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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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TCS to implement unified global process blueprint for ASML
Nov 24,2016

Tata Consultancy Services announced that the Company will implement a unified global process blueprint for ASML, aiming to simplify business processes, improve operational efficiency and elevate stakeholder experience.

TCS has been ASMLs trusted partner, providing a range of services including IT application portfolio management, cyber security operations and support for product lifestyle management platforms. TCS has been a key transformational partner to ASML, contributing to its growth vision and future ready IT landscape.

Recently, TCS set up an exclusive centre for ASML in its Hyderabad Campus.

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Development of National Waterways in North East Region and Three Multimodal Inland Water Transport (IWT) Terminals on National Waterway-1
Nov 24,2016

For the development of National Waterways in the North East Region (NER), an amount of Rs.100 crore has been provided in the Budget Estimates (BE)-2016-17. Expenditure for developmental works being taken up on the river Brahmaputra and Barak will be met out of this allocation.

Specified stretches of Rivers Brahmaputra and Barak have been declared as National Waterway-2 and 16 respectively by the National Waterways Act, 2016. River Brahmaputra has been developed substantially in terms of fairway, navigational aids and terminals with mechanized handling facilities. This waterway is operational and vessels are operating on it.

Development of river Barak for navigation is proposed in two stages. The stretch from Silchar to Bhanga (71 km) is proposed under Phase-I and the remaining stretch from Silchar to Lakhipur (50 km) is proposed to be taken up in Phase-II. Tender for award of work for development of fairway and providing navigational aids in Silchar-Bhanga stretch is in the final stage.

The Union Government has planned construction of three multimodal Inland Water Transport (IWT) terminals on National Waterway-1(Ganga) at Varanasi, Sahibganj and Haldia and one terminal on National Waterway-2 (Brahmaputra) at Pandu. The present status of these terminals is as follows:-

Varanasi (on NW-1)

The work order for construction of Phase-1(A), mainly offshore work has been awarded on 13.05.2016 and the work has already commenced. The cost of the project is Rs. 169.59 crore.

Sahibganj (on NW-1)

The work order for construction of Phase-I of the terminal has been issued on 27.10.2016 at the cost of Rs. 280.90 crore.

Haldia (on NW-1)

Inland Waterways Authority of India (IWAI) has taken 61 acres of land on 30-year lease from the Kolkata Port Trust at Haldia Dock Complex. Tender process for award of work of Phase-I of the terminal is in advanced stage.

Pandu (on NW-2)

A high and low level Reinforced Cement Concrete (RCC) Jetty has been constructed at Pandu, Guwahati. This jetty is well connected with National Highway-31 and also with Kamakhya Railway Station through Broad gauge railway line. This jetty is in the final stage.

The time frame for completion of the above mentioned projects are as follows:

S.No.

Project

Expected Time frame

1.

Multi-model terminal at Varanasi

26 months from the date of award of work, i.e. 13th May, 2016.

2.

Multi-model terminal at Sahibganj

30 months from the date of award of work, i.e. 27th October, 2016.

3.

Multi-model terminal at Haldia

30 months from the date of award of work.

4.

Mutli-model terminal at Pandu

Already operational

5.

Development of fairway and terminal facilities in river Barak

15 months from the date of award of work.

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LT Foods heads north after entering into JV with Japanese firm
Nov 24,2016

The joint venture (JV) will start manufacturing the snack range in Sonepat later in the financial year ending 31 March 2018 (FY 2018). The announcement was made during market hours today, 24 November 2016.

Meanwhile, the S&P BSE Sensex was down 191.64 points or 0.74% at 25,860.17

On BSE, so far 30,000 shares were traded in the counter as against average daily volume of 1,709 shares in the past one quarter. The stock hit a high of Rs 280 and a low of Rs 253 so far during the day. The stock had hit a record high of Rs 319.20 on 20 July 2016. The stock had hit a 52-week low of Rs 180 on 12 February 2016. The stock had outperformed the market over the past 30 days till 23 November 2016, falling 7.07% compared with the 7.26% decline in the Sensex. The scrip, however, underperformed the market in past one quarter, sliding 13.44% as against Sensexs 6.41% decline.

The small-cap company has equity capital of Rs 26.66 crore. Face value per share is Rs 10.

