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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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Indias fuel product consumption declines 0.6% in March 2017
Apr 10,2017

Indias fuel product consumption or sales declined 0.6% to 17.36 mt in March 2017 over March 2016. Fuel oil sales dipped 23.3% to 0.57 mt mainly contributing to the overall decline in fuel product sales, while kerosene sales also fell 26.8% to 0.41 mt and bitumen 12.2% to 0.69 mt. Consumption of lubes/greases dipped 16.3% to 0.34 mt, naphtha 1.8% to 1.15 mt, and light diesel oil (LDO) 29.8% to 0.03 mt.

However, the consumption of petcoke moved up 6.4% to 2.09 mt, other products 20.1% to 0.63 mt and ATF 10.4% to 0.64 mt. Further, the consumption of petrol improved 2.9% to 2.11 mt, LPG 1.9% to 1.89 mt and diesel 0.3% to 6.81 mt in March 2017.

Consumption or sales of fuel products increased 5.2% to 194.21 mt in April-March 2017, showing moderation in growth from 11.6% surge recorded in April-March FY2016. Sales of petcoke increased 22.2%, LPG 9.8%, petrol 8.8% and diesel 1.8% . Consumption of ATF also moved up 12.1%, fuel oil 8.4%, others 5.4% and LDO 10.1%. However, the consumption of kerosene declined 21.0%, lubes/greases 4.4%, bitumen 0.8% and naphtha 0.1% in April-March FY2017.

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NE States submit Rs.100 cr subsidy Proposal to PMO for Promotion of Food Processing & Logistic Units
Apr 10,2017

The government of Sikkim has proposed to Prime Ministers Office (PMO) and Union Ministry of Agriculture and Food Processing to enhance subsidy relating to food processing, logistics and post harvesting to a minimum of Rs.100 crores for entire north east including Sikkim to promote industrial activities in these areas, according Mr. Mr Khorlo Bhutia, Principal Secretary, Horticulture and Cash Crop Development Department, Government of Sikkiim.

Mr. Khorlo Bhutia also announced that the government of Sikkim has also urged the PMO and other relevant departments in the central government to extend substantial financial support to the government of Sikkim or dairy development as it would lead to n++Cow Protectionn++ thats manure would be useful to enable the state to retain its organic nature.

According to him, n++Cow Protectionn++ is critical in state like Sikkim to retain the fertility of its land and soil to go on producing organic produce for its people and export purposes because with their manure, the state would carry on the fertility of its land and soil as it has already emerged as the only organic state in the country.

Elaborating on the subsidy factor for food processing units and logistics industry and post harvesting techniques, Mr. Bhutia said that currently subsidies to promote these industries in north east amounted to Rs.13 crores per annum which is a peanut.

Therefore, a proposal has already been submitted to the PMO including Ministries of Agriculture and Food Processing and the union cabinet is likely to dispose off this proposal shortly as indication to this effect have already reached to the northern eastern states including Sikkim, he said.

With higher subsidy, the farmers of north east will not only be able to increase its agricultural and horticultural production but also gain in higher returns on their production because number of industries in these areas would come up that would also increase local entrepreneurship, he pointed out.

He also said that the government of Sikkim will shortly launch Rs.150 crores worth of cashless agri and horti cultural programme to promote cash crop in the state in next few weeks to enhance cultivation of cardamom, ginger, turmeric and the like. This programme will be launched by the Chief Minister of Sikkim.

Mr K D Bhattacharya, Deputy Director, MSMEs- Development Institute, Kolkata, Government of India said that the Ministry of MSME has several subsidised programme and schemes to support for the prosperity of local entrepreneurs in Sikkim and urged to take advantage of them to hike organic produce in state for domestic consumption as also export.

Director, PHD Chamber, Dr. Ranjeet Mehta appreciated the efforts of the state government for inviting investment in the state as with this, enterprise in the state will grow and so the employment.

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Sterling Green Woods to hold EGM
Apr 10,2017

Sterling Green Woods announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 10 May 2017 .

