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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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Outcome of board meeting of Gujarat Bitumen
May 09,2017

The Board of Directors of Gujarat Bitumen at its meeting held on 08 May 2017 has approved the following -

The decision of sub-division of shares is kept in abeyance by the board.

The decision of increase in authorised share capital is kept in abeyance by the board.

Approved change in registered office to F-901, Titanium City Centre, Satellite, Ahmedabad 380015.

Approved change in name of company to GBL Industries.

Approved appointment of Dhiral Dave as Additional Director.

Resignation of Mohan Punjabi as MD and Director of the Company.

Resignation of Nirmal Kumar Tiwari as Director.

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Eros International Media signs television syndication deal with Zee
May 09,2017

Eros International Media has signed a significant television syndication deal with Zee for a slate of forthcoming releases this year, including Sarkar 3, Munna Michael and Subh Mangal Savadhaan.

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Oberoi Realty allots 33,717 equity shares
May 09,2017

Oberoi Realty has allotted 33,717 equity shares of Rs 10 each under ESOP 2009. Post the allotment, the equity share capital stands increased to 33,96,02,237 equity shares of Rs 10 each aggregating to Rs 339.60 crore.

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Shares of S Chand and Company get listed
May 09,2017

The equity shares of S Chand and Company (Scrip Code: 540497) are listed effective 09 May 2017 and admitted to dealings on the Exchange in the list of B Group Securities.

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Trident gets revision in ratings for bank facilities
May 09,2017

Trident announced that CRISIL has upgraded ratings for bank facilities aggregating Rs 3884.85 crore as under -

Long Term Rating - CRISIL A+/ Stable (Upgraded from CRISIL A/ Stable)
Short Term Rating - CRISIL A1 (Reaffirmed)

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Power Grid Corporation of India granted Unified License for providing telecom services
May 09,2017

Power Grid Corporation of India announced that Department of Telecommunications, Ministry of Communications, Govt. of India has granted Unified License to the Company with National Long Distance and Internet Service Provider - Category A Service Authorisations for providing Telecom Services. This license is valid for 20 years.

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ABB India gains after Q1 results
May 09,2017

The result was announced after market hours yesterday, 8 May 2017.

Meanwhile, the S&P BSE Sensex was up 61.70 points, or 0.21% to 29,987.85.

On the BSE, 2,404 shares were traded in the counter so far, compared with average daily volumes of 9,792 shares in the past one quarter. The stock had hit a high of Rs 1,449.95 and a low of Rs 1,403.95 so far during the day. The stock hit a 52-week high of Rs 1,482.25 on 18 April 2017. The stock hit a 52-week low of Rs 950 on 9 November 2016.

The stock had outperformed the market over the past one month till 8 May 2017, rising 1.54% compared with 0.74% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 18.80% as against Sensexs 5.61% rise.

The large-cap company has equity capital of Rs 42.38 crore. Face value per share is Rs 2.

The orders received in Q1 March 2017 was Rs 2342 crore. An order backlog of Rs 12023 crore, as on 31 March 2017, provides solid visibility for future revenue, ABB India said in a statement.

ABB India said its operational EBITA rose 8.20% to Rs 132 crore in Q1 March 2017 over Q1 March 2016.

Operational EBITA represents income from operations excluding amortization expense on intangibles;) restructuring and restructuring-related expenses; non-operational pension cost; gains and losses from sale of businesses, acquisition-related expenses and certain non-operational items; as well as foreign exchange/commodity timing differences in income from operations consisting of unrealized gains and losses on derivatives (foreign exchange, commodities, embedded derivatives); unrealized foreign exchange movements on receivables/payables (and related assets/liabilities).

ABB is a pioneering technology leader in electrification products, robotics and motion, industrial automation and power grids, serving customers in utilities, industry and transport & infrastructure globally.

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Reviving Growth and Job Creation are the Key Priorities: Shobana Kamineni, President, CII
May 09,2017

n++With tremendous opportunities available in the Indian economy, further strengthening of the growth process and job creation is on the horizon,n++ said Ms Shobana Kamineni, President, CII. The reform agenda has picked up with substantive policies such as the goods and services tax (GST), insolvency and bankruptcy norms, FDI liberalisation and ease of doing business being implemented. Conditions are positive for an economic recovery in the current year, with GDP growth expected to lie in the range of 7.5-8.0 per cent.

n++One of the key priorities for CII this year would be to help revive domestic investment, which has been flagging and the economy has been growing largely on the back of exceptionally high government spending on infrastructure, etcn++ Ms Kamineni said.

n++Industry is completely ready for the introduction of the landmark tax reform from July 1, 2017. CII has been calling for a single national tax for the last ten years and we will try to make its implementation as smooth as possible,n++ said the CII President.

