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Indias fuel product consumption jumps 11.4% in August 2016
Sep 22,2016

Indias fuel product consumption or sales increased 11.4% to 15.80 million tonnes (mt) in August 2016 over a year ago. Diesel sales jumped 13.2% to 6.14 mt, while petrol sales galloped 24.9% to 2.20 mt. Sales of LPG advanced 19.2% to 1.84 mt and petcoke improved 9.5% to 1.68 mt. Consumption of fuel oil gained 14.0% to 0.61 mt, while that of ATF moved up 10.3% to 0.55 mt. The consumption of bitumen also gained 9.8% to 0.26 mt, lubricants 8.7% to 0.27 mt and light diesel oil (LDO) 31.7% to 0.04 mt. However, the consumption of others declined 6.9% to 0.56 mt, naphtha 3.7% to 1.15 mt, and kerosene -13.3% to 0.50 mt in August 2016.

The consumption or sales of fuel product increased 9.3% to 80.37 mt in April-August 2016 over April-August 2015. Sales of petcoke increased 31.0%, diesel 5.7%, petrol 13.9%, and LPG 10.3%. Consumption of fuel oil also moved up 18.3%, bitumen 15.5%, ATF 12.3%, lubricants 9.4% and LDO 16.8%, but declined for others 0.2%, naphtha 0.3% and kerosene 9.9% in April-August 2016.

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Indias natural gas production declines 5.7% in August 2016
Sep 22,2016

Indias natural gas production declined 5.7% to 2.67 billion cubic meters (bcm) in August 2016 over a year ago. Natural gas output of ONGC fell 0.6% to 1.85 bcm, while that of private and JV companies declined 20.8% to 0.58 bcm. Meanwhile, the natural gas production of Oil India rose 0.6% to 0.24 bcm in August 2016.

Natural gas output declined 4.2% to 13.12 bcm in April-August 2016 over April-August 2015.

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Indias crude oil refinery production rises 2.5% in August 2016
Sep 22,2016

Indias crude oil refinery output increased 2.5% to 19.75 mt in August 2016 over August 2015. The output of public sector refineries improved 4.2% to 10.21 mt, while the output of private refineries also rose 0.8% to 8.09 mt. The refinery output of public-private JV refiners moved up 1.0% to 1.45 mt in August 2016.

Among public refineries, the output of Chennai Petroleum Corporation jumped 87.8% to 0.92 mt, while the output of Bharat Petroleum Corporation moved up 6.1% to 2.06 mt, and Indian Oil Corporation 4.7% to 4.63 mt in August 2016 over August 2015. The output of Mangalore Refineries also inched up 2.4% to 1.26 mt, but that of Numaligarh Refineries declined 12.4% to 0.23 mt, and Hindustan Petroleum Corporation 23.7% to 1.12 mt in August 2016.

Among private refiners, the output of Reliance Petroleum increased 0.7% to 6.39 mt, while that of Essar Oil improved 1.5% to 1.70 mt in August 2016 over August 2015. Among JV refineries, the output of Bharat Oman declined 0.6% to 0.57 mt, while the output of HPCL Mittal rose 2.0% to 0.88 mt in August 2015.

The cumulative refinery output increased 7.3% to 99.17 mt in April-August 2016. The output of public refineries increased 10.3% to 52.95 mt, while that of private refineries rose 3.7% to 39.31 mt. The refinery output of JV refineries moved up 6.0% to 6.91 mt in April-August 2016.

Among public refineries, the output of Numaligarh Refineries improved 27.8% , Indian Oil Corporation 14.2% , Hindustan Petroleum Corporation 12.4% , Chennai Petroleum Corporation 12.3% , Bharat Petroleum Corporation 3.6% and Mangalore Refineries 0.5% .

The overall capacity utilization was lower at 103.4% in August 2016 compared with 107.7% in August 2015, while it was higher at 105.5% in April-August 2016 compared with 105.2% in April-August 2015.

