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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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Volumes jump at Nestle India counter
Jan 02,2017

Nestle India clocked volume of 59.27 lakh shares by 13:14 IST on BSE, a 40.44-times surge over two-week average daily volume of 2,000 shares. The stock fell 0.08% at Rs 6,025.05.

MMTC notched up volume of 27.34 lakh shares, a 5.21-fold surge over two-week average daily volume of 5.24 lakh shares. The stock surged 12.04% at Rs 59.10.

LIC Housing Finance saw volume of 4.23 lakh shares, a 4.1-fold surge over two-week average daily volume of 1.03 lakh shares. The stock declined 5.44% at Rs 529.

Kushal Tradelink clocked volume of 53.78 lakh shares, a 2.3-fold surge over two-week average daily volume of 23.41 lakh shares. The stock rose 2.58% at Rs 565.05.

Kotak Mahindra Bank saw volume of 3.03 lakh shares, a 2.22-fold rise over two-week average daily volume of 1.36 lakh shares. The stock fell 1.18% at Rs 710.60.

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LIC Housing Finance leads losers in A group
Jan 02,2017

LIC Housing Finance dropped 5.14% to Rs 530.70 at 12:45 IST. The stock topped the losers in the BSEs A group. On the BSE, 3.82 lakh shares were traded on the counter so far as against the average daily volumes of 1.03 lakh shares in the past two weeks.

HDFC declined 3.48% at Rs 1,218.50. The stock was the second biggest loser in A group. On the BSE, 1.35 lakh shares were traded on the counter so far as against the average daily volumes of 1.06 lakh shares in the past two weeks.

State Bank of India (SBI) shed 2.44% to Rs 243.65. The stock was the third biggest loser in A group. On the BSE, 15.35 lakh shares were traded on the counter so far as against the average daily volumes of 11.33 lakh shares in the past two weeks.

SBI has reportedly cut its marginal cost of lending rate, or MCLR, by 90 basis points across all maturities. The countrys largest bank has reduced its key one-year benchmark MCLR to 8% per annum. The one-year benchmark is used for pricing home and car loans. Loans are provided to borrowers at 35 basis points over the MCLR. SBIs new rates were effective from 1 January 2017.

Bajaj Auto declined 2.12% at Rs 2,578. The stock was the fourth biggest loser in A group. On the BSE, 21,000 shares were traded on the counter so far as against the average daily volumes of 12,000 shares in the past two weeks.

Bajaj Auto announced that total sales fell 22% to 2.25 lakh units in December 2016 over December 2015. Domestic sales dropped 17% to 1.19 lakh units in December 2016 over December 2015. Exports fell 27% to 1.05 lakh units in December 2016 over December 2015. The company announced the monthly sales volume data for December during market hours today, 2 January 2017.

Bank of Baroda fell 2.1% to Rs 149. The stock was the fifth biggest loser in A group. On the BSE, 3.41 lakh shares were traded on the counter so far as against the average daily volumes of 7.96 lakh shares in the past two weeks.

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Board of M M Rubber Co to consider December quarter results
Jan 02,2017

M M Rubber Co announced that meeting of the Board of Directors of the Company will be held on 23 January 2017, inter alia, to consider the following:

1. To approve the Un-audited Financial Results of the Company for the quarter ending 31 December 2016 and to authorize the Managing Director of the Company to file the same with the Stock Exchanges.

2. To record share transfer/transmission effected during the quarter.

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Ashok Leyland announces sales figure
Jan 02,2017

Ashok Leyland has reported total sales of 10,731 units in December 2016 compared to 12,154 units in December 2015, recording a decline of 12%. For the period April - December 2016, the total sales stood higher by 1% at 97,445 unit compared to corresponding period of previous year.

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SBI drops after slashing lending rates
Jan 02,2017

Meanwhile, the S&P BSE Sensex was down 127.10 points or 0.48% at 26,499.36.

On the BSE, 12.61 lakh shares were traded on the counter so far as against the average daily volumes of 21.45 lakh shares in the past one quarter. The stock had hit a high of Rs 253.50 and a low of Rs 242.80 so far during the day.

The stock had hit a 52-week high of Rs 288.50 on 11 November 2016 and a 52-week low of Rs 148.30 on 12 February 2016. The stock had underperformed the market over the past one month till 30 December 2016, declining 3.35% compared with the Sensexs 0.1% fall. The scrip had, however, outperformed the market over the past one quarter declining 0.38% as against the Sensexs 4.45% fall.

