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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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Bharti Airtel acquires 173.8 Mhz spectrum across 1800/2100/2300 MHz bands
Oct 07,2016

Bharti Airtel said that it has acquired 173.8 Mhz spectrum across 1800/2100/2300 MHz bands for a total consideration of Rs 14,244 crore in the latest spectrum auction conducted by the Department of Telecom, Government of India.

Airtel has further strengthened its pan-India spectrum portfolio and secured its spectrum requirements for the next 20 years. The Company now has 4G and 3G spectrum in all circles, giving it the widest mobile broadband footprint across the country. It already has 2G spectrum inall circles. Over the past six years, the Company has acquired spectrum worth appx. Rs 100,000 crore through auctions and trading.

Through strategic buying, in the latest auction, Airtel has built new 4G/3G capabilities in 7 circles. The Company has spent Rs. 10,340 crore towards enhancing data capacities in 15 circles. It has also spent Rs 321 crore towards completing some of the existing partial blocks in 4 circles, givingit a second Carrier for its future needs.

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Kotak Mahindra Bank drops after reducing base rate
Oct 07,2016

The announcement was made after market hours yesterday, 6 October 2016.

Meanwhile, the S&P BSE Sensex was up 42.38 points or 0.15% at 28,148.59.

On BSE, so far 614 shares were traded in the counter as against average daily volume of 1.58 lakh shares in the past one quarter. The stock hit a high of Rs 782.35 and a low of Rs 776.45 so far during the day. The stock had hit a record high of Rs 825.60 on 9 September 2016. The stock had hit a 52-week low of Rs 586.50 on 29 February 2016. The stock had underperformed the market over the past one month till 6 October 2016, sliding 4.35% compared with 3.01% fall in the Sensex. The scrip had, however, outperformed the market in past one quarter, gaining 5.68% as against Sensexs 3.46% rise.

The large-cap bank has equity capital of Rs 918.65 crore. Face value per share is Rs 5.

Kotak Mahindra Bank said that all categories of loans (other than the exceptions permitted by RBI) will be priced with reference to the revised base rate.

Kotak Mahindra Banks net profit rose 291% to Rs 741.97 crore on 11.7% growth in total income to Rs 5120.03 crore in Q1 June 2016 over Q1 June 2015.

Kotak Mahindra Bank is one of the leading private sector banks in India.

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Varanasi to get Heritage Walk around Kabir Chaura; 86 sites to be developed under HRIDAY
Oct 07,2016

Ministry of Urban Development has approved projects worth Rs.114 cr under Heritage Infrastructure Development and Augmentation Yojana (HRIDAY) for improving infrastructure facilities around core heritage sites in five cities of Varnasi, Amritsar, Dwaraka, Puri and Warangal.

Minister of Urban Development Shri M.Venkaiah Naidu has directed the officials of the Ministry and concerned State Governments to ensure implementation of approved projects by March next year.An inter-ministerial HRIDAY National Empowered Committee chaired by Shri Rajiv Gauba, Secretary(UD) yesterday cleared Detailed Project Reports of these five cities.

An investment of Rs.13.25 cr has been approved for Varanasi for Developing a Heritage Walk around Kabir Chaura and Piplani Katra at a cost of Rs.2.50 cr and developing required infrastructure at 86 historical sites scattered across the city. Kabir Chaura is known as the home of renowned musicians like Kishan Maharaj, Gop Krishan, Samta Prasad and Rajan and Sajan Mishra brothers. Access roads and gallis leading to 86 heritage sites in the city will be improved at a cost of Rs.10.75 cr. Fan++ade improvement, provision of on route amenities and signages, site development etc., will be undertaken. These heritage sites include temples, residences of famous personalities, kunds, parks and palaces.

For Amritsar, nine heritage infrastructure related projects have been approved for implementation with a total investment of Rs.57 cr. These include comprehensive road development and upgradation of 21 major roads leading to the Golden Temple to address congestion at a cost of Rs.21 cr, improving Maharaja Ranjit Singh Panorama with Rs.50 lakhs, revitalization of historical 40 Khoo (Wells) by providing necessary infrastructure at a cost of Rs.5.00 cr, improving connectivity, street and landscape at Gol Bagh with Rs.5.00 cr, providing a mobility corridor along outer and inner circular roads at a cost of Rs.5.00 cr, providing interpretative signages with censors with Rs.5.35 cr, refitting and upgradation of colonial era building i.e Deputy Commissioners Office that was damaged in a fire at a cost of Rs.2.00 cr, development of an Environmental Park at UBDC canal with Rs.1.00 cr and development of public plaza along southern edge of Rambagh Garden with Rs.1.00 cr.

