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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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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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Outcome of board meeting of Syncom Healthcare
Jan 02,2017

The Board of Directors of Syncom Healthcare at their meeting held on 31 December 2016 transacted the following -

The Company appointed Ajay Shankarlal Bankda as Additional Director fo the Company with effect from 31 December 2016 and designated him as Managing Director cum Chairman of the company. The Board has decided to hold EGM on 30 January 2017. The Board also decided to initiate the process of de-registration of its subsidiary in UAE i.e. Syncom Healthcare International FZE.

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Hotel bookings for New Years Eve celebrations down by up to 5%: ASSOCHAM
Jan 02,2017

Demonetisation and the consequent cash crunch seems to have some impact on New Years Eve celebrations as bookings received by star-rated hotels in metros have registered a decline of about 5-7 per cent, noted a quick survey undertaken by ASSOCHAM Social Development Foundation.

n++Besides, many hotels have not revised rates of New Year packages and have in fact lowered the rates by about 2-3 per cent and are bundling various offers, promotions, deals and discounts on services in one package at a bargain price,n++ according to the fortnight long survey carried out by ASSOCHAM Social Development Foundation.

The survey also highlighted that while many party-goers are hoping to get some good discounts at star properties, most others plan to celebrate the New Years Eve at house parties with friends and family or at their home.

The ASSOCHAM Social Development Foundation had interacted with about 50 star-rated hotels in Ahmedabad, Bengaluru, Chennai, Delhi-NCR, Hyderabad, Indore, Jaipur, Kolkata, Lucknow and Mumbai during the course of past midnight to ascertain how top hotels in metros are gearing up for annual New Years Eve parties.

Simultaneously, the chamber representatives also interacted with about 250 youngsters to gauge how people in urban centres are planning to bid farewell to 2016 whereby most said they plan to usher in the New Year in a cost-effective way by opting to party indoors.

n++New Years Eve is the perfect occasion for especially the youth to unwind and soak in the festivities with their friends and family, though with ever-growing per-capita incomes people do not mind indulging in some extravagance but cash crunch in wake of demonetisation seems to an impact on their plans this time,n++ said Mr D.S. Rawat, secretary general of ASSOCHAM while releasing the findings of the chambers survey.

n++Star-rated hotels to seems to be reeling under some impact of the Centres bold move of demonetisation, more so as this is really the best season for hotel industry but are being forced to scale down their New Years Eve activities as they are not able to draw many people,n++ he said.

Many of the participants with moderate budget, said they though New Year celebrations in star hotels has always been a expensive affair but demonetisation has certainly dented their plans in this regard.

Some even said they were shying away from splurging the much-needed cash on new outfits, food and drinks which used to be a sort of norm.

While those with bigger budgets said they were hoping to get some good deals/discounts as many hotels are likely to do away with usual price-hikes in entry fees and drinks costs.

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KDDL provides update on subsidiary - Ethos
Jan 02,2017

KDDL announced that CRISIL has assigned the credit rating of Ethos , a subsidiary of KDDL for a Long Term Bank Loan facilities as CRISIL BBB-/Stable for Short Term Bank Loan facilities as CRISIL A3 and for Fixed Deposits programme as FA-/Stable(re-affirmed).

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Board of Videocon Industries approves extension of current financial year by 3 months
Jan 02,2017

Videocon Industries announced that the Board of directors of the Company have accorded their approval to extend the current financial year by a period of 3 (Three) months, in terms of the requirements of Section 2(41) of the companies Act, 2013 and the Rules made there under.

As such, the current accounting year shall be a period of 15 (Fifteen) months beginning on 01 January 2016 and ending on 31 March 2017. The subsequent financial years, as such, shall begin on 1st April and will end on the following 31st March every year.

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Mahanagar Gas gains after launching CNG-fueled two-wheelers
Jan 02,2017

The announcement was made yesterday, 1 January 2017.

Meanwhile, the S&P BSE Sensex was down 131.43 points or 0.49% at 26,495.03.

On the BSE, 22,000 shares were traded on the counter so far as against the average daily volumes of 60,640 shares in the past one quarter. The stock had hit a high of Rs 814 and a low of Rs 789.40 so far during the day.

The stock had hit a record high of Rs 899 on 28 November 2016 and a record low of Rs 493.20 on 13 July 2016. It had outperformed the market over the past one month till 30 December 2016, advancing 2.01% compared with the Sensexs 0.1% fall. The scrip had also outperformed the market over the past one quarter gaining 18.94% as against the Sensexs 4.45% fall.

The mid-cap company has equity capital of Rs 98.78 crore. Face value per share is Rs 10.

Mahanagar Gas said that the company in association with Eco Fuel (Indian Partners of Lovato, Italy) launched CNG fueled two-wheelers thus enabling them to run on safe and economical fuel, further contributing to a pollution free environment.

