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Den Networks gains as board approves preferential issue of shares
Sep 20,2016

The announcement was made during market hours today, 20 September 2016.

Meanwhile, the S&P BSE Sensex was down 117.52 points or 0.41% at 28,516.98

On BSE, so far 2.19 lakh shares were traded in the counter as against average daily volume of 22,953 shares in the past one quarter. The stock hit a high of Rs 85 and a low of Rs 78.10 so far during the day. The stock had hit a 52-week high of Rs 133 on 21 September 2015. The stock had hit a 52-week low of Rs 60.50 on 15 February 2016. The stock had underperformed the market over the past 30 days till 19 September 2016, falling 8.42% compared with Sensexs 1.99% rise. The scrip also underperformed the market in past one quarter, sliding 13.38% as against Sensexs 6.79% rise.

The small-cap company has equity capital of Rs 178.20 crore. Face value per share is Rs 10.

Den Networks said that the companys board of directors has issue and allotment of 1.58 crore shares on preferential basis to affiliates of the Goldman Sachs Group, Inc. who form part of the persons belonging to the non-promoter category. The companys board also approved the issue price of Rs 90 per share for the preferential allotment. With this allotment, the holding of affiliates of Goldman Sachs Group, Inc. will increase to about 24.49% from 17.79% earlier, Den Networks said. The total consideration for the transaction is Rs 142.43 crore, the company added.

Den Networks reported net loss of Rs 57.31 crore in Q1 June 2016, higher thab net loss of Rs 50.75 crore in Q1 June 2015. Net sales rose 24% to Rs 236.97 crore in Q1 June 2016 over Q1 June 2015.

Den Networks is one of leading cable TV distribution companies in India.

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Kolte Patil Developers jumps after completing project in Pune
Sep 20,2016

The announcement was made during market hours today, 20 September 2016.

Meanwhile, the BSE Sensex was down 100.76 points, or 0.35%, to 28,533.74.

More than usual volumes were traded on the counter. On BSE, so far 1.49 lakh shares were traded in the counter, compared with an average volume of 19,467 shares in the past one quarter. The stock hit a high of Rs 134.25 and a low of Rs 120.05 so far during the day.

Kolte Patil Developers announced that it has completed its Margosa Heights project in Pune generating an internal rate of return (IRR) of 36% and a money multiple of 3.1 times for itself and its joint venture partner, Portman Holdings, USA. The project is part of a special purpose vehicle (SPV) called Bellflower properties, which is a 50% joint venture of Kolte with Portman. This investment was the first residential investment for the Atlanta based full service real estate company which has a significant presence in India.

Margosa Heights includes 20 mid-rise apartment towers along with support retail located at Mohammadwadi, a suburb in south Pune. The developments total area is -1 million square feet. This project sets a unique example of an Indian & an International developer/Investor working in partnership on various aspects of the project to deliver a good product & achieve high profitability.

Kolte-Patil Developers is Punes largest developer and has completed 1 crore sq. ft. of landmark developments in Pune and Bengaluru. It is also present in Mumbai with some upscale redevelopment projects. The company has till date built projects in multiple segments such as residential, commercial, retail, IT parks, and integrated townships.

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Indias step-wise reforms set in motion, but weak investment and banking risk may act as speedbreakers
Sep 20,2016

Moodys Investors Service says that the credit implications of Indias (Baa3 positive) reforms will materialise in the medium term, fostering a more stable macroeconomic environment conducive to fiscal consolidation. In the nearer term, challenging budget targets could lead to significant spending cuts late in the fiscal year, especially since in the first four months of the fiscal year, 74% of the whole years budget target has already been reached.

Moreover, structural hurdles will continue to constrain private sector investment and growth. The banking sector will continue to pose contingent liability risks to the government over the near to medium term.

From ICRAs perspective, we expect Indias growth-inflation dynamics to display mixed trends during the fiscal year ending 31 March 2017 (FY2017), says Nayar.

Specifically, growth of gross value added (GVA) at basic prices is set to improve to 7.7% from 7.2% in FY2016 on the back of domestic consumption demand, amid a hardening of CPI inflation to an average of 5.1% from 4.9% over the same period, adds Nayar.

In Moodys view, over time, the multi-pronged but step-wise approach to reform will contribute to stable robust growth, moderate inflation and narrower budget deficits. In particular, the cementing of the monetary policy framework with the objective of maintaining inflation at moderate levels is credit positive. Moodys expects continuity in monetary policy says Diron.

