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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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Hindustan Zinc may gain after boards nod for special interim dividend
Mar 23,2017

Hindustan Zinc said its board of directors at a meeting held on Wednesday, 22 March 2017, approved special interim dividend of Rs 27.50 per share for the year ending 31 March 2017 (FY 2017). The record date for the payment of interim dividend is 30 March 2017. The announcement was made after market hours yesterday, 22 March 2017.

State Bank of India (SBI) announced that it has made payment of Rs 219.93 crore (principal amount plus interest) on 22 March 2017, to the eligible bondholders of under Upper Tier-II subordinated bonds issued on 22 March 2007, by the erstwhile State Bank of Indore since merged with SBI. The announcement was made after market hours yesterday, 22 March 2017.

IndusInd Bank announced that the finance committee of the board yesterday, 22 March 2017, allotted debentures for cash aggregating to Rs 1000 crore on Private Placement basis towards non-equity regulatory Additional Tier 1 Capital (AT1 Bonds). The bonds will be listed on the wholesale debt market (WDM) segment of National Stock Exchange of India (NSE). The announcement was made after market hours yesterday, 22 March 2017.

Axis Bank announced that its board passed a resolution approving the allotment of 1 year senior fixed rate notes aggregating to $16.2 million under the MTN Programme through its Dubai International Financial Centre (DIFC) branch. The announcement was made after market hours yesterday, 22 March 2017.

Menon Bearings announced that the company has transferred its entire stake held in Flyga Auto, a wholly owned subsidiary and hence ceases to be subsidiary of the company from 22 March 2017. The announcement was made after market hours yesterday, 22 March 2017.

Flyga Auto was incorporated on 30 September 2016 and is yet to commence commercial operations. The consideration received from sale in Rs 3.67 crore. The shares are transferred to promoters and promoter group members, namely, Nitin Menon, Sucheta Menon, Aditya Menon and Anshul Menon.

HIL said that the company is holding 33% stake in Supercor Industries, Nigeria as a joint venture between the company and other shareholders including State Government of Bauchi. The JV is under losses since 2014 and facing cash crisis and could not meet their routine obligation of paying salaries/wages and other payments and is under winding up proceedings under the Courts of Nigeria. In view of the above mentioned reasons, company is unable to consolidate the financial statements of its overseas joint venture with the financial statements of company. The announcement was made after market hours yesterday, 22 March 2017.

Hindustan Composites announced that a meeting of the board of directors of the company is scheduled to be held on 10 April 2017, to consider further issue of shares by way of bonus shares, to consider the sub division of face value of equity shares of the company and to consider seeking approval of the shareholders of the company through postal ballot process for the same. The announcement was made after market hours yesterday, 22 March 2017.

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Indias fuel product consumption slips 2.8% in February 2017
Mar 22,2017

Indias fuel product consumption or sales declined 2.8% to 15.89 mt in February 2017 over a year ago. Diesel sales dipped 3.9% to 6.16 mt, while kerosene sales fell 33.8% to 0.37 mt and bitumen 13.9% to 0.55 mt. Consumption of fuel oil also dipped 10.4% to 0.54 mt, petcoke 2.1% to 2.01 mt, and lubes/greases 12.9% to 0.29 mt. However, the consumption of light diesel oil (LDO) moved up 7.1% to 0.03 mt, others 1.8% to 0.54 mt, and naphtha 4.3% to 1.12 mt. Further, the consumption of Aviation Turbine Fuel (ATF) improved 9.7% to 0.58 mt, petrol 3.1% to 1.90 mt, and LPG 3.5% to 1.81 mt in February 2017.

Consumption or sales of fuel product increased 6.0% to 177.24 mt in April-February 2017 over April-February 2016. Sales of petcoke increased 25.7%, LPG 10.7%, petrol 9.4%, and diesel 2.0%. Consumption of fuel oil also moved up 13.2%, ATF 12.2%, naphtha 1.4% and others 2.0%. Further, the consumption of LDO inched up 15.4% and bitumen 0.6%, but declined for lubes/greases 2.4% and kerosene 20.4% in April-February 2017.

