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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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PEs/VCs backed firms to offer exit options to promoter funds, via IPO, M&As: ASSOCHAM-Deloitte
Apr 27,2017

Many private - equity (PE) and venture capital (VC) backed companies are expected to tap into the capital market this year, even as mergers and acquisitions (M&As) have emerged as another favourable exit route for the PEs and VCs in India, according to an ASSOCHAM-Deloitte Study.

The PE-backed companies are expected to tap into the capital markets in 2017, giving opportunities for the exit of the private equity funds from the ventures funded earlier. Examples include a planned USD 600 million IPO by a non-renewable energy firm which has been financed by a global private equity major. Likewise, a major stock exchange is proposing a USD 600 million IPO offering full or partial exits to more than six private equity investors.

There are many other large and mid-sized listings of PE-backed companies that are planned in 2017, said the ASSOCHAM-Deloitte joint paper.

Also the rising trend of M&As as a favourable exit option is likely to continue in the near future, it said, adding consolidation, restructuring and asset sales are expected from Indian companies which are highly leveraged. n++This is expected to influence the rise of M&A activity in India. Moreover, M&A activity in India is also expected to be fuelled by foreign players looking at a foothold in the Indian market and an increasing preference for inorganic entry. Private equity funds will closely eye this opportunity to use M&As to exit their investmentsn++.

Historically, IPOs have not been amongst the most favoured exit routes for private equity funds in India. Compared to China, where historical and academic research30 has proven that IPOs are the more prevalent exit channel, M&As have been more dominant in India.

This is despite the fact traditionally, it has been easier for Indian companies to get listed in India than in China (including Hong Kong). At present, there are about 1,800 companies listed on the Hong Kong Stock Exchange, and there are just over 1,000 listings on the Shanghai Stock Exchange compared to over 4,000 active listed companies on the Bombay Stock Exchange in India.

The year 2016 marked a slowdown in the private equity and venture capital investment activity in India, but trends towards the end of 2016 and early 2017 indicate a strong growth outlook. n++With the underlying India growth story intact, deal activity is expected to continue on an upward journey. Private equity and venture capital firms are also raising funds and gearing up to invest in India,n++ said ASSOCHAM Secretary General Mr D S Rawat.

Private equity exits, on the other hand, have witnessed a steady growth in exits in value terms. With M&A activity reaching a five-year high of USD 61 billion in 2016 courtesy a bagful of multi-billion dollar deals, M&As have emerged as the most favourable route for PE exits.

Continued global interest in India, and consolidation and debt-reduction by Indian companies, is expected to offer M&A exit opportunities to PE/VC funds in the future, too. Equity capital markets, particularly IPO listings, have also seen robust activity, lending a bullish outlook to IPOs as an exit route for existing private equity investors.

Secondary sales and open market exits would also continue to be amongst the key exit routes for private equity and venture capital investors. If trends in the first three months of 2017 are an indication, open market exits will continue to account for a lions share of private equity exits.

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PM launches UDAN - Regional Connectivity Scheme for Civil Aviation - from Shimla
Apr 27,2017

The Prime Minister, Shri Narendra Modi, launched UDAN - the Regional Connectivity Scheme for civil aviation, from Shimla Airport. Under this scheme, flights have begun today from Shimla, Nanded and Kadapa Airports.

The Prime Minister also unveiled an e-plaque to mark the laying of Foundation Stone of a Hydro Engineering College at Bilaspur, Himachal Pradesh.

The Prime Minister addressed the gathering at Shimla Airport, and also at Nanded and Kadapa via video link.

He said the lives of the middle class are being transformed, and their aspirations are rising. He said that given the right chance, they can do wonders. He added that the aviation sector in India is filled with opportunity. Mentioning the scheme name - UDAN - Ude Desh Ka Aam Naagrik - he said that aviation was once considered the domain of a select few, but that has changed now. He said the new civil aviation policy marks an opportunity to cater to the aspirations of the people of India. He said Tier-2 and Tier-3 cities are becoming growth engines, and enhanced aviation connectivity between them will be beneficial. He said the UDAN scheme will help the tourism sector in Himachal Pradesh.

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Camlin Fine Sciences gets directive from Maharashtra Pollution Control Board
Apr 27,2017

Camlin Fine Sciences announced that one of the Companys manufacturing unit situated at Plot D- 2/3, MIDC, Tarapur, District Palghar has been directed by the Regional Officer Maharashtra Pollution Control Board (MPCB) to close down the manufacturing activities of the aforesaid unit for violation of consent conditions on 25 April 2017.

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Supreme Petrochem standalone net profit rises 28.62% in the March 2017 quarter
Apr 27,2017

Net profit of Supreme Petrochem rose 28.62% to Rs 69.89 crore in the quarter ended March 2017 as against Rs 54.34 crore during the previous quarter ended March 2016. Sales rose 6.33% to Rs 860.42 crore in the quarter ended March 2017 as against Rs 809.17 crore during the previous quarter ended March 2016.

