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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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Dredging Corporation of India appoints director
Mar 07,2017

Dredging Corporation of India has appointed Pravir Krishn as Part-time Official Director on the Board of the Company in place of Barun Mitra.

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Asian Granito India issues commercial paper aggregating Rs 20 crore
Mar 07,2017

Asian Granito India has issued Commercial Paper of an aggregate amount of Rs. 20 crore dated 6 March 2017 having maturity on 1 September 2017. The aggregate Commercial Paper outstanding as on date is Rs. 40.00 crore.

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Avanti Feeds reverses direction after hitting record high
Mar 07,2017

The stock had jumped 24.33% in fifteen sessions to settle at Rs 703.35 yesterday, 6 March 2017, from a close of Rs 565.70 on 10 February 2017.

Meanwhile, the BSE Sensex was down 87.80 points, or 0.3% to 28,960.39.

On the BSE, 4,444 shares were traded in the counter so far as against average daily volume of 8,484 shares in the past two weeks. The stock had hit a high of Rs 713.65 in intraday trade, which was also a record high for the stock. The stock had hit a low of Rs 691.30 so far during the day. The stock had hit a 52-week low of Rs 382.05 on 4 March 2016.

The stock had outperformed the market over the past one month till 6 March 2017, gaining 23.26% compared with 2.14% rise in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 46.32% as against Sensexs 10.06% gains.

The small-cap company has an equity capital of Rs 9.08 crore. Face value per share is Re 2.

Avanti Feeds consolidated net profit rose 12.5% to Rs 41.11 crore on 35% rise in net sales to Rs 550.03 crore in Q3 December 2016 over Q3 December 2015.

Avanti Feeds is a leading provider of high quality feed, best technical support to the farmer and caters to the quality standards of global shrimp customers.

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Large imports of items like electronics run counter to Make in India
Mar 07,2017

For success of its flagship programme to boost manufacturing within the country, the governments Make in India should first target high import intensive items like electronic goods, machinery, steel and transport equipment which together add close to USD nine billion or over 27 per cent of the countrys monthly import bill, according to an ASSOCHAM analysis.

n++There are other major import items like crude oil, gold and precious stones which cannot be produced indigenously or are used for re-exports. But a growing economy like India which is witnessing a huge expansion in usage of telecom and other items using electronics , should go about in a focused manner to drastically cut imports of the items which can be substituted by domestic production and add to the countrys manufacturing strength. This is eminently doable, provided the policy initiatives are put in place and implemented with great clarity and speed both by the Centre and the states,n++ the chamber said.

The latest figures show import of close to USD four billion for electronics, .USD 2.36 billion for electrical and non-electrical machinery, USD 1.47 billion for transport equipment and about USD one billion for iron and steel.

Thanks to expanding demand for user industries particularly telecom, automobile, smart consumer devices, the annualized imports of electronics goods grew at a whopping 24.56 per cent in January, 2017.

n++The Make in India should focus on these select items and ensure that their manufacture in India either by the domestic investor or even foreign investor should be quite rewarding. Besides, the tax structure should be such that it should make the domestic manufacture far more competitive than importsn++, said ASSOCHAM Secretary General Mr D S Rawat.

He said too large an import of products which can be manufactured within the country runs contrary to the basic grain of the Make In India initiative.

n++Besides, it is only through manufacturing that large scale employment can be generated. In an environment where fresh investment is hard to come in several key sectors of the economy, electronics is one area where the country does not have adequate capacity and highly import dependent. Thus, investment in the sector from both domestic and global firms should be welcomed and promoted. States like Karnataka have taken some initiative, but much more needs to be done in the sector which is generally pollution free and is required greatly,n++.

Similarly, investment can be made in transport equipment while some leeway should be provided to the steel manufacturers.

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Board of Coal India recommends dividend
Mar 07,2017

Coal India announced that the Board of Directors of the Company at its meeting held on 6 March 2017, inter alia, have recommended the dividend of Rs 18.75 per equity Share (i.e. 187.5%) , subject to the approval of the shareholders.

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Scan Steels to hold board meeting
Mar 07,2017

Scan Steels will hold a meeting of the Board of Directors of the Company on 14 March 2017, for the allotment of Equity Shares on conversion of warrants issued / allotted by the company on 14.10.2015 as per In-principle approval of BSE.

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Sysco Industries gets revision in credit ratings
Mar 07,2017

Sysco Industries has received revision in credit ratings from Brickwork Ratings India as under -

Fund based limits - BWR BB+; Stable outlook (Reaffirmed)
Non fund based limits - BWR A4+ (Reaffirmed)

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KDDL appoints director
Mar 07,2017

KDDL appoints Sanjiv Sachar as Additional Director of the company w.e.f. 7 March 2017.

