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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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IT stocks gain on positive US economic data
Oct 04,2016

HCL Technologies (up 1.2% at Rs 818.50), Oracle Financial Services Software (up 1.51% at Rs 3,313.20), Tech Mahindra (up 0.97% at Rs 424.95), Infosys (up 0.73% at Rs 1,045.45), Wipro (up 0.62% at Rs 481.50), MindTree (up 1.15% at Rs 494.30), Hexaware Technologies (up 0.99% at Rs 192.90), MphasiS (up 0.56% at Rs 541) and Persistent Systems (up 1.53% at Rs 650.10) edged higher. TCS (down 0.2% at Rs 2,407) edged lower.

Meanwhile, the S&P BSE IT index was up 0.45% at 10,289.32. It outperformed the Sensex which was up 93.05 points or 0.33% at 28,336.34.

The S&P BSE IT index had underperformed the market over the past one month till 3 October 2016, sliding 1.53% compared with 1.01% fall in the Sensex. The index had also underperformed the market in past one quarter, declining 8.2% as against Sensexs 4.05% rise.

The Institute for Supply Management said yesterday, 3 October 2016 its manufacturing index showed activity expanded in US last month after shrinking in August, with new orders and factory production rising as employment fell. US is the biggest outsourcing market for Indian IT services firms.

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Dena Bank gains after allotting preferential shares to government
Oct 04,2016

The announcement was made during trading hours today, 4 October 2016.

Meanwhile, the BSE Sensex was up 76.36 points, or 0.27%, to 28,319.65.

On BSE, so far 1.64 lakh shares were traded in the counter, compared with average daily volume of 1.65 lakh shares in the past one quarter. The stock hit a high of Rs 39.10 and a low of Rs 37.40 so far during the day. The stock hit a 52-week high of Rs 47.70 on 1 December 2015. The stock hit a 52-week low of Rs 25.60 on 26 February 2016. The stock had outperformed the market over the past 30 days till 3 October 2016, rising 3.45% compared with 1.01% decline in the Sensex. The scrip had, however, underperformed the market in past one quarter, falling 12.28% as against Sensexs 3.96% rise.

The small-cap state-run bank has equity capital of Rs 666.93 crore. Face value per share is Rs 10.

Dena Bank said that the issue committee of the board at its meeting held on 3 October 2016 has allotted 12.02 crore equity shares of Rs 10 each at the issue price of Rs 37.10 per equity share to the Government of India on preferential basis, aggregating upto Rs 446 crore.

With this allotment, the subscribed and paid-up capital of the bank increased to Rs 787.15 crore, consisting of 78.71 crore equity shares of Rs 10 each. The governments stake in the bank has increased to 68.55% from 62.89% earlier.

Dena Bank reported net loss of Rs 279.35 crore in Q1 June 2016 as against net profit of Rs 15.16 crore in Q1 June 2015. Operating income fell 0.3% to Rs 2907.35 crore in Q1 June 2016 over Q1 June 2015.

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Elantas Beck inches up after boards in-principle nod for sale of property in Pune
Oct 04,2016

The announcement was made during market hours today, 4 October 2016.

Meanwhile, the S&P BSE Sensex was up 62.35 points or 0.22% at 28,305.64.

On BSE, so far 2,512 shares were traded in the counter as against average daily volume of 2,587 shares in the past one quarter. The stock was volatile. The stock surged as much as 4.72% at the days high of Rs 1,743 so far during the day. The stock lost as much as 0.19% at the days low of Rs 1,661.10 so far during the day. The stock had hit a 52-week high of Rs 1,849.95 on 13 July 2016. The stock had hit a 52-week low of Rs 1,160 on 1 March 2016. The stock had outperformed the market over the past one month till 3 October 2016, gaining 1.4% compared with 1.01% fall in the Sensex. The scrip had, however, underperformed the market in past one quarter, advancing 3.38% as against Sensexs 4.05% rise.

The mid-cap company has equity capital of Rs 7.93 crore. Face value per share is Rs 10.

Elantas Beck Indias board of directors at its meeting held today, 4 October 2016, granted its in-principle approval for the sale of companys property at Beck House in Pune admeasuring about 2,238.25 sq. mts to Ajay Pitre including his family members or legal entities nominated by him, at a lumpsum consideration of not less than Rs 24 crore.

The approval is subject to the terms and conditions to be agreed vide Memorandum of Understanding to be executed between the company and Ajay Pitre, Pune and also subject to the compliance of the regulatory requirements and due diligence. The proposal will be finally approved at the forthcoming meeting of the board of directors scheduled to be held on 25 October 2016.

Elantas Beck Indias net profit rose 11.3% to Rs 14.06 crore on 5.3% growth in net sales to Rs 97.34 crore in Q2 June 2016 over Q2 June 2015.

Elantas Beck India manufactures a wide range of specialty chemicals for electrical insulation and construction industries.

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Multipurpose Trading & Agencies to hold AGM
Oct 04,2016

Multipurpose Trading & Agencies announced that the 38th Annual General Meeting(AGM) of the company on 30 September 2016.

