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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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IRB Infrastructure Developers acquires balance 26% stake in M.V.R. Infrastructure And Tollways
Mar 18,2017

IRB Infrastructure Developers announced that subsequent to NHAI approval, the Company has completed the process of acquisition of remaining 26% stake in M.V.R. Infrastructure And Tollways (MVR) from its earlier Promoters and other shareholders. Hence, MVR has now become wholly owned subsidiary of the Company.

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Mandhana Industries to be renamed as The Mandhana Industries
Mar 18,2017

The Board of Directors of Mandhana Industries has approved, subject to approval of the Members at the ensuing General Meeting, the proposal for rescinding the change in name of the Company from Mandhana Industries to The Mandhana Industries which was approved by the Members at the 32nd Annual General Meeting of the Company held on 30 December 2016.

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Board of Asahi Songwon Colors recommends dividend
Mar 18,2017

Asahi Songwon Colors announced that the Board of Directors of the Company at its meeting held on 18 March 2017, inter alia, have recommended the dividend of Rs 3 per equity Share (i.e. 30%) , subject to the approval of the shareholders.

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Rajasthan Petro Synthetics to hold board meeting
Mar 18,2017

Rajasthan Petro Synthetics will hold a meeting of the Board of Directors of the Company on 27 March 2017, to consider appointment of Company Secretary-cum- Compliance Officer (KMP) of the Company.

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Aryaman Financial Services to hold board meeting
Mar 18,2017

Aryaman Financial Services will hold a meeting of the Board of Directors of the Company on 21 March 2017, to consider allotment of 7,07,000 Equity Shares on preferential basis.

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Agarwal Industrial Corporation to hold board meeting
Mar 18,2017

Agarwal Industrial Corporation will hold a meeting of the Board of Directors of the Company on 22 March 2017, to consider and approve allotment of 5,00,000 fully convertible warrants into equity shares to the persons other than promoter and promoter group of the Company on preferential basis pursuant to Chapter VII of SEBI (ICDR)Regulations 2009, as amended and in accordance with all applicable laws and regulations.

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Board of Ajanta Pharma recommends dividend
Mar 18,2017

Ajanta Pharma announced that the Board of Directors of the Company at its meeting held on 18 March 2017, inter alia, have recommended the dividend of Rs 7 per equity Share (i.e. 350%) , subject to the approval of the shareholders.

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Board of Indiabulls Ventures recommends dividend
Mar 18,2017

Indiabulls Ventures announced that the Board of Directors of the Company at its meeting held on 17 March 2017, inter alia, have recommended the dividend of Rs 1 per equity Share (i.e. 50%) , subject to the approval of the shareholders.

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Food inflation in India comparatively lower in the last six months as compared to the global food inflation based on the Food Price Index of FAO
Mar 18,2017

Food inflation as measured by the Consumer Food Price Index (CFPI) in India was comparatively lower in the last six months as compared to the global food inflation based on the Food Price Index of Food and Agriculture Organization (FAO) (Table 1). Table 1: Food inflation based on FAO Food Price Index and CFPI (in per cent)Sep-16Oct-16Nov-16Dec-16Jan-17Feb-17FAO Food Price Index10.18.810.811.016.917.2CFPI4.03.32.01.40.62.0Source: Food and Agriculture Organization and Central Statistics Office.

Overall supply of food items has been comfortable. As per the second advance estimates (2nd AE) of production of food grains 2016-17 released by Department of Agriculture, Cooperation and Farmers Welfare, the production of total food grains is estimated to increase to 271.98 Million Tonnes in 2016-17 as compared to 253.16 Million Tonnes in 2015-16 (2nd AE). Pulses production is estimated to increase to 22.14 Million Tonnes in 2016-17 as compared to 17.33 Million Tonnes in 2015-16 (2nd AE).

As per the Macroeconomic Impact of Demonetisation- A Preliminary Assessment of the Reserve Bank of India (RBI), the impact of demonetisation on inflation in the near-term stemmed mainly from moderation in food inflation, especially perishables, as inflation excluding food and fuel remained broadly unaffected. The Government has taken a number of measures to control inflation, especially food inflation. The steps taken, inter alia, include, (i) increased budgetary allocation for Price Stabilization Fund in the budget 2017-18 to check volatility of prices of essential commodities, in particular, of pulses; (ii) created buffer stock of pulses through domestic procurement and imports; (iii) announced higher Minimum Support Prices so as to incentivize production; (iv) issued advisory to States/UTs to take strict action against hoarding and black marketing under the Essential Commodities Act 1955 and the Prevention of Black-marketing and Maintenance of Supplies of Essential Commodities Act, 1980; (v) imposed 20 per cent duty on export of sugar; and (vi) reduced import duty on potatoes, wheat and palm oil.

