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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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Omkar Speciality Chemicals corrects on profit booking
Apr 18,2017

Meanwhile, the S&P BSE Sensex was up 100.30 points, or 0.34% to 29,513.96.

On the BSE, 52,000 shares were traded in the counter so far, compared with average daily volumes of 42,122 shares in the past one quarter. The stock had hit a high of Rs 181.30 and a low of Rs 174.10 so far during the day. The stock hit a 52-week high of Rs 194.60 on 18 April 2016. The stock hit a 52-week low of Rs 130.05 on 9 November 2016.

The stock had outperformed the market over the past one month till 17 April 2017, rising 13.96% compared with 0.79% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 9.30% as against Sensexs 8% rise.

The small-cap company has equity capital of Rs 20.58 crore. Face value per share is Rs 10.

Shares of Omkar Speciality Chemicals rose 7.44% in two trading sessions to Rs 177.55 yesterday, 17 April 2017, from its closing of Rs 165.25 on 12 April 2017, after the company announced during market hours on Thursday, 13 April 2017, that the National Company Law Tribunal (NCLT) approved scheme of arrangement between the company and five other :firms. The stock had surged 6.14% to settle at Rs 175.40 on 13 April 2017. The stock market was shut on Friday, 14 April 2017, for a holiday.

Omkar Speciality Chemicals announced that the NCLT, Mumbai Bench passed an order on 13 April 2017 sanctioning the composite scheme of arrangement between Omkar Speciality Chemicals, Lasa Laboratory, Urdhwa Chemicals Company, Rishichem Research, Desh Chemicals and Lasa Supergenerics and their respective shareholders and creditors.

On a consolidated basis, net profit of Omkar Speciality Chemicals rose 11.8% to Rs 10.51 crore on 16% rise in net sales to Rs 125.69 crore in Q3 December 2016 over Q3 December 2015.

Omkar Speciality Chemicals is primarily engaged in the manufacture and sale of specialty chemicals and intermediates for chemical and allied industries.

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Ind-Ra: Linkages with Parent - Vodafone Group Plc May Moderate Post Vodafone-Idea Merger
Apr 18,2017

The operational and strategic linkages between Vodafone Mobile Services Limited (VMSL; IND AAA/RWE) and its parent - Vodafone Group Plc (Fitch Ratings Ltd; Issuer Default Rating: BBB+/Stable) may moderate post the merger of VMSL and Idea Cellular Ltd (Idea), says India Ratings and Research (Ind-Ra). Last month, Idea and Vodafone Group Plc announced the amalgamation of Idea and Vodafone Group Plcs Indian operations, excluding its investment in Indus Tower.

Ind-Ra is in the process of assessing the benefits of the synergy and the revised business and financial profile to arrive at the standalone assessment of the merged entity. While evaluating the standalone profile of the merged entity, Ind-Ra will factor-in the inherent risk of the industry, such as capital intensive, intense competition, technology and regulatory changes.

The agency is evaluating the standalone credit profile of the merged entity, and is in talks with the management to assess the timing and the likely synergies of the deal. The agency is likely to complete its assessment over the next few weeks. On 7 February 2017 n++India Ratings Placed Vodafone Mobile Services and its NCDs on RWEn++. Ind-Ra placed VMSLs ratings on RWE awaiting further clarity on the post-merger shareholding structure, group structure, operational and management control and the likely impact on its credit profile.

As per the contours of the announced deal, Vodafone Group will jointly own and manage the merged entity along with the promoters of Idea Cellular. Immediately post the all share deal, Vodafone group will sell 4.9% stake to the promoters of Idea (Aditya Birla Group; AB Group) to bring the shareholding to 45.1% from 50%. The amalgamation scheme provides for a mechanism to equalise the shareholding between Vodafone and the promoters of Idea. Until, the shareholding is equalised, both will have equal voting rights.

The scheme also provides a right to AB Group to buy additional 9.5% from Vodafone Group over the next four years after completion of the amalgamation. It provides for Vodafone to offload surplus shareholding in the market over five years after the completion of four years from the amalgamation date to bring its shareholding at par with the AB Group.

Both the JV partners will have rights to appoint three directors each, while AB Group will have the rights to appoint the chairman and Vodafone Group will have rights to appoint the CFO. CEO and COO would be selected jointly on the best person for the role principle.

The scheme is subject to shareholders, creditors, lenders and regulatory approvals, and is envisaged to be completed within a period of two years from the announcement date.

While assigning the rating to Vodafone Mobile Services Ltd, Ind-Ra had taken a top-down rating approach, on the back of the strong strategic linkages and moderate-to-strong operational linkages Vodafone India had with its parent - Vodafone Group Plc.

