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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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CARE Ratings Debt Quality Index (CDQI) witnessed a significant improvement and increased above 90 in April 2017
May 08,2017

The CARE Ratings Debt Quality Index (CDQI) had exhibited stability, though with an upward bias, in the few months of FY17. The index, has, however, largely followed a declining trend during the second half of FY17. In April 2017, the index witnessed a significant improvement and increased above 90, influenced primarily by higher share of AAA issuers.

CARE Ratings Debt Quality Index (CDQI) denotes the quality of debt that can be interpreted over time and juxtaposed with other developments in the financial sector. The CDQI captures, on a scale of 100 (index value for the base year FY12), whether the quality of debt is improving or declining. Intuitively an upward movement indicates improvement in quality of debt benchmarked against the base year. As it is contemporary with minimum time lags, the health of the debt and credit markets is encapsulated on a near-real-time basis. The dataset comprises of 1,579 companies from the CAREs portfolio of 2,980 companies as of March 2012. The dataset is revisited at regular intervals and is replaced suitably with a new set of companies with a similar rating and an approximate volume of outstanding debt rated in case if an entity ceases to have a rating coverage. Currently, the volume of debt of the sample companies stands at Rs.30.65 lakh crore in April 2017.

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Sadbhav Infrastructure Project provides update on road project in Karnataka
May 08,2017

Sadbhav Infrastructure Project announced that its wholly owned subsidiary - Sadbhav Bangalore Highway has achieved Financial Close within the timelines stipulated in accordance with the Concession Agreement dated 08 December 2016.

Salient features of the Financial Close are as under -

Bid Project Cost - Rs 1008 crore
Rupee Term loan - Rs 484 crore
Payment during construction period from NHAI - Rs 403 crore
Companys contribution - Rs 121 crore
Rupee term loan tenure (from appointed date) - 16 years
Interest rate linked to 1-year MCLR of respective banks - 9.25% p.a.

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Avenue Supermarts retreats after scaling record high
May 08,2017

The result was announced after market hours on Friday, 5 May 2017.

Meanwhile, the S&P BSE Sensex was up 94.11 points or 0.32% at 29,952.91.

On the BSE, 2.97 lakh shares were traded in the counter so far, compared with average daily volumes of 3.50 lakh shares in the past two weeks. The stock hit a high of Rs 825.10 in intraday trade so far, which is a record high for the counter. The stock had hit a low of Rs 783.10 so far during the day. The stock hit a record low of Rs 558.75 on 21 March 2017. The stock had outperformed the market over the past 30 days till 5 May 2017, rising 21.79% compared with 0.23% fall in the Sensex.

The large-cap company has equity capital of Rs 624.08 crore. Face value per share is Rs 10.

Avenue Supermarts net profit rose 47.45% to Rs 96.67 crore on 40.58% surge in net sales to Rs 3110.64 crore in Q4 March 2017 over Q4 March 2016. The companys earnings before interest, taxation, depreciation and amortization (EBITDA) rose 41% to Rs 217 crore in Q4 March 2017 over Q4 March 2016. EBITDA margin improved to 6.95% in Q4 March 2017 from 6.93% in Q4 March 2016.

Avenue Supermarts said that the company follows Everyday low cost - Everyday low price (EDLC-EDLP) strategy which aims at using operational and distribution efficiency and thereby delivering value for money to customers by selling products at competitive prices.

Commenting on the financial performance of the company Neville Noronha, CEO and Managing Director, Avenue Supermarts said that delivering great value and being consistently relevant to consumers is the companys most important long term objective.

Shares of Avenue Supermarts had gained 9.8% in the preceding four trading sessions to settle at Rs 808.65 on 5 May 2017, from its close of Rs 736.50 on 28 April 2017.

Shares of Avenue Supermarts had debuted at Rs 604.40 on BSE, a premium of 102.14% to the initial public offer (IPO) price of Rs 299 per share on 21 March 2017. The stock had settled at Rs 640.75 on that day, a premium of 114.29% over its IPO price.

The IPO of Avenue Supermarts closed with strong response from investors. The IPO received bids for 464.08 crore shares compared with 4.43 crore shares on offer. The IPO was subscribed 104.59 times. The issue opened for bidding on 8 March 2017 and closed on 10 March 2017.

