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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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MRF plans to set up new manufacturing facility in Gujarat
Jan 11,2017

MRF announced that the Company has on 11 January 2017 signed a Memorandum of Understanding [MOU] with the Government of Gujarat expressing its in-principle intention to set up a new manufacturing facility in Gujarat for manufacture of automotive tyres, tubes, flaps and related products. The Company proposes to invest a sum of about Rs. 4500 crore over a ten year period in a phased manner. The new plant is planned to be set up in Gujarat with the intention of broad basing the Companys manufacturing facilities across India. The project will be funded by internal accruals and / or debt.

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Shreenath Industrial Investment Company launches residential project Hastagiri Heights
Jan 11,2017

Shreenath Industrial Investment Company is launching its first Construction Project Hastagiri Heights at Jalalpur, Nashik. The ground breaking of this residential project is scheduled on 21 January 2017.

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IP Rings provides update on proposed rights issue
Jan 11,2017

IP Rings announced that Rights Issue Sub-Committee of the Company has decided on the following, at its Meeting held on 11 January 2017, in connection with the proposed Rights Issue:

- Rights Issue Opening Date : 23 January 2017

- Rights Issue Closing Date : 06 February 2017

- Last Date for Request for Split Application Forms : 30 January 2017

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Karnataka Bank opens branch at Tirupur - Anupparpalayam
Jan 11,2017

Karnataka Bank has opened its 739th branch at Tirupur - Anupparpalayam on 11 January 2017.

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Awards to be given to the Institutes/ KVKS/ Universities for Cashless Transactions under specific time limits
Jan 11,2017

Ministry of Agriculture and Farmers Welfare has taken several decisions to promote cashless transactions in the entire country. It was decided in the meeting of higher officers of DARE/ ICAR in Ministry of Agriculture and Farmers Welfare that awards will be given to the Institutes/ KVKs/ Universities for cashless transactions under specific time limits.

Ministry has decided that award of Rs. 5 lakh meant for ICAR and a sum of Rs. 1 lakh to KVK will be given for achieving 100% cashless in a week. Similarly, ICAR will be bestowed upon Rs. 3 lakh and KVK Rs. 50,000 in the form of incentives on achieving 100% cashless within two weeks and similarly for cashless within a span of 3 weeks, ICAR will be awarded Rs. 2 lakh and KVK Rs. 25,000 as prize.

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National Aluminium Company announces cessation of director
Jan 11,2017

National Aluminium Company announced that R. Sridharan, Special Secretary, Ministry of Mines has ceased to be Director on the Board of the Company w.e.f. 03 January 2017, vide Order dtd. 03 January 2017 of Ministry of Mines, Government of India.

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Mahindra Holidays & Resorts India hikes stake in Holiday Club Resorts Oy, Finland
Jan 11,2017

Mahindra Holidays & Resorts India announced that the Company, through Covington S.a.r. I, Luxembourg (Covington), its step down subsidiary, has increased its stake in Holiday Club Resorts Oy, Finland (HCR) by acquiring additional 6.33% stake in the share capital of HCR and consequently, its stake in HCR has been increased from 85.61% to 91.94%.

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Ballarpur Industries gets revision in credit ratings
Jan 11,2017

Ballarpur Industries announced that India Ratings & Research (a Fitch Group Company) has revised the Long-Term Issuer Rating and the ratings on its non-convertible Debenture to IND BBB- from IND A-, while resolving the Rating Watch Evolving.

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Asia Pacific Market: Stocks lacklustre ahead of Trump press conference
Jan 11,2017

Asia Pacific share market closed slight higher in dull trade on Wednesday, 11 January 2017, as investors cautiously awaited US president-elect Donald Trumps news conference later in the day for clues on his economic policies.

