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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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Lupin receives final approval for Desoximetasone Cream
Jan 11,2017

Lupin received final approval for its Desoximetasone Cream USP, 0.05% and Desoximetasone Cream USP, 0.25% from the United States Food and Drug Administration to market a generic equivalent of Taro Pharmaceuticals North America, Incs Topicortn++ LP Emollient Cream, 0.05% and Topicortn++ Cream, 0.25%.

The products are indicated for the relief of the inflammatory and pruritic manifestation of corticosteroid- responsive dermatoses.

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Lupin gains after receiving USFDA approval for Desoximetasone Cream
Jan 11,2017

The announcement was made during market hours today, 11 January 2017.

Meanwhile, the S&P BSE Sensex was up 250.62 points or 0.93% at 27,150.18

On the BSE, 1.32 lakh shares were traded on the counter so far as against the average daily volumes of 81,815 shares in the past one quarter. The stock had hit a high of Rs 1,525.90 and a low of Rs 1,491 so far during the day.

The stock had hit a 52-week high of Rs 1,911.55 on 9 February 2016 and a 52-week low of Rs 1,294.05 on 29 March 2016. The stock had underperformed the market over the past 30 days till 10 January 2017, falling 1.01% compared with the Sensexs 1.45% rise. The scrip, however, outperformed the market in past one quarter, sliding 1.89% as against the Sensexs 4.21% fall.

The large-cap company has equity capital of Rs 90.29 crore. Face value per share is Rs 2.

Lupin announced that it has received final approval for its Desoximetasone Cream USP, 0.05% and Desoximetasone Cream USP, 0.25% from the United States Food and Drug Administration (FDA) to market a generic equivalent of Taro Pharmaceuticals North America, Incs Topicort LP Emollient Cream, 0.05% and Taro Pharmaceuticals, Incs (collectively Taro) Topicort Cream, 0.25%.

Desoximetasone Cream USP, 0.05% and Desoximetasone Cream USP, 0.25% are the AB rated generic equivalent of Taros Topicort LP Emollient Cream, 0.05% and Topicort Cream, 0.25%. Both products are indicated for the relief of the inflammatory and pruritic manifestations of corticosteroid-responsive dermatoses.

Topicort LP emollient Cream had US sales of $33 million (IMS MAT September 2016) while Topicort Cream had US sales of $17 million (IMS MAT September 2016).

Lupins consolidated net profit rose 57.8% to Rs 662.19 crore on 31.9% rise in net sales to Rs 4211.18 crore in Q2 September 2016 over Q2 September 2015.

Lupin is an innovation led transnational pharmaceutical company developing and delivering a wide range of branded & generic formulations, biotechnology products and active pharmaceutical ingredients (APIs) globally. The company is a significant player in the Cardiovascular, Diabetology, Asthma, Pediatric, CNS, GI, Anti-infective and NSAID space and holds global leadership position in the Anti-TB segment.

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Great Eastern Shipping Company acquires new building Kamsarmax Dry Bulk Carrier Jag Amar
Jan 11,2017

Great Eastern Shipping Company has taken delivery of a new building Kamasarmax Dry Bulk Carrier Jag Amar (approx. 82,000 dwt). The vessel was ordered by the Company in December 2013 and has been built at Jiangsu New Yangzi Shipbuilding Co., China.

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Great Eastern Shipping Company acquires new building Kamsarmax Dry Bulk Carrier Jag Amar
Jan 11,2017

Great Eastern Shipping Company has taken delivery of a new building Kamasarmax Dry Bulk Carrier Jag Amar (approx. 82,000 dwt). The vessel was ordered by the Company in December 2013 and has been built at Jiangsu New Yangzi Shipbuilding Co., China.

