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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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VCK Capital Market Services changes Management
Nov 03,2016

VCK Capital Market Services has on 30th September 2016 accepted the resignation of Jayanti Pal Chaudhury from the post of Company Secretary and Compliance Officer of the Company with effect from 01st October 2016 and appointment of Samir Kothari, Managing Director of the company as a Compliance Officer with effect from 01st October 2016.

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State Bank of Bikaner and Jaipur appoints Managing Director
Nov 03,2016

State Bank of Bikaner and Jaipur has appointed Dibakar Mohanty as the Managing Director of the Bank with effect from the 01 November 2016, upon the retirement of Jyoti Ghosh from the post on his superannuation.

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Remove anomalies before imposing GST across sectors, says ASSOCHAM-KPMG paper
Nov 03,2016

Sharp anomalies in the taxation rates and structure across different industries such as telecom, tobacco, textiles, food processing and tourism , should be addressed to as the country moves in a transition period for implementing the Goods and Services Tax, the ASSOCHAM-KPMG paper has said in a joint paper for the GST Council.

The exhaustive paper stated that taxation structure, say, for, tobacco industry should not be based on some emotive issues and be rational enough to check a huge amount of illicit trade which stays outside the taxation net. It said instead of subjecting the tobacco and tobacco products at a higher than the standard rate, the entire sector should be placed under the standard rate with the focus of bringing exempted items under the GST net to eliminate the rampant illicit trade. As per IMF report high rates of GST / VAT lead to manipulation and fraud.

Similarly, for the telecom sector, the paper cautioned that GST may negatively impact the working capital cost since initial landed price of purchases including imports may increase due to increase in tax rates. Cost of procurement of services may increase to more than 18 per cent from the current rate of 15 per cent, which will be a challenge for the industry, especially if CENVAT credit on passive infrastructure and fuel consumption is continued to be denied.

Likewise, the ASSOCHAM-KPMG also went into the impact of GST on the textile sector and suggested ways to find an ideal situation. It said in case, India opts for higher tax rates under the proposed GST regime, and then in the long-term, it will lose its market share to the developing and highly competitive economies.

Hence, it is recommended that India also implements policies that capitalize on the potential of its textile and apparel industry so that the country has a higher bargaining power in procuring export orders in the international trade vis-n++-vis other developing economies. Thus, the Government should make a conscious call to retain lower rate for this industry by introducing a special lower slab of 4 per cent to 6 per cent under the proposed GST regime along with full input tax credit of GST paid on goods and services used in the supply chain.

n++As we are in a transition period, several industry sectors are faced with challenges of adapting to new tax regime. While the GST is a path-breaking reform, its implementation should be calibrated in a manner to cause least disturbance to the existing taxation structure. The Government should unshackle its mind if it really wants to achieve the objectives of GST - Expanding the tax base, reduction in exemptions; mitigating cascading and double taxation, enabling better compliance through lowering of overall tax burden.

The Government should follow the recommendations of eminent economist like Dr. Vijay Kelkar and Dr. Arvind Subramanium, which suggest that moderate rate of taxes will expand the tax base resulting in high collections, which will be the success of GST. Otherwise it will be Old Wine in a New Bottle. n++ Mr. D S Rawat, Secretary General ASSOCHAM said.

Elaborating, the paper said the tobacco industry has been the second largest contributor to Indian excise revenue after the oil and gas sector. The combined tax revenue collected from tobacco industry (Centre and States) was more than Rs 29,000 crore in FY 2014-15. Tobacco products are being cultivated in an area of about 4.68 lakh hectares (0.24 per cent) of total arable land in the country with a production of 800 million kgs13. The tobacco industry provides employment to nearly 4.5 crore people in India comprising farm labourers, farmers, traders, etc. Thus, the sector gives livelihood to a considerable size of the population, particularly rural women, the tribals and labourers who are under stress with no employment alternatives especially when India is experiencing jobless growth for the last many years.

Under the GST regime, it is proposed to levy both dual taxes as well as higher rate of GST. The endeavor should be to tax the hitherto untaxed/ insignificantly taxed segments of the tobacco industry i.e. tobacco products other than cigarette as the consumption of such products is way higher than that of legal cigarettes. Thus, levy of standard GST rates with excise duty on a wider tax base will yield a higher tax revenue collection than continuing with levy of high rates of taxes on only one segment of the tobacco industry i.e. cigarettes.

