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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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Bharti Airtel completes transfer of 11.32% stake in Bharti Infratel
Mar 29,2017

Bharti Airtel has on 29 March 2017 completed an inter-se transfer of 11.32 % stake (209,416,643 equity shares) in Bharti Infratel (Bharti Infratel) to Nettle Infrastructure Investments (Nettle), a wholly owned subsidiary of the Company. Post the said inter-se transfer, Bharti Airtel will hold 50.33% while Nettle will hold 11.32% stake in Bharti Infratel, the remaining 38.35% (approx.) shall be held by public / other shareholders.

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Broad based rally at Wall Street
Mar 29,2017

U.S. stocks posted broad-based gains on Tuesday, 28 March 2017 with the Dow Jones Industrial Average snapping its eight-day losing streak, as investors cheered better-than-expected economic data. Attracting the most attention was a reading of consumer confidence in March, which soared to the highest level in more than 16 years. Separately, U.S. house prices roared to their highest in nearly three years as demand remains brisk.

The Dow rose 150.52 points, or 0.7%, to close at 20,701.50. The S&P 500 index advanced 16.98 points, or 0.7%, to finish at 2,358.57 and the tech-heavy Nasdaq Composite Index added 34.77 points, or 0.6%, to end at 5,875.14.

Apple led the gains on the blue-chip index to close at a record as its market capitalization topped $754 billion.

Even comments from Federal Reserve Vice Chairman Stanley Fischer that the central bank could hike rates two more times this year didnt dampen the buoyant sentiment. Tighter monetary policy is often viewed as a sign of economic health.

Tuesdays action follows a week of declines as investors questioned the ability of President Donald Trumps administration and that of congressional Republicans to implement tax cuts and other fiscal-policy measures after the failure to bring controversial health-care legislation to a vote on the House floor.

So far this week, the ICE U.S. Dollar Index has lost 0.6%. It traded nearly flat on Tuesday. U.S. equities traded on a mixed note for the session, with the Dow Industrials trying to snap an eight day losing streak.

Among economic reports expected for the day, the consumer confidence reading for March rose to 125.6 from the prior months revised reading of 116.1 (from 114.8). The consensus expected the survey to hit 113.3. The key takeaway from this report is that consumers were emboldened by a positive view of current business and labor market conditions. There was an improvement in the short-term outlook for business, jobs, and personal income prospects, and more upside is expected on these fronts.

The Advance report for International Trade in Goods for February showed a deficit of $64.8 billion (consensus -$66.1 billion), up from a revised deficit of $68.8 billion for January (from $69.2 billion). The Advance report for February Wholesale Inventories increased 0.4% (consensus 0.2%). The prior months reading was revised to -0.2% from -0.1%. Separatrely, the January Case-Shiller 20-city Index hit 5.7% to follow last months revised 5.5% increase (from 5.6%). The consensus expected a reading of 5.6%.

Bullion metals ended little higher at Comex on Tuesday, 29 March 2017. Gold futures traded flat on Tuesday as investors weighed the outlook for the Trump administrations fiscal-policy agenda following last weeks failed effort at overhauling the Affordable Care Act, known as Obamacare.

Gold for April delivery on Comex rose $1.50, or 0.1%, to $1,257 an ounce, while May silver was up 9.7 cents, or 0.5%, at $18.205 an ounce.

Oil prices settled at a roughly one-week high on Tuesday, 28 March 2017 buoyed by disruptions to Libyan crude production and talk of a six-month extension to an OPEC-led pact to limit global output.

May West Texas Intermediate crude oil n++the U.S. benchmark rose 64 cents, or 1.3%, to settle at $48.37 a barrel on the New York Mercantile Exchange. On the ICE Futures exchange in London, May Brent crude tacked on 58 cents, or 1.1%, to $51.33 a barrel.

Skeptics of the Organization of the Petroleum Exporting Countries deal to curb output have argued that the production cuts would be at least partially offset by Libya, which doesnt have an output quota under the deal. An armed group in Libya shut pipelines Monday because of a dispute over wage issues, disrupting production of 250,000 barrels a day. But the news follow reports last week that Libya planned to raise its output to 800,000 barrels a day by April, from current production of 700,000 barrels a day.

