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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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Ind-Ra: GST Transition to Disrupt Working Capital Cycle of India Inc; Easy System Liquidity Essential
May 23,2017

The transition to GST will disrupt the working capital cycle of businesses in the initial phase and thus easy liquidity in the system is essential for two to four months, says India Ratings and Research (Ind-Ra). The agency believes that in order to minimise the magnitude of such disruption at the earliest, and to absorb the sudden changes in requirement of short term finance, easy system liquidity is necessary. Ind-Ra studied a sample set of 11,000 corporates and estimates that the input credit lock up for this sample could be around INR 1 trillion of which about INR500 billion could be blocked for about two months which may result in higher short term working capital requirement for businesses in the near term.

Ind-Ras sample set of corporates showed that the task is humongous and can be gauged by the size of closing inventory of around INR11.2 trillion as at FY16, which are at various stages of production process and includes other inventory procured at various dates from different sources including CST, VAT and exempt purchases. The average excise duty of the sample set works out to around 5.5%. Further assuming that 25% of the over-all inventory is procured locally and is subject to an average VAT rate of 14%, the over-all input credit lock up will be around INR1 trillion for this sample and would be higher on an over-all basis. Even if 50% of this is not available for set-off during the transition phase, it would result in blockage of INR500 billion of input credit for about two months (although may not necessarily be used during the first two months). Moreover, service tax rates are likely to increase by a flat 3% to 18% as against 15%. These factors may put stress on the short term working capital requirement for businesses.

Ind-Ra believes that even if businesses are able to achieve this seemingly mammoth task and the amounts are credited to the electronic ledger on a provisional basis, it will be subject to variations in the near term as there could be litigations on eligibility and availability under the existing laws and under the GST regime which may lead to disruption of working capital for businesses. The impact on individual companies could however vary widely and Ind-Ras study suggests that around 85% of the blocked input credit will be with companies with greater than INR5 billion revenues. Ind-Ra believes larger companies whose credit profiles are relatively stronger will tide over the short term working capital disruption relatively easily as compared to the ones which have weaker credit profiles.

Focusing on the liquidity conditions, the system liquidity remained abundant- reflected in the liquidity adjustment facility (LAF) provided by Reserve Bank of India (RBI). On an average in May 2017 banks are parking over INR3 trillion (3% of net demand and time liabilities) under the LAF window, comparted to above INR5 trillion in March 2017. Currently, the high liquidity situation is owing to the lower amount of currency in circulation and a surge in foreign portfolio investments (FPI). The currency in circulation has now restored to INR14.5 trillion, compared to INR18 trillion, prior to November 2016. Additionally, net FPI investment in equity and debt has crossed INR1 trillion since the starting of 2017, an exogenous money creation.

The sloshing system liquidity has become a cause for concern, as it impacts the monetary policy objective and practices. The objective of monetary policy is to keep the overnight rate (O/N) and the shortest end of the yield curve anchored to policy rate (i.e. repo rate). During the months of March -April 2017, O/N rates were substantially lower than the policy rates and similarly short term yields were below the policy rate. To tackle such anomalies the RBI in its April 2017 monetary policy spelt out a detailed course of actions. And in line with the monetary policy communication, RBI has sterilised INR1 trillion of liquidity through Treasury bills (T- Bills) under the market stabilisation scheme. As a result, the O/N rates and short term rates have now realigned to RBIs objective, i.e. anchored to repo rates.

The ongoing dilemma is now, how RBI will tackle this sloshing liquidity surplus, or whether it is even necessary to sterilise such liquidity. Ind-Ra believes that such liquidity surplus need not be sterilised. The RBIs objective is to keep O/N rates close to policy rate, where liquidity is one of the tools. After issuances of T-Bills under the market stabilisation scheme at higher yield, overnight rates have now recalibrated to policy rate. And as more importantly, as per Ind-Ras prognosis the system liquidity should be at ease during the transition phase of GST. Thus in order to minimise the magnitude of such disruption at the earliest and to absorb the sudden changes in requirement of short term finance, easy system liquidity is necessary. However some fine tuning will be needed to maintain O/N rates closer to policy rates.

