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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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Cabinet approves Development of Four Laning of Solapur-Bijapur Section of New NH-52 in Maharashtra and Karnataka
Jul 12,2017

The Cabinet Committee on Economic Affairs chaired by the Prime Minister Shri Narendra Modi has given its approval for 4 Laning of Solapur-Bijapur Section of New NH-52 (formerly NH-13) in Maharashtra and Karnataka. The development of 4 Laning of about 110 km. is estimated to cost approximately Rs.1889 crore including the cost of land acquisition and pre-construction activities.

Impact

At present, the existing road is two- lane and passes through congested towns of Solapur, Takli and Nandani in Maharashtra and Zalki, Horti and Bijapur in Karnataka. It connects Southern India with Northern India and its development will serve as an alternative route to North South Corridor of the National Highways Development Programme. The development to four- lane of this road with bypasses at Solapur, Bijapur and construction of six flyovers would greatly reduce travel time and Vehicle Operating Costs as well as help in expediting the improvement of infrastructure in Maharashtra and Karnataka states. This road is part of the high-density traffic corridor Banglore-Chitradurga-Bijapur-Solapur-Aurangabad-Dhule-lndore-Gwalior.

The provision for two by-passes will ensure decongestion of the urban areas of Solapur and Bijapur. Similarly, the six flyovers would facilitate fast movement of traffic in Solapur, Mandrup, Zalki and Bijapur towns while simultaneously decongesting the areas. The two trucks lay- bys will facilitate smooth movement of freight traffic. The truck drivers would also benefit from the amenities in the two rest areas being developed. On both sides, provision for service roads in 14 km of the project stretch, slip roads in about 40 km and bus shelters at 24 locations will benefit safe, comfortable and smooth movement of long distance commercial traffic as well as movement of local traffic in inhabited/urbanized areas. Tourists will also get benefit of better connectivity to nearby important tourist places of Bijapur, Hampi and Chitradurga.

The project would also increase employment potential for local labourers from project activities. It has been estimated that a total number of 4076 mandays are required for construction of one kilometer of highway. As such, employment potential of 448360 (approx.) mandays will be generated locally during the construction period of this stretch. Consequent self-employment due to improved traffic conditions would be in addition to the above.

Enhanced Connectivity

The important tourist places of Bijapur, Hampi near Hospet and Chitradurga will get enhanced connectivity, while Solapur being a Textile centre will also benefit from the increased economic opportunities. The existing traffic on this stretch is about 20000 PCUs. Keeping in view the expected traffic growth in the near future, the expansion to four Lanes is a very timely step taken by the Government of India.

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Cabinet approves SASEC Road Connectivity Investment Program - Tranche 2
Jul 12,2017

The Cabinet Committee on Economic Affairs chaired by the Prime Minister Shri Narendra Modi has given its approval for upgradation and widening of 65 kms of Imphal-Moreh Section of NH-39 in Manipur at a cost of Rs. 1630.29 crores.

Manipur being a landlocked state with almost 90% of the area under difficult terrain presently has only road transport as a means of mass transport system within the state. Hence development of the road infrastructure is of paramount importance to improve connectivity and progress of the State and to ensure that the administrative set up reaches the isolated and remote habitats. The project will improve connectivity between Imphal with the eastern part of the state. Based on the existing and projected traffic requirements the NH-39 will be widened to 4 lane between Lilong village and Wanginj village, while the stretch between Wanginj village to Khongkhang will be upgraded to 2 lane with paved shoulder.

The project is being developed with ADBs loan assistance under the South Asian Sub-Regional Economic Cooperation (SASEC) Road Connectivity Investment Program which aims at upgradation of road infrastructure in Bangladesh, Bhutan, Nepal and India (BBIN) in order to improve the regional connectivity among BBIN nations. The project corridor is also a part of the Asian Highway No. 01 (AH01) and acts as Indias Gateway to the East. Thus trade, commerce and tourism in the region will get a boost.

Background

For fulfilling Indias Look East Policy and to promote and enhance trade link with South East Asia, the Government of India has notified an Integrated Custom Post (ICP) at Moreh. The development of this project is essential in order to support the increased traffic volume due to coming up of ICP. The workers of Manipur who specialize in creating bamboo and wood based handicraft items and uniquely designed hand woven textile items will get a new market among the Myanmars customers. Small scale industries such as those making farm implements and tools, stationery, plastic extrusion items, carpentry units, could also develop markets beyond the border.

Besides socio-economic development the project will also lead to reduction in average travel time along the project road by nearly 40%. In addition, the new features of road safety namely vehicular underpasses, crash barriers, road signs & markings, service roads for segregation of slow and high moving traffic, truck lay-by, bus-bays etc. will help in greatly reducing accidents. Improved highway and lesser travel time will lead to savings in terms of fuel cost.

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Cabinet approves enhancement of the age of superannuation of Medical Officers of Central Armed Police Forces and Assam Rifles
Jul 12,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its ex-post facto approval for enhancement of the age of superannuation in respect of

(i) General Duty Medical Officers of Central Armed Police Forces and Assam Rifles from 60 to 65 years and

(ii) Specialist Medical Officers of Central Armed Police Forces and Assam Rifles of the Ministry of Home Affairs from 60 to 65 years.

