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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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Sun Pharma slips in volatile trade
Nov 29,2016

The announcement was made after market hours yesterday, 28 November 2016.

Meanwhile, the S&P BSE Sensex was up 98.85 points or 0.38% at 26,449.02.

On BSE, so far 95,000 shares were traded in the counter as against average daily volume of 3.68 lakh shares in the past one quarter. The stock was volatile. The stock lost as much as 1.06% at the days low of Rs 706.20 so far during the day. The stock rose as much as 1.14% at the days high of Rs 721.95 so far during the day. The stock had hit a 52-week high of Rs 898 on 23 February 2016. The stock had hit a 52-week low of Rs 572.40 on 9 November 2016. The stock had outperformed the market over the past one month till 28 November 2016, sliding 4.03% compared with the Sensexs 5.7% fall. The scrip had, however, underperformed the market in past one quarter, declining 5.58% as against the Sensexs 5.15% fall.

The large-cap company has equity capital of Rs 240.68 crore. Face value per share is Rs 1.

A nonsteroidal anti-inflammatory drug (NSAID) indicated for the treatment of postoperative inflammation and prevention of ocular pain in patients undergoing cataract surgery, BromSite will be marketed by Sun Ophthalmics, the companys branded ophthalmic business solution. BromSite is the first branded product launched by the company in the US, following its focus on Specialty business.

On a consolidated basis, Sun Pharmaceutical Industries net profit rose 117.3% to Rs 2235.14 crore on 13.2% growth in net sales to Rs 7764.03 crore in Q2 September 2016 over Q2 September 2015.

Sun Pharmaceutical Industries is the worlds fifth largest specialty generic pharmaceutical company and Indias top pharmaceutical company.

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Mahanagar Gas firms up after good Q2 earnings
Nov 29,2016

The result was announced after market hours yesterday, 28 November 2016.

Meanwhile, the BSE Sensex was up 117.26 points, or 0.45%, to 26,467.43.

On BSE, so far 1.02 lakh shares were traded in the counter, compared with average daily volume of 75,985 shares in the past one quarter. The stock hit a high of Rs 827.90 and a low of Rs 798.50 so far during the day. The stock hit a record high of Rs 899 yesterday, 28 November 2016. The stock hit a record low of Rs 493.20 on 13 July 2016. The stock had outperformed the market over the past 30 days till 28 November 2016, rising 0.88% compared with the 5.66% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 20.39% as against Sensexs 7.03% decline.

Shares of Mahanagar Gas entered the stock market on 1 July 2016. The mid-cap company has equity capital of Rs 98.78 crore. Face value per share is Rs 10.

Mahanagar Gas (MGL) is one of Indias leading natural gas distribution companies. MGL is a joint venture between GAIL (India) and BGAPH (a subsidiary of Royal Dutch Shell Plc).

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Transpek Industry provides update buyback of shares
Nov 29,2016

Transpek Industry announced the closure of its share buyback offer on 28 November 2015. The Company has bought back 2,86,471 equity shares of Rs 10 each fully paid from 17 October 2016 (commencement of share buyback) to 28 November 2016 for an aggregate amount of Rs 13.50 crore.

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Timken India jumps after good Q2 results
Nov 29,2016

The result was announced after market hours yesterday, 28 November 2016.

Meanwhile, the BSE Sensex was up 132.30 points, or 0.50%, to 26,482.47.

On BSE, so far 9,770 shares were traded in the counter, compared with average daily volume of 11,687 shares in the past one quarter. The stock hit a high of Rs 584.70 and a low of Rs 558.80 so far during the day. The stock hit a 52-week high of Rs 640.90 on 21 October 2016. The stock hit a 52-week low of Rs 400.50 on 18 March 2016. The stock had outperformed the market over the past 30 days till 28 November 2016, falling 5.43% compared with the 5.66% decline in the Sensex. The scrip had also outperformed the market in past one quarter, falling 2.59% as against Sensexs 7.03% decline.

The mid-cap company has equity capital of Rs 68 crore. Face value per share is Rs 10.

Timken India engineers and manufactures bearings and mechanical power transmission components including gear drives, couplings, belts and chain.

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L&T Technology Services partners with CeNSE and IISc
Nov 29,2016

L&T Technology Services announced a partnership with the Centre for Nano Science and Engineering (CeNSE), Indian Institute of Science (IISc), Bangalore to jointly work towards innovations in the areasof Sensors and Energy Efficient Systems based on Nanotechnology. The agreement was signed between CeNSE, IISc and L&T Technology Services at the IISc campus in Bangalore.

