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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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Larsen & Toubro secures order worth Rs 705 crore
Mar 27,2017

Larsen & Toubro announced that the water and effluent treatment business segment of its construction arm has won an order worth Rs 705 crore from the Ministry of Water and Irrigation of the United Republic of Tanzania. The project will be executed by L&T in a joint venture with Shriram EPC.

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Coal India drops after CCI imposes penalty
Mar 27,2017

Ministry of Corporate Affairs made the announcement after market hours on Friday, 24 March 2017.

Meanwhile, the BSE Sensex was down 69.70 points, or 0.24%, to 29,351.70.

On the BSE, 92,157 shares were traded in the counter so far, compared with average daily volumes of 3.56 lakh shares in the past one quarter. The stock had hit a high of Rs 294.70 and a low of Rs 290.55 so far during the day. The stock had hit a 52-week high of Rs 349.85 on 17 August 2016. The stock hit a 52-week low of Rs 272.05 on 12 April 2016.

The stock had underperformed the market over the past 30 days till 24 March 2017, falling 9.27% compared with the 1.83% rise in the Sensex. The scrip had also underperformed the market in past one quarter, rising 3.45% as against Sensexs 12.98% gains.

The large-cap company has equity capital of Rs 6316.36 crore. Face value per share is Rs 10.

The Competition Commission of India (CCI) has found Coal India (CIL) and its subsidiaries to be in contravention of the provisions of section 4(2)(a)(i) of the Competition Act, 2002 for imposing unfair/discriminatory conditions in fuel supply agreements (FSAs) with the power producers for supply of non-coking coal.

The final order has been passed on a batch of informations filed by Maharashtra State Power Generation Company and Gujarat State Electricity Corporation against Coal India and its subsidiaries (Mahanadi Coalfields, Western Coalfields, South Eastern Coalfields).

The order has been passed by CCI pursuant to the directions issued by Competition Appellate Tribunal remanding the matter back while setting aside the original order of CCI in which a penalty of Rs 1773.05 crore had been imposed upon CIL. After hearing the parties afresh in terms of the directions issued by Competition Appellate Tribunal, CCI held that CIL through its subsidiaries operates independently of market forces and enjoys dominance in the relevant market of production and supply of non-coking coal in India.

CCI noted in the order that CIL did not evolve/draft/finalize the terms and conditions of FSAs through a bilateral process and the same were imposed upon the buyers through a unilateral conduct. CCI found CIL and its subsidiaries to be in contravention of the provisions of section 4(2)(a)(i) of the Competition Act, 2002 for imposing unfair/discriminatory conditions in FSAs with the power producers for supply of non-coking coal.

Apart from issuing a cease and desist order against CIL and its subsidiaries, CCI has directed modification of FSAs in light of the findings and observations recorded in the order. The impugned clauses related to sampling and testing procedure, charging transportation and other expenses for supply of ungraded coal from the buyers, capping compensation for supply of stones etc.

For effecting the modifications in FSAs, CIL has been ordered to consult all the stakeholders. CIL has also been directed to ensure uniformity between old and new power producers as well as between private and PSU power producers.

Further, CCI has imposed a penalty of Rs 591.01 crore upon CIL for the abusive conduct. While reducing penalty, CCI noted the steps taken by CIL to improve the sampling procedure even post-passing of the original order by CCI.

However, while holding the extant sampling procedure as unfair, CIL has been directed to incorporate suitable modifications in fuel supply agreements to provide for a fair and equitable sampling and testing procedure besides considering the feasibility of sampling at the unloading-end in consultation with power producers and adopting international best practices.

Meanwhile, Coal India announced that the board of directors of CIL in a meeting on Sunday, 26 March 2017, approved payment of 2nd interim dividend for the financial year ending 31 March 2017 (FY 2017) at Rs 1.15 per share as recommended by the audit committee of CIL in its meeting held on date.The date of payment of 2nd interim dividend is on and from 31 March 2017.

Coal Indias consolidated net profit fell 20.3% to Rs 2884.47 crore on 3.9% rise in net sales to Rs 19704.45 crore in Q3 December 2016 over Q3 December 2015.

Coal India (CIL) as an organized state owned coal mining corporate. The government of India held 79.78% stake in the company as per shareholding pattern as on 31 December 2016.

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Motherson Sumi Systems acquires Finland based auto component major PKC Group Plc
Mar 27,2017

Motherson Sumi Systems announced that it has acquired Finland based global auto component major PKC Group Plc for approximately Euro 571 million. The acquisition will help the Company expand its footprint significantly in American and European commercial vehicle market segment.

