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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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Income tax department identifies 67.54 lakh potential non-filers for FY 2014-15
Dec 23,2016

The Non-filers Monitoring System (NMS) was rolled out for identification of non-filers with potential tax liabilities. Data analytics carried out by the Systems Directorate of Central Board of Direct Taxes (CBDT) identifies non-filers about whom specific information is available in the AIR, CIB and TDS/TCS databases.

The Income Tax Department has conducted the fifth cycle of data matching which has identified an additional 67.54 lakh potential non-filers who have carried out high value transactions in the financial year 2014-15 but did not file return of income for the relevant assessment year (AY) 2015-16. The information relating to the identified non-filers has been made available in the Compliance Module on the e-filing portal of the Income Tax Department.

The information will be visible only to the specific PAN holder when they log into the e-filing portal at https://incometaxindiaefiling.gov.in. The PAN holder will be able to respond electronically and retain a copy of the submitted response for record purpose.

While the Government urges all tax payers to disclose their true income and pay taxes accordingly, the Department would continue to pursue the non-filers vigorously till all the high potential non-filers are covered.

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Wipro slips after reaching agreement with US SEC to resolve investigation
Dec 23,2016

The announcement was made after market hours yesterday, 22 December 2016.

Meanwhile, the BSE Sensex was up 8.94 vpoints, or 0.03%, to 25,988.54.

On the BSE, so far 15,000 shares were traded in the counter, compared with average daily volumes of 1.17 lakh shares in the past one quarter. The stock had hit a high of Rs 463 and a low of Rs 455.85 so far during the day.

The stock hit a 52-week high of Rs 606.75 on 20 April 2016. The stock hit a 52-week low of Rs 410 on 9 November 2016. The stock had outperformed the market over the past 30 days till 22 December 2016, rising 2.95% compared with the 0.28% fall in the Sensex. The scrip had also outperformed the market in past one quarter, falling 3.93% as against Sensexs 9.38% decline.

The large-cap company has equity capital of Rs 486.17 crore. Face value per share is Rs 2.

Wipro announced that it has reached an agreement with the US Securities and Exchange Commission (SEC) to formally resolve the previously disclosed six-year-old investigation. In agreeing to the settlement, the company neither admits nor denies the SECs allegations that the company violated certain provisions of the Securities Exchange Act of 1934 (Exchange Act). The SEC has credited the companys cooperation and remedial measures in arriving at the settlement. Under the terms of the settlement, the Company consents to pay a civil money penalty of $5 million, to cease and desist from committing or causing violations of the Exchange Act, and to undertake certain follow through actions, the company said in a statement.

Wipro said it takes pride in its commitment to the highest standards of integrity and corporate governance. The company is pleased to formally resolve and put this six-year-old matter behind it. The company believes it is in its best interests and that of all its stakeholders to resolve this prolonged matter and has accordingly reached the settlement, the company added.

The matter relates to embezzlement of funds worth about $4 million by an employee which Wipro says it discovered in December 2009. The SEC initiated an inquiry in September 2010.

Wipros consolidated net profit rose 0.9% to Rs 2070.40 crore on 1.45% rise in net sales to Rs 13896.80 crore in Q2 September 2016 over Q1 June 2016.

Wipro is a leading information technology, consulting and business process services company that delivers solutions to enable its clients do business better.

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Sudarshan Chemical Industries to consider December quarter results
Dec 23,2016

Sudarshan Chemical Industries announced that a meeting of the Board of Directors of the Company will be held on 10 February 2017, inter alia, to consider and approve the Unaudited Financial Accounts of the Company for the quarter ending on 31 December 2016.

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Rudraksh Cap-Tech provides business update
Dec 23,2016

Rudraksh Cap-Tech announced that the Companys application for auction house for sale and purchase of stamps and coins and antiques which was pending because of the name change process has been successfully processed.

