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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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Inox Wind gains after winning order
Oct 24,2016

The announcement was made before trading hours today, 24 October 2016.

Meanwhile, the BSE Sensex was up 36.28 points, or 0.13%, to 28,113.46.

On BSE, so far 11,000 shares were traded in the counter, compared with average daily volume of 89,869 shares in the past one quarter. The stock hit a high of Rs 227.90 and a low of Rs 224.30 so far during the day. The stock hit a 52-week high of Rs 411.55 on 26 October 2015. The stock hit a record low of Rs 161 on 6 September 2016. The stock had outperformed the market over the past 30 days till 21 October 2016, rising 7.12% compared with 2.42% decline in the Sensex. The scrip had, however, underperformed the market in past one quarter, falling 2.86% as against Sensexs 0.99% rise.

The mid-cap company has equity capital of Rs 221.92 crore. Face value per share is Rs 10.

ReNew Power Ventures, Indias leading clean energy company, has issued a repeat order to Inox Wind for a 50 megawatts (MW) wind power project to be executed in the state of Gujarat in India. ReNew Power is Indias leading independent power producer of clean energy with more than 3,000 MW of commissioned and under construction assets. This is a turnkey project and is scheduled to be commissioned by March 2017. The 50 MW order from ReNew Power is part of the 350 MW of orders announced by Inox Wind on 3 October 2016.

As part of the order, Inox will supply and install 25 units of its advanced 2MW DFIG 113 rotor dia Wind Turbine Generators (WTGs) for Renew Power. Inox Winds 113 meter rotor dia WPG is the newest variant of the companys market leading 2 MW platform. It significantly increases annual energy production and is especially suited for low wind segments in the country.

On a consolidated basis, net profit of Inox Wind declined 80.44% to Rs 11.82 crore on 32.64% decline in net sales to Rs 432.35 crore in Q1 June 2016 over Q1 June 2015.

Inox Wind is a fully integrated player in the wind energy market with three manufacturing plants at Gujarat, Himachal Pradesh and Madhya Pradesh.

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MindTree slips after weak Q2 earnings
Oct 24,2016

The result was announced after market hours on Friday, 21 October 2016.

Meanwhile, the BSE Sensex was up 26.52 points, or 0.09%, to 28,103.70.

On BSE, so far 1.22 lakh shares were traded in the counter, compared with average daily volume of 79,569 shares in the past one quarter. The stock hit a high of Rs 464.60 and a low of Rs 452.10 so far during the day. The stock hit a record high of Rs 803.50 on 4 March 2016. The stock hit a 52-week low of Rs 452.10 on 24 October 2016. The stock had underperformed the market over the past 30 days till 21 October 2016, faling 5.99% compared with 2.42% decline in the Sensex. The scrip had also underperformed the market in past one quarter, sliding 14.02% as against Sensexs 0.99% rise.

The mid-cap company has equity capital of Rs 167.96 crore. Face value per share is Rs 10.

MindTrees consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) fell 16.9% to Rs 162.10 crore in Q2 September 2016 over Q1 June 2016. EBITDA margin was reported at 12.5% in Q2 September 2016, lower than 14.7% in Q1 June 2016.

In a separate announcement after market hours on Friday, 21 October 2016, the company said that its board at its meeting on 18 July 2016 had approved the scheme of amalgamation of Magnet 360, LLC with Mindtree. The board, at its meeting held on 21 October 2016 have decided not to pursue further and has approved withdrawal of the scheme of amalgamation of Magnet 360, LLC with Mindtree.

MindTree delivers digital transformation and technology services from ideation to execution, enabling Global 2000 clients to outperform the competition. n++Born digital,n++ Mindtree takes an agile, collaborative approach to creating customized solutions across the digital value chain. At the same time, our deep expertise in infrastructure and applications management helps optimize your IT into a strategic asset. Whether you need to differentiate your company, reinvent business functions or accelerate revenue growth, we can get you there.

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Oberoi Realty advances after good Q2 result
Oct 24,2016

The result was announced after market hours on Friday, 21 October 2016.

