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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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Austin Engineering Company reports consolidated net loss of Rs 1.24 crore in the September 2016 quarter
Oct 26,2016

Net Loss of Austin Engineering Company reported to Rs 1.24 crore in the quarter ended September 2016 as against net loss of Rs 0.52 crore during the previous quarter ended September 2015. Sales declined 12.79% to Rs 17.38 crore in the quarter ended September 2016 as against Rs 19.93 crore during the previous quarter ended September 2015.

ParticularsQuarter Endedn++Sep. 2016Sep. 2015% Var. Sales17.3819.93 -13 OPM %-4.95-1.40 - PBDT-1.05-0.20 -425 PBT-1.31-0.53 -147 NP-1.24-0.52 -138

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Jubilant FoodWorks tumbles after weak Q2 numbers
Oct 26,2016

The result was announced during trading hours today, 26 October 2016.

Meanwhile, the BSE Sensex was down 218.10 points, or 0.78%, to 27,873.32.

On BSE, so far 2.61 lakh shares were traded in the counter, compared with average daily volume of 64,502 shares in the past one quarter. The stock hit a high of Rs 1,185 and a low of Rs 1,063 so far during the day. The stock hit a 52-week high of Rs 1,572.45 on 1 December 2015. The stock hit a 52-week low of Rs 896.65 on 12 February 2016. The stock had outperformed the market over the past 30 days till 25 October 2016, rising 19.34% compared with 0.72% decline in the Sensex. The scrip had, however, underperformed the market in past one quarter, falling 3.01% as against Sensexs 0.24% rise.

The mid-cap Indias largest food service company has equity capital of Rs 65.95 crore. Face value per share is Rs 10.

Jubilant FoodWorks said Dominos Pizza chain reported same store growth (SSG) of 4.2% in Q2 September 2016 compared with 3.2% in Q2 September 2015. SSG refers to the year-over-year growth in sales for restaurants in operation for 2 whole years.

Jubilant FoodWorks said revenues in Q2 September 2016 showed improvement on the back of enhanced volumes and positive same store sales growth driven by network extension into existing and new cities and towns; menu additions such as Burger Pizza and Pizza Mania Extremes; targeted promotional measures; and benefit of extensive online/mobile presence.

Jubilant FoodWorks is part of Jubilant Bhartia group and Indias largest food servicecompany, with a network of 1085 Dominos Pizza restaurants across 251 cities (as of 26 October 2016). The company & its subsidiary have the exclusive rights to develop and operate Dominos Pizza brand in India, Sri Lanka, Bangladesh and Nepal. At present it operates in India and Sri Lanka. The company also has exclusive rights for developing and operating Dunkin Donuts restaurants for India and has launched 73 Dunkin Donuts restaurants across 23 cities in India (as of 26 October 2016).

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Navneet Education plans to acquire Enclyclopedia Britannica (India)
Oct 26,2016

Navneet Education will acquire 17001063 equity shares aggregating to 100% of equity share capital of Enclyclopedia Britannica (India) for consideration of Rs 85-90 crore, subject to statutory approval, if any.

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Bharti Airtel launches affordable 10 day validity packs for international roaming
Oct 26,2016

Bharti Airtel has launched an affordable 10 day validity pack for international roaming. The 10 day roaming pack starts at Rs 1199 (USD 19) for Singapore and Thailand and is available at Rs 2999 (USD 45) for UK, US and Canada. These offer 2GB data, unlimited free incoming calls, 250 minutes of free call to India and 100 free SMSes per day. Post exhaustion of the pack benefits, international roaming data will be available for just Rs3/MB and outgoing calls to India and local call to any network will be charged at just Rs 3/min.

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Volumes jump at EIH counter
Oct 26,2016

EIH clocked volume of 17.94 lakh shares by 13:51 IST on BSE, a 152.88-times surge over two-week average daily volume of 12,000 shares. The stock rose 4.39% to Rs 114.05.

Solar Industries India notched up volume of 1.51 lakh shares, a 65.11-fold surge over two-week average daily volume of 2,000 shares. The stock rose 1.24% to Rs 655.

