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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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Aditya Birla Fashion advances after large bulk deal
Aug 23,2016

Meanwhile, the S&P BSE Sensex was down 37.20 points, or 0.13%, to 27,948.34

Bulk deal boosted volume on the scrip. On BSE, so far 71.10 lakh shares were traded in the counter, compared with an average daily volume of 1.56 lakh shares in the past one quarter. The stock hit a high of Rs 177.85 and a low of Rs 166.35 so far during the day. The stock hit a record high of Rs 263 on 1 January 2016. The stock hit a 52-week low of Rs 124 on 13 June 2016. The stock had outperformed the market over the past 30 days till 22 August 2016, gaining 16.43% compared with 0.66% rise in the Sensex. The scrip also outperformed the market in past one quarter, advancing 12.3% as against Sensexs 10.59% rise.

The large-cap company has an equity capital of Rs 768.84 crore. Face value per share is Rs 10.

Aditya Birla Fashion and Retail reported net loss of Rs 109.82 crore in Q4 March 2016, higher than net loss of Rs 63.78 crore in Q4 March 2015. Net sales rose 217.64% to Rs 1,430.99 crore in Q4 March 2016 over Q4 March 2015.

Aditya Birla Fashion and Retail is a premium clothing retail chain.

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Board of SPML Infra approves issue of shares on conversion of loan
Aug 23,2016

SPML Infra announced that the Board of Directors of the Company in its meeting held on 22 August 2016, inter alia, has approved the following:-

- Issuance of 75,51,250 Equity Shares of Rs. 2/- each of the Company on preferential basis to the promoters / non promoters against conversion of loan, subject to the approval of shareholders at a price of Rs. 80.00 per Share or a price to be determined as per Regulation 76 of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 on relevant date, whichever is higher.

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RInfra gains after completing sale of cement subsidiary
Aug 23,2016

The announcement was made after market hours yesterday, 22 August 2016. Shares of Birla Corporation dropped 2.99% to Rs 660.60.

Meanwhile, the S&P BSE Sensex, was down 34.60 points or 0.12% at 27,950.94.

On BSE, so far 2.73 lakh shares were traded in the counter of Reliance Infrastructure, compared with an average daily volume of 4.14 lakh shares in the past one quarter. The stock hit a high of Rs 609.20 and low of Rs 595 so far during the trading session. The stock had hit 52-week high of Rs 622.05 on 5 January 2016. The stock had hit 52-week low of Rs 282.20 on 25 August 2015. The stock had outperformed the market over the past one month till 22 August 2016, gaining 5.19% compared with the Sensexs 0.66% rise. The scrip had also outperformed the market in past one quarter, rising 16.91% as against the Sensexs 10.61% rise.

The large cap company has equity capital of Rs 262.99 crore. Face value per share is Rs 10.

The deal was announced by Reliance Infrastructure (RInfra) in February 2016 and has now been completed with transfer of shares and receipt of sale consideration. Reliance Cement Company Private Limited (RCCPL) has an integrated cement capacity of 5.08 million tonnes per annum (mtpa) at Maihar, Madhya Pradesh and Kundanganj Uttar Pradesh and a grinding unit of 0.5 mtpa at Butibori, Maharashtra. The deal valued cement business at Rs 4800 crore at $140 per tonne. The deal is earning per share accretive for shareholders of RInfra.

The entire proceeds shall be utilized for debt reduction.RInfra had announced its plan to monetise cement, roads and Mumbai power businesses to reduce the overall debt. The closure of cement deal is a significant milestone in this direction, the company added. Asset monetisation of roads and Mumbai power business is on track.

Birla Corp, established in 1919, is part of the MP Birla Group with presence across cement and jute; cement constitutes over 90% of the companys revenues. With a total operational cement capacity of 10 mtpa, it has units in Rajasthan, Madhya Pradesh, Uttar Pradesh and WestBengal.

RInfra has presence in three major business segments viz. infrastructure development, energy and defence.

