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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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Can Fin Homes standalone net profit rises 49.36% in the March 2017 quarter
Apr 25,2017

Net profit of Can Fin Homes rose 49.36% to Rs 70.87 crore in the quarter ended March 2017 as against Rs 47.45 crore during the previous quarter ended March 2016. Sales rose 22.29% to Rs 360.79 crore in the quarter ended March 2017 as against Rs 295.04 crore during the previous quarter ended March 2016.

For the full year,net profit rose 49.74% to Rs 235.26 crore in the year ended March 2017 as against Rs 157.11 crore during the previous year ended March 2016. Sales rose 24.85% to Rs 1352.07 crore in the year ended March 2017 as against Rs 1082.93 crore during the previous year ended March 2016.

ParticularsQuarter EndedYear Endedn++Mar. 2017Mar. 2016% Var.Mar. 2017Mar. 2016% Var. Sales360.79295.04 22 1352.071082.93 25 OPM %93.8393.92 -93.0492.42 - PBDT111.5880.40 39 373.90257.33 45 PBT110.4879.44 39 370.17253.87 46 NP70.8747.45 49 235.26157.11 50

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International Paper APPM standalone net profit declines 24.87% in the March 2017 quarter
Apr 25,2017

Net profit of International Paper APPM declined 24.87% to Rs 15.32 crore in the quarter ended March 2017 as against Rs 20.39 crore during the previous quarter ended March 2016. Sales rose 9.94% to Rs 324.66 crore in the quarter ended March 2017 as against Rs 295.31 crore during the previous quarter ended March 2016.

For the full year,net profit declined 15.13% to Rs 31.31 crore in the year ended March 2017 as against Rs 36.89 crore during the previous year ended March 2016. Sales rose 4.22% to Rs 1178.45 crore in the year ended March 2017 as against Rs 1130.77 crore during the previous year ended March 2016.

ParticularsQuarter EndedYear Endedn++Mar. 2017Mar. 2016% Var.Mar. 2017Mar. 2016% Var. Sales324.66295.31 10 1178.451130.77 4 OPM %19.4312.85 -14.0711.56 - PBDT57.1228.12 103 138.9996.83 44 PBT40.382.72 1385 70.7623.65 199 NP15.3220.39 -25 31.3136.89 -15

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Vertex Securities standalone net profit declines 50.00% in the March 2017 quarter
Apr 25,2017

Net profit of Vertex Securities declined 50.00% to Rs 0.11 crore in the quarter ended March 2017 as against Rs 0.22 crore during the previous quarter ended March 2016. Sales rose 32.00% to Rs 1.32 crore in the quarter ended March 2017 as against Rs 1.00 crore during the previous quarter ended March 2016.

For the full year,net profit reported to Rs 0.39 crore in the year ended March 2017 as against net loss of Rs 0.61 crore during the previous year ended March 2016. Sales rose 30.91% to Rs 5.04 crore in the year ended March 2017 as against Rs 3.85 crore during the previous year ended March 2016.

ParticularsQuarter EndedYear Endedn++Mar. 2017Mar. 2016% Var.Mar. 2017Mar. 2016% Var. Sales1.321.00 32 5.043.85 31 OPM %-6.06-35.00 --6.15-29.35 - PBDT0.190.29 -34 0.61-0.33 LP PBT0.110.22 -50 0.39-0.61 LP NP0.110.22 -50 0.39-0.61 LP

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LIC Housing Finance standalone net profit rises 18.12% in the March 2017 quarter
Apr 25,2017

Net profit of LIC Housing Finance rose 18.12% to Rs 529.19 crore in the quarter ended March 2017 as against Rs 448.02 crore during the previous quarter ended March 2016. Sales rose 12.21% to Rs 3642.87 crore in the quarter ended March 2017 as against Rs 3246.40 crore during the previous quarter ended March 2016.

For the full year,net profit rose 16.27% to Rs 1931.05 crore in the year ended March 2017 as against Rs 1660.79 crore during the previous year ended March 2016. Sales rose 12.83% to Rs 13986.94 crore in the year ended March 2017 as against Rs 12396.15 crore during the previous year ended March 2016.