Meanwhile, a few fiscal measures entail some, although limited, immediate savings for the government, including through subsidy reform and more moderate increases in Minimum Support Prices (MSP) than in the past, adds Diron. The implementation of the goods and sales tax (GST) n++ which Moodys assumes will become effective in 2017 n++ will enhance revenue collection for the government over time, through better tax compliance and higher profits, as businesses save on tax administration costs.

Moreover, Moodys points out that some measures, if effectively implemented, will bolster Indias growth potential, including an easing of restrictions on Foreign Direct Investment (FDI) that could foster productivity growth in some sectors; the bankruptcy law, which, if credible, would enhance investor confidence; improved access to bank accounts; and measures aimed at easing business starts.

However, these reforms will ease rather than remove some of the hurdles to robust and sustained investment, and therefore growth in India. In the nearer term, private investment will remain weak as corporates in investment-intensive sectors are burdened by elevated debt levels. In addition, the economy will remain vulnerable to fluctuations in monsoon rains, because of the only partial irrigation of crops and gradual progress in food storage and transport infrastructure. In general, infrastructure gaps will continue to constrain investment and the rise in FDI will not make up for muted domestic investment.

With the sequential dip in growth of GVA at basic prices and GDP in Q1 FY2017 to 7.1% and 7.3%, respectively n++ results which were in line with ICRAs expectations n++ ICRA maintains its forecast of a pick-up in economic growth in FY2017, with GVA growth of 7.7% and GDP expansion of 7.9%, compared to 7.2% and 7.6% in FY2016.

The staggered implementation of pay revisions by the central government and a number of state governments, as well as the improved outlook for the rural economy post-monsoon, portend that consumption will continue to drive economic growth in FY2017.

However, fiscal constraints will limit the space available for direct infrastructure investment by the central government in FY2017. In addition, the mixed global growth outlook will prevent merchandise exports from emerging as a major growth driver in the near term.

In terms of the monetary policy framework, the Government of India has notified a CPI inflation target of 4%, within a tolerance band of 2%-6% until March 2021. Such a scenario would help to anchor inflationary expectations. In addition, a favourable base effect as well as improved crop sowing dynamics will ensure that CPI inflation remains within this tolerance band in the near term.

However, higher global food prices and the anticipated improvement in domestic demand n++ after the implementation of revised scales for the Central Government employees and pensioners n++ pose modest risks to the inflation trajectory.

Without taking into account the impact of the eventual increase in allowances n++ based on the recommendations of the Seventh Central Pay Commission, because the timing of the implementation is unclear n++ ICRA expects that CPI inflation will record a mild hardening to about 5.1% in FY2017 from 4.9% in FY2016.

Moodys points out that banking sector risk will also remain a constraint on Indias sovereign ratings. While bad asset recognition is a first step, the measure does not strengthen the resilience of banks, and therefore does not reduce the contingent liability risks for the sovereign. Moodys estimates that the fiscal costs of equity injections in public sector banks are manageable, although they are larger than currently budgeted and will add to the governments challenge in meeting its fiscal targets.

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Castrol India jumps after promoter pares stake
Sep 20,2016

Meanwhile, the S&P BSE Sensex was down 104.81 points, or 0.37%, to 28,529.69

Bulk deal boosted volume on the scrip. On BSE, so far 5.86 crore shares were traded in the counter as against average daily volume of 1.88 lakh shares in the past one quarter. The stock hit a high of Rs 469.75 and a low of Rs 426.10 so far during the day. The stock hit a 52-week high of Rs 478.40 on 9 September 2016. The stock hit a 52-week low of Rs 360.10 on 1 March 2016. The stock had outperformed the market over the past 30 days till 19 September 2016, rising 3.99% compared with Sensexs 1.99% rise. The scrip also outperformed the market in past one quarter, gaining 12.19% as against Sensexs 6.79% rise.

The large-cap company has an equity capital of Rs 247.28 crore. Face value per share is Rs 5.

Castrol India said that the companys promoter, Castrol, sold 4.21 crore shares or 8.53% stake in Castrol India in a bulk deal on BSE today, 20 September 2016. The announcement was made during trading hours today, 20 September 2016.

After the sale of shares, Castrols stake in Castrol India has reduced to 50.89%.

Castrol Indias net profit rose 12.14% to Rs 206.90 crore on 5.18% growth in net sales to Rs 967.90 crore in Q2 June 2016 over Q2 June 2015.