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Indias natural gas production falls 1.7% in February 2017
Mar 22,2017

Indias natural gas production declined 1.7% to 2.52 billion cubic meters (bcm) in February 2017 over a year ago. Natural gas output of ONGC jumped 2.4% to 1.77 bcm, but that of private and JV companies dipped 14.8% to 0.52 bcm. Meanwhile, the natural gas production of Oil India moved up 3.1% to 0.23 bcm in February 2017. Natural gas output declined 1.9% to 29.15 bcm in April-February 2017 over April-February 2016.

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Indias crude oil refinery output declines 2.3% in February 2017
Mar 22,2017

Indias crude oil refinery output declined 2.3% to 18.71 mt in February 2017 over February 2016. The output of public sector refineries fell 3.7% to 10.17 mt, while the output of private refineries dipped 3.1% to 7.26 mt. However, the refinery output of public-private JV refiners moved up 17.0% to 1.28 mt in February 2017.

Among public refineries, the output of Chennai Petroleum Corporation dipped 49.4% to 0.44 mt, while the output of Mangalore Refineries plunged 5.7% to 1.19 mt, and Hindustan Petroleum Corporation 1.8% to 1.38 mt in February 2017 over February 2016. However, the output of Numaligarh Refineries moved up 1.9% to 0.21 mt, Indian Oil Corporation 1.9% to 4.99 mt and Bharat Petroleum Corporation 2.0% to 1.95 mt in February 2017.

Among private refiners, the output of Reliance Petroleum declined 4.1% to 5.71 mt, while that of Essar Oil rose 0.7% to 1.55 mt in February 2017 over February 2016. Among JV refineries, the output of Bharat Oman fell 3.8% to 0.46 mt, while the output of HPCL Mittal moved up 33.3% to 0.82 mt in February 2016.

The cumulative refinery output increased 5.2% to 217.57 mt in April-February 2017. The output of public refineries increased 8.3% to 117.54 mt, while that of private refineries moved up 2.0% to 85.57 mt. The refinery output of JV refineries rose 0.5% to 14.46 mt in April-February 2017. Among public refineries, the output of Indian Oil Corporation improved 10.9%, Bharat Petroleum Corporation 7.3%, Hindustan Petroleum Corporation 3.7%, Chennai Petroleum Corporation 9.3%, Numaligarh Refineries 7.3% and Mangalore Refineries 4.3%.

The overall capacity utilization was lower at 107.9% in February 2017 compared with 114.5% in February 2016, while it was also lower at 106.4% in April-February 2017 compared with 107.4% in April-February 2016.

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Indias crude oil production declines 3.4% in February 2017
Mar 22,2017

Indias crude oil production declined 3.4% to 2.80 million tonnes (mt) in February 2017 over February 2016. Crude oil output of ONGC dipped 2.2% to 1.74 mt in February 2017. ONGCs offshore output declined 2.4% to 1.28 mt, while onshore production also fell 1.6% to 0.46 mt. The crude oil output of Oil India improved 5.7% to 0.26 mt, but that of private and joint venture (JV) companies dipped 8.5% to 0.80 mt in February 2017.

Crude oil output fell 2.8% to 32.92 mt in April-December period of the fiscal year ending March 2017 (April-February 2017), in addition to 1.0% fall recorded in the corresponding period of last year. Output of ONGC eased 1.0% to 20.29 mt, while that of Oil India rose 0.3% to 2.96 mt and private companies fell 7.3% to 9.67 mt in April-February 2017 over April-February 2016.

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Religare Enterprises announces change in CEO
Mar 22,2017

Religare Enterprises announced that Nalin Nayyar has stepped down as Interim CEO with effect from 22 March 2017. Further, Maninder Singh who was appointed as Chief Business Officer of the Company and currently looking after the business and corporate affairs of Religare Group has been elevated as Group CEO of the Company with effect from 22 March 2017. He has also been designated as a Key Managerial Personnel under the Companies Act, 2013

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Axis Bank raises Senior Notes in International Market
Mar 22,2017

Axis Bank announced that the Board of Directors of the Bank has passed a resolution approving the allotment of 1 year Senior Fixed Rate Notes aggregating to USD 16,200,000 (USD Sixteen Million two hundred thousand only), under the MTN Programme through its Dubai International Financial Centre (DIFC) branch.

