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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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India may get caught in cross fire of US-China trade war: ASSOCHAM
Jan 09,2017

In an escalating trade war triggered by the US President elect Donald Trump with Mexico and China, India may find itself in the cross fire with collateral damage to its economy, particularly to sectors such as information technology and select goods exports to the American market, an ASSOCHAM Paper has said.

n++Though China and Mexico are in direct firing line of Donald Trump, India needs to watch out and must build bridges with the upcoming American administration and assuage the concerns about the American jobs,n++ the chamber said on a status paper on the regime change in the US.

Those who thought the Trump threat to the American companies against job outsourcing to China and Mexico, particularly in the manufacturing, was only an election rhetoric are in a for a rude shock. n++The Trump threat to protect the US interest in an inward looking manner is for real now. The manner in which Ford has announced scrapping of its USD 1.68 billion plan to set up a manufacturing plant in Mexico shows that Trump means business when it comes to carrying out the threat of heavy border tax on the US firms which, as he calls it, ship the jobs abroad,n++ the paper said.

ASSOCHAM said, n++India should not sit and watch the trade war among the big economies, mainly the US and China from the sidelines. We must take pro-active steps to ensure that we remain on the right side of the upcoming US administration; or else the impact could be on the Indian services exports to the American firms.n++

According to the paper, the collateral damage for India would not only come from the US but also from China. n++With its economy being aggressively export driven, particularly in manufacturing, China would look for alternative export destinations outside the US in Europe and Asia. In the coming months, after inauguration of Trump to the White House, China would double up dumping of its goods to countries like India as it gets entangled with the US over trade barriers,n++ it said.

The dumping from China has been quite severe in the recent few years in areas like steel aggravating the problems of the Indian industries.

Under the given circumstances, the Indian government along with trade bodies like apex business chambers, influential think tanks, opinion leaders and a large diaspora must work for an effective lobbying to explain to the US policy makers as to how free trade, more so, in services would help both the US and the Indian companies.

n++If the US gives jobs to Indians in back-end operations, India gives a huge market to the giants like Google, Microsoft and Intel who are all now looking at the digital expansion in the Indian economy. So, it is a win-win situation for both the countries,n++ the ASSOCHAM Secretary General said. India imports as significantly as it exports to the US in goods and services.

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MIRC Electronics jumps after allotting equity shares on preferential basis
Jan 09,2017

The announcement was made after market hours on Friday, 06 January 2017.

Meanwhile, the S&P BSE Sensex was down 9.22 points or 0.03% at 26,756.87.

On the BSE, 1.45 lakh shares were traded on the counter so far as against the average daily volumes of 1.75 lakh shares in the past one quarter. The stock had hit a high of Rs 14.70 and a low of Rs 14.06 so far during the day.

The stock had hit a 52-week high of Rs 19.40 on 7 January 2016 and a 52-week low of Rs 8.06 on 26 February 2016.

The small-cap company has equity capital of Rs 19.62 crore. Face value per share is Rs 1.

MIRC Electronics said that preferential issue committee of the company has allotted 1.55 crore equity shares Rs 14.66 per share (including a premium of Rs 13.66 per share) to Bennett Coleman & Co, being person other than promoter and /or promoter group on preferential basis.

Consequently, the paid up equity share capital of the company now stands increased from Rs 19.62 crore to 21.17 crore.

MIRC Electronics reported net loss of Rs 9.09 crore in Q2 September 2016, as compared to net loss of Rs 16.61 crore in Q2 September 2015. Net sales rise 1.5% to Rs 147.05 crore in Q2 September 2016 over Q2 September 2015.

MIRC Electronics makes electronic products such as television sets, washing machines, air conditioners, DVDs and Microwave Ovens under the Onida brand. The company also makes mobiles phones under the Onida brand.

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Apcotex Industries drops after intimating of workmen strike at Taloja plant
Jan 09,2017

The announcement was made after market hours on Friday, 6 January 2017.

