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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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Public Procurement (Preference to Make in India), Order 2017 issued
Jun 16,2017

The Government has issued Public Procurement (Preference to Make in India), Order 2017 today as part of the policy of the Government of India to encourage Make in India and promote manufacturing and production of goods and services in India with a view to enhancing income and employment. Subject to the provisions of this Order and to any specific instructions issued by the Nodal Ministry or in pursuance of this Order, purchase preference shall be given to local suppliers in all procurements undertaken by procuring entities in the manner specified .As per the order the minimum local content shall ordinarily be 50%. The Nodal Ministry may prescribe a higher or lower percentage in respect of any particular item and may also prescribe the manner of calculation of local content. The margin of purchase preference shall be 20% . Ministries /Departments and the Boards of Directors of Government companies may issue such clarifications and instructions as may be necessary for the removal of any difficulties arising in the implementation of this Order.

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Jindal Worldwide declines on profit booking
Jun 16,2017

Meanwhile, the S&P BSE Sensex was up 69.53 points, or 0.22% at 31,141.93. The S&P BSE Small-Cap index was up 82.87 points, or 0.53% at 15,728.76.

On the BSE, 22,000 shares were traded on the counter so far as against the average daily volumes of 30,000 shares in the past two-weeks. The stock had hit a high of Rs 650 so far during the day, which is also its record high. The stock had hit a low of Rs 599.35 so far during the day. The stock had hit a 52-week low of Rs 142.50 on 21 June 2016.

Jindal Worldwide had rallied 49.65% in the preceding three trading sessions to settle at Rs 637.15 yesterday, 15 June 2017, from its closing of Rs 425.75 on 12 June 2017.

Jindal Worldwides net profit spurted 106.5% to Rs 23.97 crore on 26.8% increase in net sales to Rs 368.02 crore in Q4 March 2017 over Q4 March 2016.

Jindal Worldwide is the leader in Indian textile Industries and is operating in Indian contingent as well as having its international collaboration and clients in north and South America to Europe, Africa and Middle-East Asia.

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IPCA Lab slumps after USFDA bans drugs from three plants
Jun 16,2017

The announcement was made after market hours yesterday, 15 June 2017.

Meanwhile, the S&P BSE Sensex was up 62.99 points, or 0.20% to 31,138.72.

On the BSE, 2.03 lakh shares were traded in the counter so far, compared with average daily volumes of 17,332 shares in the past one quarter. The stock had hit a high of Rs 468 and a low of Rs 437 so far during the day. The stock hit a 52-week high of Rs 656 on 5 April 2017. The stock hit a 52-week low of Rs 435 on 24 June 2016.

The stock had underperformed the market over the past one month till 15 June 2017, falling 5.75% compared with 1.36% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 6.55% as against Sensexs 4.81% rise. The scrip had also underperformed the market in past one year, rising 6.95% as against Sensexs 17.15% rise.

The mid-cap company has equity capital of Rs 25.24 crore. Face value per share is Rs 2.

IPCA Laboratories said that drugs manufactured at its facilities at SEZ Indore (Pithampur), Piparia (Silvassa) and Ratlam (Madhya Pradesh) have been banned from the US market by the US Food and Drug Administration (USFDA). The drug regulator cited violation of current good manufacturing norms for taking the step against the company. The USFDA has refused admission to all drugs made at the companys Pithampur and Silvassa facility. All drugs, except API Chloroquine Phosphate, made at Ratlam (Madhya Pradesh) unit have also been denied entry in the US, it further said. The ban will continue until the company can demonstrate that the drugs manufactured from these manufacturing sites and intended for the US market are in compliance with the current good manufacturing practice regulation (cGMP).

Net profit of IPCA Laboratories rose 34.8% to Rs 44.39 on 6% rise in net sales to Rs 665.80 crore in Q4 March 2017 over Q4 March 2016.

IPCA Laboratories is a fully-integrated Indian pharmaceutical company manufacturing over 350 formulations and 80 Active Pharmaceutical Ingredients (APIs) for various therapeutic segments.

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L&T Finance Holdings shifts registered office
Jun 16,2017

L&T Finance Holdings has shifted its registered office from L&T House, N. M. Marg, Ballard Estate, Mumbai - 400001, Maharashtra, India to Brindavan, Plot No. 177, CST Road, Kalina, Santacruz (East), Mumbai - 400098, Maharashtra, India with effect from 15 June 2017.

