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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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Adani Transmission jumps on bargain hunting
Apr 13,2017

Meanwhile, the S&P BSE Sensex was down 49.68 points, or 0.17% to 29,593.80.

On the BSE, 6.25 lakh shares were traded in the counter so far, compared with average daily volumes of 2.61 lakh shares in the past one quarter. The stock had hit a high of Rs 81.85 and a low of Rs 74.20 so far during the day.

The stock hit a record high of Rs 96 on 10 April 2017. The stock hit a 52-week low of Rs 28.35 on 20 May 2016.

The stock had outperformed the market over the past one month till 12 April 2017, rising 21.53% compared with 0.68% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 29.48% as against Sensexs 8.79% rise.

The mid-cap company has equity capital of Rs 1099.81 crore. Face value per share is Rs 10.

Shares of Adani Transmission fell 18.72% in two trading sessions to settle at Rs 76.20 yesterday, 12 April 2017, from its close of Rs 93.75 on 10 April 2017.

Adani Transmissions consolidated net profit jumped 32.8% to Rs 99.28 crore on 38.5% rise in net sales to Rs 729.22 crore in Q3 December 2016 over Q3 December 2015.

Adani Transmission is into power transmission business and is a part of business conglomerate Adani Group.

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Cabinet approves listing of 11 CPSEs on stock exchanges
Apr 13,2017

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Narendra Modi has given its approval for listing of the following 11 CPSEs (Central Public Sector Enterprises) on stock exchanges:

1. Rail Vikas Nigam Limited (RVNL)

2. IRCON International

3. Indian Railway Finance Corporation (IRFC)

4. Indian Railway Catering and Tourism Corporation (IRCTC)

5. RITES

6. Bharat Dynamics Limited (BDL)

7. Garden Reach Shipbuilders & Engineers (GRSE)

8. Mazagon Dock Shipbuilders Limited (MDSL)

9. North Eastern Electric Power Corporation (NEEPCO)

10. MSTC

11. Mishra Dhatu Nigam (MIDHANI)

As approved, listing of CPSEs will be through public offer of shares upto 25% of Government of Indias shareholding, which may include offer of fresh shares for raising of resources from market. However, actual disinvestment in respect of each CPSE alongwith the mode of raising resources has been delegated for decision on a case to case basis to the Alternative Mechanism, headed by the Finance Minister.

The CCEA has also approved reservation of shares for the eligible employees of 11 CPSEs in accordance with the extant provisions of SEBI Regulations.

With a view to ensure wider participation by small investors in the CPSEs disinvestment program, a price discount upto 5% on the issue price has also been approved for the retail investors and eligible employees of 11 CPSEs participating in this offer.

From the economic and sectoral perspective, the decision to list 11 CPSEs on stock exchanges through public offer will have the following advantages for to the stakeholders:

i. Post-listing, value of a CPSE has the potential to be unlocked in multiples of book value of its equity with respective increase in their market capitalization. Once the book value of 11 CPSEs is discovered through the listing process, it will facilitate raising of resources by these companies at comparable cost and hence, achieve higher growth through their expansion/diversification. This will also be reflected in the performance at the sectoral level and overall economic growth.

ii. Listing of CPSEs will also promote people ownership by encouraging public participation in CPSEs. Reservation of shares not exceeding 5% of the post-issue capital for the eligible employees of 11 CPSEs, with the further decision to allocate shares to retail investors and employees of CPSEs at a price discount will ensure wider participation of small investors in the CPSEs disinvestment program.

iii. Listing of profitable CPSEs on the stock exchanges also triggers multilayered oversight mechanism, which not only enhances shareholders value but also promotes corporate governance norms in such companies. As per the listing requirements of SEBI/ Company Law/Stock Exchanges, CPSEs are required to comply with a number of mandatory disclosure requirements.

iv. With general public becoming the shareholder in the company through the listing route, the management is open to public scrutiny and thus become more accountable to its shareholders, as per the extant disclosure norms and compliance for listed CPSEs.

