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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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Ashok Leyland announces sales figures
Apr 04,2017

Ashok Leyland has reported total sales of 18,682 units in March 2017 compared to 16,702 units in March 2016, recording a growth of 12%. For the period, April - March 2017, total sales stood higher by 3% at 145,066 units compared to corresponding period of previous year.

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Mahindra & Mahindra provides update on BS III vehicles inventory
Apr 04,2017

Mahindra & Mahindra announced that the total inventory of BS-III Vehicles that the Company had before the Supreme Court verdict was worth little over Rs.2,000 crore and the Company has been able to remove more than half of it at a discount of upto 15%. The Company and industry has incurred a loss because of the heavily discounted sale that it had to do on 30 March and 31 March 2017.

The Company still has an inventory of approximately 18,000 BS-III vehicles (two wheelers to trucks). The Company may be able to export some of these vehicles which will not incur much of a cost; and convert some of these vehicles to BS-IV, which will have a cost of as little as Rs.3,000-4,000 for some of the Small Commercial Vehicles to as much as Rs.2,00,000 for HCVs. Some of the vehicles can neither be exported nor converted to BS-IV.

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Revenue Department exceeds Revised Tax Collections target for 2016-17 around 18% taken together in case of Direct and Indirect Taxes
Apr 04,2017

The total tax revenue targets of the revised estimates for 2016-17 for both Direct and Indirect Taxes was Rs. 16.97 lakh crore of which 8.47 lakh crorewas for Direct Tax and Rs.8.5 lakh crore from Indirect Tax. It may be recalled that the Revised Estimate figures of 2016-17 was Rs.16.97 lakh crore compared to the Budget Estimates figures of Rs.16.25 lakh crore in 2016-17. As against the Revised Estimate, the provisional figure of tax collection is Rs 17.10 lakh crore, which is a growth of around 18% compared to last year.

Direct Taxes

The provisional figures for Direct Tax collections up to March, 2017 show that net collections are at Rs. 8.47 lakh crore which is 14.2% more than the net collections for the corresponding period last year, which is a major increase compared to the growth rate of the previous FY. Net direct tax collections stand at Rs 8.47 lakh crore which shows 100% achievementfor F.Y 2016-17.

As regards the growth rates for Corporate Income Tax (CIT) and Personal Income Tax (PIT), in terms of gross revenue collections, the growth rate under CIT is 13.1% while that under PIT (including STT) is 18.4%. However, after adjusting for refunds, the net growth in CIT collections is 6.7% while that in PIT collections is 21.0%. Refunds amounting to Rs.1.62 lakh crore have been issued during April 2016-March 2017, which is 32.6% higher than the refunds issued during FY 2015-16.

Indirect Taxes

The figures for indirect tax collections (Central Excise, Service Tax and Customs) in FY 2016-17are at Rs 8.63 lakh crore, which is 22.0%higher than the actual revenue receipts in FY 2015-16. Till March 2017, about 101.35% of the Revised Estimates (RE) of indirect taxes for Financial Year 2016-17 has been achieved.

As regards Central Excise, net tax collections stood at Rs. 3.83 lakh crore during FY 2016-17 as compared to Rs.2.86 lakh crore in the previous Financial Year, thereby registering a growth of 33.9%.

Net Tax collections on account of Service Tax during FY 2016-17 stood at Rs. 2.54 lakh crore as compared to Rs.2.11 lakh crore in the previous Financial Year, thereby registering a growth of 20.2%.

Net Tax collections on account of Customs during FY 2016-17 stood at Rs. 2.26 lakh crore as compared to Rs. 2.10 lakh crore in the previous Financial Year, thereby registering a growth of 7.4%.

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Moodys keeps SBIs USD note drawdown unchanged at Baa3 following upsize
Apr 04,2017

Moodys Investors Service, (Moodys) has kept unchanged its rating for State Bank of Indias (SBI, Baa3 positive, ba1) senior unsecured notes, issued under its US$10 billion Medium-Term Note (MTN) program at Baa3, after the issuance was upsized to USD 600 million from USD 500 million.

The upsize will be carried out from its London branch, and the bonds will be listed on the Singapore Stock Exchange.

The outlook on the ratings, where applicable, is positive.

The Baa3 rating on the notes is based on the executed pricing supplement and the banks MTN prospectus.

The Baa3 foreign currency senior unsecured debt rating is anchored on SBIs ba1 baseline credit assessment (BCA) and Moodys assessment of the likelihood of a very high level of support from the Indian government (Baa3 positive) in a stressed situation.

