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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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Adani Transmissions Acquisition of Reliance Infrastructures Assets Rating Neutral
Oct 13,2016

Adani Transmissions (ATL) proposed acquisition of Reliance Infrastructures three operating transmission assets is unlikely to impact the rating on its debt facilities, says India Ratings and Research (Ind-Ra).

The three operating transmission assets proposed for acquisition benefit from the revenue sharing mechanism applicable for interstate assets, which is implemented by the Central Transmission Utility (Power Grid Corporation of India). The acquisition would decrease the counterparty concentration in consolidated ATLs assets, since Maharashtra based utilities contribute between 60% and 65% of ATLs consolidated revenue presently. Ind-Ra would review the final terms of acquisitions and also any future investments.

The rated debt under the obligor group is protected by a waterfall mechanism, whereby cash flows from the operating assets under Adani Transmission India and Maharashtra Eastern Grid Power Transmission Company are first available for servicing the rated debt before being invested in new projects or used for any other purpose, after complying with the defined financial covenants.

ATL has signed a binding term sheet with Reliance Infrastructure for acquiring the assets and expects to complete the transactions by 1QFY18, subject to statutory and regulatory approvals.

ATLs outstanding ratings are as follows:

- INR35.8bn non-convertible debentures: IND AA+/Stable

- INR12bn commercial paper (outstanding INR9.25bn): IND A1+

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Ashapura Intimates Fashion wins Entrepreneur Excellence Award 2016
Oct 13,2016

Ashapura Intimates Fashion announced that the Company Ashapura Intimates Fashion has been awarded Altina Entrepreneur Excellence Award 2016 presented to Harshad Thakkar (Chairman and Managing Director) for exceptional performance in the field of Textile.

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Wall Street Finance announces change in directorate
Oct 13,2016

Wall Street Finance announced that the Board of Directors have approved the appointment of Ramesh Venkataraman as an additional director (Non-Executive, Independent) on the Board of the Company with effect from 12 October 2016 for a period of five years, subject to approval of the members.

- Saket Agarwal has submitted the resignation as Director with effect from 12 October 2016, due to his other professional commitments.

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Hindustan Tin Works announces change in registered office
Oct 13,2016

Hindustan Tin Works announced that in continuation of the Companys Outcome of Annual General Meeting and Voting Results dated 27 September 2016 and 29 September 2016 respectively, the Company has changed its Registered office address from its present location at 488, Bartan Market, Sadar Bazar, Delhi- 110006 to 819, DLF Tower- A, Jasola, New Delhi- 110025 w.e.f. 01 October 2016.

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Borosil Glass moves north after investment in subsidiary
Oct 13,2016

The company made the announcement on Wednesday, 12 October 2016. The stock market was closed on that day on account of Muharram.

Meanwhile, the S&P BSE Sensex was down 285.84 points or 1.02% at 27,796.50

On BSE, so far 1,134 shares were traded in the counter as against average daily volume of 1,825 shares in the past one quarter. The stock hit a high of Rs 6,500 and a low of Rs 6,290 so far during the day. The stock had hit a record high of Rs 6,950 on 5 October 2016. The stock had hit a 52-week low of Rs 2,200 on 17 December 2015. The stock had outperformed the market over the past one month till 10 October 2016, surging 43.25% compared with 2.48% fall in the Sensex. The scrip had also outperformed the market in past one quarter, advancing 55.08% as against Sensexs 3.52% rise.

The small-cap company has equity capital of Rs 2.31 crore. Face value per share is Rs 10.

Borosil Glass Works said it 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.

Borosil Glass Works net profit jumped 131.9% to Rs 9.88 crore on 29.9% growth in net sales to Rs 52.20 crore in Q1 June 2016 over Q1 June 2015.

Borosil Glass Works manufactures scientific ware items and consumer ware items.

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Tech Mahindra features amongst Asias top business in Sustainablity Ranking
Oct 13,2016

Tech Mahindra has been ranked as one of the Top 3 companies in India and one of the Top 20 companies in Asia in the Channel NewsAsia Sustainability Ranking for Asias top business which was announced recently at the CSR Asia Summit in Hong Kong.

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Freshtrop Fruits announces resignation of CFO
Oct 13,2016

Freshtrop Fruits announced that Ashish Parekh has resigned from the post of Chief Financial Officer of Freshtrop Fruits.

The Company has accepted his resignation and relieved him from the services of the Company from the closing hours of 10 October 2016. His successor shall be appointed shortly and the same shall be intimated to the Stock Exchange.

