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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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Skipper drops after twin bulk deals
Jan 09,2017

A bulk deal of shares 16.37 lakh shares was executed on the scrip at Rs 143.30 per share at 14:16 IST on BSE. Another bulk deal of 7.14 lakh shares was executed on the scrip at Rs 142.20 per share at 14:17 IST on BSE.

Meanwhile, the BSE Sensex was down 32.68 points, or 0.12%, to 26,726.55

Bulk deals boosted volume on the scrip. On BSE, 27.65 lakh shares were traded in the counter, compared with average daily volume of 17,241 shares in the past one quarter. The stock hit a high of Rs 146 and a low of Rs 136.70 so far during the day. The stock hit a 52-week high of Rs 205.90 on 7 January 2016. The stock hit a 52-week low of Rs 122 on 29 February 2016.

The small-cap company has an equity capital of Rs 10.23 crore. Face value per share is Re 1.

Net profit of Skipper dropped 25.26% to Rs 22.64 crore on 16.73% rise in net sales to Rs 401.13 crore in Q2 September 2016 over Q2 September 2015.

Skipper manufactures galvanized, polyvinyl chloride, solid, waste, and rain pipes, fittings, transmission and telecom towers, poles, scaffoldings, and hot rolled products.

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ICICI Prudential Life Insurance Company slips on profit booking
Jan 09,2017

Meanwhile, the S&P BSE Sensex was down 48.06 points or 0.18% at 26,711.17

On the BSE, 1.60 lakh shares were traded on the counter so far as against the average daily volumes of 2.01 lakh shares in the past one quarter. The stock had hit a high of Rs 333 and a low of Rs 326 so far during the day.

The stock had hit a record high of Rs 338 yesterday, 6 January 2017. The stock hit a record low of Rs 273.65 on 9 November 2016.

The large-cap company has equity capital of Rs 1435.32 crore. Face value per share is Rs 10.

Shares of ICICI Prudential Life Insurance Company had debuted at Rs 329 on BSE, a discount of 1.50% to the initial public offer price of Rs 334 per share on 29 September 2016.

ICICI Prudential Life Insurance Companys net profit rose 23.93% to Rs 315.79 crore on 5.07% growth in total income to Rs 9144.09 crore in Q2 September 2016 over Q2 September 2015.

ICICI Prudential Life Insurance Company is the largest private sector life insurer in India by total premium and assets under management at 31 March 2016. ICICI Prudential is a joint venture between ICICI Bank and Prudential Corporation Holdings, a part of the Prudential Group, an international financial services group. The company is one of the first private sector life insurance companies in India. It commenced operations in October 2000 and offers a range of life insurance, health insurance and pension products and services.

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Over 10 million downloads of BHIM App in 10 days
Jan 09,2017

In a span of 10 days there have been over 10 million downloads of the BHIM App.

BHIM App has made transactions faster & easier, thus making it popular among the youth. The App is also beneficial for traders.

The BHIM App is a fine example of Make in India & how technology is being effectively used to end the menace of corruption & black money, the Prime Minister said.

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Kitex Garments firms up after board approves additional investment in Kitex USA LLC
Jan 09,2017

The announcement was made during trading hours today, 9 January 2017.

Meanwhile, the BSE Sensex was up 3.81 points, or 0.01%, to 26,763.04.

On the BSE, so far 26,000 shares were traded in the counter, compared with average daily volumes of 14,686 shares in the past one quarter. The stock had hit a high of Rs 439.90 and a low of Rs 414 so far during the day.

The stock hit a 52-week high of Rs 687 on 8 January 2016. The stock hit a 52-week low of Rs 340 on 29 February 2016.

The small-cap company has equity capital of Rs 4.75 crore. Face value per share is Re 1.

Kitex Garments said its board approved further investment upto $1 million in the capital of Kitex USA LLC during the fourth quarter of 2016-2017. The board also approved availing an additional term loan of Rs 17 crore under A-TUFS with a tenure of 5 years.

Kitex Garments net profit fell 52.41% to Rs 12.92 crore on 20.5% decline in net sales to Rs 95.55 crore in Q2 September 2016 over Q2 September 2015.

Kitex Garments is a producer of childrens apparel.

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Tata Motors gains as JLR sales rise in December
Jan 09,2017

The announcement was made during market hours today, 9 January 2017.