On Wednesday, investors will receive the weekly MBA Mortgage Applications Index at 7:00 ET and February Pending Home Sales (consensus 2.4%) at 10:00 ET.

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Hindustan Zinc drops on ex-special dividend
Mar 29,2017

Before turning ex-special dividend, the stock offered a dividend yield of 8.43% based on the closing price of Rs 326 yesterday, 28 March 2017.

Meanwhile, the S&P BSE Sensex was up 34.84 points or 0.14% at 29,451.45.

On the BSE, 2.86 lakh shares were traded on the counter so far as against the average daily volumes of 2.56 lakh shares in the past two weeks. The stock had hit a high of Rs 296.85 and a low of Rs 276.20 so far during the day. The stock had hit a record high of Rs 333.40 on 3 February 2017. The stock had hit a 52-week low of Rs 158.20 on 8 April 2016.

The large-cap company has equity capital of Rs 845.06 crore. Face value per share is Rs 2.

Hindustan Zincs net profit rose 26.1% to Rs 2319.90 crore on 46% growth in net sales to Rs 4943.89 crore in Q3 December 2016 over Q3 December 2015.

Hindustan Zinc is a subsidiary of Vedanta (formerly known as Sesa Sterlite), a part of London listed Vedanta Resources plc, a global diversified natural resources company.

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L&T Construction bags new orders worth Rs 2400 crore
Mar 29,2017

Larsen & Toubro announced that the Power Transmission and Distribution business of L&T Construction has bagged major orders worth Rs 2400 crore in the domestic and international markets.

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Board of Indiabulls Ventures approves preferential issue of convertible warrants
Mar 29,2017

The Board of Directors of Indiabulls Ventures at its meeting held on 28 March 2017 has has approved preferential offer & issue of up to 3,38,00,000 convertible warrants to(a)Inuus Properties & (b)Inuus Developers, promoter group entities. These warrants are convertible into equivalent number of equity shares of Rs.2 each at an exercise price of Rs.43.75 per share. Total equity investments by these two investors would aggregate upto Rs.147.875 crore in the Company, post conversion of warrants.

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Mic Electronics advances on fund raising plan
Mar 29,2017

The announcement was made after market hours yesterday, 28 March 2017.

Meanwhile, the S&P BSE Sensex was up 65.82 points, or 0.22%, to 29,466.10. The S&P BSE Small-Cap index was up 49.31 points or 0.35% to 14,202.68.

On the BSE, 1.21 lakh shares were traded in the counter so far, compared with average daily volume of 2.2 lakh shares in the past one quarter. The stock had hit a high of Rs 13.75 and a low of Rs 13.50 so far during the day.

The small-cap company has equity capital of Rs 35.39 crore. Face value per share is Rs 2.

The proposed allocation price of Rs 20 per share was at a premium of 46.52% to the ruling price of Rs 13.65.

MIC Electronics manufactures LED video displays, high-end electronic and telecommunication equipment and development of telecom software.

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Flat finish for bullions
Mar 29,2017

Bullion metals ended little higher at Comex on Tuesday, 29 March 2017. Gold futures traded flat on Tuesday as investors weighed the outlook for the Trump administrations fiscal-policy agenda following last weeks failed effort at overhauling the Affordable Care Act, known as Obamacare.

Gold for April delivery on Comex rose $1.50, or 0.1%, to $1,257 an ounce, while May silver was up 9.7 cents, or 0.5%, at $18.205 an ounce.

So far this week, the ICE U.S. Dollar Index has lost 0.6%. It traded nearly flat on Tuesday. U.S. equities traded on a mixed note for the session, with the Dow Industrials trying to snap an eight day losing streak.

Gold had rallied Monday, finding support as equities, the dollar and Treasury yields retreated following the decision by Trump and House Republican leaders late Friday to pull health-care legislation from the floor amid opposition from conservatives and centrists within their own party.

Among economic reports expected for the day, the consumer confidence reading for March rose to 125.6 from the prior months revised reading of 116.1 (from 114.8). The consensus expected the survey to hit 113.3. The key takeaway from this report is that consumers were emboldened by a positive view of current business and labor market conditions. There was an improvement in the short-term outlook for business, jobs, and personal income prospects, and more upside is expected on these fronts.

