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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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Maithan Alloys drops after intimating about damage at Visakhapatnam plant
Sep 27,2016

The announcement was made after market hours yesterday, 26 September 2016.

Meanwhile, the S&P BSE Sensex was up 84.62 points, or 0.3% to 28,378.90

On BSE, so far 22,000 shares were traded in the counter as against an average daily volume of 21,749 shares in the past one quarter. The stock hit a high of Rs 250.50 and a low of Rs 210.20 so far during the day. The stock had hit a 52-week high of Rs 434.50 on 8 August 2016. The stock hit 52-week low of Rs 77 on 1 October 2015. The stock had underperformed the market over the past 30 days till 26 September 2016, falling 11.43% compared with 1.84% rise in the Sensex. The scrip had also underperformed the market in past one quarter, declining 1.29% as against Sensexs 6.67% rise.

The small-cap company has equity capital is Rs 29.11 crore. Face value per share is Rs 10.

Maithan Alloys said that due to heavy rains and flood, there has been severe damage to 132 kilovolt (KV) power transformer and other electrical equipment installed at the companys Visakhapatnam plant. The full damage is yet to be ascertained, Maithan Alloys said. The transformer and other electrical equipment are fully insured, the company said. The production at the plant could be significantly affected over the next few months, it added.

Maithan Alloys net profit rose 132.57% to Rs 18.28 crore on 36.14% growth in net sales to Rs 251.77 crore in Q1 June 2016 over Q1 June 2015.

Maithan Alloys operates in the niche value-added manganese alloy segment.

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Adhbhut Infrastructure to hold AGM
Sep 27,2016

Adhbhut Infrastructure announced that the 31th Annual General Meeting(AGM) of the company on 26 September 2016.

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Alliance Integrated Metaliks to hold AGM
Sep 27,2016

Alliance Integrated Metaliks announced that the 27th Annual General Meeting(AGM) of the company on 26 September 2016.

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South Indian Bank to hold board meeting
Sep 27,2016

South Indian Bank will hold a meeting of the Board of Directors of the Company on 7 October 2016 to consider, approve and take on record the unaudited Financial Results of the Bank for the quarter ending September 30, 2016 (Q2).

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Wipro to hold board meeting
Sep 27,2016

Wipro will hold a meeting of the Board of Directors of the Company on 21 October 2016.

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Indoco Remedies slides on reports of getting six USFDA observations for Goa Plants
Sep 27,2016

Meanwhile, the BSE Sensex was up 74.40 points, or 0.26%, to 28,368.68.

On BSE, so far 43,000 shares were traded in the counter, compared with average daily volume of 9,498 shares in the past one quarter. The stock hit a high of Rs 328 and a low of Rs 312.40 so far during the day. The stock hit a 52-week high of Rs 360.35 on 7 September 2016. The stock hit a 52-week low of Rs 244 on 25 February 2016. The stock had outperformed the market over the past 30 days till 26 September 2016, rising 10.76% compared with 1.84% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 26.18% as against Sensexs 6.67% rise.

The mid-cap company has equity capital of Rs 18.43 crore. Face value per share is Rs 2.

According to reports, Indoco Remedies Goa Plant II and III were inspected by US Food and Drug Administration (USFDA) from 31 August 2016 to 4 September 2016. Six observations cover quality, production systems, facilities and equipment, and customer complaints.

The companys Goa Plant II is a sterile facility for ophthalmics and injectables approved by USFDA for ophthalmic preparations. The companys Goa Plant III has a capability to manufacture aqueous, non-aqueous and photo sensitive products.

Reports added that the companys Goa Plant II is important as most ophthalmic Abbreviated New Drug Applications (ANDAs) are filed from here.

Indoco Remedies net profit declined 4.9% to Rs 19.79 crore on 15.8% rise in net sales to Rs 252.72 crore in Q1 June 2016 over Q1 June 2015.

Indoco Remedies is a fully integrated, research-oriented pharma vompany with presence in 55 countries.

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Ramco System deploys its ERP Solution for Sedafiat Sdn. Bhd
Sep 27,2016

Ramco System announced that the Malaysian government-backed Hospital Support Services provider Sedafiat Sdn. Bhd. has successfully gone live with the Companys full-suite ERP solution, to manage non-clinical services across 27 hospitals, in Sabah region.

Ramcos integrated ERP suite digitizes the Accounting, HR & Payroll and Supply Chain Management functions, including Book Keeping, Inventory, Procurement, Employee Information, Leave and Time Management, among the others. With an automated system in place, Sedafiat is well placed to manage operations spanning across Facility Management, Maintenance (Engineering & Bio-medical), Cleansing, Linen & Laundry Services and Healthcare Waste Management Services among others.

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Asian Granito India fixes record date for interim dividend
Sep 27,2016

Asian Granito India has fixed 07 October 2016 as the Record Date for the purpose of Payment of Interim Dividend.

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Asia Can Reap Solid Returns From Low-Carbon Transition - ADB
Sep 27,2016

Developing Asia stands to gain far more than it will need to pay to shift to low-carbon growth, says a new Asian Development Bank (ADB) report.

