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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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Tata Steel gains on reports foreign brokerage maintains outperform rating
Oct 10,2016

Meanwhile, the S&P BSE Sensex was up 81.29 points or 0.29% at 28,142.43.

On BSE, so far 4.89 lakh shares were traded in the counter as against average daily volume of 10.08 lakh shares in the past one quarter. The stock hit a high of Rs 418.25 so far during the day, which is a 52-week high for the counter. The stock hit a low of Rs 409 so far during the day. The stock had hit a 52-week low of Rs 211.30 on 12 February 2016. The stock had outperformed the market over the past one month till 7 October 2016, advancing 4.22% compared with 2.99% fall in the Sensex. The scrip had also outperformed the market in past one quarter, surging 27.94% as against Sensexs 3.16% rise.

The large-cap company has equity capital of Rs 971.22 crore. Face value per share is Rs 10.

The brokerage reportedly said that imposition of anti-dumping duty in European Union is a big positive for the Tata Steel stock. The brokerage has reportedly increased FY 2018 earnings per share (EPS) estimates of Tata Steel by 6% on higher EBITDA/tonne in Europe. Tata Steel remains cheap on EV/EBITDA valuation, the brokerage added.

On a consolidated basis, Tata Steel reported net loss of Rs 3183.07 crore in Q1 June 2016 as against net loss of Rs 316.91 crore in Q1 June 2015. Net sales declined 5.7% to Rs 25155.98 crore in Q1 June 2016 over Q1 June 2015.

Tata Steel is Europes second largest steel producer, with steelmaking in the UK and Netherlands, and manufacturing plants across Europe. The combined Tata Steel group is one of the worlds largest steel producers.

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Real estate sentiments sluggish this Diwali: ASSOCHAM survey
Oct 10,2016

Buried under high debt and inability of the developers to complete and hand over the pending projects well beyond the commitments to the hard-pressed consumers, the troubled housing sector is not witnessing any festive activity this year despite the latest cut in the policy interest rate by the Reserve Bank of India (RBI), an ASSOCHAM survey has said.

Based on the data and information collected from 250 builders in the Delhi-NCR, Mumbai, Bengaluru, Chennai, Kolkata, Ahmedabad, Hyderabad, Pune, Chandigarh and Dehradun, the survey found that the demand for new projects is hard to come while new launches have come to a trickle, marked by lack of consumer confidence and cash deficit of the builders.

Under such a scenario, the demand for new launches, if at all there are, has come down by over 50-60 per cent in Delhi-NCR and Mumbai while it is lesser by about 40-45 per cent in Hyderabad and Chennai. In Bengaluru, the activity has come to a total standstill, first by the demolition drive and then by Cauvery dispute agitation, adds the recent survey.

n++Whatever market is there, it is mainly for the end-users and not for investors, sale has been increased for the smaller units (2 BHK & 3 BHK)n++, reveals the survey.

n++Customers are preferably looking for ready to move in property rather than going for under construction property. But not many properties fall in this categoryn++, adds the Secretary General Mr. D S Rawat.

The resale or secondary market is also dull this festival season, marked by drop of at least 20-25 in prices this festive season. There is very little resale happening especially in the NCR and surrounding areas. Supply is in excess with private small time builders in the unorganised sector flooding the market with units.

The unsold inventory pressure in NCR region is the highest among all other cities. The NCR residential market still has an estimated 1,70,000 units of unsold inventory which is approximately 30% of the units under construction, adds the survey. As per the survey, there are nearly 8-10 million workers engaged in building and other construction activities who face uncertain future if the sector does not revive.

The ticket price 3-bedroom, 2 BHK and single room flats has seen correction by 30% in Noida, 25% in Gurgaon and 15% in some key areas of Delhi, yet the demand stays subdued

All approvals of real estate projects must be accorded in a time bound, accountable and simplifies manner, the ASSOCHAM said suggesting that the process and status of all approvals be made on line so as to bring transparency.

The property analysts have predicted that till March next year the demand for plots, houses and flats may drop by at least 15 to 20%. The housing inventory in the NCR area is huge as a large number of projects are coming up in the peripheral areas, said Mr Rawat.

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A2Z Infra surges on new order win
Oct 10,2016

The announcement was made after market hours on Friday, 7 October 2016.

Meanwhile, the S&P BSE Sensex was up 56.70 points or 0.2% at 28,117.84.

On BSE, so far 1.70 lakh shares were traded in the counter as against average daily volume of 2.57 lakh shares in the past one quarter. The stock hit a high of Rs 39.05 and a low of Rs 37.85 so far during the day. The stock had hit a 52-week high of Rs 46 on 5 July 2016. The stock had hit a 52-week low of Rs 16.50 on 12 February 2016. The stock had underperformed the market over the past one month till 7 October 2016, sliding 3.57% compared with 2.99% fall in the Sensex. The scrip had also underperformed the market in past one quarter, declining 15.53% as against Sensexs 3.16% rise.

