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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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Gujarat Industries powers ahead after commissioning two more generators
Dec 08,2016

The announcement was made during market hours today, 8 December 2016.

Meanwhile, the S&P BSE Sensex was up 452.41 points or 1.72% to 26,684.08.

On the BSE, 10,476 shares were traded in the counter so far as against average daily volume of 50,429 shares in the past one quarter. The stock had hit a high of Rs 103.60 and a low of Rs 101.50 so far during the day. The stock had hit a 52-week high of Rs 110.05 on 11 November 2016. The stock had hit a 52-week low of Rs 74.40 on 15 March 2016.

The stock had outperformed the market over the past one month till 7 December 2016, gaining 1.25% compared with the Sensexs 4.45% fall. The scrip had also outperformed the market in past one quarter, gaining 13.67% as against the Sensexs 9.3% fall.

The power generation firm has equity capital of Rs 151.25 crore. Face value per share is Rs 10.

Gujarat Industries Power Company said that Gujarat Energy Development Agency (GEDA) issued certificate of commissioning for these wind turbine generators (WTGs).

With the commissioning of these two WTGs, the company has commissioned 15 megawatts wind mills at Kotadapitha site.

Gujarat Industries Power Companys net profit rose 1.7% to Rs 54.97 crore on 5.6% rise in net sales to Rs 352.53 crore in Q1 June 2016 over Q1 June 2015.

Gujarat Industries Power Company is engaged in the business of electrical power generation.

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Board of Geojit BNP Paribas Financial Services proposes to change company name
Dec 08,2016

Geojit BNP Paribas Financial Services announced that the Board of Directors of the Company at its meeting held on 08 December 2016 has proposed to change the name of the company to Geojit Financial Services. Consequently, the board also proposed to alter the Memorandum of Association and to adopt new set of Articles of Association of the Company.

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Board of Rane Holdings to consider Q3 and 9M results
Dec 08,2016

Rane Holdings announced that a meeting of the Board of Directors of the Company has been scheduled to be held on 09 February 2017, to consider and approve the Unaudited Financial Results (Standalone & Consolidated) for the quarter and nine months ending 31 December 2016.

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Cabinet approves Nutrient Based Subsidy rates for Phosphatic and Potassic fertilizers for the year 2016-17
Dec 08,2016

The Cabinet Committee on Economic Affairs chaired by the Prime Minister, Shri Narendra Modi has approved the proposal of half yearly review of Nutrient Based Subsidy (NBS) rates for Phosphatic and Potassic (P&K) fertilizers for the year 2016-17.

Accordingly, in the interest of farmers, it has been decided to roll over the existing subsidy rates as given below for another six months till the end of the financial year 2016-17. 

It has also been decided to ensure that any fall in the international prices should be reflected by the fertilizers companies with subsequent reduction in MRPs.

(Per Kg subsidy rates in Rs.)

PeriodN

(Nitrogen)

P (Phosphorus)K

(Potash)

S

(Sulphur)

2nd half of FY 2016-17 (from October16 to March17)15.85413.24115.4702.044

With fall in international prices, the MRP of P&K fertilizers was reduced in July 2016. The fertilizer companies reduced the 50 Kg. bag prices of Muriate of Potash (MOP) by Rs. 250, Di-Ammonium Phosphate (DAP) by Rs. 125 and Complex fertilizers by Rs. 50.

This is expected to result in increase in consumption of P&K fertilizers which will result in balanced fertilization.  As a result the yield from the crops will increase resulting in enhanced income to the farmers.

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Bajaj Finance allots NCDs aggregating Rs 30 crore
Dec 08,2016

Bajaj Finance announced that the Debenture Allotment Committee of the Company at its meeting held on 07 December 2016 has allotted 300 secured redeemable non-convertible debentures aggregating Rs 30 crore on private placement basis.

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Board of Yantra Natural Resources to consider September quarter results
Dec 08,2016

Yantra Natural Resources announced that the meeting of Board of Directors of the Company will be held on 14 December, 2016, to consider and adopt the Ind-AS as per SEBI circular dt. 05 July 2016, inter alia, the Unaudited Financial Results for the quarter ended 30 September 2016.

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Gulshan Polyols to fix record date for sub-division of shares
Dec 08,2016

Gulshan Polyols announced that a meeting of Share allotment Committee of Board of Directors of the Company is scheduled to be held on 12 December 016, inter alia, to consider and approve the following matters:

- Fix a record date for the purpose of sub division of equity shares of Rs. 5/- per share of the Company into the equity shares of Rs. 1/- each (fully paid up).

