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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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Kirloskar Pneumatic Company allots 70,07,551 equity shares
May 30,2017

Kirloskar Pneumatic Company announced that the Board of Directors of the Company at its meeting held on 30 May 2017 has allotted 70,07,551 equity shares of Rs 10 each to shareholders of erstwhile Pneumatic Holdings as on record date of 23 May 2017 in the ratio of 53 fully paid equity shares of Rs 10 each of the Company for every 40 fully paid equity shares held by the shareholders in Pneumatic Holdings.

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Blue Circle Services appoints director
May 30,2017

Blue Circle Services announces appointment of Priya Ghosh as Additional Director of the Company w.e.f. 29 May 2017 up to the conclusion of next Annual General Meeting.

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Flex Foods appoints CEO
May 30,2017

Flex Foods has appointed Raghavendra Rao as CEO of the Company with effect from 29 May 2017.

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Adani Australia reaches agreement with Queensland Government
May 30,2017

Adani Australia reached agreement with Queensland Government on royalty payments for its $16.5 billion Carmichael coal project. The Adani parent company Board will consider the Final Investment Decision in the next board meeting.

The project, which is the most advanced in the Galilee Basin, involves a phase one mine production of 25 million tonnes per annum and construction of a 388 kms standard gauge open access, consumer user rail link. Peak mine production in later phases will rise to 60 mtpa.

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TCS launches Engineering Environment as a Service
May 30,2017

Tata Consultancy Services announced the launch of Engineering Environment as a Service, a cloud based framework developed on the Red Hat OpenStack Platform. The framework will help increase utilisation of business resources, lower infrastructure footprint and reduce operational costs.

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Shipping Corporation of India announces change in directorate
May 30,2017

Shipping Corporation of India announced the appointment of Dr. Pradeep Kumar , IAS, [Joint Secretary and Financial Advisor (Ministry of Shipping, Government of India)] as a Part-Time Official Director w.e.f 29 May 2017 vice Shri Sanjeev Ranjan, IAS [Additional Secretary and Financial Advisor].

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Ind-Ra: JNPT Quick Import Program Credit Negative for Container Freight Stations in Short-term
May 30,2017

The focus of the customs department at the Jawaharlal Nehru Port Trust (JNPT) to clear import cargo through the Direct Port Delivery (DPD) model is credit negative for most container freight stations (CFS) located proximate to the port in the short-term, says India Ratings and Research (Ind-Ra). Volumes under DPD have increased considerably to 27%-28% of total volumes compared to under 10% a year ago.

The DPD model entails efficient customs clearance of imports at the port itself, thereby obviating the need to divert containerised cargo to CFS, where typically they used to be stored for a couple of days before being cleared by customs and then forwarded by rail or road to the importers premises. Under the DPD model, the cargo is directly moved from the container terminal at the port to the delivery destination. Delivery of DPD containers at JNPT terminals is on 24x7 basis, which is not possible in custom bounded warehouses. The objective of DPD is to facilitate ease of doing business for domestic companies through the reduction of dwell time at the port. The targeted dwell time under DPD is 24 hours vis-n++-vis average of 1.6 days currently and 7-9 days in the JNPT eco-system (time between landing at port terminal to receipt of container from customs bonded warehouses).

The customs department has targeted the biggest importers over the past year for implementation of the DPD model and around 778 agencies (companies engaged in imports or their representatives) have registered with the customs department for DPD clearance of containers as against 11 agencies as of 9 February 2016 (as per information on JNPT website). While initially at the time of launch (February 2007) there was a minimum volume criteria to avail DPD, this was removed in February 2016 to facilitate higher volumes under this scheme.

Importers Benefit From Increased Transparency: The customs clearance of containers which were moved to CFSs was typically handled by customs house agents (CHAs), who would issue a consolidated bill (including a mark-up) to the importer. In addition, to attract container volumes, CFSs would offer financial incentives typically amounting to INR4000-6000 per twenty foot equivalent units (TEU) to shipping lines, which would be recovered from the importer in terms of higher container storage, handling and processing charges. Direct billing by the customs department to the importer has resulted in price discovery for the latter, who earlier had to deal with an opaque pricing system adopted by intermediaries. By not having to deal with CFSs, the importer can now also avoid certain costs charged to it by CFSs over which especially the smaller importers had limited bargaining power.

