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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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Aruna Hotels reports standalone net loss of Rs 1.23 crore in the March 2017 quarter
Jun 17,2017

Net loss of Aruna Hotels reported to Rs 1.23 crore in the quarter ended March 2017 as against net profit of Rs 0.96 crore during the previous quarter ended March 2016. There were no Sales reported in the quarter ended March 2017 and during the previous quarter ended March 2016.

For the full year,net loss reported to Rs 5.17 crore in the year ended March 2017 as against net loss of Rs 0.07 crore during the previous year ended March 2016. There were no Sales reported in the year ended March 2017 and during the previous year ended March 2016.

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Kitex Garments wins Toy RUs Best Vendor award 2016
Jun 17,2017

Kitex Garments has received US Garments seller Toy RUs best vendor award for the year 2016 consecutively for 3rd time.

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Relaxo Footwears gets reaffirmation of credit ratings
Jun 17,2017

Relaxo Footwears announced that ICRA has reaffirmed the credit rating for the Company as under -

Fund based faciltiies - ICRA A+; Positive (Reaffirmed, Outlook upgraded from Stable)

Non fund based facilities - ICRA A1+ (Reaffirmed)

Commercial Paper - ICRA A1+

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Wipro allots 2,433,074,327 equity shares
Jun 17,2017

The Board of Wipro has allotted 2,433,074,327 equity shares of Rs. 2/- each as fully-paid up bonus equity shares, in the ratio of 1 equity share for every 1 equity share held, to eligible members whose names appear in the register of members/list of beneficiary owners as on 14 June 2017, being the record date fixed for this purpose.

Consequently, the paid-up equity share capital of the Company stands increased to Rs. 9,732,297,308/- consisting of 4,866,148,654 equity shares of Rs. 2/- each.

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Container Corporation Of India announces demise of director
Jun 17,2017

Container Corporation Of India announced that Maj. Gen. (Retd.) Raj Krishan Malhotra, Independent Director (DIN:07483272) ceased to be a director of CONCOR due to his sudden & untimely demise on 16 June 2017.

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Eastern Sugar & Industries to hold AGM
Jun 17,2017

Eastern Sugar & Industries announced that the th Annual General Meeting(AGM) of the company on 18 September 2017.

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Jaysynth Dyestuff (India) to hold AGM
Jun 17,2017

Jaysynth Dyestuff (India) announced that the 32th Annual General Meeting(AGM) of the company on 29 August 2017.

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Thermax to hold AGM
Jun 17,2017

Thermax announced that the 36th Annual General Meeting(AGM) of the company on 29 July 2017.

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Bharat Forge to pay dividend
Jun 17,2017

Bharat Forge announced the dividend, if approved at the 56th Annual General Meeting of the Company to be held on 10 August 2017 will be made on or before 16 August 2017.

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MFL India to hold board meeting
Jun 17,2017

MFL India will hold a meeting of the Board of Directors of the Company on 22 June 2017.

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Deepak Fertilizers & Petrochem. Corp to hold board meeting
Jun 17,2017

Deepak Fertilizers & Petrochem. Corp will hold a meeting of the Board of Directors of the Company on 30 June 2017.

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Uniworth Securities to hold board meeting
Jun 17,2017

Uniworth Securities will hold a meeting of the Board of Directors of the Company on 29 June 2017.

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Medicamen Biotech to hold board meeting
Jun 17,2017

Medicamen Biotech will hold a meeting of the Board of Directors of the Company on 21 June 2017.

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IndusInd Bank acquires 75 lakh equity shares of Kesoram Industries
Jun 17,2017

IndusInd Bank has acquired 75,00,000 Equity Shares of Rs.10 each, pursuant to exercise of conversion option on Optionally Convertible Redeemable Preference Shares, i.e., conversion of each Optionally Convertible Preference Share held by the Bank into 10 Equity Shares of Kesoram Industries at a price of Rs.120 per Equity Share.

