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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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Union Bank of India gets ratings assigned for proposed Tier I Bonds
Apr 27,2017

Union Bank of India announced that India Ratings and Research have assigned IND AA/Stable rating to the Banks proposed Basel III compliant Additional Tier I Bonds of Rs.1000 crore.

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Board of Sword & Shield Pharma approves scheme of amalgamation
Apr 27,2017

Sword & Shield Pharma announced that the Board of Directors at its meeting held on 26 April 2017, has proposed the Amalgamation in the nature of Merger of Praveg Communications (the Transferor Company or PCL) with Sword & Shield Pharma (the Transferee Company or SSPL or the Company), under Sections 230 to 232 of the Companies Act, 2013 and other applicable laws including the provisions of the Companies Act, 1956 to the extent applicable with the appointed date i.e. 01 April 2016. The same is subject to the approval of the Shareholders, the National Company Law Tribunal, Ahmedabad (NCLT) and all the other regulatory approvals.

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Infosys advances after launching new product
Apr 27,2017

The announcement was made after market hours yesterday, 26 April 2017.

Meanwhile, the S&P BSE Sensex was down 29.62 points, or 0.1% to 30,125.53.

On the BSE, 6,429 shares were traded in the counter so far, compared with average daily volumes of 2.62 lakh shares in the past one quarter. The stock had hit a high of Rs 920.80 and a low of Rs 916 so far during the day.

The large-cap company has equity capital of Rs 1148.47 crore. Face value per share is Rs 5.

The product was launched building on the success of the companys first-generation AI platform, Infosys Mana, and its Robotic Process Automation (RPA) solution, AssistEdge. Together, both these products have amassed 50 plus clients and 150 plus engagements across all industry sectors, within a year of operations.

Infosys Nia converges the big data/analytics, machine learning, knowledge management, and cognitive automation capabilities of Mana; end-to-end RPA capabilities of AssistEdge; advanced, high-performance and scalable machine learning capabilities of Skytree; and optical character recognition (OCR), natural language processing (NLP) capabilities and infrastructure management services. As a unified, flexible, and modular platform, Infosys Nia enables a wide set of industry and function-specific solutions and allows customers to build custom experiences to suit their business needs.

Infosys Nia is available to order immediately, company added.

Infosys consolidated net profit fell 2.8% to Rs 3603 crore on 0.9% decline in revenues to Rs 17120 crore in Q4 March 2017 over Q3 December 2016.

Infosys is a global leader in technology services and consulting.

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Infosys Launches Infosys Nian++
Apr 27,2017

Infosys announced the launch of Infosys Nia, the next-generation ArtificialIntelligence Platform building on the success of the Companys first-generation AI platform, Infosys Mana, and its Robotic Process Automation (RPA) solution, AssistEdge. Together, both these products haveamassed 50+ clients and 150+ engagements across all industry sectors, within a year of operations.

Infosys Nia converges the big data/analytics, machine learning, knowledge management, and cognitive automation capabilities of Mana; end-to-end RPA capabilities of AssistEdge; advanced, high-performanceand scalable machine learning capabilities of Skytree; and optical character recognition (OCR), natural language processing (NLP) capabilities and infrastructure management services. As a unified, flexible, and modular platform, Infosys Nia enables a wide set of industry and function-specific solutions and allows customers to build custom experiences to suit their business needs.

Infosys first-generation AI platform was about IT, simplification, efficiency and cost. Capabilities included socialization of organizational knowledge, deep analytics, service automation, automated incident rootcause analysis and others. The next generation platform, Infosys Nia, tackles break-through business problems such as forecasting revenues, forecasting what products need to be built, understanding customer behavior, deeply understanding the content of contracts and legal documents, understanding compliance, and fraud.

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Jubilant Industries provides operations update for JACPL in Gajraula
Apr 27,2017

Jubilant Industries announced that the National Green Tribunal (NGT) in a hearing on 26 April 2017 in a case relating to the pollution of the river Ganga and drainage canals leading into the river Ganga, has, by way of an oral pronouncement, ordered 13 industrial units situated in Gajraula near the river Bagad to immediately cease operations.

The order of the NGT applies to the units of Companys wholly owned material subsidiary, Jubilant Agri & Consumer Products (JACPL) in Gajraula.