Avenue Supermarts is a Mumbai-based company, which owns and operates DMart stores. D-Mart is an emerging national supermarket chain that offers customers a range of home and personal products under one roof. The company offers a wide range of products with a focus on Foods, Non-Foods (FMCG) and General Merchandise & Apparel product categories. As of 31 March 2017, the company had 131 stores with Retail Business Area of 4.1 million sq.ft.across Maharashtra, Gujarat, Andhra Pradesh, Karnataka, Telangana, Tamilnadu, Madhya Pradesh, Rajasthan, NCR and Chhattisgarh.

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ACC, Ambuja Cements jump on merger plan
May 08,2017

Meanwhile, the S&P BSE Sensex was up 87.74 points, or 0.29% to 29,946.54.

ACC rose 5.30% to Rs 1,743. On the BSE, 35,000 shares were traded in the counter so far, compared with average daily volumes of 26,674 shares in the past one quarter. The stock had hit a high of Rs 1,753.85 and a low of Rs 1,680.35 so far during the day.

Ambuja Cements rose 9.64% to Rs 270.05. On the BSE, 12.49 lakh shares were traded in the counter so far, compared with average daily volumes of 1.61 lakh shares in the past one quarter. The stock had hit a high of Rs 270.50 and a low of Rs 258.10 so far during the day.

ACC and Ambuja Cements announced that their respective boards have agreed to start the evaluation of a potential merger between the two companies with a view to combine the strengths of both businesses. A special committee of directors, comprising largely of independent directors, has been constituted to commence the evaluation, ACC and Ambuja Cements said in separate statements after market hours on Friday, 5 May 2017.

No decision to merge has been taken and the board will decide on a merger upon receiving a recommendation from the special committee and the audit committee, the ACC statement said. ACC and Ambuja are both a part of conglomerate LafargeHolcim Group.

On a consolidated basis, Ambuja Cements net profit rose 38.04% to Rs 396.96 crore on 6.83% growth in net sales to Rs 5631.90 crore in Q1 March 2017 over Q1 March 2016.

On a consolidated basis, ACCs net profit fell 8.91% to Rs 211.06 crore on 7.90% rise in net sales to Rs 3099.66 crore in Q1 March 2017 over Q1 March 2016.

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Need for centralized repository for cybercrime: ASSOCHAM-EY study
May 08,2017

A centralized database of cybercriminals should be maintained to keep a check and discourage cybercriminals from engaging in spurious activities in cyberspace, according to a recent ASSOCHAM-Mahindra EY joint study.

There is a need to establish a centralized repository for cybersecurity standards, best practices and guidelines, which can be used by law enforcement agency for preventing and investigating cybercrime, noted the conducted by The Associated Chambers of Commerce and Industry of India (ASSOCHAM) jointly with EY.

A dedicated national governing unit may be established in India, which will be the central agency for all state government cybercrime agencies to coordinate, integrate and share information related to cybercrime. Such a central agency will be responsible for driving all the cybercrime prevention initiatives, such as collaboration with private sectors, and training and awareness across the country.

The Government should provide well defined citizen awareness programs aimed at preventing cybercrime as a proactive mitigation. This has to be achieved through multiple media, such as print, radio and web to ensure faster and maximum reachability with local and national languages. Cybercrime awareness shall be introduced in academics in the early stages of education as a mandate for all the state and central, and public and private schools, adds the study.

Releasing the joint study, Mr. D S Rawat, Secretary General ASSOCHAM said, Mechanisms shall be established for independent monitoring of awareness program at regular intervals to evaluate the number of people/regions covered. Awareness material shall be updated regularly to cover up-to-date information.

In order to increase the rate of reporting cybercrime, it is important to have provisions for online reporting of the crime. Using this system, an online cybercrime complaint can be made by the victims of cybercrime. They will gain access to a convenient and easy-to-use reporting mechanism that alerts law enforcement authorities of suspected criminal or civil violations. Also, it will provide a central repository for reference to law enforcement and regulatory agencies at the national, state and local level.

A centralized database of cybercriminals should be maintained so that the criminals released from jails may be monitored. Such checks will discourage cybercriminals from engaging in spurious activities in cyberspace. Many countries, such as the USA and Australia have maintained a central repository of cybercriminals, noted the joint study.

