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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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Good Q4 result boosts RIL counter
Apr 25,2017

The result was announced after market hours yesterday, 24 April 2017.

Meanwhile, the S&P BSE Sensex was up 130.39 points or 0.48% at 29,798.80.

On the BSE, 2.09 lakh shares were traded on the counter so far as against the average daily volumes of 2.01 crore shares in the past one quarter. The stock had hit a high of Rs 1,465 in intraday trade, which is its highest level since 17 January 2008. The stock hit a low of Rs 1,441.05 so far during the day. The stock had hit a 52-week low of Rs 925.70 on 23 May 2016.

The large-cap company has equity capital of Rs 3251.33 crore. Face value per share is Rs 10.

Reliance Industries (RIL) increase in revenue in Q4 was primarily on account of increase in prices of refining and petrochemical products on the back of higher oil prices. Turnover was also boosted by robust growth in retail business. Gross refining margin (GRM) rose to $11.5 per barrel in Q4 March 2017 from $10.8 per barrel each in Q3 December 2016 and in Q4 March 2016.

Earning per share (EPS) excluding exceptional items rose to Rs 27.3 in Q4 March 2017 compared with Rs 25.5 in Q3 December 2016 and Rs 23.4 in Q4 March 2016.

Outstanding debt as on 31 March 2017 was Rs 196601 crore ($30.3 billion) compared to Rs 180665 crore as on 31 March 2016. Cash and cash equivalents as on 31st March 2017 were at Rs 77226 crore ($11.9 billion) compared to Rs 89969 crore as on 31 March 2016.

The board of directors recommended a dividend of Rs 11 per share for the financial year ended 31 March 2017.

Meanwhile, RIL said, Reliance Jio Infocomm, a subsidiary of RIL crossed 50 million subscribers in just 83 days, and 100 million in 170 days, adding at an average rate of 6 lakh subscribers per day. Jio continues its rapid ramp-up of subscriber base and as of 31 March 2017, there were 10.89 crore subscribers on the network.

Reliance Industries (RIL) is Indias largest private sector company. RILs activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and telecommunications.

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DCB Bank opens QIP issue
Apr 25,2017

DCB Bank announced that the Capital Raising Committee of the Bank (the Committee) in its meeting held on 24 April 2017 which concluded at 07:05 p.m. has, inter alia, passed the following resolutions:

a. Approving the preliminary placement document dated 24 April 2017 in connection with the QIP;

b. Authorising the opening of the QIP on 24 April 2017; and

c. Approval of the floor price for the QIP.

The Relevant Date for this purpose, in terms of Regulation 81(c)(i) of the SEBI ICDR Regulations, is 24 April 2017 and accordingly the floor price in respect of the aforesaid QIP, based on the pricing formula as prescribed under Regulation 85(1) of the SEBI ICDR Regulations is ` 177.39 per Equity Share. Pursuant to Regulation 85 of the SEBI ICDR Regulations the Bank may offer a discount of not more than 5% on the floor price so calculated for the QIP.

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Quick Heal Technologies allots 19505 equity shares
Apr 25,2017

Quick Heal Technologies has made allotment of 19505 Equity Shares under ESOP on 24 April 2017. The total issued share capital after this allotment stands at 700,90,505 equity shares of Rs 10 each.

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Axis Bank allots 5,74,405 equity shares
Apr 25,2017

Axis Bank has allotted 5,74,405 equity shares of Rs. 2/- each on 24 April 2017, pursuant to exercise of options under its ESOP Scheme. The paid up share capital of the Bank will accordingly increase from Rs. 479,15,43,818 (239,57,71,909 equity shares of Rs. 2/- each) to Rs. 479,26,92,628 (239,63,46,314 equity shares of Rs. 2/- each).

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Karnataka Bank appoints company secretary and compliance officer
Apr 25,2017

Karnataka Bank appoints Prasanna Patil as Company Secretary and Compliance Officer of the Bank as per SEBI (LODR) Regulations,2015 w.e.f. 24 April 2017

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Beardsell fixes record date for stock split and bonus issue
Apr 25,2017

Beardsell has fixed 05 May 2017 as record date for subdivision of equity share of Rs 10 each into 5 equity shares of Rs 2 each and issue of bonus shares in the ratio of 1 (one) Equity share of Rs.2/- each for every 5 (five) existing equity shares of Rs.2/-each (Post Stock Split).

