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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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Steel Authority of India gets revision in credit ratings
Jan 03,2017

Steel Authority of India has received revision in credit ratings from CARE as follows -

Long term bond programme-I (Rs 4323 crore) - CARE AA; Negative (Revised from CARE AA+)

Long term bond programme-II (Rs 3000 crore) - CARE AA; Negative (Revised from CARE AA+)

Long term bond programme-III (Rs 6000 crore) - CARE AA; Negative (Revised from CARE AA+)

Long term bond programme-IV (Rs 2000 crore) - CARE AA; Negative (Revised from CARE AA+)

Proposed long term bond programme-V (Rs 2000 crore) - CARE AA; Negative (Assigned)

Proposed long term Public Deposit programme (Rs 1000 crore) - CARE AA; Negative (Revised from CARE AA+)

Short term CP/ CD programme (Rs 8000 crore) - CARE A1+ (Reaffirmed).

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Board of Vindhya Telelinks approves proposal for private placement of NCDs upto Rs 150 cr
Jan 03,2017

Vindhya Telelinks announced that the Board of Directors of the Company at its meeting held on 03 January 2017, have approved the proposal for issuance of Bonds/Redeemable Non-convertible Debentures (NCDs)/other Debt Securities on private placement basis, in one or more tranches, aggregating upto Rs. 150 crore subject to approval of members through postal ballot.

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Board of Vindhya Telelinks approves proposal for private placement of NCDs upto Rs 150 cr
Jan 03,2017

Vindhya Telelinks announced that the Board of Directors of the Company at its meeting held on 03 January 2017, have approved the proposal for issuance of Bonds/Redeemable Non-convertible Debentures (NCDs)/other Debt Securities on private placement basis, in one or more tranches, aggregating upto Rs. 150 crore subject to approval of members through postal ballot.

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Board of MPIL Corporation to consider Q3 and 9M results
Jan 03,2017

MPIL Corporation announced that a meeting of the Board of Directors of the Company is scheduled to be held on 11 January 2017, inter alia, to consider and take on records the Un-audited Financial Results of the Company for the quarter / nine months ended 31 December 2016.

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Vindhya Telelinks appoints compliance officer
Jan 03,2017

Vindhya Telelinks has appointed Raj Kumar Agarwal, Vice President (Commercial) & Secretary, a whole-time Key Managerial Personnel as the additional Compliance Officer for the purpose of Regulation 30(5).

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Kirloskar Oil Engines to announce Q3 and 9M results
Jan 03,2017

Kirloskar Oil Engines announced that a meeting of the Board of Directors of the Company will be held on 25 January 2017, inter alia, to consider and approve un-audited financial results of the Company for the quarter and nine months ended 31 December 2016.

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Remsons Industries received Rs 1.12 crore against insurance claims
Jan 03,2017

Remsons Industries provided update on developments with reference to the disruption in the operations at the Companys factories located at Goodluck House, Survey No. 729/1, Ringanwada, Village Dabhel, Daman - 396210 and Survey No. 146, Paria Road, Village - Khadki, Pardi-396121 at Gujarat. The Company intimated the quantum of damage at Rs 1.29 crore and has filed the same with the Insurance Company. The Insurance has released Rs 1.12 crore as full and final payment against the said estimate amount of damage. The plant is returning to normalcy in phases since 04 August 2016. The financial loss is Rs 17.25 lakh.

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Crompton Greaves Consumer Electricals to announce December quarter results
Jan 03,2017

Crompton Greaves Consumer Electricals announced that the meeting of Board of Directors of the Company is scheduled to be held on 24 January 2017, inter alia, to consider the standalone unaudited financial statement for the quarter ended 31 December 2016.

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IL&FS Transportation Networks leads gainers in A group
Jan 03,2017

IL&FS Transportation Networks jumped 10.74% to Rs 114.50 at 12:30 IST. The stock topped the gainers in the BSEs A group. On the BSE, 3.54 lakh shares were traded on the counter so far as against the average daily volumes of 91,000 shares in the past two weeks.

