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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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Axis Bank keeps MCLRs unchanged
Sep 19,2016

Axis Bank has kept its MCLRs unchanged across all tenors. MCLRs with effect from 17 September 2016 are as follows -

Overnight - 8.85%
One month - 8.90%
Three month - 9.10%
Six month - 9.20%
One year - 9.25%
Two year - 9.35%
Three year - 9.40%.

The new loans will be priced at the published internal benchmark MCLRs as mentioned above with effect from 17 September 2016.

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Board of Sat Industries approves allotment of convertible warrants
Sep 19,2016

Sat Industries announced that the meeting of the Board of Directors of the Company held on 17 September 2016, the Board of Directors of the Company has approved, and allotted 4,00,00,000 Warrants convertible in to equity shares at a consideration of Rs. 13.50 per warrants in accordancc with the Chapter VII of the Securities and Exchange Board of India (Issue of Capital and Requirements) Regulation, 2009 as amended to promoter and others.

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India Finsec announces change in compliance officer
Sep 19,2016

India Finsec announced that Richa Sharma, Company Secretary, has resigned from the post of C.S of the Company w.e.f. 26 August 2016 and pursuant to Regulation 6 of SEBI (LODR) Regulations, 2015, Gopal Bansal, Managing Director, of the Company will act as the new Compliance Officer of the Company till the appointment of new Company Secretary of the Company.

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Loss in exports lead to job losses: ASSOCHAM study
Sep 19,2016

Sharp drop in merchandise exports mainly contributed to a loss of 70,000 jobs during the second quarter of 2015 reinforcing a crucial point that the employment generation has to be led by the domestic demand in the wake of subdued global demand, an ASSOCHAM -Thought Arbitrage study noted.

It said around 70,000 workers were retrenched in the second quarter of 2015. Livelihood opportunities in export units particularly shrank during this period. While slowdown in global demand compelled some of the units to retrench people from pay roll, the reduction was facilitated by the increasing contractualisation of jobs.

n++n++.there is a concern because most of the export-oriented units in the economy are dependent on contractual workers. So, massive reduction in contractual jobs in these sectors might as well imply deteriorating conditions in the export units,n++ the paper said.

Second quarter of 2015 particularly had been bad. While contractual jobs were lost, not adequate regular jobs were added to compensate that loss. Textile has been most affected - with some new addition in regular jobs but massive drop in contractual jobs. Apart from marginal addition in jobs in leather sector, as many as seven sectors saw drastic retrenchment in both regular and contractual employment.

For the first two quarters of the fiscal 2015-16, the countrys merchandise exports had dropped by over 17 per cent. The fall in exports continues even this year despite advantage of a low base. Cumulative value of exports for the period April-August 2016-17 was US$ 108519.94 million as against US$ 111853.88 million registering a negative growth of 2.98 per cent

Given the subdued global economic scenario, rejuvenating the economy by exporting or utilising external trade remains a difficult proposition, if not immediately impossible. n++Therefore, Indian economy has to look internally at the domestic economy to restart the Indian growth story. That is only possible if there is extra demand generation within the economy. Employment generation is the most important factor to generate such extra demand. More employment means extra purchasing power in the hands of the people, and subsequently more demand generated for all kinds of commodities and servicesn++, ASSOCHAM Secretary General Mr D S Rawat said.

The negative impact on employment generation was more visible on sectors like gems and jewellery, textiles and apparels etc.

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ICICI Bank gains as ICICI Prudential IPO to open for bidding
Sep 19,2016

Meanwhile, the BSE Sensex was up 27.41 points, or 0.1%, to 28,626.44

On BSE, so far 50,256 shares were traded in the counter, compared with average daily volume of 13.02 lakh shares in the past one quarter. The stock hit a high of Rs 272.60 and a low of Rs 268.10 so far during the day. The stock hit a 52-week high of Rs 292.65 on 16 October 2015. The stock hit a 52-week low of Rs 180.80 on 26 February 2016. The stock had outperformed the market over the past 30 days till 16 September 2016, rising 5.81% compared with 1.69% rise in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 12.25% as against Sensexs 7.41% rise.

The large-cap company has an equity capital of Rs 1163.66 crore. Face value per share is Rs 2.

