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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: Spectrum wins stretch India telco operators balance sheets further, a credit negative
Oct 14,2016

Moodys Investors Service says that the resulting high costs for spectrum -- following an auction on October 7 -- is credit negative for Indias telecom operators, as the debt levels of their already stretched balance sheets will rise further.

At the same time, competition is intensifying, following the September launch of mobile services by new operator Reliance Jio Infocomm (unrated), a subsidiary of Reliance Industries (RIL, LC: Baa2 positive; FC: Baa2 stable), says Annalisa Di Chiara, a Moodys Vice President and Senior Credit Officer. The higher debt levels following the auction and lower profitability from pricing pressure will likely raise industry-wide leverage.

Bids for the four largest telecom operators aggregated 1157 MHz of spectrum, 31% of the spectrum available for sale across all bands. Not unexpectedly, the 700MHz band -- the most expensive category of airwaves -- went entirely unsold.

In our view, these spectrum wins will weigh on balance sheets and cash flows, as debt levels will rise materially for most operators, including incumbent Bharti Airtel Ltd. (Baa3 stable) and larger international groups, such as Vodafone Group Plc (Baa1 stable), says Di Chiara. The operators will experience a reduction in their ability to fund further expansion or to absorb the effects of weaker profitability as competition intensifies.

The auction did not attract any bids for the highly expensive 700 MHz band, implying that Reliance Jio Infocomm Limited (unrated) and Reliance Communications Limited (Ba3, review for downgrade) -- which have a spectrum-and-infrastructure sharing agreement -- will remain the only players with access to pan-India spectrum in the sub 1 Ghz band. The latter is considered the best suited for 4G services in urban centers, given its better in-door coverage.

More intense competition, in part spurred by Jios launch, is likely to drive tariffs lower, causing average revenues per user (ARPU) to contract and industry revenue and profitability to fall over the next 12-18 months, meaning that leverage levels could rise. Growing demand for 3G/4G data services will continue to drive each companys spectrum cost recoveries.

The operators will likely opt to defer their spectrum payments, mitigating the effect on cash flows. This option requires them to make upfront payments of 25% or 50%, depending on the spectrum band, within 10 days of the auctions close, with the balance payable in 10 annual installments after a moratorium of two years.

Longer term, the spectrum which the operators secure will help them maintain their competitive positions, support their strategies on data growth and enhance cash flow generation. Their high debt burdens may also pave the way for recapitalization events and further industry consolidation, which will in turn ultimately benefit those incumbents well positioned in 4G.

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High Ground Enterprise fixes record date for bonus issue
Oct 14,2016

High Ground Enterprise has fixed 25 October 2016 as the Record Date for the purpose of Issue of Bonus Shares in the proportion of 1 (one) Bonus Shares for every 10 (ten) existing fully paid up Equity shares held by the shareholder as on the Record Date.

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Hindustan Construction Company - VCCL JV wins Rs 367.72 crore contract
Oct 14,2016

Hindustan Construction Company in joint venture with VCCL has been awarded 367.72 crore contract by the Northeast Frontier Railway to construct a safety tunnel between Tupul and Imphal in Manipur state. This is part of the new Railway line project being constructed between Jiribam and Imphal of Northeast Frontier Railway. The project is to be completed in 4 years.

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Elecon Engineering Company gets High Court approval for scheme of amalgamation
Oct 14,2016

Elecon Engineering Company announced that Honble High Court of Gujarat vide its Oral Order dated 07 October 2016 approved the Scheme of Amalgamation of Elecon EPC Projects with Elecon Engineering Company.

The Company is awaiting the certified copy of the Order of the Honble High Court for further actions.

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Volumes jump at GOCL Corporation counter
Oct 14,2016

GOCL Corporation clocked volume of 2.47 lakh shares by 13:13 IST on BSE, a 47.03-times surge over two-week average daily volume of 5,000 shares. The stock fell 0.83% at Rs 312.

Tech Mahindra notched up volume of 34.22 lakh shares, a 16.39-fold surge over two-week average daily volume of 2.09 lakh shares. The stock lost 0.04% at Rs 420.75.

Ramco Industries saw volume of 5.62 lakh shares, a 10.14-fold surge over two-week average daily volume of 55,000 shares. The stock was locked at 20% upper circuit at Rs 216.90.

