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Indian Oil Corporation jumps after fixing record date for bonus issue
Oct 06,2016

The announcement was made after market hours yesterday, 5 October 2016.

Meanwhile, the BSE Sensex was up 75.68 points, or 0.27%, to 28,296.66.

On BSE, so far 3.17 lakh shares were traded in the counter, compared with average daily volume of 3.02 lakh shares in the past one quarter. The stock hit a high of Rs 656 so far during the day, which is also a record high for the counter. The stock hit a low of Rs 618 so far during the day. The stock hit a 52-week low of Rs 345.05 on 12 February 2016. The stock had outperformed the market over the past 30 days till 5 October 2016, rising 7.45% compared with 2.61% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 30.17% as against Sensexs 3.75% rise.

The large-cap company has equity capital of Rs 2427.95 crore. Face value per share is Rs 10.

Meanwhile, an Indian consortium led by Oil India including Indian Oil Corporation (IOCL) and Bharat PetroResources (BPRL), a 100% subsidiary of BPCL, have successfully completed two landmark acquisitions of producing upstream assets in Russia. The consortium acquired 29.9% stake in LLC Taas-Yuryakh Neftegazodobycha (Taas Yuryakh) and 23.9% stake in JSC Vankorneft (Vankorneft) from Rosneft Oil Company, the national oil company of Russia.

Shares of Oil India were up 2.17% at Rs 419.75. Shares of BPCL were up 4.85% at Rs 679.50.

Indian Oil Corporation (IOCL)s net profit rose 25.5% to Rs 8268.98 crore on 15.3% fall in net sales to Rs 85655.31 crore in Q1 June 2016 over Q1 June 2015.

IOCL is Indias flagship national oil company, with business interests that straddle the entire hydrocarbon value chain - from refining, pipeline transportation and marketing of petroleum products to exploration & production of crude oil & gas as well as marketing of natural gas and petrochemicals. The Government of India held 58.28% stake in IOCL (as per the shareholding pattern as on 30 June 2016).

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Loan Against Property- Rising Stress, Shrinking Spreads
Oct 06,2016

Delinquencies in Indias non-banking financiers loan against property (LAP) portfolio could significantly increase in the next four quarters and may even exceed 5% on a static basis for a few players, says India Ratings and Research (Ind-Ra). The signs of early stress are visible in the LAP business loan pools assessed by Ind-Ra, including a sharp rise in 90 days past due delinquencies for some of the large players. A combination of stagnant property prices especially in metros and large cities, which are the primary markets for large and medium ticket LAP, and squeeze on refinancing due to risk aversion building up in some financiers is bringing stress to the fore.

Ind-Ra analysed data from the LAP portfolios generated over the last five years and observed that all loans, irrespective of their years of origination, are experiencing a concurrent rise in delinquencies in 2016. Ind-Ra believes that the LAP market has now entered into a delicate phase with rising delinquencies accompanied by shrinking yields, thereby leaving limited buffers to absorb unexpected shocks. The average lending rate in the urban high-ticket LAP segment has shrunk to close to 300bp from 500bp over State Bank of Indias (IND AAA/Stable) base rate, which in Ind-Ras opinion may not be adequate to absorb any spike in credit costs. Ind-Ra also believes the eventual losses through the liquidation route could be higher than what is being priced in by non-banking financial institutions (NBFIs). Ind-Ras rated transaction pool data for the housing loan mortgage portfolio acquired by asset reconstruction companies since 2006 show a recovery rate of over 100% of principal outstanding, but when adjusted for the time value it drops to 70%. Furthermore, this recovery ratio drops sharply to 25% for SME loans where collaterals include either industrial or commercial properties.

Ind-Ra believes that over the last few quarters, portfolio churn, through balance transfer among NBFIs, has been the significant driver of incremental loan growth. Additionally, a large segment of the market utilised third-party intermediaries to expand its loan portfolio. Ind-Ra believes that it has led to less than optimum credit assessment rigour. Furthermore, elevated balance transfer has led to inadequate seasoning for a part of the portfolio.

