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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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Board of Solar Industries India recommends final dividend
May 31,2017

Solar Industries India announced that the Board of Directors of the Company at its meeting held on 29 May 2017, inter alia, have recommended the final dividend of Rs 3 per equity Share (i.e. 150%) , subject to the approval of the shareholders.

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Board of Mahindra & Mahindra recommends final dividend
May 31,2017

Mahindra & Mahindra announced that the Board of Directors of the Company at its meeting held on 30 May 2017, inter alia, have recommended the final dividend of Rs 13 per equity Share (i.e. 260%) , subject to the approval of the shareholders.

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Board of Energy Development Company recommends final dividend
May 31,2017

Energy Development Company announced that the Board of Directors of the Company at its meeting held on 29 May 2017, inter alia, have recommended the final dividend of Rs 0.5 per equity Share (i.e. 5%) , subject to the approval of the shareholders.

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Board of EIH Associated Hotels recommends final dividend
May 31,2017

EIH Associated Hotels announced that the Board of Directors of the Company at its meeting held on 29 May 2017, inter alia, have recommended the final dividend of Rs 4.5 per equity Share (i.e. 45%) , subject to the approval of the shareholders.

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Board of Lakshmi Electrical Control Systems recommends final dividend
May 31,2017

Lakshmi Electrical Control Systems announced that the Board of Directors of the Company at its meeting held on 29 May 2017, inter alia, have recommended the final dividend of Rs 8 per equity Share (i.e. 80%) , subject to the approval of the shareholders.

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Board of Info Edge (India) recommends final dividend
May 31,2017

Info Edge (India) announced that the Board of Directors of the Company at its meeting held on 29 May 2017, inter alia, have recommended the final dividend of Rs 1.5 per equity Share (i.e. 15%) , subject to the approval of the shareholders.

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Board of PBM Polytex recommends final dividend
May 31,2017

PBM Polytex announced that the Board of Directors of the Company at its meeting held on 29 May 2017, inter alia, have recommended the final dividend of Rs 3 per equity Share (i.e. 30%) , subject to the approval of the shareholders.

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Board of Finolex Industries recommends final dividend
May 31,2017

Finolex Industries announced that the Board of Directors of the Company at its meeting held on 26 May 2017, inter alia, have recommended the final dividend of Rs 11.5 per equity Share (i.e. 115%) , subject to the approval of the shareholders.

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Board of ITC recommends final dividend
May 31,2017

ITC announced that the Board of Directors of the Company at its meeting held on 26 May 2017, inter alia, have recommended the final dividend of Rs 4.75 per equity Share (i.e. 475%) , subject to the approval of the shareholders.

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Board of Hindustan Petroleum Corporation recommends final dividend
May 31,2017

Hindustan Petroleum Corporation announced that the Board of Directors of the Company at its meeting held on 26 May 2017, inter alia, have recommended the final dividend of Rs 1.1 per equity Share (i.e. 11%) , subject to the approval of the shareholders.

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Moodys: Improving global growth outlook for 2017 appears sustainable as risks abate
May 31,2017

The improving outlook for global growth in 2017 appears to be sustainable as some of the biggest risks to advanced economies have subsided and emerging markets maintain their expansion, says Moodys Investors Service in a new report.

Moodys expects G20 economies, which account for 78% of the global economy, to collectively grow at an annual rate of 3.1% in 2017 and 2018, compared with growth of 2.6% in 2016. The US will rebound after a soft first quarter and its economy will expand around 2.4% this year, putting it among the fastest growing advanced economies.

Overall, global growth is looking increasingly sustainable with economic data surprising to the upside in a number of emerging market countries, said Madhavi Bokil, a Vice President and Senior Analyst at Moodys. The current momentum should continue, barring any negative surprises.

The risk to global trade and economic growth from the introduction of protectionist policies in the US appears to have receded for now and there has been a significant softening of the US administrations stance on what should be considered free and fair trade.

In the US, an overall increase in housing and business capital investment suggest that the first quarter slowdown will be temporary. Personal consumption, which grew 0.3% in the first quarter, will improve as the labor market continues to strengthen. Business sentiment, financial conditions and other economic indicators have all remained strong since the start of the year.

Economic momentum has undoubtedly picked up, especially in emerging market countries, said Elena Duggar, an Associate Managing Director at Moodys. But strength is likely to be held down by changing demographics, muted investment, low productivity growth and stagnant real wage growth.

Moreover, the lack of fiscal buffers and limited scope for effective monetary accommodation in the event of shocks remain a concern even as growth strengthens.

