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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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Doubling the Farmers income, sooner the better - Shri Devendra Chaudhry
Aug 31,2016

Secretary (Department of Animal Husbandry, Dairying and Fisheries), Ministry of Agriculture & Farmers Welfare, Shri Devendra Chaudhry chaired a Review Meeting with Principal Secretaries/Secretaries of Animal Husbandry, Dairying & Fisheries of State Governments here on 29th August, 2016. Shri Chaudhry has underscored the ultimate goal of doubling the farmers income, sooner the better, and has devoted the entire Agenda Points towards achieving the target in a time bound and specific result oriented manner. The entire days deliberations addressed the issues, inter alia, of improving the breeding of high yielding indigenous breeds, infrastructure and technological support to dairy sector and livestock development through veterinary support, preparing launching pad for blue revolution, upgradation of poultry and small ruminants etc.

The interactive session benefitted the participants through sharing of successful entrepreneurship experiences and difficulties both at grass root level and State specific issues. DADF at Central Government level has been benefitted by the varied experiences and would like to incorporate suitably while formulating policy frameworks for upscaling the livestock, fisheries and poultry sectors in a big way. It is a proven method of bringing significant change in the life of common man, farmers and vulnerable sections by enhancing their financial and livelihood opportunities.

Highlights of achievement of schemes are as under:-

n++ Blue Revolution:Proposals of Rs.436.52 crore for 23 States/UTs have been approved and Rs.107.04 crore has been released as 1st installment of Central share;

n++ National Livestock Mission: Fund of Rs.129.82 crore has been released to 9 States/UTs as Central share for implementation of National Livestock Mission;

n++ National Programme for Bovine Breeding and RashtriyaGukul Mission:Fund of Rs.17.31 crore has been released to the State Government for implementation of the project.

n++ National Programme for Dairy Development (NPDD): Central share of Rs.239.95 crore has been released to 17 States out of total approved project cost of Rs.340.77 crore. Till date, 278.6 Thousand Liters Per Day (TLPD) of milk processing capacity and 93.5 TLPD milk chilling capacity have been created under the project and 977 Dairy Cooperative Societies have been organized.

n++ Livestock Health & Disease Control: Central share of Rs.164.88 crore has been released to the State. About 26.8 million vaccination have been carried out.

The Central Government (DADF) conjointly with the State Governments is striving towards the goal of doubling the farmers income in real sense by adopting various Mission Mode approaches. State Governments and entrepreneurs have to take advantage of the available opportunities and support to excel in this endeavour.

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GVK Power & Infrastructure reports standalone net loss of Rs 51.04 crore in the June 2016 quarter
Aug 31,2016

Net Loss of GVK Power & Infrastructure reported to Rs 51.04 crore in the quarter ended June 2016 as against net loss of Rs 3.09 crore during the previous quarter ended June 2015. Sales rose 2.87% to Rs 6.81 crore in the quarter ended June 2016 as against Rs 6.62 crore during the previous quarter ended June 2015.

ParticularsQuarter Endedn++Jun. 2016Jun. 2015% Var. Sales6.816.62 3 OPM %-732.8965.71 - PBDT-52.580.57 PL PBT-52.610.53 PL NP-51.04-3.09 -1552

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Ramchandra Leasing and Finance reports standalone net profit of Rs 0.01 crore in the June 2016 quarter
Aug 31,2016

Net profit of Ramchandra Leasing and Finance reported to Rs 0.01 crore in the quarter ended June 2016. There were no net profit/loss reported during the previous quarter ended June 2015. Sales rose 33.33% to Rs 0.08 crore in the quarter ended June 2016 as against Rs 0.06 crore during the previous quarter ended June 2015.

ParticularsQuarter Endedn++Jun. 2016Jun. 2015% Var. Sales0.080.06 33 OPM %25.0016.67 - PBDT0.020.01 100 PBT0.010 0 NP0.010 0

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Bharat Petroleum Corporation standalone net profit rises 11.01% in the June 2016 quarter
Aug 31,2016

Net profit of Bharat Petroleum Corporation rose 11.01% to Rs 2620.50 crore in the quarter ended June 2016 as against Rs 2360.66 crore during the previous quarter ended June 2015. Sales declined 9.86% to Rs 46890.15 crore in the quarter ended June 2016 as against Rs 52020.49 crore during the previous quarter ended June 2015.

