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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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NEPC India to hold board meeting
Oct 14,2016

NEPC India will hold a meeting of the Board of Directors of the Company on 28 October 2016 Quarterly Results

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Bank stocks gain on rate cut hopes
Oct 14,2016

Meanwhile, the S&P BSE Sensex was up 30.94 points or 0.11% at 27,674.13.

Among public sector banks, Punjab National Bank (up 2.21%), Bank of Baroda (up 1.04%), State Bank of India (SBI) (up 1.38%), Union Bank of India (up 1.3%), Canara Bank (up 1.42%), and Bank of India (up 1.53%) edged higher.

Among private sector banks, Axis Bank (up 0.24%), ICICI Bank (up 0.64%), Kotak Mahindra Bank (up 0.55%), and Yes Bank (up 0.18%) gained. IndusInd Bank (down 0.05%) and HDFC Bank (down 0.24%) declined.

The BSE Bankex had underperformed the market over the past one month till 13 October 2016, falling 4.65% compared with 2.51% fall in the Sensex. The index had, however, outperformed the market in past one quarter, gaining 1.4% as against Sensexs 0.62% drop.

The latest data showed that inflation based on consumer price index (CPI) dipped to 13-months low of 4.31% in September 2016 lower than 5.05% in August 2016. The corresponding provisional inflation rate for rural area was 4.96% and urban area 3.64% in September 2016 as against 5.87% and 4.22% in August 2016. The core CPI inflation moved up to 4.77% in September 2016 from 4.59% in August 2016. The cumulative CPI inflation rose to 5.4% in April-September 2016 compared with 4.51% in April-September 2015. The data was announced after market hours yesterday, 13 October 2016.

In its last policy meeting on 4 October 2016, the Reserve Bank of India (RBI) had cut repo rate by 25 basis points. The next meeting of the newly formed Monetary Policy Committee (MPC) is scheduled on 6 & 7 December 2016 and its resolution will be announced on 7 December 2016. The fall in CPI gives RBI much needed elbow room to cut rates to spur growth.

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Yes Bank drops amid volatility
Oct 14,2016

The announcement was made after market hours yesterday, 13 October 2016.

Meanwhile, the S&P BSE Sensex was up 8.06 points or 0.03% at 27,651.17.

On BSE, so far 34,000 shares were traded in the counter as against average daily volume of 2.67 lakh shares in the past one quarter. The stock lost as much as 0.87% at the days low of Rs 1,244 so far during the day. The stock rose as much as 0.56% at the days high of Rs 1,262.15 so far during the day. The stock had hit a 52-week low of Rs 632.25 on 20 January 2016. The stock had hit a record high of Rs 1,450 on 7 September 2016. The stock had outperformed the market over the past one month till 13 October 2016, advancing 4.12% compared with 2.51% fall in the Sensex. The scrip had also outperformed the market in past one quarter, surging 9.38% as against Sensexs 0.62% fall.

The large-cap bank has equity capital of Rs 422.28 crore. Face value per share is Rs 10.

Yes Bank said that a meeting of the board of directors of the bank will be held on 20 October 2016, to consider Q2 September 2016 results and to update on qualified institutional placement (QIP) and fund raising by way of QIP and debt issues, under the current shareholders approval which is valid till 6 June 2017.

Yes Banks net profit rose 32.8% to Rs 731.80 crore on 25.4% growth in total income to Rs 4762.83 crore in Q1 June 2016 over Q1 June 2015.

Yes Bank is one of the leading private sector banks in India.

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Infra-financing may be encouraged through BRICS cross-country tie-ups
Oct 14,2016

In the BRICS Business Forum session here today on Cooperation in Infrastructure and Infrastructure Financing, the panellists agreed that BRICS reflected the potential for the future. Infrastructure development is the need of the hour. There is vast opportunity for the member states and infra-financing may be encouraged through cross-country collaboration . The New Development Bank should work on financial instruments for funding the infrastructural requirements.

K Ramchand, Chairman, BRICS Business Council Working Group on Infrastructure and CEO, IL&FS, said, infrastructure development is one of the major requirement of the BRICS nations. There is an urgent need for cooperation in physical and IT infrastructure funding in innovative ways through different financial instruments, he said.

Raghav Chandra, Chairman NHAI, said that infrastructure is a key pillar of business competitiveness hence we should focus on infrastructure development. However, financing of infrastructural projects comes with several challenges. It needs considerable amount of capital, has long gestation period and the time for break-even too long. Often bank financing is not enough, there is asset liability mismatch and short initial deposit- financing of infrastructure has many hurdles. Moreover, in India the corporate debt market is not very developed. It is also not easy to raise capital through foreign debt. There is almost USD 100 trillion worth patient capital with institutional investors(such as pension funds and insurance) which should be channelised for infrastructure.

