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Balkrishna Industries scales record high after huge bulk deal
Mar 16,2017

Meanwhile, the S&P BSE Sensex was up 152.14 points, 0.52% to 29,550.25

Bulk deal boosted volume on the scrip. On the BSE, 2.40 crore shares were traded on the counter so far as against the average daily volumes of 4.06 lakh shares in the past one quarter. The stock hit a high of Rs 1,449.55 in intraday trade so far, which is record high for the counter. The stock had hit a low of Rs 1,377.75 so far during the day. The stock had hit a 52-week low of Rs 574.10 on 29 March 2016.

The large-cap company has equity capital of Rs 19.33 crore. Face value per share is Rs 2.

Balkrishna Industries net profit rose 94.2% to Rs 185.69 crore on 25.7% increase in net sales to Rs 864.69 crore in Q3 December 2016 over Q3 December 2015.

Balkrishna Industries is a leading manufacturer in the off-highway tire market. The company has focused on specialist segments such as agricultural, construction and industrial vehicles as well as earthmoving, port and mining, ATV, and gardening applications.

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Rs. 31734 Crore Collected as Construction Workers Welfare Cess till 31st December 2016
Mar 16,2017

Rs. 31733.76 crore have been collected as Construction Workers Welfare Cess by the States/UTs upto 31.12.2016, at the rate of 1% of the cost of construction. Out of it Rs. 6872.51 crore has been spent.

The Building and Other Construction Workers Welfare Cess Act, 1996, provides for levy and collection of cess at such rate not exceeding two per cent but not less than one per cent of the cost of construction as the Central Government may notify. The cess has been levied and being collected at the rate of 1% of the cost of construction as notified by the Central Government in the Official Gazette.

The cess at the above rate is collected by the State Governments/ Union Territory Administrations and utilized for the welfare of the building and other construction workers by the State Building and Other Construction Workers Welfare Boards constituted by the State Governments/Union Territory Administrations under the Building and Other Construction Workers (Regulation of Employment and Conditions of Service) Act, 1996.

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PC Jeweller leads gainers in A group
Mar 16,2017

PC Jeweller jumped 7.64% to Rs 414.90 at 14:22 IST. The stock topped the gainers in the BSEs A group. On the BSE, 1.70 lakh shares were traded on the counter so far as against the average daily volumes of 11,000 shares in the past two weeks.

Suzlon Energy surged 7.04% at Rs 18.25. The stock was second biggest gainer in A group. On the BSE, 1.82 crore shares were traded on the counter so far as against the average daily volumes of 42.78 lakh shares in the past two weeks.

Steel Authority of India (Sail) advanced 6.16% to Rs 63.75. The stock was third biggest gainer in A group. On the BSE, 12.63 lakh shares were traded on the counter so far as against the average daily volumes of 7.47 lakh shares in the past two weeks.

JSW Steel gained 5.13% at Rs 192.50. The stock was fourth biggest gainer in A group. On the BSE, 6.79 lakh shares were traded on the counter so far as against the average daily volumes of 3.58 lakh shares in the past two weeks.

Reliance Capital rose 4.84% to Rs 583.35. The stock was fifth biggest gainer in A group. On the BSE, 7.49 lakh shares were traded on the counter so far as against the average daily volumes of 5.22 lakh shares in the past two weeks.

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L&T ascends after new overseas order win
Mar 16,2017

The announcement was made during market hours today, 16 March 2017.

Meanwhile, the S&P BSE Sensex was up 146.98 points or 0.5% at 29,545.09

On the BSE, 71,000 shares were traded on the counter so far as against the average daily volumes of 1.21 lakh shares in the past one quarter. The stock hit a high of Rs 1,574.40 and a low of Rs 1,555 so far during the day. The stock had hit a 52-week high of Rs 1,615 on 27 July 2016 and a 52-week low of Rs 1,164.50 on 16 March 2016.

The large-cap company has equity capital of Rs 186.59 crore. Face value per share is Rs 2.

L&T Electrical & Automation (LTEAFZE), the Competency Centre for L&T Electrical & Automation (E&A)s automation business in UAE, won a order worth Rs 500 crore from Qatar Rail Company (QRAIL) for Phase 1 of Doha Metro. The scope of the order encompasses supply, installation, testing, integration, commissioning and five years maintenance of a network-wide Building Automation and Control Systems (BACS) for 37 stations.

L&T Electrical & Automation (E&A) is a major business portfolio of L&T Group. E&As business basket comprises low and medium voltage switchgear and electrical systems, energy management systems and metering solutions, and automation solutions. LTEAFZE is a 100% subsidiary of L&T International FZE and a part of L&T Electrical & Automation.

