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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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Asian Oilfield jumps on proposal to issue warrants
Dec 23,2016

The announcement was made after market hours yesterday, 22 December 2016.

Meanwhile, the S&P BSE Sensex was up 4.02 points or 0.02% at 25,983.62.

On the BSE, 97,000 shares were traded on the counter so far as against the average daily volumes of 1.73 lakh shares in the past two weeks. The stock had hit a high of Rs 119.90 and a low of Rs 105 so far during the day.

The stock had hit a 52-week high of Rs 124 on 14 December 2016 and a 52-week low of Rs 27.90 on 12 February 2016.

The allocation of warrants is subject to the companys shareholders approval in its extraordinary general meeting (EGM) to be held on 23 December 2016.

Asian Oilfield Services reported consolidated net loss of Rs 11.12 crore in Q2 September 2016 as against net profit of Rs 4.09 crore in Q2 September 2015. Total income from operations declined 94.71% to Rs 3.09 crore in Q2 September 2016 over Q2 September 2015.

Asian Oilfield Services is engaged in providing geophysical, drilling and well services to customers across the Indian sub-continent.

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World crude steel production up 5% to 132.4 million tonnes in November 2016
Dec 23,2016

World crude steel production for the 66 countries reporting to the World Steel Association (worldsteel) was 132.4 million tonnes (mt) in November 2016, 5.0% up on November 2015.

Chinas crude steel production for November 2016 was 66.3 mt, an increase of 5.0% compared to November 2015. Elsewhere in Asia, Japan produced 8.6 mt of crude steel in November 2016, a decrease of -1.4% compared to November 2015.

In the EU, Germany produced 3.3 mt of crude steel in November 2016, a decrease of -4.2% compared to November 2015. Italy produced 2.1 mt of crude steel, up by 11.2% on November 2015. France produced 1.3 mt of crude steel in November 2016, up by 11.8% year-on-year.

Turkeys crude steel production for November 2016 was 2.9 mt, up by 10.4% on November 2015.

In November 2016, Russia produced 6.0 mt of crude steel, up by 5.0% on November 2015. Ukraine produced 2.0 mt of crude steel, up by 3.1% compared to the same month in 2015.

The United States produced 6.2 mt of crude steel in November 2016, an increase of 6.8% compared to November 2015.

Brazils crude steel production for November 2016 was 2.4 mt, down by 4.8% on November 2015.

The crude steel capacity utilisation ratio of the 66 countries in November 2016 was 69.6%. It was 67.1% in November 2015. The November 2016 capacity utilisation ratio is 0.1 percentage point lower than the October 2016 ratio.

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Reliance Defence and Engineering advances after huge bulk deal
Dec 23,2016

Meanwhile, the S&P BSE Sensex was up 3.57 points, or 0.01%, to 25,983.17

Bulk deal boosted volume on the scrip. On the BSE, 1.29 crore shares were traded on the counter so far as against the average daily volumes of 3.42 lakh shares in the past one quarter. The stock had hit a high of Rs 56.80 and a low of Rs 53 so far during the day.

The stock hit a 52-week high of Rs 114 on 28 December 2015. The stock hit a 52-week low of Rs 48.40 on 22 November 2016. The stock had outperformed the market over the past 30 days till 22 December 2016, rising 5.04% compared with the 0.28% fall in the Sensex. The scrip, however, underperformed the market in past one quarter, falling 12.58% as against Sensexs 9.38% decline.

The mid-cap company has equity capital of Rs 736.21 crore. Face value per share is Rs 10.

Reliance Defence and Engineering reported net loss of Rs 116.29 crore in Q2 September 2016, lower than net loss of Rs 170.49 crore in Q2 September 2015. Reliance Defence & Engineerings total income rose 68.91% to Rs 106.21 crore in Q2 September 2016 over Q2 September 2015.

Reliance Defence and Engineering (formerly Pipavav Defence and Offshore Engineering Company) is into building defence warships.

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Income tax department identifies 67.54 lakh potential non-filers for FY 2014-15
Dec 23,2016

The Non-filers Monitoring System (NMS) was rolled out for identification of non-filers with potential tax liabilities. Data analytics carried out by the Systems Directorate of Central Board of Direct Taxes (CBDT) identifies non-filers about whom specific information is available in the AIR, CIB and TDS/TCS databases.

