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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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Gajanan Securities Services appoints company secretary and compliance officer
Jun 12,2017

Gajanan Securities Services has appointed Riddhi Kanodia bearing Membership No (ACS 33590) as company Secretary and compliance officer w.e.f. 30 May 2017.

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Zydus Nesher Pharmaceutical gets approval for Nystatin Topical Powder
Jun 12,2017

Nesher Pharmaceuticals, a subsidiary of Zydus Pharmaceuticals USA has received final approval from the USFDA to market Nystatin Topical Powder USP, 100000 units per gram. The drug will be produced at the Nesher Pharmaceuticals manufacturing facility located at St. Louis, USA. Nystatin Topic Powder is an antifungal antibiotic used to treat skin infections caused by yeast.

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Board of Viji Finance recommends bonus issue in ratio of 1:10
Jun 12,2017

Viji Finance announced that the Board of Directors of the Company at its meeting held on 10 June 2016, inter alia, has recommend issue of Bonus Shares in ratio of 1:10 i.e. 1 (One) bonus equity share having face value of Rs. 1/- each for every 10 (Ten) existing Fully paid up equity share having face value of Rs. 1/- each, to the shareholder of the Companywho held shares as on the Record Date, subject to the Approval of member in the ensuing 23rd Annual general Meeting of the Company.

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Mawana Sugars surges after reporting good Q4 earnings
Jun 12,2017

The result was announced after market hours on Friday, 9 June 2017.

Meanwhile, the S&P BSE Sensex was down 153.10 points, 0.49% at 31,108.96. The S&P BSE Small-Cap index was down 38.33 points, 0.25% at 15,510.84.

On the BSE, 91,000 shares were traded on the counter so far as against the average daily volumes of 68,431 shares in the past one quarter. The stock had hit a high of Rs 85.50 and a low of Rs 81.35 so far during the day. The stock had hit a 52-week high of Rs 99 on 23 May 2017 and hit a 52-week low of Rs 34.65 on 17 November 2016.

The stock had underperformed the market over the past one month till 9 June 2017, declining 13.84% compared with the Sensexs 4.44% rise. The scrip had also underperformed the market over the past one quarter declining 11.26% as against the Sensexs 8.06% rise. The scrip had, however, outperformed the market over the past one year advancing 38.35% as against the Sensexs 16.81% rise.

The small-cap company has equity capital of Rs 39.12 crore. Face value per share is Rs 10.

Mawana Sugars in engaged in the manufacturing of some of the finest sugars in the country.

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Board of Amtek Auto approves preferential issue of equity shares
Jun 12,2017

The Board of Directors of Amtek Auto at its meeting held on 10 June 2017 has approved the issuance of 268,33,876 Equity shares on Preferential basis to Assets Care & Reconstruction Enterprise at issue price of Rs 35.50 per share upon conversion of its unsecured loan.

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Arcotech fixed record date for stock split
Jun 12,2017

The Board of Directors of Arcotech has fixed 23 June 2017 as the record date for the purpose of ascertaining the eligibility of the shareholders entitled for equity shares of the face value of Rs. 2/- each in lieu of the equity shares of the face value of Rs. 10/- each after the sub-division of the face value of the same as approved by the shareholders of the Company in the Extraordinary General Meeting held on 10 June 2017.

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Atlas Jewellery India appoints director
Jun 12,2017

Atlas Jewellery India announced the appointment of Mandira Mutum, Executive Director- Quality & HR as Whole Time Director (KMP) of the Company w.e.f. 10 June 2017.

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Amtek Auto drops after weak Q4 results
Jun 12,2017

The result was announced on Saturday, 10 June 2017.

Meanwhile, the S&P BSE Sensex was down 128.71 points or 0.41% at 31,133.35. The S&P BSE Small-Cap index declined 25.91 points or 0.17% at 15,523.26.

On the BSE, 47,000 shares were traded on the counter so far as against the average daily volumes of 5.81 lakh shares in the past one quarter. The stock had hit a high of Rs 35 and a low of Rs 34.25 so far during the day. The stock had hit a 52-week high of Rs 56.20 on 26 July 2016 and a 52-week low of Rs 30.60 on 27 December 2016.

The stock had underperformed the market over the past one month till 9 June 2017, sliding 10.94% compared with the Sensexs 4.44% rise. The stock had also underperformed the market over the past one quarter, declining 1.96% as against the Sensexs 8.06% rise. The stock had also underperformed the market over the past one year, gaining 0.57% as against the Sensexs 16.81% rise.