Investors were awaiting Trumps first news conference since he won the U.S. presidential election for concrete plans on what he wants to accomplish in his first year in office. In his election manifesto, Trump has promised a large fiscal stimulus package, comprising tax cuts and higher government spending which might widen the fiscal deficit. This will lead to sharp recalibration on inflation expectations which are worrying traders.

Trumps also vowed to brand China a currency manipulator on his first day in office and has threatened to slap huge tariffs on imports from China, raising tension between the worlds two biggest economies.

Ever since Trump won Presidential elections, US business confidence has risen tremendously on promises of increased stimulus and lower tax coupled with protectionism to revitalize the economy. Global equity market funds based in US are investing in the US to ride on the prospective growth story which is strengthening the US dollar. Additionally higher US fund yield also triggers outflows from emerging markets bonds, making emerging market currency weaker.

Among Asian bourses

Australia Market edges up as miners rally

Australian share market closed edge higher, as gains in commodities-linked firms on the back of rising iron ore and base metal prices offset weakness in the financial, health care and real estate sectors. At the closing bell, the benchmark S&P/ASX 200 index inclined 10.80 points, or 0.19%, to 5771.50, while the broader All Ordinaries index added 10.70 points, or 0.18%, to close at 5823.70.

Shares in materials and resources companies surged on the back of ramp up prices in key commodities such as iron ore, copper and aluminium in China for a third session on Wednesday. Base metals were also up with copper and zinc gaining. Rio Tinto added 3.9% to A$62.28 and Fortescue Metals 4.5% to A$6.23. BHP Billiton added 2.6% to A$26.02. Gold Miners Newcrest Mining rose 1.2% to A$21.09, as gold held near six-week highs.

Energy shares were up, with Oil and gas explorers Oil Search adding 0.7% to A$7.40, Origin Energy rising 2.7% to A$6.93, and Santos gaining 0.5% to A$4.18, while Woodside Petroleum lost 0.4% to A$31.70. Whitehaven Coal closed 2.6% up to A$2.82, after data released on Tuesday showed coal exports from Australian state Queensland, one of the worlds biggest suppliers to China, hit record levels for the third year in a row in 2016.

Nikki gains on bargain hunting

The Japan share market rebounded, as investors chased for bottom fishing after heavy losses in past three sessions. Meanwhile, yen slight depreciation to mid-116 yen level against greenback also underpinned buying spirit. However, gains were limited as investors cautiously waited for the first formal press conference later in the global day by Donald Trump since his election victory. The 225-issue Nikkei average rose 63.23 points, or 0.33%, to end at 19,364.67. The Topix index of all first-section issues closed up 8.09 points, or 0.52%, at 1,550.40.

Stocks of Japanese companies that have already pledged to create more positions or retain jobs in the U.S. were higher, including Toyota Motor, which ended up 0.7%, and SoftBank, which climbed 0.9%.

Toshiba Corp closed up 4.1% after three main creditor banks pledged on Tuesday continued support for the struggling electronics and machinery maker amid the possibility of a large write-down in its U.S. nuclear operations.

Sony Corp was up 3.4%, following a news report that it is considering using organic electroluminescence displays for its smartphones to be put on sale in 2018-2019.

ABC-Mart shares dropped 4.5% after the footwear shop operator reported a lower-than-expected consolidated operating profit of 32,044 million yen in the March-November period, down 2.3% from a year before.

China Stocks down for second day

Mainland China stock market ended modest down, registering second day of falling streak, on increasing worries about liquidity crunch after faster approvals for initial public offerings (IPO) and increasing issuance of additional shares by listed companies. Chinas securities regulator had approved 14 IPO applications on Friday, which were expected to rise up to 4.8 billion yuan. The blue-chip CSI300 index, which tracks large companies in Shanghai or Shenzhen, fell 0.7% to close at 3,334.50. The Shanghai Composite Index fell 0.8% to close at 3,136.75. The Shenzhen Composite Index, which tracks stocks on Chinas second exchange, dropped 1.05% to 1968.43. The ChiNext Index, which tracks Chinas NASDAQ-style board of growth enterprises, shed 0.72% to 1,937.55 points.