Ind-Ra observes that small ticket LAP portfolio has shown a better performance than large ticket loans, though the portfolio is less seasoned. Newer geographies are facilitating volume growth and due to limited competitive intensity, are allowing lenders to price in the risk. Also, the recent applicability of SARFAESI Act (to systemically important NBFIs and on a loan amount higher than INR10m) may improve portfolio performance as it could reduce slippages and improve recovery.

Ind-Ra believes that credit appraisal systems based on borrower cash-flow assessment and standardised valuation practices would be critical risk mitigants. Ind-Ra expects players with largely residential mortgage collaterals to fare well on asset quality metrics. Finally, strong equity and liquidity buffers and matched asset liability profile would continue to differentiate players in this segment.

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PI Industries to hold board meeting
Oct 06,2016

PI Industries will hold a meeting of the Board of Directors of the Company on 5 October 2016.

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Shricon Industries to hold board meeting
Oct 06,2016

Shricon Industries will hold a meeting of the Board of Directors of the Company on 5 October 2016.

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International Combustion (India) to hold board meeting
Oct 06,2016

International Combustion (India) will hold a meeting of the Board of Directors of the Company on 8 November 2016 to consider and approve the Unaudited Financial Results (Standalone) of the Company for the second Quarter and Half-Year ended September 30, 2016.

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Epic Energy to hold board meeting
Oct 06,2016

Epic Energy will hold a meeting of the Board of Directors of the Company on 10 October 2016.

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Mahindra & Mahindra launches eSupro - all electric cargo and passenger van
Oct 06,2016

Mahindra & Mahindra announced the launch of eSupro - Indias first zero emission, all electric cargo and passenger vans. Both the eSupro cargo and passenger vans have a range of 112 kms on a full charge, ideal for intra-city transportation and are priced at Rs 8.45 lakh for the cargo van and Rs 8.75 lakh for the passenger variant (ex-showroom Delhi, post state subsidy and FAME incentives).

The eSupro platform will cater primarily to the B2B segment and would be available across Mahindra dealerships pan India with immediate effect.

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L&T Technology Services forms partnership with Microsoft
Oct 06,2016

L&T Technology Services announced a Digital EngineeringTransformation partnership with Microsoft Corporation to deliver Microsoft Azure Engineering Solutions for global enterprises across industries.

This strategic partnership between the two companies enables enterprises around the world to leverage L&T Technologys cutting-edge IP-led Digital Engineering solutions hosted on Microsofts Azure enterprise cloud-first, mobile-first infrastructure.

L&T Technology Services iBEMS (Integrated Building Energy Management Systems) framework will soon be available on Microsofts Azure cloud platform for rapid global enterprise deployments that aspire for eco-friendly, n++greenn++ campuses and energy savings. Hosting this solution on Microsofts hyper-scale Azure cloud service enables enterprises to deploy and manage energy consumption as well as carbon footprint for entire campuses, buildings and facilities leveraging the Internet of Things (IoT),Predictive Analytics and Machine Learning securely on the Azure cloud.

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Cosmo Films signs MoU to purchase industrial land
Oct 06,2016

Cosmo Films announced that the Company has entered into a definitive MOU for purchase of about 34 acres of industrial land adjacent to its existing manufacturing plant on 16 acres of land at Waluj, Aurangabad, Maharashtra for setting up new production facilities in due course.

The MOU is expected to be implemented within 4 months on receipt of regulatory approvals.

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L&T Tech moves higher after pact with Microsoft
Oct 06,2016

The announcement was made during market hours today, 6 October 2016.

Meanwhile, the S&P BSE Sensex was up 51.21 points or 0.18% at 28,272.19.

On BSE, so far 12,000 shares were traded in the counter as against average daily volume of 2.77 lakh shares in the past two weeks. The stock hit a high of Rs 842.10 and a low of Rs 827 so far during the day. The stock had hit a record high of Rs 931 on 23 September 2016. The stock had hit a record low of Rs 823.30 yesterday, 5 October 2016.

The mid-cap company has equity capital of Rs 20.34 crore. Face value per share is Rs 2.