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Zydus settles patent litigation related to Trokendi XR (topiramate) extended release capsules
Mar 07,2017

Cadila Healthcare and its subsidiary Zydus Pharmaceuticals (USA) Inc. announced that they have finalised an agreement with Supernus Pharmaceuticals Inc. to settle all outstanding patent litigation related to Trokendi XR (topiramate) extended release capsules.

Under the terms of the agreement, Supernus grants Zydus a license to market Zydus generic version of Trokendi XR extended release capsules beginning on 01 January 2023 or earlier under certain circumstances.

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Nalco drops on profit booking
Mar 07,2017

Meanwhile, the S&P BSE Sensex was down 86.28 points, or 0.3%, to 28,961.91

On BSE, so far 2.64 lakh shares were traded in the counter as against average daily volume of 5.95 lakh shares in the past one quarter. The stock hit a high of Rs 79.85 and a low of Rs 77.70 so far during the day.

The stock had hit a 52-week high of Rs 79.85 yesterday, 6 March 2017. The stock had hit a 52-week low of Rs 36.55 on 4 March 2016. The stock had outperformed the market over the past 30 days till 6 March 2017, rising 10.38% compared with 2.86% rise in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 28.26% as against Sensexs 10.06% gains.

The large-cap company has equity capital of Rs 966.46 crore. Face value per share is Rs 5.

National Aluminium Companys (Nalco) net profit declined 2.68% to Rs 143.92 crore on 13.92% growth in net sales to Rs 1963.81 crore in Q3 December 2016 over Q3 December 2015.

State-run Nalco has integrated and diversified operations in mining, metal and power. The Government of India (GoI) held 74.58% stake in the company (as per the shareholding pattern as on 31 December 2016).

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Board of Fag Bearings India appoints MD
Mar 07,2017

Fag Bearings India announced that the Board of Directors of our Company has approved appointment of Dharmesh Arora [DIN: 05350121] as a Managing Director of the Company with effect from 06 March 2017, in its meeting held on 06 March 2017.

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US stocks end in the red
Mar 07,2017

US stocks ended lower on 6 March 2017 at Wall Street. Stocks fell amid concerns over growing geopolitical tensions. The downturn for stocks comes as North Korea tested four ballistic missiles off its east coast early Monday, Seoul time.

The Dow Jones Industrial Average finished down 51.37 points, or 0.2%, at 20,954.34, its first close below 21,000 since clearing that milestone on Wednesday. The Nasdaq Composite Index finished down 21.58 points, or 0.4%, at 5,849.17, overcoming an earlier 43-point deficit. The S&P 500 index declined 7.81 points, or 0.3%, to finish at 2,375.31.

Ten of the eleven primary S&P 500 sectors ended down on the day. Financials, by far the biggest post election gainer, fell 0.6%, while materials shares finished down 0.7%. The energy sector was the only gainer, with a 0.3% rise.

Shares of Travelers and J.P. Morgan Chase & Co. led Dow decliners.

The most notable of geo political headlines was North Koreas most recent act of defiance in which Pyongyang launched four ballistic missiles into the Sea of Japan, marking the third time since August that North Korean missiles have fallen in Japans exclusive economic zone.

In a note, Germanys Commerzbank said the mood from the National Peoples Congress, which began in China on Sunday, was more muted than previous years. Beijing expects GDP growth of 6.5% this year compared with 6.7% in 2016.

Oil futures fell modestly on Monday, 06 March 2017 after a downbeat economic growth forecast for China raised concern about demand while signs of further growth in U.S. crude production contributed to worries about supply. April West Texas Intermediate crude fell 13 cents, or 0.2%, to settle at $53.20 a barrel on the New York Mercantile Exchange. The May contract for global crude benchmark Brent however, tacked on 11 cents, or 0.2%, to $56.01 a barrel.

Traditionally, higher Fed interest rates can make the U.S. dollar strengthen, weighing on prices for gold, which is primarily traded in the greenback. The ICE Dollar Index was up 0.1% on Monday after trading at a two-month high late last week.

Bullion prices ended in a mixed mode on Monday, 6 March 2016 at Comex. Gold prices settled slightly lower on Monday, pressured by expectations for a U.S. interest-rate increase as early as this month, but with uncertainty surrounding a wide swath of geopolitics helping to limit any losses for the safe-haven asset.

