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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.
OPM %24.969.91-

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Cox & Kings bags three awards
Oct 18,2016

Cox & Kings has bagged three awards at the 23rd World Travel Award held in Vietnam. The Company secured the award for Asias Leading Luxury Tour, Indias Leading Tour Operator and Indias Leading Travel Agency.

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Torrent Power gets High Court approval for scheme of arrangement
Oct 18,2016

Torrent Power announced that the Honble High Court of Gujarat, vide its Oral order dated 14 October 2016 (placed on website of the Honble High Court of Gujarat on 17 October 2016), has sanctioned the Scheme of Arrangement in the nature of Transfer and vesting of the Solar Energy Undertaking as well as Wind Energy Undertaking of Torrent Solargen by way of slumpsale to Torrent Power.

The certified copy of the High Court order is awaited.

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DCW gets ratings assigned for bank facilities
Oct 18,2016

DCW announced that India Ratings & Research, a Fitch Group Company have affirmed Ratings as follows by their letter of 17 October 2016.

1. Affirmed Long Term Issuer Rating at IND A-.

2. The Rating Agency has also taken following rating actions on the Companys Bank facilities.

a. Term Loans : Affirmed at IND A-/Negative

b. Fund Based Limits : Affirmed at IND A-/Negative/IND A1

c. Non Fund based limits : Affirmed at IND A1

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Moodys: APAC telecommunications sector sees slowing but healthy revenue and EBITDA growth; outlook stable
Oct 18,2016

Moodys Investors Service says that slowing but still healthy revenue and EBITDA growth drive its stable outlook for the Asia Pacific telecommunications sector over the next 12-18 months.

Organic revenue growth will be broadly in line with our forecast average GDP growth for the region, but lower than the 5.2% growth recorded in 2015, owing to increasing mobile penetration rates and ongoing competition, says Annalisa Di Chiara, a Moodys Vice President and Senior Credit Officer.

Aggregate EBITDA will grow, albeit slightly, as it did in 2015, but the portfolios average EBITDA margin will contract slightly amid intensifying competition, higher costs for providing data services and investments in margin-dilutive digital businesses, adds Di Chiara.

Moodys conclusions are contained in its recently-released report Telecommunications -- Asia Pacific: Slowing but Still Healthy Revenue and EBITDA Growth Drive Stable Outlook.

Revenue growth, EBITDA generation and margins, and capex intensity are the three factors driving the outlook for the regions telecommunications industry.

Moodys expects year-on-year average revenue growth of 3%-4% over the next 12-18 months, EBITDA growth of 0%-2%, and capex as a percentage of revenue to remain in the 23%-24% range.

EBITDA margins, however, will on average contract slightly to around 39% by year-end 2017 from around 40% at year-end 2015.

Although capex will increase slightly in 2017 as operators continue to build out their 4G networks to handle larger volumes of data traffic, revenue growth will keep the capex-to-revenue ratio stable.

Average debt to EBITDA will also rise slightly in 2016 on incremental debt used for acquisitions, capex and shareholder returns, but will return to 2015 levels next year in 2017 as incremental EBITDA from acquired businesses will help offset the debt raised by these companies.

Liquidity remains a key credit strength for the sector, says Moodys, given the resilience of demand, which provides steady, recurring cash flows. The sector also has demonstrated strong access to the capital markets.

The rated portfolios cash and projected cash flow from operations can cover all their cash demands, including capex, dividends and scheduled debt maturities, over the next 12 months.

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Darshan Orna appoints director
Oct 18,2016

Darshan Orna announced that Company have appointed Prakash Soni as Additional Director of the Company w.e.f. 13 October 2016.

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Gujarat Pipavav Port slips after brokerage downgrade
Oct 18,2016

Meanwhile, the BSE Sensex was up 442.92 points, or 1.61%, to 27,972.89.

On BSE, so far 40,000 shares were traded in the counter, compared with average daily volume of 2.14 lakh shares in the past one quarter. The stock hit a high of Rs 170.80 and a low of Rs 168 so far during the day. The stock hit a 52-week high of Rs 197.35 on 9 September 2016. The stock hit a 52-week low of Rs 136.60 on 30 December 2015. The stock had underperformed the market over the past 30 days till 17 October 2016, falling 3.98% compared with 3.74% decline in the Sensex. The scrip had, however, outperformed the market in past one quarter, falling 0.09% as against Sensexs 0.93% decline.

