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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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Negative growth have come down to 17% from 27% : FICCIs latest Manufacturing Survey
Jul 18,2017

FICCIs latest Quarterly Survey on Manufacturing suggests slight improvement in the manufacturing sector outlook in the first quarter (April - June 2017-18) of the fiscal as the percentage of respondents reporting higher production in first quarter have increased vis-n++-vis previous quarter. More importantly, FICCI Survey suggests that the percentage of respondents reporting lower production has reduced considerably over the previous quarter thereby indicating a more positive outlook in months to come. The proportion of respondents reporting higher output growth during the April - June 2017-18 quarter has risen slightly from 47% January - March 2016-17 to 49%. Respondents reporting negative growth have come down to 17% in April - June 2017-18 from 27% as reported in the previous quarter, noted FICCI Survey.

FICCIs latest quarterly survey assessed the expectations of manufacturers for Q-1 (April - June 2017-18) for eleven major sectors namely auto, capital goods, cement and ceramics, chemicals and fertilizers, electronics & electricals, leather and footwear, machine tools, metal and metal products, paper products, textiles and technical textiles, and textiles machinery. Responses have been drawn from over 300 manufacturing units from both large and SME segments with a combined annual turnover of over ₹3.5 lac crore.

However, the cause for worry was the rising cost of production (for a little over two-thirds of the respondents), the Survey noted. The cost of production as a percentage of sales for product for manufacturers in the survey has risen significantly as 69% respondents in Q-1 2017-18, against 60% respondents reported cost escalation in last quarter. This is primarily due to rise in minimum wages and raw material cost.

In terms of order books, about 47% respondents in April - June 2017-18 quarter reported higher order numbers which is almost the same as that recorded in the previous quarter.

Capacity Addition & Utilization

The average capacity utilization as reported in the survey for the manufacturing sector is about 75% for Q-4 2016-17 which is similar to that of Q-3 2016-17. The future investment outlook remains less optimistic. Even now, 74% respondents in Q-1 2017-18 as against 75% respondents in Q-4 2016-17 reported that they dont have any plans for capacity additions for the next six months. Although, the bleak investment outlook seems to be waning if Q-3 2016-17 is taken into consideration (when 77% respondents had no plans for capacity addition). High percentage implies slack in the private sector investments in manufacturing is here to continue for some more months. Large volumes of imports, under-utilised capacities and lower domestic demand from industrial sectors and OEMs are some of the major constraints which are affecting the expansion plans of the respondents.

On a broader perspective, in some sectors (like chemicals, capital goods, textiles machinery, cement, metals and paper) average capacity utilization has either remained same or declined in Q-4 of 2016-17. On the other side, some sectors including auto, textiles and electronics and electricals reported a rise in the average capacity utilization over the same period.

Inventories

As for the inventory levels, 87% of the participants in Q-4 (January - March 2016-17), as against an overwhelming 97% in Q-3 (October-December 2016), have maintained either more or same levels of inventory as their average inventory levels.

Exports

Export outlook of manufacturing sector for the first quarter of this fiscal also seems to be marginally improving as percentage of respondents expecting fall in Q-1 (2017-18) has come down from 22.8% in Q-4 (2016-17) to 18.5%.

Hiring

Hiring outlook for the sector remains subdued in near future as 73% of the sample participants in Q-1 2017-18 said that they are unlikely to hire additional workforce in next three months. However, when compared on a sequential basis, this proportion reflects a mild improvement over the previous quarter when 77% of the respondents were reportedly averse to hire additional workforce.

Interest Rate

Average interest rate paid by the manufacturers still remain high though have shown some sign of moderation with average rate of 11% but highest rates continue to be upwards of 14.5%.

Sectoral Growth

Based on expectations in different sectors, the Survey suggests that moderate growth is expected in metals, leather and footwear, machine tools and capital goods sector in Q-1 2017-18. Low growth is expected in sectors like chemicals, automotive, textiles and cement. Only in case of electronics and electricals high growth is expected for Q-1 2017-18.

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Indian Metals extends post-result gain
Jul 18,2017

Meanwhile, the S&P BSE Sensex was down 276.31 points or 0.86% at 31,798.47. The S&P BSE Small-Cap index declined 8.86 points or 0.06% at 15,901.22.

