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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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Gujarat Intrux to hold board meeting
Jul 18,2017

Gujarat Intrux will hold a meeting of the Board of Directors of the Company on 28 July 2017.

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Niwas Spinning Mills to hold board meeting
Jul 18,2017

Niwas Spinning Mills will hold a meeting of the Board of Directors of the Company on 29 July 2017.

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Rubfila International to hold board meeting
Jul 18,2017

Rubfila International will hold a meeting of the Board of Directors of the Company on 28 July 2017.

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ITC plunges after hike in cess by GST council
Jul 18,2017

Ministry of Finance made the announcement after market hours yesterday, 17 July 2017.

Meanwhile, the S&P BSE Sensex was down 209.25 points or 0.65% at 31,865.53.

High volumes were witnessed on the counter. On the BSE, 42.12 lakh shares were traded on the counter so far as against the average daily volumes of 10.84 lakh shares in the past one quarter. The stock had hit a high of Rs 293.20 and a low of Rs 276.90 so far during the day.

The stock had hit a record high of Rs 353.20 on 3 July 2017 post incidence of lower tax after GST implementation from 1 July. The stock had hit a 52-week low of Rs 222.05 on 26 December 2016.

The stock had dropped 3.4% to Rs 325.75 yesterday, 17 July 2017, ahead of the meeting of GST council to consider cess on cigarettes.

The stock had outperformed the market over the past one month till 17 July 2017, gaining 6.35% compared with the Sensexs 3.28% rise. The stock had also outperformed the market over the past one quarter, gaining 16.76% as against the Sensexs 9.05% rise. The scrip had also outperformed the market over the past one year, advancing 30.88% as against the Sensexs 15.23% rise.

The large-cap company has equity capital of Rs 1216.18 crore. Face value per share is Rs 1.

The Goods & Services Tax (GST) Council in its meet yesterday, 17 July 2017, reviewed the compensation cess rates on cigarettes and recommended the increase in the same with effect from 18 July 2017.

The method of calibrating the compensation cess by the fitment committee did not take into consideration the cascading of taxes. As a result, the total tax incidence on cigarettes in GST regime has come down, as compared to the total tax in pre-GST regime. While any reduction in tax incidence on items of mass consumption would be welcome, the same would be unacceptable in case of demerit goods like cigarettes, press release said. Compensation cess rate on cigarettes will make the total tax incidence on cigarettes in GST regime at par with the total tax incidence in pre-GST regime.

For non filter cigarettes hike in cess ranged from Rs 485 to Rs 792 per thousand cigarettes while for filter cigarettes increase was in the range of Rs 485 to Rs 792 per thousand cigarettes.

The hike is seen as negative for ITC and some brokerages have even downgraded the stock and cut its target price.

ITCs net profit rose 12.1% to Rs 2669.47 crore on 14% growth in net sales to Rs 11125.54 crore in Q4 March 2017 over Q4 March 2016.

ITC is a diversified company, with presence in cigarettes, hotels, paperboards & specialty papers, packaging, agri-business, packaged foods & confectionery, information technology, branded apparel, personal care, stationery and other FMCG products. ITC is a market leader in cigarettes.

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Outcome of board meeting of Crimson Metal Engineering Company
Jul 18,2017

The Board of Directors of Crimson Metal Engineering Company at its meeting held on 17 July 2017 approved the following -

The approval letter received from Pondicherry Industrial Promotion Development and Investment Corporation for leasing the Companys immovable property situated at Pondicherry.

The draft lease agreement proposed to be entered in to by the Company with Ganges International in connection with the lease of Companys immovable property situated at Pondicherry along with plant and machinery.

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Inflation outlook to stay muted for more months: ASSOCHAM
Jul 18,2017

With the country set to reap a record foodgrains production and the industry not enjoying any pricing power, the inflation outlook remains quite muted at least till festival season of Durga Puja and Diwali, an ASSOCHAM analysis has suggested. n++The inflation, based on the Index of Wholesale Price Index (WPI) for the past six months, between January and June, 2017 clearly shows that there has been a sharp drop in the pace of price rise , not only in the headline number to below one per cent but also in several individual items of interest to the common household. Besides, the inflation for the manufactured products, more so for the manufactured food products, has seen a significant decline in the past six months. The headline WPI inflation has dropped in the past six months from 4.26 per cent in January, 2017 to 0.90 in June this year. For the manufactured products, it has decreased from 3.37 per cent to 2.27 per cent, while for the manufactured food products, the figure has dropped from 10.73 per cent to 3.09 per cent on the annualized basisn++. , said the ASSOCHAM note.

n++Going forward, there could be some disruption for one or two vegetable items such as tomatoes, having seen crop damage, but overall, the situation is going to remain quite comfortable for the consumers at least till October-November. Floods in some parts of the country, may also play a spoilsport. However, a vigil needs to be maintained for ensuring that farmers are protected from the market distortions and the procurement agencies like the Food Corporation of India and other government wings both at the Central and the State levels along with the cooperatives like NAFED are fully geared to lift the farm produce in time and at remunerative rates n++.

Commenting on the situation, the ASSOCHAM Secretary General Mr D S Rawat said, the concept of e-platforms for the farm produce is excellent, but the same needs to be given a big push by the state governments, disallowing those middle men who may not be happy to shift to the transparent system of mandi operations.