Meanwhile, the S&P BSE Sensex was down 20.83 points, or 0.08%, to 26,738.40

On the BSE, 337 shares were traded on the counter so far as against the average daily volumes of 21,416 shares in the past one quarter. The stock had hit a high of Rs 315 and a low of Rs 308.20 so far during the day.

The stock hit a record high of Rs 435 on 28 July 2016. The stock hit a 52-week low of Rs 181.50 on 12 February 2016.

The small-cap company has equity capital of Rs 10.37 crore. Face value per share is Rs 5.

Apcotex Industries said that the management is making all efforts to settle the issue amicably. The management has also made all the necessary arrangements to try and ensure that the production activities are not hampered in any way and will try and ensure to maintain normal level of operations during this period, the company said.

Apcotex Industries net profit dropped 33.21% to Rs 3.56 crore on 39.19% growth in total income to Rs 95.30 crore in Q2 September 2016 over Q2 September 2015.

Apcotex Industries is one of the leading producers of performance emulsion polymers in India. its product range includes VP latex, carboxylated and non-carboxylated SB latexes, acrylic latexes, nitrile latex and synthetic rubber.

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Agent/sales person least trustworthy for those buying insurance: ASSOCHAM study
Jan 09,2017

Insurance agent is taken as the least trustworthy source in the sales process of an insurance policy across different policy segments both among the financially literate and financially non-literate consumers, an ASSOCHAM study has found.

Among the first set of people with no specific knowledge of insurance and finance and those who fall in the age group of 18 to 60 years, 72 per cent of those covered in the study said their agent/sales person was the least trustworthy source in the sales process of an insurance policy.

The second least trustworthy source in the sales process was the insurance company itself, though the percentage on this count was much less at 29 per cent.

The second set of people who are financially savvy and can get better interpretations of the insurance policies find their agent and sales person as the least trustworthy in the sales value chain. As many as 34 per cent of this set of people, aged 25 -40 years, found the agents lacking on trust, followed by the insurance company itself.

Likewise, misrepresentation of benefits was also an area of concern. On this count, the more let down was felt by those who are financially savvy and are in the age group of 25-40 years. As many as 65 per cent of them, who were covered in the ASSOCHAM study, found the issues on this score. Besides, those in the age group of 18-60 years and those who are not so financially savvy, also found the problem of misrepresentation of benefits. Forty three per cent of them said there are problems with regard to misrepresentation of benefits.

n++There is a need for simplification of processes and procedures of insurers to take away the awe and fear of the common man on different products. Demystification of insurance concept is a necessary requirement for people to take to this in a large way, particularly, in the background of low financial literacy,n++ ASSOCHAM said.

He said the industry also needs to do a few things to hasten up the process of insurance inclusion. The product space is cluttered with a large number of complex policies. n++There must be simple, standard vanilla products in personal products.n++

The study suggested that since the insurance agent or the sales person is the face of industry, n++It is of utmost importance that we select these ambassadors very cautiously. Right from spreading the awareness to conducting the need analysis for a sale, to servicing the customers request in time, to explaining and supporting customers in times of claim, sales representative must do it.n++

The lack of information of our customers is what creates the disconnect; once that is taken care of all, apprehensions will slowly begin to disappear.

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Aurobindo Pharma gains after getting USFDA approval for Levetiracetam
Jan 09,2017

The announcement was made on Saturday, 7 January 2017.

Meanwhile, the S&P BSE Sensex was up 6.28 points, or 0.02%, to 26,765.51

On the BSE, so far 1.35 lakh shares were traded in the counter, compared with average daily volumes of 1.81 lakh shares in the past one quarter. The stock had hit a high of Rs 725 and a low of Rs 706.10 so far during the day. The stock hit a record high of Rs 895 on 6 October 2016. The stock hit a 52-week low of Rs 582 on 25 February 2016.

