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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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Bank stocks edge lower
Sep 12,2016

Among public sector banks, Bank of Baroda (down 4.3% at Rs 164.50), Indian Bank (down 3.64% at Rs 220.95), Union Bank of India (down 3.62% at Rs 143.90), Bank of India (down 3.28% at Rs 119.35), State Bank of India (down 3.03% at Rs 256), Punjab National Bank (down 2.76% at Rs 140.90), Canara Bank (down 2.43% at Rs 303.65) and IDBI Bank (down 1.63% at Rs 78.25) declined.

Among private sector banks, Yes Bank (down 4.63% at Rs 1,218.05), Axis Bank (down 3.64% at Rs 590.85), ICICI Bank (down 2.41% at Rs 267.55), IndusInd Bank (down 2.18% at Rs 1,187.55), HDFC Bank (down 1.2% at Rs 1,275) and Kotak Mahindra Bank (down 0.57% at Rs 813.95) edged lower.

The S&P BSE Bankex index was currently down 2.31%. It underperformed the S&P BSE Sensex which was down 425.33 points or 1.48% at 28,371.92.

The S&P BSE Bankex index had outperformed the market over the past one month till 9 September 2016, gaining 7.37% compared with Sensexs 2.54% gain. The index had also outperformed the market in past one quarter, advancing 13.4% as against Sensexs 7.6% gain.

Fitch Ratings has said in a report dated 11 September 2016 that the progressive increase in minimum capital requirements under Basel III is likely to put nearly half of Indian banks in danger of breaching capital triggers. State-run banks are the most at risk, given their poor existing capital buffers and weak prospects for raising capital through market channels, Fitch said. Fitch estimates that Indian banks will require around $90 billion in new capital by FY 2019 to meet Basel III standards, with the state banks accounting for about 80% of the total. According to Fitch, state-run banks will continue to face difficulties in raising capital from the market, which will keep their Viability Ratings under pressure and will weigh on the sector outlook.

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Shiva Medicare gets extension to hold AGM
Sep 12,2016

Shiva Medicare announced that the Company have filed application with Registrar of Companies, Andhra Pradesh and Telangana in respect of seeking extension in holding 25th Annual General Meeting in e form GNL-1 vide SRN G10906121 on 08 September 2016 and in this regard said application has been approved by Registrar of Companies, Andhra Pradesh and Telangana and got extension of 3 months on 09 September 2016.

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Reliance Capital gets shareholders approval for demerger of Reliance Commercial Finance
Sep 12,2016

The shareholders of Reliance Capital have approved the transfer of itscommercial finance division - Reliance Commercial Finance (RCF) - into a separate wholly owned subsidiary.

The transfer was approved by an overwhelming majority of 99.99 per cent votes in favour of the Scheme of Arrangement at the court-convened general shareholders meeting held on 10 September 2016.

RCF is amongst the leading SME lenders in the Indian non-banking finance space with a focus on asset backed lending and productive asset creation.

The Company has an aggregate asset under management (including securitized portfolio) portfolio of Rs 16,451 crore (US$ 2.5 billion) as of 30 June 2016.

As per the Scheme, the commercial finance division of Reliance Capital was proposed to be merged into Reliance Gilts, a wholly owned subsidiary of Reliance Capital, and this merged entity was to be renamed as Reliance Commercial Finance Limited. Reliance Gilts has now been renamed as Reliance Commercial Finance.

The transfer, which has been approved by the shareholders, will be effective from 01 April 2016 and will now be filed for requisite court and necessary regulatory approvals.

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V2 Retail launches one operational retail store
Sep 12,2016

V2 Retail has launched one operational retail store at the following address - 117 A Rash Behri Avenue Kolkata 700029.

With this, 29 stores are operational.

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Siyaram Silk Mills tumbles after weak Q1 numbers
Sep 12,2016

The result was announced on Saturday, 10 September 2016.