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Infosys edges higher after opening delivery center
Apr 25,2017

The announcement was made after market hours yesterday, 24 April 2017.

Meanwhile, the S&P BSE Sensex was up 158.33 points, or 0.53% to 29,814.17.

On the BSE, 13,128 shares were traded in the counter so far, compared with average daily volumes of 2.61 lakh shares in the past one quarter. The stock had hit a high of Rs 932.60 and a low of Rs 920.50 so far during the day.

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

Infosys said that in line with the companys strategy to establish global competency centers, offering the best talent in the market and making it available to customers globally, this delivery center (DC) also marks expansion into Eastern Europes established heavy engineering sector. The new facility will meet near-shoring requirements, support engineering clients worldwide, as well as offer research & development (R&D) services.

The Karlovac facility in Croatia is the latest location across 16 regions in Europe which Infosys has opened as part of its ongoing commitment to client servicing and local job creation.

Ravi Kumar S., President and Deputy Chief Operating Officer, Infosys said that as part of strategy to increase geo capabilities, the Karlovac delivery center will deliver value to global clients, specifically in the Nordics. The focus will be on consolidating consulting, IT and engineering skills in the areas of power generation, design and development of large gas and steam turbines, digital solutions for service and maintenance, and development of advanced engineering software tools.

As the company continues to invest in developing global competency centers, tapping local talent and scaling those centers, the company will be looking to partner with local academic institutions, co-innovate with clients and nurture a partner ecosystem to help develop skilled workforce that will deliver next-generation services, the company said.

Infosys consolidated net profit fell 2.8% to Rs 3603 crore on 0.9% decline in revenues to Rs 17120 crore in Q4 March 2017 over Q3 December 2016.

Infosys is a global leader in technology services and consulting.

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Infosys opens delivery center in Karlovac, Croatia
Apr 25,2017

Infosys announced it is strengthening its engineering footprint in Eastern Europe by opening its first office and delivery center(DC) in Karlovac, Croatia.

The Karlovac facility in Croatia is the latest location across 16 regions in Europe which Infosys has opened as part of its ongoing commitment to client servicing and local job creation.

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Glenmark Pharmaceuticals initiates clinical investigation for GBR 310
Apr 25,2017

Glenmark Pharmaceuticals announced that the U.S. Food and Drug Administration (FDA) cleared the companys Investigational New Drug(IND) application to initiate a first-in-human study of GBR 310, a proposed biosimilar, which will assess its pharmacokinetics in comparison to XOLAIRn++ (omalizumab) in healthy adult volunteers between 18 - 65 years of age.

GBR 310 is a recombinant DNA-derived humanized immunoglobulin G1 kappa monoclonal antibody. Its current proposed indication is for the treatment of allergic asthma and chronic idiopathic urticaria. Thereference product for GBR 310 is omalizumab, available under the brand name XOLAIR.

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India Ratings Affirms ONGC Petro Additions at IND A+/Positive
Apr 25,2017

India Ratings and Research (Ind-Ra) has affirmed ONGC Petro Additions Limiteds (OPAL) Long-Term Issuer Rating at IND A+. The Outlook is Positive. India Ratings and Research (Ind-Ra) has affirmed ONGC Petro Additions Limiteds (OPAL) Long-Term Issuer Rating at IND A+. The Outlook is Positive.

Key rating drivers:

Plant Commissioning: Ind-Ra has maintained a Positive Outlook on OPAL to reflect the commissioning of OPALs greenfield petrochemicals complex in FY17 and the companys expectations that the operations will be stabilised in FY18. The performance guarantee test runs are underway. Commercial operations at the petrochemical plants polypropylene unit were started in June 2015.

