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Shree Cement standalone net profit rises 0.72% in the December 2016 quarter
Jan 31,2017

Net profit of Shree Cement rose 0.72% to Rs 235.43 crore in the quarter ended December 2016 as against Rs 233.75 crore during the previous quarter ended December 2015. Sales rose 2.24% to Rs 1843.35 crore in the quarter ended December 2016 as against Rs 1802.96 crore during the previous quarter ended December 2015.

ParticularsQuarter Endedn++Dec. 2016Dec. 2015% Var. Sales1843.351802.96 2 OPM %25.4425.44 - PBDT563.51536.84 5 PBT245.89260.23 -6 NP235.43233.75 1

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Volumes jump at Vardhman Textiles counter
Jan 31,2017

Vardhman Textiles clocked volume of 1.51 lakh shares by 14:05 IST on BSE, a 56.30-times surge over two-week average daily volume of 3,000 shares. The stock rose 1.52% at Rs 1,281.

Bayer CropScience notched up volume of 40,000 shares, a 36.32-fold surge over two-week average daily volume of 1,000 shares. The stock lost 0.53% at Rs 4,081.

Aditya Birla Fashion and Retail saw volume of 15.57 lakh shares, a 26.14-fold surge over two-week average daily volume of 60,000 shares. The stock was up 0.87% at Rs 150.10.

Crompton Greaves Consumer Electricals clocked volume of 18.88 lakh shares, a 15.12-fold surge over two-week average daily volume of 1.25 lakh shares. The stock advanced 3.42% at Rs 191.80.

Tech Mahindra saw volume of 6.42 lakh shares, a 7.33-fold rise over two-week average daily volume of 88,000 shares. The stock declined 4.39% at Rs 451. The companys consolidated profit after tax rose 32.77% to Rs 856 crore on 5.44% growth in revenue to Rs 7557.50 crore in Q3 December 2016 over Q2 September 2016. The result was announced at the fag end of the trading session yesterday, 30 January 2017.

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V-Guard Industries strengthens on good Q3 results; bonus issue
Jan 31,2017

The result was announced after market hours yesterday, 30 January 2017.

Meanwhile, the S&P BSE Sensex was down 76.81 points or 0.28% at 27,772.75.

High volumes were witnessed on the counter. On the BSE, 1.88 lakh shares were traded in the counter so far as against average daily volume of 59,024 shares in the past one quarter. The stock had hit a high of Rs 208 and low of Rs 200 so far during the day. The stock had hit a record high of Rs 226 on 26 October 2016. The stock had hit a 52-week low of Rs 78.66 on 12 February 2016.

The stock had outperformed the market over the past 30 days till 30 January 2017, gaining 18.97% compared with 4.59% gains in the Sensex. The scrip had, however, underperformed the market in past one quarter, dropping 8.37% as against Sensexs 0.29% fall.

The mid-cap company has equity capital of Rs 30.22 crore. Face value per share is Rs 1.

V-Guard Industries said that pumps have driven growth for the Q3 December 2016 along with fans and solar water heaters.

The board commemorating the 40th foundation day of the company, recommended bonus issue of 2 equity shares for every 5 shares held by capitalizing free reserves of the company.

Commenting on the companys performance, Mr. Mithun. K. Chittilappilly, Managing Director, V-Guard Industries said that the company was able to perform reasonably well in a market condition which was affected by various economic decisions. Demonetization had some impact on some product segment and sales growth of some of the products had come down from earlier quarters. The company proactively introduced various facilities such as arranging finance through NBFC and installing card machines, cash discount facilities to channel partners etc.

Sales in Tamil Nadu Region was affected due to the socioeconomic situation prevalent in the state and because OJ cyclone affecting many parts of Chennai and suburban areas.

The business outlook remains positive considering upcoming summer season. The company would lookat expanding to newer cities, launch newer products that resonate with the younger generation, he added.

V-Guard Industries makes consumer electrical and electronics products. The companys product range includes voltage stabilizer, digital UPS, inverter and inverter batteries, electric water heaters, solar water heaters, domestic pumps, agricultural pumps, industrial motors, domestic switch gears, distribution boards, wiring cables, industrial cables, induction cooktops, mixer grinders and fans.

