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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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Intellect Design Arena corrects on profit booking
Mar 06,2017

Meanwhile, the S&P BSE Sensex was up 211.43 points, 0.73% to Rs 29,043.88.

On the BSE, 64,000 shares were traded on the counter so far as against the average daily volumes of 2.28 lakh shares in the past one quarter. The stock had hit a high of Rs 124.40 so far and a low of Rs 120.10 so far during the day.

The stock had hit a 52-week high 252.10 on 3 May 2016 and a 52-week low of Rs 107.75 on 15 February 2017.

The small-cap company has equity capital of Rs 50.56 crore. Face value per share is Rs 5.

Shares of Intellect Design Arena had rallied 10.39% in the preceding three trading session to settle at Rs 123.20 on Friday, 3 March 2017, from its closing of Rs 111.60 on 28 February 2017.

Intellect Design Arenas reported net loss of Rs 21.59 crore in Q3 December 2016, compared with net profit of Rs 0.35 crore in Q3 December 2015. Net sales fell 8.3% to Rs 124.89 crore in Q3 December 2016 over Q3 December 2015.

Intellect Design Arena is a digital technology product solutions provider to the banking and insurance industry, across global consumer banking, central banking, global transaction banking, risk, treasury & markets and insurance.

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Ind-Ra: Construction Sector on Road to Recovery
Mar 06,2017

India Ratings and Research (Ind-Ra) has maintained a stable outlook on the construction sector for FY18, driven by the expectation that the slow but steady increase in revenue and improvement in EBITDA margins seen during FY16 and 1HFY17 will continue in FY18. The sector is likely to witness a gradual improvement in credit metrics, although constrained by the companies under debt restructuring showing no signs of recovery.

The sector has seen improvement in liquidity position, with a significant improvement in cash flow from operations (CFO) in FY16, although it continued to remain negative. Liquidity is likely to improve further, with CFO improving over FY17-FY18 to reach near-zero levels. A positive CFO is imperative for the sector to fund its working capital, as bank credit growth to the sector plunged over FY16-FY17. However, maintaining improvement in cash flows over the medium term would depend on a prudent accumulation of orders.

Order inflow is likely to grow in FY18, primarily driven by increased public investment in transport and urban infrastructures, power transmission, and water and irrigation projects. The overall allocation for roads, housing and electrification increased 18% yoy in the Union Budget 2017-18. However, the allocation for the National Investment and Infrastructure Fund continues to be low. The fund was expected to leverage the initial funding multifold for investment and provide a stimulus to the infrastructure sector, which will not happen in FY18.

The sale of public private partnership projects in the roads sector has increased significantly during 2016, which is likely to continue in 2017. This may aid in deleveraging of balance sheets of construction companies. However, this will continue to remain a buyers market, given the significant demand and supply mismatch.

OUTLOOK SENSITIVITIES

Improvement in Cash Flows: The sector outlook could be revised to positive, if there is a continued improvement in cash flow margins, and thus improved credit metrics.

Increase in Debt Intensity: The sector outlook could be revised to negative, if the companies shift their focus back to public private partnership projects, leading to an increase in capital intensity without adequate equity infusions. Accumulation of large order books leading to a liquidity squeeze could also lead to the sector outlook being revised to negative.

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IndusInd Bank gains after adding new branch in Gurgaon
Mar 06,2017

The announcement was made after market hours on Friday, 3 March 2017.

Meanwhile, the S&P BSE Sensex was up 218.26 points or 0.76% at 29,045.98.

On the BSE, 5,480 shares were traded on the counter so far as against the average daily volumes of 86,131 shares in the past one quarter. The stock had hit a high of Rs 1,319.50 and a low of Rs 1,290.05 so far during the day. The stock had hit a record high of Rs 1,364.30 on 17 February 2017 and a 52-week low of Rs 881.20 on 4 March 2016.

The stock had underperformed the market over the past one month till 3 March 2017, sliding 0.16% compared with the Sensexs 2.1% rise. The scrip had, however, outperformed the market over the past one quarter, gaining 23.19% as against the Sensexs 9.92% rise.

The large-cap bank has equity capital of Rs 598.08 crore. Face value per share is Rs 10.

IndusInd Bank said that it had recently inaugurated a branch in Gurgaon, one of the leading financial and industrial hubs in India. With the inauguration of this branch, the bank now has 29 branches in Gurgaon city.

