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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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Godrej Properties enters into development agreement with Shivam Realty
Mar 27,2017

Godrej Properties has entered into a development management agreement with Shivam Realty to develop a residential group housing project off the Akurli cross road at Hanuman Nagar, Kandivali East, Mumbai. Spread over 5 acres, the project will offer approximately 93,000 square meter (1 million sq. ft.) of saleable area and will be developed as a modern residential development comprising of apartments of various configurations.

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Shares of Sarthak Metals get listed
Mar 27,2017

The equity shares of Sarthak Metals (Scrip Code: 540393) are listed effective 27 March 2017 and admitted to dealings on the Exchange in the list of M Group Securities.

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Shares of Jash Dealmark get listed
Mar 27,2017

The equity shares of Jash Dealmark (Scrip Code: 540394) are listed effective 27 March 2017 and admitted to dealings on the Exchange in the list of MT Group Securities.

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HDFC may gain after completing issuance of masala bonds
Mar 27,2017

HDFC said it has completed the issuance of masala bonds aggregating Rs 3300 crore (Rs 2000 crore issue plus green shoe option) on Friday, 24 March 2017. The bonds issue received a strong response from 29 investors across Asia and Europe.

The aggregate demand for the transaction was 2.16 times at Rs 4315 crore. The announcement was made after market hours on Friday, 24 March 2017.

The issue size is Rs 3300 crore with a yield of 7.35% per annum payable semi-annually. The maturity date of bonds is 30 April 2020.

Reliance Industries (RIL) said that the Securities and Exchanges Board of India (Sebi) has uploaded in its website its order in the matter relating to trading in RPL shares by RIL in November 2007. The trades in RPL shares which were examined by Sebi were genuine and bona fide transactions, RIL said. These were carried out keeping the best interest of the company and its shareholders, in view, it added.

RIL said that Sebi appears to have misconstrued the true nature of the transactions and imposed unjustifiable sanctions.

RIL said it is in the process of consulting its legal advisors. It proposes to prefer an appeal and challenge the order in Securities Appellate Tribunal. RIL said it remains confident of fully justifying the veracity of the transactions and vindicating its stand.

RIL said that it has full confidence in the judicial process and it proposes to vigorously exercise all options available to it to challenge the untenable findings in the order. The announcement was made after market hours on Friday, 24 March 2017.

Coal India will be in focus. The Competition Commission of India (CCI) has found Coal India (CIL) and its subsidiaries to be in contravention of the provisions of Section 4(2)(a)(i) of the Competition Act, 2002 for imposing unfair/discriminatory conditions in Fuel Supply Agreements (FSAs) with the power producers for supply of non-coking coal.

The final order has been passed on a batch of informations filed by Maharashtra State Power Generation Company and Gujarat State Electricity Corporation against Coal India and its subsidiaries (Mahanadi Coalfields Ltd., Western Coalfields Ltd., South Eastern Coalfields Ltd.).

The order has been passed by CCI pursuant to the directions issued by Competition Appellate Tribunal remanding the matter back while setting aside the original order of CCI in which a penalty of Rs 1773.05 crore had been imposed upon CIL. After hearing the parties afresh in terms of the directions issued by Competition Appellate Tribunal, CCI held that CIL through its subsidiaries operates independently of market forces and enjoys dominance in the relevant market of production and supply of non-coking coal in India.

CCI noted in the order that CIL did not evolve/ draft/ finalize the terms and conditions of FSAs through a bilateral process and the same were imposed upon the buyers through a unilateral conduct. CCI found CIL and its subsidiaries to be in contravention of the provisions of Section 4(2)(a)(i) of the Competition Act, 2002 for imposing unfair/ discriminatory conditions in FSAs with the power producers for supply of non-coking coal.

Apart from issuing a cease and desist order against CIL and its subsidiaries, CCI has directed modification of FSAs in light of the findings and observations recorded in the order. The impugned clauses related to sampling and testing procedure, charging transportation and other expenses for supply of ungraded coal from the buyers, capping compensation for supply of stones etc.

