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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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National Steel & Agro Industries receives credit ratings
Feb 14,2017

National Steel & Agro Industries announced that India Rating & Research has assigned the following credit ratings -

Long term loan - IND BBB-/ Stable
Fund based working capital limit - IND BBB-/ Stable
Non fund based working capital limit - IND A3
Proposed fund based working capital limit - Provisional IND BBB-/ Stable

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Electrosteel Steels appoints company secretary
Feb 14,2017

Electrosteel Steels announced that Binaya Kumar Dash, a Member of The Institute of Company Secretaries of India has been appointed as Company Secretary & Compliance Officer of the Company with effect from 14 February 2017 pursuant of Section 203 of the Companies Act, 2013 and Rules made thereunder and Regulation 6 of SEBI (Listing Obligation And Disclosure Requirements) Regulations, 2015.

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Sagar Cements allots 24 lakh equity shares
Feb 14,2017

Sagar Cements announced that in respect of the Companys QIP Offering, the Securities Allotment Committee of the Board of Directors of the Company at its meeting held on 14 February 2017 has issued and allotted 24,00,000 Equity shares of Rs.10/- each to eligible qualified institutional buyers at the issue price of Rs 720.00 per equity share (including a premium of Rs 710.00 per equity share) constituting a discount of 0.43% to the floor price of Rs 723.10 per share aggregating to Rs 172.80 crore.

Pursuant to the said allotment of the Equity Shares in the QIP Offering, the paid-up equity share capital of the Company stands increased to INR 2,040.00 lakhs comprising of 2,04,00,000 equity shares of face value of INR 10 each.

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Housing Development Finance Corporation establishes MTN Programme
Feb 14,2017

Housing Development Finance Corporation announced that the Corporation has, on 14 February 2017, established a Medium Term Note Programme (n++MTN Programmen++) for an amount of up to USD 750 million, in order to enable the Corporation to issue debt instruments in the international capital markets subject to regulatory approvals.

Further note that the establishment of the MTN Programme is only an enabling step and presently, no instruments are being issued by the Corporation. Appropriate intimations will be provided to the Stock Exchanges as and when the Corporation issues any instruments pursuant to the Programme.

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PC Jeweller allots 37,600 equity shares
Feb 14,2017

PC Jeweller announced that the Board of Directors of the Company at its meeting held on 14 February 2017 allotted 37,600 equity shares having face value of Rs. 10/- each to those eligible employees of the Company, who have exercised their stock options under the Companys Employee Stock Option Plan - 2011. The Allottees also include Ramesh Kumar Sharma, Executive Director & Chief Operating Officer of the Company. The new shares rank pari - passu in all respects with the existing equity shares of the Company.

Consequent to this allotment the paid-up share capital of the Company has increased to Rs. 179,13,76,000/- divided into 17,91,37,600 equity shares of Rs. 10/- each.

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Vedavaag Systems provides update on acquisition of Synaptic System
Feb 14,2017

Vedavaag Systems announced that the formalities of acquisition of Synaptic System have been completed (the acquisition of which was earlier announced in board meeting dated 12 August 2016) a software development and implementation Company specialized in ERP for PACs (Primary Agricultural Societies).

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MOIL fixes record date for interim dividend
Feb 14,2017

MOIL has fixed 24 February 2017 as the Record Date for the purpose of Payment of Interim Dividend and date of payment of Interim Dividend for the financial year 2016-17 shall be 10 March 2017.

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Greaves Cotton to pay interim dividend
Feb 14,2017

Greaves Cotton announced that interim dividend will be paid on or before 08 March 2017.

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Asia Pacific Market: Stocks down ahead of Yellen testimony
Feb 14,2017

Asia Pacific share market closed mostly lower on Tuesday, 14 February 2017, as investors turned cautious ahead of US Federal Reserve chair Janet Yellens congressional testimony that could give clues on the pace of interest rate hikes.