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Arshiya marches ahead after entering into partnership
Apr 13,2017

The announcement was made after market hours yesterday, 12 April 2017.

Meanwhile, the BSE Sensex was down 48.15 points, or 0.16%, to 29,595.33

On BSE, so far 68,000 shares were traded in the counter, compared with an average volume of 1.16 lakh shares in the past one quarter. The stock hit a high of Rs 81 in intraday trade so far, which is 52-week high for the counter. The stock hit a low of Rs 78.40 so far during the day. The stock hit a 52-week low of Rs 16 on 13 June 2016.

The small-cap company has an equity capital of Rs 31.24 crore. Face value per share is Rs 2.

Arshiya entered into a binding term sheet with Ascendas Property Fund Trustee Pte (APFT), whereby APFT, in its capacity as Trustee-Manager of Ascendas India Trust, has agreed, subject to satisfactory duediligence, agreement on definitive documentation and obtaining necessary board approvals, to acquire 6 warehouses (totaling 8,32,000 sq.ft.) of Arshiya at its FreeTrade & Warehousing Zone (FTWZ) located at Panvel, near Mumbai.

The intended objective of Arshiya is to achieve an asset light model going forward, while Ascendas will potentially be getting a portfolio of income yielding Free Trade warehouses. The term sheet also envisages the financing of the future development on the available surplus land which has development potential of approx. 4 million sq.ft. within the existing notified area.

The indicative gross consideration envisaged is Rs 534 crore, to be paid in two tranches; Rs 434 crore upon signing of a definitive agreement and the balance Rs 100 crores to be paid over 4 years on achieving certain milestones. The majority of the monetization proceeds will be used by Arshiya for clearing a part of its dues to creditors and repayment of other liabilities post debt restructuring. All the six warehouses will be leased back under a master lease arrangement with Arshiya Group.

Arshiya has two revenue streams from its clients, one being from rent and the other from value added services in the ratio of approximately 1:1. Arshiya rental income would be significantly higher than the rental payout under the sale and lease back transaction and leave a surplus that would be retained by Arshiya. In addition, Arshiya would also benefit from the entire income from value added services.

On consolidated basis, Arshiya reported a net loss of Rs 95.01 crore in Q3 December 2016, higher than net loss of Rs 92.62 crore in Q3 December 2015. Net sales fell 6.35% to Rs 64.35 crore in Q3 December 2016 over Q3 December 2015.

Arshiya operates two Free Trade & Warehousing Zone (FTWZ) in Panvel, near Mumbai (160 acres) and at Khurja, near Delhi (325 acres), where it also operates Indias largest Logistic park with unique integrated solution providing capability consisting - FTWZ, ICD, Rail & Rail Terminal and Domestic Warehousing.

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Brahmaputra Infrastructure announces resignation of director
Apr 13,2017

Brahmaputra Infrastructure announced the resignation of Rajesh Singh from Whole Time Directorship along with the Chairmanship and membership of all the Committees of the Company with effect from 10 April 2017.

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Infosys declines after Q4 results; FY18 guidance disappoints
Apr 13,2017

Meanwhile, the S&P BSE Sensex was down 36 points, or 0.12% to 29,607.48.

On the BSE, 5 lakh shares were traded in the counter so far, compared with average daily volumes of 2.56 lakh shares in the past one quarter. The stock had hit a high of Rs 990.95 and a low of Rs 941.40 so far during the day.

The stock hit a 52-week high of Rs 1,278 on 3 June 2016. The stock hit a 52-week low of Rs 900.30 on 9 November 2016.

The stock had underperformed the market over the past one month till 12 April 2017, falling 6.40% compared with 0.68% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 3.12% as against Sensexs 8.79% rise.

The large-cap company has equity capital of Rs 1148.47 crore. Face value per share is Rs 5.