The initial public offer (IPO) of private sector life insurance company ICICI Prudential Life Insurance Company (ICICI Prudential) opens for bidding today, 19 September 2016. The IPO closes on 21 September 2016. The price band for the IPO has been fixed at Rs 300 to Rs 334 per share. The offer comprises sale up to 18.13 crore equity shares of ICICI Prudential, representing about 12.63% of its equity share capital for cash, through an offer for sale (OFS) by ICICI Bank. The entire proceeds from the OFS will be paid to ICICI Bank.

ICICI Prudential raised Rs 1635.33 crore by selling 4.89 crore shares to 38 anchor investors ahead of the opening of the companys initial public offer (IPO). The shares were allotted to the anchor investors at Rs 334 per share, the top end of the Rs 300 to Rs 334 per share price band for the IPO. Anchor investors allotted shares of ICICI Prudential included Morgan Stanley Mauritius Company, Government of Singapore, UTI Trustee Co, SBI Trustee Co, Birla Sun Life Trustee Company among others.

ICICI Banks net profit fell 24.99% to Rs 2232.35 crore on 6.06% increase in total income to Rs 16759.51 crore in Q1 June 2016 over Q1 June 2015.

ICICI Bank is one of the leading private sector banks in India.

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Bazel International appoints director
Sep 19,2016

Bazel International announced that Vikramjit Singh, has been appointed as an Independent Director of the Company by the members of the Company in the Annual General meeting dated 10 September 2016.

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Board of Sita Shree Food Products approves change in CFO and KMP
Sep 19,2016

Sita Shree Food Products announced that the Board of Directors of the Company at its meeting held on 17 September 2016 accepted the resignation of Anoop Goyal, KMP received on 17 September 2016 from the post of Whole Time Director and Chief Financial Officer of the Company with effect from 17 September 2016. The Board appointed Dinesh Agrawal, Chairman cum Director of the Company as also the CFO (KMP) with effect from 17 September 2016.

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New Import policy for Marble and Travertine Blocks
Sep 19,2016

The Department of Commerce, Ministry of Commerce and Industry, Government of India has notified the new import policy for Marble & Travertine Blocks, and Marble and Granite Slabs, to come into effect from 1st October 2016.

Marble and Travertine Blocks: The Quantitative Restriction on the import of Marble & Travertine Blocks, and the associated administratively cumbersome and restrictive import licensing system has been brought to an end under the new policy coming into effect from 1st October 2016. The Minimum Import Price (MIP) for import of Marble Blocks has been reduced to US Dollars 200 per Metric Ton to address the distortions associated with an MIP. To address the interest of domestic producers, the Basic Customs Duty on import of Marble & Travertine Blocks will go up four times from the present 10% to 40% w.e.f. 1st October 2016.

Marble Slabs: With effect from 1st October 2016, the MIP on the import of marble slabs is being reduced to US Dollars 40 per Sq. Metre to address the distortion associated with an MIP. In order to address the interest of domestic producers the basic customs duty on import of marble slabs is being doubled from 10% to 20% w.e.f. 1st October 2016

Granite Slabs: With effect from 1st October 2016, the MIP on the import of granite slabs is being reduced to US Dollars 50 per Sq. Metre to address the distortion associated with MIP. In order to address the interest of domestic producers the basic customs duty on import of granite slabs is being doubled from 10% to 20% w.e.f. 1st October 2016.

The new policy balances the interests of domestic consumers, producers and processors, and ends the cumbersome licensing system for import of Marble & Travertine blocks.

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ICICI Bank in focus as ICICI Prudential IPO to open for bidding
Sep 19,2016

Shares of ICICI Bank will be in focus as the initial public offer (IPO) of private sector life insurance company ICICI Prudential Life Insurance Company (ICICI Prudential) opens for bidding today, 19 September 2016. The IPO closes on 21 September 2016. The price band for the IPO has been fixed at Rs 300 to Rs 334 per share. The offer comprises sale up to 18.13 crore equity shares of ICICI Prudential, representing about 12.63% of its equity share capital for cash, through an offer for sale (OFS) by ICICI Bank. The entire proceeds from the OFS will be paid to ICICI Bank.

Power Grid Corporation of India said that the companys board of directors in their meeting held on 16 September 2016 has accorded investment approval for System Strengthening in Southern Region - XXI at an estimated cost of Rs 562.25 crore, with commissioning schedule of 30 months progressively from the date of investment approval. The announcement was made after market hours on Friday, 16 September 2016.