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Sun Pharmaceutical Industries provides update on USFDA inspection of Halal facility
Dec 08,2016

Sun Pharmaceutical Industries announced that the USFDA inspected the Companys Halol facility in Gujarat, India from 17 November 2016 through 01 December 2016. At the conclusion of the inspection, the USFDA issued a Form-483, citing nine inspectional observations. None of those observations were characterized by the USFDA as repeat observations. The Company is preparing its responses to the observations, which will be submitted to USFDA within 15 business days of receipt of the Form-483. The Company intends to implementpromptly any corrective actions and improvements that may be necessary as a result of the observations and to continue to work cooperatively with USFDA.

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PMFBY has provided coverage to 366.64 lakh farmers (26.50%) & at this rate it is likely to exceed target of 30% coverage for both Kharif & Rabi season
Dec 08,2016

The Pradhan Mantri Fasal Bima Yojana (PMFBY) launched in the country from Kharif 2016 has made impressive progress in the first season itself. As on date the scheme has provided coverage to 366.64 lakh farmers (26.50%) and at this rate it is likely to exceeding the target of 30% coverage for both Kharif and Rabi seasons in 2016-17.

In terms of total area covered the achievement has been significant amounting to a total area of 388.62 lakh ha. and sum insured of Rs. 141339 crore. The Pradhan Mantri Fasal Bima Yojana was recast as a new scheme by the Government as the earlier existing insurance schemes were not meeting the full requirements of the farmers for insurance coverage.

The performance this season has improved by 18.50% in terms of farmers coverage, 15% in terms of area coverage and 104% in terms of sum insured in comparison to Kharif 2015, which happened to be one of the worst drought affected seasons when the number of farmers covered was 309 lakh (22.33%), total area coverage was 339 lakh ha. and sum insured was Rs. 69307 crore. The performance in Kharif 2016 is better despite the fact that there were teething issues to begin with. For instance, many States did the bidding process for selection of the insurance companies for concerned clusters for the first time and consequently, the notification of the scheme was delayed in a number of States.

The achievements in Kharif 2016 as compared to Kharif 2015 are notable specially as in Kharif 2015 in most of the States the cut-off date for availing insurance for loanee farmers was 30th September, 2016 and the enrolment under crop insurance shot up after prolonged spell of drought, whereas this year has been one of normal monsoons and window for availing insurance was much smaller with the cut-off date for availing insurance being 31st July, 2016, which was later extended to 10th of August, 2016.

Furthermore there has been a quantum jump of more than 6 times in the coverage of non-loanee farmers from 14.88 lakh in Kharif 2015 to 102.6 lakh in Kharif 2016, which shows that the scheme has been well received by the non-loanee segment. Another significant achievement in this season has been 104% enhancement in sum insured. This was made possible as PMFBY mandates that the sum insured must be equal to the Scale of Finance and therefore, reflects better risk coverage of farmers in comparison to earlier schemes.

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815.667 lakh Earmarked for J&K under National AYUSH Mission: Shri Shripad Yesso Naik
Dec 08,2016

Under Centrally Sponsored Scheme of National AYUSH Mission (NAM), resource pool of Rs.815.667 lakhs (Rs. 734.10 lakhs as Central Share and Rs. 81.567 lakhs as State Share) has been allocated to Jammu & Kashmir during current year. However, there is no State/UT-wise allocation under Central Sector Schemes.

Further, the following steps have been taken by the Government to promote AYUSH in the Country including Jammu & Kashmir:

1. Under Central Sector Scheme of Information Education and Communication (IEC) provides for propagation of AYUSH systems of medicine in the country by creating awareness amongst the citizens about the efficacy of the AYUSH systems of medicine through various media and other publicity activities including organizing Arogya Fairs, participation in AYUSH related Fairs, organizing Workshops, Seminars on AYUSH systems of medicine.

2. Under National AYUSH Mission (NAM), the following provisions have been made for promotion of AYUSH in the Country including Jammu & Kashmir:

(i) Co-location of AYUSH facilities at Primary Health Centers (PHCs), Community Health Centers (CHCs) and Districts Hospitals (DHs).

(ii) Upgradation of exclusive State Government AYUSH Hospitals and Dispensaries.

