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Future Enterprises standalone net profit rises 615.37% in the June 2016 quarter

Future Enterprises standalone net profit rises 615.37% in the June 2016 quarter

Sep 14,2016

Net profit of Future Enterprises rose 615.37% to Rs 315.48 crore in the quarter ended June 2016 as against Rs 44.10 crore during the previous quarter ended June 2015. Sales declined 67.64% to Rs 921.19 crore in the quarter ended June 2016 as against Rs 2846.84 crore during the previous quarter ended June 2015.

ParticularsQuarter Ended
n++Jun. 2016Jun. 2015% Var.
OPM %24.969.91-

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Cabinet approves creation of three posts of Directors for the three new AIIMS in Andhra Pradesh, West Bengal and Maharashtra
Jul 12,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the creation of three posts of Directors in the pre-revised scale of Rs.80,000 (fixed) {plus NPA Ceiling limit 85000} for the three new AIIMS at Mangalagiri near Guntur in Andhra Pradesh, Kalyani in West Bengal and Nagpur in Maharashtra.

As per the AIIMS Act 1956 Amended vide AIIMS (Amendment) Act, 2012, there shall be a Chief Executive Officer of the Institute. He shall be designated as the Director of the Institute and shall be appointed by the Institute provided that the first Director of the Institute shall be appointed by the Central Government. The Director shall act as the Secretary to the Institute as well as the Governing Body and support proper functioning and governance of the three AIIMS.

The post will be immediately filled up following due procedures. The post of Director is in the pre-revised scale of Rs 80,000(fixed) {plus NPA Ceiling limit 85000}. The annual financial implication for each of the post of the Director will be around Rs.25 Lakhs, as per the 6th CPC.


The Union Finance Minister in his Budget speech for the Year 2014-15 had announced for setting up of four new AIIMS in Andhra Pradesh, West Bengal, Maharashtra and Uttar Pradesh. Cabinet had approved establishment of new AIIMS at Mangalagiri near Guntur in Andhra Pradesh, Kalyani in West Bengal and Nagpur in Maharashtra at a cost of Rs. 4949 Crore on 07.10.2015. The three AIIMS are being set up as a part of the Pradhan Mantri Swasthya Suraksha Yojana (PMSSY).

The Pradhan Mantri Swasthya Suraksha Yojana (PMSSY) was announced in 2003 with objectives of correcting regional imbalances in the availability of affordable/ reliable tertiary healthcare services and also to augment facilities for quality medical education in the country. PMSSY has two components: (i) Setting up of AIIMS like institutions (ii) Upgradation of Government Medical Colleges/Institutions. Under this scheme AIIMS have been established in Bhubaneshwar, Bhopal, Raipur, Jodhpur, Rishikesh and Patna while work of AIIMS Rae Bareli is in progress. Also, three AIIMS in Nagpur(Maharashtra), Kalyani (West Bengal) and Mangalagiri in Guntur (A.P) have been sanctioned in 2015 and two AIIMS have been sanctioned in Bathinda and Gorakhpur in 2016 and Assam in 2017. All necessary steps are being taken for creation of the physical infrastructure and creation of faculty and non-faculty position required for operationalization of these three new AIIMS in Nagpur(Maharashtra), Kalyani(West Bengal) and Mangalagiri in Guntur (A.P). Design Consultant have been appointed for all the three AIIMS on the basis of Global bid as per mandate of the Cabinet. The Master plan for these AIIMS has also been finalized. Detailed designs are under preparation. Proposal for creation of faculty and non-faculty position is under consideration/discussion with Department of Expenditure.

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Cabinet apprised of MoU between India and Palestine on cooperation in the field of Information Technology and Electronics
Jul 12,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has been apprised of the Memorandum of Understanding (MoU) between India and Palestine on Cooperation in the field of Information Technology and Electronics (IT&E).

The MoU intends to promote closer co-operation in the areas of e-Governance, m-Governance, e-Public Services Delivery, cyber security, software technology parks, start-ups ecosystem etc.

