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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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Sree Sakthi Paper Mills reports standalone net loss of Rs 4.13 crore in the September 2016 quarter
Nov 14,2016

Net Loss of Sree Sakthi Paper Mills reported to Rs 4.13 crore in the quarter ended September 2016 as against net loss of Rs 3.98 crore during the previous quarter ended September 2015. Sales declined 90.29% to Rs 2.70 crore in the quarter ended September 2016 as against Rs 27.81 crore during the previous quarter ended September 2015.

ParticularsQuarter Endedn++Sep. 2016Sep. 2015% Var. Sales2.7027.81 -90 OPM %-66.67-5.72 - PBDT-3.31-3.16 -5 PBT-4.13-3.98 -4 NP-4.13-3.98 -4

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Aurionpro Solutions standalone net profit rises 15.85% in the September 2016 quarter
Nov 14,2016

Net profit of Aurionpro Solutions rose 15.85% to Rs 4.24 crore in the quarter ended September 2016 as against Rs 3.66 crore during the previous quarter ended September 2015. Sales rose 97.97% to Rs 72.24 crore in the quarter ended September 2016 as against Rs 36.49 crore during the previous quarter ended September 2015.

ParticularsQuarter Endedn++Sep. 2016Sep. 2015% Var. Sales72.2436.49 98 OPM %15.7110.33 - PBDT9.058.34 9 PBT5.766.11 -6 NP4.243.66 16

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Agarwal Industrial Corporation standalone net profit rises 65.26% in the September 2016 quarter
Nov 14,2016

Net profit of Agarwal Industrial Corporation rose 65.26% to Rs 1.57 crore in the quarter ended September 2016 as against Rs 0.95 crore during the previous quarter ended September 2015. Sales rose 48.35% to Rs 21.17 crore in the quarter ended September 2016 as against Rs 14.27 crore during the previous quarter ended September 2015.

ParticularsQuarter Endedn++Sep. 2016Sep. 2015% Var. Sales21.1714.27 48 OPM %19.5123.20 - PBDT2.532.41 5 PBT2.291.32 73 NP1.570.95 65

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Arihant Superstructures standalone net profit declines 19.41% in the September 2016 quarter
Nov 14,2016

Net profit of Arihant Superstructures declined 19.41% to Rs 3.28 crore in the quarter ended September 2016 as against Rs 4.07 crore during the previous quarter ended September 2015. Sales rose 14.98% to Rs 22.49 crore in the quarter ended September 2016 as against Rs 19.56 crore during the previous quarter ended September 2015.

ParticularsQuarter Endedn++Sep. 2016Sep. 2015% Var. Sales22.4919.56 15 OPM %26.1029.29 - PBDT4.996.11 -18 PBT4.845.96 -19 NP3.284.07 -19

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Virat Crane Industries standalone net profit declines 8.85% in the September 2016 quarter
Nov 14,2016

Net profit of Virat Crane Industries declined 8.85% to Rs 1.03 crore in the quarter ended September 2016 as against Rs 1.13 crore during the previous quarter ended September 2015. Sales rose 36.08% to Rs 16.67 crore in the quarter ended September 2016 as against Rs 12.25 crore during the previous quarter ended September 2015.

ParticularsQuarter Endedn++Sep. 2016Sep. 2015% Var. Sales16.6712.25 36 OPM %9.0613.14 - PBDT1.511.72 -12 PBT1.441.67 -14 NP1.031.13 -9

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Gujarat Apollo Industries reports standalone net profit of Rs 13.86 crore in the September 2016 quarter
Nov 14,2016

Net profit of Gujarat Apollo Industries reported to Rs 13.86 crore in the quarter ended September 2016 as against net loss of Rs 0.13 crore during the previous quarter ended September 2015. Sales declined 41.30% to Rs 13.09 crore in the quarter ended September 2016 as against Rs 22.30 crore during the previous quarter ended September 2015.

ParticularsQuarter Endedn++Sep. 2016Sep. 2015% Var. Sales13.0922.30 -41 OPM %-11.84-2.47 - PBDT14.470.40 3518 PBT13.86-0.13 LP NP13.86-0.13 LP

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Winsome Yarns reports standalone net loss of Rs 3.90 crore in the September 2016 quarter
Nov 14,2016

Net Loss of Winsome Yarns reported to Rs 3.90 crore in the quarter ended September 2016 as against net loss of Rs 3.88 crore during the previous quarter ended September 2015. Sales declined 4.44% to Rs 85.37 crore in the quarter ended September 2016 as against Rs 89.34 crore during the previous quarter ended September 2015.