The Company will soon commence auctions under its banner Alexander Stamps and Coins. The information for the same will be available on www.RudrakshCap-tech.com and www.Alexanderstampsandcoin.com

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Sugar shares in demand
Dec 23,2016

Oudh Sugar Mills (up 15.98%), Rana Sugars (up 13.22%), Upper Ganges Sugar & Industries (up 9.99%), Dwarikesh Sugar Industries (up 9.86%), Simbhaoli Sugars (up 9.28%), Sakthi Sugars (up 7.14%), Dhampur Sugar Mills (up 6.48%), DCM Shriram Industries (up 6.32%), Empee Sugars and Chemicals (up 5.64%), Triveni Engineering & Industries (up 5.04%), Balrampur Chini Mills (up 4.65%), Shree Renuka Sugar (up 4.24%), KCP Sugar & Industries Corporation (up 3.76%), EID Parry (India) (up 1.47%) and Bajaj Hindusthan Sugar (up 0.21%), edged higher.

The S&P BSE Sensex was down 5.24 points, or 0.02% at 25,974.36.

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Merck appoints director
Dec 23,2016

Merck announced that Zoe Tang has been appointed as the Non- Executive Director of the Company effective 23 December 2016.

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Kwality Pharmaceuticals fixes record date for interim dividend
Dec 23,2016

Kwality Pharmaceuticals has fixed 06 January 2017 as the Record Date for the purpose of payment of interim dividend for the year 2016-17.

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Hexaware Technologies fixes record date for buyback of shares
Dec 23,2016

Hexaware Technologies has fixed 06 January 2017 as the Record Date for the purpose of ascertaining entitlement for Buyback of Equity Shares.

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Themis Medicare announces resignation of director
Dec 23,2016

Themis Medicare has received resignation letter from Dharmisthaben Raval dated 22 December 2016 with immediate effect due to personal reasons. Dharmisthaben N. Raval was associated with the Company as an Independent Woman Director on the Board.

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Gujarat Themis Biosyn announces resignation of director
Dec 23,2016

Gujarat Themis Biosyn announced that the Company has received resignation letter from Dharmisthaben Raval dated 22 December 2016 with immediate effect due to personal reasons. Dharmisthaben N. Raval was associated with the Company as an Independent Woman Director on the Board.

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Board of Hinduja Ventures approves divestment of stake held in Hinduja Energy
Dec 23,2016

Hinduja Ventures announced that the Board of Directors at its meeting held 22 December 2016 has approved the disinvestment of 4,36,47,056 equity shares of Rs. 10/- each held by the Company in Hinduja Energy (India), in tranches, as per Independent Valuation of Rs. 31.58/- per share to third party.

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UNCTAD sees cause for concern in sluggish trade growth
Dec 23,2016

Unusual trends in international trade statistics, such as the falling value of world trade in goods and services even as the global economy grew in 2015, give cause for concern, said an UNCTAD report released on 22 December 2016. Last year, 2015, was the first time since 2001 that the value of trade has fallen during a period of economic expansion, according to the report - Key Indicators and Trends in International Trade 2016 - which noted that the volume of trade still grew about 1.5%.

In other words, while many exporters had to cope with lower prices, they saw no decline in export volumes, the report said. Although positive growth is consistent with the overall economic trends, there are still reasons to be concerned.

To start with, the growth of trade volume has been below the overall growth of the world economy, something that has seldom happened in the last few decades and only during economic downturns as in 2001 and 2009, the report said.

Second, trade volumes have been rather unstable, showing substantial volatility during 2015 across quarters and across countries. Trade volumes have increased for the world as a whole, but for many countries trade volumes have in fact decreased.

Finally, it is arguable whether the physical growth in international trade can continue in a deflationary economic environment, the report said. The concern is that many exporters may not be able to maintain their position in the markets for long when facing reduced financial returns.

The sharp decline in international trade results from several factors, both nominal and structural.

Falling commodity prices and the appreciating US Dollar contributed most to the nominal fall in world trade, with oil prices going from an average of more than $100 per barrel in 2014 to about $50 per barrel in 2015. The trade weighted US dollar index appreciated by almost 15% between 2014 and 2015.