The MoU shall come into effect from date of signature of the parties and shall remain in force for a period of 5 years. The MoU shall be implemented by establishing a Working Group on IT&E composed of representatives of the two Parties. Bilateral Cooperation in ICT domain both B2B and G2G will be enhanced. It envisages improving B2B collaboration leading to employment opportunities.


India has strong political support to the Palestinian cause at international and bilateral levels. India has been contributing material and technical assistance to the Palestinian people. The MOU on cooperation in the field of IT&E was initiated during the 1st Session of JCM in November, 2016.After several negotiations draft MoU was finalised and signed during the VVIP visit from Palestine in May 2017.

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Powering India - Renewable Projects Leap Ahead of Thermal
Jul 12,2017

Private thermal projects are staring at muted power demand, which is the effects of non-remunerative tariffs partly due to aggressive bids and some adverse perception due to falling renewable tariff, says India Ratings and Research (Ind-Ra). Ind-Ra believes that private developers are facing more challenges in operating thermal power projects than renewable energy projects.

In contrast, the large target by the government for renewable capacity addition and the focus on renewable purchase obligation along with falling tariffs in competitive bidding regime have led to an increase in demand for renewable energy. Strong counterparties for solar companies including Solar Energy Corporation of India and NTPC Limited (IND AAA/Stable) are providing comfort to developers on payment security. However, an improvement in the financial profile of distribution utilities is important for power projects to have stable revenue receipts.

For some states, particularly Uttar Pradesh and Bihar, which houses a significant proportion of population, the average per capita supply of electricity is lower than the national average. Also, a reliable and continuous supply is yet to be ensured in most states. Electricity demand is likely to grow across the country, driven by industrialisation. In FY16, 44% of electricity demand nationally was attributed to industrial demand, while around 23% was domestic demand (Source: Central Electricity Authority of India; CEA). Per capita supply was 1,075kWh in FY16.

In a falling electricity deficit scenario and excess energy tie-ups by distribution utilities, even amid high demand growth, projected generation capacity is well placed to meet the demand. In the scenario of electricity replacing diesel in applications including diesel generators, agricultural implements and railways, the additional electricity demand can be addressed by a 6 percentage point increase in the plant load factor of thermal plants. Ind-Ra in its estimates considers the amount of electricity that would have been required if all vehicles had become electric in FY17, to indicate the quantum of demand that can arise from the electrification of road transport.

Short-Term Power Trading Set to Rise: Ind-Ra believes that short-term power trading is set to rise, as the difference between the landed cost of power for industries from third party sources remains competitive to the tariff charged by distribution utilities. The transition will be aided by easing transmission congestion, transparency, thermal plants looking to sell untied power, discoms trying to sell excess power, and falling solar power cost.

Solar Manufacturers Operating Margins Contract: Solar tariffs have fallen considerably, preceding even the pace of fall in solar panel prices. The pressure on price of solar panels is set to continue as there is a significant oversupply. The median gross margins were 8% and the median operating margin was negative 2% in 4Q16 for solar manufacturers which shipped about 30GW in 2016 (Source: National Renewable Energy Laboratory). The rise of new technologies in solar modules may also lead to a further price reduction.

Wind Projects Face Grid Curtailment Hurdle: Grid curtailment remains a major risk for wind projects, while the distribution utilities are trying to manage the grid with increasing intermittent power. Wind resource is a major affecting the viability of a project, as wake effect and climate events such as El Nino take a toll on generation.

Counterparty Profiles Display Inconsistency: Inter-state transmission assets continue to exhibit stable operating and receivable parameters, despite being exposed to weak counterparties. Counterparties profile remains inconsistent as distribution utilities treat asset classes differently. Also, many distribution utilities have reported high payable days in their financial statements, while they pay within 90 days to independent power producers. Such anomalies lead to uncertainties in the assessment of counterparty behaviour.