Castrol India manufactures and markets a range of automotive and industrial lubricants.

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Oriental Bank of Commerce gains after raising capital
Sep 20,2016

The announcement was made after market hours yesterday, 19 September 2016.

Meanwhile, the BSE Sensex was down 128.26 points, or 0.45%, to 28,506.24.

On BSE, so far 1.89 lakh shares were traded in the counter, compared with an average volume of 5.81 lakh shares in the past one quarter. The stock hit high of Rs 128.45 and low of Rs 126 in intraday trade. The stock hit a 52-week high of Rs 157.50 on 30 November 2015. The stock hit a 52-week low of Rs 75.30 on 29 February 2016. The stock had outperformed the market over the past one month till 19 September 2016, gaining 7.2% compared with Sensexs 1.99% rise. The scrip had also outperformed the market in past one quarter, rising 26.94% as against Sensexs 7.54% rise.

The mid-cap PSU bank has an equity capital of Rs 346.17 crore. Face value per share is Rs 10.

Oriental Bank of Commerce said that the issue of Basel III Compliant additional tier 1 bonds on private placement basis was opened on 16 September 2016. The issue was fully subscribed to the extent of Rs 1000 crore and bonds were allotted on 16 September 2016. The bank had said on 31 August 2016, that it intended to raise Tier 1 Capital through private placement of Basel III Compliant additional tier 1 bonds of Rs 10 lakh each at par totalling Rs 250 crore with an option to retain oversubscription of upto Rs 750 crore.

Oriental Bank of Commerces net profit fell 60.9% to Rs 100.69 crore on 3.2% drop in total income to Rs 5392.70 crore in Q1 June 2016 over Q1 June 2015.

Government of India holds 58.38% stake in OBC (as on 30 June 2016).

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Asian Paints moves higher after consolidating investments in overseas subsidiaries
Sep 20,2016

The announcement was made after market hours yesterday, 19 September 2016.

Meanwhile, the S&P BSE Sensex was down 123.87 points or 0.43% at 28,510.63

On BSE, so far 22,000 shares were traded in the counter as against average daily volume of 94,372 shares in the past one quarter. The stock hit a high of Rs 1,173 and a low of Rs 1,164 so far during the day. The stock hit a record high of Rs 1,212.95 on 6 September 2016. The stock had hit a 52-week low of Rs 785 on 9 November 2015. The stock had outperformed the market over the past 30 days till 19 September 2016, rising 4.32% compared with Sensexs 1.99% rise. The scrip also outperformed the market in past one quarter, gaining 18.6% as against Sensexs 6.79% rise.

The large-cap company has equity capital of Rs 95.92 crore. Face value per share is Re 1.

Asian Paints said that as a part of the companys plan to consolidate its investments in the overseas subsidiaries, Asian Paints (International) (APIL), Mauritius, a wholly owned subsidiary of the company, has transferred its entire holding of 99.18% held in the subsidiary company, Asian Paints (Lanka), Sri Lanka, to Berger International, Singapore, a wholly owned subsidiary of APIL. The transfer process has been completed on 19 September 2016.

Asian Paints consolidated net profit rose 18.47% to Rs 552.56 crore on 9.25% rise in total income to Rs 3709.31 crore in Q1 June 2016 over Q1 June 2015.

Asian Paints is Indias leading paint company and ranked among the top ten decorative coatings companies in the world. The company along with its subsidiaries have operations in 19 countries across the world and 26 paint manufacturing facilities, servicing consumers in over 65 countries.

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Jubilant FoodWorks drops after resignation of its CEO
Sep 20,2016

The announcement was made after market hours yesterday, 19 September 2016.

Meanwhile, the S&P BSE Sensex was down 151.92 points or 0.53% at 28,482.58.

On BSE, so far 3.58 lakh shares were traded in the counter as against average daily volume of 44,498 shares in the past one quarter. The stock hit a high of Rs 950 and a low of Rs 923.50 so far during the day. The stock had hit a 52-week low of Rs 896.65 on 12 February 2016. The stock had hit a 52-week high of Rs 1,689.30 on 6 October 2015. The stock had underperformed the market over the past one month till 19 September 2016, falling 18.03% compared with Sensexs 1.99% rise. The scrip had also underperformed the market in past one quarter, sliding 6.71% as against Sensexs 7.54% rise.