For effecting the modifications in FSAs, CIL has been ordered to consult all the stakeholders. CIL has also been directed to ensure uniformity between old and new power producers as well as between private and PSU power producers.

Further, CCI has imposed a penalty of Rs 591.01 crore upon CIL for the abusive conduct. While reducing penalty, CCI noted the steps taken by CIL to improve the sampling procedure even post-passing of the original order by CCI.

However, while holding the extant sampling procedure as unfair, CIL has been directed to incorporate suitable modifications in fuel supply agreements to provide for a fair and equitable sampling and testing procedure besides considering the feasibility of sampling at the unloading-end in consultation with power producers and adopting international best practices. The announcement was made after market hours on Friday, 24 March 2017.

ITC will be in focus. Government through specified undertaking of the Unit Trust of India (SUUTI) has divested 2% shares of the total shares of ITC to LIC through block trade on 7 March, 2017. Government has received an amount of Rs 6682 crore from this transaction.

Disinvestment of Government of India equity is under taken as per the disinvestment policy of the GoI keeping in view the resource requirement of the Government and the prevailing market condition.

This was stated by Arjun Ram Meghwal, Minister of State in the Ministry of Finance in written reply to a question in Lok Sabha on Friday, 24 March 2017.

HCL Technologies said MillerCoors, LLC, a client of the company has filed a lawsuit in the United States District Court for the Northern District of Illinois against the company and HCL America Inc., a wholly owned subsidiary of the company.

MillerCoors allegations under the complaint is that HCL did not deliver an enterprise software project as per the agreed timelines. The specific project started in December 2013 and ended in June 2016. The company continues to have a good business relationship with MillerCoors. The company has other ongoing projects with MillerCoors running smoothly.

The company is in discussions with MillerCoors to resolve this matter amicably. The project in consideration has already ended and the company is not expecting any adverse financial impact of the same for Q4 March 2017. The company issued the clarification on Saturday, 25 March 2017 with regards to news appearing in the media.

Bank of Maharashtra announced that its board of directors at a meeting held on 24 March 2017 approved the proposal of raising of equity capital upto Rs 300 crore by way of preferential allotment in favour of Government of India. The announcement was made after market hours on Friday, 24 March 2017.

Music Broadcast, subsidiary of Jagran Prakashan has commenced broadcast from its radio station at Patna (which was acquired under Phase III auctions held last financial year). The frequency for Patna location is 91.1 F.M. The announcement was made after market hours on Friday, 24 March 2017.

Reliance Capital announced completion of transfer of its commercial finance division - Reliance Commercial Finance (RCFL) - into a separate wholly owned subsidiary. The company had announced the transfer of its Commercial Finance division into a separate subsidiary on 25 February 2016, subject to requisite Regulatory, High Court and Reliance Capital shareholders approvals, which have since been received.

RCFL is amongst the leading SME lenders in the Indian non-banking finance space with a focus on asset backed lending and productive asset creation. The Commercial Finance division has an aggregate asset under management (including securitized portfolio) portfolio of Rs 16191 crore ($2.4 billion) as of 31 December 2016.

Anmol Ambani, ED, Reliance Capital said Reliance Commercial Finance now stands as a fully owned subsidiary of Reliance Capital. This completes the restructuring process as Reliance Capital moves to become a Core Investment Company from next fiscal.

This transfer will align RCFL with the overall operating structure of Reliance Capital wherein all operating businesses are held either as wholly owned or majority owned subsidiaries. The proposal will enhance management focus and provide flexibility to the company to unlock value through stake sale.

Reliance Nippon Life Insurance and Reliance Nippon Life Asset Management, both subsidiaries of Reliance Capital, already have a strategic partner - Nippon Life Insurance - with 49% stake in each business.

The transfer will also enhance employee engagement and retention through ability to grant ESOPs in the business. The transfer, pursuant to the Scheme of Arrangement, will be effective from 1 April 2016. Reliance Capital would be applying to the RBI for registering itself as a Core Investment Company (CIC) and expects to become a CIC soon, subject to necessary approvals. The announcement was made after market hours on Friday, 24 March 2017.