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New Telecom Policy will be Application driven rather than Connectivity driven-Manoj Sinha
Jul 12,2017

The Minister of Communications Shri Manoj Sinha said that his Ministry is working on a new Telecom Policy which will be application driven as compared to National Telecom Policy, 2012 which was connectivity driven. He said that the new policy has to be focussed on the end users and should look at the newer opportunities for expanding the availability of Telecom services. He said, the advent of high speed data services and enhanced expectations of the users to get real time on-demand bandwidth to run near real time live applications enjoins us to prepare new policies and he underlined that for the first time, the Ministry has decided to involve a large pool of experts from outside the department to get more inputs from the citizens and stakeholders for the new policy.

The Minister said that communications Sector has assumed the position of an essential infrastructure for socio-economic development in an increasingly knowledge-intensive world. He said that as of April 2017, the country has close to 1.2 billion telephone connections, including 1.17 billion wireless telephone connections and similarly witnessed the rapid growth of the broadband connections that now stands at 276.52 million. He said, more than the number, it is heartening to see the six-fold increase in Data traffic in India rom 561 million GB in the first quarter to 2988 million GB in the third quarter of 2016-17, which is a whopping 400 % jump.

Shri Sinha said that while our service providers are rapidly deploying the 4 G technology, his focus is on two important aspects- the need to expand the connectivity to all parts including the north-eastern and Left Wing Extremism affected areas and Secondly to keep an eye on future generation that is 5 G technology and ensure that India plays a key role in standards development and get a healthy share of the innovations and patents in the 5G technology pool. He also said that the FDI equity inflow in telecom sector from April, 2016 to March, 2017 was US $ 5564 million, which is more than four times the average inflow of about 1.3 billion dollars every year since 2013-14.

The Minister said that the digital India program and the digital economy requires underlying connectivity as a pre-requisite and added that as road infrastructure used to be a necessity for development in 19th and 20th century, the information superhighways are a must for growth in the 21st century. He said that the Indian Telegraph Right of Way Rules, 2016 was notified that further ease the cable laying approval process and helps in Ease of Doing Business for Telecom Service Providers. He also informed that the Department of Telecom has announced the Central Equipment Identity Register last week, which paves the way for setting up of International Mobile Equipment Identity (IMEI) based device registration and authentication that will settle the cases of Mobile Phone Theft to a great extent. The department is also actively considering the TRAI recommendations on addressing Telecom Consumer Grievances and urged the officers to propose a state-of-the-art technology driven solution that records, monitors and provides end-to-end monitoring of every grievance.

Calling for a revisit of the current HR policies of the Government, the Minister said that there has been a recognition that specialized skills have to be drawn from both within the Government system and also from outside wherever possible as the Centre and the States are woefully short of such skilled resources.

Secretary, Telecom Ms Aruna Sundararajan said that world is looking at India as the next growth engine to grow from 7.6 percent to above 10 percent and it requires huge effort by both the government and the private sector. She urged the Department of Telecom to become an Engine of Transformation and to act as infrastructure builder rather than a regulator. Referring to the customer delight as a hallmark of business success, she urged the officials to achieve the target of 700 to 800 million internet penetration in the next five years for achieving the vision of the Prime Minister for a New India. The Secretary also underlined the need for Standard Development in new technology areas and referred to the case of digital payment, where India leapfrogged in setting the next standard.

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Anant Raj on a gaining spree
Jul 12,2017

Meanwhile, the S&P BSE Sensex was up 18.53 points or 0.06% at 31,765.62. The S&P BSE Small-Cap index rose 55.97 points or 0.35% at 15,862.40.

On the BSE, 9.39 lakh shares were traded on the counter so far as against the average daily volumes of 2.28 lakh shares in the past two weeks. The stock had hit a high of Rs 66.80 and a low of Rs 63 so far during the day.

Shares of Anant Raj have surged 14.78% in eight trading sessions to its current market price, from its close of Rs 57.50 on 30 June 2017.