ParticularsQuarter Endedn++Sep. 2016Sep. 2015% Var. Sales85.3789.34 -4 OPM %0.535.32 - PBDT0.464.85 -91 PBT-3.900.56 PL NP-3.90-3.88 -1

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Global sovereign outlook is negative due to persistent low growth, fiscal concerns and political risks
Nov 14,2016

The outlook for sovereign ratings globally for the coming 12 to 18 months is negative, Moodys Investors Service said in its annual Global Sovereign Outlook. That outlook reflects Moodys assessment of the direction of fundamental credit conditions for sovereigns over the coming year.

The key drivers of the negative outlook are a combination of continued low growth, a shift towards fiscal stimulus that will increase already high public sector debt, and rising political and geopolitical risks. Many emerging markets remain exposed to the risk of a reversal in capital flows.

That broad outlook is reflected in Moodys ratings. 26% of Moodys 134 rated sovereigns currently carry a negative outlook, compared to 17% a year ago, the largest proportion since late 2012. The share of sovereigns with a stable outlook has fallen to 65% from 75% last year, while 9% have a positive outlook, similar to last year with 8%.

One of the key credit constraints for most rated sovereigns is the persistently low growth environment, said Alastair Wilson, Moodys Managing Director -- Sovereign Risk. Monetary policys ability to support growth in advanced economies is diminishing, and in many emerging markets it is constrained by above-target inflation and exchange-rate pressures. So we are seeing a gradual but broad-based shift in policy towards loosening fiscal policy in order to lift growth.

Fiscal stimulus, for example in the form of higher public investment funded by historically cheap debt, can support growth in the near-term and also have positive longer-term effects if investment raises productivity growth.

However, a shift towards looser fiscal policy carries risks for the creditworthiness of many sovereigns, given generally already elevated debt levels. Any increase in debt to finance current spending that has little lasting benefit to economic growth prospects would be negative.

Political dynamics complicate the outlook for many sovereigns. There are increasing risks of policy inertia and reversal, including of policies that have brought large benefits to the global economy, such as those that expanded global trade. Geopolitical risks are rising in many regions as well.

Country- and region-specific risks include the uncertain impact of the US (Aaa stable) election outcome on the USs medium-term fiscal strength, and of its future trade and security policies on the rest of the world.

In Europe, Moodys notes the lack of cohesion and risk of further fragmentation following, among other things, the vote of the UK (Aa1 negative) to leave the EU.

Many commodity-exporting countries have to adjust their growth expectations and public finances to less favourable external conditions.

A fourth risk factor is, as it was last year, the possibility of a significant and sustained reversal of global capital flows away from emerging market economies with a high dependence on foreign capital. Elevated volatility in financial markets and sharp movements in exchange rates could exacerbate already weak economic fundamentals and existing political risks, in particular in countries dependent on external capital inflows.

Some countries, including commodity exporters in Sub-Saharan Africa, already face significant liquidity pressures. The implications of the US election outcome for the direction of global capital flows are hard to predict at this stage.

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Moodys Liquidity-Stress Index hits 2-year high in September
Nov 14,2016

Moodys Liquidity-Stress Index (LSI) for EMEA speculative-grade companies worsened to 12.6% in September 2016, after rising 1.3% in Q3 2016, as refinancing and liquidity pressures continue to affect some companies despite debt capital markets being benign, says the rating agency.

Moodys Liquidity-Stress Index falls when corporate liquidity appears to improve and rises when it appears to weaken.

While the latest reading represents the largest move in the index since liquidity pressures in commodity sectors in Q3 2015, deterioration is unlikely to continue at the current pace into 2017, explains Tobias Wagner, a Moodys Vice President -- Senior Analyst. The trend nevertheless highlights ongoing liquidity pressures for some firms into 2017, despite solid liquidity profiles for most companies.

Negative changes in SGL scores in Q3 2016 outnumbered positive changes by a factor of four. Such a significant uptick in negative changes underlines that some companies across industries will continue to face issues with refinancing and liquidity despite currently benign debt capital markets.

Moodys expects that the LSI will be stable or increase in 2017 as a repeat influx of first-time issuers with adequate or good liquidity profiles, similar to the boom years of 2013-14, is unlikely.

However, there are other indicators suggesting a slight easing in credit pressures. Industry sector outlooks remain mostly stable globally, and there were more positive than negative changes in Q3 2016. In addition, upgrades exceeded downgrades in the third quarter of 2016 for the EMEA region.

