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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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Canara Bank gains on plans to raise capital
Oct 17,2016

The announcement was made after market hours on Friday, 14 October 2016.

Meanwhile, the S&P BSE Sensex was up 40.32 points or 0.15% at 27,714.74.

On BSE, so far 74,834 shares were traded in the counter as against average daily volume of 4.32 lakh shares in the past one quarter. The stock hit a high of Rs 316.95 and a low of Rs 312.30 so far during the day. The stock had hit a 52-week high of Rs 339.20 on 5 October 2016. The stock had hit a 52-week low of Rs 156.20 on 29 February 2016. The stock had outperformed the market over the past one month till 14 October 2016, rising 0.53% compared with Sensexs 2.46% fall. The scrip had also outperformed the market in past one quarter, surging 22.57% as against Sensexs 0.96% decline.

The large-cap PSU bank has equity capital of Rs 542.99 crore. Face value per share is Rs 10.

Canara Bank said that the majority of the directors have taken note of the contents and the recommendations of the bank in the circular note and consented to raise additional Tier-I capital funds through BASEL-III compliant additional Tier-I perpetual bonds in rupee terms domestically for an amount not exceeding Rs 2500 crore in single tranche or in tranches depending on the market conditions to maintain healthy capital to risk (weighted) assets ratio (CRAR), during the current financial year. A bond committee will be constituted to determine the structure of the issue size, tenor, coupon, timing of the issue, date of allotment, listing and other matters connected to the issue.

On 6 October 2016, the bank had proposed to circulate a note among the directors of the board of the bank in respect of raising additional funds through BASEL-III compliant additional Tier-I bonds in rupee terms.

Canara Banks net profit fell 52.2% to Rs 228.95 crore on 3.8% decline in total income to Rs 11786.35 crore in Q1 June 2016 over Q1 June 2015.

The Government of India held 66.3% stake in Canara Bank as per the shareholding pattern as on 30 June 2016.

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Organic relationships in the BIMSTEC region need revival: Nirmala Sitharaman
Oct 17,2016

Nirmala Sitharaman, Minister of Commerce and Industry, Government of India called for greater buoyancy in the approach toward implementing projects in the BIMSTEC region. The Minister was speaking at the BIMSTEC Business Summit organized by the Ministry of External Affairs with the Confederation of Indian Industry.

Sitharaman elucidated how the complementarity of the region could be highlighted to close in on the agreements that are being discussed. She shared that with the BRICS Business meetings going on at present, it was apt to have invited the BIMSTEC countries to take part in the deliberations. She observed that the countries in this region have been connected since time immemorial and hence the organic nature of pre-existing relationships could be easily revived.

Romi Gauchan Thakali, Minister of Commerce, Government of Nepal, highlighted that for Nepal, BIMSTEC is a stepping stone for its industry to embark on the journey to integrated business transactions. Having achieved their political agenda in the recent past, Nepal is currently on the path of economic development and hence is ready to foster in regional integration and increased business linkages with its neighboring nations especially under the BIMSTEC umbrella. He also urged that the special treatment given to LDCs in the region be continued as it has definitely resulted in successful business exchanges.

Preeti Saran, Secretary (East), Ministry of External Affairs said that countries in the BIMSTEC region have a shared heritage and is one of the most dynamic regions in the world. She pointed out that put together BIMSTEC countries comprises of $ 2.5 bn of the world economy. Hence it is important that the themes of free trade, physical connectivity, power and MSMEs get maximum focus. She further added that being the lead country for BIMSTEC on the sectors of transport, tourism and infrastructure; India will continue pushing agendas for greater collusion of thoughts.

Sumith Nakandala, Secretary General, BIMSTEC Secretariat, Bangladesh laid emphasis on the fact that that the Bay of Bengal us a conduit for the flow of ideas and innovative business models. BIMSTEC region is situated at the heart of history and it is only the reimagining of connections that will pave the way for the formation of an exemplary network. It is time that we rediscover our common heritage and create the roadmap to celebrate the 20th anniversary of BIMSTEC, he said.