In Puri, five projects with an investment of about Rs.17.00 cr will be undertaken for revitalization of different heritage zones. These include, landscape development of Shri Jagannath Ballabh Temple at a cost of about Rs.9.00 cr, retrofitting of building facades along Parikrama Marg of the temple with Rs.3.00 cr, improvements at Bada Odiya Matha and Ganga Mata Matha at a cost of Rs.2.00 cr, landscape development along the River Front of Athanarla with Rs.2.00 cr and revival of seven Jagagharas and Ponds at a cost of over Rs.1.00 cr. there are 60 Jagagharas and Akharas in Puri which are over 400 year old and were centres of learning music and martial arts.

The Fort of Warangal in Telangana State will be revived and developed with necessary interventions with Rs.15.30 cr under HRIDAY. Access routes, pathways and entry points will be developed at a cost of Rs.4.17 cr, revival of water bodies and setting up of a sewage treatment plant would be undertaken at a cost of Rs.10.00 cr, public amenities at North Gate and Srungarapu Bavi (well) with Rs.2.15 cr, landscaping along access routes with Rs 0.80 cr and illumination of North Gate, access routes and other areas at a cost of Rs.0.60 cr.

In Dwaraka, Gujarat, Dwarakadhish Temple Square will be developed at a cost of Rs.2.75 cr by providing pedestrian pathway, surface improvement of roads, adding green elements, street furniture, lighting, signages, dustbins, space for vendors etc. The main Processional Street (Darshan Path) will be improve with Rs.7.25 cr by providing parking spaces, pedestrian pathway, public amenities block, repairing o0f Iskcon gate, lighting and signages etc.

HRIDAY is a Central Scheme for which Central Assistance of Rs.500 cr has been provisioned till March,2017. Twelve cities have been included in this mission. Other cities being Amaravati (Andhra Pradesh), Badami (Karnataka), Kanchipuram and Vellankini (Tamil Naidu), Ajmer (Rajasthan), Mathura (UP) and Gaya (Bihar).

City Hriday Plans of all the 12 Mission cities have been approved and Detailed Project Reports based on these plans costing over Rs.350 cr have so far been sanctioned for implementation. Remaining will soon be cleared.

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India aggressively pursuing trade prospects with LAC
Oct 07,2016

Indias engagement with LAC (Latin American Countries) has gained further momentum with recent developments that have taken place. India signed an agreement on the expansion of India-Chile PTA in New Delhi on 6th September, 2016. The expanded PTA will have far greater trade coverage in comparison to the agreement signed earlier in March, 2006 as both sides have offered tariff concessions on a number of lines.

In recent years, Trade between India and Peru has been growing. Indias trade with Peru stood at US$ 1,523.35 million during 2015-16. Among the top ten commodities of Indias export to Peru are Motor Vehicle/Cars, Products of Iron and Steel, Cotton Yarn/ Manmade yarn/Fabrics. Drugs Formulations, Iron and Steel, Two and three wheelers, Auto Tyres and Tubes, Bulk Drugs and RMG Cotton including Accessories. The top ten commodities of Indias import from Peru are Bulk Minerals and Ores (under this copper ore is the top most import commodity), Gold (wrought gold), Fertilizers Crude (under this natural calcium phosphate is the topmost import commodity), Zinc and products made of Zinc, Fresh Fruits, Inorganic chemicals, Cocoa Products Finished Leather and Aluminum & Aluminum products.

In order to explore the possibility of a trade agreement with Peru, India has concluded a Joint Study Group report on the feasibility of such a trade agreement during the recent visit of a delegation to Lima, Peru on 26-28 September, 2016. Both sides have agreed to a time frame to carry forward the discussions for negotiating a trade agreement. With the finalization of the report, India will now seek internal approvals of the Government of India for going ahead with the negotiations on a trade agreement which would include trade in goods, trade in services and investment. There is keen interest on the part of Peru also for negotiating a trade agreement at the earliest.

