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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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Tinplate moves north after strong Q4 numbers
Apr 24,2017

The result was announced after market hours on Friday, 21 April 2017.

Meanwhile, the S&P BSE Sensex was up 136.47 points or 0.46% at 29,501.77.

On the BSE, 2.31 lakh shares were traded on the counter so far as against the average daily volumes of 80,154 shares in the past one quarter. The stock had hit a high of Rs 94.60 and a low of Rs 91.40 so far during the day.

The stock had hit a 52-week high of Rs 107.70 on 21 July 2016 and a 52-week low of Rs 64 on 9 November 2016. It had outperformed the market over the past one month till 21 April 2017, advancing 10.57% compared with the Sensexs 0.41% fall. The scrip had also outperformed the market over the past one quarter, gaining 9.2% as against the Sensexs 8.62% rise.

The small-cap company has equity capital of Rs 104.67 crore. Face value per share is Rs 10.

Tinplate Company of India is one of the leading indigenous producers of tin coated and tin free steel sheets in India.

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Fitch: RBI Strengthens Tools to Intervene in Ailing Indian Banks
Apr 24,2017

The Reserve Bank of Indias (RBI) updated prompt corrective action (PCA) framework could suggest a greater willingness to take regulatory action to address problems at struggling banks, but its implementation is only likely to be effective if it is matched by credible plans to address banks significant asset quality issues and capital shortages, says Fitch Ratings.

The RBI has tightened the thresholds - for capital ratios, NPLs, profitability and leverage - at which banks enter the PCA framework. This appears to be an acknowledgement of the significant asset quality stress in the system and that more banks are in need of regulatory intervention. PCA was previously viewed as an extraordinary step, which the RBI urged banks to make great efforts to avoid. That now looks likely to change. More than half of state-owned banks would breach at least one of the new thresholds, mainly owing to high NPLs, based on their latest financial reports. The new PCA framework will be invoked on the basis of the banks FY17 financials, which they are still reporting.

The RBI has also given itself greater discretion in terms of the measures it can use to intervene in banks once they fall under the PCA framework, which suggests it has recognised a need to take corrective action at an earlier stage when banks run into difficulties. The previous PCA, in contrast, explicitly reserved the most interventionist actions for banks that had breached more extreme thresholds. It is possible that intervention could involve forcing banks to conserve capital, if other actions do not address problems. The risk of non-performance on bank capital instruments may therefore have risen.

The actual impact of the new PCA rules will depend on how the RBI uses them. Two circulars released on Tuesday, which pressure banks to make provisions above the regulatory minimum and require further disclosures on NPLs, point to the RBIs seriousness. These circulars might weigh on bank earnings in the next round of reports. Should the additional disclosures reveal weaknesses that are greater than expected there could be further pressure on the banks Viability Ratings.

The RBI primarily limited itself to restricting bank lending under the previous PCA framework. The scope for possible regulatory actions has been broadened under the amended framework, but it remains uncertain to what extent the RBI will use the tools it has just made available.

Moreover, the RBI will not be able to address problems in the banking sector on its own. Significant efforts to resolve bad loans, for example, would leave banks in need of recapitalisation, given that haircuts and increased provisions would be required. State banks are generally in a poor position to raise new capital, which makes them largely reliant on the government for recapitalisation.

The RBI may use the PCA framework to identify weak banks as candidates for mergers. State Bank of India took over five smaller lenders earlier this month, and further consolidation could be part of the overall strategy to clean up the banking system. However, mergers would also require the support of the government.

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JHS Svendgaard Laboratories settles disputes with Procter & Gamble
Apr 24,2017

JHS Svendgaard Laboratories announced that the on-going disputes at various courts between the company and various group companies of Procter & Gamble Inc. in India, have been settled with mutual consent and concluded positive for JHS. The settlement clears contingent liabilities to the tune of Rs 206.15 crore, from the balance sheet of JHS.

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Shares of Parmeshwari Silk Mills get listed
Apr 24,2017

The equity shares of Parmeshwari Silk Mills (Scrip Code: 540467) are listed effective 24 April 2017 and admitted to dealings on the Exchange in the list of XT Group Securities.

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Shares of KMS Medisurgi get listed
Apr 24,2017

The equity shares of KMS Medisurgi (Scrip Code: 540468) are listed effective 24 April 2017 and admitted to dealings on the Exchange in the list of M Group Securities.

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ACC hardens after reporting Q1 results
Apr 24,2017

The result was announced after market hours on Friday, 21 April 2017.

On the BSE, 28,491 shares were traded in the counter so far, compared with average daily volumes of 23,330 shares in the past one quarter. The stock had hit a high of Rs 1,556.95 and a low of Rs 1,511 so far during the day.