On consolidated basis, Anant Rajs net profit surged 84.15% to Rs 18.95 crore on 3.41% decline in total income to Rs 140.79 crore in Q4 March 2017 over Q4 March 2016.

Anant Raj Group is one of the leading construction and infrastructure developers in North India.

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Machino Plastics receives ratings for its debt instruments
Jul 12,2017

Machino Plastics has received ratings for the debt instruments / facilities aggregating Rs 172.3 crore from CRISIL as under -

Long term rating - CRISIL BBB+/ Stable
Short term rating - CRISIL A2

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Steel Strips Wheels advances after securing order
Jul 12,2017

The announcement was made during market hours today, 12 July 2017.

Meanwhile, the S&P BSE Sensex was up 2.54 points, or 0.01% at 31,749.63. The S&P BSE Small-Cap index was up 29.86 points, or 0.19% at 15,836.29.

On the BSE, 3,889 shares were traded on the counter so far as against the average daily volumes of 4,659 shares in the past one quarter. The stock had hit a high of Rs 896.40 and a low of Rs 881 so far during the day. The stock had hit a record high of Rs 956.60 on 12 June 2017 and a 52-week low of Rs 467 on 19 July 2016.

The stock had underperformed the market over the past one month till 11 July 2017, declining 6.86% compared with the Sensexs 1.55% rise. The scrip had also underperformed the market over the past one quarter sliding 0.72% as against the Sensexs 6.58% rise. The scrip had, however, outperformed the market over the past one year advancing 81.4% as against the Sensexs 14.91% rise.

The small-cap company has equity capital of Rs 15.56 crore. Face value per share is Rs 10.

Steel Strips Wheels (SSWL) announced that the company has bagged another exports order for supply of 20,000 steel wheels for EU aftermarket. This order covers supplies of over 20,000 wheels in a period of 3 months. Wheels would be dispatched from SSWLs Chennai plant from July 2017 onwards. This repeat order of 10,000 more wheels is expected by end of September 2017. This order further augments SSWLs strong presence in the extremely competitive EU aftermarket.

Steel Strips Wheels net profit rose 12.2% to Rs 20.74 crore on 23.1% increase in net sales to Rs 380.15 crore in Q4 March 2017 over Q4 March 2016.

Steel Strips Wheels designs and manufactures automotive steel wheels and is among the leading supplier to Indian and global automobile manufacturers.

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I G Petrochemicals gets upgradation in credit ratings
Jul 12,2017

I G Petrochemicals announced that India Ratings and Research has upgraded the credit ratings as under -

Long term borrowing - IND A+ (Stable)
Short term borrowing - IND A1+ (Stable)

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Unijolly Investments Company appoints director
Jul 12,2017

Unijolly Investments Company has appointed Krishna Babu Cherukuri (DIN: 00993286) as an Additional Director of the Company who shall hold office from the end of business hours of 11 July 2017 till the conclusion of the Annual General Meeting to be held for the financial year 2017-18.

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Indias fuel product consumption rises 0.4% in June 2017
Jul 12,2017

Indias fuel product consumption or sales rose 0.4% to 16.54 mt in June 2017 over a year ago. LPG sales moved up 15.9% to 1.87 mt, diesel 6.5% to 6.80 mt, petrol 11.9% to 2.07 mt and ATF 9.2% to 0.60 mt. However, the consumption of petcoke dipped 18.6% to 1.89 mt, kerosene 33.0% to 0.36 mt, fuel oil 12.9% to 0.55 mt, and lubes/greases 23.5% to 0.25 mt. The consumption of naphtha also declined 4.3% to 1.09 mt, others 5.3% to 0.54 mt, bitumen 5.3% to 0.48 mt, and light diesel oil (LDO) 5.7% to 0.03 mt in June 2017.