The mid-cap company has equity capital of Rs 65.84 crore. Face value per share is Rs 10.

Jubilant FoodWorks said that the board of directors of the company at a meeting held on 19 September accepted resignation of Ajay Kaul as the chief executive officer (CEO) cum whole time director of the company. He has decided to step down as the CEO cum whole time director of the company to evaluate and pursue opportunities outside the Jubilant Bhartia group. Ajay Kaul will continue in his current role till 31 March 2017. The company has also initiated the process of identifying his successor.

Jubilant FoodWorks net profit declined 31.1% to Rs 19 crore on 6.7% growth in net sales to Rs 608.76 crore in Q1 June 2016 over Q1 June 2015.

Jubilant FoodWorks and its subsidiary operates Dominos Pizza brand with the exclusive rights for India, Nepal, Bangladesh and Sri Lanka.

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Womens Next Loungeries to hold board meeting
Sep 20,2016

Womens Next Loungeries will hold a meeting of the Board of Directors of the Company on 24 September 2016.

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Persistent Systems to hold board meeting
Sep 20,2016

Persistent Systems will hold a meeting of the Board of Directors of the Company on 22 October 2016 to consider the Audited Financial Results for the quarter and half year ended September 30, 2016 (Q2).

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Alok Industries to hold board meeting
Sep 20,2016

Alok Industries will hold a meeting of the Board of Directors of the Company on 24 September 2016.

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Yes Bank included in Dow Jones Sustainability Indices in Emerging Markets Index
Sep 20,2016

Yes Bank announced that it continued to be the First and Only Indian Bank to be selected as in index component of the Dow Jones Sustainability Indices (DJSI) in the Emerging Markets Index. The selection is effective from 19 September 2016 and would be valid for one year. This is the second year in the row where Yes Bank has been selected as part of the DJSI.

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Volumes jump at Castrol India counter
Sep 20,2016

Castrol India clocked volume of 5.7 crore shares by 13:25 IST on BSE, a 346.51-times surge over two-week average daily volume of 1.65 lakh shares. The stock was up 8.75% at Rs 459.40.

Apcotex Industries notched up volume of 4.8 lakh shares, a 156.64-fold surge over two-week average daily volume of 3,000 shares. The stock rose 4.83% at Rs 397.

Jyothy Laboratories saw volume of 4.98 lakh shares, a 24.27-fold surge over two-week average daily volume of 21,000 shares. The stock rose 2.97% at Rs 345.05.

MCX (India) clocked volume of 2.85 lakh shares, a 10.59-fold surge over two-week average daily volume of 27,000 shares. The stock rose 3.68% at Rs 1,025.

Virinchi saw volume of 8.5 lakh shares, a 6.66-fold rise over two-week average daily volume of 1.28 lakh shares. The stock was locked at 10% upper circuit at Rs 84.70.

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ADB Approves Funds to Build Indias First Coastal Industrial Corridor
Sep 20,2016

The Asian Development Bank (ADB) today approved $631 million in loans and grants to develop the first key 800-kilometer section of a planned 2,500-kilometer-long East Coast Economic Corridor that will spur development on Indias eastern coast and create seamless trade links with other parts of South and Southeast Asia.

The Visakhapatnam-Chennai Industrial Corridor section of the East Coast Economic Corridor, connecting four economic hubs and nine industrial clusters, will mark the first industrial corridor developed along Indias coast. The East Coast Economic Corridor will ultimately extend from Kolkata in West Bengal in the northeast of India to Tuticorin in Tamil Nadu near the southern-most point of the country.

n++By combining state-of-the-art industrial clusters, efficient transport, and reliable water and power supplies with a skilled workforce and good business policies, we expect the Visakhapatnam-Chennai industrial corridor to become a favored investment destination,n++ said Manoj Sharma, Principal Urban Development Specialist, in ADBs South Asia Department. n++We estimate that by 2025, annual industrial output along the corridor will increase fourfold to $64 billion from about $16 billion in 2015 if investment opportunities are maximized over the coming 10 years.n++

The Indian government is keen to encourage manufacturing, including through its n++Make in Indian++ initiative, to maintain strong economic growth over the longer term and to create productive, well-paying jobs for a labor force that is growing by around 12 million people per year. Currently, manufacturing provides around 15% of Indias gross domestic product (GDP) and around 12% in Andhra Pradesh where the new corridor will be developed. Indias National Manufacturing Policy is targeting manufacturing contributing at least 25% of GDP by 2022, much the same as in the Peoples Republic of China, Malaysia, and Viet Nam now.