L&T Technology Services will bring its domain expertise in the area of Industrial Products, Power Electronics, Intelligent Buildings and Smart Campuses, Medical Electronics, Testing and Measurements, Transportation and IIOT to create a platform for their accelerated digital journey. L&T Technology Services is also working closely with CeNSE, IISc in the field of robotics and other related futuristic technologies.

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Tata Steel edges higher in early trade
Nov 29,2016

The announcement was made after market hours yesterday, 28 November 2016.

Meanwhile, the S&P BSE Sensex was up 113.68 points or 0.43% at 26,463.85.

On BSE, so far 87,000 shares were traded in the counter as against average daily volume of 9.01 lakh shares in the past one quarter. The stock hit a high of Rs 417.35 and a low of Rs 414 so far during the day. The stock had hit a 52-week high of Rs 440.90 on 11 November 2016. The stock had hit a 52-week low of Rs 211.30 on 12 February 2016. The stock had outperformed the market over the past one month till 28 November 2016, gaining 0.66% compared with the Sensexs 5.7% fall. The scrip had also outperformed the market in past one quarter, advancing 10.07% as against the Sensexs 5.15% fall.

The large-cap company has equity capital of Rs 971.22 crore. Face value per share is Rs 10.

Tata Steel UK announced the signing of a letter of intent with Liberty House Group to enter into exclusive negotiations for the potential sale of its Speciality Steels business for an enterprise value of n++100 million subject to due diligence and corporate approvals. The letter of intent covers several South Yorkshire-based assets including the Rotherham electric arc steelworks, the steel purifying facility in Stocksbridge and a mill in Brinsworth as well as service centres in Bolton and Wednesbury, UK, and in Suzhou and Xian, China. Speciality Steels employs about 1,700 people making steels for the aerospace, automotive and the oil & gas industries.

Tata Steel UK has invested n++1.5 billion of capital over the last nine years. The companys boards consider the technical feasibility and economic returns of investments when taking decisions, as well as their affordability. The company is pursuing a transformation plan to create a sustainable future for its UK strip products business. The success of this plan is likely to influence decisions on future investments. In the current year, the company is pursuing n++85 million worth of capital investments covering a range of sustenance and improvement schemes.

On a consolidated basis, Tata Steel reported net loss of Rs 49.38 crore in Q2 September 2016, compared with net profit of Rs 5609.43 crore in Q2 September 2015. Net sales rose 0.1% to Rs 26291.86 crore in Q2 September 2016 over Q2 September 2015.

Tata Steel is Europes second largest steel producer, with steelmaking in the UK and Netherlands, and manufacturing plants across Europe. The combined Tata Steel group is one of the worlds largest steel producers.

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Board of Manvijay Development Company approves change in registered office
Nov 29,2016

Manvijay Development Company announced that the Board of Directors of the Company at its meeting held on 28 November 2016, had conducted the following business:

1. Change of Registered Office of the Company from Unit No. 509, 5th Fir, Stanford Plaza, Off New Link Road, Andheri (W), Mumbai - 400053.To: Office No. 701, 7th Floor, Platinum Arcade, J.S.S Road, Girgaum, Charni Road, Mumbai - 400004.

2. The Director Sangeeta Shrikant Karnik has been taken as vacated from the office due to her absence from all the meetings of the Board of Directors held during a period of twelve months with or without seeking leave of absence of the Board.

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Outcome of board meeting of Quess Corp
Nov 29,2016

Quess Corp announced that the Board of Directors of the Company at its meeting held on 28 November 2016 transacted the following -

Appointment of Sudershan Pallap as Company Secretary and Compliance Officer in place of N V S Pavan Kumar, with effect from 28 November 2016.

Approved subscription to Compulsorily Convertible Preference Shares of Manipal Integrated Services for Rs 200 crore.

Acquisition of facility management business and catering business of Manipal Integrated Services.

Acquisition of 74% equity in Inticore VJP Advance Systems subject to necessary approvals.

Approved issue of NCDs and other debt instruments of the Company aggregating up to Rs 150 crore, subject to necessary approvals.

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US stocks end in the red
Nov 29,2016

U.S. stocks closed lower on Monday, 28 November 2016 as investors found few reasons to keep pushing shares higher following an extended rally that took major indexes to a string of records and lifted major indexes for three straight weeks. Participants favored a cautious approach at the start of the week as volatility from the oil pit and concerns out of Europe kept risk appetite in check. This also encouraged some profit-taking activity as investors assessed whether the broader market has risen too far, too fast.