Linkages with Sponsors: The affirmation reflects Ind-Ras expectation that Oil and Natural Gas Corporation Limited (ONGC) will continue to support OPAL, considering the strong strategic and operational linkages between the two entities. OPAL is a forward integration project for ONGC and is thus strategically important for the latter. ONGC, along with another sponsor GAIL (India) Ltd (IND AAA/Stable), has provided the necessary undertakings to support any cost overruns in the project.

Plant Size and Scale: OPALs petrochemical complex (1.1 million metric tonnes per annum capacity) is of a large size and scale. The barriers to entry into a petrochemical business are high, considering the complexity, capital, technical expertise and experience required to set up a project of this scale. The plant will primarily manufacture polypropylene, linear low-density polyethylene, high-density polyethylene, pygas, benzene etc. These products have a strong demand potential in India as well as in the other regions of Asia. OPAL is also focusing on producing higher grades of products which are being imported and are likely to command a higher premium. The company is also likely to benefit by selling its finished products within the special economic zones where it has a ready customer base.

Feedstock Linkages: OPAL has an assured supply of its key feedstock, namely ethane (C2), propane (C3), butane (C4) and naphtha (aromatic rich and low aromatic), from ONGC. Naptha is billed in Indian rupee and C2, C3, C4 in US dollars. C2, C3, C4 were to be billed on a cost-plus conversion cost basis under the initial agreements signed between ONGC and OPAL. Delays in the laying of a naptha pipeline from ONGCs Hazira plant has resulted in increased procurement cost for OPAL. The feedstock agreement is being revisited and the terms are likely to continue according to the initial agreement. OPAL is confident of being compensated by ONGC for the increased procurement cost. Also, OPALs dual feed cracker will enable it to substitute naphtha with ethane and thus help it earn better profitability than from the traditional naphtha cracker. Any significant changes to the feedstock agreement, detrimental to OPAL, are likely to impact its profitability.

Refinancing Pressure: OPAL has repayments of INR71,790 million due at FYE18. OPAL may refinance/ roll over the short-term loans and may service term loans from internal accruals or borrow additional loans. In July 2016, OPAL raised INR56,150 million CCDs with a credit enhancement. The CCD proceeds were used to fully repay the medium term loan, subordinate loan and partially repay the short-term loans. OPAL plans to raise INR16,710 million through another CCD issuance in 1QFY18.

OPAL had to maintain a debt-equity ratio at 1.41:1 post-December 2015, as stipulated under the lenders agreement. It has received an extension of the timeline to meet the covenant from some lenders. The debt-equity ratio was 1.91:1 on 31 December 2016. However, Ind-Ra draws comfort from ONGCs strong and ongoing sponsor support to OPAL.

Lower-than-estimated Equity Infusion: Lower-than-estimated equity infusions by OPALs existing sponsors as well as delays in getting strategic investors on board have led to additional debt for the company in form of subordinate debt and short-term loans to fund its capex. This has increased its leverage levels and interest costs during construction. OPAL in July 2016 issued INR56,150 million of 8.75% CCDs and will issue INR16,710 million CCDs in 1QFY18 for partially financing project expenditure and meet repayment obligations. OPALs profitability and timely debt servicing in its initial years of operations depend significantly on timely equity infusions and the consequent reduction in debt and interest burden.

Backstopping Arrangement from Sponsor for CCDs: The SO rating draws comfort from the unconditional and irrevocable mandatory put option on the sponsor, ONGC for a buy-out of the CCDs at the end of the 35th month from the deemed date of allotment, as well as the undertaking to fund the coupon payment. The sponsor would also have the right to buy-out the CCD at the end of the 24th, 30th and 35th month from the deemed date of allotment. As per the draft term sheet shared by OPAL with Ind-Ra, the CCDs would have a tenor of 36 months from the deemed date of allotment and will not have any conversion option for the period it is held by the investor. OPAL would use the proceeds for partially financing the project expenditures and repaying existing credit facilities availed from banks/financial institutions.

Undertaking for Coupon Payment of CCDs: The rating also factors the payment mechanism for timely coupon servicing on the CCDs. The CCDs would have an annual coupon payment, which will be paid through a no-lien service account created by OPAL. OPAL/ONGC will fund the service account with the requisite amount of the coupon payment on or before the coupon payment date.