India is also aggressively engaged in the expansion of its Preferential Trade Agreement (PTA) with MERCOSUR (a Six Country trade bloc with Brazil, Argentina, Paraguay and Uruguay as its original members). During the third meeting of the Joint Administrative Committee (JAC) on the expansion of the India-MERCOSUR PTA held on 29th September, 2016 in Brasilia, Brazil, there was expansive discussions on the wish lists which had been exchanged by both sides in July, 2016. Both sides are expected to hold the next round of negotiations early next year. The existing India MERCOSUR agreement was signed in New Delhi on January 25, 2004 which came into effect from 1st June, 2009. This agreement has a limited coverage and contains only 450 tariff lines. Both sides have now agreed to expand to cover up to 2500 tariff lines.

Indias bilateral trade with MERCOSUR was US$ 10081.42 million in 2015-16 as compared to US$ 14,240.46 million in 2014-15 which constitute 37.01% and 39.96% of LAC trade during 2014-15 & 2015-16 respectively. With the expansion of the existing PTA, the bilateral trade is expected to be doubled.

India has held bilateral discussions with Brazil under the institutional mechanism i.e India-Brazil Trade Monitoring mechanism, the 4th meeting of which was held in Brasilia on 30th September, 2016 after a hiatus of more than four years. Both sides have discussed an array of bilateral issues which impede trade between both the countries. During the meeting India highlighted its concerns on issues relating to market access in agriculture, textiles, pharma and services including high tax on import of services to Brazil. Brazil has responded favorably and has assured to address these issues. Collaboration in areas such as auto, food processing, leather and civil aviation were also discussed. Both sides have agreed for discussions on an agreement on social security.

Both sides discussed setting up of the India-Brazil Business Leaders Forum for facilitating interaction and cooperation amongst the private sector.

Brazil is currently the leading trading partner of India in Latin America region. Total Bilateral trade with Brazil stood at US$ 6,690.33 million during 2015-16 and both sides agreed endeavor is to meet a trade target of US$ 15 billion by 2020.

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Kotak Mahindra Bank in focus after reducing base rate
Oct 07,2016

Kotak Mahindra Bank announced that it has revised its base rate downwards by 10 basis points (bps) to 9.4% per annum with effect from 7 October 2016. All categories of loans (other than the exceptions permitted by RBI) will be priced with reference to the revised base rate. The announcement was made after market hours yesterday, 6 October 2016.

Canara Bank announced that the bank has effected downward revision in the base rate by 5 basis points (bps) from 9.65% to 9.6% effective from 11 October 2016. The announcement was made after market hours yesterday, 6 October 2016.

Reliance Industries (RIL) before market hours today, 7 October 2016 said that Reliance Jio Infocomm (RJIL) has successfully acquired the right to use 269.2 MHz (UL+DL) spectrum across all 22 service areas in India in the recently concluded spectrum auction conducted by DOT, Government of India. Through this acquisition, RJILs total spectrum footprint has increased to 1,108 MHz (UL+DL) with an average life of over 16 years, further strengthening its leadership position in liberalized spectrum holdings. RJILs spectrum footprint ensures availability of spectrum in all the three bands across the country and enhances its network capacity at negligible incremental capital and operating expenditure.

Bharti Airtel before market hours today, 7 October 2016 announced that it has acquired 173.8 Mhz spectrum across 1800/2100/2300 MHz bands for a total consideration of Rs 14244 crore in the latest spectrum auction conducted by the Department of Telecom, Government of India. Airtel said it has further strengthened its pan-India spectrum portfolio and secured its spectrum requirements for the next 20 years. The company now has 4G and 3G spectrum in all circles, giving it the widest mobile broadband footprint across the country.

Idea Cellular announced before market hours today, 7 October 2016 that the company has successfully completed its pan-India mobile broadband footprint and significantly boosted its capacity spectrum portfolio in the recently concluded spectrum auction conducted by DOT, Government of India. Idea is now well equipped to offer 4G services on its own spectrum across 20 service areas including 9 new service areas. It has also procured 3G spectrum in Bihar & Rajasthan extending its capability to offer 3G services to 15 service areas.

Tata Steel announced that its hot metal production rose 17% to 3.12 million tonnes in Q2 September 2016 over Q2 September 2015. Crude steel production rose 13% to 2.82 million tonnes in Q2 September 2016 over Q2 September 2015. Saleable steel production increased by 11% to 2.71 million tonnes in Q2 September 2016 over Q2 September 2015. The companys sales rose 12.44% to 2.62 million tonnes in Q2 September 2016 over Q2 September 2015. The announcement was made after market hours yesterday, 6 October 2016.

