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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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Over 60,000 persons, including 1300 high risk persons, identified for investigation into claims of excessive cash sales under CBDTs OCM
Apr 17,2017

Under the Operation Clean Money (OCM), more than 60,000 persons, including 1,300 high risk persons, have been identified for investigation into claims of excessive cash sales during the demonetisation period. More than 6,000 transactions of high value property purchase and 6,600 cases of outward remittances shall be subjected to detailed investigations under OCM. All the cases where no response is received shall also be subjected to detailed enquiries.

Extensive enforcement action has been taken by the Government including search and seizure and surveys largely based on the information received during the demonetisation period. More than 2,362 search, seizure and survey actions have been conducted by the Income Tax Department (ITD) during 9th November 2016 to 28th February 2017, leading to seizure of valuables worth more than Rs. 818 crore, which includes cash of Rs. 622 crore, and detection of un-disclosed income of more than Rs. 9,334 crore. More than 400 cases have been referred by ITD to the Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI). Surveys have been conducted in more than 3400 cases by Assessment Units.

The impact of Government action is already visible in the increase of 21.7 % in the returns of Income received in FY 2016-17, 16% growth in Gross Collection (the highest in the last five years), 14% Growth in Net Collection (the highest in last three years) and above 18%, 25% and 22% growth in Personal Income Tax, Regular Assessment Tax and Self-assessment Tax respectively.

The Income Tax Department (ITD) launched Operation Clean Money (OCM) on 31st January 2017 to leverage technology for e-verification of cash deposits made during the demonetization period i.e. 9th November to 30th December 2016. It is a unique operation being conducted by the Income-tax Department (ITD) through use of advanced data analytics allowing for optimization of government resources and causing minimum inconvenience to the taxpayers.

The First Phase of Operation Clean Money involved e-verification of cash deposits made in the banks. The entire phase was conducted online, wherein 17.92 lakh persons, who entered into cash transactions that did not appear to be in line with their tax profile, were identified and requested for on-line responses on such transactions. 9.46 Lakh persons responded on pre-defined parameters of sources of the cash deposits. Online queries were raised in 35,000 cases and on-line verification was completed in more than 7,800 cases. It has been decided to close the verification in cases where explanation of source of cash was found to be justified. In cases where the cash deposit has been declared under Pradhan Mantri Garib Kalyan Yojna (PMGKY), the verifications would also be closed.

The operation has now moved into the Second Phase with identification of high risk persons for detailed investigations by the Income Tax Department. The identification has been done through use of advanced data analytics, including integration of data sources, relationship clustering and fund tracking. The high risk categories identified include businesses claiming cash sales as the source of cash deposits which is found to be excessive compared to their past profile or industry norms; large cash deposits made by government or Public Sector Undertaking (PSU) employees; persons who have undertaken high value purchases; persons who have used shell entities for layering of funds; and where no responses were received.

One of the stated objectives of demonetisation was elimination of Black Money that casts a long shadow of parallel economy on our real economy. The OCM and the subsequent enforcement actions being undertaken by the ITD shall continue to achieve the goal set out by the Government. The opportunities created by demonetization is being used by the ITD for widening and deepening of the tax base and create deterrence, not seen before, and to curb generation of black money in the Indian economy. The complete exercise of examining all the doubtful and non-tax compliant accounts may take more than one year but with the help of technology and continuous enforcement action all the liable accounts will be brought to tax.

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IOL Chemicals rallies 20.9% in two sessions
Apr 17,2017

Meanwhile, the S&P BSE Sensex was up 17.95 points, or 0.06% at 29,479.40. The S&P BSE Small-cap index was up 59.99 points, 0.4% at 14,941.15.

On the BSE, 92,000 shares were traded on the counter so far as against the average daily volumes of 1.01 lakh shares in the past one quarter. The stock had hit a high of Rs 72.90 and a low of Rs 69.90 so far during the day.

The stock had hit a 52-week high of Rs 155.95 on 23 September 2016 and a 52-week low of Rs 58.95 on 12 April 2017. The stock had underperformed the market over the past one month till 13 April 2017, declining 26.66% compared with the Sensexs 1.78% rise. The scrip had also underperformed the market over the past one quarter declining 33.6% as against the Sensexs 8.16% rise.

The small-cap company has equity capital of Rs 56.21 crore. Face value per share is Rs 10.

Shares of IOL Chemicals & Pharmaceuticals have rallied 20.9% in two trading sessions from its close of Rs 60.30 on 12 April 2017, after the company announced after market hours on Wednesday, 12 April 2017 that it received EUGMP Certification from National Institute of Pharmacy and Nutrition, Hungary, for its product Ibuprofen, Lamotrigine, Metformin Hydrochloride confirming compliance with principals of Good Manufacturing Practices as provided by European Union Legislation.

