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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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China Stocks gain on PBOC liquidity injection
Jan 18,2017

Mainland China stock market ended higher for second straight session on Wednesday, 18 January 2017, on the back of blue chips solid 2016 earnings projection and the central bank continued liquidity injection into the banking system as the Chinese New Year holiday approaches. Maret gains were, however, limited amid renewed weakness in small-caps and worries about Donald Trumps approach to Beijing. Sectors advanced across the board, with infrastructure stocks leading the gains. The blue-chip CSI300 index, which tracks large companies in Shanghai or Shenzhen, was up 0.39% to close at 3,339.37. The Shanghai Composite Index added 0.14% to close at 3,113.01. The Shenzhen Composite Index, which tracks stocks on Chinas second exchange, declined 0.45% to 1864.59. The ChiNext Index, which tracks Chinas NASDAQ-style board of growth enterprises, shed 1.18% to 1,845.79 points.

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Japan Stocks settle higher after volatile ride
Jan 18,2017

The Japan share market settled higher after wavering above and below break-even throughout the day on Wednesday, 18 January 2017, thanks to bargain hunting and yen decent against major currencies. But market gained capped on caution ahead of the new presidents inauguration later this week as uncertainty continues to swirl around Mr. Trumps plans for taxes and spending. The benchmark Nikkei gained 0.43 percent, or 80.84 points, to end the day at 18,894.37, while the Topix index of all first-section issues rose 0.32 percent, or 4.76 points, to 1,513.86.

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Cabinet approves Alternative Mechanism to decide on the quantum of disinvestment in case of minority stake sale in CPSEs
Jan 18,2017

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi has given its approval to Alternative Mechanism, who would decide on the quantum of disinvestment in a particular Central Public Sector Undertaking (CPSE) on a case by case basis subject to Government retaining 51 percent equity and management control. This is in addition to the present functions performed by Alternative Mechanism as has been approved by CCEA in August, 2014.

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Australia Market ends down for second day
Jan 18,2017

Australian share market ended down for second straight session on Wednesday, 18 January 2017, on tracking weak lead from Wall Street and European markets overnight, Most sectors lost ground, with shares in the Healthcare, Financials and Consumer Discretionary sectors leading losses. At the closing bell, the benchmark S&P/ASX 200 index declined 20.60 points, or 0.36%, to 5678.80, while the broader All Ordinaries index dropped 21 points, or 0.36%, to close at 5733.70.

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Rupee fades
Jan 18,2017

Rupee closed lower on Wednesday (18 January 2017) at 68.07/08 per dollar, versus its previous close of 67.9389/10 per dollar.

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Fiberweb (India) to consider Q3 results
Jan 18,2017

Fiberweb (India) announced that the Board of Directors of the company will meet on 30 January 2017 to consider and to take on record the un-audited financial results for 3rd quarter ended 31 December 2016.

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Patspin India Board to consider December quarter results
Jan 18,2017

Patspin India announced that a Meeting of the Board of Directors of the Company will be held on 12 February 2017, to consider among other matters, the Statement of Un-audited financial results for the quarter ended 31 December 2016.

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Board of Ruia Aquaculture Farms to consider December quarter results
Jan 18,2017

Ruia Aquaculture Farms announced that the Meeting of the Board of Directors of the Company will be held on 27 January 2017, to consider and approve the un-audited financial results for quarter ended 31 December 2016.

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GTN Textiles to consider December quarter results
Jan 18,2017

GTN Textiles announced that a Meeting of the Board of Directors of the Company will be held on 13 February 2017, to consider among other matters, the Statement of Un-audited financial results for the quarter ended 31 December 2016.

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FDC Board to consider Q3 and 9M results
Jan 18,2017

FDC announced that a meeting of the Board of Directors of the Company is scheduled to be held on 03 February 2017, inter alia, to consider and approve the Unaudited Financial Results of the Company for the quarter and nine months ended 31 December 2016.

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CSL Finance to consider December quarter results
Jan 18,2017

CSL Finance announced that a meeting of the Board of Directors will be held on 25 January 2017, inter alia, to consider and take on record the Un-Audited Financial Results for the quarter ended on 31 December 2016.

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Cabinet approves amendment in Modified Special Incentive Package Scheme
Jan 18,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for amendment in the Modified Special Incentive Package Scheme (M-SIPS) to further incentivize investments in Electronic Sector and moving towards the goal of Net Zero imports in electronics by 2020.

Besides expediting investments into the Electronics System Design and Manufacturing (ESDM) sector in India, the amendments in M-SIPS are expected to create employment opportunities and reduce dependence on imports. The projects already received under the scheme have the potential to generate employment to the extent of upto one million persons (direct and indirect).

The Policy covers all States and Districts and provides them an opportunity to attract investments in electronics manufacturing. So far, 243 applications have been received under the scheme, out of which 75 applications have been approved involving investment proposals of Rs. 17,997 crore.

The salient features of the amendment are:

a) The applications will be received under the scheme upto 31st December 2018 or till such time that an incentive commitment of Rs 10,000 crore is reached, whichever is earlier. In case the incentive commitment of Rs 10,000 crore is reached, a review will be held to decide further financial commitments.

b) For new approvals, the incentive under the scheme will be available from the date of approval of a project and not from the date of receipt of application.

c) The incentives will be available for investments made within 5 years from the date of approval of the project.

d) Approvals will normally be accorded to eligible applications within 120 days of submission of the complete application.

e) A unit receiving incentives under the scheme, will provide an undertaking to remain in commercial production for a period of at least 3 years.

f) The Appraisal Committee recommending approval of project will be chaired by Secretary, Ministry of Electronics and IT.

g) A separate Committee headed by Cabinet Secretary and comprising of CEO, NITI Aayog, Secretary Expenditure and Secretary, MeitY will be set up in respect of mega projects, envisaging more than Rs. 6850 crore (approx. USD 1 Billion) investments.

Background

The Cabinet had, in July, 2012 approved the M-SIPS to provide a special incentive package to promote large scale manufacturing in the Electronic System Design and Manufacturing (ESDM) sector. The scheme provides subsidy for capital expenditure - 20% for investments in Special Economic Zones (SEZs) and 25% in non-SEZs. The Scheme was amended in August, 2015 for scope enhancement and simplification of procedure. The Scheme has attracted investments in the ESDM sector to the tune of Rs. 1,26,838 crore, of which investments of around Rs. 17,997 crore have been approved by the MeitY. The M-SIPS has been able to create positive impact on investment in electronics sector.

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Board of Apple Finance to consider Q3 results
Jan 18,2017

Apple Finance announced that the Companys Board of Directors will meet on 14 February 2017, inter alia, to consider and approve the standalone unaudited financial results for the third quarter ended 31 December 31, 2016.

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United Credit to announce Q3 and 9M results
Jan 18,2017

United Credit announced that the Board of Directors will take on record the Unaudited Financial Results for the quarter and nine months ended 31 December 2016, at its meeting to be held on 11 February 2017.

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Board of Gayatri Tissue & Papers approves change in directorate
Jan 18,2017

Gayatri Tissue & Papers announced that the Board of Directors of the Company at their meeting held on 18 January 2017 has approved the following:

1. Resignation of V.L. Moorthy as Director of the Company due to personal reasons.

2. Appointment of J. N. Karamchetti as an Independent Director of the Company replacing Dr. V.L. Moorthy subject to the approval of the Shareholders in the general meeting of the Company.

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