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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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Insurance penetration in India likely to cross 4 pc this year: ASSOCHAM
Feb 17,2017

Governments policy of insuring the uninsured has gradually pushed insurance penetration in the country and proliferation of insurance schemes are expected to catapult this key ratio beyond 4 per cent mark by the end of this year, reveals the ASSOCHAM latest paper.

Despite the gentle rise in insurance penetration which is percentage of insurance premium with reference to the Gross Domestic Product (GDP), it is still far below the global average, according to paper titled Insurance penetration in India, by the Associated Chamber of Commerce and Industry of India (ASSOCHAM).

The insurance penetration has started its northward journey is evident from the fact that it has increased from 3.3 per cent in 2014 to 3.44 per cent in 2015 on the back of various insurance schemes launched by the government, adds the paper.

As part of social security initiative, the government has launched low premium insurance schemes both life and non-life in 2015. Last year, it introduced crop insurance.

With objective to provide insurance cover to all, the Government launched Pradhan Mantri Suraksha Bima Yojna (PMSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJBY) in 2015, noted the study.

PMSBY offers a renewable one-year accidental death-cum- disability cover of Rs 2 lakh for partial/permanent disability to all savings bank account holders in the age group of 18-70 years for a premium of Rs 12 per annum per subscriber. The scheme is managed by general insurance firms, adds the chamber.

PMJJBY, on the other hand, offers a renewable one year life cover of Rs 2 lakh to all savings bank account holders in the age group of 18-50 years, covering death due to any reason, for a premium of Rs 330 per annum per subscriber.

Besides, Pradhan Mantri Fasal Bima Yojana (PMFBY) launched last year to provide financial support to farmers suffering crop loss or damage arising out of unforeseen events will also add to insurance penetration.

PMFBY has been approved for implementation in all States and Union Territories from Kharif 2016 season in place of National Agricultural Insurance Scheme (NAIS) and Modified National Agricultural Insurance Scheme (MNAIS).

PMFBY is a significant improvement over the earlier schemes on several counts and comprehensive risk coverage from pre-sowing to post-harvest losses are some of the salient points. A budget provision of Rs 5501.15 crore has been made for the scheme for the current crop season, ASSOCHAM President Mr. Sandeep Jajodia said.

Rashtriya Swasthya Bima Yojana (RSBY) is a government-run health insurance scheme that provides for cashless insurance for hospitalisation in public as well as private hospitals. The scheme is force since April 1, 2008 and has been implemented in 25 states.

The number of lives covered under Health Insurance policies during 2015-16 was 36 crore which is approximately 30 per cent of Indias total population. The number has seen an increase every subsequent year as 28.80 crore people had the policy in the previous fiscal.

The measure of insurance penetration and insurance density calculated as the ratio of premium to population or per capita premium reflects the level of development of insurance sector in a country, said ASSOCHAM President.

During the first decade of insurance sector liberalization, the sector has reported consistent increase in insurance penetration from 2.71 per cent in 2001 to 5.20 per cent in 2009.

However, since then, the level of penetration has been volatile and remained below the peak. It declined from 3.9 to 3.3 per cent in 2014 due to certain regulatory changes and unfavourable market conditions.

This trend was observed in the level of insurance density which reached the maximum of USD 64.4 in the year 2010 from the level of USD 11.5 in 2001. During 2015, the insurance density moderated to USD 54.7. The insurance density of life insurance business had gone up from USD 9.1 in 2001 to reach the peak at USD 55.7 in 2010 and declined to USD 43.2 in 2015.

The life insurance penetration surged from 2.15 per cent in 2001 to 4.60 per cent in 2009. Since then, it has exhibited a declining trend reaching 2.6 per cent in 2014.

However, there was a slight increase 2015 reaching 2.72 per cent in 2015 when compared to 2.6 per cent in 2014. The Insurance Penetration for the insurance sector as a whole in 2015 was 3.4 per cent in India, as against world average of 6.2 per cent.

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Insurance penetration in India likely to cross 4 pc this year: ASSOCHAM
Feb 17,2017

Governments policy of insuring the uninsured has gradually pushed insurance penetration in the country and proliferation of insurance schemes are expected to catapult this key ratio beyond 4 per cent mark by the end of this year, reveals the ASSOCHAM latest paper.