It will be beneficial to have collaborations with International Cyber Security Protection Alliance, such as the Australian Cyber Security Centre (ACSC), National Crime Agencys National Cyber Crime Unit (NCCU) and the UKs CEOP. This will help in not only adopting the best practices by other countries for prevention of cybercrime, but also in increasing the capability, knowledge, training, skills, capacity and expertise of cyber security task forces. Additionally, it will help to reduce the harm caused to businesses, customers and citizens due to international cyberattacks.

India should be actively engaged as part of the international cybercrime associations centered on Asia/Europe and America to seek help and contribute for international cybercrime issues, said Mr. RAwat.

Skilled law enforcement personnel are the need of the hour, considering the highly technical and advanced nature of cybercrime being reported. To gear up to speed in containing and preventing cybercrime, there is a need to engage more cybercrime investigation professionals such personnel may be deployed at state level with access to dedicated laboratories for analysis at each state. Such teams also need to be part of the police team investigating cybercrimes. There should be a special recruitment for personnel to man cyber cells at every police station.

There is a need to increase the number of cybercrime cells and laboratories in the states and provide requisite manpower, training and infrastructure to them. Initiatives to setup the cybercrime cells and laboratories in states where these do not exist, and also upgrade and strengthen the existing cybercrime cells is required to cope up with the rapid cybercrimes.

In addition to the existing mechanisms, a strategy needs to be documented, which states the vision, objective and approach for cybercrime prevention in India. A definite cybercrime prevention program may originate as a specific recommendation of such a document.

The strategy and execution of cybersecurity needs to be developed with clear vision for addressing challenges related with cybercrime in the short term and mid-term with possible review mechanism to a long-term approach in this domain. The global practices from mature law enforcement organizations, such as the Federal Bureau of Investigation (FBI) and Interpol need to be leveraged and adopted as per their feasibility as part of the Indian cybercrime strategy.

Cybercrime, it is imperative that efforts and resources are dedicated to operationalize a nations cybersecurity strategy. If such initiatives are driven from the highest level of the government, it ensures that all stakeholders are interested and engaged in contributing to the success of any initiatives or programs. Such commitment, though it is an important enabler, is not sufficient to guarantee the success of any initiative or program. Monitoring and review mechanisms are essential to analyze and assess progress as well as consider measures for re-calibration and course correction as may be required.

It is important to define milestones and operationalize the strategy as per the desired impact of initiatives, which are being undertaken. A sample road map basis impact of initiatives is presented below. While several initiatives may commence in parallel, the graph presents a view of their impact on the overall ecosystem for combating cybercrime.

Spread awareness on cybercrime prevention since the cybercriminals are constantly inventing new ways to attack and are in search of potential victims. In fact, some of the most recent attacks on critical infrastructure of a few countries were perpetuated and successfully executed due to the low awareness level of most users, through phishing and social engineering methods.

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Dalmia Bharat Sugar declines after weak Q4 results
May 08,2017

The result was announced after market hours on Friday, 5 May 2017.

Meanwhile, the S&P BSE Sensex was up 101.57 points, or 0.34% at 29,960.37. The S&P BSE Small-cap index was up 95.05 points, 0.62% at 15,450.89.

On the BSE, 83,000 shares were traded on the counter so far as against the average daily volumes of 82,896 shares in the past one quarter. The stock had hit a high of Rs 174.55 and a low of Rs 167 so far during the day.

The stock had hit a 52-week high of Rs 202.20 on 31 January 2017 and a 52-week low of Rs 84.40 on 24 May 2016. The stock had outperformed the market over the past one month till 5 May 2017, advancing 7.83% compared with the Sensexs 0.39% fall. The scrip had, however, underperformed the market over the past one quarter declining 3.3% as against the Sensexs 5.73% rise.

The small-cap company has equity capital of Rs 16.19 crore. Face value per share is Rs 2.

Dalmia Bharat Sugar & Industries is engaged in sugar manufacturing. The plants are located at Ramgarh, Jawaharpur and Nigohi in Uttar Pradesh.

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Caplin Point receives EIR for its sterile injectable plant at Gummidipoondi, TN
May 08,2017

Caplin Point has received the Establishment Inspection Report from USFDA for the inspection carried out during 21 October - 27 October, 2016 at its sterile injectable plant at Gummidipoondi, Tamil Nadu.

The facility, capable of manufacturing liquid injectables in vials, ampoules, lyophilized vials and ophthalmic dosages, is approved by EU-GMP and ANVISA-Brasil.