New registered office address is -
Brindavan, Plot No. 177, CST Road, Kalina, Santacruz (East), Mumbai - 400098, Maharashtra, India
Phone Number (022)-62125000
Fax Number (022)-62125398
Email Id igrc@ltfinanceholdings.com Website www.ltfs.com

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Navin Fluorine International allots 28650 equity shares
Jun 16,2017

Navin Fluorine International has allotted 28650 ,equity shares of the face value of Rs. 10/- each to employees upon exercising Stock Options by them under the prevailing Employee Stock Option Scheme 2007 of the Company on 14 June 2017.

With this allotment, the paid-up capital of the Company has increased to Rs. 9,84,12,915 (98,39,836 equity shares of Rs. 10/- each fully paid up and 2911 partly paid equity shares of Rs. 10/- each, on which Rs. 5/- per share paid up).

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Infosys announces appointment of Global Heads
Jun 16,2017

Infosys the appointment of Karmesh Vaswani as the Global Head - Retail, CPG & Logistics (RCL) and Nitesh Banga as the Global Head of Manufacturing, effective 15 July 2017. Karmesh Vaswani and Nitesh Banga are both career Infoscions who have held strategic portfolios across the organization for nearly a decade. Karmesh & Nitesh are to replace Sandeep Dadlani, President and Head - MRCL, who will be leaving the company.

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Board of Burnpur Cement approves change in company secretary
Jun 16,2017

Burnpur Cement announced the appointment of Indrajeet Kumar Tiwary as a Company Secretary in place of Sudhansu Sekhar Panigrahi who resigned from the post of Company Secretary. The change was approved in the board meeting held on 14 June 2017.

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Shares of Star Cement get listed
Jun 16,2017

The equity shares of Star Cement (Scrip Code: 540575) are listed and admitted to dealings on the Exchange in the list of T Group Securities.

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TCS in focus after launching ignio for SAP operations
Jun 16,2017

TCS announced that it has launched ignio for SAP ERP to help customers run their operations in SAP more effectively. ignio is a cognitive automation solution for enterprise IT. ignio has also achieved certified integration with SAP ERP. The announcement was made after market hours yesterday, 15 June 2017.

Infosys announced the appointment of Karmesh Vaswani as the Global Head - Retail, CPG & Logistics (RCL) and Nitesh Banga as the Global Head of Manufacturing, effective 15 July 2017. Karmesh Vaswani and Nitesh Banga are both career Infoscions who have held strategic portfolios across the organization for nearly a decade. The announcement was made after market hours yesterday, 15 June 2017.

MphasiS issued clarification on news item titled Mphasis raises $500 million dollar bond sale that the said issuance has been undertaken by its parent company, Marble II Pte. Ltd., Singapore and not by the company. The proceeds will be utilized by Marble II Pte. Ltd., Singapore and not by the company, it added. The announcement was made after market hours yesterday, 15 June 2017.

Reliance Industries (RIL) and BP yesterday, 15 June 2017 announced that they are moving forward to develop already-discovered deepwater gas fields, bringing new gas production for India. The two companies have agreed to deepen and expand their partnership to work jointly across a wide range of areas throughout Indias energy sector. The announcement was made after market hours yesterday, 15 June 2017.

RIL and BP announced that they will award contracts to progress development of the R-Series deep water gas fields in Block KGD6 off the east coast of India. The project is expected to produce up to 12 million cubic metres (425 million cubic feet) of gas a day, coming on stream in 2020.

This is the first of three planned projects in Block KGD6 that are expected to be developed in an integrated manner, producing from about 3 trillion cubic feet of discovered gas resources.

Development of the three projects, with total investment of Rs 40000 crore ($6 billion), is expected to bring a total 30-35 million cubic metres (1 billion cubic feet) of gas a day new domestic gas production onstream, phased over 2020-2022.

ICICI Bank said that the committee of executive directors of the bank is scheduled to meet on 20 June 2017 to consider fund raising by way of issuance of senior unsecured long term bonds in the nature of debentures in single/multiple tranches on private placement basis. The announcement was made after market hours yesterday, 15 June 2017.

Pennar Industries said that the company and Pennar Engineered Building Systems intend to set up a 50:50 joint venture (JV) in United States of America to supply their goods and services. The announcement was made after market hours yesterday, 15 June 2017. The JV will help both the companies to increase their addressable market and contribute to an increase in revenue and profitability.

