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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.
Sales921.192846.84-68
OPM %24.969.91-
PBDT295.07184.1360
PBT142.3249.92185
NP315.4844.10615

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ITC to hold board meeting
Jul 14,2017

ITC will hold a meeting of the Board of Directors of the Company on 27 July 2017 to consider and approve the Unaudited Financial Results of the Company for the Quarter ended 30th June 2017.

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India Cements to hold board meeting
Jul 14,2017

India Cements will hold a meeting of the Board of Directors of the Company on 28 July 2017.

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European Union & India establish an Investment Facilitation Mechanism
Jul 14,2017

European Union (EU) and India today announced the establishment of an Investment Facilitation Mechanism (IFM) for EU Investments in India. The mechanism will allow for a close coordination between the European Union and the Government of India with an aim to promote and facilitate EU investment in India.

This agreement builds on the Joint Statement of the 13th EU-India Summit held in Brussels in March 2016, where the EU had welcomed Indias readiness to establish such a mechanism and leaders from both sides had reaffirmed their shared commitment to oppose protectionism and to work in favour of a fair, transparent and rule-based trade and investment environment.

As part of the IFM, the EU Delegation to India and the Department of Industrial Policy & Promotion (DIPP), Ministry of Commerce & Industry, agreed to hold regular high level meetings to assess and facilitate ease of doing business for EU investors in India. This will include identifying and putting in place solutions to procedural impediments faced by EU companies and investors in establishing or running their operations in India.

Stressing the importance of this initiative, H.E. Mr. Tomasz Koslowski, Ambassador of the European Union to India said, the establishment of the Investment Facilitation Mechanism is a right step in the direction of strengthening the trade and investment ties between the EU and India. The EU is the largest foreign investor in India and this initiative helps ensuring a more robust, effective and predictable business environment for the EU investors. At the last Summit in March 2016, leaders of both sides decided to create a new momentum in our relations. We are delivering on this.

DIPP Secretary, Mr. Ramesh Abhishek said n++Ease of doing business is a fundamental priority of our Governments Make in India Campaign and the establishment of IFM for facilitating EU investments in India is another step to achieve this goal. The IFM has been established with the key objectives of paving the way for identifying and solving problems faced by EU companies and investors with regard to their operations in India. The IFM will cover new investors as well as those already established in India. The IFM is also going to serve as a platform for discussing general suggestions from the point of view of EU companies and investors with regard to ease of doing business in India, which I am sure, would boost and encourage the EU investors to avail the investment opportunities available in Indian++

Invest India, the official Investment Promotion and Facilitation Agency of the Government of India, will also be part of the Mechanism. It will create a single-window entry point for EU companies that need assistance for their investments at the central or state level. The DIPP will also facilitate participation of other relevant ministries and authorities on a case-to-case basis.

Trade and Investment are key elements of the EU-India Strategic Partnership launched in 2004. Along with being the first trade partner in goods and services, EU is one of the biggest provider of foreign investment in India, with a stock exceeding US$ 81.52 billion (more than 4.4 lakh crores INR) as of March 2017. There are currently more than 6,000 EU companies present in India, providing direct and indirect employment to over 6 million people.

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Himadri Speciality Chemical gets revision in credit ratings
Jul 14,2017

Himadri Speciality Chemical has received revision in credit ratings from Credit Analysis & Research (CARE) for the Companys various credit facilities and instruments as mentioned below:

Long-term Bank Facilities - CARE A; Stable (Reaffirmed)
Short-term Bank Facilities - CARE A1+ (Revised from CARE A1)
Non-Convertible Debenture - CARE A; Positive (Revised from CARE A; Stable)
Commercial Paper - CARE A1+ (Revised from CARE A1)

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Ministry of Water Resources to Sign MoU with Ministry of Skill Development for the success of Namami Gange
Jul 14,2017

Union Ministry for Water Resources, River Development and Ganga Rejuvenation will sign an MoU with Union Ministry of Skill Development and Entrepreneurship for the success of Namami Gange programme.

The MoU intends to develop skilled manpower for laying sewerage pipeline, plumbing works, construction of toilets, civil masonry works, waste collection and its disposal activities. It will also develop skills for preparing products from pious waste materials like flowers, leaves, coconuts, hair and associate plastic bags and plastic bottles etc. and their proper packaging and promotion of such products. The MoU will also help in developing skills for operation and maintenance of pumps and STPs.

As per the MoU the Ministry of Water Resource, River Development and Ganga Rejuvenation shall develop the market for reuse/recycle of treated wastewater to be released from STP/ETPs for various non-potable purposes. It will also ensure necessary coordination and support from the state governments and state level implementing agencies for various activities to be undertaken by the Ministry of Skill Development and Entrepreneurship as part of Namami Gange programme. The Ministry will also mobilize resources for creation of Pradhan Mantri Namami Gange Kaushal Kendras in 60 districts covered under Namami Gange Mission.

