642 lakh tonnes, Lignite 46 lakh tonnes, Natural gas (utilized) 2654 million cu. m., Petroleum (crude) 31 lakh tonnes, Bauxite 2081 thousand tonnes, Chromite 456 thousand tonnes, Copper conc. 11 thousand tonnes, Gold 151 kg., Iron ore 179 lakh tonnes, Lead conc. 26 thousand tonnes, Manganese ore 248 thousand tonnes, Zinc conc. 171 thousand tonnes, Apatite & Phosphorite 47 thousand tonnes, Limestone 247 lakh tonnes, Magnesite 20 thousand tonnes and Diamond 2096 carat.

The production of important minerals showing positive growth during December 2016 over December 2015 include Chromite (67.4%), Lignite (56.6%), Zinc conc. (38.9%), Iron ore (36.2%), Manganese ore (34.1%), Gold (28.0%), Lead conc. (22.3%), Bauxite (21.0%), Apatite & Phosphorite (10.7%), Limestone (5.8%), Coal (3.8%) and Natural gas (utilized) (0.4%). The production of other important minerals showing negative growth are: Diamond [(-) 37.2%], Copper conc. [(-) 21.5 %], Magnesite [(-) 19.6 %] and Petroleum (crude) [(-) 0.8%].

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Spice Mobility intimates of incorporation of step down subsidiary
Feb 18,2017

Spice Mobility announced that its step down subsidiary - SGIC has incorporated Omnia, as a wholly owned subsidiary company in Singapore for undertaking activities relating to development of software for interactive Digital Media (except games).

Consequently, Omnia has also become a step down subsidiary of the Company.

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Religare Enterprises provides update on indirect subsidiary - Religare Wealth Management
Feb 18,2017

Religare Enterprises announced that Religare Wealth Management , an indirect subsidiary of the Company has entered into a definitive agreement on 17 February 2017 with the Anand Rathi Group to sell its interests in its wealth management business subject to necessary approvals.

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Maximum Possible Marks to Indian NRA in WHO Assessment
Feb 18,2017

WHO has completed the assessment of the status of the Indian vaccine regulatory system against WHO NRA Global Benchmarking Tool (GBT) for benchmarking and measured the maturity of the system. The assessment has been carried out by a WHO team comprising lead experts in different areas from WHO Headquarters Geneva, WHO India Country Office, experts drawn from the regulators of USA, Italy, Germany, Netherlands, Indonesia, Thailand and Egypt. The assessment has been done in respect of nine different functionalities and Indian NRA has been declared functional with a maturity level of 4 i.e. the highest level as per currently evolved definitions in respect of 5 functions, and maturity level 3 in respect of 4 functions. While, maturity level 4 indicates good results and sustained improvement trends, maturity level 3 reflects systematic process based approach, early stage of systematic improvements, data availability regarding conformance to objectives and existence of improvement trends.

India is one of the main players in the pharmaceutical industry worldwide. The pharmaceutical industry covers conventional as well as biological medicinal products including vaccines, medical devices, and traditional medicines. India, as a large vaccine producing country, is currently supplying several vaccines to the UN agencies (UNICEF, WHO and PAHO).

A fully functional NRA is a pre-requisite for WHO prequalification of vaccines. One of the requirements to become eligible and retain prequalification status is to have the National Regulatory Authority (NRA) assessed as functional against the WHO published NRA indicators. WHO Prequalification Programme, as such, facilitates access to vaccines that meet the unified standards of quality, safety and efficacy as well as programme needs. The vaccine manufacturers can only apply for WHO vaccine prequalification if the NRA meets the standards of the WHO NRA published indicators i.e. WHO Global benchmarking Tool on functional regulatory system for vaccines.

