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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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Tata Power Solar expands and modernises its manufacturing facility
Mar 15,2017

Tata Power Solar Systems announced a significant expansion and modernisation of its cell and module manufacturing facility in Bengaluru. The two stage expansion doubled the companys module capacity to 400 MW from 200 MW, and increased its cell manufacturing capacity by 65% from 180 MW to 300 MW.

Tata Power Solar, as part of this process, modernised and fully automated its entire manufacturing facility. The Company was also able to ramp up to full capacity in record time, significantly better than global benchmarks, owning to its highly skilled and trained team and also improve efficiency of its modules.

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Tata Power Solar expands and modernises its manufacturing facility
Mar 15,2017

Tata Power Solar Systems announced a significant expansion and modernisation of its cell and module manufacturing facility in Bengaluru. The two stage expansion doubled the companys module capacity to 400 MW from 200 MW, and increased its cell manufacturing capacity by 65% from 180 MW to 300 MW.

Tata Power Solar, as part of this process, modernised and fully automated its entire manufacturing facility. The Company was also able to ramp up to full capacity in record time, significantly better than global benchmarks, owning to its highly skilled and trained team and also improve efficiency of its modules.

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Infosys positioned as Leader In Magic Quadrant for Oracle Application Services
Mar 15,2017

Infosys announced that Gartner, Inc. has positioned Infosys as a Leader in its Magic Quadrant for Oracle Application Services in Europe, the Middle East and Africa (EMEA) and North America.

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NBCC (India) bags project for construction of Scheme in Vidarbha
Mar 15,2017

NBCC (India) announced that the Government of Maharashtra has allotted the balance works of Construction of Irrigation Scheme in Vidarbha under the Gosikhurd National Project to NBCC (India), for a total value of Rs.6000 crore. An MoU for the first phase of the Work valued at Rs.1058 crore is planned to be signed between Vidarbha Irrigation Development Corporation, Nagpur and NBCC (India) on 16 March 2017 at Mumbai.

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NBCC (India) bags project for construction of Irrigation Scheme in Vidarbha
Mar 15,2017

NBCC (India) announced that the Government of Maharashtra has allotted the balance works of Construction of Irrigation Scheme in Vidarbha under the Gosikhurd National Project to NBCC (India), for a total value of Rs.6000 crore. An MoU for the first phase of the Work valued at Rs.1058 crore is planned to be signed between Vidarbha Irrigation Development Corporation, Nagpur and NBCC (India) on 16 March 2017 at Mumbai.

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FM: Rate of increase of Non Performing Assets (NPAs) has slowed down in the last Quarter of the Current Financial Year
Mar 15,2017

The Union Minister of Finance, Defence and Corporate Affairs, Shri Arun Jaitley said that to deal with the Non Performing Assets (NPAs) of the banks is a challenging task even though the NPAs have shown declining trend in the last quarter of the current financial year.. He said that the core problem of NPAs is with very large corporates, though few in numbers, predominantly in the steel, power, infrastructure and textile sectors. He said that they had expanded their capacity during the boom period (2003-08) but could not face the onslaught of global financial crisis and consequent slow down thereafter. He said that the Government is taking sectoral specific measures to deal with the problem of NPAs specifically in the resolution of large debts. The Finance Minister added that the Steel Sector is on its path of recovery while many decisions have been taken in the Infrastructure, power and textile Sectors to resolve their problems. The Finance Minister Shri Jaitley was making his Opening Remarks at the First Meeting of the Consultative Committee attached to the Ministry of Finance.

The Finance Minister further said that RBI has also made an Oversight Committee to look into process of the cases referred to it by the different banks. Seeing the response and its performance, the Finance Minister Shri Jaitley said that the Government is considering multiplication of such committees. On the issue of setting-up a bad bank, the Union Minister of Finance said that several possible alternatives exist and the issue is being debated on public platforms. The Union Minister of Finance further said that the Insolvency and Bankruptcy Board of India (IBBI) has already been set -up under the Insolvency and Bankruptcy Code, 2016.

