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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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Hong Kong Stocks up 0.96%
Dec 30,2016

The Hong Kong stock market closed up on the last trading day of 2016 (Friday, 30 December 2016), but the main indexes ended 2016 near where they started after a volatile 12 months. All sectors in Hong Kong gained ground on Friday, with the raw materials and services sectors among the best performers. Hong Kongs benchmark Hang Seng Index closed 209.65 points, or 0.96%, higher at 22,000.56. The Hang Seng China Enterprises Index, known as the H-shares index, added 82.11 points, 0.88%, to 9,394.87. For the whole year, the index gained 86 points. Turnover increased to HK$53.8 billion from HK$52.5 billion on Thursday.

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India and Singapore Sign a Third Protocol for Amending the Double Taxation Avoidance Agreement (DTAA)
Dec 30,2016

India and Singapore have amended the DTAA for the avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income, by signing a Third Protocol today. This is in line with Indias treaty policy to prevent double non-taxation, curb revenue loss and check the menace of black money through automatic exchange of information, as reflected in Indias recently revised treaties with Mauritius and Cyprus and the joint declaration signed with Switzerland.

The Protocol for amendment of the India-Mauritius Convention signed on 10th May, 2016, provides for source-based taxation of capital gains arising from alienation of shares acquired from 1st April, 2017 in a company resident in India. Simultaneously, investments made before 1st April, 2017 have been grandfathered and will not be subject to capital gains taxation in India. Where such capital gains arise during the transition period from 1st April, 2017 to 31st March, 2019, the tax rate will be limited to 50% of the domestic tax rate of India. However, the benefit of 50% reduction in tax rate during the transition period shall be subject to the Limitation of Benefits Article. Taxation in India at full domestic tax rate will take place from financial year 2019-20 onwards.

The revised DTAA between India and Cyprus signed on 18th November, 2016, provides for source based taxation of capital gains arising from alienation of shares, instead of residence based taxation provided under the DTAA signed in 1994. However, a grandfathering clause has been provided for investments made prior to 1st April, 2017, in respect of which capital gains would continue to be taxed in the country of which taxpayer is a resident. It also provides for assistance between the two countries for collection of taxes and updates the provisions related to Exchange of Information to accepted international standards.

Fighting the menace of Black Money stashed in offshore accounts has been a key priority area for the Government. To further this goal, the Joint Declaration for the implementation of Automatic Exchange of Information (AEOI) between India and Switzerland was signed in November, 2016. It will now be possible for India to receive from September, 2019 onwards, the financial information of accounts held by Indian residents in Switzerland for 2018 and subsequent years, on an automatic basis.

The India-Singapore DTAA at present provides for residence based taxation of capital gains of shares in a company. The Third Protocol amends the DTAA with effect from 1st April, 2017 to provide for source based taxation of capital gains arising on transfer of shares in a company. This will curb revenue loss, prevent double non-taxation and streamline the flow of investments. In order to provide certainty to investors, investments in shares made before 1st April, 2017 have been grandfathered subject to fulfillment of conditions in Limitation of Benefits clause as per 2005 Protocol. Further, a two year transition period from 1st April, 2017 to 31st March, 2019 has been provided during which capital gains on shares will be taxed in source country at half of normal tax rate, subject to fulfillment of conditions in Limitation of Benefits clause.

The Third Protocol also inserts provisions to facilitate relieving of economic double taxation in transfer pricing cases. This is a taxpayer friendly measure and is in line with Indias commitments under Base Erosion and Profit Shifting (BEPS) Action Plan to meet the minimum standard of providing Mutual Agreement Procedure (MAP) access in transfer pricing cases. The Third Protocol also enables application of domestic law and measures concerning prevention of tax avoidance or tax evasion.

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Premier Explosives bags order from Ministry of Defence
Dec 30,2016

Premier Explosives has bagged an order from Air Head Quarters, Ministry of Defence for supply of Chaffs and flares worth Rs 33.18 crore.

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Karnataka Bank appoints director
Dec 30,2016

Karnataka Bank has appointed Dharmasthala Surendra Kumar as Additional Director at board meeting held on 29 December 2016.

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Tata Teleservices (Maharashtra) gets downgrad in long term issuer rating
Dec 30,2016

Tata Teleservices (Maharashtra) announced that India Ratings & Research (Ind-Ra) has downgraded the rating on the Long-Term Issuer Rating and the rating on Rs 750 crore Non-Convertible Debentures of the Company to IND A from IND A+ and the Outlook is Negative.