For the full year,net profit rose 214.48% to Rs 179.41 crore in the year ended March 2017 as against Rs 57.05 crore during the previous year ended March 2016. Sales rose 41.63% to Rs 2898.62 crore in the year ended March 2017 as against Rs 2046.56 crore during the previous year ended March 2016.

ParticularsQuarter EndedYear Endedn++Mar. 2017Mar. 2016% Var.Mar. 2017Mar. 2016% Var. Sales860.42809.17 6 2898.622046.56 42 OPM %13.0310.82 -10.265.07 - PBDT114.3886.61 32 300.07101.90 194 PBT109.4080.97 35 277.8584.85 227 NP69.8954.34 29 179.4157.05 214

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Foseco India standalone net profit declines 14.18% in the March 2017 quarter
Apr 27,2017

Net profit of Foseco India declined 14.18% to Rs 7.20 crore in the quarter ended March 2017 as against Rs 8.39 crore during the previous quarter ended March 2016. Sales rose 11.48% to Rs 87.69 crore in the quarter ended March 2017 as against Rs 78.66 crore during the previous quarter ended March 2016.

ParticularsQuarter Endedn++Mar. 2017Mar. 2016% Var. Sales87.6978.66 11 OPM %13.2217.62 - PBDT12.0814.21 -15 PBT10.7813.01 -17 NP7.208.39 -14

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Lakshmi Vilas Bank standalone net profit rises 6.30% in the March 2017 quarter
Apr 27,2017

Net profit of Lakshmi Vilas Bank rose 6.30% to Rs 52.16 crore in the quarter ended March 2017 as against Rs 49.07 crore during the previous quarter ended March 2016. Total Operating Income rose 10.09% to Rs 733.56 crore in the quarter ended March 2017 as against Rs 666.33 crore during the previous quarter ended March 2016.

For the full year,net profit rose 42.07% to Rs 256.07 crore in the year ended March 2017 as against Rs 180.24 crore during the previous year ended March 2016. Total Operating Income rose 10.84% to Rs 2846.66 crore in the year ended March 2017 as against Rs 2568.30 crore during the previous year ended March 2016.

ParticularsQuarter EndedYear Endedn++Mar. 2017Mar. 2016% Var.Mar. 2017Mar. 2016% Var. Total Operating Income733.56666.33 10 2846.662568.30 11 OPM %60.5971.16 -68.2071.98 - PBDT70.1673.07 -4 380.07230.24 65 PBT70.1673.07 -4 380.07230.24 65 NP52.1649.07 6 256.07180.24 42

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LKP Finance reports standalone net profit of Rs 3.46 crore in the March 2017 quarter
Apr 27,2017

Net profit of LKP Finance reported to Rs 3.46 crore in the quarter ended March 2017 as against net loss of Rs 1.00 crore during the previous quarter ended March 2016. Sales rose 6.55% to Rs 12.03 crore in the quarter ended March 2017 as against Rs 11.29 crore during the previous quarter ended March 2016.

For the full year,net profit rose 13.53% to Rs 10.07 crore in the year ended March 2017 as against Rs 8.87 crore during the previous year ended March 2016. Sales declined 4.19% to Rs 43.88 crore in the year ended March 2017 as against Rs 45.80 crore during the previous year ended March 2016.

ParticularsQuarter EndedYear Endedn++Mar. 2017Mar. 2016% Var.Mar. 2017Mar. 2016% Var. Sales12.0311.29 7 43.8845.80 -4 OPM %76.3950.40 -60.3258.43 - PBDT4.25-0.58 LP 12.7111.96 6 PBT4.20-0.60 LP 12.5711.87 6 NP3.46-1.00 LP 10.078.87 14

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Sadhana Nitro Chem standalone net profit rises 63.44% in the March 2017 quarter
Apr 27,2017

Net profit of Sadhana Nitro Chem rose 63.44% to Rs 1.52 crore in the quarter ended March 2017 as against Rs 0.93 crore during the previous quarter ended March 2016. Sales rose 73.36% to Rs 19.26 crore in the quarter ended March 2017 as against Rs 11.11 crore during the previous quarter ended March 2016.

For the full year,net profit reported to Rs 2.26 crore in the year ended March 2017 as against net loss of Rs 4.84 crore during the previous year ended March 2016. Sales rose 61.58% to Rs 55.73 crore in the year ended March 2017 as against Rs 34.49 crore during the previous year ended March 2016.

