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Surya Industrial Corporation to hold AGM

Surya Industrial Corporation to hold AGM

Sep 14,2016

Surya Industrial Corporation announced that the Annual General Meeting (AGM) of the company will be held on 30 September 2016.

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South Indian Bank vaults after bulk deal
Feb 07,2017

Meanwhile, the S&P BSE Sensex was down 166.88 points or 0.59% at 28,272.40

Bulk deal boosted volume on the South Indian Bank scrip. On BSE, so far 39.40 lakh shares were traded in the counter as against average daily volume of 7.82 lakh shares in the past one quarter. The stock hit a high of Rs 23.30 and low of Rs 22.40 so far during the day. The stock had hit a record high of Rs 25.55 on 7 October 2016. The stock had hit a 52-week low of Rs 16.40 on 29 February 2016.

The mid-cap private sector bank has equity capital of Rs 135.21 crore. Face value per share is Re 1.

South Indian Banks net profit rose 9.59% to Rs 111.38 crore on 11.31% rise in total income to Rs 1737.47 crore in Q3 December 2016 over Q3 December 2015.

South Indian Bank is a private sector bank in India headquartered in Thrissur, Kerala.

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Focus of the Budget is on tax compliance
Feb 07,2017

The budget this year focuses on the clarity and certainty of the tax laws, while at the same time endeavoring to make the country more tax compliant and to honour the honest taxpayers. The focus areas for the budget this year are digitalization, demonetization, expansion of tax base, and saving the genuine tax payers from any harassment from the taxmann++, said Mr Sushil Chandra, Chairman, Central Board of Direct Taxes, Ministry of Finance.

Mr Sushil Chandra further emphasized on the policy and direction of the budget, and assured the industry that the Government would come up with any clarifications that might be called for on any of the newly introduced legislations, such as GAAR and POEM.

Mr Ram Tirath, Member - Budget and GST, Central Board of Excise & Customs, Ministry of Finance mentioned that n++since the Government is committed on bringing GST with effect from 1st July, there are not many changes in the area of indirect taxes. The changes that have been incorporated in the budget are largely in the areas of digitization, ease of doing business, export promotion and anti-avoidance. The move to GST will be a smart transformation, i.e. Simple, Moral, Accountable, Responsible and Transparent, and will radically change the indirect taxation scenario of the countryn++. Mr Ram Tirath further added that the final GST law is expected to be in the public domain by the end of March.

Mr Sushil Kumar Sahai, Member - Income Tax, Central Board of Direct Taxes, Ministry of Finance addressed the concerns of the industry on issues involving tax reduction for MSME companies, MAT, APA, IndAS, GAAR and POEM. Mr Sahai stressed on the focus of the Government to save the genuine tax payers from any harassment under the newly launched Operation Clean Money. He promised to take back to the Government the concerns of the industry on the levy of surcharge on personal incomes between Rs 50 lakhs and 1 crore.

Mr Rajiv Memani, Chairman, CII National Committee on Taxation congratulated the Government on coming up with an outstanding and prudent budget, with emphasis on fiscal prudence, widening of the tax base, ease of doing business and tax compliance. Mr Memani appreciated the reduction of corporate tax rate for MSMEs, saying that it would go a long way in supporting the growth of the sector.

Mr Memani requested the Government to consider and address the concerns of the industry on various issues like MAT, APA, GAAR, long term capital gains, possible harassment to tax payers and Operation Clean money. n++The Government should reconsider the surcharge proposed on incomes between Rs 50 lakhs and 1 crore, as the move goes against the Governments intention to reward the honest taxpayers The Government should consider reducing the rate of surcharge to 5%, if not remove it altogethern++, suggested Mr Memani.

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Unitech leads gainers in A group
Feb 07,2017

Unitech surged 13.54% to Rs 6.54 at 14:42 IST. The stock topped the gainers in the BSEs A group. On the BSE, 3.55 crore shares were traded on the counter so far as against the average daily volumes of 1.05 crore shares in the past two weeks.

Amtek Auto surged 10.76% to Rs 38.60. The stock was the second biggest gainer in A group. On the BSE, 36.26 lakh shares were traded on the counter so far as against the average daily volumes of 2.67 lakh shares in the past two weeks.