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Apollo Tyres inflates after inaugurating Hungarian plant
Apr 10,2017

The announcement was made after market hours on Friday, 7 April 2017.

Meanwhile, the BSE Sensex was up 5.15 points, or 0.02%, to 29,711.76.

On BSE, so far 1.53 lakh shares were traded in the counter, compared with average daily volume of 3.36 lakh shares in the past two weeks. The stock hit a high of Rs 217.50 and a low of Rs 214.50 so far during the day. The stock hit a 52-week high of Rs 235 on 6 October 2016. The stock hit a 52-week low of Rs 139.35 on 24 June 2016.

The stock had outperformed the market over the past one month till 7 April 2017, rising 18.23% compared with 2.69% rise in the Sensex. The scrip had also outperformed the market in past one quarter, surging 12.75% as against Sensexs 11.01% rise.

The large-cap company has equity capital of Rs 50.90 crore. Face value per share is Re 1.

Apollo Tyres announced inauguration of the companys sixth global tyre manufacturing unit and the second one in Europe. Located less than 100 km from the capital Budapest, it is the companys first greenfield facility outside India. Built over 72 hectares, construction began on site in April 2015.

Apollo Tyres is investing Euro 475 million in this facility. The final capacity at the end of phase I would be 5.5 million passenger car & light truck (PCLT) tyres and 675,000 commercial vehicle tyres. This facility will complement Apollo Tyres existing facility in the Netherlands, and will produce both Apollo and Vredestein brand of tyres for the European market.

Speaking on the occasion Onkar S Kanwar, Chairman, Apollo Tyres said that the Hungarian facility will help the company further increase its presence and market share in Europe. From being a replacement market focussed company in Europe, the company would soon be starting supplies of tyres to all the leading OEs in Europe.

Apollo Tyres consolidated net profit rose 5.98% to Rs 295.70 crore on 17.76% increase in total income to Rs 3495.21 crore in Q3 December 2016 over Q3 December 2015.

Apollo Tyres is an international tyre major with manufacturing units in India, the Netherlands and Hungary. The company markets its products under its two global brands - Apollo and Vredestein. The companys products are available in over 100 countries through a network of branded, exclusive and multi-product outlets.

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US stocks end marginally lower
Apr 10,2017

U.S. stocks closed fractionally lower on Friday, 07 April 2017 posting weekly losses after staggering through a choppy session as investors digested weaker-than-expected March jobs data and President Donald Trumps late Thursday airstrike against Syria.

The Dow Jones Industrial Average finished down 6.85 points at 20,656.10. The Nasdaq Composite Index finished down 1.14 points at 5,877.81. The S&P 500 declined 1.95 points to close at 2,355.54, with six out of the indexs 11 sectors finishing lower as utilities, consumer-discretionary, and financials led decliners.

For the week, the Dow industrials declined less than 0.1%, while the S&P 500 shed 0.3% and the Nasdaq Composite Index fell 0.6%.

Wal-Mart Stores and defense contractor Boeing led gainers, while DuPont and Walt Disney weighed on the average.

Overnight, the U.S. Navy launched 59 Tomahawk missiles at the Shayrat base in Syria. The news of missile strikes weighed on equity futures, but a swift rebound took place in time for the release of the Employment Situation report for March.

Latest employment report stated that the U.S. economy created just 98,000 new jobs in March, well below the 185,000 consensus figure that was forecast. The unemployment rate, however, fell to 4.5% from 4.7% as the number of people who found work outstripped the labor force.

Bullion prices ended mixed at Comex on Friday, 07 April 2017 at Comex. Gold futures finished with gains on Friday, but ended well off a five-month high set earlier in the session, as strength in the U.S. dollar and a rebound in stocks cut into the rally that followed U.S. airstrikes on Syria. A much weaker-than-expected March jobs report had helped the yellow metal to extend gains, but the yellow metal pulled back later as the dollar rose.

Gold for June delivery rose $4 or 0.3%, to end at $1,257.30 an ounce. For the week, gold advanced 0.5%, while May silver SIK7, gave up earlier gains to end at $18.151 an ounce, down 9.5 cents, or 0.5%. Silver booked a weekly decline of 0.5%.

