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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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Moodys: Global growth strengthens as risks abate; China likely to avoid sudden slowdown
Jun 01,2017

The improving outlook for global growth in 2017 appears to be sustainable as some of the biggest risks to advanced economies have subsided and emerging markets maintain their expansion, says Moodys Investors Service in a new report.

Moodys expects G20 economies, which account for 78% of the global economy, to collectively grow at an annual rate of 3.1% in 2017 and 2018, compared with growth of 2.6% in 2016. The potential damage to global trade and growth from a pursuit of protectionist policies in the US appears to have diminished for now.

Overall, global growth is looking increasingly sustainable with economic data surprising to the upside in a number of emerging market countries, said Madhavi Bokil, a Vice President and Senior Analyst at Moodys. The current momentum should continue, barring any negative surprises.

Growth in China will continue to slow over the year due to reduced property-related investment as liquidity-tightening measures of the central bank, including limits on home mortgage lending, take effect. Accordingly, we expect that GDP will grow at 6.6% in 2017, in line with the governments target of at least 6.5% and higher if possible.

We continue to believe that the near-term risk of disorderly deceleration of growth in China is limited, said Elena Duggar, an Associate Managing Director at Moodys. Government policy will target limiting the growth of leverage, rather than bring about a rapid deleveraging that could be potentially destabilizing.

Indias economy will strengthen as the impact of last years demonetization fades. The government has been successful in pushing through several key reforms, which will help reduce inefficiencies and improve trend growth in the long run.

Moodys forecasts that Indias economy will grow 7.2% in 2017, 7.7% in 2018 and will gradually accelerate to around 8% over the next three to four years.

Despite the pickup in growth this year, it is worth noting that trend growth remains low globally and factors including, changing demographics, muted investment, low productivity growth and stagnant real wage growth continue to curtail the strength of the global economy. The lack of fiscal buffers and limited scope for effective monetary accommodation in the event of shocks remain a concern even as growth strengthens.

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Max Financial Services leads gainers in A group
Jun 01,2017

Max Financial Services jumped 8.17% to Rs 631.50 at 13:07 IST. The stock topped the gainers in the BSEs A group. On the BSE, 3.07 lakh shares were traded on the counter so far as against the average daily volumes of 3.22 lakh shares in the past two weeks.

Vakrangee surged 6.03% to Rs 386.05. The stock was the second biggest gainer in A group. On the BSE, 3.23 lakh shares were traded on the counter so far as against the average daily volumes of 2.88 lakh shares in the past two weeks.

Apollo Tyres gained 5.43% at Rs 240.80. The stock was the third biggest gainer in A group. On the BSE, 5.42 lakh shares were traded on the counter so far as against the average daily volumes of 3.01 lakh shares in the past two weeks.

KEC International advanced 5.32% at Rs 274. The stock was the fourth biggest gainer in A group. On the BSE, 3.27 lakh shares were traded on the counter so far as against the average daily volumes of 1.28 lakh shares in the past two weeks.

Balkrishna Industries rose 5.2% to Rs 1,545. The stock was the fifth biggest gainer in A group. On the BSE, 16,000 shares were traded on the counter so far as against the average daily volumes of 6,252 shares in the past two weeks.

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Strides Shasun receives USFDA approval
Jun 01,2017

Strides Shasun has announced that it has received approval from the United States Food & Drug Administration (USFDA) for Ibuprofen Tablets USP, 200 mg (OTC), which is used to relieve pain from, various conditions such as headache, dental pain, muscle aches and arthritis.

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Corporate Deleveraging to Remain Slow in FY18; Impact of Rising Commodity Prices to Vary
Jun 01,2017

India Ratings and Research (Ind-Ra) does not expect a meaningful deleveraging of corporate borrowers in FY18. Broader macroeconomic indicators suggest improving demand conditions; however, the recovery in the operating profitability levels of Indian corporates is likely to be moderate in FY18.