Meanwhile, the S&P BSE Sensex was down 423.66 points or 1.47% at 28,373.59.

On BSE, so far 1,813 shares were traded in the counter as against average daily volume of 1,820 shares in the past one quarter. The stock hit a high of Rs 1,270 and a low of Rs 1,170 so far during the day. The stock had hit a 52-week low of Rs 910 on 3 November 2015. The stock had hit a 52-week high of Rs 1,353.25 on 1 September 2016. The stock had outperformed the market over the past one month till 9 September 2016, gaining 21.35% compared with Sensexs 2.54% gain. The scrip had also outperformed the market in past one quarter, advancing 22.11% as against Sensexs 7.6% gain.

The small-cap company has equity capital of Rs 9.37 crore. Face value per share is Rs 10.

Siyaram Silk Mills manufactures and markets textiles, cotton, woollen synthetics and synthetic blends. The company is known for its polyester blended worsted fabrics.

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Balkrishna Industries gains after reporting good Q1 result
Sep 12,2016

The result was announced on Saturday, 10 September 2016.

Meanwhile, the BSE Sensex was down 393.83 points, or 1.37%, to 28,403.42.

On BSE, so far 7,367 shares were traded in the counter, compared with an average volume of 16,832 shares in the past one quarter. The stock hit a high of Rs 920 so far during the day, which is a record high for the stock. The stock hit a low of Rs 899 so far during the day. The stock hit a 52-week low of Rs 551.35 on 26 February 2016. The stock had outperformed the market over the past one month till 9 September 2016, gaining 21.73% compared with Sensexs 2.54% gain. The scrip had also outperformed the market in past one quarter, gaining 32.41% as against Sensexs 7.6% gain.

The mid-cap company has an equity capital of Rs 19.33 crore. Face value per share is Rs 2.

Balkrishna Industries has given a volume guidance of 1.6 lakh metric tonne to 1.7 lakh metric tonne for the year ending 31 March 2017 (FY 2017). Earnings before interest, tax, depreciation and amortization (EBITDA) margin rose to 28% in Q1 June 2016 compared with 12.8% in Q1 June 2015. For FY 2017, the company has adopted strategy to increase utilization of Bhuj plant gradually, to add new geographies and deepen reach in the existing geographies, increase competitive edge and to repay debt of $92 million.

Balkrishna Industries is a leading manufacturer in the off-highway tire market. It focuses on specialist segments such as agricultural, construction and industrial vehicles as well as earthmoving, port and mining, ATV and gardening applications.

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CCI has disposed off 80% anti-trust cases handled by it by now: D.K. Sikri
Sep 12,2016

The fair trade regulator, Competition Commission of India (CCI) has disposed off more than 600 of 750 anti-trust cases handled by the Commission by now i.e. about 80 per cent of the total cases, its chairman, Mr D.K. Sikri said at an ASSOCHAM event held in New Delhi today.

n++Of the information filed, now 80 per cent is not subject to any investigation as only 20 per cent cases go through the investigation stage,n++ said Mr Sikri while inaugurating an ASSOCHAM conference on Competition Law: Opportunities & challenges in India.

n++Unlike in the past when we undertook the investigation, in more than 50 per cent of the cases or informations filed with us we are now applying rigours of enquiry very-very strongly,n++ he said.

n++What is more important is that the decisions so far made by the Commission have gone on very well and that is very satisfying for us and that has produced some positive outcome,n++ added Mr Sikri.

He said that the CCI, in about past six months, had organised 40 events for promoting awareness in one way or the other amongst the people about the Competition Law, for all stakeholders and people to understand the scope of the law and the remedies it offers.