A committee has been set up by the NGT to inspect amongst other things, the discharge of effluents by the affected industrial units and to provide a report. Each industry has been given an opportunity to respond to the report with an action plan to resolve any deficits identified by the committee, in order to resume operations, within a week of submission of the report.

While a written order of the NGT is awaited, JACPL will comply with the oral order of the NGT and will file its response to the report as submitted by the committee, along with an action plan to resolve deficits identified by the committee, if any, before the NGT shortly.

JACPL is environmentally conscious and as a good corporate citizen, is taking all necessary steps in this regard. JACPL operates its manufacturing facilities in Gajraula with zero liquid discharge and in compliance with all applicable laws and it is confident of meeting any requirements that the NGT may prescribe and resuming operations of its industrial units at Gajraula at the earliest.

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Axis Bank may slide on disappointing Q4 results
Apr 27,2017

Axis Banks net profit dropped 43.13% to Rs 1225.10 crore on 4.33% rise in total income to Rs 14181.31 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 26 April 2017.

The ratio of gross NPAs to gross advances stood at 5.04% as on 31 March 2017 as against 5.22% as on 31 December 2016 and 1.67% as on 31 March 2016. The ratio of net NPAs to net advances stood at 2.11% as on 31 March 2017 as against 2.18% as on 31 December 2016 and 0.7% as on 31 March 2016.

Kotak Mahindra Bank and Maruti Suzuki India will announce Q4 results today, 27 April 2017.

Infosys announced that it has launched Infosys Nia- The Next Generation integrated artificial intelligence platform. The announcement was made after market hours yesterday, 26 April 2017.

Infosys Nia converges the big data/analytics, machine learning, knowledge management, and cognitive automation capabilities of Mana; end-to-end RPA capabilities of AssistEdge; advanced, high-performanceand scalable machine learning capabilities of Skytree; and optical character recognition (OCR), natural language processing (NLP) capabilities and infrastructure management services. As a unified, flexible, and modular platform, Infosys Nia enables a wide set of industry and function-specific solutions and allows customers to build custom experiences to suit their business needs.

Reliance Industries (RIL) announced that it has entered into a license agreement with Germanys Resysta International GmbH (Resysta) which gives RIL exclusive rights of production and marketing of RelWood, a natural fiber polymer composite in India. The compound will be the raw material for the production of sheets & various profiles used in a wide range of wood & plywood replacement applications. The announcement was made after market hours yesterday, 26 April 2017.

Shares of Cadila Healthcare will be in focus after the company received the final approval from the USFDA to market Cholestyramine for Oral Suspension USP, 4 gram per scoopful. It is indicated as an adjunctive therapy to the diet for the reduction of elevated serum cholesterol in patients with primary hypercholesterolemia (elevated low density lipoprotein [LDL] cholesterol) who do not respond adequately to diet. Cholestyramine will be produced at the groups formulations manufacturing facility at Baddi. The group has now more than 110 approvals and has so far filled over 300 ANDAs since the commencement of the filling process in FY 2003-2004. The announcement was made after market hours yesterday, 26 April 2017.

Petron Engineering Construction has received work order from Guruashish Construction, HDIL Towers, Bandra (East), Mumbai, for building structure works at Goregaon (West), Mumbai for a total value of Rs 110 crore (approx). The announcement was made after market hours yesterday, 26 April 2017.

Jubilant industries said that the National Green Tribunal (NGT) in a hearing on 26 April 2017 in a case relating to the pollution of the river Ganga and drainage canals leading into the river Ganga, has, by way of an oral pronouncement, ordered 13 industrial units situated in Gajraula near the river Bagad to immediately cease operations.

The order of the NGT applies to the units of companys wholly owned material subsidiary, Jubilant Agri & Consumer Products Limited (JACPL) in Gajraula. A committee has been set up by the NGT to inspect amongst other things, the discharge of effluents by the affected industrial units and to provide a report. Each industry has been given an opportunity to respond to the report with an action plan to resolve any deficits identified by the committee, in order to resume operations, within a week of submission of the report.

While a written order of the NGT is awaited, JACPL will comply with the oral order of the NGT and will file its response to the report as submitted by the committee, along with an action plan to resolve deficits identified by the committee, if any, before the NGT shortly.

