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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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Adani Enterprises tumbles after weak Q2 outcome
Oct 25,2016

The result was announced after market hours yesterday, 24 October 2016.

Meanwhile, the BSE Sensex was down 120.08 points, or 0.43%, to 28,059.

On BSE, so far 1.89 lakh shares were traded in the counter, compared with average daily volume of 4.94 lakh shares in the past one quarter. The stock hit a high of Rs 70.70 and a low of Rs 67.70 so far during the day. The stock hit a 52-week high of Rs 94.80 on 26 October 2015. The stock hit a 52-week low of Rs 58.45 on 29 February 2016. The stock had outperformed the market over the past 30 days till 24 October 2016, falling 0.42% compared with 1.71% decline in the Sensex. The scrip had, however, outperformed the market in past one quarter, falling 13.93% as against Sensexs 0.72% rise.

The mid-cap company has equity capital of Rs 109.98 crore. Face value per share is Re 1.

Ameet Desai, Executive Director of Adani Enterprises and Group CFO said that this has been a good quarter with recurring financial performance despite multiple headwinds including market volatility for commodities. The company has well-rounded growth in volume at its mining, agro and city gas businesses during the quarter. With improving economic climate and business sentiment, the company expects to further boost its financial performance, Desai said.

Adani Enterprises is the flagship entity of the Adani group. Adani Enterprises started as a trading firm dealing in myriad commodities. Over a period of time, coal became its main stay and after it emerged as Indias leading coal importer, it made forays into multiple sectors as forward and backward integration.

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Tata Power Company intimates of change in Chairman of Tata Sons
Oct 25,2016

Tata Power Company announced that the Tata Sons (TSL) has replaced Cyrus P. Mistry as the Chairman of TSL with immediate effect. Ratan N. Tata shall be the Interim Chairman of TSL until a new Chairman is appointed.

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Tata Group stocks slide after Cyrus Mistrys ouster
Oct 25,2016

The announcement was made after market hours yesterday, 24 October 2016.

Tata Metaliks (down 7.89%), Tata Steel (down 3.33%), Tata Communications (down 3.06%), Tata Global Beverages (down 2.63%), Tata Chemicals (down 2.17%), Tata Motors (down 2.1%), Tata Investment Corporation (down 1.91%), Tata Power (down 1.91%), Tinplate Company of India (down 1.73%), Tata Sponge Iron (down 1.35%), Tata Teleservices (Maharashtra) (down 1.33%) and Tata Coffee (down 1.11%), edged lower. Rallis India was up 1%.

The S&P BSE Sensex was up 1.57 points, or 0.01% at 28,180.65.

The decision was taken at a board meeting held yesterday, 24 October 2016. The board named Ratan N. Tata as interim chairman of Tata Sons. The board has constituted a selection committee to choose a new chairman. The committee comprises Ratan N. Tata, Venu Srinivasan, Amit Chandra, Ronen Sen and Lord Kumar Bhattacharyya, as per the criteria in the Articles of Association of Tata Sons. The committee has been mandated to complete the selection process in four months.

Tata Sons is the promoter of the major operating Tata companies and holds significant shareholdings in these companies. About 66% of the equity capital of Tata Sons is held by philanthropic trusts endowed by members of the Tata family. The largest of these trusts are the Sir Dorabji Tata Trust and the Sir Ratan Tata Trust, which were created by the families of the sons of Jamsetji Tata, the Founder.

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Tata Motors intimates of change in Chairman of Tata Sons
Oct 25,2016

Tata Motors announced that Tata Sons, promoters of the Company, at their meeting held on 24 October 2016, have replaced Cyrus P Mistry as the Chairman of Tata Sons with immediate effect. Ratan N Tata shall be the Interim Chairman of Tata Sons until the new Chairman is appointed in accordance with the procedure prescribed in the Companies Act, 2013 and the Articles of Association of Tata Sons.

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Navin Fluorine International fixes record date for interim dividend & special dividend
Oct 25,2016

Navin Fluorine International has fixed 07 November 2016 as the Record Date for the purpose of Payment of Interim Dividend & Special Dividend.