Going forward, n++it is possible to target 1 per cent additional growth each year to reach 10 per cent in the next three years. The drivers for this step up in growth would include the benefits from implementation of GST, greater participation of women in the labour force, the urbanisation process which will drive greater economic activity in areas such as construction and government spending of up to Rs 30 trillion in various infrastructure projects over the next few yearsn++ Ms Kamineni added.

A CII estimate shows that the entire construction sector can add 30 million jobs in the next ten years. These projects will also provide essential connectivities for enhancing opportunities for income growth. Total spending of Rs 30 trillion is envisaged over the next 4-5 years under projects such as the investment program of the Indian Railways, 20,000 kilometers of highway building under the Bharatmala project and Sagarmala for port-led development. n++Our conservative forecast is that based on these projects, Indias GDP could increase by as much as 50% over the next five years. Similar increases in job creation can also be expectedn++ the CII President opined.

She added that n++it is eminently possible to create 5 million jobs each year, if the GDP growth rate can be boosted by an extra 1%. CIIs analysis shows that as of now, we are creating about 3.7 million jobs annually. 10-12 million people enter the working age population every year. Of these, about half actually do not look for jobs as they prefer to go into education or other activities. CIIs intensive skill development activities are ongoing and are designed to enhance the employability of the workforce.n++

For the economy to move to a higher growth path, the slowdown in investments must be reversed. Consumer demand has been improving across sector and this should lead to higher capacity utilisation and further, to capacity expansions soon. A good monsoon would further boost rural demand. Solution to the NPA issue can no longer be postponed. We are encouraged by the package approved by the Cabinet last night. In addition, CII feels that the current interest rate structure is still too high to induce investments and the RBI must find ways to continue on a downward interest rate path.

n++CII would continue to request the Government for quick action in reducing corporate income taxes for all corporates. This has become urgent given the lowering of tax rates across many other countries. The 25% rate is currently applicable only for companies with turnover up to Rs 50 crore. Eventually, the corporate tax rate could be brought down to 18% together with the removal of all incentives. CII believes this will lead to much better tax compliancen++ the CII President said.

In an effort to achieve the objectives outlined in the theme for the year, CII is also setting up time bound Special Task Forces in the following areas:

1.Agriculture Income Tax

2.Judicial Reforms

3.Cyber Security

4.Security and Privacy

5.Heal from India

6.Justice for Common Man

7.How to make India Tax Compliant

8.Globalisation: Can India Lead?

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Procurement of Toor from Maharashtra under Price Support Scheme (PSS)
May 09,2017

The proposal for implementation of Price Support Scheme (PSS) for procurement of Toor during the current Kharif season 2016-17 was received from Government of Maharashtra. As per their proposal, it was mentioned that expected production of Toor in Maharashtra will be 12.56 lakhs MT and they have requested for procurement of 2 lakhs quintal during 1st November, 2016 - 29th January, 2017.

This proposal was transferred to Department of Consumer Affairs to create a buffer stock of pulses by making procurement directly from the farmers at MSP plus bonus under Price Stabilization Fund (PSF). This procurement continued till 22nd April, 2017 and around 4 lakhs MT of Toor was procured which is 31.95% of total expected production. Due to continuous arrival, State Government had decided to procure the Toor from the farmers who have been registered or token has been issued till 22nd April, 2017 at various procurement centres from their own resources.

On 5th May, 2017, request for implementation of PSS was again received from Government of Maharashtra. In the fresh proposal they had requested for procurement of 20 lakhs quintal (2 lakhs MT) of Toor upto 31st May, 2017. They have also informed that as per their third estimate the expected production in the State will be 20.35 lakhs MT. The Notification for harvesting period of Kharif Toor was revised from September to March and extended upto 31st May, 2017.

Considering the proposal, this Department has approved the procurement of one lakh MT of Toor under PSS upto 31st May, 2017 with the condition that the procurement already made as per State Government Notification dated 27.4.2017 shall not be reimbursed or adjusted from the procurement made under PSS and State Government will make necessary arrangements for godown space and other resources for smooth PSS operation in the State.

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S Chand and Company to debut on bourses
May 09,2017

S Chand and Company will list on the secondary equity market today, 9 May 2017. The company priced the initial public offer (IPO) at Rs 670 per share, the top end of the Rs 660 - Rs 670 per share price band for the IPO. The IPO closed on 28 April 2017. It was subscribed 59.49 times, with total bids for 45.72 crore shares.

On a consolidated basis, Bharti Infratels net profit fell 16.95% to Rs 596.60 crore on 13.20% increase in net sales to Rs 1605.30 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 8 May 2017.

