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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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Centre Working Expeditiously to Provide Agriculture Loans to Farmers According to their Needs and in a Timely Manner: Shri Radha Mohan Singh
Aug 29,2016

Union Minister of Agriculture and Farmers Welfare Shri Radha Mohan Singh highlighted the following points.

n++ Central Government has made concerted efforts to strengthen Co-operative Societies.

n++ At the local level, through cooperative societies, employment opportunities are being created for farmers & youth.

n++ Efforts are on to make women of the villages self-reliant.

Union Minister said that the Central Government is working expeditiously to provide agriculture loans to farmers according to their needs and in a timely manner.

Shri Singh said that NABARD is making groups of farmers and agriculture producers to provide them cheap agricultural loans from banks. Till January 2016 across the country 14.43 lakh joint liability groups were formed and by March 2016, NABARD has set up approximately 2424 producer groups. The Minister said that from April 2005 to March 2014, Rs. 6775 crore were spent. Whereas, the new Government has, from April 2014 until December 2015, extended Rs.7084 crore as financial assistance to joint liability groups.

Union Minister of Agriculture & Farmers Welfare said there is imbalance in the availability of credit to the agriculture sector and amongst small and big farmers. Shri Singh acknowledged that credit availability per capita in the region is much lower than in other regions. The National Sample Survey Organisation (NSSO) survey, 46 percent of farming households are burdened by debt and the loans are from different institutions.

The Minister informed that the Central Government has taken concrete steps to strengthen cooperatives so that they are economically viable and active participation of their members, to make them dynamic democratic organizations. Shri Singh said that by doing so, cooperative societies will be able to withstand the competitive global economy. The Minister said for the development of the rural economy and to increase employment opportunities in the agricultural, cooperatives have an important role to play.

Shri Singh said farmers through cooperatives and youth employment at the local level being added, as well as through self-help groups of village women work towards self-sufficiency is happening. The Central and State Governments are working together in this direction rapidly. Shri Radha Mohan Singh informed that many cooperatives get NCDC funding so that they can create employment for the needy.

The Minister appealed to the people involved in the cooperative movement in the building and the strengthening of the cooperative farmers, to protect the interests of vulnerable groups and to come forward and give them active support. Employees Cooperative Society Ltd. Shri Radha Mohan Singh appreciated Kota Co-operative Societies Ltd. works and praised its achievements and hoped that one for all, all for one spirit will continue to be guiding philosophy for them.

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GMR Infra in focus after winning contract for Goas greenfield airport project
Aug 29,2016

GMR Infrastructure said that its subsidiary, GMR Airports (GAL), has won the international competitive bid for development and operation of Mopa Greenfield Airport in North Goa. The concession period for the Greenfield project will be 40 years with a possible extension of another 20 years through a bid process. The airport will be built under the BOT (Build Operate Transfer) model. GMR won the bid through a closely contested competitive bid process with Airports Authority emerging as the second highest bidder followed by the consortium of Essel InfraIncheon emerging third. The letter of award is expected to be issued within 60 days, while signing of concession agreement will be done within 45 days from the date of issuance of award letter. The regulatory regime for the concession will be hybrid till with 30% cross subsidy. The concession offers 232 acres of land for commercial city side development for a period of 60 years. The announcement was made after trading hours on Friday, 26 August 2016.

Indian Oil Corporation (IOC) will consider bonus issue of shares and its Q1 June 2016 results today, 29 August 2016.

Bharat Forge said it acquired 64,000 shares of its wholly-owned step down UK subsidiary - Bharat Forge International (BFIL), from Bharat Forge Global Holding GMBH, for $4,544,000 (around Rs 30 crore). This was part of restructuring of overseas subsidiaries, the company said.

Net profit of Procter & Gamble Hygiene and Health Care rose 2.16% to Rs 109.40 crore on 0.71% increase in total income to Rs 580.45 crore in Q4 June 2016 over Q4 June 2015. The result was announced after trading hours on Friday, 26 August 2016.

