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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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Mainstreaming New Coal-based Capacities To Require Market Corrections
Nov 25,2016

Favourable government policies have boosted private investments in power generation over the last decade and resulted in significant capacity additions, says FICCI. From 17 GW in 2006-07, private capacity has moved up to 124 GW in 2015-16, constituting 41% of the total generation portfolio of 302 GW in the country.

To examine the business environment in which the commissioned plants are being operationalised and the new capacities in pipeline to be mainstreamed, FICCI took up a unit-wise analysis of the project shelf of base load generation taken up by Independent Power Producers (IPPs) with coal as fuel. Constraints of Power Purchase Agreements (PPA) as well as Fuel Supply Agreements (FSA) are majorly restricting these plants from approaching the power market and finding buyers, the study reveals. An aberration is that while investments have been made in new generating assets, the IPP industry stands fragmented in various capacity compartments according to their FSA and PPA status with limited or no market access.

The study also shows that 46 GW out of installed capacity of 71 GW of coal-based IPP plants are in operational stress attributable largely to absent FSA and PPA, but also to financial and regulatory issues. Taking together the commissioned and pipeline projects of private developers as at August 2016, aggregate coal-based capacities without FSA and PPA are seen to be in the range of 26-28 GW and 41-43 GW respectively. Market corrections are necessary to optimally utilise these generating assets and avoid stress on the banking system by ensuring the operational cash flows. Meanwhile, financing issues have proved to be the major impediment to progressing with 21 GW of 33 GW projects taken up for construction, further straining the lending operations.

n++Government has been pro-actively addressing the refinancing options of the stressed assets in the economy and new guidelines have been recently issued by RBI to recast the debt restructuring schemes and repayment schedules based on asset-liability management risk. For coal-based IPP generating plants, however, the eco-system of fuel tie-up and market access for selling power will have to concurrently improve if financial re-engineering is to have any effectn++ said Dr. A. Didar Singh, Secretary General, FICCI. While the demand for power will be muted till private investments and industrial activity pick-up momentum, an immediate measure is to liberalise the regime of open access by removing the tariff and non-tariff barriers so that large consumers, when faced with unreliable and high-cost power supply, can procure directly from generators, feels Dr. Singh.

The benefit will be economy-wide as it will support Make in India initiative as has been observed by Economic Survey and will result in reducing the cost of power as the plants with unutilised capacities will be able to spread their fixed costs over a larger base of consumers. The new capacities, when operationalised, will also act as a buffer against old plants which do not meet the current-day emission norms and are to be retired in furtherance of countrys climate change goals.

FICCI also suggests a performance metric to be assigned under the UDAY Scheme so that Discoms can transparently demonstrate the efficacy of their power procurement planning to meet the demand estimates and account for un served loads, if any. However, to maximise fuel supply and supplement CILs coal production, FICCI recommends opening up of the coal sector and ushering in commercial mining, which will also be a Make in India initiative. FICCI had earlier proposed the concept of a Clearing House as a market construct for over-the-counter selling of coal under a system of daily trade monitoring and real time liability and collateral management.

FICCI believes that forward trades via term-ahead contracts for procurement of power combined with voluntary spot purchases at the exchange will generally provide the market fundamentals, but with the advent of renewables, lower Plant Load Factors (PLF) will be the new normal for base load generating stations. In future, inclusion of financial products along with physical trading and capacity contracts will be necessary to enable risk management of output and demand, improve liquidity and secure the revenue streams.

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K E C International repurchases debentures
Nov 25,2016

K E C International has on 25 November 2016 repurchased 750 Secured Rated Listed Redeemble Non-Convertible Debentures and made payment of Rs 78.59 crore against the same based on the acceptance by the debenture holders.

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Board of Nestle India to consider 3rd interim dividend
Nov 25,2016

Nestle India announced that the Board of Directors will consider declaration of third interim dividend for the year 2016, if any, on 05 December 2016.

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Nestle India fixes record date for 3rd interim dividend
Nov 25,2016

Nestle India announced that the Company has fixed 13 December 2016 as the Record Date for the purpose of Payment of Third Interim Dividend.

Further, the third interim dividend for 2016, if any declared, would be paid on and from 22 December 2016.

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Hindusthan Urban Infrastructure to hold EGM
Nov 25,2016

Hindusthan Urban Infrastructure announced that the Extra Ordinary General Meeting (EGM) of the Company will be held on 22 December 2016.

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L&T Hydrocarbons unveils high-tech spool based facilities
Nov 25,2016

Larsen & Toubro announced that its wholly owned subsidiary - L&T Hydrocarbons has unveiled high-tech spool based facilities at L&Ts fabrication unit at Kattupalli, in Chennai on 25 November 2016. These facilities are being employed to execute a prestigious lump sum turn key contract that has been bagged from ONGC for a subsea installation by a consortium of J Ray Mc Dermott S.A, Berlian McDermott & L&T Hydrocarbon Engineering in international competitive bidding.

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Sharp India makes reference to BIFR
Nov 25,2016

Sharp India announced that the Company has, in pursuance of the provisions of Section 23(1) of the Sick Industrial Companies (Special Provisions) Act, 1985, reported to the Board for Industrial and Financial Reconstruction the fact that its accumulated losses, as at 31 March 2016, have resulted in erosion of more than 50 per cent of its peak net worth during the immediately preceding four financial years.