ParticularsQuarter EndedYear Endedn++Mar. 2017Mar. 2016% Var.Mar. 2017Mar. 2016% Var. Sales3642.873246.40 12 13986.9412396.15 13 OPM %92.2294.06 -93.6895.12 - PBDT808.58696.75 16 2965.202573.27 15 PBT806.10694.27 16 2955.772563.55 15 NP529.19448.02 18 1931.051660.79 16

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Rupee rallies
Apr 25,2017

Rupee closed higher at 64.30/3025 per dollar on Tuesday (25 April 2017), versus its previous close of 64.4550/4600 per dollar.

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Centre Takes Ten New Swachh Iconic Places under Swachh Bharat Mission
Apr 25,2017

The second quarterly review meeting on the Swachh Iconic Places (SIP), an initiative of Ministry of Drinking Water and Sanitation under Swachh Bharat Mission, in Katra, Jammu and Kashmir. Ten Swachh Iconic Places are already implementing action plans in phase 1.

Shri Narendra Singh Tomar announced ten new Iconic places to be taken under the Phase II of Swachh Iconic Places initiative. These ten new iconic places which are to be brought to a higher standard of swachhta and visitors amenities are : 1. Gangotri, 2. Yamunotri. 3. Mahakaleshwar Temple, Ujjain, 4. Char Minar, Hyderabad, 5. Church and Convent of St. Francis of Assissi, Goa, 6. Adi Shankaracharyas abode Kaladi in Ernakulam, 7. Gomateshwar in Shravanbelgola, 8. Baijnath Dham, Devghar, 9. Gaya Tirth in Bihar and 10. Somnath temple in Gujarat.

The ten Iconic places already in Phase I are: 1. Ajmer Sharif Dargah 2. CST Mumbai 3. Golden Temple, Amritsar 4. Kamakhya Temple, Assam 5. Maikarnika Ghat, Varanasi 6. Meenakshi Temple, Madurai 7. Shri Mata Vaishno Devi, Katra, J&K 8. Shree Jagannath Temple, Puri 9. The Taj Mahal, Agra 10. Tirupati Temple, Tirumala.

Shri Tomar highlighted the progress made under Swachh Bharat Mission. He told the meeting that the country has made fast and remarkable progress with sanitation coverage increasing to 64% with 1.92 lakh villages becoming ODF.

J&K Governor, Shri NN Vohra, released the compendium of SIP Action Plans and in his address; he highlighted the achievements of Shri Mata Vaishno Devi Shrine Board (SMVDSB) and pointed out the crucial need of waste management, especially management as the next step. He said that the state needs special technical support from the SIP initiative.

The State government declared Reasi Open Defecation Free (ODF) block of J&K. Union MoS, Dr. Jitendra Singh and MoS, J&K, Shri Ajay Nanda felicitated District and block officials of Reasi. Dr. Jitendra Singh highlighted the importance of mass awareness and behaviour change for achieving the goal of Swachh Bharat.

Two Water ATMs in Katra town were inaugurated by the Union Minister, Shri Tomar on the occasion.

Secretary, MDWS presented the SIP status report of first two quarters and highlighted the key initiatives launched by Phase I sites towards improving the cleanliness, sanitation and accessibility facilities at these sites.

Earlier, Governor of Jammu & Kashmir, Shri NN Vohra reviewed the progress made by SMVDB in the two quarters and the detailed action plan for the ongoing and planned projects under SIP.

The central delegation led by the Secretary, MDWS visited various sanitation infrastructure and facilities on the way and at Shri Mata Vaishno Devi Temple Shrine. He also inaugurated a reverse vending machine installed at the shrine. Shri Iyer assured of all the support and resources to the shrine board under SIP.

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Asia Pacific Market: Stocks tracks French election rally
Apr 25,2017

Asia Pacific share market inclined on Tuesday, 25 April 2017, as risk appetite buying sparked by tracking rallies on U.S. and European bourses overnight and the outcome of Frances vote on Sunday.

Stocks got off to a firmer start after European and U.S. equities staged a powerful rally Monday, inspired by centrist Emmanuel Macrons lead in the first round of the closely watched French presidential election Sunday. Macron is known as a pro-European Union candidate. The first round of Frances presidential election raised expectations that the European Union will hold together. Emmanuel Macron, a candidate investors see as pro-business, won the most votes and is seen likely to beat Marine Le Pen, the remaining, anti-EU candidate in the May 7 runoff.