For tourism sector, at present, different abatement schemes addressing different situations are available under service tax such as 30 per cent in case of composite package and 60 per cent for dining in a standalone restaurant. This is leading to ambiguity and complexity in determining the value on which service tax is payable. In order to overcome such situation, uniform tax treatment i.e. one standard rate dealing with all the situations should be introduced. The rates should be moderate to remain competitive.

Besides, in current regime, all the taxes cumulatively applicable to restaurants (i.e. VAT, Service Tax and other applicable taxes) increases the value on which tax is payable to more than 100 per cent. Such a situation increases the tax cost substantially. Therefore, a mechanism should be introduced whereby value on which GST would be applied should not increase 100 per cent in any case.

As for the food processing, the industry is taxed at a concessional rate/ zero rate. GST is likely to be based on minimal exemptions regime leading to increase in the tax cost for the food processing industry and inflation. A distinction needs to be made based on the necessity. Taking from the example of Canada the food products, which are essential for human consumption, should be taxed at zero rate. As food comprises a major part of the WPI, which is nearly 14.3 per cent, an increase in tax on food items will adversely impact WPI leading to higher inflation in the country.

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TVS Motor gains after decent October sales
Nov 03,2016

The company announced the sales volume data after market hours yesterday, 2 November 2016.

Meanwhile, the S&P BSE Sensex was down 8.03 points or 0.03% at 27,519.19.

On BSE, so far 33,000 shares were traded in the counter as against average daily volume of 2.01 lakh shares in the past two weeks. The stock hit a high of Rs 405.50 and a low of Rs 402.45 so far during the day. The stock had hit a record high of Rs 418 on 28 October 2016. The stock had hit a 52-week low of Rs 256.30 on 29 February 2016. The stock had outperformed the market over the past one month till 2 November 2016, advancing 9.56% compared with 1.22% fall in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 33.72% as against Sensexs 1.62% fall.

The large-cap company has equity capital of Rs 47.51 crore. Face value per share is Rs 1.

The companys total two-wheeler sales rose 15.1% to 3.03 lakh units in October 2016 over October 2015. Scooters sales rose 1.07% to Rs 92,417 units in October 2016 over October 2015. Motorcycles sales grew by 14.5% to 1.21 lakh units in October 2016 over October 2015. Three-wheeler sales declined 54.28% to 4,805 units in October 2016 over October 2015. Total exports dropped 15.7% to 35,134 units in October 2016 over October 2015.

TVS Motor Companys net profit rose 33.4% to Rs 177.39 crore on 21.1% growth in net sales to Rs 3393.14 crore in Q2 September 2016 over Q2 September 2015.

TVS Motor Company manufactures motorcycles, scooters, mopeds and auto rickshaws.

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Rs.10 Lakh for each mandi for setting up Waste Management Plants Under e-Nam Scheme: Shri Radha Mohan Singh
Nov 03,2016

Union Agriculture & Farmers Welfare Minister, Shri Radha Mohan Singh brief the media about the outcome of Swachhta Pakhwada and initiatives taken by the Ministry. Shri Singh informed that as per the directions of Honble Prime Minister of India, the Swachhta Pakhwada was observed this year from 16th to 31st October, 2016 in all the three Departments under the Ministry of Agriculture & Farmers Welfare, namely Department of Agriculture, Cooperation & Farmers Welfare, Department of Animal Husbandry Dairying & Fisheries and Department of Agricultural Research & Education. Going out from the confines of the office premises Swachhta drive was carried out in Agricultural Mandis, Fish Markets & villages near each Krishi Vigyan Kendras (KVKs). During the Pakhwada focus was laid to put certain measures that are dynamic and to be continued beyond Pakhwada period. Some of the activities carried out are as under:

n++ Cleaning drives were undertaken in 271 Agricultural Mandis. Further, Swachhta Action Plan has been prepared in which it was decided to make provision of Rs.10 lakh for each mandi for setting up waste management plants under e-Nam scheme. It was also decided that under one flagship scheme, namely RKVY, managed by DAC&FW one percent funds will be spent on Solid and Waste Management. Besides this, various offices under the three Departments were cleaned involving, inter alia, installation of sensors in toilets, installation of motorized grinder and weeding out of unwanted records, removing encroachments and all junk lying in the offices. Honble Agriculture & Farmers Welfare Minister was involved in cleanliness & plantation drive at DAC&FW (Hq.) in Krishi Bhavan on 26.10.2016 and at Agricultural Mandi in Chandigardh on 18.10.2016. Centers of All India Soil & Land Use Survey of India (SLUSI), a subordinate office under DAC&FW, involved local MPs/ public representatives in the Swachhta Activities. Further, a Compost pit has been inaugurated in SLUSI, Kolkata. Compost Machines are being installed in the Mandis in coordination with States.