The mid-cap company has equity capital of Rs 483.44 crore. Face value per share is Rs 10.

According to reports, the brokerage has reduced Gujarat Pipavav Ports earnings per share (EPS) estimates for the financial year ending March 2017 (FY17), the financial year ending March 2018 (FY18) and the financial year ending March 2019 (FY19) by 8%, 14% and 16, respectively.

Container traffic at major ports in Q2 September 2016 remained weak with a flat number on a year-on-year (YoY) basis. Same is the case with rail container data also which is weaker sequentially (from Q1) in YoY growth terms. This data set suggests continued weakness in trade, the brokerage reportedly said.

Gujarat Pipavav Port (GPPL)s net profit rose 60.45% to Rs 59.75 crore on 10.24% fall in net sales to Rs 154.67 crore in Q1 June 2016 over Q1 June 2015.

GPPL is managed and operated by APM Terminals, the ports and terminals company of the maritime giant, the A.P. Moller-Maersk Group. APM Terminals is one of the largest container terminal operators in the world and offers the global shipping community an integrated Global Terminal Network of 56 ports and 154 inland facilities in 63 countries.

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Board of Aarti Industries approves buyback of shares
Oct 18,2016

Aarti Industries announced that the Board of Directors of the Company on 17 October 2016, has approved the buyback of 12 lakh equity shares representing 1.44% of the total number of equity shares of the Company at a price of Rs 800 each and an aggregate amount of Rs 96 crore.

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Gujarat State Financial Corporation announces change in directorate
Oct 18,2016

Gujarat State Financial Corporation announced that P.K. Taneja, IAS, Additional Chief Secretary to Govt., Industries & Mines Department, Sachivalaya, Gandinagar, took over the charge of Managing Director of the Corporation with effect from 18 October 2016 (FN) pursuant to Order dated 17 October 2016 of Government of Gujarat in General Administration Department relieving Arvind Agarwal, IAS of the charge.

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Escorts appoints CEO for its construction business
Oct 18,2016

Escorts announced on 18 October 2016, the appointment of Ajay Mandahr as the new Chief Executive Officer of its construction equipment business.

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Moodys: Indias draft bill on resolution of financial firms is credit positive for banks
Oct 18,2016

Moodys Investors Service says that the draft bill on the resolution of financial firms in India (Baa3 positive) is a credit positive for banks in the country, because it is an important step to having a comprehensive framework in place for the resolution of financial firms.

Currently, the resolution of financial firms in India is based on minor parts of legislation enacted for other purposes, says Srikanth Vadlamani, a Moodys Vice President and Senior Credit Officer. This bill is therefore a credit positive for Indian banks in terms of enhancing overall systemic stability.

At the same time, we note that the draft bill will have to go through multiple steps before becoming law, and could therefore be subject to changes and delays, adds Vadlamani.

Moodys report says that based on the draft bill, bail-ins do not seem to be the preferred form of resolution, with significant restrictions in place for their usage. These restrictions include contractual bail-in clauses for instruments that may be bailed in and requirements that bail-ins should be used only after attempts at recovery have been made.

Consequently, Moodys expects that the Indian banking system will continue to function without an operational resolution regime, and banks should continue to be rated under a basic loss given failure framework.

Moodys also says that the bill ranks depositors above senior unsecured creditors in a liquidation scenario. In contrast, under existing laws, senior unsecured creditors rank pari passu with uninsured depositors. This change is therefore a credit negative for senior unsecured creditors.

At the same time, Moodys notes that such depositor preference is enshrined into law in other jurisdictions in the region, including Singapore (Aaa stable), Malaysia (A3 stable) and Indonesia (Baa3 stable). In those systems, senior debt ratings are on par with deposit ratings, except where they are impacted by different country ceilings. Moodys expects a similar outcome for Indian banks.

Moodys also says that under the draft bill, public sector banks will be brought under the ambit of the resolution framework. By contrast, according to existing laws, public sector bank resolution can only happen under the direction of the government. Moodys does not expect this change to have an impact on Moodys assumption of the level of systemic support for public sector banks, because the banks core public sector character would remain unchanged.

The draft bill also provides for a significant delineation of regulatory powers between the Reserve Bank of India and the proposed Resolution Corporation. This situation will be particularly apparent with respect to some key supervisory powers over banks, including criteria for classifying banks into the various risk categories.