On consolidated basis, LT Foods net profit rose 9.36% to Rs 25.01 crore on 20.41% growth in net sales to Rs 829.24 crore in Q2 September 2016 over Q2 September 2015.

LT Foods offers branded basmati rice, value-added staples and organic food. L T Foods operations include contract farming, procurement, storage, processing, packaging and distribution. It is also engaged in research and development to add value to rice and rice food products.

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Cabinet approves setting up of Jawahar Navodaya Vidyalayas in 62 uncovered districts of the country
Nov 24,2016

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister, Shri Narendra Modi has approved opening of one Jawahar Navodaya Vidyalaya (JNV) in each of the 62 uncovered districts with an outlay of Rs.2,871 crore.

The expenditure for this purpose during the 12th Plan will be Rs.109.53 crore with a spill over amount of Rs.2,761.56 crore from 2017-18 to 2024-25. These JNVs will provide good quality modern education to the talented children prominently from rural areas. It is expected that nearly 35,000 students will be benefitted from these JNVs.

A full fledged Jawahar Navodaya Vidyalaya provide employment to 47 persons and accordingly 62 JNVs will provide direct permanent employment to 2914 individuals.

As JNVs are residential and co-educational in nature, it is compulsory for all the staff and students to reside in the Vidyalaya campus. Due to its residential nature, each JNV will generate opportunities to the local vendors for supply of essential commodities such as food, consumables, furniture, teaching material etc. It will also create large opportunity for local service providers such as barber, tailor cobbler, manpower for housekeeping and security services etc.

Background:

As on date, there are 598 sanctioned JNVs in 576 districts spread across 35 States / Union Territories. Out of these, 591 are functional. Each JNV has classes from VI to XII with a sanctioned strength of 80 students per class and total strength of 560 students. Admissions to JNVs in class VI are done through an entrance examination. At least 75% of the seats in a district are filled by candidates selected from rural areas of the district.

Further, reservation of seats in favour of children belonging to Scheduled Castes and Scheduled Tribes is provided in proportion to their population in the concerned district subject to the condition that in no district such reservation is less than the national reservation percentage (15% for SC and 7.5% for ST). One third of the total seats are reserved for girls.

List of the 62 uncovered districts in the country where new JNVs will be opened

S.No.

STATE

NAME OF DISTRICT

1.

Andaman & Nicobar

1. South Andaman

2.

Arunachal Pradesh

2. Tirap

 

3. Capital Complex (Itanagar)

3.

Karnataka

4. Kolar

 

5. Ramanagara                 

 

6. Gulbarga

4.

Delhi

7. East Delhi

 

8.West Delhi

 

9. North Delhi

 

10. South Delhi

 

11. North East Delhi

 

12. Shahdara

 

13. South East Delhi

5.

Rajasthan

14. Pratapgarh

6.

Haryana

15. Palwal

7.

West Bengal

16. Malda

 

17. Jalpaiguri

8.

Jharkhand

18. Ramgarh

 

19. Khunti

9.

Vlaharashtra

20. Bhandara

10.

Gujarat

21.Surat

 

22. Dwarka

 

23. Junagarh

 

24. Botad

 

25. Mahisagar

 

26. Chota Udaipur

 

27. Morbi

 

28. Sabar Kantha

11.

Chattisgarh

29. Narayanpur (Bastar)

 

30. Bijapur (Dantewada)

 

31. Balodabazar

 

32. Gariyaband

 

33. 

Blue Dart Express enhances stake in its subsidiary
Nov 24,2016

Blue Dart Express on 24th November 2016 has acquired balance 26% equity shares of Blue Dart Aviation making it a wholly owned subsidiary.

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Bharat Financial Inclusion slips on profit booking
Nov 24,2016

Meanwhile, the BSE Sensex was down 73.64 points, or 0.28%, to 25,978.17.

On BSE, so far 1.20 lakh shares were traded in the counter, compared with average daily volume of 2.09 lakh shares in the past one quarter. The stock hit a high of Rs 712 and a low of Rs 679.65 so far during the day. The stock hit a 52-week high of Rs 938.75 on 29 July 2016. The stock hit a 52-week low of Rs 419.75 on 26 November 2015. The stock had underperformed the market over the past 30 days till 23 November 2016, falling 21.77% compared with the 7.26% decline in the Sensex. The scrip had also underperformed the market in past one quarter, falling 6.46% as against Sensexs 6.41% decline.