Sintex surged 7.12% at Rs 80.50. The stock was the second biggest gainer in A group. On the BSE, 9.51 lakh shares were traded on the counter so far as against the average daily volumes of 2.66 lakh shares in the past two weeks.

Gati rose 6.37% to Rs 123.65. The stock was the third biggest gainer in A group. On the BSE, 6.41 lakh shares were traded on the counter so far as against the average daily volumes of 1.37 lakh shares in the past two weeks.

Titan Company gained 5.82% at Rs 352.85. The stock was the fourth biggest gainer in A group. On the BSE, 1.92 lakh shares were traded on the counter so far as against the average daily volumes of 12.06 lakh shares in the past two weeks.

Titan Company said that Q3 December 2016 started off on a high of the festive season and long awaited resurgence of the consumer sentiment. Titan said it had one of its best festive seasons in the last few years with both Tanishq and Watches performing well above expectations.

Srei Infrastructure Finance rose 5.46% to Rs 82.10. The stock was the fifth biggest gainer in A group. On the BSE, 2.42 lakh shares were traded on the counter so far as against the average daily volumes of 0.76 lakh shares in the past two weeks.

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BPCL gains on foreign brokerage buy call
Jan 03,2017

Meanwhile, the S&P BSE Sensex was up 73.94 points or 0.28% at 26,669.39.

On the BSE, 1.10 lakh shares were traded on the counter so far as against the average daily volumes of 1.33 lakh shares in the past one quarter. The stock had hit a high of Rs 657 and a low of Rs 636.50 so far during the day.

The stock had hit a record high of Rs 694.75 on 18 October 2016 and a 52-week low of Rs 366.10 on 23 February 2016. It had outperformed the market over the past one month till 2 January 2017, advancing 4.62% compared with the Sensexs 1.39% rise. The scrip had also outperformed the market over the past one quarter gaining 4.17% as against the Sensexs 4.56% fall.

The large-cap company has equity capital of Rs 1446.17 crore. Face value per share is Rs 10.

BPCLs net profit rose 26.2% to Rs 1305.18 crore on 3.4% decline in net sales to Rs 44646.41 crore in Q2 September 2016 over Q2 September 2015.

BPCL is a state-run oil refining-cum-marketing company. The Government of India held 54.93% stake in BPCL (as per the shareholding pattern as on 30 September 2016).

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GE Shipping gains after signing contract to buy 2 Suezmax Crude Carriers
Jan 03,2017

The announcement was made after market hours yesterday, 2 January 2017.

Meanwhile, the S&P BSE Sensex was up 70.36 points or 0.26% at 26,665.81.

On the BSE, 3,143 shares were traded on the counter so far as against the average daily volumes of 19,922 shares in the past one quarter. The stock had hit a high of Rs 375 and a low of Rs 368.55 so far during the day.

The stock had hit a 52-week high of Rs 397.60 on 1 November 2016 and a 52-week low of Rs 275 on 2 March 2016. The stock had outperformed the market over the past one month till 2 January 2017, advancing 2.74% compared with the Sensexs 1.39% rise. The scrip also outperformed the market over the past one quarter rising 4.38% as against the Sensexs 4.56% fall.

The mid-cap company has equity capital of Rs 150.78 crore. Face value per share is Rs 10.

GE Shipping Company said that the company has signed contract to buy 2 Suezmax Crude Carriers of about 1.57 lakh deadweight tonnage (dwt) each. The 2010 and 2011 vessels are expected to join the companys fleet in Q4 March 2017.

The companys current fleet stands at 38 vessels, comprising 24 tankers (7 crude carriers, 15 product tankers, 2 LPG carriers) and 14 dry bulk carriers (1 Capesize, 7 Kamsarmaxes, 6 Supramaxes) with an average age of 9.89 years aggregating 2.94 million dwt. It also has 2 secondhand Aframaxes, 1 secondhand Suezmax and l newbuilding Kamsarmax on order. After delivery of these 6 contracted vessels, the company will have a fleet of 44 vessels.

