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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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Board of Radha Madhav Corporation allots convertible warrants
Feb 23,2017

Radha Madhav Corporation announced that the Board of Directors at its meeting held on 23 February 2017 has approved the allotment of 2 crore convertible warrants of a price of Rs 10 each on preferential basis.

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Lancer Container Lines opens branch office in Malaysia
Feb 23,2017

Lancer Container Lines has opened a branch office in Selangor, Malaysia.

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Jindal Stainless allots warrants
Feb 23,2017

Jindal Stainless has allotted 1,91,81,586 warrants of Rs 2 each at a price of Rs 39.10 per warrant to Virtuous Tradecorp on preferential basis.

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Saksoft allots 30,000 equity shares
Feb 23,2017

Saksoft announced that on recommendations received from the Nomination and Remuneration Committee, the Board of Directors vide circular resolution approved the allotment of 30,000 Equity Shares of the Company pursuant to exercise of options under ESOP 2009 Plan by eligible employees at the grant price fixed on the date of grant being 03 December 2010.

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Goa Carbon temporarily shuts down Bilaspur plant
Feb 23,2017

Goa Carbon announced that the operations at the Companys Bilaspur Plant located at 34-40, Sector B, Sirgitti Industrial Area, Bilaspur (Chattisgarh) has been temporarily shut down from 22 February 2017.

There would not be any financial impact due to the temporary shutdown of the Companys Bilaspur Unit as there is sufficient inventory to service the orders in hand.

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Asian Oilfield Services to hold EGM
Feb 23,2017

Asian Oilfield Services announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 21 March 2017 .

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Dwarikesh Sugar Industries gets reaffirmation of credit ratings
Feb 23,2017

Dwarikesh Sugar Industries announced that ICRA has reaffirmed the companys ratings of ICRA A- (pronounced as ICRA A Minus) with stable outlook for long term loans/ fund based/ non-fund based facilities.

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6 km long Bet Dwarka Darshan Circuit in Gujarat to be developed at a cost of Rs.16.27 cr under HRIDAY
Feb 23,2017

Ministry of Urban Development today approved development of 6 km long Bet Dwarka Darshan Circuit in Gujarat at a cost of Rs.16.27 cr under the Central Scheme Heritage City Development and Augmentation Yojana (HRIDAY).

HRIDAY National Empowered Committee chaired by Shri Rajiv Gauba, Secretary (UD) has approved the circuit connecting the famous Dwarkadish Haveli and Hanuman Dandi, the only temple housing Hanumanji and his son Makardhwaj, in Dwarka district of Gujarat. There are two important water bodies along the circuit viz., Ranchod Talav and Shankhudhar Lake.

Darshan Circuit works to be taken up include development of streets and pedestrian pathways, laying of cycle tracks along beach side, plantation, provision of benches, resting spaces, changing rooms, drinking water and toilet facilities, craft and food bazar, signages, LED lighting, plazas for vending spaces etc.

Under HRIDAY launched on January 21, 2015, heritage related infrastructure development is being taken up in 12 identified cities including Dwarka-Bet Dwarka at a total cost of Rs.500 cr. so far, projects with an investment of Rs.420 cr have been approved for all 12 mission cities.

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Board of Decillion Finance approves voluntary delisting of shares from Calcutta Stock Exchange
Feb 23,2017

Decillion Finance announced that meeting of the Board of Directors of the Company held on 23 February 2017, the Board of Director has approved the matter relating to voluntary delisting of the Equity Shares of the Company from The Calcutta Stock Exchange in terms of the provisions of the Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009 as amended.

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Piramal Enterprises announces strategic partnership with Ivanhon++ Cambridge
Feb 23,2017

Piramal Enterprises has announced a strategic partnership withIvanhon++ Cambridge, a real estate subsidiary of CDPQ (Caisse de dn++pn++t etplacement du Qun++bec), to provide long term equity capital to blue chipresidential developers across the five major metro cities in India. Ivanhon++Cambridge is allocating an initial US$250m for this purpose. PEL will commit an additional amount alongside and co-invest between 25% and 50% of each transaction.

The capital will be made available to a selective list of Grade A developers who have already demonstrated a track record of execution capability, corporate governance and strong return potential. The investment focus shall include the Mumbai Metropolitan Region, Delhi (NCR), Bangalore, Pune and Chennai.

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Asian Granito India provides update on associate company - Astron Paper and Board Mill
Feb 23,2017

Asian Granito India announced that the Companys Associate Company Astron Paper and Board Mill has filed an application before National Company Law Tribunal for reduction of share capital u/s 66 of the Companies Act, 2013.

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Nam Securities appoints company secretary
Feb 23,2017

Nam Securities announced that Nandita Singh, is appointed as Company Secretary of the Company w.e.f. 23 February 2017 for the purpose of complying with all requirements of the Listing Agreement with Stock Exchanges, ROC Companies Act,2013 and other statutory /regulatory requirements to be handled by the Company Secretary.

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Moodys: Indian bank Q3FY17 earnings show effects of demonetization; NPL trends mixed
Feb 23,2017

Moodys Investors Service says that the earnings of Indian banks for Q3 FY2017 show that the governments decision to remove a high proportion of notes from circulation (demonetization) has led to a slowdown in economic activity that weighed on demand for credit among companies and retail borrowers during Q3 FY2017.

Overall, demonetization has significantly impacted credit demand and deposit growth, but the effect on asset quality has been mixed, while retail payment systems -- such as card transactions and mobile wallets -- have benefitted, says Srikanth Vadlamani, a Moodys Vice President and Senior Credit Officer.