Meanwhile, the S&P BSE Sensex was up 13.12 points or 0.05% at 26,772.35

On the BSE, 3.04 lakh shares were traded on the counter so far as against the average daily volumes of 5.40 lakh shares in the past one quarter. The stock had hit a high of Rs 504.45 and a low of Rs 492.55 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 large-cap company has equity capital of Rs 577.44 crore. Face value per share is Rs 2.

Tata Motors said that the sales growth was primarily driven by the ongoing success of the Jaguar F-PACE, Land Rover Discovery Sport and the Range Rover Sport as well as strong demand for the long wheel base Jaguar XFL in China. Jaguars retail sales jumped 95% to 16,349 units in December 2016 over December 2015. Land Rover retail sales fell 5% to 39,026 units in December 2016 over December 2015.

On 4 January 2017, Jaguar Land Rover (JLR) announced its US retail sales for the month of December 2016. JLRs US sales rose 30% to 12,573 units in December 2016 over December 2015. Jaguar sales jumped 259% to 4,294 units in December 2016 over December 2015. Land Rover sales declined 2% to 8,279 units in December 2016 over December 2015.

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 luxury unit Jaguar Land Rover (JLR) sells premium luxury cars.

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Asia is growing at a steady pace, but more needs to be done to achieve development that is both sustainable and inclusive-ADB President
Jan 09,2017

Asian Development Bank (ADB) operations for Asia and the Pacific reached an all-time high of $31.5 billion in 2016, a 17% increase from $26.9 billion in 2015, according to preliminary figures released. Approvals of ADB loans, grants, technical assistance, and cofinancing have been growing steadily over the years as development needs in the region continue to rise.

n++The increase in our development financing to Asia and the Pacific is reflective of our strong commitment to reducing poverty and improving peoples lives in the region,n++ said ADB President Takehiko Nakao. n++As ADB celebrates 50 years of development partnership with its member countries, we will strive to remain the regions premiere development bank by providing financing, knowledge, and partnership.n++

n++Asia is growing at a steady pace, but more needs to be done to achieve development that is both sustainable and inclusive,n++ Mr. Nakao added. n++ADB will continue to improve by becoming a stronger, better, and faster bank to help the region achieve its development objectives.n++ The region faces many challenges such as implementing the Sustainable Development Goals, climate change, increasing inequality, rapid urbanization, aging, and disaster risk management.

Approvals of loans and grants for sovereign (government) and non-sovereign (primarily the private sector) operations by ADB itself reached a record $17.5 billion n++ a 9% increase from $16.0 billion in 2015. Non-concessional loans from ADBs Ordinary Capital Resources (OCR) amounted to $14.4 billion. Concessional loans and grants from the Asian Development Fund (ADF) reached $3.1 billion, with $2.6 billion going to loans and $518 million to grants. Technical assistance, meanwhile, increased by around 20% to $170 million from 2015s $141 million figure.

Among ADBs operational highlights last year were the approval of several groundbreaking projects such as the contingent disaster risk financing in the Cook Islands, the first privately-financed solar project in Cambodia, results-based lending for an elderly care project in the Peoples Republic of China, the development of Indias first coastal industrial corridor, and the $500 million counter-cyclical support to Azerbaijan. ADBs Office of Public-Private Partnership entered into three new transaction advisory mandates to prepare and structure PPP projects in 2016.

The strong showing of ADBs operations was based on the larger financing capacity generated by the anticipated merger of the banks two main financial instruments n++ ADF and OCR n++ which formally took effect on 1 January 2017. With this innovative reform, ADBs annual approvals of loans and grants will increase up to $20 billion by 2020.

For the period 2017-2020, a successful ADF replenishment, concluded in May 2016, will allow ADB to substantially increase support to the regions poorest countries. The replenished ADF will also enable ADB to provide grant resources for disaster risk management and regional health initiatives.

Total disbursements of ADB loans and grants reached $12.5 billion in 2016 n++ the highest ever. This strong performance is tied to the reforms ADB has implemented to fast track procurement and implementation processes.

Cofinancing also expanded, reaching $13.9 billion in 2016 from $10.7 billion in 2015, a growth of 29%. This is on the back of ADBs greater partnerships and collaboration with various development stakeholders in the Asia and Pacific region.

