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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 Zenith Capitals appoints director
Sep 23,2016

Zenith Capitals announced that the Board of Directors of the Company at its meeting held on 23 September 2016, has accorded their consent to the following:

- To appoint Richa Choudhary as a Additional Director of the Company with immediate effect.

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Star Paper Mills gets revision in credit ratings for bank facilities
Sep 23,2016

Star Paper Mills announced that CARE ratings has reviewed the ratings and reaffirmed CARE BB+ for long term bank facilities of Rs. 19 crore & CARE A4+ for short term bank facilities of Rs. 10 crore.

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Jubilant Industries allots equity shares
Sep 23,2016

Jubilant Industries announced that the Nomination, Remuneration and Compensation Committee of Board of Directors has vide its circular resolution dated 23 September 2016 allotted 28,470 Equity Shares of Rs. 10/- each (total amount realized Rs. 29,32,224.60) to the Option Grantee(s), pursuant to the exercise of 28,470 Stock Options granted under the JIL Employees Stock Option Scheme, 2013.

Post this allotment, the Equity Share Capital of the Company stand increased to 1,19,15,070 Equity Shares of Rs. 10/- each aggregating to Rs. 11,91,50,700.

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Outcome of board meeting of Gujarat Themis Biosyn
Sep 23,2016

Gujarat Themis Biosyn announced that at the Board Meeting held on 23 September 2016 following businesses were transacted.

1. Approved appointment of Hinesh Doshi as an Alternate Director to J. H. Choi w.e.f. 23 September 2016.

2. Approved proposal to seek consent of members under Section 186 of the Companies Act, 2013 for giving loans, providing guarantees or securities and/or to make investments.

3. Approved draft Notice of Postal Ballot for seeking consent of members under Section 186 of the Companies Act, 2013.

4. Approved Appointment of M/s. H. V. Gor & Co., Company Secretaries as Scrutinizer for the purpose of conducting Postal Ballot and E-voting.

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RTCL to hold AGM
Sep 23,2016

RTCL announced that the 22nd Annual General Meeting (AGM) of the company will be held on 30 September 2016.

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Shreyas Shipping & Logistics to hold board meeting
Sep 23,2016

Shreyas Shipping & Logistics will hold a meeting of the Board of Directors of the Company on 10 November 2016, to consider and approve unaudited financial results of the Company for the quarter and half year ended on 30 September 2016.

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Board of Virat Industries approves change in chairman
Sep 23,2016

Virat Industries announced that the Resignation of Arun S. Sanghi as Chairman of the Company has been accepted and Vijay V. Merchant has been appointed as Chairman of the Company in his place, by the Board of Directors at their Meeting held on 22 September 2016.

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Rain Industries provides update on subsidiary
Sep 23,2016

Rain Industries announced that on 22 September 2016, Rain Cements, a Wholly owned Subsidiary Company has commenced operations of Waste Heat recovery based Power Plant to generate up to 7 MW of gross electrical energy from the waste heat and the flue gases evolved during the Cement manufacturing process at Boincheruvupalli Village, Peapully Mandal, Kurnool District, Andhra Pradesh.

The project was completed at a cost of Rs. 70 crore and the same was funded from internal accruals.

The process of waste heat generation is environmental friendly that will bring down the flue gas temperatures. The heat recovery from the flue gases not only saves large quantities of fossil fuels but also substantially reduces the cost of power generation.

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NHPC provides update on NHPC OFS employees offer
Sep 23,2016

NHPC announced that the scheduled opening of the NHPC Offer for Sale employees offer from 26 September 2016 has been kept on hold due to some technical reason till further communication.

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Kajaria Ceramics fixes record date for sub-division of equity shares
Sep 23,2016

Kajaria Ceramics announced that 05 October 2016 has been designated / fixed as the record date for the purpose of determining the eligibility of shareholders for the Sub-division of equity shares of the Company from Rs. 2 each fully paid up to Re. 1 each fully paid up.

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BEML wins International Gold Award
Sep 23,2016

BEML has won the International Gold Award for its Quality initiatives in the manufacture of metro cars.