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Dilip Buildcon provides update on Tuljapur - Ausa Road Project
Mar 22,2017

Dilip Buildcon has signed an MOU with Shrem Infraventure (the Investor) who will invest 49% of the Equity Share Capital in the SPV to be incorporated for the Tuljapur - Ausa Road Project and that the company will hold the remaining 51% stake in said SPV. Further, on completion of two years from the Commercial Operation date of the project, the investor will acquire 100% stake of the SPV i.e. 51% stake held by Dilip Buildcon will also be acquired by the Investor and the Company will hand over the project to the Investor for operation.

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JM Financial allots 7,75,326 equity shares
Mar 22,2017

JM Financial has allotted 7,75,326 equity shares of the face value of Re.1/- (Rupee One Only) each under ESOP schemes. Subsequent to the allotment of equity shares as above, the paid-up equity share capital of the Company is Rs.79,45,25,114/- representing 79,45,25,114 equity shares of the face value of Re. l/- each.

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Hindustan Zinc fixes record date for special interim dividend
Mar 22,2017

Hindustan Zinc has fixed 30 March 2017 as record date for special interim dividend for FY 2017.

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India and ADB signs US$ 350 million loan for developing district roads in Madhya Pradesh
Mar 22,2017

The Asian Development Bank (ADB) and the Government of India have signed a US$ 350 million loan agreement for improving about 1500 kilometers of major district roads in Madhya Pradesh in line with the States Road Development Plan.

The project would complement the efforts of Government of Madhya Pradesh to bring about seamless road connectivity across the State by linking State Highways and Rural roads through District roads. It would provide an easier access to basic services and markets to people.

The Project will involve upgrading roads with concrete pavements, strengthening culverts and bridges, and maintaining the improved road assets for a period of five years after construction, on a performance based payment format. The Project will also develop and introduce a cashless accident victim treatment facility in the state, and improve the accident response system.

Madhya Pradesh is the second-largest State in the country, with an area of about 308,000 square kilometers and a population of about 73 million. Agriculture still underpins the States economy and about 70% of the people live in rural areas.

The State has also been undertaking a number of development initiatives to boost industrial activity, such as the Pithampur-Dhar-Mhow Region as a key node on the Delhi-Mumbai Industrial Corridor, as well as many industrial areas and industrial growth centers. Because industrial development and agricultural production are dispersed, the road network is a vital element of the economic infrastructure.

Along with ADBs loan, the Government of Madhya Pradesh will provide counterpart support of $150 million. The project will run for almost four years with an expected completion date of March 2021.

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Petron Engineering Construction receives LoI for contract worth Rs 21 crore
Mar 22,2017

Petron Engineering Construction has received Letter of Intent from Shree Cement, Beawar, Rajasthan for Civil Work at their Cement Plant at Gulbarga, Karnataka for total contract Value of Rs. 21.00 crore (approx.)

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Vaibhav Global wins two awards
Mar 22,2017

Vaibhav Global has been adjudged rank first at the India Gem & Jewellery Awards 2016 in the Silver Jewellery and Highest CSR categories for the financial year 2015-16 by the Gem & Jewellery Export Promotion Council (GJEPC).

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3i Infotech allots 2,14,76,000 preference shares to SREI Equipment Finance
Mar 22,2017

3i Infotech has allotted 2,14,76,000 (Two Crore Fourteen Lakh Seventy Six Thousand) 0.10% Cumulative Non-Convertible Redeemable Preference Shares of face value Rs. 5/- each at par (Class B Preference Shares) on a preferential basis to SREI Equipment Finance upon their accession to the Supplemental Master Restructuring Agreement on 02 March 2017 under Debt Realignment Scheme.

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Just Dial gets NCLT approval for scheme of arrangement
Mar 22,2017

Just Dial announced that the National Company Law Tribunal, Mumbai Bench has approved the Scheme of Arrangement between Just Dial (Company) and Just Dial Global and their respective shareholders and creditors (Scheme) on 22 March 2017. The Company is awaiting the receipt of the certified copy of the order from the National Company Law Tribunal, Mumbai Bench. The Scheme will come into effect upon filling certified true copy of order with the Registrar of Companies at Mumbai, Maharashtra.

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