Despite the gentle rise in insurance penetration which is percentage of insurance premium with reference to the Gross Domestic Product (GDP), it is still far below the global average, according to paper titled Insurance penetration in India, by the Associated Chamber of Commerce and Industry of India (ASSOCHAM).

The insurance penetration has started its northward journey is evident from the fact that it has increased from 3.3 per cent in 2014 to 3.44 per cent in 2015 on the back of various insurance schemes launched by the government, adds the paper.

As part of social security initiative, the government has launched low premium insurance schemes both life and non-life in 2015. Last year, it introduced crop insurance.

With objective to provide insurance cover to all, the Government launched Pradhan Mantri Suraksha Bima Yojna (PMSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJBY) in 2015, noted the study.

PMSBY offers a renewable one-year accidental death-cum- disability cover of Rs 2 lakh for partial/permanent disability to all savings bank account holders in the age group of 18-70 years for a premium of Rs 12 per annum per subscriber. The scheme is managed by general insurance firms, adds the chamber.

PMJJBY, on the other hand, offers a renewable one year life cover of Rs 2 lakh to all savings bank account holders in the age group of 18-50 years, covering death due to any reason, for a premium of Rs 330 per annum per subscriber.

Besides, Pradhan Mantri Fasal Bima Yojana (PMFBY) launched last year to provide financial support to farmers suffering crop loss or damage arising out of unforeseen events will also add to insurance penetration.

PMFBY has been approved for implementation in all States and Union Territories from Kharif 2016 season in place of National Agricultural Insurance Scheme (NAIS) and Modified National Agricultural Insurance Scheme (MNAIS).

PMFBY is a significant improvement over the earlier schemes on several counts and comprehensive risk coverage from pre-sowing to post-harvest losses are some of the salient points. A budget provision of Rs 5501.15 crore has been made for the scheme for the current crop season, ASSOCHAM President Mr. Sandeep Jajodia said.

Rashtriya Swasthya Bima Yojana (RSBY) is a government-run health insurance scheme that provides for cashless insurance for hospitalisation in public as well as private hospitals. The scheme is force since April 1, 2008 and has been implemented in 25 states.

The number of lives covered under Health Insurance policies during 2015-16 was 36 crore which is approximately 30 per cent of Indias total population. The number has seen an increase every subsequent year as 28.80 crore people had the policy in the previous fiscal.

The measure of insurance penetration and insurance density calculated as the ratio of premium to population or per capita premium reflects the level of development of insurance sector in a country, said ASSOCHAM President.

During the first decade of insurance sector liberalization, the sector has reported consistent increase in insurance penetration from 2.71 per cent in 2001 to 5.20 per cent in 2009.

However, since then, the level of penetration has been volatile and remained below the peak. It declined from 3.9 to 3.3 per cent in 2014 due to certain regulatory changes and unfavourable market conditions.

This trend was observed in the level of insurance density which reached the maximum of USD 64.4 in the year 2010 from the level of USD 11.5 in 2001. During 2015, the insurance density moderated to USD 54.7. The insurance density of life insurance business had gone up from USD 9.1 in 2001 to reach the peak at USD 55.7 in 2010 and declined to USD 43.2 in 2015.

The life insurance penetration surged from 2.15 per cent in 2001 to 4.60 per cent in 2009. Since then, it has exhibited a declining trend reaching 2.6 per cent in 2014.

However, there was a slight increase 2015 reaching 2.72 per cent in 2015 when compared to 2.6 per cent in 2014. The Insurance Penetration for the insurance sector as a whole in 2015 was 3.4 per cent in India, as against world average of 6.2 per cent.

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Virinchi jumps after multi-year contract
Feb 17,2017

The announcement was made during trading hours today, 17 February 2017.

Meanwhile, the BSE Sensex was up 259.76 points, or 0.92%, to 28,561.03.

On the BSE, so far 1.56 lakh shares were traded in the counter, compared with average daily volumes of 78,582 shares in the past one quarter. The stock had hit a high of Rs 89.90 and a low of Rs 85 so far during the day.