Fiem Industries announced that it has signed a technology license and assistance agreement (TAA) with Aisan Industry Co., Ltd., Japan and Toyota Tsusho Corporation, Japan for manufacturing of Canister. The announcement was made after market hours yesterday, 6 October 2016. Fiem Industries see this as a big opportunity of diversification into new product line. The company aims to supply the Canister to all its existing original equipment manufacturers (OEM) as well as target new customers. Canister is an emission control system product which will have huge market in India due to implementation of stricter emission norms for two-wheelers and three-wheelers as it will become mandatory from 1 April 2017. The Canister will be manufactured by Fiem Industries with the technical support of Aisan Industry Co., Ltd for two-wheelers and three-wheelers in Indian market.

SREI Infrastructure Finance announced that the company has allotted 29.33 lakh non convertible debentures (NCDs), aggregating to Rs 293.36 crore on 6 October 2016. The announcement was made after market hours yesterday, 6 October 2016.

Jaiprakash Associates announced that the board of directors of Jaiprakash Power Ventures (JPVL), a subsidiary of the company, in a meeting held on 6 October 2016 approved the sale of Nigrie Cement Grinding Unit located in Madhya Pradesh to Orient Cement for an enterprise value of Rs 500 crore on slump sale basis. The announcement was made after market hours yesterday, 6 October 2016. The 2 million tonne per annum unit clocked turnover of Rs 90.70 crore in financial year ended 31 March 2016 and contributed 2.33% to turnover of JPVL. The definitive agreement is yet to be executed. The expected date of completion of sale is 6 months.

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Global air passenger growth slowed in August 2016: IATA
Oct 06,2016

The International Air Transport Association (IATA) announced global passenger traffic data for August showing that demand (measured in total revenue passenger kilometers or RPKs) climbed 4.6% compared to the year-ago period. This represented a slowing from the 6.4% increase recorded in July (revised). August capacity (available seat kilometers or ASKs) increased by 5.8%, and load factor slipped 0.9 percentage points to 83.8%.

Growth in passenger demand dipped to 4.6%. While thats disappointing compared to the previous months performance, it is still healthy growth. And although terrorist attacks in Europe have dampened demand, the impact is ebbing, said Alexandre de Juniac, IATAs Director General and CEO.

International Passenger Markets

August international passenger demand rose 4.7% compared to August 2015. All regions recorded increases, but growth was dominated by airlines in the Middle East. Capacity climbed 6.5%, causing load factor to slide 1.4 percentage points to 83.9%.

Asia-Pacific airlines August traffic climbed 5.6% compared to the year-ago period. Capacity rose 6.8% and load factor slipped down 0.9 percentage points to 81.9%. There are signs of Asian travelers continuing to be put-off by recent terrorism in Europe. Traffic on Europe-Asia routes grew just 1.5% in July, the most recent month for which route-specific figures are available, while international traffic growth on routes within Asia accelerated to 9.9%.

European carriers saw August demand climb 3.3% year-on-year. European traffic continues to be affected by the impact of terrorism, however, there are indications this may be easing. Capacity rose 5.1%, which caused load factor to drop 1.6 percentage points to 86.6%--which still was the highest among regions.

Middle Eastern carriers posted a 10.3% traffic increase in August, while capacity climbed 13.7%, resulting in a 2.5 percentage point fall in load factor to 81.2%.

North American airlines international demand rose 1.8% compared to August a year ago. However, seasonally-adjusted traffic has risen at an annualized rate of 7% since March, supported by transpacific demand and leisure routes to Central America and the Caribbean. Capacity rose 3.8%, causing load factor to drop 1.7 percentage points to 85.3%.

Latin American airlines experienced a 6.7% demand rise compared to the same month last year, helped by strong demand on international routes within the region, spurred in part by the 2016 Summer Olympics in Brazil. Capacity increased by 4.0% and load factor rose 2.1 percentage points to 84.0%. Carriers in this region were the only ones to see a rise in load factor compared to the year-ago period.

African airlines traffic climbed 1.8% in August. International growth has tracked sideways since the start of the year, reflecting challenges in the major economies. Capacity rose 3.1%, with the result that load factor slipped 1.0 percentage point to 75.6%, lowest among regions.

