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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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Indo Borax & Chemicals temporarily shuts down plant
Oct 10,2016

Indo Borax & Chemicals announced that the plant will remain shut down from 09 October 2016 for approximately 30 days, for clearance of inventory.

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Speciality Restaurants closes Sweet Bengal confectionery in Vashi
Oct 10,2016

Speciality Restaurants has closed Sweet Bengal confectionery located in Vashi, Navi Mumbai with effect from 07 October 2016.

With this closure, the total number of restaurants and confectioneries of the Company are 106 (including franchisee restaurants) and 17 respectively.

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Best Steel Logistics gets assigned credit ratings
Oct 10,2016

Best Steel Logistics announced that the Company has received the long term rating of [ICRA]A-(SO) with stable outlook from ICRA.

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Sunil Hitech Engg jumps on bonus issue proposal
Oct 10,2016

The announcement was made after market hours on Friday, 7 October 2016.

Meanwhile, the S&P BSE Sensex was up 42.98 points or 0.15% at 28,104.12.

On BSE, so far 1.49 lakh shares were traded in the counter as against average daily volume of 1.26 lakh shares in the past one quarter. The stock hit a high of Rs 358 so far during the day, which is a 52-week high for the counter. The stock hit a low of Rs 330.95 so far during the day. The stock had hit a 52-week low of Rs 155 on 24 June 2016. The stock had outperformed the market over the past one month till 7 October 2016, gaining 30.21% compared with 2.99% fall in the Sensex. The scrip had also outperformed the market in past one quarter, advancing 82.08% as against Sensexs 3.16% rise.

The small-cap company has equity capital of Rs 18.90 crore. Face value per share is Rs 10.

Sunil Hitech Engineers net profit rose 8% to Rs 11.89 crore on 6.3% growth in net sales to Rs 443.77 crore in Q1 June 2016 over Q1 June 2015.

Sunil Hitech Engineers is an engineering, procurement & construction (EPC) company.

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All Lighthouses To Be Solarized by December
Oct 10,2016

The Directorate General of Lighthouse & Lightships (DGLL), a subordinate organization under the Ministry of Shipping, Govt. of India is presently maintaining 193 Lighthouses which provide aids to marine navigation to the mariners transiting in coastal waters of India.

Most of these Lighthouses were operating on the conventional source of energy i.e. Electricity and Diesel Generators which consume fossil fuel and emit high amount of carbon dioxide (CO2) thus increasing greenhouse effect and causing air pollution. Generation of 1 Mega Watt Hour (MWh) power through fossil fuel leads to emission of approximately 900 Kg of Co2. In order to reduce CO2 emission, DGLL has decided to replace the source of energy utilized at lighthouses to renewable source and started harnessing solar energy to operate its lighthouses. Till date 176 Lighthouses have been fully solarized. The Directorate has planned to achieve complete solarization of all the Lighthouses by 31.12.2016. With this complete solarization, approximately 1.5 MWh energy will be generated which will amount to approximately reducing 6000 Kg of greenhouse gases per day.

On achieving complete solarization, all the Lighthouses under DGLL will be operating on Green Energy. This is a step in line with Governments initiative to maximize the use of Green Energy for protection of environment besides making the Lighthouses operate on a reliable, resilient and renewable energy system and reduction of global warming emissions.

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RBL Bank gains after joining hands with NeoGrowth and OPIC for SME financing
Oct 10,2016

The announcement was made after market hours on Friday, 7 October 2016.

Meanwhile, the S&P BSE Sensex was up 69.93 points or 0.25% at 28,131.07.

On BSE, so far 18,120 shares were traded in the counter as against average daily volume of 2.62 lakh shares in the past one month. The stock hit a high of Rs 312.50 and a low of Rs 309.20 so far during the day. The stock had hit a record high of Rs 316.80 on 1 September 2016. The stock had hit a record low of Rs 273.70 on 31 August 2016. The stock had outperformed the market over the past one month till 7 October 2016, rising 1.48% compared with 2.99% decline in the Sensex.