Max India saw volume of 10.76 lakh shares, a 41.69-fold surge over two-week average daily volume of 26,000 shares. The stock rose 0.68% to Rs 141.40.

OCL India clocked volume of 83,000 shares, a 31.13-fold surge over two-week average daily volume of 3,000 shares. The stock rose 4.35% to Rs 936.25

Astral Poly Technik saw volume of 1.60 lakh shares, a 17.17-fold rise over two-week average daily volume of 9,000 shares. The stock rose 0.06% to Rs 434.

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Shriram Transport Finance Company announces resignation of director
Oct 26,2016

Shriram Transport Finance Company announced that Jasmit Singh Gujral has also resigned from directorship of the Company with effect from close of business hours on 25 October 2016.

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PTC India announces cessation of nominee director
Oct 26,2016

PTC India announced that Hemant Bhargava, Director, nominee Director of LIC of India has ceased to be a Director of PTC India w.e.f 20 October 2016.

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Middle East, North Africa Region Urged to Stay on Course with Reforms
Oct 26,2016

The slump in oil prices and ongoing conflicts continue to weigh on growth prospects of the Middle East, North Africa, Afghanistan and Pakistan, said the IMF in its latest regional assessment.

With these challenges expected to persist, the IMF said that the countries in the region needed to continue the progress they have already made toward strengthening their fiscal balances, and instituting structural reforms, which would help to ensure inclusive and sustainable growth.

The IMFs Regional Economic Outlook for the Middle East and Central Asia, projects that growth for the region this year will be a modest 3n++ percent, with little improvement expected in 2017. Sluggish economic growth is hurting progress in improving living standards. Structural transformations towards more dynamic private-sector driven economies, plans for which are being formulated in a number of countries, are needed to boost growth and create private sector jobs, the report said.

n++The countries of the Middle East and North Africa region are still facing two of the worlds most pressing economic and geopolitical issues: the slump in oil prices and the intensification of conflicts,n++ said IMF Middle East and Central Asia Department Director Masood Ahmed at the reports launch in Dubai. n++To their credit, these countries have made progress in dealing with these challenges.n++

Despite staging a recovery over recent months to reach more than $50 a barrel, oil pricesn++the key driver of growth for the regions oil exportersn++are projected to remain low over the coming years. The IMF projects prices to barely reach $60 a barrel by 2021, far removed from the highs of more than $100 a barrel just two years ago.

Conflicts, meanwhile, are continuing to cause a severe humanitarian crisis in several of the regions countriesn++with higher numbers of refugees than at any other time since World War IIn++as well as disruption to economic activity and confidence across the wider region.

Modest outlook for oil exporters and oil importers

In the oil-exporting Gulf Cooperation Council (GCC), the IMF projects non-oil growth to be 1.8 percent in 2016 and 3.1 percent in 2017, much lower than the 7 percent average between 2000 and 2014, owing to the dampening effect from fiscal consolidations and a broader weakening of private sector confidence in the face of lower oil prices.

Non-oil growth outside the GCC is likely to be almost non-existent this year due to the conflicts in Iraq, Libya, and Yemen. In Iran, oil production has picked up strongly yet a broader growth dividend from the easing of the sanctions is materializing only slowly as international companies remain cautious and domestic reforms are proceeding gradually.

For the regions oil importers, spillovers from slower growth in the GCC and conflictsn++as well as deep-rooted domestic structural impedimentsn++are weighing on growth. These economies are projected to expand by 3.6 percent in 2016 and 4.2 percent in 2017.

Over the medium term, growth will be too low to improve living standards significantly or cut into high unemployment, which stands above 10 percent for the general population, and as high as 25 percent for young people.

Adjusting to cheaper oil

The entrenched nature of low oil prices and conflicts underlined the need for the regions countries to continue several crucial policy adjustments, the report emphasized.

n++Oil exporters are facing the difficult task of growing their economies in a climate of lower budget revenues and spending cuts,n++ Ahmed said. n++Therefore, the challenge now and into the future will be to find alternative sources of revenues and economic growth to maintain the level of prosperity many of them have become accustomed to,n++ he emphasized.

