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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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NMDC announces Iron ore production and sales (provisional) figures
Oct 07,2016

NMDC announced the achievement of 13.93 million tonnes of production and 15.83 million of sale of Iron ore (provisional) up the month of September 2016.

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Jauss Polymers announces cessation of director
Oct 07,2016

Jauss Polymers announced that Atul Nripraj Barar who was appointed as an Additional Director of the Company ceased to be the director of the Company w.e.f. 30 September 2016 (date of Annual General Meeting)

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Cosmo Films gets upgradation in credit ratings
Oct 07,2016

Cosmo Films announced that India Ratings and Research has upgraded long term credit rating to IND A+ from previous rating of IND A.

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Steel Strip Wheels secures record export order
Oct 07,2016

Steel Strip Wheels has secured a record export order for supply of Caravan Steel wheels for EU Trailer market. The order is for supplying approximately 115000 wheels in a period of six months. Order will be executed from SSWLs Chennai plant with shipments starting from November 2016.

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Ajmera Realty & Infra India incorporates subsidiary
Oct 07,2016

Ajmera Realty & Infra India has incorporated a Whole Owned Subsidiary Company with name and Style Radha Raman Dev Ventures.

This investment is planned to carry on Real Estate Construction and Development activities of the Company.

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United Bank of India revises MCLR rates
Oct 07,2016

United Bank of India has reduced MCLR by 5 bps across all tenures with effect from 17 October 2016 -

Overnight MCLR - 9.20%
One month MCLR - 9.25%
Three months MCLR - 9.30%
Six months MCLR - 9.35%
One year MCLR - 9.40%

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ABB India energizes 1200 kV ultrahigh voltage power transformer
Oct 07,2016

ABB India has developed, manufactured and energized a 1,200-kilovolt (kV) ultrahigh voltage power transformer to support Indias plans to build a 1,200 kV transmission system, supplementing the existing 400 kV and 800 kV transmission grid as demand for electricity increases. This 1.2 million volt transformer represents the highest alternating current voltage level in the world and is installed at the national test station at Bina, Madhya Pradesh in Central India, as part of a collaborative initiative by the countrys central transmission utility, Power Grid Corporation of India (POWERGRID). The transformer was manufactured and tested at ABBs facility in Vadodara.

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Ruchi Soya Industries slips on profit booking
Oct 07,2016

Meanwhile, the BSE Sensex was down 53.83 points, or 0.19%, to 28,052.38.

On BSE, so far 55,000 shares were traded in the counter, compared with average daily volume of 1.13 lakh shares in the past one quarter. The stock hit a high of Rs 24.15 and a low of Rs 23.15 so far during the day. The stock hit a 52-week high of Rs 34.50 on 8 October 2015. The stock hit a 52-week low of Rs 17.75 on 25 May 2016. The stock had outperformed the market over the past 30 days till 6 October 2016, rising 14.81% compared with 2.84% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 5.58% as against Sensexs 3.61% rise.

The small-cap company has equity capital of Rs 66.82 crore. Face value per share is Rs 2.

Shares of Ruchi Soya Industries rose 16.22% in five trading sessions to settle at Rs 23.65 yesterday, 6 October 2016, from its close of Rs 20.35 on 29 September 2016.

The stock surged 7.74% to settle at Rs 23.65 yesterday, 6 October 2016, after the company said it signed a memorandum of understanding (MOU) with the Arunachal Pradesh state government to boost palm oil production through development of quality palm plantations and human capacity building. With this agreement, Ruchi Soya now has obtained permission for oil palm development in 45,000 hectares, covering five districts in Arunachal Pradesh. The announcement was made during market hours yesterday, 6 October 2016.

Ruchi Soya Industries net profit fell 98.8% to Rs 1.03 crore on 12.9% decline in net sales to Rs 4951.99 crore in Q1 June 2016 over Q1 June 2015.

Ruchi Soya is one of Indias leading cooking oil and soy food maker and marketer.

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Dredging Corporation of India announces change in directorate
Oct 07,2016

Dredging Corporation of India announced that Ministry of Shipping, vide Letter DT. 22 September 2016 informed appointment of Sanjeev Ranjan, AS&FA, Ministry of Shipping, Government of India as Part-time Official Director on the Board of Directors of DCI vice B. Poiyaamozhi, Ex. Development Adviser (Ports) from the date of issue of the letter (22 September 2016) till further orders.

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South Indian Bank drops amid volatility after Q2 numbers
Oct 07,2016

The result was announced during market hours today, 7 October 2016.

Meanwhile, the S&P BSE Sensex was down 20.76 points or 0.07% at 28,085.45.

