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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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Exemption of fee on National Highways extended
Nov 14,2016

In order to ensure smooth movement of traffic on national highways the government has decided to extend the suspension of fees on all toll plazas on National Highways across the country till the midnight of 18 November 2016. Earlier the exemption had been allowed till the midnight of 11 November 2016, and then extended till 14 November 2016.

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Moodys: Global growth to stabilize in 2017 as US, emerging market economies improve
Nov 14,2016

Global economic growth will be tepid compared with historical averages over the next two years and risks remain, according to a report by Moodys Investors Service. Nonetheless, growth will pick up from the very weak levels in 2016, as the outlook for the US and emerging economies improves slightly.

Moodys expects global growth to climb to about 3% next year and in 2018 from 2.6% in 2016. Among major advanced and emerging economies, India will log the fastest growth next year, while Italy, Japan and Brazil will have the weakest expansions.

The US economy is forecast to expand 2.2% in 2017 from around 1.6% this year, as consumer spending is supported by healthy job and wage prospects, even as business investment remains weak.

Following the election, the risks to the US growth forecasts depend on the incoming administrations policies, said Madhavi Bokil, a Vice President and Senior Analyst at Moodys.

While prolonged policy uncertainty could weigh on an already weak investment growth, there could be an upside to growth in the short term from increased fiscal expenditure, tax cuts or higher infrastructure spending, said Bokil. A restrictive stance on trade would be detrimental in the medium term.

In emerging markets, growth will be driven by improvements in both the political environment and the economic sentiment in countries including Brazil and Argentina, as well as by reform momentum in India and Indonesia. The Chinese economy has continued to grow at a solid pace, in part through fiscal and monetary policy support.

After five years of steady deceleration, emerging market economies are poised to return to faster growth in 2017, said Elena Duggar, an Associate Managing Director at Moodys. However, although growth is improving, we expect it to be considerably lower than what emerging markets experienced in the years leading up to the financial crisis.

Moodys expects G20 emerging market growth to average about 5% in 2017 and 2018, up from an estimated 4.4% in 2016.

Underlying Moodys belief that emerging market economies will experience a turnaround next year is the fact that many of these countries have already undergone considerable external adjustments in response to slower trade and a steady decline in commodity prices.

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Fitch: Most Asian Telcos to Come Under Pressure in 2017
Nov 14,2016

Fiercer competition and rising capex needs will put pressure on the credit profiles of most Asian telcos over the next year, says Fitch Ratings. We have a negative outlook on the telecoms sectors in India, Singapore, Malaysia, Thailand and the Philippines. Korea, Indonesia, China and Sri Lanka are all on stable outlook.

Competition is likely to intensify in India, Singapore and Malaysia, with new entrants poised to offer cheaper tariffs to poach customers from incumbents. Competition could be the most intense in India, where a well-capitalised new entrant, Reliance Jio, is offering free voice and text services and cheaper data tariffs than the incumbents. We expect the blended tariff to decline by 5%-6% for Indian telcos. In Malaysia, the fixed-line market leader, Telekom Malaysia, is making a move into the wireless market, which will prevent a recovery in the revenue of wireless incumbents next year. Finally, Singapore will soon auction sufficient spectrum to allow the entry of a fourth mobile network operator.

Rising competition will add to pressure on revenue, which Fitch expects to grow by just 0-5% in most Asian telco markets in 2017. Data usage will continue to rise strongly, but most telcos are pricing data in such a way that increased usage is not translating into similar revenue growth. The trend of falling data tariffs and the substitution of data for voice and text will continue in most markets. Fixed-line and international long-distance services are in a structural decline. China is the only market where we expect higher data usage to translate into growth in average revenue per mobile user.

Weak revenue growth will result in a hit to the profit of most Asian telcos. EBITDA margins are likely to shrink the most in the Philippines and India, where telcos still derive the majority of their revenue from voice and text services. Chinese and Korean telcos profitability will remain stable, reflecting weaker competition and lower marketing and handset subsidy costs. Chinese telcos will benefit further from lower tower lease rental costs.

Rising capex needs will mean that many Asian telcos will have minimal-to-negative free cash flow next year. Thai, Philippine and Indian telcos are likely to have the highest capex/revenue ratios, at around 28%-30%, as they strengthen 4G networks in response to fast-growing data consumption and the rising importance of network quality. In contrast, Chinese telcos capex could decline by 10% as their 4G development cycle has peaked.

We expect industry consolidation in India, Indonesia and Sri Lanka, as weaker telcos exit the market or seek M&A to strengthen their competitive position. The Sri Lankan market looks particularly crowded and ripe for consolidation. Debt-funded M&A could threaten the ratings of acquirers in these markets.

Among the Fitch-rated Asian telcos, Singapore Telecom (A+/Stable), Telekom Malaysia Berhad (A-/Stable), Reliance Communications (BB-/Stable), Global Cloud Xchange (B+/Stable) and PT Tower Bersama Infrastructure Tbk (BB/Stable) have low ratings headroom.

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Fitch: Most Asian Telcos to Come Under Pressure in 2017
Nov 14,2016

Fiercer competition and rising capex needs will put pressure on the credit profiles of most Asian telcos over the next year, says Fitch Ratings. We have a negative outlook on the telecoms sectors in India, Singapore, Malaysia, Thailand and the Philippines. Korea, Indonesia, China and Sri Lanka are all on stable outlook.