Earlier, a presentation was made at the beginning of the Meeting on the the subject of NPAs. In the said presentation, details of various measures undertaken by the Government and Reserve Bank of India (RBI) to deal with the problem of NPAs were highlighted. In the Steel Sector, Minimum Import Price (MIP) has been introduced on import of specific steel products in December 2016 and 10 coal mines have been auctioned to the steel sector. Amended Technology Up-gradation Fund Scheme has been approved by the Government in the Textile Sector. In the Power Sector, measures taken include introduction of Ujjwal DISCOM Assurance Yojana (UDAY), auction of natural gas for stranded gas power projects, and allocation of more than 100 coal mines to private and government companies through reverse e-auction. In the road sector, National Highways Authority of India (NHAI) has approved premium recast of 14-15 distressed road projects, new structures such as Hybrid Annuity Model and Toll-Operate-Transfer Model have been introduced and steps taken to fast track environmental clearance process.

The Reserve Bank of India has also taken measures such as Joint Lenders Forum (JLF) to be compulsorily formed when aggregate exposure is more than Rs 100 crore, Flexible Structuring (5/25) Scheme for infrastructure and core industries sector based on economic life of the project with periodic refinancing, Strategic Debt Restructuring (SDR) Scheme and Scheme for Sustainable Structuring of Stressed Assets (S4A) among others.

During the presentation, the members were informed about the various legal mechanisms made available for recovery including the Recovery of Debts due to Banks and Financial Institutions (RDDB&FI) Act, Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002 and the Insolvency and Bankruptcy Code 2016 among others.

Later, the Members of Consultative Committee who participated in Meeting gave various suggestions in order to deal with the large scale NPAs of Public Sector Banks (PSBs) in particular, which are adversely affecting the overall performance of the banks. One member suggested that the concerned State Governments may be allowed to take part in the auction of stressed assets. It was also suggested by various members that since Asset Reconstruction Companies (ARCs) are in private sector and their performance is not up to the mark in many cases, therefore, close monitoring of the operations of ARCs be done through stringent regulations especially in the wake of decision to allow 100% FDI in the ARCs through automatic route.

Another member suggested that to improve the confidence of bank officials, the Gross NPA norm may be fixed in the range of 9-10% as well as not counting the asset as NPA if it has been restructured. Some members suggested that the Government must go ahead to establish Public Sector Asset Rehabilitation Agency (PARA) and it should only consider those NPAs where sector specific reforms do not work. It was also suggested to explore long term debt market for financing NPAs. One of the members said that the Chief Vigilance Officer of the Public Sector Bank be made a part of the Credit Committee of the bank and that first the Board of the bank should take a call about the decisions being taken by their officials rather than investigating agencies directly acting on the basis of their own information.. It was also suggested that apart from recovery proceedings, criminal action must be taken against the big wilful defaulters and their photographs may also be published. A member also suggested that under the SARFAESI Act, the focus should be on catching big wilful defaulters.

Other suggestions given by the members included that a Special Bank may be created where NPAs of all the Public Sector Banks be transferred. It was also suggested that when the minimum import price on import of specific steel products have been introduced, then the similar exercise should also be undertaken for the raw material being used to produce the finished products so that smaller units are also benefitted. Young entrepreneurs who have taken soft loans from the banks but suffered due to slow down may be supported by the banks in order to revive their businesses.

It was also suggested by some members that there is need to restore the confidence of the officers of the banks which have been off later adversely affected due to increasing NPAs. Measures be taken to comfort these officials and to enable them to take commercially viable and rational decisions. They suggested creating a Special Performance Vehicle (SPV) Committee outside the banking system to guide commercial decisions.

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So far an amount of Rs.49.98 crore has been disbursed under different components Capital Goods Policy Scheme
Mar 15,2017

Government has brought out a National Capital Goods Policy. The Policy envisages increase in production to about Rs.7,50,000 crore, direct employment to 5 million by the year 2025. The Policy also envisages increase in the share of capital goods contribution from present 12% to 20% by the year 2025.