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HDFC inches higher after completing masala bonds issue
Mar 27,2017

The announcement was made after market hours on Friday, 24 March 2017.

Meanwhile, the S&P BSE Sensex was down 71.03 points or 0.24% at 29,350.37.

On the BSE, 1,507 shares were traded on the counter so far as against the average daily volumes of 1.38 lakh shares in the past one quarter. The stock had hit a high of Rs 1,465.50 and a low of Rs 1,460.15 so far during the day.

HDFC said that the bonds issue of Rs 2000 crore issue plus green shoe option received a strong response from 29 investors across Asia and Europe. The aggregate demand for the transaction was 2.16 times at Rs 4315 crore.

The issue size is Rs 3300 crore with a yield of 7.35% per annum payable semi-annually. The maturity date of bonds is 30 April 2020.

HDFCs net profit rose 11.9% to Rs 1701.21 crore on 11.9% growth in total income to Rs 8148.61 crore in Q3 December 2016 over Q3 December 2015.

HDFC is Indias first retail housing finance company and is currently one of the largest originators of housing loans in the country.

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India Signs Financing Agreement with World Bank for Us$ 100 Million for Uttarakhand Health Systems Development Project
Mar 27,2017

A financing agreement for IDA credit of US$ 100 (equivalent) for the Uttarakhand Health Systems Development Project was signed here with the World Bank .

The Financing Agreement was signed by Mr. Raj Kumar, Joint Secretary, Department of Economic Affairs on behalf of Government of India and Mr. Hisham Abdo, Acting Country Director, World Bank (India) on behalf of the World Bank. A Project Agreement was also signed by Dr. Neeraj Kharwal, Additional Secretary (Health), Government of Uttarakhand and Mr. Hisham Abdo, Acting Country Director, World Bank.

The objective of the project is to improve access to quality health services, particularly in the hilly districts of the State, and to expand health financial risk protection for residents of the State. The project will benefit the residents of hilly districts in particular. The project has two main components, (i) Innovations of engaging the private sector; and (ii) Stewardship and system improvement. Out of the total project size of USD 125 million, USD 25 million will be the counterpart contribution of the State Government.

The planned design of the Project consists of multiple self-contained clusters of clinical services managed by operators on a PPP basis, providing services for free or at nominal charges, backed up by a robust oversight and monitoring mechanism fully integrated with the expanded health insurance program in the State. This will be concurrent with strengthening the states capacity to implement the project.

The closing date of Uttarakhand Health Systems Development Project is 30th September, 2023.

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Economic Corridor Development (ECD) now at the forefront in promoting Sustained Growth in the SASEC Sub-region
Mar 27,2017

India and Asian Development Bank (ADB) have been partnering on the economic corridor approach for some time now. Economic Corridor Development contributes to and stimulates economic development along the route. The economic corridor approach involves leveraging infrastructure connectivity and developing urban areas as growth centers and gateways, to unlock the full potential of markets.

Since late 2013, ADB has been supporting studies on how to transform transport corridors into dynamic economic corridors. These studies considered how to best link the existing and planned transport corridors in various modes (surface, maritime, and multimodal transport) with other economic corridors such as the Delhi-Mumbai Industrial Corridor, the Bangalore-Chennai Economic Corridor, Amritsar- Kolkata Industrial Corridor and the corridors in the Greater Mekong Sub-region.

n++This India-ADB partnership has in fact yielded useful lessons on Economic Corridor Development (ECD), through their joint work on the East Coast Economic Corridor (ECEC), Indias first coastal corridorn++ noted Mr. Ronald Antonio Butiong, Director of ADB South Asia Departments Regional Cooperation and Operations Coordination Division. n++The ECEC, which runs along the entire east coast from Kolkata to Kanyakumari, is a multimodal, regional maritime corridor that can play a vital role in unifying the large domestic market, as well as integrating the Indian economy with the dynamic global value chains of Southeast and East Asia.n++ Aside from an ambitious infrastructure program, the ECEC involves developing skills, and creating an attractive regulatory environment, bringing in new investments, and nurturing existing businesses to grow and innovate, and create much needed jobs.

Phase 1 of the ECEC is the Visakhapatnam-Chennai Industrial Corridor (VCIC) which covers 11 districts in Andhra Pradesh and Tamil Nadu. ADB helped prepare the Conceptual Development Plan (CDP) and Regional Perspective Plan (RPP) for VCIC, which served as the bases for the Visakhapatnam-Chennai Industrial Corridor Development Program, which was approved by the ADB Board in September 2016. The Program comprises a multi-tranche financing facility (MFF), a grant, and a policy-based loan (PBL) for a total investment amount of $631 million. The MFF and grant will support priority infrastructure investments in the VCIC region and the PBL will support policy reforms and institutional development in the state of Andhra Pradesh.