JACPL is environmentally conscious and as a good corporate citizen, is taking all necessary steps in this regard. JACPL operates its manufacturing facilities in Gajraula with zero liquid discharge and in compliance with all applicable laws and it is confident of meeting any requirements that the NGT may prescribe and resuming operations of its industrial units at Gajraula at the earliest. The announcement was made before market hours today, 27 April 2017.

Somany Ceramics announced that expansion of sanitaryware plant of Somany Sanitary Ware Private Limited, a companys subsidiary is successfully completed and commercial production has commenced from 26 April 2017. As a result of this expansion, the capacity of plant has increased from 3.03 lacs pieces per annum to upto 11.50 lacs (1.15 million) pieces per annum. The announcement was made after market hours yesterday, 26 April 2017.

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SEBI board takes various decisions regarding Mutual Funds, commodity derivatives, NBFCs
Apr 26,2017

The SEBI Board took the following decisions:

1. Instant Access Facility (IAF) in Mutual Funds and use of e-wallet for investment in Mutual Funds

With an objective to channelize households savings into capital market and to promote digitalization in mutual funds, SEBI Board after deliberation has decided the following:

a)Mutual Funds / Asset Management Companies (AMCs) can offer instant access facility (through online mode) of upto INR 50,000 or 90% of folio value, whichever is lower, to resident individual investors in liquid schemes by applying lower of Previous Day NAV or Prospective NAV. For providing such facility AMCs would not be allowed to borrow. Liquidity is to be provided out of the available funds from the scheme and AMCs to put in place a mechanism to meet the liquidity demands. This facility can also be used for investment in mutual funds through tie-ups with Payments Banks provided necessary approvals are taken from RBI. Presently, any scheme providing this facility would reduce the limit to INR 50,000, immediately and other than liquid schemes providing this facility would completely stop this facility within one month from the date of circular.

b)Investment of upto INR 50,000 per Mutual Fund per financial year can be made using e-wallets. However, redemptions of such investments can be made only to a bank account of the unit holder. E-wallet issuers must not offer any incentive such as cash back etc., directly or indirectly for investing in mutual fund scheme through them. E-wallets balance loaded through cash or debit card or net banking, can only be used for subscription to mutual funds schemes and balance loaded through credit card, cash back, promotional scheme etc. should not be allowed for subscription to MF schemes. Further, this limit of INR 50,000 would be an umbrella limit for investment by an investor through e-wallet and/or cash, per mutual fund per financial year.

2. Amendments to Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2012

While presenting the Union Budget for the FY 2016-2017, the Honble Union Finance Minister, made an announcement for permitting new derivative products in the commodity derivatives market. In pursuance thereof, SEBI vide circular dated September 28, 2016, permitted launch of options in commodity derivatives market. In this regard, to enable the Commodity Derivatives Exchanges to organize trading of options, the Board, after undertaking due public consultation process, has approved a proposal to amend the relevant provisions of Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2012. Detailed guidelines for trading in option on commodity derivatives exchanges will be issued by SEBI.

3. Inclusion of RBI registered systemically important NBFCs in the category of QIBs

Presently institutions such as banks and insurance companies are categorised as Qualified Institutional Buyers (QIBs) by SEBI. They are eligible for participation in IPOs with specifically earmarked allocations.

Honble Union Finance Minister in his Budget Speech for the FY 2017-18, proposed to allow systemically important NBFCs regulated by RBI and above a certain net worth, to be categorised as QIBs since it would strengthen the IPO market and channelize more investments.

Accordingly, the Board considered and approved the proposal for inclusion of systemically important NBFCs registered with RBI having a net worth of more than Rs. 500 crore in the category of QIBs. As NBFCs are well regulated entities, classifying such NBFCs under the definition of QIBs will give Issuers access to a larger pool of funds.

4. Exemption under SEBI (ICDR) Regulations, 2009, relating to preferential allotments, to be extended to Scheduled Banks and Financial Institutions

Presently, SEBI (ICDR) Regulations prohibit the issuer from making preferential issue to any person who has sold any equity shares of the issuer during the six months preceding the relevant date. It also provides that the entire pre-preferential allotment shareholding of the allottees, if any, shall be locked-in from the relevant date upto a period of six months from the date of trading approval. Mutual Funds and Insurance Companies are, however, exempted from both the said requirements.

