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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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Eastern Gases to allot convertible warrants
May 17,2017

The Allotment Committee of Eastern Gases in their meeting held on 17 May 2017 has considered and approved the Preferential Allotment of 2,00,000 Fully Convertible Warrants (Warrants), convertible into equivalent number of Equity shares of Rs. 10/-, at an Issue Price of Rs. 58/- each to the following person belonging to promoter group and non- promoter group.

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Outcome of board meeting of JSW Steel
May 17,2017

The Board of Directors of JSW Steel has approved raising of long term funds through issue of non-convertible foreign currency/ rupee denominated senior unsecured fixed rate bonds upto USD 1 billion in one or more tranches in international markets. The Board also approved the raising of additional long term funds to meet approved capital expenditure and/or for general corporate purposes, an amount not exceeding Rs 10,000 crore in the aggregate, by a combination of rupee term loan / non-convertible debentures / ECA/ ECB.

The Board has approved the appointed of P Hemalatha in place of Naveen Raj Singh, as Nominee Director of Karnataka State Industrial and Infrastructure Development Corporation. The board also approved appointment of Hiroyuki Ogawa in place of Hiromu Oka as Nominee Director of JFE Steel Corporation, Japan.

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Rupee retreats
May 17,2017

Rupee closed lower at 64.25/2525 per dollar on Wednesday (17 May 2017), versus its previous close of 64.1750/1775 per dollar.

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Cabinet approves Restructuring plan for Hindustan Organic Chemicals
May 17,2017

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, has approved a restructuring plan for Hindustan Organic Chemicals (HOCL), a loss making and sick Central Public Sector Enterprise (CPSE) under the Department of Chemicals & Petrochemicals. The company, having units at Rasayani (Maharashtra) and Kochi (Kerala), has been making continuous cash losses since 2011-12 resulting in acute shortage of working capital. Most of its plants have remained shut down during the last few years. It could not pay regular salary and statutory dues to the employees since February, 2015.

Restructuring:

The restructuring plan involves closing down the operations of all the non-viable plants at Rasayani unit of HOCL except Di-Nitrogen Tetroxide (N2O4) plant which is to be transferred to ISRO on as is where is basis, with about 20 acres of land and employees associated with the plant. The N2O4 plant is of strategic importance as it is the only indigenous source of N2O4 which is used as liquid rocket propellant by ISRO in the space launch vehicles.

Financial implications:

Financial implications of the plan is Rs. 1008.67 crore (cash) which is to be met partly from sale of 442 acres HOCL land at Rasayani to Bharat Petroleum Corporation Ltd. (Rs.618.80 crore) and the balance (Rs.365.26 crore) through bridge loan from the Govt. The funds will be used to liquidate the various liabilities of the company, including payment of outstanding salary and statutory dues of employees and repayment of Govt. guaranteed bonds of Rs.250 crore due for redemption in Aug.-Sept. 2017. The bridge loan amount, along with other Govt. liabilities of the company, is proposed to be repaid to the Govt. from the disposal of remaining unencumbered land and other assets of Rasayani unit.

Impact:

Implementation of the restructuring plan will enable HOCL to close down the operations of non - viable plants at Rasayani unit while transferring the strategically important N2O4 plant to ISRO to ensure continuity of manufacture and supply of N2O4 for ISROs space programme. Interest and welfare of employees will be addressed by payment of all their outstanding salary dues. Disposal of land assets, initially through sale of 442 acres to BPCL and subsequently of the remaining unencumbered land, will unlock the land assets for being redeployed for economically productive investments and thereby creating new employment generation opportunities.

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Asia Pacific Market: Stocks fall on Trump accusations
May 17,2017

Asia Pacific share market closed down on Wednesday, 17 May 2017, as uncertainty mounted over US President Donald Trumps future following reports that he tried to interfere with a federal investigation.

Skepticism about the Trump administration grew after a news report that he disclosed highly classified intelligence related to the Islamic State militant group to Russian Foreign Minister Sergei Lavrov in their meeting at the White House last week. Trump also came under fire following a media report that he held a meeting in February with then Federal Bureau of Investigation Director James Comey and asked him to end the FBIs investigation into shady ties between former national security adviser Michael Flynn and Russia.

Among Asian bourses

Australia Stocks fall to 7-week low

Australian equity market closed session at seven week low, as disappointing wage growth and consumer confidence data hurt sentiment. Most of the ASX sectors declined with financial issue being major loser. The S&P/ASX 200 index slipped 1.1%, or 64.518 points, to 5,786 at the close of trade, to its lowest settlement since 27 March 2017.

Financial stocks accounted for more than half of Wednesdays losses with the Big Four banks leading decliners in the benchmark. Moodys Investors Service weighed in on the four biggest banks, warning that measures introduced in Canberras budget could further pressure earnings growth already set to moderate due to low interest rates and competition. The banks have been under pressure for several weeks, following lackluster earnings reports and then a surprise tax on liabilities proposed in the budget. Commonwealth Bank of Australia lost 2%, Westpac Banking was 2.3% weaker, Australia & New Zealand Banking lost 1.3% and National Australia Bank was 2.1% lower. Investment bank and asset manager Macquarie dropped by 1.3%.