ABB Indias net profit rose 3.2% to Rs 88.17 crore on 8.4% increase in net sales to Rs 2146.04 crore in Q1 March 2017 over Q1 March 2016. The orders received in Q1 March 2017 was Rs 2342 crore. An order backlog of Rs 12023 crore, as on 31 March 2017, provides solid visibility for future revenue, the company said in a statement. The result was announced after market hours yesterday, 8 May 2017.

Novartis India announced that Novartis AG (NVS AG) entered into an asset sale agreement with Torrent Pharmaceuticals, pursuant to which NVS AG has agreed to sell to Torrent Novartis brand (Regestrone) including the intellectual property rights residing in the related product dossier. The transaction was approved by the Competition Commission of India on 20 April 2017. Accordingly it may be noted that, effective 8 May 2017, Novartis India will cease to have the ability to market or otherwise use the brand in any manner whatsoever. The announcement was made after market hours yesterday, 8 May 2017.

Smartlink Network Systems said it has made an additional investment of Rs 1 crore in its wholly owned subsidiary Telesmart SCS. The announcement was made after market hours yesterday, 8 May 2017.

Eros International Media announced that it signed a significant television syndication deal with Zee, a leading Indian global television network, for a slate of its forthcoming releases this year, including Sarkar 3, Munna Michael and Shubh Mangal Savdhaan. The announcement was made after market hours yesterday, 8 May 2017.

The multi-film deal with Zee gives the channel syndication rights to the third installment of one of the most impactful franchises of Indian cinema, Ram Gopal Varmas Sarkar 3 starring Amitabh Bachchan which will be released worldwide on 12 May 2017. Tiger Shroff and Sabbir Khans action-packed musical Munna Michael which is scheduled for release on 21 July 2017 and a quirky romantic comedy Shubh Mangal Savdhaan by south director RS Prasanna, starring Ayushyamann Khurana and Bhumi Pednekar, set to be release on 1 September 2017.

Skipper said it has been certified by The Equipment and Materials Test Laboratory (LAPEM). The certification was completed post visit of LAPEM representatives to the companys manufacturing units for a rigorous audit of the manufacturing and quality processes. With this certification, Skipper now gets an entry into the highly potential Mexican Power Transmission market.

LAPEM is a Federal Electricity Commission (CFE) organization that provides specialized engineering studies, laboratory and field tests on equipment and materials, as well as quality management systems and supplies. CFE is owned by the Mexican Government which generates, distributes and markets electric power, for supplying Power Transmission & Distribution structures to the Mexican Market. The announcement was made after market hours yesterday, 8 May 2017.

G M Breweries turns ex-dividend today, 9 May 2017, for dividend of Rs 3 per share for the year ended 31 March 2017 (FY 2017).

GPT Infraprojects turns ex-dividend today, 9 May 2017, for interim dividend of Rs 1.50 per share for FY 2017.

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Raj Packaging Industries awarded as SME achiever of 2015-16
May 08,2017

Raj Packaging Industries has been awarded as an SME achiever of 2015-16 by the SME forum.

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Claris Lifesciences to sell 20% stake in JV Otsuka Pharmaceutical India
May 08,2017

Claris Lifesciences announced that it has entered a definitive agreement with Otsuka Pharmaceutical Factory, Inc. (Japan) to sell its 20% stake in joint venture; Otsuka Pharmaceutical India (formerly known as Claris Otsuka), for a total consideration of USD 20 million.

The closure of the transaction is subject to regulatory approvals, including FIPB, after this CLL will not have any stake in Otsuka Pharmaceutical India.

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Parry Nutraceuticals Indian microalgae facility receives USFDA approval
May 08,2017

EID Parry (India) announced that Parry Nutraceuticals (a division of EID Parry and part of the Murugappa Group) has received the US FDA approval for its India facility for organic microalgae cultivation and processing. The fully organic, 130 acres - 600 TPA facility, locatedin Oonaiyur, Pudukottai district, Tamil Nadu, has received the Establishment Inspection Report (EIR) from the US-FDA following an inspection of the facility in July 2016.

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Skipper gets entry into Mexican Power Transmission market
May 08,2017

Skipper has been certified by The Equipment and Materials Test Laboratory (LAPEM) which is a Federal Electricity Commission (CFE) organization that provides specialized engineering studies, laboratory and field tests on equipment and materials, as well as quality management systems and supplies.

CFE is owned by the Mexican Government which generates, distributes and markets electric power, for supplying Power Transmission & Distribution structures to the Mexican Market. The certification was completed post visit of LAPEM representatives to the Companys manufacturing units for a rigorous audit of the manufacturing and quality processes.

With this certification Skipper now gets an entry into the highly potential Mexican Power Transmission market.

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Lakshmi Vilas Bank revises Base Rate to 10.15% p.a.
May 08,2017

Lakshmi Vilas Bank has revised the Base Rate from 10.40% to 10.15% p.a. with effect from 08 May 2017.

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