Oil futures ended at a one-month high on Friday, 07 April 2017 after a U.S. airstrike on Syria, though gains were capped by expectations risks to Middle East output would be limited. Crude held gains after data from oil-field services firm Baker Hughes showed U.S. producers added 10 oil rigs this week, bringing the total number to 672.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in May finished at $52.24 a barrel, a gain of 54 cents, or 1.04%. Oil had jumped 2.4% in electronic trade following the strikes. For the week, the U.S. benchmark rose 3.2%. June Brent crude on Londons ICE Futures exchange rose 35 cents, or 0.6%, to close at $55.24 a barrel after briefly dipping into negative territory after U.S. jobs data. Brent rose 3.2% for the week.

Treasuries spiked to highs immediately after the release of the jobs report, but reversed in short order and continued sliding into the close. The 2-yr yield (1.27%) and the 10-yr yield (2.37%) jumped three basis points apiece while the long bond resisted the pressure. The 30-yr yield increased one basis point to 3.00%.

Investor participation was a bit below average as 935 million shares changed hands at the NYSE floor.

Investors will not receive any economic data on Monday.

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Bhushan Steel spurts on report of loan restructuring
Apr 10,2017

Meanwhile, the S&P BSE Sensex was up 21.89 points, or 0.07% to 29,728.50.

On the BSE, 1.86 lakh shares were traded in the counter so far, compared with average daily volumes of 2.08 lakh shares in the past one quarter. The stock had hit a high of Rs 65.20 and a low of Rs 63 so far during the day.

The stock hit a 52-week high of Rs 65.20 on 10 April 2017. The stock hit a 52-week low of Rs 34.50 on 24 May 2016.

The stock had outperformed the market over the past one month till 7 April 2017, rising 10.94% compared with 2.69% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 43.35% as against Sensexs 11.01% rise.

The small-cap company has equity capital of Rs 45.30 crore. Face value per share is Rs 2.

According to the media report, Bhushan Steel last month submitted final proposal for debt restructuring under the Reserve Bank of India (RBI)s S4A scheme. S4A, or Scheme for Sustainable Structuring of Stressed Assets, was unveiled by RBI last year to make debt recasts easier.

Bhushan Steel has been in financial distress recently. State Bank of India and Punjab National Bank lead two groups of creditor banks to Bhushan Steel. As of 2015-2016, the steel maker had Rs 44477.90 crore debt on books with Rs 10000 crore being added in past three years as interest and penal interest, reports added.

Under S4A scheme, banks need to establish by a process that involves a forensic audit that the promoters are clean and not involved in any activity of malfeasance. S4A cannot be implemented if the audit report suggests problem with the promoters. In such cases where wrong doing is seen on the part of promoters, the S4A can be implemented only when there is a change in ownership.

Bhushan Steel reported net loss of Rs 734.04 crore in Q3 December 2016 as against net loss of Rs 693.60 crore in Q3 December 2015. Net sales rose 47.12% to Rs 3611.13 crore in Q3 December 2016 over Q3 December 2015.

Bhushan Steel is one of the prominent players in the Indian steel industry. It has an existing steel production capacity of 5.6 million ton per annum.

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Ajanta Pharma intimates of successful inspection of its facility at Dahej
Apr 10,2017

Ajanta Pharma announced that its formulations facility at Dahej was inspected by USFDA from 03 April to 07 April 2017. At the end of the inspection, no Form 483 was issued to the Company.

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Brigade Enterprises rises after launch of luxury project
Apr 10,2017

The announcement was made after market hours on Friday, 7 April 2017.

Meanwhile, the S&P BSE Sensex was down 2.59 points, or 0.01%, to 29,704.02. Meanwhile, the S&P BSE Small-Cap index was up 50.39 points, or 0.34%, to 14,731.81

On BSE, so far 697 shares were traded in the counter, compared with average daily volume of 37,594 shares in the past one quarter. The stock hit a high of Rs 244.90 and a low of Rs 242.25 so far during the day. The stock hit a 52-week high of Rs 251.90 on 5 April 2017. The stock hit a 52-week low of Rs 138.30 on 8 April 2016.