Domestic Passenger Markets

Demand for domestic travel climbed 4.3% in August compared to August 2015, which was slightly exceeded by a 4.4% increase in capacity. Load factor slid 0.1 percentage points to 83.6%. All markets reported demand increases with the exception of Brazil and Russia, with India and China reporting double-digit rises.

Russias domestic traffic fell 2.7% but the failure of Transaero last year has taken significant capacity out of the market, and load factor reached a record high for the month at 86.5%. It was also the highest among the domestic markets tracked by IATA.

US airlines domestic traffic climbed just 1% year-on-year in August and traffic has trended sideways in seasonally-adjusted terms since late 2015.

Lower airfares are a major factor sustaining demand for air travel. And airline profitability is stronger than ever as a result of a better industry structure and efficiency gains. But the lingering impact of terrorist attacks in Europe earlier in the year reminds us that the aviation industry is vulnerable to many external factors beyond its control. The risks - including the normal ups and downs of the business cycle - wont go away. The industry has improved resilience along with its profitability. That will be critical to responding quickly should the business environment change, said de Juniac.

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Chambal Fertilisers & Chemicals gets ratings assigned for CP programme
Oct 06,2016

Chambal Fertilisers & Chemicals announced that the ICRA vide its letter dated 05 October 2016 has assigned the rating of n++[ICRA]A1+ to the Commercial Paper programme of the Company for an enhanced amount of Rs. 700 crore (enhanced from Rs. 500 crore to Rs. 700 crore).

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MOIL provides business update
Oct 06,2016

MOIL announced that Government of Madhya Pradesh has issued notification to reserve the area of 372.701 Ha. of Land in favour of MOIL in Balaghat Dist., Madhya Pradesh.

This area is adjacent to the existing Balaghat mine of the Company.

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Scooters India announces change in directorate
Oct 06,2016

Scooters India announced that vide Order dated 26 September 2016, issued by Ministry of Heavy Industries & Public Enterprises, Department of Heavy Industry, Government of India, New Delhi, Renati Sreenivasulu has joined as Chairman & Managing Director, SIL vice Vinita Srivastava, Director, Ministry of Heavy Industries & Public Enterprises, Department of Heavy Industry, Government of India, w.e.f. 06 October 2016.

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Karur Vysya Bank revises MCLR rates
Oct 06,2016

Karur Vysya Bank has revised the MCLR of the Bank with effect from 07 October 2016.

Overnight MCLR - 9.50%
One month MCLR - 9.50%
Three month MCLR - 9.50%
Six month MCLR - 9.70%
One year MCLR - 9.90%.

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N R Agarwal Industries exits CDR
Oct 06,2016

N R Agarwal Industries announced that the Corporate Debt Restructuring (CDR) Cell vide its letter dated 30 August 2016 had approved the exit of the Company from CDR subject to payment of recompense amount.

Meanwhile, the Company was awaiting a confirmation letter from Bank of Baroda regarding the recompense amount which has been received on 05 October 2016 confirming the earmarking of the recompense amount by the Company.

Hence, the Company stands exited from CDR.

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Fiem Industries signs technology license and assistance agreement for manufacture of canister
Oct 06,2016

Fiem Industries announced that the Company have signed a Technology License and Assistance Agreement (TAA) with Aisan Industry Co., Ltd., Japan and Toyota Tsusho Corporation, Japan for manufacturing of Canister.

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Pricol gets High Court approval for scheme of amalgamation
Oct 06,2016

Pricol announced that the Honble High Court of Judicature at Madras has on 06 October 2016, pronounced the Order sanctioning the Scheme of Amalgamation of Pricol with Pricol Pune (the wholly owned subsidiary) and their respective Creditors and Shareholders (Scheme).

The Company is awaiting the receipt of the certified copy of the order from the Honble High Court of Judicature at Madras. The Scheme will come into effect upon filling certified true copy of order with the Registrar of Companies, Coimbatore, Tamilnadu.

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Jaiprakash Associates provides update on subsidiary
Oct 06,2016

Jaiprakash Associates announced that the Board of Directors of Jaiprakash Power Ventures (JPVL), a subsidiary of the Company, in their meeting held on O6 October 2016 has approved the sale of Nigrie Cement Grinding Unit to Orient Cement based on an enterprise value of Rs. 500 crore.

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Canara Bank reduces Base Rate by 5 bps
Oct 06,2016

Canara Bank has effected downward revision in the Base Rate by 5 bps from 9.65% to 9.60% effective from 11 October 2016.

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