Recently, many instances have been there where it has been observed that the Banking sector is exposed to the risk of significantly high Non-Performing Assets (NPA) and the Banks have been advised by the Reserve Bank of India to reduce the NPA and to initiate stringent actions to recover the dues from the borrowers.

As a result, it is expected that many Banks will go aggressively for recovering their dues and in order to achieve this objective, the Banks may opt for CDR / SDR or bilateral restructuring. In order to carry out actions for recovery from a borrower which may be a listed Company, Banks or Financial Institutions have sold equity shares of the issuer during the preceding six months of the relevant date. Such Banks/Financial Institutions may also be one of the allottees of the specified securities of the company pursuant to CDR approved scheme under preferential issue route.

The Board considered and approved the proposal for extending such relaxation to the Scheduled Banks and Public Financial Institutions as is already being extended to Mutual Funds and Insurance Companies.

5. Strengthening the Monitoring of Utilisation of Issue Proceeds

Presently, the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009, require mandatory appointment of Monitoring Agency if the issue size of specified securities exceeds Rs. 500 Cr. The purpose for the same is to ensure adequate supervision of the utilization of the funds raised.

SEBI Board considered and approved certain proposals to further strengthen the monitoring of issue proceeds raised in IPOs/FPOs/Rights Issues. Key proposals approved by Board are as under:

n++Mandatory appointment of Monitoring Agency where the issue size (excluding offer for sale component) is more than Rs. 100 crore.

n++Frequency of submission of Monitoring Agency Report has been enhanced from half-yearly to quarterly.

n++Introduction of maximum timeline of 45 days for submission of Monitoring Agency Report from the end of the quarter in conjunction with the submission of the quarterly results.

n++Mandating the disclosure of the Monitoring Agency Report on Companys website in addition to submitting it to Stock Exchange(s) for wider dissemination.

n++Introduction of new requirement, i.e., comments of Board of Directors and Management on the findings of Monitoring Agency.

6. Framework for consolidation and re-issuance of debt securities issued under the SEBI (Issue and Listing of Debt Securities) Regulations, 2008

The Board considered and approved the following proposals contained in the agenda for laying down a framework for consolidation and re-issuance of debt securities, one of the ways to increase liquidity in the secondary market.

a)Maximum of 12 ISINs maturing per financial year may be allowed for debt securities and within the bucket of these 12 ISINs, the issuer can issue both secured and unsecured Non-Convertible Debentures (NCDs)/bonds and no separate category of ISINs may be provided to them. Additionally, the issuer may issue five ISINs per financial year for structured debt instruments of a particular category (say bonds with call option or bonds with both call and put option);

b)The above restrictions will not be applicable on debt instruments which are used for raising regulatory capital such as Tier I, Tier II bonds, bonds for affordable housing and the capital gains tax bonds issued under section 54EC of the Income Tax Act, 1961;

c)In order to resolve the issue of bunching of liabilities, the issuer can as a one-time exercise make a choice of having bullet maturity payment or the issuer can

Reliance Industries enters into license agreement with Resysta
Apr 26,2017

Reliance Industries has entered into license agreement with Resysta International GmbH which gives RIL exclusive rights of production and marketing of RelWood, a natural fibre polymer composite in India. This compound will be the raw material for the production of sheets and various profiles used in a wide range of wood and plywood replacement applications.

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MphasiS announces schedule of activities for buyback of shares
Apr 26,2017

MphasiS announced the schedule of activities for buyback of upto 17,370,078 equity shares of the Company of face value of Rs 10 each at a price of Rs 635 crore per equity share.

Opening of Buyback offer - 12 May 2017
Closing of Buyback offer - 25 May 2017
Last date for payment consideration - 05 June 2017
Last date for extinguishment of equity shares bought back - 12 June 2017.

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Over Rs.one lakh cr investment approved for housing of urban poor
Apr 26,2017

Ministry of Housing and Urban Poverty Alleviation has sanctioned 1,00,537 more houses for urban poor under Pradhan MantriAwas Yojana (Urban) with an investment of Rs.4,200 cr taking the total investment so far approved to Rs.1,00,466 cr. This is 307% more than the investment approved of Rs.32,713 cr during 2004-14 for affordable housing in urban areas.