The mid-cap company has equity capital of Rs 137.81 crore. Face value per share is Rs 10.

Shares of Bharat Financial Inclusion rose 5.89% in two trading sessions to settle at Rs 714.95 yesterday, 23 November 2016, from its close of Rs 675.20 on 21 November 2016.

Bharat Financial Inclusions net profit rose 87.4% to Rs 145.88 crore on 37.4% increase in operating income to Rs 411.37 crore in Q2 September 2016 over Q2 September 2015.

Bharat Financial Inclusion is among the largest microfinance companies in India.

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Manpasand Beverages surges after good Q2 result
Nov 24,2016

The result was announced during market hours today, 24 October 2016.

Meanwhile, the BSE Sensex was down 67.34 points, or 0.26%, to 25,984.47

On BSE, so far 32,000 shares were traded in the counter, compared with average daily volume of 22,459 shares in the past one quarter. The stock hit a high of Rs 659 and a low of Rs 616 so far during the day. The stock hit a record high of Rs 775.80 on 5 October 2016. The stock hit a 52-week low of Rs 389 on 10 March 2016. The stock had underperformed the market over the past 30 days till 23 November 2016, falling 14.81% compared with the 7.26% decline in the Sensex. The scrip also underperformed the market in past one quarter, sliding 14.5% as against Sensexs 6.41% decline.

The mid-cap company has an equity capital of Rs 57.19 crore. Face value per share is Rs 10.

Manpasand Beverages is a fruit drink manufacturer focusing on mango. Mango-based fruit drink, Mango Sip, is the flagship brand of the company, which is strategically aimed at customers in semi urban and rural markets. In addition, the company also sells fruit drink in apple flavor under the brand Apple Sip.

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Malabar Trading Company changes directorate
Nov 24,2016

Malabar Trading Company at the board meeting held on 24th November 2016 has accepted the resignation of Mr. Ketanbhai Dineshchandra Sorathiya and Mr. Vipul Shantilal Trivedi from their directorships and has appointed Mr. Ashish Thakkar and Mr. Kaivant Shah as additional directors of the Company with effect from 24th November 2016.

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Aditya Birla Fashion and Retail appoints KMP
Nov 24,2016

Aditya Birla Fashion and Retail has appointed Mr. Vishak Kumar, Chief Executive Officer-Madura Fashion & Lifestyle as one of the Key Managerial Personnel of the Company.

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Short Term Bills May Enable Liquidity Sterilisation as RBIs G-Sec Kitty Limited
Nov 24,2016

The amount of government securities (G-Sec) available with the Reserve Bank of India (RBI) to offer banks in exchange of the spurt in deposits is nearing a critical limit, which may force the central bank to look at alternative means to sterilise liquidity, says India Ratings and Research (Ind-Ra). In Ind-Ras assessment, sterilisation through the issuance of cash management bills (CMB) is likely to be preferred over other structural measures, namely a hike in the cash reserve ratio (CRR) or resorting to the use of the market stabilisation scheme (MSS), since the sustainability of such high deposits remains uncertain. The sterilisation will ensure stability in the money market in sync with the central banks key objective of ensuring financial market stability.

Banks have parked a record INR4.3trn with the RBI as of 22 November 2016, against which the banks receive government securities (G-Sec). However, RBIs G-sec holding currently stands at around INR7trn, which may compel the central bank to look for alternatives to sterilise the liquidity in the near-term.

A fortnight after the government notified the withdrawal of the legal tender status of high denomination currency notes, banks find themselves flooded with a gush of liquidity. As on 22 November 2016, on a net basis, banks have parked a record INR4.3trn with the RBI - earning in range of 6.21% to 6.24% as overnight interest. This is the highest liquidity absorption carried out by RBI (earlier record absorption was INR1.7trn in May 2009). In order to absorb that liquidity, the RBI tenders G-sec as collateral (under the liquidity adjustment facility window) by conducting reverse repo operations.