The agency expects corporates operating in consumption and export-oriented sectors to exhibit a moderate improvement in their credit profiles. However, the credit profiles of corporates in investment-oriented sectors are unlikely to meaningfully improve in the near term. Although better demand conditions will support an improvement in manufacturing activity, service sector corporates will continue to outperform manufacturing sector corporates.

Although global trade continues to improve despite rising protectionism and political uncertainty, the possibility of an escalation in trade-protectionism and rising populism in Western countries remain the key risks for the global economy, as well as for Indian corporates.

EBITDA Growth to be Limited in FY18: Ind-Ra expects EBITDA levels of corporate borrowers to grow 6%-8% in FY18 on an aggregate basis (FY17 estimate: 3%-5%; FY16: 6.4%). This will be driven by increased consumer demand, higher commodity prices and improving demand for exports. Operating performance, however, will vary across industries. Despite improving demand conditions, corporates in sectors such as infrastructure, telecommunications, and iron and steel are unlikely to exhibit major improvements. Ironically, sectors where corporates have a relatively better credit profile are likely to register better improvement compared with sectors where entities have a highly stressed credit profile. As a result, the recovery in the overall credit quality of India Inc. will remain limited.

Varied Impact of Rising Commodity Prices: At end-March 2017, the World Banks non-energy price, energy price and base metal price indices were up 9.3%, 38% and 22.4% on a year-on-year-basis, respectively. Higher commodity prices are likely to have a varied impact on Indian corporates. In addition to commodity producers, merchandise exporters will benefit from higher commodity prices, as global reflation will support an improvement in demand conditions, particularly in emerging markets, thus boosting global trade. However, heavy users of commodities, which previously benefitted from a decline in input costs, will witness the benefits of improving demand being offset by higher commodity prices. The agency expects commodity prices to remain range-bound over the next 12 months. However, if uncertainty over global economic growth arises, commodity markets could exhibit further volatility, which could dampen the expected recovery in operating profits.

Corporate Leverage to Remain High: Corporate leverage continued to remain high in FY16, as the aggregate EBITDA moderately increased (up 6.4% yoy). The aggregate net leverage of the largest 420 borrowers analysed by Ind-Ra remained high at 5.43x (FY15: 5.42x). At FYE16, 29.5% of the total debt (INR8.56 trillion of INR29 trillion) of the entities in this sample set belonged to companies with an interest coverage below 1x. An additional 12.7% of debt (INR3.5 trillion) was held by companies with an interest cover of 1x-1.5x.

The agency estimates a similar situation for FY17, as aggregate EBITDA is likely to have grown 3%-5%. A meaningful credit quality improvement will still take time, as about two-fifths of the borrowing by the largest 420 borrowers remain with entities with weak ROCE levels (< 5%). Stressed corporates with large refinancing requirements are likely to face severe challenges in raising debt, as the balance sheets of mid-sized PSU banks remain stretched due to high NPA levels.

Capex Activity to Remain Muted: Capex, as measured by gross fixed capital formation (GFCF), registered a sequential decline in three consecutive quarters (4QFY17-2QFY17), as capacity utilisation levels continued to remain range-bound (about 70%). In addition to muted private sector capex activity, the capex activity of PSUs remained limited. In the absence of capex growth, corporate EBITDA growth will remain moderate, with the only triggers being consumption and exports. Furthermore, private corporates have shifted their focus to productivity improvements and will continue to refrain from capex in the near term. Ind-Ra believes that low capacity utilisation levels will lead to higher M&A activity in the near to medium term. As a result, the revival of the capex cycle is unlikely in the near term.

External Risks Could Delay Recovery: A potential rise in global protectionism remains one of the most likely risks that could delay recovery in earnings and consequently credit profiles of corporates. Although global economic recovery continues, economic policies of the new government in the US and the monetary policy stance of central banks worldwide could have a bearing on capital flows and currency markets.

