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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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Deep Industries scales record high after large bulk deal
Mar 30,2017

Meanwhile, the S&P BSE Sensex was up 74.59 points or 0.25% at 29,606.02

On the BSE, 22.09 lakh shares were traded on the counter so far as against the average daily volumes of 41,653 shares in the past one quarter. The stock hit a high of Rs 343.70 in intraday trade so far, which is record high for the counter. The stock hit a low of Rs 323.05 so far during the day. The stock had hit a 52-week low of Rs 135.10 on 29 March 2016.

The small-cap company has equity capital of Rs 32 crore. Face value per share is Rs 10.

Deep Industries net profit rose 32.76% to Rs 17.71 crore on 33.97% growth in net sales to Rs 70.59 crore in Q3 December 2016 over Q3 December 2015.

Deep Industries is engaged in business of oil and gas services, exploration and production.

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Bharat Finance gains after completing securitization transaction
Mar 30,2017

The announcement was made after market hours yesterday, 29 March 2017.

Meanwhile, the S&P BSE Sensex was up 86.17 points or 0.29% at 29,617.60.

On the BSE, 2.48 lakh shares were traded on the counter so far as against the average daily volumes of 5.39 lakh shares in the past one quarter. The stock had hit a high of Rs 827.30 and a low of Rs 807.25 so far during the day. It had hit a 52-week high of Rs 938.75 on 29 July 2016 and a 52-week low of Rs 465.40 on 27 December 2016.

The large-cap company has equity capital of Rs 137.98 crore. Face value per share is Rs 10.

With the completion of the latest securitization transaction, the company has completed four securitization transactions aggregating to Rs 1075.86 crore in FY17. The entire pool qualifies for Priority Sector treatment as per the Reserve Bank of Indias Priority Sector lending guidelines.

The pool has been rated AA (SO) by a leading rating agency, signifying a high degree of safety regarding timely servicing of financial obligations. Such instruments carry very low credit risk.

Bharat Financial Inclusions net profit rose 79.6% to Rs 142.82 crore on 32.4% growth in total income to Rs 454.87 crore in Q3 December 2016 over Q3 December 2015.

Bharat Financial Inclusion is among the largest microfinance companies in India with presence across 18 states covering 1 lakh villages.

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Board of Jagjanani Textiles approves change in directorate
Mar 30,2017

The Board of Directors of Jagjanani Textiles at its meeting held on 29 March 2017 has approved the following -

Cessation of the following directors - Narendra Khurana (Independent Director), Ram Niwas Swami (Independent Director) and Shakuntala Vyas (Women Director).

Appointment of the following directors - Rajesh Chinubhai Shah (Independent Director), Shakti Singh Shekhawat (Independent Director) and Kavita Jain (Woman Director).

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Moodys Assigns Baa3 to SBIs USD note drawdown
Mar 30,2017

Moodys Investors Service, (Moodys) has assigned a Baa3 rating to State Bank of Indias (SBI, Baa3 positive, ba1) proposed USD denominated senior unsecured notes, issued under its US$10 billion Medium-Term Note (MTN) program. The drawdown will be carried out from its London branch, and the bonds will be listed on the Singapore Stock Exchange.

The outlook on the ratings, where applicable, is positive.

The senior debt rating is subject to receipt of final documentation, the terms and conditions of which are not expected to change in any material way from the draft documents reviewed by Moodys.

RATINGS RATIONALE

The Baa3 foreign currency senior unsecured MTN debt rating is anchored on SBIs ba1 baseline credit assessment (BCA) and Moodys assessment of the likelihood of a very high level of support from the Indian government (Baa3 positive) in a stressed situation.

SBIs BCA of ba1 is underpinned by the banks solid franchise as Indias largest bank by assets and deposits, as well as its strong core earnings (pre-provisioning profits) profile and stable capital levels. While SBIs underlying asset quality has stabilized, the BCA also takes into consideration residual asset quality issues as a result of delayed recognition, and the associated impact of high credit costs on the banks profits as it devotes resources to rebuilding its provisioning coverage.

The banks final Baa3 rating incorporates a one-notch uplift due to Moodys assumption of the banks very high level of support from the Indian government in a stressed situation. The assumption of high support is based on a combination of its large size and critical role in Indias payment system, representing around 16.3% of system loans and 17.6% of system deposits as of end-March 2016, its nationwide reach, and the governments 60.18% stake in SBI.

What Could Change the Rating - Up

SBIs senior unsecured debt and deposit ratings could be upgraded if the India sovereign rating (Baa3, positive) is upgraded.

What Could Change the Rating - Down

SBIs BCA could face downward pressure if: (1) its NPL ratio increases substantially from current levels; and/or (2) if its core earnings fall and impacts its ability to support an increase in credit costs. Additionally, any indications that support from the Government of India has diminished, or that additional capital requirements may arise beyond the governments budgeted amount, could put the banks ratings under pressure. Any downward changes in the sovereigns ceilings could also affect the banks ratings.