The Advance report for International Trade in Goods for February showed a deficit of $64.8 billion (consensus -$66.1 billion), up from a revised deficit of $68.8 billion for January (from $69.2 billion). The Advance report for February Wholesale Inventories increased 0.4% (consensus 0.2%). The prior months reading was revised to -0.2% from -0.1%. Separatrely, the January Case-Shiller 20-city Index hit 5.7% to follow last months revised 5.5% increase (from 5.6%). The consensus expected a reading of 5.6%.

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Board of Autolite (India) allots 6 lakh equity shares on conversion of warrants
Mar 29,2017

Autolite (India) announced that the Board of Directors of the company at its meeting held on 28 March 2017 has allotted 6 lakh equity shares of Rs 10 each at a premium of Rs 8 per share on conversion of warrants. With this allotment, the paid up capital of the Company has increased to Rs 11.18 crore.

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Board of Modern Insulators allots equity shares under scheme of amalgamation
Mar 29,2017

The Board of Directors of Modern Insulators at its meeting held on 28 March 2017 have allotted equity shares to the shareholders of erstwhile Modern Terry Towels whose name appear in the Register of Members in the exchange ratio mentioned in the scheme of amalgamation approved by Honble BIFR.

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Outcome of board meeting of India Motor Parts & Accessories
Mar 29,2017

India Motor Parts & Accessories announced that the Board of Directors of the Company at its meeting held on 28 March 2017 has given its approval for the Company to enter into a Memorandum of Understanding for investing Rs 3.80 crore towards 76% stake in the equity of a private limited company, which will take over business of Central Automobiles, a partnership firm in Ahmedabad, Gujarat. The proposed transaction is expected to be completed by Q1/ by early Q2 in 2017-18 and the new private limited company will become a subsidiary of IMPAL.

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Board of Dynacons Systems & Solutions takes note of new subsidiary incorporated in Singapore
Mar 29,2017

Dynacons Systems & Solutions announced that the Board of Directors of the Company at its meeting held on 28 March 2017 has taken on record the incorporation of a new subsidiary named Dynacons Systems & Solution Pte. Ltd on 28 March 2017 having registered office in Singapore.

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Mold-Tek Packaging revises record date for interim dividend
Mar 29,2017

Mold-Tek Packaging has revised the record date for payment of interim dividend for FY 2017 to 11 April 2017 instead of 07 April 2017.

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Vardhman Special Steels fixes record date for rights issue
Mar 29,2017

Vardhman Special Steels has fixed 10 April 2017 as the record date for proposed rights issue. The Committee of Directors (Rights Issue) at its meeting held on 28 March 2017 has approved the issue, for offer of 1,35,70,000 equity shares of face value of Rs 10 each at an issue price of Rs 50 per equity share (including premium of Rs 40 per share). The issue comprises of issue of 1,23,70,000 rights equity shares to eligible equity shareholders and reservation of up to 12,00,000 equity shares for eligible employees.

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JSW Steel provides update on proposed issue of foreign currency denominated notes
Mar 29,2017

JSW Steel announced that the Finance Committee in its meeting held on 29 March 2017 has approved the preliminary offering circular in relation to the Notes issuance by the Company.

The Board of Directors of the Company in its meeting held on 27 July 2016 has approved to raise long term funds through the issuance of non-convertible foreign currency/ Rupee denominated senior unsecured fixed rate bonds up to USD 750 million, in one or more tranches, in the international markets either by the Company or by any of its subsidiaries backed by corporate guarantee of the Company.

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Dilip Buildcon bags NHAI road project valued Rs 503.10 crore
Mar 29,2017

Dilip Buildcon has been declared as the Lowest-1 (L-1) bidder for the project of 4 Laning, Rehabilitation and Upgradation of NH-4 from Nalagampalli to AP/Karnataka Border from Km 171.590 (Design km 172.00) to Km 216.912 (Design km 219.687) (Design length = 47.687 Km) under NHDP-IV in the State of Andhra Pradesh on EPC mode. The contract amount for this Four Lane NHAI project on EPC mode in the state of Andhra Pradesh project, to be executed on EPC basis, is Rs. 503.10 crore with 24 months of completion period.

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