On the BSE, 1.88 lakh shares were traded on the counter so far as against the average daily volumes of 21,986 shares in the past one quarter. The stock had hit a high of Rs 593.60 and a low of Rs 579.95 so far during the day. The stock had hit a 52-week high of Rs 823 on 21 March 2017 and a 52-week low of Rs 134 on 27 July 2016.

The stock had outperformed the market over the past one month till 17 July 2017, advancing 32.35% compared with the Sensexs 3.28% rise. The stock had, however, underperformed the market over the past one quarter, declining 7.46% as against the Sensexs 9.05% rise. The scrip had outperformed the market over the past one year, surging 304.83% as against the Sensexs 15.23% rise.

The small-cap company has equity capital of Rs 26.98 crore. Face value per share is Rs 10.

Shares of Indian Metals & Ferro Alloys (IMFA) have risen 9.2% in two trading sessions to its ruling market price, from its closing of Rs 538.45 on 14 July 2017 after the company announced strong Q1 June 2017 results during market hours yesterday, 17 July 2017. The stock surged by the maximum permissible level of 5% to settle at Rs 565.35 yesterday, 17 July 2017.

IMFA reported net profit of Rs 99.92 crore in Q1 June 2017, compared with net loss of Rs 30.35 crore in Q1 June 2016. Net sales rose 68.7% to Rs 422.65 crore in Q1 June 2017 over Q1 June 2016.

Indian Metals & Ferro Alloys is a producer of ferro chrome and ferro alloys. The company operates through three segments: ferro alloys, power and mining.

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Alembic Pharmaceuticals gets ANDA approval for Olmesartan Medoxomil and Amlodipine Tablets
Jul 18,2017

Alembic Pharmaceuticals has received US Food & Drug Administration (USFDA) Approval for Olmesartan Medoxomil and Amlodipine Tablets, 20mg/5mg, 40mg/5mg, 20mg/10mg and 40mg/10mg. The approved ANDA is therapeutically equivalent to the reference listed drug product Azor Tablets, 20mg/5mg, 40mg/5mg, 20mg/10mg and 40mg/10mg of Daiichi Sankyo Inc. and is indicated in the treatment of hypertension.

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Balkrishna Industries fixes record date for 1st interim dividend
Jul 18,2017

Balkrishna Industries has fixed 07 August 2017 as record date for 1st interim dividend. The dividend will be paid on or after 11 August 2017.

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Transformers & Rectifiers India plans sub-division of shares and fund raising
Jul 18,2017

Transformers & Rectifiers India has proposed Subdivision of Equity Share from the face value of Rs. 10/- per share to Rs. 1/- per share and fund raising through QIP or preferential allotment. The Board will consider the proposal on 03 August 2017.

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PTC India hits 52-week high on recent rally
Jul 18,2017

Meanwhile, the S&P BSE Sensex was down 249.15 points, or 0.78% at 31,825.63. The S&P BSE Mid-Cap index was down 24.22 points, or 0.16% at 15,173.23.

On the BSE, 4.62 lakh shares were traded on the counter so far as against the average daily volumes of 2.61 lakh shares in the past one quarter. The stock had hit a high of Rs 121.25 so far during the day, which is also its 52-week high. The stock hit a low of Rs 116.30 so far during the day. The stock had hit a 52-week low of Rs 66.80 on 21 November 2016.

The stock had outperformed the market over the past one month till 17 July 2017, advancing 23.84% compared with the Sensexs 3.28% rise. The scrip had also outperformed the market over the past one quarter gaining 21.04% as against the Sensexs 9.05% rise. The scrip had also outperformed the market over the past one year advancing 47.89% as against the Sensexs 15.23% rise.

The mid-cap company has equity capital of Rs 296.01 crore. Face value per share is Rs 10.

Shares of PTC India rose 18.97% in five trading sessions to its current market price of Rs 119.45, from a close of Rs 100.40 on 11 July 2017.

PTC Indias net profit spurted 121.8% to Rs 78.77 crore on 10.1% increase in net sales to Rs 3159.24 crore in Q4 March 2017 over Q4 March 2016.