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Uniply Industries shifts registered office
Apr 18,2017

Uniply Industries announced that the Registered Office of the company has been shifted from #5, Branson Garden Street, Kilpauk, Chennai - 600 010 to #572, Anna Salai, Teynampet, Chennai - 600 018 with effect from 17 April 2017. The telephone and Fax nos are +91 44 24362019 and +91 44 24362018 respectively.

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ABB India secures order worth Rs 178 crore
Apr 18,2017

ABB India has won an order worth around Rs 178 crore, from Power Grid Company of Bangladesh to support the countrys power infrastructure expansion and meet its growing electricity needs. As part of the project, ABB India will build two new substations and upgrade two existing substations, all located in the south-eastern parts of Bangladesh. The order was booked in the first quarter of 2017. The design, engineering, system integration and supply of key products will be executed in India, another example of making in India for the world.

The substations will add around 535 megawatts (MW) of transmission capacity - enough to power more than 250,000 households - and contribute to the governments target of providing access to electricity for its population of around 165 million, by 2021.

ABB will build and commission one 132kV/33kV air insulated switchgear substation in Kachua, one 132kV/33kV gas insulated switchgear substation in Kalurghat and upgrade two existing 132kV/33kV AIS substations into GIS substations in the Comilla and Modhunaghat areas. ABB will also provide substation automation systems and fiberoptic communications.

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Themis Medicare incorporates a JV company in UK
Apr 18,2017

Themis Medicare has incorporated a Joint Venture Company in United Kingdom known as Carpo Medical as a Private Limited Company.

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Volumes jump at Zee Entertainment Enterprises counter
Apr 18,2017

Zee Entertainment Enterprises clocked volume of 7.23 lakh shares by 13:37 IST on BSE, a 16.19-times surge over two-week average daily volume of 45,000 shares. The stock rose 0.53% to Rs 523.85.

Page Industries notched up volume of 6,000 shares, a 12.80-fold surge over two-week average daily volume of 440 shares. The stock fell 0.09% to Rs 13,852.80.

Raymond saw volume of 9.29 lakh shares, a 11.96-fold surge over two-week average daily volume of 78,000 shares. The stock rose 13.06% to Rs 731.30.

Adani Enterprises clocked volume of 95.50 lakh shares, a 11.33-fold surge over two-week average daily volume of 8.43 lakh shares. The stock rose 22.50% to Rs 150.80.

IRB Infrastructure Developers saw volume of 17.09 lakh shares, a 9.19-fold rise over two-week average daily volume of 1.86 lakh shares. The stock rose 7.94% to Rs 258.30.

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Adani Enterprises leads gainers in A group
Apr 18,2017

Adani Enterprises jumped 24.29% to Rs 153 at 13:34 IST. The stock topped the gainers in the BSEs A group. On the BSE, 93.82 lakh shares were traded on the counter so far as against the average daily volumes of 8.43 lakh shares in the past two weeks.

Raymond surged 13.16% at Rs 731.90. The stock was second biggest gainer in A group. On the BSE, 9.22 lakh shares were traded on the counter so far as against the average daily volumes of 78,000 shares in the past two weeks.

Den Networks advanced 8.53% to Rs 98. The stock was third biggest gainer in A group. On the BSE, 19.30 lakh shares were traded on the counter so far as against the average daily volumes of 3.66 lakh shares in the past two weeks.

IRB Infrastructure Developers gained 7.21% at Rs 256.55. The stock was fourth biggest gainer in A group. On the BSE, 16.99 lakh shares were traded on the counter so far as against the average daily volumes of 1.86 lakh shares in the past two weeks.

Prestige Estates Projects rose 5.58% to Rs 247.85. The stock was fifth biggest gainer in A group. On the BSE, 77,000 shares were traded on the counter so far as against the average daily volumes of 57,000 shares in the past two weeks.

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Tickets booked across reserved ticket booking window can be cancelled through IRCTC website or through 139
Apr 18,2017

In an endeavor to provide smooth travel experience to the railway travelers, Indian Railways have taken various initiatives for improved passenger experience. Considering the peak season during summers, Indian Railways is poised to offer convenient travel to the passengers without upsetting their plans. To ensure optimal utilization of available accommodation, following initiatives have been undertaken by Indian Railways:-

i) Finalization of first reservation chart at least 4 hours before the scheduled departure of the train.

ii) After preparation of first reservation chart, current ticket booking facility provided through any reserved ticket booking window as well as on internet till preparation of second reservation chart.

iii) Transfer of vacant available accommodation after preparation of second reservation chart to next remote location.