The small-cap company has equity capital of Rs 129.62 crore. Face value per share is Rs 10.

A2Z Infra Engineering announced that it has received a contract from Jharkhand Urja Sancharan Nigam (JUSNL) for design, engineering, supply, erection, testing and commissioning on turnkey basis of deposit work of Steel Authority of India (SAIL). Total contract price of the work is around Rs 96 crore.

A2Z Infra Engineering reported a net loss of Rs 18.75 crore in Q1 June 2016, lower than net loss of Rs 34.21 crore in Q1 June 2015. Net sales surged 148.5% to Rs 202.70 crore in Q1 June 2016 over Q1 June 2015.

A2Z Infra Engineering (formerly known as A2Z Maintenance & Engineering Services) is a fast growing, fully integrated electrical business group (EBG) in India catering to the needs of domestic and international power sector clients in building distribution and transmission infrastructure.

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Adani Transmission gains after completing acquisition of GMR Energys transmission assets
Oct 10,2016

The announcement was made after market hours on Friday, 7 October 2016.

Meanwhile, the S&P BSE Sensex was up 63.08 points or 0.22% at 28,124.22.

On BSE, so far 42,454 shares were traded in the counter as against average daily volume of 2.79 lakh shares in the past one quarter. The stock hit a high of Rs 42.90 and low of Rs 42 so far during the day. The stock had hit a record high of Rs 44.55 on 5 October 2016. The stock had hit a 52-week low of Rs 26.30 on 29 February 2016. The stock had outperformed the market over the past one month till 7 October 2016, gaining 4.67% compared with 2.99% fall in the Sensex. The scrip had also outperformed the market in past one quarter, advancing 10.81% as against Sensexs 3.16% rise.

The mid-cap company has equity capital of Rs 1099.81 crore. Face value per share is Rs 10.

Adani Transmission (ATL) completed the acquisition of 74% shares of Maru Transmission Service Company Limited (MTSCL) and 49% shares of Aravali Transmission Service Company Limited (ATSCL). MTSCL and ATSCL are the operational transmission assets of GMR Energy. While payment has been made for 100% stake in both the companies, the remaining stake in both the companies will be transferred to ATL in a manner consistent with the transmission service agreement. This acquisition is in sync with ATL strategy to enhance the value for its stakeholders, through organic as well as inorganic growth.

With these acquisitions, cumulative network of ATL will reach around 10,900 circuit kilometre (ckt kms), out of which around 9,000 ckt kms are under operation (including 3,500 ckt kms under process of acquisition) and approximate 1,900 ckt kms are under various stages of construction. With this scale of operations, ATL will enjoy substantial benefit of scale driving in terms of cost optimization and shared resources.

On 1 July 2016, Adani Transmission had said that it signed definitive agreement with GMR Energy to acquire 49% stake of ATSCL and 74% stake of MTSCL with an option to acquire 100% in both the companies in a manner consistent with transmission service agreement and applicable consents. The cost of acquisition of 100% stake of MTSCL was around Rs 60.35 crore. The cost of acquisition of 100% stake of ATSCL was around Rs 40 crore.

Recently, ATL successfully concluded two capital market fund raising programmes - US dollar bond with overwhelming responses from global investors across Asia, USA, London and rupee denominated INR offshore bond (masala bond), the company said in a statement.

Adani Transmission made its debut on the bourses as a separate listed entity on 31 July 2015 after a Composite Scheme of Arrangement between Adani Enterprises, Adani Ports and Special Economic Zone, Adani Power, Adani Transmission and Adani Mining Private Limited.

Adani Transmissions consolidated net profit jumped 297.2% to Rs 122.71 crore on 35% rise in net sales to Rs 632.01 crore in Q1 June 2016 over Q1 June 2015.

Adani Transmission is into power transmission business and is a part of business conglomerate Adani Group.

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Regulators, corporates cannot escape public scrutiny: SEBI chief
Oct 10,2016

As a strong votary of transparency in corporate India, Chairman of the Securities and Exchange Board of India (SEBI) U K Sinha today said at an ASSOCHAM event regulators too cannot escape the scrutiny of their working as they are, in several cases, empowered as mini states with vast powers.

Delivering the 19th JRD Tata Memorial Lecture under the aegis of the ASSOCHAM, U K Sinha said, it was time to pause and think whether we are creating too many institutions to ensure accountability or should we aim towards more accountability in more institutions.

He cautioned the large companies as well about the narrative of public accountability now extending to corporates; a phenomenon earlier restricted to politicians and bureaucrats.

He said whenever a large episode of misconduct is detected , a perception gets built about regulatory capture coming in the way of effective action. Giving examples of outcry on ponzy schems, the SEBI Chairman said while a need was felt to further empower the regulators, it is also then incumbent on the regulators to be accountable to Parliament and public. This is all the more true because in several cases in several countries the regulators are given powers equivalent to n++mini states enjoying quasi-judicial powers along with executive powers which in many cases have Parliamentary backing by way of sub-ordinate legislations or rules which are attached to the main laws.