With one of the years major risks to markets seen less acute, markets were also looking ahead to other factors, including US President Donald Trumps promise to announce on Wednesday n++a big tax reform and tax reductionn++. The Wall Street Journal reported Trump wanted to cut the corporate tax rate to 15%. The White House budget director told Fox News on Monday Trumps announcement would focus on principles, ideas and rates.

Among Asian bourses

Nikkei retakes 19K on global lead, weaker yen

The Japan share market finished higher, as investor sentiment was bolstered by rallies on U.S. and European bourses, yen depreciation near the 110-level against greenback, and the outcome of Frances vote on Sunday. The 225-issue Nikkei Stock Average added 203.45 points, or 1.08%, to close the day at 19,079.33. The broader Topix index of all First Section issues on the Tokyo Stock Exchange, meanwhile, gained 16.02 points, or 1.07%, to finish at 1,519.21. Rising stocks outnumbered declining ones on the Tokyo Stock Exchange by 2492 to 589 and 271 ended unchanged. The Nikkei Volatility, which measures the implied volatility of Nikkei 225 options, was down 16.96% to 16.79 a new 1-month low.

Yamato Holdings attracted purchases on news reports that parcel delivery subsidiary Yamato Transport will raise its basic delivery fees by 5 to 20% as early as September. Mega-banks Mitsubishi UFJ and Mizuho, insurers Dai-ichi Life and Tokio Marine, and brokerage firm Nomura were upbeat after their U.S. peers fared well on Wall Street. Other major winners included automakers Toyota, Honda and Nissan as well as industrial materials maker Showa Denko.

By contrast, mobile phone carrier NTT Docomo met with selling following a media report about a weaker than expected estimate of its consolidated operating profits for the year through March 2018. Also on the minus side were Oriental Land, the operator of Tokyo Disneyland and Tokyo DisneySea, and furniture retailer Nitori Holdings.

ECONOMY: The Service Producer Price Index with a 2010 base year was released on Tuesday by the Bank of Japan, showing Japans service producer prices rose 0.8% on year in March, after a 0.8% gain in February. Business service prices have shown modest gains in a range of +0.1% to +0.8% y/y in the past year, reflecting a gradual pickup in domestic demand and continued labor shortages. On the month, the SPPI rose 0.6% in March, the second consecutive rise after a 0.3% rise in February. In fiscal 2016 that ended on March 31, the index rose 0.4% on year, the fourth straight annual rise after +0.4% in fiscal 2015.

China Pension funds lift shares

The Mainland China equity market closed higher, following the previous sessions sharp sell-off and news that pension funds have started buying stocks. Most sectors gained, with consumer stocks outperforming the broader market as investors rotating out of growth shares into defensive plays. The blue-chip CSI300 index rose 0.3%, to 3,440.97 points, while the Shanghai Composite Index gained 0.2% to 3,134.57 points.

The Ministry of Human Resources and Social Security said yesterday that 137 billion yuan (US$20 billion) of pension funds have begun to invest in the stock market.

Shares of consumer linked companies advanced, as investors sought defensive plays amid bearish trends elsewhere in the market. Kweichow Moutai Co jumped 5.1% to 418.89 yuan after the liquor maker reported first-quarter net profit grew 25.2% year on year to 6.1 billion yuan.

Shares related to Xiongan New Area rose, with Langfang Development Co surging by the daily limit of 10% to 19.58 yuan.

INDUSTRY NEWS: Chinas installed wind power capacity continued to grow in the first quarter of this year, according to the National Energy Administration. China had 151 million kilowatts of installed wind power capacity at the end of the first quarter, up 13% year on year. Qinghai, Shaanxi, Henan and Hebei provinces increased the most in wind power capacity during the first three months, the NEA said in a statement. Wind power facilities generated 68.7 billion kilowatt-hours of electricity in the first quarter, 26% more than in the same period of 2016.

Hong Kong Stocks tracks French election rally

The Hong Kong stock market closed higher, joining a region-wide rebound, sparked by the outcome of Frances vote Sunday. All main sectors in Hong Kong rose, with financials and technology stocks among the biggest gainers. The Hang Seng index rose 1.3 percent, to 24,455.94, while the China Enterprises Index gained 1.6 percent, to 10,272.07 points. Turnover increased to HK$76.9 billion from HK$65.5 billion on Monday.

