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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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MEP Infrastructure Developers provides update on Mahuva Kagavadar road project
May 23,2017

MEP Infrastructure Developers announced that its subsidiary, MEP Sanjose Mahuva Kagavadar Road had entered into Concession Agreement with The National Highways Authority of India (NHAI) dated 09 August 2016 for Four Laning of Mahuva to Kagavadar of NH-8E from km100.100 to km139.915 (design chainage from km100.450 to km140.470)(PackageIII) in Gujarat on HAM under NHDP Phase IV.

Key highlights are:
(i)Construction Period:2.5 years from Appointed Date
(ii)Concession Period:15 years (excluding Construction Period of 2.5 years)
(iii)The Co will receive Bi-Annual Annuity from NHAI post Comm Operation Date(COD).
(iv)The Bid project cost is 604.68 crore out of which Project finance will contribute Rs.272.11 crore and remaining will be funded by grant from NHAI and equity contributed by the Company.

MEPMK had achieved the Financial Closure in terms of Concession Agreement executed with NHAI, by tying up of Project Finance of Rs.272.11 crore on 31 March 2017. NHAI now has given 15 May 2017 as the Appointed Date for the project vide letter dated 22 May 2017.

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HPL Electric & Power appoints CFO
May 23,2017

HPL Electric & Power announced the appointment of Neeraj Kumar as CFO of the Company with immediate effect at board meeting held on 22 May 2017.

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CBDT signs 2 Unilateral APAs with Indian taxpayers taking the number of APAs signed in the current Financial Year to four
May 23,2017

The Central Board of Direct Taxes (CBDT) has entered into two Unilateral Advance Pricing Agreements (APA) on 04th May, 2017 and 11th May, 2017 respectively, with Indian taxpayers. One of the Agreements also has n++Rollbackn++ provision.

The two APAs signed pertain to chip design/development of embedded software and Information technology (software development) sectors of the economy. The number of APAs signed in the current financial year now is four. The CBDT expects more APAs to be signed in the near future. The progress of the APA Scheme strengthens the Governments commitment to foster a non-adversarial tax regime.

The APA Scheme endeavours to provide certainty to taxpayers in the domain of transfer pricing by specifying the methods of pricing and determining the arms length price of international transactions in advance for the maximum of five future years. Further, the taxpayer has the option to roll-back the APA for four preceding years, as a result of which, total nine years of tax certainty is provided. Since its inception, the APA scheme has attracted tremendous interest among Multi National Enterprises (MNEs).

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GAIL (India) may drop after posting weak Q4 results
May 23,2017

GAIL (India)s net profit dropped 68.74% to Rs 260.16 crore on 15.86% rise in total income to Rs 13674.09 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 22 May 2017.

The fall in bottomline was due to accounting of impairment of investments in Ratnagiri Gas and Power (RGPPL) of Rs 783 crore in Q4 March 2017. The net profit without the impact of impairment rose 25% to Rs 1043 crore in Q4 March 2017 over in Q4 March 2016.

Tata Motors unveils Q4 results today, 23 May 2017.

Brigade Enterprises consolidated net profit jumped 173% to Rs 82 crore on 11% rise in total revenues to Rs 561 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 22 May 2017.

Hinduja Global Solutions consolidated net profit fell 9.6% to Rs 42.7 crore on 1.7% fall in operating revenues to Rs 940 crore in Q4 March 2017 over Q3 December 2016. The result was announced after market hours yesterday, 22 May 2017.

Seamec said that the charter for the vessel HAL SUPPORTER taken on charter basis from HAL for the contract with National Petroleum Construction Company has ended at 20:30 IST on 20 May 2017. The announcement was made after market hours yesterday, 22 May 2017.

Dwarikesh Sugar Industries has scheduled a board meeting on 2 June 2017, to consider the sub division of face value of equity shares of the company. The announcement was made after market hours yesterday, 22 May 2017.

MT Educare (MTEL) announced that it, alongwith its subsidiary Lakshya Educare Private Limited, has been sanctioned a long term debt facility from Xander Finance Private Limited (Xander) of Rs 110 crore. The initial disbursement proceeds from Xander of Rs 80 crore were utilized largely to repay short term debt raised by the company from various lenders who had provided loans to the company against promoter Mahesh Shettys shares, as primary security. With the above deal, MTEL has been successfully able to convert most of its short term debt outstanding as on 31st March 2017, to long term debt.

This transaction has also enabled MTEL to significantly reduce its average cost of borrowings to the mid-teens. The above clarification is given by MTEL, in continuation of a clarification given to the stock exchanges in response to a new article in a leading newspaper recently. The announcement was made after market hours yesterday, 22 May 2017.

VA Tech Wabag said that board of directors in its meet on 25 May 2017 will consider the proposal of fund raising through private placement/preferential allotment/ qualified institutional placement or in any combination thereof. The announcement was made after market hours yesterday, 22 May 2017.

Vishal Fabrics announced that the board of directors of in a meeting on 30 May 2017 will consider 2 for 1 stock split. The announcement was made after market hours yesterday, 22 May 2017.

SRF said that the board of directors at a meeting held on 22 May 2017 has approved setting-up of a facility to produce agrochemical at SRFs chemical complex in The proposed capacity addition 250 metric tonne per annum. The period within which the proposed capacity is to be added is 12 to 18 months. The investment required is Rs 180 crore. The mode of financing is mix of debt and internal accruals. The announcement was made after market hours yesterday, 22 May 2017.