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Chola MS General Insurance Raises INR 100cr of Tier 2 Capital to Fuel Growth in Fiscal 2017-18
May 31,2017

Cholamandalam MS General Insurance Company Limited has announced the successful private placement of 1,000 Unsecured, Subordinated, Fully Paid-up, Listed, Redeemable, Non-Convertible Debentures having face value of Rs. 10,00,000 each (the NCDs), at par, aggregating to Rs. 100 crores. The coupon rate is 8.75% per annum and a maturity period of 10 years with a call option after 5 years.

Mr. S S Gopalarathnam, MD & CEO, Chola MS General Insurance said, We have augmented our capital base by issuing subordinated debt, post the recent measures announced by the Insurance Regulatory and Development Authority of India (IRDAI), allowing alternative forms of capital. The funds raised through this issue would be used to fuel and facilitate business growth by further strengthening the Companys solvency. During Fiscal 2017-18, Chola MS is poised to grow its Gross Written Premium (GWP) to INR 4,500 cr - a growth of 40% over the last fiscal.

The NCDs have been assigned a credit rating AA+ (Outlook: Stable) by rating agencies CRISIL and ICRA.

The NCDs will be listed in National Stock Exchange of India Limited.

The issuance of these NCDs are in accordance with the provisions of inter alia the Insurance Regulatory and Development Authority of India (Other Forms of Capital) Regulations, 2015, as amended from time to time, which were notified in November 2015 whereby Indian insurers were allowed to raise additional capital through subordinated debt or preference shares

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Ahluwalia Contracts (India) cracks after poor Q4 result
May 31,2017

The result was announced after market hours yesterday, 30 May 2017.

Meanwhile, the S&P BSE Sensex was up 1.28 points, to 31,160.68. The S&P BSE Small-Cap index was up 170.77 points, or 1.14%, to 15,094.81.

On BSE, so far 4,366 shares were traded in the counter, compared with average daily volume of 11,085 shares in the past one quarter. The stock hit a high of Rs 365 and a low of Rs 345 so far during the day. The stock hit a record high of Rs 409 on 11 May 2017. The stock hit a 52-week low of Rs 240 on 16 November 2016.

The stock had outperformed the market over the past one month till 30 May 2017, rising 6.85% compared with 4.15% gains in the Sensex. The scrip had also outperformed the market in past one quarter, rising 18.98% as against Sensexs 8.41% gains. The scrip had also outperformed the market in past one year, advancing 37.06% as against Sensexs 16.59% gains.

The small-cap company has equity capital of Rs 13.40 crore. Face value per share is Rs 2.

Ahluwalia Contracts (India) is one of the leading civil contractors in India.

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Talwalkars jumps after posting decent Q4 results
May 31,2017

The result was announced after market hours yesterday, 30 May 2017. The stock had risen 0.98% to Rs 268.95 yesterday, 30 May 2017, ahead of results.

Meanwhile, the S&P BSE Sensex was up 55.49 points, or 0.18%, to 31,214.89. The S&P BSE Small-Cap index was up 172.87 points, or 1.16%, to 15,096.91.

More than usual volumes were witnessed on the counter. On the BSE, 96,405 shares were traded in the counter so far, compared with an average volume of 29,163 shares in the past one quarter. The stock had hit a high of Rs 299 and a low of Rs 272.70 so far during the day. The stock had hit a 52-week high of Rs 302.05 on 3 October 2016. The stock had hit a 52-week low of Rs 207.55 on 24 June 2016.

The stock had underperformed the market over the past one month till 30 May 2017, rising 0.22% compared with 4.15% gains in the Sensex. The scrip had, however, outperformed the market in past one quarter, gaining 19.32% as against Sensexs 8.41% gains. The scrip had also outperformed the market in past one year, gaining 20.2% as against Sensexs 16.59% gains.

The small-cap company has equity capital of Rs 29.70 crore. Face value per share is Rs 10.

Talwalkars Better Value Fitness board of directors recommended dividend of Rs 1.50 per share for the year ended 31 March 2017 (FY 2017).

Talwalkars Better Value Fitness is a leading chain of health and fitness centers in India.

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Moodys downgrades RCOM to Caa1; ratings on review for further downgrade
May 31,2017

Moodys Investors Service has downgraded Reliance Communications (RCOM) corporate family rating and senior secured bond rating to Caa1 from B2.

At the same time, the ratings are under review for further downgrade.

