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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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Vedanta jumps over 10% in two sessions
Nov 23,2016

The announcement was made during market hours yesterday, 22 November 2016. Shares of Vedanta rose 4.90% to Rs 206.70 on that day. The stock has risen 10.05% in two trading sessions from its close of Rs 197.05 on 21 November 2016.

Meanwhile, the BSE Sensex was up 120.31 points, or 0.46%, to 26,081.09.

On BSE, so far 14.29 lakh shares were traded in the counter, compared with average daily volume of 11.39 lakh shares in the past one quarter. The stock hit a high of Rs 217.75 and a low of Rs 208.60 so far during the day. The stock hit a 52-week high of Rs 233.65 on 10 November 2016. The stock hit a 52-week low of Rs 58.10 on 12 February 2016. The stock had outperformed the market over the past 30 days till 22 November 2016, rising 2.17% compared with the 7.87% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 17.51% as against Sensexs 7.48% decline.

The large-cap company has equity capital of Rs 296.47 crore. Face value per share is Re 1.

Vedanta announced that it has received boards approval to raise Rs 300 crore through issue of 3,000 secured redeemable non-cumulative non-convertible debentures (NCDs) of face value of Rs 10 lakh each. The tenure of the NCDs is three years and five months from the date of allotment, while date of maturity is 22 April 2020. Crisil has assigned AA-/Stable rating to the said instrument.

In a separate announcement yesterday, 22 November 2016, the company said that the board has approved the appointment of chief financial officer Arjun Kumar GR as a whole-time director of the company and Bhumika Sood as company secretary. The appointments reflect the focus of Vedanta towards empowering its professionals and developing in-house talent, said, Tom Albanese, CEO, Vedanta.

On a consolidated basis, Vedantas net profit rose 17.14% to Rs 1252.13 crore on 4.13% decline in net sales to Rs 15665.64 crore in Q2 September 2016 over Q2 September 2015.

Vedanta is a diversified natural resources company, whose business primarily involves producing oil & gas, zinc - lead - silver, copper, iron ore, aluminium and commercial power. The company has a presence across India, South Africa, Namibia, Australia and Ireland.

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Ushdev International slumps after dismal Q2 results
Nov 23,2016

Meanwhile, the BSE Sensex was up 131.34 points, or 0.51%, to 26,092.12.

On BSE, so far 329 shares were traded in the counter, compared with average daily volume of 82 shares in the past one quarter. The stock hit a high of Rs 240 and a low of Rs 217.55 so far during the day. The stock hit a 52-week high of Rs 349 on 13 January 2016. The stock hit a 52-week low of Rs 193.25 on 26 October 2016. The stock had outperformed the market over the past 30 days till 22 November 2016, rising 9.05% compared with the 7.87% decline in the Sensex. The scrip had, however, underperformed the market in past one quarter, falling 8.93% as against Sensexs 7.48% decline.

The small-cap company has equity capital of Rs 33.85 crore. Face value per share is Rs 10.

Ushdev International reported net loss of Rs 123.68 crore in Q2 September 2016 as against net profit of Rs 71.82 crore in Q2 September 2015. Net sales declined 67.15% to Rs 806.10 crore in Q2 September 2016 over Q2 September 2015.

The board meeting of Ushdev International was held yesterday, 22 November 2016. The board discussed that few banks have declared the loan account of the company as non performing asset and rating agency India Ratings and Research has revised the rating of the company. The board discussed in length and the company is working on a suitable solution, it said. The announcement was made after market hours yesterday, 22 November 2016.

Meanwhile, the companys board also approved 10-for-1 stock split.

Ushdev Internationals core businesses are metal trading and wind power generation.

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Ministry of Urban Development finalizes Real Estate Rules for Delhi
Nov 23,2016

Ministry of Urban Development has finalized the Real Estate General Rules and Rules for Agreement for Sale for the National Capital Territory of Delhi as required under the Real Estate (Regulation & Development) Act, 2016. Minister Shri M. Venkaiah Naidu approved these Rules, which have been formulated after consultations with the Delhi Government, New Delhi Municipal Council, three Municipal Corporations of Delhi, Delhi Development Authority and other stakeholders. These Rules will be notified by the 27th of this month, the extended date in this regard.

The Real Estate Rules applicable to Delhi are the same as notified on October 31 this year by the Ministry of Housing & Urban Poverty Alleviation for the five Union Territories without Legislatures. They, however, provide clarity on some aspects like litigation details to be published on website, provision for quality audit of projects and flexibility in agreement for sale.

