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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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Grasim Industries jumps after reporting decent Q3 results
Jan 30,2017

The result was announced during market hours today, 30 January 2017.

Meanwhile, the BSE Sensex was up 10.39 points, or 0.04%, to 27,926.29.

High volumes were witnessed on the counter. On the BSE, 1.18 lakh shares were traded in the counter so far, compared with average daily volume of 51,659 shares in the past one quarter. The stock had hit a high of Rs 1,004.10 and a low of Rs 934 so far during the day. The stock had hit a record high of Rs 1,069.70 on 5 August 2016. The stock had hit a 52-week low of Rs 648.41 on 26 February 2016.

It had outperformed the market over the past one month till 27 January 2017, gaining 14.69% compared with the Sensexs 6.37% rise. The scrip had, however, underperformed the market over the past one quarter declining 2.97% as against the Sensexs 0.12% fall.

The large-cap company has equity capital of Rs 93.36 crore. Face value per share is Rs 2.

Grasim Industries said that revenue rise was driven by the performance from viscose staple fibre (VSF) and cement businesses.

Grasim said that the process of seeking the requisite regulatory approvals for the composite scheme of merger of Aditya Birla Nuvo with Grasim and the listing of the financial services business is underway. The scheme has been approved by the relevant stock exchanges and the Competition Commission of India. Application has been filed with National Company LawTribunal. The transaction is expected to be completed by H1 FY 2018.

Grasim said in its outlook that the VSF business will continue to focus on expanding the VSF market in India by partnering with the textile value chain, achieving better customer connect through Brand Liva and enriching the product mix through a larger share of specialty fibre.

The company has identified debottlenecking opportunities to meet the growing demand. The demand for caustic soda in India is expected to grow with the rising demand from the end user industry. The commissioning of new capacities in the industry may increase supply in the medium term. The companys plan to increase its caustic soda capacity by 2.08 lakh tonnes per annum (TPA) to 10.48 lakh TPA through brown field expansion at Vilayat (Gujarat) and debottlenecking at other plants is on track, it said.

Continuing government spending on infrastructure, development of smart cities, interest rate cuts supported by interest subsidy schemes for housing will be the key demand drivers for cement. UltraTech will benefit with its presence across the country to meet theexpected rise in demand. Grasim is well poised to reap the benefits of investment in the growth plans of its businesses with the sustained growth in the Indian economy, it added.

Grasim Industries two main businesses are viscose staple fibre (VSF) and cement.

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HDFC inches up after decent Q3 numbers
Jan 30,2017

The result was announced during market hours today, 30 January 2017.

Meanwhile, the S&P BSE Sensex was up 6.67 points or 0.02% at 27,889.13.

On the BSE, 82,000 shares were traded on the counter so far as against the average daily volumes of 1.58 lakh shares in the past one quarter. The stock had hit a high of Rs 1,378 and a low of Rs 1,360.50 so far during the day.

The stock had hit a record high of Rs 1,463.25 on 7 September 2016 and a 52-week low of Rs 1,012 on 25 February 2016. The stock had outperformed the market over the past one month till 27 January 2017, advancing 11.28% compared with the Sensexs 6.37% rise. The scrip had, however, underperformed the market over the past one quarter, sliding 0.92% as against the Sensexs 0.12% fall.

The large-cap company has equity capital of Rs 317.02 crore. Face value per share is Rs 2.

HDFCs provision for contingencies rose 72.05% to Rs 117 crore in Q3 December 2016 over Q3 December 2015.

The companys profit on sale of investments declined 94.02% to Rs 3.40 crore in Q3 December 2016 over Q3 December 2015.

As at 31 December 2016, the companys loan book stood at Rs 2.86 lakh crore.

On a consolidated basis, HDFCs net profit rose 12.8% to Rs 2728.66 crore on 22.26% growth in total income to Rs 14988.87 crore in Q3 December 2016 over Q3 December 2015.

