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Ind-Ra: Debt Funding of Dividends to Reduce by A Third to INR58 billion
Apr 18,2017

India Ratings and Research (Ind-Ra) estimates that the funding of corporate dividends by external borrowings is on a declining trend because of improving profitability. The debt component of dividend funding is likely to reduce to around INR58 billion each year during FY17-FY18 from the average INR90 billion observed between FY14-FY16. Ind-Ras sectoral projections, which are a combination of its own forecasts and Bloomberg estimates for various sectors, point towards a continued improvement in the profitability in FY17 and FY18. However, this is under the assumption that debt reduction remains minimal and continues to get refinanced.

Category A companies (entities having free cash flow to the firm (FCFF)> dividends), which had followed a growth strategy between FY10-FY13, have moved towards a higher dividend payout strategy. The absolute dividend of these companies grew at a faster rate of 21% (CAGR) during FY10-FY16 in relation to the 6% CAGR observed in FCFF. These corporates have resorted to higher payout on the back of steady cash accruals coupled with limited incremental revenue visibility thus limiting further capex. Ind-Ra expects the pace of dividend payout to pick up in FY18 for Category A companies, averaging 40% payout compared to the 23% witnessed during FY10-FY16.

Ind-Ra observes that the dividends paid by Category C companies (entities whose dividends are 100% debt-funded) increased at an 11% CAGR between FY10-FY16. This is a measure possibly taken by the companies to recoup market cap - which has increased 2% despite negative FCFF since 2012. Similarly, Category B companies (entities whose dividends partly debt-funded) witnessed a 5 % CAGR increase in absolute dividends despite a negative 21% CAGR in FCFF. This appears to have aided the market cap to increase by 4%.

Ind-Ra believes that market value of few weak corporates has remained unchanged despite a sharp deterioration in their credit profiles over the years. Ind-Ra believes that the market value of these corporates may not be reflecting the true picture unless it is cyclical, and hence may be overpriced. Banks and financial institutions, therefore, need to be cautious in pricing their products that are linked to the market value of such corporates.

According to Ind-Ras analysis, capital-intensive sectors have hitherto accounted for 73% of the debt-funded dividends paid by Indian corporates between FY10-FY16 and the trend is likely to continue in FY17-FY18. While the composition of such companies in the auto, telecom, infrastructure, power, and real estate sectors is likely to increase to 77% by FY18 from 42% during FY10-FY16, the likely improved profitability of metals and mining sector, as reflected in 9MFY17 financials, could lead to a significant decline in the debt-funded dividends to 1.4% by FY18 from 44% in FY16.

The quantum of the dividends paid in FY16 for each of the 65 dividend-paying companies (accounting for close to 89% of total dividend paid) increased with an increase in promoter shareholding, despite a fall in the profitability.

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GRUH Finance standalone net profit rises 25.77% in the March 2017 quarter
Apr 18,2017

Net profit of GRUH Finance rose 25.77% to Rs 110.45 crore in the quarter ended March 2017 as against Rs 87.82 crore during the previous quarter ended March 2016. Sales rose 13.41% to Rs 416.11 crore in the quarter ended March 2017 as against Rs 366.91 crore during the previous quarter ended March 2016.

For the full year,net profit rose 21.79% to Rs 296.65 crore in the year ended March 2017 as against Rs 243.58 crore during the previous year ended March 2016. Sales rose 16.62% to Rs 1487.39 crore in the year ended March 2017 as against Rs 1275.40 crore during the previous year ended March 2016.

ParticularsQuarter EndedYear Endedn++Mar. 2017Mar. 2016% Var.Mar. 2017Mar. 2016% Var. Sales416.11366.91 13 1487.391275.40 17 OPM %94.0492.85 -91.7491.90 - PBDT160.64125.58 28 444.86364.73 22 PBT159.96124.78 28 442.00361.70 22 NP110.4587.82 26 296.65243.58 22

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Orchid Pharma spurts after securing EIR for unit
Apr 18,2017

The announcement was made during market hours today, 18 April 2017.