Under the Capital Goods Scheme, so far 14 proposals have been approved. Out of these four pertains to Centre of Excellence for technology development by eminent Institutions like Central Manufacturing Technology Institute (CMTI), Indian Institute of Technology (IIT), Madras, PSG College of Technology, Coimbatore, Scientific and Industrial Testing and Research Centre (SiTarc), Coimbatore. Four proposals have been approved for Common Engineering Facility Centre which includes two Training Centres at HMT Machine Tools at Bangalore and at HEC Limited, Ranchi and two common engineering facilities in Chakan, Maharashtra and Bardoli, Gujrat. Further a Project for setting up an Integrated Machine Tool Park at Tumkur has been approved. Apart from the above, five projects have been approved under Technology Acquisition Fund Programme component of the Scheme.

In addition to the above, the projects pertaining to Capital Goods Industry under Uchchatar Avishkar Yojana and Impacting Research Innovation and Technology (IMPRINT) Schemes of the Ministry of Human Resource Development are also being supported partly by the Department of Heavy Industry.

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Tata Power gains after expansion of solar unit
Mar 15,2017

The announcement was made during trading hours today, 15 March 2017.

Meanwhile, the S&P BSE Sensex was down 32.72 points, or 0.11% to 29,409.91.

On the BSE, 3.41 lakh shares were traded in the counter so far, compared with average daily volumes of 4.31 lakh shares in the past one quarter. The stock had hit a high of Rs 85.60 and a low of Rs 83.40 so far during the day. The stock hit a 52-week high of Rs 86 on 21 February 2017. The stock hit a 52-week low of Rs 58 on 18 March 2016.

The stock had underperformed the market over the past one month till 14 March 2017, rising 0.12% compared with 3.85% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, rising 6.31% as against Sensexs 10.67% rise.

The large-cap company has equity capital of Rs 270.48 crore. Face value per share is Re 1.

Keeping up with Government of Indias progressive Make in India plan of domestic production with enhanced efficiency of a solar cells and modules, Tata Power Solar, Indias largest integrated solar company, announced a significant expansion and modernisation of its cell and module manufacturing facility in Bengaluru. The two-stage expansion doubled the companys module capacity to 400 megawatts (MW) from 200 MW, and increased its cell manufacturing capacity by 65% from 180 MW to 300 MW.

The Governments renewable energy mission of 100 gigawatts (GW) by 2022 has given significant impetus to the industry. There is a strong intent from the government to promote domestic solar manufacturing and facilitate the sectors growth through Make in India cells and modules, Tata Power Solar said in a statement.

Tata Power Solar, with 27 years of deep domain expertise, is one of the pioneering solarmanufacturers n++n the world and Indias largest specialised EPC player. Headquartered in Bangalore, Tata Power Solar now operates independently as a wholly-owned subsidiary of Tata Power.

On a consolidated basis, net profit of Tata Power Company rose 38.30% to Rs 599.20 crore on 8.68% decline in net sales to Rs 6677.89 crore in Q3 December 2016 over Q3 December 2015.

Tata Power is Indias largest integrated power company with a significant international presence. The company has a presence in all the segments of the power sector viz generation (thermal, hydro, solar and wind), transmission, distribution and trading.

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UCO Bank gains after distribution tieups
Mar 15,2017

The announcement was made during trading hours today, 15 March 2017.

Meanwhile, the S&P BSE Sensex was up 23.12 points, or 0.08% to 29,465.75.

On the BSE, 89,000 shares were traded in the counter so far, compared with average daily volumes of 1.32 lakh shares in the past one quarter. The stock had hit a high of Rs 36.50 and a low of Rs 35.45 so far during the day. The stock hit a 52-week high of Rs 46.60 on 15 July 2016. The stock hit a 52-week low of Rs 29.50 on 9 November 2016.

The stock was flat over the past one month till 14 March 2017, underperforming the Sensexs 3.85% rise in the same period. The scrip had also underperformed the market in past one quarter, rising 5.63% as against Sensexs 10.67% rise.

The mid-cap company has equity capital of Rs 1559.73 crore. Face value per share is Rs 10.

