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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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Board of Sai Capital approves dematerialisation of shares
Dec 24,2016

Sai Capital announced that the Board of Directors of the Company at its meeting held on 24 December 2016, has approved to Dematerialize the Shares of the Company and the draft agreement has been approved by the Board which shall be executed in due course and the same shall be intimated accordingly.

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Board of Tamilnadu Jai Bharath Mills approves change in directorate
Dec 24,2016

Tamilnadu Jai Bharath Mills announced that the Board of Directors at its meeting held on 24 December 2016 has accepted the resignation of Shri.D.Senthilkumar as a Whole-Time Director and to continue as a Director of the Company with effect from 24 December 2016.

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INR382 Billion Potential Treasury Gains Could be Unlocked by Banks
Dec 24,2016

The softening of yields due to surplus liquidity could help Indian banks in registering INR 382 billion of potential treasury gains for FY17, says India Ratings and Research (Ind-Ra). The INR 382 billion worth of potential treasury gains are significantly large, considering the banking sector reported an INR 236 billion profit for FY16 (public sector banks (PSBs) reported INR 177 billion in loss). The development comes at a time when the banking sector is facing challenging conditions. The profitability levels of Indian banks remain weak owing to continued pressure on asset quality and weak loan expansion. It would be imperative for banks starved for capital to strengthen their capital adequacy ratios.

Meanwhile, even better placed banks can use this likely opportunity to improve their provision coverage ratios, which recently witnessed a downtrend. However, large profit booking, followed by a spike in yields, could have a double whammy effect on the profitability levels of banks in subsequent years.

Treasury Gains to Partially Ease Capital Requirement for PSBs: Treasury gains in FY17 would enable PSBs to contribute towards reducing their capital requirements, in accordance with the Basel III requirement. Domestic additional Tier 1 (AT1) issuances worth INR154 billion have been made so far in FY17, with increased participation from mutual funds. Ind-Ra believes the softening of yields could prove to be an additional impetus in the development of AT1 markets.

Demonetisation to Drive Yields Lower: A surge in deposits, due to demonetisation, will increase demand for government and high-rated corporate bonds, and is likely to put downward pressure on yields under the current tepid credit demand scenario. Banks are poised to benefit from the softening of yields, considering they are the largest holders of government bonds (about INR29 trillion as on 11 November 2016).

UDAY Bonds to Add to Treasury Gains: In addition to statutory liquidity requirement (SLR) bonds, banks hold bonds issued by states under Ujwal Discom Assurance Yojana (UDAY). UDAY bonds have been converted to bonds from standard restructured loans given to state distribution companies (discoms). In FY16, the value of loans converted to state government bonds under UDAY was about INR0.75 trillion. Ind-Ra estimates the value of loans converted to state government bonds at end-September 2016 at about INR1 trillion, a significant proportion of which continues to be a part of banks investment portfolio. Under UDAY, discom bonds with different maturity periods, ranging from 4-15 years, were issued. The yields at the time of the issuance were in the range of 8.10%-8.75%. At present, UDAY bonds are trading at close to 7.25%. This could result in a potential gain of 100bp-150bp.

Mid-Sized PSBs Likely to Register Larger Treasury Gains: Some mid-sized PSBs would continue to report stressed profitability figures for FY17 on account of rising credit costs due to the ageing impact of a large proportion of assets classified non-performing in FY16. Treasury gains would provide some relief to the overall profitability levels of PSBs. Some mid-sized PSBs witnessed an increase in their investment portfolios in recent quarters on account of challenges with regard to the deployment of incremental deposits. The compression of yields has proved to be a boon for them. A weak profitability forecast, along with challenging capital conditions, would result in mid-sized PSBs registering high treasury gains to protect themselves from potential capital erosion.

Daily Average LCR Reporting to Increase SLR Holdings of Banks: Ind-Ra expects an increase in the structural volatility in the liquidity coverage ratios (LCRs) of banks, given the proposed switch from monthly to daily average LCR calculations by January 2018.