Energy stocks also weakened, as crude oil retreated amid concerns that U.S. production was undercutting efforts by major producing nations to curtail output. Woodside Petroleum slipped 0.2%, Oil Search fell 0.3% and Santos declined 2.5%.

Resource stocks were the only part of the Australia market in positive territory, buoyed by a rally in Chinese iron-ore futures. Diversified miners BHP Billiton and Rio Tinto rose 0.2% and 2.2%, respectively, and Fortescue Metals Group gained 4.2%. The three are among the worlds largest producers of iron ore.

Japan Stocks fall on firm yen

The Japan share market finished lower, as risk sentiments weighed down by the yens ascent against the dollar. Meanwhile selloff pressure intensified on growing uncertainty over the policy management of U.S. President Donald Trump after news reports that he has leaked to Russia highly classified information related to the Islamic State militant group. The 225-issue Nikkei average shed 104.94 points, or 0.53%, to finish at 19,814.88. The Topix index of all first-section issues closed down 8.41 points, or 0.53%, at 1,575.82. Falling issues far outnumbered rising ones 1,287 to 630 in the TSEs first section, while 98 issues were unchanged. Volume fell to 1.96 billion shares from Tuesdays 2.17 billion shares.

Financial institutions, including mega-bank groups Mitsubishi UFJ, Mizuho and Sumitomo Mitsui, insurer Dai-ichi Life and brokerage firm Nomura met with selling, reflecting overnight falls of their U.S. peers in New York and lower U.S. long-term interest rates.

The higher yen pushed down export-oriented names, such as automakers Toyota, Honda and Subaru, electronics manufacturer Panasonic and electronics parts producer Murata Manufacturing. A stronger yen is bad for Japanese shares as it hurts the profitability of the countrys major exporters. The dollar weakened to 112.31 yen, from 113.15 yen in New York.

Oil companies Idemitsu, Cosmo Energy Holdings and Showa Shell suffered sharp drops due to weaker crude oil prices.

By contrast, game-maker Nintendo, mobile phone carrier SoftBank Group and drugmaker Takeda gained ground. Toshiba ticked up 0.13 per cent after diving more than 12 per cent in the previous session in response to warnings that it likely lost more than US$8.4 billion in the past fiscal year.

China Stocks break 4-day winning streak, regulatory concerns linger

The Mainland China equity market closed higher down for the first time in five straight sessions, as investors opted to book gain off the table amid lingering concerns over tighter regulation and economic growth despite recent soothing regulatory comments. Most sectors lost ground, led by defensive consumer and healthcare stocks, as investors took profits from the recent rally. The blue-chip CSI300 index fell 0.5%, to 3,409.97 points, while the Shanghai Composite Index lost 0.3% to 3,104.44 points.

Chinese stocks had declined for five weeks in a row amid concerns that Beijings stepped-up efforts to reduce leverage in the financial system would trigger liquidity stress and damage the economy. But the market rebounded in the past sessions after Beijing moved to ease investor concerns through generous cash injections in the interbank market and market-friendly comments.

Hong Kong Stocks fall 0.2%

The Hong Kong stock market finished session down, as anxiety over the fallout from the U.S. Presidents reported interference in a federal investigation weighed on risk assets. However, losses were limited, aided by steady flows of money from mainland China. The Hang Seng index fell 0.2 per cent, to 25,293.63, while the China Enterprises Index lost 0.5 per cent, to 10,383.14 points.

Shares of the Peoples Insurance Group Of China hit a near two-month high after it unveiled plans to list in Shanghai. But shares of Shanghai Fosun Pharmaceutical Group Co Ltd slumped roughly 6 per cent after the drugmaker announced plans to offer additional shares at a discount to the market price.

Cathay Pacific (00293) jumped 4.9% to HK$11.1 making itself the best blue-chip winner. The local carrier held its AGM this morning, with management saying that the worst is behind now. It also plans job cut, which triggered share price spike of 6.6% at one stage.

MTRC (00066) gained 2.3% to HK$49.1 after its Chairman Frederick Ma said the company is interested in bidding, along with China Railway, the 350-km high-speed railway connecting Singapore and Malaysia, which is part of the Road and Belt Initiative projects.

CLP (00002) and Link REIT (00823) hit all-time highs of HK$84.45 and HK$59.4. But CLP closed down 0.2% to HK$84. Link REIT gained 1.6% to HK$59.15.

Meitu (01357) plunged 9% to HK$9.8 after Morgan Stanley Capital International (MSCI) withdrew its previous decision of adding the stock into its MSCI China All Shares Index.

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Swadeshi Polytex to hold board meeting
May 17,2017

Swadeshi Polytex will hold a meeting of the Board of Directors of the Company on 25 May 2017.

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Hong Kong Stocks fall 0.2%
May 17,2017

The Hong Kong stock market finished session down on Wednesday, 17 May 2017, as anxiety over the fallout from the U.S. Presidents reported interference in a federal investigation weighed on risk assets. However, losses were limited, aided by steady flows of money from mainland China. The Hang Seng index fell 0.2 per cent, to 25,293.63, while the China Enterprises Index lost 0.5 per cent, to 10,383.14 points.

