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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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Fitch: Waiver Scheme May Raise Indian Tractor Loan Delinquencies
Apr 18,2017

Delinquencies on tractor loans could rise in several Indian states as a result of political pressure for farmers to be granted waivers on agricultural loans, says Fitch Ratings. Media reports that farmers loans may be waived are likely to create moral hazard and credit discipline issues, given that there will be an incentive for farmers to skip loan repayments pending greater clarity on the potential policy. However, the negative impact of any potential rise in tractor loan delinquencies on Fitch-rated ABS transactions is likely to be minimal, given the low exposure.

The newly elected Uttar Pradesh (UP) state government has already announced farm loan waivers, with a cap of INR100,000 per farmer, for small and marginal farmers. Tractor loans were not included, but farmers may expect this position to change in future announcements. Moreover, there is a lack of clarity over whether tractor loans will be included in potential loan-waiver programmes in Maharashtra, Punjab and Haryana. These four states account for around 30% of Indias population.

We would expect the delinquency rate on agricultural loans to take several months to return to normal following the announcement of policy details. The crop season is currently in its harvesting period in most parts of India, a time when most farmers earn the bulk of their income. If the farmers postpone loan repayments and use the money earned elsewhere, it could take at least until the next harvest in six months time to cure delinquencies.

The introduction of government support might help cure delinquencies faster, but only if state governments compensate lenders quickly - which is unlikely, given the usually slow workings of state bureaucracy. A compensation timeline for UP states farm loan-waiver programme is yet to be announced. Servicers effective collection practices and customer-education programmes could, however, help to contain the potential rise in delinquencies.

Indian ABS transactions are unlikely to be significantly affected, even if tractor loan delinquencies do rise. We do not expect any significant stress or rating impact and we have a stable rating outlook on these transactions.

Tractor loans accounted for a relatively significant 10%-21% of the securitised pool in six of the 21 Fitch-rated ABS transactions, as per their original pool characteristics. They accounted for 5%-10% in another 11 transactions. However, the maximum exposure to tractor loans from these four states was 3% among the securitised pools.

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Vakrangee jumps after board OKs providing GST services
Apr 18,2017

The announcement was made after market hours yesterday, 17 April 2017.

Meanwhile, the S&P BSE Sensex was up 260.25 points, or 0.88% to 29,673.91.

On the BSE, 1.58 lakh shares were traded in the counter so far, compared with average daily volumes of 1.20 lakh shares in the past one quarter. The stock had hit a high of Rs 354.45 and a low of Rs 341.95 so far during the day. The stock hit a record high of Rs 354.45 on 18 April 2017. The stock hit a 52-week low of Rs 160.10 on 9 June 2016.

The stock had outperformed the market over the past one month till 17 April 2017, rising 5.43% compared with 0.79% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 15.16% as against Sensexs 8% rise.

The large-cap company has equity capital of Rs 52.92 crore. Face value per share is Re 1.

The board of directors of Vakrangee yesterday, 17 April 2017, approved to provide the services of GST registration, filing of returns, payment and other value added services thereunder through Vakrangee Kendra Outlets.

Currently the company is operating more than 35,000 Vakrangee Kendra outlets across 16 States and presence in more than 5,000 postal codes across the country. The company now plans to setup and manage a total of 75,000 n++Vakrangee Kendran++ outlets across India by 2020, covering the presence in all postal codes across the country. It has now decided to provide the services of GST registration, filing of returns, payment and other value added services under the same through Vakrangee Kendra outlets which would further enhance the existing bouquet of services provided by the company. This will be done by acting as an Application Service Provider (ASP).

On a consolidated basis, Vakrangees net profit rose 27.87% to Rs 131.55 crore on 19.54% growth in net sales to Rs 978.86 crore in Q3 December 2016 over Q3 December 2015.

Vakrangee is the unique technology driven company focused on building Indias largest network of last-mile retail touch points to deliver real-time banking, insurance, e-governance, ecommerce and logistics services to the unserved rural, semi-urban and urban markets.

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Manaksia Inds extends losses after weak Q4 results
Apr 18,2017

Meanwhile, the S&P BSE Sensex was up 265.43 points or 0.9% at 29,679.09. The S&P BSE Small-Cap index was up 173.52 points or 1.16% at 15,127.68.

On the BSE, 7,219 shares were traded on the counter so far as against the average daily volumes of 25,205 shares in the past one quarter. The stock opened with a downward gap and remained locked at 5% lower circuit level at Rs 35.20 so far during the day.