Infosys consolidated net profit fell 2.8% to Rs 3603 crore on 0.9% decline in revenues to Rs 17120 crore in Q4 March 2017 over Q3 December 2016. Consolidated operating profit fell 2.8% to Rs 4212 crore in Q4 March 2017 over Q3 December 2016.

Consolidated net profit rose 6.4% to Rs 14353 crore on 9.7% rise in revenues to Rs 68484 crore in the year ended March 2017 over the year ended March 2016. Operating profit rose 8.2% to Rs 16901 crore in the year ended March 2017 over the year ended March 2016. The result is as per International Financial Reporting Standards (IFRS).

The board of the company has identified that to pay up to Rs 13000 crore, or $2 billion, to shareholders via dividend or share buyback in Financial Year ending March 2018 (FY18). The board announced a final dividend of Rs 14.75 per share for the financial year ended 31 March 2017.

The company said its consolidated revenue is expected to grow 6.5%-8.5% in constant currency terms in the fiscal year ending 31 March 2018, under IFRS.

The company said its revenue is expected to grow 2.5%-4.5% in Rupee terms in the fiscal year ending 31 March 2018, under IFRS, based on the exchange rates as of 31 March 2017.

The company said its revenue is expected to grow 6.1%-8.1% in Dollar terms in the fiscal year ending 31 March 2018, under IFRS, based on the exchange rates as of 31 March 2017.

Liquid assets including cash & cash equivalents and investments at Rs 38773 crore as on 31 March 2017.

Infosys CEO, Dr. Vishal Sikka, said that unanticipated execution challenges and distractions in a seasonally soft quarter affected the companys overall performance. At the same time, Infosys continued to see many positive signs of its strategy execution; its software-led offerings continued to show strong momentum and client success, with continued adoption of Mana, our AI platform; Zero Distance marked its 2-year anniversary as a grassroots cultural movement for innovation with IFRS - INR strong client resonance, and the companys employee engagement continued to drive down attrition, especially with top performers.

Attrition declined during the quarter reflecting the companys focus on better employee engagement. Utilization during Q4 reached 82% which is the highest in Q4 over the past several years, said U. B. Pravin Rao, COO.

In FY2017, operating margins were steady as the company continued its sharp focus on operational efficiencies. Cash provided by operating activities during the year was robust and exceeded $2 billion, a new high, said M. D. Ranganath, CFO. The companys capital allocation policy is aimed at balancing the strategic and operational needs of the company as well as enhancing shareholder returns.

Infosys is a global leader in technology services and consulting.

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Lloyds Metals & Energy reports standalone net profit of Rs 5.14 crore in the March 2017 quarter
Apr 13,2017

Net profit of Lloyds Metals & Energy reported to Rs 5.14 crore in the quarter ended March 2017 as against net loss of Rs 2.63 crore during the previous quarter ended March 2016. Sales rose 17.45% to Rs 96.10 crore in the quarter ended March 2017 as against Rs 81.82 crore during the previous quarter ended March 2016.

For the full year,net profit rose 736.11% to Rs 6.02 crore in the year ended March 2017 as against Rs 0.72 crore during the previous year ended March 2016. Sales rose 10.19% to Rs 383.84 crore in the year ended March 2017 as against Rs 348.34 crore during the previous year ended March 2016.

ParticularsQuarter EndedYear Endedn++Mar. 2017Mar. 2016% Var.Mar. 2017Mar. 2016% Var. Sales96.1081.82 17 383.84348.34 10 OPM %13.2311.07 -3.973.79 - PBDT8.966.05 48 18.9917.60 8 PBT5.143.60 43 6.026.95 -13 NP5.14-2.63 LP 6.020.72 736

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Infosys consolidated net profit rises 0.17% in the March 2017 quarter
Apr 13,2017

Net profit of Infosys rose 0.17% to Rs 3603.00 crore in the quarter ended March 2017 as against Rs 3597.00 crore during the previous quarter ended March 2016. Sales rose 3.44% to Rs 17120.00 crore in the quarter ended March 2017 as against Rs 16550.00 crore during the previous quarter ended March 2016.

