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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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GNA Axles sees good debut
Sep 26,2016

The stock debuted at Rs 248.50, a premium of 20.05% to the initial public offer (IPO) price. So far the stock hit a high of Rs 260 and low of Rs 242.20. On BSE, so far 3.81 lakh shares were traded on the counter.

The IPO of GNA Axles saw strong response from investors. Bidding for the IPO ended on 16 September 2016. The IPO received bids for 24.52 crore shares and it was subscribed 54.88 times. The company had priced the initial public offer (IPO) at the top end of the Rs Rs 205 to Rs 207 price band.

The qualified institutional buyers (QIBs) category was subscribed 17.18 times. The non-institutional investors category was subscribed 217.47 times. The retail individual investors (RIIs) category was subscribed 11.84 times.

GNA Axles had raised Rs 37.88 crore by selling 18.30 lakh shares to anchor investors ahead of the opening of the companys initial public offer (IPO). The shares were allotted to the anchor investors at Rs 207 per share, the top end of the Rs 205 to Rs 207 per share price band for the IPO.

The net proceeds from the IPO will be utilised towards the purchase of plant and machinery, to meet working capital requirements; and for the general corporate purposes.

GNA Axles consolidated net profit rose 20.17% to Rs 25.96 crore on 18.18% rise in total revenue to Rs 508.94 crore in the year ended 31 March 2016 (FY 2016) over the year ended 31 March 2015 (FY 2015).

Established in 1993, GNA Axles is into manufacturing of rear axle shafts used in on-highway and off-highway vehicular segments in India. The company manufactures and supplies a diverse range of rear axle shafts, other shafts and spindles for the on-highway segment, i.e. for light commercial vehicles (LCVs), medium commercial vehicles (MCVs) and heavy commercial vehicles (HCVs) and other transport vehicles such as buses. The company also manufactures and supplies a diverse range of rear axle shafts and other shafts for the off-highway segment, i.e. for agricultural tractors and machinery, forestry and construction equipments, electric carts and other specialty vehicles used in mining and defense sectors. The company also manufactures solid and hollow spindles used in the axle assembly for various vehicles and equipments in the on-highway segment which it supplies to export customers.

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Bhagawati Oxygen to hold AGM
Sep 26,2016

Bhagawati Oxygen announced that the 44th Annual General Meeting(AGM) of the company on 24 September 2016.

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Bheema Cements to hold AGM
Sep 26,2016

Bheema Cements announced that the 37th Annual General Meeting(AGM) of the company on 28 September 2016.

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U.S. stocks closed near session lows on Friday
Sep 26,2016

U.S. stocks closed near session lows on Friday, 23 September 2016 with investor sentiment hit by a renewed slide in crude-oil prices. Reports that major oil producers are not likely to reach an agreement to freeze production at a meeting this weekend resulted in the largest one-day loss for oil futures since mid-July. The main indexes posted a second straight weekly gain, however, thanks to a Fed-induced rally earlier this week. Earlier, the catalyst for the downturn was a weaker than expected reading of manufacturing activity, which pointed to a slowdown in growth this month.

The Dow Jones Industrial Average declined 131.01 points, or 0.7%, to 18,261.45 with all but three of the 30 blue-chip components finishing in negative territory. The S&P 500 fell 12.49 points, or 0.6%, to 2,164.69, with a 1.3% tumble in the energy sector. The Nasdaq Composite Index dropped 33.78 points, or 0.6%, to 5,305.75, backing off two straight days of record closes.\

Markets rallied earlier in the week as traders cheered the Federal Reserves latest policy announcement, sending the Nasdaq Composite to consecutive record closes. The Fed on Wednesday stood pat on interest rates, but also indicated confidence in the U.S. economy and signaled a rate rise could come by years end. Equity indices stumbled at the start of the session as investors looked to lock in some profits in the wake of the recent Fed-induced rally.

Reports on Friday that Saudi Arabia views a planned confab of members of the Organization of the Petroleum Exporting Countries and other top oil-producers set for next week in Algeria, as merely a consultation and doesnt expect a concrete pact to be reached, deflated crude futures prices, which had benefited from the prospects of an agreement.

Apple shares, off 1.6%, were also contributing to negative sentiment following reports that Japanese antitrust regulators were considering taking action against the Cupertino, Calif.-based company. The blue-chip index posted a 0.8% gain over the week.