Infosys clocked volume of 12.08 lakh shares, a 6.26-fold surge over two-week average daily volume of 1.93 lakh shares. The stock lost 1.38% at Rs 1,037.50 after the company trimmed revenue growth guidance for the current financial year at the time of announcing Q2 September 2016 results today, 14 October 2016. In constant currency terms, the company now expects revenue to grow by 8% to 9% for the year ending 31 March 2017 (FY 2017). The company had forecast 10.5%-12% growth in revenue for FY 2017 in constant currency terms at the time of announcing Q1 June 2016 results on 15 July 2016. The company had at the beginning of FY 2017 estimated its revenue growth at 11.5-13.5%.

Infosys consolidated net profit rose 4.9% to Rs 3606 crore on 3.1% growth in revenue to Rs 17310 crore in Q2 September 2016 over Q1 June 2016. The results are as per International Financial Reporting Standards (IFRS). The result was announced during market hours today, 14 October 2016.

Ramco Cements saw volume of 88,000 shares, a 5.68-fold rise over two-week average daily volume of 15,000 shares. The stock surged 6.27% at Rs 669.05.

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DLF allots equity shares
Oct 14,2016

DLF announced that the Committee of Directors has allotted Equity Shares as detailed below upon exercise of Options by the employees under the Companys Employee Stock Option Scheme:

Date of Allotment : 13 October 2016

No. of Equity Shares : 26,662

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Hindustan Construction gains after its JV wins contract
Oct 14,2016

The announcement was made during market hours today, 14 October 2016.

Meanwhile, the S&P BSE Sensex was up 20.82 points or 0.11% at 27,672.73.

On BSE, so far 5.22 lakh shares were traded in the counter as against average daily volume of 24.79 lakh shares in the past one quarter. The stock hit a high of Rs 34.90 and a low of Rs 33.80 so far during the day. The stock had hit a 52-week high of Rs 41.90 on 14 September 2016. The stock had hit a 52-week low of Rs 16.60 on 12 February 2016. The stock had underperformed the market over the past one month till 13 October 2016, falling 11.29% compared with 2.51% fall in the Sensex. The scrip had, however, outperformed the market in past one quarter, gaining 40.54% as against Sensexs 0.62% drop.

The mid-cap company has equity capital of Rs 77.92 crore. Face value per share is Rs 1.

Hindustan Construction Company (HCC) said that the contract is for construction of a safety tunnel between Tupul and Imphal in Manipur state. This is part of the new railway line project being constructed between Jinbam and Imphal of Northeast Frontier Railway. The project is to be completed in 4 years.

Net profit of Hindustan Construction Company (HCC) rose 17.5% to Rs 10.88 crore on 1.7% rise in net sales to Rs 899.32 crore in Q1 June 2016 over Q1 June 2015.

HCC is into infrastructure development in transportation, power and water segments. HCC is developing a planned hill city named Lavasa near Pune in Maharashtra.

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Mercator gains after fund buying
Oct 14,2016

Meanwhile, the S&P BSE Sensex was up 39.13 points or 0.14% at 27,682.24.

On BSE, so far 5.98 lakh shares were traded in the counter as against average daily volume of 6.52 lakh shares in the past one quarter. The stock hit a high of Rs 50.30 and a low of Rs 49 so far during the day. The stock had hit a 52-week high of Rs 54.55 on 6 September 2016. The stock had hit a 52-week low of Rs 15.90 on 12 February 2016. The stock had outperformed the market over the past one month till 13 October 2016, advancing 2.13% compared with 2.51% fall in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 25.95% as against Sensexs 0.62% fall.

The small-cap company has equity capital of Rs 24.49 crore. Face value per share is Rs 1.

Government of Singapore bought 73.55 lakh shares at an average price of Rs 46.55 per share in a bulk deal on the NSE yesterday, 13 October 2016. Monetary Authority of Singapore purchased 26.44 lakh shares at Rs 46.55 a piece. Albula Investment Fund was the seller in these deals offloading a total of 1 crore shares at Rs 46.55 per share.

On a consolidated basis, Mercator reported net profit of Rs 16.61 crore in Q1 June 2016 compared with net loss of Rs 35.40 crore in Q1 June 2015. Net sales declined 18.7% to Rs 584.17 crore in Q1 June 2016 over Q1 June 2015.

Mercator group has business interests in coal, oil & gas, shipping and dredging.

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Lux Industries gains after rating agency revises upward rating for bank facilities
Oct 14,2016

The announcement was made after market yesterday, 13 October 2016.

Meanwhile, the S&P BSE Sensex was up 30.83 points or 0.11% at 27,673.94.

