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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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Vinati Organics to hold AGM
May 18,2017

Vinati Organics announced that the Annual General Meeting (AGM) of the company will be held on 29 July 2017.

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Cabinet approves construction of double line with electrification between Guntur-Guntakal in Andhra Pradesh
May 18,2017

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, has approved the construction of double line with electrification between Guntur-Guntakal in Andhra Pradesh.

The total length of the line will be 401.47 km. The anticipated cost of the Project will be Rs.3631 crore which will be funded through cost sharing of 50:50 by State Government and Ministry of Railway. The project is likely to be completed in five years.

The project fulfils the commitment given in the Andhra Pradesh Bifurcation Act regarding the increased rail connectivity to the Rayalaseema region to the Amravati, the capital of Andhra Pradesh.

There is significant amount of cross traffic moving on Guntur-Guntakal section besides the scope for further increase in additional originating and terminating traffic once the line is doubled. Besides travelling people. Industries in and around Guntur-Guntakal route will have additional transport capacity to meet their requirements.

Background:

The Guntur-Guntakal section falls in Guntur, Prakasham, Kurnool and Ananthapur districts of Andhra Pradesh. This is most accessible shortest route to Bangaluru from many important cities of Eastern and North Eastern States.

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Cabinet approves construction of electrified doubling line between Phephana-Indara and Mau-Shahganj in Uttar Pradesh
May 18,2017

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, has approved the construction of double line with electrification between Phephana-Indara and Mau-Shahganj (excluding Indara-Mau) totaling 150 km approximately in Uttar Pradesh.

The respective length of the Phephana-Indara and Mau-Shahganj lines will be 50.53 km and 99.75 km. The estimated cost of the Project will be Rs.1028.95 crore with expected completion cost of Rs.1190.98 crore. The project is likely to be completed in next five years.

The doubling of these lines will remove the pressure over the congested North Central Railway route by providing an alternative route. Also, more number of goods/passenger trains could be run after doubling. It will lead to economic prosperity and development of the areas.

Background:

The areas served by this route are densely populated and there has been persistent unfulfilled demand of additional trains for the local and metropolitans cities. Shahganj-Mau-Phephna provides an important link between Amritsar-Moradabad-Lucknow-Mughalsarai-Patna section and Gorakhpur-Chhapra-Hajipur-Guwahati section. Thus doubling of this section will provide much needed relief toVaranasi-Mughalsarai and Makama-Barauni section which are highly congested.

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HUL in spotlight after announcing Q4 results
May 18,2017

Hindustan Unilevers net profit rose 6.19% to Rs 1183 crore on 6.39% rise in total income to Rs 8969 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 17 May 2017.

Hindustan Unilever recommended a final dividend of Rs 10 per share for the financial year ended March 2017.

Axis Bank announced that it has decided to keep the Marginal Cost of Funds based Lending Rate (MCLR) unchanged. This will be effective from 18 May 2017.

The banks MCLR for overnight loans will be 7.9%, the rate for one month will be 7.9% and for three months it will be 8.05%. The MCLR on 6-month loans will be 8.15% and for one-year loans the rate will be 8.25%, the bank said. MCLR on two-year loans will be 8.3% and for three-year loans the rate will be 8.35%. The announcement was made after market hours yesterday, 17 May 2017.

Sicagen Indias consolidated net profit jumped 120.43% to Rs 6.04 crore on 26.75% rise in total revenue to Rs 203.12 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 17 May 2017.

Hindustan Coppers net profit spurted 6919% to Rs 40.71 crore on 58.4% growth in net sales to Rs 513.68 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 17 May 2017.

JSW Steels consolidated net profit jumped 235% to Rs 1009 crore on 53% rise in revenue from operations to Rs 17917 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 17 May 2017.

The company in its guidance said that crude steel production is estimated to rise 4.4% to 16.5 million tonnes in year ending 31 March 2018 (FY 2018) over FY 2017. Saleable steel sales is estimated to rise 4.9% to 15.5 million tonnes in FY 2018 over FY 2017.

La Opala RG said that the operations at Madhupur plant have been temporarily suspended due to unreasonable charter of demands by the workers union. The management has taken a conscious decision, after taking into consideration a long term view, to temporarily suspend the operations at our Madhupur plant. In the circumstance, the production of and dispatches from the plant will be affected.