Regarding publication of litigation details pertaining to the promoter on website, it has been specified such details in respect of litigations disposed of by the concerned court in the past five years in respect of projects developed or being developed may be published on website. This has been considered since a promoter may not have complete information about various cases filed, at the time of providing such information to Regulatory Authorities.

Delhi Rules also provide for Regulatory Authorities to undertake third party quality audit of real estate projects registered with them, to ensure quality of construction, services etc., of the project in the interest of buyers.

With regard to the Rules for Agreement for Sale between the buyer and the promoter, flexibility has been proposed so as to include other elements or features besides the apartment, plot, garage, parking, if required. This has been provided to address special contingencies relating to the nature of projects to be taken up or the needs of buyers.

Under Section 2(g) of the Real Estate Act, Ministry of Urban Development has been mandated with the responsibility of making Rules for the National Capital Territory of Delhi.

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Bhel powers ahead after commissioning steam turbine-based power plant at Hazira
Nov 23,2016

The announcement was made during market hours today, 23 November 2016.

Meanwhile, the S&P BSE Sensex was up 94.29 points or 0.36% at 26,055.07

On BSE, so far 23.33 lakh shares were traded in the counter as against average daily volume of 10.39 lakh shares in the past one quarter. The stock hit a high of Rs 126.35 and a low of Rs 122.60 so far during the day. The stock had hit a 52-week high of Rs 179 on 23 November 2015. The stock had hit a 52-week low of Rs 90.40 on 29 February 2016.

The large-cap company has equity capital of Rs 489.52 crore. Face value per share is Rs 2.

Bharat Heavy Electricals (Bhel) said that this is the second unit of the 4x93 megawatts (MW) steam turbine-based captive power plant (CPP) being set up by the company for Reliance Industries (RIL) at Hazira. The company is also setting up a 3x93 MW steam turbine-based CPP at Dahej in Gujarat for RIL, Bhel said. The CPPs are being set up to meet the power requirements of RILs refinery projects at Hazira and Dahej, the company said. With the commissioning of the second unit at Hazira, Bhel has so far commissioned two units each at the Hazira and Dahej projects. The remaining three units are also planned for commissioning during the current financial year, it said.

Bhel reported net profit of Rs 109 crore in Q2 September 2016 compared with net loss of Rs 180.78 crore in Q2 September 2015. Net sales rose 12.1% to Rs 6550.77 crore in Q2 September 2016 over Q2 September 2015.

State-run Bharat Heavy Electricals (Bhel) is an integrated power plant equipment manufacturer. It is one of the largest engineering and manufacturing companies in India engaged in the design, engineering, manufacture, construction, testing, commissioning and servicing of a wide range of products and services for core sectors of the economy, viz. power, transmission, industry, railways, renewable energy, oil & gas, water and defence. The Government of India currently holds 63.06% stake in Bhel (as per the shareholding pattern as on 30 September 2016).

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Central Government takes various decisions for the benefit of farmers in the current Rabi Season and to promote digital payments in the economy
Nov 23,2016

Following the cancellation of legal tender character of old Rs. 500 and Rs.1000 notes, a number of measures have been announced by the Union Government, taking into consideration the requirements of various sections of society. Special measures like higher cash drawal limits for farmers and registered traders in APMC markets/Mandis, extension of time limit for payment of crop insurance premium, purchase of seeds with old high denomination bank notes of Rs. 500 from certain select Government Centres etc., have already been announced for the benefit of the farmers. Steps have been taken to ensure availability of cash in rural branches of Banks and 1.55 lakh Post Offices. Network of Banking Correspondents has also been activated with higher cash holding limits to meet the requirements of people in the rural areas.

On further review of the matter, the Government has taken certain decisions for the benefit of farmers in the current Rabi season and to promote digital payments in the economy. These are in the nature of operational measures and are as follows :

(i) NABARD has made available Rs.21,000 crores limit to the District Central Cooperative Banks (DCCBs) through State Cooperative Banks for Rabi agricultural operations. This will enable the DCCBs to sanction and disburse crop loans to the farmers through the network of Primary Agricultural Cooperative Societies (PACS). This will benefit more than 40% of the small and marginal farmers who avail institutional credit/crop loans. Further, additional limits will be provided by NABARD as per requirement.

(ii) RBI and the Banks have been advised to make the required cash available to the DCCBs. This will ensure quick and unhindered flow of credit and required cash to the farmers, especially for sowing and other agricultural operations during the current Rabi season.

