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Dalmia Bharat Sugar declines after weak Q4 results
May 08,2017

The result was announced after market hours on Friday, 5 May 2017.

Meanwhile, the S&P BSE Sensex was up 101.57 points, or 0.34% at 29,960.37. The S&P BSE Small-cap index was up 95.05 points, 0.62% at 15,450.89.

On the BSE, 83,000 shares were traded on the counter so far as against the average daily volumes of 82,896 shares in the past one quarter. The stock had hit a high of Rs 174.55 and a low of Rs 167 so far during the day.

The stock had hit a 52-week high of Rs 202.20 on 31 January 2017 and a 52-week low of Rs 84.40 on 24 May 2016. The stock had outperformed the market over the past one month till 5 May 2017, advancing 7.83% compared with the Sensexs 0.39% fall. The scrip had, however, underperformed the market over the past one quarter declining 3.3% as against the Sensexs 5.73% rise.

The small-cap company has equity capital of Rs 16.19 crore. Face value per share is Rs 2.

Dalmia Bharat Sugar & Industries is engaged in sugar manufacturing. The plants are located at Ramgarh, Jawaharpur and Nigohi in Uttar Pradesh.

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Caplin Point receives EIR for its sterile injectable plant at Gummidipoondi, TN
May 08,2017

Caplin Point has received the Establishment Inspection Report from USFDA for the inspection carried out during 21 October - 27 October, 2016 at its sterile injectable plant at Gummidipoondi, Tamil Nadu.

The facility, capable of manufacturing liquid injectables in vials, ampoules, lyophilized vials and ophthalmic dosages, is approved by EU-GMP and ANVISA-Brasil.

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Mishka Exim appoints company secretary and compliance officer
May 08,2017

Mishka Exim announced that the Board of Directors of the Company at its meeting held on 06 May 2017 has appointed Ranjana Kumari as a Company Secretary & Compliance Officer with immediate effect.

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IL&FS Transportation gains after subsidiary refinances debt
May 08,2017

The announcement was made before trading hours today, 8 May 2017.

Meanwhile, the S&P BSE Sensex was up 84.27 points, or 0.28% to 29,943.07.

On the BSE, 7,576 shares were traded in the counter so far, compared with average daily volumes of 1.26 lakh shares in the past one quarter. The stock had hit a high of Rs 113.50 and a low of Rs 111.90 so far during the day. The stock hit a 52-week high of Rs 124.80 on 12 January 2017. The stock hit a 52-week low of Rs 65.85 on 19 August 2016.

The stock had underperformed the market over the past one month till 5 May 2017, falling 3.07% compared with 0.23% decline in the Sensex. The scrip had also underperformed the market in past one quarter, rising 0.18% as against Sensexs 5.73% rise.

The mid-cap company has equity capital of Rs 328.96 crore. Face value per share is Rs 10.

Jharkhand Road Projects Implementation Company, a subsidiary of IL&FS Transportation Networks has refinanced its debt of Rs 1730 crore availed for development five road stretches in Jharkhand by issuing non-convertible debentures at a weighted average coupon of 9.45% per annum, resulting in reduction of interest cost by approximately 205 basis points.

IL&FS Transportation Networks reported net profit of Rs 55.66 crore in Q3 December 2016 as against net loss of Rs 19.42 crore in Q3 December 2015. Net sales dropped 23.8% to Rs 763 crore in Q3 December 2016 over Q3 December 2015.

IL&FS Transportation Networks is a BOT (build, operate and transfer) road assets owner in India.

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Shoppers Stop drops after reverse turnaround in Q4
May 08,2017

The result was announced after market hours on Friday, 5 May 2017.

Meanwhile, the S&P BSE Sensex was up 85.29 points or 0.29% at 29,944.09. The S&P BSE Mid-Cap index was up 96.18 points, or 0.65%, to 14,814.66.

On BSE, so far 998 shares were traded in the counter as against average daily volume of 1.42 lakh shares in the past one quarter. The stock hit a high of Rs 372 and a low of Rs 355.50 so far during the day. The stock hit a 52-week high of Rs 406 on 7 September 2016. The stock hit a 52-week low of Rs 265 on 28 December 2016.

The stock had outperformed the market over the past 30 days till 5 May 2017, rising 3.41% compared with 0.23% fall in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 28.37% as against Sensexs 5.73% rise.