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Orient Paper & Industries to hold board meeting
Oct 04,2016

Orient Paper & Industries will hold a meeting of the Board of Directors of the Company on 17 October 2016 to consider Unaudited Quarterly Financial Results of the Company for the quarter / half year ended September 30, 2016 .

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Exide Industries to hold board meeting
Oct 04,2016

Exide Industries will hold a meeting of the Board of Directors of the Company on 26 October 2016 to consider and approve the unaudited financial results of the Company for the quarter ended September 30, 2016 (Q2).

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TVS Electronics to hold board meeting
Oct 04,2016

TVS Electronics will hold a meeting of the Board of Directors of the Company on 2 November 2016 to consider and approve the unaudited financial results of the Company for the quarter ended September 30, 2016

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Shristi Infrastructure Deve. Corpn. to hold board meeting
Oct 04,2016

Shristi Infrastructure Deve. Corpn. will hold a meeting of the Board of Directors of the Company on 6 October 2016 to consider the proposal for the allotment of Redeemable Preference Shares and Non-convertible Debentures on private placement basis at an issue price as may be decided thereon.

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Sai Moh Auto Links to hold AGM
Oct 04,2016

Sai Moh Auto Links announced that the 31th Annual General Meeting(AGM) of the company on 30 September 2016.

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Dhampur Sugar Mills gains after acquisition
Oct 04,2016

The announcement was made after market hours yesterday, 3 October 2016.

Meanwhile, the BSE Sensex was up 65.98 points, or 0.23%, to 28,309.27.

On BSE, so far 1.03 lakh shares were traded in the counter, compared with average daily volume of 2.62 lakh shares in the past one quarter. The stock hit a high of Rs 126.65 and a low of Rs 122.60 so far during the day. The stock hit a 52-week high of Rs 137.65 on 4 August 2016. The stock hit a 52-week low of Rs 33.25 on 5 October 2015. The stock had outperformed the market over the past 30 days till 3 October 2016, rising 15.57% compared with 1.01% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 4.24% as against Sensexs 3.96% rise.

The small-cap company has equity capital of Rs 66.39 crore. Face value per share is Rs 10.

Dhampur Sugar Mills announced that its finance sub committee of directors has approved acquisition of 4.28 lakh equity shares, or 51% stake, of DETS at Rs 33 per equity share. Consequently, DETS has become subsidiary of Dhampur Sugar Mills with effect from 3 October 2016. DETS is in the business of engineering and technical services and fabrication and supplying engineering goods in India and abroad.

On a consolidated basis, Dhampur Sugar Mills reported net profit of Rs 33.08 crore in Q1 June 2016 as against net loss of Rs 88.11 crore in Q1 June 2015. Net sales declined 6.09% to Rs 477.69 crore in Q1 June 2016 over Q1 June 2015.

Dhampur Sugar Mills is one of the leading integrated sugarcane processing companies in India.

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Appetite for Bonds to Hold Up; Money Market Spreads to Stay Steady
Oct 04,2016

India Ratings and Research (Ind-Ra) says that attractive yields encouraged high-rated corporates to borrow directly from bond markets during June-August 2016, bypassing conventional bank financing due to elevated and sticky lending rates. As the issuances of state development loans (SDLs) increase in 2H and states explore funding plans across the yield curve, corporate bonds will be impacted by the trends in and quantum of SDL issuances. Proactive debt management by states will expand investors options and enhance overall competitiveness, given the top-rated bonds are presently trading at a spread of mere 20bp-30bp over comparable SDLs.

Appetite for Bonds to Hold Up: On the investors side, banks and mutual funds emerged as the largest investors - while foreign portfolio investors interest was tepid. Despite the limited room for a fall in rates hereon, appetite for corporate bonds could remain in place because: (1) the Reserve Bank of Indias purchase of G-sec through open market operations would free up appetite for other fixed income instruments (2) the falling term structure of rates in a slow growth environment will encourage investors to seek higher yields, nudging them to gradually explore alternatives down the credit curve.

Masala Bonds Offer Funding Diversification: With marquee issuers testing the masala bond market and RBIs recent proposal allowing banks to access this route for Basel III capital, the initial success of masala bonds is likely to encourage other domestic top-rated issuers to explore this route. Beyond the top issuers, however, the market for masala bonds is unlikely to pick up in a hurry.

Commercial Papers (CPs) Preferred Mode for Working Capital Funding: A faster and smoother transmission of falling rates in market-linked instruments than in loan products catalysed shift to CP market - a trend that is likely to persist in the near term. With the institutionalisation of a predictable liquidity framework, however, money market spreads are unlikely to change in the near term.

Ind-Ra presents its second edition of Indian Corporate Debt Market Tracker - a publication aimed at presenting a complete picture of developments in the domestic primary bond market in terms of sectoral composition, rating mix and commercial paper issuance trends. The study pertains to the June to August 2016 period, unless otherwise specified. The study has been conducted based on the data obtained from Prime Database and pertains to the private placement of corporate bonds. The actual issuance amount may vary.

