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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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Moodys: Demonetization adds to short-term adjustment pressure on Indias non-bank finance companies, but will not derail their growing franchise
Mar 21,2017

Moodys Investors Service says that non-bank financial companies (NBFCs) in India (Baa3 positive) will demonstrate broadly stable asset quality, but delinquencies will likely rise over the next 1-2 quarters, as demonetization adversely affects collections across asset classes.

While the 90+days delinquency rate in the commercial vehicle (CV) loan segment largely stabilized in the first half of the fiscal year ending 31 March 2017, such delinquencies should build up in the near term due to the adverse impact of demonetization and tighter recognition norms for non-performing assets (NPAs), says Alka Anbarasu, a Moodys Vice President and Senior Analyst.

Moodys also notes that the growth in loans against property (LAP) has outpaced overall retail credit growth in recent years, but relatively loose underwriting practices -- combined with intensifying competition -- will translate into higher asset quality risk for this segment.

Furthermore, over the past 3 years, NBFCs have gained some market share in the origination of retail lending, on the back of the faster growth exhibited by such entities when compared to the banks.

This is particularly the case when compared to public sector banks, which face significant challenges on their asset quality and overall solvency profiles.

Nevertheless, we expect that competitive pressures from the banking sector will remain intense as banks are increasing targeting of the retail segment to offset weakness in their corporate lending. In addition, retail lending, particularly housing loans, is more capital efficient for the banks, adds Anbarasu.

And, while the NBFCs capitalization levels are adequate, with average Tier 1 ratios in excess of 14%, capital generation will lag credit growth. Access to external capital will therefore be key in sustaining the NBFCs growth momentum.

On funding, Moodys expects that the NBFCs funding profiles will broadly remain stable, and funding costs should moderate gradually, given the reduction in systemic rates.

In addition, the NBFCs profitability and capital, as well as funding and liquidity levels, will stay broadly stable. Moodys conclusion is despite the fact that n++ in line with the global trend n++ the funding and liquidity profiles of Indian NBFCs present key downside risks, particularly because of their dependence on confidence-sensitive market funding.

Moodys also says that the NBFCs will maintain well-matched asset-liability profiles n++ despite their weak funding profiles n++ a situation which will protect them against downside risks. However, adverse market events have exposed them to volatility in refinancing and remain a key credit challenge.

The NBFCs are growing at a fast pace, and have gained market share in the origination of retail credit. And, their share of LAP pose a potential source of risk, with such loans growing at a rapid compound annual growth rate of about 25% over the last four years compared to 17% for overall retail credit. Moodys says that the NBFCs exposure to potential risks from LAP is broadly offset by their share of stable mortgage loans, because favorable demographics and economics, tax incentives for home loans and an increasingly affordable housing segment support asset quality. Moodys expects that the loss given default for both home loans and LAP will be limited, in light of the underlying collateral.

The performance of individual NBFCs varies widely, even as the sector as a whole shows better performance when compared to the banks. In addition, within segments n++ such as for housing finance companies n++ variation is also widespread, reflecting the nature of portfolios, as well as the ability to manage costs.

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Marginal gains for bullions
Mar 21,2017

Bullion prices ended higher at Comex on Monday, 20 March 2017. Gold futures settled on Monday at their highest level in about 2n++ weeks, extending their post-Federal Reserve meeting gains to a third straight session, with the U.S. dollar losing ground against the euro as the U.K. prepared to leave the European Union.

April gold rose $3.80, or 0.3%, to settle at $1,234 an ounce n++the highest finish since March 1. Gold gained about 2.4% last week.

Silver for May delivery added 0.1% to $17.438 an ounce.

Gold on Friday recorded its strongest weekly climb since early February, following Wednesdays surprisingly dovish Fed stance on interest rates that depressed the dollar and lifted the yellow metal.

The Fed last week lifted benchmark interest rates by a quarter-point as was widely expected. But the central banks statement and forecasts for future rate increases were seen as less aggressive than had been anticipated.