The Dow Jones Industrial Average fell 54.24 points, or 0.3%, to close at 19,097.90, with shares of Visa and American Express leading decliners. The Nasdaq Composite Index shed 30.11 points, or 0.6%, to close at 5,368.81. The S&P 500 dropped 11.63 points, or 0.5%, to finish at 2,201.72.

Utilities and telecom, which are viewed as defensive groups, were among the biggest outperformers of the day. The financial sector was the biggest decliner. The Dow and S&P both snapped four-day win streaks.

The benchmark index finished near its session low with seven sectors ending in negative territory. The financial, energy and health care spaces outpaced todays losses in the broader market while rate-sensitive utilities, telecom services and real estate gained amid declining market rates.

Wall Street has rallied throughout November, with the gains particularly strong since Donald Trumps unexpected presidential election victory. Investors expect that the president-elect will advocate for policiesn++such as infrastructure spending, massive corporate tax cuts and environmental and financial deregulationn++that could spur economic growth.

Crude futures jumped 2.2% to settle at $47.08 a barrel on Monday, following a 4% slide on Friday that came after Saudi Arabia refused to attend a Monday meeting with Russia about a possible output cut.

Gold futures for February settled up 1.1% at $1,193.80 as a key dollar index declined 0.2%.

Developments in Italy were also in focus as investors eyed a downturn in the countrys banking names. Banca Monte dei Paschi di Siena tumbled 13.8% after the bank initiated a debt-for-equity swap and stated that it could face up to EUR8 billion in fines. The name also saw pressure ahead of the countrys constitutional referendum. Italian citizens will vote on December 4 on whether the powers of the Senate should be reduced. Prime Minister Matteo Renzi stated that if the referendum should fail, he will resign.

Treasuries ended on a higher note as longer-dated issues outperformed. The yield on the 2-yr note finished down two basis points while the yield on the benchmark 10-yr note fell five basis points to 2.31%.

Todays trading volume was below the recent average of 1.0 billion as fewer than 847 million shares changed hands at the NYSE floor.

There was no economic data of note released on Monday.

Tuesdays economic data will include the second estimate of Q3 GDP (consensus 3.0%) and the Q3 GDP Deflator (consensus 1.5%), which will each cross the wires at 8:30 ET. Separately, the Case-Shiller 20-city Index for September (consensus 5.2%) and November Consumer Confidence (consensus 100.0) will be released at 9:00 ET and 10:00 ET, respectively.

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Pfizer provides business update
Nov 29,2016

Pfizer announced that the Company has undertaken a comprehensive review of its respiratory offerings in order to better cover a broader range of indications through an expanded product portfolio. As a result of this review, the Company will launch additional products while it may also discontinue the manufacture of certain SKUs where needed.

The Company will be launching a series of products as line extensions under the Corex brand name, starting with the first launch in December, 2016 and subsequent launches over the next year. The Company has also decided to discontinue the manufacturing of the current Corex Cough Syrup formulation (Codeine Phosphate 10mg + Chlorpheniramine Maleate 4mg). Pfizer stands by the safety and efficacy of its current Corex Cough Syrup formulation that has been duly approved by Central and State regulators. As with this formulation, all additional line extensions will be introduced with all due regulatory approvals in place.

The Company remains committed to providing a more comprehensive set of solutions in respiratory indications, while ensuring minimal impact towards patients resulting from the discontinuation of manufacturing of the current Corex Cough Syrup formulation.

It may be noted that Corex Cough Syrup recorded a sale of Rs.244.48 crores for the financial year ended 31 March 2016.

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Asian Oilfield Services to hold EGM
Nov 29,2016

Asian Oilfield Services announced that the Extra Ordinary General Meeting (EGM) of the Company will be held on 23 December 2016.

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Cholamandalam Investment & Finance Company allots equity shares
Nov 29,2016

Cholamandalam Investment & Finance Company announced that the Nomination and Remuneration Committee has approved an allotment of 5,768 equity shares of Rs.10/- each to the option grantees who have exercised their options.

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Board of Shiva Cement to consider conversion of warrants
Nov 29,2016

Shiva Cement announced that the Board Meeting of the Board of Directors of the Company will be held on 06 December 2016 to transact the following business :

To consider allotment of 80,00,000 Nos. of Equity Shares of Rs. 2/- each at a premium of Rs. 4.20 per share to Harsh Vanijya upon exercise of option by them for conversion of Equity Share Warrants earlier allotted to them on preferential basis.