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Indias crude oil production declines 3.9% in August 2016
Sep 22,2016

Indias crude oil production declined 3.9% to 3.07 million tonnes (mt) in August 2016 over August 2015. Crude oil output of ONGC fell 3.3% to 1.87 mt, while that of Oil India also declined 1.4% to 0.27 mt. Further, the crude oil production of private and joint venture (JV) companies dipped 5.8% to 0.93 mt. ONGCs offshore output declined 5.3% to 1.36 mt, while onshore production rose at 2.5% to 0.50 mt.

Crude oil output fell 3.1% to 15.15 mt in April-August period of the fiscal year ending August 2017 (April-August 2016), snapping marginal 0.5% rise recorded in the corresponding period of last year. Output of ONGC eased 1.7% to 9.23 mt, while that of Oil India declined 3.3% to 1.34 mt and private companies fell 5.9% to 4.58 mt in April-August 2016 over April-August 2015.

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Government announces enhanced support under Merchandise Exports from India Scheme (MEIS) of the Foreign Trade Policy
Sep 22,2016

In the backdrop of the continued challenging global environment being faced by Indian exporters, Department of Commerce has extended support to certain new products and enhanced the rate of incentives for certain other specified products under the Merchandise Exports from India Scheme (MEIS). This has been implemented through DGFT public Notice No 32 dated 22 September 2016.

The following are the major highlights of the support:-

Addition of new products -

2901 additional products falling under different product categories have been added. These include items in the following areas:

Many items of traditional medicines like Ashwagandha herbs and its extracts, other herbs, extracts of different items.

Certain marine products, sea feed items.

Onion dried, processed cereal products and other value added items of plastics, lather articles, suitcases etc

Industrial products under different categories, including engineering goods, fabrics, garments, chemicals, ceramics, glass products, leather goods, newspapers, periodicals, silk items, made ups, wool products, tubes, pipes etc.

Increase in MEIS rates -

Rates of 575 product items falling under 11 products categories have been increased. These product include products of iron and steel, handicrafts, moulded and extruded goods, rubber, ceramic, glass, auto tyres and tubes, industrial machinery engineering items, IC Engines, machine tools / parts, items of wood, paper, stationary, footwear, auto seats, steel furniture, prefabs, items under the category of butter, ghee and cheese, dried egg albumin and rubber products

With this the total number of items covered under the scheme has been increased from 5012 to 7103. The total support extended by Government of India under the scheme has been enhanced from the present Rs 22,000 crore to Rs 23,500 crore per annum.

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GPPL slips after bulk deal
Sep 22,2016

Meanwhile, the S&P BSE Sensex was up 245 points, or 0.86%, to 28,770.33

Bulk deal boosted volume in the Gujarat Pipavav Port (GPPL) scrip. On BSE, so far 19.40 lakh shares were traded in the counter, compared with average daily volume of 1.13 lakh shares in the past one quarter. The stock hit a high of Rs 185 and a low of Rs 170.05 so far during the day. The stock hit a 52-week high of Rs 212.50 on 9 October 2015. The stock hit a 52-week low of Rs 136.60 on 30 December 2015. The stock had underperformed the market over the past 30 days till 21 September 2016, falling 1.14% compared with 1.85% rise in the Sensex. The scrip had also underperformed the market in past one quarter, rising 4.83% as against Sensexs 5.57% rise.

The mid-cap company has an equity capital of Rs 483.44 crore. Face value per share is Rs 10.

Gujarat Pipavav Port (GPPL)s net profit rose 60.45% to Rs 59.75 crore on 10.24% fall in net sales to Rs 154.67 crore in Q1 June 2016 over Q1 June 2015.

GPPL is managed and operated by APM Terminals, the ports and terminals company of the maritime giant, the A.P. Moller-Maersk Group. APM Terminals is one of the largest container terminal operators in the world and offers the global shipping community an integrated Global Terminal Network of 56 ports and 154 inland facilities in 63 countries.

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Tyre Sector Volumes to Grow Around 7% in FY17
Sep 22,2016

India Ratings and Research (Ind-Ra) expects the overall tyre volumes (in numbers) to grow around 7% in the FY17 (FY16 Ind-Ra estimates: around 4%) due to a steady demand from original equipment manufacturers (OEMs) and an improvement in replacement demand. However, revenue growth for sector companies might be lower than the overall growth in volume demand due to an increase in imports as well as pricing pressure.