The stock hit a 52-week high of Rs 94.80 on 16 January 2017. The stock hit a 52-week low of Rs 29.45 on 26 February 2016. The stock had underperformed the market over the past 30 days till 16 February 2017, falling 1.55% compared with the 3.83% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 43.71% as against Sensexs 8.23% rise.

The small-cap company has equity capital of Rs 17.99 crore. Face value per share is Rs 10.

Virinchi said it has signed up a multi-year contract for its flagship product QFundTM with one of the leading lenders of alternative financing industry in USA based out of Midwestern region of USA, operating through their 300 branches spread across 14 states of USA apart from lending through their online channels. Virinchis Cloud solution will replace the entire present IT infrastructure of the lender.

Over the first three years of the contract starting January 2017, Virinchi is expected to generate an annuity revenue of $3.5 million and services revenue of another $2.5 million, totaling a $6 million revenue addition over the same period.

On a consolidated basis, Virinchis net profit surged 100% to Rs 4.86 crore on 39.61% increase in net sales to Rs 77.75 crore in Q3 December 2016 over Q3 December 2015.

Virinchi is an IT products & services company focusing on customers in North America, Europe, & Middle East. Virinchi is currently a software service provider to retail micro lending industry in North America, the company operates through its subsidiary QFund Technologies, Inc a 100% subsidiary of Virinchi in USA.

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Volumes jump at Karur Vysya Bank counter
Feb 17,2017

Karur Vysya Bank clocked volume of 237.11 shares by 12:21 IST on BSE, a 292.80-times surge over two-week average daily volume of 81,000 shares. The stock rose 2.18% to Rs 93.60.

Sobha notched up volume of 3.82 lakh shares, a 96.93-fold surge over two-week average daily volume of 4,000 shares. The stock shed 0.44% to Rs 285.

FDC saw volume of 7.04 lakh shares, a 62.5-fold surge over two-week average daily volume of 11,000 shares. The stock rose 2.1% to Rs 214.

HDFC Bank clocked volume of 35.78 lakh shares, a 55.24-fold surge over two-week average daily volume of 65,000 shares. The stock jumped 7.17% to Rs 1,422.55.

Grindwell Norton saw volume of 2.04 lakh shares, a 31.86-fold rise over two-week average daily volume of 6,000 shares. The stock rose 3.05% to Rs 330.75.

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HDFC Bank leads gainers in A group
Feb 17,2017

HDFC Bank jumped 7.22% to Rs 1,423.25 at 12:13 IST. The stock topped the gainers in the BSEs A group. On the BSE, 35.75 lakh shares were traded on the counter so far as against the average daily volumes of 65,000 shares in the past two weeks.

VA Tech Wabag surged 5.14% to Rs 520. The stock was the second biggest gainer in A group. On the BSE, 33,000 shares were traded on the counter so far as against the average daily volumes of 6,277 shares in the past two weeks.

Repco Home Finance gained 4.41% at Rs 660.70. The stock was the third biggest gainer in A group. On the BSE, 10,000 shares were traded on the counter so far as against the average daily volumes of 21,000 shares in the past two weeks.

Cadila Healthcare advanced 4.24% at Rs 447.65. The stock was the fourth biggest gainer in A group. On the BSE, 9.08 lakh shares were traded on the counter so far as against the average daily volumes of 1.51 lakh shares in the past two weeks.

Castrol India rose 3.88% to Rs 432.05. The stock was the fifth biggest gainer in A group. On the BSE, 1.08 lakh shares were traded on the counter so far as against the average daily volumes of 61,000 shares in the past two weeks.

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Virinchi bags multi-year contract for its flagship product - QFundTM
Feb 17,2017

Virinchi has signed up a multi-year contract for its flagship product QFundTM with one of the leading lenders of alternative financing industry in USA. Virinchis cloud solution will replace the entire IT infrastructure of the lender.

Over the first three years of the contract starting January 2017, Virinchi is expected to generate an annuity revenue of $3.5 million and service revenue of another $2.5 million, totalling a $ 6 million revenue addition over the same period.

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Canara Bank intimates of Bank strike
Feb 17,2017

Canara Bank has been informed by Indian Banks Association (IBA) that the United Forum of Bank Union (UFBU) has given a call for strike in the Banking Industry on 28 February 2017.