ADBs loans and grants comprise a $500 million two-tranche facility to build key infrastructure and a $125 million two-tranche loan to help with industrial policies and business promotion.

There will also be a $5 million grant from the multi-donor Urban Climate Change Resilience Trust Fund that is managed by ADB to build climate change resilient infrastructure and a $1 million technical assistance to help the Andhra Pradesh local government manage the corridor. The Indian government will provide extra funding of $215 million to the $846 million project.

The new infrastructure will be built in the four main centers along the corridor - Visakhapatnam, Kakinada, Amaravati, and Yerpedu-Srikalahasti - as well as in nearby industrial areas. It will include 138 kilometers of state highways and roads, effluent and water treatment plants, 488 kilometers of drinking water pipes, 47 kilometers of storm drains, 10 power substations, and 281 kilometers of power transmission and distribution lines.

The program will also focus on increasing womens participation in the industrial workforce. Skills training for 25,000 male and female workers, entrepreneurs, and students along with an investor promotion plan is expected to help develop businesses along the corridor.

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NBCC (India) gains after being nominated as LMA
Sep 20,2016

The announcement was made after market hours yesterday, 19 September 2016.

Meanwhile, the S&P BSE Sensex was down 111.99 points or 0.39% at 28,522.51

On BSE, so far 81,000 shares were traded in the counter as against average daily volume of 2.43 lakh shares in the past one quarter. The stock hit a high of Rs 258.95 and a low of Rs 252.05 so far during the day. The stock had hit a 52-week high of Rs 267 on 13 July 2016. The stock had hit a 52-week low of Rs 162 on 12 February 2016. The stock had outperformed the market over the past 30 days till 19 September 2016, rising 4.14% compared with Sensexs 1.99% rise. The scrip also outperformed the market in past one quarter, gaining 35.93% as against Sensexs 6.79% rise.

The large-cap company has equity capital of Rs 120 crore. Face value per share is Rs 2.

NBCC (India) announced that it has been nominated as the Land Management Agency (LMA) for disposal of land assets of the sick central public sector enterprises (CPSEs). NBCC (India) as LMA, will manage, maintain and protect the land assets of sick CPSEs and shall be paid fee for the same till it is disposed off.

NBCC (India) in consultation with the concerned CPSE will prepare development plan of each land parcel after examining prevailing development control norms. Further, the company will also invite expression of interest (EOI) and will offer for purchase of land at the prevailing circle rate/ acquisition cost from all government entities in order of priority. NBCC (India) will be paid 0.5% of the value realized from disposal of land, subject to maximum of Rs 1 crore in each case. The governments measure for utilisation of the idle land of different sick CPSEs in time bound manner, will definetly boost the countrys economy and give enormous business opportunities to the company, NBCC (India) said. It may be recalled that the Government of India had on 7 September 2016 issued a guidelines for closure of sick/ loss making CPSEs including disposal of their movable and immovable assets.

NBCC (India)s consolidated net profit rose 16.4% to Rs 47.10 crore on 15.1% rise in net sales to Rs 1254.31 crore in Q1 June 2016 over Q1 June 2015.

NBCC (India) is a blue-chip Government of India (GoI) Navratna Enterprise under the Ministry of Urban Development, in construction sector. The GoI held 90% stake in the firm (as per shareholding pattern as on 30 June 2016).

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Bharat Rasayan hits record high after robust Q1 result
Sep 20,2016

The announcement was made after market hours yesterday, 19 September 2016.

Meanwhile, the S&P BSE Sensex was down 116.83 points or 0.41% at 28,517.67

On BSE, so far 6,855 shares were traded in the counter as against average daily volume of 599 shares in the past one quarter. The stock hit a high of Rs 1,730 in intraday trade so far, which is record high for the counter. The stock hit a low of Rs 1,598 so far during the day. The stock had hit a 52-week low of Rs 800 on 9 November 2015.

The small-cap company has equity capital of Rs 4.25 crore. Face value per share is Rs 10.

Bharat Rasayan serves a wide range of industries including but not limited to pharmaceuticals, bulk drugs, R&D, petrochemicals, flavors & fragrances and specialty chemicals. The company provides custom manufacturing/contract manufacturing of diverse compounds to meet the unique needs of every client. In addition, it offers a number of grignard reagents, pharma / drug intermediates and solvents on a regular basis.

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