For the full year,net profit rose 6.41% to Rs 14353.00 crore in the year ended March 2017 as against Rs 13489.00 crore during the previous year ended March 2016. Sales rose 9.68% to Rs 68484.00 crore in the year ended March 2017 as against Rs 62441.00 crore during the previous year ended March 2016.

ParticularsQuarter EndedYear Endedn++Mar. 2017Mar. 2016% Var.Mar. 2017Mar. 2016% Var. Sales17120.0016550.00 3 68484.0062441.00 10 OPM %27.0628.02 -27.1227.35 - PBDT5379.005410.00 -1 21654.0020199.00 7 PBT4933.004991.00 -1 19951.0018740.00 6 NP3603.003597.00 0 14353.0013489.00 6

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Infosys standalone net profit rises 5.04% in the March 2017 quarter
Apr 13,2017

Net profit of Infosys rose 5.04% to Rs 3562.00 crore in the quarter ended March 2017 as against Rs 3391.00 crore during the previous quarter ended March 2016. Sales rose 5.38% to Rs 14920.00 crore in the quarter ended March 2017 as against Rs 14158.00 crore during the previous quarter ended March 2016.

For the full year,net profit rose 8.86% to Rs 13818.00 crore in the year ended March 2017 as against Rs 12693.00 crore during the previous year ended March 2016. Sales rose 9.83% to Rs 59289.00 crore in the year ended March 2017 as against Rs 53983.00 crore during the previous year ended March 2016.

ParticularsQuarter EndedYear Endedn++Mar. 2017Mar. 2016% Var.Mar. 2017Mar. 2016% Var. Sales14920.0014158.00 5 59289.0053983.00 10 OPM %29.4030.00 -29.0229.10 - PBDT5119.005020.00 2 20269.0018715.00 8 PBT4783.004705.00 2 18938.0017600.00 8 NP3562.003391.00 5 13818.0012693.00 9

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Richa Industries receives order worth Rs 35 crore
Apr 13,2017

Richa Industries has received an order worth Rs 35 crore from Delhi Metro Rail Corporation for construction of six elevated metro stations on Mukundpur-Shiv Vihar corridor and depot cum workshop of Jahangirpuri - Badli corridor phase III of Delhi MRTS.

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Infosys slips after weak Q4 outcome
Apr 13,2017

The result was announced before market hours today, 13 April 2017. The result is as per International Financial Reporting Standards (IFRS).

Meanwhile, the S&P BSE Sensex was down 62.22 points, or 0.21% to 29,581.26.

On the BSE, 3.99 lakh shares were traded in the counter so far, compared with average daily volumes of 1.99 lakh shares in the past two weeks. The stock had hit a high of Rs 990.95 and a low of Rs 941.40 so far during the day.

The stock hit a 52-week high of Rs 1,278 on 3 June 2016. The stock hit a 52-week low of Rs 900.30 on 9 November 2016.

Infosys consolidated operating profit fell 2.8% to Rs 4212 crore in Q4 March 2017 over Q3 December 2016.

Infosys consolidated net profit rose 6.4% to Rs 14353 crore on 9.7% rise in revenues to Rs 68484 crore in the year ended March 2017 over the year ended March 2016. Operating profit rose 8.2% to Rs 16901 crore in the year ended March 2017 over the year ended March 2016.

Infosys is one of the leading information technology outsourcing services providers. The company provides business consulting, information technology and outsourcing services.

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JSW Steel in spotlight after raising $500 million through unsecured notes
Apr 13,2017

JSW Steel said it has raised $500 million by allotment of fixed rate senior unsecured notes in accordance with Regulation S of the US Securities Act, 1933 and applicable Indian regulations. The notes will be listed on Singapore Exchange Securities Trading. The announcement was made after market hours yesterday, 12 April 2017.

