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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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State Bank of Mysore to amalgamate with State Bank of India
Feb 23,2017

State Bank of Mysore announced that the Government of India has issued the following Order dated 22 February 2017, under sub-section (2) of Section 35 of the State Bank of India Act, 1955.

Acquisition of State Bank of Mysore Order, 2017

In terms of the said Order, the entire undertaking of State Bank of Mysore (SBM) shall stand transferred to and vested in the State Bank of India from 01 April 2017.

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The Government simplifies maintenance of registers under various Labour Laws
Feb 23,2017

The Government has simplified the maintenance of Labour registers of about 5.85 crore establishments in agriculture and non- agriculture sectors. These registers are related to details of employees, their salaries, loans/recoveries, attendance etc. This exercise will drastically reduce the number of registers being maintained by these establishments from 56 to only 5 by doing away with overlapping/redundant fields. This will help these establishments to save cost and efforts and ensure better compliance of Labour Laws.

Under various Central Labour Acts, there is a requirement of maintenance of registers depending upon the threshold of the number of employees by the establishments in agriculture and non-agriculture sectors. As per the Sixth Economic Census of Central Statistical Office conducted during 2013-2014, India has about 5.85 Crore establishments in agricultural and non-agricultural sectors combined. Out of this, 4.54 Crore establishments are in non-agricultural sector. While reviewing the requirement of filing various returns / registers/forms provided under 9 Central Acts, there were several overlapping/ redundant fields that could be rationalized.

An intention notification was issued on 4th November, 2016 for reducing the number of registers/data fields and the same was widely circulated to concerned Ministries / Departments, State Govts., other stakeholders besides placing the same in public domain. In effect, all previous registers envisaged under various Acts / Rules have been omitted and replaced with only 5 common Registers. Such an exercise has reduced number of data fields in 5 registers to only 144 from the then existing 933 fields in 56 registers.

Ministry of Labour & Employment has also simultaneously undertaken to develop a software for these 5 common Registers. After development of the software, the same will be put on the Shram Suvidha Portal of the Ministry of Labour and Employment for free download with an aim to facilitate maintenance of those registers in a digitized form.

The Labour Laws under which these registers are maintained include:

(i) The Building and Other Construction Workers (Regulation of Employment and Conditions of Service) Act, 1996

(ii) The Contract Labour (Regulation and Abolition) Act, 1970

(iii) The Equal Remuneration Act, 1976

(iv) The Inter-State Migrant Workmen (Regulation of Employment and Conditions of Service) Act, 1979

(v) The Mines Act, 1952

(vi) The Minimum Wages Act, 1948

(vii) The Payment of Wages Act, 1936

(viii) The Sales Promotion Employees (Conditions of Service) Act, 1976

(ix) The Working Journalists and Other Newspaper Employees (Conditions of Service) Act, 1955

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Dena Bank intimates of bank strike
Feb 23,2017

Dena Bank announced that The Indian Banks Association, vide their letter dated 13 February 2017 informed that the members of all the constituent unions of United Forum of Bank Unions (UFBU) have give a call of one day All India strike 28 February 2017 in support of their various demands and issues.

If the strike materializes, a section of the Banks employees belonging to the above said Unions/ Associations may participate in the proposed strike on the said date, in which case, the normal functioning of the branches / offices of the Bank may get affected during the day.

The Bank is taking all the necessary steps in terms of the existing guidelines for smooth functioning of Banks branches / offices to deal with the strike.

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Gayatri Projects completes construction of 1320 MW thermal Power plant
Feb 23,2017

Gayatri Projects has announced that Sembcorp Gayatri Power, its second thermal power plant has completed construction of its second 660-megawatt unit, marking the creation of 2,640 MW power complex.

The first unit of the 660 megawatts was completed in November 2016. The power plant, located in Krishnapatnam in Andhra Pradeshs SPSR Nellore District, India, utilises supercritical technology that allows for enhanced efficiency and reduced emissions.

Sembcorp Gayatri Power is a joint venture between Sembcorp Utilities a subsidiary of SembCorp Industries and NCC Infrastructure Holdings, which is promoted by NCC and Gayatri Energy Ventures a wholly-owned subsidiary of Gayatri Projects.

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Shreyas Shipping & Logistics provides business update
Feb 23,2017

Shreyas Shipping & Logistics announced that the Company has on 23 February 2017 taken the delivery of the vessel M. V. SSL DELHI (2500 Teus).

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Mold-Tek Technologies allots 2,86,232 equity shares
Feb 23,2017

Mold-Tek Technologies announced that the Board of Directors of the Company has on 23 February 2017, allotted 2,86,232 equity shares of Rs. 2/- each pursuant to exercise of options.

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Dick Enterprises becomes subsidiary of Mercantile Ventures
Feb 23,2017

Mercantile Ventures announced that Dick Enterprises (Formerly known as Dick Financial Services) has become the Companys subsidiary with effect from 22 February 2017 consequent to allotment of equity shares.

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State Bank of Travancore to amalgamate with State Bank of India
Feb 23,2017

State Bank of Travancore announced that the Government of India has issued the following Order dated 22 February 2017, under sub-section (2) of Section 35 of the State Bank of India Act, 1955.

1. Acquisition of State Bank of Travancore Order, 2017

In terms of the said Order, the entire undertaking of State Bank of Travancore shall stand transferred to and vested in State Bank of India from 01 April 2017.

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Quick Heal Technologies collaborates with India Computer Emergency Response Team
Feb 23,2017

Quick Heal Technologies will be collaborating with Indian Computer Emergency Response Team, also referred as CERT-In for its Cyber Swachhta Kendra. CERT-In will be providing Quick Heals Bot Removal tool for cost to its users. The indigenously developed tool will continuously monitor the threat landscape for new bots and prevent them from damaging the users device by creating an antidote for every bot.

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Mindtree provides update on Magnet 360
Feb 23,2017

Magnet 360, a Mindtree company announced it was included in Gartners Market Guide for Salesforce Service Providers. Gartner identified Mindtrees Magnet 360 division as a representative provider for Customer Analytics, Sales Cloud, Service Cloud, Marketing Cloud and App Cloud.

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Board of Amtek Auto approves preferential issue of shares to Promoters
Feb 23,2017

Amtek Auto announced that the Board of Directors of the Company at its meeting held on 23 February 2017 has approved the issuance of equity shares to promoters of the Company on conversion of their unsecured loans by way of preferential issue.

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Trent receives credit rating for proposed commercial paper issue
Feb 23,2017

Trent has been assigned credit rating of CARE A1+ for proposed commercial paper issue for a limit of Rs 100 crore by Credit Analysis & Research.

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Rain Industries to hold AGM
Feb 23,2017

Rain Industries announced that the Annual General Meeting (AGM) of the company will be held on 5 May 2017.

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Board of Stovec Industries recommends final dividend
Feb 23,2017

Stovec Industries announced that the Board of Directors of the Company at its meeting held on 23 February 2017, inter alia, have recommended the final dividend of Rs 31 per equity Share (i.e. 310%) , subject to the approval of the shareholders.

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Tata Power Company provides update on Tata Power Renewable Energy
Feb 23,2017

Tata Power Company announced that its subsidiary, Tata Power Renewable Energy, has synchronised its 15 MW solar plant at Belampally in Telangana, thereby starting its commercial operations. The project has been won by TRPEL in phase 1 bidding process in Telangana. With this development, Tata Powers total installed operating capacity has crossed 10,500 MW mark.

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