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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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Indiabulls Real Estate to buyback shares
Nov 24,2016

The Board of Indiabulls Real Estate on 24th November 2016 has approved the proposal of buy-back of upto Rs 6 Crore fully paid up equity shares of Rs 2 each of the Company, being 11.8% approx. of existing paid-up share capital of the company.

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Cabinet approves introduction of revamped Merchant Shipping Bill 2016 in Parliament
Nov 24,2016

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the Merchant Shipping Bill, 2016 for introducing it in the Parliament.

The Merchant Shipping Bill, 2016 is a revamped version of the Merchant Shipping Act, 1958. The Bill provides for repealing of Merchant Shipping Act, 1958 as well as for the repealing of the Coasting Vessels Act, 1838.

The Merchant Shipping Act, 1958 had become a bulky piece of legislation over the years as a result of various amendments carried out in the Act from time to time. It was amended 17 times between 1966 and 2014 resulting in an increase in the number of sections to more than 560 sections. These provisions have been meticulously shortened to 280 sections in the Bill.

The provisions of the Bill will simplify the law governing the merchant shipping in India. Further, certain redundant provisions will be dispensed with and remaining provisions will stand consolidated and simplified so as to promote case of doing business, transparency and effective delivery of services.

The significant reforms that will usher in, upon enactment of the Bill, are:

A. Augmentation of Indian tonnage promotion/development of coastal shipping in India by:-

a) allowing substantially-owned vessels and vessels on Bare Boat-cum-Demise (BBCD); charter by Indians to be registered as Indian flag vessels;

b) recognising Indian controlled tonnage as a separate category;

c) dispensing with the requirement for issuing of licences to Indian flag vessels for coastal operation and for port clearance by the Customs authorities; and

d) making separate rules for coastal vessels to develop & promote coastal shipping.

B. Introduction of welfare measures for seafarers, such as:-

a) seafarers held in hostage captivity of pirates will receive wages till they are released and reach home back safely;

b) owners of vessels to compulsorily take insurance of crew engaged on vessels including fishing, sailing without mechanical means of propulsion and whose net tonnage is less than 15; and

c) the requirement of signing of articles of agreement by the crew before the Shipping Master will no longer be necessary.

C. Registration of certain residuary category of vessels not covered under any statute and lo make provisions for security-related aspects.

D. Incorporation of all International Maritime Organisation (IMO) Conventions/Protocols in the Indian laws up-to-date (an essential pre-requisite for compliance with the IMO Member-State Audit Scheme that is mandatory since 1/1/2016) by inserting provisions relating to seven different conventions, namely,

a) the Intervention Convention 1969,

b) the Search and Rescue Convention 1979

c) the Protocol for Prevention of Pollution from Ships Annex VI to Marine Pollution Convention,

d) the Convention for Control and Management of Ships Ballast Water and Sediments, 2004,

e) the Nairobi Wreck Removal Convention, 2007,

f) the Salvage Convention 1989 and

g) the International Convention for Bunker Oil Pollution Damage, 2001.

Besides, the provisions for survey, inspection and certification of vessels which were scattered in various Parts of the existing Act are placed together to provide for a simplified regime for convenience of Indian shipping industry. The Coasting Vessels Act, 1838, which is an archaic legislation of the British era providing for registration of non-mechanically propelled vessels to a limited jurisdiction of Saurashtra and Kutch, is proposed to be repealed since in the Merchant Shipping Bill 2016 provisions have been introduced for registration of all vessels for the whole of India.

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Manpasand Beverages allots equity shares
Nov 24,2016

Manpasand Beverages has issued and allotted 30,000 Equity Shares of Rs. 10/- each, upon exercise of 30,000 options by optionees under the Companys Employee Stock Options Plan (ESOP-2014).

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Cupid Trades & Finance shifts registered office
Nov 24,2016

The board of Trades & Finance has approved the shifting of the Companys registered oiffice from 407, B Panchratna, Opera House, Mama Parmanand Road, Mumbai, Maharashtra - 400004 to 122, 2nd Floor, Flox Chambers, 10/21 Tata Road, No 1, Opera House, Mumbai 400004.