ADBs indicative lending pipeline for 2017-2019 to support economic corridor development in South Asia includes: (i) the VCIC Development Program MFF Tranche 2 in India in 2018, with an ADB loan: $250 million; and (ii) Regional Urban Development Project in Nepal in 2017, with an ADB loan: $150 million.

Earlier, ADB has developed a SASEC Operational Plan (OP) 2016-2025 which identifies promoting economic corridor development (ECD) as of one its key strategic focus areas. The SASEC OP, adopted by the SASEC member countries in June 2016, is the SASEC programs first comprehensive long-term plan to promote greater economic cooperation among its member countries, bringing regional cooperation to a higher level with the aim of extending physical and economic linkages not only within SASEC but also with East and Southeast Asia.

Under the SASEC OP, the operational focus on economic corridors will involve promoting synergies between corridors across SASEC countries. n++Such approach adopted by the SASEC program should maximize the corridors development impacts through improved cross-border linkages between corridors, and better coordination of policies, plans and programs for multi-sector infrastructure interventions. This would result in stronger consistency between and among transport, urban and industrial development efforts within the sub-regionn++, stressed Mr. Dinesh Sharma, Special Secretary, Department of Economic Affairs, Ministry of Finance, Government of India.

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Godrej Properties enters into development agreement with Shivam Realty
Mar 27,2017

Godrej Properties has entered into a development management agreement with Shivam Realty to develop a residential group housing project off the Akurli cross road at Hanuman Nagar, Kandivali East, Mumbai. Spread over 5 acres, the project will offer approximately 93,000 square meter (1 million sq. ft.) of saleable area and will be developed as a modern residential development comprising of apartments of various configurations.

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Shares of Sarthak Metals get listed
Mar 27,2017

The equity shares of Sarthak Metals (Scrip Code: 540393) are listed effective 27 March 2017 and admitted to dealings on the Exchange in the list of M Group Securities.

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Shares of Jash Dealmark get listed
Mar 27,2017

The equity shares of Jash Dealmark (Scrip Code: 540394) are listed effective 27 March 2017 and admitted to dealings on the Exchange in the list of MT Group Securities.

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HDFC may gain after completing issuance of masala bonds
Mar 27,2017

HDFC said it has completed the issuance of masala bonds aggregating Rs 3300 crore (Rs 2000 crore issue plus green shoe option) on Friday, 24 March 2017. The bonds issue received a strong response from 29 investors across Asia and Europe.

The aggregate demand for the transaction was 2.16 times at Rs 4315 crore. The announcement was made after market hours on Friday, 24 March 2017.

The issue size is Rs 3300 crore with a yield of 7.35% per annum payable semi-annually. The maturity date of bonds is 30 April 2020.

Reliance Industries (RIL) said that the Securities and Exchanges Board of India (Sebi) has uploaded in its website its order in the matter relating to trading in RPL shares by RIL in November 2007. The trades in RPL shares which were examined by Sebi were genuine and bona fide transactions, RIL said. These were carried out keeping the best interest of the company and its shareholders, in view, it added.

RIL said that Sebi appears to have misconstrued the true nature of the transactions and imposed unjustifiable sanctions.

RIL said it is in the process of consulting its legal advisors. It proposes to prefer an appeal and challenge the order in Securities Appellate Tribunal. RIL said it remains confident of fully justifying the veracity of the transactions and vindicating its stand.

RIL said that it has full confidence in the judicial process and it proposes to vigorously exercise all options available to it to challenge the untenable findings in the order. The announcement was made after market hours on Friday, 24 March 2017.

Coal India will be in focus. The Competition Commission of India (CCI) has found Coal India (CIL) and its subsidiaries to be in contravention of the provisions of Section 4(2)(a)(i) of the Competition Act, 2002 for imposing unfair/discriminatory conditions in Fuel Supply Agreements (FSAs) with the power producers for supply of non-coking coal.

The final order has been passed on a batch of informations filed by Maharashtra State Power Generation Company and Gujarat State Electricity Corporation against Coal India and its subsidiaries (Mahanadi Coalfields Ltd., Western Coalfields Ltd., South Eastern Coalfields Ltd.).