Deepak Fertilisers and Petrochemicals Corporation (DFPCL) said that the Department of Fertilisers (DoF), Ministry of Chemicals and Fertilisers, Government of India, has decided to release the pending Rs 310.52 crore fertiliser subsidy on a bank guarantee of equivalent amount. DoF had withheld the subsidy pending decision on recovery of alleged undue gain on account of supply of cheap gas. The announcement was made after market hours yesterday, 15 June 2017.

Canara Bank said it plans to raise up to Rs 6300 crore for business and regulatory requirements. The bank said the board of directors approved the proposal to raise equity capital up to Rs 3500 crore, inclusive of premium to be decided, by way of qualified institutional placement/rights issue/preferential allotment/follow-on public offer. The bank may raise fund by any other means as well, it said in a regulatory filing.

Additionally, Canara Bank will also raise Rs 1800 crore by issuing Basel III compliant additional Tier I bonds, it said. The board has also approved the plan to issue Basel III compliant Tier II bonds up to Rs 1000 crore. The bank would seek the approval of the shareholders for raising of equity capital in the ensuing AGM of the bank, it said. The announcement was made after market hours yesterday, 15 June 2017.

IPCA Laboratories said that drugs manufactured at its facilities at SEZ Indore (Pithampur), Piparia (Silvassa) and Ratlam (Madhya Pradesh) have been banned from the US market by the US Food and Drug Administration (USFDA). The drug regulator cited violation of current good manufacturing norms for taking the step against the company. The USFDA has refused admission to all drugs made at the companys Pithampur and Silvassa facility. All drugs, except API Chloroquine Phosphate, made at Ratlam (Madhya Pradesh) unit have also been denied entry in the US, it further said. The ban will continue until the company can demonstrate that the drugs manufactured from these manufacturing sites and intended for the US market are in compliance with the current good manufacturing practice regulation (cGMP). The announcement was made after market hours yesterday, 15 June 2017.

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Board of Axis Bank approves private placement of NCDs aggregating Rs 5000 cr
Jun 15,2017

The Board of Directors of Axis Bank have on 15 June 2017 approved the allotment of 50,000 Unsecured Redeemable Non-Convertible Subordinated Debentures, Basel- III Compliant Tier 2 Debentures (Series - 27) of the face value of Rs.10 lakh each for cash at par aggregating to Rs. 5,000 crore, on a private placement basis. The said Debentures will be listed on the Wholesale Debt Market segment of the BSE and National Stock Exchange of India.

The said Debentures are rated CRISIL AAA by CRISIL, ICRA AAA hyb by ICRA and IND AAA by India Ratings & Research (Ind-Ra).

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ICICI Prudential Life Insurance Company allots 10,600 equity shares
Jun 15,2017

ICICI Prudential Life Insurance Company allots 10,600 equity shares of face value of Rs. 10 each on 15 June 2017 under its Employee Stock Option Scheme (ESOS).

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ICICI Bank proposes issuance of senior unsecured long term bonds
Jun 15,2017

The Committee of Executive Directors of ICICI Bank to consider fund raising by way of issuance of senior unsecured long term bonds in the nature of debentures in single/multiple tranches on private placement basis on 20 June 2017.

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USFDA refuses admission to APIs manufactured by Ipca Laboratories
Jun 15,2017

Ipca Laboratories has received a communication from USFDA stating that all the drugs manufactured at the Companys API manufacturing facility at Ratlam (Madhya Pradesh) will be henceforth refused admission into United States (except API Chloroquine Phosphate, which will be reconsidered if shortage and/or medical necessity implication change) until the Company can demonstrate that the drugs manufactured at this manufacturing site and intended for the US market are in compliance with cGMP.

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USFDA refuses admission to drugs manufactured by Ipca Laboratories
Jun 15,2017

Ipca Laboratories announced that it has received a communication from USFDA stating that all the drugs manufactured from the Companys manufacturing units situated at SEZ Indore (Pithampur) and Piparia (Silvassa) will be henceforth refused admission into the United States until the Company can demonstrate that the drugs manufactured sites and intended for the US market are in compliance with cGMP.

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South Indian Bank revises MCLR rates
Jun 15,2017

South Indian Bank has revised the MCLR rates with effect from 20 June 2017 as under -

Overnight - 8%
One month - 8.10%
Three month - 8.25%
Six month - 8.55%
One year - 9.10%

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