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Vama Industries receives order worth Rs 46.16 crore
Jan 11,2017

Vama Industries announced that the Company has received an order from Indian Space Research Organization (ISRO) for implementation of n++Bhuvan Scale-Up Infrastructure Site Setup at NRSC, Hyderabad on turnkey basis aggregating to Rs. 46.16 crore as detailed hereunder:

- For Rs. 42.48 crore (USD 62,48,051) in the name of M/s. Vama Technologies Pte. Ltd Singapore, a wholly owned subsidiary of the Company and

- For Rs. 3.67 crore in the name of Company (i.e., Vama Industries).

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Vama Industries receives order worth Rs 46.16 crore
Jan 11,2017

Vama Industries announced that the Company has received an order from Indian Space Research Organization (ISRO) for implementation of n++Bhuvan Scale-Up Infrastructure Site Setup at NRSC, Hyderabad on turnkey basis aggregating to Rs. 46.16 crore as detailed hereunder:

- For Rs. 42.48 crore (USD 62,48,051) in the name of M/s. Vama Technologies Pte. Ltd Singapore, a wholly owned subsidiary of the Company and

- For Rs. 3.67 crore in the name of Company (i.e., Vama Industries).

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EMCO appoints director
Jan 11,2017

EMCO announced the Board of Directors of the Company has passed a resolution on 10 January 2017 by circulation for appointment of Smt. Archana Capoor as an Additional Director (Woman Independent Director) on the Board of the Company with effect from 10 January 2017, to hold office up to the date of the ensuing Annual General Meeting of the Company.

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EMCO appoints director
Jan 11,2017

EMCO announced the Board of Directors of the Company has passed a resolution on 10 January 2017 by circulation for appointment of Smt. Archana Capoor as an Additional Director (Woman Independent Director) on the Board of the Company with effect from 10 January 2017, to hold office up to the date of the ensuing Annual General Meeting of the Company.

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Foreign tourists arrival on e-Tourist Visa surges 56.6% in December 2016
Jan 11,2017

A total of 1,62,250 foreign tourists arrived in December 2016 on e-Tourist Visa as compared to 1,03,617 during the month of December 2015 registering a growth of 56.6%. During January- December 2016, a total of 10,79,696 tourist arrived on e-Tourist Visa as compared to 4,45,300 during January-December 2015, registering a growth of 142.5%.

This high growth may be attributed to introduction of e-Tourist Visa for 161 countries as against the earlier coverage of 113 countries. The facility of e-Visa has been made available by the Government of India to the citizens of 161 countries, arriving at 16 International Airports in India.

The percentage shares of top 10 source countries availing e-Tourist Visa facilities during December, 2016 were as follows: UK (22.4%), USA (16.4%), Russian Fed (7.7%), China (5.3%), Australia (4.6%), France (4.1%), Germany (4.0%), South Africa (3.7%), Canada (3.7%) and Republic of Korea (2.0%).

The percentage shares of top 10 ports in tourist arrivals on e-Tourist Visa during December, 2016 were as follows: New Delhi Airport (36.6%), Mumbai Airport (23.1%), Dabolim (Goa) Airport (13.6%), Chennai Airport (6.0%), Bengaluru Airport (5.1%), Kochi Airport (4.7%), Kolkata Airport (2.5%), Hyderabad Airport (2.4%), Trivandrum Airport (1.9%) and Ahmadabad Airport (1.7%).

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V2 Retail vaults 18.5% in six sessions
Jan 11,2017

Shares of V2 Retail jumped 18.5% in six sessions, to its current ruling price of Rs 135.15, from its close of Rs 114.05 on 3 January 2017.

Meanwhile, the S&P BSE Sensex was up 235.72 points or 0.89% at 27,139.56.

More than usual volumes were seen traded on the counter. On the BSE, 68,727 shares were traded in the counter so far as against average daily volume of 29,479 shares over the past one quarter. The stock had hit a high of Rs 135.15 and a low of Rs 130 so far during the day. The stock had hit a 52-week high of Rs 163.45 on 4 November 2016. The stock had hit a 52-week low of Rs 41.50 on 29 February 2016.

