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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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Sasken Comm advances after fixing record date for buyback
Dec 27,2016

The announcement was made after market hours yesterday, 26 December 2016.

Meanwhile, the S&P BSE Sensex was up 208.79 points or 0.81% at 26,015.89.

On the BSE, 846 shares were traded on the counter so far as against the average daily volumes of 8,666 shares in the past one quarter. The stock was volatile. The stock hit a high of Rs 403.75 and a low of Rs 395 so far during the day.

The stock had hit a 52-week high of Rs 448.40 on 21 December 2016 and a 52-week low of Rs 233.10 on 29 February 2016. It had outperformed the market over the past one month till 26 December 2016, sliding 0.09% compared with the Sensexs 1.94% fall. The scrip had also outperformed the market in past one quarter, advancing 13.27% as against the Sensexs 8.79% fall.

The small-cap company has equity capital of Rs 17.72 crore. Face value per share is Rs 10.

Sasken Communication Technologies (Sasken) on Saturday, 24 December 2016 announced to the stock exchanges that the buyback committee of the board of directors, at its meeting held on 23 December 2016, fixed the buyback price of Rs 410 per share and the total consideration for buyback at Rs 120.04 crore excluding the transaction costs. This represents 16.52% of the total issued and paid-up equity share capital of the company as on 31 March 2016.

Sasken Communication Technologies consolidated net profit fell 9.2% to Rs 9.58 crore on 7.4% decline in net sales to Rs 118.40 crore in Q2 September 2016 over Q2 September 2015.

Sasken Communication Technologies is a leader in providing engineering R&D and productized IT services to global tier I customers in the communications & devices, retail, insurance and independent software space.

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Noida-Greater Noida Metro gets Rs 406 crore boost from NCR Planning Board
Dec 27,2016

National Capital Region Planning Board (NCRPB) has begun to release funds for the Noida-Greater Noida Metro Project by disbursing the first loan installment of Rs 406 crore, giving a fillip to speedy execution of this important metro project.NCRPB had earlier sanctioned a loan of Rs 1587 crore to Noida Metro Rail Corporation (NMRC) for the 29.70 km Noida-Greater Noida Metro Project that is estimated to cost Rs 5533 crore. This 20 year loan, including a moratorium of five years for repayment of loan carries an interest rate of 7% per year and an incentive of 0.25% for timely repayment of installments. The targeted date of completion of this section is April 2018.

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Board of JK Lakshmi Cement approves allotment of NCDs aggregating Rs 300 cr
Dec 27,2016

JK Lakshmi Cement announced that the Board of Directors of the Company at its meeting held on 26 December 2016 approved the allotment of 3000 Listed, Secured, Rated, Redeemable, Non-Convertible Debentures of Rs 10 lakh each to Axis Bank on private placement basis for an aggregate amount of Rs 300 crore on 29 December 2016.

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CPWD to help Bhutan in green and sustainable construction
Dec 27,2016

Central Public Works Department (CPWD), the construction major under the Ministry of Urban Development will assist Bhutan in green and sustainable construction of infrastructure. A Memorandum of Understanding in this regard was signed between CPWD and Department of Engineering Services, Ministry of Works and Human Settlements, Royal Government of Bhutan in Thimpu.

Shri Abhay Sinha, Director General of CPWD signed the Memorandum of Understanding.

Under the MoU for bilateral technical cooperation in infrastructure engineering, CPWD will assist in promoting sustainability in the built environment, capacity building through training of Bhutanese manpower, benchmarking in building and road sectors besides deputing engineering experts to Bhutan.

The signing of MoU took place in the presence of Ms.ZhabtogLyonpoDorjiChoden, Minister of Works and Human Settlements of Bhutan.

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Volumes jump at Bannari Amman Sugars counter
Dec 27,2016

Bannari Amman Sugars clocked volume of 50,000 shares by 13:31 IST on BSE, a 366.45-times surge over two-week average daily volume of 137 shares. The stock rose 1.11% to Rs 1,820.