The Income Tax Department has conducted the fifth cycle of data matching which has identified an additional 67.54 lakh potential non-filers who have carried out high value transactions in the financial year 2014-15 but did not file return of income for the relevant assessment year (AY) 2015-16. The information relating to the identified non-filers has been made available in the Compliance Module on the e-filing portal of the Income Tax Department.

The information will be visible only to the specific PAN holder when they log into the e-filing portal at https://incometaxindiaefiling.gov.in. The PAN holder will be able to respond electronically and retain a copy of the submitted response for record purpose.

While the Government urges all tax payers to disclose their true income and pay taxes accordingly, the Department would continue to pursue the non-filers vigorously till all the high potential non-filers are covered.

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Wipro slips after reaching agreement with US SEC to resolve investigation
Dec 23,2016

The announcement was made after market hours yesterday, 22 December 2016.

Meanwhile, the BSE Sensex was up 8.94 vpoints, or 0.03%, to 25,988.54.

On the BSE, so far 15,000 shares were traded in the counter, compared with average daily volumes of 1.17 lakh shares in the past one quarter. The stock had hit a high of Rs 463 and a low of Rs 455.85 so far during the day.

The stock hit a 52-week high of Rs 606.75 on 20 April 2016. The stock hit a 52-week low of Rs 410 on 9 November 2016. The stock had outperformed the market over the past 30 days till 22 December 2016, rising 2.95% compared with the 0.28% fall in the Sensex. The scrip had also outperformed the market in past one quarter, falling 3.93% as against Sensexs 9.38% decline.

The large-cap company has equity capital of Rs 486.17 crore. Face value per share is Rs 2.

Wipro announced that it has reached an agreement with the US Securities and Exchange Commission (SEC) to formally resolve the previously disclosed six-year-old investigation. In agreeing to the settlement, the company neither admits nor denies the SECs allegations that the company violated certain provisions of the Securities Exchange Act of 1934 (Exchange Act). The SEC has credited the companys cooperation and remedial measures in arriving at the settlement. Under the terms of the settlement, the Company consents to pay a civil money penalty of $5 million, to cease and desist from committing or causing violations of the Exchange Act, and to undertake certain follow through actions, the company said in a statement.

Wipro said it takes pride in its commitment to the highest standards of integrity and corporate governance. The company is pleased to formally resolve and put this six-year-old matter behind it. The company believes it is in its best interests and that of all its stakeholders to resolve this prolonged matter and has accordingly reached the settlement, the company added.

The matter relates to embezzlement of funds worth about $4 million by an employee which Wipro says it discovered in December 2009. The SEC initiated an inquiry in September 2010.

Wipros consolidated net profit rose 0.9% to Rs 2070.40 crore on 1.45% rise in net sales to Rs 13896.80 crore in Q2 September 2016 over Q1 June 2016.

Wipro is a leading information technology, consulting and business process services company that delivers solutions to enable its clients do business better.

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Sudarshan Chemical Industries to consider December quarter results
Dec 23,2016

Sudarshan Chemical Industries announced that a meeting of the Board of Directors of the Company will be held on 10 February 2017, inter alia, to consider and approve the Unaudited Financial Accounts of the Company for the quarter ending on 31 December 2016.

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Rudraksh Cap-Tech provides business update
Dec 23,2016

Rudraksh Cap-Tech announced that the Companys application for auction house for sale and purchase of stamps and coins and antiques which was pending because of the name change process has been successfully processed.

The Company will soon commence auctions under its banner Alexander Stamps and Coins. The information for the same will be available on www.RudrakshCap-tech.com and www.Alexanderstampsandcoin.com

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Sugar shares in demand
Dec 23,2016

Oudh Sugar Mills (up 15.98%), Rana Sugars (up 13.22%), Upper Ganges Sugar & Industries (up 9.99%), Dwarikesh Sugar Industries (up 9.86%), Simbhaoli Sugars (up 9.28%), Sakthi Sugars (up 7.14%), Dhampur Sugar Mills (up 6.48%), DCM Shriram Industries (up 6.32%), Empee Sugars and Chemicals (up 5.64%), Triveni Engineering & Industries (up 5.04%), Balrampur Chini Mills (up 4.65%), Shree Renuka Sugar (up 4.24%), KCP Sugar & Industries Corporation (up 3.76%), EID Parry (India) (up 1.47%) and Bajaj Hindusthan Sugar (up 0.21%), edged higher.