Meanwhile, the S&P BSE Sensex was up 25.01 points or 0.09% at 29,438.67. The S&P BSE Small-Cap index was up 11.18 points or 0.07% at 14,965.34.

On the BSE, 15.17 lakh shares were traded on the counter so far as against the average daily volumes of 1.70 lakh shares in the past one quarter. The stock had hit a high of Rs 39.70 and a low of Rs 34.25 so far during the day.

The stock had hit a 52-week high of Rs 45.90 on 22 April 2016 and a record low of Rs 23.70 on 22 November 2016. It had outperformed the market over the past one month till 17 April 2017, advancing 23.49% compared with the Sensexs 0.79% fall. The scrip had also outperformed the market over the past one quarter, gaining 21.54% as against the Sensexs 8% rise.

The small-cap company has equity capital of Rs 88.96 crore. Face value per share is Rs 10.

Orchid Pharma received the Establishment Inspection Report (EIR) from the United States Food and Drug Administration (USFDA) based on the successful inspection of the formulation manufacturing facility located in Kancheepuram District, Tamil Nadu. The facility was inspected by USFDA in December 2016.

Separately, Orchid Pharma said that Credit Analysis & Research (CARE) has revised the ratings on the long-term bank facilities of the company to CARE D from CARE B-. It has revised the ratings on the short-term bank facilities of the company to CARE D from CARE A4.

The revision in ratings assigned to the bank facilities of Orchid Pharma takes into account instances of delay in debt servicing. The announcement was made after market hours yesterday, 17 April 2017.

Orchid Pharma reported net loss of Rs 60.98 crore in Q3 December 2016, compared with net loss of Rs 94.02 crore in Q3 December 2015. Net sales declined 13.1% to Rs 177.27 crore in Q3 December 2016 over Q3 December 2015.

Orchid Pharma is a globally recognized, integrated pharmaceutical company with core competencies in the development and manufacture of Active Pharmaceutical Ingredients (APIs) and Finished Dosage Forms as well as in drug discovery.

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SC Setting Aside Compensator Tariff to Lead to Continuous Higher Under-Recoveries at Coastal Gujarat Power, Reduces Rating Headroom for Tata Power Co.
Apr 18,2017

The Supreme Courts recent order to not allow the Compensatory Tariff to Coastal Gujarat Power (CGPL), a wholly owned subsidiary of Tata Power Company (TPCL: IND AA/Stable), will result in continuous under-recoveries of fuel cost at CGPL of around INR10 billion for coal prices at USD60 MT (FoB), says India Ratings and Research (Ind-Ra). Ind-Ra believes that TPCL at a consolidated level has a natural hedge to an extent from the increase in coal prices due to its 30% stake in the Indonesian coal mines.

Ind-Ra highlighted that while an increase in international coal prices will adversely impact CGPLs profitability, it will help improve the profitability of TPCLs Indonesian coal mines. Thus, TPCL enjoys a commodity price hedge at the consolidated level, if not exactly as a cash flow hedge for the operating losses at CGPL.

Ind-Ra notes that post the sale of Arutmin mines, TPCLs 30% stake in Kaltim Prima Coal (KPC) with an annual production run rate of 55mmtpa, would be equivalent of effective 16.5mmtpa coal production per annum, which is higher than the annual coal requirement of 10.15mmtpa of CGPL for it to achieve a plant load factor of 73%. And thus, TPCL would still have net long positions on coal. Since Indonesian coal mining is subject to royalty payment of 13.5% on FoB value, as long as each dollar increase in realisation of coal price net of royalty is captured in improving gross profit of the mining business, TPCL profitability would be positively impacted at consolidated level (excluding the tax implication at Indonesian mine company).

