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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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Australia Market ends highest in 19 months
Jan 03,2017

Australian share market ended at a 19-month high on the first trading day of the year, Tuesday, 03 January 2017, boosted by strong Chinese manufacturing data that indicated the economic rebound in Australias main trading partner remains intact. All ASX sectors inclined, exception being bullion counter, with financials and miners being major gainers. At the closing bell, the benchmark S&P/ASX 200 index inclined 67.40 points, or 1.19%, to 5733.20, while the broader All Ordinaries index added 65.50 points, or 1.15%, to close at 5784.60. The index climbed 7% in 2016, its best yearly performance since 2013, as gains in most commodity prices powered a bull run among miners.

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Sugar production touch 80.9 lakh tonnes in Oct-Sept SS2017
Jan 03,2017

The sugar production for 462 sugar mills in the country has touched 80.90 lakh tonnes of sugar, which is 0.4% higher as compared to last seasons production for the corresponding period. In 2015-16 SS, there were 481 sugar mills in operation on 31 December 2015 and they had produced 80.56 lakh tonnes of sugar till that date.

In Maharashtra, 147 sugar mills commenced crushing operations. As was generally expected, 25 of the mills have stopped crushing. These mills are mostly in the drought affected areas of Marathwada, Sholapur and Ahmednagar. As on 31 December 2016, 25.25 lakh tonnes of sugar have been produced in the State as against 33.70 lakh tonnes produced during the corresponding period last season when 169 mills were running. It is important to note that the mills in Kolhapur, Sangli, Satara and Pune, which were not as adversely impacted by drought, are crushing at almost similar levels like last year. The mills in these four regions generally contribute for almost 55-60% of Maharashtras production.

Barring some sugar mills in Marathwada and Solapur region where sugar recovery during the current season was low as compared to last season, sugar recovery % till 31 December 2016 was 10.52% as against 10.43% as on same date last year.

In Uttar Pradesh, 116 sugar mills are in operation and they have crushed 278 lakh tonnes of sugarcane and produced 27.40 lakh tonnes as on 31 December 2016, with an average recovery of 9.86%. Last year i.e. in 2015-16 SS, 113 sugar mills were in operation on 31 December 2015 and they crushed around 178 lakh tonnes of cane to produce 17.97 lakh tonnes of sugar at an average recovery of 10%. Sugar production this year in UP is higher by 52% as compared to last year same time.

56 sugar mills in Karnataka are in operation on 31 December 2016, who have produced 15.60 lakh tonnes of sugar, as compared to 15.94 lakh tonnes produced by 63 sugar mills in 2015-16 SS on 31 December 2015. As was expected, 5 mills have shut down operations in Karnataka on 31 December 2016. As compared to 40.5 lakh tonnes produced by Karnataka in last season, ISMA expects 31 lakh tonnes of sugar to be produced in the State this year.

In Gujarat, 20 sugar mills are operating during 2016-17 SS and they have produced 3.50 lakh tonnes of sugar till 31 December 2016. In 2015-16 SS, 19 sugar mills were in operation on 31 December 2015, who had produced 4.61 lakh tonnes of sugar till that date.

In Tamil Nadu, 25 sugar mills are in operation as on 31 December 2016 which has produced 1.25 lakh tonnes as compared to 1.01 lakh tonnes of sugar production by 25 mills as on 31 December 2015.

In Andhra Pradesh and Telangana, 24 sugar mills have produced 1.80 lakh tonnes of sugar till 31 December 2016 and this is 0.18 lakh tonnes less than the sugar produced by 25 mills in 2015-16 SS till 31 December 2015.

11 mills in Bihar have produced 1.50 lakh tonnes of sugar till 31 December 2016 as against 1.37 lakh tonnes produced by 11 mills in 2015-16 season as on 31 December 2015. Similarly, 14 mills in Haryana, 16 in Punjab, 17 mills in Madhya Pradesh & Chhattisgarh and 8 mills in Uttarakhand have together produced 4.45 lakh tonnes, as compared to 3.85 lakh tonnes produced on the corresponding date last year.

As per information gathered from the main sugar belt of Maharashtra viz. Kolhapur, Sangli and Satara, most of the sugar mills in these regions will continue their operations till end of March 2017, whereas mills in Pune and Ahmednagar are likely to operate till later part of February 2017. Average sugar recovery achieved by the mills of Maharashtra so far is more or less same as that of last year till December 2016. Early closures are mainly because of lower sugarcane production in some parts of Maharashtra, which have been accounted for while estimating sugar production from the State in the current year.

Ex-mill sugar prices which dropped by Rs. 2 to 3 per kilo since second week of November, 2016 have started improving and are now at the levels seen a couple of months back. These prices are just enough to cover the costs of production.

