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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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Board of OnMobile Global recommends final dividend
Jun 06,2017

OnMobile Global announced that the Board of Directors of the Company at its meeting held on 26 May 2017, inter alia, have recommended the final dividend of Rs 1.5 per equity Share (i.e. 15%) , subject to the approval of the shareholders.

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Board of Rupa & Company recommends final dividend
Jun 06,2017

Rupa & Company announced that the Board of Directors of the Company at its meeting held on 26 May 2017, inter alia, have recommended the final dividend of Rs 2.75 per equity Share (i.e. 275%) , subject to the approval of the shareholders.

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Board of Orient Bell recommends final dividend
Jun 06,2017

Orient Bell announced that the Board of Directors of the Company at its meeting held on 22 May 2017, inter alia, have recommended the final dividend of Rs 0.5 per equity Share (i.e. 5%) , subject to the approval of the shareholders.

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GSFC biggest loser on BSEs A group
Jun 06,2017

Gujarat State Fertilizers & Chemicals (GSFC) slipped 5.01% at Rs 125.25. The stock topped the losers in A group. On the BSE, 3.06 lakh shares were traded on the counter so far as against the average daily volumes of 3.12 lakh shares in the past two weeks.

Videocon Industries declined 5% at Rs 33.25. The stock was the second biggest loser in A group. On the BSE, 30,000 shares were traded on the counter so far as against the average daily volumes of 51,000 shares in the past two weeks.

Shipping Corporation of India fell 4.80% at Rs 71.45. The stock was the third biggest loser in A group. On the BSE, 1.55 lakh shares were traded on the counter so far as against the average daily volumes of 2.02 lakh shares in the past two weeks.

Titan Company skid 4.63% at Rs 526.80. The stock was the fourth biggest loser in A group. On the BSE, 6.83 lakh shares were traded on the counter so far as against the average daily volumes of 3.30 lakh shares in the past two weeks.

Reliance Communications tumbled 4.33% at Rs 19.90. The stock was the fifth biggest loser in A group. On the BSE, 34.68 lakh shares were traded on the counter so far as against the average daily volumes of 1.22 crore shares in the past two weeks.

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Berger Paints India acquires Saboo Coatings
Jun 06,2017

Berger Paints India has acquired 100% of the paid up equity share capital of Saboo Coatings on 05 June 2017. As a result of the above, Saboo Coatings is now a 100% subsidiary of Berger Paints India.

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Aditya Vision expands presence in Bihar
Jun 06,2017

Aditya Vision has opened its 22nd Showroom at MG Road, Phulheet Market, Aurangabad - 824101, Bihar.

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Profit booking halts dream run of Birla Corporation
Jun 06,2017

Meanwhile, the S&P BSE Sensex was down 110.67 points or 0.35% at 31,198.82

On BSE, so far 3,151 shares were traded in the counter as against average daily volume of 4,912 shares in the past one quarter. The stock hit a high of Rs 925.55 in intraday trade so far, which is record high for the counter. The stock hit a high a low of Rs 897 so far during the day. The stock had hit a 52-week low of Rs 402.05 on 6 June 2016.

The stock had outperformed the market over the past one month till 5 June 2017, rising 18.18% compared with 4.86% rise in the Sensex. The scrip also outperformed the market in past one quarter, gaining 32.08% as against Sensexs 7.97% rise. The scrip had also outperformed the market in past one year, surging 121.97% as against Sensexs 16.92% rise.

The mid-cap company has equity capital of Rs 77.01 crore. Face value per share is Rs 10.

Birla Corporations net profit dropped 43.95% to Rs 59.15 crore on 5.76% growth in net sales to Rs 932.02 crore in Q4 March 2017 over Q4 March 2016.

Birla Corporation is primarily engaged in the manufacturing of cement as its core business activity. It has significant presence in the jute goods industry as well.

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Page Inds weaves smart gains after brokerage upgrade
Jun 06,2017

Meanwhile, the S&P BSE Sensex was down 111.57 points or 0.36% at 31,197.92.