In the opinion of the Board of Directors of the Company, the report made by the Company to the Board for Industrial and Financial Reconstruction of the fact of erosion of net worth of the Company is material for the Company.

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The Government has approved domestic procurement of 10 lakh tonnes of pulses
Nov 25,2016

The Government has approved domestic procurement of 10 lakh tonnes of pulses consisting of 5 lakh tonnes of pulses from Kharif Marketing Season 2016-17 and 5 lakh tonnes from Rabi Marketing Season 2017-18 for building the buffer.

As on 21 November 2016, a buffer of 638,205.55 MT of pulses, viz. 130,492.33 MT of Chana; 204,030.859 MT of Tur; 143,555.76 MT of Masur; 83,181.792 MT of Urad; and 76,943.81 MT of Moong, have been built through domestic procurement and import contracts. Of the 20 lakh tonnes of buffer stock of pulses approved by the Government, the tentative target is 10 lakh tonne through domestic procurement from farmers and another 10 lakh tonnes from imports.

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Jubilant Life Sciences issue commercial paper aggregating Rs 25 crore
Nov 25,2016

Jubilant Life Sciences has issued commercial paper of Rs 50 crore on 25 November 2016. The aggregate amount of commercial paper outstanding as on date is 150 crore.

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Ashok Leyland completes acquisition of Nissans stake in three JVs
Nov 25,2016

Ashok Leyland has completed the acquisition of Nissan Motor Co.s stake in each of the three joint ventures formed between the two companies, namely, Ashok Leyland Nissan-Vehicles, Nisan-Ashok Leyland Powertrain and Nissan-Ashok Leyland Technologies.

Under the new arrangement, Ashok Leyland will continue to build, under a licensing agreement, the successful Dost, Mitr and Partner light commercial vehicles, which are based on Nissans design, engineering and technology. Servicing and parts availability for customers will be ensured by a technical support arrangement. In addition, the two companies have agreed to continue a deal to procure made-in-India parts to Nissan.

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FPIs selling intensifies
Nov 25,2016

Foreign portfolio investors (FPIs) sold stocks worth a net Rs 2039.63 crore into the secondary equity markets on 24 November 2016, higher than their net outflow of Rs 1094.93 crore during the preceding trading session on 23 November 2016. The net outflow of Rs 2039.63 crore on 24 November 2016 was a result of gross purchases of Rs 6178.07 crore and gross sales of Rs 8217.70 crore. On that day, the Sensex lost 191.64 points or 0.74% to settle at 25,860.17, its lowest closing level since 21 November 2016.

There was a net inflow of Rs 1.33 crore into the category primary markets & others on 24 November 2016, which was a result of gross purchases of Rs 1.34 crore and gross sales of Rs 0.01 crore.

FPIs have sold stocks worth a net Rs 17650.76 crore into the secondary equity markets in this month so far (till 24 November 2016). They sold shares worth a net Rs 5258.22 crore from the secondary equity markets last month. FPIs have purchased shares worth a net Rs 23520.29 crore from the secondary equity markets in calendar year 2016 so far (till 24 November 2016). They sold shares worth a net Rs 4863.71 crore into the secondary equity markets in calendar year 2015.

There has been a net inflow of Rs 1887.40 crore from FPIs into the category primary markets & others in this month so far (till 24 November 2016). There was a net inflow of Rs 951.96 crore from FPIs into the category primary markets & others last month. The net inflow from FPIs into category primary markets & others has totaled Rs 7703.07 crore in calendar year 2016 so far (till 24 November 2016). There was net inflow of Rs 22168.40 crore from FPIs into the category primary markets & others in calendar year 2015.

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Shriram Transport Finance Company to allot NCDs aggregating Rs 175 crore
Nov 25,2016

Shriram Transport Finance Company announced that the Allotment Committee - NCDs of the Company in its meeting held on 25 November 2016 approved and allotted 1750 Secured Redeemable Non-Convertible Debentures(NCDs) of face value of Rs. 10,00,000/- (Rs. Ten Lakh only) each, aggregating to Rs. 175 crore on private placement basis.

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Withdrawal of Legal Tender Status of ₹ 500 and ₹ 1000: Exchange Facility at RBI to continue
Nov 25,2016

The Reserve Bank of India advises members of public that exchange of banknotes in ₹ 500 and ₹ 1000 denominations, whose legal tender status has been withdrawn, will continue to be available at the counters of the Reserve Bank upto the current limits per person as hitherto. (However such exchange facility is no longer available at other banks counters).

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Rajshree Sugars & Chemicals enters into agreement to sell subsidiary - Trident Sugars
Nov 25,2016

Rajshree Sugars & Chemicals announced that the Company has now entered into a Share Purchase Agreement with the prospective buyer, for the sale of the wholly-owned subsidiary Company Trident Sugars, having the sugar factory at Telangana.

As per the said Agreement, the prospective buyer is expected to close the sale transaction by 31 March 2017.

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Future Enterprises to announce September quarter and half year results
Nov 25,2016

Future Enterprises announced that a meeting of the Board of Directors of the Company is scheduled to be held on 03 December 2016, inter alia, to consider and approve the Unaudited Financial Results for the quarter and half year ended 30 September 2016.

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