The large-cap bank has equity capital of Rs 369.81 crore. Face value per share is Rs 10.

RBL Bank, NeoGrowth Credit Pvt. Ltd and Overseas Private Investment Corporation (OPIC), the US Governments development finance Institution have jointly committed to provide financing for small and medium enterprises (SMEs) in the Indian retail space. RBL Bank will lend to NeoGrowth to enable it to provide loans to SMEs excluded from mainstream funding. This financing will be backed by a $5 million loan guarantee from OPIC. NeoGrowth, a non-banking finance institution, uses innovative technology to serve the funding requirements of SMEs, which do not get loans easily from commercial banks owing to their small size, inadequate credit history and lack of collateral. RBL Banks loan will allow NeoGrowth to provide loans ranging from Rs 2 lakh to Rs 75 lakh to the retail SMEs.

RBL Bank debuted on stock exchanges on 31 August 2016.

RBL Banks net profit rose 41.17% to Rs 292.49 crore on 36.46% growth in net total income to Rs 1309.75 crore in the year ended 31 March 2016 (FY 2016) over the year ended 31 March 2015 (FY 2015).

RBL Bank is professionally managed and has no identifiable promoter. As on 31 March 2016, the bank had 197 interconnected branches and 362 interconnected ATMs spread across 16 Indian states and union territories serving approximately 1.90 million customers.

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JSW Steel gains after winning five iron ore mines in Karnataka
Oct 10,2016

The announcement was made after market hours on Friday, 7 October 2016.

Meanwhile, the S&P BSE Sensex was up 139.83 points or 0.5% at 28,200.97.

On BSE, so far 1,077 shares were traded in the counter as against average daily volume of 76,251 shares in the past two weeks. The stock hit a high of Rs 1,795 and low of Rs 1,783.10 so far during the day.

The auction was conducted during the period 1 October 2016 to 6 October 2016. The estimated resources in these 5 mines as per the tender documents are around 111 million tonnes. The highest final offer price by the company to become a preferred bidder is in the range of 58.9% to 102.52% of average monthly prices of iron ore of different grades and quality published by Indian Bureau of Mines in Karnataka from time to time. The company will take all requisite steps as per the tender documents to obtain letter of intent, all statutory clearances, execute mine development & production agreement (MOPA) and start the mining operations.

On consolidated basis, JSW Steels net profit jumped 5133.6% to Rs 1109 crore on 2.4% rise in net sales to Rs 11542.38 crore in Q1 June 2016 over Q1 June 2015.

JSW Steel is an integrated steel company with an installed capacity of 18 million tonnes per annum.

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Piramal Enterprises Critical Care subsidiary to acquire five injectable products from Janssen Pharmaceutica NV
Oct 10,2016

Piramal Enterprises announced that its wholly owned Critical Care subsidiary in the UK has entered into an agreement to acquire five anesthesia and pain management injectable products from Janssen Pharmaceutica NV, in an all cash deal for an upfront consideration of US$155 million, and up to an additional US$20 million.

The products to be acquired are five injectable versions of well-established Janssen brands, Sublimaze (fentanyl citrate), Sufenta (sufentanil citrate), Rapifen (alfentanil hydrochloride), Dipidolor (piritramide), and Hypnomidate (etomidate) (the n++Productsn++).

Piramal has agreed to acquire the brand names and all related IP as associated with the Products, including the know-how to make both the active pharmaceutical ingredients (n++APIn++) and the finished dosage forms of the Products. The Products are currently marketed in over 50 countries. The potential acquisition does not include the transfer of any manufacturing facilities or employees.

As part of the transaction, Janssen will continue to supply finished dosage forms for up to three years and API for up to five years. Janssen will continue to sell the products on behalf of Piramal until the marketing authorizations or relevant business relations are transferred to Piramal. Janssen can earn up to an additional US$20 million if the Product portfolio achieves certain agreed financial milestones over the next 30 months. The transaction is expected to close this week.