Strong corporate earnings and expectations for business-friendly policies from Washington have propelled markets higher. But that momentum wavered as worries over possible moves on trade and currency by President Donald Trumps administration resurfaced.

Investors also were also cautious ahead of Fed Chair Yellens semiannual testimony before the members of Congress. Yellen on Tuesday will present the US central banks semi-annual report on monetary policy and economy in testimony to the Senate Banking Committee, followed by the semi-annual monetary testimony before the House Financial Committee on Wednesday. Investors were watching how forceful the Federal Reserve chief would be in keeping alive the prospect of a interest rate hike in March when she testifies to Congress later on Tuesday. A trend of rising rates would weigh on the rate-sensitive property shares but benefit the financial sector.

Among Asian bourses

Nikkei falls 1.1% on strong yen; Toshiba tumbles

The Japan share market settled down, as risk sentiment weighed down by yen ascent against the dollar and worries over corporate earnings results after Toshiba announcing it had requested a delay in filing its earnings report. At the close, the Nikkei Stock Average declined 220.17 points, or 1.13%, to 19,238.98. The Topix index of all first-section issues closed down 15.08 points, or 0.97%, at 1539.12. Falling stocks outnumbered advancing ones on the Tokyo Stock Exchange by 1782 to 1245 and 309 ended unchanged. The Nikkei Volatility, which measures the implied volatility of Nikkei 225 options, was down 4.10% to 17.77 a new 1-month low.

Toshiba shares fell 8% to Y229.8 after the Japanese tech giant postponed the announcement of its financial results for the April-December period, which was due today. Toshiba not reporting the results would expose the company to a greater risk of possible delisting. In December, the Japanese company had warned of a possible multi-million dollar devaluation of its assets linked to the purchase of American construction company CB&I Stone & Webster by Westinghouse Electric, the Japanese groups nuclear power unit in the US, the previous year. Although the company said the exact size of the write-down will depend on the accounting review, which will be completed in the first quarter of 2017 (April-June), local media has pegged the losses at over 700 billion yen ($6.12 billion). The incident has led to the resignation of Toshiba Chairman Shigenori Shiga, according to media reports. The tech giant had announced that it will review operations in the nuclear sector and split its flash memory business to raise third-party funding in order to offset its losses.

Nikon Corp. fell 15% to Y1,608 after the camera maker projected a deeper loss for the fiscal year ending in March. Its net-loss forecast increased 50% to Y9 billion ($79 million) amid slower demand for digital-camera-related products and bigger restructuring costs.

Minebea Mitsumi Inc. jumped 17% to Y1,414 after the bearings maker raised its profit views and announced a share buyback program.

Australian Market snaps five day winning streak

Australian equity market ended lower, snapping five day winning streak, as investors elected to book recent profit. ASX sectoral performance was mixed, with earnings worries dragged on consumer and healthcare stocks. At the closing bell, the benchmark S&P/ASX 200 index was off 0.1%, or 5.50 points, at 5,755.2, while the broader All Ordinaries index shed 2 points, or 0.03%, to close at 5810.90.

The healthcare care sector was pressured by a sharp 3.6% fall in Cochlear as its record half year profit was eclipsed by concerns over sales in China. The firm said the number of implants for young children it sold under Beijings national tender scheme fell 35.3% compared to the previous year and cut its full-year outlook for those units.

The consumer non-cyclical sector was pressured by 4.7% plunge in Treasury Wine Estates, as wine company offered a muted outlook after a strong half year result.

Materials stocks closed mixed after trimming initial gains inspired by rally in iron ore and base material prices. Chinas iron ore futures rose on Tuesday to their highest in more than three years, while copper held on to solid overnight gains amid supply concerns and ahead of testimony from US Federal Reserve Chair Janet Yellen later in the day. Iron ore miner Fortescue Metals rose 2.6%, hitting its highest in more than six years. Rio Tinto tacked on 0.3%, its highest close in nearly 3 years. BHP Billiton, however, ended the day 0.9% lower.