L&T Technology Services announced a digital engineering transformation partnership with Microsoft Corporation to deliver Microsoft Azure Engineering Solutions for global enterprises across industries. This strategic partnership between the two companies enables enterprises around the world to leverage L&T Technologys cutting-edge IP-led digital engineering solutions hosted on Microsofts Azure enterprise cloud-first, mobile-first infrastructure.

L&T Technology Services debuted on the stock exchanges on 23 September 2016.

Based on consolidated financials, L&T Technology Services reported net profit of Rs 135.05 crore on revenue from operations of Rs 765.38 crore for the quarter ended 30 June 2016. The company reported net profit of Rs 434.23 crore on revenue from operations of Rs 2894.03 crore for FY 2016.

L&T Technology Services provides engineering, research and development (ER&D) services to manufacturing, technology and process engineering companies, to help them develop and build products, processes and infrastructure required to deliver products and services to their end customers.

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Moderating Demand Trend for Air Cargo Continues in August: IATA
Oct 06,2016

The International Air Transport Association (IATA) released data for global air freight markets in August 2016 showing that demand, measured in freight tonne kilometers (FTKs), rose 3.9% year-on-year. Freight capacity measured in available freight tonne kilometers (AFTKs) increased by 4.1% over the same period. Load factors remained historically low, keeping yields under pressure.

Industry conditions have improved since the particularly soft patch at the start of the year. Carriers in all regions except Latin America reported an increase in year-on-year demand in August. However, regional results varied considerably. For the third time in four months airlines based in Europe posted the highest collective annual growth of all regions, while airlines in the Middle East experienced their slowest growth in more than seven years.

August numbers showed improvements in cargo demand. While this is good news, the underlying market conditions make it difficult to have long-term optimism. World trade volumes fell by 1.1% in July with no improvement on the horizon. And the current global political rhetoric in much of the world is more focused on protectionism than trade promotion. Economies need to grow out of the current economic doldrums. Governments should be focused on promoting trade, not raising protectionist barriers, said Alexandre de Juniac, IATAs Director General and CEO.

Regional Performance

Asia-Pacific airlines reported a 2.8% increase in demand for air cargo in August compared to last year. Capacity in the region expanded 1.2%. International traffic within the region has been the strongest of the big-four markets (Asia Pacific, Europe, North America, and Middle East) so far this year, with traffic up by 6.5% year-on-year in July 2016.

North American carriers saw freight volumes expand 5.5% in August 2016 year-on-year, and capacity increase by 3.7%. International freight volumes grew by 4.6% in August - their fastest pace since the US seaports disruption boosted demand earlier in 2015. However, seasonally adjusted activity has barely altered from 2008 levels. The strength of the US dollar continues to keep the US export market under pressure.

European airlines posted the largest increase in freight demand of all regions in August 2016 - 6.6% year-on-year. Capacity increased 4.7%. The positive European performance corresponds with an increase in reported new export orders in Germany over the last few months. European freight demand has now broken out of the corridor that it occupied between mid-2010 and the start of the year.

Middle Eastern carriers saw air freight demand slump to 1.8% year-on-year in August 2016 - the slowest pace since July 2009. Capacity increased by 6.9%. The strong upward trend seen in Middle Eastern traffic over the past year or so has halted. In seasonally-adjusted terms, volumes in July 2016 were slightly below those seen in January 2016. The weakening performance is partly attributable to slower growth between the Middle East and Asia. This suggests that Middle Eastern carriers are facing stiff competition from European airlines on the Europe-Asia route.

Latin American airlines saw demand contract in annual terms for the sixth consecutive month. FTKs in August 2016 fell by 3.3% compared to the same period last year and capacity decreased by 0.2%. The region continues to be blighted by weak economic and political conditions, particularly in the regions largest economy, Brazil.

African carriers saw demand rebound sharply in August to 3.7% - the fastest growth rate in 12 months. Despite this, freight capacity continues to outstrip demand, due to rapid long-haul expansion. Capacity surged in August year-on-year by 29.2%. The combination of rising capacity and modest growth has significantly affected the load factor of African airlines. In August 2016 it was almost six percentage points lower than a year ago and is around half the industry average.

