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SRF slides as Q4 PAT growth boosted by other income
May 23,2017

The result was announced after market hours yesterday, 22 May 2017.

Meanwhile, the S&P BSE Sensex was down 157.70 points or 0.52% at 30,413.27. The S&P BSE Mid-Cap index was down 198.85 points or 1.37% at 14,268.25.

On the BSE, 24,000 shares were traded on the counter so far as against the average daily volumes of 13,484 shares in the past one quarter. The stock had hit a high of Rs 1,694 and a low of Rs 1,597.20 so far during the day.

The stock had hit a record high of Rs 1,969.50 on 5 October 2016 and a 52-week low of Rs 1,165.50 on 24 May 2016. It had underperformed the market over the past one month till 22 May 2017, advancing 0.27% compared with the Sensexs 4.11% rise. The scrip had, however, outperformed the market over the past one quarter, gaining 8.52% as against the Sensexs 5.91% rise.

The mid-cap company has equity capital of Rs 57.42 crore. Face value per share is Rs 10.

SRFs consolidated net profit rose 15.7% to Rs 129.22 crore on 19.7% growth in net sales to Rs 1306.08 crore in Q4 March 2017 over Q4 March 2016. A sharp surge in other income/non-operational income aided bottom line growth. Other income jumped 128.3% to Rs 25.93 crore in Q4 March 2017 over Q4 March 2016.

During Q4 March 2017, SRF Overseas which was wholly owned subsidiary of SRF Global BV (a wholly owned subsidiary of SRF) was liquidated and its impact has been included in the results.

Shares of SRF were on a declining spree ahead of the announcement of its Q4 earnings. The stock had declined 7.17% in the preceding four trading sessions to settle at Rs 1,708.45 yesterday, 22 May 2017, from its closing of Rs 1,840.45 on 16 May 2017.

SRFs board at its meeting held yesterday, 22 May 2017, approved setting-up of a facility to produce agrochemical at the companys chemical complex in Dahej, Gujarat at an estimated cost of Rs 180 crore.

The proposed capacity addition is 250 million tonnes per annum (MTPA). The period within which the proposed capacity is to be added is 12 to 18 months. The mode of financing will be through a mix of debt and internal accruals.

SRF is a multi-business global entity. The company operates in three segments viz. technical textiles business (TTB), chemicals and polymers business (CPB) and packaging film business (PFB).

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GST will lead to lower tax burden in packaged cement, Medicaments, Smart phones, and medical devices, including surgical instruments
May 23,2017

The roll out of Goods and Services (GST) Tax will bring benefits to the consumers due to reduced tax rates on various commodities such as packaged cement, medicaments, smart phones, and medical devices, etc.

Packaged cement attracts central excise duty of 12.5% + Rs.125 PMT and standard VAT rate of 14.5%. At these rates, the present total tax incidence works out to more than 29%. If we include tax incidence on account of CST, octroi, entry tax, etc., the present total tax incidence would work out to more than 31%. As against this, the proposed GST rate for cement is 28%.

There will be lesser tax burden in case of Medicaments, including Ayurvedic, Unani, Siddha, Homeopathic or Bio-chemic systemsalso. Medicaments, in general, attract 6% central excise duty and 5% VAT. Further, CST, octroi, entry tax, etc. are also applicable in general. At these rates, the present total tax incidence works out to more than 13%. As against this, the proposed GST rate on medicines, including ayurvedic medicines, is 12%.

Smart phone attracts 2% central excise duty [1% excise duty + 1% NCCD]. VAT rates vary from State to State from 5% to 15%. Weighted average VAT rate on smart phones works out to about 12%. Thus, the present total tax incidence on smart phones works out to more than 13.5%. As against this, the proposed GST rate for smart phones is 12%.

Similarly, medical devices, including surgical instruments, in general attract 6% central excise duty and 5% VAT. Along with CST, octroi, entry tax, etc., the present total tax incidence on them works out to more than 13%. As against this, the proposed rate under GST is 12%.

Puja samagri including havan samagri will be under the Nil category. However, exact formulation for the same is yet to be finalized.

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Insecticides India forays into organic products sector
May 23,2017

Insecticides India announced the launch of a bio product KAYAKALP to improve soil health. This launch also marks the Companys foray into organic products sector.

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Banco Products skids after posting disappointing Q4 numbers
May 23,2017

The result was announced after market hours yesterday, 22 May 2017.

