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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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Ind-Ra: National Steel Policy Bets on Higher Infra Spending Through Government Initiatives to Double Demand Growth
May 16,2017

The National Steel Policy 2017 announced by the Ministry of Steel is betting on higher spending on infrastructure and construction sector through government initiatives to push steel demand and increase utilisation, says India Ratings and Research (Ind-Ra). It is a comprehensive policy, with a focus on targets and means to achieve them. Ind-Ra believes the policy will give a boost to the struggling Indian steel industry; however the execution of provisions in the policy will remain a key challenge for the government. The policy sets guideline to address all the pain points of the industry namely, muted demand, over capacity, raw material price volatility and technology inefficiency, which if adhered to diligently will enable the industry to be better placed to absorb any external shocks.

To achieve the expected demand of 230 MT in 2030-31, steel demand will need to grow at a CAGR of around 7%-7.5% during the period against a CAGR of 3.5%-4% over the last 5 year. In order to achieve the aggressive demand growth target governments focus on building steel demand will be the key, which requires accelerated spending in infrastructure, construction, railways and the defence sector. The policy also focuses on taking steps to encourage the higher use of steel in projects by replacing other materials being used with steel wherever possible. Ind-Ra believes that the expected growth in steel demand looks ambitious and may face hurdles namely, political instability, budget constraint and timely execution of projects.

Further in order to protect the domestic industry from imports to meet the accelerated demand growth the government has announced another policy which provides preference to domestically manufactured iron & steel products for government procurement with immediate effect. The aforesaid policy excludes procurement of grades of steel not manufactured in India or where demand cannot be met through domestic sources. Ind-Ra believes the policy is likely to boost demand and realisations of domestic producers as they will not have to compete with imported material and is likely to increase capacity utilisation though it will be marginal. The steel producers with a higher proportion of value added products in their baskets will benefit the most from the preference policy.

To meet the demand growth the government plans to increase the steel capacity to 300 MT by 2030-31 (122 MT 2015-16), which would require extensive efforts toward increasing the availability of resources namely, infrastructure, raw material and finance. Ind-Ra believes that the capacity creation which requires capital expenditure of around INR10 trillion will lead to stretched credit metrics on a sustained basis for companies, due to the continuous capex undertaken. Ind-Ra expects central public sector enterprises to be under pressure to build capacity for catering to any demand-supply gap after considering the capex by the private sector. Capex undertaken by public sector enterprises may further stretch the metrics of public undertaking, unless the government infuses funds to support capex instead of adding debt. Apart from resources, other hurdles also needs to be addressed like improvement in the approval processes for setting up plants, which generally leads to delays in the completion of projects.

The Indian steel industry imports around 85% of coking coal for producing steel, which is highly volatile and has impacted and continues to remain a concern for companies profitability. The policy has taken cognisance of the same and plans to increase the domestic availability of coking coal through acquisition of overseas assets and the auction of domestic coking coal blocks in coalition with the Ministry of Mines and by installing coal washeries. If successfully implemented and the linkages provided to domestic producers, it will provide some stability to input cost, since producers will continue to depend on imports for majority (around 65%) of their requirements.

India is self-sufficient in terms of iron ore availability to meet the estimates rise in requirements, but needs to expedite the approval process to enable timely availability of the resource. The policy also focuses on increasing the use of low grade iron ore fines in an efficient manner by bringing in regulatory changes, where required.Indian steel industry lacks technological efficiency compared to global standard, thus making us uncompetitive against countries like China, Japan and Korea as well as poses a threat from import substitution. The policy focuses on improvement in the efficiency parameters so as to reduce the cost of production and develop advanced steel products to reduce the dependence on imports. However in order to achieve efficiency levels in most plants a significant amount of capex will be required to be undertaken by steel companies, which looks tough considering their financial health, baring for few large producers.

Ind-Ra believes that policy will be positive for the steel industry, however timely implementation of various steps will be crucial. Further, for the policy to be successful immediate steps to improve the existing situation of the struggling steel industry and ways to build demand leading to improvement in capacity utilisations of existing plants is warranted.

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Amrit Corp hits record high after strong Q4 results
May 16,2017

The result was announced after market hours yesterday, 15 May 2017.

Meanwhile, the S&P BSE Sensex was up 162.45 points, or 0.54% at 30,484.57. The S&P BSE Small-cap index was up 63.77 points, 0.41% at 15,714.14.

High volumes were witnessed on the counter. On the BSE, 3,729 shares were traded on the counter so far as against the average daily volumes of 511 shares in the past one quarter. The stock had hit a high of Rs 738 so far during the day, which is also its record high. The stock hit a low of Rs 680 so far during the day.

The stock had hit a 52-week low of Rs 306 on 24 May 2016. The stock had outperformed the market over the past one month till 15 May 2017, advancing 31.16% compared with the Sensexs 2.92% rise. The scrip had also outperformed the market over the past one quarter advancing 40.73% as against the Sensexs 7.69% rise.

The small-cap company has equity capital of Rs 3.21 crore. Face value per share is Rs 10.

Amrit Corp is the flagship holding company of the Amrit Group. The company operates in various segments viz. dairy milk & milk products, real estate and services & commodities trading.

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Mukesh Babu Financial Services to hold board meeting
May 16,2017

Mukesh Babu Financial Services will hold a meeting of the Board of Directors of the Company on 30 May 2017

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Dynamic Portfolio Management & Services to hold board meeting
May 16,2017

Dynamic Portfolio Management & Services will hold a meeting of the Board of Directors of the Company on 30 May 2017.

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J&K Bank leads gainers in A group
May 16,2017

J&K Bank jumped 8.95% to Rs 88.85 at 13:42 IST. The stock topped the gainers in the BSEs A group. On the BSE, 4.72 lakh shares were traded on the counter so far as against the average daily volumes of 1.37 lakh shares in the past two weeks.