n++ The National Fisheries Development Board (NFDB), Fishery Survey of India (FSI), Central Institute of Fisheries Nautical and Engineering Training, (CIFNET), National Institute of Fisheries Post Harvest Technology and Training (NIFPHATT), Central Institute of Coastal Engineering for Fishery (CICEF), in coordination with State/UTs conducted the following major activities during the Swachhta Pakhwada:

i. Cleaning of 50 wholesale & retail Fish markets in 15 states was done and also awareness about maintenance of cleanliness was spread during this drive.

ii. Cleaning of Institute Buildings and premises by all the Subordinate institutes under Fishery Division.

iii. Awareness camps including Padayatra (procession) on hygienic Fish handling, maintaining cleanliness in fish markets, cleanliness in processing, cleanliness in marketing etc. and distribution of Pamphlets.

iv. Conducting of State level Workshops viz., (i) Recycling of waste through integrated fish farming for NE States at NFDB NE Center, Guwahati (ii) Waste Water Aquaculture, Nalban, Kolkata etc.

n++ Honble Members of Parliament, State Fisheries Minister from West Bengal, Mayors and Councilors from Kerala and Tamil Nadu, Senior officials from the State Fisheries Department, District Collectors etc. actively participated in the Swachhta Pakhwada activities. Minister of State for Agriculture & Farmers Welfare, Shri Parshottam Rupala also participated in cleanliness activities at Amreli (Gujarat). Also, the Fish vendors, retailers, net makers, students, staff and trainees of the institutes, members of fisherman associations and general public were also involved in the various activities under taken during Swachhta Pakhwada across the State/UTs. The awareness camps/cleaning drives were taken up across the country with the help of State/UT Governments. Some of the notable activities were held in Bilaspur and Durg in Chhattisgarh, Guwahati, Silchar, Cachar in Assam, Bishnupur in Manipur, Nellore in Andhra Pradesh Cuddalore and Nagercoil in Tamil Nadu and also in Kolkatta Bangalore, Lucknow , Ranchi and Kochi.

n++ Department of Agricultural Research & Education/ Indian Council of Agricultural Research, celebrated Swachhta Pakhwada during Oct 16-31, 2016. The ICAR Head Quarters in New Delhi, all the 102 Research Institutes and 648 KVKs took active part in the Pakhwada activities and conducted a wide range of activities which included, cleaning of campuses, residential areas, villages and localities in their vicinity in addition to conducting Seminars, awareness camps, rallies, street plays and expert talks. Through KVKs and institutes promotion of Swachhta activities was done in 3040 villages with the active participation of farmers and village youth. Efforts were made to promote clean farming technologies and package of practices and make best use of farm waste. Central and local leaders, Senior Officers from the Institutes and the ICAR Headquarters participated in the events organised at various places across the country during the pakhwada. IARI, New Delhi has set up a team of sanitation inspectors in each block of their residential complex who organise the dry and wet waste generated from each household separately and recycle it appropriately through the participation of households. On 27th October, 2016 a special Seminar on the topic n++Creating Wealth from Agricultural Wastesn++ was organised at KVK Shikohpur (Gurgaon) in which Minister of State of Agriculture and Farmers Welfare Shri Sudarshan Bhagat was the chief guest. Various technologies making best use of agricultural wastes like, preparation of bio compost, vermin-composting, whey utilization, straw enrichment, waste water recycling, cotton waste management, fisheries waste management and engineering technologies were showcased. More than 350 farmers and Scientists participated in the event. Based on the daily and final reporting of the swachhta activities, the awards shall be given to the outstanding performers in the competitions announced for offices in ICAR Head Quarters, ICAR Research Institute and KVKs and these awards will be given on the foundation day of the ICAR.