The stock had dropped 4.8% to Rs 222.25 yesterday, 22 May 2017, ahead of the announcement of results. The stock has dropped 10.32% in two sessions to its ruling price of Rs 209.35 from a close of Rs 233.45 on 19 May 2017.

Meanwhile, the S&P BSE Sensex was down 160.30 points or 0.52% at 30,410.67. The S&P BSE Small-Cap index was down 314.33 points or 2.09% at 14,739.81.

On the BSE, 39,586 shares were traded on the counter so far as against the average daily volumes of 50,992 shares in the past one quarter. The stock had hit a high of Rs 219 and a low of Rs 204 so far during the day.

The stock had hit a record high of Rs 255.60 on 16 May 2017 and a 52-week low of Rs 125 on 25 May 2016. The stock had underperformed the market over the past one month till 22 May 2017, falling 3.05% compared with the Sensexs 4.11% rise. The scrip had, however, outperformed the market in past one quarter, rising 9.62% as against the Sensexs 5.91% rise.

The small-cap company has equity capital of Rs 14.30 crore. Face value per share is Rs 2.

Banco Products (India)s board of directors recommended final dividend of Rs 4 per share for the financial year ended on 31 March 2017 (FY 2017).

Banco Products (India) is an auto component manufacturer and supplies engine cooling products and sealing gaskets.

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Dhunseri Petrochem declines after reverse turnaround in Q4
May 23,2017

The result was announced after market hours yesterday, 22 May 2017.

Meanwhile, The S&P BSE Sensex was down 168.93 points, or 0.55% at 30,402.04. The S&P BSE Small-Cap index was down 313.03 points, 2.08% at 14,741.11.

High volumes were witnessed on the counter. On the BSE, 38,000 shares were traded on the counter so far as against the average daily volumes of 16,506 shares in the past one quarter. The stock had hit a high of Rs 94.10 and a low of Rs 80 so far during the day.

The stock had hit a 52-week high of Rs 103.95 on 17 May 2017 and hit a 52-week low of Rs 68.10 on 16 August 2016. The stock had outperformed the market over the past one month till 22 May 2017, advancing 4.98% compared with the Sensexs 4.11% rise. The scrip had also outperformed the market over the past one quarter advancing 25.92% as against the Sensexs 5.91% rise.

The small-cap company has equity capital of Rs 35.02 crore. Face value per share is Rs 10.

Dhunseri Petrochems total income fell 7.18% to Rs 5.82 crore in Q4 March 2017 over Q4 March 2016.

Dhunseri Petrochem, formerly Dhunseri Petrochem & Tea, is a manufacturer of polyethylene terephthalate (PET) resin in India.

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Foreign Exchange Earnings (in Rupee Terms) through Tourism in India in April 2017 rises by 27.8% y-o-y
May 23,2017

Ministry of Tourism estimates monthly Foreign Exchange Earnings (FEEs) through tourism in India, both in rupee and dollar terms. Based on the credit data of Travel Head from Balance of Payments of RBI.

The FEEs of 2016 and Jan-Mar 2017 (both in Rs. terms & $ billion) have undergone a revision due to adoption of final figure of Foreign Tourist Arrivals of 2016.

The highlights of the estimates of FEEs from tourism in India for April 2017 and Jan-Apr 2017 are as below:

Foreign Exchange Earnings (FEEs) through tourism (in Rs. terms)

n++ FEEs during the month of April 2017 were Rs.14,692 crore as compared to Rs. 11,495 crore in April 2016 and Rs. 10,091 crore in April 2015.

n++ The growth rate in FEEs in rupee terms in April 2017 over April 2016 was 27.8% compared to positive growth of 13.9% in April 2016 over April 2015.

n++ FEEs during the period January- April 2017 were Rs. 61,605 crore with a growth of 18.9%, as compared to the FEE of Rs. 51,812 crore with a growth of 15.2% in January- April 2016 over January- April, 2015.

Foreign Exchange Earnings (FEEs) through tourism (in US $ terms)

n++ FEEs in US$ terms during the month of April 2017 were US$ 2.278 billion as compared to FEEs of US$ 1.726 billion during the month of April 2016 and US$ 1.609 billion in April 2015.

n++ The growth rate in FEEs in US$ terms in April 2017 over April 2016 was 32.0% compared to a positive growth of 7.3% in April 2016 over April 2015.

n++ FEEs during the period January-April 2017 were US$ 9.275 billion with a growth of 20.5% as compared to the FEE of US$ 7.697 billion with a growth of 6.7% in January- April 2016 over January- April 2015.