The northbound quota balance of the Shanghai-HK Connect program was RMB12.2 billion, accounting for 93.8% of the daily allowed quota of RMB13 billion. The southbound quota balance was RMB8.563 billion, accounting for 81.6% of the daily allowed quota of RMB10.5 billion. As for the Shenzhen-HK Connect, the northbound quota balance was RMB12.208 billion, accounting for 93.9% of the daily allowed quota of RMB13 billion. The southbound quota balance was RMB10.186 billion, accounting for 97% of the daily allowed quota of RMB10.5 billion.

Tencent (00700) added 2% to HK$242.8 after hitting a all-time high of HK$241.2, boosted by the record close of the NASDAQ. IGG (00799) soared 11% to HK$11.78. ICBC (01398) put on 2.2% to HK$5.1. CCB (00939) gained 1.9% to HK$6.35. China Life (02628) climbed 2% to HK$23.45.

Chongqing Iron & Steel (01053) dived 16.2% to HK$1.14 after the company said its creditor has filed an application court seeking reorganisation of Chongqing Iron.

Short-seller Glaucus Research published a 52-page report saying Fullshare Holdings (00607) share price has been manipulated. The company requested a trading halt. Its shares plunged 11.9% to HK$2.52 before suspension.

Fullshares 26.82%-ownded Applied Development (00519) also plunged 12% to HK$0.58. China Huarong (02799), which holds stake in Fullshare, pounded 9.3% to HK$3.04.

ECONOMY: Hong Kongs value of total exports of goods (comprising re-exports and domestic exports) rose 16.9% in March over a year earlier to HK$321.9 billion, after a year-on-year increase of 18.2% in February, according to the Census and Statistics Department. Within this total, the value of re-exports grew 16.9% to HK$317.7 billion in March, while the value of domestic exports picked up 16.8% to HK$4.2 billion.

B>Nifty settles at record high

Key benchmark indices logged strong gains in sync with upbeat global equities after centrist candidate Emmanuel Macron won the first round of the French presidential election on Sunday, 23 April 2017. The barometer index, the S&P BSE Sensex, jumped 287.40 points or 0.97% to settle at 29,943.24. The Nifty 50 index surged 88.65 points or 0.96% to settle at 9,306.60.

Todays gains were led by index heavyweights ITC, HDFC and Reliance Industries (RIL). Key indices gained for the second day in a row today, 25 April 2017. All the nineteen sectoral indices on BSE edged higher.

Index heavyweight Reliance Industries (RIL) gained 1.14% to Rs 1,432.50 after consolidated net profit excluding exceptional items rose 16.6% to Rs 8046 crore on 45.2% growth in turnover to Rs 92889 crore in Q4 March 2017 over Q4 March 2016.

IndusInd Bank rose 1.48%. The banks announced that it inaugurated its third branch in Jamshedpur. Expanding presence across Jharkhand, IndusInd Bank recently inaugurated its third branch in Jamshedpur, the first planned industrial city of India. The branch is located at Mango, Jamshedpur. With the inauguration of this branch, the bank now has 19 branches in the state of Jharkhand. The announcement was made after market hours yesterday, 24 April 2017.

Auto major Mahindra & Mahindra advanced 3.4% to Rs 1,307.50 on reports that a foreign brokerage has upgraded the stock to outperform from neutral with increased target price at Rs 1,500 from Rs 1,390 earlier. The brokerage house cited potential for M&Ms tractor business that will surprise positively going ahead. Reports suggested that the brokerage believes with number of state governments planning to introduce farm loan waivers, tractor demand could get further boost. The brokerage added that weakness in utility vehicle market already factored in by M&M.

IT major Infosys rose 0.32% to Rs 929 after the company announced that it is strengthening its engineering footprint in Eastern Europe by opening its first office and delivery center in Karlovac, Croatia. The announcement was made after market hours yesterday, 24 April 2017.