High volumes were witnessed on the counter. On BSE, so far 8,264 shares were traded in the counter as against average daily volume of 3,488 shares in the past one quarter. The stock hit a high of Rs 730 and a low of Rs 677 so far during the day. The stock had hit a record high of Rs 781 on 5 January 2016. The stock had hit a record low of Rs 534 on 29 February 2016. The stock had outperformed the market over the past one month till 13 October 2016, rising 14.8% compared with 2.51% fall in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 9.98% as against Sensexs 0.62% drop.

The mid-cap company has equity capital of Rs 5.05 crore. Face value per share is Rs 2.

Lux Industries announced that the companys rating for long term bank facilities have been revised upwards by the rating agency, CARE from CARE A to CARE A+. The rating for short term bank facilities have been revised higher by CARE from CARE A1 to CARE A1 +.

Lux Industries net profit rose 18% to Rs 10.17 crore on 9.7% rise in net sales to Rs 179.89 crore in Q1 June 2016 over Q1 June 2015.

Lux Industries makes underwear. Its offerings include various kinds of hosiery products for men, women and children.

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Chennai Petroleum Corporation announces cessation of director
Oct 14,2016

Chennai Petroleum Corporation announced that the tenure of G Ramaswamy, Independent Director on the Board of the Company has expired on 08 October 2016, in terms of letter dated 09 October 2013 from Ministry of Petroleum and Natural Gas, Government of India.

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Steel Strip Wheels receives increase in order from VW Argentina
Oct 14,2016

Steel Strip Wheels announced that VW Argentina has increased its order for steel wheels from 7000 wheels to 34000 wheels in the shipment period of October 2016 to March 2017.

This will increase the additional forex earning of the Company by more than USD 600000 for the above stated shipment period.

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SSWL hits record high
Oct 14,2016

The announcement was made during market hours today, 14 October 2016.

Meanwhile, the S&P BSE Sensex was up 31.19 points or 0.11% at 27,674.30.

On BSE, so far 8,550 shares were traded in the counter as against average daily volume of 13,319 shares in the past one quarter. The stock hit a high of Rs 775 so far during the day, which is a record high for the counter. The stock hit a low of Rs 744.40 so far during the day. The stock had hit a 52-week low of Rs 284 on 17 February 2016. The stock had outperformed the market over the past one month till 13 October 2016, surging 29.55% compared with 2.51% fall in the Sensex. The scrip had also outperformed the market in past one quarter, advancing 52.69% as against Sensexs 0.62% fall.

The small-cap company has equity capital of Rs 15.53 crore. Face value per share is Rs 10.

Steel Strips Wheels (SSWL) total increase is from original order of 7,000 wheels to about 34,000 wheels in the shipment period of October 2016 to March 2017. This is due to higher proliferation of the steel wheels usage per vehicle at VWs plant in Argentina and is expected to prevail in future. These additional orders will result in additional forex earnings of more than $600,000 for the stated shipment period.

Net profit of Steel Strips Wheels rose 53.1% to Rs 18.60 crore on 11.2% rise in net sales to Rs 325.40 crore in Q1 June 2016 over Q1 June 2015.

SSWL designs and manufactures automotive steel wheels and is among the leading supplier to Indian and global automobile manufacturers.

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Board of V2 Retail appoints director
Oct 14,2016

V2 Retail announced that resignation of Sourabh Kumar from the Board of Directors/ Independent Director of the Company be and is hereby accepted and approved by the Board during the board meeting held on 14 October 2016 at 10:30 AM with effect from 17 September 2016.

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Reliance Communications signs-binding Term Sheet with Brookfield Infrastructure Group
Oct 14,2016

Reliance Communications announced the signing of a non-binding Term Sheet with Brookfield Infrastructure Group (n++Brookfieldn++) in relation to the proposed acquisition of RCOMs nationwide tower assets and relatedinfrastructure by Brookfield.

Under the Term Sheet, the specified assets are intended to be transferred from Reliance Infratel (RITL) on a going concern basis into a separate SPV, to be owned by Brookfield. RCOM will continue as an anchor tenant on the tower assets, under a long term MSA, for its integrated telecommunications business.

RCOM will receive an upfront cash payment of Rs. 11,000 crore from the proposed transaction. RCOM will also enjoy 49% future economic upside from the towers business, based on certain conditions.

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Nath Bio-Genes (India) to hold board meeting
Oct 14,2016

Nath Bio-Genes (India) will hold a meeting of the Board of Directors of the Company on 27 October 2016 Quarterly Results

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