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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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IndusInd Bank acquires 75 lakh equity shares of Kesoram Industries
Jun 17,2017

IndusInd Bank has acquired 75,00,000 Equity Shares of Rs.10 each, pursuant to exercise of conversion option on Optionally Convertible Redeemable Preference Shares, i.e., conversion of each Optionally Convertible Preference Share held by the Bank into 10 Equity Shares of Kesoram Industries at a price of Rs.120 per Equity Share.

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Ind-Ra: Demonetisation Could Cause Capital Erosion for MFIs
Jun 17,2017

India Ratings and Research (Ind-Ra) says that following demonetisation and political interferences, microfinance institutions (MFIs), including non-banking finance companies (NBFCs) and small finance banks (SFBs), with exposure to states (Uttar Pradesh, Uttarakhand, Maharashtra and Madhya Pradesh) faced with asset quality overhang stare at significant credit costs and capital erosion in FY18.

Demonetisation Brings Inherent Issues to Fore: The current upheaval has validated Ind-Ras earlier opinion of borrower overleverage and idiosyncratic and systemic risks (due to political ecosystem) prevalent in the industry. Furthermore, borrower discipline, a key ingredient for the smooth functioning of microfinance, has severely deteriorated in certain districts of affected states and may take years to be restored. In addition, MFIs need to structurally look beyond joint liability group (JLG) loans for loan growth and product diversification by building capabilities.

Collection Pick-Up Slower than Ind-Ra Expectations: Ind-Ras analysis of MFIs within and outside of its coverage indicates that the aggregate collection efficiency (CE; collection/billing for that month; aggregate CE includes CE for the period November 2016-May 2017) of the majority of MFIs (with significant exposure to affected states) on portfolio outstanding as of December 2016 was 75%-80% in May 2017 compared with a low of 50%-60% in December 2016. Maharashtra was one of the worst affected states, with monthly collections in some districts in single digits. During the revival period after December 2016, the intensity of political interference in affected states was such that demand for loan waivers did not die down in some districts even after local elections.

Equity Erosion Possible: Ind-Ras analysis indicates that in case collections (on portfolio as on 31 December 16) do not increase from the current level, MFIs with significant exposure to affected states and with aggregate loans under management of INR10 billion and above could incur credit costs and capital erosion and, thus, higher leverage. At 80%, these MFIs could require an equity of INR1 billion-3 billion (depending on loans under management) to ensure their capital levels remain over the regulatory minimum. The aggregate recovery level on the December 2016 portfolio should exceed at least 85% by 2QFY18-3QFY18 to prevent capital erosion beyond the regulatory minimum, without additional infusion for some MFIs. At 95% collections on portfolio at end-December 2016, MFIs are likely to witness marginal capital erosion.

Lower-than-worse-case credit costs and equity erosions are supported by the fact that 15%-20% of assets under management of MFIs are off-balance-sheet, where credit enhancements, over-collateralisation and first loss default guarantees could range between 5% and 15% (on an aggregate basis).

Unintentionally Defaulting Borrower Unlikely to Clear Four or More EMIs: Ind-Ras borrower interactions over the last six months indicate that earning members have lost one-three-month wages/income due to demonetisation in FY17. However, business almost recovered in 1QFY18. The analysis suggests that incremental incomes of such borrowers in FY18 would be enough to repay three missed EMIs at best. However, MFIs may need to take haircuts on borrowers that have missed more than three EMIs or are intentional defaulters. The extension of loans by three months may work if default is unintentional.

Focus on Idiosyncratic Risk Mitigation: Microfinance: Borrower Overleverage Warrants Course Correction from MFIs indicated that MFIs need to go back to basics by focusing on vintage, quality of penetration (incremental borrowers to be new-to-microfinance), low ticket sizes, product diversification (one size fits all approach may not be incrementally fit for its borrowers). Ind-Ra opines that investors in MFIs need to increase their investment horizons to enable MFIs to develop tested products over one-two loan cycles. Over time, the regulator may relook at qualifying asset requirements to expand the target borrower segment for MFIs.

Time to Look Beyond JLG: Ind-Ra acknowledges that JLG loans address an important credit need and have an important role in financial inclusion. However, borrower selection and operating processes need to be reassessed, as pointed in Microfinance: Borrower Overleverage Warrants Course Correction from MFIs. Moreover, MFIs need to develop expertise in other secured and unsecured credit products and roll them out gradually (early experience not pleasant for most MFIs). Instead of pursuing growth, they need to adopt best practices of NBFCs, minimise employee churn, and innovate lending and risk sharing mechanisms.

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Nucleus Software Exports announces buyback offer
Jun 16,2017

Nucleus Software Exports announced that the Buyback Committee in meeting held on 16 June 2017 approved the following -

Buy-back of upto 33,43,000 Fully paid-up equity shares under the Buyback Offer, representing 10.32% of the total paid-up equity share capital of the company at final Buyback price of Rs. 350/- (Rupees Three Hundred and Fifty Only) per share of face value Rs. 10/- each for an aggregate amount not exceeding Rs.117,00,50,000 (excluding transaction cost, viz. brokerage, applicable taxes such as securities transaction tax, service tax, stamp duty etc., cost for the intermediaries appointed for the Buyback and other incidental costs) which is 24.83% of the Paid-up equity share capital and free reserves of the Company for the Financial Year ended 31 March 2017.