Australia and New Zealand equity market closed for Anzac Day

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China Pension funds lift shares
Apr 25,2017

The Mainland China equity market closed higher on Tuesday, 25 April 2017, following the previous sessions sharp sell-off and news that pension funds have started buying stocks. Most sectors gained, with consumer stocks outperforming the broader market as investors rotating out of growth shares into defensive plays. The blue-chip CSI300 index rose 0.3%, to 3,440.97 points, while the Shanghai Composite Index gained 0.2% to 3,134.57 points.

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Nikkei retakes 19K on global lead, weaker yen
Apr 25,2017

The Japan share market finished higher on Tuesday, 25 April 2017, as investor sentiment was bolstered by rallies on U.S. and European bourses, yen depreciation near the 110-level against greenback, and the outcome of Frances vote on Sunday. The 225-issue Nikkei Stock Average added 203.45 points, or 1.08%, to close the day at 19,079.33. The broader Topix index of all First Section issues on the Tokyo Stock Exchange, meanwhile, gained 16.02 points, or 1.07%, to finish at 1,519.21. Rising stocks outnumbered declining ones on the Tokyo Stock Exchange by 2492 to 589 and 271 ended unchanged. The Nikkei Volatility, which measures the implied volatility of Nikkei 225 options, was down 16.96% to 16.79 a new 1-month low.

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GST is a win-win situation for the entire country
Apr 25,2017

GST is a win-win situation for the entire country. It brings benefits to all the stakeholders of industry, government and the consumer. It will lower the cost of goods and services, give a boost to the economy and make the products and services globally competitive. GST aims to make India a common market with common tax rates and procedures and remove the economic barriers thus paving the way for an integrated economy at the national level. By subsuming most of the Central and State taxes into a single tax and by allowing a set-off of prior-stage taxes for the transactions across the entire value chain, it would mitigate the ill effects of cascading, improve competitiveness and improve liquidity of the businesses. GST is a destination based tax. It follows a multi-stage collection mechanism. In this, tax is collected at every stage and the credit of tax paid at the previous stage is available as a set off at the next stage of transaction. This shifts the tax incidence near to the consumer and benefits the industry through better cash flows and better working capital management.

2.GST is largely technology driven. It will reduce the human interface to a great extent and this would lead to speedy decisions.

3.GST will give a major boost to the Make in India initiative of the Government of India by making goods and services produced in India competitive in the National as well as International market. Also all imported goods will be charged integrated tax (IGST) which is equivalent to Central GST + State GST. This will bring equality with taxation on local products.

4.Under the GST regime, exports will be zero-rated in entirety unlike the present system where refund of some taxes may not take place due to fragmented nature of indirect taxes between the Centre and the States. This will boost Indian exports in the international market thus improving the balance of payments position. Exporters with clean track record will be rewarded by getting immediate refund of 90% of their claims arising on account of exports, within seven days.

5.GST is expected to bring buoyancy to the Government Revenue by widening the tax base and improving the taxpayer compliance. GST is likely improve Indias ranking in the Ease of Doing Business Index and is estimated to increase the GDP growth by 1.5 to 2%.

6.GST will bring more transparency to indirect tax laws. Since the whole supply chain will be taxed at every stage with credit of taxes paid at the previous stage being available for set off at the next stage of supply, the economics and tax value of supplies will be easily distinguishable. This will help the industry to take credit and the government to verify the correctness of taxes paid and the consumer to know the exact amount of taxes paid.

7.The taxpayers would not be required to maintain records and show compliance with a myriad of indirect tax laws of the Central Government and the State Governments like Central Excise, Service Tax, VAT, Central Sales Tax, Octroi, Entry Tax, Luxury Tax, Entertainment Tax, etc. They would only need to maintain records and show compliance in respect of Central Goods and Services Tax Act and State (or Union Territory) Goods and Services Tax Act for all intra-State supplies (which are almost identical laws) and with Integrated Goods and Services Tax for all inter-State supplies (which also has most of its basic features derived from the CGST and the SGST Act).

2. Salient Features of GST

The salient features of GST are as under:

(i) The GST would be applicable on the supply of goods or services as against the present concept of tax on the manufacture or sale of goods or provision of services. It would be a destination based consumption tax. This means that tax would accrue to the State or the Union Territory where the consumption takes place. It would be a dual GST with the Centre and States simultaneously levying tax on a common tax base. The GST to be levied by the Centre on intra-State supply of goods or services would be called the Central tax (CGST) and that to be levied by the States including Union territories with legislature/Union Territories without legislature would be called the State tax (SGST)/ Union territory tax (UTGST) respectively.