Chandrajit Banerjee, Director General, Confederation of Indian Industry, said that Indian industry has a key role to play in driving global trade and investment agenda. The Annual BIMSTEC Business Summit will provide opportunities of Country Mapping of the member countries. The engagement would facilitate as well as identify opportunities of Sectoral Collaboration and Policy Advocacy between member countries.

The Summit provided a platform to deliberate upon concerns with regard to the finalization of the FTA, connecting the dots with respect to physical connectivity, ways to power BIMSTEC countries and providing the right ecosystem for the growth of MSMEs. It brought together experts from Industry, Government and Institutions to build integrative strategies to facilitate an effective and integrated role with invaluable collaborative opportunities to ensure unhindered economic growth and human development in the BIMSTEC region.

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Mild gains for US stocks
Oct 17,2016

U.S. stocks closed slightly higher on Friday, 14 October 2016 finishing near lows of the session to turn in a second losing week in a row, after a trio of quarterly bank results topped analyst estimates and Federal Reserve Chairwoman Janet Yellen said there may be benefits to running the economy with a tight labor market.

The Dow Jones Industrial Average closed up 39.44 points, or 0.2%, at 18,138.38, for a 0.6% loss on the week. The S&P 500 index advanced 0.43 points to finish at 2,132.98, for a 1% decline on the week. The Nasdaq Composite index finished up 0.83 points at 5,214.16, for a 1.5% decline on the week.

On Friday, the financials and tech sectors led gainers. Goldman Sachs rose 1.9% and was the top performer on the Dow.

After a brief spike, stocks returned to levels seen just before Yellens speech and remained there until the near the end of the trading session, when stocks pared gains and the S&P 500 and the Nasdaq flirted with slipping into negative territory. In a speech in Boston on Friday, Yellen said it might be wise to run a n++high pressuren++ economy, one with a tight labor market, to reverse the negative effects of the Great Recession.

J.P. Morgan Chase & Co. dipped 0.3% after both its earnings and revenue topped analyst forecasts, though the results were still down from the prior year. Similar results were seen at Citigroup which closed up 0.3% after its quarterly report. Wells Fargo & Co. shares closed down 0.1%. While its results were ahead of expectations, questions continue to swirl following its sales-tactics scandal that led to the departure of the companys CEO John Stumpf earlier this week.

Data showed that consumer sentiment in early October, however, took a hit as concerns about the presidential election began to weigh, according to the University of Michigan. Fridays economic data included the PPI Report for September, the Retail Sales Report for September, Business Inventories for August, and the initial reading of the University of Michigan Consumer Sentiment Index for October. The Producer Price Index (PPI) for September showed a 0.3% increase in final demand prices (consensus +0.2%), led by a 0.7% jump in the index for final demand goods. Excluding food and energy, the index for final demand was up 0.2% (consensus +0.1%).Total retail sales increased 0.6% in September while sales, excluding autos, rose 0.5%. Both results were in-line with the estimates.

Separately, the University of Michigans Index of Consumer Sentiment dropped to 87.9 in the preliminary reading for October (consensus 92.4) from the final reading of 91.2 for September. The October reading is the second lowest level in the past two years.

Crude oil futures slipped on Friday, 14 October 2016 but managed a fourth consecutive week of gains as traders eyed a decline in U.S. crude production for the lower 48 states to a level not seen in more than two years. Futures also found some support from sizable weekly drawdowns in domestic gasoline and distillate stockpiles, which include heating oil, reported by the Energy Information Administration on Thursday, although inventories of crude oil climbed for the first time in six weeks.

November West Texas Intermediate crude lost 9 cents, or 0.2%, to settle at $50.35 a barrel on the New York Mercantile Exchange. For the week, prices rose 1.1%, after posting gains in each of the last three weeks.

December Brent crude on Londons ICE Futures exchange, the global benchmark, fell 8 cents, or 0.2%, to $51.95 a barrel, and ended higher for the week by less than 0.1%.