And for the oil importers, the key challenge is boosting job creation via more dynamic private sectors, he added.

The report highlights the significant progress many countries had made over recent months in adjusting to this new economic environment, particularly in the area of spending and new revenues. For example, oil exporters and importers alike have started to rationalize government spending and have cut back on their expensive general subsidy programs, for petrol, electricity, gas, and water, which have tended to benefit mostly the rich.

Despite these improvements, prices for these utilities are still well below international standards, so policymakers could go further in reforming their energy pricing frameworks, the report noted.

Some countries have also started to find cost savings in their public wage bills. For example, Saudi Arabia recently announced a number of measures to trim its government wage bill, including by reducing allowances and limiting overtime. The GCC is also planning the introduction of a value-added tax.

n++These are all welcome moves and underline how committed these countries are to adjusting to the current difficult economic environment,n++ Ahmed said.

However, he added that over the next 12 months, and well into the future, more needs to be done.

A key challenge would be not only boosting growth while tightening budget expenditures, but also maximizing the returns from what room countries have available for public spending.

Investment in infrastructure, education, and health care would continue to be three key areas where public expenditures could be most effective in building sustainable, long-term growth, Ahmed said.

Diversifying drivers of growth

However, more broadly, the report recommends that given the environment of lower oil prices, countries need to make greater progress toward more diversified, dynamic, private-sector driven economies.

Many countries have announced such plans, including Saudi Arabia whose Vision 2030 emphasizes private sector development, commits to a balanced budget in five years, and envisages a partial privatization of ARAMCO, the worlds largest oil and gas company.

n++For oil exporters, this will include relying less on oil revenues while creating job opportunities for new labor market entrants in the private, rather than public, sector, while for oil importers, this will mean relying less on remittances. But, for both these groups of countries the goal must be an economic model that depends less on state spending and more on the private sector,n++ Ahmed said.

n++The economic transformations that are made now will have the potential to provide resilient and inclusive growth for generations to come,n++ he added.

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Kopran intimates of disruption of operations at its facility in Khopoli
Oct 26,2016

Kopran announced that the production at the Companys manufacturing facility at Khopoli, Village Savroli, Taluka - Khalapur, District Raigad 410202 for Finished Dosage Forms has been affected, due to a sudden illegal stoppage of work by the unionized workers without any notice.

The Management does not expect any material impact on the financial performance of the Company.

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Union Bank of India announces resignation of director
Oct 26,2016

Union Bank of India announced that Ministry of Finance, Government of India vide letter dated 26 October 2016 has informed that resignation of Jag Mohan Sharma, Chartered Accountant Director nominated by Central Government under section 9(3)(g) of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 has been accepted by the Central Government w.e.f. 05 October 2016.

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MCX gains after good Q2 result
Oct 26,2016

The result was announced after market hours yesterday, 25 October 2016.

Meanwhile, the BSE Sensex was down 212.92 points, or 0.76%, to 27,878.50

On BSE, so far 22,500 shares were traded in the counter, compared with average daily volume of 88,119 shares in the past one quarter. The stock hit a high of Rs 1,313.90 and low of Rs 1,293 so far during the day. The stock hit a 52-week high of Rs 1,420 on 3 October 2016. The stock hit a 52-week low of Rs 726 on 12 February 2016. The stock had outperformed the market over the past 30 days till 25 October 2016, gaining 19.14% compared with 0.72% decline in the Sensex. The scrip also outperformed the market in past one quarter, 20.52% as against Sensexs 0.24% rise.

The mid-cap company has equity capital of Rs 51 crore. Face value per share is Rs 10.

Multi Commodity Exchange of India (MCX)s earnings before interest, taxation, depreciation and amortization (EBITDA) rose 18% to Rs 55.35 crore in Q2 September 2016 over Q2 September 2015. EBITDA margin stood at 58% and profit after tax (PAT) margin was 39% in Q2 September 2016.

MCXs market share in commodity derivative space has increased to 89.49% in Q2 September 2016 in 84.13% in Q2 September 2015. The average daily turnover (ADT) traded on the exchange has increased by 12% to Rs 25165 crore in Q2 September 2016 over Q2 September 2015. The total number of commodity futures contracts traded on the exchange increased by 3% to 61 million lots in Q2 September 2016 from 59 million lots in Q2 September 2015.