Chandra spoke about Indias goal of building 10,000 km highway project. He deliberated on the different modes of funding infrastructure like PPP and said that there is huge scope and potential for investment in the highways programme. The New Development Bank, he said, should have the scope for credit enhancement, anchor investors and directly finance the projects.

Alexander Misharin, First Vice President of the JSC Russian Railways & CEO of the JSC High-Speed Rail Linessaid infrastructure is of primary importance and in 2016 we have to position to make a difference. Along with movement of people and goods, we need to have integrated solution for countries, for example, develop the silk route. He said we can use the combination of roads and sea transport so that there is greater economic collaboration. New corridors of national and multinational perspectives need to be encouraged. There are different bilateral initiatives between Russia and India and Russia and China. The countries must focus on identifying possibility for advanced transportation.

South Africa has the most advanced financial market, said George Sebulela, President and Chief Executive, Sebvest Holdings, spoke about the immense opportunities that exist in the African continent. He said that Africas major developmental challenge is its inadequate infrastructure. An estimated funding of USD 85 billion is required for infrastructure. South Africa is driving a flagship project n++North South Corridorn++ which encompasses development of road, rail, ports and ICT. There is a need to build a regular value chain. The New Development Bank is definitely an added platform for financing. It has to develop instruments of funding other than the conventional ways.

Dongwei Shi, Vice President, Alibaba Group discussed infrastructure development from an ICT perspective. He highlighted how that the emergence of the internet and digital is transforming the very fabric of an economy and ecommerce has found its place at the heart of this transformation. E-commerce is one of the fastest growing segments as global B2B and B2C business on e-commerce has seen exponential increase. He mentioned how Alibaba, over the last 17 years, has supported the development of global e-commerce infrastructure, enabling enhanced capabilities in logistics, digital payments, and cloud computing.

The digital economy, he said, has enormous potential and Alibaba is committed to working with local partners to explore more opportunities for global SMEs. Close cooperation and partnership among BRICS nations, is the key to envisage this potential, he affirmed. Mr. Drummond, Director of Institutional Relations, Queiroz Galvao, spoke about the infrastructure development initiatives in Brazil. The government has created partnership programs to coordinate with the government and public. The government is zeroing on 33 big infrastructure projects which includes highways, harbours, ports and airports to be completed by next year. Transparency and regulatory methods have been adopted. Joint ventures in the projects are also being encouraged, he said.

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NDB to emerge as South-South financial institution Bank to promote innovative mechanisms to become responsive and client-oriente
Oct 14,2016

The New Development Bank (NDB), which was established in July 2014, to extend loans initially to its five founding members n++ Brazil, Russia, India, China and South Africa, is set to offer long-term funding to other emerging economies that have a shared economic development philosophy. In time, NDB is expected to emerge as a SouthSouth financial institution, said Xian Zhu, Vice President and Chief Operations Officer, New Development Bank (NDB) at the BRICS Business Forum (BBF) organized by BRICS Business Council, FICCI, ASSOCHAM and CII.

Zhu said that the primary objective of the bank is to fund infrastructure and renewable energy projects and meet the aspirations of people through sustainable and green development. The focus of the bank is to address the increasingly huge demands being placed on infrastructural financing in view of the low growth rate in the BRICS member countries. He added that NDB was established to alleviate the problem of securing long-term development financing.

Speaking about Public Private Partnership (PPP), Zhu said that the bank was looking at initiating discussions with the private sector to develop PPP model at the global level for projects. The banks idea is to leverage financial resources and fund long term infrastructure projects. NDB aspires to bring about innovative funding mechanisms and wants to emerge as a business institution which is faster in its processes, more responsive, client-oriented and result-oriented.

Zhu said that NDB is open to finance non-BRICS member countries as well which are members in the United Nations. NDB is ready to welcome non-BRICS emerging economies to avail long term financing. The bank wants to play a constructive role in developing economies.

Besides green projects, Mr. Zhu said that NDB will finance other infrastructure projects as well. The bank will try and develop these projects as sustainable and green projects as far as possible to align with the global trend. Speaking on rating, he said that NDB requires an international rating agency.

He said that all the BRICS countries have made their first tranche of paid-in capital, on time and in full. To reduce exchange-rate risks on borrowings, the bank has started extending loans in domestic currencies. This is particularly important as developing countries struggle with high interest rates that are pegged to the dollar, leading to spiraling debt.