The mid-cap company has an equity capital of Rs 41.75 crore. Face value per share is Rs 5.

Shoppers Stops total income rose 2.96% to Rs 916.06 crore in Q4 March 2017 over Q4 March 2016.

Shoppers Stop runs department stores that sell apparel, cosmetics and fashion accessories.

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Shares of Pure Giftcarat get listed
May 08,2017

The equity shares of Pure Giftcarat (Scrip Code: 540492) are listed effective 08 May 2017 and admitted to dealings on the Exchange in the list of M Group Securities.

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Board of LG Balakrishnan & Bros drops proposal for stock split
May 08,2017

The Board of Directors of LG Balakrishnan & Bros at its meeting held on 06 May 2017 has considered and dropped the proposal of Sub-division of equity shares of the Company from face value of Rs.10/- to Re. 1/-.

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Pincon Spirits Chairman and MD wins The Asia Pacific Entrepreneurship Award 2017
May 08,2017

Pincon Spirit announced that Monoranjan Roy, Chairman and Managing Director of the company has been awarded with prestigious The Asia Pacific Entrepreneurship Award 2017 under the Consumed Goods Industry category for the second consecutive time.

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P&G Hygiene and Health Care hits record high after good Q3 results
May 08,2017

The result was announced after market hours on Friday, 5 May 2017.

Meanwhile, the S&P BSE Sensex was up 90.80 points, or 0.30% to 29,949.60.

On the BSE, 402 shares were traded in the counter so far, compared with average daily volumes of 2,849 shares in the past one quarter. The stock had hit a high of Rs 7,780 so far during the day, which is also a record high for the counter. The stock had hit a low of Rs 7,449 so far during the day. The stock hit a 52-week low of Rs 6,025 on 29 June 2016.

The stock had outperformed the market over the past one month till 5 May 2017, rising 0.09% compared with 0.23% decline in the Sensex. The scrip had, however, underperformed the market in past one quarter, rising 5.33% as against Sensexs 5.73% rise.

The large-cap company has equity capital of Rs 32.46 crore. Face value per share is Rs 10.

The board of Procter & Gamble Hygiene and Health Care declared a special interim dividend of Rs 362 per equity share.

Procter & Gamble Hygiene and Health Care is an FMCG company.

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Rs 2.44 lakh crore NPAs sold to asset reconstruction firms: study
May 08,2017

As a crucial part of the resolution of the non-performing asset (NPAs), the Asset Reconstruction Companies (ARCs) have been sold Rs 2.44 lakh crore worth of gross NPAs even as the current stock of stress in the Indian banking system is estimated at Rs. 11.80 lakh crore, according to an ASSOCHAM-SIPI-Edelweiss study.

Seeking a level playing field with the banks in terms of conversion of loans into equity, the paper said that though a huge level of stressed assets, as much as 15 per cent of advances (9.84 per cent NPAs and 4.2 per cent restructured assets), is a matter of concern for the economy, it offers a huge opportunity for the ARCs, adds the joint study.

As many as seven ARCs have largely been promoted by banks even as foreign direct investment has also been permitted into the asset reconstruction, which the paper said should be treated as a resolution and not a recovery business.

The paper said there must be a level playing field along with more teeth to ARCs for dealing with the promoters of companies owing a high level of bank debt which has decayed into NPAs. At least 51 per cent conversion should be allowed to ARCs while reconstructing an asset.

The ARCs are not on par with banking system when it comes to equity conversion. While RBI has given sweeping powers to bank in form of Strategic Debt Restructuring (SDR) and even in case of normal debt conversion, ARCs are restricted to maximum 26 percent of equity share in a particular company.

The paper stressed that incentive structure has to be introduced for banks where 100 per cent debt is sold to ARCs. The banks are not following a consortium approach which is a major issue that leads to delay of 12-18 months for debt aggregation. ARCs have to resort to a time- consuming process of dealing with each bank separately, often at different commercial terms.

The companies under reconstruction require working capital and often the non-fund based requirements are high. The banks selling NPAs to ARCs, cannot lend, while non-bank entities, such as private equity /NBFC, demand very high interest along with priority in repayment over existing debt.