Dhanuka Agritech notched up volume of 2.51 lakh shares, a 218.20-fold surge over two-week average daily volume of 1,152 shares. The stock fell 0.01% to Rs 714.75.

IIFL Holdings saw volume of 9.96 lakh shares, a 105.29-fold surge over two-week average daily volume of 9,000 shares. The stock rose 1.94% to Rs 255.30.

Tube Investments Of India clocked volume of 5.02 lakh shares, a 57.44-fold surge over two-week average daily volume of 9,000 shares. The stock rose 1.54% to Rs 565.

Parag Milk Foods saw volume of 25.87 lakh shares, a 53.65-fold rise over two-week average daily volume of 48,000 shares. The stock rose 2.51% to Rs 263.20.

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Usha Martin gets downgrade in Long Term Issuer Ratings
Dec 27,2016

Usha Martin announced that India Ratings and Research has downgraded the Companys Long Term Issuer Rating to IND BBB- from IND BBB and removed it from Rating Watch Negative. The Outlook is Negative.

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The Insolvency and Bankruptcy Board of India (IBBI) established
Dec 27,2016

Following are the major Policy Initiatives and Achievements of the Ministry of Corporate Affairs, Government of India during the Year-2016:

1. To review the Companies Act, 2013 based on implementation experience in line with changing economic environment and initiatives for addressing all concerns with reference to Companies Act, 2013 and Companies (Amendment) Bill, 2016;

The Companies (Amendment) Bill, 2016 was introduced in the Lok Sabha on 16th March, 2016 proposing to amend Companies Act, 2013[CA-13]. The Bill was subsequently referred to the Parliamentary Committee on Finance and the Committee, after examination, presented its report to both Houses of the Parliament on 7th December, 2016. The Bill is likely to be considered and passed by both the Houses of Parliament with or without modifications including through official amendments, if any.

2. Notifications of remaining Sections of the Companies Act, 2013

As on 15th December, 2016 out of 470 sections, 422 sections of the Companies Act, 2013 have been notified. 39 sections are omitted by Insolvency Banking Code (IBC). Remaining 9 sections would be notified shortly.

3. On the request of Gujarat International Finance Tec-City (GIFT CITY), Gandhinagar, where the countrys First International Finance Service Centre (IFSC) has been set-up, draft notifications have been laid in the Parliament during Monsoon Session 2016, proposing exceptions from, and modifications and adaptations of various provisions of the Companies Act, 2013 for companies licensed to operate by the Reserve Bank of India (RBI) or Securities and Exchange Board of India (SEBI) or Insurance Regulatory and Development Authority of India (IRDA). This will apply to all other IFSC located in an approved multi services special economic zone set-up under Special Economic Zones Act, 2005, which may be set up subsequently.

4. Stabilization of the Cost Records and Audit Rules:

The Companies (Cost Records and Audit) Rules, 2014 reviewed so as to make necessary amendments for further improvement and to obviate ambiguities or technical errors, keeping in view the practical difficulties experienced over a period of time and after considering various queries/ representation from the stakeholders. Necessary amendments were notified vide notification dated 14-07-2016.

5. Improvement in compliance level:

n++ Filing of Cost Audit Report: For the Financial Year 2014-15, the compliance level till the prescribed time i.e. October 2015 was 48 per cent. By sustained efforts, the compliance level stood improved to 88 per cent by July 2016.

n++ Appointment of Cost Auditor: For the period 2015-16, the compliance level with respect to the companies required to approve Cost Auditor also improved by 10 per cent.

6. The Insolvency and Bankruptcy Code, 2016 (Code):

The Insolvency and Bankruptcy Code, 2016 (Code) was published in the Official Gazette on 28th May, 2016 and Government of India (Allocation of Business) Rules, 1961 were amended and notified on 1st Aug, 2016 wherein the Ministry of Corporate Affairs was entrusted with the responsibility to administer the Code.