PTC India is engaged in the business of power and investment.

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Indiabulls Real Estate advances on fund raising plan
Jul 18,2017

The announcement was made after market hours yesterday, 17 July 2017.

Meanwhile, the S&P BSE Sensex was down 238.50 points or 0.74% at 31,836.28. The S&P BSE Mid-Cap index was down 2.65 points or 0.02% at 15,194.80.

On the BSE, 8.29 lakh shares were traded on the counter so far as against the average daily volumes of 35.93 lakh shares in the past one quarter. The stock had hit a high of Rs 209.70 and a low of Rs 200.85 so far during the day. The stock had hit a 52-week high of Rs 217.40 on 21 June 2017 and a 52-week low of Rs 57.05 on 22 November 2016.

The stock had underperformed the market over the past one month till 17 July 2017, rising 2.79% compared with the Sensexs 3.28% rise. The stock had, however, outperformed the market over the past one quarter, gaining 38.14% as against the Sensexs 9.05% rise. The scrip had also outperformed the market over the past one year, jumping 132.03% as against the Sensexs 15.23% rise.

The mid-cap company has equity capital of Rs 94.93 crore. Face value per share is Rs 2.

The company will also announce its Q1 results on 24 July 2017. On consolidated basis, Indiabulls Real Estates net profit fell 3.7% to Rs 60.18 crore on 38.4% decline in net sales to Rs 437.03 crore in Q4 March 2017 over Q4 March 2016.

Indiabulls Real Estate is a real estate development company with development projects spread across office and commercial complexes, premium residential developments, mega townships, retail spaces, hotel and resorts, special economic zones and infrastructure development.

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Moodys: Asian high-yield issuance remains robust in Q2 2017; YTD issuance above annual average
Jul 18,2017

Moodys Investors Service says that investor tolerance for lower credit quality and the refinancing needs of issuers continue to drive bond issuance in 2017, with Q2 2017 seeing the highest quarterly amount issued since Q1 2013.

A total of 25 deals totaling USD11.6 billion closed in Q2 2017 -- compared with 26 totaling USD10 billion in Q1 2017 -- the highest quarterly amount since Q1 2013, with year-to-date issuance of USD21.6 billion approaching the full-year record of USD23.3 billion set in 2013, says Annalisa DiChiara, a Moodys Vice President and Senior Credit Officer.

Furthermore, year-to-date issuance is already well above annual average issuance of USD14 billion since 2010, and we also believe that refinancing risks remain manageable and, in the absence of exogenous shocks, the market should be able to absorb upcoming maturities, adds DiChiara.

In addition downgrades moderated considerably in Q2 2017 to 2.79x, approaching the long-term average of 2.41x, adds DiChiara. Although credit quality showed signs of improvement, around 47% of corporate family ratings were in the single-B category and 13% in the Caa-C range says DiChiara. And B3 and below remained elevated at 23 companies or 17.8% of the total.

During Q2 2017, B3-rated bonds accounted for a significant portion of issuance or USD4.6 billion, while China Evergrande Groups (B2 stable) USD3.8 billion accounted for the bulk of that amount.

Furthermore, China-based corporates dominated issuance at 70% of the total, with Indonesia at 13%, India at 12% and Macau at 5%.

Moodys further notes that the number of B3 and below companies have generally been on the rise since 2012, and stood at a 5-year high of 17.8% of our Asian high yield portfolio at 30 June 2017. Such issuers accounted for USD9.8 billion of rated debt, with around US2.3 billion maturing by 30 June 2018.

In total, USD128.6 billion of rated and unrated maturities are scheduled through to 2021, and USD6.7 billion of rated bonds will mature by 30 June 2018.

Meanwhile, Moodys Asian Liquidity Stress Index (Asian LSI) weakened in June, rising to 25.6% from 25.2% in May 2017.

The Asian LSI measures the percentage of high-yield companies with SGL-4 scores as a proportion of high-yield corporate family ratings (CFRs) and decreases when speculative-grade liquidity improves.

