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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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Hexaware Technologies gets NCTL approval for scheme of amalgamation
Jul 14,2017

Hexaware Technologies announced that the Honble National Company Law Tribunal, Mumbai bench has approved Scheme of Amalgamation of Risk Technology International (the Transferor Company) with Hexaware Technologies (the Transferee Company) and their respective Shareholders. The copy of the order is awaited. The Scheme will come into effect upon filing of certified true copy of order with Registrar of Companies at Mumbai, Maharashtra.

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Fitch Assigns Asian Infrastructure Investment Bank AAA; Outlook Stable
Jul 14,2017

Fitch Ratings has assigned the Asian Infrastructure Investment Bank (AIIB) a Long-Term Issuer Default Rating (IDR) of AAA and a Short-Term IDR of F1+. The Outlook is Stable.

KEY RATING DRIVERS

The ratings of AIIB are based on its existing and expected intrinsic strengths. Created in 2015, AIIB has been endowed with a substantial capital base which, in Fitchs view, will support the projected rapid expansion in lending; exposure to risk will be mitigated by a comprehensive set of policies and by high quality governance. AIIB enjoys an excellent level of liquidity and should benefit from easy access to capital markets.

The aaa intrinsic rating reflects Fitchs long-term projections for capitalisation, risks and liquidity indicators, based on the banks business plan. Capitalisation is assessed as Excellent, as the 80 existing member states have committed to subscribe USD100bn of capital, of which USD20bn will be paid-in. As the bank expands its operations - the loan portfolio should reach USD50bn by 2027 - the equity to assets ratio will progressively erode, but will remain above the 25% threshold consistent with our Excellent capitalisation assessment.

Risks are expected to remain Low. Based on the banks strategy and policies, Fitch anticipates that the average rating of the loan portfolio will be around BB over the 10-year forecast period. Approximately 60% of the loans will be extended to sovereign-backed borrowers, and will benefit from the preferred creditor status of AIIB, a common feature of multilateral development banks (MDBs). Concentration risk is assessed as Moderate. Given the internal limits set by the bank, the ratio of the 5 largest exposures to total banking exposures will progressively decrease and should be below 50% by 2027. AIIB will invest in some equity participations but, over time, they will account for less than 5% of the banking portfolio.

Based on discussions with management, Fitch expects AIIB to pursue conservative policies, and to maintain a very low exposure to market risks, in line with peers. However, risk management policies are assessed as Moderate, as a number of limits have not been yet been set explicitly, and the model to compute economic capital has yet to be finalised. The lower limit for the credit quality of liquid assets is A, which is not conservative relative to AAA peers. However, given the quality of the management team overall and their stated commitment to a conservative approach, Fitch expects AIIBs liquidity policy to be managed prudently.

Liquidity is assessed as excellent, reflecting the very large liquidity buffer set by the bank, which should remain above 150% of short-term debt in the forecast period. According to AIIBs internal policy, liquid assets must cover at least 40% of annual cash requirements, which is in line with peers. Although the minimum rating level for treasury investment is A, Fitch expects that at least 50% of assets will be invested in assets rated AA- or higher.

AIIBs business profile is assessed as Medium risk, which translates into a one-notch uplift for the intrinsic rating. AIIB operates in a high-risk operating environment, evidenced by the relatively low credit quality of its countries of operations. This is offset by the Low risk business profile of the bank, stemming from its high governance standards, clear strategy and well-controlled exposure to the private sector.

No credit uplift is granted for support. The average rating of key shareholders - China, India, Russia and Germany, which together own 54% of capital - is A-; once the bank has reached its target size, net debt will not be covered by callable capital rated A+ and above. Nonetheless, the propensity of member states to provide extraordinary support is deemed Strong.

RATING SENSITIVITIES

The Outlook on the IDR is Stable. The factors that could, individually or collectively, lead to a negative rating action are:

- Lending growth more rapid than anticipated, leading to the equity to assets ratio falling below 25%, which would likely exert a negative impact on our Excellent assessment of AIIBs capitalisation ratio.

