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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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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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Sita Enterprises to hold board meeting
Oct 12,2016

Sita Enterprises will hold a meeting of the Board of Directors of the Company on 20 October 2016 to consider the Unaudited financial results of the Company for the quarter ended September 30, 2016.

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Bajaj Electricals to hold board meeting
Oct 12,2016

Bajaj Electricals will hold a meeting of the Board of Directors of the Company on 10 October 2016.

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Gold to further shine despite a golden run, says ASSOCHAM paper
Oct 12,2016

In the backdrop of continuous global political and financial risks coupled with revival in demand in the domestic market, gold prices are likely to stay firm in the range of Rs 30,500 -33500 per 10 grams despite the yellow metal having had a golden run up of about 25 per cent since January this year, an ASSOCHAM Paper has pointed out.

The prices, at present are ruling at Rs 31,000-31,500 for 24 carat purity gold in major Indian cities, even as the festive demand seems to be picking up. n++Going forward, the festive demand will get a further push from the wedding season, which is the main contributor to gold consumption in India. The upside in the short term of a few months is seen between Rs 1,500-2000 while the downside could be limited to Rs 1,000-2000 per ten grams, the paper said.

While India has been among the two biggest consumers of the gold in the world along with China with imports in the past going even up to 1,000 tonnes per annum, the inflows this year have been quite low on a combination of factors including a prolonged strike by jewellers who vehemently protested imposition of excise duty on jewellery in the Budget and continuation of 10 per cent customs duty on imports despite expectations of reduction. Gold imports between January and September aggregated 270 tonnes this year against 658 tonnes in the corresponding period of last calendar year, adds the ASSOCHAM paper.

n++The moot question among the buyers and analysts is whether scope for any further run is left when gold has seen so much of a rally, the best among all the assets classes - including quantitative easing led stock markets. Revival in Indian consumption, financial risks in the Chinese economy, tapering tantrums of the US Federal Reserve as also close American Presidential elections are all seen as the push factors for the gold to remain as a safe haven,n++ the ASSOCHAM Paper noted.

Reading the trends and watching the global developments, the chamber Secretary General Mr D S Rawat said,n++ gold is finding a strong support levels in the international markets and is expected to stay above USD 1200 mark, as a starting point for the next possible rally. All in all, given the state of play in equity, debt and properties, gold would stand out for quite some timen++.

Yet another reason for the investors to seek refuge in gold by global markets is the prolonged phase of negative interest rates by a large number of central banks, which act as a big disincentive to the investing public to park their funds in banks which erode their wealth, rather than adding to the same.

n++The outlook for the precious metal remains upbeat taking into consideration several factors including reduced pace of the US Fed rate hikes , increased adoption of negative interest rates most recently in Japan , increased inflows in gold ETFs(equity trade funds) and decline in gold productionn++.

Back home, along with the official channels, smuggling of gold has seen up tick due to continuation of high import duties. The industry has been demanding lowering of duties to encourage official imports.

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Worldwide PC shipments declines 5.7% in third quarter of 2016: Gartner
Oct 12,2016

Worldwide PC shipments totaled 68.9 million units in the third quarter of 2016, a 5.7% decline from the third quarter of 2015, according to preliminary results by Gartner, Inc. This was the eighth consecutive quarter of PC shipment decline, the longest duration of decline in the history of the PC industry.

PC manufacturers faced many challenges, which included weak back-to-school demand, and ongoing low demand in the consumer market, especially in emerging markets.

There are two fundamental issues that have impacted PC market results: the extension of the lifetime of the PC caused by the excess of consumer devices, and weak PC consumer demand in emerging markets, said Mikako Kitagawa, principal analyst at Gartner. According to our 2016 personal technology survey, the majority of consumers own, and use, at least three different types of devices in mature markets. Among these devices, the PC is not a high priority device for the majority of consumers, so they do not feel the need to upgrade their PCs as often as they used to. Some may never decide to upgrade to a PC again.

In emerging markets, PC penetration is low, but consumers are not keen to own PCs. Consumers in emerging markets primarily use smartphones or phablets for their computing needs, and they dont find the need to use a PC as much as consumers in mature markets.

The PC market continues to consolidate, as the top six vendors combined for a record high 78% of PC shipments in the third quarter of 2016 (Table 1). Lenovo continued to be the worldwide market leader based on preliminary PC shipments, but HP Inc. is nearly tied for this top spot, and these rankings could change when final shipment results are published. Lenovo has recorded six consecutive quarters of year-over-year shipment declines, while the nearest competitors, HP Inc. and Dell, have recorded shipment growth since the second quarter of 2016.