Record Date as 30 June 2017 for the purpose of determining the entitlement and the names of the shareholders who are eligible to participate in the Buyback Offer of the Company.

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Nucleus Software Exports announces buyback plan
Jun 16,2017

Nucleus Software Exports announced that the Buyback Committee in meeting held on 16 June 2017 approved the following -

Buy-back of upto 33,43,000 Fully paid-up equity shares under the Buyback Offer, representing 10.32% of the total paid-up equity share capital of the company at final Buyback price of Rs. 350/- (Rupees Three Hundred and Fifty Only) per share of face value Rs. 10/- each for an aggregate amount not exceeding Rs.117,00,50,000 (excluding transaction cost, viz. brokerage, applicable taxes such as securities transaction tax, service tax, stamp duty etc., cost for the intermediaries appointed for the Buyback and other incidental costs) which is 24.83% of the Paid-up equity share capital and free reserves of the Company for the Financial Year ended 31 March 2017.

Record Date as 30 June 2017 for the purpose of determining the entitlement and the names of the shareholders who are eligible to participate in the Buyback Offer of the Company.

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Engineer India fixes record date for buyback of shares
Jun 16,2017

Engineer India has fixed 29 June 2017 as record date for buyback of 4,19,61,780 equity shares of the Company.

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Nucleus Software Exports fixes record date for buyback of shares
Jun 16,2017

Nucleus Software Exports has fixed 30 June 2017 as record date for buyback of shares.

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POWERGRID Warora Transmission completes element of transmission project
Jun 16,2017

POWERGRID Warora Transmission, a 100% subsidiary of Power Grid Corporation of India, secured through Tariff Based Competitive Bidding, has successfully completed an element Gadarwara STPS - Jabalpur Pool 765 kV D/C Transmission Line and declared the said element for commercial operation on 31 May 2017.

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Motherson Sumi Systems subsidiary SMRP BV gets ratings assigned
Jun 16,2017

Motherson Sumi Systems announced that Fitch Ratings (Fitch) has rated outstanding secured bonds of SMRPBV at BBB- Samvardhana Motherson Automotive Systems Group B.V., Netherlands (SMRP BV), a subsidiary of the Company.

Furthermore, Fitch has also assigned a first time corporate rating of BB+ with a Positive outlook to SMRP BV.

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Bharat Financial Inclusion undertakes its first Direct Assignment Transaction for FY18
Jun 16,2017

Bharat Financial Inclusion (formerly known as SKS Microfinance) on 16 June 2017 assigned a pool of receivables of an aggregate value of Rs. 539.67 crore to one of the largest public sector banks on a direct assignment basis as per the guidelines prescribed by the Reserve Bank of India. This is the first Direct Assignment Transaction during FY18.

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IndusInd Bank allots 94,250 equity shares
Jun 16,2017

IndusInd Bank has allotted 94,250 (Ninety Four Thousand Two Hundred Fifty) equity shares of Rs. 10/- (Rupees Ten Only) each on June 16, 2017 to those grantees who had exercised their option under the Companys Employee Stock Option Scheme.

The said shares will rank pari-passu with the existing shares of the Company in all respect.

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Eicher Motors announces resignation of director
Jun 16,2017

Eicher Motors announced that Priya Brat - Non Executive Independent Director of the Company has resigned from the Board of Directors of the Company, effective from 16 June 2017

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Dr Reddys Laboratories intimates of completion of USFDA audit of Srikakulam Plant (SEZ) Unit I
Jun 16,2017

Dr Reddys Laboratories announced that the audit of its Formulations Srikakulam Plant (SEZ) Unit I, Andhra Pradesh, by the US FDA, has been completed on 16 June 2017. The Company has been issued a Form 483 with one observation.

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D B Corp allots 5,662 equity shares
Jun 16,2017

D B Corp has allotted 5,662 shares of Rs. 10/- each on exercise of 5,662 stock options under DBCL-ESOS Schemes to its employees covered under the scheme.

Following are the details of the increase in the Issued and Paid-up Capital of the Company:

Existing Issued and Paid-up Capital (Equity Shares of Rs. 10/- each) 18,39,22,500
Shares allotted / increased by (Equity Shares of Rs. 10/- each) 5,662
Revised Issued and Paid-up Capital (Equity Shares of Rs. 10/- each) 18,39,28,162

The new equity shares rank pari passu in all respects with the existing capital.

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Axis Bank revises MCLR rates
Jun 16,2017

Axis Bank has revised MCLR rates in the short tenors. The 1 year MCLR stands unchanged at 8.25%. New rates are effective from 17 June 2017.

Overnight - 7.80%
One month - 7.80%
Three month - 8.00%
Six month - 8.15%
One year - 8.25%
Two year - 8.30%
Three year - 8.35%

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NTPC commissions 225 MW of Mandsaur Solar Power Project
Jun 16,2017

NTPC has commissioned 225 MW out of 250 MW of Mandsaur Solar Power Project of NTPC.

With this, the installed capacity of NTPCs solar power projects has become 845 MW. The total installed capacity of NTPC on standalone basis has become 44419 MW and that of NTPC group has become 51635 MW.

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