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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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GMR Infrastructure to announce Q2 results
Nov 25,2016

GMR Infrastructure announced that a Meeting of the Board of Directors of the Company is scheduled to be held on 07 December 2016, inter alia, to consider and approve the Un-audited Financial Results of the Company for the quarter ended 30 September 2016 (Q2).

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Tata Steel announces change in directorate
Nov 25,2016

Tata Steel announced that the Board of Directors of the Company at the meeting held on 11 November 2016 took note of the leadership changes at Tata Sons as well as the Special Notice & Requisition received from Tata Sons (Promoter and Principal Shareholder) to convene an Extraordinary General Meeting (EGM) and place a resolution, inter alia, for the removal of Cyrus P. Mistry as a Director of the Company.

In view of the current situation i.e. the above Special Notice & Requisition received from Tata Sons , the Board of Directors through circular resolutions dated 25 November 2016 passed by majority consent, has decided to replace Cyrus P. Mistry as the Chairman of the Board with immediate effect and have elected O. P. Bhatt, an Independent Director as the Chairman of the Board.

Bhatt will serve as Chairman till the outcome of the Extraordinary General Meeting of the Company. The Board appointed the independent director as the Chairman keeping in mind principles of good corporate governance and to provide impartial leadership to the Company in its preparation and conduct of the EGM. This decision was taken to also ensure stability to the Company and in the larger interest of Tata Steels stakeholders including but not limited to employees, trading partners, financial stakeholders and local community around its operations.

O. P. Bhatt was appointed as an Independent Director of the Company on 10 June 2013. He has served as the Chairman of State Bank of India, Indias largest commercial bank. He serves as an Independent Director on several Boards including Standard Chartered Bank plc, Tata Consultancy Services and Hindustan Unilever.

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Board of La Tim Metal & Industries approves preferential issue of shares
Nov 25,2016

La Tim Metal & Industries announced that the Board of Directors of the Company at its meeting held on 25 November 2016 has approved issue and allotment of 40 lakh equity shares on preferential basis. The board also accepted resignation of Praful Vora as Director with effect from 25 November 2016.

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Waterbase announces change in CFO
Nov 25,2016

Waterbase announced that the Board of Directors of the Company at the meeting held on 25 November 2016, inter alia, considered and approved the following :

- On the recommendation made by Nomination and Remuneration Committee and Audit Committee, the Board has appointed R Sureshkumar as the Chief Financial Officer of the Company with effect from 01 December 2016 in place of S Giridhari, the current Chief Financial Officer, on his attaining superannuation.

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GPT Infraprojects secures order worth Rs 73 crore
Nov 25,2016

GPT Infraprojects has bagged an order valued at Rs 73 crore from Rail Vikas Nigam on Kharagpur and Chakradharpur division of South Eastern Railway in State of Jharkhand.

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Garnet International acquires shares of subsidiary - Sukartik Clothing
Nov 25,2016

Garnet International has acquired 30000 shares of its subsidiary Sukartik Clothing.

The shareholding of the Company has increased from 181000 shares representing 60.13% to 211000 shares representing 70.01% of the total paid up capital of Sukartik Clothing.

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Excel Castronics registers trademark Madiyars
Nov 25,2016

Excel Castronics announced that it has got registration of a trademark Madiyars. The Company will use the trademark as a brand name for trading cashew nuts and cardamom.

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Indian Hotels Co to hold EGM
Nov 25,2016

Indian Hotels Co announced that the Extra Ordinary General Meeting (EGM) of the Company will be held on 20 December 2016.

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Vedanta to consider offer fund raising through NCDs offer upto Rs 500 cr
Nov 25,2016

Vedanta announced that the Company proposes to offer Rated Secured Redeemable Non-Convertible Debentures aggregating upto Rs. 500 crore and in this regard is holding a meeting of its duly constituted Committee of the Board on 30 November 2016, The above issuance is pursuant to the approval of the Shareholders passed vide Special Resolution at the 50th and 51st Annual General Meeting of the Company held on 11 July 2015 and 29 June 2016, respectively and the Board of Directors resolution passed at its meeting held on 29 July 2015.

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Board of Sundaram Finance approves draft scheme of amalgamation
Nov 25,2016

Sundaram Finance announced that the Board of Directors, at their meeting held on 25 November 2016, have decided to merge Sundaram Infotech Solutions, the Companys wholly owned subsidiary, with the Company and approved the draft Scheme of Amalgamation. The Scheme is subject to all necessary approvals.