Table 1: Preliminary Worldwide PC Vendor Unit Shipment Estimates for 3Q16 (Thousands of Units)Company3Q16 Shipments3Q16 Market Share (%)3Q15 Shipments3Q15 Market Share (%)3Q16-3Q15 Growth (%)Lenovo1443420.91478920.2-2.4HP Inc.1405820.41374418.82.3Dell1011114.7985613.52.6Asus53977.852717.22.4Apple49467.257097.8-13.4Acer46136.753707.3-14.1Others1538622.31835925.1-16.2Total6894510079098100-5.7Notes: Data includes desk-based PCs, notebook PCs and ultramobile premiums (such as Microsoft Surface), but not Chromebooks or iPads. All data is estimated based on a preliminary study. Final estimates will be subject to change. The statistics are based on shipments selling into channels. Source: Gartner (October 2016)

The stabilization of the PC business market was a key factor for HP Inc.s shipment growth, as a majority of its revenue was generated from the business segment. Dells shipment growth exceeded the regional average in most regions.

In the United States, PC shipments totaled 16.2 million units in the third quarter, a 0.3% decline from the same period last year (Table 2). This is the second consecutive quarter of flat year-over-year PC shipment growth.

Mobile PCs, which include notebooks, two-in-one PCs and Windows tablets, showed low-single-digit year-over-year growth, but the overall results were offset by a decline of desktop shipments, Ms. Kitagawa said. Traditionally, the third quarter has been driven by back-to-school PC sales, but back-to-school marketing campaigns have become less effective for driving PC sales. With so many PCs already in the consumer market, U.S. consumers do not feel the need to buy new PCs; many parents hand down old PCs to their kids. While our PC shipment report does not include Chromebooks, our early indicator shows that Chromebooks exceeded PC shipment growth.

Table 2: Preliminary U.S. PC Vendor Unit Shipment Estimates for 3Q16 (Thousands of Units) Company3Q16 Shipments3Q16 Market Share (%)3Q15 Shipments3Q15 Market Share (%)3Q16-3Q15 Growth (%)HP Inc.479329.7464928.73.1Dell387424381323.51.6Lenovo228414.1198212.215.3Apple207612.9232514.3-10.7Asus8245.17834.85.3Others230014.2265716.4-13.4Total1615210016208100-0.3Notes: Data includes desk-based PCs, notebook PCs

Ministry of Railways signs MoU with Government of Odisha For Cost Sharing of Two New Railway Line Projects in Odisha
Oct 12,2016

Ministry of Railways signed MoU with Government of Odisha For Cost Sharing of Two New Railway Line Projects in Odisha. This was signed in the presence of Shri Suresh Prabhakar Prabhu, Union Minister for Railways and Shri Naveen Patnaik, Chief Minister of Odisha. On this occasion Shri Dharmendra Pradhan, Union Minister for Petroleum and Natural Gas, Shri Jual Oram, Union Minister for Tribal Affairs and Member of Parliament from Odisha were also present. The signatories of the MoU were Shri SC Jain, ED Works from Ministry of Railways and Shri Sanjeev Rastogi, Principal Secretary, Government of Odisha. The MoU was signed for sharing cost of laying two new lines in Odisha viz. Jeypore - Malkangiri and Jeypore - Nabarangpur.

The two new line projects viz. Jeypore- Nabarangpur and Jeypore- Malkangiri was included by Indian Railways in the Railway budget 2016-17 subject to requisite approvals from the Odisha government. Government of Odisha has agreed to partly bear the cost of these projects as detailed below:

n++JEYPORE - MALKANGIRI (130 Km)- 25% of total cost

n++JEYPORE - NABARANGPUR (38 Km)- entire land cost and 50% cost of construction.

Speaking on the occasion Shri Suresh Prabhu said that Orissa is a focus state for Indian Railways. The speed of implementation of projects will take Odisha ahead in rail connectivity. Odisha has minerals, tourism potential, etc. But development is lacking due to lack of connectivity. State Government alone cannot bring in connectivity. So Indian Railways is doing its part to improve the connectivity in Odisha. To improve the connectivity infrastructure in a particular state, Indian Railways is now forming Joint Venture with that State Government. Sharing of ownership will lead to more leverage in creating connectivity in the State. 11 Railway Stations including Bhubaneswar in Odisha is planned to be taken for Railway Station Redevelopment. Indian Railways is planning ways of developing Odisha as a tourism hub through IRCTC. Indian Railways through its PSU, IRCTC has also planned to market products of tribal SHGs in Odisha. Indian Railways has also planned to open a Rail Factory in Kalahandi.