The stock had hit a record high of Rs 40.95 on 17 April 2017 and a 52-week low of Rs 3.20 on 9 May 2016. It had outperformed the market over the past one month till 17 April 2017, surging 33.27% compared with the Sensexs 0.79% fall. The scrip had also outperformed the market over the past one quarter, advancing 76.85% as against the Sensexs 8% rise.

The small-cap company has equity capital of Rs 6.55 crore. Face value per share is Rs 1.

Shares of Manaksia Industries have fallen 9.74% in two trading sessions from its closing of Rs 39 on 13 April 2017, after the company reported weak Q4 March 2017 results on Saturday, 15 April 2017. The stock had declined by 5% to settle at Rs 37.05 yesterday, 17 April 2017.

Manaksia Industries consolidated net profit declined 55.8% to Rs 6.30 crore on 80.9% rise in net sales to Rs 60.81 crore in Q4 March 2017 over Q4 March 2016.

Manaksia Industries is engaged in the business of metal packaging products and aluminum semi rigid containers.

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Berger Paints gains after inking pact with NBCC
Apr 18,2017

The announcement was made after market hours yesterday, 17 April 2017.

Meanwhile, the S&P BSE Sensex was up 262.62 points, or 0.89% to 29,676.28.

On the BSE, 24,000 shares were traded in the counter so far, compared with average daily volumes of 3.20 lakh shares in the past one quarter. The stock had hit a high of Rs 247.50 and a low of Rs 242.90 so far during the day. The stock hit a record high of Rs 276.80 on 12 September 2016. The stock hit a 52-week low of Rs 174.22 on 24 June 2016.

The stock had outperformed the market over the past one month till 17 April 2017, rising 4.08% compared with 0.79% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 12.07% as against Sensexs 8% rise.

The large-cap company has equity capital of Rs 97.10 crore. Face value per share is Re 1.

Berger Paints India said that its wholly-owned subsidiary, Bolix, S.A. Poland and NBCC signed a memorandum of business exploration yesterday, 17 April 2017, in furtherance of a joint initiative to bring to India External Thermal Insulation and Composite Systems (ETICS), a proven solution for improving energy performance of temperature controlled buildings.

ETICS is a very cost effective and efficient solution and much used in Europe. Germany and Poland are the pioneers in this technology though ETICS is now in use in over 15 countries in Europe.

NBCC and Bolix will jointly promote, develop and facilitate the use of ETICS solutions n++n building projects in India with the principal objective of reducing significantly the energy requirements for cooling or heating in these buildings which is expected to result in gains in environmental sustainability.

On consolidated basis, Berger Paints Indias net profit fell 2% to Rs 109.12 crore on 5.2% growth in net sales to Rs 1170.20 crore in Q3 December 2016 over Q3 December 2015.

Berger Paints India manufactures and markets a range of decorative and industrial paint products and has operations throughout India.

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CMI moves higher on allotment of shares to promoter group
Apr 18,2017

The announcement was made after market hours yesterday, 17 April 2017.

Meanwhile, the S&P BSE Sensex was up 269.19 points, or 0.92% at 29,682.85. The S&P BSE Small-cap index was up 163.65 points, 1.09% at 15,117.81.

On the BSE, 17,000 shares were traded on the counter so far as against the average daily volumes of 50,501 shares in the past one quarter. The stock had hit a high of Rs 186 and a low of Rs 182.10 so far during the day.

The stock had hit a 52-week high of Rs 269 on 20 April 2016 and a 52-week low of Rs 118.10 on 9 November 2016. The stock had outperformed the market over the past one month till 17 April 2017, advancing 2.28% compared with the Sensexs 0.79% decline. The scrip had, however, underperformed the market over the past one quarter declining 10.51% as against the Sensexs 8% rise.

The small-cap company has equity capital of Rs 14.78 crore. Face value per share is Rs 10.

CMI said that its board of directors on 17 April 2017 approved the allotment of 2.5 lakh equity shares having face value Rs 10 each at a premium of Rs 290 per equity share to promoter/promoter group.

Total promoter holding stood at 42.59% as per shareholding pattern as on 31 December 2016.

CMIs consolidated net profit fell 57.6% to Rs 2.04 crore on 12.5% increase in net sales to Rs 74.72 crore in Q3 December 2016 over Q3 December 2015.

CMI is in the business of manufacturing Jelly Filled Telecom Cables (JFTC).

