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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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Bank Urged to Expand Work on Global Risks
Oct 12,2016

The World Bank Group must become n++better, stronger, and more agilen++ to confront major global challenges over the next 15 years, while also working to end extreme poverty, boost shared prosperity, and achieve the Sustainable Development Goals and the Paris Climate Change Agreement.

That was a key message of the Development Committee, a ministerial-level forum of the World Bank Group and the International Monetary Fund, in a communiqun++ released at the close of the institutions Annual Meetings.

The committee representing the Bank Groups 189 member countries said the global development landscape will face n++critical shiftsn++ in the future, driven by climate change, natural disasters, pandemics, migration, and fragility, conflict and violence, urbanization and demographic changes. Addressing these changes will require more collaboration with others and more resources, it said.

Acknowledging an environment of n++sluggishn++ global economic growth and geopolitical and economic uncertainties, the committee also called on the Bank Group and the International Monetary Fund (IMF) to work with countries to n++enhance synergy among monetary, fiscal and structural reform policies, stimulate growth, create jobs, and strengthen the gains from multilateralism for all.n++

The committees message capped two days of meetings of the Bank and IMF shareholders - including most of the worlds countries. Ahead of the meetings, the Bank Group released a flagship report on poverty, shared prosperity, and inequality, and World Bank Group President Jim Yong Kim outlined his vision to accelerate development and the fight against poverty for his second term in a speech at the Brookings Institution.

Kim said the Bank is increasingly involved in development challenges beyond its traditional mandate, including major new initiatives to address the refugee crisis, climate change, and the threat of pandemics.

Challenges, he said, include technological change and the automation of work, which could impact jobs and the ability of developing countries to compete globally. By 2030, its projected that almost half of the worlds poor will live in countries affected by fragility and conflict. Emerging markets and low-income countries currently face an annual infrastructure financing gap of up to $1.5 trillion, said Kim.

He asked member countries at the Annual Meeting plenary session to give the Bank flexibility to n++solve the most important problems and make sure we have the financial capacity to change the world for the poorest and the most marginalized.n++

Over the last 70 years, the World Bank has been able to leverage $15 billion in paid-in capital to provide $600 billion in loans, and so increase the amount of assistance available to developing countries. The Bank Groups private sector focused arm, IFC, leverages its capital 20 times, and the Multilateral Investment Guarantee Association (MIGA) leverages its shareholder equity 39 times, according to a paper on the Banks n++forward look,n++ submitted to the Development Committee.

The committee said that it would consider options to strengthen the financial position of the Bank no later than the 2017 Annual Meetings October 13-15, 2017, in Washington.

It urged the Bank Group to n++help create markets, particularly in the most challenging environments, and to mobilize private resources, including through guarantees, especially for quality infrastructure, and for small and medium enterprises.n++

Kim, who was appointed last month to a second term as president of the Bank, outlined a plan to accelerate inclusive and sustainable economic growth, increase investments in human capital, and foster resilience to global shocks and threats.

He said private sector financing will be critical and the Group would aim to mobilize private sector investment in the most challenging sectors and countries, and do n++much more to tackle some of those risks that constrain the private sector in these markets.n++

n++I want you to know that going forward, we will be much more aggressive in putting on the table, capital and specific instruments that can reduce risk. In doing so, we feel that we can create new markets and encourage investors to venture into countries and projects that they never would have considered before,n++ Kim said at Brookings

The Development Committee welcomed a plan to increase the financing capacity of the World Banks fund for the poorest countries, the International Development Association, also known as IDA. n++We advocate for a strong IDA18 replenishment, with a broadened donor base. We welcome the innovative financing and policy package, including the proposal to enable IDA, which has recently received milestone triple-A ratings, to tap into capital markets to complement its resources.n++

More than half the worlds poor live in countries affected by fragility, conflict, and violence, where IDA support is particularly important, it added.

The Development Committee also asked the Bank and IMF to help countries access finance for adaption to climate change, as well as mitigation and improved disaster risk management.

It urged the Bank to n++focus on building resilience while expanding insurance schemes and increasing investments in climate-smart land use, green infrastructure, and sustainable cities.n++ Kim announced assistance for Haiti during the Meetings to respond to damage from Hurricane Matthew, as well as $20 million from the Caribbean Catastrophe Risk Insurance Facility, developed with assistance of the World Bank.

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Transport services account for lions share of 71% in investments attracted by infra sector: Study
Oct 12,2016

Transport services have garnered highest share of over 71 per cent in terms of investments worth over Rs 53 lakh crore attracted by infrastructure sector from both public and private sources across India as of 2015, noted a recent ASSOCHAM study.

n++Miscellaneous services sector which includes storage and distribution, education, health, recreational and other such services accounts for second highest share of about 13 per cent in total investments attracted by infrastructure sector by states across India, followed by communication (five per cent), wholesale and retail trading (five per cent), information technology (four per cent) and hotels & tourism (two per cent),n++ highlighted the ASSOCHAM study titled Analysis of infrastructure investment in India.

n++Total investments attracted by infrastructure sector across India have increased at a compounded annual growth rate (CAGR) of over 10 per cent between 2010-2015 thereby increasing from over Rs 32 lakh crore to over Rs 53 lakh crore,n++ noted the study prepared by The ASSOCHAM Economic Research Bureau (AERB).