The stock had hit a 52-week high of Rs 1,738 on 8 August 2016. The stock had hit a 52-week low of Rs 1,257 on 22 November 2016.

The stock had outperformed the market over the past one month till 21 April 2017, gaining 6% compared with 0.41% drop in the Sensex. The scrip had also outperformed the market in past one quarter, rising 12.82% as against Sensexs 8.62% rise.

The large-cap cement major has equity capital of Rs 187.79 crore. Face value per share is Rs 10.

ACC said that cement volumes rose 3.77% to 6.6 million tonnes in Q1 March 2017 over Q1 March 2016, as the impact of demonetisation declined and benefits were delivered from ongoing customer excellence initiatives and higher sales from the expanded capacity at Jamul and Sindri plant.

Operating earnings before interest, taxes, depreciation and amortization (EBITDA) fell 5.65% to Rs 417 crore in Q1 March 2017 over Q1 March 2016 as cost of petcoke, coal, packing materials and freight hardened. There was also a shortfall in regular availability of fly ash, a part of which was procured over longer leads entailing higher transportation costs.

The profit before tax dropped 19.93% to Rs 261 crore in Q1 March 2017 over Q1 March 2016, impacted by a higher deprecation charge on account of commissioning of Jamul/Sindri project in the second half of 2016.

The company in its outlook said that increased government spending on infrastructure development, housing, roads, railways, irrigation and other schemes as announced in the Union Budget are expected to reinvigorate the construction sector and boost demand for cement and concrete during 2017.

ACC is a manufacturer of cement and concrete and is a unit of LafargeHolcim group. The company has a countrywide network of modern cement and concrete plants, sales offices, dealers and retailers.

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Divis Lab drops as US drug regulator issues warning letter
Apr 24,2017

The announcement was made on Saturday, 22 April 2017.

Meanwhile, the S&P BSE Sensex was up 159.45 points or 0.54% at 29,524.75.

On the BSE, 1.63 lakh shares were traded on the counter so far as against the average daily volumes of 2.55 lakh shares in the past one quarter. The stock had hit a high of Rs 627.50 and a low of Rs 607 so far during the day.

The stock had hit a record high of Rs 1,380 on 16 September 2016 and a 52-week low of Rs 611.60 on 22 March 2017. It had underperformed the market over the past one month till 21 April 2017, sliding 0.5% compared with the Sensexs 0.41% fall. The scrip had also underperformed the market over the past one quarter, declining 11.6% as against the Sensexs 8.62% rise.

The large-cap company has equity capital of Rs 53.09 crore. Face value per share is Rs 2.

Divis Laboratories has updated that the United Food and Drug Administration (USFDA) has issued a warning letter for the companys unit-II at Visakhapatnam. The company responded to the USFDA inspection observations with an appropriate remediation process to overcome the deficiencies observed.

As part of the companys commitments, it also provided periodic updates to the USFDA. In the import alert issued, USFDA has exempted several products manufactured at the companys unit-II at Visakhapatnam, Andhra Pradesh.

The company will continue to supply these active ingredients to meet its obligations to customers. Divis Labs, along with external consultants and subject matter experts, are working to address the concerns of the USFDA and is making all efforts to fully meet the compliance requirements. The company will respond to this warning letter with a detailed plan within the stipulated time.

Divis Laboratories net profit rose 8.7% to Rs 268.32 crore on 13.4% increase in net sales to Rs 973.44 crore in Q3 December 2016 over Q3 December 2015.

Divis Laboratories is primarily engaged in the manufacture of active pharmaceutical ingredients (APIs) & intermediates for generics; custom synthesis of APIs and advanced intermediates for discovery compounds for pharma giants; building blocks for peptides; building blocks for nucleotides; carotenoids; and chiral ligands.

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Board of Sasken Technologies recommends final dividend
Apr 24,2017

Sasken Technologies announced that the Board of Directors of the Company at its meeting held on 19 April 2017, inter alia, have recommended the final dividend of Rs 4.5 per equity Share (i.e. 45%) , subject to the approval of the shareholders.

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Indiabulls Ventures to hold EGM
Apr 24,2017

Indiabulls Ventures announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 22 May 2017 .

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RIL advances after starting production at methane block
Apr 24,2017

The announcement was made after market hours on Friday, 21 April 2017.

Meanwhile, the S&P BSE Sensex was up 105.76 points or 0.36% at 29,471.06.

On the BSE, 86,000 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 1,420.95 and a low of Rs 1,407.80 so far during the day.

The stock had hit a 52-week high of Rs 1,448.50 on 6 April 2017 and a 52-week low of Rs 925.70 on 23 May 2016. It had outperformed the market over the past one month till 21 April 2017, advancing 10.76% compared with the Sensexs 0.41% fall. The scrip had also outperformed the market over the past one quarter, gaining 36.47% as against the Sensexs 8.62% rise.

