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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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PSU OMCs slide as crude oil prices firm up
Dec 01,2016

HPCL (down 5.12%), BPCL (down 2.94%) and Indian Oil Corporation (IOCL) (down 1.83%), edged lower.

The S&P BSE Sensex was down 12.38 points, or 0.05% at 26,640.43.

Higher crude oil prices could increase under-recoveries of public sector oil marketing companies (PSU OMCs) on domestic sale of LPG and kerosene at controlled prices. The government has already freed pricing of petrol and diesel.

In the global commodities markets, Brent crude oil futures edged higher. Brent for February settlement was up 73 cents at $52.57 a barrel. The contract had jumped $4.52 a barrel or 9.55% to settle at $51.84 a barrel during the previous trading session.

Public sector oil marketing companies (PSU OMCs) announced a revision in petrol and diesel prices with effect from midnight of 30 November/1 December 2016. Indian Oil Corporation (IOCL) yesterday, 30 November 2016, announced an increase in the price of petrol by Rs 0.13 per litre (excluding state levies) and a decrease in the price of diesel by Rs 0.12 a litre (excluding state levies). The movement of prices in the international oil market and rupee-dollar exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes, IOCL said.

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Siti Networks declines as promoters rejig holding
Dec 01,2016

Meanwhile, the S&P BSE Sensex was down 12.05 points or 0.05% at 26,640.76.

On the BSE, 6,622 shares were traded on the counter so far as against average daily volumes of 40,574 shares in the past one quarter. The stock had hit a high of Rs 36.70 and a low of Rs 35.80 so far during the day. The stock had hit a 52-week high of Rs 41.70 on 5 January 2016. The stock had hit a 52-week low of Rs 30.90 on 12 February 2016. The stock had outperformed the market over the past one month till 30 November 2016, advancing 5.77% compared with the Sensexs 4.57% fall. The scrip had also outperformed the market in past one quarter, gaining 3.97% as against the Sensexs 5.96% fall.

The small-cap company has equity capital of Rs 79.41 crore. Face value per share is Rs 1.

Essel International held 7.81% and Bioscope Cinemas owned 9.17% in Siti Networks end September 2016.

On a consolidated basis, Siti Networks reported net loss of Rs 46.89 crore in Q2 September 2016, compared with net loss of Rs 31.43 crore in Q2 September 2015. Net sales rose 23.4% to Rs 285.26 crore in Q2 September 2016 over Q2 September 2015.

Siti Networks is one of Indias largest multi system operator (MSO). The company provides its cable services in Indias 250 plus cities and the adjoining areas.

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Cabinet approves Rehabilitation Package for Displaced Families from Pakistan occupied Jammu &Kashmir and Chhamb
Dec 01,2016

The Union Cabinet, chaired by the Prime Minister, Shri Narendra Modi has approved Central Assistance of Rs. 2000 crore for 36,384 displaced families from Pakistan occupied areas of Jammu & Kashmir (POJK) and Chhamb following an announcement of Prime Ministers Development Package for Jammu & Kashmir-2015 in November, 2015

As per the package, Rs. 5.5 lakh cash benefit per family will be disbursed to the displaced families to enable them to earn an income and subsist their livelihood. The amount will be released to the State Government of J&K to be disbursed to eligible families through Direct Benefit Transfer (DBT).

In the aftermath of partition of the country in 1947, thousands of families from Pakistan occupied areas of Jammu & Kashmir migrated to the State of Jammu & Kashmir. Subsequently, during Indo-Pak Wars of 1965 and 1971, a large number of families were displaced from Chhamb Niabat area of Jammu & Kashmir. Series of relief and rehabilitation packages have been extended by the Government of India/State Government of J&K from time to time to mitigate the hardship of displaced persons from PoJK and Chhamb and to rehabilitate them.

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HCC spurts on getting arbitral award of Rs 2000 crore from NHPC, NHAI
Dec 01,2016

The announcement was made during trading hours today, 1 December 2016.

Meanwhile, the BSE Sensex was up 9.43 points, or 0.04%, to 26,662.24.

On BSE, so far 1 crore shares were traded in the counter, compared with average daily volume of 28.67 lakh shares in the past one quarter. The stock hit a high of Rs 41 and a low of Rs 37.50 so far during the day. The stock hit a 52-week high of Rs 41.90 on 14 September 2016. The stock hit a 52-week low of Rs 16.60 on 12 February 2016. The stock had underperformed the market over the past 30 days till 30 November 2016, falling 6.30% compared with the 4.39% decline in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 4.43% as against Sensexs 6.23% decline.