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Outcome of board meeting of Orient Press
Mar 25,2017

Orient Press announced that in the meeting of the Board of Directors of the Company held on 24 March 2017 the board of directors has considered and approved the following items along with other agenda items:-

1. The Board has approved the appointment of M/s Bhanwarlal Gurjar & Co., CMA, Surat, as Cost Auditors of the Company to conduct Cost Audit relating to Cost records of the Company for the financial year ending 31 March 2017.

2. The Board has approved reduction in Interest rate from 11.00% to 10.00% p.a. on new Fixed Deposit to be accepted from Members w.e.f. 01 April 2017.

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Solar Industries India issued Commercial Paper aggregating Rs 25 crore
Mar 25,2017

Solar Industries India has issued Commercial Paper for an aggregate amount of Rs 25 crore on 24 March 2017 in favour of ICICI Bank, having maturity of 21 June 2017.

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Bajaj Corp wins CFO of the Year Award
Mar 25,2017

Bajaj Corp announced that the Company has received fe CFO of the Year Award in the category of Medium Enterprises Manufacturing Company in recognition of the Companys robust financial control at an event organised by The Financial Express.

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Shares of Urja Global get listed on NSE
Mar 25,2017

Urja Global has received approval of listing of equity shares of the Company on the National Stock Exchange with effect from 28 March 2017.

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CCI issues order against CIL and its subsidiaries for abusing dominant position, imposes penalty
Mar 24,2017

The Competition Commission of India (CCI) has found Coal India Limited (CIL) and its subsidiaries to be in contravention of the provisions of Section 4(2)(a)(i) of the Competition Act, 2002 for imposing unfair/ discriminatory conditions in Fuel Supply Agreements (FSAs) with the power producers for supply of non-coking coal.

The Final Order has been passed on a batch of informations filed by Maharashtra State Power Generation Company Ltd. and Gujarat State Electricity Corporation Limited against Coal India Ltd. and its subsidiaries (Mahanadi Coalfields Ltd., Western Coalfields Ltd., South Eastern Coalfields Ltd.).

The Order has been passed by CCI pursuant to the directions issued by Competition Appellate Tribunal remanding the matter back while setting aside the original order of CCI in which a penalty of Rs. 1773.05 crore had been imposed upon CIL. After hearing the parties afresh in terms of the directions issued by Competition Appellate Tribunal, CCI held that CIL through its subsidiaries operates independently of market forces and enjoys dominance in the relevant market of production and supply of non-coking coal in India. CCI noted in the order that CIL did not evolve/ draft/ finalize the terms and conditions of FSAs through a bilateral process and the same were imposed upon the buyers through a unilateral conduct. CCI found CIL and its subsidiaries to be in contravention of the provisions of Section 4(2)(a)(i) of the Competition Act, 2002 for imposing unfair/ discriminatory conditions in FSAs with the power producers for supply of non-coking coal.

Apart from issuing a cease and desist order against CIL and its subsidiaries, CCI has directed modification of FSAs in light of the findings and observations recorded in the order. The impugned clauses related to sampling and testing procedure, charging transportation and other expenses for supply of ungraded coal from the buyers, capping compensation for supply of stones etc. For effecting the modifications in FSAs, CIL has been ordered to consult all the stakeholders. CIL has also been directed to ensure uniformity between old and new power producers as well as between private and PSU power producers.

Further, CCI has imposed a penalty of Rs. 591.01 crore upon CIL for the abusive conduct. While reducing penalty, CCI noted the steps taken by CIL to improve the sampling procedure even post-passing of the original order by CCI. However, while holding the extant sampling procedure as unfair, CIL has been directed to incorporate suitable modifications in fuel supply agreements to provide for a fair and equitable sampling and testing procedure besides considering the feasibility of sampling at the unloading-end in consultation with power producers and adopting international best practices.

The common Order of the Commission has been passed in Case Nos. 03, 11 and 59 of 2012 and a copy thereof has been uploaded on the website of CCI at www.cci.gov.in.

