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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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Moodys and ICRA: Outlook stable for Indian commercial vehicle and mortgage loan-backed securitization, despite demonetization
Jan 19,2017

Moodys Investors Service and its Indian affiliate, ICRA, say that the performance of Indian commercial vehicle (CV) loans backing asset-backed securities (ABS) will stay stable in 2017. Similarly, the performance of Indian home loans backing residential mortgage-backed securities (RMBS) will be stable over the same period.

Delinquency rates for CV loans backing ABS transactions should increase in the short term, owing to the countrys demonetization, says Dipanshu Rustagi, a Moodys Analyst. Nevertheless, CV loan delinquencies should fall back to around 2016 levels over the course of 2017, owing to Indias robust economic growth and low oil prices.

Moodys expects oil prices to remain low in 2017. Moodys forecast is for Brent crude oil prices of $45 a barrel in 2017, with a price band of $40-$60. Low oil prices are positive for the performance of CV loans, because fuel accounts for 40%-50% of the costs of commercial vehicle operators.

Moodys explains that in November 2016, CV operators benefitted from various support measures announced by the government, such as the acceptance of old currency notes at petrol pumps and waiver of toll charges; thereby relieving some liquidity pressure. However, the impact on the performance of these operators in the next few months n++ in the absence of these short-term allowances n++ remains to be seen.

While November collection performance reports showed stable performance, December and January reports will provide more relevant information. Moodys points out that November collection reports reflected performance mostly driven by October economic conditions.

Looking ahead, Moodys says that CV loan portfolios backing new Indian auto ABS issued in 2017 will n++ like portfolios backing existing transactions n++ show good credit characteristics, such as geographic and borrower diversification, fully amortizing repayment terms, low loan-to-value ratios of around 65%-70% for used vehicle loans and 80%-85% for new vehicle loans, and the presence of significant excess interest spread. These characteristics will support the performance of Indian auto ABS.

On the home loans, arrears for mortgages backing Indian RMBS should remain low throughout 2017, supported by lower interest rates, and the fact that most of the homes were purchased by owner-occupiers, says Vibhor Mittal, an ICRA Vice President.

Home loans in India have adequate collateral cover, with initial loan-to-value ratios of around 60%-80%. Moreover, in most cases, the underlying property is occupied by the borrower, a credit positive. The eventual loss to the lenders n++ post liquidation of the collateral n++ should therefore stay low.

In addition, ICRA explains that factors like favorable demographics n++ in particular, a young working population and the rapid nuclearization of families n++ strong latent housing demand, and the governments accommodative policy will continue to provide impetus to the housing sector.

ICRA points out that entities operating in the affordable housing segment n++ catering to borrowers with marginal repayment capacity and showing a greater reliance on cash collections n++ could witness an uptick in early delinquencies. On the other hand, the prime housing loan segment n++ dominated by salaried borrowers n++ have not been impacted much by demonetization.

In November 2016, collections for ICRA-rated housing loan pools stayed strong, with an average collection efficiency rate of more than 98%. Similarly, collections in CV loan pools remained resilient, with a collection efficiency rate of 94% in November 2016 as compared to 93% in October 2016.

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Idea Cellular gains after bulk deal
Jan 19,2017

Meanwhile, the S&P BSE Sensex was up 53.10 points or 0.19% at 27,310.74

Bulk deal boosted volume on the scrip. On BSE, so far 24.85 lakh shares were traded in the counter as against average daily volume of 6.67 lakh shares in the past one quarter. The stock hit a high of Rs 69.80 and a low of Rs 66.70 so far during the day.

The stock had hit a 52-week high of Rs 128.05 on 28 April 2016. The stock had hit a 52-week low of Rs 66 on 9 November 2016. The stock had underperformed the market over the past 30 days till 18 January 2017, sliding 7.85% compared with the 3.61% rise in the Sensex. The scrip also underperformed the market in past one quarter, declining 13.79% as against Sensexs 3.10% decline.

The large-cap company has equity capital of Rs 3601.03 crore. Face value per share is Rs 10.

Idea Cellulars consolidated net profit slumped 88% to Rs 91.46 crore on 8.05% rise in total income to Rs 9535.01 crore in Q2 September 2016 over Q2 September 2015.

Idea Cellular is one of the leading telecom operators in India. It is a part of the Aditya Birla Group.

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Q3 results of Intellect Design Arena to be declared
Jan 19,2017

Intellect Design Arena announced that a meeting of Board of Directors of the Company will be held on 03 February 2017, to consider, approve and to take on record the unaudited financial results of the Company for the quarter ended 31 December 2016 (Q3), inter alia any other business.

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Board of Sandu Pharmaceuticals to review operations
Jan 19,2017

Sandu Pharmaceuticals announced that a Meeting of the Board of Directors of the Company will be held on 28 January 2017, to review business operation of the Company

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Board of Veljan Denison to take on record December quarter results
Jan 19,2017

Veljan Denison announced that a meeting of the Board of Directors of the Company will be held on 28 January 2017, to consider and take on record the Un-Audited Financial Results of the Company for the quarter/ Nine Months ended 31 December 2016.