The large-cap company has equity capital of Rs 58.52 crore. Face value per share is Re 1.

Aurobindo Pharma announced that the company has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Levetiracetam in Sodium Chloride Injection, 500 mg/100 mL (5 mg/mL), 1000 mg/100 mL (10 mg/mL), and 1500 mg/100 mL (15 mg/mL) (single-use bags). Aurobindos Levetiracetam in Sodium Chloride Injection is a generic equivalent of HQ Specialty Pharma Corps Levetiracetam in Sodium Chloride Injection. The product will be launched in January 2017.

Levetiracetam in Sodium Chloride Injection is a CNS drug and indicated for partial onset seizures in adults (16 years and older) with epilepsy; myoclonic seizures in adults with juvenile myoclonic epilepsy; primary generalized tonic-clonic seizures in adults with idiopathic generalized epilepsy. The approved product has an estimated market size of $32 million for the twelve months ended November 2016, according to IMS.

This is the 41st Abbreviated New Drug Application (ANDA) (including 2 tentative approvals) to be approved out of unit IV formulation facility in Hyderabad used for manufacturing general injectable products. Aurobindo now has a total of 304 ANDA approvals (263 final approvals including 16 from Aurolife Pharma LLC and 41 tentative approvals) from USFDA.

Separately, Aurobindo Pharmas wholly owned step-down subsidiary Agile Pharma B.V., Netherlands has announcing signing of a binding agreement to acquire Generis Farmaceutica S.A for 135 million euro from Magnum Capital Partners. Generis is engaged in manufacture and sale of pharmaceutical products in Portugal. The acquisition includes the manufacturing facility in Amadora, Portugal, which has the capacity to produce 1.2 billion tablets/capsules/sachets annually.

This deal consolidates Aurobindos footprint in Portugal, which currently consists of Aurovitas, Unipessoal LDA and Aurobindo Pharma (Portugal), Unipessoal Limitada, the company said. The management estimates that the net sales for the acquired business will be approximately 72 million euros in 2017, compared to 64.8 million euros in 2016. Adjusted Earnings before interest, tax, depreciation and amortization (EBITDA) estimate for 2016 is 12.7 million euros, which is projected to improve to 15.8 million euros in 2017, Aurobindo Pharma said.

On consolidated basis, Aurobindo Pharmas net profit rose 33.53% to Rs 605.64 crore on 12.03% growth in total income to Rs 3783.73 crore in Q2 September 2016 over Q2 September 2015.

Aurobindo Pharma manufactures generic pharmaceuticals and active pharmaceutical ingredients. The companys product portfolio is spread over 7 major therapeutic/product areas encompassing Antibiotics, Anti-Retrovirals, CVS, CNS, Gastroenterologicals, Anti-Allergies and Anti-Diabetics, supported by an outstanding R&D set-up. The company is marketing these products globally, in over 150 countries.

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Vijaya Bank revises MCLR rates
Jan 09,2017

Vijaya Bank has revised the MCLR for different tenor with effect from 10 January 2017 as under -

Overnight -- 8.45%
One month -- 8.50%
Three month -- 8.55%
Six month -- 8.60%
One year -- 8.65%
Two year -- 8.65%
Five year -- 8.75%

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BEML surges as government to offload 26% stake
Jan 09,2017

The announcement was made after market hours on Friday, 6 January 2017.

Meanwhile, the BSE Sensex was down 2.68 points, or 0.01%, to 26,756.56

On BSE, so far 2.08 lakh shares were traded in the counter, compared with an average volume of 31,971 shares in the past one quarter. The stock hit a high of Rs 1,147.05 and a low of Rs 977.10 so far during the day. The stock hit a 52-week high of Rs 1,247.05 on 11 January 2016. The stock hit a 52-week low of Rs 770.15 on 23 November 2016.

The mid-cap company has an equity capital of Rs 41.64 crore. Face value per share is Rs 10.