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Board of Jay Energy & S Energies to appoints directors
Dec 24,2016

Jay Energy & S Energies announced that a meeting of the Board of Directors of the Company will be held on 02 January 2017, inter alia, to transact the following business;

1. To appoint Jitendrasingh H. Rathod as an additional Director of the Company.

2. To appoint Silaben Lalluram Sharma as an additional Director of the Company.

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Board of Jay Energy & S Energies to appoint directors
Dec 24,2016

Jay Energy & S Energies announced that a meeting of the Board of Directors of the Company will be held on 02 January 2017, inter alia, to transact the following business;

1. To appoint Jitendrasingh H. Rathod as an additional Director of the Company.

2. To appoint Silaben Lalluram Sharma as an additional Director of the Company.

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Board of Parle Software reviews performance and financial operations
Dec 24,2016

The Board of Directors of Parle Software at its meeting held on 23 December 2016 discussed financial operations and reviewed company performance.

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Outcome of board meeting of Jindal Stainless
Dec 24,2016

Jindal Stainless announced that the Board of Directors of the company at its meeting held on 23 December 2016 approved the following -

Issuance of equity shares to the Lenders of the Company for an aggregate amount of Rs 250 crore on preferential basis on conversion of funded interest term loan.

Issuance of preference shares to the Lenders of the Company for an aggregate amount fo Rs 650 crore (approx.) on preferential basis on conversion of funded interest term loan I & II.

Issuance of compulsorily convertible debentures to promoter group of the Companies on preferential basis -

- Jindal Stainless (Hisar) for an amount of up to Rs 250 crore
- Jindal United Steel for an amount of up to Rs 120 crore and
- Jindal Coke for an amount of up to Rs 60 crore.

- Issuance of compulsorily convertible warrants to promoter group of companies on preferential basis for an aggregate amount of Rs 75 crore.

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Defence procurement related exercise to yield results in 2017: Manohar Parrikar
Dec 24,2016

The exercise undertaken by the government in terms of defence procurement will start yielding results from next year onwards, Union Defence Minister, Mr Manohar Parrikar said at an ASSOCHAM event.

n++In defence procurement we have planted some grafts, which I expect to produce result, but even there you have to wait for 2-3 years, now two years are over, probably next year 2017 is a year where whatever exercise has been carried out will start yielding results,n++ said Mr Parrikar.

He said that most of the issues pertaining to defence procurement procedure are being gradually sorted out.

n++I am still clearing the mess of the earlier government, I do not intend to point finger, this is not for blame game, but till now there were so many errors, mistakes, casualness, things have gone in cycles and cycles,n++ said Mr Parrikar.

n++Slowly but surely these issues are getting sorted out and I am very sure that we will make it as the road ahead is very clear,n++ he added.

Highlighting that government has initiated various policy initiatives, the Union Defence Minister said, n++If we properly assess the requirement of defence forces, we can make many of the changes happen.n++

He also said that industry should come out with clear recommendations. n++We expect that while we will also change DPMs (Defence Procurement Manuals) and OFB (Ordinance Factory Board) very soon into IDDM (Indigenously Designed Developed and Manufactured) concept, slightly differently put up, but at the same time we will expect that the biggies in the private sector also spread requirement to the small and medium.n++

n++There is a definite improvement, the percentage of small and medium, legally required is 20, it was around between 9 per cent in OFBs and to about 14-15 in PSUs, today it has crossed 20 and is at an average of about 29 per cent in MSME (micro, small and medium enterprises) sector,n++ he added.

Talking about the need for Indias defence public sector undertakings (DPSUs) to remain competitive, he said that if good material can be got at a cheaper price why should advance be paid, except where development and small scale industry is involved.

n++Why should he restrict himself, he should ask for best quality at cheapest rates. I am not going to give advance if I can get good material at credit why should I pay advance to another company,n++ said Mr Parrikar.