While this is encouraging, prospects for widespread liquidity improvements appear limited. Macroeconomic growth remains low and high-yield bond markets remain exposed to external factors, including the impact of potential interest rate rises in the US and possible QE tapering in Europe.

Some companies, particularly with low credit qualities and possible uneven performance track records, may find it challenging to find their window of opportunity to refinance in the market in 2017.

The report also comments that commodity sector liquidity pressures in EMEA have been slower to ease than in North America, while the current trend towards weak covenant protection in the EMEA leveraged finance sector has led to improvements in covenant subscores as weaker covenants are less likely to restrict access to liquidity sources such as revolving credit facilities.

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Exemption of fee on National Highways extended
Nov 14,2016

In order to ensure smooth movement of traffic on national highways the government has decided to extend the suspension of fees on all toll plazas on National Highways across the country till the midnight of 18 November 2016. Earlier the exemption had been allowed till the midnight of 11 November 2016, and then extended till 14 November 2016.

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Moodys: Global growth to stabilize in 2017 as US, emerging market economies improve
Nov 14,2016

Global economic growth will be tepid compared with historical averages over the next two years and risks remain, according to a report by Moodys Investors Service. Nonetheless, growth will pick up from the very weak levels in 2016, as the outlook for the US and emerging economies improves slightly.

Moodys expects global growth to climb to about 3% next year and in 2018 from 2.6% in 2016. Among major advanced and emerging economies, India will log the fastest growth next year, while Italy, Japan and Brazil will have the weakest expansions.

The US economy is forecast to expand 2.2% in 2017 from around 1.6% this year, as consumer spending is supported by healthy job and wage prospects, even as business investment remains weak.

Following the election, the risks to the US growth forecasts depend on the incoming administrations policies, said Madhavi Bokil, a Vice President and Senior Analyst at Moodys.

While prolonged policy uncertainty could weigh on an already weak investment growth, there could be an upside to growth in the short term from increased fiscal expenditure, tax cuts or higher infrastructure spending, said Bokil. A restrictive stance on trade would be detrimental in the medium term.

In emerging markets, growth will be driven by improvements in both the political environment and the economic sentiment in countries including Brazil and Argentina, as well as by reform momentum in India and Indonesia. The Chinese economy has continued to grow at a solid pace, in part through fiscal and monetary policy support.

After five years of steady deceleration, emerging market economies are poised to return to faster growth in 2017, said Elena Duggar, an Associate Managing Director at Moodys. However, although growth is improving, we expect it to be considerably lower than what emerging markets experienced in the years leading up to the financial crisis.

Moodys expects G20 emerging market growth to average about 5% in 2017 and 2018, up from an estimated 4.4% in 2016.

Underlying Moodys belief that emerging market economies will experience a turnaround next year is the fact that many of these countries have already undergone considerable external adjustments in response to slower trade and a steady decline in commodity prices.

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Fitch: Most Asian Telcos to Come Under Pressure in 2017
Nov 14,2016

Fiercer competition and rising capex needs will put pressure on the credit profiles of most Asian telcos over the next year, says Fitch Ratings. We have a negative outlook on the telecoms sectors in India, Singapore, Malaysia, Thailand and the Philippines. Korea, Indonesia, China and Sri Lanka are all on stable outlook.

Competition is likely to intensify in India, Singapore and Malaysia, with new entrants poised to offer cheaper tariffs to poach customers from incumbents. Competition could be the most intense in India, where a well-capitalised new entrant, Reliance Jio, is offering free voice and text services and cheaper data tariffs than the incumbents. We expect the blended tariff to decline by 5%-6% for Indian telcos. In Malaysia, the fixed-line market leader, Telekom Malaysia, is making a move into the wireless market, which will prevent a recovery in the revenue of wireless incumbents next year. Finally, Singapore will soon auction sufficient spectrum to allow the entry of a fourth mobile network operator.

Rising competition will add to pressure on revenue, which Fitch expects to grow by just 0-5% in most Asian telco markets in 2017. Data usage will continue to rise strongly, but most telcos are pricing data in such a way that increased usage is not translating into similar revenue growth. The trend of falling data tariffs and the substitution of data for voice and text will continue in most markets. Fixed-line and international long-distance services are in a structural decline. China is the only market where we expect higher data usage to translate into growth in average revenue per mobile user.