(iii) Setting up of upto 50 bedded integrated AYUSH Hospital.

(iv) Upgradation of State Government Under-Graduate and Post-Graduate Educational Institutions.

(v) Setting up of new State Government AYUSH Educational Institutions in the States where it is not available in Government Sector.

(vi) Strengthening of State Government/State Government Co-operatives / Public Sector Undertakings Ayurveda, Siddha, Unani and Homoeopathy (ASU&H) Pharmacies

(vii) Strengthening of State Drug Testing Laboratories for ASU &H Drugs

(viii) Support for Medicinal Plant including processing and post-harvest management.

The Central Government has introduced the following Centrally Sponsored and Central Sector Schemes in the country:

1. Centrally Sponsored Scheme of National AYUSH Mission (NAM).

2. Central Sector Scheme for promotion of information, education, and communication (IEC) in AYUSH.

3. Central Sector Scheme of Centres of Excellence (COE).

4. Central Sector Scheme for Development of AYUSH Clusters.

5. Central Sector Scheme for Promotion of AYUSH interventions in Public Health Initiatives (PHI).

6. Central Sector Scheme of Continuing Medical Education (CME).

7. Central Sector Scheme of Extra Mural Research (EMR).

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Tata Motors gains after Jaguar Land Rover reports best ever November retail sales
Dec 08,2016

The announcement was made during market hours today, 8 December 2016.

Meanwhile, the S&P BSE Sensex was up 453.01 points or 1.73% at 26,689.88.

On the BSE, 6.28 lakh shares were traded on the counter so far as against the average daily volumes of 5.99 lakh shares in the past two weeks. The stock had hit a high of Rs 464.80 and a low of Rs 449 so far during the day. The stock had hit a 52-week high of Rs 598.60 on 7 September 2016 and a 52-week low of Rs 266 on 11 February 2016.

The stock had underperformed the market over the past one month till 7 December 2016, falling 12.23% compared with the Sensexs 4.45% fall. The scrip had also underperformed the market in past one quarter, declining 24.24% as against the Sensexs 9.3% fall.

The large-cap company has equity capital of Rs 577.44 crore. Face value per share is Rs 2.

Tata Motors said that Jaguar Land Rover (JLR) reported 2% rise in total sales to 47,588 vehicles in November 2016 over November 2015.

Jaguar recorded its best November ever, with retail sales rising 83% to 14,613 vehicles in November 2016 over November 2015, driven by continuing strong sales of the new XF and the F-PACE. Calendar year-to-date sales for Jaguar were 132,381, up 75% year-on-year.

Land Rover recorded November sales of 32,975 vehicles, down 14% over November 2015, as continuing solid sales of the Land Rover Discovery Sport and Range Rover Sport were offset by lower volumes of the discontinued Land Rover Defender and outgoing Discovery. Calendar year-to-date sales for Land Rover reached 395,556 vehicles, 9% up on the prior year.

Tata Motors reported consolidated net profit of Rs 848.16 crore in Q2 September 2016, compared with net loss of Rs 1740.20 crore in Q2 September 2015. Net sales rose 6.7% to Rs 65140.75 crore in Q2 September 2016 over Q2 September 2015.

Tata Motors is a market leader in commercial vehicles in India. The companys British unit JLR sells premium luxury cars.

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Volumes jump at NLC India counter
Dec 08,2016

NLC India clocked volume of 7.95 lakh shares by 14:22 IST on BSE, a 63.15-times surge over two-week average daily volume of 13,000 shares. The stock rose 2.93% at Rs 80.90.

Kuantum Papers notched up volume of 3.21 lakh shares, a 55.15-fold surge over two-week average daily volume of 6,000 shares. The stock surged 4.71% at Rs 422.

Sundaram Finance saw volume of 1.76 lakh shares, a 26.72-fold surge over two-week average daily volume of 7,000 shares. The stock rose 0.99% at Rs 1,214.85.

SJVN clocked volume of 18.23 lakh shares, a 21.22-fold surge over two-week average daily volume of 86,000 shares. The stock was up 0.64% at Rs 31.60.

Sunil Hitech Engineers saw volume of 41.36 lakh shares, a 7.79-fold rise over two-week average daily volume of 5.31 lakh shares. The stock was locked at 5% upper circuit at Rs 13.51.