(iii) As a relief to small borrowers (i.e., loans upto Rs. 1 crore), RBI has already decided to provide additional 60 days time for repayment of dues. This will be applicable to personal and crop loans including housing and agricultural loans, taken from banks, NBFCs, DCCBs, PACS or NBFC- MFIs.

(iv) There are 30 crore RuPay Debit Cards which have been issued, including those issued to Jan Dhan Account holders. There is a growth of nearly 300% in use of RuPay cards in the last 12 days. To facilitate the use of this debit card, the Banks have decided to waive transaction charges (MDR) up to 31 December 2016. National Payments Council of India (NPCI) has already waived switching charges for RuPay Cards. Together, these steps will improve the acceptance of debit cards at different establishments.

(v) To promote greater use of Debit Cards, Public Sector Banks and some of the private sector Banks have decided to waive the MDR charges till 31 December 2016. Other private sector Banks are expected to do likewise. Consequently, the transaction charges - including the charges for switching services - stand waived till 31 December 2016.

(vi) To promote greater usage of payments through e-wallets, RBI has decided to increase the monthly transaction limit for individuals from Rs.10,000 to Rs.20,000. Similar enhancements have also been announced by RBI for merchants.

(vii) For convenience of passengers, Indian Railways have decided not to levy service charges of Rs.20 for second class and Rs.40 for upper classes on purchase of reserved E-tickets upto 31st December, 2016. This would facilitate and encourage the passengers to buy E-tickets instead of across the counter purchase through cash.

Daily average number of passengers buying E-tickets online is 58% and across the counter in cash is 42% of the total purchase of tickets. The effort now is to increase the purchase of E-tickets. It is expected that the above measure will encourage people to migrate to cashless transactions.

(viii) TRAI has decided to reduce the USSD charges from the current Rs.1.50 per session to Rs.0.50 per session for transactions relating to Banking and payments. They have also increased the stages from current five to eight. The Telecom Companies have also agreed to waive the above 50 paisa USSD charge per session for the period upto 31.12.2016. Consequently, USSD charges up to 31.12.2016 will be NIL. This will provide a very cost effective method of digital financial transaction, especially to the poor people with feature phones (which are currently 65% of the total phones in the country).

(ix) A lot of time is spent by vehicles at the check posts and toll plazas. While GST will address the problem at the check posts, certain measures are necessary for ease of payment at the toll plazas on the National Highways. Ministry of Road Transport and Highways is therefore advising the automobile manufacturers to provide ETC compliant RFID in all new vehicles.

(x) All Government organizations, public sector undertakings and other Government authorities have been advised to use only digital payment methods such as internet banking, unified payment interface, cards, Aadhar enabled payment system etc. to make payments to all stakeholders and employees. At the point of disbursing the payments, it will be necessary for the authorities to provide the option of payments through cards, internet banking, unified payment interface, cards, Aadhar enabled payment system etc.

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Gujarat Mineral Development Corporation to announce Q2 results
Nov 23,2016

Gujarat Mineral Development Corporation announced that the Board of Directors of the Company will meet on 12 December 2016, to consider and approve the Unaudited financial results for the Quarter ended on 30 September 2016 (Q2).

The Company will publish the results in compliance with IND-AS.

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Gujarat Mineral Development Corporation to announce Q2 results
Nov 23,2016

Gujarat Mineral Development Corporation announced that the Board of Directors of the Company will meet on 12 December 2016, to consider and approve the Unaudited financial results for the Quarter ended on 30 September 2016 (Q2).

The Company will publish the results in compliance with IND-AS.

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Marathon Nextgen Realty forays into education space
Nov 23,2016

Marathon Nextgen Realty has entered into education space by introducing the prestigious big picture learning concepts for the first time in India. The Education Institution is named as Next School and is situated at Mulund (W), Mumbai. This is the first time that Marathon Group has ventured into other than its main forte - Realty and Construction.

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Marathon Nextgen Realty forays into education space
Nov 23,2016

Marathon Nextgen Realty has entered into education space by introducing the prestigious big picture learning concepts for the first time in India. The Education Institution is named as Next School and is situated at Mulund (W), Mumbai. This is the first time that Marathon Group has ventured into other than its main forte - Realty and Construction.

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Fitch: India Demonetisation Fallout Offset by Uncertain Benefits
Nov 23,2016

The demonetisation of large-denomination bank notes has caused short-term disruption in Indias economy. The move has the potential to raise government revenue and encourage bank lending, but Fitch Ratings believes the positive effects are unlikely to be strong and sufficiently enduring to support credit profiles.