IndusInd Banks net profit rose 29.19% to Rs 750.64 crore on 22.9% growth in total income to Rs 4716.13 crore in Q3 December 2016 over Q3 December 2015.

IndusInd Bank is a leading private sector bank in India.

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Shree Cement gains after winning coal linkage in Chhattisgarh
Mar 06,2017

The announcement was made after market hours on Friday, 3 March 2017.

Meanwhile, the S&P BSE Sensex was up 219 points or 0.76% at 29,051.45

On BSE, so far 44 shares were traded in the counter as against average daily volume of 2,536 shares in the past one quarter. The stock hit a high of Rs 16,223.40 and a low of Rs 16,117.95 so far during the day.

The stock had hit a record high of Rs 18,519 on 3 October 2016. The stock had hit a 52-week low of Rs 10,900 on 8 March 2016. The stock had underperformed the market over the past 30 days till 3 March 2017, rising 1.23% compared with 2.15% rise in the Sensex. The scrip had also underperformed the market in past one quarter, advancing 6% as against Sensexs 9.92% rise.

The large-cap company has equity capital of Rs 34.84 crore. Face value per share is Rs 10.

Shree Cement said that the company had participated in the auction for coal linkage from South Eastern Coalfields (a subsidiary of Coal India) for cement sector and won the coal linkage in Chhattisgarh. The coal linkage is for the companys cement plant at Raipur, Chhattisgarh, Shree Cement said.

Shree Cements net profit rose 0.72% to Rs 235.43 crore on 3.9% growth in total income to Rs 1978.97 crore in Q3 December 2016 over Q3 December 2015.

Shree Cement is focused on its core business of cement and power. Currently its manufacturing operations are spread over North and Eastern India across five states.

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Syndicate Bank announces appointment of company secretary
Mar 06,2017

Syndicate Bank announced the appointment of T S Kripa Devi as Company Secretary.

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Bharti Airtel gains after combining operations with Millicom in Ghana
Mar 06,2017

The announcement was made after market hours on Friday, 3 March 2017.

Meanwhile, the BSE Sensex was up 185.49 points, or 0.64%, to 29,017.94.

On the BSE, 99,193 shares were traded in the counter so far, compared with average daily volumes of 2.26 lakh shares in the past one quarter. The stock had hit a high of Rs 363.75 and a low of Rs 357.35 so far during the day. The stock had hit a 52-week high of Rs 400.65 on 23 February 2017. The stock had hit a 52-week low of Rs 283.95 on 9 November 2016.

The stock had underperformed the market over the past one month till 3 March 2017, rising 0.55% compared with the Sensexs 2.1% rise. The scrip had, however, outperformed the market over the past one quarter, gaining 11.56% as against the Sensexs 9.92% rise.

The large-cap company has equity capital of Rs 1,998.70 crore. Face value per share is Rs 5.

Bharti Airtel and Millicom International Cellular SA announced that they have through their respective subsidiaries entered into an agreement for Tigo Ghana and Airtel Ghana to combine their operations in Ghana. As per the agreement, Airtel and Millicom would have equal ownership and governance rights in the combined entity.

The combined business would serve nearly 10 million customers, of which 5.6 million are data customers. It would cover more than 80% of Ghanas population with high speed data providing the widest 3G coverage across the country, and would have revenues close to $300 million, making it one of the largest communications companies in Ghana, Airtel said.

The transaction is subject to obtaining approvals from the relevant authorities in Ghana and the satisfaction of customary closing conditions.

Separately, Bharti said that subject to all requisite approvals, the board of directors on Sunday, 5 March 2017, approved the scheme of amalgamation between Telenor (India) Communications and Bharti Airtel and their respective shareholders and creditors. The scheme envisages the issuance and allotment of 5 fully paid up equity shares of face value Rs 5 of Airtel to Telenor South Asia Investment Pte. Limited, the shareholder of the Telenor India upon the scheme becoming effective.

Bharti Airtel had announced on 23 February 2017, that it entered into a definitive agreement with Telenor South Asia Investments (Telenor) to acquire Telenor (India) Communications (Telenor India).

Bharti Airtels consolidated net profit fell 54.5% to Rs 503.70 crore on 3% decline in net sales to Rs 23335.70 crore in Q3 December 2016 over Q3 December 2015.