Economic data for the week showed that a preliminary reading of U.S. manufacturing purchasing managers index fell to 51.4 in September compared with 52 in August and its lowest reading since June. A reading above 50 indicates an expansion in activity.

Among stocks under focus, shares in Yahoo fell 3.1% after the ailing internet pioneer disclosed a massive security breach affecting at least 500 million users. Facebook dropped 1.6% following a report that big ad buyers are upset that the tech giant vastly overestimated average viewing time for video ads on its platform. Bucking the general trend, shares of Twitter soared amid reports that acquisition talks for the microblogging company had intensified.

The broader market extended its loss near midday as the commodity complex came under pressure. Commodities were in focus as participants pored over proposed rule changes designed to limit the physical commodity activities of financial holding companies. Specifically, the Federal Reserve proposed strengthening existing capital requirements and quantitative limits on such companies.

Bullion prices settled with a loss on Friday, 24 September 2016, but booked the strongest weekly advance in about two months as the precious metal scored a boost from central-bank moves, including the Federal Reserves decision to hold off on hiking interest rates in September.

December gold slipped $3, or 0.2%, to settle at $1,341.70 an ounce, cutting its weekly advance down to 2.4%. That was still the biggest weekly gain since the week ended 29 July 2016. Silver for December delivery lost 28.9 cents, or 1.4%, to $19.81 an ounce, with a weekly gain of 5%.

November West Texas Intermediate crude dropped $1.84, or about 4%, to settle at $44.48 a barrel on the New York Mercantile Exchange. That was the sharpest one-day dollar and percentage loss since mid July. WTI oil had traded higher for four days in a row and managed to book a weekly gain of 2%. Global benchmark Brent crude for November delivery lost $1.76, or 3.7%, to $45.89 a barrel, with the contract holding on to a weekly gain of about 0.3%.

Treasuries ended on a mostly higher note with the short end of the curve outperforming. The yield on the 2-yr note finished lower by two basis points (0.76%) while the yield on the 10-yr note finished flat (1.62%).

Todays participation was below the recent average as fewer than 804 million shares changed hands on the NYSE floor.

Mondays economic data will be limited to the New Home Sales Report for August (consensus 585k), which will be released at 10:00 ET.

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KEI Industries allots equity shares
Sep 26,2016

KEI Industries announced that at the meeting of the Share Allotment Committee of the Board of Directors of the Company held on 24 September 2016, Share Allotment Committee has allotted 5,60,000 Equity Shares of face value of Rs. 2/- each to the eligible employees under KEI Employees Stock Option Scheme - 2015 upon exercise of 5,60,000 Options at an exercise price of Rs. 35/- per Option/Equity Share . The said Equity shares shall rank pari-passu with the existing equity shares of the Company in all respect.

Consequent to the said allotment, the paid-up Equity Share Capital of the Company stands increased from Rs. 15,44,74,876/- to Rs. 15,55,94,876/- divided into 7,77,97,438 Equity Shares of face value of Rs. 2/- each.

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C Mahendra Exports provides business update
Sep 26,2016

C Mahendra Exports intimated the following on 24 September 2016 -

Bank of Baroda pursuant to SARFEASI Act has taken over physical possession of 5 Mumbai properties out of the 12 Mumbai properties mortgaged to the consortium of 14 Bankers, wherein Bank of Baroda is the lead bank. They are in process of taking over the balance properties.

HDFC Bank has filed winding up petition against the Company at Mumbai High Court.

Champak Mehta and others have filed petition before NCLT for oppression and mismanagement against Mahendra Shah and others.

State Bank of India have filed application before DRT for recover of its dues against the subsidiary of the Company.

CFO, Tushar Shah and CEO, Mehul Jain have tendered their resignation with immediate effect.

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Dilip Buildcon secures road project from Ministry of Road Transport & Highway
Sep 26,2016

Dilip Buildcon announced about Receipt of Letter of Award from Ministry of Road Transport and Highway (MORTH) dated 22 September 2016 to the Company for the Project Eeppurpalem - Ongole in the State of Andhra Pradesh under EPC Mode.

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Dilip Buildcon secures road project from NHAI
Sep 26,2016

Dilip Buildcon announced about the receipt of Letter of Award from National Highway Authority of India (NHAI) dated 22 September 2016 to the Company for the Project Chichra to Kharagpur in the State of West Bengal under EPC Mode.

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Virtual Global Education appoints company secretary & compliance officer
Sep 26,2016

Virtual Global Education announced that Rachna Singh is appointed and designated as the Company Secretary & Compliance Officer of the Company with effect from 24 September 2016.