Keeping global temperature increases below 2 degrees Celsius, as agreed at the 2015 Paris climate summit, will require developing Asia to spend an additional net $300 billion per year on clean-energy infrastructure alone through 2050. The finding is set forth in a special theme chapter, n++Meeting the Low-Carbon Growth Challengen++ in an update to its flagship annual economic publication, Asian Development Outlook 2016.

n++This is a substantial sum but the economic returns from adopting low-carbon policies needed to mitigate the increasingly devastating impacts of climate change far outweigh the costs,n++ said Juzhong Zhuang, Deputy Chief Economist. n++ADB estimates that the region can generate more than $2 in gains for each $1 of cost it bears to reach the Paris goaln++if the right steps are taken.n++

Developing Asia has joined the global fight to contain climate change. Around 90% of the regions economies have made pledges to mitigate their greenhouse gas emissions under the Paris agreement. The consequence of inaction could be devastating. If left uncontrolled, the report estimates that climate change could cut the regions GDP by more than 10% by 2100, eating away its hard-won socioeconomic gains.

Climate mitigation not only helps avoid such GDP losses, it brings many other benefits. The report notes that actions to keep global warming below 2 degrees Celsius can lead to improved air quality that helps to avoid nearly 600,000 premature deaths a year in the region than under business-as-usual. Those same actions would preserve over 45 million more hectares of forest.

As the worlds fastest growing source of carbon emissions, Asias engagement is crucial for the world to have any chance of meeting the Paris temperature goal. The regions success will require a quantum shift in energy use since fossil fuels currently contribute over two thirds of Asias total emissions. The report estimates that half of the regions emissions reduction through 2050 can come from low-carbon energy production and another third from energy efficiency measures, with the rest achieved by curtailing emissions from forest deforestation, land degradation, and other non-energy sources.

Sharply scaling up new investments in renewable power, smart grids, energy efficiency measures, and carbon capture and storage technologies are all essential to developing Asias low-carbon transition. Resources freed up by eliminating costly fossil fuel subsidies can be redirected to clean energy investments.

Because developing Asias mitigation costs are lower than in other parts of the world, the region can benefit from the development of a market to buy and sell carbon credits. According to the report, such a carbon market can reduce the regions mitigation costs by 50%, compared with countries acting alone. Further, bringing ambitious actions to cut emissions forward by 10 years is found to increase benefit-cost ratios by more than 30% and lower long-run costs by more than a quarter.

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Sintex Inds drops after allotment of shares on rights basis
Sep 27,2016

The announcement was made after market hours yesterday, 26 September 2016.

Meanwhile, the S&P BSE Sensex was up 57.24 points or 0.2% at 28,351.52

On BSE, so far 8.53 lakh shares were traded in the counter as against average daily volume of 8.17 lakh shares in the past one quarter. The stock hit a high of Rs 86.70 and a low of Rs 81.40 so far during the day. The stock had hit a 52-week high of Rs 106.52 on 15 October 2015. The stock had hit a 52-week low of Rs 62.40 on 12 February 2016. The stock had outperformed the market over the past 30 days till 26 September 2016, rising 18.69% compared with 1.84% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 14.55% as against Sensexs 6.67% rise.

The mid-cap company has equity capital of Rs 52.34 crore. Face value per share is Re 1.

It may be recalled that shares of Sintex Industries had turned ex-rights on 8 August 2016. The company had fixed 9 August 2016 as record date for the rights issue. The company had approved issue of shares to shareholders in ratio of 26 shares on rights basis for every 151 shares held in the company at Rs 65 per share.

Sintex Industries consolidated net profit rose 11.45% to Rs 76.03 crore on 16.48% growth in net sales to Rs 1695.25 crore in Q1 June 2016 over Q1 June 2015.

Sintex Industries is a dominant player in the plastics and textile business segments.

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Himadri Speciality Chemical provides operations update
Sep 27,2016

Himadri Speciality Chemical announced that the Companys melting facility at Sambalpur in the state of Odisha has commenced its operations.

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Yes Bank gains on plan to raise Rs 330 crore via green bonds
Sep 27,2016

The announcement was made during market hours today, 27 September 2016.

Meanwhile, the BSE Sensex was up 57.45 points, or 0.20%, to 28,351.73.

On BSE, so far 40,000 shares were traded in the counter, compared with average daily volume of 2.48 lakh shares in the past one quarter. The stock hit a high of Rs 1,251.65 and a low of Rs 1,238.85 so far during the day. The stock hit a record high of Rs 1,450 on 7 September 2016. The stock hit a 52-week low of Rs 632.25 on 20 January 2016. The stock had underperformed the market over the past 30 days till 26 September 2016, falling 6.80% compared with 1.84% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 15.61% as against Sensexs 6.67% rise.

The large-cap private sector bank has equity capital of Rs 421.35 crore. Face value per share is Rs 10.

Yes Bank announced that it will raise Rs 330 crore (approximately $50 million equivalent) through an issue of a 7-year Green Infrastructure Bonds to FMO, the Dutch Development Bank, on a private placement basis. FMO will be investing in Yes Banks bonds through FMOs own sustainable bonds. The definitive agreement was signed at the fourth edition of FMOs Future of Finance conference being held in Katwijk, The Netherlands.