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Benami Transactions (Prohibition) Act, 1988 amended through the Benami Transactions (Prohibition) Amended Act, 2016
Mar 24,2017

Benami Transactions (Prohibition) Amended Act, 2016 Though the Benami Transactions (Prohibition) Act, 1988 has been on the statute book since more than 28 years, the same could not be made operational because of certain inherent defects. With a view to providing effective regime for prohibition of benami transactions, the said Act was amended through the Benami Transactions (Prohibition) Amended Act, 2016. The amended law empowers the specified authorities to provisionally attach benami properties which can eventually be confiscated. Besides, if a person is found guilty of offence of benami transaction by the competent court, he shall be punishable with rigorous imprisonment for a term not less than one year but which may extend to 7 years and shall also be liable to fine which may extend to 25% of the fair market value of the property.

The Benami Transactions (Prohibition) Amendment Act, 2016 came into effect from1st November, 2016. Several benami transactions have been identified since the coming into effect of the amended law. Show cause notices for provisional attachment of benami properties have been issued in 140 cases involving properties of the value of about Rs. 200 crore. Out of these, provisional attachment has already been effected in 124 cases. The benami properties attached include deposits in bank accounts and immovable properties.

The Government has put in place empowered institutions for efficient implementation of the amended law. In exercise of powers conferred under sub-section (2) of section 28 read with section 59 of the amended Prohibition of Benami Property Transactions Act, 1988, vide Notification No. SO 3290E, dated 25.10.2016 the Central Government has notified specified Income-tax authorities to act as Initiating Officer, Approving Authority and Administrator in respect of benami transactions. Further, vide Notification No. SO 3288E, dated 25.10.2016, the Adjudicating Authority has been notified

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CCRAS has undertaken several projects to develop medicines for chronic and lifestyle diseases
Mar 24,2017

The technology related to the drug developed by Central Council for Research in Ayurvedic Sciences (CCRAS), namely, AYUSH-82 has been given to eight manufacturing firms through National Research Development Corporation (NRDC), Dept. of Scientific & Industrial Research, Ministry of Science & Technology, Government of India. The scientific study on AYUSH-82 carried out by CCRAS has shown encouraging results.

CCRAS has developed medicine for other Chronic diseases like arthritis and cancer. CCRAS has developed AYUSH-SG (Sunthi Guggulu) for Arthritis and the technology has been transferred to five firms through NRDC and is available in the market.

Projects on AYUSH -QOL2C for improving quality of life in cancer patients and AYUSH-Manas in Mental Retardation have been recently concluded. Further, CCRAS has undertaken work for developing AYUSH-SL for Lymphatic Filariasis, AYUSH-D for Diabetes Mellitus, Carctol-S for Ovarian Cancer and AYUSH M-3 for Migrane.

The Ministry of AYUSH through its research organizations. namely, Central Council for Research in Ayurvedic Sciences (CCRAS), Central Council for Research in Unani Medicine (CCRUM), and Central Council for Research in Homoeopathy (CCRH) have launched a pilot programme to integrate Ayurveda, Homoeopathy and Unani with National Programme for prevention and Control of Cancer, Diabetes, Cardiovascular diseases and Stroke (NPCDCS). Initially the pilot study has been started in six districts.

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Infibeam Incorporation allots 4818 equity shares
Mar 24,2017

Infibeam Incorporation has allotted 4818 equity shares under ESOS. Post the allotment, the paid up equity share capital has increased to 5,34,57,557 equity shares of Rs 10 each.

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Speciality Restaurants gets reaffirmation in ratings for line of credit
Mar 24,2017

Speciality Restaurants announced that ICRA has reaffirmed the long term rating of ICRA A+ and short term rating of ICRA A1 rating assigned to Rs 100 crore line of credit of the Company. The outlook on the long term rating has been revised to Negative from Stable.

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ICICI Bank allots 335,975 equity shares
Mar 24,2017

ICICI Bank has on 23 March 2017 allotted 335,975 equity shares under ESOS.

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Board of Rane Engine Valve appoints CFO
Mar 24,2017

Rane Engine Valve announced that the Board of Directors of the Company at its meeting held on 24 March 2017 have inter alia approved the appointment of V K Vijayaraghavan as Chief Financial Officer effective 16 February 2017.

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