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Outcome of board meeting of Kamat Hotels (India)
Sep 26,2016

Kamat Hotels (India) announced that the Board of Directors of the Company at its meeting held on 24 September 2016 has approved the appointment of Amit Vyas as Company Secretary and Compliance Officer with effect from 24 September 2016 and appointment of S S Thakur as an Additional Director with effect from 24 September 2016.

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Outcome of board meeting of Nylofils India
Sep 26,2016

Nylofils India announced that the Board of Directors of the Company at its meeting was held on 24 September 2016, and inter alia has decided to forfeit the 8,96,262 Partly paid equity shares.

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Rain Industries gains after commencement of operations of power plant
Sep 26,2016

The announcement was made after market hours on Friday, 23 September 2016.

Meanwhile, the S&P BSE Sensex was down 121.16 points or 0.42% at 28,547.06

On BSE, so far 41,000 shares were traded on the counter as against average daily volume of 2.07 lakh shares in the past one quarter. The stock hit a high of Rs 47.85 and a low of Rs 46.25 so far during the day. The stock had hit a 52-week low of Rs 26.05 on 12 February 2016. The stock had hit a 52-week high of Rs 49.50 on 9 September 2016. The stock had underperformed the market over the past 30 days till 23 September 2016, falling 2.7% compared with 2.99% rise in the Sensex. The scrip, however, outperformed the market in past one quarter, rising 36.05% as against Sensexs 8.60% rise.

The small-cap company has equity capital of Rs 67.27 crore. Face value per share is Rs 2.

Rain Industries said that on 22 September 2016, Rain Cements, a wholly owned subsidiary company has commenced operations of waste heat recovery based power plant to generate up to 7 megawatts (MW) of gross electrical energy from the waste heat and the flue gases evolved during the cement manufacturing process at Boincheruvupalli Village, Peapully Mandal, Kurnool District, Andhra Pradesh. The project was completed at a cost of Rs 70 crore and the same was funded from internal accruals, Rain Industries said. The process of waste heat generation is environmental friendly that will bring down the flue gas temperatures. The heat recovery from the flue gases not only saves large quantities of fossil fuels but also substantially reduces the cost of power generation, the company said.

Rain Industries consolidated net profit rose 7.84% to Rs 156.51 crore on 2.16% fall in total income to Rs 2,579.89 crore in Q2 June 2016 over Q2 June 2015.

Rain Industries (formerly known as Rain Commodities) and its wholly owned subsidiaries, namely, Rain Cements, Rain CII Carbon (Vizag), Rain CII Carbon LLC, USA and Rn++tgers are engaged in the production of cement, calcined petroleum coke and power and high-quality basic and specialty chemicals (coal tar pitch etc.).

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Shares of GNA Axles get listed
Sep 26,2016

The equity shares of GNA Axles (Scrip Code: 540124) are listed effective 26 September 2016 and admitted to dealings on the Exchange in the list of T Group Securities.

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Textile ministry preparing plan to promote handicrafts & tribal communities: Smriti Irani
Sep 26,2016

The government through convergence of various ministries is working on a plan to promote tribal, handicrafts community and fill the various gaps, Union Textile Minister, Ms Smriti Irani said at an ASSOCHAM event.

n++I had a meeting three days ago with the minister in-charge for tribal affairs and we are propagating a plan between two ministries so that there is convergence of effort to ensure things like uniqueness of their craft, the fact that they have challenge of not understanding the amount of opportunity the market has to offer to them, social challenges with regards to education, healthcare are met including housing,n++ said Ms Irani while inaugurating an ASSOCHAM Global Investors India Forum.

n++So we are preparing a plan to ensure, not only in the tribal community but in the handicrafts community per se, we have these interventions with convergence of various ministries and we reach out,n++ she added.

n++I think one of the biggest challenges in the handicrafts sector as I have said, is that those who were interested in their care between the central and state government or between state government and administration at the district level, the gaps arose in those areas which have not been filled for too long because it was nobodys baby, so now we are hoping that we bridge that gap,n++ further said the minister.