The small-cap company has equity capital of Rs 49.65 crore. Face value per share is Rs 2.

Amtek Autos total revenue declined 31.08% to Rs 448.45 crore in Q4 March 2017 over Q4 March 2016.

Amtek Auto is one of the leading integrated auto component manufacturers.

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Mylan and Biocon present clinical data on Insulin Glargine
Jun 12,2017

Mylan and Biocon announced the presentation of new data from the insulin glargine clinical program, including the INSTRIDE studies at the American Diabetes Associations 77th Scientific Sessions in San Diego. The studies confirmed the efficacy, safety and immunogenicity of MYL-1501D, insulin glargine, in comparision to Lantus in patients with Type 1 and Type 2 diabetes. Data demonstrating pharmacokinetic and pharmacodynamic equivalence was also presented.

Insulin glargine is a long acting insulin used to treat adults with Type 2 diabetes, as well as adults and paediatric patients with Type 1 diabetes, for the control of high blood sugar.

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Tata Motors slips after weak global wholesales in May
Jun 12,2017

The announcement was made after market hours on Friday, 9 June 2017.

Meanwhile, the S&P BSE Sensex was down 111.44 points, or 0.36% to 31,150.62.

On the BSE, 50,000 shares were traded in the counter so far, compared with average daily volumes of 5.58 lakh shares in the past one quarter. The stock had hit a high of Rs 467 and a low of Rs 459.65 so far during the day. The stock hit a 52-week high of Rs 598.60 on 7 September 2016. The stock hit a 52-week low of Rs 417.10 on 8 May 2017.

The stock had outperformed the market over the past one month till 9 June 2017, rising 9.31% compared with 3.34% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, falling 0.37% as against Sensexs 8% rise. The scrip had also underperformed the market in past one year, rising 2.19% as against Sensexs 17.37% rise.

The large-cap company has equity capital of Rs 577.47 crore. Face value per share is Rs 2.

On a consolidated basis, net profit of Tata Motors declined 16.79% to Rs 4336.43 crore on 2.88% decline in net sales to Rs 77217.19 crore in Q4 March 2017 over Q4 March 2016.

Tata Motors is a market leader in commercial vehicles in India. The companys British luxury unit Jaguar Land Rover (JLR) sells premium luxury cars.

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Bank stocks drop in early trade
Jun 12,2017

The S&P BSE Sensex was down 102.17 points or 0.33% at 31,159.89. The S&P BSE Bankex index declined 112.45 points or 0.42% at 26,707.83.

Among public sector banks, Punjab National Bank (down 0.95%), Bank of India (down 0.84%), Union Bank of India (down 0.82%), State Bank of India (down 0.73%), IDBI Bank (down 0.42%), Bank of Baroda (down 0.37%) and Indian Bank (down 0.57%) edged lower. Indian Overseas Bank (up 1.57%) and Corporation Bank (up 0.68%) edged higher.

Among private sector banks, RBL Bank (down 0.8%), Yes Bank (down 0.69%), ICICI Bank (down 0.56%), IndusInd Bank (down 0.47%), Axis Bank (down 0.15%) and HDFC Bank (down 0.08%) edged lower. Kotak Mahindra Bank (up 0.47%) edged higher.

Finance Minister Arun Jaitley will meet heads of public sector banks (PSU banks) today, 12 June 2017 to discuss the issue of non-performing assets (NPAs) and the steps being taken by them to expedite the recovery of bad loans. Major issues on the agenda of the meeting include issues and solutions relating to NPAs of the PSU banks, status of MSE Credit, Stand-up India and Mudra Yojana among others.

Oriental Bank of Commerce (OBC) was down 0.53%. The bank said it has revised the marginal cost of funds based lending rate (MCLR) for different tenors with effect from 12 June 2017. The banks MCLR for overnight loans will be 8.1%, the rate for one month will be 8.2% and for three months it will be 8.25%. The MCLR on 6-month loans will be 8.35% and for one-year loans the rate will be 8.5%, the bank said. The announcement was made after market hours on Friday, 9 June 2017.

The S&P BSE Bankex index had underperformed the market over the past one month till 9 June 2017, advancing 3.83% compared with the Sensexs 4.44% rise. The index had, however, outperformed the market over the past one quarter, gaining 13.51% as against the Sensexs 8.06% rise. The index had also outperformed the market over the past one year, gaining 30.81% as against the Sensexs 16.81% rise.