A measure of the dollars strength, the ICE U.S. Dollar Index was up 0.1% on Monday, after touching its lowest level since early February. The greenback lost some ground against the euro as U.K. Prime Minister Theresa May will reportedly trigger the beginning of the countrys process of leaving the EU on March 29. Commodities priced in dollars often trade inversely with the dollar, as moves in the U.S. unit can influence the attractiveness of those commodities to holders of other currencies.

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ITC allots 73,70,460 Ordinary Shares
Mar 21,2017

ITC has issued and allotted 73,70,460 Ordinary Shares of Re. 1/- each, upon exercise of 7,37,046 Options by Optionees under the Companys Employee Stock Option Schemes. Consequently, with effect from 20 March 2017, the Issued and Subscribed Share Capital of the Company stands increased to Rs. 1214,73,83,071/- divided into 1214,73,83,071 Ordinary Shares of Re. 1/- each.

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Aarey Drugs & Pharmaceuticals allots 5.05 lakh equity shares
Mar 21,2017

Aarey Drugs & Pharmaceuticals has allotted 5.05 lakh equity shares of Rs 10 each at a prices of Rs 52 per equity share (including a premium of Rs 42 per share) on preferential basis.

Consequently, the paid up equity share capital has increased to Rs 18.08 crore.

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Inland Water Transport to Reduce Overall Logistics Cost
Mar 21,2017

Inland Water Transport (IWT) mode is widely recognized as an environment friendly and cost effective mode of transport.  As per RITES Report of 2014 on Integrated National Waterways Transportation Grid (INWTG), one litre of fuel moves 24 tonne - km on road, 95 tonne-km on rail and 215 tonne-km on IWT.  The comparative inter modal costs are given below:-


Pre tax freight

(Rs. per tonne Km)

Post Service tax freight

(Rs. per tonne km)







The significant cost saving shows that the promotion of Inland Water Transport (IWT) is expected to have a positive impact on reduction in overall logistics cost.  However, as compared to roads and railways, development of transportation on national waterways is still in infancy stage. 

The Three National Waterways (NWs) viz. Ganga-BhagirathiGôHooghly river system (NW-1), River Brahmaputra (NW-2) and West Coast Canal (NW-3) have been developed with targeted depth, fixed and floating terminals with mechanized facilities for cargo loading, unloading and Navigational Aids.  Vessels are plying on these waterways.

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Board of HCL Technologies allots 1,55,63,430 equity shares
Mar 21,2017

With reference to the composite scheme of arrangement and amalgamation (Scheme) amongst Geometric, HCL Technologies and 3DPLM Software Solutions, HCL Technologies announced that the Board of Directors at their meeting held on 20 March 2017 has allotted 1,55,63,430 equity shares of face value Rs.2/- each, fully paid-up to the equity shareholders of the Geometric. In terms of the Scheme, the shareholders of Geometric have been allotted 10 equity shares of face value of Rs. 2/- of the Company for every 43 equity shares of face value of Rs.2/- each held by them in Geometric as on the Record date of 15 March 2017.

Consequent to the said allotment the paid-up share capital of the Company has gone up to 142,67,83,424 equity shares of face value of Rs.2/- each aggregating to Rs. 285,35,66,848/-

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NLC India spurts after board approves liberal interim dividend
Mar 21,2017

The announcement was made after market hours yesterday, 20 March 2017.

Meanwhile, the S&P BSE Sensex was down 67.20 points, or 0.23% to 29,451.54.

On the BSE, 1.93 lakh shares were traded in the counter so far, compared with average daily volumes of 47,046 shares in the past one quarter. The stock had hit a high of Rs 106.85 so far during the day, which is also a 52-week high for the counter. The stock had hit a low of Rs 102.05 so far during the day. The stock hit a 52-week low of Rs 66.10 on 22 March 2016.

The stock had outperformed the market over the past one month till 20 March 2017, rising 4.13% compared with 3.69% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 28.97% as against Sensexs 12.20% rise.

The large-cap company has equity capital of Rs 1677.71 crore. Face value per share is Rs 10.

The interim dividend will be paid to shareholders on or before 31 March 2017, NLC India said in a statement.