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Asia Pacific Market: Stocks end higher
Nov 25,2016

Asia Pacific share market finished higher on last trading session of the week, Friday, 25 November 2016, as the Thanksgiving break in the United States helped slow a relentless surge in the dollar that has sucked capital out of most emerging markets. Wall Street was closed on Thursday for the Thanksgiving holiday and trading will end early on Friday.

Strong U.S. manufacturing and consumer data this week have bolstered the case for higher interest rates. The dollar index has risen 0.5% this week, and almost 4% since Nov. 8.

Crude oil prices were mostly steady as investors looked to next weeks meeting of the Organization of the Petroleum Exporting Countries (OPEC) for clarity on proposed output caps. U.S. crude futures were flat at $47.92, set to clock a weekly increase of 5%, building on last weeks 5.3% jump. Global benchmark Brent crude slipped 0.1% to $48.93, on track for a weekly gain of 4.4%.

Gold lost 1% to touch its lowest level in 9-1/2 months in Asian trade on Friday, on track to post a third consecutive weekly decline, as the dollar extended its bull run against the yen on the back of rising bond yields. Spot gold was down 0.8% at $1,173.56 an ounce. Bullion shed over 8% so far this month and has lost over $160 an ounce since the peak after the U.S. election on Nov. 9, hurt by a strong dollar and surging Treasury yields as investors bet on higher growth and inflation under U.S. president-elect Trump.

Among Asian bourses

Australia Market hits 3-month high

Australian share market closed at highest level in three months, due to continued demand for mining and energy stocks, thanks to gains in commodity prices, including copper and iron ore. At the closing bell, the benchmark S&P/ASX 200 index rose 22.70 points, or 0.41%, to 5507.80, its highest level since August 26, while the broader All Ordinaries index was up 21.50 points, or 0.39%, to close at 5570.50.

Shares of energy companies also found support on renewed hopes of an OPEC production cut deal next week. Woodside Petroleum inclined by 1.1% to A$31.10, Origin Energy 0.8% to A$6.07, and Santos 0.2% to A$4.19.

Mining stocks closed stronger, led by BHP Billiton, up 2.3% to A$26.50, after ratings agency Moodys upgraded the mining giants outlook to stable from negative. Moodys said it expects the company to report improved margins and cash flow throughout next year. Rio Tinto gained 2.4% to A$61.76.

Shares of financial players mostly lower on profit booking. Among major banks, Westpac shed 0.3% to A$31.53, Australia & New Zealand Banking Group 0.2% to A$28.28, and Commonwealth Bank of Australia 0.3% to A$78.17, while National Australia Bank rose 0.5% to A$29.01.

Tatts Group gained 7.1% to A$4.21 after Tabcorp took control of a 10% stake in the gaming firm for about A$638 million. The move comes just over a month after the companies announced an A$11.3 billion merger.

Nikkei hits 11-months high

The Japan share market finished at an 11-month high, as risk sentiments underpinned by yen depreciation against greenback. Total 22 out of 33 TSE industry category on the main section inclined, led by Transportation Equipment, Precision Instruments, Electric Power & Gas, Nonferrous Metals, and Warehousing & Harbor Transportation Services issues, while Banks, Real Estate, Marine Transportation, and Fishery, Agriculture & Forestry issues being major decliners. The benchmark Nikkei 225 index added 0.26%, or 47.81 points, to close at 18,381.22, while the broader Topix index of all first-section issues gained 0.31%, or 4.57 points, to 1,464.53.

Shares of export-oriented firms extended rally as the yen depreciated to 113-level against greenback. A softer yen is positive to the stock market as it amplifies into exporters profitability. Honda Motor Corp surged 2% to 3345 yen. Ajinomoto Co Inc rose 2.4% to 2213 yen.

China Stocks end stronger

Mainland China stock market closed stronger, due to gains in real estate and banking shares on signs that the economy is on steadier footing were more than offset by losses in resources shares on profit booking. The blue-chip CSI300 index rose 0.93%, to 3,521.30, while the Shanghai Composite Index gained 0.62% to 3,261.94 points. The Shenzhen Composite Index, which tracks stocks on Chinas second exchange, added 0.4% to 2,129.84. For the week, the CSI300 rose 3%, while the SSEC gained 2.2%, its best week since mid-November.