Latest data showed that domestic crude production for the lower 48 states fell by 36,000 barrels a day to 7.969 million barrels a day. That is the lowest level since June 2014.

On Friday, strength in the ICE U.S. Dollar Index which rose 0.5% as of golds settlement, put some pressure on dollar-denominated commodities. It was set for a gain of about 1.4% for the week.

Bullion prices ended lower at Comex on Friday, 14 October 2016. Gold futures settled lower on Friday as the dollar climbed on the back of upbeat U.S. retail sales data, but scored their first weekly gain in three weeks.

December gold fell $2.10, or 0.2%, to settle at $1,255.50 an ounce. Gold futures ended the week about 0.3% higher. December silver fell 1.7 cents, or 0.1%, to $17.441 an ounce, holding on to a nearly 0.4% gain on Friday.

Fridays trading volume fell came in below the recent average of 862 million as 785 million shares changed hands at the NYSE floor.

Mondays economic data will include the 8:30 a.m. ET release of October Empire Manufacturing (consensus 2.0). The Industrial Production (consensus 0.2%) and Capacity Utilization (consensus 75.6%) report for September will be released at 9:15 a.m. ET.

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Umiya Tubes to hold board meeting
Oct 17,2016

Umiya Tubes will hold a meeting of the Board of Directors of the Company on 27 October 2016 to consider Unaudited Financial Results (Provisional) for the half year ended on September 30, 2016.

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Reliance Defence & Engg. to hold board meeting
Oct 17,2016

Reliance Defence & Engg. will hold a meeting of the Board of Directors of the Company on 15 October 2016.

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Dazzel Confindive to hold board meeting
Oct 17,2016

Dazzel Confindive will hold a meeting of the Board of Directors of the Company on 3 November 2016 to consideration of unaudited results of the company for qtr. Ended on September 30, 2016.

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Thyrocare Technologies to hold board meeting
Oct 17,2016

Thyrocare Technologies will hold a meeting of the Board of Directors of the Company on 24 October 2016 to consider and approve unaudited Stand-alone and Consolidated financial results of the Company for the quarter/ half year ended September 30, 2016.

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Thirdwave Financial Intermediaries to hold board meeting
Oct 17,2016

Thirdwave Financial Intermediaries will hold a meeting of the Board of Directors of the Company on 27 October 2016 Take on record the unaudited results for the quarter ended on September 30, 2016.

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Raj Television Network to hold board meeting
Oct 17,2016

Raj Television Network will hold a meeting of the Board of Directors of the Company on 28 October 2016 to consider and approve the Un-audited Financial Results of the Company for the 2nd Quarter of the Financial Year 2016-17 and the half year ended on September 30, 2016 along with other Agenda.

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State Bank of Mysore to hold board meeting
Oct 17,2016

State Bank of Mysore will hold a meeting of the Board of Directors of the Company on 25 October 2016 to take on record the un-audited financial results of the Bank for the quarter and half year ended September 30, 2016.

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Gujarat Meditech to hold board meeting
Oct 17,2016

Gujarat Meditech will hold a meeting of the Board of Directors of the Company on 3 November 2016.

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Arihant Tournesol to hold board meeting
Oct 17,2016

Arihant Tournesol will hold a meeting of the Board of Directors of the Company on 4 November 2016.

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Smartlink Network Systems to hold board meeting
Oct 17,2016

Smartlink Network Systems will hold a meeting of the Board of Directors of the Company on 26 October 2016 to consider and approve the un-audited Financial Results for the quarter ended September 30, 2016.

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Boston Bio Systems to hold board meeting
Oct 17,2016

Boston Bio Systems will hold a meeting of the Board of Directors of the Company on 3 November 2016 to consideration of unaudited results of the company for qtr. Ended on September 30, 2016.

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NR Agarwal Industries to hold board meeting
Oct 17,2016

NR Agarwal Industries will hold a meeting of the Board of Directors of the Company on 28 October 2016 to approve the Unaudited Financial Results for the quarter and half year ended September 30, 2016.

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