On BSE, so far 19.61 lakh shares were traded in the counter as against average daily volume of 7.76 lakh shares in the past one quarter. The stock was volatile. The stock rose as much as 3.23% at the days high of Rs 25.55 so far during the day, which is a 52-week high for the counter. The stock lost as much as 4.24% at the days low of Rs 23.70 so far during the day. The stock had hit a 52-week low of Rs 16.40 on 29 February 2016. The stock had outperformed the market over the past one month till 6 October 2016, gaining 8.08% compared with 3.01% fall in the Sensex. The scrip had also outperformed the market in past one quarter, advancing 14.32% as against Sensexs 3.46% rise.

The mid-cap bank has equity capital of Rs 135.06 crore. Face value per share is Rs 1.

The banks provisions and contingencies surged 90.2% to Rs 128.33 crore in Q2 September 2016 over Q2 September 2015.

South Indian Banks gross non-performing assets (NPAs) stood at Rs 1745.28 crore as on 30 September 2016 compared with Rs 1651.60 crore as on 30 June 2016 and Rs 892.25 crore as on 30 September 2015. The banks ratio of gross NPAs to gross advances stood at 3.96% as on 30 September 2016, in line with 3.96% as on 30 June 2016 and 2.24% as on 30 September 2015. The ratio of net NPAs to net advances stood at 2.77% as on 30 September 2016 as against 2.89% as on 30 June 2016 and 1.39% as on 30 September 2015.

South Indian Bank is a private sector bank in India.

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Domestic Natural Gas Price Cut to Hurt Producers Realisation
Oct 07,2016

The 18% gas price reduction by the Government of India to lower revenues for domestic gas producers by around INR20bn during 2HFY17, estimates India Ratings and Research (Ind-Ra). Domestic natural gas price is cut by around 18%, to USD2.50/mmbtu for the period of 01 October 2016-31 March 2017 from the previous price of USD3.06/mmbtu. The price cut by the government is in line with the fall in Henry Hub gas prices over the reference period (July 2015 to June 2016). Prior to this reduction the government had reduced domestic gas prices by 20% in April 2016.

This is the fourth consecutive domestic gas price reduction since the implementation of the domestic gas pricing formula in October 2014. The present gas prices are about 50% lower since the implementation of the gas pricing formula. The average Henry Hub gas prices declined by 15% to USD2.24/mmbtu for the current reference period of July 2015- June 2016 period compared to USD2.62/mmbtu for previous reference period of January 2015-December 2015.

The public sector units, namely Oil India (OIL) and Oil and Natural Gas Corporation (ONGC) which contribute around 75% of the total domestic gas production will be impacted the most. Despite the decline in sale price, lower costs in terms of rig and vessel rentals will provide some relief to margins in this segment. However, the expected fall in margins is likely to result in a lower investment surplus for future exploration. In the mid-stream segment, Gails (India) (IND AAA/Stable) marketing segment can witness around INR9bn-INR10bn lower trading revenue from the sale of domestic gas during 2HFY17 on account of lower per unit realisation. Given that the current price of domestic gas will be close to the marginal cost of production for most players, a further fall in natural gas prices can lead to losses for these players. Ind-Ra notes there is a possibility for a formula revision or setting up of a floor price by the government to protect the domestic producers.

On the positive side, the end-consumers of compressed natural gas (CNG) and piped natural gas (PNG domestic) can benefit from the downward price revision, provided the benefit of lower domestic gas prices are passed on to the consumers. The revised price will translate into City Gas Distribution (CGD) entities lower costs of around INR1.4-INR1.5 per Standard Cubic Metre (SCM) on gas procurement. The PNG prices have been reduced by INR1/scm and CNG by INR1.4/kg in Delhi, post this gas price revision.

During April 2016-September 2016, the price of alternate fuel - diesel - increased by 8%, thus increasing the fuel competitiveness of CNG. Considering that the pricing power lies with the CGD entities, the quantum of benefit passed on to the consumers can vary across CGD entities, depending on their capex plans and investments surplus targeted by them. Analysing the historical price trends, Ind-Ra expects CGD entities to pass on between 40%-70% of the benefit to the end consumers, which is a price cut of around INR0.5/scm-INR1.0/scm in PNG prices and around INR0.7/kg-INR1.4/kg in CNG prices across CGDs.

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Paras Petrofils to hold AGM
Oct 07,2016

Paras Petrofils announced that the 25th Annual General Meeting(AGM) of the company on 30 September 2016.

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Seya Industries to hold EGM
Oct 07,2016

Seya Industries announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 1 November 2016 .

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Sumeet Industries to hold board meeting
Oct 07,2016

Sumeet Industries will hold a meeting of the Board of Directors of the Company on 17 October 2016.

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Abirami Financial Services (India) to hold board meeting
Oct 07,2016

Abirami Financial Services (India) will hold a meeting of the Board of Directors of the Company on 7 October 2016.

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