Chinas yuan continued depreciation against greenback of Friday, hitting a lowest point since June 2008 as the Peoples Bank of China continues to devalue the currency. The central parity rate of the Chinese yuan weakened for the third straight trading day by falling 83 basis points to 6.9168 against the US dollar. Traders are allowed to trade up to 2% either side of the reference point for the day.

Hong Kong Stocks closed higher

The Hong Kong stock market advanced today, partly aided by steady money inflows from China as a cross-border link will be launched soon. The Thanksgiving break in the United States also helped slow a relentless surge in the U.S. dollar that has sucked capital out of most emerging markets. The market has witnessed relatively strong inflows from Chinese investors via the Shanghai-Hong Kong Stock Connect, as a sister investment link connecting Hong Kong and Shenzhen will be launched soon. Most sectors rose, with financial and consumer related stocks leading the gains. The Hang Seng Index ended up 0.51%, or 114.96 points, to 22,723.45 and the Hang Seng China Enterprises index added 1.15%, or 111.46 points, to 9,9790.23. Turnover increased to HK$56.2 billion from HK$55.8 billion on Thursday.

Chinese financial players attracted fund buying. China Life (02628) gained 3.9% to HK$22.7 after CICC and ICBAs bullish comments. Ping An (02318) added 2% to HK$42.25. Mainland lenders were also firmer. CCB (00939) put on 1% to HK$5.75. ICBC (01398) added 1.3% to HK$4.67.

Mengniu Dairy (02319) soared 4.6% to HK$16.32 becoming the top blue-chip gainer. It was reported that the companys call options turnover has risen significantly.

Sensex, Nifty hit two-week closing high

Trading for the week closed on a buoyant note as key benchmark indices surged today, 25 November 2016, led by gains in IT and pharma stocks. The barometer index, the S&P BSE Sensex, jumped 456.17 points or 1.76% to settle at 26,316.34. The Nifty surged 148.80 points or 1.87% to settle at 8,114.30. The Sensex and the Nifty, both, hit their highest closing level in two-weeks.

The Sensex closed above the psychological 26,000 mark after regaining that mark in early trade. The Nifty settled above the psychological 8,000 level after reclaiming that mark in early trade. Bargain hunting emerged after the recent heavy selling on the bourses triggered by worries that US president elect Donald Trumps likely fiscal expansionary policies could result in hike in interest rates there which could spark capital outflows from the emerging equity markets.

Wipro gained 2.96% after the company announced that it completed the acquisition of Appirio on 23 November 2016. As mentioned in the media presentation submitted as part of results for Q2 September 2016, impact of the Appirio acquisition is expected to reflect in the financials of Wipro for Q3 December 2016, the company said. The announcement was made after market hours yesterday, 24 November 2016.

Elsewhere in the Asia Pacific region: New Zealands NZX50 rose 0.2% to 6899.62. Indonesias Jakarta Composite index added 0.3% to 5122.10. Taiwans Taiex rose 0.1% to 9159.07. South Koreas KOSPI index jumped 0.2% to 1974.46. Malaysias KLCI was up 0.2% to 1627.26. Singapores Straits Times index rose 0.6% to 2859.33.

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Board of Shristi Infrastructure Development Corporation to consider private placement of NCDs
Nov 25,2016

Shristi Infrastructure Development Corporation announced that a meeting of the Committee of Directors of the Company is scheduled to be held on 30 November 2016, to consider and approve allotment of Non-Convertible Debentures on private placement basis.

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Prabhat Dairy gets credit ratings assgined
Nov 25,2016

Prabhat Dairy announced that ICRA has assigned a long term rating of ICRA A+ with Stable Outlook to Rs 147.50 crore of fund based credit facilities and a short term rating of ICRA A1 to Rs 20 crore of non fund based credit facilities of the Company.

The aforesaid ratings are valid up to 17 November 2017.

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Mercantile Ventures intimates of acquisition of shares by AMI Holdings
Nov 25,2016

Mercantile Ventures announced that AMI Holdings, one of the Companys promoters has acquired 9,777 shares of Mercantile Ventures on 25 November 2016.

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Board of GE Power India to consider September quarter and half year results
Nov 25,2016

GE Power India announced that a meeting of the Board of Directors of the Company will be held on 02 December 2016, inter alia, to consider and approve the Unaudited Financial Results of the Company for the quarter / half year ended 30 September 2016.

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