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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 Indiabulls Ventures recommends dividend
Mar 18,2017

Indiabulls Ventures announced that the Board of Directors of the Company at its meeting held on 17 March 2017, inter alia, have recommended the dividend of Rs 1 per equity Share (i.e. 50%) , subject to the approval of the shareholders.

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Food inflation in India comparatively lower in the last six months as compared to the global food inflation based on the Food Price Index of FAO
Mar 18,2017

Food inflation as measured by the Consumer Food Price Index (CFPI) in India was comparatively lower in the last six months as compared to the global food inflation based on the Food Price Index of Food and Agriculture Organization (FAO) (Table 1). Table 1: Food inflation based on FAO Food Price Index and CFPI (in per cent)Sep-16Oct-16Nov-16Dec-16Jan-17Feb-17FAO Food Price Index10.18.810.811.016.917.2CFPI4.03.32.01.40.62.0Source: Food and Agriculture Organization and Central Statistics Office.

Overall supply of food items has been comfortable. As per the second advance estimates (2nd AE) of production of food grains 2016-17 released by Department of Agriculture, Cooperation and Farmers Welfare, the production of total food grains is estimated to increase to 271.98 Million Tonnes in 2016-17 as compared to 253.16 Million Tonnes in 2015-16 (2nd AE). Pulses production is estimated to increase to 22.14 Million Tonnes in 2016-17 as compared to 17.33 Million Tonnes in 2015-16 (2nd AE).

As per the Macroeconomic Impact of Demonetisation- A Preliminary Assessment of the Reserve Bank of India (RBI), the impact of demonetisation on inflation in the near-term stemmed mainly from moderation in food inflation, especially perishables, as inflation excluding food and fuel remained broadly unaffected. The Government has taken a number of measures to control inflation, especially food inflation. The steps taken, inter alia, include, (i) increased budgetary allocation for Price Stabilization Fund in the budget 2017-18 to check volatility of prices of essential commodities, in particular, of pulses; (ii) created buffer stock of pulses through domestic procurement and imports; (iii) announced higher Minimum Support Prices so as to incentivize production; (iv) issued advisory to States/UTs to take strict action against hoarding and black marketing under the Essential Commodities Act 1955 and the Prevention of Black-marketing and Maintenance of Supplies of Essential Commodities Act, 1980; (v) imposed 20 per cent duty on export of sugar; and (vi) reduced import duty on potatoes, wheat and palm oil.

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GOI signatory of CbC MCAA pertaining to tax coopertion
Mar 18,2017

The Government is a signatory of Multilateral Competent Authority Agreement for automatic exchange of Country-by-Country Reporting (CbC MCAA) pertaining to tax cooperation to enable automatic sharing of Country-by-Country information

The Multilateral Competent Authority Agreement (MCAA) for automatic exchange of Country-by-Country (CbC) Reports has been developed by the Organisation of Economic Cooperation and Development (OECD) to facilitate amongst countries the automatic exchange of CbC Reports filed by Multinational Enterprises (MNEs). The MCAA has been developed to take forward the commitment of G-20 and OECD member countries, under the Base Erosion and Profit Shifting (BEPS) Project, to usher in a completely new Transfer Pricing documentation regime. The CbC Report is expected to provide countries with vital information to help them assess transfer pricing risks and select cases for audit. Detailed audit of such high-risk cases would help prevent profit shifting by MNEs through the transfer pricing mechanism. India signed the MCAA for CbC on 12/05/2016 and shall exchange CbC Reports from 2018.

As per the information available, 57 countries have signed the MCAA for CbC till date. Some of the recent signatories are Russian Federation, Mauritius, Indonesia and Gabon.

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Transport Corporation of India to hold board meeting
Mar 18,2017

Transport Corporation of India will hold a meeting of the Board of Directors of the Company on 17 May 2017, to consider/approve the Audited Financial Results for the 4th Quarter/FY ending 31 March 2017.

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IDBI Bank to hold board meeting
Mar 18,2017

IDBI Bank will hold a meeting of the Board of Directors of the Company on 21 March 2017.