The small-cap company has equity capital of Rs 28.89 crore. Face value per share is Rs 10.

On 7 January 2017, V2 Retail had announced board of directors decision to allot 20.35 lakh shares to Bennett Coleman And Company, other than promoter and/or promoter group pursuant to exercise of option against warrant up to the value of Rs 16.24 crore at a price of Rs 79.85 including premium of Rs 69.85 each.

The board on that day had also accepted resignation of Manshu Tandon, Chief Executive Officer of the company with effect from 31 December 2016.

V2 Retails net profit jumped 657.1% to Rs 1.59 crore on 56.4% rise in net sales to Rs 103.19 crore in Q2 September 2016 over Q2 September 2015.

V2 Retail is one of the fastest growing retail groups in India.

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Global Growth Edges Up to 2.7 Percent Despite Weak Investment
Jan 11,2017

Global economic growth is forecast to accelerate moderately to 2.7 percent in 2017 after a post-crisis low last year as obstacles to activity recede among emerging market and developing economy commodity exporters, while domestic demand remains solid among emerging and developing commodity importers, the World Bank said in a report.

Growth in advanced economies is expected to edge up to 1.8 percent in 2017, the World Banks January 2017 Global Economic Prospects report said. Fiscal stimulus in major economiesn++particularly in the United Statesn++could generate faster domestic and global growth than projected, although rising trade protection could have adverse effects. Growth in emerging market and developing economies as a whole should pick up to 4.2 percent this year from 3.4 percent in the year just ended amid modestly rising commodity prices.

Nevertheless, the outlook is clouded by uncertainty about policy direction in major economies. A protracted period of uncertainty could prolong the slow growth in investment that is holding back low, middle, and high income countries.

n++After years of disappointing global growth, we are encouraged to see stronger economic prospects on the horizon,n++ World Bank Group President Jim Yong Kim said. n++Now is the time to take advantage of this momentum and increase investments in infrastructure and people. This is vital to accelerating the sustainable and inclusive economic growth required to end extreme poverty.n++

The report analyzes the worrisome recent weakening of investment growth in emerging market and developing economies, which account for one-third of global GDP and about three-quarters of the worlds population and the worlds poor. Investment growth fell to 3.4 percent in 2015 from 10 percent on average in 2010, and likely declined another half percentage point last year.

Slowing investment growth is partly a correction from high pre-crisis levels, but also reflects obstacles to growth that emerging and developing economies have faced, including low oil prices (for oil exporters), slowing foreign direct investment (for commodity importers), and more broadly, private debt burdens and political risk.

n++We can help governments offer the private sector more opportunities to invest with confidence that the new capital it produces can plug into the infrastructure of global connectivity,n++ said World Bank Chief Economist Paul Romer. n++Without new streets, the private sector has no incentive to invest in the physical capital of new buildings. Without new work space connected to new living space, the billions of people who want to join the modern economy will lose the chance to invest in the human capital that comes from learning on the job.n++

Emerging market and developing economy commodity exporters are expected to expand by 2.3 percent in 2017 after an almost negligible 0.3 percent pace in 2016, as commodity prices gradually recover and as Russia and Brazil resume growing after recessions.

Commodity-importing emerging market and developing economies, in contrast, should grow at 5.6 percent this year, unchanged from 2016. China is projected to continue an orderly growth slowdown to a 6.5 percent rate. However, overall prospects for emerging market and developing economies are dampened by tepid international trade, subdued investment, and weak productivity growth.