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Wintac announces change in directorate
Jan 31,2017

Wintac announced that the tenure of Managing Director of the company, S.Jayaprakash Mady, ended on 31 January 2017 as per the terms of appointment and that S.Jayaprakash Mady has informed the Board that, owing to certain personal reasons, he would not be available for re-appointment as the Managing Director of the company for another term.

However, S.Jayaprakash Mady would continue as Non-Executive Director on the Companys Board.

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Bajaj Auto gains after better-than-expected Q3 earnings
Jan 31,2017

Meanwhile, the S&P BSE Sensex was down 70.26 points or 0.25% at 27,779.30.

On the BSE, 72,000 shares were traded on the counter so far as against the average daily volumes of 17,261 shares in the past one quarter. The stock had hit a high of Rs 2,917.05 and a low of Rs 2,792.30 so far during the day.

The stock had hit a record high of Rs 3,122 on 9 September 2016 and a 52-week low of Rs 2,173.40 on 29 February 2016.

The large-cap company has equity capital of Rs 289.37 crore. Face value per share is Rs 10.

Bajaj Autos consolidated net profit fell 5.27% to Rs 976.82 crore on 7.4% decline in total income to Rs 5672.82 crore in Q3 December 2016 over Q3 December 2015.

Bajaj Auto said that the governments action to demonetize high value currency had an adverse impact on the auto industry and the performance of the company. With good monsoon and seventh pay commission, motorcyle industry was expected to record healthy growth. However, post demonetization, in November and December 2016, the domestic industry for motorcycles and commercial vehicles recorded a decline of 16% and 32% respectively, the company said in a statement.

As of 31 December 2016, the companys surplus cash and cash equivalents stood at Rs 10932 crore.

Bajaj Auto is one of the leading two-and three-wheeler manufacturers in India.

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GHCL to pay interim dividend for FY 2017
Jan 31,2017

GHCL announced that Interim Dividend of Rs. 1.50/- (Rupee One and Fifty Paise) per equity share for the financial year 2016-17 on the paid-up capital of 10,00,19,286 equity shares of the Company, shall be paid on or after 15 February 2017.

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Board of GHCL approves interim dividend and buyback of shares
Jan 31,2017

GHCL announced that Board of Directors in their meeting held on 31 January 2017, inter alia, has approved the following:

1. Interim Dividend : Interim Dividend of Rs. 1.50/- (Rupee One and Fifty Paise) per equity share for the financial year 2016-17 on the paid-up capital of 10,00,19,286 equity shares of the Company. The payment shall be made on or after 15 February 2017.

2. Buy Back of Shares: Buy Back of the Companys fully paid-up equity shares of Rs. 10/- each from the Open Market through Stock Exchange route, at a Maximum Buyback Price of Rs. 315/- (Rupees Three Hundred and Fifteen) per Equity Share excluding transaction costs, for an aggregate amount of Rs. 80 (Eighty) crore.

3. Capex approval: Additional Capex of Rs. 55.84 crore for Textile division (Yam & Home Textile), which will be used towards (a) Air Jet Spinning project the Yarn division, (b) Replacement of 39 Ring Frame in the Yarn division; and (C) 1.25 MW Solar Power project in Home Textile division.

4. Policies for Business Responsibility Reporting: In line with the requirement of Regulation 34(2)(f) of Listing Regulations, 2015, the Board of directors have approved various Policies.

Grant of Employees Stock Option: Nomination & Remuneration Committee of the Company in its meeting on 31 January 2017 has granted thirty thousand Stock options to Chief Operating Officer - Home Textile Division at the same terms and conditions as disclosed to the stock exchanges on 19 May 2016.

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Gujarat Industries Power Co commissions 8 MW WTGs at Rojamal Wind Farm site
Jan 31,2017

Gujarat Industries Power Co announced that GIPCL has commissioned 8.0 MW (4 WTGs x 2 MW) WTGs of the Rojmal Wind Farm Site for which Certificate of Commissioning has been issued by Gujarat Energy Development Agency (GEDA).

With the above, the 26 MW Wind Power capacity at the Rojmal Wind Farm Site falling in Districts Rajkot and Bhavnagar, Gujarat is fully commissioned as per schedule.