Most sectors lost ground, led by consumer and transport shares. China Southern Airlines fell 4.4% after adding 7.4% in the previous session on reform expectations, while another reform bellwether China UnitedNetwork Communications dived 8.4% in its worst day in more than 10 months.

China Unicom closed down 8.4% at 6.91 yuan after State media reported a financial information service platform has filed a lawsuit in a Beijing court against the countrys second-largest mobile carrier, alleging that the mobile carrier had placed an intrusive pop-up ad on the service providers mobile app, which led to forced heavy data usage for app users. Other telecom service shares also struggled. Shenzhen-traded 263 Network Communications dropped 2.2% to 10.35 yuan and Guomai Technologies fell 2.1% to 10.77 yuan.

Hong Kong Stocks hit 10-week high

The Hong Kong stock market closed higher for fifth consecutive session on easing local rates and cooling concerns over the yuans declines. Most of sectors advanced, with property developers and steel makers being major gainers. However, gains were limited as investors cautiously waited for the first formal press conference later in the global day by Donald Trump since his election victory. The Hang Seng Index gained 0.84% or 190.50 points to close at 22,935.35, the highest close since 01 November 2016.. The Hang Seng China Enterprises index, or the H-share index, added 0.72% or 69.71 points to 9,733.90. Turnover increased to HK$69.8 billion from HK$62.3 billion on Tuesday.

Property counters showed muscles. Sino Land (00083) put on 3.2%. CK Property (01113) ended up 2.4% to HK$51.85. New World (00017) put on 2.9% to HK$8.94. Chinese developers were also higher. China Overseas (00688) gained 1.8% to HK$22.4 after Goldman Sachss target price hike. Its subsidiary China Overseas Property (02669) soared 9.3% to HK$1.41. CR Land (01109) also rose 1.8% to HK$18.84.

Steel counters saw active buying activities. Maanshan Iron (00323) and Angang Steel (00347) surged 6.3% and 6.8% to HK$2.54 and HK$5.34.

Energy stocks lagged after U.S. benchmark crude prices fell nearly 6% over the previous two days, with China Petroleum & Chemical (Sinopec) declining 0.5% to HK$5.87.

Guangzhou Automobile Group rose 2% to HK$10.42 after reports that Chinas securities regulator had accepted its application for non-public issuance of A-shares.

Intime Retail Group rose 0.9% to HK$9.63, adding to its 36% surge on Tuesday, following news that Alibaba Group Holding was joining hands with Intimes founder to take the company private. S&P Global Ratings placed the companys credit ratings on positive watch, citing potential benefits from Alibabas support.

Sensex settles above 27,000 mark

Indian benchmark indices registered impressive gains onpositive start of the earnings season and positive global cues. The barometer index, the S&P BSE Sensex, rose 240.85 points or 0.90% to settle at 27,140.41. The Nifty rose 92.05 points or 1.11% to settle at 8,380.65.

Investors cheered better-than expected Q3 numbers in IndusInd Bank along with bullish Asian stocks ahead of US President-elect Donald Trumps news conference later in the day that will give his policy insight. Besides, investors widened their bets on optimism that upcoming general budget - to be unveiled next month - would contain incentives for corporates, which will help boost the economy.

IndusInd Bank reported a healthy growth in its net profit by 29% and the Net Interest Income increased by 34% despite cash crunch created by demonetisation, as investors negated apprehension in banking sector, lapping it up by 2.40%.

Lupin rose 2.20% after the company announced that it has received final approval for its Desoximetasone Cream USP, 0.05% and Desoximetasone Cream USP, 0.25% from the United States Food and Drug Administration (FDA) to market a generic equivalent of Taro Pharmaceuticals North America, incs Topicort LP Emollient Cream, 0.05% and Taro Pharmaceuticals, incs (collectively Taro) Topicort Cream, 0.25%.