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STFC slips in volatile trade after raising funds
Mar 30,2017

The announcement was made after market hours yesterday, 29 March 2017.

Meanwhile, the S&P Sensex was up 96.90 points, or 0.33% at 29,628.33.

On the BSE, 11,000 shares were traded on the counter so far as against the average daily volumes of 41,013 shares in the past one quarter. The stock was volatile. The stock had hit a high of Rs 1,084.40 and a low of Rs 1,052 so far during the day.

The stock had hit a record high of Rs 1,325 on 1 August 2016 and a 52-week low of Rs 778 on 26 December 2016. The stock had outperformed the market over the past one month till 29 March 2017, advancing 14.29% compared with the Sensexs 2.74% rise. The scrip had also outperformed the market over the past one quarter advancing 27.56% as against the Sensexs 12.01% rise.

The large-cap company has equity capital of Rs 226.88 crore. Face value per share is Rs 10.

Shriram Transport Finance Company (STFC) said that the allotment committee non-convertible debentures (NCDs) of the company has approved and allotted 11,000 Secured Redeemable Rated Listed Non-Convertible Debenture of face value of Rs 10 lakh each, aggregating to Rs 1100 crore on private placement basis.

Shriram Transport Finance Companys net profit fell 7.8% to Rs 345.96 crore on 5.8% increase in total income to Rs 2717.43 crore in Q3 December 2016 over Q3 December 2015.

Shriram Transport Finance Company is one of the leading asset financing non-banking financial companies (NBFC) in India.

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IndusInd Bank nudges higher after action from foreign funds
Mar 30,2017

Meanwhile, the S&P BSE Sensex was up 84.92 points or 0.29% at 29,616.35.

On the BSE, 5,422 shares were traded on the counter so far as against the average daily volumes of 1.49 lakh shares in the past one quarter. The stock had hit a high of Rs 1,414.95 and a low of Rs 1,399 so far during the day. It had hit a record high of Rs 1,425 on 28 March 2017 and a 52-week low of Rs 912 on 28 March 2016.

The large-cap bank has equity capital of Rs 598.15 crore. Face value per share is Rs 10.

Macquarie Bank sold 35.32 lakh shares of IndusInd Bank at Rs 1,409.50 in a bulk deal on the BSE on 29 March 2017. Tybourne Equity Master Fund bought 30.07 lakh shares. Goldman Sachs Investments Mauritius I sold 71.38 lakh shares at Rs 1,400.19 per share in a bulk deal on the NSE on 29 March 2017. Tybourne Equity Master Fund bought 42.38 lakh shares at Rs 1,400 a piece. Goldman Sachs Investments Mauritius I controlled 1.61% stake end December 2016.

Meanwhile, IndusInd Bank said it has extended its agreement with Lohia Industries by offering 3-wheeler financing in the e-rickshaw category. Lohia Auto Industries announced that IndusInd Bank would be its preferred financier for financing their electric three wheelers under the e-rickshaw category. This is in addition to the financing of diesel vehicles which the bank already provides.

Through this partnership IndusInd Bank will offer retail vehicle finance at attractive rates of interest to the customers of Lohia Auto, for all Lohia 3-wheeler electronic and diesel models. This partnership will simplify the process for customers to take up three-wheeler by providing loans which are hassle free and competitively priced. The announcement was made after market hours yesterday, 29 March 2017.

The memorandum of understanding (MoU) between IndusInd Bank and Lohia Auto Industries was signed in May 2016 for diesel vehicles and has now been extended to the electronic 3-wheeler segment. Since May 2016, IndusInd Bank has financed close to 7.10 lakh 3-wheeler vehicles as a part of this association.

IndusInd Banks net profit rose 29.2% to Rs 750.64 crore on 22.9% growth in total income to Rs 4716.13 crore in Q3 December 2016 over Q3 December 2015.

IndusInd Bank is a leading private sector bank in India.

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Aurobindo Pharma gets final approval for Abacavir Sulfate and Lamivudine Tablets
Mar 30,2017

Aurobindo Pharma announced that the Company has received final approval from the US Food & Drugs Administration to manufacture Abacavir Sulfate and Lamivudine Tablets, 600 mg/ 300 mg. Aurobindos Abacavir Sulfate and Lamivudine Tablets are the AB rated generic equivalent of VIIV Healthcare Companys Epzicom Tablets. The product is being launched immediately.

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Subros re-opens Manesar Plant
Mar 30,2017

Subros announced that its re-opened its Manesar Plant on 30 March 2017 after the fire incident which took place on 29 May 2016 severely impacting the building, plant & machinery, stocks and other assets.

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Glenmark Pharmaceuticals provides update on advances on its respiratory pipeline
Mar 30,2017

Glenmark Pharmaceuticals announced positive results for GSP 301, an investigational fixed-dose combination of mometasone furoate (25 mcg) and olopatadine hydrochloride (665 mcg) administered twice dailyas a nasal spray being studied for the treatment of seasonal allergic rhinitis. These results are from a recently completed Phase 3 trial assessing the efficacy and safety of GSP 301 combination therapy versus mometasone, olopatadine or placebo.