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Number of e-filed Income Tax Returns in Financial Year 2016-17 (till 28 February 2017) was 4.21 Cr
Mar 18,2017

The number of e-filed Income Tax Returns in Financial Year 2016-17(till 28 February 2017) was 4.21 Cr. which represented an increase of twenty-one percent over the number filed during the corresponding period of last financial year.

The number of e-returns processed in Financial Year 2016-17 (till 28 February 2017) was 4.30 Cr.(this included the returns filed during Financial Year 2016-17 as well as backlog for earlier years).

The total amount of refund issued in the current fiscal (including refund arising out of rectification, appeal effect etc.) is Rs. 1,48,459 crore (till 28 February 2017).

The Government accords high priority to expeditious issue of refunds, particularly to small taxpayers. During Financial Year 2016-17, as on 10 February 2017, 98% of the refunds of less than Rs. 50,000/- have been issued and only 2% remain to be issued. Majority of these cases relate to recently filed tax returns or where the taxpayers response to the Department is awaited.

Further, to ensure expeditious disposal of backlog of refunds upto Rs. 5,000/- in non scrutiny cases pertaining to Assessment Years 2013-14, 2014-15 and 2015-16, instructions have been issued to field units to issue refunds in these cases without adjustment against the outstanding demand.

The law provides that income-tax returns are to be processed within a period of one year from the end of the financial year in which the return is made. Efforts have been made to shorten the timeframe over the years through greater thrust on automation, smoothening the process for e-filing, and proactive monitoring. During the current fiscal, 90% of the refunds have been issued within 60 days and 67% within 30 days of filing of return

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Welspun India inaugurates Needle Entangled Advance Textile Plant
Mar 18,2017

Welspun India has forayed into new technologies in its Technical Textile Business with its state-of-the-art Needle Entangled Advance Textile Plant in Anjar. The plant was inaugurated by Minister of Textiles, Smriti Irani on 18 March 2017.

The Rs 150 crore facility, will have unique capabilities of Spun Lace and Needle Punch lines which can manufacture multilayer composites for various applications. This advanced and innovative technology will provide non-woven solutions for high-end industrial applicationssuch as Filtration, Acoustics, Automotive, Fire Safety, Thermal insulation, Vibration control, Noise control, Aero-Space, Defence and Mass Transportation. The initial capacity of the manufacturing unit will be 2,400 MT per annum. With this facility, Welspun has also investedin a wide range of finishing technologies which include Coating, Laminating, Dyeing, and Printing to provide innovative solutions; all under one roof.

Further, Welspun has invested Rs 00 crore to set up a fresh state- of- the-art fully automated cut and sew unit in the made-ups segment with a capacity of 10 mn units per annum.

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GI Engineering Solutions provides update on US subsidiary
Mar 18,2017

GI Engineering Solutions announced that the wholly owned subsidiary of the Company viz. Genesys Enterprises Inc., USA has filed for voluntary dissolution with the Secretary of State of New York.

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Sangal Papers gets upgradation in credit ratings
Mar 18,2017

Sangal Papers announced that Brickwork Ratings India has upgraded the rating from BWR BB to BWR BB+ for cash credit and term loan and BWR A4 to BWR A4+ for non fund based: BG and ILC/ FLC.

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Fedders Lloyd Corporation intimates of listing of 32 lakh shares on exchanges
Mar 18,2017

Fedders Lloyd Corporation has issued and allotted 32,00,000 equity shares subsequent upon conversion of warrants into equivalent number of equity shares. The aforesaid equity shares are duly listed and admitted to dealings on all the Stock Exchanges.

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Ajanta Pharma fixes record date for 2nd interim dividend
Mar 18,2017

Ajanta Pharma has fixed 25 March 2017 as record date for payment of second interim dividend. The dividend would be paid on or after 27 March 2017.

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Board of Ajanta Pharma approves scheme of amalgamation
Mar 18,2017

The Board of Directors of Ajanta Pharma at its meeting held on 18 March 2017 has considered and approved the amalgamation of Gabs Investments (Gabs) with Ajanta Pharma (APL) in consideration for Equity shares of APL.

