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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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Mahindra & Mahindra announces production, sales and export figures
May 06,2017

Mahindra and Mahindra reported production, sales and export figures for month of April 2017.

Production
April 2017 - 41467 units
April 2016 - 43410 units

Sales
April 2017 - 37829 units
April 2016 - 39357 units

Exports
April 2017 - 1528 units
April 2016 - 2506 units.

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Bank of India appoints MD and CEO
May 06,2017

Bank of India announced that the Bank has appointed Dinabandhu Mohapatra, as Managing Director & Chief Executive Officer (in place of Melwyn O Rego), w.e.f. the date of his taking over charge of the post and till 30 June 2019 i.e. the date of his superannuation or until further orders, whichever is earlier.

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The promulgation of Banking Regulation (Amendment) Ordinance, 2017 will lead to effective resolution of stressed assets
May 06,2017

The promulgation of the Banking Regulation (Amendment) Ordinance, 2017 inserting two new Sections (viz. 35AA and 35AB) after Section 35A of the Banking Regulation Act, 1949 enables the Union Government to authorize the Reserve Bank of India (RBI) to direct banking companies to resolve specific stressed assets by initiating insolvency resolution process, where required. The RBI has also been empowered to issue other directions for resolution, and appoint or approve for appointment, authorities or committees to advise banking companies for stressed asset resolution.

This action of the Union Government will have a direct impact on effective resolution of stressed assets, particularly in consortium or multiple banking arrangements, as the RBI will be empowered to intervene in specific cases of resolution of non-performing assets, to bring them to a definite conclusion.

The Government is committed to expeditious resolution of stressed assets in the banking system. The recent enactment of Insolvency and Bankruptcy Code (IBC), 2016 has opened up new possibilities for time bound resolution of stressed assets. The SARFAESI and Debt Recovery Acts have been amended to facilitate recoveries. A comprehensive approach is being adopted for effective implementation of various schemes for timely resolution of stressed assets.

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Astec Lifesciences to pay dividend
May 06,2017

Astec Lifesciences announced that dividend will be paid on 07 August 2017.

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Amarjothi Spinning Mills announces resignation of company secretary
May 06,2017

Amarjothi Spinning Mills announced that Manju Sri A has resigned her post from Company Secretary and compliance Officer of the Company Amarjothi Spinning Mills with effect from the closing of business hours 05 May 2017.

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Greaves Cotton to pay final dividend
May 06,2017

Greaves Cotton announced that final dividend, if approved by the shareholders, will be paid on or after 07 August 2017.

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From the banks of Rupnarayan to the shores of Ganga : Integrated cargo transport along multiple waterways begins
May 06,2017

MV V. V. Giri, a vessel of the Inland Waterways Authority of India (IWAI) began a landmark pilot movement on April 23rd 2017 from Kolaghat in East Midnapore district of West Bengal to Bhagalpur in Bihar with a cement consignment of 240 tonnes. The vessels journey commenced from Kolaghat on Rupnarayan river (National Waterway- 86) to reach Bhagalpur via river Ganga (NW-1). This marks the beginning of an integrated cargo movement involving two different NWs - NW-86 and NW-1. Rupnarayan river (NW-86) connects with river Ganga (NW-1) at Geokhali near Haldia. On its return trip, the vessel will bring fly ash/pet coke.

A private cement company has committed a consignment of 1.20 lakh tonnes of cement per annum from its plant at Salboni in East Midnapore district in West Bengal to various destinations on river Ganga (NW-1) in the states of Jharkhand and Bihar.

Earlier this year, an IWAI vessel MV Zakir Hussain had transported 350 tonnes of cement consignment from Haldia to Patna. The Government of India plans to make cargo movement on NW-1 (Ganga river) a regular feature.

Many prominent cement companies have also shown interest in transporting their cargo through river NW-1 which the IWAI is developing under the Jal Marg Vikas Project (JMVP), with technical and financial assistance of the World Bank at an estimated cost of Rs. 5369 crore. The project would enable commercial navigation of vessels with capacity of 1500-2,000 tonnes.

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Indian Overseas Bank appoints MD and CEO
May 06,2017

Indian Overseas Bank announced the appointment of R Subramaniakumar, Executive Director of the Bank as MD & CEO with effect from 05 May 2017 and till 30 June 2019.

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CBDT seeks stakeholders comments/suggestions on Draft Rules relating to valuation of unquoted equity share for purposes of Section 56 & Section 50CA
May 06,2017

The Finance Act, 2017 inserted clause (x) in sub-section (2) of Section 56 of the Income-tax Act 1961(the Act) so as to widen the scope of taxability of receipt of sum of money or property without/inadequate consideration. Under the said clause read with Rule 11UA of the Income-tax Rules, 1962( the Rules) if a person receives jewellery or artistic work or shares and securities for no / inadequate consideration, the fair market value(FMV) of the same is taken into account for computing taxable income under the said clause. Similarly, for immovable property, the stamp duty value is taken into consideration for determining taxability under the same section. However when these assets are received as underlying assets of unquoted equity shares of company, the book value (and not the FMV / stamp duty value) is taken into consideration for determining the value of such shares.