This will facilitate the company to expand its product portfolio in the European market. The stock surged by the 10% upper circuit level to settle at Rs 66.30 on Thursday, 13 April 2017. The stock market was closed on Friday, 14 April 2017, for a holiday.

IOL Chemicals & Pharmaceuticals reported net profit of Rs 1.02 crore in Q3 December 2016, as against net loss of Rs 6.22 crore in Q3 December 2015. Net sales rose 27.9% to Rs 183.03 crore in Q3 December 2016 over Q3 December 2015.

IOL Chemicals & Pharmaceuticals is one of the leading generic pharmaceuticals companies and is significant player in the speciality chemicals space.

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Manaksia Industries slumps after weak Q4 results
Apr 17,2017

The result was announced on Saturday, 15 April 2017.

Meanwhile, the S&P BSE Sensex was down 12.64 points, or 0.04% to 29,448.81.

On the BSE, 1.35 lakh shares were traded in the counter so far, compared with average daily volumes of 26,452 shares in the past one quarter. The stock had hit a high of Rs 40.95 so far during the day, which is also a record high for the counter. The stock hit a 52-week low of Rs 3.20 on 9 May 2016.

The stock had outperformed the market over the past one month till 13 April 2017, rising 39.29% compared with 0.22% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 105.16% as against Sensexs 8.16% rise.

The small-cap company has equity capital of Rs 6.55 crore. Face value per share is Re 1.

Manaksia Industries net profit rose 45.79% to Rs 27.89 crore on 20.89% decline in net sales to Rs 124.50 crore in the year ended March 2017 over the year ended March 2016.

Manaksia Industries is engaged in the business of metal packaging products and aluminum semi rigid containers.

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(MoU) Signed Between NSFDC & Development Commissioner (Handlooms)
Apr 17,2017

The CMD, National Scheduled Castes Finance and Development Corporation (NSFDC) under Ministry of Social Justice and Empowerment and Development Commissioner (Handlooms) under Ministry of Textiles signed a Memorandum of Understanding (MoU). The objective of signing this MoU is to help Scheduled Caste weavers and their families by promoting production and marketing of high value quality Handlooms products at Block level Cluster in various States like Gujarat, Maharashtra, Rajasthan, Odisha etc.

Handlooms Sector is a part of Textile Industry, the second largest economic activity after agriculture. There are around 44 lakh Handloom weavers in the country out of which 3.90 lakh are Scheduled Caste Weavers. Under the cluster approach, new strategy for promoting production and marketing of high value quality handloom products shall be adopted to ensure more earnings of the Scheduled Caste Handloom Weavers.

In this endeavor, both the MoU signing parties shall popularize the schemes of DC (Handlooms) amongst the SC weavers through Awareness Programmes and advertisements in electronic/print media in SC weavers concentrated areas and collaborate for capacity building including skill upgradation and economic development of SC weavers and their families for achieving the desired outcome. Exhibitions/Fairs shall be organized by both the parties for providing marketing assistance to SC weavers for enhancing their earnings.

Both the parties shall also organize relevant skill development programmes for up-gradation of skills of the scheduled caste weavers in clusters and also for sharing knowledge and experience. This endeavour shall enable scheduled caste weavers to sharpen their skills for production and marketing of high value quality handloom products and better marketing linkages and therefore to have more income.

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Bajaj Corp slides after weak Q4 results
Apr 17,2017

The result was announced at the fag end of the trading session on Thursday, 13 April 2017. The market was shut on Friday, 14 April 2017, on account of public holiday.

Meanwhile, the S&P BSE Sensex was down 15.88 points or 0.05% at 29,445.57. The S&P BSE Mid-Cap index was up 22.96 points or 0.16% at 14,373.92.

On the BSE, 13,000 shares were traded on the counter so far as against the average daily volumes of 9,692 shares in the past one quarter. The stock had hit a high of Rs 410.35 and a low of Rs 397 so far during the day.

The stock had hit a 52-week high of Rs 436 on 10 October 2016 and a 52-week low of Rs 340 on 12 December 2016. It had outperformed the market over the past one month till 13 April 2017, advancing 16.85% compared with the Sensexs 1.78% rise. The scrip had also outperformed the market over the past one quarter gaining 11.51% as against the Sensexs 8.16% rise.

The mid-cap company has equity capital of Rs 14.75 crore. Face value per share is Rs 1.

Bajaj Corp is an FMCG company with major brands in hair care category.