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ASSOCHAM collaborates with Tally Solutions to simplify GST for the Retail Community
Nov 29,2016

The Associated Chambers of Commerce and Industry of India (ASSOCHAM) and Tally Solutions, the premier Indian software product company, today, signed a Memorandum of Understanding (MoU) to demystify, educate and train the retail community for the roll out of the Goods and Services Tax (GST) law in India.

ASSOCHAM & Tally Solutions plan to conduct a series of conferences for the retail community across the nation, over the next few months. Tax experts from government bodies will be participating in these conferences to help clear the air about GST, by discussing the law and its implementation in these events. The conferences are designed to help the businesses shift from the existing taxation method and adapt to the new technology led law with ease.

Speaking on this occasion, Mr. Sathya Pramod, Chief Financial Officer of Tally Solutions Private Limited, said, n++Since the inception of GST discussion, Tally has been making constant efforts to demystify the new taxation policies for businesses and help with its smooth transition. This association with ASSOCHAM gives us a wider platform to reach out to the retail community and acquaint them with the technological changes that they need to adopt in the next few months. A thorough understanding of GST will allow these businesses to continue their functions comfortably post the roll out as well.n++

Mr. D.S Rawat, Secretary General, ASSOCHAM, said, n++GST has created a lot of clamour in the business community given the technological changes required to comply with the law. The lack of clear knowledge at the grassroots level about the draft Bill is another reason for resistance by the smaller businesses in the Nation. We are happy to partner with Tally on this, as this provides our members a platform to understand the significance of this new taxation policy and make an easy transition towards itn++

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MoPNG & MSDE sign MoU to boost to skill initiatives in the Hydrocarbon sector
Nov 29,2016

The Ministry of Petroleum & Natural Gas (MoPNG) and Ministry of Skill Development & Entrepreneurship (MSDE) signed a Memorandum of Understanding (MoU) to scale up skill development initiatives in the Hydrocarbon and allied sectors among other areas of cooperation.

Speaking on the occasion, Shri Pradhan said as his ministry is gearing up for new avenues that Petroleum and Natural Gas sector will open up for the country, there is tremendous focus on sourcing skilled workforce to make all plans successful. The partnership with MSDE through this MoU signing will help MoPNG to develop the ready workforce for Exploration and Production, Pipeline & Transportation, Refinery & Marketing and Service providers going forward. He said, in this way, we are investing back into our sectors and the countrys brighter future.

Welcoming contribution from the hydrocarbon sector, Shri Rajiv Pratap Rudy said, the hydrocarbon sector has tremendous potential for employment generation, and hence it is vital to develop a skilled workforce to meet both current and future needs. The setting up of the Hydrocarbons SSC is the first step in that direction. He said, with todays partnership, both Ministries commit to develop globally benchmarked workforce for the sector so that lakhs of youth can aspire for better economic opportunities through skill development programs.

MoPNG has now formally joined hands with MSDE to:

n++ Develop comprehensive skill development plans for existing and potential workforce in alignment with National Skills Qualification Framework (NSQF)

n++ Certify existing workforce in the hydrocarbon sector for Recognition of Prior Learning under Pradhan Mantri Kaushal Vikas Yojana (PMKVY)

n++ Promote and scale-up apprenticeship training under National Apprenticeship Promotion Scheme

n++ Facilitate the setting-up of Skill Development Institutes/Centres of Excellence for vocational training to meet sectoral needs

MoPNG has setup the Hydrocarbons Sector Skill Council (HSSC) with representatives from the Government, PSUs and private sector to address the skill development needs across the value chain of the sector.

Under the MoU, MoPNG will continue to support the growth of the Hydrocarbon Sector Skill Council and align with the NSQF for skill development programs. Additionally, MoPNG will encourage Oil & Gas Companies and related contractors to hire skilled personnel, incentivize skill training & certification, promote apprenticeship programs, undertake Recognition of Prior Learning (RPL) programs in the sector and setup institutes focused on various sub-sectors and allied trades. MoPNG will catalyse these initiatives in the Hydrocarbon sector, through its various agencies and PSUs, and develop a plan in close alignment with the Skill India mission.

MSDE would primarily discharge its responsibilities through Directorate General of Training (DGT) and National Skill Development Corporation (NSDC).

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