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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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Firstsource Solutions provides update on subsidiary
Sep 30,2016

Firstsource Solutions announced that Firstsource Group USA, Inc, a wholly owned subsidiary of the Company has successfully made its Sixth quarterly repayment of USD 11.25 million on its outstanding debt on 30 September 2016.

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Outcome of board meeting of Indian Oil Corporation
Sep 30,2016

Indian Oil Corporation announced that the Board of Directors of the Company at its meeting held on 29 September 2016 has accorded the approval for the following projects -

In-principle approval for expansion of Barauni Refinery from 6 MMTPA capacity to 9 MMTPA capacity along with down stream Polypropylene Unit at an estimated cost of Rs 8287 crore.

In-principle approval for implementation of Olefin Recovery Project along with expansion of exsiting Naptha Cracker Unit, MEG revam and Benzene Expansion unit modification at Panipat at an estimated cost of Rs 1527 crore.

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Orient Bell announces cessation of director
Sep 30,2016

Orient Bell announced that the directorship of Narasinganatha Rajagopala Srinivasan in the Company has ended on 29 September 2016 due to completion of his complete tenure as per his terms of appointment and therefore he is ceased to be the director of the company w.e.f. 30 September 2016.

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Dhanlaxmi Bank announces change in directorate
Sep 30,2016

Dhanlaxmi Bank announced that Aran Rao M.G and P.S Sreekumar, who were Additional Directors of the Bank upto the date of this Annual General Meeting, have been appointed as Independent Directors at the Annual General Meeting of the Bank held on 29 September 2016 for a tenure of one year w.e.f. 29 September 2016.

Further, E. Madhavan, who held office as Additional Director upto the date of this Annual General Meeting, has ceased to be Director on the Board of the Bank w.e.f. 29 September 2016.

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Board of Viaan Industries approves allotment of bonus shares
Sep 30,2016

Viaan Industries announced that the Committee of Board of Director of the Company in its meeting held on 30 September 2016, inter alia, has approved the Allotment of Bonus Shares in the ratio of 2:1 (i.e. in the proportion of 2 (two) new equity shares of Rs. 10/- each for every 1(one) existing fully paid up equity share of Rs. 10/- each) to the existing shareholders, whose name appears in the Register of Members of the Company as on the Book-Closure date i.e. 29 September 2016.

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V I P Industries gets upgradation in credit ratings
Sep 30,2016

V I P Industries announced that CRISIL has upgraded the long term and short term rating of the Company -

Long term rating - AA-/ Stable (Revised from A+/ Positive)
Short term rating - A1+ (Revised from A1)

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MoU with World Bank for investing Rs 2,200 crore to set up training centres for MSMEs across India: Haribhai Parthibhai Chaudhury
Sep 30,2016

The union Ministry for Micro, Small and Medium Enterprises (MSMEs) has signed a Memorandum of Understanding (MoU) with the World Bank for investing Rs 2,200 crore to set up training centres for MSME sector across India by 2017, Minister of State for MSME, Mr Haribhai Parthibhai Chaudhury said at an ASSOCHAM event.

n++We will also monitor if the money disbursed by the Ministry has reached the target person,n++ said Mr Chaudhury while inaugurating an ASSOCHAM conference on Startup Integration in MSME sector.

n++Saudi Arabia is likely to invest up to Rs two lakh crore in India, it is a confidential matter, but since we have opened our defence and aviation sectors for foreign direct investment (FDI) we hope to get significant advantage of the same in MSME sector,n++ said the Minister.

Highlighting that the government will soon bring a project for promoting honeybee keeping, he said that Ministry had taken various steps like - making databank, introducing credit guarantee scheme, barcode, enabling online complaint and other such initiatives during the course of past two years.

Earlier in his address, a top MSME Ministry official informed that the government was working towards making the sector ready for GSTN (goods and services tax network) and make the sector tax compliant.

n++We are working to make MSMEs GSTN-ready and we need the support of various associations to see how the sector can take advantage of the new tax reform which is going to be historic, start up or no start up you have to be tax compliant,n++ said Mr S.N. Tripathi, additional secretary and development commissioner, MSME Ministry.

He said that the MSME Ministry had notified a framework to enable an entrepreneur to demand restructuring of his loan due to various changes.

n++A framework has been notified by the Ministry of MSME for quick restructuring of loans if the banks are convinced, RBI has also conquered it and in fact all banks have been mandated to create a committee at the branch level with representatives from state government and other institutions,n++ said Mr Tripathi.