The small-cap company has equity capital of Rs 77.92 crore. Face value per share is Re 1.

Hindustan Construction Company (HCC) said it has received communication from NHPC and NHAI regarding arbitral award payment. NITI Ayog has gn++ven the SOP (Standard Operating Procedures) for release of payment for timely implementation. HCC has been asked to reconcile the award amount within 7 days and thereafter open escrow account and submit bank guarantees (BGs) within 30 days for recovering the amount. This communication clears the way for HCC for receiving close to Rs 2000 crore within 4 to 6 weeks.

The communication came in the backdrop of the Government setting into motion the process to release 75% of arbitration amounts against margin free guarantee in situations where awards have been given but have been contested by the concerned authorities. The cabinet committee on economic affairs chaired by the Prime Minister in September 2016 cleared several measures proposed by the Niti Aayog to revive the construction sector such as easier norms for faster settlement of disputes between contractors and government departments, and partial deposit of funds by government agencies in form of arbitration awards.

HCC has arbitration awards for Rs 3427 crore as of 30 September 2016. Further claims worth around Rs 4173 crore are in arbitration process. About 70% of these cases were at the initial stage of arbitration process and the company has already given consent to transfer these cases under new arbitration act, which mandates decision within 12 months.

HCCs net profit declined 42.8% to Rs 23.08 crore on 8.2% decline in net sales to Rs 759.03 crore in Q2 September 2016 over Q2 September 2015.

HCC develops and builds infrastructure.

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Board of Srestha Finvest defers its decision to delist shares from MSEI
Dec 01,2016

Srestha Finvest announced that the Board of Directors of the Company at its meeting held on 01 December 2016 has deferred the decision of delisting of shares from The Metropolitan Stock Exchange of India for time being.

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Bank of Maharashtra revises MCLRs
Dec 01,2016

Bank of Maharashtra has revised the Marginal Cost of Funds based Lending Rates with effect from 01 December 2016 -

Overnight - 9%
1 month - 9.10%
3 months - 9.15%
6 months - 9.20%
1 year - 9.25%

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Orissa Minerals Development Company to announce September quarter results
Dec 01,2016

Orissa Minerals Development Company announced that a meeting of the Board of Directors of the Company will be held on 09 December 2016 inter alia to consider, approve and take on record the Unaudited Financial Results of the Company for the quarter ended 30 September 2016 of the Company.

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KPIT gains after taking strategic stake in automotive firm
Dec 01,2016

The announcement was made during market hours today, 1 December 2016.

Meanwhile, the S&P BSE Sensex was up 24.04 points or 0.09% at 26,676.85.

On the BSE, 57,000 shares were traded on the counter so far as against average daily volume of 1.15 lakh shares in the past one quarter. The stock had hit a high of Rs 135.80 and a low of Rs 131.50 so far during the day. The stock had hit a 52-week high of Rs 196.60 on 21 June 2016. The stock had hit a 52-week low of Rs 108.45 on 12 February 2016. The stock had underperformed the market over the past one month till 30 November 2016, declining 7.73% compared with the Sensexs 4.57% fall. The scrip had, however, outperformed the market in past one quarter, advancing 3.33% as against the Sensexs 5.96% fall.

The small-cap company has equity capital of Rs 39.50 crore. Face value per share is Rs 2.

The fixed consideration will be euro 9.3 million. The total consideration will include additional variable consideration, which is based on achievement of certain financial parameters over the next 4 years. The strategic partner, MicroFuzzy, has over 20 plus years of proven engineering expertise on Powertrain systems and Drivetrain Electronics. This partnership gives KPIT access to around 150 plus specialized engineers.

KPIT Technologies consolidated net profit rose 2.05% to Rs 56.18 crore on 3.3% rise in net sales to Rs 829.47 crore in Q2 September 2016 over Q1 June 2016.

KPIT is a global technology company focused on providing technology solutions and expertise to automotive and transportation companies, government bodies, manufacturing, energy and utilities companies.

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MOIL gains after hiking manganese ore prices
Dec 01,2016

The announcement was made during trading hours today, 1 December 2016.

Meanwhile, the BSE Sensex was up 25.32 points, or 0.09%, to 26,678.13.