On a consolidated basis, G E Shippings net profit fell 23.99% to Rs 268.75 crore on 21.12% decline in net sales to Rs 794.51 crore in Q2 September 2016 over Q2 September 2015.

G E Shipping has two main business: shipping and offshore. The shipping business is involved in transportation of crude oil, petroleum products, gas and dry bulk commodities. The offshore business services to the oil companies in carrying out offshore exploration and production activities, through its subsidiary Greatship (India).

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Aban Offshore edges higher after completing stake sale in two subsidiaries
Jan 03,2017

The announcement was made after market hours yesterday, 2 January 2017.

Meanwhile, the BSE Sensex was up 76.39 points, or 0.29%, to 26,675.33.

On the BSE, so far 2.15 lakh shares were traded in the counter, compared with average daily volumes of 5.7 lakh shares in the past one quarter. The stock had hit a high of Rs 239.60 and a low of Rs 233.50 so far during the day. The stock had hit a 52-week high of Rs 286 on 25 October 2016. The stock had hit a 52-week low of Rs 142.50 on 12 February 2016.

The stock had underperformed the market over the past one month till 2 January 2017, falling 4.89% compared with Sensexs 1.39% rise. The scrip had, however, outperformed the market in past one quarter, rising 17.8% as against Sensexs 4.56% decline.

The small-cap company has equity capital of Rs 11.67 crore. Face value per share is Rs 2.

Aban Offshore announced that it has completed the sale of 59% equity shares held by Aban Offshore in Aban Green Power Private Limited and Radhapuram Wintech Private Limited - subsidiaries of Aban Offshore.

Aban Offshores board of directors at a meeting held on 29 September 2016, had approved the sale of 59% of equity shares held by Aban Offshore in Aban Green Power Private Limited and Radhapuram Wintech Private Limited. The stake was bought by Haryana Aban Power Company, a part of the promoter group companies.

Aban Offshore also completed the acquisition of 49% equity shares in Aban Drilling Services Private Limited. Aban Offshores committee of directors on 16 December had decided to invest 49% in the equity shares of Aban Drilling Services Private Limited to explore opportunity in deep water drilling.

On a consolidated basis, Aban Offshore reported net loss of Rs 274.74 crore in Q2 September 2016 as against net profit of Rs 59.56 crore in Q2 September 2015. Net sales declined 59.7% to Rs 399.01 crore in Q2 September 2016 over Q2 September 2015.

Aban Offshore owns and operates several offshore drilling rigs, drill ships, and a floating production facility.

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Board of Trident to consider 2nd interim dividend for FY 2017
Jan 03,2017

Trident announced that Board of Directors of the Company shall consider 2nd interim dividend on the Equity Share Capital of the Company for the financial year 2016-17 in its meeting scheduled to be held on 18 January 2017.

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Government realizes Rs.21,432.38 crore, by end-November 2016, through CPSEs disinvestment receipts
Jan 03,2017

Following are the major reform measures, policy initiatives and achievements of the Department of Investment and Public Asset Management (DIPAM), Ministry of Finance:

A. Disinvestment Target and Achievements during 2016-17

The disinvestment target for the Current Financial Year 2016-17 has been estimated at Rs.56,500 crore comprising Rs.36,000 crore from disinvestment of CPSEs and Rs.20,500 crore from strategic disinvestment.

During the current financial year 2016-17, the Government has so far realized Rs.23528.73 crore, which include Rs.21,432.38 crore through minority stake sale in 14 CPSEs and Rs. 2096.35 crore through strategic disinvestment. The total realization of Rs. 21,432.38 crore, by end-November 2016 through CPSEs disinvestment receipts, constitutes around 59.53 per cent of the Budgeted Target of Rs. 36,000 crore (CPSEs disinvestment).

B. Reform Measures and Policy Initiatives:

(a) Steps taken to accelerate the disinvestment process:

The Department has taken following measures to accelerate the disinvestment process:

(i) Replacing annual plan with rolling plans.

(ii) Creating a pipeline of proposals for CPSEs to take advantage of better market condition without any loss of time.

(iii) Fast tracking of approval process.