Competition is likely to intensify in India, Singapore and Malaysia, with new entrants poised to offer cheaper tariffs to poach customers from incumbents. Competition could be the most intense in India, where a well-capitalised new entrant, Reliance Jio, is offering free voice and text services and cheaper data tariffs than the incumbents. We expect the blended tariff to decline by 5%-6% for Indian telcos. In Malaysia, the fixed-line market leader, Telekom Malaysia, is making a move into the wireless market, which will prevent a recovery in the revenue of wireless incumbents next year. Finally, Singapore will soon auction sufficient spectrum to allow the entry of a fourth mobile network operator.

Rising competition will add to pressure on revenue, which Fitch expects to grow by just 0-5% in most Asian telco markets in 2017. Data usage will continue to rise strongly, but most telcos are pricing data in such a way that increased usage is not translating into similar revenue growth. The trend of falling data tariffs and the substitution of data for voice and text will continue in most markets. Fixed-line and international long-distance services are in a structural decline. China is the only market where we expect higher data usage to translate into growth in average revenue per mobile user.

Weak revenue growth will result in a hit to the profit of most Asian telcos. EBITDA margins are likely to shrink the most in the Philippines and India, where telcos still derive the majority of their revenue from voice and text services. Chinese and Korean telcos profitability will remain stable, reflecting weaker competition and lower marketing and handset subsidy costs. Chinese telcos will benefit further from lower tower lease rental costs.

Rising capex needs will mean that many Asian telcos will have minimal-to-negative free cash flow next year. Thai, Philippine and Indian telcos are likely to have the highest capex/revenue ratios, at around 28%-30%, as they strengthen 4G networks in response to fast-growing data consumption and the rising importance of network quality. In contrast, Chinese telcos capex could decline by 10% as their 4G development cycle has peaked.

We expect industry consolidation in India, Indonesia and Sri Lanka, as weaker telcos exit the market or seek M&A to strengthen their competitive position. The Sri Lankan market looks particularly crowded and ripe for consolidation. Debt-funded M&A could threaten the ratings of acquirers in these markets.

Among the Fitch-rated Asian telcos, Singapore Telecom (A+/Stable), Telekom Malaysia Berhad (A-/Stable), Reliance Communications (BB-/Stable), Global Cloud Xchange (B+/Stable) and PT Tower Bersama Infrastructure Tbk (BB/Stable) have low ratings headroom.

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Sadbhav Infrastructure Project announces demise of director
Nov 14,2016

Sadbhav Infrastructure Project announced that that Dr. Jagdish P. Joshipura, an Independent Director of the Company, passed away on 12 November 2016.

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Board of Veer Energy & Infrastructure approves change in CFO
Nov 14,2016

Veer Energy & Infrastructure announced that the Board of Directors of the Company at its meeting held on 12 November 2016 accepted resignation of Kunal Shah from post of CFO with immediate effect and appointed Aakash Shah as CFO with effect from 12 November 2016.

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Board of Anjali Synthetics approves change in directorate
Nov 14,2016

Anjali Synthetics announced that the Board of Directors of the Company at its meeting held on 12 November 2016 approved appointment of Govindprasad Madanchand Goyal as Independent Director of the Company and accepted the resignation of Ajay C Shah, Independent Director of the Company.

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Board of Bothra Metals & Alloys to consider HY results
Nov 14,2016

Bothra Metals & Alloys announced that the meeting of Board of Directors of the Company is scheduled to be held on 14 November 2016, inter alia, to consider the following agenda:

- To consider the Standalone Unaudited Financial Results of the company for the half ended on 30 September 2016.

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Board of Norben Tea & Exports approves change in company secretary
Nov 14,2016

Norben Tea & Exports announced that the Board of Directors at its meeting held on 12 November 2016, has accepted the resignation of Pawan Kothari from the position of Company Secretary of the Company with effect from the conclusion of the business hour on 30 November 2016.

Further, the Board of Directors has appointed Mira Haider as Company Secretary w.e.f. 01 December 2016.

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Board of Manjeera Constructions approves resignation of CFO
Nov 14,2016

The Board of Manjeera Constructions approved the resignation of R Venkata Rao as Chief Financial Officer of the Company.

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Ujjivan Financial Services provides update on subsidiary
Nov 14,2016

Ujjivan Financial Services announced that the Reserve Bank of India has issued to the subsidiary of the Company i.e. Ujjivan Small Finance Bank, the Licence No. MUM 122 dated 11 November 2016 to carry on Small Finance Bank business in India subject to the terms and conditions as mentioned in its letter dated 11 November 2016.

Further, Ujjivan Small Finance Bank is in the process of seeking necessary approvals, registrations and licensing from various departments of the Reserve Bank of India and other agencies prior to the commencement of the banking business. On receipt of the mandatory approvals required to start the operations as a Small Finance Bank, Ujjivan Small Finance Bank will commence its operations of a Small Finance Bank.

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Board of Autoline Industries allots equity shares on preferential basis
Nov 14,2016

Autoline Industries announced that the Board of Directors of the Company at its meeting held on 12 November 2016 allotted 16 lakh equity shares on preferential basis in two tranches. Remaining 12 lakh equity shares will be allotted after receipt of share application money.

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Board of Viji Finance approves incorporation of subsidiary company
Nov 14,2016

Viji Finance announced that the Board of Directors of the Company at its meeting held on 12 November 2016 approved the incorporation of a Company as a subsidiary company - Viji Housing Finance for the purpose housing finance subject to requisite authority.

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Fiem Industries appoints director
Nov 14,2016

Fiem Industries announced that in the Board Meeting held on 12 November 2016, Jawahar Thakur has been appointed as Independent Director of the Company w.e.f. 12 November 2016.

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Board of Scooters India approves withdrawal of CFO
Nov 14,2016

Scooters India announced that the Board of Directors of the Company in their meeting held on 11 November 2016 have withdrawn the nomination of B N Raj, as Chief Financial Officer and Key Managerial Personnel of the Company.

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