Such a scenario would represent a change compared to the current structure, where the powers rest almost fully within Indias central bank. Consequently, there could be some execution risk, as the system transitions to the new arrangement.

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Volumes jump at TD Power Systems counter
Oct 18,2016

TD Power Systems clocked volume of 4.30 lakh shares by 13:25 IST on BSE, a 149.15-times surge over two-week average daily volume of 3,000 shares. The stock jumped 13.06% to Rs 215.95.

Fortis Healthcare notched up volume of 98.59 lakh shares, a 58.93-fold surge over two-week average daily volume of 1.67 lakh shares. The stock rose 3.39% to Rs 184.30. A bulk deal of 88.78 lakh shares was executed on the scrip at Rs 186 per share at 10:04 IST on BSE.

Valiant Organics saw volume of 6.57 lakh shares, a 57.63-fold surge over two-week average daily volume of 11,000 shares. The stock surged 19.48% to Rs 378.50.

Future Retail clocked volume of 5.06 lakh shares, a 42.18-fold surge over two-week average daily volume of 12,000 shares. The stock rose 1.08% to Rs 155.

Great Eastern Shipping Company saw volume of 1.96 lakh shares, a 26.23-fold rise over two-week average daily volume of 7,000 shares. The stock rose 1.29% to Rs 372.90.

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Fitch: Fund Liquidity Mismatch Risk at a High
Oct 18,2016

Fitch Ratings believes that the likelihood and impact of fund liquidity mismatch risk has increased to a record high in 2016. Frequent bouts of volatility accompanied by redemption spikes and rapid falls in bond prices this year have increased the focus on the effectiveness of liquidity management techniques and the suitability of daily dealing offered by 90% of UCITS bond funds.

In a special report Fitch says asset managers have taken measures to better embed liquidity risk management in their investment process. However, there have been few evolutions in redemption terms and conditions for open-ended funds. This reduces the efficiency of advanced liquidity management techniques and leaves a number of funds vulnerable to severe drawdowns resulting from outflow-driven fire sales in dislocated markets.

Fitch highlights that investment strategies are increasingly constrained by the obligation to implement them in the most liquid manner. This can lead to unintended negative consequences, including excessive portfolio bar-belling, undesired counterparty risk exposure, and over-diversification.

Liquidity is a source of risk but can also be used as a source of returns for asset managers by acting as liquidity providers in one-way markets or by revisiting buy and hold credit investment strategies outside of daily liquidity fund structures.

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Fortis Healthcare advances after large bulk deal
Oct 18,2016

Meanwhile, the S&P BSE Sensex was up 341.72 points, or 1.24%, to 27,871.69

Bulk deal boosted volume on the scrip. On BSE, so far 98.55 lakh shares were traded in the counter, compared with an average volume of 2.17 lakh shares in the past one quarter. The stock hit a high of Rs 189.70 and a low of Rs 178.70 so far during the day. The stock hit a 52-week high of Rs 199 on 16 August 2016. The stock hit a 52-week low of Rs 141.10 on 12 February 2016. The stock had outperformed the market over the past 30 days till 17 October 2016, rising 1.89% compared with 3.74% decline in the Sensex. The scrip aso outperformed the market in past one quarter, rising 2.92% as against Sensexs 0.93% decline.

The mid-cap company has an equity capital of Rs 463.31 crore. Face value per share is Rs 10.

On a consolidated basis, Fortis Healthcares net profit fell 74.07% to Rs 25.26 crore on 7.64% rise in net sales to Rs 1103.22 crore in Q1 June 2016 over Q1 June 2015.

Fortis Healthcare is a leading integrated healthcare delivery service provider in India. The healthcare verticals of the company primarily comprise hospitals, diagnostics and day care specialty facilities.

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Nihar Info Global provides business update
Oct 18,2016

Nihar Info Global announced that the Company is supplying various products like pens, bags, sweets and t- shirts, caps and various Corporate gifts under B2B e-Commerce to various corporates. In this regard the Company has received the purchase order from the below mentioned customer.

Laalsa Business Logistics

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Global IT Spending Projected to Grow 2.9 Percent in 2017
Oct 18,2016

A new type of infrastructure needs to be built that is not just going to reshape business, but also the way people live, according to Gartner, Inc. CIOs are the builders of this infrastructure, which Gartner calls the civilization infrastructure.

