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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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Interest rate sensitives in spotlight on RBI policy
Apr 06,2017

Interest rate sensitive auto, banking and realty stocks will be watched ahead of the Reserve Bank of Indias (RBI) monetary policy meeting today, 6 April 2017. The RBI had left its key repo rate unchanged at 6.25% for the second time at its February 2017 meeting. Purchases of automobiles, including that of cars, utility vehicles and commercial vehicles are substantially driven by financing. Purchases of both residential and commercial property are largely driven by finance.

IndusInd Bank said it proposes to raise funds by issue and allotment of rated, listed, non-convertible, perpetual, subordinated and unsecured basel III compliant bonds in the nature of debentures towards non-equity regulatory additional tier I capital (AT1 Bonds), for face value of Rs 10 lakh each for cash aggregating to Rs 1000 crore on private placement basis. The announcement was made after market hours yesterday, 5 April 2017.

Mahindra & Mahindra (M&M) announced that its Farm Equipment Sector (FES) launched Mahindra JIVO. A new age, superior technology small tractor platform in the sub 25 horsepower (HP) category, the Mahindra JIVO is suitable for row crop and horticulture farming. The tractor is available in the 4 wheel drive (WD) version with engine power of 24HP and power take-off (PTO) of 22HP. It will be sold in the states of Maharashtra and Gujarat from 25 April 2017 at a starting price of Rs 3.90 lakh for the 4WD model, ex-showroom Maharashtra. The announcement was made after market hours yesterday, 5 April 2017.

Repco Home Finance said its board will meet on 11 April 2017, to consider a proposal to raise Rs 272 crore by issuing secured, redeemable, non-convertible, non-cumulative, taxable debentures to International Finance Corporation on private placement basis. The announcement was made after market hours yesterday, 5 April 2017.

Bank of India said it will hold an extraordinary general meeting (EGM) of shareholders on 4 May 2017 for their approval for issuing share capital by way of preferential issue to Government of India. The announcement was made after market hours yesterday, 5 April 2017.

Reliance Defence and Engineering scheduled a board meeting on Tuesday, 11 April 2017, to consider rights issue of equity shares upto Rs 1200 crore, which was approved at the board meeting held on 22 April 2016. The announcement was made after market hours yesterday, 5 April 2017.

Canada Pension Plan Investment Board (CPPIB) has on 5 April 2017, executed a Share Subscription and Purchase Agreement (SSPA) and Shareholders Agreement (SHA) with ISMDPL and the Phoenix Mills. Pursuant to the execution of the agreements, CPPIB proposes to invest in the equity share capital of ISMDPL in multiple tranches. CPPIB shall, in the first tranche, subject to fulfilment of the conditions precedent in the agreements, acquire 30% equity shareholding in ISMDPL through a combination of fresh equity subscription in ISMDPL and secondary transfer of equity shares held by the company in ISMDPL. Post the completion of first tranche investment by CPPIB, the company and CPPIB shall hold 70% and 30% respectively, of the paid up equity share capital of ISMDPL. The announcement was made after market hours yesterday, 5 April 2017.

Great Eastern Shipping Company announced that GGOS Labuan, a step-down subsidiary of the company, has been struck off from the registry under the provisions of the Labuan Companies Act, 1990 with effect from 4 March 2017. The announcement was made after market hours yesterday, 5 April 2017.

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Precious metals drop
Apr 06,2017

Gold prices retreated on Wednesday, 05 April 2017 at Comex after a reading of private-sector employment came in stronger than expected, steering buying to assets perceived as risky such as stocks.

June gold fell $9.90, or 0.8%, to settle at $1,248.50 an ounce, logging its first decline out of the past four sessions. Silver for May delivery dropped 13 cents, or 0.7%, to settle at $18.18 an ounce.

The precious metal then weakened further in electronic trade to $1,247.40 after the release of the minutes from the Federal Reserves meeting in March. In the report, the committee revealed that it would like to start reducing the Feds balance sheet later in the year. In addition, the Minutes showed that some Fed officials are worried about high equity valuations. Stocks held steady immediately following the report, but the hawkish tone eventually seeped in, sending the cash market into the red.

The minutes indicated that the Fed is likely to start shrinking its balance sheet this year in line with its tighter monetary-policy regime. Higher rates tend to strengthen the dollar which in turn makes assets priced in the U.S. currency more expensive.

Among economic data expected for the day, investors received March ADP Employment Change, March ISM Services, and the weekly MBA Mortgage Applications Index. The ADP National Employment Report showed an increase of 263,000 in March (consensus 175,000) while the February reading was revised lower to 245,000 from 298,000. The ADP reading precedes Fridays more influential Employment Situation Report for March, which the consensus expects will show the addition of 180,000 nonfarm payrolls. The Employment Situation Report for February indicated that nonfarm payrolls increased by 235,000.