The order has been passed by CCI pursuant to the directions issued by Competition Appellate Tribunal remanding the matter back while setting aside the original order of CCI in which a penalty of Rs 1773.05 crore had been imposed upon CIL. After hearing the parties afresh in terms of the directions issued by Competition Appellate Tribunal, CCI held that CIL through its subsidiaries operates independently of market forces and enjoys dominance in the relevant market of production and supply of non-coking coal in India.

CCI noted in the order that CIL did not evolve/ draft/ finalize the terms and conditions of FSAs through a bilateral process and the same were imposed upon the buyers through a unilateral conduct. CCI found CIL and its subsidiaries to be in contravention of the provisions of Section 4(2)(a)(i) of the Competition Act, 2002 for imposing unfair/ discriminatory conditions in FSAs with the power producers for supply of non-coking coal.

Apart from issuing a cease and desist order against CIL and its subsidiaries, CCI has directed modification of FSAs in light of the findings and observations recorded in the order. The impugned clauses related to sampling and testing procedure, charging transportation and other expenses for supply of ungraded coal from the buyers, capping compensation for supply of stones etc.

For effecting the modifications in FSAs, CIL has been ordered to consult all the stakeholders. CIL has also been directed to ensure uniformity between old and new power producers as well as between private and PSU power producers.

Further, CCI has imposed a penalty of Rs 591.01 crore upon CIL for the abusive conduct. While reducing penalty, CCI noted the steps taken by CIL to improve the sampling procedure even post-passing of the original order by CCI.

However, while holding the extant sampling procedure as unfair, CIL has been directed to incorporate suitable modifications in fuel supply agreements to provide for a fair and equitable sampling and testing procedure besides considering the feasibility of sampling at the unloading-end in consultation with power producers and adopting international best practices. The announcement was made after market hours on Friday, 24 March 2017.

ITC will be in focus. Government through specified undertaking of the Unit Trust of India (SUUTI) has divested 2% shares of the total shares of ITC to LIC through block trade on 7 March, 2017. Government has received an amount of Rs 6682 crore from this transaction.

Disinvestment of Government of India equity is under taken as per the disinvestment policy of the GoI keeping in view the resource requirement of the Government and the prevailing market condition.

This was stated by Arjun Ram Meghwal, Minister of State in the Ministry of Finance in written reply to a question in Lok Sabha on Friday, 24 March 2017.

HCL Technologies said MillerCoors, LLC, a client of the company has filed a lawsuit in the United States District Court for the Northern District of Illinois against the company and HCL America Inc., a wholly owned subsidiary of the company.

MillerCoors allegations under the complaint is that HCL did not deliver an enterprise software project as per the agreed timelines. The specific project started in December 2013 and ended in June 2016. The company continues to have a good business relationship with MillerCoors. The company has other ongoing projects with MillerCoors running smoothly.

The company is in discussions with MillerCoors to resolve this matter amicably. The project in consideration has already ended and the company is not expecting any adverse financial impact of the same for Q4 March 2017. The company issued the clarification on Saturday, 25 March 2017 with regards to news appearing in the media.

Bank of Maharashtra announced that its board of directors at a meeting held on 24 March 2017 approved the proposal of raising of equity capital upto Rs 300 crore by way of preferential allotment in favour of Government of India. The announcement was made after market hours on Friday, 24 March 2017.

Music Broadcast, subsidiary of Jagran Prakashan has commenced broadcast from its radio station at Patna (which was acquired under Phase III auctions held last financial year). The frequency for Patna location is 91.1 F.M. The announcement was made after market hours on Friday, 24 March 2017.

Reliance Capital announced completion of transfer of its commercial finance division - Reliance Commercial Finance (RCFL) - into a separate wholly owned subsidiary. The company had announced the transfer of its Commercial Finance division into a separate subsidiary on 25 February 2016, subject to requisite Regulatory, High Court and Reliance Capital shareholders approvals, which have since been received.

RCFL is amongst the leading SME lenders in the Indian non-banking finance space with a focus on asset backed lending and productive asset creation. The Commercial Finance division has an aggregate asset under management (including securitized portfolio) portfolio of Rs 16191 crore ($2.4 billion) as of 31 December 2016.

Anmol Ambani, ED, Reliance Capital said Reliance Commercial Finance now stands as a fully owned subsidiary of Reliance Capital. This completes the restructuring process as Reliance Capital moves to become a Core Investment Company from next fiscal.

This transfer will align RCFL with the overall operating structure of Reliance Capital wherein all operating businesses are held either as wholly owned or majority owned subsidiaries. The proposal will enhance management focus and provide flexibility to the company to unlock value through stake sale.