With lower offtake and sugar consumption in 2016-17, the sugar stocks at the end of the current season may be more, than being estimated earlier, by 5-10 lakh tonnes. However, one needs to do more analysis to arrive at the figure of estimated consumption.

ISMA will carry out its second advance estimate for sugar production in 2016-17, in later part of January, 2017, which will be based on satellite images. Trend of yields and recoveries up to January, 2017 would be considered. ISMA will review the same in its Committee Meeting on 25 January, 2017, and release its second advance estimate for 2016-17 sugar production on that date.

With higher cane price announced by State Governments like Uttar Pradesh, Punjab and Haryana, low sugar recovery being achieved in the States like Tamil Nadu, Andhra Pradesh etc. and lower capacity utilization in the drought affected States like Maharashtra, Karnataka, Telangana etc. the all India average cost of production of sugar during the current 2016-17 SS, will roughly be higher at around Rs. 35 to 36 per kilo (Rs. 2 per kilo higher than the previous years cost of production).

Sugar mills should be allowed to recover at least their costs during the current season, otherwise, they would not be in a position to make payments to farmers on time and would also not be in a position to repay the loans taken from Government of India including under SEFASU and soft loans, which are due to be repaid this year.

The first 3 months of the current season i.e. October-December 2016, has seen a big fall in sugar offtake. With weddings and family celebrations being at low key, and consumption of sugar sweetened products like biscuits, chocolates, beverages, ice creams etc. being lower due to lower availability of currency, there has been a demand destruction of almost 5 lakh tonnes of sugar. The offtake in October-December 2017 has therefore been significantly lower than last year.

Therefore, the sugar consumption in 2016-17 SS, earlier estimated to grow at 2% over last year, to 255 lakh tonnes, will be much lower. The offtake may thus be lower to even last years consumption of 248 lakh tonnes.

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RBI introduces Facility for Citizens and NRIs who were Abroad for Exchange of SBNs
Jan 03,2017

The Reserve Bank of India has introduced a facility of exchange of specified bank notes (SBNs) to give an opportunity to Indian citizens and non resident Indian (NRI) citizens who were abroad during November 9, 2016 to December 30, 2016.

Resident Indian citizens who were abroad during November 9, 2016 to December 30, 2016 can avail this facility upto March 31, 2017 and Non Resident Indian citizens who were abroad during November 9, 2016 to December 30, 2016 can avail this facility upto June 30, 2017.

While there is no monetary limit for exchange for the eligible Resident Indians, the limit for NRIs will be as per the relevant FEMA Regulations. They can avail this facility in their individual capacity once during the period on submission of ID documents, such as, Aadhaar number, Permanent Account Number (PAN) etc, and on submission of documentary evidence showing they were abroad during the period and, that they have not availed the exchange facility earlier, Customs certificate about import of SBNs by NRIs etc. No third party tender will be accepted under the facility.

On fulfilment of the terms and conditions and the genuineness of the notes tendered, admissible amount will be credited to the tenderers KYC compliant bank account.

The facility will remain open for residents from January 2, 2017 to March 31, 2017 and for NRIs from January 2, 2017 to June 30, 2017.

This facility will be available through Reserve Bank offices at Mumbai, New Delhi, Chennai, Kolkata, and Nagpur.

Indian citizens resident in Nepal, Bhutan, Pakistan and Bangladesh cannot avail this facility.

Any person, aggrieved by the decision of the Reserve Bank may prefer an appeal to the Central Board of the Reserve Bank within fourteen days of the communication of such refusal to him.

The facility has been introduced in terms of Section 4 (1) of the Specified Bank Notes (Cessation of Liabilities) Ordinance, 2016 of the Government of India dated December 30, 2016 read with Notification S.O. 4251(E) dated December 30, 2016.

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CSL Finance gets ratings assigned for bank facilities
Jan 03,2017

CSL Finance has received the rating of CARE BBB for Long Term bank facilities (Rs 10 crore) from CARE Ratings.

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Outcome of board meeting of Arnav Corporation
Jan 03,2017

Arnav Corporation announced that the Board of Directors of the Company at its meeting held on 03 January 2017 has transacted the following -

Appointment of following directors -
Ashish Patel as Joint Managing Director - Additional Executive Director
Ratish Tagdeas as Additional Executive Director
Leena Divianathan as Additional Non-Executive Director

Approved shifting of registered office to 802, Crystal Plaza, AG Link Road, Chakala, Andheri East, Mumbai 400 099.

The Board also decided to launch a basket of General Entertainment (GEC) 5 TV Channels including Hindi Movie Channel, Retro Songs Channel, Human Resources Channel, Wedding & Jewellery and Travel & Tours Channel.

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Dhanuka Agritech fixes record date for buyback of shares
Jan 03,2017

Dhanuka Agritech has fixed 13 January 2017 as the Record Date for the purpose of Buyback of Equity Shares.