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IT, ITeS reach plateau in job creation; real estate, retail may drive employment: ASSOCHAM
Jun 12,2017

The IT and ITeS has almost reached a plateau in new job creation and may add, at best one million jobs in the next five years, whereas the real employment opportunities lie in less fancy areas of building, construction and real estate, followed by skill based and daily user- oriented sectors like beauty and wellness, according to an ASSOCHAM- Thought Arbitrage Research Institute (TARI) Paper.

Another sector with high employment potential listed by the study is the organised retail while transportation and logistics too holds a good potential.

The IT and ITeS which is under pressure at present, in any case, was to expand at lesser pace in the job creation. On the employment base of 3.3 million in 2013, the much-touted sector had an incremental human resource requirement of 2.2 million by 2022, of which about one million have been added in the last three-four years.

So, net-net, the potential for new jobs in the sector is about one million, that too over a period of next five years. In any case, the IT and ITeS is going through fresh challenges of technology upgradation, automation, visa restrictions in the US and increasing skill gaps. Thus, as a country which requires at least 15-20 million jobs a year, we need to look quite broader and at those areas which expand not only in the export market but also within the country, said ASSOCHAM Secretary General Mr D S Rawat.

Mapping the job potential, the Paper found that on the employment base of 45.4 million in 2013, the building, construction and real estate (including infrastructure) would require 31.1 million incremental human resources. As the sector has been going through challenging times in the last two-three years, not much of job addition would have taken place. Thus, this is one sector of the economy which can revive the sentiment and the job scenario, if given some support.

The sector has been the worst hit because multiple factors including high level debts and non-performing assets, delays in delivery of housing projects, and environmental and regulatory hurdles. We need to get these issues out of the way and refine and re-align it in a manner that it becomes a robust and an engine of job creation and economic growth, the chamber Secretary General said.

Likewise, with still a low level of organised retail, the sector which contributes maximum to the economy, it is dominated by the unorganised players who suffer from several operational inefficiencies. The sector, again, can create incremental level of at least 10-12 million new jobs in the next five years.

Textiles and clothing can also be a potential area of job creation, the paper said, underscoring the need for skill upgradation in all those sectors of the economy which are largely focussed on domestic demand.

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Strides Shasun receives approval for Amantadine Hydrochloride Tablets
Jun 12,2017

Strides Shasun has received approval from USFDA for Amantadine Hydrochloride Tablets 100 mg. The product received approval in 15 months under the new GDUFA regime. The product will be launched immediately.

The Company also recently received USFDA approval for Amantadine Hydrochloride Capsules and the combined market size of Tablets and Capsules is approximately USD 47 million.

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Tele-Law through CSCs To Mainstream Legal Aid in Rural India
Jun 12,2017

- The pilot to be rolled out across 1000 Common Service Centres (CSC) in Uttar Pradesh & Bihar

- This initiative will also serve as an opportunity to build capacity of 1000 women Para Legal Volunteers (PLV)

- Training of VLEs across 1000 Common Service Centres (CSC) able to effectively operationalize the tele- law services

In its effort to make legal aid easily accessible to the marginalized communities and citizens living in rural areas, the Government of India has launched the Tele-Law. The Ministry of Law and Justice partnered with the Ministry of Electronics and Information Technology (MeitY), which anchors the Digital India programme, to provide legal aid services through its Common Service Centres (CSC) at the panchayat level, spread across the country. In the first phase, the Tele-Law scheme will be tested as a pilot across 500 Common service Centres (CSC) in Uttar Pradesh and Bihar to understand the challenges and make necessary corrections to the scheme before it is scaled up and rolled out across the country in a phased manner.

Under the scheme, a portal called Tele-Law will be launched, which will be available across the Common Service Centre (CSC) network. This will connect the citizens to legal service providers with the help of technology enabled platforms. Tele-Law will enable people to seek legal advice from lawyers through video conferencing available at the Common Service Centres (CSC). Additionally, law school clinics, District Legal Service Authorities, voluntary service providers and Non-Government Organisations working on legal aid and empowerment can also be connected through the CSCs anywhere and anytime, in order to strengthen access to justice for the marginalized communities. The National Legal Services Authority (NALSA) will provide a panel of lawyers from State capitals, who will be available through video conferencing to provide legal advice and counselling to the applicants, across the 1000 Common Service Centres (CSC). A robust monitoring and evaluation system is also being designed which will help in assessing the quality of legal advice provided and the ensuing benefit to those accessing it.