Zhu said that NDBs vision is not restricted to funding infrastructure requirements but envisages building a knowledge sharing platform among the developing countries and promote sustainable development. He added that NDB will also allow the BRICS economies to integrate and facilitate trade and investment by creating opportunities for development of the BRICS countries.

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Infosys hits 52-week low after trimming revenue growth guidance for FY 2017
Oct 14,2016

Meanwhile, the S&P BSE Sensex was up 30.94 points or 0.11% at 27,674.13.

On BSE, so far 5.56 lakh shares were traded in the counter as against average daily volume of 3.32 lakh shares in the past one quarter. The stock was highly volatile. The lost as much as 5.31% at the days low of Rs 996.15 so far during the day, which is a 52-week low for the counter. The stock rose as much as 2.72% at the days high of Rs 1,080.70 so far during the day. The stock had hit a record high of Rs 1,278 on 3 June 2016. The stock had outperformed the market over the past one month till 13 October 2016, sliding 0.19% compared with 2.51% fall in the Sensex. The scrip had, however, underperformed the market in past one quarter, declining 11.83% as against Sensexs 0.62% fall.

The large-cap company has equity capital of Rs 1148.47 crore. Face value per share is Rs 5.

In constant currency terms, the company now expects revenue to grow by 8% to 9% for the year ending 31 March 2017 (FY 2017). The company had forecast 10.5%-12% growth in revenue for FY 2017 in constant currency terms at the time of announcing Q1 June 2016 results on 15 July 2016. The company had at the beginning of FY 2017 estimated its revenue growth at 11.5-13.5%.

Infosys consolidated net profit rose 4.9% to Rs 3606 crore on 3.1% growth in revenue to Rs 17310 crore in Q2 September 2016 over Q1 June 2016. The results are as per International Financial Reporting Standards (IFRS). The result was announced during market hours today, 14 October 2016.

Infosys CEO Dr. Vishal Sikka said that the company focused on strong execution in Q2 September 2016 with its core IT services business showing good progress on the strength of its innovation and operational initiatives. While the company continues to navigate an uncertain external environment, it remains focused on executing its strategy and increasing momentum of its software plus services model, Sikka said.

M.D. Ranganath, CFO of Infosys said the companys margins expanded during the quarter on the back of further improvement in operational efficiency. Operating cash flows for the quarter were healthy and the company effectively navigated a volatile currency environment through prudent hedging, he said.

Infosys is one of the leading information technology outsourcing services providers. The company provides business consulting, information technology and outsourcing services.

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Infosys standalone net profit rises 7.02% in the September 2016 quarter
Oct 14,2016

Net profit of Infosys rose 7.02% to Rs 3476.00 crore in the quarter ended September 2016 as against Rs 3248.00 crore during the previous quarter ended September 2015. Sales rose 10.91% to Rs 15000.00 crore in the quarter ended September 2016 as against Rs 13525.00 crore during the previous quarter ended September 2015.

ParticularsQuarter Endedn++Sep. 2016Sep. 2015% Var. Sales15000.0013525.00 11 OPM %29.2529.94 - PBDT5150.004825.00 7 PBT4812.004553.00 6 NP3476.003248.00 7

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Infosys consolidated net profit rises 6.12% in the September 2016 quarter
Oct 14,2016

Net profit of Infosys rose 6.12% to Rs 3606.00 crore in the quarter ended September 2016 as against Rs 3398.00 crore during the previous quarter ended September 2015. Sales rose 10.71% to Rs 17310.00 crore in the quarter ended September 2016 as against Rs 15635.00 crore during the previous quarter ended September 2015.

ParticularsQuarter Endedn++Sep. 2016Sep. 2015% Var. Sales17310.0015635.00 11 OPM %27.3327.82 - PBDT5490.005143.00 7 PBT5066.004785.00 6 NP3606.003398.00 6

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Shreyas Shipping gains after subsidiary sells stake in SRS Freight
Oct 14,2016

The announcement was made after market hours yesterday, 13 October 2016.

Meanwhile, the S&P BSE Sensex was down 32.57 points or 0.12% at 27,610.54.

On BSE, so far 10,352 shares exchanged hands on the counter compared with average daily volume of 18,360 shares in the past one quarter. The stock hit a high of Rs 308 and a low of Rs 287.05 so far during the day. The stock had hit a 52-week high of Rs 529.40 on 19 October 2015. The stock had hit a 52-week low of Rs 133.10 on 17 February 2016. The stock had outperformed the market over the past one month till 13 October 2016, rising 9.83% compared with 2.51% fall in the Sensex. The scrip had, however, underperformed the market in past one quarter, falling 33.11% as against Sensexs 0.62% drop.