The stock had outperformed the market over the past one month till 7 April 2017, rising 21.14% compared with 2.69% rise in the Sensex. The scrip had also outperformed the market in past one quarter, surging 57.73% as against Sensexs 11.01% rise.

The small-cap company has an equity capital of Rs 113.66 crore. Face value per share is Rs 10.

Brigade Buena Vista consists of 4 elegant residential towers spread across 7 acres, large parts of which are reserved for green, open spaces. The project is strategically located with excellent 3-way connectivity to Whitefield, Central and North Bengaluru and offers a strategic mix of accessibility and convenient living.

Brigade Enterprises consolidated net profit declined 12.41% to Rs 30.41 crore on 14.46% fall in net sales to Rs 537.61 crore in Q3 December 2016 over Q3 December 2015.

Brigade Enterprises is Brigade groups flagship company. Brigade group was established in 1986, with property development as its main focus.

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826 housing projects running behind schedule; average delay 39 months: ASSOCHAM study
Apr 10,2017

Battling adversity, as many as 826 housing projects are running behind schedule by an average of 39 months, with Punjab having the maximum of the delayed projects followed by Telangana and West Bengal, an ASSOCHAM study has found.

It said as at the end of December 2016, 3511 projects were live in construction and real estate sector, of which 2304 were under the implementation stage. Of the projects under implementation, 886 construction and real estate projects have recorded significant delays. Importantly, out of 886 delayed projects, 826 delayed projects are from housing construction and 60 from the commercial complex.

Among the major states, Punjab has recorded the maximum delay of 48 months in construction and real estate projects followed by Telangana (45 months), West Bengal (44 months), Odisha (44 months) and Haryana (44 months), the ASSOCHAM study noted.

Similarly, Madhya Pradesh, Andhra Pradesh and Uttar Pradesh have recorded 42 months of delay. Maharashtra saw delay of 39 months

Karnataka has recorded lowest delay of 31 months. Similarly, Rajasthan and Kerala have recorded delay almost equal to Karnataka followed by Gujarat and Tamil Nadu.

n++Hopefully, with steps like banks being allowed by the RBI to invest in Real Estate Investment Trusts (REITs), the sector should see revival of investment , enabling it to cut delays and restore consumer confidence,n++ ASSOCHAM Secretary General Mr D S Rawat said.

On an average construction and real estate projects have been delayed by 39 months, the study said. The ownership analysis suggests that public and the private sector projects have almost similar kind of delays. Public sector projects are delayed by 39.03 months and private sector by 39.63 months.

The real estate and housing sector is battling several problems. The process of obtaining mandatory approvals from multiple regulators and authorities result in cost and time overruns. These delays not only discourage investments in the housing sector but also lead to delays and corruption. As an effective solution, centre and state governments must introduce a single-window system for clearance of all real estate projects.

The chamber said the government should act as a facilitator rather than a regulator of the real estate projects, particularly where demand is more than supply. State governments should complete updation their land records, making them computerized and online.

In coordination with the state and local authorities, basic infrastructure like transport, water, power, housing, healthcare and sanitation must be taken up in well before completion of the projects.

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Dilip Buildcon firms up after winning two EPC projects in Maharashtra
Apr 10,2017

The announcement was made before trading hours today, 10 April 2017.

Meanwhile, the S&P BSE Sensex was down 27.93 points, or 0.09% to 29,678.68.

On the BSE, 5,132 shares were traded in the counter so far, compared with average daily volumes of 39,896 shares in the past one quarter. The stock had hit a high of Rs 362.35 and a low of Rs 358 so far during the day.

The stock hit a record high of Rs 373.80 on 5 April 2017. The stock hit a record low of Rs 178.60 on 9 November 2016.

The stock had outperformed the market over the past one month till 7 April 2017, rising 11.63% compared with 2.69% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 55.31% as against Sensexs 11.01% rise.