Announcing, the launch of Tele-Law, Honble Minister for Electronics, IT, Law and Justice, Shri. Ravi Shankar Prasad said, n++I am extremely happy to have launched the Tele Law, the legal aid to poor through which will be made available through the Common Services Centers. Tele-Law will fulfill our commitment to ensure access to justice & empowerment of the poor. The Common Services Centers and Para Legal Volunteers will offer easy legal advice to litigants in rural India making them digitally and financially inclusive.n++

In addition to this, under this scheme, every Common Service Centre (CSC) will engage a Para Legal Volunteer (PLV), who will be the first point of contact for the rural citizens and will help them in understanding the legal issues, explain the advice given by lawyers and assist in further action required in cases as per the advice of the lawyer. Women PLVs will be encouraged and trained under the Scheme. One thousand women PLVs will work for mainstreaming legal aid services through the CSCs. The aim is to promote women entrepreneurship and empowerment and ensure women participation. The selected PLVs will also be provided with relevant training to fulfil their responsibilities effectively.

A trained PLV will be available in a CSC for ten days in a month under the Scheme. These PLVs will help the applicant connect with a lawyer through the video conferencing facility at the CSC and will keep a track of the progress of the applicants cases and grievances and maintain a record. They will also submit the records maintained to the District Legal Service Authority every week. The National Legal Service Authority (NALSA) will provide a panel of lawyers who will be sitting in the State capitals and will be available through video conferencing to provide legal advice/counselling to the applicant at the CSCs.

This scheme comes as a continuation to the Access to Justice Project for Marginalized Persons which is being implemented by Department of Justice and United Nation Development Programme (UNDP). The Access to Justice Project partnered with CSC-E-governance Services India Limited to mainstream legal literacy through common service centres in Jharkhand (10 CSCs in 3 districts) and then through 500 CSCs across 11 districts in Rajasthan. Under the program, 500 VLEs in Rajasthan were trained on social justice legislations such as fundamental rights, the right to information, citizen rights vis-n++-vis policing, gender laws, child rights and labour laws.

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Bank stocks in spotlight as Jaitley to meet heads of PSU banks
Jun 12,2017

Bank stocks will be in focus. Finance Minister Arun Jaitley will meet heads of public sector banks (PSU banks) today, 12 June 2017 to discuss the issue of non-performing assets (NPAs) and the steps being taken by them to expedite the recovery of bad loans. Major issues on the agenda of the meeting include issues and solutions relating to NPAs of the PSU banks, status of MSE Credit, Stand-up India and Mudra Yojana among others.

Oriental Bank of Commerce (OBC) said it has revised the marginal cost of funds based lending rate (MCLR) for different tenors with effect from 12 June 2017. The banks MCLR for overnight loans will be 8.1%, the rate for one month will be 8.2% and for three months it will be 8.25%. The MCLR on 6-month loans will be 8.35% and for one-year loans the rate will be 8.5%, the bank said. The announcement was made after market hours on Friday, 9 June 2017.

Tata Motors said that its global wholesales including Jaguar Land Rover (JLR) declined by 1% to 86,385 units in May 2017 over May 2016. The announcement was made after market hours on Friday, 9 June 2017.

Coal India (CIL) issued clarification to the stock exchanges with regard to media news item titled CIL to shut 37 mines ignoring unions threatn++. The company said that every year, subsidiaries of CIL generally undertake an exercise to determine profit/loss making operating mines for comparative study of the performance of such mines over previous years as well as for opening of new mines.

Government of India (Ministry of Coal) during the review meeting with CIL & its subsidiaries noted that substantial number of mines which are not been able to recover salary of the workers and directed that all subsidiaries of CIL to conduct a detailed study of such mines and report the action taken to list out the unviable mines, the company said.

In view of above, an action plan has been prepared by subsidiaries in which 37 unviable UG mines has been envisaged to be closed in 2017-18. The identified surplus manpower from these mines would be gainfully redeployed in nearby mines of areas to reduce further loss in these mines, CIL said. The announcement was made after market hours on Friday, 9 June 2017.

Shriram Transport Finance Company said that the allotment committee at a meeting held on 9 June 2017, allotted 3,500 non-convertible debentures (NCDs) aggregating to Rs 350 crore on private placement basis. The announcement was made after market hours on Friday, 9 June 2017.

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