Mrugank Paranjape, MD & CEO, MCX said that strengthened regulatory architecture of Indias commodity derivatives market and introduction of new products such as options, along with the possible entry of institutional participants holds mammoth potential for the company as it endeavours to meet the concomitant demand for risk management solutions of a growing economy.

MCX is Indias first listed, national-level, electronic, commodity futures exchange with permanent recognition from the Government of India.

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Cadila Healthcare slides after weak Q2 results
Oct 26,2016

The result was announced during trading hours today, 26 October 2016.

Meanwhile, the BSE Sensex was down 202.03 points, or 0.72%, to 27,889.39.

On BSE, so far 2.52 lakh shares were traded in the counter, compared with average daily volume of 83,845 shares in the past one quarter. The stock hit a high of Rs 410 and a low of Rs 374.10 so far during the day. The stock hit a record high of Rs 437 on 5 November 2015. The stock hit a 52-week low of Rs 295.50 on 18 January 2016. The stock had outperformed the market over the past 30 days till 25 October 2016, rising 3.70% compared with 0.72% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 13.98% as against Sensexs 0.24% rise.

The large-cap company has equity capital of Rs 102.37 crore. Face value per share is Re 1.

Cadila Healthcare is a global pharmaceutical company that discovers, manufactures and markets a broad range of healthcare therapies.

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FICCI sets up Online Travel and Technology Committee to give a fillip to net-based travel
Oct 26,2016

FICCI has instituted the Online Travel and Technology Committee under the aegis of its existing Tourism Committee to champion the cause of netizens and online travel companies. FICCIs Online Travel and Technology Committee owes its genesis to the rapid penetration of Internet and mobile which has transformed the way travel industry operates and how travellers book and consume travel related products.

The chamber recognizes the changing travel market dynamics and the significant role online travel and technology is playing towards shaping the future travel booking, consumption and distribution trends. It understands the drivers towards these trends in-terms of internet penetration, usage of smart phones and simplification of transactional supported payment mechanism.

The Committee will be led by Mr. Dhruv Shringi, Co founder & CEO, Yatra Online and comprise key stakeholders of online travel companies including MakeMyTrip, Clear Trip and various other stakeholders and knowledge partners from the online travel segment of the tourism industry.

Says Dr. A Didar Singh, Secretary General, FICCI, n++The Committee has been formed for outlining the roadmap for a robust regulatory policy for the online travel industry and also to encourage innovation in travel & tourism sectorn++.

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Indias absolute score improved from 53.93 to 55.27 in the previous year
Oct 26,2016

The World Banks annual Doing Business 2017 report released recognizes Indias achievements in implementing reforms in four of its ten indicators-Trading Across Borders, Getting Electricity, Enforcing Contracts and Paying Taxes. This is the first time in its history that India has been recognized for improvement in four indicators.

Improvement in Ranking and Distance to Frontier

The Doing Business report ranks countries on the basis of Distance to Frontier, an absolute score that measures the gap between India and the global best practice. Indias absolute score improved from 53.93 to 55.27 in the previous year. This is the first time in history that India has improved its absolute score in two consecutive years. Additionally, Indias Distance to Frontier score improved on 6 out of the 10 indicators, showing that India is increasingly progressing towards best practice.

TopicsDB 2015 DB 2015
(Revised)
DB 2016 DB 2016 (Revised)DB 2017 Overall rank142134130131130Distance to Frontier52.67-54.6853.9355.27

The change in ranking of India across the 10 indicators is as follows:

TopicsDB 2015 RankDB 2016 RankDB 2017 RankGetting Electricity n++n++ 1377026Enforcing Contracts n++n++ 186178172Starting a Business n++n++158155155Registering Property n++n++ 121138138Resolving Insolvency n++n++ 137136136Construction Permits n++n++ 184183185Getting Credit n++n++ 364244Protecting Minority Investors n++n++ 7813Paying Taxes n++n++ 156157172Trading Across Borders n++n++ 126133143

Reforms Recognized by World Bank

I. On Getting Electricity, the report recognized the efforts of Tata Power in Delhi to make it faster and cheaper to obtain an electricity connection. These efforts, combined with efforts in Mumbai last year, have allowed India to improve its rank on this indicator from 137 in Doing Business 2015 to 26 in this years report, a 111 rank improvement.