Some of the strong partnerships ADB undertook in 2016 include cofinancing with the Asian Infrastructure Investment Bank for a road project in Pakistan and natural gas project in Bangladesh. Agreements were also signed with other development partners including an innovative guarantee agreement with the Swedish International Development Cooperation Agency (Sida) to increase ADB financing by $500 million over the next 10 years, and a landmark agreement with the Japan International Cooperation Agency to finance private sector infrastructure projects for $6 billion.

ADBs knowledge work was strengthened in 2016 through newly established sector and thematic groups. Important forums on sustainable transport, food security, clean energy, and green business were held. In addition, ADBs legal office hosted a symposium for Asian supreme court judges on law and climate change, and its anticorruption office started supporting tax integrity and transparency of developing member countries in line with international efforts.

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Tata Steel moves higher after announcing strong Q3 sales
Jan 09,2017

The announcement was made during market hours today, 9 January 2017.

Meanwhile, the S&P BSE Sensex was up 9.54 points, or 0.04%, to 26,768.77

On the BSE, 14.07 lakh shares were traded on the counter so far as against the average daily volumes of 7.69 lakh shares in the past one quarter. The stock had hit a high of Rs 423.90 and a low of Rs 419.40 so far during the day. The stock hit a 52-week high of Rs 440.90 on 11 November 2016. The stock hit a 52-week low of Rs 211.30 on 12 February 2016.

The large-cap company has equity capital of Rs 971.22 crore. Face value per share is Rs 10.

Tata Steel said that the growth in sales was enabled by higher sales in the automotive segment, branded products and value-added products & scaling up of sales in new segments.

Separetely, the company announced that it has inaugurated the second phase of cold rolling mill (CRM) complex BARA at Jamshedpur on 5 January 2017. During phase I, the reversing mill of 0.25 million tonnes per annum (MTPA) capacity was installed at CRM BARA to meet the full hard cold rolled (FHCR) requirement of Tata Blue Scope (TBSL). The phase II expansion of CRM BARA includes installation of 0.3 MTPA hot rolled skin passing mill (HSPM) to meet the increased demand of hot-rolled, pickled, skin passed and oiled products (HRSPO) in the automotive sector for high-end customers. The announcement was made on Saturday, 7 January 2017.

On a consolidated basis, Tata Steel reported net loss of Rs 49.38 crore in Q2 September 2016, compared with net profit of Rs 5609.43 crore in Q2 September 2015. Net sales rose 0.1% to Rs 26291.86 crore in Q2 September 2016 over Q2 September 2015.

Tata Steel Group stands among the top global steel companies with an annual crude steel capacity of 28 million tonnes per annum (MnTPA) and a turnover of $17.69 billion in the year ended 31 March 2016. It is the worlds second-most geographically-diversified steel producer, with operations in 26 countries and commercial presence in over 50 countries.

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Volumes jump at Pokarna counter
Jan 09,2017

Pokarna clocked volume of 65,000 shares by 13:52 IST on BSE, a 121.99-times surge over two-week average daily volume of 1,000 shares. The stock rose 17.40% to Rs 1,080 after the company said its subsidiary entered into partnership agreement with IKEA India. The announcement was made after market hours on Friday, 06 January 2017.

Graphite India notched up volume of 7.38 lakh shares, a 49.70-fold surge over two-week average daily volume of 15,000 shares. The stock rose 16.26% to Rs 91.50.

Balmer Lawrie Investments saw volume of 3.01 lakh shares, a 40.96-fold surge over two-week average daily volume of 7,000 shares. The stock rose 7.45% to Rs 400.05.

Indian Hotels Company clocked volume of 10.37 lakh shares, a 20.03-fold surge over two-week average daily volume of 52,000 shares. The stock rose 1.77% to Rs 97.60.

BEML saw volume of 6.87 lakh shares, a 19.72-fold rise over two-week average daily volume of 35,000 shares. The stock rose 13.86% to Rs 1,131 after the government approved a 26% stake sale in the state-run company to the strategic buyers. The announcement was made after market hours on Friday, 6 January 2017.

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Granules India tumbles after getting 11 observations from Portuguese drug regulator
Jan 09,2017

The announcement was made after market hours on Friday, 6 January 2017.