HDFCs board approved issuance of secured redeemable non-convertible debentures (NCDs) aggregating to Rs 35000 crore on a private placement basis.

HDFC is Indias first retail housing finance company and is currently one of the largest originators of housing loans in the country.

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Idea Cellular leads gainers in A group
Jan 30,2017

Idea Cellular jumped 23.65% to Rs 96.20 at 13:34 IST on reports of possible merger of Idea with Vodafone. The stock topped the gainers in the BSEs A group. On the BSE, 65.48 lakh shares were traded on the counter so far as against the average daily volumes of 12.47 lakh shares in the past two weeks.

Bharti Airtel surged 9.54% to Rs 354.30. The stock was second biggest gainer in A group. On the BSE, 3.9 lakh shares were traded on the counter so far as against the average daily volumes of 1.65 lakh shares in the past two weeks.

Reliance Communications (RCom) surged 9.06% at Rs 33.75. The stock was the third biggest gainer in A group. On the BSE, 33.15 lakh shares were traded on the counter so far as against the average daily volumes of 14.43 lakh shares in the past two weeks.

Reliance Defence and Engineering rose 6.46% to Rs 60.95 after the company signed a contract with Ministry of Defence (MOD), Government of India for design and construction of fourteen fast patrol vessels (FPVs) for Indian Coast Guard, for an amount of Rs 916 crore. The announcement was made during market hours today, 30 January 2017.

The stock was fourth biggest gainer in A group. On the BSE, 11.55 lakh shares were traded on the counter so far as against the average daily volumes of 2.19 lakh shares in the past two weeks.

Aditya Birla Nuvo gained 6.18% at Rs 1,458.60. The stock was the fifth biggest gainer in A group. On the BSE, 61,000 shares were traded on the counter so far as against the average daily volumes of 24,000 shares in the past two weeks.

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CBDT issues Guiding Principles for determination of Place of Effective Management (POEM) of a Company
Jan 30,2017

The concept of Place of Effective Management (POEM) for deciding the Residential Status of a company was introduced by the Finance Act, 2015. It is effective from 01 April 2016 and accordingly shall apply from assessment year 2017-18 onwards. The guidelines for determining the POEM has been uploaded on website of the Income-tax Department (www.incometaxindia.gov.in). These guidelines of POEM have been finalised, after placing draft guidelines in public domain for seeking comments from stakeholders and general public, and with extensive consultations thereafter.

The Final Guidelines on POEM contain some unique features. Active Business outside India (ABOI) test has been provided, so as not to cover companies outside India which are engaged in active business. The intent is not to target Indian Multi Nationals which are engaged in business activity outside India. The intent is to target shell companies and companies which are created for retaining income outside India although real control and management of affairs is located in India. It is emphasised that these guidelines are not intended to cover foreign companies or to tax their global income, merely on the ground of presence of Permanent Establishment or Business connection in India.

Adequate administrative safeguards have been incorporated in the guidelines by mandating that the Assessing officer (AO), before initiating inquiry for POEM in a case of a taxpayer, will seek approval from Principal Commissioner of Income Tax/ Commissioner of Income-tax. The AO shall also obtain approval from Collegium of Principal Commissioners of Income-tax before holding that POEM of a non-resident company is in India.

It has been further decided that the POEM guidelines shall not apply to companies having turnover or gross receipts of Rs. Fifty (50) Crore or less in a financial year.

The guidelines also contain illustrations to clarify the situations whether POEM shall or shall not apply.