(ii) The GST would apply to all goods other than alcoholic liquor for human consumption and five petroleum products, viz. petroleum crude, motor spirit (petrol), high speed diesel, natural gas and aviation turbine fuel. It would apply to all services barring a few to be specified. The GST would replace the following taxes currently levied and collected by the Centre:

a. Central Excise Duty

b. Duties of Excise (Medicinal and Toilet Preparations)

c. Additional Duties of Excise (Goods of Special Importance)

d. Additional Duties of Excise (Textiles and Textile Products)

e. Additional Duties of Customs (commonly known as CVD)

f. Special Additional Duty of Customs (SAD)

g. Service Tax

h. Central Surcharges and Cesses so far as they relate to supply of goods and services

(iii) State taxes that would be subsumed under the GST are:

a. State VAT

b. Central Sales Tax

c. Luxury Tax

d. Entry Tax (all forms)

e. Entertainment and Amusement Tax (except when levied by the local bodies)

f. Taxes on advertisements

g. Purchase Tax

h. Taxes on lotteries, betting and gambling

i. State Surcharges and Cesses so far as they relate to supply of goods and services

(iv) The list of exempted goods and services would be common for the Centre and the States.

(v) Threshold Exemption: Taxpayers with an aggregate turnover in a financial year up to Rs.20 lakhs would be exempt from tax. Aggregate turnover shall be computed on all India basis. For eleven Special Category States, like those in the North-East and the hilly States, the exemption threshold shall be Rest. 10 lakhs. All taxpayers eligible for threshold exemption will have the option of paying tax with input tax credit (ITC) benefits. Taxpayers making inter-State supplies or paying tax on reverse charge basis shall not be eligible for threshold exemption.

(vi) Composition levy: Small taxpayers with an aggregate turnover in a financial year up to Rest. 50 lakhs shall be eligible for composition levy. Under the scheme, a taxpayer shall pay tax as a percentage of his turnover during the year without the benefit of ITC. The rate of tax for CGST and SGST/UTGST each shall not exceed -

n++ 2.5% in case of restaurants etc

n++ 1% of the turnover in a state/ UT in case of a manufacturer

n++ 0.5% of the turnover in state/UT in case of other suppliers.

A taxpayer opting for composition levy shall not collect any tax from his customers nor shall he be entitled to claim any input tax credit. The composition scheme is optional. Taxpayers making inter-State supplies shall not be eligible for composition scheme. The government, may, on the recommendation of GST Council, increase the threshold for the scheme to up to rupees one crore.

(vii) An Integrated tax (IGST) would be levied and collected by the Centre on inter-State supply of goods and services. Accounts would be settled periodically between the Centre and the States to ensure that the SGST/UTGST portion of IGST is transferred to the destination State where the goods or services are eventually consumed.

(viii) Use of Input Tax Credit: Taxpayers shall be allowed to take credit of taxes paid on inputs (input tax credit) and utilize the same for payment of output tax. However, no input tax credit on account

Indias natural gas production up 8.3% in March 2017
Apr 25,2017

Indias natural gas production increased 8.3% to 2.75 billion cubic meters (bcm) in March 2017 over a year ago. Natural gas output of ONGC jumped 20.1% to 1.97 bcm, but that of private and JV companies dipped 18.1% to 0.53 bcm. Meanwhile, the natural gas production of Oil India fell 1.0% to 0.25 bcm in March 2017. Natural gas output declined 1.1% to 31.90 bcm in April-March 2017 over April-March 2016.

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Indias crude oil refinery output rises 1.8% in March 2017
Apr 25,2017

Indias crude oil refinery output increased 1.8% to 21.45 mt in March 2017 over March 2016. The output of public sector refineries rose 0.2% to 11.68 mt, while the output of private refineries moved up 7.7% to 8.45 mt. However, the refinery output of public-private JV refiners dipped 14.9% to 1.33 mt in March 2017.