Commenting on the development, Union Minister of State (Independent Charge) for Petroleum and Natural Gas Dharmendra Pradhan said that the launch of CNG fueled two wheelers will give an opportunity to more than 36 lakhs two wheelers running in the Mumbai Metropolitan Region (MMR) to opt for this eco-friendly fuel. In the last few years CNG powered vehicles have grown in MMR at a compound annual growth rate (CAGR) of over 70% given the fuel economics and eco-friendly nature of CNG.

The CNG kit for two wheelers comprises of two CNG cylinders of 1.2 kg each, which can run up to 120 to 130 km per kg at an approximate cost of Rs 0.60 per km per single fill and is expected to be substantially economical as compared to a similar petrol run vehicle at the current level of prices as per the kit manufacturer. In the initial phase, the scooters shall be retrofitted with a CNG kit manufactured by Lovato.

Presently two kit manufacturers namely ITUK & Lovato have got two-wheeler CNG kits approved by ARAI, Pune and ICAT Gurgaon respectively. Lovato has got approval for 18 scooter models of various original equipment manufacturers (OEMs) present in the market. Considering the huge potential of this segment other kit manufacturers are also planning to launch their two-wheeler kits, Mahanagar Gas said.

Mahanagar Gas net profit rose 40.9% to Rs 102.24 crore on 3.5% decline in net sales to Rs 518.05 crore in Q2 September 2016 over Q2 September 2015.

Mahanagar Gas (MGL) is one of Indias leading natural gas distribution companies. MGL is a joint venture between GAIL (India) and BGAPH (a subsidiary of Royal Dutch Shell Plc).

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Outcome of board meeting of Vaksons Automobiles
Jan 02,2017

Vaksons Automobiles announced that the Board of Directors of the Company at its meeting held on 31 December 2016 decided to authorise Satender Kumar Jain, Whole Time Director to apply for the GST registration of the Company and to do all such acts, things, deeds as may be necessary to give effect to the said purpose. The Board also reviewed the operations of the company.

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Central Bank of India announces cessation of director
Jan 02,2017

Central Bank of India announced that Raj Kumar Goyal has retired from the position of the Executive Director of the Bank w.e.f. close of working hours on 31 December 2016 on attaining superannuation.

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Shriram Transport Finance Company to consider fund raising options
Jan 02,2017

Shriram Transport Finance Company announced that the Company is considering raising of funds through various options of borrowings including by way of issue of securities in onshore/offshore market on private placement basis. Based on the market conditions the meeting(s) of Banking and Finance Committee/Debt Issuance Committee will be held during the current month ending 31 January 2017 to consider and approve the terms and conditions of such borrowings.

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Larsen & Toubro bags Smart City Project for Pune
Jan 02,2017

Larsen & Toubro has bagged a Smart City project as part of the Governments Smart City Mission by being identified as the Implementation Partner to convert Pune into a Smart City. The Letter of Intent was handed over by the Municiple Commissioner of Pune to L&T Constructions Smart World and Communications Unit, which will be executing the project.

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26.03 crore accounts opened as on 21 December, 2016 under PMJDY out of which 15.86 crore accounts are in rural areas and 10.17 crore in urban areas
Jan 02,2017

Year End Review- 2016 of Department of Financial Services, Ministry of Finance

I. Pradhan Mantri Jan Dhan Yojana (PMJDY)

 With a view to increasing banking penetration and promoting financial inclusion and with the main objective of covering all households with at least one bank account per household across the country, a National Mission on Financial Inclusion named as  Pradhan Mantri Jan Dhan Yojana (PMJDY) was announced by the Prime Minister Shri Narendra Modi in his Independence Day Speech on 15th August , 2014 . The Scheme was formally launched by the Prime Minister, Shri Narendra Modi on 28th August, 2014 at National level.

Objectives of PMJDY

(i)     Universal access to banking facilities for all households across the country through a bank branch or a fixed point Business Correspondent (BC) within a reasonable distance.

(ii)   To cover all households with atleast one Basic Bank  Account with RuPay Debit card having inbuilt accident insurance cover of Rs.1 lakh.

(iii) An overdraft facility upto Rs.5000/- after satisfactory operation in the account for 6 months.

(iv) A Life Cover of Rs.30,000/- to those beneficiaries who open their accounts for the first time from  15.08.2014 to 31.01.2015.

(v)   Financial literacy programme which aims to take financial literacy upto village level.

(vi) The Mission also envisages expansion of Direct Benefit Transfer under various Government Schemes through bank accounts of the beneficiaries.

(vii) Providing micro-insurance to the people.

(viii) Un=organised sector Pension schemes through the Business Correspondents.