The amount raised will be used by Yes Bank to finance Green Infrastructure including solar and wind projects in the renewable energy space. This issuance would be externally assured by a reputed third party. An external annual review and monitoring would be undertaken on the use of proceeds in line with the Green Bond Principles 2016. This is the third such green bond issuance by Yes Bank in the last 18 months, after the successful maiden issuance of Rs 1000 crore ($160 million equivalent) in February 2015 followed by the Rs 315 crore ($50 million equivalent) private placement to International Finance Corporation (IFC), Washington in August 2015.

India is currently actively tapping into its renewable energy potential with the announced target of 175 gigawatt (GW) of capacity installation by 2022, and favourable policy support. India is estimated to require over $150 billion (about 10 lakh crore equivalent) for achieving the renewable energy target by 2022, the bank said in a statement.

Green Bonds have been emerging as one of the primary sources of financing for renewable energy across the world. Globally, the issues amounted to almost $46 billion in 2015, and Indias Green Bond market also has seen an exponential growth, touching $2 billion, post Yes Banks first issue in February 2015. Such issuances will catalyze the market for Green Bonds in India and encourage responsible investors to facilitate funding towards renewable and clean energy projects, it added.

Yes Banks net profit rose 32.8% to Rs 731.80 crore on 25.4% growth in operating income to Rs 4762.83 crore in Q1 June 2016 over Q1 June 2015.

Yes Bank is one of the leading private sector banks in India.

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Aviva Industries announces resignation of director
Sep 27,2016

Aviva Industries announced that Keyur Mehta, Independent Director of the Company has resigned as a Director of the Company due to his personal reasons, effective from the closure of the Business hours of 26 September 2016.

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Growth in Developing Asia Steady, Despite Global Headwinds - ADB
Sep 27,2016

Developing Asia is expected to grow steadily despite external pressures and should meet earlier forecasts for 2016 and 2017, aided by resilience in the regions two largest economiesn++the Peoples Republic of China and India, says a new Asian Development Bank (ADB) study.

In an update of its flagship annual economic publication, Asian Development Outlook (ADO) 2016, ADB kept its 2016 and 2017 gross domestic product (GDP) growth forecasts unchanged from its March estimates of 5.7% for each year.

n++Strong growth in the PRC and India is helping the region maintain its growth momentum,n++ said Juzhong Zhuang, Deputy Chief Economist. n++Still, policymakers need to watch for downside risks including potential capital reversals that could be triggered by monetary policy changes in advanced economies, especially the US.n++

A delayed recovery continues to hamper major industrial economies (the US, the euro area, and Japan) and the ADO Update has trimmed the earlier 2016 growth forecast to 1.4%, rising slightly to 1.8% in 2017.

Fiscal and monetary stimulus measures supported stronger-than-expected growth in the PRC. The ADO Update raised the PRCs growth forecasts by 0.1 percentage points in 2016 and 2017, to 6.6% and 6.4% respectively, which is helping to offset sluggishness elsewhere in East Asia. The subregion is now expected to grow 5.8% in 2016, and 5.6% in 2017.

South Asia, driven by the Indian economy, will retain its rapid pace of growth with GDP seen expanding 6.9% in 2016, and 7.3% the following year, unchanged from the March forecasts. Indias growth forecast for fiscal year 2016 is kept at 7.4%, supported by strong private consumption, while the milestone tax reform passed this year and progress in restructuring bank balance sheets should help revive investment and propel growth of 7.8% in 2017.

Southeast Asian economies will see growth edge up to 4.5% in 2016 on the back of robust government infrastructure investment, supported by strong performances from the Philippines and Thailand. In 2017, the subregion is expected to benefit from a pickup in demand from advanced economies and higher prices for export commodities.

Central Asian economies will remain under pressure from still depressed oil and gas prices, low external demand, and lower remittances. Growth for the subregion is now revised down to 1.5% for 2016, from 2.1% seen in March, reflecting the pessimistic outlook for energy exporters, Azerbaijan, Kazakhstan and Turkmenistan. In 2017, growth should pick up to 2.6% on expected stronger external demand and commodity prices.

The Pacific subregion meanwhile will also post softer growth than previously forecast, with growth projected at 2.7% in 2016 compared to the earlier projection of 3.8%. The slowdown is due to the fiscal contraction in Papua New Guinea, the impacts of a severe cyclone in Fiji, and drought in the North Pacific. The impact will be partially offset by some improved performances from smaller economies, aided by a pickup in tourism. Growth in the subregion will spring back to 3.5% in 2017.

The ADO Update notes that risks to the regions outlook remain tilted to the downside, with the external environment still fragile and the possibility of a US Federal Reserve Rate hike leaving open the potential for disruptive capital flows that could complicate macroeconomic policy management in the region.

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Mahindra & Mahindra gets assigned rating for NCD programme
Sep 27,2016

Mahindra & Mahindra announced that India Ratings and Research (Ind-Ra) has assigned a final IND AAA rating with Stable Outlook for the Companys Rs 475 crore unsecured, non-convertible debenture (NCD) programme.

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