BEML said that the Government of India, Ministry of Defence, has communicated in-principal approval of the Cabinet Committee on Economic Affairs (CCEA) of the Government of India, for strategic disinvestment of 26% equity shares in the company out of Government of India shareholding of 54.03%. The shareholding would be sold to the strategic buyer/s to be identified by the Government of India by following due procedure.

BEML reported net loss of Rs 16.60 crore in Q2 September 2016, lower than net loss of Rs 24.62 crore in Q2 September 2015. Net sales dropped 32.98% to Rs 450.79 crore in Q2 September 2016 over Q2 September 2015.

BEML was established in May 1964 as a public sector undertaking for manufacture of rail coaches & spare parts and mining equipment at its Bangalore complex. The Government of India held 54.03% stake BEML (as per the shareholding pattern as on 30 September 2015).

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2 Lakh Street Lights Replaced in the South Delhi Municipal Corporation Area
Jan 09,2017

Union Minister of Power, Coal, New & Renewable Energy and Mines, Shri Piyush Goyal will dedicate the Street Lighting National Programme (SLNP), currently running in the South Delhi Municipal Corporation (SDMC) area, to the Nation in New Delhi on 9th January, 2017. It is the Worlds Largest Street Light Replacement Programme, which is being implemented by the Energy Efficiency Services Limited (EESL), a joint venture under the Ministry of Power, Government of India.

The SLNP programme is presently running in Punjab, Himachal Pradesh, Uttar Pradesh, Assam, Tripura, Jharkhand, Chhattisgarh, Telangana, Andhra Pradesh, Kerala, Goa, Maharashtra, Gujarat and Rajasthan. A total of 15.36 lakh street lights have already been replaced in the country with LED bulbs, which is resulting in energy savings of 20.35 crore kWh, avoiding capacity of 50.71 MW and reducing 1.68 lakh tonnes of greenhouse gas emissions per annum. The energy efficiency market in India is estimated at US$ 12 billion that can potentially result in energy savings of up to 20 per cent of current consumption, by way of innovative business and implementation models.

Under the SLNP, SDMC area alone accounts for over 2 lakh street light replacements. The cumulative annual energy savings in SDMC through this programme is 2.65 crore kWh which has helped to avoid capacity addition of 6.6 MW, resulting in a daily reduction of 22,000 tonnes of greenhouse gases. Additionally in Delhi, under Phase II of the street lighting programme, EESL has signed a tripartite agreement with BSES and SDMC to install 75,000 more street lights with more focus on installation in parks.

In the SDMC Project, EESL is addressing complaints from various sources viz., registered from BSES helpline, night patrolling team by EESL, mobile vans, e-mails, social media and other sources including Ward Councilors. Additionally, EESL is putting stringent complaint redressal mechanism and Centralized Control and Monitoring System (CCMS) to enable remote operation and monitoring of the street lights. CCMS provides real time information on energy consumption and remote monitoring of the street lights.

On the occasion, Shri Goyal will also launch the mobile app called EESL SL Complaint App for SDMC, wherein users can now lodge complaints about faulty street lights. These complaints will be addressed to within a period of 48 hours.

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Maruti Suzuki India announces production figures
Jan 09,2017

Maruti Suzuki India achieved total production of 107,338 units in December 2016 compared to 107,773 units in December 2015.

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Bullion prices turn pale
Jan 09,2017

Bullion prices settled lower on Friday, 06 January 2017 at Comex. Gold futures settled lower on Friday as strength in the U.S. dollar and equities in the wake of the monthly domestic jobs report dulled investment demand for the precious metal. Prices, however, gained for the week, buoyed by uncertainty surrounding the pace of interest-rate increases by the Federal Reserve.

February gold fell $7.90, or 0.7%, to settle at $1,173.40 an ounce, after notching its highest settlement in five weeks on Thursday. Expectations about the pace of rate increasesn++a negative for gold that doesnt offer a yieldn++has cooled somewhat. For the week, the yellow metal tallied a 1.8% gain.