Reliance Infrastructures consolidated net profit rose 43.7% to Rs 659.85 crore on 3.2% fall in net sales to Rs 4260.87 crore in Q4 March 2016 over Q4 March 2015.

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Rico Auto Industries to pay dividend
Aug 23,2016

Rico Auto Industries announced that dividend, if approved by the shareholders of the Company, shall be paid on or after 28 September 2016 but within 30 days from the date of approval.

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HPCL extends intraday slide as Q1 GRM drops
Aug 23,2016

Meanwhile, the S&P BSE Sensex was down 21.43 points, or 0.08%, to 27,964.11

On BSE, so far 4.74 lakh shares were traded in the counter, compared with average daily volume of 1.72 lakh shares in the past one quarter. The stock hit a high of Rs 1,218 and a low of Rs 1,157.70 so far during the day. The stock hit record high of Rs 1,328.95 on 9 August 2016. The stock hit a 52-week low of Rs 636 on 25 February 2016.

The large-cap company has an equity capital of Rs 338.63 crore. Face value per share is Rs 10.

Hindustan Petroleum Corporation (HPCL)s net profit rose 30% to Rs 2098.38 crore on 5.67% decline in total income to Rs 51936.30 crore in Q1 June 2016 over Q1 June 2015. The company declared its Q1 result after market hours yesterday, 22 August 2016.

Based on the approval received from Government of India, HPCL accounted for budgetary support amounting to Rs 328.41 crore in Q1 June 2016 towards under recovery on sale of PDS kerosene (SKO), compared with Rs 450.61 crore in Q1 June 2015. State-run oil marketing companies bear under-recoveries on domestic sale of LPG and kerosene at controlled prices. The government has already freed pricing of petrol and diesel.

In Q1 June 2016, discount from upstream oil company viz., ONGC amounted to Nil in respect of crude oil purchased from ONGC, compared with Rs 218.25 crore accounted in Q1 June 2015.

HPCL is a public sector oil marketing company. The Government of India held 51.11% stake in HPCL as per the shareholding pattern as on 30 June 2016.

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Dabur India allots equity shares
Aug 23,2016

Dabur India announced that the Nomination and Remuneration Committee of Dabur India in its meeting held on 23 August 2016 has allotted equity shares of the Company under the Dabur Employees Stock Option Scheme 2000.

The Nomination & Remuneration Committee has also forfeited 63,000 number of stock options granted earlier under the scheme.

With this allotment, the paid up share capital of the Company increased to Rs. 1,76,15,20,510/- divided into 1,76,15,20,510 equity shares of face value of Rs. 1/- each.

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Economy in Motion, But Slow Investment Recovery is Hindering Growth Acceleration
Aug 23,2016

India Ratings and Research (Ind-Ra) has revised its gross domestic product (GDP) growth forecast for FY17 upwards to 7.8% from its earlier forecast of 7.7% (FY16: 7.6%, FY15: 7.2%). The upward revision has been prompted by the progress of monsoon and the sowing of kharif crops so far. With the exception of East and Northeast, the rainfall in other regions of the country has been more than long period average.

With a favourable monsoon so far, Ind-Ra expects rural demand to recover in FY17. This coupled with urban demand, which will be aided the Seventh Central Pay Commission payout, will give a fillip to the consumption demand in the economy. Ind-Ra expects consumption demand to grow at 8.4% in FY17. However, industrial growth at 7.2% in FY17 will still be lower than the 7.4% witnessed in FY16.

The key factor that is holding the acceleration of industrial growth is investment recovery. The incumbent government has taken several initiatives. For example, to encourage manufacturing activity there has been a concerted focus on improving the ease of doing business through programmes such as Make in India, Start Up India etc. Similarly, to address the power sector woes, it has introduced the Ujwal DISCOM Assurance Yojana (UDAY) scheme and to address the woes of other sectors such as metals, mining, road and oil & gas etc. it has introduced debt restructuring schemes. However, all this has failed to rekindle the animal spirit in the economy so far.