Further the banking system is completely against any new exposure including non-fund based to these companies, even if they have come out of their structural issues. n++This leaves the responsibility of providing working capital finance on the ARCs and even non-fund based limits have to be raised against 100 per cent cash margins thus putting more pressure on the resources of stressed asset and impacting the viability,n++ the ASSOCHAM- SIPI-Edelweiss said.

Besides, while there have been changes in the SARFAESI Act exempting applicability of stamp duty, states have yet to pass necessary legislations to give effect to the same. Further, the registration fee for such transaction documents is very high in many states, increasing the cost for the ARCs and finally the borrower.

The growth of ARCs in India has been primarily in four phases, the current one being the 4th phase and amongst the most exciting in terms of possibilities it presents to the industry. ARCs have been doing a lot of work to ensure that the banking system is relived from the structural NPA problem which they are currently facing.

Decline in NPA sales is on account of two main reasons; first because of price mismatch between the expectations of ARC and the banks two, due to resource constraints.

However, post March 2016, amendments and relaxation of shareholding limits in ARCs as well as increase in permitted FDI investment limit in ARCs has provided a fillip to sourcing capital. The number of ARCs having been granted certificate by RBI stands at 23 in March 2017.

Significant capital has been raised and is ready for deployment by existing players while several new high profile players are expected to commerce business in FY 2018.

n++While ARCs are an important means to help banks manage NPAs, at its heart, ARC business is a resolution business and not a recovery business. ARCs do not have any magic spell for revving a non performing asset. Process of resolving a stressed asset requires aggregation of debt outstanding to various banks, arrangement of capital, right sizing the business and bringing in a strategic partner. This requires a period of 3-5 yearsn++, said ASSOCHAM Secretary General Mr D S Rawat

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Monsanto sprouts after good Q4 outcome
May 08,2017

The result was announced after market hours on Friday, 5 May 2017.

Meanwhile, the S&P BSE Sensex was up 30.90 points, or 0.1%, to 29,889.70. The S&P BSE Mid-Cap index was up 59.09 points, or 0.4%, to 14,777.57.

On BSE, so far 1,383 shares were traded in the counter, compared with an average daily volume of 2,976 shares in the past one quarter. The stock hit a high of Rs 2,640 and a low of Rs 2,602.05 so far during the day. The stock had hit 52-week high of Rs 2,744.85 on 15 June 2016. The stock hit 52-week low of Rs 1,731 on 4 May 2016.

The mid-cap company has equity capital of Rs 17.26 crore. Face value per share is Rs 10.

Monsanto India, a subsidiary of the Monsanto Company, USA is a seed company focusing on maize and agricultural productivity. Monsanto Company, USA, currently holds 72.14% stake in Monsanto India (as per the shareholding pattern as on 31 March 2017).

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Board of Navketan Merchants accepts resignation of director
May 08,2017

Navketan Merchants announced that the Board of Directors of the company at their meeting held on 06 May 2017, interalia, has approved the following:

Resignation of Raj Kumar Agarwal, Director

Raj Kumar Agarwal, Director of the Company has given notice of his resignation as Director due to personal reasons with immediate effect. The Board accepted the same.

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Bosch to resume normal operation at Adugodi, Bengaluru facilities
May 08,2017

Bosch announced that normal operations will be resumed at its Adugodi, Bengaluru facilities effective 08 May 2017.

The Company decided to halt the operations at the said facilities effective 06 May 2017 in compliance with a public notification dated 05 May 2017 issued by Karnataka State Pollution Control Board directing forthwith closure of all industrial units within the catchment area of Bellandur Lake, Bengaluru.

Subsequently, the Company made presentation to the pollution control board authorities who have clarified that the provision of the above referred public notification are not applicable to the companys facility in the area.

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Board of Kandagiri Spinning Mills appoints directors
May 08,2017

The Board of Directors of Kandagiri Spinning Mills at its meeting held on 06 May 2017 has appointed Dr R Ramarathnam and D Balasundaram as Additional Director as Additional Directors of the Company with effect from 06 May 2017.

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IL&FS Transportation Networks provides financial update on subsidiary
May 08,2017

IL&FS Transportation Networks announced that its subsidiary, Jharkhand Road Projects Implementation Company has re-financed its Debt of Rs. 1,730 crore availed for development 5 Road stretches in the State of Jharkhand by issue of Non-Convertible Debentures at a weighted average coupon of 9.45% p.a. resulting in reduction of interest cost by approx. 205 basis points.

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