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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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Upsurge Investment & Finance schedules board meeting
Aug 04,2017

Upsurge Investment & Finance will hold a meeting of the Board of Directors of the Company on 10 August 2017, to consider the Un-audited financial results of the company for the Quarter and three months ended on 30th June, 2017;

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Hikal schedules board meeting
Aug 04,2017

Hikal will hold a meeting of the Board of Directors of the Company on 10 August 2017, to consider, approve and to take on record the Standalone Unaudited Financial Results of the Company for the quarter ended June 30, 2017.

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Banks may need 20% incremental provisioning for 50 large stressed assets: Study
Aug 04,2017

Banks may require an incremental provisioning of 20 per cent against cumulative debt of 50 large stressed assets worth over Rs.3 lakh crore in construction, power, metals and other sectors that constitute about half of the gross non-performing assets of the banking sector, noted a recent joint study by ASSOCHAM-Crisil.

The study also noted that while banks may have already provisioned for a part of these exposures, they need to adequately capitalise to absorb such losses which could fuel credit growth and support the next leg of economic growth.

It also impressed upon the need to address various challenges such as inter-credit conflicts, ability of large corporates to delay the recovery process, burden on the National Company Law Tribunal (NCLT)/ Debt Recovery Tribunal (DRT), roll-out of the ecosystem including adequate number of tribunals, insolvency professionals and information utilities, a limited timeline for the formulation of resolutions and access to the secondary market in case of liquidation for successful implementation of the IBC.

n++The success of the code hinges on strengthening its ecosystem, which will help in protecting the interest of stakeholders, instilling financial discipline among borrowers and create a robust platform to attract investors,n++ noted the ASSOCHAM-Crisil study titled IBC - Protecting stakeholders, improving ease of doing business.

It also said that the IBC has brought a sea change in insolvency resolution towards a creditor-friendly regime, thereby restoring the balance of bargaining power, which was hitherto with the debtors.

The code enhances the rights of a creditor (irrespective of the type, whether it is a financial or operational entity) and empowers in identifying bankruptcies and initiate resolution proceedings through an ecosystem that comprises a regulator, insolvency professionals, information utilities, and an insolvency fund.

n++Along with the governments ongoing structural reforms, an effective implementation of the code is expected to improve Indias ease of doing business and Global Competitiveness rankings significantly, as this is a critical parameter in ranking evaluation,n++ the report stated.

It further said that though the code is expected to face teething troubles before fully taking off, its stakeholders are expected to reap greater benefit in the long run.

Along with banks and ARCs (asset reconstruction companies), the code will benefit corporates, professionals and employees, boost investor confidence, and facilitate deepening of the domestic corporate bond market.

n++This will help improve the overall business environment and encourage entrepreneurship and innovation,n++ said the ASSOCHAM-Crisil study.

Noting that implementation of the bankruptcy framework and engagement with independent credit assessment firms could aid resolutions of stressed assets, the study said, n++The strengthening of framework would affect the volume of asset sales as banks are reluctant to take adequate haircuts.n++

However, it will lead to more cash-based sale of stressed assets, which, in turn, would necessitate higher capital. That would benefit larger ARCs.

The code will help in protecting creditor interest in the sense that a start-up firm that gets insolvent can be wound up on a fast-track basis within 90 days. This will not only help entrepreneurs initiate insolvency proceedings voluntarily but the capital can also be reallocated to efficient businesses.

As such over time, the code will help promote entrepreneurship and increase the role of professionals from various fields such as law, accountancy and finance.

Besides even employees and workmen will benefit from IBC as they too can initiate insolvency proceedings for unpaid dues and have greater lien in the distribution of liquidation proceeds.

On the banking front, the study has suggested for the banks to be more professional and proactive in management, especially in aspects related to the development of early-warning mechanism, astute credit monitoring, proactive commercial decision-making with respect to the way forward and elimination of inter-creditor conflicts.

Further, banks would also need to exercise professional judgement in the selection of appropriate IPs/advisors and not follow a n++lowest costn++ policy without consideration of technical credentials and experience commensurate with the complexity and magnitude of the situation.