The proposed amalgamation would be carried out vide a Scheme of Amalgamation and Arrangement between Gabs Investments and Ajanta Pharma and their respective Shareholders (the Scheme) under Sections 230-232 read with Section 52 and Section 66 of the Companies Act, 2013 and other applicable provisions of the Companies Act, 1956 / Companies Act, 2013.

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Asahi Songwon Colors fixes record date for interim dividend
Mar 18,2017

Asahi Songwon Colors has fixed 25 March 2017 as record date for payment of interim dividend for FY 2017.

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Insurance Laws (Amendment) Act, 2015 empowers IRDAI to initiate prosecution with fine & imprisonment for violation of insurance related legislations
Mar 18,2017

As per Insurance regulatory and Development Authority of India (IRDAI), the performance of private insurance companies are assessed through the following: -

i.) Analysis of the financial statements and corporate governance report of the insurance companies on annual basis.

ii.) Analysis of the statement of expenses of management and payment of commission on an annual basis.

iii.) Analysis of the unclaimed amount of policyholders on half-yearly basis.

iv.) Monitoring/review of the various returns filed by the insurance companies under the Public Disclosures.

v.) Compliance of the returns regarding the statutory auditors on an annual basis.

vi.) Analysis of the solvency returns filed by the non-life insurance companies on a quarterly basis.

vii.) Offsite monitoring is done on an ongoing basis, which includes review of various returns / reports filed Monthly, Quarterly, Half-yearly and Annually by all the insurance companies as per the provisions of the statute and the regulations. This includes among others, New Business Performance, Claims performance and Grievance Redressal.

viii.) The Authority carries out periodical onsite inspection of the insurers to examine the compliance of the insurers to various statutory and regulatory provisions. In case of any deviations / violations are noticed, appropriate regulatory actions are taken including directing the insurers to initiate corrective actions, wherever necessary.

ix.) The Authority also takes into cognizance any violations observed during the course of reviewing the complaints received from the customers and initiates suitable corrective measures wherever required.

Further, IRDAI publishes a comprehensive Annual Report containing the performance of both public and private sector insurance companies, various regulatory initiatives taken and the major trends of the Insurance Sector. This report is placed on the table of the Parliament every year. This report also contains the Regulatory actions taken against insurance companies.

The Insurance Laws (Amendment) Act, 2015 empowers IRDAI to initiate prosecution with fine and imprisonment upto 10 years for violation of insurance related legislations and also to initiate adjudication proceedings and levy penalties upto Rs.25 crore.

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Small Finance and Payment banks have to comply with all regulatory and supervisory frameworks that are applicable to commercial banks
Mar 18,2017

Reserve Bank of India (RBI) issued guidelines for licensing of small finance banks and payments banks on November 27, 2014 and granted in-principle approvals to 10 applicants to set up small finance banks and to 11 applicants to set up payments banks.

The guidelines for small finance banks provide inter-alia that (i) eligible promoters could be resident individuals/professionals with 10 years of banking and finance experience including companies controlled by them etc. (ii) shall primarily undertake basic banking activities of acceptance of deposits and lending to unserved and underserved sections (iii) The minimum paid-up equity capital for small finance banks shall be Rs. 100 crore and (iv) all prudential norms and regulations of RBI as applicable to existing commercial banks including requirement of maintenance of Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR).

The guidelines for payment banks provide inter-alia that (i) eligible promoters can be non-bank Pre-paid Payment Instrument (PPI) issuers; and other entities like mobile telephone companies etc. (ii) shall primarily accept demand deposits upto maximum balance of Rs. 1,00,000 per individual customer. (iii) Issue ATM/debit cards, payments and remittance services. (iv) maintain CRR with the Reserve Bank on its outside demand and time liabilities and invest at least 75 per cent of its n++demand deposit balancesn++ in SLR eligible Government securities/treasury bills.

Licensed under Section 22 (1) of the Banking Regulation Act, 1949, Small Finance and Payment banks have to comply with all regulatory and supervisory frameworks that are applicable to commercial banks with suitable calibrations in view of the differentiated scope of such banks.

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