(iv) Disinvestment programme made more inclusive by following an approach to reserve 20 per cent of shares on PSUs-OFS transactions for retail investors on a case to case basis.

(v) Based on the suggestion made by the Department, SEBI has reduced the notice period for an OFS transaction from T-2 to T-1 (T being the transaction day). This will help in minimizing the possibility of price hammering between the notice day and the transaction day and suitably protecting the interest of retail investors by providing them sufficient time to participate in the OFS transaction.

(b) Restructuring and re-naming the Department to comprehensively manage the Governments investment in PSUs as DIPAM

(i) The Union Finance Minister has underlined the need for adopting a comprehensive approach to efficiently manage its investment in CPSEs as highlighted in Para 89 of his Budget Speech of 2016-17 as below:

n++We will adopt a comprehensive approach for efficient management of Government investment in CPSEs by addressing issues such as capital restructuring, dividend, bonus shares, etc. The Department of Disinvestment is being re-named as the Department of Investment and Public Asset Management (DIPAM)n++

(ii) In the light of the announcement made, the Department has been re-named as Department of Investment and Public Asset Management (DIPAM) which is in line with focus of the Government on management of its investment in Central Public Sector Enterprises (CPSEs) for accelerating economic development as well as augmenting the Government resources for higher expenditure. It also underlines the Governments recognition of its investment in CPSEs as an important asset for accelerating economic growth and commitment to efficient use of its resources to achieve a better return on its investment in CPSEs.

(iii) As announced in the Budget, guidelines on n++Capital Restructuring of CPSEsn++ have also been issued by this Department on 27th May, 2016. These guidelines supersede all previously issued guidelines by various Ministries/Departments from time to time and comprehensively deal with the inter-related issues on payment of dividend, buy back of shares, issue of bonus shares and splitting of shares. The focus of these guidelines is on optimum utilization of funds by CPSEs/Government to spur economic growth.

C. The major achievements/highlights in respect of disinvestment of CPSEs are as under:

(i) NHPC OFS

CCEA in its meeting held on 10.09.2014 approved 11.36 per cent disinvestment in NHPC out of GoI shareholding of 85.96% per cent, through an OFS. The OFS took place on 27.04.2016 & 28.04.2016. The Government realised an amount of Rs.2,716.55 crore.

(ii) MOIL Buyback

The Alternative Mechanism in its meeting held on 07.06.2016 approved participation of Government in Buyback of shares by MOIL. The MOIL buyback offer opened on 19.09.2016 and closed on 30.09.2016. The Government realised an amount of Rs.793.87 crore.

(iii) NMDC Buyback

The Alternative Mechanism in its meeting held on 07.06.2016 approved participation of Government in Buyback of shares by NMDC. The NMDC buyback offer opened on 19.09.2016 and closed on 30.09.2016. The Government realised an amount of Rs.7,519.15 crore.

(iv) BEL Buyback

The Alternative Mechanism in its meeting held on 05.08.2016 approved participation of Government in Buyback of shares by BEL. The BEL buyback offer opened on 06.10.2016 and closed on 21.10.2016. The Government realised an amount of Rs.1,802.60 crore.

(v) NTPC Employee OFS -

NTPC Employee OFS was opened on 27.06.2016 and closed on 05.07.2016. The Government realised an amount of Rs.203.78 crore.

(vi) NHPC Employee OFS

NHPC Employee OFS was opened on 04.11.2016 and closed on 11.11.2016. The Government realised an amount of Rs.21.27 crore.

(vii) DCIL Employee OFS

DCIL Employee OFS was opened on 31.10.2016 and closed on 15.11.2016. The Government realised an amount of Rs.0.93 crore.

(viii) NALCO OFS

CCEA in its meeting held on 19/02/2015 approved disinvestment of 10 per cent paid up equity of National Aluminium (NALCO) out of Government of Indias shareholding of 80.93 per cent through Offer for Sale (OFS). The Legal Advisers and Merchant Bankers have been appointed and non deal road shows are being conducted.