Ind-Ra studied the impact of currency volatility on the credit profiles of corporates and found that nearly half of the top 100 listed forex borrowers EBITDA levels have a negative sensitivity to FX movements. The agencys study indicates that in addition to depreciation, an appreciating Indian rupee affects corporate borrowers. At FYE16, borrowers in the sample set analysed had 64% of the gross FX exposure unhedged, indicating sharp volatility either ways could have an impact on cash flows.

*The economic data on India mentioned above and in the report is based on the old GDP series compiled using the old IIP and WPI series. New GDP figures released on 31 May 2017 have been compiled using the new series of the IIP and the WPI.

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Ashok Leyland in reverse gear after poor monthly sales
Jun 01,2017

The announcement was made during trading hours today, 1 June 2017.

Meanwhile, the S&P BSE Sensex was down 70.34 points, or 0.23%, to 31,075.46

On BSE, 10.65 lakh shares were traded on the counter so far as against the average daily volumes of 15.83 lakh shares in the past one quarter. The stock hit a high of Rs 94.80 and a low of Rs 90.10 so far during the day. The stock hit a 52-week high of Rs 111.65 on 1 June 2016. The stock hit a 52-week low of Rs 73.60 on 22 November 2016.

The stock had outperformed the market over the past one month till 31 May 2017, rising 13.04% compared with 4.1% gains in the Sensex. The scrip, however, underperformed the market in past one quarter, gaining 8.12% as against Sensexs 8.36% gains. The scrip had also underperformed the market in past one year, sliding 9.66% as against Sensexs 16.79% gains.

The large-cap company has equity capital of Rs 284.59 crore. Face value per share is Re 1.

Ashok Leylands sales of light commercial vehicles (LCV) rose 22% to 2,932 units in May 2017 over May 2016. Sales of medium & heavy commercial vehicles (M&HCV) dropped 18% to 6,139 units in May 2017 over May 2016.

Ashok Leyland reported net profit of Rs 476.17 crore in Q4 March 2017 as compared with net loss of Rs 140.81 crore in Q4 March 2016. Net sales rose 10.79% to Rs 6617.89 crore in Q4 March 2017 over Q4 March 2016.

Ashok Leyland is one of the leading manufacturers of medium and heavy commercial vehicles in India.

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Volumes jump at Kalyani Investment Company counter
Jun 01,2017

Kalyani Investment Company clocked volume of 76,000 shares by 12:30 IST on BSE, a 159.76-times surge over two-week average daily volume of 535 shares. The stock jumped 9.95% to Rs 2,020.95.

Credit Analysis and Research notched up volume of 1.47 lakh shares, a 63.24-fold surge over two-week average daily volume of 2,000 shares. The stock declined 0.22% at Rs 1,420.75.

Mphasis saw volume of 98,000 shares, a 15.46-fold surge over two-week average daily volume of 6,000 shares. The stock dropped 1.29% at Rs 602.

ACC clocked volume of 1.53 lakh shares, a 8.2-fold surge over two-week average daily volume of 19,000 shares. The stock rose 0.67% at Rs 1,647.35.

Future Lifestyle Fashions saw volume of 1.62 lakh shares, a 6.49-fold rise over two-week average daily volume of 25,000 shares. The stock jumped 7.04% at Rs 344.50.

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Canara Bank director retires
Jun 01,2017

Canara Bank announced that Harideesh Kumar B, Executive director of the Bank has retired from the services of the Bank on 31 May 2017 on attaining the age of superannuation.

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NLC India extends Wednesdays rally
Jun 01,2017

Meanwhile, the S&P BSE Sensex was up 2.81 points, or 0.01% at 31,148.61.

On the BSE, 43,000 shares were traded on the counter so far as against the average daily volumes of 75,250 shares in the past one quarter. The stock had hit a high of Rs 108.90 and a low of Rs 105.50 so far during the day.