Ind-Ra, notes that if 36% of each dollar increase in coal realisation is translated into higher mining gross profit, TPCL would be hedged to coal price increases at a consolidated level. In the 3QFY17 analyst presentation, TPCL reported USD11.86/MTqoq improvement in coal realisation, while the cost of goods sold increased by USD5.70/MT, and thus gross profit improved by USD 6.16/MT (52% of increase in realisation).

Ind-Ra had highlighted in February 2017 that Compensatory Tariff as announced by CERC, provides a cushion to CGPLs earnings. And thus, now there is limited headroom for TPCLs current rating of IND AA. Thus Ind-Ra believes it is imperative for TPCL to deleverage, based on the other announced measures, such as the sale of non-core assets and other means of equity raising.

TPCL is exploring all possible options to reduce the under-recovery at its CGPL plant, including sourcing of competitive coal and use of low grade and blended coal options.

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Orchid Pharma receives Establishment Inspection Report for formulations facility in Sriperumbudur
Apr 18,2017

Orchid Pharma has received Establishment Inspection Report from USFDA based on the successful inspection of the formulation manufacturing facility located at Sriperumbudur, Kancheepuram District, Tamil Nadu. The facility was inspected by USFDA in December 2016.

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Orient Paper & Industries fixes record date for interim dividend
Apr 18,2017

Orient Paper & Industries has fixed 27 April 2017 as the Record Date for the purpose of Payment of Interim Dividend.

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RattanIndia Power drops on profit booking
Apr 18,2017

Meanwhile, the S&P BSE Sensex was up 96.88 points, or 0.33% at 29,510.54. The S&P BSE Small-cap index was up 53.44 points, 0.36% at 15,007.60.

High volumes were witnessed on the counter. On the BSE, 15.18 lakh shares were traded on the counter so far as against the average daily volumes of 8.01 lakh shares in the past one quarter. The stock had hit a high of Rs 9.47 and a low of Rs 8.74 so far during the day.

The stock had hit a 52-week high of Rs 12.29 on 7 July 2016 and a 52-week low of Rs 6.32 on 27 December 2016. The stock had outperformed the market over the past one month till 17 April 2017, advancing 20.55% compared with the Sensexs 0.79% decline. The scrip had also outperformed the market over the past one quarter advancing 30.9% as against the Sensexs 8% rise.

The small-cap company has equity capital of Rs 2,952.93 crore. Face value per share is Rs 10.

RattanIndia Power had rallied 16.71% in the preceding one trading session to settle at Rs 9.15 yesterday, 17 April 2017, from its closing of Rs 7.84 on 13 April 2017.

RattanIndia Power reported net loss of Rs 59.51 crore in Q3 December 2016, as compared with net loss of Rs 4.23 crore in Q3 December 2015. Net sales fell 62.2% to Rs 300.27 crore in Q3 December 2016 over Q3 December 2015.

RattanIndia Power (formerly Indiabulls Power) focuses on developing, constructing, and operating power projects in India.

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TAAL Enterprises appoints director
Apr 18,2017

TAAL Enterprises announced that R Poornalingam has been appointed as Additional Director (Independent category) of the Company with effect from 18 April 2017 to hold office upto the date of ensuing Annual General Meeting of the Company.

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Omkar Speciality Chemicals corrects on profit booking
Apr 18,2017

Meanwhile, the S&P BSE Sensex was up 100.30 points, or 0.34% to 29,513.96.

On the BSE, 52,000 shares were traded in the counter so far, compared with average daily volumes of 42,122 shares in the past one quarter. The stock had hit a high of Rs 181.30 and a low of Rs 174.10 so far during the day. The stock hit a 52-week high of Rs 194.60 on 18 April 2016. The stock hit a 52-week low of Rs 130.05 on 9 November 2016.

The stock had outperformed the market over the past one month till 17 April 2017, rising 13.96% compared with 0.79% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 9.30% as against Sensexs 8% rise.