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IL&FS Investment Managers completes acquisition of 86.61% of IL&FS Infra Asset Management
Jan 03,2017

IL&FS Investment Managers announced that subsequent to Securities and Exchange Board of India approval, the Company has acquired 86.61% stake of IL&FS Infra Asset Management and 100% stake of IL&FS AMC Trustee, in order to acquire the Infrastructure Debt Fund (IDF) business from IL&FS Financial Services.

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Board of JSW Holdings to consider Q3 results
Jan 03,2017

JSW Holdings announced that a meeting of the Board of Directors of the Company will be held on 23 January2017, inter alia, to consider, approve and take on record the Unaudited Financial Results (Provisional) of the Company for the Quarter and nine months ended on 31 December 2016 (Q3).

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NMDC fixed prices of Iron Ore
Jan 03,2017

NMDC has fixed the prices of Iron Ore with effect from 03 January 2017 as follows -

Lump Ore @ Rs 2225/- WMT
Fines @ Rs 1985/- WMT

Note - The above FOR prices are excluding Royalty, DMF, NMET, Cess, Forest Permit Fee etc.

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Board of TVS Electronics to approve December quarter results
Jan 03,2017

TVS Electronics announced that a meeting of the Board of Directors of the Company is scheduled to be held on 10 February 2017, inter alia, to consider and approve the Unaudited Financial Results of the Company for the quarter ended 31 December 2016.

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Board of Indag Rubber to consider Q3 and 9M results
Jan 03,2017

Indag Rubber announced that the meeting of the Board of Directors is scheduled to be held on 12 January 2017, to consider the financial results for the quarter and nine months ended 31 December 2016.

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Agenda of board meeting of Rachana Capital & Securities
Jan 03,2017

Rachana Capital & Securities announced the Board Meeting of the Company will be held on 10 January 2017, to consider the following:

1. New Name and Article of Association of the Company as per Companies Act, 2013.

2. Change of Main Object Clause of the Company to consider new business activities.

3. Appointment of New Company Secretary and Compliance Officer of the Company.

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EIH to announce Q3 and 9M results
Jan 03,2017

EIH announced that a meeting of the Board of Directors of the Company will be held on 23 January 2017, to approve the Unaudited Financial Results for the Quarter /Nine Months ended on 31 December 2016.

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RBI issues additional steps for Allocation of cash for rural areas
Jan 03,2017

On observing that bank notes, being supplied to rural areas, at present, are not commensurate with the requirements of rural population, and with a view to ensure that at least 40% bank notes are supplied to rural areas and to mitigate the issue in a more enduring manner, the banks maintaining currency chests are advised to take the following additional steps:

Distribution Channels and Proportion of currency flow

i. Banks should advise their currency chests to step up issuance of fresh notes to rural branches of RRBs, DCCBs and commercial banks, White Label ATMs in rural areas and post offices in rural areas on priority basis which are considered main rural channels of distribution.

ii. As the rural requirements could vary from district to district depending on variations in the rural and urban mix of each district in terms of relative shares in CASA deposits and number of deposit accounts, to facilitate a need based approach in this regard a certain percentage of allocation has been assigned to each district as per Annex 1 depending on the rural and urban mix.

iii. Accordingly, all Chests operating in a district must issue bank notes to the above mentioned distribution channels in the indicated proportion. The indicated proportion may be maintained on weekly average basis at each chest level as it may be difficult to stick to the proportion on daily basis.

Reporting for monitoring

iv. Currency chests must furnish daily issuances to the above categories to their Link Offices (LO) along with chest slips with a weekly summary as at close of business on every Friday. LOs should in turn forward it to the RBIs Regional Office concerned (reporting format annexed) to facilitate a review. It may be similar to the chest balances reporting mechanism. LOs may monitor the daily reports to avoid lumpiness in issuances and to ensure that issuances are evenly.

Denominational mix

v. Chests should issue bank notes in denominations of ₹ 500 and below. In particular ATMs, including WLAOs, may be issued ₹ 500s and ₹ 100s and among ATMs category, Off-site ATMs should be allocated higher proportion of cash as against on site ATMs as they are more important in last mile currency connectivity.

vi. Existing stock of other denominations notes below ₹ 100 should be issued liberally.

vii. Banks should indent for coins, obtain supply from Issue Departments of Reserve Bank of India, if required, and ensure supply to public on priority basis.

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Inditalia Refcon reports standalone net loss of Rs 0.05 crore in the December 2016 quarter
Jan 03,2017

Net Loss of Inditalia Refcon reported to Rs 0.05 crore in the quarter ended December 2016 as against net loss of Rs 0.03 crore during the previous quarter ended December 2015. There were no Sales reported in the quarter ended December 2016 and during the previous quarter ended December 2015.

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