The stock had hit a 52-week high of Rs 123 on 23 March 2017 and a 52-week low of Rs 68.05 on 3 June 2016. The stock had underperformed the market over the past one month till 31 May 2017, gaining 0.09% compared with the Sensexs 4.1% rise. The scrip had, however, outperformed the market over the past one quarter advancing 14.35% as against the Sensexs 8.36% rise.

The large-cap company has equity capital of Rs 1528.75 crore. Face value per share is Rs 10.

Shares of NLC India have rallied 8.45% in the two trading sessions from its close of Rs 99.35 on 30 May 2017, after the company after market hours on Tuesday, 30 May 2017 reported strong Q4 March 2017 results. The stock had surged 6.29% to settle at Rs 105.60 yesterday, 31 May 2017.

NLC Indias net profit surged 277.9% to Rs 1501.47 crore on 55.2% increase in net sales to Rs 2841.86 crore in Q4 March 2017 over Q4 March 2016.

NLC India operates lignite mines, pithead thermal power stations and also has operations in renewable energy sector.

As per the shareholding pattern as on 31 March 2017, the Government of India held 89.33% stake in the company.

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Jetking Infotrain approves reissue of forfeited shares
Jun 01,2017

The board of Jetking Infotrain on 30th May 2017 has approved the re-issue of 18,500 forfeited Equity shares of the Company on Preferential Basis subject to approval of the members of the Company by the means of special resolution at the ensuing Annual General Meeting.

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Strides Shasun takes a big stride after USFDA nod for drug
Jun 01,2017

The announcement was made during market hours today, 1 June 2017.

Meanwhile, the S&P BSE Sensex was down 4.84 points, or 0.02%, to 31,141.10. The S&P BSE Mid-Cap index was up 69.18 points, or 0.47%, to 14,694.47.

On the BSE, 41,451 shares were traded in the counter so far, compared with average daily volume of 58,757 shares in the past one quarter. The stock had hit a high of Rs 950.50 and a low of Rs 903.05 so far during the day. The stock had hit a 52-week high of Rs 1,259 on 3 February 2017. The stock had hit a 52-week low of Rs 848.50 on 24 May 2017.

The stock had underperformed the market over the past one month till 31 May 2017, falling 15.51% compared with 4.1% gains in the Sensex. The scrip had also underperformed the market in past one quarter, dropping 22.12% as against Sensexs 8.36% gains. The scrip had also underperformed the market in past one year, declining 18.65% as against Sensexs 16.79% gains.

The mid-cap company has equity capital of Rs 89.42 crore. Face value per share is Rs 10.

Strides Shasun announced that it has received approval from the United States Food & Drug Administration (USFDA) for Ibuprofen Tablets USP, 200 mg (OTC).

According to IRi data, the annual US market for Ibuprofen Tablets USP 200 mg (OTC) is about $520 million. The product will be marketed by Strides Pharma Inc in the US market under its OTC brand Nuprin.

Ibuprofen is used to relieve pain from various conditions such as headache, dental pain, muscle aches or arthritis. It is also used to reduce fever and to relieve minor aches and pain due to the common cold or flu. Ibuprofen is a nonsteroidal anti-inflammatory drug (NSAID).

Strides Shasuns consolidated net profit spurted 2877.4% to Rs 131.9 crore on 3.9% fall in net sales to Rs 888.41 crore in Q4 March 2017 over Q4 March 2016.

Strides Shasun is a vertically integrated global pharmaceutical company headquartered in Bangalore.

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Healthfore Technologies Company Secretary resigns
Jun 01,2017

Healthfore Technologies announced that Shikha Rastogi Company Secretary & Compliance Officer of the Company has tendered her resignation effective from close of business hours on May 31, 2017.

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Maruti slips on profit booking after announcing monthly sales
Jun 01,2017

Meanwhile, the S&P BSE Sensex was up 8.42 points or 0.03% at 31,154.23.