Among the key segments, volumes in the truck & bus segment (T&B) are expected to grow around 4% yoy (FY16: around 1%) in FY17, driven by an improvement in replacement demand and strong growth in the T&B radial segment, while volumes in the passenger car radial segment are expected to grow around 10% yoy (FY16: around 8%) with growth in OEM auto volumes. Two-wheeler volumes are expected to grow around 6% yoy (FY16: around 4%) in FY17, driven by higher volume growth in the scooter segment (around 15%) along with an improvement in volumes in the motorcycle segment (around 3%). Ind-Ra expects volumes in the truck & bus radial segment to grow around 16% higher than the overall T&B segment. The growth in tonnage volume would be lower due to a higher contribution of low tonnage two-wheeler tyres (around 50%) to the overall volumes for the industry.

Rising imports trend could continue increasing the pressure on the volumes of domestic manufacturers in FY17. Import volumes in both passenger car radial and truck & bus radial segments grew 22% and 40% yoy, respectively, in 1QFY17. The T&B segment accounts for around 55% of the industry revenue and a continued increase in imports in this segment could lead to a revenue decline for domestic tyre companies. Domestic T&B production declined 2% yoy in FY16 to 16.8 million tyres, driven primarily by the decline in production in the truck & bus bias (TBB) segment. Ind-n++Ras analysis indicates that 20%n++30% of the revenue of the top players in the industry is contributed by the TBB segment. Increased radialisation due to lown++-cost imports could lead to these companies seeing a rapid volume and revenue decline in this segment. Lower capacity utilisation of the existing domestic TBB capacity could exacerbate the pricing pressures in the segment.

The revenue growth of major tyre manufacturers is likely to be in the range of 3%-6% (FY16: below negative 2.5% to positive 2.5%) in FY17, with higher volume growth negating the year-on-year decline in pricing. Companies could see a moderation in EBITDA margins, due to the recent increase in input costs as well as pricing pressures. EBITDA margins reached historical peak levels in FY16. The recent increase in rubber prices is likely to impact the profitability of tyre companies on a quarterly basis. But, the trend of increase in prices is unlikely to be sustained and prices will stabilise at the current levels due to the prevailing rubber demand-supply dynamics. Crude oil prices have also increased from the low levels seen in February 2016, but are unlikely to increase further. Thus, tyre companies will not face increased input pressure over the next 12 months. Marginal deterioration in the credit profile is likely for some companies undertaking capex.

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Reliance Defence gains after emerging as lowest bidder for building partol vessels
Sep 22,2016

Meanwhile, the S&P BSE Sensex was up 286.90 points, or 1.01%, to 28,794.32

On BSE, so far 14.17 lakh shares were traded in the counter, compared with average daily volume of 6.72 lakh shares in the past one quarter. The stock hit a high of Rs 61.45 and a low of Rs 59.70 so far during the day. The stock hit a 52-week high of Rs 114 on 28 December 2015. The stock hit a 52-week low of Rs 52.65 on 12 February 2016. The stock had underperformed the market over the past 30 days till 21 September 2016, falling 9.79% compared with 1.85% rise in the Sensex. The scrip had also underperformed the market in past one quarter, sliding 8.1% as against Sensexs 5.57% rise.

The mid-cap company has equity capital of Rs 736.21 crore. Face value per share is Rs 10.

In a clarification to reports indicating that the company has won bid to build 14 Fast Patrol Vessels, Reliance Defence and Engineering during market hours today, 22 September 2016 clarified that it has emerged as the lowest bidder to build 14 Fast Patrol Vessels for the Indian Coast Guard (ICG). The approximate order value is Rs 920 crore, Reliance Defence and Engineering said.

Reliance Defence & Engineering reported net loss of Rs 134.50 crore in Q1 June 2016, lower than net loss of Rs 167.27 crore in Q1 June 2015. Reliance Defence & Engineerings total income dropped 34.21% to Rs 74.18 crore in Q1 June 2016 over Q1 June 2015.