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

Reliance Industries (RIL) commenced commercial production from its coal bed methane (CBM) block SP(West)-CBM-2001/1 from 24 March 2017 and is currently supplying CBM for commissioning the Shahdol Phulpur Pipeline (SHPPL). The production from RILs Sohagpur CBM fields will gradually ramp-up in the next 15-18 months making RIL among the largest unconventional natural gas producers in India.

CBM is an environmental friendly natural gas extracted from coal-bed and has become an important source of unconventional gas in many parts of the world.

Reliance Gas Pipelines (RGPL, a wholly owned subsidiary of RIL, laid a 302 kilometers Shahdol Phulpur gas pipeline that connects Sohagpur CBM fields from Shahdol to Hazira- Vijaipur-Jagdishpur (HBJ) pipeline Network of GAIL at Phulpur. With this new pipeline network these CBM gas fields are now connected with the Indian gas grid.

RIL is scheduled to announce Q4 March 2017 results today, 24 April 2017. The companys consolidated net profit rose 3.6% to Rs 7506 crore on 17.6% growth in net sales to Rs 79408 crore in Q3 December 2016 over Q3 December 2015.

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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Maruti Suzuki gains speed on plans to launch new vehicle
Apr 24,2017

The announcement was made after market hours on Friday, 21 April 2017.

Meanwhile, the S&P BSE Sensex was up 112.23 points or 0.38% at 29,477.53.

On the BSE, 758 shares were traded on the counter so far as against the average daily volumes of 52,323 shares in the past one quarter. The stock had hit a high of Rs 6,236.70 and a low of Rs 6,205 so far during the day.

Maruti Suzuki India said that the car will make its global debut in May 2017. The new DZIRE is designed to leave a lasting impression with its rich sculpted side body and enhanced proportions.

It is modern, sleek and agile. The unmistakable sedan proportions with low and wide stance lends an elegant road presence to the new DZIRE, company added.

Maruti Suzuki Indias net profit rose 47.5% to Rs 1744.50 crore on 12.4% growth in net sales to Rs 16623.60 crore in Q3 December 2016 over Q3 December 2015. The company announces Q4 results on Thursday, 27 April 2017.

Maruti Suzuki India is Indias biggest car maker in terms of market share. Japanese parent Suzuki Motor Corporation currently holds 56.21% stake in Maruti Suzuki India (as per the shareholding pattern as on 31 March 2017).

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Dilip Buildcon declared Lowest Bidder for Dabolim Airport project
Apr 24,2017

Dilip Buildcon announced that the Airport Authority of India has declared Dilip Buildcon as Lowest -1 (L-1) bidder for Construction of Parallel Taxi Track and associated civil & electrical works at Dabolim Airport, Goa.

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L&T Technology Services wins Smart City & Campus Project in Israel
Apr 24,2017

L&T Technology Services announced the development of Smart City & Campus solutions that will be used to develop a smart office campus in Israel for a leading technology company - a result of its expanded partnership with Microsoft.

The smart office campus being developed by the firms will use IoT- enabled sensors and predictive analytics. L&T Technology Services smart buildings i- BEMS platform will provide energy saving technology and cloud-based asset management that complement Microsofts Digital User Experience design solutions. Used together, LTTS and Microsoft technologies can lower customer energy bills by up to 40 percent, provide Net-Zero energy generation management, and extend the asset life for cities, campuses and buildings.

The multi-year project was awarded shortly after LTTS and Microsoft expanded their existing partnership for Smart City, Campus & Building (SCCB) solutions based on Microsoft Azure. That collaboration will drive joint solution innovation for campuses of the future, leveraging Azure as well as HoloLens Mixed Reality to enhance LTTS Digital Engineering Solutions such as i-BEMS.

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India can Marry Age Dividend and Skill Development for Global Leadership in Services Exports: Commerce Secretary
Apr 24,2017

Indias demographics coupled with its strong push for skill development can impart it global leadership in services exports, said Smt Rita Teaotia, Commerce Secretary, at the close of the Global Exhibition on Services (GES). The GES was organised by the Department of Commerce in association with the Confederation of Indian Industry (CII) and the Services Export Promotion Council.

Ms Teaotia said that India has submitted the framework document for trade facilitation of services trade with WTO. This would enable countries to plan and grow their services sectors, opening new avenues for trade beyond merchandise exports.

The Commerce Secretary emphasized that India offers both breadth and depth in its services exports, with high quality services at competitive costs. The GES has emerged as a powerful platform as one of the few exhibitions showcasing services sectors in the world.

Mr. Anup Wadhawan, Additional Secretary, Ministry of Commerce, noted that GES is growing from strength to strength with increasing domestic and international stakeholders.