Reminding the corporates of the changing environment where there is more scrutiny, Sinha raised the issue of corporate compensation at the senior levels. Citing global examples, he said companies after companies are paying in exorbitantly to their CEOs even if they are making losses.

In the FTSE 100 companies, the CEOs pay is 180 times more than the average pay of employees. In the USA, the pay of S & P 500 CEO was 204 times more than the median pay of workers in 2015....

In the Indian context, Sinha said the SEBI has noticed and stopped instances where small insignificant private companies were being merged with the listed companies at a huge valuation primarily to provide gain to the promoters at the cost of other shareholders.

However, the SEBI chief pressed for checks and balances to ensure that in the name of accountability the very functioning of the regulators is not throttled. He cited examples how in the course of SEBIs probes into the ponzi schemes, public interest litigations and criminal complaints were filed against the regulator. But, the courts, have played a commendable role in this regard. Courts have shown remarkable maturity and restrain.

Sinha also touched upon the issue of gender sensitivity among the Indian firms which still do not measure up to the global standards despite improvement in the last five years.

Earlier, welcoming the SEBI Chairman, ASSOCHAM President Sunil Kanoria emphasized the need for transparency in functioning of the corporate India. Paying tributes to the legendary JRD Tata, the ASSOCHAM chief said the chamber has been receiving national and international luminaries for the prestigious JRD Tata Memorial Lecture.

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Bloom Industries to hold board meeting
Oct 10,2016

Bloom Industries will hold a meeting of the Board of Directors of the Company on 18 October 2016 To shift the Registered Office of the Company within the local limits of the city, town or village.

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Menon Bearings to hold board meeting
Oct 10,2016

Menon Bearings will hold a meeting of the Board of Directors of the Company on 21 October 2016 to consider and approve the Standalone Un-Audited Financial Results of the Company for the quarter and Six months ended September 30, 2016.

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Infinite Computer Solutions India to hold board meeting
Oct 10,2016

Infinite Computer Solutions India will hold a meeting of the Board of Directors of the Company on 12 October 2016 Buyback of Equity Shares

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VRL Logistics to hold board meeting
Oct 10,2016

VRL Logistics will hold a meeting of the Board of Directors of the Company on 27 October 2016 to consider, approve, adopt and to take on record the reviewed un-audited financial statements for the quarter and half year ended September 30, 2016.

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Alufluoride to hold board meeting
Oct 10,2016

Alufluoride will hold a meeting of the Board of Directors of the Company on 15 October 2016 to consider and take on record the Unaudited Quarterly Financial Results (Provisional) of the Company for the quarter ended September 30, 2016.

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CSL Finance to hold EGM
Oct 10,2016

CSL Finance announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 6 November 2016 .

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Indo Borax & Chemicals temporarily shuts down plant
Oct 10,2016

Indo Borax & Chemicals announced that the plant will remain shut down from 09 October 2016 for approximately 30 days, for clearance of inventory.

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Speciality Restaurants closes Sweet Bengal confectionery in Vashi
Oct 10,2016

Speciality Restaurants has closed Sweet Bengal confectionery located in Vashi, Navi Mumbai with effect from 07 October 2016.

With this closure, the total number of restaurants and confectioneries of the Company are 106 (including franchisee restaurants) and 17 respectively.

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Best Steel Logistics gets assigned credit ratings
Oct 10,2016

Best Steel Logistics announced that the Company has received the long term rating of [ICRA]A-(SO) with stable outlook from ICRA.

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Sunil Hitech Engg jumps on bonus issue proposal
Oct 10,2016

The announcement was made after market hours on Friday, 7 October 2016.

Meanwhile, the S&P BSE Sensex was up 42.98 points or 0.15% at 28,104.12.

On BSE, so far 1.49 lakh shares were traded in the counter as against average daily volume of 1.26 lakh shares in the past one quarter. The stock hit a high of Rs 358 so far during the day, which is a 52-week high for the counter. The stock hit a low of Rs 330.95 so far during the day. The stock had hit a 52-week low of Rs 155 on 24 June 2016. The stock had outperformed the market over the past one month till 7 October 2016, gaining 30.21% compared with 2.99% fall in the Sensex. The scrip had also outperformed the market in past one quarter, advancing 82.08% as against Sensexs 3.16% rise.

The small-cap company has equity capital of Rs 18.90 crore. Face value per share is Rs 10.

Sunil Hitech Engineers net profit rose 8% to Rs 11.89 crore on 6.3% growth in net sales to Rs 443.77 crore in Q1 June 2016 over Q1 June 2015.

Sunil Hitech Engineers is an engineering, procurement & construction (EPC) company.

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