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Ind-Ra: Fall in Operating Performance of Weak Entities to Drag Down Overall EBITDA Recovery in FY18
Apr 18,2017

India Ratings and Research (Ind-Ra) does not expect a broad-based recovery in FY18, given decelerating EBITDA growth of corporates with weak operating performance. Corporates with strong financial profiles are likely to witness a marginal positive EBITDA growth in FY18 (9MFY17: 6%; FY16: 8%) compared with corporates with weak financial profiles (EBITDA growth: 9MFY17: negative 19%; FY16: negative 22%), which are likely to witness a significant decline in EBITDA growth in FY18.

EBITDA Growth of Top 365 Corporate Borrowers in FY18

Ind-Ra expects FY18 earnings (EBITDA) growth of the top 365 corporate borrowers (excluding public sector units and banking and financial services providers) to be 9%-12%, driven by a slow but improving consumption and a recovery in exports. The level would be the highest since FY15 (8%). Therefore, the number of corporates showing an improvement in operating performance is likely to be higher than that in FY17. Ind-Ra expects FY17 EBITDA growth to be lower than the previously estimated 5%-6% owing to demonetisation in 4QFY17. However, the impact of demonetisation is likely to be transitory on the FY18 corporate performance.

Sectoral Outlook Indicates Divergent EBITDA Growth

Ind-Ras expectation for FY18 remains in line with the FY17 trend. The agency expects the EBITDA growth of capital-intensive- and commodity-linked sectors, including infrastructure and power, to decelerate in FY18.

The steel sector registered positive EBITDA growth for 9MFY17, driven by an increase in commodity prices and base effect. Ind-Ra expects the steel sectors profitability in FY18 to remain under pressure, as companies ability to fully pass input prices to customers would be limited owing to muted demand and overcapacity.

Meanwhile, the telecom sector registered flat EBITDA growth for 9MFY17. Ind-Ra expects the sectors EBITDA growth to decelerate in FY18. Ind-Ra has a negative outlook for the telecom, steel, power and infrastructure sectors for FY18.

In the oil and gas sector, downstream companies could witness a moderation in EBITDA margin in FY18 on an increase in crude prices. On the other hand, upstream companies are likely to benefit from benign prices. However, the agency expects consumption- and export-driven sectors such as pharmaceutical to register positive EBITDA growth for FY18.

The auto sectors EBITDA growth in FY18 is likely to moderate. Meanwhile, automotive suppliers are likely to benefit from an increase in commodity prices and an improvement in exports. Ind-Ra has a stable outlook for the auto and automotive supplier, oil and gas, and pharmaceutical sectors for FY18.

Divergent EBITDA Growth Trend Reflected in Rating Categories

EBITDA growth decelerated across the rating categories. However, it remained positive for the majority of investment-grade issuers (rating scale of IND BBB- and above) in 9MFY17. Nearly 70% of the total number of investment-grade registered positive EBITDA growth over FY14-9MFY17. On the other hand, a large number of non-investment grade issuers (rating scale of IND BB+ and below) registered negative EBITDA growth in at least three of the last six years. Nearly 60% of the total number of non-investment grade issuers recorded a negative EBITDA growth over FY14-9MFY17. Thus, any meaningful recovery would be conditional on a strong economic recovery or structural changes such as consolidation, deleveraging and non-performing asset resolution.

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BEML bags Hindustan PSU Award
Apr 18,2017

BEML has been bestowed with Hindustan PSU Award under the category Fastest Growing Organisation - Miniratna. The award is instituted by Hindustan Media Ventures.

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Tata Steel advances on fund raising proposal
Apr 18,2017

The announcement was made after market hours yesterday, 17 April 2017.

Meanwhile, the S&P BSE Sensex was up 230.78 points or 0.78% at 29,644.44.

On the BSE, 1.53 lakh shares were traded on the counter so far as against the average daily volumes of 6.81 lakh shares in the past one quarter. The stock had hit a high of Rs 474.25 and a low of Rs 465 so far during the day.

The stock had hit a 52-week high of Rs 508.45 on 17 March 2017 and a 52-week low of Rs 297.40 on 24 June 2016. It had underperformed the market over the past one month till 17 April 2017, sliding 7.97% compared with the Sensexs 0.79% fall. The scrip had also underperformed the market over the past one quarter, advancing 1.73% as against the Sensexs 8% rise.

The large-cap company has equity capital of Rs 971.22 crore. Face value per share is Rs 10.

On a consolidated basis, Tata Steel reported net profit of Rs 231.90 crore in Q3 December 2016 compared with net loss of Rs 2747.72 crore in Q3 December 2015. Net sales rose 13.4% to Rs 27843.92 crore in Q3 December 2016 over Q3 December 2015.

Tata Steel is the worlds second-most geographically-diversified steel producer, with operations in 26 countries and commercial presence in over 50 countries.