Mr Sudhanshu Pandey, Joint Secretary, Ministry of Commerce, observed that 24 Indian states participated in GES bringing international and domestic buyers of services to interact with State Governments and enter into MoUs.

He shared that Media & Entertainment and Tourism were key sectors with 35 MOUs signed.

Ms. Shobana Kamineni, President Designate, CII, said that 62% of Indian GDP is contributed by the services sector. A recent trend is that traditional manufacturing is becoming a hybrid, adding services into its core activity. While Indian software services are leading the outsourcing markets internationally, other sectors including Media and entertainment, healthcare, tourism sectors are also key sectors of interest.

Mr. Chandrajit Banerjee, Director General, CII noted that GES has now become an internationally recognised platform, with more than 5,000 B2B meetings.

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Make in India gets metro boost; local procurement made mandatory
Apr 24,2017

With rapid expansion of metro rail projects in the country, Ministry of Urban Development has taken several far reaching decisions to promote Make in India campaign. These include stipulating certain mandatory conditions to be incorporated in Tender Documents of metro companies for procurement of metro cars and related critical equipment and sub-systems, procurement of only Made in India signaling equipment besides standardizing technical parameters for rolling stock (metro coaches) and signaling equipment.

The new mandatory Tender Conditions and standardized norms for a wide range of equipment, approved by the Minister of Urban Development Shri M.Venkaiah Naidu have been circulated to all the metro companies on Friday this week making them effective immediately.

These initiatives will incentivize setting up manufacturing facilities in the country by increasing the volumes of procurement of rolling stock and all kinds of equipment by removing variations in the present technical norms for rolling stock and signaling equipment. This will in turn result in reduction of cost through economies of scale.

The Ministry has stipulated the following mandatory conditions to be incorporated in Tender Documents:

1.Minimum 75% of the tendered quantity of metro cars shall be manufactured indigenously with progressive indigenization of content, for which the contractor may either establish independent manufacturing facility in India or partner with Indian manufacturers, if the procurement is more than 100 cars;

2.To facilitate ease in maintenance through easy availability of spares beyond the warranty period, an identified list of critical equipment and sub-systems shall be included in the Tender Document for ensuring indigenous manufacturing of a minimum of 25% of such equipment, either by Original Equipment Manufacturers themselves by establishing a wholly owned subsidiary in India or through Indian manufacturers;

3. Requirement of metro cars at State level shall be clubbed to enable applicability of local procurement norms; and

4.To develop in-house expertise on long term basis, metro companies with large size fleet to undertake in-house maintenance.

A total number of 1,912 metro coaches are currently operational in the country with another 1,420 under procurement. Over the next three years more than 1,600 metro cars would be required. Each metro coach is estimated to cost about Rs.10 cr.

The Ministry has concluded the long pending standaridisation of norms for rolling stock and signaling equipment applicable to over 90% of the present imports. Further, to promote indigenous manufacturing, the Ministry has stipulated procurement of 9 types of signaling equipment from within the country. Metro companies have also been directed to develop maximum possible local competence so that knowhow and technical support is available within the country. Indian companies have to be associated with production of a wide range of signaling and train control project equipment.

Indigenization of several metro functions has also been prescribed. These relate to communication systems, managing operational disturbances, time table preparation, fault reporting, control traction power, maintenance, infrastructure supervision, rolling stock management etc.

The new standardized norms prescribe that the rolling stock and related equipment and systems shall enable Unattended Train Operations, Driverless Train Operations, Standard rail gauge of 1,435 mm, Metro cars with body width of 2.90 meters for passenger capacity of up to 45,000 Peak Hour Peak Distance capacity, body width of 3.20 meters for capacity above 45,000 PHPD, only 3 car, 6 car or 9 car rail combination, operational speed of 80 kmph, minimum 67% motorization for all rolling stock etc. Norms have also been prescribed for Acceleration Rates, Energy Consumption, Noise and Vibration levels, Collision Standards etc.

Further to these initiatives, Ministry of Urban Development will soon evolve common eligible criteria for suppliers of rolling stock and other equipment doing away with the present variations across different metro companies.

Shri Rajiv Gauba, Secretary(UD) discussed with Managing Directors of metro companies on Friday the variations in the present eligibility criteria. Noting that such variations adversely impact competition, he directed that a broadly uniform criteria in respect of Net Worth, Financial and technical capacities and experience of supply of rolling stock and other equipment etc should be evolved in two weeks.

Presently, metros are operating in 7 cities of Delhi, Kolkata, Mumbai, Jaipur, Gurgaon, Bengaluru and Chennai with a total route length of 326 kms. Metro projects with a total route length of 546 kms are under construction in 11 cities and projects with a total route length of 903 kms in 13 cities are under consideration.

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