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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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Cubex Tubings secures order worth Rs 23.50 crore
Sep 28,2016

Cubex Tubings announced that the Company is in receipt of a contract from ORPIC for supply of Cu Nl Tubes for approximate value of Rs 23.50 crore (USD 3.622 million) to be supplied within 36 months.

The Company received the said contract and has initiated necessary steps to execute the same.

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Gokak Textiles allots preference shares
Sep 28,2016

Gokak Textiles announced that the Company on 27 September 2016 has issued and allotted 300,00,000 Non-cumulative Non-convertible, Redeemable Preference Shares of face value Rs. 10 each on private placement basis to the Promoter, Shapoorji Pallonji and Company.

The said Preference Shares are not proposed to be listed on stock exchanges.

In view of the above the issue and allotment, the issued, subscribed and paid up capital of the Company has increased from Rs. 46,49,93,080 to Rs. 76,49,93,080 comprising of 64,99,308 equity shares of Rs. 10 each and 7,00,00,000 non cumulative non convertible redeemable preference shares of Rs. 10 each.

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Union Home Minister chairs High Level Committee meeting for Central Assistance to Maharashtra
Sep 28,2016

The Union Home Minister Shri Rajnath Singh chaired a meeting of the High Level Committee (HLC) here today for Central Assistance to drought affected Maharashtra.

The Minister for Agriculture & Farmers Welfare Shri Radha Mohan Singh, Minister of State for Home Affairs Shri Kiren Rijiju, Union Home Secretary Shri Rajiv Mehrishi and senior officers of the Ministries of Home, Finance and Agriculture attended the meeting.

The Committee examined the proposal based on the report of the Central Team which visited Maharashtra. The HLC approved the assistance of Rs 1,269 crore, of which Rs.589.47 crore is supplementary assistance for damage to kharif crop and Rs.679.54 crore for damage to rabi crop.

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Rupee moves ahead
Sep 28,2016

Rupee closed higher the third session of the week at 66.4575/4675 per dollar on Wednesday (28 September 2016), versus its previous close of 66.48/49 per dollar.

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IWAI Signs MoUs with Dredging Corporation of India, Paradip Port Trust and Mormugao Port Trust
Sep 28,2016

Development of Inland Water Transport is a priority of the Ministry of Shipping. After the declaration of 106 new National Waterways, in addition to the existing 5 National Waterways, under the National Waterways Act, 2016, the responsibilities of Inland Waterways Authority of India (IWAI) have increased manifold. To ensure the development of the National Waterways in a time-bound and effective manner, the IWAI in the presence of Shri Nitin Gadkari , Hon`ble Minister of Shipping and Road Transport & Highways has signed three separate Memorandum of Understanding (MoU) with Dredging Corporation of India (DCI), Paradip Port Trust (PPT) and Mormugao Port Trust (MPT) on Wednesday, 28th September 2016.

These MoUs are meant to make use of the synergies, strengths and expertise of the Ports and Dredging sectors to enable IWAI to accelerate the development of Inland Water Transport (IWT) sector as an alternative, viable and environment friendly mode of transport.

While the MoU with DCI will enable IWAI to maintain navigable depth in National Waterways, the MoUs with PPT and MPT will help IWAI to develop National Waterway-5 in Odisha and various National Waterways in Goa ,respectively.

MoU between IWAI and DCI

To ensure development of the fairways, the dredging responsibilities of the IWAI are expected to increase rapidly in the next few years. Under the MoU, DCI will supplement the asset base of IWAI by purchasing/leasing shallow depth dredgers and operating them in National Waterways. DCI will also prepare cost estimates and determine the duration of the dredging projects .

MoU between IWAI and Mormugao Port Trust

The MoU between MPT and IWAI will assist IWAI in the development of National Waterways like Mandovi river (NW-68), Zuari river (NW-111), Chapora river (NW-25), Cumbharjua canal (NW-27), Mapusa river (NW-71), and Sal river (NW-88) in Goa.

IWAI and MPT will jointly work to achieve fairway development of the 182-Km stretch in Goa which includes dredging, river training works, bank protection, navigation aids, Vessel Traffic Management System (VTMS) etc. MPT will also provide project management supervision services related to the infrastructure works in the NWs.