SBIs BCA of ba1 is underpinned by the banks solid franchise as Indias largest bank by assets and deposits, as well as its strong core earnings (pre-provisioning profits) profile and stable capital levels. While SBIs underlying asset quality has stabilized, the BCA also takes into consideration residual asset quality issues as a result of delayed recognition, and the associated impact of high credit costs on the banks profits as it devotes resources to rebuilding its provisioning coverage.

The banks final Baa3 rating incorporates a one-notch uplift due to Moodys assumption of the banks very high level of support from the Indian government in a stressed situation. The assumption of high support is based on a combination of its large size and critical role in Indias payment system, representing around 16.3% of system loans and 17.6% of system deposits as of end-March 2016, its nationwide reach, and the governments 60.18% stake in SBI.

What Could Change the Rating - Up

SBIs senior unsecured debt and deposit ratings could be upgraded if the India sovereign rating (Baa3, positive) is upgraded.

What Could Change the Rating - Down

SBIs BCA could face downward pressure if: (1) its NPL ratio increases substantially from current levels; and/or (2) if its core earnings fall and impacts its ability to support an increase in credit costs. Additionally, any indications that support from the Government of India has diminished, or that additional capital requirements may arise beyond the governments budgeted amount, could put the banks ratings under pressure. Any downward changes in the sovereigns ceilings could also affect the banks ratings.

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Elantas Beck India to hold AGM
Apr 04,2017

Elantas Beck India announced that the th Annual General Meeting(AGM) of the company on 10 May 2017.

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Bank of India to hold EGM
Apr 04,2017

Bank of India announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 4 May 2017 .

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Gopala Polyplast to hold board meeting
Apr 04,2017

Gopala Polyplast will hold a meeting of the Board of Directors of the Company on 4 April 2017.

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All-India House Price Index (HPI) rises 2.2% in Q3 of 2016-17
Apr 04,2017

The Reserve Bank today released the quarterly House Price Index (HPI)1 (base 2010-11=100) for Q3 of 2016-17, based on transaction data received from housing registration authorities in 10 major cities (viz., Mumbai, Delhi, Chennai, Kolkata, Bengaluru, Lucknow, Ahmedabad, Jaipur, Kanpur and Kochi).

The All-India HPI recorded a sequential increase of 2.2% in Q3 of 2016-17. Seven of the ten cities recorded a rise in the latest quarter.

Annual growth in All-India HPI increased by 60 basis points to 8.3% in Q3 of 2016-17. It, however, remained lower than 9.7% annual growth recorded a year ago.

There was wide divergence in city-wise housing price movements. Annual growth in HPI ranged from 19.3% (Lucknow) to (-) 5.4% (Jaipur) in Q3 of 2016-17. All the metro cities witnessed housing price-rise on Y-o-Y basis, though Chennai witnessed some moderation during the latest two quarters.

The city-wise HPIs also witnessed large variance in sequential terms (i.e., Q3 of 2016-17 over Q2 of 2016-17) - Kanpur recorded highest rise (12.1%) whereas Kochi witnessed significant contraction ((-) 4.7%).

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Like tax for like products-Federation of Biscuit Manufacturers of India (FBMI)
Apr 04,2017

Federation of Biscuit Manufacturers of India (FBMI), representing Rs.27,000 crores, organized biscuit Industry, is proud to be a part of the ONE NATION, ONE MARKET initiative, to be achieved through GST. FBMI, affiliated to PHD Chamber of Commerce and Industry has been supporting various initiatives of the government for more than 60 years. It has contributed to the nations goals of achieving food safety, food fortification and wastage reduction.

FBMI is fully supportive of the mammoth efforts of the Government in transforming the current indirect tax regime through GST, through participative and consensus-building process.

With 93% of the food basket comprising basic food, which is proposed to be exempt or taxed at lower GST rate, taxing the remaining 7% that comprises processed food items at higher GST rate will not be in the interest of fairness and simplicity, the basic goals of GST.

Biscuits are an affordable and nutritious food item for all ages and socio-economic segments, consumed by 85% of all households and across all income segments in India. Commensurate with the growth in the aspiring middle class, there has been an increase in the consumption of all types of biscuits. More varieties are now available and being bought across all income segments. Given this, the tax system should not distort or interfere with the different products being introduced in the market, nor with the choices among them.

Differentiating between different varieties will create complexity and classification disputes

FBMI does not endorse differentiation in GST rates within biscuits, as all varities of biscuits, such as cookies, creams, crackers and glucose, are available at the same price points.

Any distortion in the rates within competing products in this sector will create artificial layers. It will encourage spurious products to the detriment of the consumers. Moreover, it will make GST complex to administer and difficult to comply with by the traders, kirana stores etc. involved in the sale of these products. There is a predominance of the SMEs at the retail level and they will are ill-equipped to handle multiple rates within a sector or industry. GST provides the right opportunity to correct these anomalies, by providing a simple uniform lower GST rate on all biscuits, instead of price based taxation.