Bharti Airtel is a leading global telecommunications company with operations in 17 countries across Asia and Africa.

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Organised Jewellery Retailers to Benefit from Regulatory Changes; Exporters Continue to Face Headwinds
Mar 06,2017

India Ratings and Research (Ind-Ra) has maintained a stable outlook on organised jewellery retailers and a negative outlook on cut and polished diamond (CPD) exporters for FY18.

As per World Gold Council, Indias gold jewellery demand fell sharply 22% yoy to reach a seven-year low in 2016 (522MT). The demand was impacted severely on account of various one-off events such as nationwide jewellers strikes in 1Q16 and severe liquidity crunch on account of the Government of Indias (GoI) demonetisation drive in 4Q16. Given the backdrop of four months of complete disruption on either the supply or demand side, Ind-Ra believes the fall in consumer demand was caused by idiosyncratic factors. However, the underlying jewellery demand still remains robust, given Indias strong macro-demographics and the consumers affinity towards gold. Hence, demand is likely to bounce back to above a five-year average of 600MT in 2017.

The GOI has been introducing regulatory changes over the last two years to control illicit trade practices prevalent in the jewellery industry, which is likely to benefit organised jewellers at the cost of unorganised retailers. Retailers face an overhang of the impending Goods and Services Tax Bill and a higher slab rate may turn out to be demand dampener particularly for the non-wedding segment.

Conversely, CPD exports increased 13% yoy to USD16.8 billion during 9MFY17, after declining for two consecutive years as per the Gems and Jewellery Export Promotion Council. This was because players across the value chain restocked following stock unloading and cautious inventory management in 2015 in response to a slowdown in the consumer demand for diamond jewellery in China and Hong Kong beginning 2H14. Although CPD exports have rebounded, the agency believes that midstream players continue to face headwinds for diamond jewellery demand owing to political and economic environment in key export markets. Additionally, the players continue to operate on thin margins and carry the inventory/price risk.

As expected by Ind-Ra, rough producers continued to lower rough prices by around 5% in 2016, while maintaining production close to 2015 levels (128 million carats) and extending additional flexible purchasing terms to CPD players. Ind-Ra expects rough prices to remain stable in 2017, unless CPD prices decline sharply due to muted demand and rough producers are forced to lower rough prices again.

Organised retailers are likely to have a limited impact of demonetisation in FY17 as reflected in revenue growth of around 8% yoy and improved EBITDA margins of 50bp to 10.2% in 9MFY17 based on Ind-Ras sample set. Favourable market dynamics and government regulations are likely to improve organised retailers revenue growth to double digits in FY18. EBITDA margins will improve with increasing share of diamond/studded jewellery in the sales mix On the other hand, Ind-Ra believes credit metrics for CPD exporters are likely to remain stretched in FY18 with EBITDA/interest coverage of 2.9x (FY17 Projected: 2.75x-3.0x), given muted revenue growth, low profitability margins, long working capital cycles and a high dependence on bank lines for inventory funding.

Outlook Sensitivities

Regulatory Actions by Government: Reintroduction of any measures to curb gold imports or reduce its physical consumption or higher-than-anticipated Goods and Services Tax rates is likely to have a negative impact on the organised retailers.

Recovery in Demand and Reduction in Divergence of Prices: Recovery in Chinese demand and buoyant US demand for diamond jewellery, and the relative improvement in CPD prices than rough prices are likely to positively impact the exporters.

Supply Shocks in the Short-term: Any severe fall in supply of mined gold globally can lead to higher gold prices and may dampen the gold consumption, leading Ind-Ra to change its outlook to negative for the organised retailers.

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HDIL gains after announcing divestment of stake in Excel Arcade
Mar 06,2017

The announcement was made on Saturday, 4 March 2017.

Meanwhile, the S&P BSE Sensex was up 177.37 points, or 0.62%, to 29,009.82

On BSE, so far 2.18 lakh shares were traded in the counter, compared with an average volume of 16.38 lakh shares in the past one quarter. The stock hit a high of Rs 69.55 and a low of Rs 68.50 so far during the day.

The stock hit a 52-week high of Rs 108.75 on 12 July 2016. The stock hit a 52-week low of Rs 52.25 on 27 December 2016. The stock had outperformed the market over the past 30 days till 3 March 2017, rising 6.06% compared with 2.15% rise in the Sensex. The scrip had also outperformed the market in past one quarter, advancing 13.66% as against Sensexs 9.92% rise.