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Fixed Term Employment introduced for Apparel Manufacturing Sector- win-win situation for both Employers and Employees
Oct 10,2016

The Fixed Term Employment introduced in Apparel Manufacturing sector in Industrial Employment (Standing Order ) Act vide Notification dated 7 October 2016 of Ministry of Labour and Employment. The decision would facilitate employment of workers in Apparel manufacturing on fixed term basis in the backdrop of seasonal nature of sector and would also ensure same working conditions, wages and other benefits for fixed term employee in the sector as a regular employee. It is thus win - win situation for both employers and employees in Apparel manufacturing sector.

Fixed Term Employment in Apparel and Manufacturing Sector

Introduction

n++ The Industrial Employment (Standing Orders) Act, 1946 require employers to define conditions of employment in their industrial establishments. The item one of the schedule to the Act classifies the workman (a) Permanent (b) Temporary (c) Apprentice (d) Casual (e) Probationer (f) Badlis.

n++ The list in this schedule is not exhaustive. The nature of industrial establishments may be a factor to decide the classification of the workmen. Example:- a seasonal establishment, intermittent working establishment, work of the establishment.

n++ The Central Government can add any other matter in the schedule and in the rules under the powers given in section 15 of the Act.

n++ Central Government has presently proposed to introduce the concept of Fixed Term Employment for workers in Apparel Manufacturing Sector. The pre-publication notification for comments was issued on 04 August 2016 and was in public domain for 30 days i.e. 04 September 2016 followed by the consultations on 22 September 2016. The final notification is issued today on 7 October 2016.

n++ Concept - The concept of Fixed Term Employment define the tenure of employment as well as other associated conditions of service and remunerations, which are provided to regular employees under various labour laws. Fixed term employment was defined as a workman who is employed on a contract basis for a fixed period. Thus the services of workman will be automatically terminated as a result of non renewal of the contract between the employer and the workman concerned. Separation of service of a workman as a result of non renewal of the contract of employment between the employer and workman concerned shall not be construed as termination of employment.

n++ Objective for permitting Fixed Term Employment in Apparel Manufacturing Sector

1) The seasonal nature of Textile sector results in fluctuation of demand and hence requires flexibility in employing worker.

2) The working conditions in terms of working hours, wages, allowances and other statutory dues of a fixed term employee would be at par with permanent workmen.

3) A fixed term worker will also be eligible for all statutory benefits available to a permanent workman proportionately according to the period of service rendered by him even though his period of employment does not extend to the qualifying period of employment required in the statute.

4) The employer can directly hire a worker for a fixed term without mediation of any contractor.

5) The worker employed for short period will get better working and service conditions as compared to a contract worker.

6) The flexibility would provide flexibility to textile sector in employing workers and hence strengthen and empower the Indian Textile and Apparel sector. It is one of the measures of the approved Textile package for Textile sector on 22 June 2016. . The measures assume significance due also to its potential for social transformation through women empowerment; since 70% of the workforce in the garment industry are women, majority of the new jobs created are likely to go to women.

n++ Impact of inclusion of the term - On the termination of fixed term employment of the workman the workman is not entitled to any notice or pay in lieu thereof. However, by proposed inclusion of the Fixed Term Workman as one of the category of workman in the classification of workman in the Industrial Employment (Standing Orders) Act, 1946 , the Ministry intends to make such workman on fixed term employment eligible for all statutory benefits available to permanent workman proportionately accordingly to the period of service rendered by him. Even though his period of employment does not extend to the qualifying period of employment required in the statute.

n++ This step would ultimately benefit the workers as their working conditions would be at par with the regular employees including social security and other benefits. It would, on the one hand provide flexibility to the employers and on the other hand improve the working conditions of the workers already working for some fixed tenure only by way of contracts.

n++ It would also provide prescribed format of contract for engaging workers on fixed term employment, thereby avoiding any exploitation of such workers. The inclusion in the IE (SO) Act would define formally the conditions of employment on which the workman would be engaged for Fixed Term.