Adani Power surged 7.59% at Rs 32.60. The stock was second biggest gainer in A group. On the BSE, 41.53 lakh shares were traded on the counter so far as against the average daily volumes of 12.10 lakh shares in the past two weeks.

Unitech advanced 5.92% to Rs 5.90. The stock was third biggest gainer in A group. On the BSE, 41.47 lakh shares were traded on the counter so far as against the average daily volumes of 24.18 lakh shares in the past two weeks.

Adani Transmission gained 5% at Rs 99.90. The stock was fourth biggest gainer in A group. On the BSE, 8.91 lakh shares were traded on the counter so far as against the average daily volumes of 4.59 lakh shares in the past two weeks.

Punjab National Bank (PNB) rose 4.61% to Rs 174.65. The stock was fifth biggest gainer in A group. On the BSE, 40.65 lakh shares were traded on the counter so far as against the average daily volumes of 12.60 lakh shares in the past two weeks.

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One time exemption given to NGOs to file missing Annual Returns
May 16,2017

Government has given one final opportunity to all associations/organizations which have applied for renewal of their registration under the Foreign Contrubtion (Regulation) Act, 2010 (FCRA) but not uploaded their Annual Returns from Financial Year 2010-11 to 2014-15. All such NGOs can upload their missing Annual Returns along with the requisite documents within a period of 30 days, starting from May 15, 2017 to June 14, 2017. Further no compounding fee will be imposed on them for late filing of Annual Returns during this period.

This exemption is one time measure and available to those associations who upload their missing Annual Returns from FY 2010-11 to FY 2014-15 within this period. The renewal of registration under FCRA cannot be granted unless the Annual Returns are uploaded by the organization.

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Manpasand Beverages launches Jeera Sip
May 16,2017

Manpasand Beverages has entered the traditional Indian drinks segment under the brand name of Jeera Sip. Positioned as a healthy and yet refreshing beverage, the product will be available in 250 ml and 160 ml PET bottle.

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Swaraj Automotives to pay dividend
May 16,2017

Swaraj Automotives announced that the dividend, if declared, shall be paid on and from 16 August 2017.

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Axis Rail announces changes in corporate information
May 16,2017

Axis Rail India announced the following change in corporate information -

1. Industry shown isFurniture, FurnishingPaints,which is to be changed to Railway infrastructure and Turnkey Services for execution of Railway projects

2.The website it is shown as www.guptacarpets.in.whereas it has to be changed to www.axisrail.in.

3.Further in the Registered Office, it should be mentioned as Axis Towers, # 12-5-34-35/1, Vijaypuri, South Lallaguda,Secunderabad-500 017,

4.It is shown as Gupta CIN, whereas, it should be shown as Axis Rail CIN,

5. Further, it is shown as operating in Textile Sector and the same to be changed to Railway Infrastructure sector.

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BHEL secured order worth Rs 233 crore
May 16,2017

Bharat Heavy Electricals has won an order for a steam and power generation package from Ramagundam Fertilizers and Chemicals. Valued at Rs 233 crore, the order has been placed on BHEL for setting up the package at RFCLs fertilizer plant at Ramagundam in Telangana.

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Volumes jump at Kewal Kiran Clothing counter
May 16,2017

Kewal Kiran Clothing clocked volume of 1.78 lakh shares by 13:06 IST on BSE, a 2970.68-times surge over two-week average daily volume of 60 shares. The stock fell 2.17% to Rs 1,712.05.

HCL Technologies notched up volume of 1.26 crore shares, a 93.12-fold surge over two-week average daily volume of 1.35 lakh shares. The stock fell 0.08% to Rs 850.50.

K P R Mill saw volume of 1.34 lakh shares, a 25.76-fold surge over two-week average daily volume of 5,000 shares. The stock fell 0.11% to Rs 759.35.

Century Plyboards (India) clocked volume of 2.21 lakh shares, a 19.17-fold surge over two-week average daily volume of 12,000 shares. The stock fell 0.13% to Rs 266.20.

Endurance Technologies saw volume of 1.08 lakh shares, a 17.03-fold rise over two-week average daily volume of 6,000 shares. The stock fell 1.96% to Rs 802.90.

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Board of Capital First approves issue of NCDs aggregating Rs 1 crore
May 16,2017

Capital First announced that the Debenture Committee constituted by the Board of Directors of the Company at its meeting held on 16 May 2017, has inter - alia approved an issue of Rated, Listed, Secured, Redeemable, Non-Convertible Debentures of Rs 1 crore plus Green Shoe Option of Rs 2 crore on private placement basis.

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Board of Dhanlaxmi Bank approves preferential allotment of shares
May 16,2017

The Board of Directors of Dhanlaxmi Bank has approved the allotment of 4,31,65,465 Equity Shares of Rs. 10/- each at a price of Rs. 27.80 per Equity Share (including premium of Rs. 17.80 per Equity Share) on Preferential Allotment basis on 15 May 2017. The paid-up share capital of the Bank after the above allotment will be Rs. 253,01,20,840 with 25,30,12,084 Equity Shares of Rs. 10/- each.has

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Zensar Technologies launches Big Data enabled platform
May 16,2017

Zensar Technologies announced the launch of its Big Data enabled platform for seamless end to end information management.

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IDFC allots 12,450 equity shares
May 16,2017

IDFC has allotted 12,450 fully paid up equity shares of Rs.10/- each in terms of the IDFC ESOS- 2016 (ESOS Scheme).

Post allotment as above, the Equity Share Capital of the Company stands increased to 1,595,954,020 equity shares of Rs. 10/- each aggregating to Rs. 15,959,540,200/-

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