Among public refineries, the output of Indian Oil Corporation increased 9.8% to 6.08 mt, while the output of Hindustan Petroleum Corporation rose 0.9% to 1.56 mt in March 2017 over March 2016. However, the output of Mangalore Refineries declined 6.4% to 1.30 mt, Numaligarh Refineries 13.1% to 0.22 mt, Bharat Petroleum Corporation 14.0% to 1.75 mt and Chennai Petroleum Corporation 14.5% to 0.77 mt in March 2017.

Among private refiners, the output of Reliance Petroleum moved up 9.0% to 6.65 mt, while that of Essar Oil also improved 3.0% to 1.80 mt in March 2017 over March 2016.

Among JV refineries, the output of Bharat Oman fell 17.2% to 0.53 mt, while the output of HPCL Mittal also dipped 13.3% to 0.80 mt in March 2016.

The cumulative refinery output increased 4.8% to 238.96 mt in April-March 2017. The output of public refineries increased 7.5% to 129.21 mt, while that of private refineries moved up 2.5% to 94.02 mt. The refinery output of JV refineries fell 1.4% to 15.73 mt in April-March 2017. Among public refineries, the output of Indian Oil Corporation improved 10.7%, Bharat Petroleum Corporation 5.4%, Hindustan Petroleum Corporation 3.4%, Chennai Petroleum Corporation 6.9%, Numaligarh Refineries 5.3% and Mangalore Refineries 3.3%.

The overall capacity utilization was lower at 109.1% in March 2017 compared with 117.4% in March 2016, while it was also lower at 106.7% in April-March 2017 compared with 108.3% in April-March 2016.

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Indias crude oil production rises 0.9% in March 2017
Apr 25,2017

Indias crude oil production rose 0.9% to 3.09 million tonnes (mt) in March 2017 over March 2016. Crude oil output of ONGC increased 3.3% to 1.93 mt, while that of Oil India also improved 9.1% to 0.29 mt. ONGCs offshore output moved up 3.6% to 1.41 mt, while onshore production rose 2.6% to 0.52 mt. However, the crude oil production of private and joint venture (JV) companies dipped 6.2% to 0.87 mt in March 2017.

Crude oil output fell 2.5% to 36.01 mt in April-March FY2017, in addition to 1.4% fall recorded in FY2016. Output of ONGC declined 0.6% to 22.22 mt, while private companies fell -7.3% to 10.53 mt. the crude oil output of Oil India rose 1.0% to 3.26 mt in FY2017 over FY2016.

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World Bank Approves $375 Million to Help India Develop its First Modern Waterway
Apr 25,2017

The World Bank will support India as it sustainably develops its first modern inland water transport fairway on a 1,360 km-stretch of the Ganga river between Varanasi and the seaport of Haldia, bringing thousands of jobs in cargo logistics and transportation to one of the most populous regions in the country.

The World Banks Board approved a $375 million loan to help the Inland Waterways Authority of India (IWAI) put in place the state-of-the-art infrastructure and navigation services needed to develop the waterway -- known as National Waterway 1 -- as an efficient logistics artery for northern India, while adopting the least intrusive methods of making the river navigable. The Capacity Augmentation of National Waterway 1 (Jal Marg Vikas) Project will help save more than 150,000 tons of CO2 equivalent in greenhouse gas emissions annually by moving cargo away from fossil fuel-consuming road and rail networks.

Experience from other countries shows that carrying bulk cargo by water is cheaper and less polluting that transporting it by road and rail. Goods in India, however, mostly travel by congested road and rail networks, slowing cargo movement and increasing the costs of trade logistics, which are estimated to account for as much as 18 % of the countrys GDP. The current logistics network is also insufficient to accommodate the threefold increase in freight movement expected over the coming decade.

n++Harnessing the mighty rivers of South Asia to build an effective multi-modal transport strategy will give the region a competitive edge on the global scene,n++ says Junaid Ahmad, World Bank Country Director for India. n++This project will allow India to move goods seamlessly between road, rail and water, and bring down logistics costs. Importantly, this Project will help IWAI put in place environmentally-sustainable strategies for inland navigation that can be replicated on other waterways in India and other countries.n++

Multi-modal transport solutions

NW1 passes through one of Indias most densely populated areas, and a sizeable 40 percent of the countrys traded goods either originate from this resource-rich region or are destined for its teeming markets. While the region generates about 370 million tonnes of freight annually, only about 5 million tonnes currently travels by water.