Further, the Interim Dividend & Special Dividend shall be paid on 10 November 2016.

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FM: Launches SMS Alert Service for about 2.5 crore private and Government salaried employees to directly inform deposit of tax deducted at qtr end
Oct 25,2016

The Union Finance Minister Shri Arun Jaitley said that better facilities and services to the taxpayers are the central to Direct Tax Reforms. He said that the tax payers have a right to know the deductions made from their salary/income on regular basis. He said that more and more tax payer services have to be provided in order to make the people tax complaint. He stressed on the Governments commitment towards continuously upgrading tax payer services. The Finance Minister Shri Jaitley was speaking after launching the SMS Alert Service for direct taxes for about 2.5 crore private and Government salaried employees.

The new step is an effort by the Income Tax Department to directly communicate deposit of tax deducted, through SMS alerts to salaried taxpayers, at the end of every quarter. In case of a mismatch, they can contact their deductor for necessary correction. Simultaneously, SMS alerts will also be sent to deductors who have either failed to deposit taxes deducted or to e-file their TDS returns by the due date.

This initiative will initially benefit approximately 2.5 crore salaried cases. The CBDT will soon extend this facility to another 4.4 crore non-salaried taxpayers. The frequency of SMS alerts will be increased, once the process for filing TDS returns is streamlined to receive such information on a real-time basis.

All taxpayers who wish to receive such SMS alerts are advised to update their mobile numbers in their e-filing account.

The CBDT constantly endeavours to provide better taxpayer services and reduce taxpayer grievances. New schemes and e-initiatives to redress and reduce complaints of mismatches in tax deducted at source are key to this effort.

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Glenmark Pharmaceuticals gets final approval for Nystatin and Triamcinolone Acetonide Cream
Oct 25,2016

Glenmark Pharmaceuticals has been granted final approval by the USFDA for Nystatin and Triamcinolone Acetonide Cream USP, 100,000 units/gram and 1 mg/g, the generic version of Mycolog-II Cream, 100,000 units/g, 0.1% of Delcor Asset Corporation (which is no longer being marketed in the United States).

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The Government of Bihar should provide relief of 4% interest on loan to the farmers like other States
Oct 25,2016

The Union Agriculture and Farmers Welfare Minister, Shri Radha Mohan Singh called on Government of Bihar to bear the 4% interest on loan to farmers so that they can get loans at zero percent interest. At present, the farmers of Bihar receive, loan at 7% interest, 3% of which is borne by the Central Government. Union Minister of Agriculture reiterated this at the Cooperative Conference of Primary Agriculture Cooperative Societies (PACS) organized by Indian National Cooperative Union in Motihari (East Champaran). Shri Radha Mohan Singh added that if we require to take the country ahead in the developmental arena, we will have to develop the farmers agriculture as well as villages. We will have to increase the income of the farmers and for this purpose we will have to bring in another revolution.

The Minister further added that the Primary Agriculture Cooperative Societies (PACS) are the fundamental base for the development related to agriculture and cooperatives. The PACS are organized on the level of villages and have farmers as members. At present nearly 8463 Primary Agriculture Cooperative Societies (PACS) are working in the State of Bihar and almost 521 Trade Cooperatives are operational.Apart from this nearly 372 Primary Agriculture Cooperative Societies (PACS) are performing their tasks in the district of Motihari.

Shri Singh said that there must be a provision of reservation in PACs with the purpose to ensure the partnership of weaker section of the society scheduled castes, scheduled tribes, backward class and most backward classes. It is also essential to bring about institutional improvement to develop these PACS in the form of development centre of rural economy. Through these PACS farmers are provided seeds, fertilizers, agricultural equipments along with short term loan.

The Union Minister opined that the farmers must be provided more grants so as to strengthen the distribution system and substantiate the economic base of the PACS in Bihar. It is required to ensure the surplus achievement of paddy as well as wheat through the PACS so that farmers could get the appropriate support price declared by the government on the basis of their producce. Simultaneously these PACS will have to be developed in the form of institutes based on beneficial democratic values for the farmers.