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Shree Pushkar Chemicals & Fertilizers starts commercial production at its H-Acid Plant
Aug 04,2017

Shree Pushkar Chemicals & Fertilizers announced that the Company has commissioned commercial production of its 750 MTA H-Acid plant on 2 August, 2017, located at its Unit no.III, B-97, MIDC, Lote Parshuram, Ratnagiri, MH.

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Outcome of board meeting of R Systems International
Aug 04,2017

R Systems International announced that the Board of Directors of the Company at its meeting held on 03 August 2017 has approved the following -

Appointment of Avirag Jain, Chief Technology Officer & EVP, as an Additional Director of the Company w.e.f. 03 August 2017 who shall hold office upto the next Annual General Meeting.

Appointment of Avirag Jain, Chief Technology Officer & EVP, as Whole Time Director (Designated as Director & Chief Technology Officer) for a period of three years w.e.f. 03 August 2017, subject to approval of the Shareholders of the Company at the ensuing General Meeting.

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Infosys in spotlight after inking agreement to acquire digital studio in London
Aug 04,2017

Infosys announced a definitive agreement to acquire Brilliant Basics, a London-based product design and customer experience (CX) innovator. This acquisition represents Infosys commitment to the expansion of a worldwide connected network of Digital Studios. These studios are focused on fulfilling the needs of our global clients for end-to-end digital Transformation solutions required to meet customer demand for next-generation enhanced customer experiences. With Infosys Digital Studios spanning the globe - from Bengaluru and Pune to New York, London and Melbourne - the addition of Brilliant Basics will enhance the companys expertise in the financial services, retail and telco sectors across Europe and the Middle East. The acquisition is expected to close during the second quarter of fiscal 2018. The announcement was made after market hours yesterday, 3 August 2017.

Mahindra & Mahindra (M&M) informed that the loans & investment committee of directors approved selling up to 96.66 lakh equity shares, or 13.74% equity, in Mahindra Logistics (MLL), a subsidiary of M&M, as part of the proposed initial public offering of MLL.

Among prominent companies, Dabur India and Mahindra & Mahindra (M&M) will announce April-June 2017 results today, 4 August 2017.

Dewan Housing Finance Corporation (DHFL) said its board allotted 5,000 non-convertible unsecured subordinated perpetual bonds in the nature of debentures aggregating to Rs 500 crore on private placement basis. The coupon rate on debentures is 9.85% per annum. The announcement was made after market hours yesterday, 3 August 2017.

Electrosteel Castings said its board at a meeting held yesterday, 3 August 2017, given its approval for setting up of a 9 MVA Submerged Arc Furnace along with 4.5 MW power plant at Haldia, Purba Medinipur, West Bengal. The company intends to use the captive power generated from waste heat from existing manufacturing facility for production of ferro alloys. Surplus production from ferro alloy plant after captive use is proposed to be sold in open market. The estimated amount to be invested is Rs 61.64 crore. The announcement was made after market hours yesterday, 3 August 2017.

JBF Industries informed that domestic plants in India at Sarigam and Silvassa for producing polyester chips, yarns and texturised Yarns are operating in normalcy. The work at the PTA plant in Mangalore is continuing as per schedule and is expected to re-commission within the first half of financial year 2017-2018. This plant is being setup with the latest technology of British Petroleum and will be having a capacity of 1.25 million tons per annum. The company also informed that the board of directors will discuss the sale or restructure or reorganisation of the overseas subsidiaries of the company for the reduction in debt exposure of the company in their meeting to be held on 10 August 2017. The announcement was made after market hours yesterday, 3 August 2017.

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Indowind Energy wins arbitration claim against Suzlon Energy
Aug 03,2017

Indowind Energy has won the Arbitration claim against Suzlon Energy of Rs.20.74 crore with interest at 18% from 1 April 2015 till the date of payment of the aforesaid award amount.

On realization of the aforesaid award amount, the company plans to reduce its debts or add capacities to increase the bottom line.