iv) Following facilities are also provided online through IRCTC website:

a) Waitlisted passengers given the option of accommodation in any other train without payment of any difference of fare or grant of refund thereon under VIKALP scheme. This facility can also be availed for e tickets booked prior to 01.04.2017

b) Tickets booked across reserved ticket booking window can be cancelled through IRCTC website or through 139.

c) In case of e tickets, boarding points can be changed through IRCTC website at least 24 hours before the scheduled departure of the train.

d) The facility of online booking of wheel chair provided free of cost to passengers.

e) The facility of online booking of retiring rooms through IRCTC website has been introduced.

f) Disposable bedrolls can be purchased through IRCTC website.

g) E Catering introduced to increase food options available with passengers.

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Cybermate Infotek to hold EGM
Apr 18,2017

Cybermate Infotek announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 18 May 2017 .

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Board of GRUH Finance recommends final dividend
Apr 18,2017

GRUH Finance announced that the Board of Directors of the Company at its meeting held on 17 April 2017, inter alia, have recommended the final dividend of Rs 2.8 per equity Share (i.e. 140%) , subject to the approval of the shareholders.

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GRUH Finance to hold AGM
Apr 18,2017

GRUH Finance announced that the 31st Annual General Meeting (AGM) of the company will be held on 15 June 2017.

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Indiabulls Real Estate drops on profit booking
Apr 18,2017

Meanwhile, the S&P BSE Sensex was up 210.87 points or 0.72% at 29,624.53. The S&P BSE Mid-Cap index was up 137.86 points or 0.96% at 14,524.93.

On the BSE, 59.21 lakh shares were traded on the counter so far as against the average daily volumes of 47.38 lakh shares in the past two weeks. The stock had hit a high of Rs 155 so far during the day, which is a 52-week high for the counter. The stock hit a low of Rs 143.05 so far during the day. The stock had hit a 52-week low of Rs 54.10 on 18 April 2016.

Shares of Indiabulls Real Estate had rallied 66.74% in the preceding five trading sessions to settle at Rs 148.15 yesterday, 17 April 2017, from its closing of Rs 88.85 on 7 April 2017.

The stock had jumped 39.96% in a single trading session yesterday, 17 April 2017 to settle at Rs 148.15, after the company during market hours on that day said its board considered various proposals for restructuring the business.

Indiabulls Real Estates board considered the possibility of streamlining its existing residential, commercial and leasing businesses by segregating commercial & leasing business carried on by itself and/or through its special purpose vehicles (SPVs) and vesting the same into Indiabulls Commercial Assets (ICAL) and restructuring/reorganizing its businesses.

Among other recent developments, Indiabulls Real Estate announced an early closure of share buyback offer on 10 April 2017. The company bought back 3.40 crore equity shares utilizing a total of Rs 272.05 crore (excluding transaction costs), which represents 50.38% of the maximum buyback size.

The equity shares were bought back at an average price of Rs 79.91 a share. Post buyback offer, the promoters stake in Indiabulls Real Estate increased to 50.92% from 47.5% earlier. While, public shareholding declined to 49.08% from 52.5%.

On consolidated basis, Indiabulls Real Estates net profit fell 13.7% to Rs 58.58 crore on 58.8% decline in net sales to Rs 291.21 crore in Q3 December 2016 over Q3 December 2015.

Indiabulls Real Estate is a real estate development company with development projects spread across office and commercial complexes, premium residential developments, mega townships, retail spaces, hotel and resorts, special economic zones and infrastructure development.

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Fitch Assigns HPCL-Mittal Energy BB IDR, Rates Proposed USD Notes
Apr 18,2017

Fitch Ratings has assigned India-based HPCL-Mittal Energy Limited (HMEL) a Long-Term Issuer Default Rating (IDR) of BB. The Outlook is Stable. The agency has also assigned HMELs proposed senior unsecured US dollar notes an expected rating of BB-(EXP).

The final ratings on the notes are contingent upon the receipt of documents conforming to information already received.

Fitch assesses HMELs standalone credit profile at BB-, reflecting its robust refining operations supported by its highly complex refinery, strong profitability and expectations of high leverage on account of the large capex plans for its proposed petrochemical expansion. The IDR of BB benefits from a one-notch uplift for its parent - Hindustan Petroleum Corporation Limited (HPCL, BBB-/Stable) - given the moderate linkages. HMELs IDR will benefit from an additional notch uplift in the case of any weakening of its standalone credit profile below the current level of BB-, provided its linkages with HPCL remain intact.