On BSE, so far 26,000 shares were traded in the counter as against average daily volume of 1,156 shares in the past one quarter. The stock had hit a high of Rs 15,354.35 and a low of Rs 15,437.40 so far during the day. The stock had hit a record high of Rs 17,351.15 on 24 October 2016. The stock had hit a 52-week low of Rs 12,360 on 24 November 2016.

The stock had underperformed the market over the past one month till 5 June 2017, rising 1.97% compared with 4.86% rise in the Sensex. The scrip also underperformed the market in past one quarter, rising 1.15% as against Sensexs 7.97% rise. The scrip had also underperformed the market in past one year, gaining 3.84% as against Sensexs 16.92% rise.

The large-cap company has equity capital of Rs 11.15 crore. Face value per share is Rs 10.

A foreign broking firm reportedly raised its target price on the Page Industries stock to Rs 15,000 from Rs 12,800 a share. The brokerage expects the company to benefit from goods and services tax (GST) rate of 5% for apparel below Rs 1,000, represening a reduction of 3-4% compared to current taxation, as opposed to the risk of an increase, which was expected. The company is likely to pass on to customers the benefit from lower GST rate and gain market share, the brokerage said.

Further, the brokerage firm also highlighted that Page Industries had continued to do well even in the economic downturn and is positive on initiatives on more exclusive brand stores. The lower GST rates will also encourage the company to invest in new initiatives such as kids innerwear, towels and new launches under leisurewear, it added. GST is likely to be implemented from 1 July 2017.

Page Industries net profit rose 17.86% to Rs 66.79 crore on 14.87% growth in total income to Rs 509.17 crore in Q4 March 2017 over Q4 March 2016.

Page Industries is the exclusive licensee of JOCKEY International Inc. (USA) for manufacture and distribution of the JOCKEY brand innerwear/leisurewear for men and women in India, Sri Lanka, Bangladesh, Nepal and UAE. Page Industries is also the exclusive licensee of Speedo International for the manufacture, marketing and distribution of the Speedo brand in India.

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Mahanagar Gas commences PNG supply in Uran, Raigad District
Jun 06,2017

Mahanagar Gas has inaugurated Piped Natural Gas (PNG) supply in Uran, Raigad district on occasion of World Environment day on 05 June 2017.

The work of pipeline laying commenced in Uran area and approximately 4Km MP network has been laid and 50 nos PNG connections have already been done.

Initially gas supply to these 50 consumers in Uran is now commencing. Spreading its network in phases, MGL plans to provide the convenience of the safe, convenient, cost effective and environment friendly piped natural gas to almost all feasible households in Uran area benefiting about3200 households and about 16000 people. The PNG benefits will be extended to other nearby areas by connecting more than 7000 households, covering about 35000 people in coming years. This will not only help people in Uran area but interior parts too by making available about 40,000 domestic LPG cylinders initially and about 90,000 LPG cylinders in the coming two years.

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Fitch: Telecom Woes Do Not Pose Systemic Risk to Indian Banks
Jun 06,2017

Indian banks exposure to troubled telecom companies is not large enough to pose a systemic threat, but defaults could add to problems at banks with weak balance sheets, says Fitch Ratings. The banking sector is already struggling with significant asset quality issues and is likely to require hefty capital injections from the government over the next couple of years.

The credit profiles of Indian telcos are under pressure from fierce competition stemming from the entry into the market of Reliance Jio last year and rising capex required for the roll-out of 4G services. Some companies could find it difficult to service their debt and we have the sector on a negative outlook.

Pressure is most severe at Reliance Communications (Rcom), which we downgraded last week to CCC to reflect the real possibility of some kind of default. The companys EBITDA declined by 30% in the financial year to end-March 2017 and its earning are unlikely to be sufficient to cover interest costs and capex over the coming year. Liquidity was also poor, with cash and equivalents of INR14 billion (USD220 million) well short of covering short-term debt of INR109 billion. Rcoms total debt is around USD7 billion, a significant portion of which is owed to state-owned banks.