- Deterioration in expected asset quality leading to an average rating of B+ or lower or a marked increase in the impaired loan ratio.

- Longer than anticipated implementation of the risk management policies or any material change to the conservative approach to liquidity and other policies articulated by AIIBs senior management.

KEY ASSUMPTIONS

In its projections, Fitch assumes that capital will be paid-in according to the schedule and that, by 2027, the size of the loan portfolio will reach USD50bn with an average rating of BB. Additionally, any impaired loans will be 100% provisioned, the liquidity ratio will cover more than 150% of short-term debt, and consist of investment-grade assets, with at least 50% of them invested in AAA/AA assets or bank placements.

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GP Petroleums slips on profit taking
Jul 14,2017

Meanwhile, the S&P BSE Sensex was down 12.66 points or 0.04% at 32,024.72. The S&P BSE Small-Cap index declined 56.85 points or 0.36% at 15,906.72.

On the BSE, 21,000 shares were traded on the counter so far as against the average daily volumes of 32,609 shares in the past one quarter. The stock had hit a high of Rs 101.90 and a low of Rs 96.85 so far during the day. The stock had hit a record high of Rs 103.60 on 21 April 2017 and a 52-week low of Rs 55 on 2 August 2016.

The stock had outperformed the market over the past one month till 13 July 2017, surging 12.44% compared with the Sensexs 3% rise. The stock had, however, underperformed the market over the past one quarter, gaining 8.72% as against the Sensexs 8.74% rise. The scrip had also outperformed the market over the past one year, jumping 69.51% as against the Sensexs 15.18% rise.

The small-cap company has equity capital of Rs 25.49 crore. Face value per share is Rs 5.

Shares of GP Petroleums had surged 10.21% in the preceding three trading sessions to settle at Rs 100.35 yesterday, 13 July 2017, from its closing of Rs 91.05 on 10 July 2017.

GP Petroleums net profit rose 4.5% to Rs 5.79 crore on 16.4% decline in net sales to Rs 127.91 crore in Q4 March 2017 over Q4 March 2016.

GP Petroleums is engaged in the production of lubricating oils, greases, and other products from crude oil. The companys segments are Lubricants and Trading.

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As per the Third Advance Estimates, food production increased to 273 million metric tonnes: Shri Singh
Jul 14,2017

Union Agriculture and Farmers Welfare Minister, Shri Radha Mohan Singh said only through cross-pollination of expertise and innovations and thereafter synergy during implementation of the programs conceived we would be able to achieve the goal set for the country by Prime Minister, through his farsightedness, of doubling farmers income by 2022.

Shri Radha Mohan Singh said as per the Third Advance Estimates food grain production in the country has increased to 273 MT in 2016-17, oil seeds to 32.5 MT, and sugarcane to 306 MT. Fruits & Vegetable production has increased to 287 MTs, according to the Second Advance Estimate. He said that there has been a record production of food grains in 2016-17 and all previous records were broken.

Shri Singh said farmers have not been getting the corresponding increase in remuneration. The Government is seized of the urgent requirement of strengthening market systems to reduce post-harvest losses to enable farmers to tide over both situations of bumper production leading to a glut and abrupt price fall and incidences of less production resulting in the availability of meagre marketable surplus.

Union Agriculture Minister said the approach adopted encompasses both adoptions of cost effective production and diversifying agriculture towards growing of high-value crops, agroforestry, rearing of livestock, poultry, fisheries, etc, as well as creating accessible and efficient markets to ensure better price realisation to the farmers through a robust value supply chain. We empathise with the farmers and for that purpose have formulated farmer welfare centric programs and policies, which is equally related to food security and price security.

Shri Singh said in order to address the constraints of present agricultural marketing system promoted by APMCs and assure accessible marketing facilities to farmers, the Government has shared a corrective reform with the States and we have been able to move faster on this front in the last 2-3 years since the circulation of model APMC Act, 2003 to the States.