The average amount that banks have been parking with the RBI since 9 November 2016 is INR1.75trn compared to the last three months average pre-demonitisation of INR256bn. Ind-Ra believes, in the event that the liquidity surplus in the system increases beyond the level of G-secs held by RBI, several alternative and unconventional measures can be deployed. The issuance of CMB is likely to emerge as the preferred alternative for the RBI owing to benefits like (1) short duration of underlying security, less than 91 days (2) existing secondary market and qualification for a ready forward facility and investment in Statutory Liquidity Ratio (3) consistent with RBIs stance on liquidity and monetary policy. The issuance of CMB will limit the softening of yields, especially on the shorter end of the curve. Traditionally, CMB are issued to enable the government to tide over temporary liquidity mismatches. Ind-Ra, however, believes given the current scenario it can be an effective liquidity management tool for the RBI.

Apart from CMB issuances, the RBI could also look at other options to durably sterilise liquidity:

n++Utilisation of MSS limits to issue bonds - the ceiling for which is fixed at INR300bn for FY17.

n++Increasing reserve requirement by hike in CRR - a mode less preferred given its permanent nature and perverse impact on banks ability to ensure transmission

n++Intervene in the forex market - RBI has accumulated USD10.7bn through spot market in April-September 2016

n++Explore the option of uncollateralised window of liquidity absorption (standing deposit facility as proposed in the Report of Expert Committee to Revise and Strengthen Monetary Policy Framework)

n++Introduce reward based excess reserve maintenance as introduced by the Federal Reserve in 2009. This encourages commercial banks to park excess liquidity in the hands of central banks with nominal interest rate, creating an alternative tool for non-collateral sterilisation.

However, the agency believes each of the above measure comes with its own set of implication and limit the fluidity required for the central bank operation. The MSS bonds may pose a challenge with respect to eventual de-sequestration, while a hike in CRR may result in a negative shock to the banking system - limiting their ability to pass on easy rates. On the other hand, intervention in the foreign exchange market will necessitate RBI to utilise their forex reserves. Given the global risk aversion and elevated probability of a Fed rate hike, the ensuing currency volatility may compel RBI to preserve forex reserves and utilise it judiciously. Lastly, in order to operationalise the standing deposit facility (uncollateralised liquidity absorption facility, as proposed by Urjit Patel committee 2014), an amendment in the RBI Act is required- thus prohibiting its immediate utilisation.

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A2Z Infra Engineering corrects on profit booking
Nov 24,2016

Meanwhile, the BSE Sensex was down 39.40 points, or 0.15%, to 26,012.41.

On BSE, so far 2.17 lakh shares were traded in the counter, compared with average daily volume of 2.62 lakh shares in the past one quarter. The stock hit a high of Rs 40.05 and a low of Rs 37.55 so far during the day. The stock hit a 52-week high of Rs 51.65 on 1 November 2016. The stock hit a 52-week low of Rs 16.50 on 12 February 2016. The stock had outperformed the market over the past 30 days till 23 November 2016, falling 2.64% compared with the 7.26% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 4.25% as against Sensexs 6.41% decline.

The small-cap company has equity capital of Rs 129.62 crore. Face value per share is Rs 10.

Shares of A2Z Infra Engineering rose 20.54% in two trading sessions to settle at Rs 40.50 yesterday, 23 November 2016, from its close of Rs 33.60 on 21 November 2016.

Shares of A2Z Infra Engineering rose 6.86% to Rs 40.50 yesterday, 23 November 2016, after the company said its subsidiary A2Z Green Waste Management has agreed with one of its lenders for a settlement of its various debt obligation aggregating to Rs 416.18 crore. The announcement was made after market hours on Tuesday, 22 November 2016.

The stock surged 12.80% to Rs 37.90 on Tuesday, 22 November 2016, after the company said that a contract has been awarded to the company by Chhattisgarh State Power Transmission Company for construction of 132 kilovolt S/S Bijapur and associated EHV Line on turnkey basis. The aggregate value of the contract is Rs 41.33 crore. The announcement was made during market hours on Tuesday, 22 November 2016.

A2Z Infra Engineering reported a net loss of Rs 18.75 crore in Q1 June 2016, lower than net loss of Rs 34.21 crore in Q1 June 2015. Net sales surged 148.5% to Rs 202.70 crore in Q1 June 2016 over Q1 June 2015.