China Equities close flat

Mainland China stock market settled near flat line, as stronger-than-expected inflation data reinforced speculation of a shift by Beijing to a more tighter policy stance. Most sectors edged lower, while gains were led by material shares. At the close, the blue-chip CSI300 index, which tracks large companies in Shanghai or Shenzhen, edged down 0.01% to close at 3,435.80. The Shanghai Composite Index added 0.03% to close at 3,217.93. The Shenzhen Composite Index, which tracks stocks on Chinas second exchange, shed 0.02% to 1964.32. The ChiNext Index, which tracks Chinas NASDAQ-style board of growth enterprises, dropped 0.22% to 1,909.40 points.

Chinas consumer inflation rate in January grew the most since May 2014 compared with the previous year, and its producer price index rose the fastest since August 2011, both beating market expectations and adding to signs of economic recovery. Market expert expects higher inflationary impulse would reinforce a recent shift by authorities to tighter policy stance, which is unfavourable for equities. Any signs that demand-led inflation might peak also presents hurdles to riskier assets because of the negative implications for wider growth.

Major insurance stocks slid, with China Life shedding 1%, as insurance sectors premium income growth is expected to slow in 2017 on tighter regulations.

Steel makers advanced, with Xinyu Iron & Steel up 5.2% to 4.46 yuan, and Maanshan Iron & Steel gaining 4.5% to 3.49 yuan.

Shares of Leshi Internet rose 3.7%, as Jia Yueting, founder and controlling shareholder of the company proposed awarding 20 new shares for every 10 shares held by all investors.

Hong Kong Stocks take breather

The Hong Kong stock market settled marginally lower after fluctuating between a tight range, as investors took a breather after a four-day rally lifted the benchmark index to a four-month closing high on the previous day. The Hang Seng Index was down 0.03% or 7.97 points to close at 23,703.01. The Hang Seng China Enterprises index, or the H-share index, shed 0.03% or 3.40 points to 10,254.44. Turnover decreased to HK$85.5 billion from HK$90.8 billion on Monday.

Shares of casino companies advanced after Citi Research maintained its GGR forecast for January at 10% growth to MOP21.5 billion. Also, several investment banks, including JP Morgan and UBS, forecast Macaus gaming revenues will continue to increase in February. Galaxy Entertainment (00027) jumped 7% to HK$37.85. Sands China (01928) shot up 5% to HK$33.1. Melco International (00200) andMGM China (02282) also soared 5% and 6% to HK$12.32 and HK$14.92.

Shares of Apples supplier juped after Apples shares hit new closing high overnight on Goldman Sachss upgrade, based on strong iPhone sales forecast in 2017. Handset components manufacturers AAC Tech (02018) and Sunny Optical (02382) gained 1% and 4% to HK$86.2 and HK$50.9. Cowell (01415) surged 17% to HK$2.7.

Geely Auto (00175) continued its rally on the news of blue-chip index inclusion. It added 2% to HK$10.98 as BofA Merrill Lynch upgraded the stock to buy.

Hong Kongs main free-to-air terrestrial television broadcaster TVB leapt 9.2% to HK$33.15. The company announced on Monday evening that it had raised the offer price to HK$35.075 per share in its share buyback plan, compared with the previous offer of HK$30.5 on January 24.

Indian market snaps three-day gains

Indian benchmark indices settled with small declines on sell-off in auto and pharma stocks amid muted global cues. The barometer index, the S&P BSE Sensex, fell 12.31 points or 0.04% to settle at 28,339.31. The Nifty 50 index shed 12.75 points or 0.14% to settle at 8,792.30.

Sun Pharmaceutical Industries shares slipped 0.06% after consolidated net profit fell 4.72% to Rs 1471.82 crore on 10.13% rise in total income to Rs 8034.81 crore in Q3 December 2016 over Q3 December 2015.

Shares of Yes Bank rose 0.33%. The bank ramped up its existing portfolio of debit cards with the launch of new debit card variants. The bank has also strengthened its focus on Rupay cards and has introduced two cards on the platform offering superior features and benefits.