Sharing her experience in the Human Resources Development (HRD) Ministry, she said, n++I have personally seen how much success is met when there is direct communication between centre, state and district administration because we had that deadline by the Prime Minister to build toilets across all government schools across India in just one year which looked like a statistical and infrastructural impossibility.n++

n++I am proud to say that has been one of the landmark efforts of our government and I am hoping that we have a similar intervention in the handicraft, handloom sector as well because when you look at the north-east tribal community, you see them coming out with lovely handlooms as well but the challenge there has been that there needs to be a streamlined process of engagement across government in the federal structure so that it benefits the last mile individual, so thats what we are hoping to do,n++ said Ms Irani.

She also informed that government was conducting a study of all the reserves that India has.

n++We are in the process of digitising our land records in the country, so under the Digital India program, that is an emphatic push by the Government of India,n++ said the minister.

n++Also from the land and irrigation perspective, the Prime Minister has been very clear in his instructions that we need to map all that we have invested in our seven decades of democracy in irrigation systems of our country, how many of them are genuinely functional, how many need an intervention where they can be now propped up again and service the land around it, how many actually need new structures so those studies and mappings are underway currently,n++ she added.

In terms of an intervention for soldiers, how they can be better protected through clothing, she said, n++We have identified within the Ministry, our engagement with the Ministry of Defence as to what kind of support that we can give, the industry can have a huge intervention, not only from R&D (research and development) perspective but also from investment perspective, so that we self-support our systems, our army for their needs be it at Siachen or any other station. This includes our forces like BSF, CISF because they also have these technical textile needs.n++

The union minister also informed that Textile Ministry was in discussion with Road, Transport and Highways Ministry to ensure that logistical challenges are met and sought industrys support in this regard.

n++If we look at the logistical challenges that India has, as compared to Bangladesh, yes from placing the order onwards to processing that order takes longer in India than it takes in Bangladesh, so we are in conversation with Nitin Gadkari ji to ensure that our logistical challenges are met but after we have these facilitations we will need industry to step up and fill the gap from the perspective of investment envisaged,n++ said Ms Irani.

Highlighting the various challenges being faced by the power loom sector in India, she said, n++There are many complex issues ranging from subsidising for up-gradation of looms onwards to even providing money so that renewable energy can be used for looms, we are working out some kind of support for the entire sector but my biggest concern is for those who have one-two looms or less than eight looms because till now most of the money has gone to people who are organised better, not the individual power weaver, where everything is shutting down.n++

Talking about poor response from the industry to help build toilets in government schools across India while she was in the HRD Ministry, she said n++With a lot of hope I went out and pleaded with everybody in the industry to help me build toilets in the country, only five per cent stepped up, in fact Government of India funded it, we ensured that if a district collector said that I am not getting money in time, I would RTGS that fund straight from the centre so that my toilets are made in time.n++

She also said that the government was trying to push through administrative reform measures, that will make the engagements easier with institutions or individuals who want to bring about change on the ground. n++One has to recognise that government can only become that facilitator, that bridge and it is ultimately the industry and the people who have to walk the talk.n++

On the issue of caste inequalities, Ms Irani said, n++I think we have to be conscious of our challenges and address those challenges from a social and economic point of view, the challenge is that there are more people who divide compared to those who are there to fill those gaps.n++

She also said that there is a need to drive the children to pursue excellence and not to pursue a certificate as to promote innovation one needs to have an adventurous spirit that is engaged with at a very young age.

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KNR Constructions spurts on stock-split plan
Sep 26,2016

The announcement was made after market hours on Friday, 23 September 2016.

Meanwhile, the BSE Sensex was down 129.19 points, or 0.45%, to 28,539.03.

On BSE, so far 2,289 shares were traded in the counter, compared with average daily volume of 15,959 shares in the past one quarter. The stock hit a high of Rs 765 so far during the day, which is also a record high for the counter. The stock hit a low of Rs 738 so far during the day. The stock hit a 52-week low of Rs 408 on 12 February 2016. The stock had underperformed the market over the past 30 days till 23 September 2016, rising 2.58% compared with 2.99% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 34.32% as against Sensexs 8.60% rise.

The small-cap company has equity capital of Rs 28.12 crore. Face value per share is Rs 10.

KNR Constructions said that its board will meet on 30 September 2016, after the conclusion of the 21st annual general meeting of the company, to consider sub-division of the face value of the equity shares of Rs 10 per share to Rs 2 per share.

KNR Constructions net profit jumped 86.6% to Rs 30.21 crore on 73.9% growth in net sales to Rs 303.64 crore in Q1 June 2016 over Q1 June 2015.

KNR Constructions is an infrastructure development company providing engineering, procurement and construction services.

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