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Ind-Ra: Demonetisation Could Cause Capital Erosion for MFIs
Jun 17,2017

India Ratings and Research (Ind-Ra) says that following demonetisation and political interferences, microfinance institutions (MFIs), including non-banking finance companies (NBFCs) and small finance banks (SFBs), with exposure to states (Uttar Pradesh, Uttarakhand, Maharashtra and Madhya Pradesh) faced with asset quality overhang stare at significant credit costs and capital erosion in FY18.

Demonetisation Brings Inherent Issues to Fore: The current upheaval has validated Ind-Ras earlier opinion of borrower overleverage and idiosyncratic and systemic risks (due to political ecosystem) prevalent in the industry. Furthermore, borrower discipline, a key ingredient for the smooth functioning of microfinance, has severely deteriorated in certain districts of affected states and may take years to be restored. In addition, MFIs need to structurally look beyond joint liability group (JLG) loans for loan growth and product diversification by building capabilities.

Collection Pick-Up Slower than Ind-Ra Expectations: Ind-Ras analysis of MFIs within and outside of its coverage indicates that the aggregate collection efficiency (CE; collection/billing for that month; aggregate CE includes CE for the period November 2016-May 2017) of the majority of MFIs (with significant exposure to affected states) on portfolio outstanding as of December 2016 was 75%-80% in May 2017 compared with a low of 50%-60% in December 2016. Maharashtra was one of the worst affected states, with monthly collections in some districts in single digits. During the revival period after December 2016, the intensity of political interference in affected states was such that demand for loan waivers did not die down in some districts even after local elections.

Equity Erosion Possible: Ind-Ras analysis indicates that in case collections (on portfolio as on 31 December 16) do not increase from the current level, MFIs with significant exposure to affected states and with aggregate loans under management of INR10 billion and above could incur credit costs and capital erosion and, thus, higher leverage. At 80%, these MFIs could require an equity of INR1 billion-3 billion (depending on loans under management) to ensure their capital levels remain over the regulatory minimum. The aggregate recovery level on the December 2016 portfolio should exceed at least 85% by 2QFY18-3QFY18 to prevent capital erosion beyond the regulatory minimum, without additional infusion for some MFIs. At 95% collections on portfolio at end-December 2016, MFIs are likely to witness marginal capital erosion.

Lower-than-worse-case credit costs and equity erosions are supported by the fact that 15%-20% of assets under management of MFIs are off-balance-sheet, where credit enhancements, over-collateralisation and first loss default guarantees could range between 5% and 15% (on an aggregate basis).

Unintentionally Defaulting Borrower Unlikely to Clear Four or More EMIs: Ind-Ras borrower interactions over the last six months indicate that earning members have lost one-three-month wages/income due to demonetisation in FY17. However, business almost recovered in 1QFY18. The analysis suggests that incremental incomes of such borrowers in FY18 would be enough to repay three missed EMIs at best. However, MFIs may need to take haircuts on borrowers that have missed more than three EMIs or are intentional defaulters. The extension of loans by three months may work if default is unintentional.

Focus on Idiosyncratic Risk Mitigation: Microfinance: Borrower Overleverage Warrants Course Correction from MFIs indicated that MFIs need to go back to basics by focusing on vintage, quality of penetration (incremental borrowers to be new-to-microfinance), low ticket sizes, product diversification (one size fits all approach may not be incrementally fit for its borrowers). Ind-Ra opines that investors in MFIs need to increase their investment horizons to enable MFIs to develop tested products over one-two loan cycles. Over time, the regulator may relook at qualifying asset requirements to expand the target borrower segment for MFIs.

Time to Look Beyond JLG: Ind-Ra acknowledges that JLG loans address an important credit need and have an important role in financial inclusion. However, borrower selection and operating processes need to be reassessed, as pointed in Microfinance: Borrower Overleverage Warrants Course Correction from MFIs. Moreover, MFIs need to develop expertise in other secured and unsecured credit products and roll them out gradually (early experience not pleasant for most MFIs). Instead of pursuing growth, they need to adopt best practices of NBFCs, minimise employee churn, and innovate lending and risk sharing mechanisms.

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