It would help in retention of officers in Specialist and General Duty Medical Cadre and thereby help in better patient care, proper academic activities in Medical colleges as also in effective implementation of National Health Programmes for delivery of health care services.

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Dishman Pharmaceuticals and Chemicals provides update on scheme of merger
Jul 12,2017

Dishman Pharmaceuticals and Chemicals announced that pursuant to merger, the Company has been merged into CAIL and subsequently, in terms of the said Scheme, the name of Transferee Company i.e. Carbogen Amcis (India) has been changed to Dishman Carbogen Amcis (DCAL) w.e.f. 27 March, 2017.

Pursuant to the merger of DPCL into DCAL, securities of DPCL have been suspended by both BSE and NSE w.e.f. 30 May 2017 due to procedural reasons. The Company is in the process of listing the merged entity, DCAL on BSE and NSE.

Since the merged entity, DCAL is currently unlisted the Company is unable to file quarterly compliances as per SEBI (LODR) Regulations, 2015 with the Stock Exchanges for the quarter ended 30 June 2017.

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ONGC, HPCL and MRPL gain on merger buzz
Jul 12,2017

ONGC (up 1.59% at Rs 162.85), HPCL (up 5% at Rs 359.05) and Mangalore Refinery & Petrochemicals (MRPL) (up 3.67% at Rs 127.20) edged higher.

Meanwhile, the S&P BSE Sensex was up 36.04 points or 0.11% at 37,783.13.

Oil Minister Dharmendra Pradhan was quoted by media agencies as saying that the merger between ONGC and HPCL will be completed in the current financial year (FY 2018).

ONGC and HPCL both hold stakes in MRPL. ONGC held 71.63% stake and HPCL owned 16.96% end March 2017.

There was a buzz in media from earlier this month that the government was looking to sell 51% stake in HPCL to ONGC for over Rs 26000 crore. After the Cabinet nod, the government could move to appoint valuation and transaction advisers while ONGC too may decide to hire merchant bankers to arrive at the valuation of government shareholding, reports suggested.

Government of India (GoI) held 68.07% stake in ONGC and 51.11% in HPCL end March 2017.

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Cabinet approves establishment of the IRRI, ISARC at campus of NSRTC in Varanasi
Jul 12,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the establishment of the International Rice Research Institute (IRRI), South Asia Regional Center (ISARC) at campus of National Seed Research and Training Center (NSRTC) in Varanasi.

Under the proposal, a Centre of Excellence in Rice Value Addition (CERVA) will be set up in Varanasi. This will include a modern and sophisticated laboratory with capacity to determine quality and status of heavy metals in grain and straw. The Centre will also undertake capacity building exercises for stakeholders across the rice value chain.

This Center will be the first international Center in the eastern India and it will play a major role in harnessing and sustaining rice production in the region. It is expected to be a boon for food production and skill development in the eastern India and similar ecologies in other South Asian and African countries.

Benefits from ISARC

The Centre will help in utilizing the rich biodiversity of India to develop special rice varieties. This will help India to achieve higher per hectare yields and improved nutritional contents. Indias food and nutritional security issues will also be addressed. The Centre will support in adopting value chain based production system in the country. This will reduce wastage, add value and generate higher income for the farmers. The farmers in Eastern India will benefit in particular, besides those in South Asian and African countries.

Management of ISARC

ISARC will operate under the governance of the IRRI Board of Trustees who will appoint an appropriate IRRI staff member as Director. A Coordination Committee will be headed by Director General, IRRI as Chair and Secretary, Government of India, Department of Agriculture, Cooperation and Farmers Welfare (DACFW) as Co-Chair. The other members of Coordination Committee are Deputy Director General (Crop Sciences), ICAR; Director, NSRTC; IRRI representative in India, representative of Government of UP and representatives of Governments of Nepal & Bangladesh and Private Sector.

For setting up of the Centre, A Memorandum of Agreement, will be signed between DAC&FW and IRRI, Philippines. The Department of DAC&FW will provide physical space for laboratories, offices, training classes, etc. with associated infrastructure and land at NSRTC, Varanasi. The Centre will be commissioned within six months.

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Tinna Rubber & Infrastructure appoints director
Jul 12,2017

Tinna Rubber & Infrastructure announced the appointment of Shobha Sekhri as an Additional Non-Executive (Woman) Director of the Company with effect from 11 July 2017 .

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Vivimed Labs announces change in corporate office
Jul 12,2017

Vivimed Labs has shifted its corporate office to the following address -

North End, Road No.2,
Banjara Hills, Hyderabad, Telangana-500034, India.

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PNC Infratech gains on reports of brokerage coverage
Jul 12,2017

Meanwhile, the S&P BSE Sensex was up 33.42 points, or 0.11% at 31,780.51. The S&P BSE Small-Cap index was up 87.93 points, or 0.56% at 15,894.36.

