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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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Mastek intimates of acquisition of US based TAISTech
Jan 05,2017

Mastek announced that its US step down subsidiary, Digility Inc., has acquired US based leading digital commerce solutions provider, TAISTech.

TAISTech is a digital commerce services leader that provides strategic consulting, large-scale commerce implementations and support for the Oracle Commerce and Oracle Commerce Cloud applications. Inaddition, TAISTech also provides omnichannel strategy, creative design, mobile app development, ongoing maintenance and training. TAISTech, with revenues close to $30M, has posted steady growth of 15 % CAGR over the past four years in the US market and has been exploring aggressive expansion plans into LATAM and Europe.

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SIDBI and LIC jointly signs agreements with 7 Venture Funds under SIDBI - LIC MOU
Jan 05,2017

In a bid to boost the venture capital ecosystem for MSMEs in the country Small Industries Development Bank of India (SIDBI) has tied up with Life Insurance Corporation of India (LIC) for augmenting the capital support to enterprises in the country. Under Fund of Funds operations, SIDBI operates various Funds viz. India Aspiration Fund with corpus of Rs.2000 crore, ASPIRE Fund with corpus of Rs.60 crore and Fund of Funds for Startups (FFS) with corpus of Rs.10,000 crore.

During April 2016, Small Industries Development Bank of India (SIDBI) and Life Insurance Corporation of India (LIC) had signed Memorandum of Understanding to supplement funds under India Aspiration Fund The MoU with LIC was launched in the presence of then Minister of State for Finance, Shri Jayant Sinha in Mumbai. Under the MoU, LIC has earmarked an amount of Rs.200 Crore for investment. Under the MOU, as part of first phase, LIC and SIDBI have signed Contribution Agreements on January 03, 2017 in New Delhi with 7 Venture Capital Funds (VCFs), with an aggregate commitment of Rs.99.50 Crore from LIC. This is over and above commitment of Rs.162.75 crore already given to these funds by SIDBI.

In order to bring in more professional outlook, SIDBI constituted a Venture Capital Investment Committee (VCIC) comprising experts.

There has been major upsurge in the activity during the current year as seen through growth in sanctions under Fund of fund operations. Commitments made by SIDBI in FY2015 and 2016 were- Rs.314.40 (11 funds) and 606.75 crores (19 funds) respectively. Compared to this, during the current year, SIDBI has so far accorded formal sanction already to 20 Alternative Investment Funds with aggregate commitments of Rs 714 crore. In addition there are further cases cleared by VCIC which are under detailed appraisal and due diligence. It may be pertinent to note that after constitution of VCIC in July 2015, out of 40 cases recommended by VCIC, 32 funds have already been given final sanction by SIDBI for an aggregate commitment of Rs. 1006.75 crores out of which 19 funds had announced first closing and have commenced investments.

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Board of Hil to consider December quarter results and interim dividend
Jan 05,2017

Hil announced that the Meeting of Board of Directors of the Company is scheduled to be held on 16 January 2017, inter alia, to consider and take on record the following:

1. To approve Un-audited financial results of the Company for the quarter ended 31 December 2016 and

2. To consider and approve declaration of Interim Dividend for the Financial Year 2016-17, if any.

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Rupee sustains gain
Jan 05,2017

Rupee closed higher at 67.9579/9720 per dollar on Thursday (05 January 2017), versus its previous close of 68.0499/0700 per dollar.

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Vakrangee achieves long term debt free status
Jan 05,2017

Vakrangee has achieved a long term debt free status through early repayments of all the outstanding long term credit facilities sanctioned to it. Achieving long term debt free status is in line with the long term growth strategy with respect to Vision 2020 of the company.

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Gayatri Projects intimates of registration of Trademark and Copyright
Jan 05,2017

Gayatri Projects has got registration of its copyright of artistic label and trademark GAYATRI.

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Infra Industries completes sale and transfer of land
Jan 05,2017

Infra Industries announced that in connection with the letter dated 25 May 2016 & pursuant to the approval of shareholders vide postal ballot dated 02 July 2016 the Company has sold and transferred its Land situated at Survey No. 147/2B & 147/3 GST Road, Pukkathurai Village, Madurantakam Taluk, Kancheepuram- 603308 to Sri Krishna works and Sri Krishna Fabricators India.

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Board of Bobshell Electrodes appoints company secretary
Jan 05,2017

Bobshell Electrodes announced that the Board of Directors vide its resolution dated 08 December 2016 have appointed Shilpi Kamleshbhai Shethwala as a Company Secretary of the Company with effect from 08 December 2016.