II. The report has also recognized the establishment of Commercial Divisions within the High Courts in Delhi and Mumbai to deal with commercial cases above Rs. 1 crore. This has allowed India to improve its rank by 14 places in 2 years.

III. In the area of Trading Across Borders, the report recognized the implementation of the Single Window Interface for Trade (ICEGATE), which integrates approvals and risk-based frameworks of customs and nine departments to provide traders with a single online interface for import clearances.

IV. On Paying Taxes, the report recognized online filing and payment of returns at the Employees Social Insurance Corporation.

Reforms Not Recognized by World Bank This Year

The World Bank acknowledges only such reforms which have been implemented in Mumbai and Delhi by 1st of June each year; if they are reported as implemented by business intermediaries. Following major reforms have not been accounted for in current years report:

I. Enactment of the Insolvency and Bankruptcy Code has transformed Indias corporate insolvency landscape by replacing outdated laws with a new legal framework. Once implemented, it will improve our rank significantly in resolving insolvency index in next years ranking.

II. The constitutional amendment to enact a Goods and Services Tax, which will promote a common market across the country. On implementation, our rank on Starting a Business and Paying Taxes will improve significantly next year.

III. Introduction of online single window systems for building plan approval in Delhi and Mumbai, integrating permissions of various agencies. This has reduced time to process and issue building plan approvals from 231 days to 21.85 days on an average in Delhi, and from 147 days to 26.39 days in Mumbai. This will be reflected only in next years report after private sector respondents have used the system widely.

IV. Introduction and streamlining of INC-29 for company incorporation, which is currently used by 30% of new companies. This reform was not factored in this year because as per the World Banks methodology more than 50 per cent of users should have used the system in the period 2nd June, 2015 to 1st June, 2016.

V. The elimination of the requirement of a company seal while applying for government registrations and permissions at the time of setting up of a business. The Companies Act, 2013 was amended in 2015 to make provision for the same but has not been accounted for by the World Bank. The Bank has observed that, to open a bank account a company seal was required, which was not found to be the case.

VI. Online registration for ESIC and EPFO registration, which has expedited the time to register. This functionality has been made applicable from 1st December, 2015. The World Bank has not accepted the evidence provided in this regard.

VII. Online filing and payment of returns at the Employees Provident Fund Organization, where the majority of returns and payments are now filed and paid fully online. This reform has not been considered even though it was implemented by EPFO on 5th June, 2015. The World Bank has stated that this would be reflected in the rankings next year.

VIII. Streamlining of name reservation process at Ministry of Corporate Affairs, reducing the time taken to an average of 1.86 days.

IX. Registration under VAT and Profession Tax has been merged into a single process from 1st January, 2015 by Government of Maharashtra.

X. Registration for VAT in Delhi has been made online and is allotted real time and business can start operations immediately on receipt of TIN number.

Kokuyo Camlin tumbles after dismal Q2 results
Oct 26,2016

Meanwhile, the BSE Sensex was down 229.44 points, or 0.82%, to 27,861.98.

On BSE, so far 1.44 lakh shares were traded in the counter, compared with average daily volume of 37,558 shares in the past one quarter. The stock hit a high of Rs 82.65 and a low of Rs 79 so far during the day. The stock hit a 52-week high of Rs 113.90 on 6 November 2015. The stock hit a 52-week low of Rs 65 on 12 February 2016. The stock had outperformed the market over the past 30 days till 25 October 2016, rising 6.16% compared with 0.72% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 11.70% as against Sensexs 0.24% rise.

The small-cap company has equity capital of Rs 10.03 crore. Face value per share is Re 1.

Kokuyo Camlins total income from operations fell 0.15% to Rs 129.58 crore in Q2 September 2016 over Q2 September 2015.

Kokuyo Camlin makes stationery and colour products.

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