The large-cap public sector bank has equity capital of Rs 776.28 crore. Face value per share is Re 1.

State Bank of India (SBI) has reportedly cut its marginal cost of lending rate, or MCLR, by 90 basis points across all maturities. MCLR is the benchmark rate to which all loans are linked. The bank has reduced its key one-year benchmark MCLR to 8% per annum. The one-year benchmark is used for pricing home and car loans. Loans are provided to borrowers at 35 basis points over the MCLR. SBIs new rates were effective from yesterday, 1 January 2017.

SBIs net profit fell 34.6% to Rs 2538.32 crore on 8.3% growth in total income to Rs 50742.99 crore in Q2 September 2016 over Q2 September 2015.

SBI is Indias biggest bank in terms of branch network. The Government of India currently holds 60.18% stake in SBI (as per the shareholding pattern as on 30 September 2016).

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Board of Arfin India to consider conversion of warrants
Jan 02,2017

Arfin India announced that a meeting of the Board of Directors of the Company is scheduled to be held on 05 January 017, inter alia, to consider issue and allotment of Equity Shares on conversion of Warrants to Promoters and Persons other than Promoters.

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NCL Industries announces resignation of director
Jan 02,2017

NCL Industries announced that N. V. Suvarna, Executive Director of the Company has resigned from the Board of Directors of the Company w.e.f. 01 January 2017.

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Government has allowed 100% FDI for trading including through e-commerce, in respect of food products manufactured or produced in India
Jan 02,2017

The Ministry of Food Processing Industriesis implementing a number of Central Sector Schemes for promotion and development of food processing sector in the country since 12th Plan.

The major achievements of the Ministry during 2016 are as under:-

Government has allowed 100% FDI for trading including through e-commerce, in respect of food products manufactured or produced in India. 100% FDI is already permitted in manufacturing of food products through automatic route. This will provide impetus to the foreign investment in food processing sector, benefit farmers immensely and will create vast employment opportunities.

The following additional fiscal concessions have been granted for boosting the investment in the food processing sector :

(a) Reduction in Excise Duty on Refrigerated Containers from 12.5% to 6%.

(b) Reduction in Basic Custom Duty on Refrigerated Containers from 10% to 5%.

(c) 5% Basic Customs Duty as presently available under project imports for cold storage, cold room also extended for Cold Chain including pre-cooling unit, pack house, sorting and grading lines and ripening chambers.

Under the Scheme of Mega Food Parks:

(a) The Indus Mega Food Park, Khargone (Madhya Pradesh); Jharkhand Mega Food Park Ranchi (Jharkhand), and Jangipur Bengal Mega Food Park, Murshidabad(West Bengal) were made operational and inaugurated.

(b) Foundation Stone of Punjab Agro Industries Corporation (PAIC) Mega Food Park Project in Ludhiana was laid.

(c) As such, 8 Mega Food Parks have been made operational so far.

(d) A Mega Food Park is likely to benefit about 25000-30000 farmers apart from creating employment for 5000-6000 persons, especially in rural areas.

(e) The Mega Food Park projects at Satara (Maharashtra), Ajmer (Rajasthan), Rayagada (Odisha) and Agartala (Tripura) are at advanced stage for operationalisation by the end of current financial year.

(f) NABARD has sanctioned term loan of Rs. 427.69 Crore to 10 Mega Food Park projects and 2 processing units under Food Processing Fund of Rs. 2000 Crore and out of this an amount of Rs. 81.10 Crore has been disbursed. The Ministry has notified 157 designated food parks in different States for the purpose of availing affordable credit from special fund with NABARD.

Under the Scheme of Integrated Cold Chain and Value Addition Infrastructure:

(a) 20 projects have been operationalised in 2016. With their operationalisation, Ministry has created an additional capacity of 0.63 lakh metric tonnes of cold storage, 15 metric tonnes per hour of individual Quick Freezing (IQF), 10.65 lakh litres per day of Milk of processing/ storage and 99 reefer vans during 2016.

(b) During last two and half years, 54 Integrated Cold Chain projects have been made operational taking the total number of Cold Chain projects to 91. The Ministry has so far assisted 135 Cold Chain projects having a capacity of 3.67 lakh metric tones of cold storage, 94.29 metric tones per hour of individual Quick Freezing (IQF) 37.93 lakh litres per day of Milk processing/ storage and 549 reefer vans.

(c) The guidelines of Scheme have been revised on the basis of feedback and experience of this Ministry to make them investor friendly.