March silver was off 11.8 cents, or 0.7%, at $16.519 an ounce, paring its weekly rise to roughly 3.3%.

The Labor Department reported on Friday that 156,000 jobs were added in December to cap off the sixth straight year in which the economy created more than 2 million new jobs. Market had predicted a 180,000 increase in new nonfarm jobs. The unemployment rate rose to 4.7% from 4.6%. An increase in wage growth, however, provided support for the argument that the employment market remains on a solid footing. Average hourly wages jumped 0.4% to $26 last month, while hourly pay increased 2.9% from December 2015 to December 2016, marking the fastest 12-month increase since a recovery that began in mid-2009.

Strength in the dollar, with the ICE U.S. Dollar Index, a measure of the currency against six rival currencies, tacking on 0.7% Friday, weighed on gold, which is priced in the currency. A stronger buck makes assets priced in the currency more expensive to buyers using other monetary units.

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Board of Vedavaag Systems approves change in directorate
Jan 09,2017

Vedavaag Systems announced that at the meeting of the Board of Directors of the Company held on 07 January 2017, the following were considered and approved:

1. Finalization of Private Placement Offer Letter in terms of Section 42 of the Companies Act, 2013.

2. The Board of Directors of the company at its meeting held today appointed Srinivas Pannala as additional director of the Company in independent category to hold the office till the forthcoming Annual general Meeting.

3. Further the company has inform that the resignation of Umapathi has been taken on record by the board of directors of the company at their meeting held on 07 January 2017.

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Outcome of board meeting of Crimson Metal Engineering Company
Jan 09,2017

Crimson Metal Engineering Company announced that the Company, at its board meeting held on 06 January 2017, has approved the availing of financial assistance from BANK OF CEYLON, Egmore Branch, Chennai, up to an extent of Rs. 18 crore.

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Income-tax Rules amended to provide- bank shall obtain & link PAN or Form No. 60 in all existing bank accounts (other than BSBDA) by 28 February 2017
Jan 09,2017

Income-tax Rules have been amended to provide that bank shall obtain and link PAN or Form No. 60 (where PAN is not available) in all existing bank accounts (other than BSBDA) by 28 February 2017, if not already done. In this connection, it may be mentioned that RBI vide circular dated 15 December 2016 has mandated that no withdrawal shall be allowed from the accounts having substantial credit balance/deposits if PAN or Form No.60 is not provided in respect of such accounts. Therefore, persons who are having bank account but have not submitted PAN or Form No.60 are advised to submit the PAN or Form No. 60 to the bank by 28.2.2017.

The banks and post offices have also been mandated to submit information in respect of cash deposits from 1 April 2016 to 8 November 2016 in accounts where the cash deposits during the period 9 November 2016 to 30 December 2016 exceeds the specified limits.

It has also been provided that person who is required to obtain PAN or Form No.60 shall record the PAN/Form.No.60 in all the documents and quote the same in all the reports submitted to the Income-tax Department.

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Aurobindo Pharma in spotlight after securing USFDA approval for Levetiracetam
Jan 09,2017

Aurobindo Pharma announced that the company has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Levetiracetam in Sodium Chloride Injection, 500 mg/100 mL (5 mg/mL), 1000 mg/100 mL (10 mg/mL), and 1500 mg/100 mL (15 mg/mL) (single-use bags). Aurobindos Levetiracetam in Sodium Chloride Injection is a generic equivalent of HQ Specialty Pharma Corps Levetiracetam in Sodium Chloride Injection. The product will be launched in January 2017. The announcement was made on Saturday, 7 January 2017.