Debt servicing could also become at a problem at Aircel and Tata Telecom. Aircel is in the process of merging its wireless operation with Rcom, but the combined entity will still have limited pricing power and high leverage that will constrain its ability to strengthen its network position. We expect both companies to remain under pressure. Meanwhile, media reports suggest Videocon Indias lenders have already implemented a corrective action plan that could involve loan restructuring or forced asset sales.

Indian banks already have significant asset quality issues that could be made worse by stress in the telco sector. However, total debt owed by telcos to banks is only INR913 billion (USD14 billion), accounting for just 1.4% of all bank loans, according to the Reserve Bank of India. Exposure to other troubled sectors is much larger. Lending to iron and steel companies, for example, accounts for 4.7% of total lending. The power sector accounts for 8.7% and the road sector for 2.7%.

Moreover, not all telcos face financial difficulties. Market leader, Bharti Airtel, is likely to meet repayments comfortably on the over USD1 billion that it owes to banks. Vodafone and Idea Cellular are in the process of merging their operations, which will give the new entity a market-leading share. Ideas balance sheet is stretched, but the combined company is unlikely to experience serious problems in servicing its debt. Meanwhile, the risk of Tata Telecom missing payments is mitigated by the potential for its parent company, the Tata Group, to inject equity into its subsidiary. State-owned telcos, BSNL and MTNL, are likely to be in weaker positions, but almost all their debt is owed to the government.

Loans to telcos are also generally backed by spectrum assets, which should provide a better chance of recovery than, for example, a steel factory operating below capacity or a power plant that lacks a power purchase agreement. That said, the sale of spectrum assets might take longer than banks expect and not fetch full value, given that the top-three telcos now have sufficient spectrum to run their operations for the medium term.

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Hubtown corrects on profit booking
Jun 06,2017

Meanwhile, the S&P BSE Sensex was down 47.57 points, or 0.15% to 31,261.92.

On the BSE, 94,000 shares were traded in the counter so far, compared with average daily volumes of 2.18 lakh shares in the past one quarter. The stock had hit a high of Rs 142.05 and a low of Rs 126.70 so far during the day. The stock hit a 52-week high of Rs 173 on 11 May 2017. The stock hit a record low of Rs 81.55 on 15 November 2016.

The stock had underperformed the market over the past one month till 5 June 2017, falling 15.26% compared with 4.86% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 54.67% as against Sensexs 7.97% rise. The scrip had also outperformed the market in past one year, rising 40.26% as against Sensexs 16.92% rise.

The small-cap company has equity capital of Rs 72.74 crore. Face value per share is Rs 10.

Shares of Hubtown rose 15.84% in three trading sessions to settle at Rs 140.75 yesterday, 5 June 2017 2016, from its close of Rs 121.50 on 31 May 2017.

Net profit of Hubtown declined 16.21% to Rs 6.41 crore on 262.93% rise in net sales to Rs 266.39 crore in Q4 March 2017 over Q4 March 2016.

Hubtown is a real estate development company. Hubtown has projects in 7 Indian cities and is diversified into residential spaces, office spaces, IT parks, Special Economic Zones (SEZs).

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Hinduja Global Solutions recognised on 2017 Global Outsourcing 100 list
Jun 06,2017

Hinduja Global Solutions has been recognised on the 2017 Global Outsourcing 100 list for the seventh year in a row by the International Association of Outsourcing Professionals.

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Board of Jubilant Foodworks recommends final dividend
Jun 06,2017

Jubilant Foodworks announced that the Board of Directors of the Company at its meeting held on 29 May 2017, inter alia, have recommended the final dividend of Rs 2.5 per equity Share (i.e. 25%) , subject to the approval of the shareholders.

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Board of Bharat Electronics recommends final dividend
Jun 06,2017

Bharat Electronics announced that the Board of Directors of the Company at its meeting held on 29 May 2017, inter alia, have recommended the final dividend of Rs 1.05 per equity Share (i.e. 105%) , subject to the approval of the shareholders.

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Board of Asian Hotels (West) recommends final dividend
Jun 06,2017

Asian Hotels (West) announced that the Board of Directors of the Company at its meeting held on 26 May 2017, inter alia, have recommended the final dividend of Rs 1 per equity Share (i.e. 10%) , subject to the approval of the shareholders.

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