KEY RATING DRIVERS

Strong Refining Operations: HMELs refining operations are supported by its robust asset quality. Its refinery is highly complex (Nelson Complexity Index of 12.6), which enables the company to optimise its crude diet and supports strong margins. HMELs utilisation rate has also been high (year ending March 2016 (FY16): 119%) with a throughput of 10.7 million metric tonnes per annum (mmtpa) - given the strong demand-supply dynamics in north India, where the refinery is located.

HMEL expects to complete its refinery expansion to 11.3 mmtpa (from 9 mmtpa) during 1HFY18. We expect margins to benefit from higher volumes, an improved product slate, ability to process acidic crude oils, and cheaper fuel alternatives in the near to medium term. HMEL also benefits from its take-or-pay agreement with HPCL for its liquid hydrocarbon production (about 75% of total), and also incentives from the state of Punjab.

Locational Benefit, Strong Profitability: HMELs refinery-utilisation rate benefits from the strong demand for petroleum products in India - and particularly in the north. HMELs land-locked refinery benefits from the favourable demand-supply dynamics in the region and minimal competition. This is likely to result in utilisation rates remaining high (FY16: 119%) over the medium term. The off-take agreement with HPCL for its liquid hydrocarbon further minimises the off-take risk and supports the high utilisation rates. The company also has a strong marketing infrastructure for its solid products, including polypropylene, which is likely to support its enhanced downstream operations following completion of its planned petrochemical expansion.

Large Capex Plans: HMEL plans to improve its downstream integration by setting up a petrochemical plant. The company estimates to spend around INR215 billion over the next five years starting in FY18. Increasing downstream integration should benefit HMEL in the long-term as a result of the petrochemical expansion. However, we expect HMELs FCF to be negative over the medium term on account of the high capex; HMEL is likely to fund its capex partly from its operating cash flows and balance with debt.

Leverage to Rise: FCF turning negative after FY18 and the long lead time to revenue generation (after FY22) leads us to expect net leverage (net adjusted debt/ operating EBITDAR) to rise and remain between 4x-5x over the medium term. This may stay temporarily above our downward net leverage guideline of 5x over FY21-FY22 just before the completion of the petrochemical capex. Fitch takes a positive view of the take-or-pay off-take agreement with HPCL, which provides minimum payments to cover HMELs debt obligations and ensures that the debt service coverage ratio (DSCR) is always maintained at or above 1.0x. However, net leverage is likely to improve once the petrochemical project starts operations, expected in FY23.

Uplift for Parent Support: HMEL benefits from a two-notch uplift from its standalone credit profile, to reflect moderate linkages with its 49% parent - HPCL - as assessed under Fitchs Parent Subsidiary Rating Linkage Criteria. HMELs IDR of BB includes a one-notch uplift, while its IDR will benefit from one more notch in the case of any weakening of its standalone credit profile below the current level of BB- - provided these linkages with HPCL remain intact. Similarly, HMELs IDR will also benefit from one more notch in the case of any improvement in HPCLs standalone profile - again, provided the linkages with HPCL remain intact.

These linkages factor in HMELs strategic importance and operational linkages with HPCL. HPCL has a product off-take agreement with HMEL (valid until 2026) to buy all liquid products of HMEL, which also supports its debt-servicing capacity. Liquid products constituted over 75% of HMEL total output and about 80% of HMELs revenues in FY16. HMELs capacity will constitute over 40% of HPCLs total refining capacity, after expansion, to 11.3 mtpa. HMEL is also accorded first priority by HPCL for sourcing its product requirement in north India - where it is its only refinery.

Notching for Secured Debt: Fitch has rated HMELs proposed senior unsecured debt one notch below its IDR, due to the high proportion of secured debt in its capital structure. Secured debt comprised nearly 88% of HMELs total consolidated debt as of FYE16. The proportion of HMELs secured debt is likely to come down after the proposed US dollar note issuance. However, we expect HMELs secured debt/EBITDA to remain above 2.5x over the medium term, resulting in the notching.

DERIVATION SUMMARY

[HMELs IDR of BB includes one notch uplift for linkages with its parent - Hindustan Petroleum Corporation Limited (HPCL, BBB-/ Stable). HMEL ratings will benefit from one more notch in the case of any weakening in its standalone credit profile - provided the linkages with HPCL remain intact. HMELs standalone credit profile of BB- reflects its strong refining asset quality which is likely to drive its strong cash flows and expectations of high leverage, in light of its large capex. HMELs standalone credit profile of BB- is one notch higher than that of Swedens Corral Petroleum Holdings AB (CPH, B+/ Stable), due to HMELs better asset quality, stronger profitability and presence in the high-growth Indian market. CPH has larger scale and some integration into fuel retailing, while its ratings are constrained by its presence in the mature European market with expected excess refining capacity, a structural decline in fuel consumption, stiff competition and high leverage despite manageable capex. Indian Oil Corporation Ltds (IOC, BBB-/ Stable) large scale, dominant position as the largest refiner and fuel retailer in India, integration into fuel-retailing and petrochemicals, average asset quality and relatively better financial profile explain the two-notch differential with IOCs standalone credit profile of BB+. IOCs IDR is equalised with that of the sovereign (BBB-/ Stable), die to the strong linkages.]