Meanwhile, the S&P BSE Sensex was up 3 points or 0.01% at 26,762.23

On the BSE, 10.81 lakh shares were traded on the counter so far as against the average daily volumes of 1.51 lakh shares in the past one quarter. The stock had hit a high of Rs 107.10 and a low of Rs 97.80 so far during the day. The stock had hit a 52-week high of Rs 151.15 on 14 August 2016. The stock had hit a 52-week low of Rs 91.45 on 9 November 2016.

The small-cap company has equity capital of Rs 22.12 crore. Face value per share is Re 1.

Granules India announced that Infarmed, Portugal, had conducted a renewal inspection on the companys facility located at Gagillapur, Telangana. In this respect, the company has received the inspection report from Infarmed with eleven observations. The Gagillapur facility manufactures Pharmaceuticals Formulation Intermediates (PFIs) and Finished Dosages (FDs).

The company has initiated necessary steps to address the observations of the inspection agency and will submit its response with a corrective and preventive action plan within the stipulated time, Granules India said. The company will also be requesting the Infarmed for re-inspection of the Gagillapur facility at the earliest. The company is committed to comply with all the required regulatory requirements and follow the best practices of the industry. The company acknowledges the observations as areas of continuous improvements, it added.

Granules Indias consolidated net profit rose 26.5% to Rs 40.82 crore on 3.08% growth in net sales to Rs 363.57 crore in Q2 September 2016 over Q2 September 2015.

Granules India produces finished dosages, pharmaceutical formulation intermediates and active pharmaceutical ingredients for customers in the regulated and semi-regulated markets.

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VRL Logistics fixes record date for interim dividend
Jan 09,2017

VRL Logistics has fixed 03 February 2017 as the Record Date for the purpose of Payment of Interim Dividend.

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BEML leads gainers in A group
Jan 09,2017

BEML jumped 13.75% to Rs 1,129.95 at 13:26 IST. The stock topped the gainers in the BSEs A group. On the BSE, 6.75 lakh shares were traded on the counter so far as against the average daily volumes of 35,000 shares in the past two weeks.

MMTC surged 13.25% to Rs 70.50. The stock was the second biggest gainer in A group. On the BSE, 35.95 lakh shares were traded on the counter so far as against the average daily volumes of 15.40 lakh shares in the past two weeks.

Prestige Estates Projects gained 6.03% at Rs 182.85. The stock was the third biggest gainer in A group. On the BSE, 9,052 shares were traded on the counter so far as against the average daily volumes of 4,364 shares in the past two weeks.

Biocon surged 4.82% at Rs 1,004.15. The stock was the fourth biggest gainer in A group. On the BSE, 1.61 lakh shares were traded on the counter so far as against the average daily volumes of 41,000 shares in the past two weeks.

Hindustan Copper rose 4.76% to Rs 64.95. The stock was the fifth biggest gainer in A group. On the BSE, 7.39 lakh shares were traded on the counter so far as against the average daily volumes of 4.20 lakh shares in the past two weeks.

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Tax collection figures for the period April -December 2016 show a positive trend as Direct Taxes grow by 12.01% and Indirect Taxes grow by 25%
Jan 09,2017

Direct Tax and Indirect tax collection figures for the period April 2016 to December 2016 have shown a positive trend as Direct Taxes grow by 12.01% and Indirect Taxes grow by 25% over the corresponding period last year i.e. April-December 2015.

The details in this regard are as follows:

Direct Taxes

The figures for Direct Tax collections up to December, 2016 show that net collections are at Rs. 5.53 lakh crore which is 12.01% more than the net collections for the corresponding period last year. This collection is 65.3% of the total Budget Estimates of Direct Taxes for F.Y. 2016-17.

As regards the growth rates for Corporate Income Tax (CIT) and Personal Income Tax (PIT), in terms of gross revenue collections, the growth rate under CIT is 10.7% while that under PIT (including STT) is 21.7%. However, after adjusting for refunds, the net growth in CIT collections is 4.4% while that in PIT collections is 24.6%. Refunds amounting to Rs.1,26,371 crore have been issued during April-December, 2016, which is 30.5% higher than the refunds issued during the corresponding period last year.