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Mishka Exim appoints company secretary and compliance officer
May 08,2017

Mishka Exim announced that the Board of Directors of the Company at its meeting held on 06 May 2017 has appointed Ranjana Kumari as a Company Secretary & Compliance Officer with immediate effect.

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IL&FS Transportation gains after subsidiary refinances debt
May 08,2017

The announcement was made before trading hours today, 8 May 2017.

Meanwhile, the S&P BSE Sensex was up 84.27 points, or 0.28% to 29,943.07.

On the BSE, 7,576 shares were traded in the counter so far, compared with average daily volumes of 1.26 lakh shares in the past one quarter. The stock had hit a high of Rs 113.50 and a low of Rs 111.90 so far during the day. The stock hit a 52-week high of Rs 124.80 on 12 January 2017. The stock hit a 52-week low of Rs 65.85 on 19 August 2016.

The stock had underperformed the market over the past one month till 5 May 2017, falling 3.07% compared with 0.23% decline in the Sensex. The scrip had also underperformed the market in past one quarter, rising 0.18% as against Sensexs 5.73% rise.

The mid-cap company has equity capital of Rs 328.96 crore. Face value per share is Rs 10.

Jharkhand Road Projects Implementation Company, a subsidiary of IL&FS Transportation Networks has refinanced its debt of Rs 1730 crore availed for development five road stretches in Jharkhand by issuing non-convertible debentures at a weighted average coupon of 9.45% per annum, resulting in reduction of interest cost by approximately 205 basis points.

IL&FS Transportation Networks reported net profit of Rs 55.66 crore in Q3 December 2016 as against net loss of Rs 19.42 crore in Q3 December 2015. Net sales dropped 23.8% to Rs 763 crore in Q3 December 2016 over Q3 December 2015.

IL&FS Transportation Networks is a BOT (build, operate and transfer) road assets owner in India.

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Shoppers Stop drops after reverse turnaround in Q4
May 08,2017

The result was announced after market hours on Friday, 5 May 2017.

Meanwhile, the S&P BSE Sensex was up 85.29 points or 0.29% at 29,944.09. The S&P BSE Mid-Cap index was up 96.18 points, or 0.65%, to 14,814.66.

On BSE, so far 998 shares were traded in the counter as against average daily volume of 1.42 lakh shares in the past one quarter. The stock hit a high of Rs 372 and a low of Rs 355.50 so far during the day. The stock hit a 52-week high of Rs 406 on 7 September 2016. The stock hit a 52-week low of Rs 265 on 28 December 2016.

The stock had outperformed the market over the past 30 days till 5 May 2017, rising 3.41% compared with 0.23% fall in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 28.37% as against Sensexs 5.73% rise.

The mid-cap company has an equity capital of Rs 41.75 crore. Face value per share is Rs 5.

Shoppers Stops total income rose 2.96% to Rs 916.06 crore in Q4 March 2017 over Q4 March 2016.

Shoppers Stop runs department stores that sell apparel, cosmetics and fashion accessories.

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Shares of Pure Giftcarat get listed
May 08,2017

The equity shares of Pure Giftcarat (Scrip Code: 540492) are listed effective 08 May 2017 and admitted to dealings on the Exchange in the list of M Group Securities.

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Board of LG Balakrishnan & Bros drops proposal for stock split
May 08,2017

The Board of Directors of LG Balakrishnan & Bros at its meeting held on 06 May 2017 has considered and dropped the proposal of Sub-division of equity shares of the Company from face value of Rs.10/- to Re. 1/-.

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Pincon Spirits Chairman and MD wins The Asia Pacific Entrepreneurship Award 2017
May 08,2017

Pincon Spirit announced that Monoranjan Roy, Chairman and Managing Director of the company has been awarded with prestigious The Asia Pacific Entrepreneurship Award 2017 under the Consumed Goods Industry category for the second consecutive time.

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P&G Hygiene and Health Care hits record high after good Q3 results
May 08,2017

The result was announced after market hours on Friday, 5 May 2017.

Meanwhile, the S&P BSE Sensex was up 90.80 points, or 0.30% to 29,949.60.