He said that in case of high-technology item, the policy has to be different.

n++If it is developed, manufactured and supplied by small industry, the policy has to be different, we are working on it, that is why some time is being taken, but when it comes out it will be much better manuals,n++ said the Union Defence Minister.

n++Both these manuals are being worked because now lot of things have been eliminated, they are gone, so now there are very few things, but critical issues are remaining,n++ he said.

He said that there are more issues in offset like skill development, if it should be outsourced to a competent agency, and if it can be used for venture capital. n++These are questions we are answering and will be replying to them very soon but I think all these aspects are now limited to 4-5 pointed issues, give us those.n++

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Sudarshan Chemical Industries gets upgradation in Company rating
Dec 24,2016

Sudarshan Chemical Industries announced that India Ratings & Research have upgraded the Company rating to IND A+; Outlook Stable w.e.f. 23 December 2016.

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Ruchi Soya Industries gets revision in ratings for bank facilities
Dec 24,2016

Ruchi Soya Industries announced that Credit Analysis and Research has revised the rating of the company as under -

Long term bank facilities - CARE D (Revised from CARE B)
Long term/ short term bank facilities - CARE D/ CARE D (Revised from CARE B/ CARE A4)

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Demonetisation a short term challenge; Dr. Arvind Subramanian, CEA
Dec 24,2016

Asserting that the Indian economy is n++very stablen++ at macro level, the Chief Economic Advisor Dr. Arvind Subramanian today said, managing demonetisation is a short term challenge for the next few weeks and months.

Dr. Subramanian said one of the challenges for the Indian economy in the short term is to manage the demonetisation fall-out n++How do we manage demonetisation in the next few weeks and monthsn++, he said, adding however, that this would be a short term phenomenon.

Referring to some important global developments like the latest hike in the US Federal Reserve rates and firming up of crude oil prices, he said the Indian economy is well- cushioned to cope up with these events.

On the hike in US interest rates, the CEA in the Finance Ministry said n++This was anticipated and expected. My own view is that on this the Indian economy is very well cushioned to absorb the impact of this. The RBI policy also took account of this in a very sensible way. There may be some short term things. This is not something we need to worry aboutn++.

Asked about the outflows from the emerging markets, he said after the US elections there were already big fund flows from the emerging markets. n++But given that India is in bright spot, the impact on us would be much smallern++, said Dr. Subramanian.

As for the rising crude oil prices, he said there would be some ups and down. n++If it persists there would be some implications but I dont think oil prices are going to surge to a level which is difficult to handle for Indian++.

On the demand from the ASSOCHAM for lower rates in the goods and services tax (GST) Dr. Subramanian said the lower and simple taxes are always preferable but there was a strong case for inclusion of real estate and electricity into the GST value chain. He echoed the views express by ASSOCHAM president Mr. Sunil Kanoria and several others senior members of its managing committee who shared their perspective about state of Indian economy particularly after the demonetisation of high value currency notes.

Listing the global challenges to be dealt with by the Indian economy, Dr. Subramanian said while the strengthening of US dollar would be of less concern, the main headwind can be felt in the form of weakening of Chinese currency and those of other competing economies.

He said it is not only the Chinese currency but also from Vietnam, Philippines and Bangladesh which would become more competitive. This could affect Indias competiveness in the export markets. He said if the Indian economy has to grow by 8%, then exports must expand by 15%.

But key factor to watch, in the unfolding global scenario, would be whether the developed countries would be able to handle more exports especially that of services from developing countries like India.

Dr. Subramanian also pointed out several key economic reforms undertaken by Indian economy in the recent past. This included passage of GST Constitutional Amendment Bill which he described as the n++mother of all achievementsn++.

The other reforms included the passage of the bankruptcy law allowing easy exit, Adhaar bill making the direct benefit transfer schemes functional and institutionalizing of the monetary policy committee in the Reserve Bank of India (RBI).

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Gajra Bevel Gears appoints company secretary & compliance officer
Dec 24,2016

Gajra Bevel Gears has appointed CS Shruti Singh, as a Company Secretary and Key Managerial Person and further as a Compliance Officer of the Company w.e.f. 23 December 2016 through resolution passed by Circulation on 23 December 2016 by the Board of Directors.