Reliance Defence & Engineering (formerly Pipavav Defence and Offshore Engineering Company) is into building defence warships.

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HDFC Bank gains after raising funds through debenture issue
Sep 22,2016

The announcement was made during market hours today, 22 September 2016.

Meanwhile, the S&P BSE Sensex was down 121.23 points or 0.43% at 27,794.66.

On BSE, so far 78,132 shares were traded in the counter as against average daily volume of 1.15 lakh shares in the past one quarter. The stock hit high of Rs 1,315.55 and low of Rs 1,300.30 so far during the day.

HDFC Bank said that it allotted 67,000 senior, unsecured, redeemable, long-term non-convertible bonds in the nature of debentures having face value of Rs 10 lakh each amounting to Rs 6700 crore on a private placement basis.

HDFC Banks net profit rose 20.2% to Rs 3238.91 crore on 17.1% growth in total income to Rs 19322.63 crore in Q1 June 2016 over Q1 June 2015.

HDFC Bank is one of the leading private sector banks in India.

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SBI index shows decline in growth in September 2016
Sep 22,2016

The yearly SBI Composite Index for September 2016 is indicating a downward momentum and is at 50.2 (Low Growth), compared to last months 52.7 (Moderate Growth), and above the benchmark level of 50. The Monthly Index declined to 50.8 (Low Growth) in September 2016 from 49.9 (Low Decline) in August 2016.

The credit off-take (YoY) is at 9.8% in 02 September 2016, in single digit.

The bad thing is that Debt Weighted Credit Ratio worsens in FY2016 (All Rating Agencies) - the ratio declined below 1 in FY2016 - from 1.24 to 0.79 in FY2016. Hopefully, there should be a medium term course correction.

The SBI Economic Research Department expect that the credit cycle will turn for the better in a gradual manner. The good thing is that a part of the slowdown in corporate credit growth in the current fiscal is because of deleveraging by corporates and subsequent repayments. Retail credit growth continues to be strong. Additionally, about 48% of the credit upgrades in H2FY2016 was due to better order book / healthy demand, improvement in profit margins and efficient management of working capital.

Overall, demand still remain a significant laggard in the system. With the pay commission arrears implemented from August 2016, bank deposits have shown a sizeable growth in September (over 20% of the incremental addition in current fiscal is attributable to such). This will lead to increased consumer demand ahead of festive season. The SBI Economic Research Department is penciling in a 50 bp rate cut by RBI MPC in current fiscal.

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IT stocks decline as rupee strengthens
Sep 22,2016

Meanwhile, the S&P BSE Sensex was up 249.56 points or 0.88% at 28,755.86.

HCL Technologies (down 0.26%), Tech Mahindra (down 1.37%), TCS (down 1.1%) and Wipro (down 0.47%) declined. Oracle Financial Services Software rose 0.2%. A firm rupee adversely affects operating profit margins of IT firms as the sector derives a lions share of revenue from exports.

In the foreign exchange market, the partially convertible rupee was currently hovering at 66.7675, compared with closing of 67.02 during the previous trading session.

The BSE IT index had underperformed the market over the past one month till 21 September 2016, falling 1.57% compared with 1.53% rise in the Sensex. The index had also underperformed the market in past one quarter, dropping 10.09% as against Sensexs 6.32% rise.

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Unishire Urban Infra to hold AGM
Sep 22,2016

Unishire Urban Infra announced that the 25th Annual General Meeting(AGM) of the company on 30 September 2016.

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Cressanda Solutions to hold AGM
Sep 22,2016

Cressanda Solutions announced that the th Annual General Meeting(AGM) of the company on 30 September 2016.

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Board of Asian Granito India recommends dividend
Sep 22,2016

Asian Granito India announced that the Board of Directors of the Company at its meeting held on 22 September 2016, inter alia, have recommended the dividend of Rs 0.5 per equity Share (i.e. 5%) , subject to the approval of the shareholders.

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Saptarishi Agro Industries to hold AGM
Sep 22,2016

Saptarishi Agro Industries announced that the 24th Annual General Meeting(AGM) of the company on 30 September 2016.

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