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Board of RCI Industries & Technologies approves allotment of shares
Oct 06,2016

RCI Industries & Technologies announced that the Board of Directors of the Company at its meeting held on 06 October 2016 has considered and given its approval of allotment of 8 lakh equity shares of Rs 10 each at Rs 125 per share including share premium of Rs 115 per share.

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Govt Remains Committed to Curb Cheap Steel Imports, Anti-dumping Duty May Replace MIP
Oct 06,2016

The recent government action to extend the minimum import price (MIP) on 66 steel products by two months till 4 December 2016 shows the governments desire to extend protection for a longer time, says India Ratings and Research (Ind-Ra). Many of the 66 products are mostly subject to an anti-dumping investigation, which is likely to be completed over the next two months. Ind-Ra believes that once this is completed anti-dumping duty (ADD) is likely to be imposed on most of these products for an extended period.

Ind-Ra had highlighted the need for safeguards in June 2016 in the report Steel Production May Not Rise in FY17, In the Absence of MIP. Ind-Ra notes that in August 2016, GoI reduced the items under MIP to 66 from 173 and imposed an ADD on most of the excluded items, namely on hot rolled flat products and cold rolled flat products. The ADD is slightly less restrictive since they apply only to a specified country of origin; in this case the six named countries included, Peoples Republic of China, Japan, Korea RP, Russia, Brazil and Indonesia which account for around 90%-95% of hot rolled products imported into India. While a notification for cold rolled flat products originating or exported from Peoples Republic of China, Japan, Korea RP and Ukraine accounted for around 90% of imports.

During April-August 2016, Indias steel imports declined by 34.5% yoy to 3.01m tonne. Ind-Ra expects GoI to continue to protect domestic steel players from cheap imports. Over FY15-FY16, GoI took various quantitative and qualitative steps to curb the increase in imports into India, however it is only post the imposition of MIP on 5 February 2016, the domestic steel industry heaved a sigh of relief.

The scope of ADD is restricted to the originating countries named and is therefore narrower in scope than MIP, its impact however when applicable is the same as MIP. The ADD imposed on steel products are not fixed and will be calculated at a rate which is equivalent to the difference between the amount identified in the notification and the landed value of the goods covered under ADD, provided the landed value is less than the amount specified. This will protect the domestic steel industry from cheap imports, in the event the landed price of steel further declines and will have a similar impact as MIP. The key difference between MIP and ADD is that MIP is applicable on the import of goods from any country, whereas ADD is specific to goods imported from certain countries/producers as is notified.

Under General Agreement on Tariffs and Trade (GATT) ADD is a more acceptable protection measure provided against dumping of products. GATT provides member countries with the liberty to protect the domestic industry from external injuries; however it is against the restriction of fair trade. Thereby any member country can use ADD for the protection of their domestic industry, in the event that an investigation proves that dumping by other countries is injuring the domestic industry.

The absence of safeguard measures either in the form of MIP or ADD on value added flat rolled products of alloy or non-alloy steel, clad, plated or coated will lead to a surge in imports. As raw material for these value added products, mainly flat products, are already under ADD and therefore domestic producers will be compromised if the end product is allowed to be imported freely at cheaper prices internationally. Ind-Ra expects the protection for the steel industry in the form of ADD or MIP to continue even beyond December 2016.

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Caplin Point Laboratories fixes record date for sub-division of shares
Oct 06,2016

Caplin Point Laboratories announced that 20 October 2016 has been fixed as the n++RECORD DATEn++ for the purpose of ascertaining the eligible members who would be entitled to receive 5 (Five) equity shares of nominal face value of Rs. 2/- in lieu of 1 (One) existing equity snare of nominal face value of Rs. 10/- each of the Company.

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Shricon Industries appoints company secretary & compliance officer
Oct 06,2016

Shricon Industries announced that the Board of Directors of the Company at their meeting held on 05 October 2016 has appointed Renu Jain, Associate Member of the Institute of Company Secretaries of India as Company Secretary & Compliance Officer of the Company w.e.f. 05 October 2016.

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