The S&P BSE Sensex was down 5.24 points, or 0.02% at 25,974.36.

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Merck appoints director
Dec 23,2016

Merck announced that Zoe Tang has been appointed as the Non- Executive Director of the Company effective 23 December 2016.

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Kwality Pharmaceuticals fixes record date for interim dividend
Dec 23,2016

Kwality Pharmaceuticals has fixed 06 January 2017 as the Record Date for the purpose of payment of interim dividend for the year 2016-17.

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Hexaware Technologies fixes record date for buyback of shares
Dec 23,2016

Hexaware Technologies has fixed 06 January 2017 as the Record Date for the purpose of ascertaining entitlement for Buyback of Equity Shares.

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Themis Medicare announces resignation of director
Dec 23,2016

Themis Medicare has received resignation letter from Dharmisthaben Raval dated 22 December 2016 with immediate effect due to personal reasons. Dharmisthaben N. Raval was associated with the Company as an Independent Woman Director on the Board.

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Gujarat Themis Biosyn announces resignation of director
Dec 23,2016

Gujarat Themis Biosyn announced that the Company has received resignation letter from Dharmisthaben Raval dated 22 December 2016 with immediate effect due to personal reasons. Dharmisthaben N. Raval was associated with the Company as an Independent Woman Director on the Board.

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Board of Hinduja Ventures approves divestment of stake held in Hinduja Energy
Dec 23,2016

Hinduja Ventures announced that the Board of Directors at its meeting held 22 December 2016 has approved the disinvestment of 4,36,47,056 equity shares of Rs. 10/- each held by the Company in Hinduja Energy (India), in tranches, as per Independent Valuation of Rs. 31.58/- per share to third party.

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UNCTAD sees cause for concern in sluggish trade growth
Dec 23,2016

Unusual trends in international trade statistics, such as the falling value of world trade in goods and services even as the global economy grew in 2015, give cause for concern, said an UNCTAD report released on 22 December 2016. Last year, 2015, was the first time since 2001 that the value of trade has fallen during a period of economic expansion, according to the report - Key Indicators and Trends in International Trade 2016 - which noted that the volume of trade still grew about 1.5%.

In other words, while many exporters had to cope with lower prices, they saw no decline in export volumes, the report said. Although positive growth is consistent with the overall economic trends, there are still reasons to be concerned.

To start with, the growth of trade volume has been below the overall growth of the world economy, something that has seldom happened in the last few decades and only during economic downturns as in 2001 and 2009, the report said.

Second, trade volumes have been rather unstable, showing substantial volatility during 2015 across quarters and across countries. Trade volumes have increased for the world as a whole, but for many countries trade volumes have in fact decreased.

Finally, it is arguable whether the physical growth in international trade can continue in a deflationary economic environment, the report said. The concern is that many exporters may not be able to maintain their position in the markets for long when facing reduced financial returns.

The sharp decline in international trade results from several factors, both nominal and structural.

Falling commodity prices and the appreciating US Dollar contributed most to the nominal fall in world trade, with oil prices going from an average of more than $100 per barrel in 2014 to about $50 per barrel in 2015. The trade weighted US dollar index appreciated by almost 15% between 2014 and 2015.

But deflationary factors can explain only some of the trade collapse in 2015. In fact, falling commodity prices explain only half of the 2015 decline in world trade.

The sluggish growth of 2012-2014 and the magnitude of the decline in trade of goods and services in 2015 suggest a change in the dynamics behind the international integration process, the report said.

Indeed, the most commonly used index to gauge globalization trends - the ratio of the value of world trade over global GDP - indicate a decline in economic interdependence, it added.

Part of the reason for this is that global value chains are shortening. Many countries, including those in East Asia, are reshoring and consolidating manufacturing production processes.

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