RATINGS RATIONALE

The downgrade reflects RCOMs weak operating performance, high leverage and fragile liquidity position. The companys reported EBITDA has fallen 29% year-over-year, evidencing its weak market position and contracting subscriber base, says Annalisa DiChiara, a Moodys Vice President and Senior Credit Officer.

On 27 May, RCOM reported an 11% YoY decline in revenues and a 29% contraction of EBITDA to INR53.9 billion ($830 million) for full year ending 31 March 2017 from INR76.3 billion ($1.2 billion) a year ago, while its EBITDA margin dropped to 27.0% from 34.2% over the same period. RCOMs weak operating results reflect the intense state of competition, driven in turn by the free services offered by Reliance Infocomm Limited (RJio) from mid-September 2016 through 1 April 2017.

RCOMs liquidity position is fragile. RCOM has around INR 230 billion short-term debt and current long term debt maturities through 31 March 2018. In addition, the company disclosed in its financial statements that it is still awaiting formal confirmation from lenders for waivers of certain loan covenants so the loan amount continues to be classified as a non-current liability. We believe failure to obtain could exacerbate near-term liquidity pressures, adds DiChiara.

Historically, the company has relied on short-term debt and covenant waivers from its banking relationships.

Should the waivers not be received, this development could have significant implications for the holders of RCOMs $300 million bond, as there are cross-payments and cross-defaults for any acceleration, in each case by the issuer or any restricted subsidiary, with respect to debt in aggregate of $10 million.

Separately, the company announced that it is current on interest payments as related to its $300 million bond.

Meanwhile, as of 31 March 2017, RCOM reported cash and cash equivalents of INR10.2 billion. Together with Moodys expectation of the companys limited ability to generate free cash flow, Moodys believes this will be insufficient to cover upcoming debt maturities, absent waivers from its lenders while the company pursues the completion of its corporate restructuring.

The restructuring includes the sale of its telecommunications tower assets and the de-merger of its core wireless operations which it will merge with Aircel Limited (unrated) in a new joint venture (MergerCo).

At the same time, RCOMs consolidated debt levels continued to rise through year-end. The company reported total debt of INR457 billion at 31 March 2017, resulting in reported debt/EBITDA of 8.5x. Including its reported INR 33.2 billion of deferred payment liabilities, leverage increases further to over 9.0x.

Given the weak operating outlook and high competitive intensity of the Indian mobile sector, there is no scope for RCOM to delever, absent the successful execution of its corporate restructuring.

RCOM announced on 27 May that it will transfer around INR140 billion of balance-sheet debt and INR60 billion of deferred spectrum liabilities to MergedCo and repay an additional INR110 billion of balance-sheet debt with the proceeds from the sale of its tower assets.

However, even assuming these transactions are completed as planned, post restructuring, Moodys estimates that RCOM will have over $3.0 billion of debt remaining on its balance sheet. This total includes both RCOMs $300 million senior secured bond and a $350 million senior secured bond issued by its 100%-owned subsidiary, GCX Limited.

But GCX, which Moodys estimates will account for a significant portion of revenues post restructuring (based on Moodys estimates), is not a restricted subsidiary under RCOMs $300 million bond indenture, and therefore RCOM has no recourse to those assets or cash flows. GCX is ring-fenced from creditors at RCOM, with dividend payments currently representing the only form of cash flow stream from GCX.

GCX is able to pay dividends so long as its leverage remains below 3.75x and interest coverage above 2.25x. In addition, GCX can incur additional indebtedness under its indenture, including drawing down on its $30 million revolving credit facility.

Depending on the outcome of the restructuring process and the lenders consent process, Moodys will also further evaluate the RCOMs business risk position, business strategy, financial policies, liquidity position, and the effect these have on its credit profile. The cash flow-generating capabilities of some of RCOMs remaining businesses n++ namely the enterprise and fiber optic business segments n++ remain unclear.

Moodys review will focus on: (1) timely progress in RCOMs announced transactions, including regulatory approvals and processes related to lender and bondholder consents, as required, for the de-merger of the wireless business and the sale of its tower assets; (2) assessing the credit quality and financial strength of the remaining businesses, particularly as related to the companys enterprise and fiber optic business; and (3) assessing the effects of the proposed restructuring on the collateral package for RCOMs USD bondholders as well as the cash flow prioritization relative to other debt and cash obligations.

Further downward pressure on the ratings is possible if the company fails to address its liquidity position within the next 3 months, or fails to provide a clear refinancing plan for pending maturities over the next 12-15 months.

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