Weak revenue growth will result in a hit to the profit of most Asian telcos. EBITDA margins are likely to shrink the most in the Philippines and India, where telcos still derive the majority of their revenue from voice and text services. Chinese and Korean telcos profitability will remain stable, reflecting weaker competition and lower marketing and handset subsidy costs. Chinese telcos will benefit further from lower tower lease rental costs.

Rising capex needs will mean that many Asian telcos will have minimal-to-negative free cash flow next year. Thai, Philippine and Indian telcos are likely to have the highest capex/revenue ratios, at around 28%-30%, as they strengthen 4G networks in response to fast-growing data consumption and the rising importance of network quality. In contrast, Chinese telcos capex could decline by 10% as their 4G development cycle has peaked.

We expect industry consolidation in India, Indonesia and Sri Lanka, as weaker telcos exit the market or seek M&A to strengthen their competitive position. The Sri Lankan market looks particularly crowded and ripe for consolidation. Debt-funded M&A could threaten the ratings of acquirers in these markets.

Among the Fitch-rated Asian telcos, Singapore Telecom (A+/Stable), Telekom Malaysia Berhad (A-/Stable), Reliance Communications (BB-/Stable), Global Cloud Xchange (B+/Stable) and PT Tower Bersama Infrastructure Tbk (BB/Stable) have low ratings headroom.

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Fitch: Most Asian Telcos to Come Under Pressure in 2017
Nov 14,2016

Fiercer competition and rising capex needs will put pressure on the credit profiles of most Asian telcos over the next year, says Fitch Ratings. We have a negative outlook on the telecoms sectors in India, Singapore, Malaysia, Thailand and the Philippines. Korea, Indonesia, China and Sri Lanka are all on stable outlook.

Competition is likely to intensify in India, Singapore and Malaysia, with new entrants poised to offer cheaper tariffs to poach customers from incumbents. Competition could be the most intense in India, where a well-capitalised new entrant, Reliance Jio, is offering free voice and text services and cheaper data tariffs than the incumbents. We expect the blended tariff to decline by 5%-6% for Indian telcos. In Malaysia, the fixed-line market leader, Telekom Malaysia, is making a move into the wireless market, which will prevent a recovery in the revenue of wireless incumbents next year. Finally, Singapore will soon auction sufficient spectrum to allow the entry of a fourth mobile network operator.

Rising competition will add to pressure on revenue, which Fitch expects to grow by just 0-5% in most Asian telco markets in 2017. Data usage will continue to rise strongly, but most telcos are pricing data in such a way that increased usage is not translating into similar revenue growth. The trend of falling data tariffs and the substitution of data for voice and text will continue in most markets. Fixed-line and international long-distance services are in a structural decline. China is the only market where we expect higher data usage to translate into growth in average revenue per mobile user.

Weak revenue growth will result in a hit to the profit of most Asian telcos. EBITDA margins are likely to shrink the most in the Philippines and India, where telcos still derive the majority of their revenue from voice and text services. Chinese and Korean telcos profitability will remain stable, reflecting weaker competition and lower marketing and handset subsidy costs. Chinese telcos will benefit further from lower tower lease rental costs.

Rising capex needs will mean that many Asian telcos will have minimal-to-negative free cash flow next year. Thai, Philippine and Indian telcos are likely to have the highest capex/revenue ratios, at around 28%-30%, as they strengthen 4G networks in response to fast-growing data consumption and the rising importance of network quality. In contrast, Chinese telcos capex could decline by 10% as their 4G development cycle has peaked.

We expect industry consolidation in India, Indonesia and Sri Lanka, as weaker telcos exit the market or seek M&A to strengthen their competitive position. The Sri Lankan market looks particularly crowded and ripe for consolidation. Debt-funded M&A could threaten the ratings of acquirers in these markets.

Among the Fitch-rated Asian telcos, Singapore Telecom (A+/Stable), Telekom Malaysia Berhad (A-/Stable), Reliance Communications (BB-/Stable), Global Cloud Xchange (B+/Stable) and PT Tower Bersama Infrastructure Tbk (BB/Stable) have low ratings headroom.

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Sadbhav Infrastructure Project announces demise of director
Nov 14,2016

Sadbhav Infrastructure Project announced that that Dr. Jagdish P. Joshipura, an Independent Director of the Company, passed away on 12 November 2016.

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Board of Veer Energy & Infrastructure approves change in CFO
Nov 14,2016

Veer Energy & Infrastructure announced that the Board of Directors of the Company at its meeting held on 12 November 2016 accepted resignation of Kunal Shah from post of CFO with immediate effect and appointed Aakash Shah as CFO with effect from 12 November 2016.

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