Reliance Nippon Life Insurance and Reliance Nippon Life Asset Management, both subsidiaries of Reliance Capital, already have a strategic partner - Nippon Life Insurance - with 49% stake in each business.

The transfer will also enhance employee engagement and retention through ability to grant ESOPs in the business. The transfer, pursuant to the Scheme of Arrangement, will be effective from 1 April 2016. Reliance Capital would be applying to the RBI for registering itself as a Core Investment Company (CIC) and expects to become a CIC soon, subject to necessary approvals. The announcement was made after market hours on Friday, 24 March 2017.

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Outcome of board meeting of Orient Press
Mar 25,2017

Orient Press announced that in the meeting of the Board of Directors of the Company held on 24 March 2017 the board of directors has considered and approved the following items along with other agenda items:-

1. The Board has approved the appointment of M/s Bhanwarlal Gurjar & Co., CMA, Surat, as Cost Auditors of the Company to conduct Cost Audit relating to Cost records of the Company for the financial year ending 31 March 2017.

2. The Board has approved reduction in Interest rate from 11.00% to 10.00% p.a. on new Fixed Deposit to be accepted from Members w.e.f. 01 April 2017.

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Solar Industries India issued Commercial Paper aggregating Rs 25 crore
Mar 25,2017

Solar Industries India has issued Commercial Paper for an aggregate amount of Rs 25 crore on 24 March 2017 in favour of ICICI Bank, having maturity of 21 June 2017.

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Bajaj Corp wins CFO of the Year Award
Mar 25,2017

Bajaj Corp announced that the Company has received fe CFO of the Year Award in the category of Medium Enterprises Manufacturing Company in recognition of the Companys robust financial control at an event organised by The Financial Express.

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Shares of Urja Global get listed on NSE
Mar 25,2017

Urja Global has received approval of listing of equity shares of the Company on the National Stock Exchange with effect from 28 March 2017.

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CCI issues order against CIL and its subsidiaries for abusing dominant position, imposes penalty
Mar 24,2017

The Competition Commission of India (CCI) has found Coal India Limited (CIL) and its subsidiaries to be in contravention of the provisions of Section 4(2)(a)(i) of the Competition Act, 2002 for imposing unfair/ discriminatory conditions in Fuel Supply Agreements (FSAs) with the power producers for supply of non-coking coal.

The Final Order has been passed on a batch of informations filed by Maharashtra State Power Generation Company Ltd. and Gujarat State Electricity Corporation Limited against Coal India Ltd. and its subsidiaries (Mahanadi Coalfields Ltd., Western Coalfields Ltd., South Eastern Coalfields Ltd.).

The Order has been passed by CCI pursuant to the directions issued by Competition Appellate Tribunal remanding the matter back while setting aside the original order of CCI in which a penalty of Rs. 1773.05 crore had been imposed upon CIL. After hearing the parties afresh in terms of the directions issued by Competition Appellate Tribunal, CCI held that CIL through its subsidiaries operates independently of market forces and enjoys dominance in the relevant market of production and supply of non-coking coal in India. CCI noted in the order that CIL did not evolve/ draft/ finalize the terms and conditions of FSAs through a bilateral process and the same were imposed upon the buyers through a unilateral conduct. CCI found CIL and its subsidiaries to be in contravention of the provisions of Section 4(2)(a)(i) of the Competition Act, 2002 for imposing unfair/ discriminatory conditions in FSAs with the power producers for supply of non-coking coal.

Apart from issuing a cease and desist order against CIL and its subsidiaries, CCI has directed modification of FSAs in light of the findings and observations recorded in the order. The impugned clauses related to sampling and testing procedure, charging transportation and other expenses for supply of ungraded coal from the buyers, capping compensation for supply of stones etc. For effecting the modifications in FSAs, CIL has been ordered to consult all the stakeholders. CIL has also been directed to ensure uniformity between old and new power producers as well as between private and PSU power producers.

Further, CCI has imposed a penalty of Rs. 591.01 crore upon CIL for the abusive conduct. While reducing penalty, CCI noted the steps taken by CIL to improve the sampling procedure even post-passing of the original order by CCI. However, while holding the extant sampling procedure as unfair, CIL has been directed to incorporate suitable modifications in fuel supply agreements to provide for a fair and equitable sampling and testing procedure besides considering the feasibility of sampling at the unloading-end in consultation with power producers and adopting international best practices.

The common Order of the Commission has been passed in Case Nos. 03, 11 and 59 of 2012 and a copy thereof has been uploaded on the website of CCI at www.cci.gov.in.

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