But deflationary factors can explain only some of the trade collapse in 2015. In fact, falling commodity prices explain only half of the 2015 decline in world trade.

The sluggish growth of 2012-2014 and the magnitude of the decline in trade of goods and services in 2015 suggest a change in the dynamics behind the international integration process, the report said.

Indeed, the most commonly used index to gauge globalization trends - the ratio of the value of world trade over global GDP - indicate a decline in economic interdependence, it added.

Part of the reason for this is that global value chains are shortening. Many countries, including those in East Asia, are reshoring and consolidating manufacturing production processes.

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Board of Kwality Pharmaceuticals approves interim dividend
Dec 23,2016

Kwality Pharmaceuticals announced that the Board of Directors of the Company at its meeting held on 22 December 2016, inter-alia has considered and approved interim dividend @ 6% i.e. Re. 0.60 (Sixty Paise only) per equity share of Rs. 10/- each on the equity share capital of the company for the year 2016-17.

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Goodluck India gains as board to consider allotment of warrants to promoters
Dec 23,2016

The announcement was made after market hours yesterday, 22 December 2016.

Meanwhile, the BSE Sensex was down 73.16 points, or 0.28%, to 25,906.44.

On the BSE, so far 7,388 shares were traded in the counter, compared with average daily volumes of 14,582 shares in the past one quarter. The stock had hit a high of Rs 88 and a low of Rs 80.60 so far during the day.

The stock hit a record high of Rs 134.40 on 3 August 2016. The stock hit a 52-week low of Rs 75.95 on 17 February 2016. The stock had underperformed the market over the past 30 days till 22 December 2016, falling 7.36% compared with the 0.28% fall in the Sensex. The scrip had also underperformed the market in past one quarter, falling 27.42% as against Sensexs 9.38% decline.

The small-cap company has equity capital of Rs 4.40 crore. Face value per share is Rs 2.

Net profit of Goodluck India declined 60.2% to Rs 4.41 crore on 3.7% rise in net sales to Rs 281.40 crore in Q2 September 2016 over Q2 September 2015.

Goodluck India changed its name from Good Luck Steel Tubes in June 2016. The company is engaged in manufacturing and exporting of a wide range of galvanized sheets & coils, towers, hollow sections, CR coils CRCA and pipes & tubes. It also specializes in providing telecommunication structures, ERW steel tubes, ERW steel pipes, and galvanized black steel tubes.

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Welspun Enterprises drops as board approves buyback offer
Dec 23,2016

The announcement was made after market hours yesterday, 22 December 2016.

Meanwhile, the S&P BSE Sensex was down 73.36 points, or 0.28%, to 25,906.24

On the BSE, 24,000 shares were traded on the counter so far as against the average daily volumes of 1.24 lakh shares in the past one quarter. The stock had hit a high of Rs 60.50 and a low of Rs 58.55 so far during the day.

The stock hit a 52-week high of Rs 75.30 on 3 November 2016. The stock hit a 52-week low of Rs 43 on 12 February 2016. The stock had outperformed the market over the past 30 days till 22 December 2016, rising 5.04% compared with the 0.28% fall in the Sensex. The scrip also outperformed the market in past one quarter, falling 4.43% as against Sensexs 9.38% decline.

The small-cap company has equity capital of Rs 174.28 crore. Face value per share is Rs 10.

Welspun Enterprises said that with a view of utilising the companys substantial cash reserves and in order to enhance shareholder value, the board has approved buy back of 25% of the companys share capital. The buyback would be at Rs 62 per share in cash for an aggregate consideration not exceeding Rs 270 crore, Welspun Enterprises said. The promoter group, except the foreign co-promoters holding 2.17%, have indicated their intention to participate in the proposed buyback, the company said.

Welspun Enterprises reported net profit of Rs 2.86 crore in Q2 September 2016 as compared with net loss of Rs 6.18 crore in Q2 September 2015. Net sales rose 16.93% to Rs 33.22 crore in Q2 September 2016 over Q2 September 2015.

Welspun Enterprises is an operating company in the infrastructure business. The company also has investments in the oil and gas exploration.

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