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Wockhardts Ankaleshwar facilities gets EU GMP certificate
Jan 05,2017

Wockhardt announced that competent authority, Berlin, Germany has since issued EU GMP Certificate confirming that Companys manufacturing facility at 138, GIDC Estate, Ankaleshwar, Gujarat, complies with the principles and guidelines of Good Manufacturing Practices. The Certificate issued in this regard is valid for 3 years.

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GEE enters into Memorandum of agreed terms with Cliff Conwell LLP
Jan 05,2017

GEE has entered into a Memorandum of agreed terms with Cliff Conwell LLP on 05 January 2017 to set up a private IT park. GEE and Cliff Conwell LLP shall form an LLP to be named as GEE Tropical Infrastructure LLP. GEE shall transfer the developmental rights of its land situated at Plot No. E1, Road No. 7, Wagle Industrial Estate, Thane (W) to the proposed LLP. GEE shall bring development rights with agreed value at Rs 69.50 crore and Cliff Conwell LLP to introduce equity capital as its contribution in phased manner. The final agreement would take place after the commencement of financial year 2017-18.

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MCX Launches Castor Seed Futures
Jan 05,2017

Multi Commodity Exchange of India (MCX), launched a futures contract in Castor Seed, after receiving approval for the same from the Securities and Exchange Board of India. With this launch, MCX has added another contract to its agri-commodities products suite, in the oil and oilseeds complex.

The exchange has currently launched February, March, April and May 2017 contracts in Castor Seed, with 10 MT as the trading unit and Deesa (Gujarat) as the basis centre. Besides, in order to cater to the demand of a wide and diverse participants group, MCX has decided to levy a flat transaction charge of 50 paise per one lakh rupees of transaction, the lowest in any commodity levied by the Exchange.

The response to this new contract has been quite satisfactory with traded volumes and Open Interest clocking 6050 tons and 1300 tons respectively, till the time of going to the Press.

India is the leader in global Castor Seed production and the country dominates international Castor Oil trade, meeting more than 80% of global demand of castor oil. Indias export of Castor oil and derivatives are estimated to be over Rs.3,000 crores per annum, with indispensable usage in several industries like cosmetics, surface coatings, toiletries, pharmaceuticals, perfumes, soaps, lubricating formulations and medicines. By also meeting the hedging requirements of castor oil exporters and those connected to its exports, MCX Castor Seed Futures would fill in a critical gap in Indias agri exports, playing its part in the Governments Make in India initiative.

Mr. Mrugank Paranjape, MD and CEO, MCX said, n++The decision to launch Castor Seed futures contracts was made to cater to the need of the stakeholders of Castor Seed, particularly those from the physical market of this crop, for a reliable instrument for price discovery and risk management. With India dominating the global castor oil trade and rising volumes of production of Castor Seeds commensurate with an increasing trend in exports of its extract, there was a need felt for an effective instrument for hedging and appropriate price discovery, which the MCX Castor Seeds futures would address. Given the proven soundness of our Risk Management System and robustness of MCXs technology backbone, we are confident that all stakeholders of Castor Seed would find hedging their price risks on the MCX platform a superior economic proposition.n++

Mr. Atul Chaturvedi, President, Solvent Extractors Association said, n++We are very glad that SEBI has permitted Commodity Exchanges to launch contract in Castor Seed futures, which we have been looking forward to, especially after futures contract in this commodity became unavailable since last year. Businesses like ours are significantly exposed to castor oil price movements and our bottomlines are often adversely affected by the uncertainty and volatility of its prices.n++

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Indo Borax & Chemicals to resume production operations at Pithampur plant
Jan 05,2017

Indo Borax & Chemicals announced that the Company will restart production activity from Pithampur plant from 06 January 2017.

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Piramal Enterprises provides update on subsidiary - Piramal Finance
Jan 05,2017

Piramal Enterprises announced that the Companys wholly owned subsidiary, Piramal Finance (PFL) is in the business of providing financial services.

In line with the Companys growth plans, PFL will now be making an application to the National Housing Bank (NHB) for incorporating a Housing Finance Company (HFC) as its subsidiary. This has been approved by the Companys Board of Directors at its meeting held on 05 January 2017.

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Idea Celluar shifts corporate office
Jan 05,2017

Idea Celluar has shifted its Corporate Office to 9th to 12th Floor, Birla Centurion, Century Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai - 400030 with effect from 09 January 2017.

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G E Power India secures contract worth Rs 198.8 crore
Jan 05,2017

G E Power India has been awarded a contract by NTPC ALSTOM Power Services (a 50:50 JV between NTPC and GE) of approximately Rs 198.8 crore (approximately USD 29.22 million) for steam turbine upgrade project at NTPCs Ramagundam Super Thermal Power plant in the State of Telangana. The Companys scope of work consists of supply of Steam Turbine Module, its auxillaries, Turbine controller and spares including supervision of erection, commissioning and testing.

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