Union Agriculture Minister informed that the model Agriculture Produce and Livestock Marketing (Promotion and Facilitation) Act, 2017 was released to the States on April 24, 2017, and has received a positive response regarding its adoption from all States. Shri Singh said my Ministry is seized with the consolidation of the Mandis integrated by way of total transition to online bidding and payments so that the envisaged benefits reach the farmers and traders both. Shri Radha Mohan Singh said the aim is to bring markets closer to the farms along with appropriate storage, grading and sorting facilities to reduce transportation costs, distress sale as well as the number of intermediaries so that farmers can get a larger share. Shri Singh said an important step that States could take in this regard is the declaration of the warehouses/silos/cold storages, etc as market sub-yards so that the farmers can store surpluses and sell directly without having to transport the produce to the APMC yard. He said the government is in discussion with Warehousing Development and Regulatory Authority (WDRA) on synergy with our programs so that the farmers can also avail pledge financing against the produce stored in scientific WDRA compliant warehouses.

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Hatsun Agro Product standalone net profit rises 18.76% in the June 2017 quarter
Jul 14,2017

Net profit of Hatsun Agro Product rose 18.76% to Rs 35.19 crore in the quarter ended June 2017 as against Rs 29.63 crore during the previous quarter ended June 2016. Sales rose 12.76% to Rs 1168.74 crore in the quarter ended June 2017 as against Rs 1036.51 crore during the previous quarter ended June 2016.

ParticularsQuarter Endedn++Jun. 2017Jun. 2016% Var. Sales1168.741036.51 13 OPM %8.848.05 - PBDT85.3668.63 24 PBT44.8940.69 10 NP35.1929.63 19

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Aqua Pumps Infra Ventures standalone net profit declines 20.00% in the June 2017 quarter
Jul 14,2017

Net profit of Aqua Pumps Infra Ventures declined 20.00% to Rs 0.04 crore in the quarter ended June 2017 as against Rs 0.05 crore during the previous quarter ended June 2016. Sales rose 50.00% to Rs 1.50 crore in the quarter ended June 2017 as against Rs 1.00 crore during the previous quarter ended June 2016.

ParticularsQuarter Endedn++Jun. 2017Jun. 2016% Var. Sales1.501.00 50 OPM %8.00-54.00 - PBDT0.130.16 -19 PBT0.060.09 -33 NP0.040.05 -20

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Aqua Pumps Infra Ventures consolidated net profit declines 20.00% in the June 2017 quarter
Jul 14,2017

Net profit of Aqua Pumps Infra Ventures declined 20.00% to Rs 0.04 crore in the quarter ended June 2017 as against Rs 0.05 crore during the previous quarter ended June 2016. Sales rose 50.00% to Rs 1.50 crore in the quarter ended June 2017 as against Rs 1.00 crore during the previous quarter ended June 2016.

ParticularsQuarter Endedn++Jun. 2017Jun. 2016% Var. Sales1.501.00 50 OPM %8.00-53.00 - PBDT0.130.17 -24 PBT0.050.09 -44 NP0.040.05 -20

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Multi Commodity Exchange of India consolidated net profit declines 20.06% in the June 2017 quarter
Jul 14,2017

Net profit of Multi Commodity Exchange of India declined 20.06% to Rs 26.30 crore in the quarter ended June 2017 as against Rs 32.90 crore during the previous quarter ended June 2016. Sales declined 6.02% to Rs 59.19 crore in the quarter ended June 2017 as against Rs 62.98 crore during the previous quarter ended June 2016.

ParticularsQuarter Endedn++Jun. 2017Jun. 2016% Var. Sales59.1962.98 -6 OPM %21.7435.20 - PBDT40.9253.04 -23 PBT36.1348.12 -25 NP26.3032.90 -20

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GVK Power advances after completing stake sale in Bangalore airport
Jul 14,2017

The announcement was made after market hours yesterday, 13 July 2017.

Meanwhile, the S&P BSE Sensex was down 29.24 points or 0.09% at 32,008.14. The S&P BSE Small-Cap index declined 61.95 points or 0.39% at 15,901.62.