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United Bank of India announces cessation of director
Jan 31,2017

United Bank of India announced that Renuka Muttoo, Non-Official Director, ceased to be a director on the Board of the Bank on completion of her tenure of directorship on 23 January 2017.

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The Constitutional Amendment on GST will create a common Indian market, improve tax compliance and governance and boost investment and growth
Jan 31,2017

The Economic Survey 2016-17 presented in Parliament today states that against the backdrop of robust macro-economic stability, the year was marked by two major domestic policy developments-the passage of the Constitutional Amendment, paving the way for implementing the transformational Goods and Services Tax (GST), and the action to demonetize the two highest denomination notes. The GST will create a common Indian market, improve tax compliance and governance, and boost investment and growth; it is also a bold new experiment in the governance of Indias cooperative federalism.

The Survey Report says that demonetisation has had short-term costs but holds the potential for long-term benefits. Follow-up actions to minimize the costs and maximize the benefits include: fast, demand-driven, remonetisation; further tax reforms, including bringing land and real estate into the GST, reducing tax rates and stamp duties; and acting to allay anxieties about over-zealous tax administration. These actions would allow growth to return to trend in 2017-18, possibly making it the fastest-growing major economy in the world, following a temporary dip in 2016-17.

The Economic Survey 2016-17 states that the year was also marked by some tumultuous external developments. In the short-run, world GDP growth is expected to increase because of a fiscal stimulus in the United States but there are considerable risks. These include higher oil prices, and eruption of trade tensions from sharp currency movements, especially involving the Chinese yuan, and from geo-political factors. Another serious medium-term risk is an upsurge in protectionism that could affect Indias exports.

The Survey states that the year also saw a number of legislative accomplishments in the country. In addition to the GST, the Government:

n++ Overhauled the bankruptcy laws so that the n++exitn++ problem that pervades the Indian economy--with deleterious consequences highlighted in last years Survey--can be addressed effectively and expeditiously;

n++ Codified the institutional arrangements on monetary policy with the Reserve Bank of India (RBI), to consolidate the gains from macroeconomic stability by ensuring that inflation control will be less susceptible to the whims of individuals and the caprice of governments; and

n++ Solidified the legal basis for Aadhaar, to realise the long-term gains from the JAM trifecta (Jan Dhan-Aadhaar-Mobile).

Beyond these headline reforms were other less-heralded but nonetheless important actions. The Government enacted a package of measures to assist the clothing sector that by virtue of being export-oriented, labour-intensive could provide a boost to employment, especially female employment. The National Payments Corporation of India (NPCI) successfully finalized the Unified Payments Interface (UPI) platform. By facilitating inter-operability, UPI has the potential to unleash the power of mobile phones in achieving digitalization of payments and financial inclusion, and making the n++Mn++ an integral part of n++JAM.n++ Further FDI reform measures were implemented, allowing India to become one of the worlds largest recipients of foreign direct investment. The government has also adhered to a steady and consistent path of fiscal consolidation.

The major short term macro-economic challenge is to re-establish private investment and exports as the major drivers of growth and reduce reliance on Government and private consumption. Addressing the Twin Balance Sheet problemn++over-indebted corporates and bad-loan-encumbered public sector banksn++a legacy of the years surrounding the Global Financial Crisis will be vital.

Looking further ahead, societal shifts at the level of ideas and narratives will be needed to overcome three long-standing meta-challenges: inefficient redistribution, ambivalence about the private sector and property rights, and improving but still-challenged state capacity. Doing so would lift an economy that is oozing with potential. In the aftermath of demonetisation, and at a time of gathering gloom about globalization, articulating and embracing those ideational shifts will be critical to ensuring that Indias sweet spot is enduring not evanescent.

The report says that India seems to be a demographic sweet spot with its working age population projected to grow by a third over the next three decades providing it a potential the growth boost from the demographic divided which is likely to peak within next five years.

The Survey report also states that the Swachh Bharat which has the objective of ensuring safe and adequate sanitation, water security and hygiene has been a part of serious policy issue which would promote a broader fundamental right to privacy for women in the country.

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Lokesh Machines enters in technical tie up with EMCO Group of Austria
Jan 31,2017

Lokesh Machines has entered into an agreement with EMCO GmbH for manufacturing and selling their machines in India. The Company will shortly start manufacturing the Next Generation Multitasking machines for Indian Markets as well as re-Export. This technology tie up would help Lokesh expand the customer base beyond the traditional OEMs Tier I & Tier IIs and offer specialised manufacturing solutions to a host of manufacturers. These machines will be assembled at the new manufacturing facility at Kallakal, Hyderabad.

