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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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Cabinet approves amendment in Modified Special Incentive Package Scheme
Jan 18,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for amendment in the Modified Special Incentive Package Scheme (M-SIPS) to further incentivize investments in Electronic Sector and moving towards the goal of Net Zero imports in electronics by 2020.

Besides expediting investments into the Electronics System Design and Manufacturing (ESDM) sector in India, the amendments in M-SIPS are expected to create employment opportunities and reduce dependence on imports. The projects already received under the scheme have the potential to generate employment to the extent of upto one million persons (direct and indirect).

The Policy covers all States and Districts and provides them an opportunity to attract investments in electronics manufacturing. So far, 243 applications have been received under the scheme, out of which 75 applications have been approved involving investment proposals of Rs. 17,997 crore.

The salient features of the amendment are:

a) The applications will be received under the scheme upto 31st December 2018 or till such time that an incentive commitment of Rs 10,000 crore is reached, whichever is earlier. In case the incentive commitment of Rs 10,000 crore is reached, a review will be held to decide further financial commitments.

b) For new approvals, the incentive under the scheme will be available from the date of approval of a project and not from the date of receipt of application.

c) The incentives will be available for investments made within 5 years from the date of approval of the project.

d) Approvals will normally be accorded to eligible applications within 120 days of submission of the complete application.

e) A unit receiving incentives under the scheme, will provide an undertaking to remain in commercial production for a period of at least 3 years.

f) The Appraisal Committee recommending approval of project will be chaired by Secretary, Ministry of Electronics and IT.

g) A separate Committee headed by Cabinet Secretary and comprising of CEO, NITI Aayog, Secretary Expenditure and Secretary, MeitY will be set up in respect of mega projects, envisaging more than Rs. 6850 crore (approx. USD 1 Billion) investments.

Background

The Cabinet had, in July, 2012 approved the M-SIPS to provide a special incentive package to promote large scale manufacturing in the Electronic System Design and Manufacturing (ESDM) sector. The scheme provides subsidy for capital expenditure - 20% for investments in Special Economic Zones (SEZs) and 25% in non-SEZs. The Scheme was amended in August, 2015 for scope enhancement and simplification of procedure. The Scheme has attracted investments in the ESDM sector to the tune of Rs. 1,26,838 crore, of which investments of around Rs. 17,997 crore have been approved by the MeitY. The M-SIPS has been able to create positive impact on investment in electronics sector.

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Board of Apple Finance to consider Q3 results
Jan 18,2017

Apple Finance announced that the Companys Board of Directors will meet on 14 February 2017, inter alia, to consider and approve the standalone unaudited financial results for the third quarter ended 31 December 31, 2016.

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United Credit to announce Q3 and 9M results
Jan 18,2017

United Credit announced that the Board of Directors will take on record the Unaudited Financial Results for the quarter and nine months ended 31 December 2016, at its meeting to be held on 11 February 2017.

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Board of Gayatri Tissue & Papers approves change in directorate
Jan 18,2017

Gayatri Tissue & Papers announced that the Board of Directors of the Company at their meeting held on 18 January 2017 has approved the following:

1. Resignation of V.L. Moorthy as Director of the Company due to personal reasons.

2. Appointment of J. N. Karamchetti as an Independent Director of the Company replacing Dr. V.L. Moorthy subject to the approval of the Shareholders in the general meeting of the Company.

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Board of Mirc Electronics to consider Q3 and 9M results
Jan 18,2017

Mirc Electronics announced that a meeting of Board of Directors of the Company will be held on 13 February 2017, inter alia, to consider and approve the Unaudited standalone financial results of the Company for the third quarter and nine months ended 31 December 2016.

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Cabinet approves MOU between India and United Arab Emirates for cooperation in the field of Small and Medium Enterprises and Innovation
Jan 18,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for signing the Memorandum of Understanding between India and United Arab Emirates for cooperation in the field of Small and Medium Enterprises and Innovation.

The MoU would benefit Indian SMEs and lead to equitables and inclusive development. The exposure to best practices in SME sector abroad would provide an opportunity to Indian SMEs to improve upon them and innovate further. It would also provide to Indian SME sector an opportunity to have a mutually beneficial relation with SME sector of the United Arab Emirates and to explore their markets.

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Board of Ventura Textiles to consider preferential issue of warrants
Jan 18,2017

Ventura Textiles announced that the Meeting of the Board of Directors of the Company is scheduled to be held on 25 January 2017, inter alia, to consider and approve preferential issue of convertible securities (warrants) subject to the members approval and other necessary permissions, sanctions under Section 62 and other applicable provisions, if any, of the Companies Act, 2013, read with the rules made thereunder, along with applicable SEBI Regulations and other laws.