Meanwhile, the S&P BSE Sensex was up 42.31 points or 0.15% at 28,119.49

On BSE, so far 15.42 lakh shares were traded in the counter as against average daily volume of 14,355 shares in the past one quarter. The stock hit a high of Rs 347 and a low of Rs 330.95 so far during the day. The stock had hit a record high of Rs 348.55 on 17 October 2016. The stock had hit a 52-week low of Rs 210.15 on 12 February 2016. The stock had outperformed the market over the past 30 days till 21 October 2016, rising 13.28% compared with 2.42% decline in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 11.69% as against Sensexs 0.99% rise.

The large-cap company has equity capital of Rs 339.38 crore. Face value per share is Rs 10.

Oberoi Realty said that total area booked was 1.77 lakh square feet in Q2 September 2016 as against 0.63 lakh square feet in Q2 September 2015. The latest order book stands at Rs 4043 crore as against Rs 2723 crore at the end of half year ended September 2015.

Commenting on the results, Vikas Oberoi, Chairman & Managing Director, Oberoi Realty said that the real estate sector has been influenced by some significant policy changes, recent being the monetary policy announced by RBI, which will bring the cost of money down and encourage sales. Additionally, the various initiatives announced by the government have improved market sentiments thus accelerating sales volumes. The Maharashtra governments sustained focus on infrastructure in Mumbai is helping bridge the infrastructure divide, acting as an added incentive for the sector.

Oberoi Realty is Indias leading real estate development company, headquartered in Mumbai, focused on premium developments in the residential, office space, retail, hospitality and social infrastructure verticals.

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Moodys: Basel modeling proposals will broadly impact risk-weighted assets for large banks
Oct 24,2016

The Basel Committee on Banking Supervisions (BCBS) recent proposals regarding the use of models in calculating risk-weighted capital ratios among medium to large-sized banks would help make minimum capital requirements more consistent across banks, Moodys Investors Service says in a report.

The report Banks -- Global: Basel Proposals Restricting Models Broadly Impact GSIBs Risk-Weighted Assets, focuses on the impact that the reforms would have on so-called global systemically important banks, both in the US and Europe.

The new rules would largely replace internal modeling with a standardized approach to calculating capital. BCBS has proposed removing models completely as a tool for measuring operational risk, significantly restricting internal model use in a large number of credit risk portfolios and using floors in cases where models are still used.

Greater consistency in reported capital ratios is a positive development, says Meredith Roscoe, a Vice President and Senior Research Analyst at Moodys.

The proposed changes are likely to have the greatest impact on risk-weighted asset calculations for the large US banks and banks in Europe, given the current prevalence of modeled approaches across risk areas for these banks.

These banks are most likely to use advanced (model-based) approaches to calculating capital and are the main lenders to low-default large corporate borrowers and financial counterparties, who are the largest consumers of counterparty, market and operational risk.

If the proposals were to be implemented in their current form, capital requirements could increase for many banks. However, as authorities have said the intention of these changes is not to increase capital requirements overall, but rather to reduce variability in risk-weighted assets for similar exposures across banks, the final rules might include offsets or changes from what has been proposed to date.

Recent comments from European Union officials suggest that the proposals will not be adopted by European authorities unless they are modified, while reports suggest that US and Swiss officials are more supportive of the current proposals. Moodys view is that a breakdown of the international agreement on capital rules would be credit negative as it could lead to further fragmentation of capital standards.

Moodys also highlights that the proposed changes to the calculation of risk weights should be viewed in context of Basel IIIs entire capital framework and the importance of additional capital adequacy metrics outside of the risk-weighted capital ratio, which are equally as binding. This includes the unweighted leverage ratio requirement and annual stress testing in the US, UK and Europe for the largest banks.

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Lakshmi Machine Works gains as board to consider buyback proposal
Oct 24,2016

The announcement was made after market hours on Friday, 21 October 2016.