Firstsource Solutions gained 8.22% at Rs 42.80. The stock was the third biggest gainer in A group. On the BSE, 21.15 lakh shares were traded on the counter so far as against the average daily volumes of 5.01 lakh shares in the past two weeks.

Corporation Bank advanced 7.57% at Rs 52.55. The stock was the fourth biggest gainer in A group. On the BSE, 6.45 lakh shares were traded on the counter so far as against the average daily volumes of 1.71 lakh shares in the past two weeks.

Bhel rose 5.59% to Rs 152.05. The stock was the fifth biggest gainer in A group. On the BSE, 48.57 lakh shares were traded on the counter so far as against the average daily volumes of 8.89 lakh shares in the past two weeks.

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GDP growth to be 7% plus in 2017-18, says Economic Affairs Secretary
Feb 07,2017

The 2017-18 Union Budget charts a story that is consistent with the policies of Government in the last couple of years, is predictable in its approach and is shorn of unnecessary surprises for the industry and society, said Mr. Ashok Lavasa, Finance and Expenditure Secretary, Ministry of Finance, while addressing the National Executive Committee Meeting of the Federation of Indian Chambers of Commerce and Industry (FICCI).

Mr. Lavasas observations were corroborated by Mr. Shaktikanta Das, Secretary, Department of Economic Affairs, Ministry of Finance, who said that the Budget maintains the Governments commitment with regard to reforms and taxation policy.

The Finance Secretary said that the Budget demonstrates that governance reforms were fundamental to transforming the economy and energising the people. Cleaning the system was another key component of the Finance Ministers proposals which is attempted through a series of steps such as Aadhar linked devolution of government support and subsidies to the targeted beneficiaries, expenditure reforms and the proposed revamping of the General Financial Rules to monitor how the various departments were expending the allocated funds.

Mr. Lavasa said that governance was being made more transparent and efficient through measures such as government procurement through the e-marketplace, rationalisation of Central sector schemes and reduction in Centrally-sponsored schemes.

He said that technology was being increasingly employed to impart efficiency in expending fund and space technology was being deployed to geo-map the creation of assets on the ground. This, he said, would help in framing an outcome budget. Once, every two years of the duration of a government scheme, an evaluation would be done on the way funds were being spent.

Mr. Lavasa described the Budget as progressive without being high sounding; pragmatic without being conservative and people-oriented without being populist.

Mr. Shaktikanta Das maintained the impact on demonetization on growth would be very transient and that it would not spill over to the next year which would see a growth of 7% plus and the economy would continue to do well thereafter. In spite of the stronger global headwinds, India remained buoyant, he emphasized.

In his elucidation on the Budget proposals, Mr. Das said that the Government had stuck to its commitment with a progressive outlook. This is seen by avoidance of retrospectivity in taxation, targeting of government support through Aadhar, reforms in agriculture, especially the model law on contract framing, UGC reforms, proposed amendments to the Airports Authority Act, metro development to harness private investment and skills and integration of spot and derivative markets to provide remunerative prices to farmers.

Mr. Hasmukh Adhia, Secretary, Department of Revenue, Ministry of Finance, said that the most challenging task for the government is to increase the share of personal income tax in GDP, which at present was abysmally low. He said that personal income tax has a share of a mere two per cent, which needs to be raised substantially. Also, the profile of personal income tax does not match with the consumption profile of the country, which needs to be looked at.

Speaking on the issue of Indias corporate income tax not being globally competitive, Mr. Adhia said that the government had limited resources and therefore moderation in corporate income tax rate has to be seen in the context of a concomitant expansion of the tax net. On GST, he said that it was well on track with the Centre and State Governments on board and it is hoped that on July 1, 2017, GST will become a reality.

Mr. Sushil Chandra, Chairman, Central Board of Direct Taxes, Ministry of Finance, and Mr. S Ramesh, Member, Central Excise, Service Tax & IT, Ministry of Finance, explained and clarified the provisions of the Finance Act and reiterated that the government was simplifying the tax regime to the extent possible for industry and individual taxpayers. The government was employing technology to make tax assessment faceless.