The small-cap company has equity capital of Rs 20.58 crore. Face value per share is Rs 10.

Shares of Omkar Speciality Chemicals rose 7.44% in two trading sessions to Rs 177.55 yesterday, 17 April 2017, from its closing of Rs 165.25 on 12 April 2017, after the company announced during market hours on Thursday, 13 April 2017, that the National Company Law Tribunal (NCLT) approved scheme of arrangement between the company and five other :firms. The stock had surged 6.14% to settle at Rs 175.40 on 13 April 2017. The stock market was shut on Friday, 14 April 2017, for a holiday.

Omkar Speciality Chemicals announced that the NCLT, Mumbai Bench passed an order on 13 April 2017 sanctioning the composite scheme of arrangement between Omkar Speciality Chemicals, Lasa Laboratory, Urdhwa Chemicals Company, Rishichem Research, Desh Chemicals and Lasa Supergenerics and their respective shareholders and creditors.

On a consolidated basis, net profit of Omkar Speciality Chemicals rose 11.8% to Rs 10.51 crore on 16% rise in net sales to Rs 125.69 crore in Q3 December 2016 over Q3 December 2015.

Omkar Speciality Chemicals is primarily engaged in the manufacture and sale of specialty chemicals and intermediates for chemical and allied industries.

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Ind-Ra: Linkages with Parent - Vodafone Group Plc May Moderate Post Vodafone-Idea Merger
Apr 18,2017

The operational and strategic linkages between Vodafone Mobile Services Limited (VMSL; IND AAA/RWE) and its parent - Vodafone Group Plc (Fitch Ratings Ltd; Issuer Default Rating: BBB+/Stable) may moderate post the merger of VMSL and Idea Cellular Ltd (Idea), says India Ratings and Research (Ind-Ra). Last month, Idea and Vodafone Group Plc announced the amalgamation of Idea and Vodafone Group Plcs Indian operations, excluding its investment in Indus Tower.

Ind-Ra is in the process of assessing the benefits of the synergy and the revised business and financial profile to arrive at the standalone assessment of the merged entity. While evaluating the standalone profile of the merged entity, Ind-Ra will factor-in the inherent risk of the industry, such as capital intensive, intense competition, technology and regulatory changes.

The agency is evaluating the standalone credit profile of the merged entity, and is in talks with the management to assess the timing and the likely synergies of the deal. The agency is likely to complete its assessment over the next few weeks. On 7 February 2017 n++India Ratings Placed Vodafone Mobile Services and its NCDs on RWEn++. Ind-Ra placed VMSLs ratings on RWE awaiting further clarity on the post-merger shareholding structure, group structure, operational and management control and the likely impact on its credit profile.

As per the contours of the announced deal, Vodafone Group will jointly own and manage the merged entity along with the promoters of Idea Cellular. Immediately post the all share deal, Vodafone group will sell 4.9% stake to the promoters of Idea (Aditya Birla Group; AB Group) to bring the shareholding to 45.1% from 50%. The amalgamation scheme provides for a mechanism to equalise the shareholding between Vodafone and the promoters of Idea. Until, the shareholding is equalised, both will have equal voting rights.

The scheme also provides a right to AB Group to buy additional 9.5% from Vodafone Group over the next four years after completion of the amalgamation. It provides for Vodafone to offload surplus shareholding in the market over five years after the completion of four years from the amalgamation date to bring its shareholding at par with the AB Group.

Both the JV partners will have rights to appoint three directors each, while AB Group will have the rights to appoint the chairman and Vodafone Group will have rights to appoint the CFO. CEO and COO would be selected jointly on the best person for the role principle.

The scheme is subject to shareholders, creditors, lenders and regulatory approvals, and is envisaged to be completed within a period of two years from the announcement date.

While assigning the rating to Vodafone Mobile Services Ltd, Ind-Ra had taken a top-down rating approach, on the back of the strong strategic linkages and moderate-to-strong operational linkages Vodafone India had with its parent - Vodafone Group Plc.