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3.54 Crore SCS & OBCS Students Covered Under Digital Payment of 14 Scholarship Schemes
Apr 17,2017

14 scholarship schemes for Scheduled Castes and Other Backward Classes (OBCs) / Denotified, Nomadic and Semi-nomadic Tribes (DNTs) students covering 3.54 crore students are under digital payment. All Scholarship amount are released to students bank account and there is 60% Aadhaar seeding in SC student bank account. Educational Empowerment for SCs is through scholarships, hostels for students, coaching facilities, capital for creation/upgradation of premises, institution etc.

Ministry of Social Justice and Empowerment implements seven different types of scholarships, which include: Post and Pre-Matric Scholarships; Top Class Scholarship; National Overseas Scholarships; National Fellowship for Scheduled Castes administered by the UGC; Pre-Matric Scholarship for Children of those engaged in unclean occupations; Free Coaching for Scheduled Castes and OBCs (70: 30 ratio); and Upgradation of merit. The Government of India believes that Education for all is the key to empowerment. Nearly 54 % of Budget of the M/o SJ&E is incurred on scholarships for Scheduled castes.

Each branch of public sector banks has been assigned responsibility by the Finance Ministry to handhold at least one SC/ST youth, as an entrepreneur, to generate more employment among them.

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DCB Bank tumbles after weak Q4 results
Apr 17,2017

The result was announced on Friday, 14 April 2017. The market was shut on Friday, 14 April 2017, on account of public holiday.

Meanwhile, the S&P BSE Sensex was down 2.24 points, or 0.01% to 29,459.21.

On the BSE, 2.63 lakh shares were traded in the counter so far, compared with average daily volumes of 3.07 lakh shares in the past one quarter. The stock had hit a high of Rs 174 and a low of Rs 167.60 so far during the day. The stock hit a record high of Rs 183.40 on 12 April 2017. The stock hit a 52-week low of Rs 87.40 on 24 May 2016.

The stock had outperformed the market over the past one month till 13 April 2017, rising 9.34% compared with 0.22% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 45% as against Sensexs 8.16% rise.

The mid-cap company has equity capital of Rs 285.36 crore. Face value per share is Rs 10.

DCB Banks net profit rose 2.65% to Rs 199.68 crore on 21.2% rise in total income to Rs 2325.60 crore in the year ended March 2017 over the year ended March 2016.

The banks gross non-performing assets (NPAs) stood at Rs 254.20 crore as on 31 March 2017 as against Rs 227.93 crore as on 30 December 2016 and Rs 197.38 crore as on 31 March 2016.

The ratio of gross NPAs to gross advances stood at 1.59% as on 31 March 2017 as against 1.55% as on 31 December 2016 and 1.51% as on 31 March 2016.

The ratio of net NPAs to net advances stood at 0.79% as on 31 March 2017 as against 0.74% as on 31 December 2016 and 0.75% as on 31 March 2016.

The banks provisions and contingencies (excluding tax provisions) rose 24.51% to Rs 33.93 crore in Q4 March 2017 over Q4 March 2016.

DCB Bank is a new generation private sector bank with 262 branches across 18 states and 2 union territories.

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US stocks drop for third consecutive day
Apr 17,2017

US stocks fell on Thursday, 13 April 2017 to close at session lows, cementing a three-day losing streak and a decline for the holiday-shortened week as investors dealt with the start of earnings season and intensifying geopolitical jitters. The U.S. dropping the largest nonnuclear weapon in its arsenal on a complex of caves in Afghanistan did little to encourage traders into a buying mood, with stocks extending losses after reports of the bombing mission.

The Dow Jones Industrial Average fell 138.61 points, or 0.7%, to close at its session low at 20,453.25. The Nasdaq Composite fell 31.01 points, or 0.5%, to close at a session low of 5,805.15. The S&P 500 index dropped 15.98 points, or 0.7%, to its session low of 2,328.95. For the week, the Dow fell 1%, the S&P 500 dropped 1.1%, and the Nasdaq fell 1.2%.

11 of the indexs sectors finished lower, with energy and financial stocks among the largest decliners. Shares of Chevron and Caterpillar led declines.

JPMorgan Chase, Citigroup and Wells Fargo kicked off the earnings season on Thursday morning with some better than expected results. All three companies beat earnings expectations. Wells Fargos revenue fell short of forecasts, and the bank remains stuck in the spotlight for its recent sales-practices scandal. In the end, the financial sector finished the day solidly lower, but it was not the worst performing sector.

In recent days, trading has also been marked by concerns over the crisis in Syria and heightened tensions between the U.S. and North Korea.