The above strike is for the issues relating to Industry Level and not for any Bank level issues.

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Mayur Uniquoters announces resignation of director
Feb 17,2017

Mayur Uniquoters announced that Manav Poddar, Non- Executive Director of the Company has resigned w.e.f 16 February 2017.

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Timex Group India allots preference shares aggregating Rs 35 crore
Feb 17,2017

Timex Group India has on 16 February 2017 allotted 3.50 crore 5% Cumulative Redeemable Non Convertible Preference Shares of face value Rs 10 each aggregating Rs 35 crore to Timex Group Luxury Watches B.V., Nederland, the Holding Company.

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Hindustan Construction Company shifts registered office
Feb 17,2017

Hindustan Construction Company announced that with effect from 15 January 2017 the Registered Office address of the Company has been changed to Hincon House, Lal Bahadur Shastri Marg, Vikhroli (West), Mumbai - 400 083, Maharashtra, India.

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NTPC gains after Jharkhand coal mine kicks off operation
Feb 17,2017

Meanwhile, the BSE Sensex was up 204.12 points, or 0.72%, to 28,505.39.

On the BSE, so far 75,000 shares were traded in the counter, compared with average daily volumes of 3.82 lakh shares in the past one quarter. The stock had hit a high of Rs 170.90 and a low of Rs 169.35 so far during the day.

The stock hit a 52-week high of Rs 177.80 on 27 January 2017. The stock hit a 52-week low of Rs 116.80 on 25 February 2016. The stock had underperformed the market over the past 30 days till 16 February 2017, falling 1.53% compared with the 3.83% rise in the Sensex. The scrip had also underperformed the market in past one quarter, rising 7.25% as against Sensexs 8.23% rise.

The large-cap company has equity capital of Rs 8245.46 crore. Face value per share is Rs 10.

NTPC announced after market hours yesterday, 16 February 2017, that the first rake of coal was flagged off on 16 February 2017 from the companys first coal mine, Pakri Barwadih in Jharkhand. This coal mine will have ultimate capacity of 18 million metric tonne per annum. In the next year, around 2-3 million metric tonne of coal is likely to be produced. As a basket source, coal will be supplied to different power stations of NTPC from this mine.

NTPCs net profit fell 7.5% to Rs 2468.72 crore on 11.1% rise in net sales to Rs 19287.47 crore in Q3 December 2016 over Q3 December 2015.

NTPC, Indias largest power company, has presence in the entire value chain of power generation business.

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IDBI Bank trims intraday gains after announcing fund raising plan
Feb 17,2017

The announcement was made after market hours yesterday, 16 February 2017.

Meanwhile, the S&P BSE Sensex was up 217.67 points or 0.77% at 28,518.94

On BSE, so far 3.95 lakh shares were traded in the counter as against average daily volume of 4.39 lakh shares in the past one quarter. The stock trimmed intraday gains. The stock hit a high of Rs 82.10 and a low of Rs 80.85 so far during the day. The stock had hit a 52-week high of Rs 86.50 on 6 February 2017. The stock had hit a 52-week low of Rs 50.35 on 17 February 2016.

The large-cap bank has equity capital of Rs 2058.82 crore. Face value per share is Rs 10.

IDBI Bank reported net loss of Rs 2254.96 crore in Q3 December 2017, higher than net loss of Rs 2183.68 crore in Q3 December 2016. Total income fell 3.5% to Rs 7104.21 crore in Q3 December 2016 over Q3 December 2015.

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Cadila Healthcare hits record high
Feb 17,2017

Meanwhile, the S&P BSE Sensex was up 200.33 points or 0.71% at 28,501.60.

On the BSE, 8.28 lakh shares were traded on the counter so far as against the average daily volumes of 1.51 lakh shares in the past two weeks. The stock had hit a high of Rs 460 so far during the day, which is also its record high. The stock hit a low of Rs 438.10 so far during the day. The stock had hit a 52-week low of Rs 305 on 12 April 2016.

Shares of Cadila Healthcare have rallied 25.4% in two trading sessions from its close of Rs 358.05 on 15 February 2017 after the company during market hours yesterday, 16 February 2017 said that the United States Food and Drug Administration (USFDA) issued no observation (483) after concluding the inspection of the companys Moraiya facility from 6 February 2017 to 15 February 2017. The stock had rallied 19.94% to settle at Rs 429.45 yesterday, 16 February 2017.