Castrol India will be watched. We reference to a news report captioned, n++Castrol to sell $261 million shares via block Traden++, the company clarified after trading hours on Friday, 26 August 2016, that it was not aware of any stake sale in the company by Castrol, a unit of oil major BP Plc, and said recent news reports that such a transaction would take place were based on market speculation.

Indusind Bank said it opened its first branch in Pathankot, Punjab. With this, the bank now has 81 branches in Punjab. The announcement was made after trading hours on Friday, 26 August 2016.

Bharat Financial Inclusion said it issued commercial papers of an aggregate amount of Rs 25 crore on 26 August 2016, which have been rated A1 + by a leading rating agency. Instruments with the aforesaid rating are considered to have a very strong degree of safety regarding timely payment of financial obligations. Such instruments carry the lowest credit risk. The aggregate amount of commercial paper outstanding as on date is Rs 300 crore. The announcement was made after trading hours on Friday, 26 August 2016.

Claris Lifesciences has received approval from the US health regulator for generic Flumazenil injection used for reversal of the sedative effects of benzodiazepines in the US market. The announcement was made on Saturday, 27 August 2016.

In a separate announcement after market hours on Friday, 26 August 2016, Claris Lifesciences updated that its wholly-owned subsidiary, Claris Injectables, (CIL) had undergone an US Food and Drug Administration (USFDA) inspection, classified as Prior Approval Inspection (PAI) from 16 August 2016 to 26 August 2016, on the Plant 1 (Clarion 1) of its manufacturing facility situated at Charcharvadi, Vasna. CIL has received five 483s during the inspection, it is confident to reply to these within 15 business days, with corrective and preventive actions to address the same. PAI inspections are part of a normal course of business to approve the under approval Abbreviated New Drug Application (ANDA), the company has 24 ANDAs under approval with a total addressable market size of the under approval products estimated to be around $2 billion.

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GMR Airports wins North Goas Greenfield Mopa Airport
Aug 27,2016

GMR Airports has won the international competitive bid for development and operation of Mopa Greenfield Airport in North Goa. The concession period for the Greenfield project will be 40 years with a possible extension of another 20 years through a bid process. The airport will be built under the BOT (Build Operate Transfer) model.

GMR won the bid through a closely contested competitive bid process with Airports Authority emerging as the second highest bidder followed by the consortium of Essel Infra-Incheon emerging third.

The letter of award is expected to be issued within 60 days, while signing of concession agreement will be done within 45 days from the date of issuance of award letter.

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LML announces demise of director
Aug 27,2016

LML announced that the Companys Whole-time Director, Lalit Kumar Singhania left for heavenly abode on 25 August 2016.

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Outcome of board meeting of Electrosteel Castings
Aug 27,2016

Electrosteel Castings announced that the Board of Directors of the Company at its meeting held on 27 August 2016, inter alia, have approved the following:

- The proposal for premature redemption of 3rd instalment of 10.75% Non- Convertible Debentures of the Company, subject to the acceptance of the terms and conditions by the Debenture holder(s).

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Banswara Syntex gets High Court approval for scheme of amalgamation
Aug 27,2016

Banswara Syntex announced that the Scheme of Amalgamation of Banswara Global and Banswara Fabrics with Banswara Syntex as approved by the Honble High court of judicature at Jodhpur.

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MEP Infrastructure Developers provides update on a road project in Tamil Nadu
Aug 27,2016

MEP Infrastructure Developers announced that one of Companys Subsidiary viz. Raima Toll Road (SPV and/or Concessionaire) had entered into the concession agreement with National Highways Authority of India (NHAI) on 10 April 2013 for Operation and Maintenance of Madurai-Tirunelveli-Panagudi-Kannyakumari section from km.0.00 to km.243.170 (total length 243.170) in the state of Tamil Nadu [Package No.6 (NS)]. The Commercial Operation Date (COD) for the Project was achieved on 22 September 2013.