In the latest economic data, weekly first-time jobless claims fell slightly in the latest week, dropping to 234,000. Separately, the producer-price index fell 0.1% in March, though core PPIn++which excludes food, energy, and traden++was up 0.1%.

Separately, a preliminary reading of consumer sentiment from the University of Michigan also came in at a reading of 98 in April from 96.9 in March, better than Wall Street expectations.

Bullion prices ended higher at Comex on Thursday, 13 April 2017. Gold and silver prices notched their third straight session climb on Thursday, bolstered as the U.S. dollar fell.

June gold advanced by $10.40, or 0.8%, to settle at $1,288.50 an ounce, with prices ending at their highest level since Nov. 4. For the week, the yellow metal gained roughly 2.5%, based on last Fridays settlement. Silver for May delivery climbed 21 cents, or 1.2%, to $18.51 an ounce.

Those prices were pulled higher, while the U.S. dollar was pushed down against most rivals late Wednesday after President Trump reportedly told that the U.S. currency n++is getting too strongn++ and he would prefer the Federal Reserve to keep interest rates low. The dollar touched a five-month low against the yen. The ICE Dollar declined to a roughly two-week low after Trumps comment, though pared some of those losses by the time gold settled.

A weaker greenback tends to lift prices for dollar-denominated commodities as it makes them cheaper for holders of other currencies to buy.

Oil prices posted a slight gain on Thursday, 13 April 2017 at Nymex notching a third consecutive weekly advance, as traders continued to weigh the prospects and timing for a balance between supply and demand in the market.

On Thursday, data revealed that the number of active U.S. oil rigs has climbed for a 13th week in a row, feeding concerns over growth in domestic crude output.

Crude oil for May delivery rose 7 cents, or 0.1%, to settle at $53.18 a barrel on the New York Mercantile Exchange. It settled 1.8% above last Fridays finish. Brent for June added 3 cents, or less than 0.1%, to $55.89 a barreln++up about 1.2% for the week. Still, prices spent much of Thursday wavering between slight losses and gains.

Trading volumes were light on Thursday, in advance of market closures in observance of Good Friday, and ahead of Easter.

On Monday, participants will receive April Empire Manufacturing at 8:30 ET, the April NAHB Housing Price Index at 10:00 ET, and April Net Long-Term TIC Flows at 16:00 ET.

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Rs.236.66 Crores Loans Sanctioned To 65 SC Entrepreneurs Under Venture Capital Fund Scheme FOR SCS Till Date
Apr 17,2017

The scheme of Venture Capital Fund for Scheduled Castes was launched in 2014-15 with unique feature of higher level of loans from Rs.50 lakhs to Rs.15 crores for SC entrepreneurs. Till date Loans amounting to Rs.236.66 crores to 65 Scheduled Caste entrepreneurs has been sanctioned in different areas including Solar Energy, Water treatment plants, Food processing and Beverages, Hotel etc. In 9 projects, beneficiaries have started repayment and the Scheme is also having multiplying effect on other SC entrepreneurs.

So far as the Skill Development is concerned, Training is undertaken by all State Governments under the Scheduled Caste Sub Plan and by National Scheduled Caste Finance and Development Corporation (NSFDC), National Safai Karamcharis Finance and Development Corporation (NSKFDC) and National Backward Classes Finance and Development Corporation (NBCFDC) given to 1.5 lakh beneficiaries from 2014-15 to 2016-17. 48.42% got wage/self-employment.

Under Entrepreneurship, over 17 lakh people have benefitted from subsidy given for loan taken for economic activities in the last three years under Scheduled Caste Sub Plan. Over 8.12 lakh beneficiaries have been given loans by the Corporations for entrepreneurships in the last three years.

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Reliance Power gains after Q4 results
Apr 17,2017

The result was announced on Friday, 14 April 2017. The stock market was shut on Friday, 14 April 2017, on account of public holiday.

Meanwhile, the S&P BSE Sensex was down 39.44 points, or 0.13% to 29,422.01.

On the BSE, 5.35 lakh shares were traded in the counter so far, compared with average daily volumes of 64.56 lakh shares in the past one quarter. The stock had hit a high of Rs 48.60 and a low of Rs 47.20 so far during the day.

The stock hit a 52-week high of Rs 56.45 on 26 July 2016. The stock hit a 52-week low of Rs 38.20 on 24 November 2016.

The stock had outperformed the market over the past one month till 13 April 2017, rising 0.96% compared with 0.22% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, rising 5.81% as against Sensexs 8.16% rise.

The large-cap company has equity capital of Rs 2805.13 crore. Face value per share is Rs 10.