On the BSE, 402 shares were traded in the counter so far, compared with average daily volumes of 2,849 shares in the past one quarter. The stock had hit a high of Rs 7,780 so far during the day, which is also a record high for the counter. The stock had hit a low of Rs 7,449 so far during the day. The stock hit a 52-week low of Rs 6,025 on 29 June 2016.

The stock had outperformed the market over the past one month till 5 May 2017, rising 0.09% compared with 0.23% decline in the Sensex. The scrip had, however, underperformed the market in past one quarter, rising 5.33% as against Sensexs 5.73% rise.

The large-cap company has equity capital of Rs 32.46 crore. Face value per share is Rs 10.

The board of Procter & Gamble Hygiene and Health Care declared a special interim dividend of Rs 362 per equity share.

Procter & Gamble Hygiene and Health Care is an FMCG company.

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Rs 2.44 lakh crore NPAs sold to asset reconstruction firms: study
May 08,2017

As a crucial part of the resolution of the non-performing asset (NPAs), the Asset Reconstruction Companies (ARCs) have been sold Rs 2.44 lakh crore worth of gross NPAs even as the current stock of stress in the Indian banking system is estimated at Rs. 11.80 lakh crore, according to an ASSOCHAM-SIPI-Edelweiss study.

Seeking a level playing field with the banks in terms of conversion of loans into equity, the paper said that though a huge level of stressed assets, as much as 15 per cent of advances (9.84 per cent NPAs and 4.2 per cent restructured assets), is a matter of concern for the economy, it offers a huge opportunity for the ARCs, adds the joint study.

As many as seven ARCs have largely been promoted by banks even as foreign direct investment has also been permitted into the asset reconstruction, which the paper said should be treated as a resolution and not a recovery business.

The paper said there must be a level playing field along with more teeth to ARCs for dealing with the promoters of companies owing a high level of bank debt which has decayed into NPAs. At least 51 per cent conversion should be allowed to ARCs while reconstructing an asset.

The ARCs are not on par with banking system when it comes to equity conversion. While RBI has given sweeping powers to bank in form of Strategic Debt Restructuring (SDR) and even in case of normal debt conversion, ARCs are restricted to maximum 26 percent of equity share in a particular company.

The paper stressed that incentive structure has to be introduced for banks where 100 per cent debt is sold to ARCs. The banks are not following a consortium approach which is a major issue that leads to delay of 12-18 months for debt aggregation. ARCs have to resort to a time- consuming process of dealing with each bank separately, often at different commercial terms.

The companies under reconstruction require working capital and often the non-fund based requirements are high. The banks selling NPAs to ARCs, cannot lend, while non-bank entities, such as private equity /NBFC, demand very high interest along with priority in repayment over existing debt.

Further the banking system is completely against any new exposure including non-fund based to these companies, even if they have come out of their structural issues. n++This leaves the responsibility of providing working capital finance on the ARCs and even non-fund based limits have to be raised against 100 per cent cash margins thus putting more pressure on the resources of stressed asset and impacting the viability,n++ the ASSOCHAM- SIPI-Edelweiss said.

Besides, while there have been changes in the SARFAESI Act exempting applicability of stamp duty, states have yet to pass necessary legislations to give effect to the same. Further, the registration fee for such transaction documents is very high in many states, increasing the cost for the ARCs and finally the borrower.

The growth of ARCs in India has been primarily in four phases, the current one being the 4th phase and amongst the most exciting in terms of possibilities it presents to the industry. ARCs have been doing a lot of work to ensure that the banking system is relived from the structural NPA problem which they are currently facing.

Decline in NPA sales is on account of two main reasons; first because of price mismatch between the expectations of ARC and the banks two, due to resource constraints.

However, post March 2016, amendments and relaxation of shareholding limits in ARCs as well as increase in permitted FDI investment limit in ARCs has provided a fillip to sourcing capital. The number of ARCs having been granted certificate by RBI stands at 23 in March 2017.

Significant capital has been raised and is ready for deployment by existing players while several new high profile players are expected to commerce business in FY 2018.

n++While ARCs are an important means to help banks manage NPAs, at its heart, ARC business is a resolution business and not a recovery business. ARCs do not have any magic spell for revving a non performing asset. Process of resolving a stressed asset requires aggregation of debt outstanding to various banks, arrangement of capital, right sizing the business and bringing in a strategic partner. This requires a period of 3-5 yearsn++, said ASSOCHAM Secretary General Mr D S Rawat

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