ParticularsQuarter EndedYear Endedn++Mar. 2017Mar. 2016% Var.Mar. 2017Mar. 2016% Var. Sales19.2611.11 73 55.7334.49 62 OPM %11.8421.69 -12.674.49 - PBDT2.031.44 41 4.18-2.84 LP PBT1.520.93 63 2.26-4.84 LP NP1.520.93 63 2.26-4.84 LP

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Sterlite Technologies consolidated net profit rises 19.26% in the March 2017 quarter
Apr 27,2017

Net profit of Sterlite Technologies rose 19.26% to Rs 68.67 crore in the quarter ended March 2017 as against Rs 57.58 crore during the previous quarter ended March 2016. Sales rose 15.19% to Rs 700.54 crore in the quarter ended March 2017 as against Rs 608.17 crore during the previous quarter ended March 2016.

For the full year,net profit rose 36.25% to Rs 217.71 crore in the year ended March 2017 as against Rs 159.79 crore during the previous year ended March 2016. Sales rose 14.22% to Rs 2448.85 crore in the year ended March 2017 as against Rs 2143.99 crore during the previous year ended March 2016.

ParticularsQuarter EndedYear Endedn++Mar. 2017Mar. 2016% Var.Mar. 2017Mar. 2016% Var. Sales700.54608.17 15 2448.852143.99 14 OPM %23.1922.34 -21.1921.42 - PBDT141.22109.01 30 419.43356.14 18 PBT96.7370.92 36 260.20230.54 13 NP68.6757.58 19 217.71159.79 36

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KPIT Technologies consolidated net profit declines 42.06% in the March 2017 quarter
Apr 27,2017

Net profit of KPIT Technologies declined 42.06% to Rs 53.73 crore in the quarter ended March 2017 as against Rs 92.73 crore during the previous quarter ended March 2016. Sales rose 2.00% to Rs 857.57 crore in the quarter ended March 2017 as against Rs 840.72 crore during the previous quarter ended March 2016.

For the full year,net profit declined 15.08% to Rs 238.54 crore in the year ended March 2017 as against Rs 280.90 crore during the previous year ended March 2016. Sales rose 2.97% to Rs 3320.05 crore in the year ended March 2017 as against Rs 3224.29 crore during the previous year ended March 2016.

ParticularsQuarter EndedYear Endedn++Mar. 2017Mar. 2016% Var.Mar. 2017Mar. 2016% Var. Sales857.57840.72 2 3320.053224.29 3 OPM %10.1515.73 -10.5013.47 - PBDT88.25136.10 -35 355.69445.88 -20 PBT63.46118.14 -46 273.03376.75 -28 NP53.7392.73 -42 238.54280.90 -15

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Axis Bank standalone net profit declines 43.13% in the March 2017 quarter
Apr 27,2017

Net profit of Axis Bank declined 43.13% to Rs 1225.10 crore in the quarter ended March 2017 as against Rs 2154.28 crore during the previous quarter ended March 2016. Total Operating Income rose 2.47% to Rs 11168.15 crore in the quarter ended March 2017 as against Rs 10898.96 crore during the previous quarter ended March 2016.

For the full year,net profit declined 55.26% to Rs 3679.28 crore in the year ended March 2017 as against Rs 8223.66 crore during the previous year ended March 2016. Total Operating Income rose 8.67% to Rs 44542.16 crore in the year ended March 2017 as against Rs 40988.04 crore during the previous year ended March 2016.

ParticularsQuarter EndedYear Endedn++Mar. 2017Mar. 2016% Var.Mar. 2017Mar. 2016% Var. Total Operating Income11168.1510898.96 2 44542.1640988.04 9 OPM %46.7463.15 -45.4166.31 - PBDT1793.493230.20 -44 5467.5612393.75 -56 PBT1793.493230.20 -44 5467.5612393.75 -56 NP1225.102154.28 -43 3679.288223.66 -55

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GIC Housing Finance standalone net profit rises 29.94% in the March 2017 quarter
Apr 27,2017

Net profit of GIC Housing Finance rose 29.94% to Rs 46.61 crore in the quarter ended March 2017 as against Rs 35.87 crore during the previous quarter ended March 2016. Sales rose 14.12% to Rs 266.02 crore in the quarter ended March 2017 as against Rs 233.10 crore during the previous quarter ended March 2016.

For the full year,net profit rose 18.66% to Rs 147.73 crore in the year ended March 2017 as against Rs 124.50 crore during the previous year ended March 2016. Sales rose 14.38% to Rs 1000.21 crore in the year ended March 2017 as against Rs 874.44 crore during the previous year ended March 2016.

ParticularsQuarter EndedYear Endedn++Mar. 2017Mar. 2016% Var.Mar. 2017Mar. 2016% Var. Sales266.02233.10 14 1000.21874.44 14 OPM %89.4290.27 -89.5590.64 - PBDT71.6255.21 30 227.80191.93 19 PBT71.4154.98 30 227.10191.11 19 NP46.6135.87 30 147.73124.50 19

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KPIT Technologies standalone net profit declines 58.36% in the March 2017 quarter
Apr 27,2017

Net profit of KPIT Technologies declined 58.36% to Rs 28.39 crore in the quarter ended March 2017 as against Rs 68.18 crore during the previous quarter ended March 2016. Sales declined 1.74% to Rs 321.07 crore in the quarter ended March 2017 as against Rs 326.74 crore during the previous quarter ended March 2016.