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Counterparty Delays Forcing Renewable Energy Projects to Run Out of Steam
Sep 23,2016

State power utilities (major power purchasers) insensitivity to projects debt service commitments and delays in making payments - problems specific to conventional energy developers - are now plaguing renewable energy projects, says India Ratings and Research (Ind-Ra). The central governments initiative - Ujwal Discom Assurance Yojana scheme - aims to lessen the cash flow strain on distribution companies through the transfer of debt loads to states. However, until the scheme gathers further momentum and meaningfully bears any fruits to the sector, renewable energy projects are compelled to tide over the elevated risk of liquidity strain.

In the backdrop of several developers embarking on capital market transactions, counterparty delays could not only jeopardise bond potential issuances, but also erase the confidence of stakeholders. This is especially in view of the growing interest of developers to tap the capital market and investors penchants for RE bonds. Also, at this time when the masala bond and dollar bond market is fledgeling, a default on a domestic bond may prove costly and could skew risk spreads. Counterparties timely payments are inevitable to nurture the nascent non-recourse capital market debt instruments. Any event of default on the capital market instruments or invocation of a security/credit enhancement would have an adverse impact on the governments effort in deepening infra bond markets.

The debt structure of RE bonds includes a debt service reserve, equivalent to the maximum or six months of debt service obligation to guard against unforeseen events. Despite robust structural features, the continued strained liquidity has dented the projects standalone credit quality.

Maharashtra utilities are a new addition to the league of unreliable utilities, not only on the count of rising receivables but also due to their unwillingness to sign up for energy sale agreements. Although the receivable periods may vary, Tamil Nadu and Rajasthan state utilities uneven payment records weigh heavily on projects risk profile. On the contrary, newly formed Andhra Pradesh and Telangana state utilities not only pay renewable energy project developers on time but also claim the rebate delineated in the power purchase agreements.

Although the direct impact of delayed payments will be apparent on projects liquidity, the ultimate impact could be on the lenders if the situation exacerbates. Increasingly, the historical payment record appears to be unreliable and elevates the need for a working capital line higher than the historical average receivable days of projects. However, the zeroing down on the size of the working capital line has become difficult. In many cases, the credit profile of RE projects is constrained by the weak financial health of the counterparties rather than operational and supply-related risks.

Given the reasonable historical payment record of Maharashtra State Electricity Distribution Company, many sponsors failed to anticipate debtor days of over seven months and it was not the agencys base case as well. Notwithstanding projects operational strength, debt service could be impaired on prolonged payment delays by the state utility.

Although a majority of power purchase agreements mention a letter of credit as a backup for payment delays, it is rarely established by discoms. Uttar Pradesh utility in a few thermal power projects has entered into default escrow agreements wherein the revenues from a particular customer segment is escrowed to a default account, which is marked to the power generators escrow accounts. A similar structure has been proposed by Uttar Pradesh for renewable projects. While the federal government set ambitious targets in creating new capacities, projects remain hostage to rising receivables from state utilities, a continuance of which could impact investments in renewable projects and hurt the infra debt market. There is therefore a dire need to improve the liquidity of state utilities so that renewable projects do not become unviable.

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Bambino Agro Industries provides business update
Sep 23,2016

Bambino Agro Industries has received termination notice from Bambino Pasta Food Industries and Seshsayi Foods cancelling the selling agency agreement with effect from the close of business hours on 23 September 2016.

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Pooja Entertainment & Films forms strategic alliance with Pebble Pictures
Sep 23,2016

Pooja Entertainment & Films has entered into a strategic alliance with Pebble Pictures, a company founded by Priyanka Chopra to develop and create high quality Punjabi film content via co-production.

The first movie to be co-produced would be n++Sarvannn++ directed by Karan Guliani, staring Amrinder Gill, Ranjit Bawa and Simi Chehail.

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Uttam Sugar Mills provides update on capacity expansion of its Distillery (Ethanol)
Sep 23,2016

Uttam Sugar Mills has obtained Industrial Entrepreneurs Memorandum (IEM) from Ministry of Commerce and Industry for Enhancement, Department of Industrial Policy & Promotion (DIPP) for enhancement in the Distillery (Ethanol) capacity of the company to double from its existing Capacity i.e. from 22,500 Kilo Liters (KL) to 45,000 Kilo Liters (KL).

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