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Board of IRB Infrastructure Developers to consider Q3 results and interim dividend
Jan 19,2017

IRB Infrastructure Developers announced that the Meeting of the Board of Directors of the Company will be held on 25 January 2017, inter alia, to consider and take on record :

1. Unaudited Financial Results of the Company for the quarter and nine months ended 31 December 2016 (Q3);

2. To consider declaration of interim dividend, if any, for the financial year 2016-17.

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Outcome of board meeting of Cigniti Technologies
Jan 19,2017

Cigniti Technologies announced that the Board of Directors of the Company at its meeting held on 19 January 2017 has taken note of the following -

Appointment of Phaneesh Murthy as Non Executive Director of Cigniti Technologies Inc., USA a wholly owned subsidiary of the Company.

Review of overseas operation of the Company.

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RACL Geartech to approve December quarter results
Jan 19,2017

RACL Geartech announced that a meeting of the Board of Directors of the Company will be held on 06 February 2017, inter alia, to consider and approve the unaudited financial results of the Company for the quarter ended 31 December 2016.

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Manali Petrochemicals to announce December quarter results
Jan 19,2017

Manali Petrochemicals announced that a meeting of the Board of Directors of the Company will be held on 31 January 2017, inter alia, for considering the Un-audited Financial Results of the Company for the Quarter ended 31 December 2016.

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Board of PTL Enterprises to consider Q3 and 9M results
Jan 19,2017

PTL Enterprises announced that the meeting of the Board of Director of the Company will be held on 01 February 2017, inter alia, to consider, and approve the unaudited financial results (Standalone) of the Company for the quarter/nine months ended 31 December 2016.

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HCL Infosystems Board to consider December quarter results
Jan 19,2017

HCL Infosystems announced that the meeting of the Board of Directors of the Company is scheduled to be held on 31 January 2017, inter alia, to consider and take on record the unaudited Financial Results of the Company on standalone and consolidated basis for the quarter ending 31 December 2016.

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Moodys sees stable outlook for Asia Pacific sovereigns; negative outlook for banks
Jan 19,2017

Moodys Investors Service says that the outlook for Asia Pacifics sovereigns is stable in 2017, reflecting a mix of credit-supportive increases in incomes and strengthening institutions, and a credit-challenging external environment with slow global trade and capital outflows.

Moreover, political risk, although generally low, is becoming increasingly unpredictable.

At the same time, the outlook for Asia Pacifics banks is negative, in view of challenges related to asset quality and profitability, while Chinas ongoing process of reforms -- including that of state-owned enterprises (SOEs) -- remains a key determinant for future growth.

Global conditions are largely unfavourable for sovereigns in Asia Pacific, which are reliant on trade and capital flows. Furthermore, in some cases, the presence of large financing needs -- stemming from current account or external debt -- means direct exposure to capital flows, says Marie Diron, an Associate Managing Director with Moodys Sovereign Group.

Moodys says that increasing capital flows into Asia Pacific in recent years have contributed to higher leverage.

With the banking system, Moodys sees a negative outlook because challenging operating conditions in the region are weighing on the banks asset quality and profitability, says Stephen Long, Moodys Managing Director for Financial Institutions in Asia Pacific.

In such an environment, problem assets will continue to rise, foreign private capital flows will remain volatile, and property price increases in some parts of the region will further amplify credit risk for the banks.

With the corporate sector, steady macro conditions and the partial recovery in commodity prices support stability in credit quality, but the details differ for each economy in Asia Pacific, says Gary Lau, a Managing Director in Moodys Corporate Finance Group for the region.

Financial leverage for private-sector companies will remain broadly stable due to earnings stability and/or manageable levels of capital expenditure, while steady economic growth, low commodity prices and competitive edges among companies support stable earnings.

Stable outlooks are existent for key sectors across Asia, including China property, refining & marketing, telecommunications and power; but challenges will continue for the steel sector.

For Asia Pacific corporates as a whole, the funding environment will remain favorable.

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Torrent Pharmaceuticals to announce Q3 results and consider interim dividend
Jan 19,2017

Torrent Pharmaceuticals announced that a meeting of the Board of Directors of the Company will be held on 03 February 2017, inter alia, to consider and approve the Audited Financial Results on Standalone basis and Unaudited Financial Results (with limited review) on Consolidated basis of the Company for the quarter and nine months ended on 31 December 2016 (Q3).

Futher, in the above meeting the Board would also consider payment of Interim Dividend for the year 2016-17.

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Sudal Industries to hold board meeting for December quarter results
Jan 19,2017

Sudal Industries announced that a Meeting of the Board of Directors of the Company will be held on 27 January 2017, to consider amongst other matters, approve and take on record the Unaudited Financial Results of the Company for the quarter ended on 31 December 2016 together with Limited Review Report as on that date.

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Board of Fomento Resorts & Hotels to approve Q3 and 9M results
Jan 19,2017

Fomento Resorts & Hotels announced that a meeting of the Board of Directors of the Company will he held on 11 February 2017, to consider and approve the Unaudited financial Results for the quarter and nine months ended 31 December 2016.

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