Consumption or sales of fuel products increased 3.0% to 51.10 mt in April-June 2017 over April-June 2016. Sales of diesel increased 5.8%, petrol 10.6%, LPG 10.6%, and ATF 9.9%. Consumption of petcoke also moved up 1.1% and others 2.1%. However, the consumption of kerosene declined 34.1%, bitumen 9.9%, fuel oil 7.7%, naphtha 3.4%, lubes/greases 10.7% and LDO 1.2% in April-June 2017.

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Hisar Spinning Mills announces resignation of company secretary
Jul 12,2017

Hisar Spinning Mills announced that Tanu Sharma, Company Secretary has resigned from her office w.e.f. 10 July 2017.

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Religare extends recent sharp sell-off
Jul 12,2017

Meanwhile, the S&P BSE Sensex was up 4.37 points or 0.01% at 31,751.46. The S&P BSE Small-Cap index rose 25.16 points or 0.16% at 15,831.59.

On the BSE, 6.06 lakh shares were traded on the counter so far as against the average daily volumes of 30,387 shares in the past one quarter. The stock was volatile. The stock tumbled as much as 9.96% at the days low of Rs 92.15 so far during the day, which is a record low. The stock rose as much as 3.95% at the days high of Rs 106.40 so far during the day. The stock had hit a 52-week high of Rs 294 on 22 July 2016.

The stock had underperformed the market over the past one month till 11 July 2017, sliding 45.59% compared with the Sensexs 1.55% rise. The stock had also underperformed the market over the past one quarter, declining 51.71% as against the Sensexs 6.58% rise. The scrip had also underperformed the market over the past one year, sliding 62.65% as against the Sensexs 14.91% rise.

The small-cap company has equity capital of Rs 178.46 crore. Face value per share is Rs 10.

Shares of Religare Enterprises have tanked 41.8% in nine trading sessions to its current market price, from its closing of Rs 175.10 on 29 June 2017.

Religare Enterprises reported net loss of Rs 50.59 crore in Q4 March 2017, lower than net loss of Rs 67.88 crore in Q4 March 2016. Total income rose 3416% to Rs 455.67 crore in Q4 March 2017 over Q4 March 2016.

Religare Enterprises (REL) is the holding company for one of Indias leading diversified financial services groups. REL offers an integrated suite of financial services through its underlying subsidiaries and operating entities, including loans to SMEs, affordable housing finance, health insurance, capital markets and wealth management.

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Outcome of board meeting of Ganesh Benzoplast
Jul 12,2017

Ganesh Benzoplast announced that the Board of Directors of the Company at its meeting held on 12 July 2017 has taken note of the receipt of the certain environmental clearances and the interest expressed for storage facilities, by LPG suppliers and distributors, in respect of the Companys Liquid Storage Terminal at Goa.

The Board also discussed about the options for the development of the LPG storage tanks at its Goa terminal. Further, the Board decided that the Company would actively pursue the development of LPG storage tanks at its Goa facility and authorized the Directors to take the necessary steps in this regard.

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Govt. may accord infrastructure status to smaller tourism projects- Secretary Tourism, GoI
Jul 12,2017

The Government of Uttarakhand is working towards unveiling a new policy to give a fillip to the tourism sector in the state. The home to paanch dhams - Kedarnath, Badrinath, Yamunotri, Gangotri along with Sri Hemkund Sahib - Uttarakhand is promoting spiritual tourism by developing circuits such as Devi Circuit and Shiv Circuit. This year the number of tourist arrivals in the state has already crossed the 17 lakh mark and this reflects the immense potential it has as a tourist destination, said Satpal Maharaj, Minister of Tourism, Irrigation, Minor Irrigation, Cultural, Watershed Management, Pilgrimage and Religious Fairs, Flood Control, Rain Water Harvesting, India-Nepal-Uttarakhand River Projects, Government of Uttarakhand.

Satpal Maharaj said that adventure tourism, medical and wellness tourism, and culinary tourism, were being developed. Besides, to make Uttarakhand a worldclass winter destination, the government was planning to set up skiing resorts and was undertaking other such initiatives. He added that homestays were also being promoted to allow tourists to spend time in the lap of nature.