Shares of Hindalco Industries rose 1.3% after the company yesterday reported a standalone net profit at Rs 320.56 crore for the quarter ended December 31, 2016.

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Hong Kong Stocks take breather
Feb 14,2017

The Hong Kong stock market settled marginally lower after fluctuating between a tight range on Tuesday, 14 February 2017, as investors took a breather after a four-day rally lifted the benchmark index to a four-month closing high on the previous day. The Hang Seng Index was down 0.03% or 7.97 points to close at 23,703.01. The Hang Seng China Enterprises index, or the H-share index, shed 0.03% or 3.40 points to 10,254.44. Turnover decreased to HK$85.5 billion from HK$90.8 billion on Monday.

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China Equities close flat
Feb 14,2017

Mainland China stock market settled near flat line on Tuesday, 14 February 2017, as stronger-than-expected inflation data reinforced speculation of a shift by Beijing to a more tighter policy stance. Most sectors edged lower, while gains were led by material shares. At the close, the blue-chip CSI300 index, which tracks large companies in Shanghai or Shenzhen, edged down 0.01% to close at 3,435.80. The Shanghai Composite Index added 0.03% to close at 3,217.93. The Shenzhen Composite Index, which tracks stocks on Chinas second exchange, shed 0.02% to 1964.32. The ChiNext Index, which tracks Chinas NASDAQ-style board of growth enterprises, dropped 0.22% to 1,909.40 points.

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Australia Market snaps five day winning streak
Feb 14,2017

Australian equity market ended lower on Tuesday, 14 February 2017, snapping five day winning streak, as investors elected to book recent profit. ASX sectoral performance was mixed, with earnings worries dragged on consumer and healthcare stocks. At the closing bell, the benchmark S&P/ASX 200 index was off 0.1%, or 5.50 points, at 5,755.2, while the broader All Ordinaries index shed 2 points, or 0.03%, to close at 5810.90.

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Nikkei falls 1.1% on strong yen; Toshiba tumbles
Feb 14,2017

The Japan share market settled down on Thursday, 09 February 2017, as risk sentiment weighed down by yen ascent against the dollar and worries over corporate earnings results after Toshiba announcing it had requested a delay in filing its earnings report. At the close, the Nikkei Stock Average declined 220.17 points, or 1.13%, to 19,238.98. The Topix index of all first-section issues closed down 15.08 points, or 0.97%, at 1539.12. Falling stocks outnumbered advancing ones on the Tokyo Stock Exchange by 1782 to 1245 and 309 ended unchanged. The Nikkei Volatility, which measures the implied volatility of Nikkei 225 options, was down 4.10% to 17.77 a new 1-month low.

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Mission to provide Affordable, Quality Healthcare for All: Coronary Stent Prices capped, to bring down cost by about 380%
Feb 14,2017

Pursuing Prime Minister, Shri Narendra Modis vision of Affordable, Quality Healthcare for All, Government of India has issued the notification for fixing the ceiling prices of coronary stents, informed Union Minister for Chemicals & Fertilizers and Parliamentary Affairs, Shri Ananthkumar. The step would bring down the cost of coronary stents by about 380%, the Minister added.

Shri Kumar informed that now the ceiling prices of Bare Metal Stents (BMS), having 10% market share, has been capped at Rs. 7,260 and Drug Eluting stents (DES), having 90% market share, at Rs. 29,600. These prices are exclusive of VAT and other local taxes. The Minister further stated that since most of the States have 5% VAT on stents, the MRP of BMS and DES would be Rs.7623 and Rs. 31,080. National Pharmaceutical Pricing Authority (NPPA) has fixed the prices within 60 days as required, he added.

Informing that the step is a major decisive action on the unethical margins charged at each stage in the supply chain of coronary stents, the Minister stated that the new prices are not likely to make much adverse impact on industry. The average MRP in the market for BMS was Rs. 45,000 and for DES Rs. 1,21,000. This has been reduced to Rs. 7623 for BMS and Rs. 31,080 for DES. Thus, based on price reduction, patients will get average benefit of 80-90 thousand per stent resulting into a gross relief of Rs. 4450 crores in one year.