UCO Bank signed corporate agency tie-up agreements with Future General India Insurance Company and Liberty Videocon General Insurance Company for distribution of general insurance products at its branches all over the country for bancassurance business. These companies will be partners, in addition to the existing partner of the bank for general insurance business, the bank said in a statement.

UCO Bank reported net loss of Rs 437.09 crore in Q3 December 2016 as against net loss of Rs 1497.01 crore in Q3 December 2015. Operating income declined 1.4% to Rs 4864.21 crore in Q3 December 2016 over Q3 December 2015.

The Government of India held 76.67% stake in UCO Bank end December 2016.

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Trade Infrastructure for Export Scheme (TIES) launched
Mar 15,2017

Commerce and Industry Minister Smt. Nirmala Sitharaman launched the Trade Infrastructure for Export Scheme (TIES). Speaking at the event she said the Scheme is focussed on addressing the needs of the exporters. Smt. Sitharaman said the focus is not just to create infrastructure but to make sure it is professionally run and sustained. The Minister added that there will be an Empowered Committee to periodically review the progress of the approved projects in the Scheme and will take necessary steps to ensure achievement of the objectives of the Scheme. She said the proposals of the implementing agencies for funding will be considered by an inter ministerial Empowered Committee specially constituted for this Scheme to be chaired by the Commerce Secretary. While appraising the project the justification, including the intended benefit in terms of addressing the specific export bottlenecks, would be evaluated.

Commerce Secretary Smt. Rita Teaotia said the scheme would provide assistance for setting up and up-gradation of infrastructure projects with overwhelming export linkages like the Border Haats, Land customs stations, quality testing and certification labs, cold chains, trade promotion centres, dry ports, export warehousing and packaging, SEZs and ports/airports cargo terminuses. She said last and first mile connectivity projects related to export logistics will also be considered.

About TIES- After delinking of the ASIDE Scheme in 2015, the State Governments have been consistently requesting the support of the Centre in creation of export infrastructure. This support is imperative to act as an inducement to the States to channelize funds from their increased devolution towards creation of export infrastructure. The objective of the proposed scheme is to enhance export competitiveness by bridging gaps in export infrastructure, creating focused export infrastructure, first mile and last mile connectivity for export-oriented projects and addressing quality and certification measures.

The Central and State Agencies, including Export Promotion Councils, Commodities Boards, SEZ Authorities and Apex Trade Bodies recognised under the EXIM policy of Government of India; are eligible for financial support under this scheme.

The Central Government funding will be in the form of grant-in-aid, normally not more than the equity being put in by the implementing agency or 50% of the total equity in the project. (In case of projects located in North Eastern States and Himalayan States including J&K, this grant can be upto 80% of the total equity).The grant in aid shall, normally, be subject to a ceiling of Rs 20 Cr for each infrastructure project.

The implementing agencies shall provide details of the financing tie-ups for the projects which will be considered before approval of the project. Disbursement of funds shall be done after financial closure is achieved.

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Import of Vegetable Oils down by 8% in November 2016-February 2017
Mar 15,2017

The Solvent Extractors Association of India has compiled the Import data of Vegetable Oils (edible & non-edible) for the month of February 2017. Import of vegetable oils during February 2017 is reported at 1,270,443 tons compared to 1,082,009 tons in February 2016 i.e. up by 17%, consisting of 1,234,255 tons of edible oils and 36,188 tons of non-edible oils. The overall import of vegetable oils during first four months of current oil year 2016-17, Nov.16 to Feb.17 is reported at 4,680,451 tons compared to 5,098,400 tons i.e. lesser by 8%.

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Biocon gains after reaffirming revenue guidance from biosimilars
Mar 15,2017

Meanwhile, the S&P BSE Sensex was up 10.61 points, or 0.04% to 29,453.24.

On the BSE, 51,000 shares were traded in the counter so far, compared with average daily volumes of 73,361 shares in the past one quarter. The stock had hit a high of Rs 1,124.90 and a low of Rs 1,107.55 so far during the day.

The stock hit a 52-week high of Rs 1,144.20 on 28 February 2017. The stock hit a 52-week low of Rs 455 on 18 March 2016.