ParticularsQuarter Endedn++Jun. 2016Jun. 2015% Var. Sales46890.1552020.49 -10 OPM %8.367.32 - PBDT4172.994018.61 4 PBT3741.503478.47 8 NP2620.502360.66 11

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Closure of financial accounts under Rule 114H (8) of the Income-Tax Rules, 1962 under alternative procedure of FATCA
Aug 31,2016

The Inter-Governmental Agreement (IGA) with USA for implementation of FATCA entered into force on 31st August, 2015. Under the alternative procedure provided in Rule 114H(8) of the Income-tax Rules, 1962, the financial institutions need to obtain the self-certification and carry-out due diligence procedure to determine the reasonableness of the self-certification in respect of all individual and entity accounts opened from 1st July, 2014 to 31st August, 2015. Such self-certification and documentation is required to be obtained by the financial institutions by 31st August, 2016, otherwise they are required to close the accounts and report the same if found to be a n++reportable accountn++ as per the prescribed due diligence procedure for pre-existing account.

Stakeholders have highlighted several difficulties in following the provision for n++closuren++ of financial accounts. In view of the same, India and the United States are discussing the alternative procedures under paragraph G of Section VI of Annex I with a view towards adjusting them to permit a few month extension of time for completing the due diligence and not requiring account closure within one year of entry into force of the agreement (i.e., August 31, 2016).

For providing immediate relief to the account holders and in wider public interest, it has been decided that, the financial institutions may not close the accounts by 31st August 2016 in respect of which self-certifications have not been obtained under the alternative procedure. The revised timelines for completing due diligence in respect of such accounts shall be notified in due course. In the interim, the financial institutions should continue to work on completing the required due diligence, including obtaining self-certifications.

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Buying from FPIs continues
Aug 31,2016

Foreign portfolio investors (FPIs) bought stocks worth a net Rs 396.97 crore from the secondary equity markets on 30 August 2016, higher than their purchases of Rs 279.68 crore during the preceding trading session on 29 August 2016. The net inflow of Rs 396.97 crore on 30 August 2016 was a result of gross purchases of Rs 4127.48 crore and gross sales of Rs 3730.51 crore. On that day, the S&P BSE Sensex, jumped 440.35 points or 1.58% to settle at 28,343.01, its highest closing level since 23 July 2015.

There was net outflow of Rs 8.12 crore from FPIs from the category primary market & others on 30 August 2016, which was a result of gross purchases of Rs 10.57 crore and gross sales of Rs 18.69 crore.

FPIs bought stocks worth a net Rs 8906.89 crore in August 2016 (till 30 August 2016). FPIs bought shares worth a net Rs 12068.52 crore from the secondary equity markets in July 2016. FPIs have purchased shares worth a net Rs 39211.39 crore from the secondary equity markets in calendar year 2016 so far (till 30 August 2016). FPIs sold shares worth a net Rs 4362.50 crore into the secondary equity markets in calendar year 2015.

There was a net inflow of Rs 164.43 crore from FPIs into the category primary markets & others in August 2016 (till 30 August 2016). There was a net inflow of Rs 543.30 crore from FPIs into the category primary markets & others in July. The net inflow from FPIs into category primary markets & others has totaled Rs 1638.34 crore in calendar year 2016 so far (till 30 August 2016). There was net inflow of Rs 22168.40 crore from FPIs into the category primary markets & others in calendar year 2015.

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India jumps 19 places in World Banks Logistics Performance Index; Improves its Ranking from 54 (in 2014) to 35 (in 2016)
Aug 31,2016

The World Bank has recently released a Logistics Performance Index (LPI) 2016 report titled n++Connecting to Complete 2016n++. The Logistics Performance Index Report is published by World Bank every two years.

India has now been ranked 35 amongst 160 countries compared to rank of 54 in LPI 2014. This is a jump of 19 places. Further, in terms of the six-components of the LPI i.e. Customs, Infrastructure, International Shipments, Logistics Quality and Competence, Tracking and Tracing, and Timeliness, Indias ranking is 38, 36, 39, 32, 33 and 42 respectively.

The LPI is an interactive benchmarking tool created to help countries identify the challenges and opportunities they face in their performance on trade logistics and what they can do to improve their performance.

The LPI is based on a worldwide survey of stakeholders on the ground providing feedback on the logistics n++friendlinessn++ of the countries in which they operate and those with which they trade. They combine in-depth knowledge of the countries in which they operate with informed qualitative assessments of other countries where they trade and have experience of global logistics environment. Feedback from such stakeholders is supplemented with quantitative data on the performance of key components of the logistics chain in the country of work.

Improvement in Indias rank in Logistics Performance Index adequately establishes steady performance in our competitiveness in manufacturing and trade that also acts as one of the growth driver of Make in India Programme.

