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Petronet LNG slips on buzz GDF International offloads stake
Jun 08,2017

Meanwhile, the S&P BSE Sensex was down 45.69 points, or 0.15% to 31,225.59.

Volumes were high on the counter. On the BSE, 9.26 crore shares were traded in the counter so far, compared with average daily volumes of 1.28 lakh shares in the past one quarter. The stock had hit a high of Rs 437.40 and a low of Rs 421 so far during the day. The stock hit a record high of Rs 458.80 on 22 May 2017. The stock hit a 52-week low of Rs 269.25 on 13 June 2016.

The stock had underperformed the market over the past one month till 7 June 2017, rising 2.62% compared with 4.47% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 13.09% as against Sensexs 8.10% rise. The scrip had also outperformed the market in past one year, rising 61.18% as against Sensexs 15.73% rise.

The large-cap company has equity capital of Rs 750 crore. Face value per share is Rs 10.

According to reports, GDF International offloaded its entire 10% stake, comprising 7.50 crore shares, in Petronet LNG in block trades today, 8 June 2017. GDF sold the shares in a price range of Rs 417-440 a share with the deal size of up to $512 million. GDF International distributes and markets liquefied natural gas.

The Indian government owned 50% stake in the company as of 31 March 2017.

Petronet LNG earlier this week reportedly said that it did not expect any impact on gas supplies from Qatar after Saudi Arabia and six other Gulf nations severed ties with the nation, accusing it of supporting terrorism.

Qatar is the worlds largest producer and exporter of LNG. Qatars diplomatic crisis with its Middle Eastern neighbors could force natural gas buyers to seek greater diversification in sourcing amid potential disruptions from UAE ports refusing ships from the country.

Petronet LNGs net profit surged 91.3% to Rs 470.78 crore on 20.9% increase in net sales to Rs 7191.99 crore in Q4 March 2017 over Q4 March 2016.

Petronet LNG was formed as a joint venture by the Government of India to import liquified natural gas (LNG) and set up LNG terminals in the country.

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Moodys: Growth among sovereigns remains subdued ten years on from crisis
Jun 08,2017

Notwithstanding an ongoing cyclical growth recovery, the growth outlook for Moodys rated sovereigns remains subdued when compared with the growth achieved in the decade before the financial crisis, says Moodys Investors Service in a new report.

Between 2008 and 2017 (F), real growth for Moodys rated sovereigns averaged 2.9% for Moodys, compared to 4.3% from 1998 to 2007. Looking ahead, Moodys expects global growth of 2.8% for 2017 to 2018.

This slowdown in growth compared to the period prior to the global financial crisis has affected the fiscal profiles of our rated sovereigns, said Michael Brown, an Associate Analyst at Moodys. Governments have been unable to rely on growth to reduce debt as a share of GDP.

Since the crisis, government debt metrics have deteriorated across both advanced and emerging market economies. Between 2007 and 2017F, the median increase in sovereign debt was 15 percentage points,

The increase was due to a combination of spending during and after the crisis and the revenue impact of subdued growth since the crisis, adds Shirin Mohammadi, also an Associate Analyst.

Moodys expects debt-to-GDP ratios to average 54% globally in 2017-18, compared with 37% in 2007-2008. Since growth has been lower in the years following the crisis, government debt ratios will likely remain at these higher levels for many rated sovereigns.

Subdued growth has kept interest rates low in the years following the crisis. For many sovereigns, low interest rates have supported their capacity to service this higher debt level. Indeed, interest burdens as a share of government revenues have risen less sharply than government debt ratios.

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Bharat Wire Ropes secures orders worth Rs 37 crore
Jun 08,2017

Bharat Wire Ropes has book approximately Rs 37 crore export and domestic orders to be executed mainly from new facility set up in Chalisgoan, Maharashtra.

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Manomay Tex India gets revision in ratings for bank facilities
Jun 08,2017

Manomay Tex India has received revision in credit ratings from Brickwork Rating for bank loan facilities of Rs 72.31 crore availed by the Company -

Long term Rating - BWR BBB- (Stable Upgraded)
Short term Rating - BWR A3 (Upgraded)

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Cyient expands strategic relationship with United Technologies Corporation
Jun 08,2017

Cyient announced that its subsidiary - Cyient DLM has been qualified as an approved product supplier to UTC Aerospace Systems. This expands Cyients 15 years relationship with United Technologies Corporation as a valued engineering service provider. Cyient and UTC also extended the master terms agreement through 2020, enabling Cyient to provide technical services to UTC country-wide. With the qualification of DLM, the portfolio of offerings to UTC now includes both services and product development.