The stock had underperformed the market over the past one month till 14 March 2017, rising 1.03% compared with 3.85% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 17.97% as against Sensexs 10.67% rise.

The large-cap bio-pharmaceutical company has equity capital of Rs 100 crore. Face value per share is Rs 5.

Biocons partner Mylan N.y. issued a press release on 13 March 2017 stating that Mylan had agreed to the terms of a global settlement with Genentech, Inc. and F. Hoffmann-La Roche in relation to patents for Herceptin (trastuzumab), which provides Mylan with global licenses for its trastuzumab product.

Biocon said it received multiple queries seeking comments on this press release and its impact on Biocon. The company clarified at the fag end of the trading session yesterday, 14 March 2017, that the settlement and license agreement referred in the aforementioned press release is between Mylan N.y. and Genentech, Inc. / F. Hoffmann-La Roche. As stated in the release, the terms of the settlement and license agreement are confidential and Biocon is not in a position to offer any further details other than those contained in the release.

Further, Biocon reaffirmed its previously stated guidance of $200 million in revenues from biosimilars in financial year ending March 2019 (FY19).

On a consolidated basis, net profit of Biocon rose 64.55% to Rs 171.30 crore on 29.59% rise in net sales to Rs 1022.50 crore in Q3 December 2016 over Q3 December 2015.

Biocon is Indias largest and fully-integrated, innovation-led biopharmaceutical company.

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Volumes jump at Healthcare Global counter
Mar 15,2017

Healthcare Global Enterprises clocked volume of 10.82 lakh shares by 14:11 IST on BSE, a 368.02-times surge over two-week average daily volume of 3,000 shares. The stock was up 0.23% at Rs 241.

Metroglobal notched up volume of 11.14 lakh shares, a 307.78-fold surge over two-week average daily volume of 4,000 shares. The stock lost 1.54% at Rs 86.25.

Religare Enterprises saw volume of 10.85 lakh shares, a 193.63-fold surge over two-week average daily volume of 6,000 shares. The stock surged 3.95% at Rs 229.

Oberoi Realty clocked volume of 8.89 lakh shares, a 61.55-fold surge over two-week average daily volume of 14,000 shares. The stock rose 1.21% at Rs 351.50.

Arfin India saw volume of 1.22 lakh shares, a 60.57-fold rise over two-week average daily volume of 2,000 shares. The stock lost 1.21% at Rs 491.

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Indian Bank gains on fund raising plan
Mar 15,2017

The announcement was made during trading hours today, 15 March 2017.

Meanwhile, the S&P BSE Sensex was down 19.43 points, or 0.07% to 29,423.20.

On the BSE, 24,000 shares were traded in the counter so far, compared with average daily volumes of 72,337 shares in the past one quarter. The stock had hit a high of Rs 280.35 and a low of Rs 272.25 so far during the day. The stock hit a 52-week high of Rs 310 on 9 February 2017. The stock hit a 52-week low of Rs 84.80 on 12 May 2016.

The stock had underperformed the market over the past one month till 14 March 2017, falling 4.71% compared with 3.85% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 13.46% as against Sensexs 10.67% rise.

The large-cap state-run bank has equity capital of Rs 480.29 crore. Face value per share is Rs 10.

The board of Indian Bank, scheduled to meet on 18 March 2017, will consider a proposal to raise further capital funds by the bank.

Net profit of Indian Bank rose 670.4% to Rs 373.48 crore on 2.5% decline in operating income to Rs 4557.25 crore in Q3 December 2016 over Q3 December 2015.

Government of India currently holds 82.1% stake in Indian Bank (as on 31 December 2016).

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Delhi Airport adjudged the Best Airport in India and Central Asia
Mar 15,2017

Delhi International Airport, a GMR led consortium, announced that itsIndira Gandhi International Airport (IGIA) has been adjudged as the n++Best Airport in India and Central Asian++ by Skytrax at the World Airport Awards, held at Passenger Terminal EXPO in Amsterdam, Netherlands last night.

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