            With the latest sanctions, the Ministry has so far approved construction of 18,75,389 houses for Economically Weaker Sections under PMAY(Urban) in 2,151 cities and towns in 34 States/UTs as against 13.80 lakh houses sanctioned during 2004-15 with an approved investment of Rs.32,009 cr.

            The total investment approved so far includes central assistance of Rs.29,409 cr, assistance from State Governments and beneficiary contribution.

            In the latest sanctions, Madhya Pradesh got 57,131 houses, Tamil Nadu-24,576, Manipur-6,231, Chattisgarh-4,898, Gujarat-4,261, Assam-2,389, Kerala-643, Jharkhand-331 and Daman & Diu-77.

            With total houses sanctioned of 2,66,842, Madhya Pradesh has emerged the leader for the first time  in approvals under PMAY(Urban) with a total investment of Rs.18,283 cr. Tamil Nadu is second with 2,52,532 houses with a total project cost of Rs.9,112 cr.

            Of the total houses so far sanctioned, 10,65,058 were under the Beneficiary Led Construction component of PMAY(Urban) wherein beneficiaries undertake new construction or enhancement of existing houses for which central assistance of Rs.1.50 lakh each is provided. 5,87,115 have been sanctioned under Affordable Housing in Partnership under which state governments provide land/financial assistance for housing projects for which central assistance of Rs.1.50 lakh each is given per beneficiary.       

            Details of houses sanctioned and project investments approved in major States are:

StateNo of affordable houses sanctionerdInvestment approved
(Rs. cr)Madhya Pradesh2,66,84218,283Tamil Nadu2,52,532  9,112Andhra Pradesh1,95,04710,697Gujarat1,48,948  9,772Karnataka 1,46,548  6,288West Bengal1,44,369  5,870Maharashtra1,26,08113,458Bihar   88,293  3,909Telangana   82,985  4,998Jharkhand  64,898  2,423Odisha  48,855  2,108Tripura  45,908  1,264Punjab   42,681  1,199 Rajasthan  37,856  2,646Chattisgarh  34,973  2,962Kerala  28,918     963Assam  26,742     801 Uttar Pradesh  20,682  1,056Manipur  15,979     414Nagaland  13,560     335Mizoram  10,459     219Uttarakhand    7,904     510Jammu & Kashmir    6,243     292Himachal Pradesh    4,890     222Haryana    4,299    338

Of the total houses sanctioned, construction has begun in respect of 6,89,829 and construction of 1,00,395 houses have been completed.

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Somany Ceramics provides update on subsidiary - Somany Sanitary Ware
Apr 26,2017

Somany Ceramics announced that the expansion of Sanitaryware Plant of Somany Sanitary Ware (a subsidiary of the Company) is successfully completed and commercial production has commenced from April 26th, 2017. As a result of this expansion, the capacity of plant has increased from 3.03 lakh pieces per annum to upto 11.50 lakh (1.15 Million) pieces per annum.

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Wipro wins ISGs Challenge the Future 2017 award
Apr 26,2017

Wipro announced that it has been recognised with the Challenge the Future 2017 award by Information Services Group, a leading global technology research and advisory firm.

e-KYC, Wipros enterprise-Know Your Customer solution, built on the Wipro HOLMES Artificial Intelligence Platform, has been recognised in the Best Outcome Delivered through Automation award category for its innovative, best in class smart automation capabilities.

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IDFC Bank appoints Executive Director
Apr 26,2017

IDFC Bank has appointed Avtar Monga (DIN: 00418477) as an Executive Director on the Board of the Bank for a period of 3 (Three) years w.e.f. 25 April 2017.

The appointment of Monga is subject to approval by the Reserve Bank of India and also by the Shareholders of the Bank. Avtar Monga is presently the Chief Operating Officer of IDFC Bank

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Cipla allots 39,601 equity shares
Apr 26,2017

Cipla has allotted 39,601 equity shares of Rs 2 each under ESOS. Consequently, the issued share capital has increased to 80,55,53,070 equity shares of Rs 2 each and paid up and subscribed share capital has increased to Rs 80,45,49,675 equity shares of Rs 2 each.

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Uni Abex Alloy Products director resigns
Apr 26,2017

Uni Abex Alloy Products has received an intimation from K M Elavia, Independent Director of the Company, that he has stepped down from the Board and its committees with effect from 25 April 2017.

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