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Tata Consultancy Services launches Exchange for Adaptive Streetlight Optimisation
May 22,2017

Tata Consultancy Services has unveiled intelligent software that allows cities to cater to derive greater value from costly LED lighting by reducing the typical four to five year payback period almost in half - to just two to three years. This allows cities to invest in other smart city projects sooner, cuts energy consumption using self learning algorithms and improves public safety responding to real time change in traffic, whether and people movement.

Available from TCS Digital Software & Solutions Group, Intelligent Exchange for Adaptive Streetlight Optimisation also helps cities to jump start smart city projects in other domains, such as water and transportation, by leveraging smart streetlight wide area networks and a common data analytics platform.

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Tata Consultancy Services launches Intelligent Exchange for Adaptive Streetlight Optimisation
May 22,2017

Tata Consultancy Services has unveiled intelligent software that allows cities to cater to derive greater value from costly LED lighting by reducing the typical four to five year payback period almost in half - to just two to three years. This allows cities to invest in other smart city projects sooner, cuts energy consumption using self learning algorithms and improves public safety responding to real time change in traffic, whether and people movement.

Available from TCS Digital Software & Solutions Group, Intelligent Exchange for Adaptive Streetlight Optimisation also helps cities to jump start smart city projects in other domains, such as water and transportation, by leveraging smart streetlight wide area networks and a common data analytics platform.

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ICICI Prudential Life Insurance Company allots 1100 equity shares
May 22,2017

ICICI Prudential Life Insurance Company has allotted 1100 equity shares under ESOS on 22 May 2017.

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Mahindra & Mahindra gets reaffirmation of ratings for various facilities
May 22,2017

Mahindra & Mahindra announced that ICRA has reaffirmed its ratings for various facilities -

Non Convertible Debenture programme (Rs 500 crore) - ICRA AAA (Stable)

Long term fund based facilities (Rs 88 crore) - ICRA AAA (Stable)

Long term non fund based facilities (Rs 81 crore) - ICRA AAA (Stable)

Short term non fund based facilities (Rs 132 crore) - ICRA A1+

Long term/ short term fund based/ non fund based facilities (Rs 99 crore) - ICRA AAA(Stable)/ ICRA A1+

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Board of Bharat Financial Inclusion appoint director
May 22,2017

The Board of Directors of Bharat Financial Inclusion have appointed Ashish Lakhanpal as an Additional Director of the Company w.e.f. 24 May 2017.

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Tech Mahindra allots 440228 equity shares
May 22,2017

Tech Mahindra has allotted 440228 equity shares under ESOP on 22 May 2017.

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Solid Carbide Tools announces change in directorate
May 22,2017

Solid Carbide Tools has appointed Seema Kalani as Additional Director and accepted the resignation of Pooja Lodha from the Board of the Company.

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NOCIL allots 304,525 equity shares
May 22,2017

NOCIL has allotted 304,525 equity shares under ESOP on 22 May 2017.

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Axis Bank allots 1,37,500 equity shares
May 22,2017

Axis Bank has allotted 1,37,500 equity shares of Rs. 2/- each on 22 May 2017, pursuant to exercise of options under its ESOP Scheme. The paid up share capital of the Bank will accordingly increase from Rs. 479,32,16,428 (239,66,08,214 equity shares of Rs. 2/- each) to Rs. 479,34,91,428 (239,67,45,714 equity shares of Rs. 2/- each)

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Gennex Laboratories receives CGMP from Drugs Control Administration, Telangana
May 22,2017

Gennex Laboratories announced that it has been awarded by the Drugs Control Administration, Government of Telangana, Certificate for good manufacturing practices in the manufacturing and quality control operations as recommended by the World Health Organization, for a period of 2 years.

This certificate has been awarded after inspection of the Companys manufacturing facility by the Joint Inspection Team of officers from Central Drugs Standard Control Organization and Drugs Control Administration, Telangana with regard to the Companys adherence to manufacturing and quality control norms of World Health Organization. This Award, the Company believes, will provide a cutting-edge to penetrate European market in future.

The Company has also received Consent For Operations (CFO) from the Telangana State Pollution Control Board (TSPCB) for a further period of 5 years after a team of officers who inspected the Companys manufacturing and effluent treatment facilities recorded its satisfaction. The Company, however, continues to make efforts to ensure that the Pollution Control norms are strictly adhered to and necessary measures taken from time to time.

The Drugs Control Administration, Telangana had, on 06 May 2017, approved the Companys new product namely Flupentixol Hydrochloride and issued the Drug Licence for the same. The new product is an anti-depressant drug that goes in combination with Melitracin hydrochloride and is widely in demand notably in countries like Bangladesh

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Clariant Chemicals (India) provides update on holding company - Clariant
May 22,2017

Clariant Chemicals (India) announced that its ultimate Global Holding Company Clariant (SIX: CLN) and Huntsman Corporation (NYSE: HUN) announced that their respective Board of Directors approved a definitive agreement to combine in a merger through an all-stock transaction. The merged company will be named HuntsmanClariant. The transaction is subject to shareholder approvals, regulatory approvals and other customary closing conditions.

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