Change in Strategy for Shipping Companies: Due to intense competition in the shipping industry, several shipping lines used to charge negligible freight to importers; however the incentives charged to CFS would contribute significantly to their revenues and offset the loss due to low freight rates. In a recent trend observed during FY17 and this year, container lines have been forced to revise their sea freight charges upwards to make up for the loss of revenue from incentives. Shipping lines can no longer decide which CFS their container volumes will be moved to. It is the importer or its DPD registered representative (typically a CHA) who decides this. The rental charges that shipping companies pay to CFS for storage of empty containers could see a substantial increase in instances where the shipping company is unable to offer significant import volumes to a particular CFS but is dependent on that CFS for storage of empty containers.

Import Dependent CFS More Impacted: While all CFSs would be impacted to some extent due to the reduction in the average dwell time. Those whose revenue model is heavily dependent on imports are likely to be impacted more by the reliance on the DPD model by the customs department. On the other hand those reliant on export volumes for the major portion of their revenues will not be affected significantly. CFS aligned to certain shipping lines for bulk of revenues could also face a decline in revenues if the importers clear their cargo at JNPT itself under DPD. In addition, non-integrated logistics companies operating CFSs near JNPT will be vulnerable to decline in TEU volumes. There are also several small CFS located within JNPT itself, which will also be face decline in volumes due to the lack of alternate revenue sources due to space constraints.

High Margin Era Passn++, In Search of Alternate Revenues: Considering the intense competition already prevailing among the 33 CFSs around JNPT for TEU volumes, the reduction in TEUs moved to CFSs due to DPD has led to a couple of CFSs reducing their rates for container handling and storage during the last few months. Ind-Ra believes companies in its rated portfolio namely Gateway Distriparks Limited (GDL, IND AA-/Stable) and Continental Warehousing (Nhava Sheva) Private Limited (IND A-/Negative) will also be impacted to some extent due to some moderation in import volumes in the next few quarters. To stem the decline in volumes, companies such as GDL are negotiating directly with importers for business by offering discounts to them (rather than incentives to shipping companies) so that the importers insist on shifting their containers to those CFSs in particular. This strategy is being deployed in case volumes are large and the importer will want to take delivery of containers in smaller lots. Additionally those CFSs that are highly leveraged due to large outstanding term loans availed for building the facility, could see a further deterioration in their credit profiles in the near term due to shrinking cash flows. The agency does not rule out the likelihood of consolidation in the JNPT linked CFS industry due to these developments.

Ind-Ra believes that the era of high EBITDA margins (typically over 45% for most CFS) is over and that margins will rationalise to 30%-35%. Offering integrated logistics solutions will be the norm to sustain profitable operations. The agency opines that some CFS faced with consistent declining volumes will opt for tie ups with international shipping lines for storage of their empty containers. However this is a service that any CFS with a large container yard outside of the customs bonded area, will be able to provide. Some companies could convert their facilities into logistics parks or warehouse facilities if the CFS revenue model continues to remain unsustainable.

Capacity Increase at JNPT to Improve Volumes for CFS Over Mid to Long Term: With the first phase of the fourth container terminal (designed for handling 4.8 million TEU likely to come on-stream by December 2017, the overall container volumes handled at the port will rise sharply over the next two to three years from around 4 million TEUs, according to the agency. Consequently, although the share of pie of the container handling business is expected to steadily change in favour of the port due to DPD, the CFSs in around JNPT will benefit by an increase in absolute volumes from the reduced levels of 2017.

No Impact on ICDs: Inland Container Depots (ICD) will not be impacted given that even historically; the importer or consignee would decide which ICD the containers will have to be moved to, after despatch from the port.