The ISM Services Index for March declined to 55.2 from an unrevised reading of 57.6 in February while the consensus expected a downtick to 57.0. The key takeaway from the report is that growth in the services sector, which accounts for a much bigger slice of economic activity than the manufacturing sector does, persisted for the 87th straight month.

Separately, the weekly MBA Mortgage Applications Index decreased 1.6% to follow last weeks 0.8% decline.

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Air cargo demand continues upward trajectory in February 2017: IATA
Apr 05,2017

The International Air Transport Association (IATA) released demand growth results for global air freight markets for February 2017 showing an 8.4% increase in demand measured in freight tonne kilometers (FTKs) compared to the same period last year. After adjusting for the impact of the leap year in 2016, demand increased by 12% -- almost four times better than the five-year average rate of 3.0%.

Freight capacity, measured in available freight tonne kilometers (AFTKs), shrank by 0.4% in February 2017.

The continued growth of air freight demand in 2017 is consistent with an uptick in world trade which corresponds with new global export orders remaining at elevated levels in March. Of particular note is the expanded volume of semi-conductor materials typically used in high-value consumer electronics.

February further added to the cautious optimism building in air cargo markets. Demand grew by 12% in Februaryn++about four times the five-year average rate. With demand growing faster than capacity, yields got a boost. While there are signs of stronger world trade, concerns over the current protectionist rhetoric are still very real, said Alexandre de Juniac, IATAs Director General and CEO.

The rapid growth of niche markets such as cross-border e-commerce and time and temperature sensitive pharmaceutical are showing robust growth as noted at the World Air Cargo Symposium held in Abu Dhabi last month. Any optimistic look at the future sees growing demand for specialized value added services. Shippers are telling us that the key to turning the current uptick in the cargo industrys fortunes into longer-term growth is modernizing our antiquated processes. We must use the current momentum to push ahead with the elements of the e-cargo visionn++including the e-air waybill which is nearing 50% market penetration, said de Juniac.

Regional Performance

All regions, with the exception of Latin America, reported an increase in demand in February 2017.

Asia-Pacific airlines posted the largest year-on-year demand increase among regions in February 2017 with freight volumes growing 11.8% (more than 15% adjusting for the leap year). Capacity increased by 2.0% over the same time. The increase in demand is captured in the positive outlook from business surveys in the region and is reflected in the increase in trade across Asia-Pacifics main freight lanes to, from, and within the region, which have strengthened considerably over the past six months. Seasonally-adjusted volumes dipped slightly in February but remained up considerably since early 2016 and are now back to the levels reached in 2010 during the post-global financial crisis bounce-back.

North American airlines freight volumes expanded 5.8% (or more than 9% adjusting for the leap year) in February 2017 compared to the same period a year earlier, and capacity decreased by 3.1%. This was driven in part by the strength of freight traffic to and from Asia which increased by 5.7% year-on-year in January. The further strengthening of the US dollar continues to boost the inbound freight market but is keeping the export market under pressure.

European airlines posted a 10.5% (or around 14% adjusting for the leap year) increase in freight volumes in February 2017 and a capacity increase of 1.4%. The ongoing weakness of the Euro continues to boost the performance of the European freight market which has benefitted from strong export orders, particularly in Germany, over the last few months.

Middle Eastern carriers year-on-year freight volumes increased 3.4% (or approximately 7% adjusting for the leap year) in February 2017 and capacity decreased 1.7%. Seasonally adjusted freight volumes continue to trend upwards and demand remains strong between the Middle East and Europe. Despite this, growth has eased from the double-digit rates which were the norm over the past ten years. This corresponds with a slowdown in network expansion by the regions major carriers.

Latin American airlines experienced a contraction in demand of 4.9% (or around 1% adjusting for the leap year) in February 2017 compared to the same period in 2016 and a decrease in capacity of 7.2%. Recovery in seasonally-adjusted volumes also stalled with demand 14% lower than at the peak in 2014. And freight volumes have now been in contractionary territory in 25 out of the last 27 months. The regions carriers have managed to adjust capacity, which has limited the negative impact on the load factor. Latin America continues to be blighted by weak economic and political conditions.

African carriers saw freight demand increase by 10.6% (or more than 14% adjusting for the leap year) in February 2017 compared to the same month last year and capacity increase by 1.0%. Year-to-date demand has increased by 16.2%, helped by very strong growth on the trade lanes to and from Asia. The increase in demand has helped the regions seasonally-adjusted load factor rise by 2.8 percentage points so far in 2017.