RATING SENSITIVITIES

Positive: Stabilisation of operations and an improvement in the credit profile as envisaged by management could be positive for the ratings.

Negative: Inability to ramp up operations resulting in lower-than-expected improvement in the credit metrics in FY18 and/or any delay in support from the sponsors could be negative for the ratings.

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RIL may gain on good Q4 results
Apr 25,2017

Reliance Industries (RIL) consolidated net profit excluding exceptional items rose 16.6% to Rs 8046 crore on 45.2% growth in turnover to Rs 92889 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 24 April 2017. The companys board of directors recommended a dividend of Rs 11 per share for the financial year ended 31 March 2017.

Increase in revenue is primarily on account of increase in prices of refining and petrochemical products on the back of higher oil prices. Turnover was also boosted by robust growth in retail business. Gross refining margin (GRM) rose to $11.5 per barrel in Q4 March 2017 from $10.8 per barrel each in Q3 December 2016 and in Q4 March 2016.

Reliance Jio Infocomm, a subsidiary of RIL crossed 50 million subscribers in just 83 days, and 100 million in 170 days, adding at an average rate of 6 lakh subscribers per day. Jio continues its rapid ramp-up of subscriber base and as of 31st March 2017, there were 108.9 million subscribers on the network.

Indiabulls Housing Finances consolidated net profit rose 24.4% to Rs 841 crore on 21.8% rise in total revenue to Rs 3225 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 24 April 2017.

Wipro will announce Q4 results today, 25 April 2017.

IndusInd Bank announced that it inaugurated its third branch in Jamshedpur. Expanding presence across Jharkhand, IndusInd Bank recently inaugurated its third branch in Jamshedpur, the first planned industrial city of India. The branch is located at Mango, Jamshedpur.

With the inauguration of this branch, the bank now has 19 branches in the state of Jharkhand. The announcement was made after market hours yesterday, 24 April 2017.

Infosys announced it is strengthening its engineering footprint in Eastern Europe by opening its first office and delivery center (DC) in Karlovac, Croatia.

In line with the companys strategy to establish global competency centers, offering the best talent in the market and making it available to customers globally, this DC also marks expansion into Eastern Europes established heavy engineering sector. The new facility will meet near-shoring requirements, support engineering clients worldwide, as well as offer R&D services.

The Karlovac facility in Croatia is the latest location across 16 regions in Europe which Infosys has openedas part of its ongoing commitment to client servicing and local job creation. The announcement was made after market hours yesterday, 24 April 2017.

Biocon said that the companys board of directors will consider issue of bonus shares at its meeting scheduled on Thursday, 27 April 2017. The announcement was made after market hours yesterday, 24 April 2017.

Strides Shasun announced that its API manufacturing site at Cuddalore was recently inspected by the USFDA. This was a routine GMP inspection and the company has successfully completed the inspection with Zero 483 observations. The announcement was made after market hours yesterday, 24 April 2017.

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Strides Shasun intimates of successful USFDA inspection of Cuddalore manufacturing facility
Apr 24,2017

Strides Shasun announced that its API manufacturing site at Cuddalore was recently inspected by US FDA. The Company has successfully completed this inspection with Zero 483 observations.

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JM Financial provides update on subsidiary - JM Financial Asset Management
Apr 24,2017

JM Financial announced that the Board of Directors of JM Financial Asset Management, a subsidiary of JM Financial, at its meeting held on 24 April 2017, has approved the buy-back of up to 10% of the outstanding equity capital subject to the necessary approvals as may be required.

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Board of Onward Technologies appoints director
Apr 24,2017

The Board of Directors of Onward Technologies has appointed Rahul Rathi as Additional Director effective 24 April 2017.

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Kiran Vyapar announces resignation of company secretary and compliance officer
Apr 24,2017

Kiran Vyapar announced that Aakash Jain, Company Secretary and Compliance Officer has resigned on 31 March 2017 and has been relieved from the services of the Company on the close of the working hours on 24 April 2017.

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