Shri Kumar informed that the Ministry of Health and Family Welfare included Coronary Stents in the National List of Essential Medicines, 2015 (NLEM, 2015) on 19th July 2016 and the Ministry of Chemicals and Fertilizers incorporated Coronary Stents in Schedule I of the Drug Prices Control Order (DPCO), 2013 on 21st December 2016.

Shri Kumar informed that the Ministry, after reviewing the recommendation of Ministry of Health, had directed the NPPA to hold multi-stakeholder consultations with industry and industry associations, manufacturers, importers, hospital associations, distributors associations, doctors and NGOs and other civil society members for fixing the ceiling prices of coronary stents. All the data provided by industry was put on NPPA website and major options for price fixation and prices put in public domain for consultation. The new ceiling prices decided by the Government have taken into account interests of all the stakeholders.

Shri Kumar assured that he will write to the Ministry of Health and Family Welfare to keep a check on increase the price of procedure, doctors fee and prolong the patients stay by hospitals to make up for losses it and also ensure that price reduction is passed on to patients. He also said that the prices of all stocked stents will have to be revised according to the new ceiling price. The Minister laid stress that the landed price/manufacturing cost of imported BMS is Rs. 5415 and for DES is Rs. 16,918, hence the ceiling prices have been set taking into account the ethical profit margins and R&D costs of each member of the supply chain of coronary stents.

Shri Kumar also added that in case of serious violations of the ceiling prices, the NPPA has the authority to recover the overcharged amount along with 15% interest. For addressing the grievances of the common people, the Minister informed that the Ministry has already started two mobile apps, Pharma Jan Samadhan and Pharma Sahi Daam, on which aggrieved person can register complaints and the Ministry would act swiftly to resolve it.

Cardiovascular Diseases (CVD) are major cause of death in India, about 25% of total deaths. Out of these, 90-95% CVD deaths happen due to coronary artery diseases. As per the report of National Commission on Macroeconomics and Health, prevalence of CAD in India is about 61.5 million as per 2015 report. As per Health Ministry report, more than 3.5 lakh procedures were done in 2015 which used 4.73 lakh stents. In 2016, the figure of cardiac stent must have been above 5 lakhs. Presently market size of India made stents is roughly 30%. The Minister thus stated that the new ceiling prices will promote Make in India in a big way and seeing the huge number of patients and future requirement, foreign companies will also try to make in India for cutting costs and remain competitive.

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MoU signed between Publications Division and Sasta Sahitya Mandal for Joint Publication of books
Feb 14,2017

Publications Division, a Media Unit under Ministry of Information & Broadcasting and Sasta Sahitya Mandal (SSM) has today signed a Memorandum of Understanding (MoU) for joint publication of books on heroes of freedom struggle, cultural leaders and other eminent personalities who worked towards Nation development. The agreement is a joint initiative between the two organisations to sensitise the young generation about Indias rich and diverse culture and history. It would promote availability of good literature for the people on diverse topics.

The MoU included joint publication of a set of 20 books out of which 10 books will be selected through each others catalogue. In addition a set of 10 small new books would be finalized on topics such as the freedom struggle, Indian culture, ethics and values for Joint Publication. The agreement would also provide an opportunity, for both the organizations to enhance their reach by displaying and offering on sale any of publications published by either of the organizations. This MOU is valid for three years from the date of signing of this MOU, which can be extendable for similar terms by mutual agreement.

SSM is a Trust established by Mahatma Gandhi in 1925 and mandated to promote, develop and publish high class literature in Hindi and to make it available to the public at affordable prices. Since its inception SSM has brought out more than 2500 titles on Indian culture, heritage, Indian epics, & stories and has created a huge corpus of children literature to infuse in them the values of life and love for the nation and humanity.

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