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Aban Offshore slips after net loss widens in Q4
May 30,2017

The result was announced after market hours yesterday, 29 May 2017.

The stock had dropped 3.73% to Rs 189.60 yesterday, 29 May 2017 ahead of its results.

Meanwhile, the S&P BSE Sensex was up 19.55 points, or 0.06%, to 31,128.83. The S&P BSE Small-Cap index was down 12.35 points, or 0.08%, to 14,842.78.

On the BSE, 1.38 lakh shares were traded in the counter so far, compared with average daily volumes of 1.81 lakh shares in the past one quarter. The stock had hit a low of Rs 180.65 so far during the day, which is also a 52-week low for the stock. The stock had hit a high of Rs 188.70 in intraday trade. The stock had hit a 52-week high of Rs 286 on 25 October 2016.

The stock had underperformed the market over the past one month till 29 May 2017, falling 15.41% compared with the 3.98% gains in the Sensex. The scrip had also underperformed the market in past one quarter, falling 20.49% as against Sensexs 8.23% gains.

The small-cap company has equity capital of Rs 11.67 crore. Face value per share is Rs 2.

Aban Offshores total income from operations fell 37.89% to Rs 390.86 crore in Q4 March 2017 over Q4 March 2016.

In a separate announcement, Aban Offshore said that its board approved raising additional long term resources upto $400 million through issue of foreign currency convertible bonds (FCCBs), global depository receipts (GDRs), American depository receipts (ADRs), etc. The board also approved the issue of equity related securities to qualified institutional buyers upto Rs 2500 crore.

Aban Offshore owns and operates several offshore drilling rigs, drill ships, and a floating production facility.

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MMTC slumps after reverse turnaround in Q4
May 30,2017

The result was announced after market hours yesterday, 29 May 2017.

Meanwhile, the BSE Sensex was up 41.44 points, or 0.13%, to 31,150.72. The BSE Small-Cap index was down 3.07 points or 0.02% at 14,852.06

On the BSE, so far 1.36 lakh shares were traded in the counter, compared with average daily volumes of 3.04 lakh shares in the past one quarter. The stock had hit a high of Rs 58.70 and a low of Rs 54.80 so far during the day. The stock hit a 52-week high of Rs 73.85 on 12 January 2017. The stock hit a 52-week low of Rs 35 on 31 May 2016.

The stock had underperformed the market over the past one month till 29 May 2017, falling 10.17% compared with the 3.98% gain in the Sensex. The scrip had also underperformed the market in past one quarter, sliding 6.04% as against Sensexs 8.23% gain.

The mid-cap company has equity capital of Rs 100 crore. Face value per share is Re 1.

MMTCs total income rose 25.97% to Rs 2545.37 crore in Q4 March 2017 over Q4 March 2016.

MMTCs board of directors has recommended a dividend of Rs 0.30 per share for the year ended 31 March 2017.

MMTC is a leading international trading company. Government of India (GoI) held 89.927% stake in MMTC (as per the shareholding pattern as on 31 March 2017).

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Nestle India introduces Iron Fortified Noodles
May 30,2017

Nestle India announced the launch of Iron Fortified Noodles as part of Simply Good 2020 commitment. The Company has launched the iron fortified variant of the Maggi Masala Noodles.

The iconic Maggi brand is on a mission to support home cooks with healthier and tastier choices, by simplifying ingredients, reducing sodium and increasing micronutrient fortification. The Company has introduced GDA on packs to give transparent information about nutrients like energy, total fats, saturated fats, sugar and sodium.

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Ind-Ra: Recent Performance of Microfinance Securitisation Calls for A Tighter Structure to Handle Extreme Events
May 30,2017

India Ratings and Research (Ind-Ra) believes that the higher volatility of default in microfinance (MFI) loans warrants higher rating level stresses and structural mechanisms to ensure rating stability. Ind-Ra believes that if the default rate (PAR>0 as % of original principal of the pool) in an MFI transaction remains 20% higher than the budgeted stress levels for the first nine months, then the senior class, which is typically rated in the A rating category, may be downgraded by three notches. Also, a 10% higher-than-budgeted stress for the first nine months could lead to a four-notch downgrade of a BB+ rated junior tranche.