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Blue Star slips on profit booking
Oct 04,2016

The announcement was made during market hours today, 4 October 2016.

Meanwhile, the S&P BSE Sensex was up 52.31 points or 0.19% at 28,295.60.

On BSE, so far 4,865 shares were traded in the counter as against average daily volume of 14,204 shares in the past one quarter. The stock hit a high of Rs 580 so far during the day, which is a record for the counter. The stock hit a low of Rs 561 so far during the day. The stock had hit a 52-week low of Rs 306.10 on 11 February 2016. The stock had outperformed the market over the past one month till 3 October 2016, gaining 15.14% compared with 1.01% fall in the Sensex. The scrip had also outperformed the market in past one quarter, advancing 31.47% as against Sensexs 4.05% rise.

The mid-cap company has equity capital of Rs 19.08 crore. Face value per share is Rs 2.

Shares of Blue Star had risen 5.24% in the preceding two trading sessions to settle at Rs 573.95 yesterday, 3 October 2016, from its close of Rs 545.35 on 29 September 2016.

Blue Star announced its entry into the residential water purifier business with the launch of a range of stylish, differentiated and premium products. The company will initially offer residential water purifiers, and will gradually enhance its range to cover commercial water purification systems as well. This initiative is part of the companys aggressive growth plans to expand its presence in related new product categories.

In terms of advertising and brand communication, the company has plans to invest about Rs 25 crore in the current financial year (FY 2017) on water purifiers, with a TV commercial supported by hoardings and activations as well as digital, especially in social media.

On a consolidated basis, Blue Stars net profit fell 29% to Rs 51.39 crore on 19.5% growth in net sales to Rs 1205.08 crore in Q1 June 2016 over Q1 June 2015.

Blue Star is Indias leading central airconditioning company. The company fulfils the airconditioning needs of a large number of corporate, commercial and residential customers and has also established leadership in the field of commercial refrigeration.

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First MPC Policy to Set the Tone for Debt and FX
Oct 04,2016

The Reserve Bank of Indias (RBI) policy communique will be more critical than its rate action for the market to ascertain the future path of interest rates, says India Ratings and Research (Ind-Ra). The rupee will stay firm and could trade at 66.35/USD-66.85/USD (66.61/USD on 30 September) throughout the week, while the new 10-year G-sec yield trading range could be at 6.72%-6.85% (6.82% on 30 September).

Communication from RBI and MPC to be Supportive: Domestic bond yields appear to have factored in a rate cut of 25bp in the run up to the policy through the past week. Markets will look for clarity over a few issues: (1) the strategy of the newly-appointed RBI Governor and monetary policy committees (MPC) action on interest rates, (2) the stance and strategy of the RBI and MPC on liquidity, (3) the real interest rate trajectory and (4) MPCs take on the system-based rate setting approach.

Fluctuations in System Liquidity to Dominate: The system may exhibit frictional fluctuations in core liquidity. Ind-Ras estimates indicate that cash in circulation will increase by around 0.4% of NDTL, draining the interbank system. With the current surplus in system liquidity and RBIs proactive liquidity management, the agency does not envisage any pressure on overnight rates other than frictional volatilities. At the same time, further softening of money market instruments appears limited.

Rupee Volatility May Resurface: The rupee has remained steady barring weaknesses due to intensified tension at Indias international border. The rupee is likely to remain volatile through October. For this week, the rupee would largely be driven by sentiment in equity market as well as trade flows.

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Volumes jump at eClerx Services counter
Oct 04,2016

eClerx Services clocked volume of 1.63 lakh shares by 12:40 IST on BSE, a 103.64-times surge over two-week average daily volume of 1,573 shares. The stock fell 0.49% to Rs 1,492.40.

Bharti Infratel notched up volume of 45.71 lakh shares, a 74.22-fold surge over two-week average daily volume of 62,000 shares. The stock rose 0.61% to Rs 364.90.

Moschip Semiconductor Technology saw volume of 18.27 lakh shares, a 43.65-fold surge over two-week average daily volume of 42,000 shares. The stock rose 19.89% to Rs 31.35.

CCL Products (India)clocked volume of 5.61 lakh shares, a 38.92-fold surge over two-week average daily volume of 14,000 shares. The stock fell 3.63% to Rs 251.

Cera Sanitaryware saw volume of 2.01 lakh shares, a 27.67-fold rise over two-week average daily volume of 7,000 shares. The stock rose 2.09% to Rs 2,429.35.

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Shakti Pumps (India) gets reaffirmation of ratings for bank facilities
Oct 04,2016

Shakti Pumps (India) announced that Credit Analysis and Research has reaffirmed the credit ratings for various debt programmes as follows -

Long term bank facilities (Rs 84.24 crore) - CARE BBB+
Short term bank facilities (Rs 85 crore) - CARE A2

Long term/ short term bank facilities (Rs 12 crore) - CARE BBB+/ CARE A2

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