The small-cap company has an equity capital of Rs 434 crore. Face value per share is Rs 10.

Housing Development and Infrastructure (HDIL) said that the finance committee of the board at its meeting held on 4 March 2017, decided to divest its 100% shareholding of its wholly owned subsidiary company Excel Arcade. HDIL was holding 19.54 lakh shares and had invested Rs 10.81 crore in that company. It was meant to be a special purpose vehicle for a project at Vikroli. Since the timeline for the project is uncertain, it was decided to divest the investment in the subsidiary company for Rs 17 crore, HDIL said.

HDILs consolidated net profit dropped 83.82% to Rs 16.23 crore on 64.63% decline in total income to Rs 116.44 crore in Q3 December 2016 over Q3 December 2015.

HDIL is a real estate development company, with significant operations in the Mumbai Metropolitan Region.

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Dull day for bullions
Mar 06,2017

Bullion prices ended lower at Comex on Friday, 03 March 2016. Gold futures settled with a loss on Friday, with the yellow metal shedding more than 2% this week, after U.S. Federal Reserve Chairwoman Janet Yellen said an interest-rate increase was likely to be announced at the central banks next meeting later this month.

Gold for April delivery fell $6.40, or 0.5%, to settle at $1,226.50 an ounce. Prices ended the week down roughly 2.5% after posting gains in each of the last four weeks.

May silver fell by under a cent to $17.74 an ounce.

The major averages finished Fridays session near their unchanged marks as investors digested the latest remarks from Fed Chair Janet Yellen. Yellen said on Friday, ahead of the gold futures settlement, that a rate hike at the Feds policy meeting on March 14-15 is n++likely to be appropriaten++ if employment and inflation continue to meet the central banks expectations.

Separately, Fed Vice Chairman Stanley Fischer signaled that he is content with market expectations

of a rate hike this month, adding that no economic data has come in badly in the last three months.

Recent hints from other Fed officials had already raised expectations for rate hike, feeding strength in the dollar and pressuring dollar-denominated prices for gold this week.

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Dr Reddys Lab nudges higher after completing acquisition of Imperial Credit
Mar 06,2017

The announcement was made after market hours on Friday, 3 March 2017.

Meanwhile, the S&P BSE Sensex was up 182.82 points or 0.63% at 29,015.27.

On the BSE, 2,890 shares were traded on the counter so far as against the average daily volumes of 32,227 shares in the past one quarter. The stock had hit a high of Rs 2,890.50 and a low of Rs 2,870 so far during the day.

The stock had hit a 52-week high of Rs 3,689 on 20 July 2016 and a 52-week low of Rs 2,803.50 on 16 February 2017. The stock had underperformed the market over the past one month till 3 March 2017, sliding 8.58% compared with the Sensexs 2.1% rise. The scrip had also underperformed the market over the past one quarter, declining 9.67% as against the Sensexs 9.92% rise.

The large-cap company has equity capital of Rs 82.87 crore. Face value per share is Rs 5.

Dr Reddys Laboratories said that the acquisition process was consummated on receipt of applicable regulatory approvals. The company proposes to undertake the groups captive financial activities through this entity. The company paid consideration of Rs 2.05 crore for the acquisition.

Dr Reddys Laboratories consolidated net profit fell 15.9% to Rs 492.30 crore on 6.6% fall in net sales to Rs 3706.50 crore in Q3 December 2016 over Q3 December 2015.

Dr Reddys Laboratories is an integrated global pharmaceutical company.

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IDFC to acquire balance 25% stake in IDFC AMC and IDFC AMC Trustee
Mar 06,2017

IDFC announced that its subsidiary, IDFC Financial Holding Company (IDFC FHCL) is currently holding approximately 75% equity stake of IDFC Asset Management Company (IDFC AMC) and IDFC AMC Trustee Company (IDFC AMC Trustee) and the balance stake (approximately 25%) is held by Natixis Global Asset Management (NGAM).