Thus Ind-Ra believes the changes of both fund flow and cash flow cycle may cause abrupt volatility in the working capital requirements during the initial phase of GST transition. The actual manifestation is expected to be visible in the volatility of system liquidity and short term rates. To tackle such a disruption with ease and so as to ring-fence short term fiancn++ market from a market failure, the easy financing option is critical. Thus an easy system level liquidity is essential to pursue these objectives. Since the overall credit offtakes is low and banking system liquidity is at its high level, banks will also be in a position to tackle any unanticipated volatility in fund requirements.

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Nutech Global to hold board meeting
May 23,2017

Nutech Global will hold a meeting of the Board of Directors of the Company on 30 May 2017to consider and approve Audited Financial Results for quarter and year ended 31st March, 2017 as reviewed by the Audit Committee.

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KMC Speciality Hospitals (India) to hold board meeting
May 23,2017

KMC Speciality Hospitals (India) will hold a meeting of the Board of Directors of the Company on 27 May 2017to consider and approve the Audited financial results of the Company for the quarter and year ended 31st March, 2017.

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Confidence Petroleum India to hold board meeting
May 23,2017

Confidence Petroleum India will hold a meeting of the Board of Directors of the Company on 30 May 2017to consider and approve the audited Financial Results for the Fourth Quarter and Year ended on 31st March, 2017, and any other matter with the permission of Chairman.

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Prem Somani Financial Services to hold board meeting
May 23,2017

Prem Somani Financial Services will hold a meeting of the Board of Directors of the Company on 29 May 2017To Approve Audited Financial Results For Year Ended 31.03.2017.

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Om Metals Infraprojects to hold board meeting
May 23,2017

Om Metals Infraprojects will hold a meeting of the Board of Directors of the Company on 30 May 2017to consider and approve the Audited Financial Results of the Company for the Year ended March 31, 2017 and to recommend a dividend, if any, for the financial year ended March 31, 2017.

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Tavernier Resources to hold board meeting
May 23,2017

Tavernier Resources will hold a meeting of the Board of Directors of the Company on 29 May 2017to consider and approve the Audited Financial Statements of the Company for the Quarter and Financial Year ended March 31, 2017.

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Priyadarshini to hold board meeting
May 23,2017

Priyadarshini will hold a meeting of the Board of Directors of the Company on 29 May 2017to consider and take on record the Audited Financial Results of the Company for the year ended 31st March, 2017.

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Gujarat Investa to hold board meeting
May 23,2017

Gujarat Investa will hold a meeting of the Board of Directors of the Company on 29 May 2017to consider and approve the audited financial results of the Company for the quarter and financial year ended on March 31, 2017, & to consider any other business with the permission of the Chair.

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Solis Marketing to hold board meeting
May 23,2017

Solis Marketing will hold a meeting of the Board of Directors of the Company on 30 May 2017to Consider and Approve Audited Financial Results for the Quarter and year ended 31 March 2017.

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Va Tech Wabag secured order worth USD 105.5 million
May 23,2017

Va Tech Wabag has won an order from Dangote Oil Refining Company in Nigeria for a value of about USD 105.5 million. This is the second order for Wabag from Dangote after the Raw Water Treatment Plant order for Dangote Fertilisers which is in advanced stage of execution.

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India Gelatine & Chemicals fixes record date for buyback of shares
May 23,2017

India Gelatine & Chemicals has fixed 02 June 2017 as the Record Date for the purpose of Buy-back of Equity Shares.

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Reserve Bank of India Outlines the action plan to implement the Banking Regulation (Amendment) Ordinance, 2017
May 23,2017

The Reserve Bank of India has outlined the steps taken and those on the anvil post the promulgation of the Banking Regulation (Amendment) Ordinance, 2017.