World Health Organisation (WHO) has, based on a robust benchmarking tool developed over years in consultation with various experts drawn from across the globe, carried out assessment of the National Regulatory Authority (NRA) of India comprising the Central Drugs Standard Control Organisation (CDSCO), State Drug Regulatory Authorities, Pharmaco-vigilance Programme of India (PvPI) and Adverse Events Following Immunization (AEFI) structures at the Central and States levels. The nine functions included in the tool are National Regulatory System; Registration and Marketing Authorization; Vigilance; Laboratory Access and Testing; Regulatory Inspection; Clinical Trial Oversight; NRA Lot Release; Licensing Premises; and Market Surveillance and Control. The Global Benchmarking Tool (GBT) so developed has 63 indicators and 288 sub-indicators, out of which 150 are critical with the following maturity level definitions:

The result reflects the growing maturity of the Indian NRA emanating from a concerted effort by the Government in consultation WHO to build capacity and capability of the National Regulatory Authority over last several years.

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Auroma Coke fixes record date for consolidation of shares
Feb 17,2017

Auroma Coke has 09 March 2017 as fixed record date for consolidation of shares.

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Board of Auroma Coke approves consolidation of shares
Feb 17,2017

Auroma Coke announced that the Board of Directors of the Company at its meeting held on 14 February 2017 approved consolidation of equity share capital of the Company by which 100 equity shares of Rs 10 each will be consolidated into 1 equity share of Rs 1000. The Board has fixed record date of 9 March 2017 to determine the shareholders for purpose of exchange of existing shares of Rs 10 with the new shares of Rs 1000.

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Board of Bhanderi Infracon allots warrants to Non-Promoters
Feb 17,2017

Bhanderi Infracon announced that the Board of Directors of the Company at its meeting held on 17 February 2017 has allotted 667000 warrants to Non Promoters.

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CIL Nova Petrochemicals director resigns
Feb 17,2017

CIL Nova Petrochemicals has on 17 February 2017 received an intimation dated 17 February 2017 from Vedprakash Chiripal, Director tendering his resignation from the company with immediate effect.

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Board of TCI Industries allots 31402 preference shares (NCRPS)
Feb 17,2017

TCI Industries announced that pursuant to the Members approval accorded in their Annual General Meeting held on 02 August 2016, the Share Allotment Committee of the Board of Directors of the Company at its meeting held on 17 February 2017 has issued and allotted 31402, 0% Non-Convertible Redeemable Preference Shares (NCRPS) of Face Value of Rs. 100/- (Rupees Hundred only) each at a premium of Rs. 300/- (Rupees Three Hundred only) each to the entities belonging to the Promoter & Promoter Group of the Company.

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GPT Infraprojects secured order worth Rs 64 crore
Feb 17,2017

GPT Infraprojects has bagged an order worth Rs 64 crore from Rail Vikas Nigam for construction of major bridge over river Chanderbagha, ROB and RUB with approached at road crossings in Virbhadra- New Rishikesh-Shivpuri section of Rishikesh-Karanprayag new BG rail line project in the state of Uttarakhand.

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Bharat Petroleum Corporation plans to raise Rs 2000 crore in current FY
Feb 17,2017

Bharat Petroleum Corporation announced that at the Annual General Meeting of Bharat Petroleum Corporation (BPCL) held on 21 September 2016, Shareholders of the Company approved Private Placement of Non-Convertible Bonds/Debentures and/or Other Debt Securities. In exercise of the said delegated authority, BPCL is planning to raise up to Rs. 2,000 crore during the current financial year through private placement of secured non-convertible debentures subject to market conditions. The Debentures are proposed to be listed on Debt Market segment of the BSE and National Stock Exchange of India (NSE). The details of the issue viz., class of investors, issue price, tenor, interest rate etc. will depend on the market conditions which will be intimated on crystallization of the issue.

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Axis Bank keeps MCLRs unchanged
Feb 17,2017

Axis Bank has reviewed and decided to keep the MCLRs of the Bank unchanged. This will be effective from 18 February 2017. The One year MCLR stands unchanged at 8.25%.

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Dynamatic Technologies inaugurates facility for manufacture of major assemblies of Bell 407
Feb 17,2017

Dynamatic Technologies inaugurated its first facility at the KIADB Aerospace Park next to the Bangalore International Airport. It is the first facility on the sprawling 27 acres Dynamatic Aerotropolis. Dynamatic will manufacture Major Sub-Assemblies of the Bell 407 from the park, with gradual expansion of the work package for Bell 407.

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