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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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Outcome of board meeting of Rohit Ferro Tech
May 31,2017

Rohit Ferro Tech announced that the Board of Directors of the Company at its meeting held on 30 May 2017 has resolved to execute the Deed of Undertaking binding itself together with the Promoters (including persons belonging to the Promoter Group) to the sale of the entire shareholding of the Promoters in the Company (Promoter Shares) to a prospective Investor to be identified by SBI leading to change in the management of the Company from the existing Promoters to the prospective Investor.

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BEML flexes muscles after good Q4 result
May 31,2017

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

Meanwhile, the S&P BSE Sensex was up 25.91 points, or 0.08%, to 31,185.31. The S&P BSE Mid-Cap index was up 92.31 points, or 0.64%, to 14,582.07.

On BSE, so far 10,000 shares were traded in the counter, compared with an average volume of 33,379 shares in the past one quarter. The stock hit a high of Rs 1,249 and a low of Rs 1,194 so far during the day. The stock hit a 52-week high of Rs 1,440 on 27 April 2017. The stock hit a 52-week low of Rs 770.15 on 23 November 2016.

The mid-cap company has an equity capital of Rs 41.64 crore. Face value per share is Rs 10.

BEMLs board of directors has recommended a dividend of Rs 8 per share for the year ended 31 March 2017.

BEML was established in May 1964 as a public sector undertaking for manufacture of rail coaches & spare parts and mining equipment at its Bangalore complex. The Government of India held 54.03% stake in BEML (as per the shareholding pattern as on 31 March 2017).

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Nutraplus India director resigns
May 31,2017

The Board of Nutraplus India has taken on record the resignation tendered by Kishor Punamchand Ostwal (DIN: 00460257), Non-executive & Non-Independent Director of the Company with effect from 29 May, 2017.

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CES appoints chairperson
May 31,2017

CES has appointed Tummala Murali Krishna as Chairperson of the Company at board meeting held on 30 May 2017.

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Cox & Kings in focus as board approves demerger
May 31,2017

Cox & Kings announced after market hours yesterday, 30 May 2017, that its board approved the demerger of its foreign exchange division into a separate financial services company to be named Cox & Kings Financial Service (CKFSL). The demerger is effective 1 April 2017, and is subject to High Court and other regulatory approvals.

Whilst the tours & travels and foreign exchange (Forex) businesses are complementary in nature, the businesses operate quite distinctly from each other. The forex business has 125 licenses across India to provide foreign exchange to captive customers as well as to third-party customers.

The working capital needs of the forex business are quite different from those of the tours & Travels business. With a view to enable the Forex business to capitalize on growth opportunities in an independent manner it has been decided to demerge the business into a separate company.

The demerged entity has the potential to grow substantially as a standalone business with separate financing and operations and focused leadership and management attention. The opportunities as well as risks and competitive environment within the forex business are distinct and the said business is capable of attracting its own set of investors and strategic partners, lenders and other stakeholders.

It is proposed that the forex business of the company be demerged and transferred to the resulting company, a wholly-owned subsidiary company of the company, so as to maximize value for all the stakeholders of the Company. In consideration of the demerger, equity shares of the resulting company shall be issued to the equity shareholders of the company, on the agreed terms and conditions as set out in the draft scheme.

CKFSL is also in the process of applying for a license to operate as a non-banking finance company (NBFC) and will add multiple product lines to its suite of offerings over time, including holiday finance, overseas student finance etc. aimed primarily at the travel and tourism sector.

With the number of outbound travellers from India due to touch 50 million by 2020 (as per UNWTO) from approximately 21 million currently, there is a substantial and unique opportunity for the newly minted company to grow rapidly at high rates of profitability.

Jet Airways (India)s net profit dropped 90.73% to Rs 36.80 crore on 5.57% increase in total income to Rs 5759.58 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 30 May 2017.

BEMLs net profit rose 27.11% to Rs 186.40 crore on 18.19% increase in total income to Rs 1345.67 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 30 May 2017.

MOILs net profit surged 410.94% to Rs 109.24 crore on 19.76% increase in total income to Rs 252.71 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 30 May 2017.

McLeod Russel India announced after market hours yesterday, 30 May 2017, that its board deliberated on the strategic roadmap for the companys participation in a joint venture with Eveready Industries India for development of packet tea business.

The board has decided that the company will initiate discussion with Eveready for participating in a joint venture as a strategic business partner for development of packet tea business through a separate entity.

It is envisaged that with this measure, Eveready and McLeod will bring their respective skills of marketing & distribution and tea plantation knowledge to focus and develop the packet tea business to a much higher level.

McLeod is the worlds largest tea plantation company in private sector. This will enable the company to have direct access to the Rs 10000 crore packet tea market. Eveready is a consumer goods company with a large distribution reach. This alliance will enable it to upscale its FMCG operation.

Both McLeod and Eveready belong to the Williamson Magor Group and the strategic alliance is subject to all necessary approvals.