(d) On an average, each cold chain project benefits to around 500 farmers in fruits and vegetables sector and around 5000 farmers in dairy sector and creates employment for 100 persons.

Ministry has invited EOIs to fill up vacant slots of Mega Food parks and Cold Chain projects. The Ministry has received 54 proposals against 8 vacant slots of Mega Food Parks and 308 proposals for 100 Cold Chain projects which stand testimony to the increasing interest of the investors in this sector.

Under the Scheme of Setting up/ Modernization of Abattoirs, one project at Panji (Goa) has been operationalised.

During the year, 10 Food Testing Labs have been completed.

FSSAI has simplified product approval:

(a) approved a large number of new Additives harmonized with the International Codex Standards.

(b) notified an amendment to the regulations as a result of which non-standardized food products called proprietary foods (except novel food and nutra-ceuticals) that use ingredients and additives approved in the regulations will no longer require product approval. This has provided considerable relief to the industry.

A web-based on-line system has been operationalised for processing claims for release of grants-in-aid under the Schemes of Mega Food Parks and the Integrated Cold Chain and Value Addition Infrastructure.

The National Institute of Food Technology, Entrepreneurship and Management (NIFTEM) at Kundli, Sonepat, Haryana and Indian Institute of Crop Processing Technology (IICPT) at Thanjavur, Tamil Nadu are being developed by the Government as the Centres of Excellence. The pass-outs of these institutes have got 100% placements.

The Ministry is also taking steps to implement a new scheme namely Scheme for Agro-Marine produce Processing and Development of Agro-clusters (SAMPADA) for overall development of food processing sector, for providing enabling infrastructure, expanding processing and preservation capacities, controlled temperature logistics and backward and forward linkages, with an allocation of Rs.6000 Crore for a period co-terminus with 14th Finance Commission.

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Punjab National Bank drops after reducing MCLR
Jan 02,2017

The announcement was made on Sunday, 1 January 2017.

Meanwhile, the S&P BSE Sensex was down 116.55 points or 0.44% at 26,509.91.

On the BSE, 5.1 lakh shares were traded in the counter so far as against average daily volume of 11.91 lakh shares in the past one quarter. The stock had hit a high of Rs 117.45 and a low of Rs 113.30 so far during the day. The stock had hit a 52-week high of Rs 164.30 on 11 November 2016. The stock had hit a 52-week low of Rs 69.40 on 17 February 2016.

The stock had underperformed the market over the past one month till 30 December 2016, sliding 16.35% compared with 0.1% drop in the Sensex. The scrip had also underperformed the market in past one quarter, dropping 17.81% as against Sensexs 4.45% fall.

The large-cap public sector bank has equity capital of Rs 425.59 crore. Face value per share is Rs 2.

Punjab National Bank has reduced marginal cost of funds based lending rate (MCLR) for overnight loans to 8.2% from 8.9%. The rate for one month is reduced to 8.25% from 8.95% and for three months it is reduced to 8.35% from 9.05%.

The MCLR on 6-month loans will be 8.4% from earlier 9.1% and for one-year loans the rate will be 8.45% from 9.15%, the bank said. MCLR on three-year loans was reduced to 8.6% from 9.3% and for five-year loans the rate will be 8.75% from 9.45% earlier.

All rupee loans sanctioned and credit limits renewed with effect from 1 April 2016 are priced with reference to the Marginal Cost of Funds based Lending Rate (MCLR) which is the internal benchmark of the concerned bank. Actual lending rates are determined by adding the components of spread to the MCLR.

Punjab National Bank (PNB)s net profit declined 11.5% to Rs 549.36 crore on 3.8% growth in total income to Rs 14218.27 crore in Q2 September 2016 over Q2 September 2015.

The Government of India held 65.01% stake in PNB (as per the shareholding pattern as on 30 September 2016).

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L&T inches up after securing Pune smart city project
Jan 02,2017

The announcement was made during market hours today, 2 January 2017.

Meanwhile, the BSE Sensex was down 140.09 points or 0.53% at 26,486.37.

On the BSE, 21,000 shares were traded on the counter so far as against the average daily volumes of 2.31 lakh shares in the past one quarter. The stock had hit a high of Rs 1,360 and a low of Rs 1,350 so far during the day.

The stock hit a 52-week high of Rs 1,615 on 27 July 2016 and a 52-week low of Rs 1,016.60 on 12 February 2016. It had underperformed the market over the past one month till 30 December 2016, declining 2.4% compared with the Sensexs 0.1% fall. The scrip had also underperformed the market over the past one quarter sliding 5.75% as against the Sensexs 4.45% fall.