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CCEA approves Initiatives to revive the Construction Sector-Backgrounder
Aug 31,2016

The Cabinet Committee on Economic Affairs under the Chairmanship of Prime Minister Shri Narendra Modi has approved today a series of initiatives to revive the Construction Sector.

These initiatives include:

(i) PSUs/Departments may seek the consent of the contractors/ concessionaires to transfer the arbitration cases initiated under the pre-amended Arbitration Act to the amended Arbitration Act, wherever possible;

(ii) In case of claims where the PSU/ Department has challenged the Arbitral Award, 75% of the award amount may be paid by the PSU to the contractor/ concessionaire against margin free Bank Guarantee;

(iii) All PSUs/ Departments issuing public contracts may consider setting up Conciliation Committees/ Councils comprising of independent subject experts in order to ensure speedy disposal of pending or new cases;

(iv) Item-rate contracts, may be substituted by EPC (turnkey) contracts, and PSUs/ Departments may adopt the Model EPC contracts for construction works; and

(v) Department of Financial Services, in consultation with Reserve Bank of India, may evolve a suitable one-time scheme for addressing stressed bank loans in the construction sector.

Major Impact

These initiatives are expected to help in improving the liquidity in the short run and reform the contracting regime in the long run. Given the significant multiplier effect the construction sector has on the economy, these measures are expected to give a major boost to economic growth. As the sector provides the largest segment of direct and indirect employment, the revival of the sector would also help in significant employment generation.

Overview:

Construction sector has an important place in the Indian economy. It is the second largest contributor to economic activity accounting for about 8% of GDP; accounts for the second highest inflow of FDI after the services sector; generates the highest level of direct and indirect jobs employing about 40 million people and creating 2.7 new jobs indirectly for every Rs. 1.00 lakh invested. The sector has major forward (infrastructure, real estate, manufacturing) and backward (steel, cement, etc.) linkages, implying a high multiplier effect on economic growth, almost two times. Major construction activity originates in the infrastructure, industrial and real estate sectors, where infrastructure sector accounts for almost half of the demand.

The demand for construction services is expected to rise due to several factors, like massive expansion of the infrastructure sector, industrialization, urbanization, rise in disposable incomes, various Government initiatives to improve Indias residential and transport infrastructure (Smart Cities project, Housing for All by 2022, Atal Mission for Rejuvenation and Urban Transformation (AMRUT) and easing of FDI norms in 15 sectors including real estate and construction). Timetrics Construction Intelligence Centre (CIC) projects major growth for the construction industry in India, with average annual growth in real terms expected to improve from of 2.95% in 2011-2015 to 5.65% during 2016-2020.

However, of late, the construction sector has been showing signs of stress. Revenue growth and profit before tax (PBT) margins have declined significantly. Most companies are barely able to cover interest costs from earnings. Increasing debt levels remain a critical issue affecting financial stability and borrowings. Several factors have contributed to this stress e.g. in stalled assets in infrastructure sector and high levels of receivables especially from the government entities, slowdown in real estate sector leading to stretched liquidity and limited resources.

A report commissioned by the Cll indicates that: (i) Pending claims from government bodies are key factor behind burgeoning debt of construction companies, accounting for -150% of the debt; (ii) Over 85% claims raised are still pending of which 11% are at the level of employers, 64% at arbitrators and 8,5% in Courts; (iii) Average settlement time is 7.5 years; (iv) Awarded claims do not get settled after the Arbitrators decision; (v) Almost all court orders uphold the arbitrators decisions and referring claims to courts leads to delayed pay-out by about 2.5 years; and (v) Only about 8% of total claimed amount (among settled claims) was agreed for and paid out by NHAI in FY15.

Subsequent to the discussions with various stakeholders including the representatives of construction companies, banks, NHAI, concerned Departments/Ministries and PSUs, following issues emerged:

(a) Substantial claims raised by contractors/ concessionaires against PSUs are pending either in the arbitration proceedings or in courts;

(b) Most of the pending claims are legacy issues relating to old item-rate contracts. With phase out of item-rate contracts and adoption of EPC (turnkey) contracts in NHAI, the number and quantum of claims is likely to come down;

(c) Settlement of claims through conciliation proceedings by committees of experts has proved to be much more effective than arbitration and the settlement is reached at a much lower value than the claimed amount in conciliation proceedings;

(d) Delays in final settlement of disputed claims implies significant interest payments by the PSUs by way of delayed payment charges;

(e) The amended Arbitration Act addresses some of the lacuna of the original Act; and

(f) Mounting claims in public contracts indicate deficiencies in the contracting regime thus warranting reform.