MoU between IWAI and Paradip Port Trust (PPT)

The MoU between IWAI and PPT will result in a collaboration between IWAI and PPT to develop a viable navigation system on NW-5 in Odisha for Phase-1 (Pankapal-Paradip/Dhamra-212 Km on the Brahmaniand Mahanadi river system) to facilitate the movement of cargo vessels of economical size and viable capacity.

The development activities in Phase-I of NW-5 will include fairway development of 212 Km stretch which includes dredging, river training works, bank protection works; terminal construction with cargo handling facilities, off shore structures and related activities; and navigational aids including DGPS, RIS (River Information System)/VTMS.

PPT will cooperate and assist IWAI in project management, supervision, services including planning, designing, consultancy in respect of the works related to fairway development, terminals construction and other related infrastructure works on NW-5.

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Future Lifestyle Fashions incorporates step down subsidiary - Future Speciality Retail
Sep 28,2016

Future Lifestyle Fashions has incorporated a step down wholly owned subsidiary in the name of Future Speciality Retail, through its wholly owned subsidiary Future Trendz.

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Cabinet approves Closure of Hindustan Cables, Kolkata
Sep 28,2016

The Union Cabinet under the Chairmanship of Prime Minister Shri Narendra Modi has given its approval for closure of Hindustan Cables (HCL), Kolkata as per the provisions of the Companies Act, 1956/2013, Industrial Disputes Act, 1947 and other relevant Acts. The employees will be offered attractive VRS/ VSS Package at notional 2007 pay scales and other employees related liabilities including payment of salary and wages from April 2015 till they are separated from the Company on VRS/VSS will be settled as well. The disposal of assets of company will be in terms of the guidelines of Department of Public Enterprises on time bound closure of sick/loss making Central Public Sector Enterprises (CPSEs) and disposal of movable and immovable assets.

Total cash infusion for closure of company will be Rs. 1309.90 crore and non-cash infusion of Rs. 3467.15 crore in the form of conversion into equity of Government of Indias loan (including interest) outstanding as on 30.09.2016.

Secured creditors of HCL, Kolkata, led by SBI as consortium lenders to the company, have been generous in their support. The One Time Settlement (OTS) terms include complete waiver of interest and settle on principal amount of Rs. 305.63 crore in settlement of all pari-passu collateral held by them.

There is no production activity in the company since January 2003. The employees of the company are in 1997 pay scales. Due to non-payment of salary & wages, it is very difficult for the employees to survive and meet their immediate financial obligations. With the VRS/VSS package and clearance of other outstanding liabilities, the employees will come out of their present financial crisis. It will also help the employees in their post retirement rehabilitation. With the present time bound closure of the company, the valuable assets of the company will be available for other optimum utilization.

Background:-

HCL was established in the year 1952. It had four manufacturing units at Rupnarainpur (West Bengal), Hyderabad (Telengana), Naini (U.P.) and Narendrapur (West Bengal). Registered office of HCL is located at Kolkata. The company was set up to cater to the needs of Government-owned telecom companies BSNL and MTNL for manufacture of telecom cables. Due to rapid change in telecommunication technology (wire-line to wireless), the demand for telecom cables has been drastically reduced. Several attempts were made by Department of Heavy Industries for revival of the company but failed. Attempts to transfer HCL units to Ministry of Defence/Department of Defence Production also did not yield results. The proposal for closure of the company has been made as per the recommendations of BIFR, BRPSE and the Roadmap approved by CCEA on 29.12.2014 for phasing out non-plan budgetary support to sick CPSEs.

The company is a BIFR referred company since 2002. Government of Indias decision for closure of the company will be conveyed to BIFR for seeking their approval. The employees of the Company will be offered attractive VRS/VSS. Retrenchment process will also be followed as per Industrial Disputes Act 1947. OTS with secured creditors will be made to free the land assets of the Company. The other liabilities of the company including statutory liabilities arising during the process of closure of company will be taken care of as per the provisions of law and the aforesaid guidelines of Department of Public Enterprises.

