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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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India Ratings Downgrades IDBI Bank to IND AA; Outlook Negative
May 19,2017

The downgrade in the Long-Term Issuer Rating reflects the consistent drop in IDBIs share of systemic assets (domestic share of advances - 1HFY16: 3.0%; FY13: 3.5%) and liabilities (domestic share of deposits - 1HFY16: 2.8%; FY13: 3.2%) as the bank struggles with its asset quality challenges. The bank continues to grapple with a weak capital profile and the Reserve bank of Indias invocation of prompt corrective action framework would continue to weigh on its share of systemic assets and liabilities. The Negative Outlook reflects the high possibility of IDBI reporting its common equity tier 1 (9MFY17: 7.24%) below the minimum regulatory requirement (FY17: 6.75%) and continuously struggling with its core capitalisation level, both on an immediate and sustained basis, in the absence of a significant capital infusion from the government of India

The rating downgrade of AT1 bond and upper Tier II subordinated debt reflects the structural weakening of IDBIs standalone profile, likely elevated levels of credit costs, significant erosion of capital, limited visibility on capital infusion and the banks inability to timely garner equity capital by monetisation of its non-core assets. The downgrade of AT1 instrument also factors in weakening of IDBIs distributable reserve position which depleted to around 1.28% at end-December 2016 post accounting for nine-month losses, much lower than peers median of 4.50% for the same period.

For AT1 instruments, the agency considers discretionary component, coupon omission risk and write-down/conversion risk as key parameters to arrive at the rating. The agency recognises the unique going-concern loss absorption features that these bonds carry and differentiates them from the banks senior debt, factoring in a higher probability of an ultimate loss for investors in these bonds. The rating on AT1 bond reflects the banks standalone credit profile, along with its ability to service coupons and manage principal write-down risk over the Basel III transition period. Ind-Ra recognises that government support may be difficult to be relied upon by the holders of AT1 bonds considering loss absorption nature of these instruments.

In case the governments stake in IDBI drops below the majority level through a strategic divestment or otherwise, the credit profile of the bank will be reviewed on the basis of the transformation strategy and the strength of the strategic investors coming on board.

KEY RATING DRIVERS

Corporate Stress Yet to Completely Show Up: Ind-Ra expects IDBIs credit costs (9MFY17 (annualised): 369bp; FY16: 415bp) to remain significantly high over the medium term, on account of higher fresh slippages and provisioning requirements on the current stock of stressed corporates. According to Ind-Ra, the stock of stressed corporates with minimal provisioning remains high for IDBI. A substantially large portion of this exposure could slip to a substandard category over the next few quarters (including unsuccessful cases under strategic debt restructuring) which, along with the ageing impact of NPLs recognised under the asset quality review, would put significant pressure on its profit and loss statement. IDBI reported stressed assets to total loans ratio of 21.45% at end-December 2016 (FY16: 18.96%). IDBIs pre-provision profitability and capitalisation levels remain weak due to muted credit growth and the impact of interest rate reversals on its margins. Ind-Ra expects IDBIs net interest margins to remain under pressure, as more stressed assets start slipping into the non-performing category.

Large Capital Requirement Through FY19: IDBIs capitalisation is modest at 7.24% (prior to adjusting the losses in 9MFY17; FYE16: 7.98%), driven by losses and a substantial increase in risk weighted assets adjusting for nine-month loan growth, indicating accelerated deterioration of its asset quality. The banks risk weighted assets/net advances ratio at around 150% at end-March 2017 is the highest in the system. Ind-Ra believes IDBIs inability to grow at a decent pace would continue to put pressure on its operating buffers, limiting its ability to absorb the expected increase in credit costs and operating expenses. Considering the banks existing capitalisation level and structural weakness, it could remain under pressure on the capital front even after an equity infusion by the government in line with past allocation. IDBI will need to raise fresh equity from capital markets by diluting some of the governments shareholding and plan for significant capital raising under Basel III. Ind-Ra estimates IDBI would need INR91 billion of Tier I capital (assuming CAGR growth of 9% over FY18-FY19) to maintain a Tier I ratio of 10% (including a capital conservation buffer of 2.5%) by FYE19. IDBIs ability to raise sufficient growth capital, along with the governments equity infusion in the short term, will be a key monitorable for its standalone credit profile and instruments linked to it, such as AT1 bonds.