Based on detailed discussions, it was decided that NITI Aayog would move a proposal to the CCEA suggesting various initiatives required for addressing the issues ailing the construction industry in view of the larger economic importance and multi-sectoral nature of the issues. Accordingly, after detailed stakeholder consultations, a series of initiatives is being put in place to address the issues impacting the construction sector.

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Vegetable Products reports standalone net profit of Rs 0.02 crore in the June 2016 quarter
Aug 31,2016

Net profit of Vegetable Products reported to Rs 0.02 crore in the quarter ended June 2016 as against net loss of Rs 0.05 crore during the previous quarter ended June 2015. There were no Sales reported in the quarter ended June 2016 and during the previous quarter ended June 2015.

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BPCL drops as Q1 GRM declines
Aug 31,2016

Meanwhile, the S&P BSE Sensex was up 109.16 points or 0.39% at 28,452.17

On BSE, 2.52 lakh shares were traded in the counter as against average daily volume of 1.59 lakh shares in the past one quarter. The stock hit a high of Rs 610 and a low of Rs 598.10 in intraday trade. The stock had hit a record high of Rs 616.55 on 8 August 2016. The stock had hit a 52-week low of Rs 366.10 on 23 February 2016. The stock had outperformed the market over the past 30 days till 30 August 2016, rising 2.06% compared with 1.21% rise in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 23.01% as against Sensexs 6.1% rise.

The large-cap company has equity capital of Rs 1446.17 crore. Face value per share is Rs 10.

BPCLs net profit rose 11.01% to Rs 2620.50 crore on 2.99% fall in total income to Rs 57380.65 crore in Q1 June 2016 over Q1 June 2015. The company announced Q1 June 2016 results during market hours today, 31 August 2016.

In Q1 June 2016, BPCL did not get any discount from ONGC/GAIL (India)/NRL in respect of crude oil/products purchased from them compared with discount of Rs 203.33 crore in Q1 June 2015.

BPCL is a state-run oil refining-cum-marketing company. The Government of India currently holds 54.93% stake in BPCL (as per the shareholding pattern as on 30 June 2016).

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Cabinet apprised of MoU between CERT-In India and CERT-UK
Aug 31,2016

The Union Cabinet under the Chairmanship of Prime Minister Shri Narendra Modi has been apprised of the Memorandum of Understanding (MoU) signed on 20th May, 2016 between Indian Computer Emergency Response Team (CERT-In) and Ministry of Cabinet Office, UK (as represented by CERT-UK, a unit of the Cabinet Office on Cyber Security).

The MoU intends to promote closer cooperation between India and the United Kingdom for exchange of knowledge and experience in detection, resolution and prevention of security-related incidents.

Cyber Security was one of the agenda items for discussion during Honble Prime Ministers visit to UK in November, 2015. With this MoU, participating countries can exchange technical information on Cyber attacks, response to cyber security incidents and find solutions to counter the cyber attacks. They can also exchange information on prevalent cyber security policies and best practices. This MoU helps to strengthen cyber space of both countries, capacity building and improving relationship between them.

Earlier CERT-In signed MoUs with counterpart/similar organizations in about seven countries - Korea, Canada, Australia, Malaysia, Singapore, Japan and Uzbekistan. Ministry of External Affairs has also signed MoU with Cyber Security as one of the areas of cooperation with Shanghai Cooperation Organization.

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HEG announces change in directorate
Aug 31,2016

HEG announced that

1. Ravi jhunjhunwala, Chairman, Managing Director & CEO of the Company shall also be the Occupier of the plants of the Company in terms of the requirements of the Factories Act, 1948 with effect from 01 September 2016.

2. Raju Rustogi, who is the Chief Financial Officer of the Company, has also been appointed as Chief Operating Officer of the Company with effect from 01 September 2016.

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Rajesh Exports secures export order from Singapore
Aug 31,2016

Rajesh Exports has secured an export order worth Rs 1172 crore of designer range of gold and diamond studded jewellery and medallions from Singapore. The said order is to be completed by December 2016.

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Idea Cellular to pay final dividend
Aug 31,2016

Idea Cellular announced that final dividend, if approved at the AGM, will be paid / dispatched to the Companys equity shareholders on or after 30 September 2016.

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Syndicate Bank intimates of bank strike
Aug 31,2016

Syndicate Bank announced that the members of some of the Bank unions viz, AIBEA, BEFI, AIBOA, AIBOC, INBEF and INBOC have given a call to observe All India Bank Strike on 02 September 2016.

The operations of branches /offices of the Bank will likely to be affected either partially or fully, in case the above strike materializes.

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