Once operational, NW1 will form part of the larger multi-modal transport network being planned along the Ganga. It will link with the Eastern Dedicated Rail Freight Corridor, as well as with the areas existing network of highways, allowing the regions manufacturers and agricultural producers to use different modes of transport to reach markets in India and abroad.

State-of-the-art infrastructure and services

The Project will help build the infrastructure needed to develop water transportation in the area. It will finance the construction of six multi-modal terminals, 10 RORO jetties, ship-repair facilities as well as passenger jetties along the river. It will also help modernize the ageing Farakka lock and add a new lock to allow for smoother passage of boats. The Project will also help IWAI acquire a state-of-the-art River Information System as well as navigation aids to make travel on the river safer and more reliable.

n++The Government of India has an ambitious plan to develop more than a 100 waterways that criss-cross the country,n++ says Arnab Bandyopadhyay, Lead Transport specialist and the World Bank task team leader for the Project. n++This Project will also help IWAI strengthen its institutional capacities to steer the development of the sector in an efficient and environmentally sustainable manner.n++

Environment sustainability key

All project interventions have been planned keeping in mind the need to ensure the environmental sustainability of the river. There will be no abstraction or storage of water under the Project, nor will the navigation services planned affect the flow of the river. Cognizant of the impacts of dredging to establish a deep channel, IWAI has decided to accept the currently available natural depths of the river - ranging from 3 meters in the lower stretches to 2 meters further upstream - for its proposed navigation channel, thus minimizing the need for dredging.

Environment protocol for operations

n++ Zero discharge standards for all terminals and vessels; waste from vessels to be emptied only at designated barge-maintenance stations for treatment.

n++ All vessels to use cleaner fuels such as liquefied natural gas.

n++ Vessels travelling through operating in critical aquatic habitats will restrict speed to 5km per hour; noise mufflers and propeller guards to be fitted; no dredging in protected habitat.

The Project will also support the design and development of a new fleet of low-draft barges capable of carrying up to 2000 tonnes of cargo in these shallower depths. Where needed, temporary structures (bandals) made of natural materials such as bamboo will be erected to provide additional sailing depth. In addition, the Project has introduced an innovative assured depth contract framework to incentivize minimal dredging by agencies responsible for keeping the fairway open for navigation. These strategies have helped reduce the need for dredging in the navigation channel to only about 1.5 percent of the rivers annual silt load. Even this limited dredging will only be done using modern, less intrusive technologies such as the water injection method which has the additional advantage of ensuring that sediments remain within the rivers ecosystem.

The US$375 million loan from the International Bank for Reconstruction and Development (IBRD), has a 7-year grace period, and a maturity of 17 years.

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Brokerage buy boosts UltraTech Cement
Apr 25,2017

Meanwhile, the S&P BSE Sensex was up 290.20 points or 0.98% at 29,946.04.

On the BSE, 30,000 shares were traded on the counter so far as against the average daily volumes of 25,253 shares in the past one quarter. The stock had hit a high of Rs 4,259.90 so far during the day, which is a record high. The stock hit a low of Rs 4,110.05 so far during the day.

The stock had hit a 52-week low of Rs 3,050 on 11 May 2016. It had outperformed the market over the past one month till 24 April 2017, advancing 4.34% compared with the Sensexs 0.8% rise. The scrip had also outperformed the market over the past one quarter, gaining 13.47% as against the Sensexs 8.33% rise.

The large-cap company has equity capital of Rs 274.51 crore. Face value per share is Rs 10.

Shares of UltraTech Cement had risen 4.42% to settle at Rs 4,144. 35 yesterday, 24 April 2017. The companys consolidated net profit declined 11.24% to Rs 726 crore on 2.59% growth in net sales to Rs 6922 crore in Q4 March 2017 over Q4 March 2016. The result was announced during market hours yesterday, 24 April 2017.

UltraTech said that work on setting up the 3.5 million tonnes per annum (MTPA) integrated cement plant at Dhar, Madhya Pradesh is on track. Commercial production is expected to commence from Q4 of FY 2019.

With this expansion and the acquisition of the cement plants of Jaiprakash Associates, the companys cement capacity will stand augmented to 95.4 MTPA, including its overseas operations.

UltraTech Cement is a leading cement manufacturer in India. It is a part of the Aditya Birla Group.

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