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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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L&T Finance Holdings to allot 6,38,20,990 equity shares
May 17,2017

L&T Finance Holdings announced that the Committee of Directors of the Company at its Meeting held on 17 May 2017 has approved the allotment of 6,38,20,990 (Six Crore Thirty Eight Lakhs Twenty Thousand Nine Hundred and Ninety) equity shares to BC Asia Growth Investments pursuant to conversion of warrants issued on 18 December 2015, on a preferential basis.

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Outcome of board meeting of CSL Finance
May 17,2017

CSL Finance announced that the Board of Directors in their meeting held on 16 May 2017, has appointed Manoj Gupta as the Additional Independent director of the Company w.e.f 16 May 2017. Further, the Company informed that the principle statutory auditor of the company was not in office for ten days due to his being out of city on account of some personal pre-occupation and has now requested for extension of time for audit of the financial results for the quarter and year ended 31 March 2017.

Further, the Company informed that now a meeting of the Board of Directors of the Company will be held on 23 May 2017 at 12:00 p.m., inter alia, to consider and approve the Audited Financial Results of the Company and to consider recommendation of dividend, if any, for the year ended on 31 March 2017.

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FICCIs Economic Outlook Survey projects GDP growth of 7.4% for 2017-18
May 17,2017

The latest round of FICCIs Economic Outlook Survey, conducted during March & April 2017, puts forth a median GDP growth forecast of 7.4% for the fiscal year 2017-18, with a minimum and maximum level of 7.0% and 7.6% respectively.

While agricultural sector is estimated to clock 3.5% growth in 2017-18; the pick-up in overall GDP growth will also be supported by an improvement in industry and services sector growth. The industry and services sector are expected to grow by 6.9% and 8.4% respectively in 2017-18.

The survey was conducted amongst economists belonging to the industry, banking and financial services sector and the participants feel that with the process of re-monetisation almost complete, consumption activity has witnessed an uptick and will further build up going ahead. Also, Indian Meteorological Departments latest forecast of monsoon arriving on time and being sufficient provides some reprieve amidst earlier reports of El Nino having a dampening effect this year.

Moreover, the outlook of economists with regard to prices remains benign and is in line with RBIs projection put out in the monetary policy statement announced in April this year. According to the Economic Outlook Survey results, Consumer Price Index has a median forecast of 4.8% for 2017-18 with a minimum and maximum level of 4.0% and 5.3% respectively. RBI in its latest policy statement estimated CPI inflation to average 4.5% in the first half of the year and 5% in the second half.

The economists were also asked to share their assessment of the concept of Universal Basic Income and suggest ways to ensure its success. The idea of Universal Basic Income (UBI) for guaranteeing minimum basic support to the Indian citizens has been in discussion for some time now and found a special mention in the Economic Survey 2016-17.

A majority of the economists participating in the survey were supportive of the idea of Universal Basic Income. The respondents felt that UBI can be an efficient framework which would help reduce poverty and transfer the choice/decision to spend on the individual. It would also promote labor market flexibility as individuals can enter the labor market without the fear of losing the benefits.

The economists participating in the survey opined that the idea must be taken forward and explored in detail, which would include a plan on implementation and evaluating & overcoming the possible road blocks.

However, the participants also pointed out that though the concept of UBI is relevant in context of providing guaranteed minimum basic support to the people, implementation of same in a highly diverse country like India will be a difficult task. Several challenges could emanate, right from stage of selection of beneficiaries to deciding on an acceptable income level and its distribution. Implementation could be challenging given the poor state of financial infrastructure with digital payments still being a small proportion of the total financial transactions.

It was also pointed out that India lags behind on key human development indicators such as health, nutrition, education, sanitation and drinking water. In such a scenario, a universal income hand-out would not entirely solve some of the key problems that the poor face.

The participants pointed out that the success of the program depends largely on the coordination between states and central government. Once the implementation hurdle is crossed, UBI could be an important welfare program in the country.

Another area where the participating economists were asked to share their views was on the wave of protectionism engulfing the global economy. The respondents were asked to opine on how they see this development unfolding and what steps should India take to minimize the impact resulting from such moves.

Economists participating in the survey unanimously believed that protectionism is becoming a new normal led by certain advanced economies which are increasingly looking inwards to propel growth and increase employment. This could result in increased tension between nations which could lead to trade wars according to some of the respondents.

The economists felt that while protectionism is a challenge, India needs to keep its focus on implementing reforms. The situation calls for improving the investment climate in the country, enhancing hard and soft infrastructure and continuing the efforts on tackling the issue of non-performing assets. Economists felt that higher government and private investments towards infrastructure development and capacity expansion can play a pivotal role in revitalizing domestic demand and would encourage the domestic industry.

Participating economists were of the view that strengthening the domestic economy, in terms of sustainable macroeconomic stability, enhancing skills among youth and the workforce and continuing on the reform path will help India maneuver the rough patches.

It was also suggested that India should look at signing preferential trade agreements with other emerging market economies.

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Tata Steel in focus after announcing Q4 results
May 17,2017

Tata Steel reported consolidated net loss of Rs 1168.02 crore in Q4 March 2017, compared with net loss of Rs 3041.88 crore in Q4 March 2016. Net sales rose 29.6% to Rs 33424.09 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 16 May 2017.

Wipro announced that it has developed nine blockchain-based solutions for the banking financial services and insurance (BFSI), manufacturing, retail and consumer goods industries. The announcement was made before market hours today, 17 May 2017.

