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NBCC (India) in focus after declaring Q2 result

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NBCC (India)'s consolidated net profit rose 1.42% to Rs 69.11 crore on 15.75% increase in net sales to Rs 1224.41 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours on Friday, 18 November 2016.

Housing finance major HDFC announced after market hours on Friday, 18 November 2016 that it has assigned the outstanding loans in projects of Unitech Group to JM Financial Asset Reconstruction Company (JMFARC). Detailing the rationale behind this move, HDFC stated that over the last three decades, it has funded various projects of the Unitech Group and that HDFC's current exposure to the Group involves funding of certain projects across various locations. In the recent past, the Unitech Group has faced sluggishness in the sale of apartments in its projects. This has affected the cashflows of the Group, which in turn has had an adverse impact on the progress of construction, and has resulted in irregular servicing of the loans. Under these circumstances, HDFC has assigned the outstanding loans in these projects to JMFARC. All these projects are located in prime locations, are financially viable but require additional funding. JMFARC will arrange for funds to support and kick-start these projects. The progress of the projects and the resultant cash flows will thereafter be closely monitored.

Against the total dues of Rs 869 crore in respect of these projects, JMFARC has paid HDFC Rs 155 crore upfront and has issued security receipts (SRs) to HDFC amounting to Rs 705 crore which will be redeemable over the period of construction. Though these accounts were standard assets as at 30 September 2016, and turned non-performing assets (NPA) only at the end of October 2016, in view of the irregular payment history, HDFC said, it has over the last few quarters as a matter of prudence, made provisions amounting to Rs 240 crore in respect of these accounts. No further provisioning is required as a result of the sale of the loans to JMFARC. After considering the provision of Rs 240 crore already made (34% of the SRs) the net carrying value of the SRs will be Rs 465 crore.

Vedanta announced after market hours on Friday, 18 November 2016 that its subsidiary Sesa Mining Corporation has revoked the suspension order in the Bicholim mines with immediate effect. The management took the decision after employees appealed to resume work. Sesa Mining Corporation had recently suspended the work at Bicholim mines due to union agitation/activism.

Alembic Pharmaceuticals announced that it received approval from the US Food & Drug Administration (USFDA) for its abbreviated new drug application (ANDA) for Telmisartan and Amlodipine tablets, 40 mg/5 mg, 40 mg/10 mg, 80 mg/5 mg, and 80 mg/10 mg. The approved ANDA is therapeutically equivalent to the reference listed drug product (RLD) Twynsta tablets, 40 mg/5 mg, 40 mg/10 mg, 80 mg/5 mg, and 80 mg/10 mg, of Boehringer Ingelheim Pharmaceuticals, Inc. Telmisartan and Amlodipine tablets are indicated for the treatment of hypertension, alone or with other antihypertensive agents to reduce blood pressure. Alembic now has a total of 50 ANDA approvals (44 final approvals and 6 tentative approvals) from USFDA. The announcement was made after market hours on Friday, 18 November 2016.

3M India's net profit rose 1.26% to Rs 48.21 crore on 9.25% increase in total income to Rs 576.74 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours on Friday, 18 November 2016.

Rashtriya Chemicals and Fertilizers' net profit fell 4.8% to Rs 43.42 crore on 26.47% side in total income to Rs 1789.03 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours on Friday, 18 November 2016.

Techno Electric & Engineering Company's consolidated net profit rose 58.33% to Rs 70.60 crore on 44.26% increase in total income to Rs 373.71 crore in Q2 September 2016 over Q2 September 2015. The result was announced on Saturday, 19 November 2016.

Siyaram Silk Mills' net profit rose 6.06% to Rs 26.79 crore on 7.46% increase in total income to Rs 427.37 crore in Q2 September 2016 over Q2 September 2015. The result was announced on Saturday, 19 November 2016.

Great Eastern Shipping Company announced after market hours on Friday, 18 November 2016, that Greatship Global Offshore Services, a Singapore incorporated subsidiary of Greatship (India) (GIL), which is a wholly-owned subsidiary of the company, has sold and delivered its 2013.-built ROV Support Vessel (ROVSV) 'Greatship Ragini', to the buyers. With the delivery of this vessel to the buyers, GIL and its subsidiaries currently own and operate five Platform Supply Vessels (PSVs), eight Anchor Handling Tug Supply Vessels (AHTSVs), two Multipurpose Platform Supply and Support Vessels (MPSSVs), five R-class supply vessels and four jack-up rigs.

Shipping Corporation of (SCI) said that on 18 November 2016, the company took physical delivery of secondhand MPSV m.v. "SCI Sabarmati", having a gross tonnage of 3306 metric tonnes and deadweight of 3352.31 metric tonnes, at Singapore. The announcement was made after market hours on Friday, 18 November 2016.

GPT Infraprojects announced the commencement of trial production at the company's concrete sleeper plant in Pahara village located in Mirzapur district, Uttar Pradesh. GPT Infraprojects has set up the sleeper facility in Pahara in connection with the World Bank funded Eastern Dedicated Freight Corridor (EDFC) project for supplying concrete sleepers. This production facility, with a capacity of 400,000 sleepers per annum, is one of the 2 facilities being setup for this 246 crore contract of EDFC by the company. The first facility of similar capacity in Ikari, Uttar Pradesh began trial production this September. The announcement was after market hours on Friday, 18 November 2016.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, November 21 2016. 08:23 IST
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