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Volumes jump at Maithan Alloys counter
Nov 24,2016

Maithan Alloys clocked volume of 79.30 lakh shares by 13:58 IST on BSE, a 1028.78-times surge over two-week average daily volume of 8,000 shares. The stock rose 14.3% to Rs 243. A large bulk deal of 55.05 lakh shares was executed on the scrip at Rs 214.80 per share in opening trade on BSE.

Prism Cement notched up volume of 25.05 lakh shares, a 86.80-fold surge over two-week average daily volume of 29,000 shares. The stock shed 0.28% to Rs 90.

Supreme Industries saw volume of 1.03 lakh shares, a 19.01-fold surge over two-week average daily volume of 5,000 shares. The stock rose 1.3% to Rs 813.05.

Rane Brake Lining clocked volume of 73,000 shares, a 7.27-fold surge over two-week average daily volume of 10,000 shares. The stock rose 12.06% to Rs 1,015.

Adani Transmission saw volume of 16.90 lakh shares, a 6.57-fold rise over two-week average daily volume of 2.57 lakh shares. The stock rose 2.15% to Rs 57.10.

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IT shares in demand
Nov 24,2016

Oracle Financial Services Software (up 2.12%), Tech Mahindra (up 2.04%), TCS (up 1.75%), Infosys (up 1.41%), Persistent Systems (up 1.36%), Wipro (up 1.35%), MindTree (up 1.32%), Hexaware Technologies (up 0.87%) and HCL Technologies (up 0.44%), edged higher. MphasiS was down 0.08%.

The S&P BSE IT index was up 1.35% at 9,445.44. It outperformed the S&P BSE Sensex, which was down 0.78% at 25,848.76.

The S&P BSE IT index had underperformed the market over the past 30 days till 23 November 2016, falling 8.34% compared with the 7.26% decline in the Sensex. The index had also underperformed the market in past one quarter, falling 11.43% as against Sensexs 6.41% decline.

A weak rupee boosts revenue of IT firms in rupee terms as the sector derives a lions share of revenue from exports.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 68.83, compared with its close of 68.56 during the previous trading session.

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Sundaram Multi Pap approves Qualified Institutions Placement
Nov 24,2016

The Board of Sundaram Multi Pap has determined and approved the issue price of Rs. 4.10/- per Equity Share (including premium of Rs. 3.10/- per Equity Share) after giving a discount of around 5% to the Floor Price of Rs. 4.30/-, for the issuance and allocation of 30000000 Equity Shares to eligible qualified institutional buyers in the Qualified Institutions Placement, aggregating up to Rs. 12.30 crore

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HPL Electric & Power gets ratings upgraded
Nov 24,2016

HPL Electric & Power has got its long term bank facilities ratings upgraded by the Fitch to IND A with a positive outlook.

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NIIT allots equity shares
Nov 24,2016

NIIT has allotted 41,528 equity shares of Rs 2 each to the employees of the Company on 23rd November 2016 in accordance with the terms of ESOP-2005.

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Ojas Asset Reconstruction Company appoints company secretary
Nov 24,2016

Ojas Asset Reconstruction Company has approved the appointment of Rohit Deshpande as the Company Secretary and Compliance Officer of the Company under KMP category.

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Board of Acrysil approves fund infusion
Nov 24,2016

The Board of Acrysil on 24th November 2016, has approved the infusion of funds by the Promoter director of the Company and Acrysil Steel Limited by way of subscribing to proposed preferential issue of equity shares of Acrysil Steel at a fair value of Rs 22 per share of Rs 10 each.

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Cabinet approves re-routing of State Highway passing through Naval Land at Kakinada
Nov 24,2016

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for diversion of State Highway-149 passing through Naval Land at Kakinada. In this connection, the following decisions were also taken:-

a) Taking over of 11.25 acres of land of the Government of Andhra Pradesh underneath the existing Highway passing through Naval land at Kakinada.

b) Surrender of 5.23 acres of Naval land at Kakinada to the State Government of Andhra Pradesh.

c) Payment of Rs. 1882.775 Lakhs as compensation to the State Government of Andhra Pradesh to facilitate them for acquisition of land and for associated construction of alternate road.

The re-routing of state highway at Kakinada will provide hindrance free training by reducing accidents and improvement in security of the establishment. It will ensure safety and security of Amphibious Warfare Training Centre alongwith related infrastructure.