The Union Minister of Agriculture and Farmers Welfare further added that fifty per cent PACS do not own their own godowns in Bihar for the storage of their products. Shri Singh said that until and unless there are storage facilities, the farmers will have to bear losses. The Minister further said that it is very much imperative to have the godowns raised for more and more PACS under Integrated Cooperative Development Project, National Agriculture Development Scheme so as to enhance the storage capacity of the godowns. Shri Singh further said the rice mills should be established under National Agriculture Development Scheme. The PACS should be provided enough margin money for common business particularly for storage of off season fertilizers. The Union Minister said that the attempts are on to computerized all the 8463 Primary Agriculture Cooperative Societies in Bihar. This programme will cost almost Rs. 2000 crore. 50% of which would be borne by Central Government through NABARD, 45% will be funded by Government of Bihar and rest of 5% will be provided by District State Cooperative Banks.

The Union Minister of Agriculture and Farmers Welfare said that during the year 2015-16 the dairy cooperatives of Bihar were provided Rs. 149 crore, Rs. 51.05 crore for ICDP, Rs. 12.5 crore for cold storage cooperatives, Rs. 28.10 crore for the cooperatives related to marketing. In this way as a whole a sum of Rs. 240.80 crore were provided . Shri Singh reiterated his resolve that the representatives should avail themselves of different development programmes related to NCDC to remove the regional imbalances and to enjoy the economic improvement of the Societies. On this occasion, the Minister requested the personnel related to the cooperatives that the Primary Agriculture Cooperative Societies (PACS) should make the farmers aware about the Soil Health Card Scheme in their respective areas so that they could protect the fertility of their soil. Shri Singh said that existing resources to meet the necessities related to human resources development of the sophisticated techniques and cooperative personnel are inadequate. Keeping in view, the increasing needs of cooperatives movement, Shri Singh said that due to the presence of only one National Level Cooperative Training Institute in Pune the participation of Eastern States and North Eastern States cannot be materialized. The Minister further said that the State Government was requested at Bihar State Cooperative Development Conference in February 2016 that a Cooperative Management Institute of National level should be set up in Eastern Champaran, Bihar.

Shri Radha Mohan Singh said that the Central Government for the first time has requested the people that they should frame all rules and regulations and schemes for the development of agriculture. Thereafter the Ministry of Agriculture and other Central Institute will enforce these schemes throughout the country altogether. They will be provided strategic as well as financial help to make them operational.

Union Minister of Agriculture and Farmers Welfare requested the State Government of Bihar that they should work together while making the blue print of the schemes so that the new ways and means could be found out to work out the problems coming in the way of agricultural development.

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Tata Group stocks in focus after Cyrus Mistrys ouster
Oct 25,2016

Shares of Tata Group companies will be watched as Tata Sons, the holding company of the Tata Group, said its board of directors replaced Cyrus P. Mistry as chairman of Tata Sons. The decision was taken at a Board meeting held yesterday, 24 October 2016. The board named Ratan N. Tata as interim chairman of Tata Sons. The board has constituted a selection committee to choose a new chairman. The committee comprises Ratan N. Tata, Venu Srinivasan, Amit Chandra, Ronen Sen and Lord Kumar Bhattacharyya, as per the criteria in the Articles of Association of Tata Sons. The committee has been mandated to complete the selection process in four months.

Vedanta after market hours yesterday, 24 October 2016 issued clarification with regard to news item titled Vedanta suspends work at Bicholim mine in Goa. The company said that Sesa Mining Corporation, a subsidiary of Vedanta, had suspended the work at Bicholim mines due to union agitation/activism. This a temporary closure of operations in the interest of safety and security of all employees at the Bicholim Mines, Vedanta said. The company added that the Bicholim Mine is one of the many mines operated by the subsidiaries of the company and the temporary suspension of the mine does not in any way impact the business deliverables.