After accounting for the third instalment of advance tax received in December, 2016, the collections under advance tax stand at Rs.2.82 lakh crore, which is 14.4% higher than the figures for the corresponding period of last year. CIT advance tax is growing at 10.6% while PIT advance tax has registered a growth of 38.2%.

Indirect Taxes

The figures for indirect tax collections (Central Excise, Service Tax and Customs) up to December 2016 show that net revenue collections are at Rs 6.30 lakh crore, which is 25% more than the net collections for the corresponding period last year. Till December 2016, about 81% of the Budget Estimates of indirect taxes for Financial Year 2016-17 has been achieved.

As regards Central Excise, net tax collections stood at Rs. 2.79 lakh crore during April-December, 2016 as compared to Rs.1.95 lakh crore during the corresponding period in the previous Financial Year, thereby registering a growth of 43%.

Net Tax collections on account of Service Tax during April-December, 2016 stood at Rs. 1.83 lakh crore as compared to Rs.1.48 lakh crore during the corresponding period in the previous Financial Year, thereby registering a growth of 23.9%.

Net Tax collections on account of Customs during April-December 2016 stood at Rs. 1.67 lakh crore as compared to Rs. 1.60 lakh crore during the same period in the previous Financial Year, thereby registering a growth of 4.1%.

During December 2016, the net indirect tax (with ARM) grew at the rate of 14.2% compared to corresponding month last year. The growth rate in net collection for Customs, Central Excise and Service Tax was -6.3%, 31.6% and 12.4% respectively during the month of December, 2016, compared to the corresponding month last year. The de-growth in customs collections appear to be on account of a decline of gold imports by about 46% (in volume terms) in December 2016 over December 2015.

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Moodys and ICRA: Indian banks weak asset quality continues to pressure profitability and capitalization profile
Jan 09,2017

Moodys Investors Service and its Indian affiliate, ICRA, see subdued prospects for Indias banks, with both identifying asset deterioration as a key challenge over the medium term.

Asset quality will remain a negative driver of the credit profiles of most rated Indian banks and the stock of impaired loans. Non-performing loans (NPLs) and standard restructured loans will still rise during the horizon of our outlook, says Alka Anbarasu, a Moodys Vice President and Senior Analyst.

According to Moodys, such pressure on asset quality largely reflects the systems legacy problems, as relating to the strong credit growth seen in 2009-2012, when the investment plans of Indian corporates rose significantly.

Nevertheless, aside from these legacy issues, the underlying asset trend for Indian banks will be stable because of a generally supportive operating environment. While corporate balance sheets stay weak, a further deterioration in key credit metrics such as debt/equity and interest coverage ratios has been arrested.

We expect the pace of deterioration in asset quality over the next 12-18 months should be lower than what was seen over the last five years, and especially compared to FY2016, even as we consider those remaining problem loans which have not been recognized as such in several large accounts, says Anbarasu.

In this context, Moodys also considers the Reserve Bank of Indias (RBI) asset quality review (AQR) in 2015 as a particularly important catalyst in pushing banks to recognize some large accounts as being impaired. As a result, Moodys now estimates that the true level of impaired loans for Indian banks to be around 1-1.5 percentage points higher than the latest reported numbers.

Given the magnitude of stressed assets in the system, Moodys expects the banks to increase their focus on resolving some of the large problem accounts.

In this regard, we expect an increased pace of debt restructuring under the various schemes offered by the RBI, including the scheme for the sustainable structuring of stressed assets (S4A), strategic debt restructuring (SDR) and the 5:25 scheme, says Anbarasu. Nevertheless, weak reserving levels and continued pressure on profitability will limit the ability of the banks to proactively resolve problem assets under these schemes.

From ICRAs viewpoint, a muted level of credit off-take -- on the back of weak demand, increasing competition and greater disintermediation -- will continue to exert downward pressure on lending rates.

Such a development will be partly offset by the fall in the cost of funds, but stubbornly high operating expense levels and elevated credit costs will continue to dent profitability matrices for the banks, says Karthik Srinivasan, an ICRA Senior Vice President.

And while bank profitability is not expected to be as weak as the levels seen in FY2016, the weakness in asset quality will continue to drag on profitability indicators, with return on equity remaining in the single digits for FY2017 and FY2018, says Srinivasan.