Meanwhile, the BSE Sensex was up 45.99 points, or 0.16%, to 28,120.16

On BSE, so far 7,923 shares were traded in the counter, compared with average daily volume of 6,698 shares in the past one quarter. The stock hit a high of Rs 4,600 and a low of Rs 4,470.90 so far during the day. The stock hit a record high of Rs 4,698.50 on 6 October 2016. The stock hit a 52-week low of Rs 3,050 on 26 February 2016. The stock had outperformed the market over the past 30 days till 21 October 2016, falling 1.16% compared with 2.42% decline in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 16.48% as against Sensexs 0.99% rise.

The mid-cap company has equity capital of Rs 11.27 crore. Face value per share is Rs 10.

Net profit of Lakshmi Machine Works declined 23.3% to Rs 33.14 crore on 9.9% decline in net sales to Rs 544.70 crore in Q1 June 2016 over Q1 June 2015.

Lakshmi Machine Works manufacturers entire range of textile spinning machinery from blow room to ring spinning.

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Essel Propack deploys new tube making technology - SHOT
Oct 24,2016

Essel Propack announced the deployment of a new tube making technology SHOT, developed jointly with its technology partner, at its plant in Danville, Virginia, USA.

Essel is currently equipped with machines with production capacity of 60 to 250 tubes per minute. The SHOT line will produce 500 tubes per minute.

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Taparia Tools to hold board meeting
Oct 24,2016

Taparia Tools will hold a meeting of the Board of Directors of the Company on 11 November 2016.

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Board of Baid Leasing & Finance Co recommends dividend
Oct 24,2016

Baid Leasing & Finance Co announced that the Board of Directors of the Company at its meeting held on 22 October 2016, inter alia, have recommended the dividend of Rs 0.5 per equity Share (i.e. 5%) , subject to the approval of the shareholders.

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Aditya Spinners to hold board meeting
Oct 24,2016

Aditya Spinners will hold a meeting of the Board of Directors of the Company on 4 November 2016 to consider and take on record the un audited financial results(provisional) for the quarter ended September 30, 2016.

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Ashish Polyplast to hold board meeting
Oct 24,2016

Ashish Polyplast will hold a meeting of the Board of Directors of the Company on 8 November 2016.

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V-Guard Inds scales record high after robust Q2 outcome
Oct 24,2016

The result was announced after market hours on Friday, 21 October 2016.

Meanwhile, the S&P BSE Sensex was up 38.83 points or 0.14% at 28,116.01

On BSE, so far 85,000 shares were traded in the counter as against average daily volume of 43,672 shares in the past one quarter. The stock hit a high of Rs 198.75 in intraday trade so far, which is record high for the counter. The stock hit a low of Rs 191.85 so far during the day. The stock had hit a 52-week low of Rs 78.66 on 12 February 2016. The stock had outperformed the market over the past 30 days till 21 October 2016, falling 1.2% compared with 2.42% decline in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 30.03% as against Sensexs 0.99% rise.

The mid-cap company has equity capital of Rs 30.18 crore. Face value per share is Rs 1.

V-Guard Industries said that owing to better market conditions, products like Electric Water Heaters, Pumps, Fan and Digital UPS have done extremely well in Q2 September 2016. Onam season was positive with categories related to festive season doing well, the company said. Reduction in cost of goods sold is due to reduced input cost and continued cost savings from supply chain initiatives, it added.

Commenting on the companys performance, Mithun. K. Chittilappilly, Managing Director, V-Guard Industries said that the company will be expanding to the north markets and expand its range in the Kitchen and home appliances range to cater to a wider audience. The company expects to perform reasonably well in the water heater segment considering upcoming season, Chittilappilly said.

V-Guard Industries makes consumer electrical and electronics products. The companys product range includes Voltage Stabilizer, Digital UPS, Inverter and Inverter Batteries, Electric Water Heaters, Solar Water Heaters, Domestic Pumps, Agricultural Pumps, Industrial Motors, Domestic Switch Gears, Distribution Boards, Wiring Cables, Industrial Cables, Induction Cooktops, Mixer Grinders and Fans.

