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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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Board of M&M approves sale of stake in Mahindra Logistics in proposed IPO
Jun 13,2017

The Board of Directors of Mahindra & Mahindra at its meeting held on 13 June 2017 has approved sale of a part of its shareholding in Mahindra Logistics (MLL), a subsidiary of the Company, as part of the proposed Initial Public Offering (IPO) of MLL, subject to requisite approvals and market conditions.

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Cybermate Infotek allots 81 lakh equity shares
Jun 13,2017

Cybermate Infotek has allotted 81,00,000 Equity Shares upon receipt of total allotment money due from the promoters upon conversion of Equity Share warrants into Equity shares of Rs.2/- each with a premium of Rs 2.40/- per share.

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Music Broadcast announces change in website
Jun 13,2017

Music Broadcast has changed its website from www.planetradiocity.com to http://www.radiocity.in with effect from 13 June 2017.

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Ashok Leyland allots 806,58,292 equity shares
Jun 13,2017

Ashok Leyland has allotted 806,58,292 equity shares of face value Re.1/- each, fully paid-up to the equity shareholders of Hinduja Foundries as on record date of 07 June 2017 as per the Share Exchange Ratio in terms of the Scheme of Amalgamation.

Consequent to the said allotment, the paid-up share capital of the Company has gone up to Rs.292.65 crore (2926,534,926 equity shares of face value of Re.1/- each).

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In-principle decision to open Janaushadhi Kendras at Railway Stations taken: Shri Suresh Prabhu
Jun 13,2017

Minister for Chemicals & Fertilizers and Parliamentary Affairs, Shri Ananthkumar held a detailed discussion with the Minister of Railways, Shri Suresh Prabhakar Prabhu for opening of Janaushadhi Kendras at Railway Stations and other Railway establishments.

Assuring firm support to the PMBJP scheme from Ministry of Railways side, Shri Prabhu informed the media persons that an in-principle decision to open Janaushadhi Kendras at Railway Stations and other Railway establishments has been taken during todays discussions. Railways being the largest employer in India, the amalgamation of efforts between the two Ministries for the percolation of generic drugs would increase their accessibility to the common man manifold, Shri Prabhu added.

Briefing the media on the outcome of the meeting, Shri Ananthkumar informed that the meeting was very fruitful and Shri Prabhu has extended full support from Railways to take ahead the vision of the Prime Minister. n++We will utilize the vast Railway Infrastructure to increase Accessibility of Cheap, Quality Generic Drugs for the common mann++, said Shri Ananthkumar.

Further, Shri Ananthkumar said that the Government is pursuing in full force the vision of Prime Minister Shri Narendra Modi, to make cheap and quality medicines accessible to all citizens of the country. The Minister added that currently over 1600 Janaushadhi Kendras have been opened in over 450 districts across India under the Pradhan Mantri Bhartiya Janaushadhi Pariyojana (PMBJP) and all the drugs available at these stores meet the WHO GMP (Good Manufacturing Practices) benchmarks.

The Ministers have directed senior officers of the two Ministries to work out the modalities and the strategy for roll out of the plan in detail.

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Board of Kilpest India recommends final dividend
Jun 13,2017

Kilpest India announced that the Board of Directors of the Company at its meeting held on 29 May 2017, inter alia, have recommended the final dividend of Rs 0.3 per equity Share (i.e. 3%) , subject to the approval of the shareholders.

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Board of Kovai Medical Center & Hospital recommends final dividend
Jun 13,2017

Kovai Medical Center & Hospital announced that the Board of Directors of the Company at its meeting held on 29 May 2017, inter alia, have recommended the final dividend of Rs 2.5 per equity Share (i.e. 25%) , subject to the approval of the shareholders.

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Board of Hindustan Tin Works recommends final dividend
Jun 13,2017

Hindustan Tin Works announced that the Board of Directors of the Company at its meeting held on 27 May 2017, inter alia, have recommended the final dividend of Rs 1 per equity Share (i.e. 10%) , subject to the approval of the shareholders.

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Board of Shri Keshav Cements & Infra recommends final dividend
Jun 13,2017

Shri Keshav Cements & Infra announced that the Board of Directors of the Company at its meeting held on 27 May 2017, inter alia, have recommended the final dividend of Rs 1 per equity Share (i.e. 10%) , subject to the approval of the shareholders.