Axis Bank announced that the bank has kept its Marginal Cost of Funds based Lending Rate (MCLR) unchanged after a latest review. The banks Marginal Cost of Funds based Lending Rate (MCLR) for overnight loans will be 8.85%, the rate for one month will be 8.9% and for three months it will be 9.1%. The MCLR on 6-month loans will be 9.2% and for one-year loans the rate will be 9.25%, the bank said. MCLR on two-year loans will be 9.35% and for three-year loans the rate will be 9.4%. The rates are with effect from 17 September 2016. The announcement was made after market hours on Friday, 16 September 2016.

Separately, Axis Bank said that the bank has signed a Share Purchase Agreement with IFCI for acquisition of 73.28 lakh equity shares (13.67% of total outstanding shares) of face value of Rs 10 per share in Assets Care and Reconstruction Enterprise (ACRE) from IFCI at Rs 31 per share, resulting in a total cash consideration of Rs 22.72 crore. The transaction is subject to requisite regulatory approvals, including from Reserve Bank of India, Axis Bank said. The announcement was made after market hours on Friday, 16 September 2016.

The Reserve Bank of India notified that the foreign shareholding by American Depository Receipts (ADR)/Global Depository Receipts (GDR)/Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs)/Non Resident Indian (NRIs)/Foreign Direct Investment (FDIs)/Persons of Indian Origin (PIOs) in South Indian Bank has reached the trigger limit. Hence further purchases of equity shares of this company would be allowed only after obtaining prior approval of the Reserve Bank of India. The announcement was made after market hours on Friday, 16 September 2016.

IDFC said the company issued Commercial Papers for an aggregate amount of Rs 700 crore on 12 September 2016 having maturity date of 29 September 2016 which has been rated as A1+ by ICRA. Instruments with these rating are considered to have a strong degree of safety regarding timely payment of financial obligations and such instruments carry lowest credit risk. The aggregate amount of Commercial Paper outstanding as on date is Rs 700 crore. The announcement was made on Saturday, 17 September 2016.

Vipul received environmental clearance from the State Environment Impact Assessment Authority, Haryana, for its project Aarohan on Golf Course road in Gurgaon. Vipul said the company had raised debt from DMI Finance (DMI) to the tune of Rs 175 crore, and the money was utilized for pre-operative expenses of Project Aarohan.

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Riga Sugar Company appoints director
Sep 17,2016

Riga Sugar Company announced that Nirmal Kumar Parasramka has been appointed as Additional Director of the Company with effect from 05 September 2016.

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Superb Papers changes main object to agro based industry
Sep 17,2016

Superb Papers has received approval from the shareholders, Registrar of Companies and other requisite authorities for change in main object of the Company from paper industry to agro based industry w.e.f. 08 September 2016.

Further, the Company has also received approval from the shareholders, Registrar of Companies and other requisite authorities for change in name of the Company from Superb Papers to Sumuka Agro Industries w.e.f. 15 September 2016.

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Ranjit Securities announces resignation of company secretary
Sep 17,2016

Ranjit Securities announced that Mohd. Akhtar Hussain, Company secretary cum compliance officer of the company has tender his resignation before the board w.e.f. 01 October 2016.

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Ludlow Jute & Specialities announces resignation of company secretary & compliance officer
Sep 17,2016

Ludlow Jute & Specialities announced that Minu Rohila has resigned as Company Secretary & Compliance Officer of the Company with effects from 17 September 2016.

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Bajaj Hindusthan Sugar appoints director
Sep 17,2016

Bajaj Hindusthan Sugar announced that Shalu Bhandari has been appointed as an additional director of the Company w.e.f. 17 September 2016 in accordance with Section 149 of the Companies Act, 2013 and Regulation 17 of the SEBI (LODR) by the Board of Directors of the Company at its meeting held on 12 September 2016.

Further, the intermittent vacancy in the office of Woman Director caused by the sad demise of Kiran Anuj stands filled w.e.f. 17 September 2016 consequent upon the aforesaid appointment.

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IL&FS Engineering & Construction Co announces resignation of director
Sep 17,2016

IL&FS Engineering and Construction Company announced that Alpa Sheth, Non-Executive Independent Director of the Company, vide e-mail dated 16 September 2016, has tendered her resignation from the Directorship of the Company with effect from 16 September 2016.

Notice of Resignation of Sheth will be placed in the next meeting of the Board of Directors of the Company for its noting.

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