On the BSE, 16.02 lakh shares were traded on the counter so far as against the average daily volumes of 15.43 lakh shares in the past one quarter. The stock had hit a high of Rs 7.78 and a low of Rs 7.36 so far during the day. The stock had hit a 52-week high of Rs 9.22 on 3 July 2017 and a 52-week low of Rs 5.05 on 25 May 2017.

The stock had outperformed the market over the past one month till 13 July 2017, surging 19.9% compared with the Sensexs 3% rise. The stock had also outperformed the market over the past one quarter, advancing 22.11% as against the Sensexs 8.74% rise. The scrip had, however, underperformed the market over the past one year, gaining 7.05% as against the Sensexs 15.18% rise.

The small-cap company has equity capital of Rs 157.92 crore. Face value per share is Rs 1.

GVK Power and Infrastructure (GVK Power) announced the successful completion of the sale of its residual stake of 10% in Bangalore International Airport (BIAL), held through its subsidiary, Bangalore Airport Infrastructure Developers (BAIDPL) to Fairfax India Holdings Corporation (Fairfax India) for a consideration of Rs 1290 crore (approximately $200 million).

In March 2017, GVK closed an agreement which was signed during March 2016 with Fairfax India to sell a 33% stake in BIAL. It had retained a 10% stake and the management of BIAL. Subsequently, in June 2017, GVK announced its decision to conclude the sale of this 10% residual stake to Fairfax India, subject to necessary consents and approvals.

Dr. G V K Reddy, Founder Chairman & Managing Director of GVK while speaking on the development said that since deleveraging is currently the managements top priority, it decided to part ways with BIAL. However, the Airports sector will continue to be a core focus area for GVK, he said.

Reddy added that the management will now focus on Mumbai as well as the Navi Mumbai airport for which the company has won the bid and also on selectively evaluating privatization opportunities. Capacity optimization and real estate development will now be the priority areas for the existing Mumbai airport, added Dr. Reddy.

GVK Power and Infrastructure reported net loss of Rs 205.85 crore in Q4 March 2017, higher than net loss of Rs 105.59 crore in Q4 March 2016. Net sales rose 4.1% to Rs 7.10 crore in Q4 March 2017 over Q4 March 2016.

GVK is a leading conglomerate with presence across energy, airports, transportation, hospitality and life sciences.

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Govt. to adopt & implement automobile standards in developed countries to reduce pollution levels: Nitin Gadkari
Jul 14,2017

With a view to significantly bring down pollution levels, the government has decided to adopt and implement in totality the automobile standards in developed countries, union minister for shipping, road transport and highways, Mr Nitin Gadkari said at an ASSOCHAM event.

n++Yesterday itself we have decided to appoint a consultant to study all automobile standards for both fuel and vehicle in countries like Germany, France, UK, Sweden and implement it on the same lines in India,n++ said Mr Gadkari.

Talking about the need and scope for reforms in logistics sector, Mr Gadkari said that though India has a total road length of about 52 lakh kilometres (kms), out of this national highways length accounted for only 96,000 kms.

n++About 40 per cent of countrys total traffic was plying on two per cent roads thereby leading to problems like increase in pollution and accidents,n++ he said.

n++We had thus decided to increase national highways length to two lakh kilometres and I am pleased to inform that till date we have declared 1.75 lakh kms of road-length as national highway and in next three years we plan to shift 80-85 per cent of countrys total traffic on four per cent of national highways,n++ added Mr Gadkari.

Highlighting the various other initiatives of the government, he said that while cement-concrete roads are being constructed, they are also being widened so that heavy 20-30 tonne trucks can ply on the same. Besides, efforts are being made to shift logistics parks out of town.

n++All these initiatives are aimed at reducing pollution levels, promote industrial development, bring down costs, generate employment, increase economic growth and boost exports,n++ said the union minister.

n++We are looking into the successful practices employed internationally and willing to adopt the same, besides we are also willing to reform our technology and think out of box,n++ he added.