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Jubilant Life Sciences receives ANDA approcal for Darifenacin ER Tablets
Oct 13,2016

Jubilant Life Sciences has announced that it has received Abbreviated New Drug Application (ANDA) final approval for Darifenacin Extended-Release Tablets, 7.5 mg and 15 mg, the generic version of Enablexn++ ofAllergan Plc, which is used for the treatment of urinary incontinence.

The Company has received 6 approvals from the USFDA during the year. As on 30 June 2016, Jubilant Life Sciences had a total of 70 ANDAs for Oral Solids filed in the US, of which 44 have been approved.

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Commerce Minister requests for expeditious clearances for import of Indian Rice and a Green Channel for import of Indian Pharmaceutical products
Oct 13,2016

The Commerce and Industries Minister, Nirmala Sitharaman and Wang Shouwen, Vice Minister for Ministry of Finance and Commerce, China exchanged notes on trade and commerce and agreed that the mounting bilateral trade deficit has been a cause for concern for India which seeks greater market access for its goods for a long term sustainable trade relationship.

Commerce Minister requested for expeditious clearances for import of Indian Rice and a Green Channel for import of Indian Pharmaceutical products to China - especially those which already have USFDA and EUFDA accreditation. She also requested the Chinese Vice minister to consider demonstration IT/ITeS projects for Indian companies - which have acquired global acclaim. She expressed concerns at the long drawn procedures for clearances which tend to frustrate the Indian companies seeking business opportunities in China.

Sitharaman requested for buying missions to India to source amongst other things, Indian Tobacco and oil meals.

The two leaders in consonance with the apex level meetings convened by the Prime Minister Modi and Xi Jinping, agreed that measures on providing greater market access for Indian goods and services in China need a demonstrative action.

The Chines Vice Minister assured that China would act on the concerns expressed by India regarding market access for Indian goods in the Chinese markets. He informed that recently China has quickened the pace of granting clearances to Indian Pharma companies for import of Indian Pharma products.

The Chinese Vice Minister further requested the cooperation of India in the various multilateral fora where China and India are engaged - the RCEP and assured that Indias concerns on a Single undertaking will be duly taken on board with services being an integral part of the cooperation agreement.

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Supreme Petrochem fixes record date for interim dividend
Oct 13,2016

Supreme Petrochem has fixed 02 November 2016, as the Record Date for the purpose of payment of Interim Dividend, if declared.

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Granules India gets ANDA approval for Ibuprofen Tablets
Oct 13,2016

Granules India announced that US FDA has approved Abbreviated New Drug Applications (ANDA) for Ibuprofen Tablets USP, 200 mg (OTC) filed by Granules India. The approved Abbreviated New Drug Applications is the bioequivalent to the reference listed drug product (RLD), Motrin IB Tablets, 200 mg, of Johnson & Johnson Consumer, Inc.

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GAIL (India) gains after govt approves capital grant for pipeline project
Oct 13,2016

The announcement was made after market hours on Monday, 10 October 2016. The market remained shut on 11 and 12 October 2016.

Meanwhile, the S&P BSE Sensex was down 270.41 points or 0.96% at 27,811.93.

On BSE, so far 83,395 shares were traded in the counter as against average daily volume of 1.8 lakh shares in the past one quarter. The stock hit a high of Rs 424.80 so far during the day, which is a 52-week high for the stock. The stock hit a low of Rs 410.50 so far during the day. The stock had hit a 52-week low of Rs 276.45 on 10 November 2015. The stock had outperformed the market over the past one month till 10 October 2016, gaining 6% compared with Sensexs 2.48% fall. The scrip had also outperformed the market in past one quarter, rising 11.49% as against Sensexs 3.52% rise.

The large-cap company has equity capital of Rs 1268.48 crore. Face value per share is Rs 10.

GAIL (India) on Monday, 10 October 2016, announced that it has received intimation from the Ministry of Petroleum and Natural Gas that the Cabinet Committee on Economic Affairs (CCEA) approved 40% capital grant -limited to Rs 5176 crore over 5 years of the estimated capital cost of Rs 12940 crore to GAIL (India) for execution of Jagdishpur-Haldia/Bokaro-Dhamra gas pipeline (JHBDPL) project by 2020.

Separately, the company announced after market hours on Monday, 10 October 2016 that it has initiated a major step towards the construction of the Jagadishpur-Haldia-Bokaro-Dhamra Natural Gas Pipeline (JHBDPL), by approving placement of orders for pipeline laying work of 345 kilometers from Phulpur to Dobhi under phase-IB at an estimated cost of Rs 306 crore under two sections to be executed simultaneously by JSIW Infrastructure Pvt. Ltd. and IL&FS Engineering & Construction Company. Laying works under phase-IB shall commence by the end of October, 2016 and targeted to be completed by December, 2018.