Kotak Mahindra Bank (KMBL) said that the securities issuance committee of the board at its meeting held on 16 May 2017, passed resolution approving the closure of the qualified institutions placement (QIP) of 6.20 crore equity shares on 16 May 2017. The committee approved the issue price of Rs 936 per share against the floor price of Rs 913.24 per share. The issue had opened on 11 May 2017. The announcement was made after market hours yesterday, 16 May 2017.

Lupin launched Cialis (tadalafil), an oral PDE5 inhibitor, for the treatment of erectile dysfunction (ED) in adult males. Cialis was shown to improve erectile function compared to placebo upto 36 hours following dosing. The product is currently marketed in over 100 countries. The announcement was made after market hours yesterday, 16 May 2017.

Lupin has acquired the rights to market, promote and distribute Lillys erectile dysfunction (ED) product, Cialis through its specialty field force while Lilly will be responsible for manufacturing and importing the product. The PDE5 market in India is valued at around Rs 390 crore of which Tadalafil contributes around 23%.

Shree Cements net profit fell 54.07% to Rs 304.51 crore on 4.04% rise in total income to Rs 2834.44 crore in Q4 March 2017 over Q4 March 2016. The announcement was made after market hours yesterday, 16 May 2017.

Shree Cement recommended final dividend of Rs 24 per equity share for the year ended 31 March 2017.

Orient Paper & Industries net profit rose 3.52% to Rs 48.38 crore on 7.98% rise in net total income from operations to Rs 687.70 crore in Q4 March 2017 over Q4 March 2016. The announcement was made after market hours yesterday, 16 May 2017.

Whirlpool of Indias net profit rose 7.36% to Rs 74.38 crore on 19.06% rise in total income to Rs 1131.10 crore in Q4 March 2017 over Q4 March 2016. The announcement was made after market hours yesterday, 16 May 2017.

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Golden Tobacco intimates of levy of penalty of Rs 29 crore
May 16,2017

Golden Tobacco announced that the Directorate General of Central Excise Intelligence (Adjudication) New Delhi, in the matter of KCL, Kanpur imposed a penalty of Rs 29 crores to the Company. As per legal opinion penalty is wrongly imposed to the Company. However, the Company is in the process of taking legal action in this regard.

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Ashapura Intimates Fashion opens exclusive brand outlet
May 16,2017

Ashapura Intimates Fashion has opened an Exclusive Brand Outlet at Unit No. S-79-80-SH, Second Floor, Seawoods Grand Central Mall, Plot No. R1, Sector-40, Seawoods Railway Station, Navi Mumbai - 400 706, Maharashtra.

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Oracle Financial Services Software allots 11,960 equity shares
May 16,2017

Oracle Financial Services Software announced that the Board of Directors of the Company at its meeting held today allotted 11,960 equity shares of face value of Rs.5/- each to the eligible Employees of the Company who have exercised their stock options under the Employee Stock Option Scheme 2010, Employee Stock Option Scheme 2011 and OFSS Stock Plan 2014. These shares rank pari passu with the existing equity shares of the Company in all respects. In this allotment, no shares are allotted to Directors of the Company. With this allotment, the paid up capital of the Company has increased to Rs. 426,394,815.00 divided into 85,278,963 equity shares of face value of Rs.5/- each.

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Interworld Digital announces resignation of CEO
May 16,2017

Interworld Digital announced that Rachit Garg Chief Executive Officer of the Company has tendered his resignation vide letter dated 15 May 2017 to the Company which is being accepted subject to the approval by the Board of Directors in their meeting to be held on 29 May 2017.

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Ganesha Ecosphere to market Recycled Polyester Staple Fibre and Spun Yarn
May 16,2017

Ganesha Ecosphere announced that the Company has decided to market its products i.e., Recycled Polyester Staple Fibre and Spun Yarn, under the brand name of Rivivere. Rivivere stands for live again or bringing to life again. This is expected to add value to Companys products.

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Bharat Textiles & Proofing Industries announces resignation of director
May 16,2017

Bharat Textiles & Proofing Industries announced the resignation of Rajesh Gurdas Wadhwa, Independent Director from the Board with effect from 16 May 2017.

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Coromandel International allots 31,000 equity shares
May 16,2017

Coromandel International has allotted 31,000 equity shares of Re 1 each under ESOP.

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Honeywell Automation India appoints company secretary
May 16,2017

Honeywell Automation India has appointed Farah Irani as the Company Secretary [Key Managerial Personnel] of the company w.e.f. 16 May 2017.

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Future Enterprises allots NCDs aggregating Rs 25 crore
May 16,2017

Future Enterprises has allotted 20 - Secured Redeemable Non-Convertible Debentures Series XVII - D Having The Face Value Of Rs. 10,00,000/- Each and 230 - Secured Redeemable Non-Convertible Debentures Series XVII - E Having The Face Value Of Rs. 10,00,000/- Each, Aggregating To Rs. 25,00,00,000/- (Rupees Twenty Five Crore Only) on private placement basis.

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VIP Clothing gets revision in ratings for bank facilities
May 16,2017

VIP Clothing announced that CRISIL has affirmed the ratings on bank facilities however, the outlook of the rating has changed from negative to rating watch with positive implications as under-

Total bank facilities rated - Rs 123.4 crore

Long term rating - CRISIL BBB-
Short term rating - CRISIL A3

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Bharat Heavy Electricals gets ratings assigned for bank facilities
May 16,2017

Bharat Heavy Electricals announced that CARE Ratings has assigned the following ratings for the bank facilities of BHEL:

Long Term Fund Based Bank Facilities: CARE AA+; Stable [Double A Plus; Outlook: Stable]

Long & Short Term Non-Fund Based Bank Facilities: CARE AA+; Stable/ CARE A1+ [Double A Plus; Outlook: Stable / A One Plus]

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