KEY ASSUMPTIONS

Fitchs key assumptions within our rating case for the issuer include:

- Crude oil price (Brent) of USD52.5 per barrel (bbl) in FY18, USD55/ bbl in FY19 and USD60/ bbl in FY20, in line with Fitchs crude oil price deck

- Moderation in the industry-wide gross refining margins, though remaining strong.

- Refinery throughput of 11 mmtpa in FY18, 12.3 mmtpa in FY19 and 11.7 mmtpa in FY20.

- Capex of over INR80 billion during the next three years starting FY18.

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead to Positive Rating Action

- Any improvement in HPCLs standalone credit profile, provided the linkages remain intact

- We do not expect any positive action on HMELs standalone rating over the next medium term, given the expectations of increasing leverage on account of the large capex.

Future Developments That May, Individually or Collectively, Lead toNeg

Muthoot Capital Services gains ahead of board meeting
Apr 18,2017

Meanwhile, the S&P BSE Sensex was up 226.58 points, or 0.77% to 29,640.24.

On the BSE, 14,000 shares were traded in the counter so far, compared with average daily volumes of 8,022 shares in the past one quarter. The stock had hit a high of Rs 410 and a low of Rs 402.60 so far during the day. The stock hit a record high of Rs 429 on 12 April 2017. The stock hit a 52-week low of Rs 154 on 18 April 2016.

The stock had outperformed the market over the past one month till 17 April 2017, rising 49.22% compared with 0.79% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 45.47% as against Sensexs 8% rise.

The small-cap company has equity capital of Rs 12.47 crore. Face value per share is Rs 10.

Muthoot Capital Services announced on 12 April 2017 that its board will meet on 18 April 2017, to consider issue of shares by way of bonus shares.

Shares of Muthoot Capital Services surged 9.59% to Rs settle at Rs 399.80 on 12 April 2017. The stock has risen 11.05% in three trading sessions from its close of Rs 364.80 on 11 April 2017.

Muthoot Capital Services net profit rose 6.3% to Rs 6.44 crore on 20.9% increase in operating income of Rs 70.06 crore in Q3 December 2016 over Q3 December 2015.

Muthoot Capital Services is a non-banking financial company (NBFC). Its portfolio includes commercial and consumer finance products like vehicle loans, gold loans, loans against property, bonds, deposits, investment products and advisory services among others. Apart from these, the company also disburses loans against property, shares, gold ETFs, SME loans, mortgage loans, leasing & hire purchase loans and bill discounting.

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DCB Bank moves north on reports of brokerage rating
Apr 18,2017

Meanwhile, the S&P BSE Sensex was up 243.84 points or 0.83% at 29,657.50. The S&P BSE Mid-Cap index was up 147.64 points or 1.03% at 14,534.71.

On the BSE, 4.06 lakh shares were traded on the counter so far as against the average daily volumes of 3 lakh shares in the past one quarter. The stock had hit a high of Rs 184.65 so far during the day, which is a record high. The stock hit a low of Rs 174.30 so far during the day.

The stock had hit a 52-week low of Rs 87.40 on 24 May 2016. It had outperformed the market over the past one month till 17 April 2017, advancing 6.13% compared with the Sensexs 0.79% fall. The scrip had also outperformed the market over the past one quarter, advancing 47.64% as against the Sensexs 8% rise.

The mid-cap bank has equity capital of Rs 285.36 crore. Face value per share is Rs 10.

Shares of DCB Bank had declined 3.56% to settle at Rs 173.25 yesterday, 17 April 2017, after the bank reported weak Q4 March 2017 results on Friday, 14 April 2017. The stock market was shut on that day for a holiday.

DCB Banks net profit declined 24% to Rs 52.86 crore on 20.2% increase in total income to Rs 612.64 crore in Q4 March 2017 over Q4 March 2016.The banks provisions and contingencies rose 24.5% to Rs 33.93 crore in Q4 March 2017 over Q4 March 2016.

DCB Bank is a new generation private sector bank with 262 branches across 18 states and 2 union territories.

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