Gold prices had started out Mondays session trading higher but by the settlement, gold for April delivery lost $1 or less than 0.1%, to settle at $1,225.50 an ounce. Gold futures logged a more than 2% decline last week, snapping a string of four-straight weekly wins, after U.S. Federal Reserve Chairwoman Janet Yellen said an interest-rate increase was likely to be announced at the central banks next meeting March 14-15. Meanwhile, silver prices inched higher after a loss of 3.6% last week. May silver rose 3.3 cents, or 0.2%, to $17.773 an ounce.

U.S. Treasuries finished slightly lower as fixed-income markets were still digesting last weeks aggressive campaign by Fed officials to prepare markets for the possibility of a 15 March rate hike. The benchmark 10-yr yield closed Monday one basis point higher at 2.49%.

Tomorrows data will include January Trade Balance (consensus -$48.5 billion) at 8:30 ET and January Consumer Credit (consensus $17.0 billion) at 15:00 ET.

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Den Networks gains after increasing stake in subsidiary
Mar 07,2017

The announcement was made after market hours yesterday, 6 March 2017.

Meanwhile, the BSE Sensex was down 58.38 points, or 0.20%, to 28,989.81.

On the BSE, 45,205 shares were traded in the counter so far, compared with average daily volumes of 77,014 shares in the past one quarter. The stock had hit a high of Rs 84.45 and a low of Rs 82 so far during the day. The stock had hit a 52-week high of Rs 104 on 1 April 2016. The stock had hit a 52-week low of Rs 60.85 on 30 November 2016.

The stock had underperformed the market over the past one month till 6 March 2017, falling 6.45% compared with 2.14% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, gaining 30.31% as against Sensexs 10.06% gains.

The small-cap company has equity capital of Rs 194.03 crore. Face value per share is Rs 10.

Den Networks said that it has entered into an agreement with DEN Digital Cable Network (DDCN), a companys subsidiary, for increasing stake of the company in DDCN from 51% to 88.57%. The company has purchased equity stake from the existing shareholders of DDCN and acquisition was completed on 6 March 2017.

DDCN is carrying on business of distribution of cable business in the territory of Gurugram in Haryana. It will help to consolidated business of the company in Haryana and controlling the entity.

The cost of acquisition of stake is Rs 4.60 crore. DDCN had annual sales of Rs 10.29 crore as on 31 March 2016 (FY 2016).

Den Networks reported consolidated net loss of Rs 45.10 crore in Q3 December 2016 compared with consolidated net loss of Rs 87.39 crore in Q3 December 2015. Net sales rose 30.3% to Rs 286.83 crore in Q3 December 2016 over Q3 December 2015.

Den Networks is Indias leading cable TV distribution company.

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Adani Power jumps about 9% in three sessions
Mar 07,2017

Meanwhile, the S&P BSE Sensex was down 55.19 points, 0.19% to Rs 28,993.

On the BSE, 28.25 lakh shares were traded on the counter so far as against the average daily volumes of 11.96 lakh shares in the past one quarter. The stock had hit a high of Rs 41.30 so far during the day, which is also 52-week high. The stock hit a low of Rs 39.15 so far during the day. The stock had hit a 52-week low of Rs 23.35 on 9 November 2016.

The large-cap company has equity capital of Rs 3732.86 crore. Face value per share is Rs 10.

Shares of Adani Power have risen 8.97% in three trading sessions from its close of Rs 36.80 on 2 March 2017.

Adani Power reported consolidated net loss of Rs 323.61 crore in Q3 December 2016, compare with the net profit of Rs 109.49 crore in Q3 December 2015. Net sales decline 6.15% to Rs 5803.52 crore in Q3 December 2016 over Q3 December 2015.

Adani Power is the largest private thermal power producer in India with an installed capacity of 10,480 MW.

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Cabinet approves development of 50 un-served and under-served air strips
Mar 07,2017

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi has approved the proposal for revival of 50 un-served/under-served airports/airstrips of the State Governments, Airports Authority of India (AAI) and Civil enclaves in three financial years starting from 2017-18.

The total cost of the project is estimated to be Rs. 4500 crore. 15 airports/airstrips each would be revived during 2017-18 and 2018-19 each while 20 airports/airstrips would be revived during 2019-20.

As an outcome of the approval, small cities/towns shall be connected on commencement of operation of flights to under-served/un-served airports. It will further boost the economic development in these areas as well as surrounding areas in terms of job creation and related infrastructure development.

The Revival of airstrips/airports will be demand driven, depending upon firm commitment from airline operators as well as from the State Governments for providing various concessions as Airports will be developed without insisting on financial viability.

The announcement for making adequate provisions for revival of unserved and underserved airports was made by the Finance Minister in Union Budget 2016-17.

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