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GOI signatory of CbC MCAA pertaining to tax coopertion
Mar 18,2017

The Government is a signatory of Multilateral Competent Authority Agreement for automatic exchange of Country-by-Country Reporting (CbC MCAA) pertaining to tax cooperation to enable automatic sharing of Country-by-Country information

The Multilateral Competent Authority Agreement (MCAA) for automatic exchange of Country-by-Country (CbC) Reports has been developed by the Organisation of Economic Cooperation and Development (OECD) to facilitate amongst countries the automatic exchange of CbC Reports filed by Multinational Enterprises (MNEs). The MCAA has been developed to take forward the commitment of G-20 and OECD member countries, under the Base Erosion and Profit Shifting (BEPS) Project, to usher in a completely new Transfer Pricing documentation regime. The CbC Report is expected to provide countries with vital information to help them assess transfer pricing risks and select cases for audit. Detailed audit of such high-risk cases would help prevent profit shifting by MNEs through the transfer pricing mechanism. India signed the MCAA for CbC on 12/05/2016 and shall exchange CbC Reports from 2018.

As per the information available, 57 countries have signed the MCAA for CbC till date. Some of the recent signatories are Russian Federation, Mauritius, Indonesia and Gabon.

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Transport Corporation of India to hold board meeting
Mar 18,2017

Transport Corporation of India will hold a meeting of the Board of Directors of the Company on 17 May 2017, to consider/approve the Audited Financial Results for the 4th Quarter/FY ending 31 March 2017.

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IDBI Bank to hold board meeting
Mar 18,2017

IDBI Bank will hold a meeting of the Board of Directors of the Company on 21 March 2017.

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Number of e-filed Income Tax Returns in Financial Year 2016-17 (till 28 February 2017) was 4.21 Cr
Mar 18,2017

The number of e-filed Income Tax Returns in Financial Year 2016-17(till 28 February 2017) was 4.21 Cr. which represented an increase of twenty-one percent over the number filed during the corresponding period of last financial year.

The number of e-returns processed in Financial Year 2016-17 (till 28 February 2017) was 4.30 Cr.(this included the returns filed during Financial Year 2016-17 as well as backlog for earlier years).

The total amount of refund issued in the current fiscal (including refund arising out of rectification, appeal effect etc.) is Rs. 1,48,459 crore (till 28 February 2017).

The Government accords high priority to expeditious issue of refunds, particularly to small taxpayers. During Financial Year 2016-17, as on 10 February 2017, 98% of the refunds of less than Rs. 50,000/- have been issued and only 2% remain to be issued. Majority of these cases relate to recently filed tax returns or where the taxpayers response to the Department is awaited.

Further, to ensure expeditious disposal of backlog of refunds upto Rs. 5,000/- in non scrutiny cases pertaining to Assessment Years 2013-14, 2014-15 and 2015-16, instructions have been issued to field units to issue refunds in these cases without adjustment against the outstanding demand.

The law provides that income-tax returns are to be processed within a period of one year from the end of the financial year in which the return is made. Efforts have been made to shorten the timeframe over the years through greater thrust on automation, smoothening the process for e-filing, and proactive monitoring. During the current fiscal, 90% of the refunds have been issued within 60 days and 67% within 30 days of filing of return

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Welspun India inaugurates Needle Entangled Advance Textile Plant
Mar 18,2017

Welspun India has forayed into new technologies in its Technical Textile Business with its state-of-the-art Needle Entangled Advance Textile Plant in Anjar. The plant was inaugurated by Minister of Textiles, Smriti Irani on 18 March 2017.

The Rs 150 crore facility, will have unique capabilities of Spun Lace and Needle Punch lines which can manufacture multilayer composites for various applications. This advanced and innovative technology will provide non-woven solutions for high-end industrial applicationssuch as Filtration, Acoustics, Automotive, Fire Safety, Thermal insulation, Vibration control, Noise control, Aero-Space, Defence and Mass Transportation. The initial capacity of the manufacturing unit will be 2,400 MT per annum. With this facility, Welspun has also investedin a wide range of finishing technologies which include Coating, Laminating, Dyeing, and Printing to provide innovative solutions; all under one roof.

Further, Welspun has invested Rs 00 crore to set up a fresh state- of- the-art fully automated cut and sew unit in the made-ups segment with a capacity of 10 mn units per annum.

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GI Engineering Solutions provides update on US subsidiary
Mar 18,2017

GI Engineering Solutions announced that the wholly owned subsidiary of the Company viz. Genesys Enterprises Inc., USA has filed for voluntary dissolution with the Secretary of State of New York.

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