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Union Bank of Indian receives Rs 541 crore from Govt. of India
Apr 05,2017

Union Bank of Indian announced that the Bank has received a sum of Rs. 541 crore as capital infusion in the form of share application money from the Government of India for the said preferential allotment of Equity Shares on 31 March 2017. Allotment of the Equity Shares to Government of India will be done on receipt of approval of Central Government under section 3(2-B)(c) of the Banking Companies (Acquisition and Transfer of Undertaking) Act, 1970.

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Board of Anka India approves issuance of 82,47,474 convertible warrants
Apr 05,2017

Anka India announced that the Board of Directors of the Company at its meeting held on 05 April 2017 has approved the issuance of 82,47,474 warrants convertible into equity shares within a period not exceeding 18 months from the date of allotment on preferential basis.

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Board of International Travel House appoints CFO
Apr 05,2017

International Travel House announced that the Board of Directors of the Company at its meeting held on 05 April 2017 have appointed Ajay Kumar, as Chief Executive Officer (CEO) of the Company effective 5 April 2017 and Ghanshyam Arora has stepped down as Manager of the Company with immediate effect.

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Outcome of board meeting of Scintilla Commercial & Credit
Apr 05,2017

Scintilla Commercial & Credit announced that the Board of Directors at its meeting held on 05 April 2017 has approved the following -

1. Appointment of Prabhat Kumar Marda as Chief Financial Officer w.e.f. 5th April 2017.

2. Change in designation of Jitendra Kumar Goyal from Managing Director to Director

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Ashapura Intimates Fashion allots 4,00,226 equity shares
Apr 05,2017

Ashapura Intimates Fashion announced that the Board of Directors of the Company at its meeting held on 05 April 2017 approved the allotment of 4,00,226 equity shares of conversion of warrants. Consequently, the paid up equity share capital of the Company now stand increased from Rs 19.46 crore to Rs 19.86 crore.

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Glaxosmithkline Pharma to hold board meeting
Apr 05,2017

Glaxosmithkline Pharma will hold a meeting of the Board of Directors of the Company on 19 May 2017 the approval and declaration of Audited Financial Results for the year and quarter ended 31st March, 2017.

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Rupees Closes Higher
Apr 05,2017

Rupee closed higher at 64.9300/9400 per dollar on Wednesday (05 April 2017), versus its previous close of 65.0600/0700 per dollar.

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Celebrity Fashions to hold board meeting
Apr 05,2017

Celebrity Fashions will hold a meeting of the Board of Directors of the Company on 5 April 2017.

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FPIs turn buyers
Apr 05,2017

Foreign portfolio investors (FPIs) bought stocks worth a net Rs 586.55 crore from the secondary equity markets on 3 April 2017, compared with net outflow of Rs 192.79 crore on 31 March 2017. On that day, the Sensex rose 289.72 points or 0.98% to settle at 29,910.22, its record closing high.

The net inflow of Rs 586.55 crore on 3 April 2017 was a result of gross purchases of Rs 3585.71 crore and gross sales of Rs 2999.16 crore.

There was a net outflow of Rs 2.15 crore from the category primary market & others on 3 April 2017, which was a result of gross purchases of Rs 62.19 crore and gross sales of Rs 64.34 crore.

FPIs had bought stocks worth a net Rs 29480.37 crore in March 2017 (till 31 March 2017). They had purchased stocks worth a net Rs 8322.23 crore in February 2017.

FPIs have purchased shares worth a net Rs 36881.23 crore from the secondary equity markets in calendar year 2017 (till 3 April 2017). They had purchased shares worth a net Rs 12094.42 crore from the secondary equity markets in calendar year 2016.

There was a net inflow of Rs 1425.63 crore from FPIs into the category primary market & others in March 2017 so far (till 31 March 2017). FPIs bought stocks worth a net Rs 1579.95 crore from the category primary market & others in February 2017.

FPIs have purchased shares worth a net Rs 6824.32 crore from the category primary markets & others in calendar year 2017 so far (till 3 April 2017). The net inflow from FPIs in the category primary markets & others had totaled Rs 8471.76 crore in calendar year 2016.

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Sasken Technologies to hold board meeting
Apr 05,2017

Sasken Technologies will hold a meeting of the Board of Directors of the Company on 5 April 2017.

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Capital First to hold board meeting
Apr 05,2017

Capital First will hold a meeting of the Board of Directors of the Company on 5 April 2017.

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International Travel House to hold board meeting
Apr 05,2017

International Travel House will hold a meeting of the Board of Directors of the Company on 5 April 2017.

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