On BSE, so far 1.03 lakh shares were traded in the counter, compared with average daily volume of 84,229 shares in the past one quarter. The stock hit a high of Rs 394 so far during the day, which is also a 52-week high for the counter. The stock hit a low of Rs 379 so far during the day. The stock hit a record low of Rs 180.10 on 12 February 2016. The stock had outperformed the market over the past 30 days till 30 November 2016, rising 4.32% compared with the 4.39% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 50.51% as against Sensexs 6.23% decline.

The mid-cap company has equity capital of Rs 133.19 crore. Face value per share is Rs 10.

Prices of ferro grade ore have been hiked by 30%. Prices of SMGR grade and fines have been raised by 25% each and prices of chemical grade ore have been raised by 10%.

Price of elctrolyte manganese dioxide (EMD) has remain unchanged.

MOILs net profit declined 14.6% to Rs 41.47 crore on 32.1% rise in net sales to Rs 196.03 crore in Q2 September 2016 over Q2 September 2015.

MOIL produces and sells different grades of manganese ore. Government of India currently holds 75.58% stake in MOIL (as per the shareholding pattern as on 11 October 2016).

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MOIL revises prices of different grades of Manganese Ore
Dec 01,2016

MOIL has fixed/ revised prices of different grades of Manganese Ore, effective from 01 December 2016 as under -

1) The prices have been increased by 30% for all Ferro Grades of Ore.

2) The prices have been increased by 25% on all grades of SMGR (Mn 30%) and SMGR Low (Mn 25%).

3) The prices have been increased by 25% on all grades of Fines.

4) The prices have been increased by 10% on all chemical grades ore.

5) The existing price of Electrolytic Manganese Dioxide (EMD) has remained unchanged.

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Maruti Suzuki India announces sales figures
Dec 01,2016

Maruti Suzuki India sold a total of 135,550 unit in November 2016, recording a growth of 12.2% over the same period last fiscal. Total sales include domestic sale of 126,325 units and 9,225 units of exports. The company sold a total of 120,824 units in November 2015.

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Nikkei India Manufacturing PMI eases to 52.3 in November 2016
Dec 01,2016

The withdrawal of high-value banknotes in India reportedly hampered manufacturing growth in November, with companies signalling softer increases in order books, buying levels and output. Concurrently, inflation rates for both output charges and purchase costs eased since October.

November data highlighted an eleventh consecutive monthly improvement in manufacturing conditions across India, with the headline seasonally adjusted Nikkei India Manufacturing Purchasing Managers IndexTM (PMITM) registering 52.3. However, down from Octobers 22-month high of 54.4, the latest reading pointed to a modest upturn overall.

One factor contributing to the downward movement in the PMI was a softer expansion in new business inflows. Order books rose at a moderate pace that was the slowest since July. Panellists reported higher demand from domestic as well as external clients, but indicated that growth was hampered by the money crisis. The upturn in new export orders also lost some momentum in November.

Manufacturing production growth slowed amid reports of cash shortages. Softer increases in output were noted in each of the three monitored sectors, with consumer goods producers recording a sharp slowdown in growth.

Although firms continued to step up their quantities of purchases, the rate of expansion eased from Octobers 14-month high. Money issues was the main reason listed by respondents for the softer growth in input buying. By sector, the weakest performer on this front was consumer goods.

As has been observed for around two-and-a-half years, manufacturing employment was broadly unchanged during November. Meanwhile, outstanding business increased for the sixth month running. The rate of backlog depletion was, however, modest and the weakest since June.

There were divergences with regards to stock levels as falling inventories of finished goods contrasted with higher holdings of raw materials and semi-finished items. The drop in post-production stocks was mainly linked by respondents to a slower expansion of output, while the accumulation in stocks of purchases was associated with buying activity growth.

Higher prices paid for a range of raw materials resulted in a further overall increase in input costs. Although solid, the rate of inflation eased since October. November data indicated that less than 3% of firms passed rising cost burdens through to their clients, with 96% of companies reporting unchanged selling prices. Subsequently, the rate of charge inflation softened and was marginal.