The withdrawal of bank notes - that account for 86% of the value of currency in circulation - has created a cash crunch, and seems to be holding back economic activity. Consumers have not had the cash needed to complete purchases, and there have been reports of supply chains being disrupted and farmers unable to buy seeds and fertiliser for the sowing season. Time spent queueing in banks is also likely to have affected general productivity. The impact on GDP growth will increase the longer the disruption continues, but we will already need to revise down our forecasts to reflect what will almost certainly be a weak 4Q16.

The ultimate aim of the note withdrawal was to curb the use of black money, which is in line with the governments broader reform agenda. The informal sector is very large in India, accounting for over 20% of GDP and 80% of employment.

The move could boost government revenue to the extent that demonetisation helps to move economic activity from the informal to the formal sector, as more earnings would be declared. It is possible that this positive effect would soon outweigh the drag on revenue collection from lower short-term GDP growth. Government finances may also benefit from a proportion of high-denomination notes not being traded. This potentially significant amount would be subtracted from the Reserve Bank of Indias (RBI) liabilities, and the authorities would have the option to transfer this windfall to the government.

Indias sovereign credit profile would benefit from an improvement in government finances, which currently stand out as a major weakness. However, there are considerable uncertainties over the potential positive effects. Most importantly, demonetisation is a one-off event. People that operate in the informal sector will still be able to use the new high-denomination bills and other options (like gold) to store their wealth. There are no new incentives for people to avoid cash transactions. The informal sector could soon go back to business as usual.

There are similar uncertainties over the impact on the banking sector. Some banks have already reported large increases in deposits since demonetisation began. A surge in low-cost funding may remove a constraint on banks that prevented lending rates from keeping pace with the RBIs policy rate cuts in recent years. Reduced lending rates could encourage stronger credit growth, supporting the economy. Lower debt-servicing costs might also speed the resolution of banks asset-quality problems.

However, demonetisation could also affect the ability of borrowers in sectors that rely on cash transactions to service their loans, with negative effects on bank asset quality, which is why the RBI has temporarily allowed banks to give small borrowers more time to repay loans before classifying them as non-performing. Furthermore, the positive impact on funding conditions will depend on deposits remaining in banks beyond the next few months. There is nothing to prevent them being withdrawn again. Finally, there are other factors holding back lending, most notably the under-capitalisation of state-owned banks and weak investment demand. Fitch today reaffirmed our negative outlook on Indias banking sector - notwithstanding the effects of demonetisation - which reflects the fragile standalone position of state banks and the risks to their viability ratings in the absence of larger capital injections.

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Board of Zylog Systems appoints director
Nov 23,2016

Zylog Systems announced that the Meeting of the Board of Directors of the Company was held on 23 November 2016, to appoint Kamala R as the Women Director (additional-Independent Director) of the Company as per the provision given in SEBI (LODR) Regulations, 2015.

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Board of Zylog Systems appoints director
Nov 23,2016

Zylog Systems announced that the Meeting of the Board of Directors of the Company was held on 23 November 2016, to appoint Kamala R as the Women Director (additional-Independent Director) of the Company as per the provision given in SEBI (LODR) Regulations, 2015.

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Punjab & Sind Bank plans to raise Rs 500 crore
Nov 23,2016

Punjab & Sind Bank announced that the bank intends to raise Basel III Compliant Tier II Bonds through Private Placement aggregating up to Rs.500 core. The proposed Bonds issue has been rated as n++CARE AAn++ by CARE and BWR AAn++ with Stable Outlook- by Brickwork Ratings.

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Punjab & Sind Bank plans to raise Rs 500 crore
Nov 23,2016

Punjab & Sind Bank announced that the bank intends to raise Basel III Compliant Tier II Bonds through Private Placement aggregating up to Rs.500 core. The proposed Bonds issue has been rated as n++CARE AAn++ by CARE and BWR AAn++ with Stable Outlook- by Brickwork Ratings.

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Bharat Heavy Electricals commissions 93 MW steam turbine based CPP
Nov 23,2016

Bharat Heavy Electricals has commissioned a 93 MW steam turbine based captive power plant (CPP) at Hazira in Gujarat.

This is the second 93 MW unit of the 4x93 MW steam turbine based CPP, being set up by Bhel for Reliance Industries at Hazira. For the same customer, the Bhel is also setting up a 3x93 MW steam turbine based CPP at Dahej, Gujarat.

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