In December 2010, Share Subscription & Purchase Agreement (said Agreement) was executed amongst IDFC, NGAM, IDFC AMC and IDFC AMC Trustee. Pursuant to the said Agreement, NGAM acquired approximately 25% equity stake in IDFC AMC and IDFC AMC Trustee through its wholly owned subsidiary company - Natixis Global Asset Management Asia Pte Ltd. As part of the said Agreement, there was a requirement that both shareholders would review the partnership at the end of 5 years (subsequently extended).

Accordingly, IDFC has agreed to acquire through IDFC FHCL the balance (approximately 25%) in IDFC AMC and IDFC AMC Trustee from NGAM for cash consideration of Rs 244.24 crore based on the terms of the shareholders agreement. The transaction is expected to be completed by 31 March 2017, following which IDFC AMC and IDFC AMC Trustee would become wholly owned subsidiaries of IDFC through IDFC FHCL.

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IDFC to acquire balance 25% stake in IDFC AMC and IDFC AMC Trustee
Mar 06,2017

IDFC announced that its subsidiary, IDFC Financial Holding Company (IDFC FHCL) is currently holding approximately 75% equity stake of IDFC Asset Management Company (IDFC AMC) and IDFC AMC Trustee Company (IDFC AMC Trustee) and the balance stake (approximately 25%) is held by Natixis Global Asset Management (NGAM).

In December 2010, Share Subscription & Purchase Agreement (said Agreement) was executed amongst IDFC, NGAM, IDFC AMC and IDFC AMC Trustee. Pursuant to the said Agreement, NGAM acquired approximately 25% equity stake in IDFC AMC and IDFC AMC Trustee through its wholly owned subsidiary company - Natixis Global Asset Management Asia Pte Ltd. As part of the said Agreement, there was a requirement that both shareholders would review the partnership at the end of 5 years (subsequently extended).

Accordingly, IDFC has agreed to acquire through IDFC FHCL the balance (approximately 25%) in IDFC AMC and IDFC AMC Trustee from NGAM for cash consideration of Rs 244.24 crore based on the terms of the shareholders agreement. The transaction is expected to be completed by 31 March 2017, following which IDFC AMC and IDFC AMC Trustee would become wholly owned subsidiaries of IDFC through IDFC FHCL.

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Board of MT Educare approve to evaluate potential collaboration with Nspira Management Services
Mar 06,2017

MT Educare announced that the Board of Directors of the Company at its meeting held on 06 March 2017 has approved entering into a confidentiality, exclusivity and standstill agreement to evaluate a potential strategic collaboration by way of a scheme of arrangement or any other suitable structure between MT Educare and Nspira Management Services.

The agreement provides for a mutually agreed exclusivity period for due diligence and discussions between MT Educare and Nspira Management Services in relation to the proposed transaction.

Current discussions are at preliminary stage. The proposed arrangement or structure shall be subject to due diligence, agreement on appropriate transaction structure, board, shareholder, regulatory, NCLT and any other third party approvals, as may be applicable

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Board of MT Educare approve to evaluate potential collaboration with Nspira Management Services
Mar 06,2017

MT Educare announced that the Board of Directors of the Company at its meeting held on 06 March 2017 has approved entering into a confidentiality, exclusivity and standstill agreement to evaluate a potential strategic collaboration by way of a scheme of arrangement or any other suitable structure between MT Educare and Nspira Management Services.

The agreement provides for a mutually agreed exclusivity period for due diligence and discussions between MT Educare and Nspira Management Services in relation to the proposed transaction.

Current discussions are at preliminary stage. The proposed arrangement or structure shall be subject to due diligence, agreement on appropriate transaction structure, board, shareholder, regulatory, NCLT and any other third party approvals, as may be applicable

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Outcome of board meeting of MFL India
Mar 06,2017

MFL India announced that the Board of Directors of the Company at its meeting held on 04 March 2017 has transacted the following -

1.The Board has approved and accepted the resignation of Sheetal Thukral (DIN: 01168506) from the Directorship of the Company.

2.The Board have approved the appointed of Syed Zameer Ulla (DIN: 07486691) as Director of the Company.

3.The Board approved the change of registered office of the Company to 94/4, UG/F, UG-9, Village: Patpar Ganj, Mayur Vihar, Phase -1, Delhi - 110091 with effect of 04 March 2017.

4.The Board was informed that there is delay in change in RTA as the exiting RTA i.e. Link Intime India Private Limited is not providing No objection Certificate which is mandatory for change in RTA.

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