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Cairn India gains after strong Q2 results
Oct 24,2016

The result was announced after market hours on Friday, 21 October 2016.

Meanwhile, the BSE Sensex was up 42.38 points, or 0.15%, to 28,119.56.

On BSE, so far 1.22 lakh shares were traded in the counter, compared with average daily volume of 4.30 lakh shares in the past one quarter. The stock hit a high of Rs 235.90 and a low of Rs 232.05 so far during the day. The stock hit a 52-week high of Rs 236.90 on 20 October 2016. The stock hit a 52-week low of Rs 106.60 on 19 January 2016. The stock had outperformed the market over the past 30 days till 21 October 2016, rising 19.08% compared with 2.42% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 20.76% as against Sensexs 0.99% rise.

The large-cap company has equity capital of Rs 1875.71 crore. Face value per share is Rs 10.

On a consolidated basis, Cairn India net profit rose 117% to Rs 778.70 crore on 8% rise in net sales to Rs 2038.59 crore in Q2 September 2016 over Q1 June 2016. Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 31% to Rs 1039 crore in Q2 September 2016 over Q1 June 2016.

Revenue Q2 September 2016 increased marginally over Q1 June 2016 as discount to Brent for Rajasthan crude declined substantially from $8.2 per bbl to $4.3 per bbl, implying a reduction in discount from 18% to 9.3%. An improvement in differential between Bonny Light and Brent, and strong refining crack for fuel oil and waxy residue helped reduce the discount, the company said in a statement.

Cairn Indias average price realisation fell 4% to $41.80 per barrel of oil equivalent (boe) in Q2 September 2016 compared with $43.70 boe in Q2 September 2015. Average price realisation rose 10% compared with $38 boe in Q1 June 2016.

In its outlook, the company said that with an aim to create long term value to the shareholders, it will remain focused on monetizing its Rajasthan resource base. A net capital investment of $100 million is estimated for the year ending March 2017 (FY17), including 20% for exploration activities and 80% for development of RDG Gas project and completion activities of Mangala EOR. The gross production from Rajasthan for FY17 is expected to be maintained at the year ended March 2016 (FY16) level. Efforts are ongoing to further improve the economics of key projects - Bhagyam and Aishwariya EOR, Barmer Hill and Satellite Fields, at low oil prices and the pre-development investment is underway to ensure project readiness for the development with grant of extension of PSC. The company retains the flexibility to raise its capital investment as oil prices improve and aims to generate a healthy cash flow post capex so as to retain the ability to pay dividends.

Cairn India is one of the largest independent oil and gas exploration and production companies in India.

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Huhtamaki PPL intimates of its investment & modernisation plans
Oct 24,2016

Huhtamaki PPL announced that the Company is setting up a new Flexible Packaging manufacturing unit in Assam which is likely to be commissioned during the first half of 2017, to better service its customers based in North East India.

The Companys subsidiary, Webtech Labels, is setting up a new label manufacturing unit in Sikkim, to service its customers based in North East India and likely to be commissioned during the first half of 2017. Further, the main Label manufacturing unit of Webtech Labels, located at Mahape, Navi Mumbai, primarily catering to Pharma companies will be relocated to a new state of the art facility in the Greater Mumbai Region by the end of 2017.

The combined value of these investments/modernisation is expected to be approximately Rs. 65 crore.

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Bank card fraud was waiting to happen, says ASSOCHAM-Mahindra SSG
Oct 24,2016

The credit/debit/ATM card frauds as detected by some of the largest banks were waiting to happen as India has been on the radar of the global cyber criminals who hack into the computer servers using the malware, putting the entire financial structure into a big risk, an ASSOCHAM-Mahindra SSG joint study had forewarned.

Shocked that we are by such large volume of frauds forcing most of the big banks to recall their swiping cards resulting into not only a huge financial losses but also raising a question mark on our cyber security, the ASSOCHAM has been continuously sensitising the government, RBI and the banks against the unfolding cyber risks, the study said.