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Indiabulls Real Estate leads gainers in A group
Dec 08,2016

Indiabulls Real Estate surged 6.72% to Rs 72.25 at 13:55 IST. The stock topped the gainers in the BSEs A group. On the BSE, 9.41 lakh shares were traded on the counter so far as against the average daily volumes of 15.55 lakh shares in the past two weeks.

BEML jumped 5.71% at Rs 913.25. The stock was second biggest gainer in A group. On the BSE, 85,000 shares were traded on the counter so far as against the average daily volumes of 22,000 shares in the past two weeks.

Jain Irrigation Systems gained 5% to Rs 90.25. The stock was the third biggest gainer in A group. On the BSE, 5.19 lakh shares were traded on the counter so far as against the average daily volumes of 7.24 lakh shares in the past two weeks.

Bharat Forge gained 4.86% at Rs 960.50. The stock was the fourth biggest gainer in A group. On the BSE, 1.99 lakh shares were traded on the counter so far as against the average daily volumes of 1.09 lakh shares in the past two weeks.

Havells India rose 4.71% to Rs 346.55. The stock was the fifth biggest gainer in A group. On the BSE, 66,000 shares were traded on the counter so far as against the average daily volumes of 87,000 shares in the past two weeks.

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Cabinet approves Reforms to Boost Employment Generation and Exports in the Made-ups Sector
Dec 08,2016

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval to the reforms to boost employment generation and exports in the Made-ups Sector.

The following interventions have been approved in a time bound manner within the approved budget of Rs. 6,006 crore for the apparel package with the objective of creating large scale direct and indirect employment of upto 11 lakh persons over the next three years in the made-ups sector:-

1. Providing production incentive through enhanced Technology Upgradation Fund Scheme (TUFS) subsidy of additional 10% for Made-ups similar to what is provided to garments based on the additional production and employment after a period of 3 years.

2. Extension of Pradhan Mantri Paridhan Rozgar Protsahan Yojana (PMPRPY) Scheme (for apparel) to made-ups sector for providing additional 3.67% share of Employers contribution in addition to 8.33% already covered under Pradhan Mantri Rozgar Protsahan Yojana (PMRPY) for all new employees enrolling in EPFO for the first three years of their employment as a special incentive to Made-ups sector

3. Extension of Rebate of State Levies (ROSL) (for apparel) Scheme to made-ups sector for enhanced Duty Drawback on exports of Made-ups.

4. Simplification of labour laws:

(i) Increasing permissible overtime up to 100 hours per quarter in Made-ups manufacturing sector,

(ii) Making employees contribution to EPF optional for employees earning less than Rs 15,000 per month.

The interventions are expected to boost employment in the textile sector and create employment for upto eleven lakh persons, lead to increase in exports and enhance benefits to the workers in the textile and apparel sector.

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Expansion of the mandate of Delhi Mumbai Industrial Corridor Project Implementation Trust Fund
Dec 08,2016

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for the expansion of the mandate of Delhi Mumbai Industrial Corridor Project Implementation Trust Fund (DMIC-PITF Trust) and its re-designation as National Industrial Corridor Development & Implementation Trust (NICDIT) for integrated development of Industrial Corridors with permission to utilize financial assistance already sanctioned and sanction of additional amount of Rs.1584 crore within extended period up to 31 March 2022.

There is an existing approval for expenditure of Rs. 18,500 crore, out of which the unspent balance yet to be released to DMIC-PITF will be utilised by NICDIT. A further sum of Rs. 1584 crore for project development activities of four additional corridors and NICDITs administrative expenses upto 31 March 2022 has been provided.

The five Industrial corridors presently cover the States, namely, Punjab, Haryana, Uttar Pradesh, Uttarakhand, Bihar, Jharkhand, West Bengal, Madhya Pradesh, Rajasthan, Gujarat, Maharashtra, Karnataka, Andhra Pradesh, Tamil Nadu.

NICDIT would be an apex body under the administrative control of DIPP for coordinated and unified development of all the industrial corridors in the country. It will channelize Gol funds as well as institutional funds while ensuring that the various corridors are properly planned and implemented keeping in view the broad national perspectives regarding industrial and city development, and will support project development activities, appraise, approve and sanction projects. It will coordinate all central efforts for the development of Industrial Corridor projects and will monitor their implementation.

DMICDC will function as a knowledge partner to NICDIT in respect of all the Industrial Corridors in addition to its present DMIC work, till Knowledge Partner(s) for other Industrial Corridors are in place.