He said that MSME Ministry was working towards nurturing academia and entrepreneurs budding ideas. n++Our ministry is working with about 202 engineering colleges and every year we get 100-150 ideas from each college and out of these till date we have nurtured about 600 ideas of which almost 25 per cent have been commercialised.n++

n++We want to commercialise such ideas, we are in talks with some investors - venture capitalists and angel investors and we have succeeded in this behalf as about 100 of the 750 ideas have been commercialised and some of these have clocked transaction and turnover of Rs 10-12 crore so we support good ideas in terms of what we call is incubation,n++ said Mr Tripathi.

He said that the Ministry was working in the domain of start up, scale up and even set up categories.

The top official also said that the MSME Ministry was working on framework to revive the industries that have been rendered inoperational or have been shut down, to unlock their potential.

n++We want to create framework to revive industries that have been shut, the banks are working in this behalf as per governments direction as they have made a committee for corrective action plan whereby an entrepreneur can approach banks for restructuring of loan due to change in technology, management or any other foreseen or unforeseen change on his own and not as per the banks terms,n++ said Mr Tripathi.

He said that considering cash flow based lending is a problem for MSMEs, so banks are working in this direction as per governments direction.

He also emphasised upon the need to bring about more awareness regarding intellectual property right (IPR) in MSME sector.

n++We are promoting awareness about IPR and how to file patents through about 32 institutions which includes chambers, industry bodies, colleges and others,n++ said Mr Tripathi.

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Corporation Bank gains after announcing lending rates based on marginal cost of funds
Sep 30,2016

The announcement was made after market hours yesterday, 29 September 2016.

Meanwhile, the S&P BSE Sensex was down 8.01 points or 0.03% at 27,819.52

On BSE, so far 15,000 shares were traded in the counter as against average daily volume of 78,680 shares in the past one quarter. The stock hit a high of Rs 42.55 and a low of Rs 40.35 so far during the day. The stock had hit a 52-week low of Rs 30.75 on 25 February 2016. The stock had hit a 52-week high of Rs 47.80 on 9 September 2016. The stock had underperformed the market over the past 30 days till 29 September 2016, falling 2.92% compared with 2.20% decline in the Sensex. The scrip had also underperformed the market in past one quarter, rising 0.85% as against Sensexs 2.51% rise.

The mid-cap state-run bank has equity capital of Rs 204.50 crore. Face value per share is Rs 2.

Corporation Banks Marginal Cost of Funds based Lending Rate (MCLR) for overnight loans will be 9.05%, for one month will be 9.15% and for three months will be 9.30%. The MCLR on 6-month loans will be 9.40% and for one-year loans the rate would be 9.50%, the bank said.

Corporation Banks net profit dropped 82.41% to Rs 35.92 crore on 1.75% fall in total income to Rs 5241.12 crore in Q1 June 2016 over Q1 June 2015.

The Government of India held 67.2% stake in Corporation Bank as per the shareholding pattern as on 30 June 2016.

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Seamec jumps after winning contract
Sep 30,2016

The announcement was made after market hours yesterday, 29 September 2016.

Meanwhile, the BSE Sensex was down 43.49 points, or 0.16%, to 27,784.04

On BSE, so far 5,198 shares were traded in the counter, compared with average daily volume of 15,660 shares in the past one quarter. The stock hit a high of Rs 85.85 and a low of Rs 82.10 so far during the day. The stock hit a 52-week high of Rs 127 on 3 November 2015. The stock hit a 52-week low of Rs 64.25 on 31 March 2016. The stock had underperformed the market over the past 30 days till 29 September 2016, falling 13.42% compared with 2.20% decline in the Sensex. The scrip had also underperformed the market in past one quarter, falling 23.03% as against Sensexs 2.51% rise.

The small-cap company has equity capital of Rs 25.43 crore. Face value per share is Rs 10.

Seamec said that it has entered into an agreement with HAL Offshore (HAL) for deployment of vessel Seamec II along with provision of services of remotely operated vehicle (ROV), the contract commenced with effect from 28 September 2016. As intimated, the total contract value for the period of 3 years will be $33.44 million approximately.

Seamec reported net loss of Rs 11.16 crore in Q1 June 2016 as against net profit of Rs 12.19 crore in Q1 June 2015. Net sales declined 46.28% to Rs 46.62 crore in Q1 June 2016 over Q1 June 2015.

Seamec is the regions leading provider of Diving Support Vessel (DSV) based diving services. The company has experience in the ongoing subsea inspection, repair, maintenance and light construction required for the efficient and productive support of offshore oil production.