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IndusInd Bank launches IndusForex.com
Apr 18,2017

IndusInd Bank has launched IndusForex.com, a one-stop portal for all foreign exchange needs of Indian consumers. With the help of this portal, one can buy multi-currency foreign exchange cards and reload it anytime, anywhere in 8 different currencies. The portal also gives the freedom to sell the foreign exchange currency after the international trip has been completed. Consumers can also use the portal to send money abroad for purposes such as education and medical requirements.

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National Fertilizers gains after getting LoI for establishing plant
Apr 18,2017

The announcement was made after market hours yesterday, 17 April 2017.

Meanwhile, the S&P BSE Sensex was up 241.95 points, or 0.82% to 29,655.61.

On the BSE, 64,000 shares were traded in the counter so far, compared with average daily volumes of 4.01 lakh shares in the past one quarter. The stock had hit a high of Rs 79.90 and a low of Rs 78.60 so far during the day.

The stock hit a 52-week high of Rs 80.95 on 31 March 2017. The stock hit a 52-week low of Rs 29.25 on 2 May 2016.

The stock had outperformed the market over the past one month till 17 April 2017, rising 11.72% compared with 0.79% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 66.63% as against Sensexs 8% rise.

The mid-cap company has equity capital of Rs 490.58 crore. Face value per share is Rs 10.

National Fertilizers (NFL) said that it has received letter of intent (LOI) from SDSC-SHAR (Satish Dhawan Space Centre, Sriharikota) for establishing Di-Nitrogen Tetroxide (N2O4) production plant (NPP) on build, Own, operate & supply model. The project is to be set-up on build, own, operate & supply (BOOS) model at NFL Vijaipur, Guna, Madhya Pradesh. The plant capacity shall be around 1,095 metric tonnes (MT) N2O4 per annum.

The product (N2O4) shall be exclusively supplied to SDSC-SHAR under long term agreement for 25 years period. The project activities (zero date) shall start around July 2017 with a gestation period of 18 months. The estimated capex requirement shall be around Rs 350 crore.

Net profit of National Fertilizer declined 43.4% to Rs 73.24 crore on 7.9% rise in net sales to Rs 2524.04 crore in Q3 December 2016 over Q3 December 2015.

National Fertilizers is the 2nd largest producer of Urea in the country with a total share of 15.5% and largest Urea producer amongst public sector Urea producing companies.

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GTL Infrastructure provides update on SDR process
Apr 18,2017

GTL Infrastructure announced that the Company and Chennai Network Infrastructure have completed important milestones in their respective SDR processes. On 13 April 2017, the CDR lenders of GIL and CNIL, converted part of the outstanding debt into equity shares such that each set of CDR lender, holds 51% of the equity share capital (on fully diluted basis) of GIL and CNIL, respectively.

The Indian Rupee denominated debt levels of GIL and CNIL are now at sustainable levels. The respective details are as under -

GIL
Rupee Debt prior to conversion - Rs 3390.57 crore
Rupee Debt post conversion - Rs 1698.35 crore

CNIL
Rupee Debt prior to conversion - Rs 5162.89 crore
Rupee Debt post conversion - Rs 2353.93 crore

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IFCI announces cessation of directors
Apr 18,2017

IFCI announced that S V Ranganath, Savita Mahajan and K S Sreenivasan have ceased to be Independent Directors on the Board of IFCI with effect from 01 April 2017 on completion of their tenure.

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Gruh Finance jumps after strong Q4 earnings
Apr 18,2017

The result was announced after market hours yesterday, 17 April 2017.

Meanwhile, the S&P BSE Sensex was up 187 points or 0.64% at 29,600.66.

On the BSE, 57,000 shares were traded on the counter so far as against the average daily volumes of 31,000 shares in the past two weeks. The stock had hit a high of Rs 398.90 and a low of Rs 386 so far during the day.

The companys loan assets have increased to Rs 13244 crore as on 31 March 2017, from Rs 11115 crore as on 31 March 2016, registering a growth of 19%.

Gruh Finances board of directors at a meeting held yesterday, 17 April 2017, recommended a dividend of Rs 2.80 per share for the year ended 31 March 2017.

Gruh Finances main business is to provide loans for purchase or construction of residential houses.

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Ind-Ra: Northern Millers to Perform Better than Southern Counterparts
Apr 18,2017

India Ratings and Research (Ind-Ra) has assigned a stable outlook on the sugar sector for FY18 as the agency believes that production recovery in sugar season October 2017 to September 2018 (SS18) is likely to constrain any further increase in the commodity price from 1HSS18 (October 2017-December 2017). With average domestic sugar price expectation of INR37-40/kg (6% higher than expected FY17 prices) in FY18, high cane procurement costs are likely to constrain EBIDTA below FY17 levels. This is likely to result in credit profiles of sugar companies remaining largely similar or marginally worse-off than FY17.