An Apex Monitoring Authority under the chairpersonship of the Finance Minister will be constituted to periodically review the activities of NICDIT and progress of the projects. It will consist of Minister-in-charge of Ministry of Commerce & Industry, Minister of Railways, Minister of Road Transport & Highways, Minister of Shipping, Vice-Chairman of NITI Aayog and Chief Ministers of States concerned as Members.

The Board of Trustees of NICDIT will consist of (i) Chairperson - Secretary, DIPP, (ii) Secretary, Department of Expenditure, (iii) Secretary, Department of Economic Affairs, (iv) Secretary, Road Transport & Highways, (v) Secretary, Shipping (vi) Chairman, Railway Board, (vii) CEO, NITI Aayog, and (viii) Member Secretary, who will act as full time CEO of NICDIT. CEO, DMICDC will also function as Member Secretary/ CEO of the NICDIT.

The formation of the NICDIT will enable development and implementation of Industrial Corridor Projects across India by bringing in holistic planning and development approach and sharing the learning from development of Industrial Corridors, which will enable innovation in areas such as planning, design development and funding of such projects. This will help enhance the share of manufacturing in the country, attract investment in manufacturing and service industry sectors, which will have a catalytic effect on up-gradation and development of skills of the workforce and generation of employment opportunities.

Details and progress of schemes already running:

(i) Delhi Mumbai Industrial Corridor (DMIC) is the first such Industrial Corridor, approved by the Union Cabinet in 2011 with a grant of Rs. 17,500 crore as Project Implementation Fund, and an additional corpus of Rs. 1000 Crore for Project Development activities, to be provided over a period of five years for seven industrial cities in Phase-I of the project, Government of Japan has committed US$ 4.5 billion investment in the first phase of DMIC project.

Construction work in four industrial cities/townships namely, Dholera Special Investment Region (DSIR) near Ahmedabad in Gujarat, Shendra- Bidkin Industrial Park near Aurangabad in Maharashtra, Integrated Industrial Township Project, Greater Noida in Uttar Pradesh and Integrated Industrial Township Vila-am Udyogpuri near Ujjain in Madhya Pradesh. Other Projects under DMIC are at different stages of project planning and development.

(ii) Chennai- Bengalutu Industrial Corridor (CBIC): As per initial master planning, three Nodes, namely, Tumkur (Karnataka), Krishnapatnam (Andhra Pradesh) and Ponneri (Tamil Nadu) have been identified for development.

(iii) Bengaluru Mumbai Economic Corridor (BMEC):- State Government of Karnataka has identified Dharwad Node for Development. The Government of Maharashtra has given in principle approval for Development of a node in Sangli or Solapur Districts.

(iv) Amritsar-Kolkata Industrial Corridor (AKIC) will use Eastern Dedicated Freight Corridor (EDFC) of Railways as the backbone and the highway system that exist on this route. It is planned in such a way that there would be Integrated Manufacturing Clusters (IMCs) in each of the Seven State namely Punjab, Haryana, Uttar Pradesh, Uttarakhand, Bihar, Jharkhand and West Bengal.

The BMEC and AKIC projects are at early stages of project development.

(v) Vizag Chennai Industrial Corridor (VCIC):- In compliance of the commitment made by the Central Government in the Andhra Pradesh Reorganization Act, 2014, it was decided by the Department of Economic Affairs, Government of India that Asian Development Bank (ADB) which had been getting a feasibility study done in r/o East Coast Economic Corridor (ECEC) will also take up the study of VCIC as Phase I of ECEC. ADB team has since submitted the final report regarding Conceptual Development Plan (CDP) of VCIC. The process of Master Planning of the four nodes namely, Vishakhapalnam, Machilipatnam, Donakonda and Srikalahasti-Yerpedu of Andhra Pradesh, as identified by ADB in their CDP commenced in March 2016 and is likely to be completed by March 2017.

Background

To accelerate the growth in manufacturing and for ensuring scientifically planned urbanization, Government of India (Gol) has adopted the strategy of developing integrated Industrial Corridors in partnership with State Governments with focus on manufacturing. Five Corridors namely, Delhi Mumbai Industrial Corridor (DMIC), Chennai-Bengaluru Industrial Corridor (CBIC), Amritsar Kolkata Industrial Corridor (AKIG), Bengaluru- Mumbai Economic Corridor (BMEC) and Vizag-Chennai Industrial Corridor (VCIC) have been planned for development by Government of India.

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