Adani Enterprises consolidated net profit fell 78.87% to Rs 63.09 crore on 18.49% decline in total income to Rs 7770.59 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 24 October 2016. Ameet Desai, Executive Director of Adani Enterprises and Group CFO said that this has been a good quarter with recurring financial performance despite multiple headwinds including market volatility for commodities. The company has well-rounded growth in volume at its mining, agro and city gas businesses during the quarter. With improving economic climate and business sentiment, the company expects to further boost its financial performance, Desai said.

Idea Cellular reported net loss of Rs 42.79 crore in Q2 September 2016 as against net profit of Rs 739.59 crore in Q2 September 2015. Net sales rose 6.78% to Rs 9223.78 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 24 October 2016.

On a consolidated basis, net profit of Idea Cellular declined 88% to Rs 91.46 crore on 7.23% rise in net sales to Rs 9298.89 crore in Q2 September 2016 over Q2 September 2015.

On a consolidated basis, net profit of Rallis India rose 31% to Rs 66.52 crore on 20.78% rise in net sales to Rs 540.26 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 24 October 2016.

On a consolidated basis, net profit of Tata Metaliks rose 7.41% to Rs 21.73 crore on 1.36% decline in net sales to Rs 321.48 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 24 October 2016.

Capital First announced after market hours yesterday, 24 October 2016 that the meeting of the Debenture Committee of the Board of Directors of the company will be held on 27 October 2016, inter alia, to consider and approve the private placement of rated, listed, secured/unsecured/perpetual, redeemable, non-convertible securities in the nature of debentures to be listed on the debt market segment of National Stock Exchange of India (NSE).

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Board of Rane (Madras) appoints director
Oct 24,2016

Rane (Madras) announced that the board of directors of the Company at the meeting held 24 October 2016 inter alia have approved appointment of Pradip Kumar Bishnoi as Additional Director (Independent) on the board effective from 24 October 2016.

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Board of Sturdy Industries approves allotment of shares under SDR
Oct 24,2016

Sturdy Industries announced that the Board of Directors of the Company at its meeting held on 24 October 2016, inter alia, has considered and approved the following:

1. Allotment of 4,53,76,108 Equity Shares of Rs. 2/- each at Face Value of Rs. 2/- to the Punjab National Bank pursuant to SDR package.

2. Allotment of 3,17,63,276 Equity Shares of Rs. 2/- each at Face Value of Rs. 2/- to the Allahabad Bank pursuant to SDR package.

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Board of National Fittings considers setting up new manufacturing facility
Oct 24,2016

National Fittings announced that at the meeting of the Board of Directors of the Company held on 24 October 2016, capacity expansion was considered for setting up a new manufacturing facility. A V Palaniswamy, Managing Director was authorized to take necessary steps for its implementation.

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Board of Upsurge Investment & Finance accepts resignation of company secretary
Oct 24,2016

Upsurge Investment & Finance announced that the Board of Directors of the Company at their Meeting held on 24 October 2016, inter alia, took on record and considered resignation of Rupali Verma from the post of Company Secretary and Compliance Officer with effect from 01 November 2016.

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Outcome of board meeting of Power Grid Corporation of India
Oct 24,2016

Power Grid Corporation of India announced that the Companys Board of Directors in their meeting held on 22 October 2016 have accorded approval for amendment to Investment of North Eastern Region Strengthening Scheme - IV (NERSS - IV) at an estimated cost of Rs. 409.19 crore with commissioning schedule of 24 months from the date of investment approval.

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Idea Cellular consolidated net profit declines 88.00% in the September 2016 quarter
Oct 24,2016

Net profit of Idea Cellular declined 88.00% to Rs 91.46 crore in the quarter ended September 2016 as against Rs 762.28 crore during the previous quarter ended September 2015. Sales rose 7.23% to Rs 9298.89 crore in the quarter ended September 2016 as against Rs 8672.03 crore during the previous quarter ended September 2015.

ParticularsQuarter Endedn++Sep. 2016Sep. 2015% Var. Sales9298.898672.03 7 OPM %30.5432.18 - PBDT1964.782522.48 -22 PBT10.481086.80 -99 NP91.46762.28 -88

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