  Achievements under PMJDY (as on 21st December,2016)

(i)     26.03 crore accounts have been opened under PMJDY out of which 15.86 crore accounts are in rural areas and 10.17 crore in urban areas. 

(ii)   Deposits of Rs. 71,557.90 crore has been mobilized.

(iii)  19.93 crore RuPay Debit cards have been issued under PMJDY.

(iv)  Aadhaar seeding in PMJDY accounts 14.43 crore

(v)   Zero balance accounts has been reduced to 23.86%

(vi)  Household Coverage: 99.99% households out of the 21.22 crore households surveyed have been covered under PMJDY.

 As on 23rd December, 2016, out of total requirement of 1,27,198 fixed location Bank Mitras in Sub Service Areas (SSAs), 1,26,985 Bank Mitras  have been deployed  by banks.

Overdraft (OD) in PMJDY accounts

 As on 23rd December, 2016, 44.28 lakh accounts have been sanctioned OD facility  of which 23.85 lakh account-holders  have  availed  this   facility involving an amount of Rs.316.56 crore.

 Insurance Claims settled

(i)     As on 23rd December, 2016, out of 1712 claims lodged, 1626 claims have been disposed off under accidental insurance cover of Rs. 1 lakh under RuPay debit card .

(ii)   As on 23rd December, 2016, out of 3936 claim lodged, 3421 claims paid under  Life Cover of Rs.30,000/- to those beneficiaries who opened their accounts for the first time from  15.08.2014 to 31.01.2015.

II         Jan Dhan to Jan Suraksha

 For creating a universal social security system for all Indians, especially the poor and the under-privileged by the Prime Minister Shri Narendra Modi launched three Social Security Schemes in the Insurance and Pension sectors; namely the Pradhan Mantri Suraksha Bima Yojna, the Pradhan Mantri Jeevan Jyoti Bima Yojana and the Atal Pension Yojana on Pan India basis on the 9th of May, 2015. Salient features of the two schemes related to Insurance are given below:

 Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)  

 The PMJJBY is available to people in the age group of 18 to 50 years having a bank account who give their consent to join / enable auto-debit. Aadhar would be the primary KYC for the bank account. The life cover of Rs. 2 lakhs shall be for the one year period stretching from 1st June to 31st May and will be renewable.   Risk coverage under this scheme is for Rs. 2 Lakh in case of death of the insured, due to any reason. The premium is Rs. 330 per annum which is to be auto-debited in one installment from the subscribers bank account as per the option given by him on or before 31st May of each annual coverage period under the scheme. The scheme is being offered by Life Insurance Corporation and all other life insurers who are willing to offer the product on similar terms with necessary approvals and tie up with banks for this purpose.

 By 28th December, 2016, Cumulative Gross enrolment reported by Banks, subject to verification of eligibility, etc. is over 3.08 crore under PMJJBY. 51,745 claims were registered under PMJJBY till 28thDecember, 2016 out of which 48,023 have been disbursed.

 Pradhan Mantri Suraksha BimaYojana (PMSBY)

 The Scheme is available to people in the age group 18 to 70 years with a bank account who give their consent to join / enable auto-debit on or before 31st May for the coverage period 1st June to 31st May on an annual renewal basis. Aadhar would be the primary KYC for the bank account. The risk coverage under the scheme is Rs. 2 lakh for accidental death and full disability and Rs. 1 lakh for partial disability. The premium of Rs. 12 per annum is to be deducted from the account holders bank account through auto-debit facility in one installment. The scheme is being offered by Public Sector General Insurance Companies or any other General Insurance Company who are willing to offer the product on similar terms with necessary approvals and tie up with banks for this purpose.

By 28thDecember, 2016, Cumulative Gross enrolment reported by Banks subject to verification of eligibility, etc. is over 9.88 Crore under PMSBY. 10084 Claims were registered under PMSBY till 28thDecember, 2016 out of which 7282 have been disbursed. 

 Atal Pension Yojana (APY)

(i)     APY was launched on 9th May, 2015 by the Prime Minister Shri Narendra Modi.

(ii)   APY is open to all bank account holders in the age group of 18 to 40 years and the contributions differ, based on pension amount chosen.

(iii) Subscribers would receive the guaranteed minimum monthly pension of Rs. 1000 or Rs. 2000 or Rs. 3000 or Rs. 4000 or Rs. 5000 at the age of 60 years.

(iv) Under APY, the monthly pension would be available to the subscriber, and after him to his spouse and after their death, the pension corpus, as accumulated at age 60 of the subscriber, would be returned to the nominee of the subscriber.

(v)   The minimum pension would be guaranteed by the Government, i.e., if the accumulated corpus based on contributions earns a lower than estimated return on investment and is inadequate to provide the minimum guaranteed pension, the Central Government would fund such inadequacy. Alternatively, if the returns on inv