Deteriorating Standalone Profile: IDBIs standalone credit profile is weaker than its peers on account of its bleak operating and capital buffers. In 9MFY17, high credit costs and weak net interest margin continued to impact the banks profitability, while its CET1 ratio was modest at 7.24% (prior to adjusting the losses in 9MFY17). IDBI Banks dependence on bulk deposit remains higher than those of similar rated peers, with a 42% contribution to its total deposits as of December 2016 (December 2015: 45%). On the liquidity front, IDBIs cumulative one-year funding gap as a percentage of assets marginally improved to 22% in FY16 from 24% in FY15. At end-December 2016, IDBIs liquidity coverage ratio was 115.3%, higher than the current regulatory requirement of 80%.

RATING SENSITIVITIES

Negative: IDBIs Long-Term Issuer Rating could be further downgraded to Ind-Ras support floor for public sector banks if its share of systemic assets and liability continues to decline on a sustained basis.

The rating of AT1 instruments could be further downgraded if IDBI fails to raise sufficient equity capital or replenish distributable reserves in a timely manner. The ratings could also be downgraded in case of a significant (more than expected) decline in the asset quality is not buffered by timely support through equity infusions, leading to a consistent dilution in the banks capability to absorb losses.

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Sutlej Textiles jumps after board OKs stock split
May 19,2017

The announcement was made after trading hours yesterday, 19 May 2017.

Meanwhile, the S&P BSE Sensex was up 208.19 points, or 0.68% to 30,642.98.

On the BSE, 3,901 shares were traded in the counter so far, compared with average daily volumes of 1,629 shares in the past one quarter. The stock had hit a high of Rs 919 and a low of Rs 854.65 so far during the day. The stock hit a record high of Rs 956 on 27 April 2017. The stock hit a 52-week low of Rs 545 on 13 June 2016.

The stock had underperformed the market over the past one month till 18 May 2017, falling 3.12% compared with 3.74% rise in the Sensex. The scrip had also also underperformed the market in past one quarter, rising 4.86% as against Sensexs 6.91% rise.

The small-cap company has equity capital of Rs 16.38 crore. Face value per share is Rs 10.

Sutlej Textiles and Industries said that its board approved splitting each share of face value of Rs 10 each into 10 shares of face value of Re 1 each.

The board also approved raising Rs 500 crore by borrowings through placement of unsecured / secured, redeemable non-convertible debentures/ bonds, or any other permitted mode, for long term working capital requirements, growth plan, etc. The board has also considered approving all ancillary action for the above-mentioned fund raising, including obtaining shareholders approval for the same through requisite mode.

Sutlej Textiles and Industries net profit fell 34.6% to Rs 33.27 crore on 8.9% increase in net sales to Rs 597.67 crore in Q4 March 2017 over Q4 March 2016. The result was announced after trading hours yesterday, 19 May 2017.

Sutlej Textiles and Industries is an integrated textile manufacturing company.

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Cheviot Company plans buyback of shares
May 19,2017

Cheviot Company plans for buyback of ordinary shares of the Company. The Board of the Company will consider the same at meeting scheduled to be held on 24 May 2017.

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TeamLease Services gains after strong Q4 results
May 19,2017

The announcement was made after market hours yesterday, 18 May 2017.

Meanwhile, the S&P BSE Sensex was up 251.64 points, or 0.83% to 30,686.43.

On the BSE, 1,265 shares were traded in the counter so far, compared with average daily volumes of 6,183 shares in the past one quarter. The stock had hit a high of Rs 1,259.50 so far during the day, which is also a record high for the counter. The stock had hit a low of Rs 1,210.15 so far during the day. The stock hit a 52-week low of Rs 828.05 on 5 December 2016.

The stock had outperformed the market over the past one month till 18 May 2017, rising 14.05% compared with 3.74% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 36.99% as against Sensexs 6.91% rise.

The small-cap company has equity capital of Rs 17.10 crore. Face value per share is Rs 10.

Net profit was positively impacted by the tax benefits availed under section 80JJAA of the Income Tax Act, 1961 and deferred tax benefits availed from the recently acquired subsidiaries, TeamLease Services said in a statement.