The small-cap company has equity capital of Rs 21.96 crore. Face value per share is Rs 10.

On consolidated basis, Shreyas Shipping & Logistics net profit fell 61.8% to Rs 6.25 crore on 20.9% growth in total income to Rs 163.90 crore in Q1 June 2016 over Q1 June 2015.

Shreyas Shipping & Logistics is the ship owning and operating unit of Transwortd Group in the Indian subcontinent. The company provides crucial links between Indian ports which helps in providing door-to-door logistics solutions through its wholly-owned subsidiary company, Shreyas Relay Systems and also assists transhipment of cargo from these ports.

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Trident gets upgradation in ratings for bank facilities
Oct 14,2016

Trident announced that CRISIL has upgraded the ratings for the Companys bank facilities (Rs 4291.62 crore) as under -

Long term rating - CRISIL A/ Stable (Upgraded from CRISIL A-/ Stable)
Short term rating - CRISIL A1 (Upgraded from CRISIL A2+)

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Shetron announces resignation of compliance officer
Oct 14,2016

Shetron announced that Chitra K has resigned from the post of Compliance Officer and Assistant Company Secretary of the Company and her resignation has been accepted with effect from the close of normal office hours on 18 July 2016.

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Board of Eon Electric allots convertible warrants
Oct 14,2016

Eon Electric announced that the Board of Directors of the Company at its meeting held on 13 October 2016 has allotted 8,45,000 convertible warrants at price of Rs 66.50 (including premium of Rs 61.50) per warrant to VPM Electricals (Promoter & Promoter Group).

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Board of Gallantt Ispat approves resignation of director
Oct 14,2016

The Board of Directors of Gallantt Ispat at meeting held on 13 October 2016 approved the resignation of Rajesh Kumar Jain as Director of the Company due to his preoccupation and other engagements.

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Infosys drops after paring revenue growth guidance for FY 2017
Oct 14,2016

The result was announced during market hours today, 14 October 2016. The results were as per International Financial Reporting Standards (IFRS).

Meanwhile, the S&P BSE Sensex was down 58.21 points or 0.21% at 27,584.90.

On BSE, so far 1.57 lakh shares were traded in the counter as against average daily volume of 3.32 lakh shares in the past one quarter. The stock hit a high of Rs 1,080.70 in intraday trade. The stock hit a low of Rs 996.15 so far during the day, which is a 52-week low for the stock. The stock had hit a record high of Rs 1,278 on 3 June 2016.

The large-cap company has equity capital of Rs 1148.47 crore. Face value per share is Rs 5.

In its outlook, the company said that consolidated revenue for the fiscal year ending 31 March 2017 (FY 2017) is expected to grow 8% to 9% in constant currency. The guidance translates to 9.2% to 10.2% in rupee terms based on 31 March 2016 rates, 11.2% to 12.2% based on 30 June 2016 and 10.9% to 11.9% based on 30 September 2016 rates.

The company has further cut its revenue guidance for FY 2017. At the time of announcement of Q1 results, in constant currency terms, the company had forecast 10.5%-12% growth in revenue for FY 2017. At the time of announcement of Q4 March 2016 and FY 2016 results, the company had forecast 11.5%-13.5% growth in revenue for FY 2017 in constant currency terms.

The companys consolidated net profit grew 4.9% to Rs 3606 crore on 3.1% growth in revenue to Rs 17310 crore in Q2 September 2016 over Q1 June 2016.

Infosys board of directors declared an interim dividend of Rs 11 per share for the year ending 31 March 2017 (FY 2017).

Infosys is one of the leading information technology outsourcing services providers. The company provides business consulting, information technology and outsourcing services.

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Issue of Disability Pension for Defence Forces Personnel referred to 7th CPC Anomaly Committee
Oct 14,2016

The 7th Central Pay Commission (CPC) recommended a slab based system for determining the disability pension for Defence Forces Personnel, which was accepted by the Government. Percentage based system was followed in the 6th CPC regime for calculating disability pension for Defence Forces Personnel as well as Civilians.

Service Headquarters have represented that the percentage based system should be continued under the 7th CPC for calculating disability pension for Defence Services at par with their Civilian counterparts.

The Ministry has referred the representation of the Service Headquarters to the Anomaly Committee of 7th CPC for consideration.

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