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Sinnar Bidi Udyog reports consolidated net profit of Rs 0.07 crore in the June 2016 quarter
Sep 30,2016

Net profit of Sinnar Bidi Udyog reported to Rs 0.07 crore in the quarter ended June 2016 as against net loss of Rs 0.11 crore during the previous quarter ended June 2015. Sales rose 5.39% to Rs 1.76 crore in the quarter ended June 2016 as against Rs 1.67 crore during the previous quarter ended June 2015.

ParticularsQuarter Endedn++Jun. 2016Jun. 2015% Var. Sales1.761.67 5 OPM %11.364.79 - PBDT0.12-0.08 LP PBT0.10-0.10 LP NP0.07-0.11 LP

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Lyka Labs reports consolidated net loss of Rs 4.14 crore in the June 2016 quarter
Sep 30,2016

Net loss of Lyka Labs reported to Rs 4.14 crore in the quarter ended June 2016 as against net profit of Rs 1.69 crore during the previous quarter ended June 2015. Sales declined 56.76% to Rs 20.06 crore in the quarter ended June 2016 as against Rs 46.39 crore during the previous quarter ended June 2015.

ParticularsQuarter Endedn++Jun. 2016Jun. 2015% Var. Sales20.0646.39 -57 OPM %12.0122.91 - PBDT-1.635.57 PL PBT-4.162.97 PL NP-4.141.69 PL

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Sports Sector Gets the Infrastructure Status
Sep 30,2016

For addressing the issue of deficit of sports infrastructure in the country, the Ministry of Youth Affairs & Sports Affairs had moved a proposal for inclusion of Sports in the harmonized master list of infrastructure sub-sectors so that the sports sector becomes eligible for obtaining long term financial support from banks and other financial institutions on the same principle as is available to other infrastructure projects.

The Ministry of Finance after a series of meetings and discussions with different agencies including RBI have decided that sports infrastructure will be included under the Harmonized Master List of Infrastructure Subsectors and that it n++includes the provision of Sports Stadia and Infrastructure for Academies for Training / Research in Sports and Sports-related activitiesn++ In this connection Ministry of Finance, Department of Economic Affairs, had issued a Gazette Notification dated 09th September 2016.

This inclusion would encourage private investment in a public good which has socio-economic externalities in a country with young population. It will also bolster investment in sports infrastructure sector which will contribute to the economy and help in promotion of health and fitness of the people of this country as also provide opportunities for employment in the new and exciting sectors. It goes without saying that investment of the private sector will widen the platform from where the country can become a sporting power in future.

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Majesco gains after tie up with Dropln
Sep 30,2016

The announcement was made after market hours yesterday, 29 September 2016.

Meanwhile, the BSE Sensex was down 14.66 points, or 0.05%, to 27,812.87.

On BSE, so far 6,898 shares were traded in the counter, compared with average daily volume of 27,648 shares in the past one quarter. The stock hit a high of Rs 449.95 and a low of Rs 438.60 so far during the day. The stock hit a record high of Rs 789 on 12 January 2016. The stock hit a 52-week low of Rs 308.10 on 1 October 2015. The stock had underperformed the market over the past 30 days till 29 September 2016, falling 10.74% compared with 2.20% decline in the Sensex. The scrip had also underperformed the market in past one quarter, falling 19.35% as against Sensexs 2.51% rise.

The small-cap company has equity capital of Rs 11.62 crore. Face value per share is Rs 5.

Majesco announced a strategic partnership with Dropln, Inc. Dropln is an innovative provider of an on-demand live video platform for auto and home insurance, using smartphones and drones. In addition, they have access to a crowdsourced independent contractor network of 60,000 Droperators and 1100 drone pilots, smartphone users who capture on-demand live video streams, and photos for insurance professionals.

As part of this partnership, the companies have pre-integrated Droplns solution with the Majesco Cloudlnsurer through the Majesco DigitalConnect platform to offer the advanced, innovative claims capabilities which will enhance and streamline the claims experience for the insurers. The companies will be working together to identify joint business opportunities with new and existing clients, focused on helping Majesco customers further innovate claims using these emerging technologies and methods. In particular, this integrated solution and access to the Droperator network is expected to be appealing to new greenfields and startups.

The Dropln platform enables insurers to use on-demand live video for policy acquisition and management by harnessing the power of the video camera inside the smartphone that nearly everyone carries. It eliminates the need for the underwriter/claims adjuster to travel and provides access to the customer with unprecedented immediacy. Live video options include direct to customers, direct to field or partner resources, and on-demand to droperators or drones.