High volumes were witnessed on the counter. On the BSE, 43,000 shares were traded on the counter so far as against the average daily volumes of 12,000 shares in the past two weeks. The stock had hit a high of Rs 155.75 and a low of Rs 149 so far during the day. The stock had hit a record high of Rs 168.50 on 25 April 2017 and a 52-week low of Rs 98.70 on 15 November 2016.

The brokerage reportedly said that Indias road sector should see a significant revival in ordering and execution, led by an infrastructure push driven by government spending. In this new phase of growth, where early green shoots are already visible, companies like PNC Infratech with strong financial position stand to gain, the brokerage said.

PNC Infratech reported consolidated net loss of Rs 21.82 crore in Q4 March 2017, compared with net profit of Rs 129.36 crore in Q4 March 2016. Total income from operations fell 30.49% to Rs 518.92 crore in Q4 March 2017 over Q4 March 2016.

PNC Infratech is an infrastructure construction, development and management company, with expertise in execution of major infrastructure projects, including highways, bridges, flyovers, airport runways, power transmission lines, development of industrial areas and other infrastructure activities.

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Arihant Capital Markets appoints director
Jul 12,2017

Arihant Capital Markets has appointed Ashish Maheshwari as an Independent Director with effect from 27 May 2017.

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Cabinet approves Joint Interpretative Notes on the Agreement between India and Bangladesh for Promotion and Protection of Investments
Jul 12,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for the Joint Interpretative Notes (JIN) on the Agreement between India and Bangladesh for the Promotion and Protection of Investments.

The JIN would impart clarity to the interpretation of the existing Agreement between India and Bangladesh for the Promotion and Protection of Investments (BIPA). The JIN includes interpretative notes to be jointly adopted for many clauses, including, the definition of investor, definition of investment, exclusion of taxation measures, Fair and Equitable Treatment (FET), National Treatment (NT) and Most Favoured Nation (MFN) treatment, expropriation, essential security interests and Settlement of Disputes between an Investor-and a Contracting Party.

Joint Interpretative Statements in general play an important supplementary role in strengthening the investment treaty regime. With increasing Bilateral Investment Treaty (BIT) disputes, issuance of such statements is likely to have strong persuasive value before tribunals. Such pro-active approach by States can foster a more predictable and coherent reading of treaty terms by arbitration tribunals.

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Tata Power Club Enerji saves 82,116 units of energy in Pune
Jul 12,2017

Tata Powers nationwide resource and energy conservation movement, Club Enerji, has been constant by spreading awareness about resource conservation across the country, with a strategic focus on national building. Continuing with this momentum, in 2016-17, Club Enerji,sensitised around 87,934 citizens in Pune through primary contact programme as well as secondary sensitisation, and saved 82,116 units of energy in the city.

Tata Powers Club Enerji movement in Pune currently has 1,821 Energy Champions and 1674 Energy Ambassadors across schools. Tata Powers Energy Conservation Programme introduced in 15 schools in the city, aims at creating the maximum impact by educating and creating awareness amongst citizens on the effective management and conservation of energy in our everyday life. In 2016, the initiative launched a new online module on disaster management to spread widespread awareness around precautionary measures against calamities.

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IndusInd Bank inches up on buzz of brokerage call
Jul 12,2017

Meanwhile, the S&P BSE Sensex was up 35.89 points or 0.11% at 31,782.98.

On the BSE, 63,000 shares were traded on the counter so far as against the average daily volumes of 81,000 shares in the past two weeks. The stock had hit a high of Rs 1,580 and a low of Rs 1,564.60 so far during the day.

IndusInd Banks net profit rose 26.48% to Rs 836.55 crore on 21.52% growth in total income to Rs 5302.77 crore in Q1 June 2017 over Q1 June 2016. The result was announced during market hours yesterday, 11 July 2017. The stock had fallen a marginal 0.03% to settle at Rs 1,559.25 on that day.

The banks gross non-performing assets (NPAs) stood at Rs 1271.68 crore as on 30 June 2017 as against Rs 1054.87 crore as on 31 March 2017 and Rs 860.64 crore as on 30 June 2016.

The ratio of gross NPAs to gross advances stood at 1.09% as on 30 June 2017 as against 0.93% as on 31 March 2017 and 0.91% as on 30 June 2016.

The ratio of net NPAs to net advances stood at 0.44% as on 30 June 2017 as against 0.39% as on 31 March 2017 and 0.38% as on 30 June 2016.

The banks provisions and contingencies rose 34.49% to Rs 309.97 crore in Q1 June 2017 over Q1 June 2016.

IndusInd Bank is one of the leading private sector banks in India.

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MPS Infotecnics CEO resigns
Jul 12,2017

MPS Infotecnics announced the resignation of Rahul Meena from the Post of the Chief Executive officer (CEO) of the Company with immediate effect.

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Minda Corporation redeems Commercial Paper of Rs 25 cr
Jul 12,2017

Minda Corporation announced the redemption of commercial paper of Rs 25 crore on 10 July 2017.

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