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RattanIndia Power drops after reverse turnaround in Q4
May 23,2017

The result was announced after market hours yesterday, 22 May 2017.

Meanwhile, the S&P BSE Sensex was down 160.46 points or 0.52% at 30,410.51. The S&P BSE Small-Cap index was down 321.02 points or 2.13% at 14,733.12.

On the BSE, 5.99 lakh shares were traded on the counter so far as against the average daily volumes of 7.65 lakh shares in the past one quarter. The stock had hit a high of Rs 8.23 and a low of Rs 7.51 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. It had underperformed the market over the past one month till 22 May 2017, sliding 8.97% compared with the Sensexs 4.11% rise. The scrip had, however, outperformed the market over the past one quarter, advancing 17.18% as against the Sensexs 5.91% rise.

The small-cap company has equity capital of Rs 2952.93 crore. Face value per share is Rs 10.

RattanIndia Powers total income from operations declined 85.41% to Rs 132.21 crore in Q4 March 2017 over Q4 March 2016.

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

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Munjal Auto Industries advances after posting strong Q4 results
May 23,2017

The result was announced after market hours yesterday, 22 May 2017.

Meanwhile, the S&P BSE Sensex was down 159.39 points or 0.52% at 30,399.74. The S&P BSE Small-Cap index was down 337.41 points, or 2.24%, to 14,716.73.

High volumes were witnessed on the counter. On the BSE, 66,782 shares were traded in the counter so far as against average daily volume of 17,961 shares in the past one quarter. The stock had hit a high of Rs 113 and a low of Rs 109 so far during the day. The stock had hit a 52-week high of Rs 117.80 on 27 October 2016. The stock had hit a 52-week low of Rs 76 on 24 June 2016.

The stock had underperformed the market over the past one month till 22 May 2017, rising 2.4% compared with the Sensexs 4.11% rise. The scrip had, however, outperformed the market in past one quarter, rising 9.99% as against the Sensexs 5.91% rise.

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

Munjal Auto Industries board of directors recommended final dividend of Rs 2 per share for the financial year ended 31 March 2017 (FY 2017).

The board also recommended 1:1 bonus issue of shares.

Munjal Auto Industries is a auto component manufacturing company in India.

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Tata Power provides update on performance of renewable business
May 23,2017

Tata Power announced that its Renewable business registered a healthy profit while surpassing the 2000 MW operating capacity mark with another about 500 MW under construction. In keeping with its commitment to generate 30% to 40% power by 2025 through renewable sources of energy, the company added 1350 MW of renewable capacity during the year thereby making it largest green portfolio company in India.

Tata Powers non-fossil fuel based green generation portfolio (comprising of hydro, waste gas, solar and wind) crossed the 3000 mark and stands at 3141 MW.

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Sun Pharma slumps as Taro reports weak Q4 results
May 23,2017

Meanwhile, the S&P BSE Sensex was down 148.97 points or 0.49% at 30,422.

On the BSE, 6.77 lakh shares were traded on the counter so far as against the average daily volumes of 3.52 lakh shares in the past one quarter. The stock had hit a high of Rs 631 and a low of Rs 589.20 so far during the day.

The stock had hit a 52-week high of Rs 854.50 on 5 August 2016 and a 52-week low of Rs 572.40 on 9 November 2016. It had underperformed the market over the past one month till 22 May 2017, advancing 0.03% compared with the Sensexs 4.11% rise. The scrip had also underperformed the market over the past one quarter, declining 4.5% as against the Sensexs 5.91% rise.

The large-cap company has equity capital of Rs 239.93 crore. Face value per share is Rs 1.

Taro Pharmaceutical Industries (Taro) net profit fell 27.82% to $83 million on 25.9% decrease in net sales to $196.40 million in Q4 March 2017 over Q4 March 2016. The drop in net sales is due to continuing increased competition and the challenging pricing environment.

On a consolidated basis, Sun Pharmaceuticals Industries net profit declined 11.2% to Rs 1721.85 crore on 8.4% rise in net sales to Rs 7683.24 crore in Q3 December 2016 over Q3 December 2015.

Sun Pharma is a specialty generic pharmaceutical company and Indias top pharmaceutical company.

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Lower Tax Incidence on Entertainment Services under Goods and Services (GST) Tax
May 23,2017

Taxes on entertainments and amusements (covered by the erstwhile entry 62 of State List of the Constitution) have been subsumed under Goods and Services Tax (GST) except to the extent of taxes on entertainments and amusements levied by a Panchayat or a Municipality.