He said the fact the inflation for manufactured food has dropped from a double digit to just about three per cent clearly reflects easing of the raw material costs for the food processing firms thanks to abundant supply of farm produce.

The last three months have witnessed a dramatic fall in the WPI inflation from 5.11 per cent in March to less than one per cent in June. n++Here again, the impact of bumper foodgrains and the entire cereals production is clearly visible. With the wheat harvest and arrivals of the new crop began from April, the wheat inflation saw a sharp drop from 11.33 per cent in February, then to 6.33 per cent in March and to 0.29 per cent in June this year on an annualized basis.

Of course the biggest contributors to a sharp fall in inflation are the vegetable prices which have dropped by over 21 per cent in June, 2017 year on year. n++It is here, the inflation should start reviving in the next few months,n++ the ASSOCHAM note added.

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Genus Paper & Boards to hold board meeting
Jul 18,2017

Genus Paper & Boards will hold a meeting of the Board of Directors of the Company on 25 July 2017, to approve the Unaudited Financial Results for the quarter ended 30 June 2017

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Nava Bharat Ventures to hold AGM
Jul 18,2017

Nava Bharat Ventures announced that the 45th Annual General Meeting (AGM) of the company will be held on 9 August 2017.

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Suryalakshmi Cotton Mills to hold AGM
Jul 18,2017

Suryalakshmi Cotton Mills announced that the 54th Annual General Meeting (AGM) of the company will be held on 28 August 2017.

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Board of ACC recommends dividend
Jul 18,2017

ACC announced that the Board of Directors of the Company at its meeting held on 17 July 2017, inter alia, have recommended the dividend of Rs 11 per equity Share (i.e. 110%) , subject to the approval of the shareholders.

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Dynamic Archistructures to hold board meeting
Jul 18,2017

Dynamic Archistructures will hold a meeting of the Board of Directors of the Company on 31 July 2017.

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Shri Dinesh Mills to hold board meeting
Jul 18,2017

Shri Dinesh Mills will hold a meeting of the Board of Directors of the Company on 14 August 2017, for considering inter alia the un-audited Financial Results for the quarter ended 30th June 2017.

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Novartis India fixes record date for dividend
Jul 18,2017

Novartis India has fixed 20 July 2017 as record date for dividend. The dividend, if dividend if declared by the shareholders at the ensuing AGM on 28 July 2017, will be paid on and from 02 August 2017.

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SBI inches up after insurance arm files DRHP for IPO
Jul 18,2017

The announcement was made after market hours yesterday, 17 July 2017.

Meanwhile, the S&P BSE Sensex was down 194.52 points or 0.61% at 31,880.26.

On the BSE, 94,000 shares were traded on the counter so far as against the average daily volumes of 13.26 lakh shares in the past one quarter. The stock had hit a high of Rs 294.55 and a low of Rs 291.30 so far during the day. The stock had hit a 52-week high of Rs 315 on 19 May 2017 and a 52-week low of Rs 222.15 on 22 July 2016.

The stock had underperformed the market over the past one month till 17 July 2017, advancing 2.43% compared with the Sensexs 3.28% rise. The stock had also underperformed the market over the past one quarter, gaining 1.09% as against the Sensexs 9.05% rise. The scrip had, however, outperformed the market over the past one year, surging 26.48% as against the Sensexs 15.23% rise.

The large-cap state-run bank has equity capital of Rs 863.21 crore. Face value per share is Rs 1.

State Bank of India announced that its subsidiary, SBI Life Insurance Company has filed a draft red herring prospectus with the Sebi for an initial public offer of up to 12 crore equity shares of face value of Rs 10 each, representing up to 12% of its paid up equity share capital for cash, through an offer for sale (OFS) by State Bank of India and BNP Paribas Cardif S.A of up to 8 crore equity shares (representing 8% of the paid up share capital) and up to 4 crore equity shares (representing 4% of the paid up share capital), respectively.

The offer includes a proposed reservation of up to 1.20 crore equity shares for State Bank shareholders and a reservation of up to 20 lakh equity shares for eligible employees as part of the offer.

State Ban of Indias net profit surged 122.7% to Rs 2814.82 crore on 7.8% growth in total income to Rs 57720.07 crore in Q4 March 2017 over Q4 March 2016.

Government of India held 57.07% stake in State Bank of India (as on 12 June 2017).

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MoU Signed between Department of Defence Production and BEL
Jul 18,2017

Bharat Electronics Limited (BEL), a Navratna Schedule A Central Public Sector Enterprise (CPSE) under the Department of Defence Production, Ministry of Defence signed a Memorandum of Understanding (MoU) for the financial year 2017-18 with the Ministry. The annual MoU was signed between Secretary (Defence Production) Shri Ashok Kumar Gupta on behalf of the Ministry of Defence and Chairman and Managing Director, BEL Shri MV Gowtama.

The revenue from operations has been targeted at Rs. 9000 crore. The Operating Profit to Revenue from Operations target has been set at 14 percent and PAT to Average Networth has been set at 15 percent.

Turnover from exports and increase in indigenous content are given additional focus during the year, along with other parameters like CAPEX investment and Monitoring of CAPEX projects, Reduction in Trade Receivables, and HR related parameters.

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