The NLC India stock offers a dividend yield of 7.56% based on the closing price of Rs 97.05 yesterday, 20 March 2017.

NLC Indias net profit surged 1778.04% to Rs 336.17 crore on 50.58% rise in net sales to Rs 1892.47 crore in Q3 December 2016 over Q3 December 2015.

NLC India operates lignite mines, pithead thermal power stations and also has operations in renewable energy sector.

As per the shareholding pattern as on 31 December 2016, the Government of India held 90% stake in the company.

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Idea Cellular extends slide
Mar 21,2017

Meanwhile, the S&P Sensex was down 65.30 points or 0.22% at 29,453.44.

On the BSE, 44.47 lakh shares were traded on the counter so far as against the average daily volumes of 53.35 lakh shares in the past one quarter. The stock had hit a high of Rs 98.95 and a low of Rs 90.15 so far during the day.

The stock had hit a 52-week high of Rs 128.05 on 28 April 2016 and a 52-week low of Rs 66 on 9 November 2016. The stock had underperformed the market over the past one month till 20 March 2017, sliding 10.21% compared with the Sensexs 2.99% rise. The scrip had, however, outperformed the market over the past one quarter, rising 33.24% as against the Sensexs 12.2% rise.

The large-cap company has equity capital of Rs 3603.50 crore. Face value per share is Rs 10.

Shares of Idea Cellular have fallen 19.56% in three trading sessions from its closing of Rs 112.95 on 16 March 2017. The decline in the stock accentuated yesterday, 20 March 2017 as the stock settled 9.55% lower at Rs 97.60 after the company during market hours on that day announced details of its proposed merger with Vodafone India (VIL).

The board of directors of Idea Cellular at its meeting held yesterday, 20 March 2017, approved the scheme of amalgamation of VIL and its wholly owned subsidiary Vodafone Mobile Services (VMSL) with the company subject to receipt of necessary approvals.

Upon the amalgamation becoming effective, the entire business of VIL and VMSL (excluding VILs investment in Indus Towers, its international network assets and information technology platforms) will vest in Idea Cellular. The agreement contemplates the completion of the proposed amalgamation within a period of 24 months.

Vodafone will own 45.1% of the combined company after transferring a stake of approximately 4.9% to the promoters of Idea/their affiliates (together promoters of Idea) for Rs 3874 crore in cash concurrent with the completion of the amalgamation. The promoters of Idea will hold 26% of the company and the balance will be held by the public.

Idea Cellular believes that the proposed amalgamation will result in creation of largest Indian telecom operator with widest mobile network in the country and pan India 3G/4G footprint.

On consolidated basis, Idea Cellular reported a net loss of Rs 383.88 crore in Q3 December 2016 compared with net profit of Rs 659.36 crore in Q3 December 2015. Net sales declined 3.7% to Rs 8660.74 crore in Q3 December 2016 over Q3 December 2015.

Idea Cellular is one of the leading telecom operators in India.

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Board of Kwality Pharmaceuticals appoints directors
Mar 21,2017

Kwality Pharmaceuticals announced that the Board of Directors of the Company at their meeting held on 20 March 2017 has appointed Janibhasha Shaik as an Additional Independent Director of the Company.

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Advance Syntex wins SKOCH Achiever Award 2017
Mar 21,2017

Advance Syntex has been awarded SKOCH ORDER-OF-MERIT for qualifying amongst Top-100 SMEs in India.

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Moodys: Mild Growth for Global Oilfield Services and Drilling Sector on Increased Oil Prices, Upstream Spending
Mar 21,2017

Moodys Investors Services has revised its outlook to stable from negative for the formerly beleaguered global oilfield services and drilling sector, with 2017 EBITDA anticipated to grow between 6-8% after two years of extreme stress and declining earnings. The revised outlook comes as oil prices and upstream spending show continued signs of recovery, buoyed by expected improvements in OFS operating margins from very depressed levels and an expansion of upstream drilling budgets -- a sign of increasing optimism on the part of upstream companies.