Earnings before interest, tax, depreciation and amortization (EBITDA) rose 77% to Rs 14.7 crore in Q4 March 2017 over Q4 March 2016. This was achieved by way of margin expansion in general staffing and contribution from IT staffing during FY 2017.

TeamLease Services is one of Indias leading human resource service companies in the organized segment.

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Board of Tanla Solutions approves conversion of warrants
May 19,2017

The Board of Directors of Tanla Solutions at its meeting held on 18 May 2017 has approved allotment of 19,68,310 equity shares of Re 1 each on conversion of warrants to the promoters.

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TD Power Systems jumps after strong Q4 results
May 19,2017

The announcement was made after market hours yesterday, 18 May 2017.

Meanwhile, the S&P BSE Sensex was up 238.82 points, or 0.78% to 30,673.61.

On the BSE, 50,000 shares were traded in the counter so far, compared with average daily volumes of 76,084 shares in the past one quarter. The stock had hit a high of Rs 262 and a low of Rs 251.20 so far during the day.

The stock hit a 52-week high of Rs 271 on 15 May 2017. The stock hit a record low of Rs 155 on 7 March 2017.

The stock had outperformed the market over the past one month till 18 May 2017, rising 12.78% compared with 3.74% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 54.74% as against Sensexs 6.91% rise.

The small-cap company has equity capital of Rs 33.24 crore. Face value per share is Rs 10.

TD Power Systems is one of the leading manufacturers of AC Generators in the world with products in the output range of 1 MW to 200 MW for prime movers, such as steam turbines, gas turbines, hydro turbines, diesel engines, gas and wind turbines.

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Outcome of board meeting of Rama Phosphates
May 19,2017

The Board of Directors of Rama Phosphates at its meeting held on 18 May 2017 has approved the appointment of H D Ramsinghani as Vice Chairman and Joint Managing Director for a period of three years with effect from 01 June 2017. The Board has recommended a dividend of Rs 1 per share for FY 2017, subject to approval of shareholders.

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Indian Hume Pipe hits record high after strong Q4 numbers
May 19,2017

The result was announced after market hours yesterday, 18 May 2017.

Meanwhile, the S&P BSE Sensex was up 265.56 points, or 0.87% at 30,700.35. The S&P BSE Small-cap index was up 186.04 points, 1.21% at 15,547.60.

High volumes were witnessed on the counter. On the BSE, 46,000 shares were traded on the counter so far as against the average daily volumes of 5,752 shares in the past one quarter. The stock had hit a high of Rs 470 so far during the day, which is also its record high. The stock hit a low of Rs 451.80 so far during the day.

The stock had hit a 52-week low of Rs 160.50 on 25 May 2016. The stock had outperformed the market over the past one month till 18 May 2017, advancing 5.06% compared with the Sensexs 3.81% rise. The scrip had, however, underperformed the market over the past one quarter advancing 3.97% as against the Sensexs 6.91% rise.

The small-cap company has equity capital of Rs 9.69 crore. Face value per share is Rs 2.

Indian Hume Pipe Companys board recommended a final dividend of Rs 2.40 per share for the financial year ended March 2017.

Indian Hume Pipe Company is engaged in the business of providing integrated water supply schemes including manufacturing, laying and jointing of pipelines of various pipe materials which provide infrastructure facility for development of water supply and irrigation projects.

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Kelvin Fincap to hold board meeting
May 19,2017

Kelvin Fincap will hold a meeting of the Board of Directors of the Company on 26 May 2017.

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Universal Credit & Securities to hold board meeting
May 19,2017

Universal Credit & Securities will hold a meeting of the Board of Directors of the Company on 26 May 2017.

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Jindal Cotex to hold board meeting
May 19,2017

Jindal Cotex will hold a meeting of the Board of Directors of the Company on 30 May 2017.

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Ladderup Finance to hold board meeting
May 19,2017

Ladderup Finance will hold a meeting of the Board of Directors of the Company on 29 May 2017.

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Amit Securities to hold board meeting
May 19,2017

Amit Securities will hold a meeting of the Board of Directors of the Company on 30 May 2017.

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Nagreeka Exports to hold board meeting
May 19,2017

Nagreeka Exports will hold a meeting of the Board of Directors of the Company on 25 May 2017.

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RR Securities to hold board meeting
May 19,2017

RR Securities will hold a meeting of the Board of Directors of the Company on 30 May 2017.

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