Satpal Maharaj said that funds have been sanctioned by the Central government for construction of all-weather roads and laying down of railway tracks. He urged the industry to invest in the state as it offered immense opportunities and develop the varied tourism destinations.

Ms. Rashmi Varma, Secretary, Ministry of Tourism, Government of India, said that the tourism sector suffers from a gap in terms of world-class infrastructure development in the countrys tourism destinations. There was a shortage of one lakh classified hotel rooms in the country and this gap can be bridged only by the states alone as they adopt investor-friendly policies. The government was looking into giving infrastructure status to smaller units and was making the ministrys website more dynamic and robust to make all relevant information available online.

Ms. Varma said that there was a need to develop experiential tourism for foreign tourists such as cruise tourism and textile tourism. The overseas offices were also being revamped to reach out to tourists across the globe. She added that for promotion and marketing of tourism products, social media was being leveraged to reach global tourists.

Dr. Jyotsna Suri, Past President FICCI & Chairperson, FICCI Tourism Committee and Chairperson & MD, Lalit Suri Hospitality Group, said that the challenge lies in creating world class infrastructure to significantly increase tourist arrivals and create a strong, unequivocal Brand India. The Government and industry need to join hands to jointly create a policy landscape that can spur the growth momentum. She urged the stakeholders to utilize the varied FICCI platforms which were promoting tourism to realize the true potential of this sector.

Mr. Hari Ranjan Rao, Managing Director, Madhya Pradesh State Tourism Development Corporation Ltd., said that tourism is private sector driven and action lies in the state for the development of tourism infrastructure as 80 per cent of the items related to it were in the State List. Speaking about the initiatives undertaken by the Madhya Pradesh government, he said that the new tourism policy which came into effect in 2016 in the state has made it easier for investors to acquire land by creating land banks for developing hotels. The process of lease, tenders and bids have been made transparent by making all the information available online. The Madhya Pradesh government was facilitating the investors in various segments such as water sports and cruise tourism with its policies in diverse sectors related to tourism.

Mr. Rana Kapoor, CEO & MD, YES BANK and Chairman, YES Global Institute, said, n++Indias Travel & Tourism industry is the seventh largest in the world and is also a major generator of employment and livelihood in India, accounting for 9.3% of total employment in 2016 and expected to generate nearly 50 million jobs by 2027. The FICCI- YES BANK Knowledge Report Investment in Tourism Infrastructure: Igniting Indias Growth Engine makes key recommendations towards unleashing the true potential of this vital sector through sustainable infrastructure development. I am confident that this publication will encourage productive dialogue amongst all stakeholders in the Travel & Tourism value-chain and contribute towards making tourism a key driver of Indias growth story.n++

Mr. Nikhil Sahni, Senior President and Country Head of Government Relationship Management & Strategic Government Advisory at Yes Bank, said that the way forward to develop tourism sector in India was by granting infrastructure status to smaller projects; improving ease of doing business; enhancing private sector participation; promoting medical and wellness tourism; developing MICE infrastructure; developing coastal area; promoting heritage destinations; converging government schemes with organizations such as NABARD, SIDBI; and having niche-based PPP interventions.

Mr. Rahul Chakravarty, Consultant - Tourism, FICCI, said that structured pre-fixed B2G meetings were going to be held during the two-day Meet, and FICCI was facilitating face to face business meetings with the prominent investors to encourage investments in tourism infrastructure.

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Finance Committee of Bank of Baroda approves issuance of AT-1 Capital Bonds
Jul 12,2017

Bank of Baroda announced that the Finance Committee of the Bank on 12 July 2017 has approved issuance of AT-1 Capital Bonds Compliant with Basel III Capital Regulations of the Reserve Bank of India for minimum amount of Rs 500 crore with Green Shoe option, total issuance not exceeding Rs 3000 crore, in single or multiple tranches.

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