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China Stocks break 4-day winning streak, regulatory concerns linger
May 17,2017

The Mainland China equity market closed higher down for the first time in five straight sessions on Wednesday, 17 May 2017, as investors opted to book gain off the table amid lingering concerns over tighter regulation and economic growth despite recent soothing regulatory comments. Most sectors lost ground, led by defensive consumer and healthcare stocks, as investors took profits from the recent rally. The blue-chip CSI300 index fell 0.5%, to 3,409.97 points, while the Shanghai Composite Index lost 0.3% to 3,104.44 points.

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Australia Stocks fall to 7-week low
May 17,2017

Australian equity market closed session at seven week low on Wednesday, 17 May 2017, as disappointing wage growth and consumer confidence data hurt sentiment. Most of the ASX sectors declined with financial issue being major loser. The S&P/ASX 200 index slipped 1.1%, or 64.518 points, to 5,786 at the close of trade, to its lowest settlement since 27 March 2017.

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Japan Stocks fall on firm yen, Trump accusations
May 17,2017

The Japan share market finished lower on Wednesday, 17 May 2017, as risk sentiments weighed down by the yens ascent against the dollar. Meanwhile selloff pressure intensified on growing uncertainty over the policy management of U.S. President Donald Trump after news reports that he has leaked to Russia highly classified information related to the Islamic State militant group. The 225-issue Nikkei average shed 104.94 points, or 0.53%, to finish at 19,814.88. The Topix index of all first-section issues closed down 8.41 points, or 0.53%, at 1,575.82. Falling issues far outnumbered rising ones 1,287 to 630 in the TSEs first section, while 98 issues were unchanged. Volume fell to 1.96 billion shares from Tuesdays 2.17 billion shares.

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Infra Industries to hold board meeting
May 17,2017

Infra Industries will hold a meeting of the Board of Directors of the Company on 29 May 2017, to consider and approve the Audited Financial Results along with the Auditors Report and Statement of Assets & Liabilities along with other routine business.

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Bajaj Global to hold board meeting
May 17,2017

Bajaj Global will hold a meeting of the Board of Directors of the Company on 25 May 2017, to consider and approve the Audited Financial Results for the Fourth Quarter and Year ended as on 31st March, 2017 and also to consider and approve the Shifting of the Registered Office of the Company within the local limits of the city.

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Cabinet approves construction of 10 units of Indias indigenous Pressurized Heavy Water Reactors (PHWR)
May 17,2017

In a significant decision to fast-track Indias domestic nuclear power programme, and give a push to countrys nuclear industry, the Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for construction of 10 units of Indias indigenous Pressurized Heavy Water Reactors (PHWR). The total installed capacity of the Plants will be 7000 MW. The 10 PHWR project will result in a significant augmentation of nuclear power generation capacity.

India has current installed nuclear power capacity of 6780 MW from 22 operational plants. Another 6700 MWs of nuclear power is expected to come onstream by 2021-22 through projects presently under construction. As the government marks three years of its nation and people centric governnace, in a first of its kind project for Indias nuclear power sector, the ten new units will come up in fleet mode as a fully homegrown initiative. It would be one of the flagship n++Make in Indian++ projects in this sector.

With likely manufacturing orders of close to 70,000 crores to the domestic industry, the project will help transform Indian nuclear industry by linking our goal of a strong nuclear power sector with our indigenous industrial capacities in high-end technologies.

This Project will bring about substantial economies of scale and maximise cost and time efficiencies by adopting fleet mode for execution. It is expected to generate more than 33,400 jobs in direct and indirect employment. With manufacturing orders to domestic industry, it will be a major step towards strengthening Indias credentials as a major nuclear manufacturing powerhouse.

The ten reactors will be part of Indias latest design of 700 MW PHWR fleet with state-of-art technology meeting the highest standards of safety.

The approval also marks a statement of strong belief in the capability of Indias scientific community to build our technological capacities. The design and development of this project is a testament to the rapid advances achieved by Indias nuclear scientific community and industry. It underscores the mastery our nuclear scientists have attained over all aspects of indigenous PHWR technology. Indias record of building and operating PHWR reactors over the last nearly forty years is globally acclaimed.

The Cabinets decision reflects the Governments commitment to prioritise the use of clean power in Indias energy mix, as part of low-carbon growth strategy and to ensure long-term base load requirement for the nations industrialization.

It also supports Indias commitment to sustainable development, energy self-sufficiency and bolsters global efforts to combat climate change.

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Bluechip Stockspin to hold board meeting
May 17,2017

Bluechip Stockspin will hold a meeting of the Board of Directors of the Company on 30 May 2017, to consider, approve and take on record the Audited Financial Results for the Quarter and Financial Year ended March 31, 2017.

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La Tim Metal & Industries to hold board meeting
May 17,2017

La Tim Metal & Industries will hold a meeting of the Board of Directors of the Company on 24 May 2017, to approve the audited financial results for the quarter and year ended 31 March 2017, and any other matter with the permission of the Chair.

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