He said an ASSOCHAM-Mahindra SSG study published recently pointed out that India has become a favourite hunting ground for global hackers and criminals. In fact, according to this study, India was the third biggest target for these hackers after the US and Japan.

A rapid increase in the use of computers and the emergence of the Internet in particularly in the last few decades has led to the evolution of cyberspace. Cyberspace is borderless and anonymous due to which it becomes difficult to actually trace the origin of any kind of cyber attack. The study had further noted that mobile frauds are an area of concern for companies as 35-40% of financial transactions are done via mobile devices and this menace is expected grow to 60-65% by 2017.

Credit and debit card fraud cases top the chart of cybercrimes. There has been a sixfold increase in such cases over the past three years. According to the data, about 42% complaints of online banking related to/credit/debit card fraud followed by Facebook (31%)-related complaints (morphed pictures/cyber stalking/cyber bullying). Other major cyber complaints were cheating through mobile (12%), hacking of e-mail ID (10%), abusive/offensive/obscene calls and SMS (5%), and others.

These attacks have been observed to be originating from the cyberspace of a number of countries including the US, of Europe, Brazil, Turkey, China, Pakistan, Bangladesh, Algeria and the UAE.

Andhra Pradesh, Karnataka and Maharashtra have occupied the top three positions when it comes to cybercrimes registered under the new IT Act in India.

Phishing attacks of online banking accounts or cloning of ATM/debit cards are common occurrences. The increasing use of mobile/smartphones/tablets for online banking/financial transactions has also increased the vulnerabilities to a great extent. The maximum offenders came from the 18-30 age group, the report added.

Internet frauds alone have cost India a whopping 4 billion $(about Rs 24,630 crore) in 2013 as cyber criminals are using more sophisticated means like ransom ware and spear-phishing, the report said.

During the years 2011, 2012, 2013 and 2014, a total number of 21,699, 27,605, 28,481 and 36,554 Indian websites were hacked by various hacker groups spread across worldwide. In addition, during these years, a total number of 13,301, 22,060, 71,780 and 95,189 security incidents, respectively, showing a sharp increasing trend. The total number of security incidents reported to CERT-In has been on the rise.

There is urgent need for having public-private-partnership (PPP) in cyber security for protecting the critical online data and creating awareness amongst the public. Internet has many stakeholders and the government is involved in terms of making laws and the private sectors are involved in creating technologies like hardware, software and so on and this cant be seen in an isolated manner thats why PPP model is important. The fifth domain warfare is real and expanding at a rate which is more concerning, ISIS use cyber space for expanding its base and support is glaring example of this.

Cyberattacks around the world are occurring at a greater frequency and intensity. Operating securely in the cyber environment is among the most urgent issues facing the government, industry and individuals. It is important to take proactive measures rather than reactive methods as building safe environments will always be the best line of defence against rising cybercrime. Safety first through security by design should be the motto. Security by design ensures reduction in overall cost to the business and increases the efficiency of the system by making it robust and secure.

The government and regulators should develop comprehensive cyber security policies and frameworks from the perspective of incentives, tax breaks and technological development. The policies should be such that they encourage private sector participation in public sector research and promote the commercialisation of research and development and intellectual property.

Effective mechanisms should be established to ensure coordination and cooperation between various countries. India should ensure active collaboration with the other countries and global cyber security agencies through international treaties, bilateral agreements and Memorandum of Understandings in order to understand the latest threats and take proactive security measures.

The government, and specifically the regulators, should look at developing sector-specific policies and frameworks tailored to meet the requirements of the particular sector in order to strengthen cyber security in that domain and ensure compliance with the defined security standards.

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Yes Bank announces cessation of directors
Oct 24,2016

Yes Bank announced that M. R. Srinivasan, Non-Executive Non-Independent Director and Diwan Arun Nanda, Independent Director of the Bank have on 22 October 2016 completed their tenure as Directors on the Board of the Bank in terms of RBI approval dated 04 March 2015.

Accordingly, M. R. Srinivasan and Diwan Arun Nanda cease to be Directors on the Board of the Bank at the close of business on 22 October 2016.

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