Earlier, Mr. Dinesh Kanabar, Chair, FICCI Committee on Taxation & CEO, Dhruva Advisors LLP, gave snapshots of the plusses and minuses of the Budget proposals with regard to direct taxation and Mr. Mahesh Jaising, Partner, BMR Advisors LLP, made a presentation on the indirect tax proposals.

According to a FICCI analysis on Economics of Union Budget 2017-18, the budget would strengthen the economic muscle of the country. It is directionally correct, fiscally prudent and strengthens the governance fabric of the nation. There is a balancing of objectives of higher economic growth and improved economic justice.

However, implementation is the key, especially with respect to capital expenditure, dsinvestment, tax reforms and Ease of Doing Business. Additionally, FICCI looks forward to additional measures over the year with regard to corporate tax reduction for large companies, and a further capital infusion in PSBs and introduction of Public Sector Asset Rehabilitation Agency (PARA).

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Alstone Textiles (India) reports standalone nil net profit/loss in the December 2016 quarter
Feb 07,2017

Alstone Textiles (India) reported no net profit/loss in the quarter ended December 2016 as against net profit of Rs 0.04 crore during the previous quarter ended December 2015. Sales declined 79.88% to Rs 0.68 crore in the quarter ended December 2016 as against Rs 3.38 crore during the previous quarter ended December 2015.

ParticularsQuarter Endedn++Dec. 2016Dec. 2015% Var. Sales0.683.38 -80 OPM %01.18 - PBDT00.04 -100 PBT00.04 -100 NP00.04 -100

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Gujarat Gas standalone net profit rises 31.46% in the December 2016 quarter
Feb 07,2017

Net profit of Gujarat Gas rose 31.46% to Rs 42.29 crore in the quarter ended December 2016 as against Rs 32.17 crore during the previous quarter ended December 2015. Sales declined 17.04% to Rs 1220.31 crore in the quarter ended December 2016 as against Rs 1470.95 crore during the previous quarter ended December 2015.

ParticularsQuarter Endedn++Dec. 2016Dec. 2015% Var. Sales1220.311470.95 -17 OPM %14.0110.74 - PBDT124.58111.05 12 PBT59.2747.06 26 NP42.2932.17 31

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Kilpest India standalone net profit declines 76.47% in the December 2016 quarter
Feb 07,2017

Net profit of Kilpest India declined 76.47% to Rs 0.04 crore in the quarter ended December 2016 as against Rs 0.17 crore during the previous quarter ended December 2015. Sales declined 6.89% to Rs 3.65 crore in the quarter ended December 2016 as against Rs 3.92 crore during the previous quarter ended December 2015.

ParticularsQuarter Endedn++Dec. 2016Dec. 2015% Var. Sales3.653.92 -7 OPM %5.7510.20 - PBDT0.130.26 -50 PBT0.050.21 -76 NP0.040.17 -76

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Poly Medicure standalone net profit rises 42.69% in the December 2016 quarter
Feb 07,2017

Net profit of Poly Medicure rose 42.69% to Rs 15.04 crore in the quarter ended December 2016 as against Rs 10.54 crore during the previous quarter ended December 2015. Sales rose 23.62% to Rs 111.99 crore in the quarter ended December 2016 as against Rs 90.59 crore during the previous quarter ended December 2015.

ParticularsQuarter Endedn++Dec. 2016Dec. 2015% Var. Sales111.9990.59 24 OPM %23.2521.66 - PBDT26.9519.16 41 PBT21.0714.19 48 NP15.0410.54 43

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Sree Sakthi Paper Mills reports standalone net loss of Rs 4.32 crore in the December 2016 quarter
Feb 07,2017

Net Loss of Sree Sakthi Paper Mills reported to Rs 4.32 crore in the quarter ended December 2016 as against net loss of Rs 2.05 crore during the previous quarter ended December 2015. Sales declined 97.90% to Rs 0.56 crore in the quarter ended December 2016 as against Rs 26.73 crore during the previous quarter ended December 2015.