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Board of Sandesh recommends final dividend
Jun 13,2017

Sandesh announced that the Board of Directors of the Company at its meeting held on 27 May 2017, inter alia, have recommended the final dividend of Rs 5 per equity Share (i.e. 50%) , subject to the approval of the shareholders.

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Board of Indo Amines recommends final dividend
Jun 13,2017

Indo Amines announced that the Board of Directors of the Company at its meeting held on 27 May 2017, inter alia, have recommended the final dividend of Rs 1 per equity Share (i.e. 10%) , subject to the approval of the shareholders.

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Rupee consolidates gains
Jun 13,2017

Rupee closed higher at 64.47/48 per dollar on tuesday (13 June 2017), versus its previous close of 64.5850/5900 per dollar.

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JSW Steel announces production figures
Jun 13,2017

JSW Steel has achieved crude steel production of 13.57 lakh tonnes in May 2017 compared to 13.48 lakh tonnes in May 2016, recording a growth of 1%.

Production of flat rolled products rose 1% to 9.39 lakh tonnes in May 2017 over May 2016. Production of long rolled products rose 4% to 3.09 lakh tonnes in May 2017 over May 2016.

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Ind-Ra: Improvement in Aggregate Liquidity Profile of States
Jun 13,2017

India Ratings and Research (Ind-Ra) says aggregate liquidity position of the states has improved during FY16 (revised estimate (RE)) and FY17 (budget estimate (BE)). As the Reserve Bank of India is no longer publishing the information relating to the number of days of ways and means advances (WMA) facility being utilised by various states, Ind-Ra has computed a WMA utilisation ratio of states to analyse the liquidity position of the states. This WMA utilisation ratio, which bottomed out at 1.6x in FY10 rose to 5.1x in FY15. Thereon, it moderated to 4.2x in FY16 (RE) and was budgeted to soften further to 2.7x in FY17 (BE).

Notwithstanding the recent divergence, Ind-Ras analysis indicates states liquidity position broadly moves in tandem with their fiscal position in the medium-to-long term. Barring few exceptions, WMA utilisation by the states has broadly moved in tandem with their fiscal deficit/GSDP ratio. Moreover, WMA utilisation/GSDP ratio is on the higher side for highly indebted and fiscally weak states. On aggregate basis, states utilisation of the Reserve Bank of Indias WMA facility has varied between 0.2% and 0.6% of GDP since FY06.

The states use WMA facility to manage their short-term revenue and expenditure mismatches. It has been observed that states with higher deficit and/or debt depend more on WMA facility. Some of the states that have been depending heavily on the WMA facility are Assam, Jammu and Kashmir, Kerala, Nagaland, Punjab and West Bengal.

Ind-Ra believes the reasons for divergence between fiscal performance and liquidity conditions during FY16 (RE) and FY17 (BE) were due to enhanced liquidity provision for states from January 2016 and impact of Ujwal Discom Assurance Yojana on states fiscal position.

Another aspect of states liquidity management is surplus management. Surplus cash of state governments is invested in auction and intermediate treasury bills. These investments enable the states to earn some return on surplus cash while managing their liquidity. While the above mentioned six states have a very low investment, Maharashtra and Tamil Nadu budgeted to have the highest cash balance as at FYE17.

There exists divergence between states liquidity position and the payment track-record of the selected states power utilities. While some of the states have healthy liquidity position as evinced in their WMA utilisation ratios, the performance is not reflected in the states utilities. The vice-versa also holds true. While payment by state power utilities is not a direct obligation of state governments, disparity and delay in payment of dues by the utilities plague and often constrain the financial health of counterparties.

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Government emphasizes that Goods and Services Tax (GST) is scheduled to roll-out on 1st July, 2017
Jun 13,2017

The Government of India has emphasised that Goods and Services Tax (GST) is scheduled to roll-out on 1st July,.2017. The Central Board of Excise and Customs (CBEC) in coordination with the State Governments have increased their outreach programmes with regard to Goods and Services Tax (GST) so as to reach the last trader. The GST formations are being notified shortly. The window for migration to GSTN has re-opened to assist the remaining taxpayers. The preparations are in full swing for a smooth implementation of the landmark tax reform from 1st July, 2017.

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