Gartner forecasts worldwide IT spending to total $3.4 trillion in 2016, a 0.3 percent decline from last year. In 2017, global IT spending is projected to grow 2.9 percent and reach $3.5 trillion. Analysts said this growth will be driven by the software and IT services segments. Worldwide spending on software is projected to grow 7.2 percent, and IT services 4.8 percent. Software and IT services will be key to the development of the civilization infrastructure.

Peter Sondergaard, senior vice president and global head of Research, explained today to an audience of more than 8,000 CIOs and IT leaders at the sold out Gartner Symposium/ITxpo, said that this civilization infrastructure will be the most important thing IT accomplishes in the next decade.

Civilization infrastructure will forever change the way people engage socially, digitally, and physically through connected sensors and digital intelligence, Mr. Sondergaard said.

CIOs will participate in the building of a new digital platform with intelligence at the center, Mr. Sondergaard said. That platform will enable ecosystems, connecting businesses and collapsing industries. It will change society itself, and the way people live.

This civilization infrastructure will be a new digital platform that extends beyond traditional IT infrastructure using new technologies not familiar to the typical IT department. Your new digital platform will allow you to participate in the evolving world of business, government, and consumer ecosystems because ecosystems are the next evolution for digital. Its how you compete at scale, Mr. Sondergaard said.

The new digital platform consists of five domains: traditional IT systems, customer experience, The Internet of Things (IoT), intelligence and the ecosystem foundation.

Each of these domains are interconnected and interdependent. All have a role, and all are required, Mr. Sondergaard said. Your new digital platform will allow you to participate in the evolving world of business, government, and consumer ecosystems. Because ecosystems are the next evolution for digital. Its how you compete at scale.

Further insight into the five elements of the new digital platform include:

Traditional core IT systems. This is how CIOs run and scale operations. Its building on whats already been built. Its taking high performing traditional IT systems (such as the data centers and networks) and modernizing them to be part of the digital platform.

For example, leading organizations are halfway through the transition to the cloud. It started with Sales and Marketing, and now half of sales-support capabilities are in the cloud. This migration will continue through the end of the decade into functions such as HR, procurement and financial management.

You now need to make cloud, mobile, social and data your core capabilities while investing in resilience, business continuity and disaster recover, insight and outside in a hybrid approach, Mr. Sondergaard said.

Customer experience. This is how CIOs connect and engage in new ways. The digital customer experience may be the only one that the customers have. This is how the business engages in the digital world. The pioneers are exploring how new experiences such as virtual and augmented reality will change the way customers engage.

In the world of chatbots and virtual personal assistants (VPAs), your mobile apps, and even your web presence, will be much less relevant, Mr. Sondergaard said. The new competitive differentiator is understanding the customers intent through advanced algorithms and artificial intelligence. Creating new experiences that solve problems customers didnt realize they had.

The Internet of Things (IoT). This is how the organization senses and acts in the physical world. Adding devices to the IoT domain is the easy part. Processes, workflows, and data integration are much harder. In fact, two-third of organizations have had to rework their existing IT systems to accommodate IoT.

IoT also changes how CIOs should invest in analytics because decisions must move from days to minutes to instant. CIOs should plan to shift their investments in analytics to real-time. Real-time analytics will outpace traditional analytics by a factor of three by 2020 to become 30 percent of the market.

Intelligence. This is how the systems analyze, learn and decide independently. CIOs start with traditional data management, data science and data intelligence. Algorithms determine the action. The new type of intelligence, driven by machine learning is artificial intelligence.

We are building machines that learn from experience and produce outcomes their designers did not explicitly envision. Systems that can experience and adapt to the world via the data they collect, Mr. Sondergaard said. Machine learning and artificial intelligence move at the speed of data, not at the speed of code releases. Information is the new code base.

Ecosystem Foundation. This is how the enterprise interacts as an institution in the digital world. Ecosystems go beyond the capability to decide, CIOs need to build the capability to interact with customers, partners, adjacent industries, even your competitors. The ecosystems allow for the transformation from traditional business with linear value supply chains to networked digital ecosystem businesses.

Many industry models will transform with digital ecosystems. Moving from simple relationships run by intermediaries toward distributed partnerships managed by a shared distributed ledger system like blockchain, Mr. Sondergaard said. Building a strong ecosystem will help you manage the transition. Ecosystems are the future of digital.

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