While OFS companies will remain stressed in regions with high production costs and excess service capacity, the broader operating environment will become less dreadful as higher energy prices keep spurring US rig activity and stabilizing international markets, says Sajjad Alam, a Moodys Vice President.

Even so, Moodys analysts caution that not all OFS segments and markets will stabilize or recover uniformly, with certain businesses and markets expected to suffer further erosion of revenue and EBITDA. Oilfield activities are expected to accelerate in US and Canadian markets and stabilize in most onshore international markets, but will continue to decline offshore during 2017. For its part, onshore equipment utilization is showing positive signs of recovery, and analysts expect OFS companies to regain some pricing power as soon as the second half of 2017n++particularly in the US, where equipment oversupply is easing. Nevertheless, in a reflection of the OFS recoverys unevenness, in deepwater and ultra-deepwater markets, reduced investments and project deferrals are likely to persist at least through mid-2018.

Given their scale, number of high quality assets, varied product offerings and broad geographic footprint, large and diversified companies are expected to disproportionately capture most of the incremental margins and will likely expand their market share during the industrys recovery, Moodys says. The five largest Moodys-rated OFS issuers, all showed top-line growth in fourth quarter 2016, after experiencing steep revenue losses for seven consecutive quarters.

But for smaller, specialized and regionally focused OFS companies, tough business conditions will persist in 2017, offering limited operating and financial flexibility. As of March 2017, more than half of Moodys-rated OFS companies have very weak credit quality, with a rating of Caa1 or lower. And while many of these same companies will try to amend loan covenants, restructure debt or seek protection from bankruptcy courts to stay afloat, Moodys says a slow or tepid recovery which makes it harder to repair the balance sheet quickly enough to avoid default may challenge these firms ultimate survival prospects.

Moodys outlook for a sector reflects the rating agencys expectations for the fundamental business conditions in the industry over the next 12 to 18 months. Moodys would change the global OFS outlook to positive should the sectors EBITDA growth accelerate faster than 10% annualized over the next 12-18 months, based on a quicker recovery in OFS pricing and margins than expected. Conversely, the outlook would be revised to negative on expected softer drilling and completion activity and a further lapse in OFS pricing power that would cut EBITDA by 10% or more.

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Board of Jammu and Kashmir Bank approves preferential issue of shares to Govt. of J&K
Mar 21,2017

Jammu and Kashmir Bank announced that the Board of Directors of the Bank at its meeting held on 20 March 2017 has approved preferential allotment of 3,65,55,051 equity shares of Rs. 1/- each fully paid up of the Bank for cash to the Government of Jammu and Kashmir, Promoter and majority shareholder of the Bank at the issue price of Rs. 68.39 per Equity Share (including premium of Rs. 67.39 per Equity Share) aggregating to Rs. 249.99 crore.

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Outcome of board meeting of India Home Loan
Mar 21,2017

India Home Loan announced that the Board of Directors of the Company at their meeting held on 20 March 2017 transacted the following -

1. Granted approval to the Company to borrow money as per section 179 (3) (d) & section 180(1)( c) of the Act.
2. Recommended & approved increase in the managerial remuneration of Mahesh Pujara,MD, as per section 197 read with schedule V of the Act.
3. Recommended & approved increase in the managerial remuneration of Mitesh Pujara,WTD, as per section 197 read with schedule V of the Act.
4. Approved the record date & Notice for postal ballot for approving item no. 1,2 & 3 above.
5. Appointed Ulhas Shetty, of M/s. Ulhas Shetty & Co., Company Secretaries, as Scrutinizer for conducting the Postal Ballot procedure.
6. Took note of prepayment of term loan & authorised Director to file e-form with ROC, Mumbai.
7. Apprised w.r.t the business & operational matters.
8. Approved the Company to invest funds of the Company as per Section 179(3)(e) of the Act.

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Alexander Stamps And Coin to hold EGM
Mar 21,2017

Alexander Stamps And Coin announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 24 April 2017 .

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Bhartiya Mahila Bank to merge with State Bank of India
Mar 21,2017

State Bank of India announced that the Government of India has decided to merge Bhartiya Mahila Bank with State Bank of India.

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