The amendments to the BR Act 1949, introduced through the Ordinance, and the notification issued thereafter by the Central Government empower RBI to issue directions to any banking company or banking companies to initiate insolvency resolution process in respect of a default, under the provisions of the Insolvency and Bankruptcy Code, 2016 (IBC). It also enables the Reserve Bank to issue directions with respect to stressed assets and specify one or more authorities or committees with such members as the Bank may appoint or approve for appointment to advise banking companies on resolution of stressed assets.

Immediately upon the promulgation of the Ordinance, the Reserve Bank issued a directive bringing the following changes to the existing regulations on dealing with stressed assets:

i. It was clarified that a corrective action plan could include flexible restructuring, SDR and S4A.

ii. With a view to facilitating decision making in the JLF, consent required for approval of a proposal was changed to 60 percent by value instead of 75 percent earlier, while keeping that by number at 50 percent.

iii. Banks who were in the minority on the proposal approved by the JLF are required to either exit by complying with the substitution rules within the stipulated time or adhere to the decision of the JLF

iv. Participating banks have been mandated to implement the decision of JLF without any additional conditionality.

v. The Boards of banks were advised to empower their executives to implement JLF decisions without further reference to them.

It was made clear to the banks that non-adherence would invite enforcement actions.

Currently, the Oversight Committee (OC) comprises of two Members. It has been constituted by the IBA in consultation with RBI. It has been decided to reconstitute the OC under the aegis of the Reserve Bank and also enlarge it to include more Members so that the OC can constitute requisite benches to deal with the volume of cases referred to it. While the current Members will continue in the reconstituted OC, names of a few more will be announced soon. The Reserve Bank is planning to expand the scope of cases to be referred to the OC beyond those under S4A as required currently.

The Reserve Bank is working on a framework to facilitate an objective and consistent decision making process with regard to cases that may be determined for reference for resolution under the IBC. Reserve Bank has already sought information on the current status of the large stressed assets from the banks. The RBI would also be constituting a Committee comprised majorly of its independent Board Members to advise it in this matter.

The current guidelines on restructuring are under examination for such modifications as may be necessary to resolve the large stressed assets in the banking system in a value optimising manner. The Reserve Bank envisages an important role for the credit rating agencies in the scheme of things and, with a view to preventing rating-shopping or any conflict of interest, is exploring the feasibility of rating assignments being determined by the Reserve Bank itself and paid for from a fund to be created out of contribution from the banks and the Reserve Bank.

The Reserve Bank notes that the proper exercise of the enhanced empowerment would require coordination with and cooperation from several stakeholders including banks, ARCs, rating agencies, IBBI and PE firms, to which end the Reserve Bank would be holding meetings in the near future with these stakeholders.

The Reserve Bank will issue further updates as may be deemed necessary at an appropriate time.

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Volumes jump at Sagar Cements counter
May 23,2017

Sagar Cements clocked volume of 4.01 lakh shares by 13:36 IST on BSE, a 96.72-times surge over two-week average daily volume of 4,000 shares. The stock was up 2.78% at Rs 863.

Fiem Industries notched up volume of 2.04 lakh shares, a 72.4-fold surge over two-week average daily volume of 3,000 shares. The stock dropped 0.53% at Rs 915.10.

Aegis Logistics saw volume of 24.76 lakh shares, a 46.8-fold surge over two-week average daily volume of 53,000 shares. The stock slipped 4.78% at Rs 184.25.

Cera Sanitaryware clocked volume of 21,000 shares, a 40.33-fold surge over two-week average daily volume of 1,000 shares. The stock declined 1.18% at Rs 2,884.70.

Ramkrishna Forgings saw volume of 1.45 lakh shares, a 38.92-fold rise over two-week average daily volume of 4,000 shares. The stock fell 2.34% at Rs 455.10.

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Mahindra Holidays & Resorts India to pay dividend
May 23,2017

Mahindra Holidays & Resorts India announced that dividend on equity shares, if declared at the ensuing AGM, will be credited / dispatched on or after 03 August 2017.

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