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Mideast (India) appoints company secretary and compliance officer
Jan 30,2017

Mideast (India) announced Preeti S Nair has been appointed as Company Secretary and Compliance Officer of the Company w.e.f. 18 January 2017 pursuant to Section 203 of the Companies Act, 2013 and Regulation 6(1) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

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Accelya Kale Solutions to consider December quarter results and interim dividend
Jan 30,2017

Accelya Kale Solutions announced that the meeting of the Board of Directors will be held on 07 February 2017, inter alia, to consider the following;

1. Unaudited financial results for the quarter and six months ended 31 December 2016;

2. Declaration of interim dividend, if any.

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Board of Sterling Tools to consider December quarter results and 2nd interim dividend
Jan 30,2017

Sterling Tools announced that the Meeting of the Board of Directors of the Company will be held on 11 February 2017, agenda for which includes considering and if thought fit:

1. To adopt the Quarterly Unaudited Financial Results of the Company for the Quarter Ended 31 December 2016.

2. To declare the Second Interim Dividend for the Financial Year 2016-2017.

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Board of Indian Metals & Ferro Alloys to consider Q3 results and interim dividend
Jan 30,2017

Indian Metals & Ferro Alloys announced that the meeting of the Board of Directors of the Company will be held on 07 February 2017, inter alia, to consider and take on record the unaudited financial results of the Company for the quarter and nine months ended 31 December 2016 and payment of interim dividend for the financial year 2016-17.

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Indian Metals & Ferro Alloys fixes record date for interim dividend
Jan 30,2017

Indian Metals & Ferro Alloys has fixed 15 February 2017 as the Record Date for the purpose of Payment of Interim Dividend.

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Sterling Tools fixes record date for 2nd interim dividend
Jan 30,2017

Sterling Tools has fixed 18 February 2017 as the Record Date for the purpose of payment of Second Interim Dividend.

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Granules India fixes record date for 3rd interim dividend
Jan 30,2017

Granules India has fixed 08 February 2017 as the Record Date for the purpose of Payment of Third Interim Dividend.

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Automobile Corporation of Goa fixes record date for interim dividend
Jan 30,2017

Automobile Corporation of Goa announced that the Company has fixed 14 February 2017 as the Record Date for the purpose of Payment of Interim Dividend.

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IIMs to be declared as Institutions of National Importance
Jan 30,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the Indian Institute of Management (IIM) Bill, 2017, under which the IIMs would be declared as Institutions of National Importance which will enable them to grant degrees to their students.

Following are the salient features of the Bill:

i. IIMs can grant degrees to their students

ii. The Bill provides for complete autonomy to the Institutions, combined with adequate accountability.

iii. Management of these Institutions would be Board driven, with the Chairperson and Director of an Institution which will be selected by the Board.

iv. A greater participation of experts and alumni in the Board is amongst otherimportant features of the Bill.

v. Provision has also been made for inclusion of women and members from Scheduled Castes/Tribes in the Board.

vi. The Bill also provides for periodic review of the performance of Institutions by independent agencies, and placing the results of the same on public domain.

vii. The Annual Report of the Institutions will be placed in the Parliament and CAG will be auditing their accounts.

viii. There is also a provision of Coordination Forum of IIMs as an advisory body.

Background:

Indian Institutes of Management are the countrys premier institutions imparting best quality education in management on globally benchmarked processes of education and training in management. IIMs are recognized as world-class management Institutions and Centers of Excellence and have brought laurels to the country. All IIMs are separate autonomous bodies registered under the Societies Act.

Being societies, IIMs are not authorized to award degrees and, hence, they have been awarding Post Graduate Diploma and Fellow Programme in Management. While these awards are treated as equivalent to MBAs and Ph.D, respectively, the equivalence is not universally acceptable, especially for the Fellow Programme.

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K.P. Energy fixes record date for interim dividend
Jan 30,2017

K.P. Energy Ltd has informed BSE that the Company has fixed 10 February 2017 as the Record Date for the purpose of payment of Interim Dividend.

Interim Dividend shall be paid to the registered shareholders before 20 February 2017.

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Shivalik Bimetal Controls fixes record date for interim dividend
Jan 30,2017

Shivalik Bimetal Controls has fixed 18 February 2017 as the Record Date for the purpose of Payment of Interim Dividend.

The Interim Dividend, if declared, will be paid or dispatched on or before 10 March 2017

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