Meanwhile, Carrier International (Mauritius), a subsidiary of UTC, has executed a trade on the National Stock Exchange on 07 June 2017 to divest a portion of its equity sharholding in Cyient.

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Indiabulls Ventures provides update on its subsidiary - IVL Finance
Jun 08,2017

Indiabulls Ventures announced that the networth of IVL Finance (a non public deposit taking NBFC registered with RBI, a wholly owned subsidiary of Indiabulls Ventures, has increased to over Rs 1000 crore, through capital investments from Indiabulls Ventures. IVL Finance would be undertaking consumer finance business. The consumer finance business is expected to significantly add to the consolidated bottom line of Indiabulls Ventures going forward.

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Amtek Auto advances board to consider issue of preferential shares
Jun 08,2017

The announcement was made after market hours yesterday, 7 June 2017.

Meanwhile, the S&P BSE Sensex was down 18.87 points, or 0.06% at 31,252.41. The S&P BSE Small-Cap index was up 28.40 points, 0.18% at 15,454.26.

On the BSE, 3.40 lakh shares were traded on the counter so far as against the average daily volumes of 5.76 lakh shares in the past one quarter. The stock had hit a high of Rs 35.75 and a low of Rs 35.15 so far during the day. The stock had hit a 52-week high of Rs 56.20 on 26 July 2016 and hit a 52-week low of Rs 30.60 on 27 February 2016.

The stock had underperformed the market over the past one month till 7 June 2017, declining 9.49% compared with the Sensexs 4.73% rise. The scrip had also underperformed the market over the past one quarter sliding 4.72% as against the Sensexs 7.83% rise. The scrip had also underperformed the market over the past one year advancing 1.33% as against the Sensexs 15.78% rise.

The small-cap company has equity capital of Rs 49.65 crore. Face value per share is Rs 2.

Amtek Auto said that a meeting of the board of directors is scheduled on 10 June 2017, to consider the issue of equity shares of the company on preferential basis subject to the approval of the shareholders of the company.

Amtek auto reported net loss of Rs 241.56 crore in Q3 December 2016, compared with net loss of Rs 175.36 crore in Q1 December 2015. Net sales fell 46.8% to Rs 438.40 crore in Q3 December 2016 over Q1 December 2015.

Amtek Auto is an integrated component manufacturer.

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Amtek Auto advances as board to consider issue of preferential shares
Jun 08,2017

The announcement was made after market hours yesterday, 7 June 2017.

Meanwhile, the S&P BSE Sensex was down 18.87 points, or 0.06% at 31,252.41. The S&P BSE Small-Cap index was up 28.40 points, 0.18% at 15,454.26.

On the BSE, 3.40 lakh shares were traded on the counter so far as against the average daily volumes of 5.76 lakh shares in the past one quarter. The stock had hit a high of Rs 35.75 and a low of Rs 35.15 so far during the day. The stock had hit a 52-week high of Rs 56.20 on 26 July 2016 and hit a 52-week low of Rs 30.60 on 27 February 2016.

The stock had underperformed the market over the past one month till 7 June 2017, declining 9.49% compared with the Sensexs 4.73% rise. The scrip had also underperformed the market over the past one quarter sliding 4.72% as against the Sensexs 7.83% rise. The scrip had also underperformed the market over the past one year advancing 1.33% as against the Sensexs 15.78% rise.

The small-cap company has equity capital of Rs 49.65 crore. Face value per share is Rs 2.

Amtek Auto said that a meeting of the board of directors is scheduled on 10 June 2017, to consider the issue of equity shares of the company on preferential basis subject to the approval of the shareholders of the company.

Amtek auto reported net loss of Rs 241.56 crore in the quarter ended December 2016, compared with net loss of Rs 175.36 crore in the quarter ended December 2015. Net sales fell 46.8% to Rs 438.40 crore in the quarter ended December 2016 over the quarter ended December 2015.

Amtek Auto is one of the leading integrated auto component manufacturers.

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Smart initiatives of Indian Railways hold potential to raise GDP by 2 per cent: Suresh Prabhu
Jun 08,2017

The smart initiatives undertaken by the Indian Railways during the past two and a half years to increase revenue, especially non-fare revenue, augment capacity and increase operational efficiencies to lower costs in a passenger and business friendly manner has the potential of raising the countrys GDP by 2 percentage points, Union Railway Minister, Mr. Suresh Prabhu, said.