The mid-cap company has equity capital of Rs 136.77 crore. Face value per share is Rs 10.

Dilip Buildcon has received Letter of Award (LoA) from the Ministry of Road Transport & Highways (MORTH), Government of India for two EPC (engineering, procurement and construction) road projects worth Rs 580.50 crore in Maharashtra.

The first project is for rehabilitation and up-gradation of two lane with paved shoulders on; EPC mode from Kalamb to Wadki (Kalamb - Ralegaon - Wadki). The second project is for rehabilitation and up-gradation of two lane with paved shoulder on EPC mode, from Majalgaon to Kaij.

Dilip Buildcons net profit jumped 151.7% to Rs 108.64 crore on 41.9% rise in net sales to Rs 1388.43 crore in Q3 December 2016 over Q3 December 2015.

Dilip Buildcon is a road-focused engineering procurement construction (EPC) contractor. The company develops infrastructure across the country in diverse areas such as roads & bridges, water sanitation & sewage, irrigation, industrial, commercial & residential buildings.

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NIIT in partnership with Humber College selected as Exclusive Provider of Real Estate education programs
Apr 10,2017

NIIT announced that the Real Estate Council of Ontario (RECO) has selected NIIT Learning Solutions (Canada) in partnership with Humber College Institute of Technology & Advance Learning, Canada as the Exclusive Designate to redesign, deliver, and maintain its flagship real estate education programs for professionals in the province of Ontario for a period of 5 years.

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Glenmark Pharmaceuticals receives final approval for Fenofibrate Capsules
Apr 10,2017

Glenmark Pharmaceuticals Inc., USA (Glenmark) has been grantedfinal approval by the United States Food & Drug Administration (U.S. FDA) for Fenofibrate Capsules USP, 67 mg, 134 mg and 200 mg, the generic version of Tricorn++ Micronized Capsules, 67 mg, 134mg, and 200 mg of AbbVie, Inc.

According to IMS Health sales data for the 12 month period ending February 2017, the Tricorn++ Micronized Capsules, 67 mg, 134 mg and 200 mg market1 achieved annual sales of approximately $97.5 million.

Glenmarks current portfolio consists of 114 products authorized for distribution in the U.S. marketplace and approximately 64 ANDAs pending approval with the U.S. FDA

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Dilip Buildcon receives LoA for two road projects in Maharashtra
Apr 10,2017

Dilip Buildcon has received Letter of Award from Ministry of Road Transport & Highways (MORTH), Government of India for two EPC road projects in the State of Maharashtra.

Rehabilitation and upgradation of two lane with paved shoulders on EPC mode from Kalamb to Wadki - Bid Project cost Rs 343.72 crore - Bid Price - Rs 292.50 crore.

Rehabilitation and upgradation of two lane with paved shoulders on EPC mode from Majalgaon to Kaij - Bid Project cost Rs 340.04 crore - Bid Price - Rs 288.00 crore.

The construction period for both projects is 24 months.

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Page Industries announces demise of director cum CFO
Apr 10,2017

Page Industries announced the sad demise of Pius Thomas, Executive Director- Finance & Chief Financial Officer of the Company, on the wee hours on 07 April 2017.

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L&T Construction wins USD 817 mn order from Qatar General Electricity & Water Corporation
Apr 10,2017

Larsen & Toubro announced that the Power Transmission and Distribution Business of L&T Construction has won its single largest order in the Middle East from their esteemed customer KAHRAMAA - Qatar General Electricity & Water Corporation - for its ongoing Qatar Electricity Transmission Network Expansion Plan - Phase XIII. Through this ambitious project, KAHRAMAA intends to expand the existing power transmission network to meet the ever increasing demand for power due to the developmental work in the State of Qatar.

The prestigious USD 817 million (Rs 5250 crore) order will involve the engineering, procurement and construction of 30 new Gas Insulated Substations of varying voltage levels of 220kV , 132 kV and 66kV and approximately 560 km of 123 kV and 66 kV underground cables under various definite and framework packages. The project is scheduled for completion in phases from 15 to 32 months.

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