The CCI chief also said that the Competition Law is also helpful to the government when it comes to making public procurements especially. n++Cases of collusive bidding as well as cartelisation have come to the Commission from various departments of the government, state governments and public sector enterprises, they have been investigated.n++

He also said that there is greater awareness now about the competitive bidding among the enterprises as well as the government departments.

n++While evaluating the bids they have been closely looking at the fact whether the bidders are independent and they are not under the same management, mind you this was not the case earlier and this was not appreciated in the past,n++ said Mr Sikri.

n++Similarly, they are complaining if the prices quoted by the bidders are identical, this behaviour earlier was given not much consideration because the public enterprises would hold negotiation treating them all as L1 but now the same behaviour is being questioned and the government departments are genuinely looking for an L1 bidder who offers really a truly competitive price,n++ he added.

He said that this change has the potential to bring about considerable savings in the public procurement by the government as it constitutes 30 per cent of Indias GDP (gross domestic product).

n++If the government agencies become alert as they have become now and enforce competition thoroughly in the bidding process, even two per cent savings in the public procurement, including financial procurement can wipe out the entire fiscal deficit of the budget,n++ further said Mr Sikri.

He said that competition compliance must go beyond being made a formality, it should be formalised and imbibed as an article of faith by all the businesses in the country.

n++We have recently embarked upon and are preparing a competition compliance manual which is comparable to international standards and are taking the help of legal fraternity in preparing this,n++ he said.

n++We are hopeful that this will help in better understanding and promoting the culture of compliance in the country amongst businesses,n++ added the CCI chairman.

He also said that the Commission is not in favour of imposing penalties as they have to be rational and proportional. n++We do not favour it and we do not want this to be imposed, we will advocate and favour more and more compliance which is in the best interest of Indian economy.n++

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Jaypee Infratech slips after reporting reverse turnaround in Q1
Sep 12,2016

The result was announced on Saturday, 10 September 2016.

Meanwhile, the S&P BSE Sensex was down 423.29 points or 1.47% at 28,373.96.

On BSE, so far 30,906 shares were traded in the counter as against average daily volume of 6.77 lakh shares in the past one quarter. The stock hit a high of Rs 9.69 and a low of Rs 9 so far during the day. The stock had hit a record low of Rs 5.34 on 6 June 2016. The stock had hit a 52-week high of Rs 15.15 on 21 October 2015. The stock had outperformed the market over the past one month till 9 September 2016, gaining 10.79% compared with Sensexs 2.54% gain. The scrip had also outperformed the market in past one quarter, surging 60.85% as against Sensexs 7.6% gain.

The mid-cap company has equity capital of Rs 1388.93 crore. Face value per share is Rs 10.

Jaypee Infratechs total income jumped 113.64% to Rs 1099.33 crore in Q1 June 2016 over Q1 June 2015.

Jaypee Infratech (JIL) is an infrastructure development. JIL a subsidiary of the Jaypee Group.

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Aurionpro Solutions to hold AGM
Sep 12,2016

Aurionpro Solutions announced that the Annual General Meeting (AGM) of the company will be held on 29 September 2016.

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Aroma Enterprises to hold AGM
Sep 12,2016

Aroma Enterprises announced that the Annual General Meeting (AGM) of the company will be held on 30 September 2016.

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Asutosh Enterprises to hold AGM
Sep 12,2016

Asutosh Enterprises announced that the Annual General Meeting (AGM) of the company will be held on 29 September 2016.

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Vaarad Ventures to hold AGM
Sep 12,2016

Vaarad Ventures announced that the 22nd Annual General Meeting (AGM) of the company on 29 September 2016.

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Jaisukh Dealers to hold AGM
Sep 12,2016

Jaisukh Dealers announced that the 11th Annual General Meeting (AGM) of the company on 29 September 2016.

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Garnet Construction to hold AGM
Sep 12,2016

Garnet Construction announced that the Annual General Meeting (AGM) of the company will be held on 29 September 2016.

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Intellect Design Arena partners with Capital Small Finance Bank
Sep 12,2016

Intellect Design Arena announced that Capital Small Finance Bank, Indias first Small Finance Bank, has selected Intellect as its technology partner to drive its digital technology transformation program.

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