Levetiracetam in Sodium Chloride Injection is a CNS drug and indicated for partial onset seizures in adults (16 years and older) with epilepsy; myoclonic seizures in adults with juvenile myoclonic epilepsy; primary generalized tonic-clonic seizures in adults with idiopathic generalized epilepsy. The approved product has an estimated market size of $32 million for the twelve months ended November 2016, according to IMS.

Separately, Aurobindo Pharmas wholly owned step-down subsidiary Agile Pharma B.V., Netherlands announced entering into a binding agreement to acquire 100% shareholding in Generis Farmaceutica S.A for 135 million euro from Magnum Capital Partners. Generis is engaged in manufacture and sale of pharmaceutical products in Portugal.

BEML said that the Government of India, Ministry of Defence, has communicated in-principal approval of the Cabinet Committee on Economic Affairs (CCEA) of the Government of India, for strategic disinvestment of 26% equity shares in BEML out of Government of India shareholding of 54.03%. The shareholding would be sold to the strategic buyer/s to be identified by the Government of India by following due procedure. The announcement was made after market hours on Friday, 6 January 2017.

Indian Overseas Bank announced fixation of the marginal cost of funds based lending rate for all rupee loans and advances including renewals for various tenors with effect from 7 January 2017. The MCLR for overnight loans was fixed at 8.45%. The rate for one month was fixed at 8.5% and for three months it was fixed at 8.55%. The MCLR on 6-month loans is 8.6% and for one-year loans the rate is 8.65%, the bank said. The MCLR for two-year loans was fixed at 8.75% and the MCLR for three-year loans was fixed at 8.85%, it added. The announcement was made after market hours on Friday, 6 January 2017.

Vijaya Bank announced fixation of the marginal cost of funds based lending rate for all rupee loans and advances including renewals for various tenors with effect from 10 January 2017. The MCLR for overnight loans was fixed at 8.45%. The rate for one month was fixed at 8.5% and for three months it was fixed at 8.55%. The MCLR on 6-month loans is 8.6% and for one-year loans the rate is 8.65%, the bank said. The MCLR for two-year loans was fixed at 8.65% and the MCLR for three-year loans was fixed at 8.75%, it added. The announcement was made on Saturday, 7 January 2017.

JSW Energy said that the company has secured an order from Power Company of Karnataka (PCKL) for supply of 650 megawatts (MW) upto 31 May 2017 for short term sale of power. The announcement was made after market hours on Friday, 6 January 2017.

Rashtriya Chemicals and Fertilizers (RCF) said that in terms of the guidelines issued by the Reserve Bank of India (RBI), the company has issued Commercial Paper for Rs 75 crore on 6 January 2017, in favour of HDFC Bank, having maturity date as 30 March 2017. The announcement was made after market hours on Friday, 6 January 2017.

Apcotex Industries said that the workmen union at the companys Taloja Plant has given notice of strike effective 9 January 2017. The management is making all efforts to settle the issue amicably. The management has also made all the necessary arrangements to try and ensure that the production activities are not hampered in any way and will try and ensure to maintain normal level of operations during this period. The announcement was made after market hours on Friday, 6 January 2017.

Mirc Electronics said that preferential issue committee of the company has allotted 1.55 crore equity shares Rs 14.66 per share to BENNETT COLEMAN & CO., being person other than promoter and /or promoter group on preferential basis on 6 January 2017. The announcement was made after market hours on Friday, 6 January 2017.

S H Kelkar and Company said that the companys subsidiary, Keva Flavours (KFL), has acquired business undertaking of Gujarat Flavours Private (GFPL) comprising of flavours division on 2 January 2017 in accordance with the business transfer agreement executed between KFL and GFPL on 26 October 2016. The announcement was made after market hours on Friday, 6 January 2017.

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Beeyu Overseas to announce December quarter results
Jan 07,2017

Beeyu Overseas announced that the meeting of Board of Directors of the Company will be held on 31 January 2017, inter alia, to consider and take on record, the unaudited Financial Results for the quarter ended 31 December 2016.

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