ParticularsQuarter Endedn++Dec. 2016Dec. 2015% Var. Sales0.5626.73 -98 OPM %-401.79-0.64 - PBDT-3.49-1.34 -160 PBT-4.32-2.16 -100 NP-4.32-2.05 -111

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WEP Solutions standalone net profit rises 3000.00% in the December 2016 quarter
Feb 07,2017

Net profit of WEP Solutions rose 3000.00% to Rs 0.62 crore in the quarter ended December 2016 as against Rs 0.02 crore during the previous quarter ended December 2015. Sales declined 2.75% to Rs 20.48 crore in the quarter ended December 2016 as against Rs 21.06 crore during the previous quarter ended December 2015.

ParticularsQuarter Endedn++Dec. 2016Dec. 2015% Var. Sales20.4821.06 -3 OPM %15.878.88 - PBDT2.951.58 87 PBT0.930.03 3000 NP0.620.02 3000

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Pioneer Distilleries reports standalone net loss of Rs 8.53 crore in the December 2016 quarter
Feb 07,2017

Net loss of Pioneer Distilleries reported to Rs 8.53 crore in the quarter ended December 2016 as against net profit of Rs 9.38 crore during the previous quarter ended December 2015. Sales declined 31.52% to Rs 25.37 crore in the quarter ended December 2016 as against Rs 37.05 crore during the previous quarter ended December 2015.

ParticularsQuarter Endedn++Dec. 2016Dec. 2015% Var. Sales25.3737.05 -32 OPM %-3.4771.01 - PBDT-5.9820.19 PL PBT-13.0513.71 PL NP-8.539.38 PL

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Raj Packaging Industries standalone net profit rises 110.00% in the December 2016 quarter
Feb 07,2017

Net profit of Raj Packaging Industries rose 110.00% to Rs 0.21 crore in the quarter ended December 2016 as against Rs 0.10 crore during the previous quarter ended December 2015. Sales rose 13.05% to Rs 9.01 crore in the quarter ended December 2016 as against Rs 7.97 crore during the previous quarter ended December 2015.

ParticularsQuarter Endedn++Dec. 2016Dec. 2015% Var. Sales9.017.97 13 OPM %8.448.16 - PBDT0.490.35 40 PBT0.320.18 78 NP0.210.10 110

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Spice Islands Apparels reports standalone net profit of Rs 0.33 crore in the December 2016 quarter
Feb 07,2017

Net profit of Spice Islands Apparels reported to Rs 0.33 crore in the quarter ended December 2016 as against net loss of Rs 0.35 crore during the previous quarter ended December 2015. Sales rose 46.52% to Rs 6.52 crore in the quarter ended December 2016 as against Rs 4.45 crore during the previous quarter ended December 2015.

ParticularsQuarter Endedn++Dec. 2016Dec. 2015% Var. Sales6.524.45 47 OPM %5.37-12.36 - PBDT0.51-0.25 LP PBT0.39-0.35 LP NP0.33-0.35 LP

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N R Agarwal Industries standalone net profit rises 1028.65% in the December 2016 quarter
Feb 07,2017

Net profit of N R Agarwal Industries rose 1028.65% to Rs 20.09 crore in the quarter ended December 2016 as against Rs 1.78 crore during the previous quarter ended December 2015. Sales rose 11.52% to Rs 261.80 crore in the quarter ended December 2016 as against Rs 234.75 crore during the previous quarter ended December 2015.

ParticularsQuarter Endedn++Dec. 2016Dec. 2015% Var. Sales261.80234.75 12 OPM %14.158.20 - PBDT26.347.64 245 PBT20.171.78 1033 NP20.091.78 1029

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Gujarat Containers standalone net profit declines 36.00% in the December 2016 quarter
Feb 07,2017

Net profit of Gujarat Containers declined 36.00% to Rs 0.16 crore in the quarter ended December 2016 as against Rs 0.25 crore during the previous quarter ended December 2015. Sales rose 2.91% to Rs 12.01 crore in the quarter ended December 2016 as against Rs 11.67 crore during the previous quarter ended December 2015.

ParticularsQuarter Endedn++Dec. 2016Dec. 2015% Var. Sales12.0111.67 3 OPM %7.587.88 - PBDT0.350.33 6 PBT0.160.25 -36 NP0.160.25 -36

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