(ix) Buyback of shares by NALCO

Board of NALCO in its meeting held on 25th May, 2016 recommended buyback of fully paid equity shares not exceeding 64,43,09,628 (of face value Rs. 5 each) at price of Rs. 44/- per share. Government of India also participated in said buyback. On this account, GoI received an amount of Rs. 2831.71 crore and its share holding came down to 74.57 per cent, from 80.93 per cent prior to buyback.

(x) HCL OFS

CCEA in its meeting held on 13/05/2015 had approved disinvestment of 15 per cent paid-up equity of Hindustan Copper (HCL) out of Government of Indias shareholding of 89.95 per cent through Offer for Sale (OFS). In first tranche, disinvestment of 7 per cent paid-up equity capital of HCL through OFS method was held on 29/09/2016 & 30/09/2016. A total number of 6,47,65,260 equity shares were offered for sale at floor price of Rs. 62/- per share. The issue was over-subscribed and GoI received an amount of Rs. 399.93 crores as disinvestment proceeds from the said transaction.

(xi) Buyback of shares by CIL

The Board of Coal India in its meeting held on 11th July, 2016 recommended buyback of fully paid equity shares not exceeding 10,89,55,223 ( Face value Rs. 10) at Rs. 335/- per equity share. GoI participated in said buyback. On this account, Government of India received an amount of Rs. 2638.24 crore. Post buyback, the GoI shareholding in CIL has slightly increased to 79.78 per cent from 79.65 per cent prior to buyback.

(xii) CONCOR Employees OFS

Government has received an amount of Rs. 9.34 crore on account of transfer of shares to the employees of CONCOR held in September, 2016 post OFS of the Company.

(xiii) IOCL Employees OFS

Government has received an amount of Rs. 262 crore on account of transfer of shares to the employees of IOCL held in May, 2016 post OFS of the Company.

(xiv) NBCC OFS

OFS of 15 per cent Government of India shareholding in NBCC was launched on 20th October, and completed on 21st October, 2016. The OFSs sale proceeds was Rs. 2201.14 crore.

(xv) Disinvestment of SUUTI holdings

1,48,23,702 shares of Larsen & Toubro (1.62 per

Panacea Biotec spurts on increased availability of Cilamin 250 capsules
Jan 03,2017

The announcement was made during market hours today, 3 January 2017.

Meanwhile, the S&P BSE Sensex was up 70.27 points or 0.26% at 26,665.72.

On the BSE, 16,000 shares were traded on the counter so far as against the average daily volumes of 15,120 shares in the past one quarter. The stock had hit a high of Rs 128 and a low of Rs 118.55 so far during the day.

The stock had hit a 52-week high of Rs 155 on 25 July 2016 and a 52-week low of Rs 83.90 on 12 February 2016. It had outperformed the market over the past one month till 2 January 2017, advancing 2.07% compared with the Sensexs 1.39% rise. The scrip had also outperformed the market over the past one quarter surging 6.72% as against the Sensexs 4.56% fall.

The small-cap company has equity capital of Rs 6.13 crore. Face value per share is Rs 1.

Panacea Biotec now has improved supply of Cilamin 250 capsules which has been made available in the retail market. Cilamin 250 capsules are used for treatment of Wilsons disease, Rheumatoid Arthritis and other conditions. The company had been witnessing short supply of these capsules in the market during the last few months due to non-availability of raw material D-Penicillamine in India.

On 9 December 2016, the company had released limited quantities of Cilamin 250 capsule to select stockiest all over India. Now, additional quantity of the same has been made available starting from 2 January 2017 at different stockiest all over India.

Panacea Biotec said it is in regular touch with Department of Pharmaceuticals, NPPA and Drug Controller General of India for facilitating regular supplies of Cilamin 250 capsules in the market.

Panacea Biotec reported net loss of Rs 11.84 crore in Q2 September 2016, lower than net loss of Rs 17 crore in Q2 September 2015. Net sales declined 18.3% to Rs 131.56 crore in Q2 September 2016 over Q2 September 2015.

Panacea Biotec is one of Indias leading research based biotechnology companies with established research, manufacturing and marketing capabilities.

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