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Jubilant FoodWorks grants stock options
Dec 30,2016

Jubilant FoodWorks announced that the Nomination, Remuneration and Compensation Committee of the Company has, in its meeting held on 30 December 2016 granted 10,272 and 14,528 stock options under the JFL Employees Stock Option Scheme, 2011 and JFL Employees Stock Option Scheme 2016, respectively.

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State Bank of Travancore raises Tier I Capital aggregating Rs 600 crore
Dec 30,2016

State Bank of Travancore has allotted 6000 Basel III compliant, unlisted, non convertible, perpetual. unsecured subordinated, fully paid up Basel III compliant Additional Tier I Bonds for inclusion in Tier I Capital of the Bank, in the nature of debentures of face value of Rs 10 lakh each aggregating Rs 600 crore at a coupon rate of 8.50% per annum of private placement basis with a call option on 30 December 2021.

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Awareness about Copyrights pertaining to Film and TV Industry emphasised to counter piracy
Dec 30,2016

The Department of Industrial Policy and Promotion (DIPP) convened a meeting of Stakeholders including producers from film and TV industry to discuss copyright and related issues concerning the industry on 28 December 2016. The meeting was chaired by Mr. Rajiv Aggarwal, Joint Secretary

The Department appreciated the efforts being initiated by the Telangana Intellectual Property Crime Unit (TIPCU) to curb piracy of copyright protected material and expressed the need to adopt this model by other states also to check this menace within their respective jurisdiction. The participants also expressed their views on various provisions of the Copyright Law and their effective implementation to counter piracy. The department exhorted the industry to undertake measures to create awareness in the general public, especially the youth, about piracy and its ill-effects.

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Board of Lakshmi Precision Screws appoints director
Dec 30,2016

Lakshmi Precision Screws announced that the Board of Directors of the Company at its meeting held on 30 December 2016 has approved the appointment of Saumitra Choudhury as Additional Independent Director with effect from 30 December 2016.

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Board of IP Rings to consider rights issue
Dec 30,2016

IP Rings announced that a Meeting of the Board of Directors of the Company will be held on 04 January 2017, to consider the Rights entitlement ratio, Issue Price, and Record Date, in connection with the proposed Rights Issue.

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Bombay Oxygen Corporation intimates of termination of gas supply agreement
Dec 30,2016

Bombay Oxygen Corporation announced that Mukand has terminated the agreement of supply of gases from Kalwe unit of the Company w.e.f. 01 January 2017.

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Merck receives demand notice from National Pharmaceutical Pricing Authority
Dec 30,2016

Merck has received a demand notice from National Pharmaceutical Pricing Authority (NPPA) demanding a sum of Rs. 11.68 crore plus interest Rs. 15.78 crore alleging overcharging of price of the formulation, Polybion L 100 ML syrup, during the period from January 2006 to June 2009.

The government has issued the demand notice despite the fact that the Company was neither a manufacturer nor a marketer of the subject drug. The Company will challenge the said orders and will defend itself vigorously. The Company has been legally advised it has a good defendable case on merits.

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Siti Networks announces change in corporate office
Dec 30,2016

Siti Networks announced that the Corporate Office of the Company has been changed from n++GYS Global, Tower A, 4th Floor, Sector - 125, Noidan++ to n++4th Floor, Plot - 19 & 20, Sector- 16-A, Film City, Noida-201301 (U.P)n++

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Agro Tech Foods announces resignation of Director and Chairman
Dec 30,2016

Agro Tech Foods announced that Anna Biehn has tendered her resignation as Director & Chairperson from the Board of Directors of the Company with effect from the close of business hours of 30 December 2016.

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Board of AXISCADES Engineering Technologies allots equity shares
Dec 30,2016

AXISCADES Engineering Technologies announced that the Board of Directors of the Company at its meeting held on 30 December 2016, has issued and allotted 1,05,69,937 (One Crore Five Lakhs Sixty Nine Thousand Nine Hundred and Thirty Seven Only) New Equity shares of the Company to the Shareholders (as on the record date i.e. December 20, 2016) of India Aviation Training Institute as per the below mentioned swap ratio, approved in terms of the Scheme of Amalgamation sanctioned by the Honble High Court of Karnataka:

10 (Ten) fully paid-up equity share of Rs. 5/- each of Company shall be issued and allotted for every 45 (Forty Five) fully paid up equity share of Rs. 10/- each held in India Aviation Training Institute as on the record date (referred to as New Equity Shares).

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