Elsewhere in the Asia Pacific region: New Zealands NZX50 was up 0.45% to 7069.59. South Koreas KOSPI index added 1.5% to 2075.17. Taiwans Taiex index eased 0.04% to 9345.74. Malaysias KLCI added 0.2% to 1675.21. Indonesias Jakarta Composite index fell 0.2% to 5301.24. Singapores Straits Times index shed 0.2% to 3000.94.

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Hong Kong Stocks hit 10-week high
Jan 11,2017

The Hong Kong stock market closed higher for fifth consecutive session on Wednesday, 11 January 2017, on easing local rates and cooling concerns over the yuans declines. Most of sectors advanced, with property developers and steel makers being major gainers. However, gains were limited as investors cautiously waited for the first formal press conference later in the global day by Donald Trump since his election victory. The Hang Seng Index gained 0.84% or 190.50 points to close at 22,935.35, the highest close since 01 November 2016.. The Hang Seng China Enterprises index, or the H-share index, added 0.72% or 69.71 points to 9,733.90. Turnover increased to HK$69.8 billion from HK$62.3 billion on Tuesday.

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China Stocks down for second day
Jan 11,2017

Mainland China stock market ended modest down on Wednesday, 11 January 2017, registering second day of falling streak, on increasing worries about liquidity crunch after faster approvals for initial public offerings (IPO) and increasing issuance of additional shares by listed companies. Chinas securities regulator had approved 14 IPO applications on Friday, which were expected to rise up to 4.8 billion yuan. The blue-chip CSI300 index, which tracks large companies in Shanghai or Shenzhen, fell 0.7% to close at 3,334.50. The Shanghai Composite Index fell 0.8% to close at 3,136.75. The Shenzhen Composite Index, which tracks stocks on Chinas second exchange, dropped 1.05% to 1968.43. The ChiNext Index, which tracks Chinas NASDAQ-style board of growth enterprises, shed 0.72% to 1,937.55 points.

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Nikki gains on bargain hunting
Jan 11,2017

The Japan share market rebounded on Wednesday, 11 January 2017, as investors chased for bottom fishing after heavy losses in past three sessions. Meanwhile, yen slight depreciation to mid-116 yen level against greenback also underpinned buying spirit. However, gains were limited as investors cautiously waited for the first formal press conference later in the global day by Donald Trump since his election victory. The 225-issue Nikkei average rose 63.23 points, or 0.33%, to end at 19,364.67. The Topix index of all first-section issues closed up 8.09 points, or 0.52%, at 1,550.40.

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Board of Linde India to consider December quarter results and dividend
Jan 11,2017

Linde India announced that a meeting of the Board of Directors of the Company will be held on 11 February 2017, inter alia, to approve and take on record the Audited Financial Statements of the Company for the year ended on 31 December 2016 and for recommendation of dividend, if any, in respect of equity shares in the Company for the financial year 2016.

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Australia Market edges up as miners rally
Jan 11,2017

Australian share market closed edge higher on Wednesday, 11 January 2017, as gains in commodities-linked firms on the back of rising iron ore and base metal prices offset weakness in the financial, health care and real estate sectors. At the closing bell, the benchmark S&P/ASX 200 index inclined 10.80 points, or 0.19%, to 5771.50, while the broader All Ordinaries index added 10.70 points, or 0.18%, to close at 5823.70.

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Board of Enkei Wheels India to consider preferential issue of shares to Enkei Corporation, Japan
Jan 11,2017

Enkei Wheels India announced that a Meeting of the Board of Directors of the Company will be held on 16 January 2017, to allot 743,835 Equity Shares at the Price of Rs. 190 each (including premium of Rs. 185 each) on Preferential basis to its Promoter i.e. Enkei Corporation, Japan.

The shareholders of the Company have already accorded their consent for this issue in their meeting held on 07 January 2017.

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