n++ In order to sensitize state governments, a video conference was held on 27.10.2016 with representatives of States/ UTs and they have been briefed about the n++Swachhta Pakhwada Activitiesn++. They have also been requested to make adequate provisions in their existing Schemes to prepare Compost from farm wastes. Further, DD Kisan has been asked to make two films- one of Solid Waste Disposal Technology of NCOF and the second on Liquid Waste Disposal technology developed by ICAR. DD Kisan will show these films in their existing programmes.

n++ Rivers play an important role in Swachh Bharat Abhiyan. Ganga is a symbol of cleanliness as well as purity since time immemorial in India. To make the Ganga clean again, it is imperative that organic farming should be promoted in the townships and villages along the banks of the Ganga to minimize the use of harmful pesticides, fertilizers and other chemicals in agriculture. This Ministry has signed a Memorandum of Understanding on 16th September 2016 with Ministry of Water Resources, River Development and Ganga Rejuvenation (MoU). Under this MoU, the people living in 1657 clusters of 1657 Gram Panchayats from Uttarakhand to West Bengal will be motivated to carry out organic farming to reduce use of polluting chemical fertilizers and pesticides to ensure that the Ganga is restored to pristine purity.

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Ambuja Cements in spotlight ahead of Q3 results
Nov 03,2016

Ambuja Cements is scheduled to announce Q3 September 2016 results today, 3 November 2016.

Hero MotoCorp announced that it dispatched 6.63 lakh units in October 2016, its third consecutive month of six lakh plus sales. The announcement was made after market hours yesterday, 2 November 2016.

TVS Motor Company reported a 12% growth in total sales at 3.08 lakh units in October 2016 over October 2015. Total two-wheeler sales rose 15.1% to 3.03 lakh units in October 2016 over October 2015. Scooters sales rose 1.07% to Rs 92,417 units in October 2016 over October 2015. Motorcycles sales grew by 14.5% to 1.21 lakh units in October 2016 over October 2015. Three-wheeler sales declined 54.28% to 4,805 units in October 2016 over October 2015. Total exports dropped 15.7% to 35,134 units in October 2016 over October 2015. The company announced the sales volume data after market hours yesterday, 2 November 2016.

Indian Hume Pipe Company announced that the company has fixed 13 December 2016 as the record date for 1:1 bonus issue. The announcement was made after market hours yesterday, 2 November 2016.

IL&FS Engineering and Construction Company reported net loss of Rs 80.67 crore in Q2 September 2016 compared with net loss of Rs 81.87 crore in Q2 September 2015. The net total income from operations rose 1.36% to Rs 356.87 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 2 November 2016.

Premier Explosives net profit rose 26.8% to Rs 2.40 crore on 35.8% rise in total income from operations to Rs 54.92 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 2 November 2016.

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Inani Securities standalone net profit rises 400.00% in the September 2016 quarter
Nov 03,2016

Net profit of Inani Securities rose 400.00% to Rs 0.05 crore in the quarter ended September 2016 as against Rs 0.01 crore during the previous quarter ended September 2015. Sales rose 6.00% to Rs 0.53 crore in the quarter ended September 2016 as against Rs 0.50 crore during the previous quarter ended September 2015.

ParticularsQuarter Endedn++Sep. 2016Sep. 2015% Var. Sales0.530.50 6 OPM %20.7514.00 - PBDT0.120.08 50 PBT0.070.01 600 NP0.050.01 400

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Prime Urban Development India standalone net profit rises 26.38% in the September 2016 quarter
Nov 03,2016

Net profit of Prime Urban Development India rose 26.38% to Rs 2.06 crore in the quarter ended September 2016 as against Rs 1.63 crore during the previous quarter ended September 2015. Sales rose 37.88% to Rs 14.45 crore in the quarter ended September 2016 as against Rs 10.48 crore during the previous quarter ended September 2015.

ParticularsQuarter Endedn++Sep. 2016Sep. 2015% Var. Sales14.4510.48 38 OPM %17.5126.34 - PBDT2.612.22 18 PBT2.542.17 17 NP2.061.63 26

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Suditi Industries standalone net profit rises 84.78% in the September 2016 quarter
Nov 03,2016

Net profit of Suditi Industries rose 84.78% to Rs 0.85 crore in the quarter ended September 2016 as against Rs 0.46 crore during the previous quarter ended September 2015. Sales rose 26.93% to Rs 28.66 crore in the quarter ended September 2016 as against Rs 22.58 crore during the previous quarter ended September 2015.

