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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 Eros International Media to consider fund rasing through issue of NCDs
Nov 29,2016

Eros International Media announced that the meeting of Board of Directors of the Company will be held on 02 December 2016, inter alia, to consider and approve the proposal to raise funds through issue and offer of secured/ unsecured, redeemable, non convertible Debentures on public/ private placement basis, in one or more tranches, upto the limit as may be decided by the Board.

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Board of G V Films decide on AGM
Nov 29,2016

G V Films announced that the Board of Directors of the Company at its meeting held on 29 November 2016 has decided to hold the adjourned 27th Annual General Meeting of the Company on 28 December 2016 at 3.00 pm at Mayor Hall, Juhu Lane, Andheri West, Mumbai - 400058.

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Board of Valecha Engineering to consider Q4 and FY results
Nov 29,2016

Valecha Engineering announced that Adjourned Board of Directors meeting will now be held on 01 December 2016, inter alia, to consider and to take on record, the Audited Financial Results of the Company for the fourth quarter and twelve months ended 31 March 2016

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Board of Hindustan Construction Company to consider preferential issue of shares and debentures
Nov 29,2016

Hindustan Construction Company announced that the Company proposes to hold a meeting of the Board of Directors of the Company on 02 December 2016, interalia, to consider the following matters:

1. To consider the offer and issue of Equity Shares representing 24.44% of the expanded capital and also Optionally Convertible Debentures (OCDs) on Preferential Basis to be allotted collectively to the individual Lenders, as per applicable laws and extant regulations pursuant to implementation of the Reserve Bank of India (RBI) S4A Scheme as agreed by the Lenders in their Joint Lenders Forum (JLF) held on 07 September 2016 and approved by RBIs Overseeing Committee (OC) on 04 November 2016 (HCC S4A Scheme).

2. Convene an Extraordinary General Meeting of the Company for seeking shareholders approval for the aforesaid matters.

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Fitch: Oil Prices May See Little Growth Before 2018
Nov 29,2016

High inventories and the potential for US shale production to respond quickly to any market tightening mean oil prices may flatline in 2017 before gradually moving higher over the next few years, Fitch Ratings says.

We expect supply and demand to be broadly balanced in 1H17, with a move to a more pronounced deficit from 2H17. But the still-high commercial inventories may delay any significant price response. We have therefore maintained our base-case assumption, used when rating energy-sector corporates, that both Brent and WTI will average USD45/barrel in 2017. We have also maintained our USD55/barrel assumption for 2018 and introduced a 2019 price expectation of USD60, reflecting our belief that it may take longer to fully return to our long-term equilibrium price of USD65/barrel.

But there is significant uncertainty about the future path of oil prices. Unprecedented capex cuts could translate into a far sharper fall in output than the consensus expectation, while there is also potential for demand growth to slow if economic growth disappoints or for supply to be higher than expected if US shale comes back strongly as prices rise.

Our price assumptions do not factor in any impact from a possible OPEC production cut agreement during its meeting scheduled for 30 November. This is because even if a deal is agreed, its ability to have a lasting impact on prices is unclear and will depend on the size of the cuts and the willingness of members to stick to them.

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Rupee closes higher
Nov 29,2016

Rupee closed higher at 68.65/66 per dollar on Tuesday (29 November 2016), versus its previous close of 68.7079/7220 per dollar.

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Capri Global Capital gets reaffirmation of ratings for NCDs
Nov 29,2016

Capri Global Capital has received revision in credit ratings for NCDs from CARE as follow -

NCDs (Rs 300 crore ) - CARE A+ / Outlook Stable (Reaffirmed)

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Trident Tools cessation of CEO
Nov 29,2016

Trident Tools announced BSE that the Board of Directors announces the departure of Amarnath Agrawal as Chief Executive Officer (CEO) of the Company with immediate effect from 29 November 2016.

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Usha Martin Education & Solutions announces change in company secretary
Nov 29,2016

Usha Martin Education & Solutions announced that R. N. Chakraborty, Company Secretary, has resigned from the Company, w.e.f. 09 November 2016.

Further note that, the Company appointed Chaitee Baral, as the Company Secretary of the Company w.e.f. 09 November 2016.

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Fitch: Political Risk Looms Large for Global Sovereigns in 2017
Nov 29,2016

Global sovereigns face elevated levels of political risk and uncertainty in 2017, says Fitch Ratings, embodied by the unexpected election of President-elect Donald Trump in the US and the UKs Brexit vote in June. These risks are reflected in a trend away from political orthodoxy that reduces the predictability of policy direction in advanced countries in 2017. Combined with a general trend towards looser fiscal policy and greater trade protectionism, this carries risks to sovereign creditworthiness among both advanced economies and emerging markets (EM), although the overall outlook for Fitchs sovereign ratings in 2017 is stable.

While the large majority (82 of 114) of Fitchs sovereign ratings retain Stable Outlooks as we head into 2017, risks are clearly tilted to the downside, given the distribution of 25 Negative and only three Positive Outlooks. The threat of increased trade protectionism and a stronger dollar will maintain downward pressure on EM sovereigns macroeconomic performance and ratings, with 20 remaining on Negative Outlook as we move towards year-end. Key EM sovereign rating sensitivities will include the extent to which policy responses can mitigate the negative effects of subdued commodity prices, weaker trade flows and the potential for renewed dollar strength.