ICRA further notes that, as of September 30, 2016, while all the public sector banks had met the minimum common equity tier 1 (CET 1) requirement of 6.75% applicable by March 2017, six also reported Tier 1 capital of less than 8.25%, the regulatory minimum. Furthermore, the overall capitalization levels of most of the public sector banks remains moderate to weak, given that they need to attain the regulatory minimum Tier 1 requirement of 9.5% by March 2019.

The Indian governments current plan of infusing INR450 billion during FY2017-FY2019 -- of which INR164.14 billion have been already infused in the current year -- is below ICRAs estimates of capital requirements of INR1,500-1,800 billion until FY2017-FY2019.

According to ICRA, of this total of INR1,500-1,800 billion, the banks can raise around INR800-950 billion by issuing AT1 instruments, with public sector banks having issued AT1 aggregating to around INR200 billion in the current year.

ICRA believes that the continued level of investor appetite will remain the key factor determining future AT1 issuances, as the risk of servicing the coupon payments on these bonds has increased considerably, especially for the weaker public sector banks. This is because substantial losses in this sector in the last few quarters have significantly depleted revenue reserves.

In this context, the government may need to materially increase the quantum of capital infusions into the public sector banks, in view of the fact that investor appetite for common equity remains subdued, as evidenced by weak share price multiples.

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Pokarna jumps after partnering IKEA India
Jan 09,2017

The announcement was made after market hours on Friday, 06 January 2017.

Meanwhile, the S&P BSE Sensex was down 11.98 points or 0.04% at 26,771.21.

On the BSE, 56,000 shares were traded on the counter so far as against the average daily volumes of 2,734 shares in the past one quarter. The stock had hit a high of Rs 1103.85 and a low of Rs 970 so far during the day.

The stock had hit a 52-week high of Rs 1,064 on 20 May 2016 and a 52-week low of Rs 660 on 17 February 2016.

The small-cap company has equity capital of Rs 6.20 crore. Face value per share is Rs 10.

Pokarnas announced that its wholly-owned subsidiary, Pokarna Engineered Stone (PESL), partnered IKEA India, to serve as its exclusive quartz surfaces supply and installation partner. Under the agreement, Pokarna will supply engineered quartz surfaces countertop and will also undertake measuring, planning, installation and home delivery of its products to IKEAs customer.

IKEA is the worlds largest home furnishing company with about 389 stores in 46 countries and a sales volume of 34.20 billion Euros.

Pokarnas consolidated net profit rose 44.60% to Rs 18.87 crore on 2.14% fall in net sales to Rs 96.49 crore in Q2 September 2016 over Q2 September 2015.

Pokarna, headquartered in Secunderabad, processes granite at its two manufacturing facilities with raw material majorly sourced from its own quarries. The companys Quartz operations are handled by its wholly-owned subsidiary Pokarna Engineered Stone.

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Vijaya Bank rises after announcing reduction in MCLRs
Jan 09,2017

The announcement was made on Saturday, 7 January 2017.

Meanwhile, the BSE Sensex was down 22.55 points, or 0.08%, to 26,736.68

On the BSE, 17,000 shares were traded on the counter so far as against the average daily volumes of 1.44 lakh shares in the past one quarter. The stock had hit a high of Rs 49.70 and a low of Rs 49.05 so far during the day. The stock hit a 52-week high of Rs 54.45 on 11 November 2016. The stock hit a 52-week low of Rs 28.70 on 18 January 2016.

The mid-cap state-run bank has an equity capital of Rs 998.85 crore. Face value per share is Rs 10.

Vijaya Bank said that it has reduced marginal cost of funds based lending rate (MCLR) for overnight loans to 9.2% from 8.45%. The rate for one month is reduced to 9.2% from 8.5% and for three months it is reduced to 9.25% from 8.55%.

The MCLR on 6-month loans will be 9.25% from earlier 8.6% and for one-year loans the rate will be 9.45% from 8.65%, the bank said. MCLR on two-year loans was reduced to 9.5% from 8.65% and for three-year loans the rate will be 9.55% from 8.75% earlier.

Net profit of Vijaya Bank rose 34.05% to Rs 154.55 crore on 9.79% rise in total income to Rs 3516.57 crore in Q2 September 2016 over Q2 September 2015.

As per the shareholding pattern, the Government of India held 70.33% stake in the bank as at 30 September 2016.

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