Among advanced economies, growth in the United States is expected to pick up to 2.2 percent, as manufacturing and investment growth gain traction after a weak 2016. The report looks at how proposed fiscal stimulus and other policy initiatives in the United States could spill over to the global economy.

n++Because of the outsize role the United States plays in the world economy, changes in policy direction may have global ripple effects. More expansionary U.S. fiscal policies could lead to stronger growth in the United States and abroad over the near-term, but changes to trade or other policies could offset those gains,n++ said World Bank Development Economics Prospects Director Ayhan Kose. n++Elevated policy uncertainty in major economies could also have adverse impacts on global growth.n++

Regional Outlooks

East Asia and Pacific: Growth in the East Asia and Pacific region is projected to ease to 6.2 percent in 2017 as slowing growth in China is moderated by a pickup in the rest of the region. Output in China is anticipated to slow to 6.5 percent in the year. Macroeconomic policies are expected to support domestic drivers of growth despite soft external demand, weak private investment, and overcapacity in some sectors. Excluding China, growth in the region is seen advancing at a more rapid 5 percent rate in 2017. This largely reflects a recovery of growth in commodity exporters to its long-term average. Growth in commodity importers excluding China is projected to remain broadly stable, with the exception of Thailand where growth is expected to accelerate, helped by improved confidence and accommodative policies. Indonesia is anticipated to pick up to 5.3 percent in 2017 thanks to a rise in private investment. Malaysia is expected to accelerate to 4.3 percent in 2017 as adjustment to lower commodity prices eases and commodity prices stabilize.

Europe and Central Asia: Growth in the region is projected to pick up to 2.4 percent in 2017, driven by a recovery in commodity-exporting economies and recovery in Turkey. The forecast depends on a recovery in commodity prices and an easing of political uncertainty. Russia is expected to grow at a 1.5 percent pace in the year, as the adjustment to low oil prices is completed. Azerbaijan is expected to expand 1.2 percent and Kazakhstan is anticipated to grow by 2.2 percent as commodity prices stabilize and as economic imbalances narrow. Growth in Ukraine is projected to accelerate to a 2 percent rate.

Latin America and Caribbean: The region is projected to return to positive growth in 2017 and expand by 1.2 percent. Brazil is projected to expand at a 0.5 percent pace on easing domestic constraints. Weakening investment in Mexico, on policy uncertainty in the United States, is anticipated to result in a modest deceleration of growth this year, to 1.8 percent. A rolling back of fiscal consolidation and strengthening investment is expected to support growth in Argentina, which is forecast to grow at a 2.7 percent pace in 2017, while Repn++blica Bolivariana de Venezuela continues to suffer from severe economic imbalances and is forecast to shrink by 4.3 percent this year. Growth in Caribbean countries is expected to be broadly stable, at 3.1 percent.

Middle East and North Africa: Growth in the region is forecast to recover modestly to a 3.1 percent pace this year, with oil importers registering the strongest gains. Among oil exporters, Saudi Arabia is forecast to accelerate modestly to a 1.6 percent growth rate in 2017, while continued gains in oil production and expanding foreign investment are expected to push up growth in the Islamic Republic of Iran to 5.2 percent. The forecast is based on an expected rise in oil prices to an average of $55 per barrel for the year.

South Asia: Regional growth is expected to pick up modestly to 7.1 percent in 2017 with continued support from strong growth in India. Excluding India, growth is expected to edge up to 5.5 percent in 2017, lifted by robust private and public consumption, infrastructure investment, and a rebound in private investment. India is expected to post a 7.6 percent growth rate in FY2018 as reforms loosen domestic supply bottlenecks and increase productivity. Pakistans growth is projected to accelerate to 5.5 percent, at factor cost, in FY2018, reflecting improvements in agriculture and infrastructure spending.

Sub-Saharan Africa: Sub-Saharan African growth is expected to pick up modestly to 2.9 percent in 2017 as the region continues to adjust to lower commodity prices. Growth in South Africa and oil exporters is exp

Tech Mahindra allots 21700 equity shares
Jan 11,2017

Tech Mahindra announced about the resolution passed by the Securities Allotment Committee of the Board of Directors of the Company on 11 January 2017 for issue and allotment of a total of 21700 equity shares of Rs. 5/- each of the Company under various ESOPs.