Gujarat Gas announced after market hours yesterday, 30 May 2017, that it entered into a non-binding memorandum of understanding with Petronet LNG for exploring - dispensing and marketing of LNG including the L-CNG at Gujarat Gas CNG stations.

Berger Paints India announced after market hours yesterday, 30 May 2017, that its board approved acquisition of 100% of the paid-up equity share capital of Saboo Coatings (SCPL) from its existing shareholders at a consideration of Rs 81.77 crore, subject to closing adjustments for variations in net debt and net working capital.

SCPL is engaged in carrying out the business of manufacturing specialty liquid coatings classified as Industrial Coatings by the paint industry in the segments of agriculture and construction equipment (ACE), automotive (auto components, auto re-finish), fans, electronics, general industrial, elevators, handicrafts and home furnishing, hardware and those used by industrial dealers for substrates n++ metal, plastics, FRP and glass in India. The gross turnover (including other income) of SCPL in the year 2016-17 was Rs 89.43 crore.

The business and the expertise of SCPL will gainfully supplement the companys industrial coatings business where the two entities can support each other in various areas such as manufacturing, selling, distribution, procurement,technology, etc., thus resulting in mutual benefit to both the companies. The transaction is likely to be completed by 30 June, 2017, subject to fulfillment of conditions precedent.

At the meeting, the board also approved purchase of 1.03 crore equity shares of Saboo Hesse Wood Coatings (SHWCPL), representing 51% of the paid-up equity share capital of SHWCPL at a consideration of Rs 1.5 crore. The balance 49% is held by Hesse Shares GmbH of Germany.

The business and the expertise of SHWCPL can gainfully supplement the companys existing wood coatings business, where the two entities can combine their strengths and collaborate in the areas of manufacturing, selling, distribution, procurement, technology, etc., resulting in mutual benefit to both the companies.

The transaction is likely to be completed by 31 August, 2017 subject to limited due diligence, approval of the Reserve Bank of India, if required, and parties agreeing on the terms of acquisition.

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Punjab National Bank reduces MCLR rates
May 30,2017

Punjab National Bank has reduced Marginal Cost of Funds Based Lending Rate with effect from 01 June 2017 as under -

Overnight - 8.00%
One month - 8.10%
Three month - 8.20%
Six month - 8.30%
One year - 8.35%
Three year - 8.50%
Five year - 8.65%

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Board of GOL Offshore accepts resignation of director
May 30,2017

GOL Offshore announced that the Board of Directors of the Company at its meeting held on 30 May 2017 has accepted the resignation of Mahesh Mehrotra as Non Executive Independent Director with effect from 30 May 2017.

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Empee Distilleries approves change in CFO
May 30,2017

Empee Distilleries has appointed N Chandrashekaran as CFO of the Company with effect from 29 May 2017 in place of V Shrinivasan.

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Mahindra CIE Automotive allots 4,500 equity shares
May 30,2017

Mahindra CIE Automotive has allotted 4,500 Equity Shares of face value of Rs. 10/- pursuant to exercise of options by the eligible employee under the Companys Employees Stock Option Scheme, 2007. Consequent to the allotment the paid up capital of the Company is increased from Rs. 3,781,137,650/- to Rs. 3,781,182,650/-.

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Satin Creditcare Network declares dividend on preference shares
May 30,2017

Satin Creditcare Network announced that that the Board in their meeting held on 26 May 2017 has declared Final dividend on Preference Shares [12.10% Rated, Cumulative, Non-Convertible, Compulsorily Redeemable Preference Shares, i.e. Rs. 0.97 (Ninety Seven Paisa only) per Preference Share] for the Financial Year- 2016-17 which is subject to Shareholders approval in the ensuing Annual General Meeting.

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BFL Developers appoints company secretary
May 30,2017

BFL Developers has appointed Surbhi Rawat as the Company Secretary and Compliance Officer of the Company with effect from 10 June 2017.

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Rolta India plans to delist GDRs from London Stock Exchange
May 30,2017

Rolta India announced that the Company intends to cancel the listing and trading of its GDRs at London Stock Exchange effective as of 30 June 2017, subject to approval of London Stock Exchange and Financial Conduct Authority. This is due to the very low numbers (i.e. 3,39,619) GDRs being outstanding currently.

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Board of Mercury Trade Links approves change in company secretary
May 30,2017

Mercury Trade Links announced that the Board has appointed Dhruti Harsh Satia (Membership No. A45096) as a Company secretary who will act as a compliance officer of the Company in place of Vrunda Mahesh borkar w. e. f. 30 May 2017 at the Board Meeting held on 30 May 2017.

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Mysore Petro Chemicals announces resignation of CFO
May 30,2017

Mysore Petro Chemicals announces the resignation of Paras Jain as CFO of the Company with effect from 31 May 2017.

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Board of POCL Enterprises approves change in directorate
May 30,2017

The Board of Directors of POCL Enterprises at its meeting held on 30 May 2017 approved the change in designation of Sunil Kumar Bansal from joint Managing Director to Managing Director with immediate effect.

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