In the recently published report PSBs Relying on Inorganic Route to Grow Retail Book, Ind-Ra has highlighted that the past performance of MFI loans is a poor proxy of future defaults because of the higher default volatility of this asset class than of other retail loan asset classes. Ind-Ra believes structural mitigants and an appropriate default assumption lend stability to these transactions. The pass through certificates (PTCs) issued by MFI securitisation trusts are typically promised a timely payment of interest and ultimate payment of principal (TIUP) structure. Ind-Ra believes that such structure lends more stability to the rating of senior class tranche than a timely interest and timely principal structure. Many MFI securitisation transactions closed during 4QFY17 had a default based trigger which allows EIS to be trapped in the EIS account. The trapped EIS has to be used to amortise PTCs. Quicker amortisation of PTCs has allowed the transactions to withstand slightly more stress, leading to better rating stability.

Maharashtra, Karnataka, Madhya Pradesh, Gujarat and Uttar Pradesh together contribute 90% to the total defaults in four moderately stressed Ind-Ra rated transactions which are seasoned by less than nine months. Several districts in these five states have witnessed a higher level of defaults. The reasons behind the high delinquencies in these districts vary from state to state and are largely a manifestation of local political interference, drought and event risks such as demonetisation coupled with borrower overleverage.

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IL&FS Engineering surges after reporting stellar Q4 numbers
May 30,2017

The result was announced after market hours yesterday, 29 May 2017.

Meanwhile, the S&P BSE Sensex was up 49.48 points, or 0.16% at 31,158.76. The S&P BSE Small-Cap index was up 6.70 points, or 0.05% at 14,861.83.

High volumes were witnessed on the counter. On the BSE, 1.39 lakh shares were traded on the counter so far as against the average daily volumes of 22,697 shares in the past one quarter. The stock had hit a high of Rs 57.50 and hit a low of Rs 53.70 so far during the day.

The stock had hit a 52-week high of Rs 66 on 9 September 2016 and hit a 52-week low of Rs 36.80 on 22 November 2016. The stock had underperformed the market over the past one month till 29 May 2017, declining 10.36% compared with the Sensexs 3.98% rise. The scrip had also underperformed the market over the past one quarter declining 18.58% as against the Sensexs 8.23% rise.

The small-cap company has equity capital of Rs 131.12 crore. Face value per share is Rs 10.

IL&FS Engineering and Construction Companys board approved issuance of non- convertible debentures for an amount upto Rs 300 crore, in one or more tranches, on a private placement basis.

The companys board approved issuance of commercial papers for an amount upto Rs 200 crore in one or more tranches.

IL&FS Engineering and Construction Company is one of the leading infrastructure development, construction and project management companies in India.

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Jubilant FoodWorks trips after disappointing Q4 results
May 30,2017

The announcement was made after market hours yesterday, 29 May 2017.

The stock has dropped 11.37% in three sessions to its ruling price of Rs 894.40 from a close of Rs 1,009.25 on 25 May 2017.

Meanwhile, the S&P BSE Sensex was up 34.67 points or 0.11% at 31,143.95. The S&P BSE Mid-Cap index was up 75.80 points or 0.53% at 14,445.70.

High volumes were witnessed on the counter. On the BSE, 3.2 lakh shares were traded on the counter so far as against the average daily volumes of 54,564 shares in the past one quarter. The stock had hit a high of Rs 901.50 and a low of Rs 817.60 so far during the day.

The stock had hit a 52-week high of Rs 1,298.80 on 2 August 2016 and a 52-week low of Rs 761 on 26 December 2016. The stock had underperformed the market over the past one month till 29 May 2017, falling 9.58% compared with the 3.98% gains in the Sensex. The scrip had also underperformed the market in past one quarter, dropping 6.79% as against Sensexs 8.23% gains.