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MCX signs MoU with Mahindra Agri Solutions for data on agricultural pricing
Aug 03,2017

Multi Commodity Exchange of India and Mahindra Agri Solutions, a wholly owned subsidiary of Mahindra and Mahindra, have signed a Memorandum of Understanding (MoU) to provide agriculture related price information. This information would be available on their recently launched mobile application- MyAgriGuru, which is available for free on Google play store.

This MoU would enhance the decision-making ability of the farmers further. To start with, MCX would be providing price information, open interest information, spot price, future price and derived data(analytics) for all the agri commodities namely - CPO (Crude Palm Oil), Cotton, Cardamom & Mentha Oil. Additionally, this partnership also signifies the vision of the two leading organizations to empowerfarmers by offering knowledge based solutions, and is in line with the Governments motive to digitize the agricultural sector.

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MCX signs MoU with Mahindra Agri Solutions for data on agriculture pricing
Aug 03,2017

Multi Commodity Exchange of India and Mahindra Agri Solutions, a wholly owned subsidiary of Mahindra and Mahindra, have signed a Memorandum of Understanding (MoU) to provide agriculture related price information. This information would be available on their recently launched mobile application- MyAgriGuru, which is available for free on Google play store.

This MoU would enhance the decision-making ability of the farmers further. To start with, MCX would be providing price information, open interest information, spot price, future price and derived data(analytics) for all the agri commodities namely - CPO (Crude Palm Oil), Cotton, Cardamom & Mentha Oil. Additionally, this partnership also signifies the vision of the two leading organizations to empowerfarmers by offering knowledge based solutions, and is in line with the Governments motive to digitize the agricultural sector.

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South Indian Bank allots 9,58,528 Equity Shares
Aug 03,2017

South Indian Bank has allotted 9,58,528 Equity Shares of face value Re.1/- each pursuant to exercise of options granted under the South Indian Bank Employees Stock Option Scheme (SIB ESOS - 2008). Post the above allotment, the paid-up Equity share capital of the Bank would stand at Rs. 180,43,77,303/- consisting of 180,43,77,303 Equity shares of Re.1/- each.). These shares are pari-passu in all respects with the existing shares.

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Lupin receives final approval for Rosuvastatin Calcium Tablets
Aug 03,2017

Lupin has received final USFDA approval for Rosuvastatin Calcium Tablets 5mg, 10mg, 20mg and 40mg to market a generic version of IPR Pharmaceuticals Incs Crestor Tablets, indicated in adult patients with hypertriglyceridemia, primary dysbetalipoproteinemia and aduts patients with homozygous familial hypercholesterolemia.

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DCB Bank allots 96,550 equity shares
Aug 03,2017

DCB Bank has allotted 96,550 equity shares of Rs.10/- each on August 03, 2017, pursuant to the terms of the Employee Stock Option Plan (ESOP) of the Bank. Post this allotment, Banks issued and paid up share capital has increased to 30,77,02,118 shares of Rs.10/- each.

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Kotak Mahindra Bank revises saving rates
Aug 03,2017

Kotak Mahindra Bank announced that its customers will continue to enjoy 6% interest rate p.a. on savings account balances above Rs. 1 lakh and up to Rs 1 crore.

The Bank reduced savings rates to 5.5% p.a. for saving bank balances above Rs 1 crore up to Rs 5 crore from 6%. p.a.

Rates on saving balances up to Rs 1 lakh remain at 5% p.a. and above Rs 5 crore remain at 5.5% p.a.

The saving rates are effective from 04 August 2017.

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Trident redeems Commercial Paper worth Rs 50 crore
Aug 03,2017

Trident announced that Commercial Paper of Rs 50 crore issue on 05 May 2017 with maturity date of 03 August 2017 has been redeemed on 03 August 2017.

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Board of Ramco Cements approves expansion plans
Aug 03,2017

The Board of Ramco Cements at its meeting held on 03 August 2017 has approved Companys expansion plans of its existing satellite grinding units in Vizag and Kolaghat and installation of a new satellite grinding unit in state of Odisha.

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