7. The Insolvency and Bankruptcy Board of India (IBBI) was established vide gazette notification dated 01.10.2016.

The Insolvency and Bankruptcy Board of India (IBBI) was established under the Code and Chairperson of the Board was appointed vide gazette notification dated 01.10.2016. Four ex-officio members of the Board were also appointed vide Order dated 1.10.2016 and selection of whole-time members of the Board is under process.

8. Framing of Rules and Regulations and notification of sections under the Code

MCA was assigned with timeline of 1st December, 2016 to put in place Corporate Insolvency Resolution process as stated under the Code. To achieve the target, following three pillars as envisaged under the Code have been put in place by framing various rules and regulations and notifying relevant sections of the Code:-

(i) Insolvency and Bankruptcy Board of India [IBBI]

(ii) Insolvency Professional Agencies & Insolvency Professionals

(iii) Adjudicating Authority

Ministry has also successfully operationalized the Code within given timeframe which is likely to improve Indias rank in terms of Ease of Doing Business. It will also have desired effect on Start-Up India plan as envisaged by the Government.

9. National Company Law Tribunal and National Company Law Appellate Tribunal

Chapter - XXVII of Companies Act, 2013 deals with formation of National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCALT). The constitution of NCLT and NCALT have been notified on 01st June, 2016. Vide Notification dated 30th November, 2016, the Central Government has designated the Benches of NCLT to exercise the jurisdiction, power and authority of Adjudicating Authority conferred by or under part II of the Insolvency and Bankruptcy Code, 2016.

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Sasken Communication Technologies fixes record date for buyback of shares
Dec 27,2016

Sasken Communication Technologies announced that the Company has fixed 06 January 2017 as the Record Date for the purpose of Buy-back of Equity Shares.

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Board of Asian Oilfield Services approves preferential allotment of warrants
Dec 27,2016

Asian Oilfield Services announced that the Board of Directors of the Company at its meeting held on 27 December 2016 has approved allotment of 95 lakh warrants convertible into equity shares of the Company at an issue price of Rs 80 per warrant including premium of Rs 70 per warrant on preferential basis.

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Board of Lancer Containers Lines to consider preferential allotment of warrants
Dec 27,2016

Lancer Containers Lines announced that a meeting of the Board of Directors of the Company will be held on 03 January 2017, inter alia, to consider and transact the following business:

- Allotment of warrants entitling equivalent number of equity shares on preferential basis subject to the receipt of application money.

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Board of JSW Energy approves private placement of NCDs up to Rs 750 cr
Dec 27,2016

JSW Energy announced that the Board of Directors of the Company at its meeting held on 27 December 2016 approved raising of long term funds through issuance of redeemable non-convertible debentures upto Rs 750 crore by way of private placement. The issue proceeds would be used for the general corporate purpose, business operations, working capital and repayment of existing debt of the company.

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Board of Prakash Constrowell to consider further issue of capital and fund raising
Dec 27,2016

Prakash Constrowell announced that the Meeting of the Board of Directors of the Company is scheduled to be held on 29 December 2016, inter alia, to consider the following Business:

- Consider and Approve further issue of capital and raising funds by suitable options.

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Advance Syntex fixes record date for bonus issue
Dec 27,2016

Advance Syntex has fixed 05 January 2017 as the Record Date for the purpose of issue of Bonus Shares in the ratio of 3:20 (i.e. Three equity shares held for every Twenty equity shares held) of Rs. 10/- (Rupees Ten Only) each.

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Board of Ras Resorts & Apart Hotels to consider December quarter results
Dec 27,2016

Ras Resorts & Apart Hotels announced that the Meeting of the Board of Directors of the Company is being convened on 13 January 2017, inter alia, to consider and approve Unaudited Financial Results for the Quarter ended 31 December 2016.

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Grasim Industries director resigns
Dec 27,2016

Grasim Industries announced that K. K. Maheshwari, a Non-Executive Director, has resigned from the Board of the Company, due to other pre-commitments. The resignation is effective from 27 December 2016.

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