ParticularsQuarter Endedn++Sep. 2016Sep. 2015% Var. Sales28.6622.58 27 OPM %8.588.02 - PBDT1.731.00 73 PBT1.270.57 123 NP0.850.46 85

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IL&FS Engineering & Construction Co reports standalone net loss of Rs 80.67 crore in the September 2016 quarter
Nov 03,2016

Net Loss of IL&FS Engineering & Construction Co reported to Rs 80.67 crore in the quarter ended September 2016 as against net loss of Rs 81.87 crore during the previous quarter ended September 2015. Sales rose 1.36% to Rs 356.87 crore in the quarter ended September 2016 as against Rs 352.07 crore during the previous quarter ended September 2015.

ParticularsQuarter Endedn++Sep. 2016Sep. 2015% Var. Sales356.87352.07 1 OPM %-2.61-4.29 - PBDT-68.54-71.77 5 PBT-80.67-81.87 1 NP-80.67-81.87 1

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Total Hospitality reports standalone net loss of Rs 0.07 crore in the September 2016 quarter
Nov 03,2016

Net Loss of Total Hospitality reported to Rs 0.07 crore in the quarter ended September 2016 as against net loss of Rs 0.07 crore during the previous quarter ended September 2015. There were no Sales reported in the quarter ended September 2016 and during the previous quarter ended September 2015.

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Targets Termination of Contract with Welspun India Credit Neutral
Nov 02,2016

Target Corporation (Target) the second-largest discount retailer in the United States terminated its contracts with Welspun India (WIL: IND AA-/Stable) which may result in a one-time hit to profitability in FY17, however the long term credit profile of the company remains stable, says India Ratings and Research (Ind-Ra). WIL has initiated the review of the entire supply chain and processes through Ernst &Young and is in the process to strengthen its end to end systems for specialised products, namely from cotton procurement to spinning to processing and finishing.

As per discussions with the management, there will be a one-time impact on profitability in FY17, in case WIL bears the cost of the product recall and replacement or discounting. Ind-Ra believes that the one-time cost will not materially impact the credit profile of the company in the long term. The management has confirmed to Ind-Ra that other customers have continued their relationship / contracts with WIL.

Ind-Ra estimates that WILs credit metrics will not breach the negative triggers, namely the net debt/EBITDA being sustained above 3.0x in FY17-18, even after factoring in the one-time payouts and the loss of revenues from Target. Ind-Ra draws comfort from WILs strong liquidity, with cash and cash equivalent of INR6.26bn as at end September 2016 and low debt maturity of INR710m and INR1,990m in 2HFY17 & FY18 respectively. WILs interest out go is also low since most of the term debt drawn in the past is for capex which is covered under the Central and State Technology Upgradation Fund Scheme. WIL also has adequate access to fund based lines of bank facilities to support its working capital requirements.

The reason for Target terminating the contract with WIL was following a product specification issue with respect to provenance of Egyptian cotton in bedsheets. Target contributed to around USD90m of WILs revenues in FY16 (around 10% of WILs revenues). The quality issue was with respect to Egyptian cotton in one of the program of bedsheets valued at around USD8.50m in FY16. WILs overall shipment to Target under the said programme was around USD19m during the period July 2014 to August 2016. In FY16, the US geography contributed 70% of WILs revenues, including sales through Welspun Global Brands Ltd (WGBL; IND AA-/Stable) its sales and marketing arm (Ind-Ra has taken a consolidated view of WIL & WGBL).

Ind-Ra will continue to monitor the development and outcome of Ernst &Youngs review and any other action that may impact the credit profile of the company.

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Prakash Steelage to hold board meeting
Nov 02,2016

Prakash Steelage will hold a meeting of the Board of Directors of the Company on 14 November 2016 Quarterly Results

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KIFS Financial Services to hold board meeting
Nov 02,2016

KIFS Financial Services will hold a meeting of the Board of Directors of the Company on 11 November 2016, to consider, approve and take on record the unaudited financial results of the Company for the quarter and half year ended on 30 September 2016.

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Tantia Constructions to hold board meeting
Nov 02,2016

Tantia Constructions will hold a meeting of the Board of Directors of the Company on 11 November 2016, to consider and approve the unaudited financial results for the quarter ended 30 September 2016.

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