IT major Infosys will announce Q4 March 2017 result today, 13 April 2017.

Cipla announced that its wholly-owned subsidiary, Cipla Medpro South Africa, completed acquisition of Anmaratn++ on 12 April 2017. The announcement was made after market hours yesterday, 12 April 2017.

Cera Sanitaryware said it has received CRISIL A1+ rating for the companys Rs 30 crore short term debt (including commercial paper). The announcement was made after market hours yesterday, 12 April 2017.

Karnataka Bank appointed Mahabaleshwara M S, presently the Chief General Manager of Karnataka Bank as Managing Director and Chief Executive Officer (MD & CEO) of the bank for a period of three years from the date of assuming charge, as per the approval received from Reserve Bank of India. He is succeeding P Jayarama Bhat, who has since assumed charge as part-time, non-executive Chairman of the bank. The Chairmans post was vacant since 26 October 2016 on retirement of Ananthakrishna. The announcement was made after market hours yesterday, 12 April 2017.

Heritage Foods announced that it has completed acquisition of dairy business of Reliance Retail. The company said it received approval from Competition Commission of India and completed the process of acquisition of dairy business of Reliance Retail. Post the transaction closure, Reliance Retail will continue to trade in dairy products including Heritage dairy products through its retail & wholesale channels. The announcement was made after market hours yesterday, 12 April 2017.

Arshiya said it entered into a binding term sheet with Ascendas Property Fund Trustee (APFT), whereby APFT, in its capacity as Trustee-Manager of Ascendas India Trust, has agreed to acquire 6 warehouses (totaling 8,32,000 square feet) of Arshiya at its Free Trade & Warehousing Zone (FTWZ) located at Panvel, near Mumbai. The indicative gross consideration envisaged is Rs 534 crore, to be paid in two tranches; Rs 434 crore upon signing of a definitive agreement and the balance Rs 100 crore to be paid over 4 years on achieving certain milestones. The announcement was made after market hours yesterday, 12 April 2017.

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Cabinet approves 9.4% hike in raw jute MSP for 2017-18 season
Apr 12,2017

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Narendra Modi has given its approval for the increase in the Minimum Support Price (MSP) for raw Jute for 2017-18 season in order to protect the economic interests of the farmers.

The CCEA has increased the MSP to a level of Rs 3500 per quintal for 2017-18 season which indicates an increase of Rs 300 (9.4%) over the previous year. During last three years (2015-16, 2016-17 & 2017-18), Government has increased the MSP for jute from Rs 2700/- to Rs 3500/- (29.6%) as compared to increase from Rs 2200/- to Rs 2400/- (9.1%) in the preceding three years (2012-13, 2013-14 & 2014-15).

Jute is mainly used as raw material for Packaging Industry. The increase in MSP would benefit the Jute industry which supports the livelihood of around 40 lakh farm families and provides direct employment to 3.7 lakh workers in organised mills and in diversified units including tertiary sector and allied activities. These farm families are mainly concentrated in the States of West Bengal, Bihar and Assam which account for over 95% of the area as well as jute production in the country.

New varieties of jute viz., JRO-204, JBO-2003, JRS-517, JRC-532 and JRO-2407 are being promoted by providing support for seeds production under National Food Security Mission (NFSM)-Commercial Crops. National Seeds Corporation Limited has entered into agreement for promotion of new varieties of jute seeds in the jute growing states.

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Cabinet approves implementation of Supreme Courts Judgment regarding Target Plus Scheme (TPS)
Apr 12,2017

The Union Cabinet chaired by the Prime Minister Narendra Modi has approved the implementation of Supreme Courts Judgment dated 27 October 2015 regarding Target Plus Scheme (TPS) 2004-09 in Civil Application No. 554 of 2006.