However, to a great extent, these would be made up by the Sitarganj unit, for which necessary steps have been initiated. The decision to suspend the work has been taken to improve the present working atmosphere prevailing at the plant. While the company remains committed to well established principles of good and cordial relationship with people, but will not compromise on issues of discipline and pressure tactics.

The company believes in fair treatment and as such, will keep the dialogue going with the union representative, so as to arrive at a mutual agreement at the earliest. The announcement was made after market hours yesterday, 17 May 2017.

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Board of Vedanta appoints directors
May 17,2017

The Board of Directors of Vedanta have approved appointment of Aman Mehta (DIN 00009364) as an Additional Director and Non-Executive Independent Director on the Board of the Company for a fixed term of 3 years effective 17 May 2017 to 16 May 2020 to hold office till the ensuing Annual General Meeting of the Company; Appointment of Priya Agarwal (DIN 05162177) as an Additional Director and Non-Executive Director, liable to retire by rotation, on the Board of the Company with effect from 17 May 2017.

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Electrotherm (India) announces resignation of director
May 17,2017

Electrotherm (India) announced the resignation of Chaitanyapratap Sharma, Independent & Non-Executive Director with immediate effect.

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Hindusthan National Glass & Industries announces demise of director
May 17,2017

Hindusthan National Glass & Industries announced the sad demise of the Chairman and Promoter Chandra Kumar Somany on 17 May 2017.

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Cabinet approves construction of electrified third line between Manmad-Jalgaon in Maharashtra
May 17,2017

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, has approved the construction of electrified third line between Manmad-Jalgaon in Maharashtra.

The total length of the Manmad-Jalgaon line will be 160 km. The estimated cost of the Project will be Rs.1035.16 crore with expected completion cost of Rs.1198.92 crore. The project is likely to be completed in next five years.

Construction of third line will greatly ease the ever increasing passenger and freight traffic on Manmad-Jalgaon route thereby increasing the revenue of Railways. Jalgaon and Nashik districts of Maharashtra will be covered by this route.

Background:

Manmad-Jalgaon section caters to the traffic of Delhi-Mumbai and Kolkata-Mumbai corridors. Two double line tracks from Wardha and Itarsi, respectively, converge at Bhusawal. Work of 3rd and 4th line in Jalgaon-Bhusawal section is already under progress. Operations on the section have already reached to saturation. The third line between Manmad-Jalgaon section is imperative and inescapable.

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ICICI Bank allots 286,000 equity shares
May 17,2017

ICICI Bank has allotted 286,000 equity shares under ESOS on 15 May 2017.

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Board of Dr Lal Pathlabs approves allotment of shares under ESOP
May 17,2017

Dr Lal Pathlabs announced that the Board of Directors of the Company on 17 May 2017 approved allotment of 2,66,560 equity shares under the ESOP 2010 Plan of the Company.

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Jumbo Bag commences commercial production at new unit in Thiruvallur
May 17,2017

Jumbo Bag has successfully commenced the commercial production in the new manufacturing unit at Peruvoyal Village, Thiruvallur District (Tamil Nadu) w.e.f. 17 May 2017.

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Manali Petrochemicals appoints director
May 17,2017

Manali Petrochemicals has appointed C Subash Chandra Bose as Whole Time Director of the Company

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Polaris Consulting & Services allots 45,080 equity shares
May 17,2017

Polaris Consulting & Services has allotted 45,080 equity shares under ASOP.

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Cabinet approves Signing of Fuel Supply Agreement (FSA) with Letter of Assurance (LoA) holders of Thermal Power Plants(TPPs)
May 17,2017

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, has approved the signing of Fuel Supply Agreement (FSA) with the Letter of Assurance (LoA) holders. Allocation of linkages for power sector shall be based on auction of linkages or through Power Purchase Agreement (PPA) based on competitive bidding of tariffs except for the State and the Central Power Generating companies and the exceptions provided in Tariff Policy, 2016. Coal drawal will be permitted against valid Long Term PPAs and to be concluded Medium Term PPAs.

The approved framework ensures that all projects with linkages are supplied coal as per their entitlement. This will ensure the rights of coal supplies for FSA holders and signing of FSA with LoA holders.