A2Z Infra Engineering (formerly known as A2Z Maintenance & Engineering Services) is a fast growing, fully integrated electrical business group (EBG) in India catering to the needs of domestic and international power sector clients in building distribution and transmission infrastructure.

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Indiabulls Real Estate to buyback shares
Nov 24,2016

The Board of Indiabulls Real Estate on 24th November 2016 has approved the proposal of buy-back of upto Rs 6 Crore fully paid up equity shares of Rs 2 each of the Company, being 11.8% approx. of existing paid-up share capital of the company.

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Cabinet approves introduction of revamped Merchant Shipping Bill 2016 in Parliament
Nov 24,2016

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the Merchant Shipping Bill, 2016 for introducing it in the Parliament.

The Merchant Shipping Bill, 2016 is a revamped version of the Merchant Shipping Act, 1958. The Bill provides for repealing of Merchant Shipping Act, 1958 as well as for the repealing of the Coasting Vessels Act, 1838.

The Merchant Shipping Act, 1958 had become a bulky piece of legislation over the years as a result of various amendments carried out in the Act from time to time. It was amended 17 times between 1966 and 2014 resulting in an increase in the number of sections to more than 560 sections. These provisions have been meticulously shortened to 280 sections in the Bill.

The provisions of the Bill will simplify the law governing the merchant shipping in India. Further, certain redundant provisions will be dispensed with and remaining provisions will stand consolidated and simplified so as to promote case of doing business, transparency and effective delivery of services.

The significant reforms that will usher in, upon enactment of the Bill, are:

A. Augmentation of Indian tonnage promotion/development of coastal shipping in India by:-

a) allowing substantially-owned vessels and vessels on Bare Boat-cum-Demise (BBCD); charter by Indians to be registered as Indian flag vessels;

b) recognising Indian controlled tonnage as a separate category;

c) dispensing with the requirement for issuing of licences to Indian flag vessels for coastal operation and for port clearance by the Customs authorities; and

d) making separate rules for coastal vessels to develop & promote coastal shipping.

B. Introduction of welfare measures for seafarers, such as:-

a) seafarers held in hostage captivity of pirates will receive wages till they are released and reach home back safely;

b) owners of vessels to compulsorily take insurance of crew engaged on vessels including fishing, sailing without mechanical means of propulsion and whose net tonnage is less than 15; and

c) the requirement of signing of articles of agreement by the crew before the Shipping Master will no longer be necessary.

C. Registration of certain residuary category of vessels not covered under any statute and lo make provisions for security-related aspects.

D. Incorporation of all International Maritime Organisation (IMO) Conventions/Protocols in the Indian laws up-to-date (an essential pre-requisite for compliance with the IMO Member-State Audit Scheme that is mandatory since 1/1/2016) by inserting provisions relating to seven different conventions, namely,

a) the Intervention Convention 1969,

b) the Search and Rescue Convention 1979

c) the Protocol for Prevention of Pollution from Ships Annex VI to Marine Pollution Convention,

d) the Convention for Control and Management of Ships Ballast Water and Sediments, 2004,

e) the Nairobi Wreck Removal Convention, 2007,

f) the Salvage Convention 1989 and

g) the International Convention for Bunker Oil Pollution Damage, 2001.

Besides, the provisions for survey, inspection and certification of vessels which were scattered in various Parts of the existing Act are placed together to provide for a simplified regime for convenience of Indian shipping industry. The Coasting Vessels Act, 1838, which is an archaic legislation of the British era providing for registration of non-mechanically propelled vessels to a limited jurisdiction of Saurashtra and Kutch, is proposed to be repealed since in the Merchant Shipping Bill 2016 provisions have been introduced for registration of all vessels for the whole of India.

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Manpasand Beverages allots equity shares
Nov 24,2016

Manpasand Beverages has issued and allotted 30,000 Equity Shares of Rs. 10/- each, upon exercise of 30,000 options by optionees under the Companys Employee Stock Options Plan (ESOP-2014).

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Cupid Trades & Finance shifts registered office
Nov 24,2016

The board of Trades & Finance has approved the shifting of the Companys registered oiffice from 407, B Panchratna, Opera House, Mama Parmanand Road, Mumbai, Maharashtra - 400004 to 122, 2nd Floor, Flox Chambers, 10/21 Tata Road, No 1, Opera House, Mumbai 400004.

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