The large-cap company has equity capital of Rs 186.54 crore. Face value per share is Rs 2.

The letter of intent for the Pune smart city project was handed over by the Municipal Commissioner of Pune, Kunal Kumar to representatives of L&T Constructions Smart World & Communication Business Unit, which will be executing the project. This unit offers end-to-end solutions comprising security solutions, communication network and telecom infrastructure and smart infrastructure as a master systems integrator in collaboration with other businesses within the L&T Group.

The Pune smart city project includes a revenue monetization model, the countrys first in smart cities domain.

On a consolidated basis, L&Ts net profit jumped 84.3% to Rs 1434.63 crore on 8.5% growth in net sales to Rs 24923.98 crore in Q2 September 2016 over Q2 September 2015.

L&T is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services with $16 billion in revenue. L&T Construction is a brand of L&T.

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Natco Pharma launches generic VELPANAT in Nepal
Jan 02,2017

Natco Pharma has launched the first generic version of Sofosbuvir 400mg/Velpatasvir 100mg fixed dose combination in Nepal. Sofosbuvir 400mg/Velpatasvir 100mg fixed dose combination is sold by Gilead Sciences, Inc., under brand name Epclusan++.

Epclusan++ is the first all-oral, pan-genotypic, single tablet regimen for the treatment of adults with genotype 1-6 chronic hepatitis C virus (HCV) infection. Epclusa is also the first single tablet regimen approved for the treatment of patients with HCV genotype 2 and 3, without the need for Ribavirin.

Natco will market Sofosbuvir 400mg/Velpatasvir 100mg under the brand name VELPANATn++. Natco priced its generic medicine of VELPANAT at an MRP of Rs 25,000/- equivalent for a bottle of 28 tablets in Nepal. Natco has signed a non-exclusive licensing agreement with Gilead Sciences, Inc., to manufacture and sell generic versions of its chronic hepatitis C medicines in 101 developing countries.

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Nikkei India Manufacturing PMI eases below 50 mark
Jan 02,2017

PMI data for December indicated that the rupee demonetization took a toll on manufacturing performance. Companies saw new work and output dip for the first time in 2016. In turn, quantities of purchases were scaled back and employment lowered. Meanwhile, input costs increased at a quicker rate, whereas output charge inflation eased.

The headline seasonally adjusted Nikkei India Manufacturing Purchasing Managers IndexTM (PMITM) recorded below the crucial 50.0 threshold for the first time in 2016 during December. Down from 52.3 in November to 49.6, the latest reading was indicative of a marginal deterioration in the health of the sector. Nevertheless, the average over the October-December quarter (52.1) was broadly in line with that seen in the July-September period (52.2).

Four of the five sub-components of the PMI edged below 50.0, while average delivery times lengthened further. At the sector level, operating conditions deteriorated in both the consumer and intermediate goods categories.

Panel members widely blamed the withdrawal of high-value rupee notes for the downturn, as cash shortages in the economy reportedly resulted in fewer levels of new orders received. Concurrently, manufacturers lowered output accordingly. Rates of contraction in new work and production were marginal overall, but in both cases the reductions were the first in 2016. Businesses also highlighted challenging conditions in external markets, with a fall in new business from abroad ending a six-month sequence of growth.

Cash shortages and lower workplace activity resulted in job shedding and falling buying levels during December. Payroll numbers decreased only marginally, however, as the vast majority of panellists signalled unchanged workforces. A similar trend was seen with regards to quantities of purchases.

Higher prices paid for a range of raw materials led average cost burdens to increase for the fifteenth straight month in December, with the rate of inflation picking up since November. On the other hand, output charges rose at the slowest pace since August.

Both pre- and post-production stocks decreased during December. The former saw the first monthly drop in 13 months, while inventories of finished goods declined for the eighteenth month running (albeit to the least extent in this sequence).

Finally, cash flow issues reportedly impaired manufacturers ability to work on outstanding business. Backlogs rose for the seventh consecutive month, but at the slowest rate in this sequence.

Commenting on the Indian Manufacturing PMI survey data, Pollyanna De Lima, Economist at IHS Markit and author of the report, said: Having held its ground in November following the unexpected withdrawal of 500 and 1,000 bank notes from circulation, Indias manufacturing industry slid into contraction at the end of 2016. Shortages of money in the economy steered output and new orders in the wrong direction, thereby interrupting a continuous sequence of growth that had been seen throughout 2016. Cash flow issues among firms also led to reductions in purchasing activity and employment.