The June figure ended six months of continuous improvement, and the reading now remains just above the long-term average of 22.9%, highlighting that weak liquidity is still a concern for many companies in Asia.

Although Moodys has assigned SGL scores to all 129 high-yield rated companies, only 102 of these companies have rated debt outstanding totaling $72.6 billion at 30 June 2017. In addition, the amount of rated debt in June 2017 was at its highest level since December 2010. At end-June, SGL-1 and SGL-2 companies together accounted for 48.5% of the rated debt outstanding.

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Ashika Credit Capital to hold board meeting
Jul 18,2017

Ashika Credit Capital will hold a meeting of the Board of Directors of the Company on 27 July 2017, to approve the Un-Audited Financial Results of the company along with Limited Review report for the quarter ended 30th June 2017.

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Refex Industries to hold board meeting
Jul 18,2017

Refex Industries will hold a meeting of the Board of Directors of the Company on 27 July 2017, to approve the Un-Audited Financial Results of the company along with Limited Review report for the quarter ended 30th June 2017.

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Srestha Finvest to hold board meeting
Jul 18,2017

Srestha Finvest will hold a meeting of the Board of Directors of the Company on 12 August 2017, to consider and approve unaudited results for the year ended 30th June 2017, to consider and take on record other compliance related matter pertaining to quarter ended 30 June 2017, and to approve and fix the holding of Annual General Meeting of the company to be held on 28th September 2017

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Sahyog Multibase to hold EGM
Jul 18,2017

Sahyog Multibase announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 19 August 2017 .

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Padmanabh Industries to hold AGM
Jul 18,2017

Padmanabh Industries announced that the 23rd Annual General Meeting (AGM) of the company will be held on 26 September 2017.

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Nilachal Refractories to hold AGM
Jul 18,2017

Nilachal Refractories announced that the Annual General Meeting (AGM) of the company will be held on 21 September 2017.

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Jubilant FoodWorks hits 52-week high
Jul 18,2017

Meanwhile, the S&P BSE Sensex was down 244.79 points or 0.76% at 31,829.99. The S&P BSE Mid-Cap index fell 6.02 points or 0.04% at 15,191.43.

On the BSE, 2.31 lakh shares were traded on the counter so far as against the average daily volumes of 68,945 shares in the past one quarter. The stock had hit a high of Rs 1,328.75 so far during the day, which is a 52-week high. The stock hit a low of Rs 1,247.25 so far during the day. The stock had hit a 52-week low of Rs 761 on 26 December 2016.

The stock had outperformed the market over the past one month till 17 July 2017, advancing 35.98% compared with the Sensexs 3.28% rise. The stock had also outperformed the market over the past one quarter, gaining 28.94% as against the Sensexs 9.05% rise. The scrip had, however, underperformed the market over the past one year, gaining 11.25% as against the Sensexs 15.23% rise.

The mid-cap company has equity capital of Rs 65.98 crore. Face value per share is Rs 10.

Shares of Jubilant FoodWorks have risen 13% in two trading sessions to its ruling market price, from its close of Rs 1,165.95 on 14 July 2017 after the company announced good Q1 June 2017 earnings during market hours yesterday, 17 July 2017. The stock had rallied 9.31% to settle at Rs 1,274.55 yesterday, 17 July 2017.

Jubilant FoodWorks net profit rose 25.53% to Rs 23.84 crore on 10.62% growth in total income to Rs 681.81 crore in Q1 June 2017 over Q1 June 2016.

Jubilant FoodWorks President & CFO Sachin Sharma has resigned from the services of the company. His last working day will be 21 July 2017. The Board will appoint his successor in due course.

The shares of Jubilant FoodWorks had also witnessed pre-result gains. The stock had risen 6.96% in three trading sessions to settle at Rs 1,165.95 on 14 July 2017, from its closing of Rs 1,090 on 11 July 2017.

Jubilant FoodWorks is part of Jubilant Bhartia group and Indias largest food service company with a network of Dominos Pizza restaurants pan India. The company & its subsidiary have the exclusive rights to develop and operate Dominos Pizza brand in India, Sri Lanka, Bangladesh and Nepal. The company also has exclusive rights for developing and operating Dunkin Donuts restaurants for India.

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