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Gujarat Credit Corporation to announce Q3 results
Jan 18,2017

Gujarat Credit Corporation announced that a meeting of the Board of Directors of the Company will be held on 31 January 2017, to approve the Unaudited Financial Results for the 3rd Quarter ended on 31 December 2016.

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GCCL Infrastructure & Projects to announce Q3 results
Jan 18,2017

GCCL Infrastructure & Projects announced that a meeting of the Board of Directors of the Company will be held on 31 January 2017, to approve the Unaudited Financial Results for the 3rd Quarter ended on 31 December 2016.

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Cabinet gives approval to the package for supporting MSEs - Augmentation of Corpus of CGTMSE
Jan 18,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given ex-post facto approval to the package for supporting Micro and Small Enterprises (MSEs) - Augmentation of the Corpus of Credit Guarantee Trust Fund for Micro and Small Enterprises (CGTMSE).

The proposal entails the following:

(i) Augmentation of the corpus of the Trust from Rs. 2,500 crore to Rs. 7,500 crore, to be fully funded by the GoI;

(ii) To increase coverage of the loans covered under the credit guarantee scheme from Rs. 1 crore to Rs. 2 crore;

(iii) To increase coverage of the credit guarantee scheme for loans being extended to micro and small enterprises by NBFCs also. This would enable the Trust to enhance the quantum

The measures would result in the following benefits:

a. Lowering the level of leverage;

b. Improving sustainability of the Fund;

c. Enable the Trust to enhance the quantum of credit guarantee to larger number of MSEs;

d. Improving financial management; and

e. Limit the unfunded contingent liabilities.

Augmentation of the corpus would facilitate larger flow of credit to MSEs. This in turn, would lead to increased output and employment and thereby promote equity and inclusiveness.

As the scheme provides credit without collateral and third-party guarantee, the start-ups would be encouraged to set up enterprises based on innovation and new ideas.

Every operation is online and therefore, the system ensures public accountability.

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Board of Pondy Oxides & Chemicals to consider December quarter results
Jan 18,2017

Pondy Oxides & Chemicals announced that the Meeting of the Board of Directors of the Company on 08 February 2017, inter alia, to consider the following subjects:

- To consider and adopt the unaudited financial results of the Company for the quarter ended 31 December 2016.

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Rose Merc to consider Q3 and 9M results
Jan 18,2017

Rose Merc announced that a meeting of the Board of Directors of the Company is scheduled to be held on 27 January 2017, inter alia, to consider, approve & take on record the Unaudited Financial Results of the Company for the quarter and nine months ended on 31 December 2016.

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Cabinet approves the repealing of the obsolete and redundant laws
Jan 18,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for introduction of the Repealing and Amending Bill, 2017 to repeal 105 Acts.

Background:

The two Member Committee constituted by the PMO, the Law Commission of India and the Legislative Department identified 1824 redundant and obsolete Central Acts for repeal. After careful examination and consultation with various Ministries/Departments in the Government of India, four Acts have been enacted to repeal 1175 Central Acts (during the period May, 2014 to August, 2016) by Parliament which are -

i) The Repealing and Amending Act, 2015 (17 of 2015) repealing 35 Acts; The Repealing and Amending (Second) Act, 2015 (19 of 2015) repealing 90 Acts;

ii) The Appropriation Acts (Repeal) Act, 2016 (22 of 2016) repealing 756;

iii) Appropriation Acts including Appropriation (Railways) Acts;

iv) The Repealing and Amending Act, 2016 (23 of 2016) repealing 294 Acts.

Out of the aforesaid 1824 Acts, 227 Acts (including Appropriation Acts enacted by Parliament for the States under Presidents Rule) are identified to be repealed by State Governments have been requested to take necessary action to repeal them.

A list of remaining 422 Central Acts was circulated among all the Ministries/ Departments for their comments on repeal of Acts pertaining to their respective Ministries/Departments. Till date, 73 Ministries/Departments including Legislative Department have given their comments whereby they have agreed to repeal 105 Acts and disagreed to repeal about 139 Acts. On the basis of the comments/concurrence received from the Ministries/Departments, 105 Acts have been identified for repeal by this Department.

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Board of Dalmia Bharat Sugar & Industries to consider December quarter results
Jan 18,2017

Dalmia Bharat Sugar & Industries announced that at the meeting of the Board of Directors of the Company to be held on 30 January 2017, inter alia, the Board will consider and approve the Unaudited Financial Results of the Company for the quarter ended on 31 December 2016.

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Board of Dalmia Bharat Sugar & Industries to consider December quarter results
Jan 18,2017

Dalmia Bharat Sugar & Industries announced that at the meeting of the Board of Directors of the Company to be held on 30 January 2017, inter alia, the Board will consider and approve the Unaudited Financial Results of the Company for the quarter ended on 31 December 2016.

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