Commenting on the Indian Manufacturing PMI survey data, Pollyanna De Lima, Economist at IHS Markit and author of the report, said:

n++PMI data for November showed that the sudden withdrawal of high-value banknotes in India caused problems for manufacturers, as cash shortages hampered growth of new work, buying activity and production.

n++However, whereas some may have anticipated an outright downturn, the sector held its ground and remained in expansion mode. Furthermore, although many surveyed companies commented that further disruption is expected in the near-term, the demonetization of the rupee is anticipated to ignite growth in the long-run as unregulated companies leave the market.

n++Of respite to firms, cost inflationary pressures softened, which in turn encouraged the vast majority of businesses to keep their selling prices unchanged. If this trend is sustained we will likely see further cuts to the benchmark rate.n++

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KPIT Technologies forms strategic partnership with German Automotive Engineering Services Company
Dec 01,2016

KPIT Technologies announced that it has completed agreement for a strategic partnership in a Germany headquartered Automotive Engineering Services Company, MicroFuzzy. The fixed consideration will be Euro 9.3 million. The total consideration will include variable consideration, which is based on achievement of certain financial parameters over the next 4 years.

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Cabinet approves the negotiating position adopted by the Government at the Meeting of Parties to the Montreal Protocol of the Vienna Convention
Dec 01,2016

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its ex-post facto approval to the negotiating position adopted by the Government of India at the recent Meeting of Parties (MoP) to the Montreal Protocol of the Vienna Convention for Protection of Ozone Layer that took place during 6-14 October, 2016, in Kigali, Rwanda.

The negotiations at Kigali were aimed at including Hydrofluoro Carbons (HFCs) in the list of chemicals under the Montreal Protocol with a view to regulate their production and consumption and phase them down over a period of time with financial assistance from the Multilateral Fund created under the Montreal Protocol. HFCs are not ozone depleting but global warming substance and if controlled, can contribute substantially to limiting the global temperature and advance actions for addressing climate change.

The Cabinet also approved the proposal of the Ministry of Environment, Forest and Climate Change to argue for adoption of an appropriate baseline years from out of 3 options within a range of 2024 to 2030 with freeze in a subsequent year. The Cabinet approved the flexibility of using any of the options within this range with a combination of the features of the proposed options in consultation with the Government. During negotiations held at Kigali India successfully negotiated the baseline years and freeze years which will allow sufficient room for the growth of the concerned sectors using refrigerants being manufactured domestically thus ensuring unhindered growth with least additional cost and maximum climate benefits.

It was agreed at Kigali that there would be two set of baselines or peak years for developing countries and India will have baseline years of 2024, 2025, 2026. This decision gives additional HCFC allowance of 65% that will be added to the Indian baseline consumption and production. The freeze year for India will be 2028, with a condition that there will be a technology review in 2024/2025 and, if the growth in the sectors using refrigerants is above certain agreed threshold, India can defer its freeze up to 2030. On the other hand, developed countries will reduce production and consumption of HFCs by 70% in 2029. As per the decisions taken in Kigali, India will complete its phase down in 4 steps from 2032 onwards with cumulative reduction of 10% in 2032, 20% in 2037, 30% in 2042 and 85% in 2047.

The Kigali amendments to the Montreal Protocol will also, for the first time, incentivise improvement in energy efficiency in case of use of new refrigerant and technology. Funding for R&D and servicing sector in developing countries has also been included in the agreed solutions on finance.

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Maruti Suzuki India gains after good sales in November
Dec 01,2016

The announcement was made during trading hours today, 1 December 2016.

Meanwhile, the BSE Sensex was up 35.15 points, or 0.13%, to 26,687.96.

On BSE, so far 55,000 shares were traded in the counter, compared with average daily volume of 65,570 shares in the past one quarter. The stock hit a high of Rs 5,308 and a low of Rs 5,205 so far during the day. The stock hit a record high of Rs 5,972 on 1 November 2016. The stock hit a 52-week low of Rs 3,202.10 on 29 February 2016. The stock had underperformed the market over the past 30 days till 30 November 2016, falling 10.46% compared with the 4.39% decline in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 4.06% as against Sensexs 6.23% decline.

The large-cap company has equity capital of Rs 151.04 crore. Face value per share is Rs 5.

Maruti Suzuki Indias (Maruti) domestic sales rose 14.2% to 1.26 lakh units in November 2016 over November 2015. Exports fell 9.8% to 9,225 units in November 2016 over November 2015.

Maruti Suzuki Indias net profit rose 60.2% to Rs 2398 crore on 29.5% growth in net sales to Rs 17594.60 crore in Q2 September 2016 over Q2 September 2015.

Maruti Suzuki India is Indias biggest car maker in terms of market share. Japanese parent Suzuki Motor Corporation currently holds 56.21% stake in Maruti (as per the shareholding pattern as on 30 September 2016).

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