Fitch expects global GDP growth to increase to 2.9% in 2017, from 2.5% in 2016, driven largely by a pick-up in the US combined with a cyclical recovery in some of the largest EMs, which should more than offset continuing weakness in the eurozone and Japan. Our forecast of an acceleration in 2017 US growth to 2.2%, from 1.5%, reflects partly our assessment of the impact of President-elect Trumps proposed reflationary policies, including corporate and personal income tax cuts combined with a focus on infrastructure investment. We expect this fiscal stimulus (totalling 0.5-0.75% of GDP) to produce a near-term boost to growth, but the president-elects rhetoric on trade policy increases downside risks to growth in the medium term.

Following the seismic political shocks of 2016, Fitch expects political risk to remain a key issue for sovereign creditworthiness in advanced economies in 2017, posing risks to medium-term economic growth prospects that would likely be negative for sovereign ratings. Euroscepticism and populism could affect European cohesion in the coming months, with the Italian constitutional referendum in early December to be followed by Dutch, French and German national elections in 2017. Any further significant political shocks triggered by electoral events in Europe could prove hugely damaging for the European project, although such a scenario is not Fitchs base case.

With advanced economies failing to regain pre-crisis growth rates, the debate on global macroeconomic policy has shifted, with commentators, policy-makers and supranational institutions all calling for a move towards fiscal loosening and away from the reliance on ultra-loose monetary policy that has become the cornerstone of macro policy in recent years. This shift in policy emphasis is likely to be led by the US in view of the proposed reflationary domestic policy agenda and the prospects for higher interest rates. While it is likely to provide a near-term boost to growth, the fiscal impact of the Trump plan would likely be negative for US sovereign creditworthiness over the medium term, as tax cuts alone cannot generate enough growth to make up for the loss in revenue, leading to a deterioration in debt dynamics.

In Europe, fiscal loosening is already being pursued to some extent as austerity fatigue and a focus on political issues such as Brexit, the migrant crisis and security concerns have diverted attention away from fiscal consolidation. This has manifested itself in many eurozone governments moving away from a strict interpretation of the European fiscal rules, typically without sanction by the European Commission. This is likely to be growth-supportive in the near term but further undermines fiscal credibility. High public debt ratios remain one of the key rating weaknesses for western European sovereigns, meaning that few have material fiscal space within their existing rating categories.

Economic recovery in the largest EM countries should gain momentum in 2017 as crises in Brazil and Russia ease. Meanwhile, we expect the slowdown in Chinas growth rate to continue on a gradual path, reducing to 6.4% in 2017 from 6.7% in 2016. In Fitchs view, China will remain committed to its growth target of approximately 6.5%, particularly given the political transition of five of the seven members of the Politburo Standing Committee scheduled for 2H17.

The threat of less open trade relationships between the US and key trading partners, including China, combined with a stronger dollar would be generally negative for EM countries, and particularly so for smaller open economies. A trade war between the US and China would have adverse consequences for GDP growth and inflation in both countries, and could lead to depreciation of the RMB and financial market risk aversion, which would likely spill over to other emerging markets.

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Aarvee Denims & Exports gets assignment of credit ratings for bank loan facilities
Nov 29,2016

Aarvee Denims & Exports announced that it has been assigned to the Company from Brickwork Ratings India for Bank Loan facilities of the Company aggregating Rs 315 crore.

Cash Credit (Rs 200.50 crore) Long Term - BWR A- / Outlook Stable

Pre Shipment Financing (Rs 71.50 crore) Long Term - BWR A- / Outlook Stable

Letter Of Credit (Rs 43 crore) Short Term - BWR A2+

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Arambhan Hospitality Services announces closure of its restaurants
Nov 29,2016

Arambhan Hospitality Services announced that the Company has closed down its restaurants Me So Happi & The Captains Table located at Ground Floor, B-Wing, Bldg No. 19, Pinnacle Corporate Park, Bandra (East), Mumbai, Maharashtra - 400051 and Me So Happi located at Shop No. 2, 3 & 4, Kusum Kunj CHS Ltd,,Linking Road, Khar (West), Mumbai, Maharashtra - 400052.

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Punjab National Bank announces change in CFO
Nov 29,2016

Punjab National Bank announced that P. K. Sharma, General Manager has been designated as CFO of the Bank w.e.f. 01 December 2016 in place of P. K. Mohapatra who is superannuating on 30 November 2016.

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Punjab National Bank announces change in Company Secretary
Nov 29,2016

Punjab National Bank announced that Balbir Singh has been designated as Company secretary of the Bank w.e.f. 01 December 2016 in place of A. Gopinathan who is superannuating on 30 November 2016.

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Direct Transfer of Fertilizer Subsidy to be introduced
Nov 29,2016

The Government has decided to introduce Direct Benefit Transfer (DBT) system for fertilizer subsidy payments. Under the proposed system, 100% subsidy on various fertilizer grades shall be released to the manufacturers and importers on the basis of actual sales made by the retailer to the beneficiaries. Initially, the modified subsidy procedure under DBT system will be introduced on pilot basis in 16 select districts and after its due stabilization, the new payment system would be rolled out in all states in the second phase. The proposed DBT will address the issues relating to diversion and smuggling of urea.

The DBT being implemented in fertilizer subsidy payment is slightly different from the normal DBT being implemented in LPG subsidy. Under the DBT in fertilizer sector, the subsidy will be released to the fertilizer companies instead of the beneficiaries, after the sale is made by the retailers to the beneficiaries on submission of claims generated in the web-based online Integrated Fertilizer Monitoring System (iFMS) by fertilizer companies. After implementation of DBT, it is expected that diversion/smuggling of fertilizers will be reduced to a large extent and the Government will save subsidy to the that extent. However, no assessment has been made to calculate the savings.

The proposed DBT for release of fertilizer subsidy to fertilizer companies has no direct relation with landholding of the farmers. The fertilizers will be available to all on no denial basis.

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