The rate of GST approved by GST Council on services by way of admission to entertainment events or cinematography films in cinema theatres is 28%. However, the entertainment tax rates in respect of exhibition of cinematography films in theaters/cinema halls, currently levied by States are as high as 100% in some of the States.

The rate of entertainment tax on cable TV and Direct-To-Home (DTH) levied by States is in the range of 10%-30% in many States. Apart from this, Service tax is also leviable at the rate of 15%. As against this, the rate of GST approved by GST Council on these services is 18%.

The rate of GST approved by GST Council on access to circus, theatre, Indian classical dance including folk dance and drama is 18% ad valorem. Further, the GST Council has approved an exemption upto a consideration for admission of Rs 250 per person. These services currently attract entertainment tax levied by the States.

Thus, entertainment services shall suffer a lower tax incidence under GST. In addition to the benefit of lower headline rates of GST, the service providers shall be eligible for full input tax credits (ITC) of GST paid in respect of inputs and input services. Presently, such service providers are not eligible to avail of input credits in respect of VAT paid on domestically procured capital goods & inputs or of Special Additional Duty (SAD) paid on imported capital goods and inputs. Thus, while GST is a value added tax, entertainment tax, presently levied by the States is like a turnover tax.

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Mineral Production was 9.7% higher for March 2017 compared with March 2016
May 23,2017

The index of mineral production of mining and quarrying sector for the month of March (new Series 2011-12=100) 2017 at 127.2, was 9.7% higher as compared to the level in the month of March 2016. The cumulative growth for the period April- March 2016-17 over the corresponding period of previous year has been (+) 5.3 percent.

The total value of mineral production (excluding atomic & minor minerals) in the country during March 2017 was Rs. 26350 crore. The contribution of Coal was the highest at Rs. 11658 crore (44%). Next in the order of importance were: Petroleum (crude) Rs. 5616 crore, Iron ore Rs. 2960 crore, Natural gas (utilized) Rs. 2214 crore, Lignite Rs. 996 crore and Limestone Rs. 639 crore. These six minerals together contributed about 91% of the total value of mineral production in March 2017.

Production level of important minerals in March 2017 were: Coal 770 lakh tonnes, Lignite 55 lakh tonnes, Natural gas (utilized) 2677 million cu. m., Petroleum (crude) 31 lakh tonnes, Bauxite 1875 thousand tonnes, Chromite 793 thousand tonnes, Copper conc. 13 thousand tonnes, Gold 127 kg., Iron ore 196 lakh tonnes, Lead conc. 31 thousand tonnes, Manganese ore 298 thousand tonnes, Zinc conc. 181 thousand tonnes, Apatite & Phosphorite 108 thousand tonnes, Limestone 304 lakh tonnes, Magnesite 17 thousand tonnes and Diamond 5026 carat.

The production of important minerals showing positive growth during March 2017 over March 2016 include: Chromite (85.4%), Zinc conc. (41.4%), Diamond (25.5%), Apatite & Phosphorite (17.0%), Manganese ore (12.3%), Iron ore (11.7%), Lead conc. (11.5%), Coal (10.9%), Natural gas (utilized) (9.9%), Limestone (4.2%) and Petroleum (crude) (0.9%). The production of other important minerals showing negative growth are: Magnesite [(-) 34.7%], Gold [(-) 13.6%], Copper conc. [(-) 6.5%], Lignite [(-) 4.2%] and Bauxite [(-) 4.0%].

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Hypersoft Technologies to hold board meeting
May 23,2017

Hypersoft Technologies will hold a meeting of the Board of Directors of the Company on 27 May 2017, to consider and approve Audited Financial Statements for the financial year ended March 31, 2017.

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Gayatri Sugars to hold board meeting
May 23,2017

Gayatri Sugars will hold a meeting of the Board of Directors of the Company on 27 May 2017, to approve the Audited Financial Results/Statements for the quarter and year ended March 31, 2017, to fix date, time and place of the 22nd Annual General Meeting of the Company and to approve the draft notice of the same, and any other business.

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KG Petrochem to hold board meeting
May 23,2017

KG Petrochem will hold a meeting of the Board of Directors of the Company on 30 May 2017, to consider and approve the Audited Financial Results of the Company for the Fourth Quarter and year ended on 31st March 2017.

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