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Uniply Industries shifts registered office
Apr 18,2017

Uniply Industries announced that the Registered Office of the company has been shifted from #5, Branson Garden Street, Kilpauk, Chennai - 600 010 to #572, Anna Salai, Teynampet, Chennai - 600 018 with effect from 17 April 2017. The telephone and Fax nos are +91 44 24362019 and +91 44 24362018 respectively.

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ABB India secures order worth Rs 178 crore
Apr 18,2017

ABB India has won an order worth around Rs 178 crore, from Power Grid Company of Bangladesh to support the countrys power infrastructure expansion and meet its growing electricity needs. As part of the project, ABB India will build two new substations and upgrade two existing substations, all located in the south-eastern parts of Bangladesh. The order was booked in the first quarter of 2017. The design, engineering, system integration and supply of key products will be executed in India, another example of making in India for the world.

The substations will add around 535 megawatts (MW) of transmission capacity - enough to power more than 250,000 households - and contribute to the governments target of providing access to electricity for its population of around 165 million, by 2021.

ABB will build and commission one 132kV/33kV air insulated switchgear substation in Kachua, one 132kV/33kV gas insulated switchgear substation in Kalurghat and upgrade two existing 132kV/33kV AIS substations into GIS substations in the Comilla and Modhunaghat areas. ABB will also provide substation automation systems and fiberoptic communications.

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Themis Medicare incorporates a JV company in UK
Apr 18,2017

Themis Medicare has incorporated a Joint Venture Company in United Kingdom known as Carpo Medical as a Private Limited Company.

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Volumes jump at Zee Entertainment Enterprises counter
Apr 18,2017

Zee Entertainment Enterprises clocked volume of 7.23 lakh shares by 13:37 IST on BSE, a 16.19-times surge over two-week average daily volume of 45,000 shares. The stock rose 0.53% to Rs 523.85.

Page Industries notched up volume of 6,000 shares, a 12.80-fold surge over two-week average daily volume of 440 shares. The stock fell 0.09% to Rs 13,852.80.

Raymond saw volume of 9.29 lakh shares, a 11.96-fold surge over two-week average daily volume of 78,000 shares. The stock rose 13.06% to Rs 731.30.

Adani Enterprises clocked volume of 95.50 lakh shares, a 11.33-fold surge over two-week average daily volume of 8.43 lakh shares. The stock rose 22.50% to Rs 150.80.

IRB Infrastructure Developers saw volume of 17.09 lakh shares, a 9.19-fold rise over two-week average daily volume of 1.86 lakh shares. The stock rose 7.94% to Rs 258.30.

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Adani Enterprises leads gainers in A group
Apr 18,2017

Adani Enterprises jumped 24.29% to Rs 153 at 13:34 IST. The stock topped the gainers in the BSEs A group. On the BSE, 93.82 lakh shares were traded on the counter so far as against the average daily volumes of 8.43 lakh shares in the past two weeks.

Raymond surged 13.16% at Rs 731.90. The stock was second biggest gainer in A group. On the BSE, 9.22 lakh shares were traded on the counter so far as against the average daily volumes of 78,000 shares in the past two weeks.

Den Networks advanced 8.53% to Rs 98. The stock was third biggest gainer in A group. On the BSE, 19.30 lakh shares were traded on the counter so far as against the average daily volumes of 3.66 lakh shares in the past two weeks.

IRB Infrastructure Developers gained 7.21% at Rs 256.55. The stock was fourth biggest gainer in A group. On the BSE, 16.99 lakh shares were traded on the counter so far as against the average daily volumes of 1.86 lakh shares in the past two weeks.

Prestige Estates Projects rose 5.58% to Rs 247.85. The stock was fifth biggest gainer in A group. On the BSE, 77,000 shares were traded on the counter so far as against the average daily volumes of 57,000 shares in the past two weeks.

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