Further, discrimination of food products, on the basis of their being branded or un-branded, premium or non-premium, will not only be against the principles of efficiency and equity, but will also lead to classification disputes and complex record-keeping and compliance system.

Hence, FBMI, in a representation to the Government, has requested for a fair, simple, equitable and neutral GST regime. This will be in line with the other good policy initiatives being taken by the government, such as ease of doing business and a liberal FDI policy, to attract new investors in the food processing sector in India and encourage existing businesses to expand.

FBMI is of the view that GST regime can reach its optimum efficiency in tax collection, by expansion of tax base within biscuit industry at lower merit rate and not by taxing a section of the consumers at higher rates at the cost of others.

A higher GST rate, even for a segment of biscuits, would impact demand in the entire value chain. It would result in cutting down on procurement of raw materials by biscuit manufacturers, that would adversely impact farmers across India. Lower demand will also negatively impact investments, exports and employment in the food industry.

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Release of a record 3.25 Cr LPG connections in FY 2016-17
Apr 04,2017

Oil Marketing Companies (OMCs) have released 3.25 crore new LPG connections during FY 2016-17. This is the highest ever number of LPG connections released in a financial year so far in the LPG history of the country. The connections released includes 2 crore connections released under Pradhan Mantri Ujjwala Yojana (PMUY), which was launched on 1st May 2016 by Honble Prime Minister and 1.25 crore connections to new consumers other than PMUY beneficiaries. Under PMUY, women of BPL families especially residing in rural areas have been given LPG connections.

This increase in connections has resulted in a jump in the LPG coverage and as on 01.04.2017, the national LPG coverage is estimated to be 72.8% with 19.88 crore active consumers.

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Colgate-Palmolive (India) revises record date for 3rd interim dividend
Apr 03,2017

Colgate-Palmolive (India) has revised the record date for payment of 3rd interim dividend from 07 April 2017 to 11 April 2017.

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Ujaas Energy receives work order from MPUVN
Apr 03,2017

Ujaas Energy has received work order from Madhya Pradesh Urja Vikas Nigam (MPUVN) for erection, installation, completion and commissioning of Grid Connected Rooftop SPV Power Plants of aggregating capacity of 425 kwp in Madhya Pradesh.

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SEAMEC announces cessation of director
Apr 03,2017

SEAMEC announced that tenure of Captain C.J. Rodricks, as Managing Director ended on close of business hours on 31 March 2017.

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Elantas Beck India fixes record date for dividend
Apr 03,2017

Elantas Beck India has fixed 10 May 2017 as record date for payment of dividend.

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A record 47,350 kms of PMGSY road constructed in 2016-17
Apr 03,2017

A record 47,350 kms. of PMGSY road was constructed during 2016-17. This is the highest construction of PMGSY roads in a single year, in the last 7 years. While, 25,316 kms. of PMGSY roads were constructed in 2013-14, road construction in 2014-15 was 36,337 kms and in 2015-16, it was 36,449 kms.

A release issued by the Ministry of Rural Development states that during the period 2011-14, the average rate of construction of PMGSY roads was 73 kms. per day, which increased to 100 km per day during 2014-15 and 2015-16. For the year 2016-17, a record of 130 kms. per day has been achieved, which is the highest average annual construction rate, in the last 7 years.

The release further added that 11,614 habitations were provided connectivity by construction of 47,350 kms. of PMGSY roads during 2016-17 (an average of 32 habitations being provided connectivity every day). In terms of number of habitations connected with PMGSY roads, 11,606 is highest ever in the last 7 years.

With a view to reduce the n++carbon footprintn++ of rural roads, reduce environmental pollution, increase the working season and bring cost effectiveness, PMGSY is aggressively encouraging use of n++Green Technologiesn++ and non-conventional materials like waste plastic, cold mix, geo-textiles, fly-ash, iron and copper slag etc. in rural roads. 4,113.13 kms. of PMGSY roads were constructed using n++Greenn++ technologies, in 2016-17. This is substantially higher than 2,634.02 kms. achieved during 2014-2016 and 806.93 kms. achieved during 2000-2014.

To ensure quality assurance, the field inspections of PMGSY works by National Quality Monitors (NQMs) were increased. 2016-17, witnessed a record no. of 7,597 NQM inspections compared to 6,516 inspections in 2015-16, 5,226 inspections in 2014-15 and 2,977 inspections in 2013-14. Out of 7,597 works inspected only 8.21% works were found to be of n++Unsatisfactoryn++ quality in 2015-16.

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