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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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Jolly Merchandise to hold AGM
Aug 29,2016

Jolly Merchandise announced that the th Annual General Meeting(AGM) of the company on 30 September 2016.

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Board of Cyient recommends special dividend
Aug 29,2016

Cyient announced that the Board of Directors of the Company at its meeting held on 29 August 2016, inter alia, have recommended the special dividend of Rs 2.5 per equity Share (i.e. 50%) , subject to the approval of the shareholders.

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Total Hospitality to hold AGM
Aug 29,2016

Total Hospitality announced that the th Annual General Meeting(AGM) of the company on 30 September 2016.

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MFL India to hold board meeting
Aug 29,2016

MFL India will hold a meeting of the Board of Directors of the Company on 4 September 2016.

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Dhanuka Commercial to hold EGM
Aug 29,2016

Dhanuka Commercial announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 24 September 2016 .

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Rathi Bars to hold board meeting
Aug 29,2016

Rathi Bars will hold a meeting of the Board of Directors of the Company on 5 September 2016.

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Nilkanth Engineering to hold board meeting
Aug 29,2016

Nilkanth Engineering will hold a meeting of the Board of Directors of the Company on 1 September 2016.

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SRS Real Infrastructure to hold AGM
Aug 29,2016

SRS Real Infrastructure announced that the 26th Annual General Meeting(AGM) of the company on 30 September 2016.

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BDH Industries to hold AGM
Aug 29,2016

BDH Industries announced that the 26th Annual General Meeting(AGM) of the company on 22 September 2016.

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Board of Rishi Techtex approves preferential issue of equity shares
Aug 29,2016

Rishi Techtex announced that the Board of Directors of the Company at its meeting held on 29 August 2016 has approved to issue 10 lakh equity shares to persons from Non-Promoter Group (Public Category) on preferential basis.

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Coal India fixes record date for buyback of shares
Aug 29,2016

Coal India has fixed 09 September 2016 as the record date for the purpose of Buy-back of Equity Shares.

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Mahindra & Mahindra incorporates a subsidiary in Dubai, UAE
Aug 29,2016

Mahindra & Mahindra announced the incorporation of a subsidiary viz. Bristlecone Middle East DMCC in Dubai, UAE, on 18 July 2016.

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Mishtann Foods fixes record date for sub-division of shares
Aug 29,2016

Mishtann Foods has fixed 09 September 2016 as the Record Date for the purpose of sub division of Face value of Rs. 10/- (Rupees Ten only) into 10 (ten) Equity Shares of Face value of Re. 1/- (Rupee One only) each.

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Notification of Protocol for amendment of Convention for avoidance of double taxation & prevention of fiscal evasion
Aug 29,2016

The Protocol for amendment of the Convention for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and capital gains between India and Mauritius was signed by both countries on 10th May, 2016. After completion of internal procedures by both countries, the Protocol entered into force in India on 19th July, 2016 and has been notified in the Official Gazette on 11th August, 2016.

The Protocol provides for source-based taxation of capital gains arising from alienation of shares acquired on or after 1st April, 2017 in a company resident in India with effect from financial year 2017-18. Simultaneously, investments made before 1st April, 2017 have been grandfathered and will not be subject to capital gains taxation in India. Where such capital gains arise during the transition period from 1st April, 2017 to 31st March, 2019, the tax rate will be limited to 50% of the domestic tax rate of India. Taxation in India at full domestic tax rate will take place from financial year 2019-20 onwards.

The benefit of 50% reduction in tax rate during the transition period shall be subject to the Limitation of Benefits Article, whereby a resident of Mauritius (including a shell / conduit company) will not be entitled to benefit of 50% reduction in tax rate, if it fails the main purpose test and bonafide business test. A resident is deemed to be a shell / conduit company, if its total expenditure on operations in Mauritius is less than Rs. 2,700,000 (Mauritian Rupees 1,500,000) in the immediately preceding 12 months.

The Protocol further provides for source-based taxation of interest income of banks, whereby interest arising in India to Mauritian resident banks will be subject to withholding tax in India at the rate of 7.5% in respect of debt claims or loans made after 31st March, 2017. However, interest income of Mauritian resident banks in respect of debt-claims existing on or before 31st March, 2017 shall be exempt from tax in India as per existing provisions in the Convention.

The Protocol also provides for updating of the Exchange of Information Article as per the international standard, provision for assistance in collection of taxes, source-based taxation of other income, amongst other changes.

The Protocol will tackle treaty abuse and round tripping of funds attributed to the India-Mauritius treaty, curb revenue loss, prevent double non-taxation, streamline the flow of investment and stimulate the flow of exchange of information between the two Contracting Parties. It will improve transparency in tax matters and will help curb tax evasion and tax avoidance.

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Prakash Industries standalone net profit rises 646.81% in the June 2016 quarter
Aug 29,2016

Net profit of Prakash Industries rose 646.81% to Rs 14.04 crore in the quarter ended June 2016 as against Rs 1.88 crore during the previous quarter ended June 2015. Sales declined 10.52% to Rs 575.83 crore in the quarter ended June 2016 as against Rs 643.50 crore during the previous quarter ended June 2015.

ParticularsQuarter Endedn++Jun. 2016Jun. 2015% Var. Sales575.83643.50 -11 OPM %9.747.01 - PBDT39.4426.65 48 PBT14.041.88 647 NP14.041.88 647

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