The mid-cap company has equity capital of Rs 65.95 crore. Face value per share is Rs 10.

Jubilant FoodWorks board recommended dividend of Rs 2.50 per share for the year ended 31 March 2017 (FY 2017).

The companys same store growth (SSG) was reported at negative 7.5% in Q4 March 2017 compared with a growth of 2.9% in Q4 March 2016.

Q4 revenue was impacted by demonetization during January-February 2017, its impact was partly offset by the increase in online ordering sales and incremental revenue due to addition of new restaurants, the company said in a statement.

Negative SSG and increase in cost primarily on account of expansion resulted in reduction in earnings before interest, tax, depreciation and amortization (EBITDA). Higher depreciation related to network expansion also impacted net profit in Q4. Earnings reflect the impact of exceptional items of Rs 12.17 crore related to one time separation cost incurred as part of manpower rationalization exercise carried out by the company during the quarter.

Jubilant FoodWorks is part of Jubilant Bhartia group and Indias largest food service company with a network of Dominos Pizza restaurants pan India. The company & its subsidiary have the exclusive rights to develop and operate Dominos Pizza brand in India, Sri Lanka, Bangladesh and Nepal. The company also has exclusive rights for developing and operating Dunkin Donuts restaurants for India.

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Dredging Corporation sinks after weak Q4 result
May 30,2017

The result was announced after market hours yesterday, 29 May 2017.

Meanwhile, the S&P BSE Sensex was up 42.62 points or 0.14% at 31,151.90. The BSE Small-Cap index was down 4.42 points or 0.03% at 14,850.71.

On the BSE, 15,000 shares were traded on the counter so far as against the average daily volumes of 70,541 shares in the past one quarter. The stock had hit a high of Rs 576.10 and a low of Rs 561.95 so far during the day. The stock had hit a 52-week high of Rs 720.95 on 23 March 2017 and a 52-week low of Rs 360.20 on 9 November 2016.

The stock had underperformed the market over the past one month till 29 May 2017, falling 6.58% compared with the 3.98% gain in the Sensex. The scrip had, however, outperformed the market in past one quarter, gaining 32.37% as against Sensexs 8.23% gain.

The small-cap company has equity capital of Rs 28 crore. Face value per share is Rs 10.

State-run Dredging Corporation of India provides dredging services to the major ports of the country. The government holds 73.47% stake in Dredging Corporation of India (as on 31 March 2017).

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BPCL skids after reporting dismal Q4 numbers
May 30,2017

The result was announced after market hours yesterday, 29 May 2017.

The stock had risen 8.58% in five sessions to Rs 756 yesterday, 29 May 2017, from a close of Rs 696.20 on 22 May 2017, ahead of its Q4 results.

Meanwhile, the S&P BSE Sensex was up 53.46 points or 0.17% at 31,162.74.

On the BSE, 93,091 shares were traded on the counter so far as against the average daily volumes of 1.66 lakh shares in the past one quarter. The stock had hit a high of Rs 747 and a low of Rs 725.75 so far during the day. The stock had hit a record high of Rs 769.85 yesterday, 29 May 2017. The stock had hit a 52-week low of Rs 461 on 24 June 2016.

The stock had outperformed the market over the past one month till 29 May 2017, rising 5.11% compared with the 3.98% gains in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 12.9% as against Sensexs 8.23% gains.

The large-cap company has equity capital of Rs 1446.17 crore. Face value per share is Rs 10.

BPCLs board recommended a final dividend of Re 1 per share for the year ended 31 March 2017 (FY 2017).

The net under-recovery absorbed by the company was nil in Q4 March 2017 and also in Q4 March 2016 on sale of sensitive petroleum products.

The average gross refining margin in Q4 March 2017 fell to $6.01 per barrel in Q4 March 2017 from $6.3 per barrel in Q4 March 2016.

BPCLs board recommended 1:2 bonus issue of shares.

BPCL is a state-run oil refining-cum-marketing company. The Government of India held 54.93% stake in BPCL (as per the shareholding pattern as on 31 March 2017).

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