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November air freight demand reflects strong peak season: IATA
Jan 11,2017

The International Air Transport Association (IATA) released data for global air freight markets showing that demand, measured in freight tonne kilometers (FTKs), rose 6.8% in November 2016 compared to the year-earlier period. This was a slight slowdown from the 8.4% annual growth recorded in October 2016 - which was a 20-month high - but was still more than 2.5 times the average annual monthly growth rate of 2.6% over the past decade.

Growth in freight capacity, measured in available freight tonne kilometers (AFTKs), slowed to 4.4% November.

The uptick in freight growth coincides with an increase in the shipment of silicon materials typically used in high-value consumer electronics shipped by air, and an apparent turnaround in new export orders. A modal shift to air cargo following the collapse of the Hanjin Shipping Company in August may have also contributed.

Air cargo enjoyed a strong peak season in November. And there are encouraging signs that this growth will to continue into 2017, particularly with the shipment of high-value consumer electronics and their component parts. But, the trend in world trade is still stagnant. So it remains critically important for the air cargo industry to continue to improve its value offering by implementing modern customer-centric processes, said Alexandre de Juniac, IATAs Director General and CEO.

Regional Performance

Airlines in all regions except Latin America reported an increase in year-on-year demand in November.

Asia-Pacific airlines saw demand in freight volumes grow 6.1% in November 2016 compared to the same period in 2015 and capacity grew by 4.0%. Seasonally-adjusted volumes are now back to the levels reached in 2010 during the post-global financial crisis bounce-back. The increase in demand is captured in the positive outlook from business surveys in the region.

North American carriers freight volumes expanded 5.6% in November 2016 compared to the same period a year earlier, and capacity increased by 2.6%. Freight traffic across the Atlantic continued to strengthen, increasing by 9.0% in October. This is being driven in part by an increase in westbound import flows from Europe to the US helped by a strong dollar. However US exports continue to suffer from the strength of the US dollar.

European airlines posted a 9.0% year-on-year increase in freight demand in November. This was a slight slowdown compared to the 13.3% growth recorded in October, possibly attributable in part to the strike at Lufthansa. Notwithstanding this, the seasonally-adjusted growth trend is strong and corresponds with the sustained increase in export orders in Germany over the last few months and the ongoing weakness in the Euro. Capacity in the region increased by 4.8%.

Middle Eastern carriers enjoyed a boost in demand from the strong peak season with freight volumes increasing by 7.8% in November 2016, year-on-year. Seasonally-adjusted growth has slowed, however, mainly due to weak freight volumes between the Middle East and Asia, and the Middle East and Europe. Freight volumes grew by just 4% on these routes in the January-October 2016 period, compared with 8-11% over the same period in 2015. Capacity in the region increased by 5.1% in November.

Latin American airlines experienced a demand contraction of 1.3% in November 2016, compared to the same period last year. However in seasonally-adjusted terms growth levels are in-line with where they were at the start of 2016. The region continues to be blighted by weak economic and political conditions, particularly in the largest economy, Brazil. The within South America market has been the weakest performer to date with volumes down nearly 20% compared to the same period in 2015. Capacity in the region decreased by 1.6% in November.

African carriers posted the largest increase in freight demand among the regions in November, 10.9% year-on-year, and the seasonally-adjusted growth remains strong. However, capacity surged by 26.9% on the back of long-haul expansion, particularly by Ethiopian Airlines, and this caused the freight load factor to fall in annual terms for the 19th consecutive month.

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TCI Express fixes record date for interim dividend
Jan 11,2017

TCI Express has fixed 08 February 2017 as the Record Date for the purpose of Payment of Interim Dividend.

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Board of TCI Express to consider Q3 results and interim dividend
Jan 11,2017

TCI Express announced that the Meeting of the Board of Directors of the Company has been scheduled to take place on 31 January 2017, inter alia, to consider and approve the Unaudited Financial Results for the 3rd Quarter/Nine Months ended 31 December 2016.

The Board may also consider payment of interim dividend, if any for financial year 2016-17 in the said meeting.

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