L&Ts consolidated net profit rose 38.9% to Rs 972.47 crore on 1.7% growth in net sales to Rs 26018.15 crore in Q3 December 2016 over Q3 December 2015.

L&T is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services.

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Boost to Education: Cabinet approves setting up of 50 new Kendriya Vidyalayas in the country under Civil / Defence Sector
Mar 16,2017

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister ShriNarendra Modihas approved the proposal for opening of 50 new Kendriya Vidyalayas (KVs) under Civil / Defence Sector in the country keeping in view the high demand for these schools for their quality of education and excellent results.

The total project cost based on Kendriya Vidyalaya Sangathan (KVS) norms for the proposed 50 new KVs is Rs.1160 crore.

New KVs will be opened from classes I to V for which 650 regular posts shall be created in all 50 Kendriya Vidyalayas. The school grows every year with addition of one more higher class and, when the school grows upto class XII and becomes a full fledged school with two sections in each class, there shall be a requirement of about 4000 regular posts of various categories i.e., about 2900 teaching posts and about 1100 non-teaching posts. These new KVs when fully functional will provide quality education to approximately 50,000 students in addition to the approximately 12 lakh students already studying in present KVs.

The new KVs will address the educational needs of eligible students with high quality standards and will play a role of pace-setting educational institutions in the districts concerned.

Background:

The main objective of KVS is to cater to the educational needs of children of transferable Central Government employees including Defence and Para-military personnel by providing a common programme of education. There are at present 1142 functional KendriyaVidyalayas under the KVS including three abroad at Moscow, Kathmandu and Tehran.

The KendriyaVidyalayas are considered as model schools in the country in terms of physical infrastructure, teaching resources, curriculum and academic performance. KendriyaVidyalayas as pace setting schools have consistently turned out excellent academic performance as is evident from the Board Results of Class X and XII exams conducted by the Central Board of Secondary Education (CBSE).

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Cabinet approves sale of 24% equity holding in Lubrizol India Private Limited by Indian Oil to Lubrizol Corporation, USA
Mar 16,2017

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister ShriNarendra Modi gave its in-principle approval topermit Indian Oil Corporation Limited (Indian Oil) to sell its 24% equity in one of its Joint Venture Companies, M/s. Lubrizol India Private Limited (LIPL) to Lubrizol Corporation, USA (LC), the other Joint Venture Partner.

The sale will enable IOC to have long term association with its joint venture partner and thus LIPL to have access to the latest global additive technologies developed by Lubrizol Corporation, USA.

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Cabinet approves additional 2% Dearness Allowance / Dearness Relief due from January 2017
Mar 16,2017

The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi has approved release of an additional instalment of Dearness Allowance (DA) to Central Government employees and Dearness Relief (DR) to pensioners w.e.f. 01 January 2017. It has increased by 2% over the existing rate of 2% of the Basic Pay/Pension, to compensate for price rise.

This increase is in accordance with the accepted formula, which is based on the recommendations of the 7th Central Pay Commission.

The combined impact on the exchequer on account of both Dearness Allowance and Dearness Relief would be Rs. 5,857.28 crore per annum and Rs.6,833.50 crore in the Financial Year 2017-18 (for a period of 14 months from January, 2017 to February, 2018).

This will benefit about 48.85 lakh Central Government employees and 55.51 lakh pensioners.

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Volumes jump at Capital First counter
Mar 16,2017

Capital First clocked volume of 16 lakh shares by 13:24 IST on BSE, a 42.42-times surge over two-week average daily volume of 38,000 shares. The stock rose 1.66% to Rs 700.

Udaipur Cement Works notched up volume of 60.31 lakh shares, a 32.2-fold surge over two-week average daily volume of 1.87 lakh shares. The stock jumped 8.8% to Rs 25.35.

Thermax saw volume of 2.02 lakh shares, a 16.09-fold surge over two-week average daily volume of 13,000 shares. The stock rose 0.93% to Rs 875.

Aditya Birla Fashion and Retail clocked volume of 26.74 lakh shares, a 14.06-fold surge over two-week average daily volume of 1.90 lakh shares. The stock rose 2.66% to Rs 152.50.

PC Jeweller saw volume of 1.58 lakh shares, a 13.85-fold rise over two-week average daily volume of 11,000 shares. The stock surged 7.41% to Rs 414.