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ONGC Board approves acquisition of GSPCs stake and operations in Block KG-OSN-2001/3
Dec 24,2016

Oil & Natural Gas Corpn and Gujarat State Petroleum Corporation have engaged in discussion on a potential transaction for purchase by ONGC of GSPCs stake and operations in NELP - III Block KG-OSN-2001/3 in Krishna Godavari (KG) Basin offshore.

The Board of Oil & Natural Gas Corpn on 23 December 2016 considered and approved the acquisition of entire 80% participating interest of GSPC along with operatorship rights, at a purchase consideration of USD 995.26 million for Deen Dayal West Field in the Block. ONGC shall also pay part consideration of USD 200 million to GSPC towards future consideration for six discoveries other than Deen Dayal West Field, which would be adjusted upon valuation of these discoveries subsequent to approval of their Field Development plans by DGH/ Management Committee of the Block.

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Sustained Recovery Challenge for Commercial Vehicle Industry
Dec 24,2016

Despite a drop in sales over the recent quarters, a spike in incremental capacity additions of medium and heavy commercial vehicles (MHCVs) since July 2016 is expected to increase the System Capacity (SC) and elevate deployment risk in the medium term, says India Ratings and Research (Ind-Ra). If an aggressive selling strategy is adopted by the financiers through attractive financing options, it may create inorganic demand resulting in overcapacity in the system and eventually leading to higher delinquencies.

Ind-Ra calculated SC multiple of 1.6x as on August 2016 is unlikely to return to its ideal level of 1.4x in the near term, despite witnessing correction over the months from 1.85x in June 2013. Ind-Ra believes that a structural shift towards higher tonnage MHCVs will continue, especially after the roll-out of GST.

Ind-Ra developed an index known as the SC multiplier to study the sensitivity of system capacity and Index of Industrial Production (IIP) on delinquencies. The SC multiplier estimates an expected movement of delinquencies based on the movement in the system capacity and IIP growth. Higher the multiple, higher would be the delinquencies. Delinquencies of less than 2% in August 2016 corresponds to the SC multiple of 1.6x. Ind-Ra believes the multiple is expected to move upwards in the medium term, resulting in an expected rise in delinquencies.

A steep reduction in MHCV sales and higher replacement demand in FY14 and FY15 has led to limited new additions, thus correcting excess capacity and improving CV capacity utilisation. This has corrected delinquencies to less than 2% in August 2016 from 4% in October 2015. However, a relatively lower replacement demand in 2HFY16 and FY17 has resulted in an increase in new additions, despite lower sales in the recent quarters. However, if the incremental capacity build-up is not supported by the corresponding growth in the industrial activity, it may result in higher delinquencies.

Ind-Ra believes the structural shift towards higher tonnage MHCVs will continue. Sales data indicates that the proportion of MHCVs over 25 tonne has increased manifold (56% in 1HFY17 from 19% in FY10). Furthermore, roll-out of GST is expected to further boost the demand for high tonnage vehicles, as large scale intrastate good transport will become cost effective and hassle-free. This, however, exposes the industry to elevated deployment risk, if industrial activity registers disappointing growth. Moreover, deployment of heavy tonnage MHCVs will also be a constraint due to high fixed cost associated with it.

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Gujarat Narmada Valley Fertilizers & Chemicals completes Safety Audit for TCI-II Plant at Dahej
Dec 24,2016

Gujarat Narmada Valley Fertilizers & Chemicals announced that Safety Audit of TDI-II Plant, Dahej by Internationally reputed Company Lloyds Registers has been completed. The TDI technology supplier Chematur A.B. Sweden, has reviewed the corrective actions / modifications suggested by Lloyds Registers and currently the same are under implementation. The plant will be restarted as early as possible after implementing all corrective actions / modifications and ensuring safety and security of the plant.

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