Moodys conclusions were contained in its just-released report on its 15 rated banks in India, Banks -- India: Q3 Earnings Highlight Pressures from Demonetization; NPL trends mixed. The Indian government announced its demonetization program on 8 November 2016.

Looking ahead, while commentary from the banks points to a rise in activity in January, it is still below the levels seen in October, and we expect the quarter ending 31 March 2017 to show more adverse trends; but the impact on asset quality from demonetization should be manageable for the banking sector, adds Vadlamani.

For example, while the banks retail segment has seen some weakness, its biggest part -- home loans -- has shown a stable performance. More importantly, economic growth seems to be recovering from demonetization, although gradually, which should cushion the impact on the banks overall asset quality.

While deposit growth has been strong this quarter, driven by the demonetization inflows, it should moderate going forward as cash availability increases and restrictions on cash withdrawals expire, a moderation will occur in deposit growth over the next 12-18 months. Overall, banks deposit base should see a sustainable increase of 1-2% on account of demonetization.

Retail payment systems such as a cards and mobile wallets have seen a significant increase in transactions, and should continue to see healthy growth. At the same time, given the low base, cash will remain the dominant source of retail transactions for the foreseeable future.

Outside of the impact of demonetization, asset quality trends were mixed.

Both of Axis Bank (Baa3 positive, baa3) and ICICI Banks (ICICI, Baa3 positive, baa3) have seen significant additions to their NPLs from outside of their already announced watchlist accounts. While we have been expecting asset quality to deteriorate for both, we had expected the deterioration to come predominantly from their watchlist accounts. A continuation of the increasing non-watchlist NPL trend would put negative pressure on the banks credit profiles.

Asset quality for private sector banks will likely deteriorate. Increased non-performing loans (NPLs) from outside the watchlists of Axis Bank (Baa3 positive, baa3) and ICICI Banks (ICICI, Baa3 positive, baa3) are pressuring their credit profiles.

Meanwhile, asset quality trends for public sector banks have been more benign, and the pace of deterioration has slowed in the past two quarters from the levels seen in FY2016.

However, IDBI Bank Ltd (Baa3 stable, b1) has been a negative exception, with the bank seeing significant additions to its NPLs during Q3 FY2017.

Net interest margins will also come under pressure as banks gradually adopt the marginal cost of funds lending rate to price their loans So far, less than 20% of the banks variable-rate loans have been repriced to MCLR as opposed to their base rate. Because the MCLR is around 85 basis points (bps) lower than base rate, we expect the downward trend in net interest margins to persist.

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Jyothy Laboratories jumps on reports Henkel AG may buy stake
Feb 23,2017

Meanwhile, the BSE Sensex was up 14.06 points, or 0.05%, to 28,878.77.

On the BSE, so far 29,000 shares were traded in the counter, compared with average daily volumes of 8,463 shares in the past one quarter. The stock hit a high of Rs 382.85 so far during the day, which is also a record high for the counter. The stock hit a low of Rs 351.35 so far during the day. The stock hit a 52-week low of Rs 252.60 on 26 February 2016.

The mid-cap company has equity capital of Rs 18.17 crore. Face value per share is Re 1.

According to media reports, Jyothy Laboratories and Henkel AG & Co have to reach an agreement before the end of this fiscal as part of the 2011 deal when Jyothy Laboratories had acquired a majority stake in Henkel Indias consumer business.

Jyothy Laboratories, however, clarified to the bourses during trading hours today, 23 February 2017, that Henkel AG had an option to acquire upto 26% of equity share capital of Jyothy Laboratories through primary and/or secondary transactions, after a period of five years, subject to terms and conditions to be mutually agreed and the company has entered into confidentiality agreement with Henkel AG in this regard. Henkel AGs option to acquire 26% stake in Jyothy Laboratories will expire on 31 March 2017.

In May 2011, Jyothy Laboratories agreed to buy 51% of Henkel India stake from Henkel AG for Rs 118.72 crore. Jyothy Laboratories had offered Henkel AG the option to buy up to 26% stake in the company either through purchase of equity or through issue of shares.

If Henkel AG does buy more than 26% stake in Jyothy Laboratories, it will trigger an open offer to comply with the takeover code of the the Securities and Exchange Board of India. The open offer gives the acquirer a chance to buy up to another 20% from public shareholders. If this deal goes through, Jyothy Laboratories will get an access to more products and brands which Hekel AG owns internationally. The German company has over 100 consumer brands in its portfolio, includes Persil, Schwarzkopf, Dynamo and Persil, media reports added.

As on 31 December 2016, the promoters owned 66.92% stake in Jyothy Laboratories and the remaining 33.08% was held by public shareholders, including 24.17% by institutions.

On a consolidated basis, net profit of Jyothy Laboratories rose 6.59% to Rs 21.51 crore on 3.31% rise in net sales to Rs 383.39 crore in Q3 December 2016 over Q3 December 2015.

Jyothy Laboratories is a fast moving consumer goods company. It is involved in the manufacturing and marketing of products in fabric care, mosquito repellant, surface cleaning and personal care products. The company boasts of power brands like Ujala, Maxo, Exo, Henko, Pril, and Margo.

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Karur KCP Packkagings appoints company secretary cum compliance officer
Feb 23,2017

Karur KCP Packkagings announced that R Kavitha has been appointed as Company Secretary cum Compliance Officer of the Company with effect from 23 February 2017 in place of V Venkatesan. The above said item has been approved in the Board of Directors Meeting held on 14 February 2017 itself.

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