The companys consolidated net profit rose 23.31% to Rs 1104.16 crore on 0.94% rise in net sales to Rs 10395.65 crore in the year ended March 2017 over the year ended March 2016.

Reliance Power on its own and through its subsidiaries has a large portfolio of power generation capacity, both in operation as well as capacity under development.

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Andhra Bank reviews MCLR rates
Apr 17,2017

Andhra Bank has reviewed the MCLR rates effective 15 April 2017 as under -

Overnight - 8.45%
One month - 8.50%
Three month - 8.55%
Six month - 8.60%
One year - 8.65%

Base rate and BMPLR are as follows -
Base Rate - 9.70%
BMPLR - 13.95%

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Bullions shine
Apr 17,2017

Bullion prices ended higher at Comex on Thursday, 13 April 2017. Gold and silver prices notched their third straight session climb on Thursday, bolstered as the U.S. dollar fell.

June gold advanced by $10.40, or 0.8%, to settle at $1,288.50 an ounce, with prices ending at their highest level since Nov. 4. For the week, the yellow metal gained roughly 2.5%, based on last Fridays settlement.

Silver for May delivery climbed 21 cents, or 1.2%, to $18.51 an ounce.

Those prices were pulled higher, while the U.S. dollar was pushed down against most rivals late Wednesday after President Trump reportedly told that the U.S. currency n++is getting too strongn++ and he would prefer the Federal Reserve to keep interest rates low. The dollar touched a five-month low against the yen. The ICE Dollar declined to a roughly two-week low after Trumps comment, though pared some of those losses by the time gold settled.

A weaker greenback tends to lift prices for dollar-denominated commodities as it makes them cheaper for holders of other currencies to buy.

In the latest economic data, weekly first-time jobless claims fell slightly in the latest week, dropping to 234,000. Separately, the producer-price index fell 0.1% in March, though core PPIn++which excludes food, energy, and traden++was up 0.1%.

Separately, a preliminary reading of consumer sentiment from the University of Michigan also came in at a reading of 98 in April from 96.9 in March, better than Wall Street expectations.

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Dr Reddys Lab advances as USFDA completes audit of plant
Apr 17,2017

The announcement was made on Friday, 14 April 2017. The market was shut on Friday, 14 April 2017, on account of public holiday.

Meanwhile, the S&P BSE Sensex was down 62.23 points or 0.21% at 29,399.22.

On the BSE, 30,000 shares were traded on the counter so far as against the average daily volumes of 43,992 shares in the past one quarter. The stock had hit a high of Rs 2,721.95 and a low of Rs 2,696.15 so far during the day.

The stock had hit a 52-week high of Rs 3,689 on 20 July 2016 and a 52-week low of Rs 2,560 on 22 March 2017. It had underperformed the market over the past one month till 13 April 2017, sliding 2.88% compared with the Sensexs 1.78% rise. The scrip had also underperformed the market over the past one quarter declining 11.45% as against the Sensexs 8.16% rise.

The large-cap company has equity capital of Rs 82.87 crore. Face value per share is Rs 5.

Dr Reddys Laboratories (DRL) announced that the audit of its API Srikakulam plant in Andhra Pradesh by the US Food and Drug Administration (USFDA) was completed on Friday, 14 April 2017, with no observations.

Dr Reddys Laboratories consolidated net profit fell 15.9% to Rs 492.30 crore on 6.6% fall in net sales to Rs 3706.50 crore in Q3 December 2016 over Q3 December 2015.

Dr Reddys Laboratories is an integrated global pharmaceutical company.

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Western India Shipyard allots shares and warrants to Bermaco Energy
Apr 17,2017

Western India Shipyard announced that the Share Allotment Committee approved the allotment of 9,25,00,000 equity shares of the Company to Bermaco Energy at face value of Rs. 2 (at par) each fully paid-up, for which the Company has received an amount of Rs.18.50 crore.

The Share Allotment Committee also approved the allotment of 3,25,00,000 warrants of the Company to Bermaco Energy at face value of Rs.2 (at par) each, aggregating to Rs.6.50 crore, convertible into equivalent number of equity shares within a period of 18 months, for which the Company has received an amount of Rs.1.62 crore, being 25% of the aggregate consideration towards the warrants. The shares issued and the shares arising on conversion of the warrants are subject to lock in of one year from the date of allotment of the shares. dated 31 March 2017 received from BSE.

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Bhansali Engineering Polymers fixes record date for final dividend
Apr 17,2017

Bhansali Engineering Polymers has fixed record date of 08 July 2017 for payment of final dividend.

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