The revenue implication under the TPS arising from the Honble Supreme Courts Judgment is about Rs 2700 crore.

Benefit is being extended to all the applicant exporters eligible as per provisions of the initially notified TPS Scheme under FTP for the year 2005-06, and as per provisions of Foreign Trade Policy 2004-09 throughout the country.

The Target Plus Scheme (TPS) 2005-06 was already implemented partially. However, the claims which were denied as a result of retrospective Notification will be now settled as per direction of the Supreme Court in the CA No. 554 of 2006. The scheme has been discontinued w.e.f. 01.04.2006.

The claims will be considered as per original notifications till the date of the Notification No. 48 dated 20.02.2006 and Notification No. 8 dated 12.8.2006. The guidelines and modalities for processing the claims will be worked out by the DGFT HQs in consultation with Department of Revenue and is proposed to be completed in one year from the date of approval of the Cabinet.

The corrective measure will bring an end to multiple litigations with the Government and the claims under the TPS will be issued as per original provisions under Foreign Trade Policy in compliance with the decision of the Honble Supreme Court.

In the Civil Appeal No. 554/2006 titled DGFT v/s Kanak Exports & Ors., the Honble Supreme Court, in its Judgment dated 27.10.2015 gave verdict on the Target Plus Scheme for Export Promotion. It held that the Notification No. 48/2005 dated February 20, 2006 (certain products were made ineligible) and Notification No. 8/2006 dated June 12, 2006 (rates were reduced to 5% from the earlier 5, 10 and 15%) related to the Target Plus Scheme (TPS) could not be applied retrospectively and they would be effective only from the date of their issue.

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Cabinet approves setting up of Indian Institute of Petroleum and Energy (IIPE) at Visakhapatnam
Apr 12,2017

The Union Cabinet chaired by the Prime Minister Narendra Modi has given its approval for setting up of Indian Institute of Petroleum and Energy (IIPE) at Visakhapatnam in Andhra Pradesh as an Institute of National Importance through an Act of Parliament. The Institute will have the governance structure as well as legal mandate to grant degrees in a manner similar to that enjoyed by IITs. A separate Act will also impart the required status to the Institute to become a Centre of Excellence in petroleum and energy studies.

The Cabinet has also approved Rs 655.46 crore as capital expenditure to set up IIPE and contribution of Rs 200 crore towards its Endowment Fund (in addition to a contribution of Rs 200 crore from Oil Companies towards the Endowment Fund).

As committed under the 13 Schedule of Andhra Pradesh Reorganization Act, 2014, it has been decided to set up this Institute. The objective is to meet the quantitative and qualitative gap in the supply of skilled manpower for the petroleum sector and to promote research activities needed for the growth of the sector. The academic and research activities of IIPE will derive strength from the Institutes proximity to sector-related activities such as KG-Basin, Visakhapatnam refinery and the planned Petrochemical complex at Kakinada.

Andhra Pradesh Government has allocated 200 acres of land, free of cost, for setting up of IIPE at Sabbavaram Mandal in Visakhapatnam district. IIPE has been registered as a Society under the AP Society Registration Act, 2001 on 18/04/2016. A temporary campus of IIPE has been set up from academic session 2016-17 from the Andhra University Campus with two undergraduate programmes namely, Petroleum Engineering and Chemical Engineering (with capacity of 50 students each). IIT, Kharagpur has taken up the responsibility of mentoring the Institute.

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Cabinet approves measures to increase oil palm area and production in India
Apr 12,2017

The Union Cabinet chaired by the Prime Minister Narendra Modi has approved measures to increase oil palm area and production in India. These include:

i. Relaxation of land ceiling limit for oil palm cultivation under NMOOP (National Mission on Oilseeds and Oil Palm).

The Cabinet approved relaxation in restrictions for providing assistance to more than 25 hectare area also under NMOOP to attract corporate bodies towards oil palm and derive maximum benefit of 100% FDI.

ii. Revision of norms of assistance under Mini Mission-II of NMOOP.