The Ministry of Skill Development and Entrepreneurship will take initiative and develop programme for capacity building and traditional activities such as packaging and promotion of industrial products. It will take initiative in developing skills for preparing products from waste material generated along that Ghats of Ganga like flowers, leaves, coconut, hair and associated plastic bags and plastic bottles etc. The Ministry will also take initiative in developing skills among potential work-force in the region on sewage pipe line laying works, plumbing works, construction of toilets, civil masonry works, waste collection and its disposal activities (in scientific manner) and training on other health and safety aspects during construction activities. It will also take initiative in conducting a survey in the region for identifying the possible skill development activities in addition to above in conjunction with National Mission for Clean Ganga.

The MoU will remain in effect for a period of three years. Thereafter, it can be extended as mutually agreed by both the Ministries.

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GTL Infrastructure gets CCI nod for scheme of amalgamation
Jul 14,2017

GTL Infrastructure announced that the Competition Commission of India has accorded its approval for the proposed scheme of amalgamation between Chennai Network Infrastructure and GTL Infrastructure. The implementation of the scheme is now subject to requisite approvals, including from the applicable National Company Law Tribunals.

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Asian Oilfield Services provides business update
Jul 14,2017

Asian Oilfield Services announced that with respect to the contract secured from ONGC for 2D seismic data acquisition on land areas of sedimentary basins of India for sector 6 (Ganga), the Company has completed the mobilisation of crew and equipment on respective contract site.

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Ram Info appoints CFO
Jul 14,2017

The Board of Ram Info has approved the appointment of Venkateswara Rao Poosarla, as Chief Financial officer of the Company w.e.f 14 July 2017.

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AGC Networks announces resignation of director
Jul 14,2017

AGC Networks announced that Shuva Mandal has resigned from the Directorship (Non-Executive- Independent director)of the Company with effect from 13 July 2017. The Board of Directors of the Company noted and accepted the same on 14 July 2017.

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Moodys: Global speculative-grade default rate down again in Q2 2017
Jul 14,2017

Moodys global trailing 12-month speculative-grade default rate closed at 3.2% in the second quarter of 2017, down from 3.9% the prior quarter and 4.7% a year ago, Moodys Investors Service says in its latest global monthly default report. The US speculative-grade default rate, meanwhile, fell to 3.8% in the second quarter from 4.7% in the first quarter, while the European rate edged up to 2.8% from 2.5% over the same period.

Globally, the year-to-date corporate default tally rose to 50 in the past quarter after 28 Moodys-rated companies defaulted. Defaults remained concentrated in the US in Q2 2017, with 18 US companies defaulting, as compared to 8 companies in Europe. Notably, the oil and gas and retail sectors were the biggest contributors of the quarters defaults, with five in each sector.

Despite some concerns about distressed retailers, overall credit conditions remain benign as indicated by the low unemployment rates and high yield spreads, observed Sharon Ou, a Moodys Vice President.

Looking ahead, Moodys expects the global speculative-grade default rate to finish 2017 at 2.7%, before continuing its descent to reach 2.4% a year from now. In the US, Moodys expects the default rate to close the year at 3.1%, down from 3.8% currently, while in Europe the rate is expected to fall to 2.3% from its current 2.8% during the same period.

Across sectors, Moodys expects the Media: Advertising, Printing & Publishing sector to see the highest default rate in the coming 12 months, followed by retail, in both the US and Europe.

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NMDC intimates of strategic divestment of its Steel Plant
Jul 14,2017

NMDC announced that the Department of Investment and Public Asset Management has prepared strategic divestment plan as per the decision of Cabinet Committee on Economic Affairs, Government of India for strategic disinvestment of various PSEs including NMDCs Steel Plant, Nagarnar, Chhattisgarh.

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Apex Buildsys announces resignation of company secretary and compliance officer
Jul 14,2017

Apex Buildsys announced that Puneet Jolly has resigned from the post of Company Secretary & Compliance Officer of the Company w. e. f 15 July 2017.

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National Fittings fixes record date for final dividend
Jul 14,2017

National Fittings has fixed 05 August 2017 as record date for payment of final dividend.

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Sunteck Realty fixes record date for stock split
Jul 14,2017

Sunteck Realty has fixed 26 July 2017 as record date for sub-division of 1 equity shares of Rs 2 each into 2 equity shares of Re 1 each.

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Hexaware Technologies gets NCTL approval for scheme of amalgamation
Jul 14,2017

Hexaware Technologies announced that the Honble National Company Law Tribunal, Mumbai bench has approved Scheme of Amalgamation of Risk Technology International (the Transferor Company) with Hexaware Technologies (the Transferee Company) and their respective Shareholders. The copy of the order is awaited. The Scheme will come into effect upon filing of certified true copy of order with Registrar of Companies at Mumbai, Maharashtra.

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