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Board of Venkys (India) appoints CEO and company secretary
Mar 16,2017

Venkys (India) announced that the Board of Directors in their meeting held on 16 March 2017 has appointed Jiwan Kumar Handa as the Chief Financial Officer of the Company with effect from 01 April 2017 and appointed Rohan Ajay Bhagwat as the Company Secretary and Compliance Officer of the Company with effect from 1 April 2017.

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NLC India announces cessation of director
Mar 16,2017

NLC India announced that Dr.Rajeev Ranjan,I.A.S., has relinquished his Directorship with effect from 6 March 2017.

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Reliance Capital proposes to set up new company for Health Insurance business
Mar 16,2017

Reliance Capital announced plans to separate out its retail Health Insurance business, from its General Insurance business, into a standalone, wholly owned subsidiary.

The Board of Directors of Reliance General Insurance Company (RGIL), a subsidiary of Reliance Capital (RCL), has approved this proposal, subject to necessary IRDA and other approvals.

Reliance Health Insurance, the proposed new company for Health Insurance business, will be a wholly owned subsidiary of Reliance Capital.

Reliance Capital has appointed Ravi Viswanath, with over 20 years global experience in health insurance, as proposed CEO of the new company.

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Board of Uniply Industries decides to raise Rs 500 cr through private placement of debt securities
Mar 16,2017

Uniply Industries announced that the Board of Directors of the company at its meeting held on 16 March 2017 has approved to raise funds up to Rs 500 crore by way of private placement of NCDs / Bonds / other debt securities in one or more tranches.

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G E Shipping surges after taking delivery of vessel
Mar 16,2017

The announcement was made during market hours today, 16 March 2017.

Meanwhile, the S&P Sensex was up 121.34 points or 0.41% at 29,519.45.

On the BSE, 19,000 shares were traded on the counter so far as against the average daily volumes of 11,262 shares in the past one quarter. The stock had hit a high of Rs 395 and a low of Rs 377.55 so far during the day.

The stock had hit a 52-week high of Rs 410.40 on 20 January 2017 and a 52-week low of Rs 296.60 on 24 June 2016. The stock had outperformed the market over the past one month till 15 March 2017, advancing 4.93% compared with the Sensexs 4.41% rise. The scrip had, however, underperformed the market over the past one quarter advancing 2.78% as against the Sensexs 10.86% rise.

The mid-cap company has equity capital of Rs 150.78 crore. Face value per share is Rs 10.

Great Eastern Shipping Company announced that the company took delivery of Secondhad Suezmax Crude Carrier n++Jag Leenan++ of about 1.57 lakh deadweight tons (dwt). The company had contracted to buy the vessel in December 2016.

With the inclusion of this vessel, the companys current fleet stands at 43 vessels, comprising 28 tankers and 15 dry bulk carriers with an average age of 9.56 years aggregating 3.54 mn dwt. Additionally, the company has committed to purchase 1 Secondhand Suezmax.

Great Eastern Shipping Companys consolidated net profit fell 33.4% to Rs 238.36 crore on 23.2% decline in net sales to Rs 738.91 crore in Q3 December 2016 over Q3 December 2015.

GE Shipping has two main business: shipping and offshore. The shipping business is involved in transportation of crude oil, petroleum products, gas and dry bulk commodities. The offshore business services to the oil companies in carrying out offshore exploration and production activities, through its subsidiary Greatship (India).

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L&T Electrical & Automation FZE secures large order from Qutar Rail Compnay
Mar 16,2017

L&T Electrical & Automation FZE, the competency centre for L&T Electrical & Automations automation business in UAE, won an order worth Rs 500 crore from Qutar Rail Company for Phase 1 of Doha Metro. The scope of the order encompasses supply, installation, testing, integration, commissioning and 5 years maintenance of network-wide building automation and control systems (BACS) for 37 stations.

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Cabinet approves revised MoU and Mode of Operation between India and Bangladesh for establishing Border Haats on India-Bangladesh Border
Mar 16,2017

The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi has given its approval to the Revised Memorandum of Understanding (MoU) and Mode of Operation (MoO) between India and Bangladesh for establishing Border Haats on India-Bangladesh Border.

The Border Haats aim at promoting the well-being of the people dwelling in remote areas across the borders of two countries, by promoting traditional system of marketing the local produce through local markets. These measures help to improve economic well-being of marginalised sections of society.

Currently four Border Haats are operational, two each in Meghalaya and Tripura, which were established and operationalized under the MoU and Mode of operation of Border Haats earlier signed between Bangladesh and India on 23rd October, 2010, Subsequently, an Addendum to Mode of operation of Border Haats was also signed on 15th May, 2012. The Revised MoU and Mode of Operation will provide a legal framework for establishment and operationalization of additional Border Haats.

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