Allocation of linkages in future will be transparent and bidding based, barring some exceptions as per Tariff Policy. Future allocation/grant of linkages will be based on auction and/or tariff based bidding. It attempts to make optimal allocation of the vital natural resource across the power units.

The salient features of the SHAKTI are as follows:

i. TPPs having LoA shall be eligible to sign FSA after ensuring that the plants are commissioned, respective milestones met, all specified conditions of the LoA fulfilled within specified timeframe and where nothing adverse is detected against the LoA holders and the TPPs are commissioned before 31.03.22.

ii. TPPs, part of 78000 MW, that could not be commissioned by 31.03.15 shall now be eligible for coal drawal if the plants are commissioned before 31.03.22.

iii. Actual coal supplies to all TPPs shall be to the extent of long term PPAs or medium term PPAs to be concluded in future.

iv. Future coal linkages shall be granted as per the following provisions:

a) To Central and State Gencos, on recommendations of Ministry of Power (MoP).

b) Coal linkages shall be granted on auction basis for Independent Power producers (IPPs) with PPA based on domestic coal. The IPPs participating in auction will bid for discount on the existing tariff. The discount on tariff would be adjusted from the gross amount of bill at the time of billing.

c) The future coal linkages for supply of coal to IPPs without PPA shall be on the basis of auction where bidding for linkage shall be done over the Notified Price of Coal Company. The LoA shall be issued to the successful bidders and FSA signed after meeting the terms of LoA.

d) Linkages shall be earmarked to the States where any linkage quantity unutilized for two years shall lapse. States may indicate the earmarked linkages to the DISCOMs/SDAs, who may:

n++ Undertake tariff based competitive bidding on long-term and medium-term PPAs and allot these linkages to the successful bidder; or

n++ Assign these linkages to capacities that are covered under exceptions and proviso clauses of para 5.2 of the Tariff Policy dated 28.01.16.

e) Power requirement of group of States can be aggregated and procurement of power on tariff based bidding shall be made by a designated agency. Coal linkages shall be earmarked for such agency.

f) Linkages, for full normative quantity, shall be granted for setting up Ultra Mega Power Projects (UMPP).

g) Coal linkages, for IPPs having PPA based on imported coal, shall be made available through a transparent bidding process.

Policy directions will be issued by the Ministry of Coal and Ministry of Power and will be implemented by CIL (Coal India Ltd.) / SCCL (Singareni Collieries Company Ltd.) and different power entities of the State and Central Government.

Background:

The coal supply to the TPPs has been made as per the provisions of the New Coal Distribution Policy (NCDP), 2007. Till 2010, CIL had issued LoA for approximately 1,08,000 MW capacity and no new LoAs were issued thereafter due to the prevailing scarcity scenario. The CCEA decision of 21.06.13 directed CIL to sign FSA with TPPs of about 78,000 MW capacity. The coal availability scenario has, now, emerged from scarcity to adequacy. In this adequate coal availability scenario, the present policy proposes a fading away of the old linkage allocation policy and emergence of a new linkage allocation policy based on transparent and objective criteria for the optimal utilisation of the natural resources.

Coal linkage to the power sector is governed by provisions of the NCDP, 2007. Under the NCDP, a system of issuance of LoA was introduced wherein requests for Linkage/LoA are forwarded to MoP for its recommendations. These recommendations are placed before the Standing Linkage Committee (SLCLT) which authorizes issue of LoA.

POLICY HIGHLIGHTS

I. Existing Regime

n++ FSA to be signed with the existing LoA holders

-About 28,000 MW

-Plants have to be commissioned within 31.03.2022

-Respective milestones are met

-All LoA conditions fulfilled in specified time frame

-Nothing adverse is detected

n++ TPPs which are part of 78000 MW, to get coal if commissioned within 31.03.2022

n++ TPPs to get coal at existing rate (@75% of ACQ)

n++ Coal supply to increase on coal availability

II. New Regime (SHAKTI, 2017)

n++ State/Central Gencos & their JVs to get coal linkages as per MoP recommendations

n++ Coal Linkage on auction basis for IPPs:

-Having PPA based on Domestic Coal

n++ Bid for discount in existing tariff (paise/unit)

n++ A minimum discount in tariff to be determined

n++ Discount to be adjusted from gross amount at time of billing

-Without PPA

n++ Bid for linkages over CIL notified price

n++ PPA to be submitted within 2 years

-Having PPA based on Imported Coal

n++ Transparent bidding process of linkages

n++ Methodology to be formulated by MoC & MoP

n++ Future Medium Term PPAs also to be eligible for linkage coal

n++ Coal linkages for full normative quantity of UMPPs on tariff based competitive bidding

n++ Coal linkages to be earmarked to States for

- Tariff based competitive bidding for PPA; OR

-Grant to capacities covered under exceptions in Tariff Policy dated 28.01.16, namely,

n++ One time capacity addition of up to 100% of existing capacity

n++ Plant set up under a notified policy of State Government for investment promotion (maximum 35% can be procured by State Discom)

-State to decide from above two, in public interest and requirement

-Linkage quantity unutilised for 2 years to lapse

n++ Power requirement of group of States can be aggregated

- Linkage to agency designated by MoP/States

-Agency to undertake tariff based competitive bidding

III. Benefits of the Policy

n++ Coal available to all Power Plants in transparent and objective manner

n++ Auction to be made the basis of linkage allocations to IPPs; cheaper and affordable POWER FOR ALL

n++ The Stress on account of non-availability of linkages to Power Sector Projects shall be overcome. Good for the Infrastructure and banking Sector

n++ PPA holders to reduce tariff for linkage; Direct benefit of reduced tariff to Discom/consumers

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Cabinet approves Pan-India implementation of Maternity Benefit Program
May 17,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given ex-post facto approval to Pan-India implementation of Maternity Benefit Program which now has been extended to all districts of the country w.e.f. 01.01.2017. The Prime Minister in his address to the nation on 31.12.2016 had announced Pan-India implementation of Maternity Benefit Program.

The Maternity Benefit Program will provide compensation for the wage loss in terms of cash incentives so that the women can take adequate rest before and after delivery and not be deprived of proper nutrition.

The total cost of the proposal for the period from 01.01.2017 to 31.03.2020 including Central and State Government share isRs.12,661crore. Government of Indias share during the period 01.01.2017 to 31.03.2020 comes to around Rs. 7932 crore.

Objective of the Scheme

i)        To provide partial compensation for the wage loss in terms of cash incentives so that the woman can take adequate rest before and after delivery of the first living child.

ii)      The cash incentives provided would lead to improved health seeking behaviour amongst the Pregnant Women and Lactating Mother (PW&LM) to reduce the effects of            under-nutrition namely stunting, wasting and other related problems.

Target Group

All eligible Pregnant Women and Lactating Mothers (PW&LM), excluding the Pregnant Women and Lactating Mothers who are in regular employment with the Central Government or State Government or Public Sector Undertakings or those who are in receipt of similar benefits under any law for the time being. It has been decided to give the benefit of Rs.5000/- to PW&LM in three installment for the birth of the first live child by MWCD and the remaining cash incentive as per approved norms towards Maternity Benefit under existing programmes after institutional delivery so that on an average, a woman will get ? 6000/-.

Conditions and installments

Pregnant Women and Lactating Mothers who are eligible will receive a cash benefit of Rs.5,000/- in three installment at the following stages as specified in the table given below:

Cash TransferConditionsAmount (in Rs)

First installment

n++   Early Registration of Pregnancy.

1,000/-

Second installment

n++   Received at least one antenatal Check-up (after 6 months of pregnancy)

2,000/-

Third installment

n++   Child birth is registered.
n++   Child has received first cycle of BCG, OPV, DPT and Hepatitis-B or its equivalent/substitute.

2,000/-

The eligible beneficiaries would continue to receive the remaining cash incentive as per approved norms towards Maternity Benefit under existing programmes after institutional delivery so that on an average, a woman will get Rs 6000/-.

Mode of cash transfer to the Beneficiaries

The conditional cash transfer scheme would be in DBT mode.

Background:

The Government of India is committed to ensure that every woman gets adequate support and health care during pregnancy and at the time of delivery and every newborn is immunized on time which is the foundation for better health of the mother and the newborn. Normally, the first pregnancy of a woman exposes her to new kinds of challenges and stress factors. Hence, the scheme intends to provide support to the mother for safe delivery and immunization of her first living child. The improved health care seeking behaviour of the PW&LM would lead to better health status for the mother and the child.

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