He also said that government is looking towards promoting use of cost effective, import substitute, pollution free and indigenous technology as such thrust is being laid upon use of electric vehicles and green fuel like ethanol.

n++We are going to bring in a policy to promote use of alternative fuel which is indigenous and pollution free as it will help in saving lot of time, bring down logistics cost by 4-6 per cent which is currently about 14-18 per cent unlike in China where it is 10-12 per cent and in European countries where it is 12-14 per cent,n++ said Mr Gadkari.

The union minister also said that he has proposed it to the Uttar Pradesh (UP) chief minister, Yogi Adityanath to promote use of ethanol as an alternate fuel in all types of bus services in the state, be it within cities or regional transport from district to district as UP leads India in ethanol production.

He added that improving the condition and promoting use of public transport is also the governments priority.

n++We are planning to start double-decker, air-conditioned, executive-class bus services connecting metro cities like Delhi-Jaipur, Delhi-Chandigarh, Delhi-Shimla, Delhi-Ludhiana and others,n++ said Mr Gadkari.

n++Providing robust electric public-transport across India is one of our dreams and we are constantly working on the same by bringing new and innovative models, accepting fuel standards and changing automobile related laws,n++ he said further.

He also said that such an initiative is aimed at discouraging people from using their own vehicles. n++The pace at which the number of cars is rising across India, we might have to add another lane on roads which is likely to cost us heavily.n++

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Biocon leads gainers in A group
Jul 14,2017

Biocon jumped 9.25% to Rs 400.55 at 13:43 IST after the company said that the US drug regulatory committee recommended approval of Mylan N.V. and Biocons proposed biosimilar trastuzumab. The stock topped the gainers in the BSEs A group. On the BSE, 17.33 lakh shares were traded on the counter so far as against the average daily volumes of 6.88 lakh shares in the past two weeks.

Religare Enterprises surged 7.27% at Rs 115.80. The stock was second biggest gainer in A group. On the BSE, 5.08 lakh shares were traded on the counter so far as against the average daily volumes of 1.95 lakh shares in the past two weeks.

Aurobindo Pharma advanced 4.38% to Rs 735.40. The stock was third biggest gainer in A group. On the BSE, 7.37 lakh shares were traded on the counter so far as against the average daily volumes of 2.47 lakh shares in the past two weeks.

Jubilant FoodWorks gained 4.13% at Rs 1,156.60. The stock was fourth biggest gainer in A group. On the BSE, 82,000 shares were traded on the counter so far as against the average daily volumes of 73,000 shares in the past two weeks.

CESC rose 3.29% to Rs 895.35. The stock was fifth biggest gainer in A group. On the BSE, 29,000 shares were traded on the counter so far as against the average daily volumes of 22,000 shares in the past two weeks.

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Leading Leasing Finance & Investment Company shifts registered office
Jul 14,2017

Leading Leasing Finance & Investment Company has shifted its registered office from T-59, Ground Floor, West Patel Nagar, New Delhi - 110008 to T-63, Ground Floor, West Patel Nagar, New Delhi - 110008 with effect from 1 July, 2017.

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Inox Leisure commences operations at Multiplex Cinema in Greater Noida
Jul 14,2017

Inox Leisure announced the commencement of Commercial Operations of Multiplex Cinema Theatre taken on License basis and located at 3rd Floor, Omaxe Connaught Place Mall, H Block, Sector Beta - 2, Greater Noida - 201 308 with effect from 14 July 2017.

The said multiplex cinema theatre has 5 screens and 1223 seats.

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Rubra Medicaments appoints director
Jul 14,2017

Rubra Medicaments has appointed Rohit Sehgal as Independent Director in the Company at board meeting held on 14 July 2017.

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Outcome of board meeting of VKJ Infradevelopers
Jul 14,2017

The Board of Directors of VKJ Infradevelopers at its meeting held on 14 July 2017 transacted the following -

Approved to raise funds through preferential issue of equity shares.

Approves acquisition of 100% stake in the Company to make it wholly owned subsidiary, having a land spread in 6 acres area covered under land poling policy notified by the Ministry of Urban Development and to start construction involving cost around Rs 120 crore.

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