Industry reports estimate that global sugar deficit is likely to contract in SS18 with India registering production of 25 million metric tons, amid improving acreage levels in Maharashtra and Karnataka. The stock-to-use ratio for SS18 is likely to improve to 14.7%, following an anticipated decline to 13.7% in SS17 (October 2016 to September 2017) and 28.3% in SS16. In the agencys assessment, lucrative cane prices and normal monsoons would drive production gains in the country.

Ind-Ra expects UP-based millers to fare better than their southern and western counterparts, despite assuming a higher cane costs (10% yoy increase in state advisory prices for SS18). Ind-Ra expects the profitability of UP-based sugar companies to be 10%-15% lower in FY18 than the estimated FY17 level, due to higher cane costs (premium over and above state-advised price to farmers). In the absence of major working capital changes and capex plans, the credit metrics for FY18 for UP-based millers is likely to maintain or improve from estimated FY17 level.

Ind-Ra expects millers to produce higher distillery volumes in SS18. The ability to divert the same towards ethanol, and the consequent achievement of a higher blending rate for FY18 would largely depend on the pricing of alternative fuels.

Outlook Sensitivities

Recovery in Sugar Cycle: Higher-than-anticipated global sugar production due to sharp production recovery levels at end-SS18 may rapidly transform the current scenario to a high surplus one. In such an event, sugar prices could be under pressure resulting in lower margins thereby impacting credit profile of sugar companies.

Favourable Policy Changes: Pan-India changes in the regulatory policies i.e., linking of raw material cost (cane prices) to the sugar and by-products realisations would help millers gain better control over their profitability and balance sheets. This is because the profitability would depend on individual operational efficiencies, thus positively impacting their credit profile.

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TCS in spotlight ahead of Q4 results
Apr 18,2017

IT major TCS is scheduled to release Q4 March 2017 results today, 18 April 2017.

Among other companies, Hindustan Oil Exploration Company, Omax Autos, Muthoot Capital Services and VST Industries are scheduleD to release March 2017 quarter earnings today, 18 April 2017.

Axis Bank announced that it has retained the marginal cost of funds based lending rates (MCLR) at the same levels across tenors. The banks MCLR for overnight loans will be 7.9%, for one month will be 7.9% and for three months will be 8.05%.

The MCLR on 6-month loans will be 8.15% and for one-year loans the rate would be 8.25%, the bank said. MCLR for two-year loans would be at 8.3% and loans with three-year maturity would carry an MCLR of 8.35%, the bank said. The new loans will be priced at the published interntal benchmark MCLRs as mentioned above with effect from 18 April 2017. The announcement was made after market hours yesterday, 17 April 2017.

Gruh Finances net profit rose 25.76% to Rs 110.45 crore on 13.4% rise in total income from operations to Rs 416.11 crore in Q4 March 2017 over Q4 March 2016. The announcement was made after market hours yesterday, 17 April 2017.

APL Apollo Tubes announced the launch of its new brand Apollo Coastguard, thus marking a revolutionary change in the world of galvanized steel pipes. The Apollo Coastguard pipes are made of special galvanized steel to provide excellent corrosion resistance against wind, water and road salts, making them 100% rust proof pipes to last for generations. The announcement was made after market hours yesterday, 17 April 2017.

National Fertilizers (NFL) said that it has received letter of intent (LOI) from SDSC-SHAR (Satish Dhawan Space Centre, Sriharikota) for establishing Di-Nitrogen Tetroxide (N2O4) production plant (NPP) on build, Own, operate & supply model. The project is to be set-up on build, own, operate & supply (BOOS) model at NFL Vijaipur, Guna, Madhya Pradesh. The plant capacity shall be around 1,095 metric tonnes (MT) N2O4 per annum.

The product (N2O4) shall be exclusively supplied to SDSC-SHAR under long term agreement for 25 years period. The project activities (zero date) shall start around July 2017 with a gestation period of 18 months. The estimated capex requirement shall be around Rs 350 crore. The announcement was made after market hours yesterday, 17 April 2017.

CMI said that its board of directors on 17 April 2017 approved the allotment of 2.5 lakh equity shares having face value Rs 10 each at a premium of Rs 290 per share to promoter/promoter group. The announcement was made after market hours yesterday, 17 April 2017.

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