Further, the Finance Act, 2017 inserted new Section 50CA in the Act with effect from 1st April, 2018 to provide that where consideration for transfer of unquoted equity share of a company is less than the FMV of such share determined in accordance with the prescribed manner, the FMV shall be deemed to be the full value of consideration for the purposes of computing income under the head Capital gains.

In view of this, it is proposed to amend the Rules to prescribe the method of valuation of unquoted equity share for the purpose of clause(x) of sub-section (2) of section 56 and section 50CA of the Act by taking into account the FMV of jewellery, artistic work, shares & securities and stamp duty value in case of immovable property and book value for the rest of the assets.

In order to have wider consultation in this matter, the draft of proposed Amendment of Rules under the Income-tax Rules, 1962 to prescribe the method of valuation of unquoted shares for the purpose of clause(x) of sub-section (2) of Section 56 and Section 50CA of the Act has been uploaded on the website www.incometaxindia.gov.in.

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Bank of Baroda keeps MCLR rates unchanged
May 06,2017

Bank of Baroda has reviewed Marginal Cost of Funds Based Lending Rates (MCLR) applicable from 07 May 2017 at the existing levels, as follows -

Overnight - 8.10%
One month - 8.15%
Three months - 8.20%
Six months - 8.30%
One year - 8.35%
Three year - 8.50%
Five year - 8.65%

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Board of MRF recommends final dividend
May 06,2017

MRF announced that the Board of Directors of the Company at its meeting held on 4 May 2017, inter alia, have recommended the final dividend of Rs 54 per equity Share (i.e. 540%) , subject to the approval of the shareholders.

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Bank of Maharashtra to hold AGM
May 06,2017

Bank of Maharashtra announced that the 14th Annual General Meeting (AGM) of the company will be held on 16 June 2017.

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Centre of Excellence (CoE) on IT for Industry 4.0
May 06,2017

National Productivity Council had submitted a proposal to Asian Productivity Organization (APO) for establishment of Centre of Excellence on IT for Industry 4.0(CoE: IT for I4.0).

In this context, in the Governing Body Meeting of APO in Tehran on 10th April, 2017, one of the agenda items was to grant approval of the proposal submitted by NPC on n++CoE on IT for I4.0n++. As a part of recognition of IT capacity of India, NPC proposal has been approved by GB of APO.

In this scenario, the Centre of Excellence (CoE) can be very effective in coordination with various stakeholders, collection of information, development of knowledge & dissemination of knowledge/information, facilitation in capacity building of industries, support start-ups etc. linking design to customer. The result is the n++smart factoryn++, which is characterized by versatility, resource efficiency and ergonomic design as well as its direct integration with business partners.

This will ensure a number of benefits such as; Creation of roadmap for implementation of Industry 4.0 especially for MSMEs, transfer of knowledge and expertise from other 19 Member countries, one stop destination on IT for Industry 4.0 for Indian industries especially for MSMEs, capacity building, support to start-ups, etc. The total cost component of CoE will be around Rs. 4.15 Crore for a period of five years. NPCs share in the total cost will be around Rs.1.05 Crore and that of APO will be Rs. 3.10 Crore.

As part of taking the agenda forward, NPC has signed an Memorandum of Understanding (MOU) with National Small Industries Corporation (NSIC), under Ministry of Micro, Small & Medium Enterprises (MSME), Govt. of India on 20th April 2017, to carry forward the demonstration activities of CoE with various technologies such as artificial intelligence, robotics, 3D printing, sensors etc.

The approved CoE is proposed to be launched formally in the second week of June 2017. There will be participation from the various Industries, Industry Associations, and Experts. A detailed roadmap will be prepared to take forward the activities of CoE.

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Outcome of board meeting of Fredun Pharmaceuticals
May 05,2017

Fredun Pharmaceuticals announced that the Board of Directors of the Company at its meeting held on 05 May 2017 has approved the following -

Increase the authorised capital of the Company by Rs 4 crore to Rs 10 crore.

The Board decided subject to consent of shareholders to issue equity shares under the preferential allotment to preferential shareholders as consideration for redemption of preference shares and also other investors.

To convert Promoters loan to equity.

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Board of Kaycee Industries approves scheme of arrangement
May 05,2017

Kaycee Industries announced that the Board of Directors at its meeting held on 05 May 2017 has considered and approved the demerger of its specified undertaking comprising of property leasing business along with all related operations, employees, assets, liabilities, etc. into RDJ Constructions (wholly owned subsidiary of Company) under a Scheme of Arrangement under section 230 to 232 read with section 66 and section 52 of the Companies Act, 2013.

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