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LT Foods enters into joint venture
Nov 24,2016

LT Foods has entered into Joint Venture with KAMEDA SEIKA of Japan to manufacture and market rice based snacks in India.

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Arshiya appoints Chief Strategy Officer
Nov 24,2016

Arshiya at its board meeting held on 12th November 2016, has appointed Ananya A Mittal as Chief Strategy Officer (CSO) of Arshiya Group with immediate effect.

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India Inc. must formulate strong anti-fraud programme to reduce risk on account of corporate fraud: ASSOCHAM-Grant Thornton study
Nov 24,2016

Companies across India must implement an anti-fraud framework to mitigate the risks evolving from illegal activities as pressure of uncertain markets, escalating input costs, high labour turnover, advent of technology and others provide significant opportunity and incentives for fraudsters to commit financial frauds, noted an ASSOCHAM-Grant Thornton joint study.

n++There is an urgent need to equip our businesses against fraud risks and exposure through a systematic programme of fraud risk assessment, monitoring, incident response and remediation,n++ noted an ASSOCHAM-Grant Thornton joint study titled Financial and Corporate Frauds.

n++A robust control environment is vital to reduce the risk on account of fraud and misconduct within companies and their dynamic business environment,n++ it said.

n++With any change in the environment of the businesses, the need to adapt to these changes is a prerequisite to attain sustainable growth,n++ the study further said.

The change in the current environment is the increased fraud exposure for organisations.

Considering that in any organisation, the board of directors are responsible for setting the tone at the top, which flows across the entire company and its various locations, management views on mitigating fraud, corruption and misconduct should be revealed to the employees.

Besides, disciplinary action and zero tolerance for violations should also be part of the message that the board sends out to employees.

Organisations willing to counter fraud should develop sound fraud prevention policies that must include extensive background checks on new-hires, promotion candidates, suppliers, customers and business partners (including international third parties); segregation of duties; position rotations; limitations of physical access to assets; removal of unauthorised and old system users and whistle blower mechanism.

Companies must develop their ethics code keeping in mind the size of the organisation, mix of employees, number of employees, and the key risk areas. The code must be formally documented and communicated to the employees, third parties, and other stakeholders and be uploaded on the official website of the organisation.

It should also describe the disciplinary actions that can be initiated against people and this function should be continuously monitored.

Highlighting the need for a whistleblower or complaint mechanism within an organisation, the ASSOCHAM-Grant Thornton study said, n++Companies must maintain anonymity of the complaint mechanism by ensuring confidentiality of information reported through the whistle-blower mechanism.n++

There should also be a policy of non-retaliation against the whistle-blower, it added.

Companies must also effectively communicate and train their employees periodically about the policies and procedures that are developed. This process must include aspects like in-person and web-based training for people to recognise and report red flags to frauds; special training for finance professionals and others in high-risk positions (i.e. business developers, sales and marketing).

There should be enhanced focus on assessing the types of frauds that can impact business and identifying relevant types of fraud, such as fraudulent financial reporting, possible loss of assets and corruption methods through which fraud and misconduct can be done.

It also includes identifying areas where the company should focus its anti-fraud resources and periodically review the results of the fraud risk assessment with the audit committee. Such periodic assessment should be helpful in challenging certain key aspects such as management override of controls.

Highlighting how continuous monitoring using data analytics is imperative to improve efficiencies and integrate supply chains, as most organisations are now heavily reliant on IT systems to support business processes, the study suggested that companies should put adequate control on devices containing confidential data, encrypt devices and use reliable software tools with remote data wiping capabilities to safeguard against device theft or intrusions.

Besides, companies should be proactively monitoring key processes and run data analytics modules on internal/external communication, payroll and reimbursements, receivables and collections, sales and distribution, time and physical access controls and vendor payments.

Most organisations use services of third parties to manage their business operations and other activities which can sometimes significantly increase the risk of frauds whereby due diligence can be a useful tool to understand ones vendors and business partners.

Due diligence on third parties should include knowledge business interests/ affiliations, conflict of interest; any adverse news in media about unethical business practices, involvement in tax evasion, money laundering, terrorist financing or any bribery/corruption incidents; any involvement in legal proceedings/convictions for malpractice/crime and others; any political affiliations, inappropriate political support and links to politically exposed persons/entities; credit defaults and bankruptcies together with other reputational concerns.

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