During the operations period, the Concessionaire was unable to implement the toll notification towards collection of toll dues from certain State operated transport agencies, resulting in significant ongoing loss of revenue for the Concessionaire. Further, also due to non-fulfilment of certain obligations by both the Parties, there have been claims made, which are in the process of being amicably settled.

As part of the amicable settlement process, it has been mutually agreed by the Parties for the concessionaire to hand over the operations of the toll plaza facilities to NHAI from 25 August 2016 at 08:00 hours.

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Board of D-Link India approves appointment of director
Aug 27,2016

D-Link India announced that the Board of Directors of the Company at their meeting held on 26 August 2016 have approved the appointment of Madhu Gadodia as Additional Director (Non-Executive & Independent) of the Company with effect from 27 August 2016.

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Microsec Financial Services to seek NBFC registration
Aug 27,2016

Microsec Financial Services announced that the Board of Directors of the Company by way of Resolution by Circulation dated 27 August 2016, has given their approval for making an application to the Reserve Bank of India in terms of sub-section (2) of Section 45-IA of the Reserve Bank of India Act, 1934 for granting Certificate of Registration to commence/carry on the business of a NBFC.

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Manappuram Finance allots NCDs aggregating Rs 50 crore
Aug 27,2016

Manappuram Finance announced that the Financial Resources and Management committee of Board of Directors of the Company allotted 500 Secured Redeemable Non-Convertible Debentures by way of Private Placement, having face value of Rs. 10,00,000/- each aggregating to Rs.50 crore (Rupees Fifty Crores only ) on 26 August 2016.

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Claris receives AND A approval for Flumazenil Injection
Aug 27,2016

Claris Lifesciences announced that it has received an Abbreviated New Drug Application approval for Flumazenil Injection USP, 0.5 mg/5 mL and 1 mg/10 mL multiple dose vials, in the United States of America.

The ANDA approval has come for the same plant where the FDA has recently completed their Prior Approval Inspection (PAI).

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Indian Hotels Company announces cessation of ED & CFO
Aug 27,2016

Indian Hotels Company announced that Anil P. Goel - Executive Director & CFO has sought premature retirement from the services of the Company and the same has been accepted by the Management.

Accordingly, Goel will step down as the Companys Executive Director & CFO effective 15 October 2016.

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Carborundum Universal inaugurates new R&D centre
Aug 27,2016

Carborundum Universal inaugurated its state-of-the-art Research and Development centre in its Industrial Ceramics Division facility in Hosur, Tamil Nadu.

This facility boasts of advanced equipment for material characterization, microstructural analysis, finished component analysis and other critical areas, supplementing the existing R&D activity of the unit. It is certified by the Department of Scientific and Industrial Research (DSIR), Govt. of India. It will be a Centre of Excellence for research in Technical Ceramics for Industrial & Advanced applications, and will serve to address CUMIs aspirations to grow in Wear Resistant & Technical Ceramics includingMetallized Ceramic range of products. This new R&D Centre would further strengthen the platform of competency for sustainable growth & Market Leadership of Wear Resistance & Technical Ceramic products in selected segments.

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India Nippon Electricals announces change in registered office
Aug 27,2016

India Nippon Electricals announced that the Registered office of the Company has been changed from n++Aalim Centren++ 2nd Floor, No.82, Dr Radhakrishnan Salai, Mylapore, Chennai - 600004 to No.11 & 13, Patullos Road, Chennai - 600002 with effect from 27 August 2016.

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Board of Bronze Infra-Tech approves change in directorate
Aug 27,2016

Bronze Infra-Tech announced that the Board of Directors of the Company at its meeting held on 27 August 2016, has transacted the following;

1. Shayama Charan Kumar appointed as Managing Director and Chief Financial Officer of the Company.

2. Pijush Kundu appointed as an Additional Director of the Company.

3. Resignation of Pritesh Kumar Naranbhai Solanki, Managing Director and Chief Financial Officer of the Company.

4. The Board also discussed the future development & expansion of business.

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