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Maharashtra Scooters to hold board meeting
Sep 28,2016

Maharashtra Scooters will hold a meeting of the Board of Directors of the Company on 3 October 2016 to consider and approve the unaudited financial results for the quarter and half-year ending on September 30, 2016.

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Kirloskar Brothers to hold board meeting
Sep 28,2016

Kirloskar Brothers will hold a meeting of the Board of Directors of the Company on 26 October 2016 to consider and approve the Unaudited Financial Results for the quarter and half year ended September 30, 2016,

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HDFC to hold board meeting
Sep 28,2016

HDFC will hold a meeting of the Board of Directors of the Company on 26 October 2016 o consider and approve the un-audited financial results (standalone) of the Corporation and the un-audited consolidated financial results, for the quarter/half-year ending September 30, 2016 (Q2), subject to limited review by the Statutory Auditors of the Corporation.

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Orient Abrasives to hold board meeting
Sep 28,2016

Orient Abrasives will hold a meeting of the Board of Directors of the Company on 28 September 2016.

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Selan Explorations Technology announces cessation of director
Sep 28,2016

Selan Explorations Technology announced that Rohini Kapur who was appointed as a Director in the last Annual General Meeting ceases to be a Director at the Annual General Meeting of the Company held on 28 September 2016.

She retires by rotation at this Annual General Meeting as she did not offer herself for re-appointment and ceases to be a Director w.e.f. 28 September 2016.

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Cabinet approves an Undertaking between India and Korea on Mutual Recognition of Certificates for Seafarers, 1978
Sep 28,2016

The Union Cabinet under the Chairmanship of Prime Minister Shri Narendra Modi has given its approval for signing of an Undertaking between India and Korea on Mutual Recognition of Certificates. It is in pursuance of the Regulation 1/10 of International Convention on Standards of Training, Certification and Watchkeeping (STCW) for Seafarers, 1978, as amended.

Signing of the Undertaking will pave way for recognition of maritime education and training, certificates of competency, endorsements, training documentary evidence and medical fitness certificates for seafarers issued by the Government of the other country. It is done in accordance with the provisions of regulation 1/10 of the STCW Convention, and cooperation between the two countries in the training, certification and management of seafarers.

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Cabinet gives ex-post facto approval to Varistha Pension Bima Yojana, 2003 and Varistha Pension Bima Yojana, 2014
Sep 28,2016

The Union Cabinet under the Chairmanship of Prime Minister Shri Narendra Modi has given its ex-post facto approval for the Varishtha Pension Bima Yojana (VPBY) 2003 launched on 14th July, 2003 and Varistha Pension Bima Yojana (VPBY) 2014 launched on 14th August, 2014. The Cabinet also granted approval for expenditure incurred on subsidy amount released to LIC during the period of 2003-04 to 2014-15 for VPBY, 2003 and approval to incur expenditure on VPBY, 2003 and 2014 from the financial year 2015-16 onwards.

The Schemes are implemented through Life Insurance Corporation (LIC) of India, and the difference between the actual yield earned by LIC on the funds invested under the Scheme and the assured return committed by the Government is paid as subsidy to LIC.

Both are pension schemes intended to give an assured minimum pension to the Senior Citizens based on an assured minimum return on the subscription amount. The pension is envisaged until death from the date of subscription, with payback of the subscription amount on death of the subscriber to the nominee.

Both the schemes VPBY - 2003 and VPBY - 2014 are closed for future subscriptions. However, policies sold during the currency of policy are being serviced as per the commitment of guaranteed 9% return assured by the Government under the schemes. VPBY-2014 was open from 14th August, 2014 to 14th August, 2015. As on 31sl March, 2016, a total number of 3,17,991 annuitants are being benefited under VPBY 2014. Similarly, a total number of 2,84,699 annuitants are being benefited under VPBY- 2003 as on 31st March, 2016.

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Board of Mphasis recommends final dividend
Sep 28,2016

Mphasis announced that the Board of Directors of the Company at its meeting held on 27 September 2016, inter alia, have recommended the final dividend of Rs 20 per equity Share (i.e. 200%) , subject to the approval of the shareholders.

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