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Pearl Polymers announces cessation of company secretary and compliance officer
Jan 31,2017

Pearl Polymers announced Shilpa Verma has resigned from the post of Company Secretary with effect from closure of working hours of 27 January 2017.

Consequent to her resignation as Company Secretary, Shilpa Verma also ceases to be the Compliance Officer of the Company.

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Redistributive Resource Transfers (RRT) should be significantly linked to fiscal and governance efforts on the part of the states: Economic Survey
Jan 31,2017

The Economic Survey 2016-17, which was presented today in parliament by the Finance Minister Shri.Arun Jaitly, examines whether the effects associated with the n++aid cursen++ and the n++natural resources cursen++ internationally are discernible in the context of the Indian States. It calculates Redistributive Resource Transfers (RRT) from the Centre (between 1994 and 2015) and value of natural resources for Indian States (over 1980 and 2014) and correlates these with several economic outcomes and an index of governance

Redistributive Resource Transfer or RRT to a state (from the Centre) is defined as gross devolution to the state adjusted for the respective states share in aggregate Gross Domestic Product(GDP). The top 10 recipients are: Sikkim, Arunachal Pradesh, Mizoram, Nagaland, Manipur, Meghalaya, Tripura, Jammu and Kashmir, Himachal Pradesh and Assam.

Annual per capita RRT flows for all north-eastern states (except Assam) and Jammu & Kashmir have exceeded the annual per-capita consumption expenditure that defines the all-India poverty lines, especially the rural line.

The Economic Survey 2016-17 points out that there is no evidence of a positive relationship between these transfers and various economic outcomes, including per capita consumption, GSDP growth, development of manufacturing, own tax revenue effort, and institutional quality.

Instead, there is a suggestive evidence of a negative relationship. For example, larger RRT flows seem to negatively affect fiscal effort (defined as the share of own tax revenue to GSDP). These trends are robust to alternative definitions of RRT.

Also, whether mineral rich states like Jharkhand, Chhattisgarh, Odisha, Rajasthan and Gujarat ,are doing well on the metrics of economic outcomes and governance is considered in the context of redistributive transfers. However, this does not reveal conclusive results and there is no evidence of a negative relationship between fiscal effort and reliance on revenue from natural resources over the period 2001-14.

Thus, the existence of a RRT curse and the lack thereof of a natural resource curse in the context of Indian States implies that both the Centre and States need to act to mitigate the effects of the former and guard against the emergence, in future, of the latter. In this context, the question is whether RRT, in future, can be linked more saliently to fiscal and governance efforts on the part of the States.

The Economic Survey 2016-2017, also suggests providing a part of the RRTs or to redistribute the gains from resource use as a Universal Basic Income (UBI) directly to households in relevant states which receive large RRT flows and are more reliant on natural resource revenues.

Finally, recognizing and responding creatively to possible pathologies created by large bounties-either in the form of redistributive resources or natural resources, will be important to avoid making the errors of history.

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Tourism Finance Corporation of India shifts registered office
Jan 31,2017

Tourism Finance Corporation of India announced that the Companys Registered Office is being shifted from 13th Floor, IFCI Tower, 61, Nehru Place, New Delhi-110019 to 4th Floor, Tower-1, NBCC Plaza, Pushp Vihar, Sector-5, Saket, New Delhi-110017, Tel : 011-29561180 / Fax : 011-29561171 w.e.f 01 February 2017.

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&FS Transportation Networks intimates of receipt of provisional completion certificate for road project in Maharashtra
Jan 31,2017

IL&FS Transportation Networks announced that a Provisional Completion Certificate has been issued effective 31 January 2017 for the Four Laning of Khed - Sinnar Section of NH-50 From Km 42.000 to Km 177.000 (Design Length - 137.946 Km) in the State of Maharashtra awarded on DBFOT Basis (the Project) by the National Highways Authority of India to Khed Sinnar Expressway, a wholly owned subsidiary of the Company

The Project is on Toll basis with a concession period of 20 years including construction period of 910 days.

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