Conclusion

It is a n++win winn++ situation for both worker and employer as at on the one side it provided flexibility for employing workers as per the demands of the market and on the other hand it ensures that worker hired gets equal benefits and working condition at par with the permanent employee.

Incorporation of Fixed Term Employment in Industrial Employment (Standing Orders) Act, 1946

n++ Concept - The concept fixed term employment define the tenure of employment as well as other associated conditions of service and remunerations, which are provided to regular employees under various labour laws. Fixed term employment was defined as a workman who is employed on a contract basis for a fixed period. Thus the services of workman will be automatically terminated as a result of non renewal of the contract between the employer and the workman concerned. Separation of service of a workman as a result of non renewal of the contract of employment between the employer and workman concerned shall not be construed as termination of employment.

n++ Objectives of Inclusion of the term Fixed Term Employment -

n++ To provide flexibility to the employers in order to meet the challenges of globalization, new practices and methods of doing businesses. The demand is from those sectors where there is fluctuation in demand and hence variation in demand of the labour accordingly. These seasonal demands have to be met with the flexibility in operation to meet the dynamics of the market and hence inclusion of the category of fixed term employment.

n++ Presently, as per Section 2 (bb)(oo) of the ID Act, the workers could be employed on contract basis for some fixed time period and the removal of such workers on termination of contract is not considered as retrenchment. Hence they are not eligible for any notice period or retrenchment compensation as per the ID Act. This indicates that there is an indirect provision of employment of workers for a fixed term, however the service conditions of workers engaged for definite period is not stipulated leading to different treatment for workers on fixed term employment.

n++ Impact of inclusion of the term - On the termination of fixed term employment of the workman the workman is not entitled to any notice or pay in lieu thereof. However, by proposed inclusion of the Fixed Term Workman as one of the category of workman in the classification of workman in the Industrial Employment (Standing Orders) Act, 1946 , the Ministry intends to make such workman on fixed term employment eligible for all statutory benefits available to permanent workman proportionately accordingly to the period of service rendered by him. Even though his

Menon Bearings incorporates subsidiary
Oct 10,2016

Menon Bearings announced on 08 October 2016 that the Company has incorporated a wholly owned subsidiary in the name of Flyga Auto.

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JSW Steel may gain after Karnataka govt declares it as preferred bidder in 5 mines
Oct 10,2016

RBL Bank, NeoGrowth Credit Pvt. Ltd and Overseas PrivateInvestment Corporation (OPIC), the US Governments development finance Institution have jointly committed to provide financing for small and medium enterprises (SMEs) in the Indian retail space. The announcement was made after market hours on Friday, 7 October 2016.

RBL Bank, one of Indias fastest growing private sector banks, will lend to NeoGrowth to enable it to provide loans to SMEs excluded from mainstream funding. This financing will be backed by a $5 million loan guarantee from OPIC. NeoGrowth, a non-banking finance institution, uses innovative technology to serve the funding requirements of SMEs, which do not get loans easily from commercial banks owing to their small size, inadequate credit history and lack of collateral. RBL Banks loan will allow NeoGrowth to provide loans ranging from Rs 2 lakh to Rs 75 lakh to the retail SMEs.

JSW Steel announced that it has been declared a preferred bidder in 5 mines in the auctions for category C mines conducted by state government of Karnataka during the period 1 October 2016 to 6 October 2016. The estimated resources in these 5 mines as per the tender documents are around 111 million tonnes. The highest final offer price by the company to become a preferred bidder is in the range of 58.9% to 102.52% of average monthly prices of iron ore of different grades and quality published by Indian Bureau of Mines in Karnataka from time to time. The announcement was made after market hours on Friday, 7 October 2016.

A2Z Infra Engineering announced that it has received a contract from Jharkhand Urja Sancharan Nigam (JUSNL) for design, engineering, supply, erection, testing and commissioning on turnkey basis of deposit work of Steel Authority of India (SAIL). Total contract price of the work is around Rs 96 crore. The announcement was made after market hours on Friday, 7 October 2016.