The Cabinet further gave its approval to revise the norms of assistance mainly for planting materials, maintenance cost, inter-cropping cost and bore-well to make oil palm plantations attractive.

The measures will yield following results:

. To encourage oil palm plantation on large scale by corporate bodies and to utilize wastelands. By relaxing restrictions under NMOOP, private entrepreneurs/cooperative bodies/joint ventures will show their interest in investment in oil palm plantation and availing the NMOOP support.

n++ To encourage farmers for oil palm cultivation in a bigger way. The revision of cost norms will motivate fanners for oil palm plantation.

Annual Action Plan (AAP) of the State / Agencies will be approved by Department of Agriculture, Cooperation & Farmers Welfare on revised cost norms. The private entrepreneurs/ cooperative bodies/ joint ventures will be invited by the respective state Governments for oil palm plantation in their state.

At present, the programme is being implemented in 12 States, namely, Andhra Pradesh, Karnataka, Tamil Nadu. Mizoram, Odisha, Kerala, Telangana. Chhattisgarh, Gujarat, Arunachal Pradesh, Nagaland & Assam. Nearly 133 districts are under oil palm cultivation in these 12 states, However, all the potential states of Oil palm are covered under NMOOP.

There will be some financial implication in relaxing restrictions of area and up-scaling the norms of subsidies but the same would be accommodated within NMOOP fund. Therefore, no additional funds would be required.

At present, oil palm development programme is being promoted in individual farmers field. There is no scope to provide assistance directly to private entrepreneurs/Cooperative bodies/Joint ventures for large scale plantation. The waste land/degraded land/cultivable land in the oil palm growing states can be given on lease/rent or bought by private entrepreneurs/ cooperative bodies/ joint ventures for oil palm plantation. However, financial assistance under NMOOP is available for 25 hectare. Therefore, there is a need for relaxation of restrictions under NMOOP to attract corporate bodies towards oil palm and derive maximum benefit of 100% FDI. A combination of individual farming, contract farming and captive plantation (by relaxing land ceiling norms) can only boost oil palm cultivation in the country.

The norms of assistance for various interventions were decided on the basis of prevailing prices at the time of formulation of the NMOOP programme. In view of large investment towards the cost of planting material, digging of pits, planting, manuring, irrigation and maintenance of plantation for four years without any income, farmers particularly small and marginal have shown reluctance in taking up oil palm plantation. Besides, in North Eastern States, which have good potential for oil palm needs additional investment in land preparation being hilly terrain.

Edible Oil is an important component of household food basket. The total production of edible oil in the country is about 9 million MT. while the domestic requirement is around 25 million MT. The gap between demand and supply is being met through imports, which amounted to Rs 68000 crore in 2015-16 (Prov.). Palm oil contributes 70% of vegetable oil import and is one of the cheapest oil due to high productivity per hectare.

Oil Palm is one of the worlds most efficient crop in terms of yield of vegetable oil per ha and today it is largest source of vegetable oil in the world. Malaysia, Indonesia, Nigeria, Thailand and Columbia are the major oil palm producing countries. An average oil yield of 4-5 tonnes/ hectare has been recorded with oil palm against the highest oil yield of 1.3 tonnes/ hectare from rapeseed.

Government of India is promoting oil palm by implementing several programmes since 1986-87 and from 2014-15 through NMOOP. NMOOP aims to bring an additional area of 1.25 lakh hectare under oil palm cultivation by the end of 2016-17. The developmental efforts have resulted in area expansion under oil palm from 8585 hectare in-1991-92 to around 3 lakh hectare by the end of 2015-16. Similarly, production of fresh fruit bunches (FFBs) and crude palm oil (CPO) have increased from 21,233 ton and 1,134 ton respectively (1992-93) to 11,50,000 ton and 1,98,000 ton during the year 2014-15.

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