While investments attracted by transport services sector have increased at maximum growth of over 13 per cent during the aforesaid period, followed by miscellaneous services (6.5 per cent), communication (5 per cent), wholesale and retail (two per cent), hotels and tourism (two per cent) and IT (one per cent).

n++Public sector accounted for highest share of 59 per cent in the total investments attracted by infrastructure sector, this is worrisome as India needs to look for more private sector participation in perking up infrastructure across the country, but it is seen that over the years reliance on public sources have increased,n++ said Mr D.S. Rawat, secretary general, ASSOCHAM while releasing the findings of the chambers study.

n++So far public investments have been the dominant form of infrastructure financing in India, but this is expected to change as large deficits and other commitments together with social obligations will constrain governments financial flexibility, thus there will be a greater need to mobilise private sector capital that can be invested into infrastructure,n++ said Mr Rawat.

At the state level, public sector investment shows that in 2015 public sources had highest share of over 95 per cent in investments attracted by Chhattisgarh in infrastructure sector followed by Bihar (92 per cent), Uttarakhand (87 per cent), Himachal Pradesh (80 per cent) and Madhya Pradesh (77 per cent) amid top five states in terms of public investments.

Though in West Bengal (59 per cent), Tamil Nadu (58 per cent), Odisha (50 per cent), Uttar Pradesh (47 per cent), Gujarat (27 per cent) and Haryana (10 per cent) public investments share was below that of the countrys average share thereby implying that these six states would be leading in terms of private sectors contribution to infrastructure sector, noted the study.

Projects report cost escalation & delay in implementation:

Investments attracted by the transport services sector have registered steep cost escalation of 47 per cent thereby exceeding the actual cost of projects by a whopping Rs five lakh crore, besides these projects are also facing an average delay of over 44 months

Investment projects attracted by Telangana in transport services sector have registered highest cost escalation rate of about 89 per cent and are facing delay of over 51 months as of 2015.

Punjab (65 per cent), Jharkhand (59 per cent), West Bengal (58 per cent) and Gujarat (56 per cent) are other among top five states to have recorded high cost escalation rate in delayed transport services investment projects.

Suggestions:

In its study, ASSOCHAM has suggested various measures like reducing delay in creating businesses, obtaining approvals, enforcing contracts; providing sufficient legal protection for investors; ensuring more transparent and predictable government decision making thereby minimising political and regulatory risks.

Co-ordination between government agencies together with a single window clearance system should be implemented with specific guidelines for time bound approvals. Besides, land acquisition and environment clearances continue to remain critical concerns for infrastructure developers as such these issues should be addressed proactively to balance the interests of all stakeholders.

There is also an urgent need to fill-up the skills related gap in handling infrastructure projects and the government should create a skill ecosystem in partnership with private players with a view to formalise professional training for project managers, suggested ASSOCHAM.

It also added that there is a need to improve depth and liquidity of corporate bond market to provide additional source of funding for infrastructure companies.

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Borosil Glass Works provides update on Dubai based subsidiary
Oct 12,2016

Borosil Glass Works has made an investment of Rs. One million Dirhams, equivalent to approximately Rs. 1.82 crore by way of subscription in one additional share of Borosil Afrasia FZE, its Wholly Owned Subsidiary in UAE, Dubai.

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Cochin Minerals & Rutile announces change in directorate
Oct 12,2016

Cochin Minerals & Rutile announced that with effect from 30 September 2016 there is a change in the nominee director of KSIDC in the Companys Board. Dr. M Beena IAS, MD-KSIDC Ltd. is the new Director in place of A Malini.

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Cera Sanitaryware provides update on subsidiary
Oct 12,2016

Cera Sanitaryware announced that commercial production at the Companys Associate LLP M/s. Packcart Packaging LLP has started successfully.

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Board of Sunil Hitech Engineers approves bonus issue
Oct 12,2016

Sunil Hitech Engineers announced that the Board of Directors of the Company at its meeting held on 11 October 2016, inter alia, has discussed and approved:

1. The issue of Bonus Shares in the proportion of 1 (One) equity share for every 1 (One) existing equity share held by the Members of the Company.

2. The issue of 1 crore convertible warrants to the Promoters and Non-promoters.

3. To increase authorized share capital of the Company upto Rs. 60 crores.

4. The conduct of Postal ballot for the above purposes.

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Gogia Capital Services to hold board meeting
Oct 12,2016

Gogia Capital Services will hold a meeting of the Board of Directors of the Company on 28 October 2016 to adopt unaudited financial results of the Company for the Quarter and Half Year Ended September 30, 2016.

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Relish Pharmaceuticals to hold board meeting
Oct 12,2016

Relish Pharmaceuticals will hold a meeting of the Board of Directors of the Company on 13 October 2016 to change of registered office of the Company.

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Virgo Global Media to hold board meeting
Oct 12,2016

Virgo Global Media will hold a meeting of the Board of Directors of the Company on 10 October 2016.

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Jaiprakash Associates to hold EGM
Oct 12,2016

Jaiprakash Associates announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 22 October 2016 .

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Indag Rubber to hold board meeting
Oct 12,2016

Indag Rubber will hold a meeting of the Board of Directors of the Company on 10 October 2016.

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Basant Agro Tech (India) to hold board meeting
Oct 12,2016

Basant Agro Tech (India) will hold a meeting of the Board of Directors of the Company on 28 October 2016 to take on record the unaudited financial results for the quarter ended September 30, 2016.

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Akzo Nobel India to hold board meeting
Oct 12,2016

Akzo Nobel India will hold a meeting of the Board of Directors of the Company on 21 October 2016 to consider unaudited financial results of the Company for the quarter ended September 30, 2016.

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Amba Enterprises to hold board meeting
Oct 12,2016

Amba Enterprises will hold a meeting of the Board of Directors of the Company on 24 October 2016.

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Cummins India to hold board meeting
Oct 12,2016

Cummins India will hold a meeting of the Board of Directors of the Company on 26 October 2016 for approving unaudited financial results for the quarter ended September 30, 2016 (Q2).

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