JK Paper announced that it has acquired all the remaining 16,865 shares or 1.03% of JK Enviro-Tech Limited (JKETL), the subsidiary of the company and consequently, JKETL has now become a wholly owned subsidiary of the company. The announcement was made after market hours on Friday, 7 October 2016.

Power Grid Corporation of India announced that POWERGRID Vizag Transmission, a wholly owned subsidiary of the company, secured though Tariff Based Competitive Bidding (TBCB), has successfully completed the element Srikakulam - Vemagiri 765 kV D/c line on 30 September 2016. The other element of the project Khammam - Nagarjunasagar 400kV D/C was completed in last financial year. With the completion of both the elements, the project required to be established by POWERGRID Vizag Transmission Limited has been completed. The announcement was made after market hours on Friday, 7 October 2016.

Shriram City Union Finance announced that the Banking and Securities Management Committee as empowered by the companys board of directors in its meeting held on 7 October 2016 allotted 1,000 secured non convertible redeemable debentures of face value of Rs. 10 lakh each aggregating to Rs 100 crore to two investors of the company. The announcement was made after market hours on Friday, 7 October 2016.

Adani Transmission (ATL), the largest private power transmission company operating in India, completed the acquisition of 74% shares of Maru Transmission Service Company Limited (MTSCL) and 49% shares of Aravali Transmission Service Company Limited (ATSCL). While payment has been made for 100% stake in both the companies, the remaining stake in both the companies will be transferred to ATL in a manner consistent with the Transmission Service Agreement. This acquisition is in sync with ATL strategy to enhance the value for its stakeholders, through organic as well as inorganic growth. The announcement was made after market hours on Friday, 7 October 2016.

With this, cumulative network of ATL will reach around 10900 ckt kms, out of which approximate 9000 ckt kms are under operation (including 3500 ckt kms under process of acquisition) and approximate 1900 ckt kms are under various stages of construction. With this scale of operations, ATL will enjoy substantial benefit of scale driving in terms of cost optimization and shared resources.

Recently, the company has successfully concluded two capital market fund raising programmes - USD Bond with overwhelming responses from global investors across Asia, USA, London and rupee denominated INR Offshore bond (Masala Bond).

Speciality Restaurants announced on Saturday, 8 October 2016 closure of Sweet Bengal confectionery by the company at Mumbai.

Sunil Hitech Engineers announced after market hours on Friday, 7 October 2016 that the meeting of the board of directors of the company is scheduled to be held on 11 October 2016, to consider the issue of bonus shares and the issue of convertible warrants to the promoters and non-promoters.

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DCM incorporate a subsidiary
Oct 10,2016

DCM has incorporated a wholly owned subsidiary DCM Real Estate and Infrastructure on 06 October 2016.

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VRL Logistic gets upgradation in credit ratings
Oct 10,2016

VRL Logistics announced that ICRA has upgraded the long term rating of the Company from ICRA BBB (Stable) to ICRA BBB+ (Stable).

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Multipurpose Trading & Agencies announces resignation of Company Secretary
Oct 10,2016

Multipurpose Trading & Agencies announced Divya Chaudhary, who was appointed as Company Secretary and Compliance officer of the Company at the board meeting held on 22 October 2014 have shown their unwillingness to continue as Company Secretary and Compliance officer of the Company.

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Board of Capri Global Capital approves sub-division of shares
Oct 10,2016

Capri Global Capital announced that the Board of Directors of the Company at its meeting held on 08 October 2016, inter alia, has approved the following:

1. Issue of Non-convertible Debentures to the extent of Rs. 500 crore on Private Placement basis; and

2. Sub-division of equity shares of face value of Rs. 10/- each into equity shares of face value of Rs. 2/- each.

3. Issue of Commercial Paper upto Rs. 300 crore.

The (1) and (2) above are subject to approval of the Shareholders of the Company.

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