Cadila Healthcares consolidated net profit fell 34.6% to Rs 281.60 crore on 0.8% decrease in net sales to Rs 2249.60 in Q3 December 2016 over Q3 December 2015.

Cadila Healthcare is an innovative, global pharmaceutical company that discovers, develops, manufactures and markets a broad range of healthcare therapies.

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IRB Infrastructure Developers provides update on subsidiary - IRB Infrastructure
Feb 17,2017

IRB Infrastructure Developers announced that IRB Infrastructure, wholly owned subsidiary of the Company and an Investment Manager of IRB InvIT Fund, has appointed Rajinder Pal Singh as an additional director (Independent) and Chairman of the board of Directors of IRB Infrastructure with effect from 14 February 2017.

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India Ratings Maintains Stable Outlook for Auto for FY18
Feb 17,2017

India Ratings & Research (Ind-Ra) has maintained a stable outlook on the auto sector for FY18. This is based on the expectation of a moderate yoy volume growth of 6%-9% for the passenger vehicle (PV) segment, and despite an expected negative 2% to 2% slowdown in the commercial vehicle (CV) segment. The agency believes that growth in the PV segment would be driven by 15%-20% yoy volume increase in utility vehicles (UV), with cars likely to register a lower growth of 3%-5% yoy. The slowdown in the CV segment is expected to be on account of a 9%-12% decline in medium and heavy commercial vehicles (MHCVs), partially offset by a 6%-9% growth in light commercial vehicles (LCVs).

Another factor supporting the agencys stable sector outlook is the continued strong financial profile of the 10 listed companies in its sample set. The mean FY16 EBITDA margin for the agencys sample set was 12.4% (9MFY16: 12%), with EBITDA gross interest cover maintained at above 100x. In Ind-Ras assessment, mean leverage (net debt/EBITDA) would continue to be maintained below 1x in FY17 and FY18. The credit profile of the companies outside the sample set (comprising mostly subsidiaries of overseas auto companies) would benefit from the support potentially available from strong parent companies.

Ind-Ra believes that the governments demonetisation drive had a limited impact on the auto sector as most of the auto original equipment manufacturers have countered build-up of channel inventory through higher discounts without altering their production schedules with vendors. Moreover, the impact of demonetisation was restricted largely to the two-wheeler segment, given the relatively higher proportion of cash transactions considering the low ticket size of purchases versus PVs and CVs.

In the agencys assessment, MHCV volumes would decline in FY18 due to depletion of replacement demand, inconsistent Index of Industrial Production, and sales volumes artificially propped up in FY17 due to pre-emptive purchases to avoid paying higher prices from April 2017, when vehicles need to be BSIV compliant. Contrarily, LCV volumes would continue to be supported by demand for last mile transportation, arising from a substantial increase in the online retail sales.

Ind-Ra estimates domestic scooter volumes would grow by 15%-18% in FY18 (close to the estimated FY17 growth rate), but lower than the previous years due to the base effect. The agency expects motorcycle volumes to recover slightly over April-December 2016 yoy growth level of 6.3%, with increased currency in circulation, leading to a demand revival in 4QFY17 and FY18.

Furthermore, the agency believes that the Goods and Service Tax (GST) will be largely neutral for the industry, as reduction in logistics and supply chain costs would be partly offset by an increase in the effective tax rate.

Outlook Sensitivities

Positive Outlook Unlikely: Given the structural issues of overcapacity and intensifying competition, Ind-Ra does not envisage a positive outlook revision in the event of a revival in sales. However, curtailment or postponement of planned capacity additions, coupled with sales volumes higher than the agencys expectations, could have a positive impact on the credit profile of the sector.

Weak Demand, External Shock: A sustained reduction in CV volumes due to slowdown in industrial production, together with moderation in PV volumes due to rising fuel prices and weak consumer sentiments among others, could have a negative impact on the sector outlook.

Additionally, any external shock pressuring the rupee and a subsequent spurt in the interest rate may have a moderate impact on the sector, thus impacting the volumes, as well as the credit profile of auto companies.

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