Mr. Prabhu said that to make this significant contribution to GDP a reality, the railways were working towards improving its finances and operational aspects in a transparent manner besides providing a better travel experience to the customers.

Mr. Prabhu said that the Railways had brought out a white paper after his assumption in office as Railway Minister which identified the challenges and helped in creating a strategic plan to address them. Strenuous efforts were now being made to augment the speed of implementation of policies, redressal of customers grievances in real-time and modernization of processes and systems with the help of technology.

For years, there has been a huge gap between the demand and the creation of new infrastructure. The demand for railway infrastructure and amenities has increased exponentially but infrastructure had failed to keep pace. By undertaking smart initiatives aided by the use of technology, the railways were now coming out with new products to serve the diverse range of travelers and projects catering to all classes and categories of travelers.

Mr. Mohd. Jamshed, Member Traffic, Railway Board, pointed out that the immediate smart strategy of the railways was to focus on new products, tariff rationalization and policy reforms for demand stimulation, expansion of the commodity basket, nurturing of customers and adoption of new delivery models to bring down the unit cost of operations.

He said that for a sustainable growth of the railways, the emphasis was on mega capacity development, high speed rail, station development, doubling, multiple lines, terminals, port connectivity projects and setting up of three more Dedicated Freight Corridors.

Dato Sri Judin Abdul Karim, Chairman, Construction Industry Development Board (CIDB) Holdings, Malaysia, gave a detailed account of the state-of-the art infrastructure projects in his country and expressed the desire of Malaysian companies to be a part of the projects being developed in India, particularly station development projects of the Indian Railways. He suggested bundling of projects so that these could be undertaken to achieve economies of scale and create a win-win situation for both countries.

Mr. Nalin Jain, Co-Chair, FICCI National Committee on Infrastructure and President & CEO, GE Transportation - Asia Pacific & China, stated that the real challenge before the Indian Railways was to devise ways to gain share of the traffic from the road sector, enhance productivity and manage capital expenditure for capacity expansion and project implementation.

He said the seeds had been sown for the transformation to smart railways by way of a freight action plan, expansion and modernization plan, electrification of 72% of BG network by 2020, creation of a dedicated safety fund to achieve a zero-accident mission, ICT deployment and keeping in step with Make in India through the PPP mode and FDI.

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Biocon sweetens after fixing record date for bonus issue
Jun 08,2017

The announcement was made after market hours yesterday, 7 June 2017.

Meanwhile, the S&P BSE Sensex was down 21.05 points, or 0.07% to 31,250.23

On the BSE, 19,000 shares were traded in the counter so far, compared with average daily volumes of 79,738 shares in the past one quarter. The stock had hit a high of Rs 1,012.80 and a low of Rs 1,003.55 so far during the day. The stock hit a 52-week high of Rs 1,188 on 25 April 2017. The stock hit a 52-week low of Rs 689 on 19 July 2016.

The large-cap bio-pharmaceutical company has equity capital of Rs 100 crore. Face value per share is Rs 5.

Biocon had declared 2:1 bonus issue (2 bonus shares for every share held) at its board meeting held on 27 April 2017.

On a consolidated basis, net profit of Biocon declined 61.71% to Rs 127.50 crore on 1.53% decline in net sales to Rs 919.20 crore in Q4 March 2017 over Q4 March 2016.

Biocon is Indias largest and fully-integrated, innovation-led biopharmaceutical company.

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Nikki Global Finance to hold board meeting
Jun 08,2017

Nikki Global Finance will hold a meeting of the Board of Directors of the Company on 15 June 2017.

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Rajvir Industries to hold board meeting
Jun 08,2017

Rajvir Industries will hold a meeting of the Board of Directors of the Company on 15 June 2017.

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Meyer Apparel to hold board meeting
Jun 08,2017

Meyer Apparel will hold a meeting of the Board of Directors of the Company on 16 June 2017.

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Cosmo Ferrites announces resignation of director
Jun 08,2017

Cosmo Ferrites announced that Ashok Jaipuria has resigned from the Directorship and consequently ceases to be Director of the Company with effect from 07 June 2017.

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Board of Sahyog Multibase recommends final dividend
Jun 08,2017

Sahyog Multibase announced that the Board of Directors of the Company at its meeting held on 3 June 2017, inter alia, have recommended the final dividend of Rs 0.01 per equity Share (i.e. 1%) , subject to the approval of the shareholders.

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