The first phase at a project cost of Rs 3200 crore will cover 755 kilometer to cover Phulpur, Mani, Gorakhpur, Varanasi, Dobhi, Silao, Patna and Barauni spread across various sections. Pipeline construction is already under progress along Gaya-Barauni-Patna section.

The 2,539 kilometer long JHBDPL is scheduled for completion by December 2020 and will connect major cities and towns enroute for commencing piped natural gas to homes across UP, Bihar, Jharkhand, West Bengal and Odisha in addition to supplying feed gas to anchor fertilizer units at Gorakhpur, Barauni and Sindri. The line pipes supplies against orders are expected to commence soon from Jindal Saw Limited, MAN Industries (India), Essar Steel India Limited and Zhongyou BSS (Qinhuangdao) Petro pipe Co. Ltd, China.

GAIL (India)s net profit jumped 244% to Rs 1335.18 crore on 14.6% decline in net sales to Rs 10686.58 crore in Q1 June 2016 over Q1 June 2015.

State-run GAIL (India) is Indias largest natural gas company with a market share of over 80% in natural gas transmission. Apart from natural gas transmission, distribution and processing, GAIL has diversified business interests in LPG transmission, petrochemicals, city gas projects and exploration and production activities. Government of India (GoI) holds 56.11% stake in GAIL (as per shareholding pattern as on 30 June 2016).

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Fiberweb (India) enhances capacity to 7500 TPA
Oct 13,2016

Fiberweb (India) announced the enhancement of current capacity from 5000 TPA to 7500 TPA through leasing out additional 2500 TPA machinery. The new capacity will cater to the augmented demand from the US. Currently, the Company has a strong book order and its capacities are fully booked till March 2017. The leased out machinery will be operational from 01 November 2016.

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Board of Five X Finance & Investment approves change in directorate
Oct 13,2016

Five X Finance & Investment announced that the Board of Directors of the Company at its meeting held on 12 October 2016 approved the resignation of Swati Shinde from post of Directorship of the Company and approved the appointment of Girraj Kishor Agrawal as an Additional Director of the Company.

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Asian Granito inches up after completing major expansion at step subsidiary
Oct 13,2016

The company made the announcement on Wednesday, 12 October 2016. The stock market was closed on that day on account of Muharram.

Meanwhile, the S&P BSE Sensex was down 263.58 points or 0.94% at 27,818.76.

On BSE, so far 26,000 shares were traded in the counter as against average daily volume of 74,682 shares in the past one quarter. The stock was volatile. The stock rose as much as 1.54% at the days high of Rs 286.50 so far during the day. The stock rose 0.3% at the days low of Rs 283 so far during the day. The stock had hit a record high of Rs 304 on 28 September 2016. The stock had hit a 52-week low of Rs 108.60 on 12 February 2016. The stock had outperformed the market over the past one month till 10 October 2016, gaining 13.13% compared with 2.48% fall in the Sensex. The scrip had also outperformed the market in past one quarter, advancing 35.06% as against Sensexs 3.52% rise.

The small-cap company has equity capital of Rs 30.09 crore. Face value per share is Rs 10.

Asian Granito India (AGIL) acquired Artistique Ceramic in FY 2015-16 through amalgamation scheme which holds 70% in Crystal Ceramics Industries (Crystal Ceramics) through Kediya Ceramics. Total investment in Crystal Ceramics including expansion is around Rs 170 crore. Kamlesh Patel, Chairman and Managing Director of AGIL said that acquisition of Crystal Ceramics was a strategic decision as along with the product range it also enjoyed a natural gas supply arrangement with ONGC which is significantly lower than the prevailing market price. With this expansion production capacity of Crystal Ceramics has reached 27,000 square meters a day, he said. The new plant will be making double charged vitrified tiles in the large format of 800x800 mm and 1000x1000 mm for domestic as well exports, Patel said. AGIL also has the required infrastructure for future expansion at Crystal Ceramics, he added.

On a consolidated basis, Asian Granito Indias net profit rose 112.9% to Rs 6.28 crore on 6.9% growth in net sales to Rs 211.50 crore in Q1 June 2016 over Q1 June 2015.

Asian Granito India is one of the largest ceramic companies in India. The company manufactures and markets interior & infrastructure products like vitrified wall & floor tiles, porcelain, natural marble composite and quartz.

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