Shri Naveen Patnaik, Chief Minister of Odisha has said that Odisha occupies an important place on the map of Indian Railways. For the first time an all time high of Rs. 4880 Crore has been provided to Odisha. He also said that the rail connectivity in Odisha is way less than the national average and he is glad that this Government has given priority to his state for improving the rail connectivity. The two projects viz, Jeypore - Malkangiri and Jeypore - Nabarangpur will serve the most backward, Naxal affected and tribal areas of the state. Odisha Government will be providing land free of cost for these projects.

Shri Dharmendra Pradhan, Union Minister for Petroleum and Natural Gas has said that these projects will connect the Western Odisha for the first time. Development in Western Odisha was lacking only due to the lack of connectivity and this project will help in boosting the development in this part of the state.

Shri Jual Oram, Union Minister for Tribal Affairs has said that this project will connect the most backward areas of the state and bring in the development to the tribal people of the area. These project will help the tribal people in selling their products to faraway places and help in their development.

Detailed Project Report (DPR) for JEYPORE - NABARANGPUR has been prepared while the same for JEYPORE - MALKANGIRI is under preparation. Once the DPRs are examined by Ministry of Railways, requisite approvals will be sought.

Salient features of new BG line between Jeypore - Malkangiri (130 km)

The proposed new railway line between Jeypore - Malkangiri will serve the remote areas of Koraput and Malkangiri districts of Western Odisha, which have no railway connectivity. Entire line will be passing through hilly terrain and thick forests.

The important towns en-route are Boipariguda, Tanginiguda, Maithili, Pandripani Road. The total Route Km of the proposed new line is 130 Km connecting district headquarters of Koraput and Malkangiri. Out of 130 Km of this route, 45 Km falls in Koraput District and 85 Km in Malkangiri District. The alignment passes through 12 stations including three passenger halts at Tanginiguda, Govindapalli & Maithili.

The line is proposed with overhead electrification, standard-III interlocking, Multi Aspect Color Light Signaling (MACLS) and Optic fiber communication.

Construction of new line involves about 4,00 lakh cum of earth work in formation, 98 bridges (22 major, 61 minor & 15 RUBs). Level crossings have been eliminated by proposing all road crossings with Limited height subways (7 Nos), ROBs (15 Nos) and RUBs. There are four nos. of Tunnels comprising a total length of 2600m approximately at location of very deep cuttings.

Salient Features Of New BG Line Between Jeypore - Nabarangpur (38 Km)

The area from Jeypore to Nabarangpur is well irrigated by canals. The important town en- route is Boriguma, approximately 18 Km from Jeypore, i.e. almost half way to Nabarangpur. There are five railway stations including two passenger halts at Ambaguda Road and Kaliaguda.

Construction of new line involve about 98 lakh cum of earth work in formation, 60 bridges (9 major, 40 minor & 11 RUBs). Level crossing have been eliminated by proposing all road crossings with Limited height subways and RUBs.

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Indirect Tax Collections up to September 2016 show an increase of 25.9% over the corresponding period last year
Oct 12,2016

The figures for indirect tax collections (Central Excise, Service Tax and Customs) up to September 2016 in the current Financial Year 2016-17 show that net revenue collections are at Rs 4.08 lakh crore which is 25.9% more than the net collections for the corresponding period last year i.e. 2015-16. Till September 2016, 52.5% of the Budget Estimates of indirect taxes for Financial Year 2016-17 has been achieved.

As regards Central Excise, net tax collections stood at Rs.1.83 lakh crore during April-September, 2016 as compared to Rs.1.25 lakh crore during the corresponding period in the previous Financial Year, thereby registering a growth of 46.3%.

Net Tax collections on account of Service Tax during April-September, 2016 stood at Rs. 1,16,975 crore as compared to Rs. 95,780 crore during the corresponding period in the previous Financial Year, thereby registering a growth of 22.1%.

Net Tax collections on account of Customs during April-September 2016 stood at Rs. 1.08 lakh crore as compared to Rs. 1.03 lakh crore during the same period in the previous Financial Year, thereby registering a growth of 4.8%.

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Yuken India to hold board meeting
Oct 12,2016

Yuken India will hold a meeting of the Board of Directors of the Company on 19 October 2016 to consider and approve, the un-audited financial results for the 2nd Quarter ended September 30, 2016.

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G G Dandekar Machine Works to hold board meeting
Oct 12,2016

G G Dandekar Machine Works will hold a meeting of the Board of Directors of the Company on 19 October 2016 to consider and take on record, standalone Un-Audited Financial Results for the quarter & half year ended September 30, 2016.

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