Data from this trial have not yet been published. Glenmark will be submitting these data for presentation at upcoming scientific meetings and publication in a peer-reviewed journal.

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Shares of Manas Properties get listed
Mar 30,2017

The equity shares of Manas Properties (Scrip Code: 540402) are listed effective 30 March 2017 and admitted to dealings on the Exchange in the list of M Group Securities.

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Shares of Maximus International get listed
Mar 30,2017

The equity shares of Maximus International (Scrip Code: 540401) are listed effective 30 March 2017 and admitted to dealings on the Exchange in the list of M Group Securities.

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Dilip Buildcon receives LoA for three road projects from NHAI
Mar 30,2017

Dilip Buildcon has received Letter of Award from the National Highways Authority of India (Ministry of Road Transport & Highways, Government of India) for three projects in a single stretch in the state of Maharashtra.

1.Four Laning of Mahagaon to Yavatmal section of NH-361 from Km 320.580 to Km 400.575 (Package-II) in the state of Maharashtra under NHDP Phase IV on Hybrid Annuity mode at a Project cost of Rs. 1160.64 crore, having the length of 80.195 Km.

2.Four Laning of Yavatmal to Wardha section of NH-361 from Km 400.575 to Km 465.500 (Package-III) in the state of Maharashtra under NHDP Phase IV on Hybrid Annuity Mode at a Project cost of Rs. 1043.28 crore having length of 64.925Km.

3.Four Laning of Wardha-Butibori Section of NH-361 from km 465.500 to km 524.690 (design length 59.190 km) under NH (O) in the State of Maharashtra on Hybrid Annuity Modeat a Project cost of Rs. 1065.51 crore.

Completion period for all projects: 30 Months

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Alkem Lab moves higher after receiving EIR for facility
Mar 30,2017

The announcement was made after market hours yesterday, 29 March 2017.

Meanwhile, the S&P BSE Sensex was up 85.40 points or 0.29% at 29,616.83.

On the BSE, 1,248 shares were traded on the counter so far as against the average daily volumes of 9,467 shares in the past one quarter. The stock had hit a high of Rs 2,195 and a low of Rs 2,165 so far during the day. It had hit a record high of Rs 2,225 on 28 March 2017 and a 52-week low of Rs 1,175 on 2 May 2016.

The large-cap company has equity capital of Rs 23.91 crore. Face value per share is Rs 2.

Alkem Laboratories said that the United States Food and Drug Administration (USFDA) has issued an Establishment Inspection Report (EIR) for the companys active pharmaceutical ingredient (API) manufacturing facility located at Ankaleshwar, which was inspected in December 2016.

The inspection has now been closed by the USFDA. In response to the Form 483 issued by the USFDA, the company had submitted a detailed corrective and preventive action (CAPA) plan to the regulator within the stipulated timelines. The USFDA has reviewed the CAPA and has found them acceptable.

Alkem Laboratories consolidated net profit rose 24.9% to Rs 233.40 crore on 15% growth in net sales to Rs 1462.23 crore in Q3 December 2016 over Q3 December 2015.

Alkem Laboratories is a pharmaceutical company with global operations, engaged in the development, manufacture and sale of pharmaceutical and nutraceutical products.

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L&T HydroCarbon Engineering bags orders worth Rs 4000 cr
Mar 30,2017

L&T HydroCarbon Engineering, a wholly owned subsidiary of Larsen & Toubro, has bagged orders totalling close to Rs 4000 crore in the International market.

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Precious metals end mostly lower
Mar 30,2017

Bullion prices ended lower at Comex on Wednesday, 29 March 2017. Gold futures fell on Wednesday for a second straight session, adding to their decline from the one-month high they hit at the start of the week as the U.S. dollar strengthened on the back of Brexit-induced weakness in the euro.

Gold for April delivery on Comex fell $1.90, or 0.2%, to settle at $1,253.70 an ounce. It settled Monday at a one-month high, then lost a dime on Tuesday. June gold which is also among the most-active contracts, ended at $1,256.80, down $2, or 0.2%.

May silver finished flat at $18.252 an ounce.

The ICE U.S. Dollar Index rose 0.3% to trade above 100. U.S. equities saw mixed trading after the Dow industrials on Tuesday snapped an eight-day losing streak.

The yellow metal fell on Wednesday as the U.K. government letter formally starting the Brexit process was delivered to the European Council, kicking off two years of negotiations.

On the data front, todays economic releases were limited to February Pending Home Sales and the weekly MBA Mortgage Applications Index. Pending Home Sales for February rose 5.5% while the consensus expected an increase of 2.4%. Todays reading follows an unrevised 2.8% drop in January. Separately, the weekly MBA Mortgage Applications Index decreased 0.8% to follow last weeks 2.7% decline.

Metals traders will continue to eye U.S. economic data for hints on the pace and timing of interest-rate hikes by the Federal Reserve. With a rate hike earlier this month, the Fed penciled in two more hikes for 2017.

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