On a consolidated basis, Majesco reported net profit of Rs 1.71 crore in Q1 June 2016 compared with net loss of Rs 1.97 crore in Q4 March 2016. Net sales rose 0.76% to Rs 216.27 crore in Q1 June 2016 over Q4 March 2016.

Majesco enables insurance business transformation for about 150 insurance customers worldwide by providing solutions which include software, consulting and services.

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NHPC gains after signing wind power purchase agreement in Rajasthan
Sep 30,2016

The announcement was made after market hours yesterday, 29 September 2016.

Meanwhile, the BSE Sensex was up 3.26 points, or 0.01%, to 27,830.79.

On BSE, so far 1.04 lakh shares were traded in the counter, compared with average daily volume of 5.33 lakh shares in the past one quarter. The stock hit a high of Rs 25.50 and a low of Rs 24.30 so far during the day. The stock hit a 52-week high of Rs 28.20 on 31 August 2016. The stock hit a 52-week low of Rs 16.55 on 1 October 2015. The stock had underperformed the market over the past 30 days till 29 September 2016, falling 13.37% compared with 2.20% decline in the Sensex. The scrip had also underperformed the market in past one quarter, falling 2.61% as against Sensexs 2.51% rise.

The large-cap company has equity capital of Rs 11070.67 crore. Face value per share is Rs 10.

NHPC said that a wind power purchase agreement (PPA) has been signed amongst Rajasthan Government, NHPC and INOX on 28 September 2016 for 50 megawatts (MW) wind power project in Jaisalmer, Rajasthan. As per the PPA, Rajasthan Government will purchase the power generated from the project.

NHPCs net profit rose 7.5% to Rs 857.82 crore on 9.4% growth in net sales to Rs 2166.04 crore in Q1 June 2016 over Q1 June 2015.

NHPC was incorporated in the year 1975 with an objective to plan, promote and organise an integrated and efficient development of hydroelectric power in all aspects. Later on, NHPC expanded its objects to include development of power in all its aspects through conventional and non-conventional sources in India and abroad.

Government of India (GoI) currently holds 74.59% stake in NHPC (as per the shareholding pattern as on 30 June 2016).

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Gold futures stage a late turnaround
Sep 30,2016

Bullion prices ended higher at Comex on Thursday, 29 September 2016. Gold futures staged a turnaround late in Thursdays session, settling higher as a drop in U.S. equities boosted the investment appeal of the precious metal.

December gold rose $2.30, or 0.2%, to end at $1,326 an ounce after tapping earlier lows under $1,320. Prices had tallied losses of roughly 1.6% over the past two trading sessions. Silver for December delivery added 6.7 cents, or 0.4%, to $19.188 an ounce.

Gold futures turned decisively higher in the last hour of Comex trading as losses for major U.S. equity indexes intensified on the back of worries about European banks. The indexes still looked set to end higher for the third quarter. European stock indexes finished mixed, but were also set for broad gains for the quarter.

U.S. stocks fell as Deutsche Banks U.S.listed shares tumbled on news that some hedge funds that clear derivatives through the company had withdrawn some excess cash and options. That helped fuel larger declines for the Dow Jones Industrial Average and S&P 500 and sent investors back to the perceived safety of gold.

But gold prices had spent much of the session trading lower with U.S. and overseas stock markets set to log gains for the quarter and traders looking to comments this week from Federal Reserve officials for clues on the timing and pace of interest-rate increases. Fed remarks so far this week have mostly pointed to a December U.S. rate increase but some disagreement persists.

The ICE U.S. Dollar Index was up 0.2% as markets looked to recent and upcoming commentary from Federal Reserve officials for clues on the pace of interest-rate increases. Higher interest rates can boost the dollar and dull demand for dollar-denominated commodities.

Economic data at Wall Street showed that initial jobless claims rose 3,000 to 254,000 in late September, but remained below 300,000 for 82 straight weeks, pointing to a steadily improving labor market. Meanwhile, revised data suggest that the economys performance in the spring was slightly better than expected, as business investment wasnt nearly as weak as previously reported. The gross domestic product grew a 1.4% pace in the second quarter.

On Thursday, Philadelphia Fed President Patrick Harker said he backs a December rate increase if the economy continues to grow as expected, while Atlanta Fed President Dennis Lockhart said he expects the Fed to be in a position to raise rates soon.

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