For the full year,net profit declined 16.68% to Rs 169.29 crore in the year ended March 2017 as against Rs 203.17 crore during the previous year ended March 2016. Sales rose 4.57% to Rs 1319.56 crore in the year ended March 2017 as against Rs 1261.86 crore during the previous year ended March 2016.

ParticularsQuarter EndedYear Endedn++Mar. 2017Mar. 2016% Var.Mar. 2017Mar. 2016% Var. Sales321.07326.74 -2 1319.561261.86 5 OPM %14.5324.23 -19.8523.04 - PBDT47.5281.69 -42 269.38307.75 -12 PBT27.1666.42 -59 198.24249.38 -21 NP28.3968.18 -58 169.29203.17 -17

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ASSOCHAM advocates MAT exemption for sick companies under debt restructuring
Apr 27,2017

Apex Industry body ASSOCHAM has advocated continuation of the exemption from MAT (Minimum Alternative Tax) by the insertion of a suitable substitution of or addition to the Income Tax Act in respect of the restructuring under the insolvency & banking code 2016.

In a note submitted to the Chairman CBDT (Central Board of Direct Taxes) Mr. Sushil Chandra, ASSOCHAM has stated that in the absence of a provision for exemption from MAT for such a company, any Resolution Plan for revival of the Company whether under IBC or (Section 230) of Companies Act shall become unworkable and unviable due to the huge and immediate cash flow required to meet the corporate tax liability payable immediately under MAT and the company would hardly be in a situation requiring debt restructuring.

The intent of the legislature in introducing the new Insolvency & Bankruptcy Code, 2016 was clearly to provide an effective mechanism for time bound resolution of indebtedness issues for financially distressed companies which have been adequately highlighted when government taxes were given lower priority during liquidation waterfall mechanism.

Therefore, under the provisions of the IBC, 2016, a Company must obtain approval of its Resolution Plan from NCLT under Section 31 of the IBC within 180 days, extendable by further 90 days maximum, failing which the liquidation process shall be initiated.

ASSOCHAM feels, a resolution plan in most such cases shall always involve sacrifices from all stakeholders - promoters, creditors etc. The sacrifice from the creditors by way of waiver of certain loans and/or interest shall therefore result in notional profits appearing in the books of accounts of such distressed companies. Unless otherwise exempted, such distressed companies may fail in their Resolution Plan simply due to the high tax liability that shall accrue upon them on account of MAT while continuing to be under turnaround process and stressed for liquidity.

ASSOCHAM has suggested that addition of the amount of profits of a company with negative net-worth pertaining to the reduction in debt by its creditors for the Assessment Year commencing on and from be Assessment Year in which the Adjudicating Authority i.e. NCLT approves a Resolution Plan under section 31 of Insolvency & Bankruptcy Code, 2016 and ending with the Assessment Year during which the entire Net Worth of the Company becomes equal to or exceeds the accumulated losses.

The amount of profits of a Company with negative net-worth pertaining to the reduction in debt by its creditors for the Assessment Year commencing on and from the Assessment Year in which the Adjudicating Authority i.e. NCLT approves the Scheme for Compromise and/ or Rearrangement with the creditors is sanctioned by NCLT under section 230 of the Companies Act, and ending with the Assessment Year during which the entire Net Worth of the Company becomes equal to or exceeds the accumulated losses.

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Foseco India declines after weak Q1 results
Apr 27,2017

The result was announced after market hours yesterday, 26 April 2017.

Meanwhile, the S&P BSE Sensex was down 74.82 points or 0.25% at 30,058.53. The S&P BSE Small-Cap index was up 11.07 points or 0.07% at 15,293.73.

On the BSE, 797 shares were traded on the counter so far as against the average daily volumes of 518 shares in the past one quarter. The stock had hit a high of Rs 1,405 and a low of Rs 1,360 so far during the day.

The stock had hit a 52-week high of Rs 1,570 on 20 October 2016 and a 52-week low of Rs 1,233 on 22 December 2016. It had outperformed the market over the past one month till 26 April 2017, advancing 6.94% compared with the Sensexs 2.42% rise. The scrip had also outperformed the market over the past one quarter, gaining 10% as against the Sensexs 8.75% rise.

The small-cap company has equity capital of Rs 6.39 crore. Face value per share is Rs 10.

Foseco India offers the widest range of solutions for producing casting of the highest standards in terms of quality, surface finish, soundness, integrity and dimensional tolerance.

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