On the BSE, 29,000 shares were traded on the counter so far as against the average daily volumes of 65,542 shares in the past one quarter. The stock hit a high of Rs 7,249.30 in intraday trade so far, which is record high for the counter. The stock had hit a low of Rs 7,142 so far during the day. The stock had hit a 52-week low of Rs 3,868.10 on 24 June 2016.

The stock had outperformed the market over the past one month till 31 May 2017, rising 7.59% compared with 4.1% gains in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 21.9% as against Sensexs 8.36% gains. The scrip had also outperformed the market in past one year, surging 73.37% as against Sensexs 16.79% gains.

The large-cap company has equity capital of Rs 151.04 crore. Face value per share is Rs 5.

Maruti Suzuki Indias total sales rose 11.3% to 1.36 lakh units in May 2017 over May 2016. Domestic sales grew by 15.5% to 1.30 lakh units in May 2017 over May 2016. Export sales declined 36.3% to 6,286 units in May 2017 over May 2016. The announcement was made during market hours today, 1 June 2017.

Marutis net profit rose 15.77% to Rs 1709 crore on 20.32% growth in net sales to Rs 18005.20 crore in Q4 March 2017 over Q4 March 2016.

Maruti Suzuki India is Indias biggest car maker in terms of market share. Japanese parent Suzuki Motor Corporation currently holds 56.21% stake in Maruti Suzuki India (as per the shareholding pattern as on 31 March 2017).

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Emmsons International changes management
Jun 01,2017

The Board of Emmsons International on 30th May 2017 has approved the appointment of Bhalendra Pal Singh as Chief Financial Officer of the Company to be designated as the Key Managerial Personnel w.e.f. 30 May 2017.

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Claris undergoes USFDA Audit
Jun 01,2017

Claris Lifesciences along with its wholly owned subsidiary Claris Injectables announced that its underwent a successful USFDA Pharmacovigilance audit from 29th May to 31st May with No Observations.

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Claris Life gets healthier after USFDAs successful audit
Jun 01,2017

The announcement was made during market hours today, 1 June 2017. The stock has snapped two-day losing streak.

Meanwhile, the S&P BSE Sensex was up 20.60 points, or 0.07%, to 31,166.40. The S&P BSE Small-Cap index was up 136.94 points, or 0.91%, to 15,217.15.

On the BSE, 12,568 shares were traded on the counter so far as against the average daily volumes of 81,022 shares in the past one quarter. The stock had hit a high of Rs 338 and a low of Rs 327.90 so far during the day.

The stock hit a record high of Rs 430.10 on 16 December 2016. The stock hit a 52-week low of Rs 188 on 24 June 2016.

The stock had underperformed the market over the past one month till 31 May 2017, falling 7.7% compared with 4.1% gains in the Sensex. The scrip had also underperformed the market in past one quarter, gaining 2.32% as against Sensexs 8.36% gains. The scrip had, however, outperformed the market in past one year, gaining 49.89% as against Sensexs 16.79% gains.

The small-cap company has an equity capital of Rs 54.57 crore. Face value per share is Rs 10.

Claris Lifesciences (CLL) along with its wholly owned subsidiary Claris Injectables (CIL) announced that it underwent a successful United States Food & Drug Administration (USFDA) Pharmacovigilance (PV) audit from 29th May to 31st May 2017, with no observation (i483s).

Claris Lifesciences reported consolidated net profit of Rs 36.96 crore in Q4 March 2017 compared with net loss of Rs 0.62 crore in Q4 March 2016. Net sales fell 75.8% to Rs 4.41 crore in Q4 March 2017 over Q4 March 2016.

Claris Lifesciences is holding company of Claris Injectables, a wholly-owned subsidiary dealing in specialty injectables business. It is also the holding company of Claris Otsuka Private Limited, a joint venture with Japans Otsuka Pharmaceutical Factory, Inc. and Mitsui & Co. for Infusion business in India and emerging markets.

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