As the survey showed only a mild decline in manufacturing production in the last month of the year, the average reading for the Oct-Dec quarter remained in growth terrain, thereby suggesting a positive contribution from the sector to overall GDP in Q3 FY16/17. With the window for exchanging notes having closed at the end of December, January data will be key in showing whether the sector will see a quick rebound.

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US stocks end 2016 on a lower note
Jan 02,2017

US stocks spent the final session of the year in a steady retreat on Friday, 30 December 2016. U.S. stocks fell in the final trading day of the year on Friday as investors took profits on some of 2016s high flying sectors, although major indexes posted strong annual gains and the Dow closed out its best year since 2013.

The days losses were broad, with all but two of the 11 primary S&P 500 sectors ending lower. However, trading volume was light, as is typical for the final trading week of the year.

The Dow Jones Industrial Average dropped 57.18 points to 19,762.60, a decline of 0.3%. The S&P 500 fell 10.43 points, or 0.5%, to 2,238.83. The Nasdaq Composite Index fell 48.97 points to 5,383.12, a drop of 0.9%.

The Nasdaq was pressured by a drop in technology shares, which was the weakest sector on the day though it outperformed the broader market over the year.

Friday marks not only the final trading day of the year, but also of the week, the month, and the quarter.

Dow gained 13.4% for the year 2016. The S&P 500 2016 gain stood at 9.5%. The Nasdaq underperformed, trimming this years advance to 7.5%.

Bullion prices ended lower at Comex on Friday, 30 December 2016. Gold futures moved in and out of positive territory on Friday, risking a fifth straight session gain, but still on track to snap what had been the longest weekly losing streak in more than 12 years.

Gold futures for February delivery fell $1.00, or 0.1%, to $1,157.10 an ounce, but had earlier traded up to $1,164.

Gold futures fell on Friday but snapped what had been the longest weekly losing streak in more than 12 years with a 1.5% weekly gain. Gold logged a 9% gain for all of 2016, owed to its early-year move. Gold is off more than 15% from its 2016 best, which was the settle high of $1,364.90 hit 6 July 2016. March silver was down 15 cents, or 0.9%, at $16.08 an ounce after trading at its highest in about two weeks. For the month, silver fell a roughly 2%. Silver gained 17% for the year.

Crude oil futures saw modest losses in the final trading session of 2016 on Friday, 30 December 2016 but scored the biggest yearly rise since 2009.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in February fell 5 cents, or 0.1%, to close at $53.72 a barrel. On a most-active basis, the U.S. benchmark futures contract saw a nearly 45% calendar-year rise and a more-than-8% jump in December 2016. The rise has been fueled in part by expectations members of the Organization of the Petroleum Exporting Countries and other major producers will abide by an agreement to curb output. The annual rise was the largest in 7 years.

Fridays pullback brought the S&P 500 back into the middle of its post-election range with nine out of eleven sectors finishing in the red. Heavily-weighted technology and consumer discretionary spent the day at the bottom of the leaderboard, dragging most other sectors down.

The U.S. Dollar Index shed 0.4% to lock in its second consecutive decline, but still ended the year just below a 14-year high.

Market participants got an early taste of the strong dollars impact on Friday on the manufacturing sector as the December Chicago PMI declined to 54.6 from 57.6 in November. The drop was paced by New Orders, which fell to 56.5 from 63.2 in November.

The bulk of the day saw below-average trading volume, but there was a surge of activity into the close, likely associated with end-of-month and end-of-quarter flows from large investors. As a result, more than a billion shares changed hands at the NYSE floor.

Treasuries ended the abbreviated session on a higher note. The 10-yr yield slipped three basis points to 2.44%, ending 20 basis points below its mid-December high.

Bond and equity markets will be closed on Monday and Tuesdays economic data will be limited to the 10:00 ET release of November Construction Spending (consensus 0.5%) and December ISM Index (consensus 53.6).

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Lupin receives final approval for Cevimeline Hydrochloride Capsules
Jan 02,2017

Lupin has received final approval for its Cevimeline Hydrochloride Capsules, 30 mg from the United States Food and Drug Administration to market a generic version of Daiichi Sanyo Incs Evoxacn++ Capsules, 30 mg. Lupin shall commence promoting the product shortly.

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Rasoi announces resignation of director
Jan 02,2017

Rasoi announced that Shashi Mody, Director of the Company, has tendered her resignation from the Directorship of the Company due to personal reasons w.e.f. the close of working hours of 31 December 2016.

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