In fact, the debt-fuelled investment boom that began during FY10-FY11 has taken a heavy toll on the financial health of both corporates and banking sector. As a result, both are repairing their balance sheets. Another factor that is holding up investments is low capacity utilisation rates in a number of manufacturing sectors due to both tepid domestic demand and global overcapacity in sectors such as steel, tyre etc.

Ind-Ra expects the Wholesale Price Index and Consumer Price Index based inflation to come in at 3.3% and 5.0%, respectively, in FY17 (FY16: negative 2.5% and 5.0%). With food inflation surprising on the upside and households expecting inflation to rise in the near term, the window for further rate cuts by the Reserve Bank of India (RBI) is shrinking. The real risk-free interest rate which had inched up to 4% in July-August 2015 is now down to 1.7%.

Despite a bit rusty fiscal arithmetic, Ind-Ra expects that the union government will still be able to achieve its fiscal deficit to the GDP target of 3.5% in FY17. Ind-Ra further expects FY17 to be the fourth consecutive year of comfortable current account deficit (CAD) deficit at USD29.0bn (1.3% of GDP). Ind-Ra believes that the export and import trends will not change during the remaining months of this fiscal due to the lack of global demand and soft commodity prices coupled with tepid domestic investment demand. A robust foreign capital inflow is expected to add nearly USD17bn to the forex reserve in FY17. Yet, Ind-Ra expects average INR/USD to be 67.79 in FY17 due to active RBI intervention in the forex market.

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Bhel drops on reports of uncertainty about NTPC orders
Aug 23,2016

Meanwhile, the S&P BSE Sensex was down 32.25 points or 0.12% at 27,953.29.

On BSE, so far 3.43 lakh shares were traded in the counter as against average daily volume of 8.52 lakh shares in the past one quarter. The stock hit a high of Rs 143.30 and a low of Rs 138.55 so far during the day. The stock had hit a 52-week high of Rs 252 on 21 August 2015. The stock had hit a 52-week low of Rs 90.40 on 29 February 2016. The stock had outperformed the market over the past one month till 22 August 2016, gaining 1.77% compared with the Sensexs 0.66% rise. The scrip had also outperformed the market in past one quarter, rising 20.38% as against the Sensexs 10.61% rise.

The large-cap company has equity capital of Rs 489.52 crore. Face value per share is Rs 2.

As per reports, according to a foreign brokerage, NTPC is re-visiting its tender for four power plants of 1000 megawatts (MW) capacity each for its Pudimadaka ultra mega power project. The tender was earlier awarded to Bharat Heavy Electricals (Bhel). The order accounts for around 4% of Bhels total order book, brokerage said. The bidding for the project was based on imported coal price, but NTPC is likely to call for fresh bids based on domestic coal price, the brokerage added.

Bhels net profit fell 59.5% to Rs 359.58 crore on 20.8% fall in net sales to Rs 9792.04 crore in Q4 March 2016 over Q4 March 2015.

State-run Bhel is an integrated power plant equipment manufacturer. It is one of the largest engineering and manufacturing companies in India engaged in the design, engineering, manufacture, construction, testing, commissioning and servicing of a wide range of products and services for core sectors of the economy, viz. power, transmission, industry, railways, renewable energy, oil & gas, water and defence. The Government of India currently holds 63.06% stake in Bhel (as per the shareholding pattern as on 30 June 2016)

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Bhel drops on reports of uncertainty about NTPC order
Aug 23,2016

Meanwhile, the S&P BSE Sensex was down 32.25 points or 0.12% at 27,953.29.

On BSE, so far 3.43 lakh shares were traded in the counter as against average daily volume of 8.52 lakh shares in the past one quarter. The stock hit a high of Rs 143.30 and a low of Rs 138.55 so far during the day. The stock had hit a 52-week high of Rs 252 on 21 August 2015. The stock had hit a 52-week low of Rs 90.40 on 29 February 2016. The stock had outperformed the market over the past one month till 22 August 2016, gaining 1.77% compared with the Sensexs 0.66% rise. The scrip had also outperformed the market in past one quarter, rising 20.38% as against the Sensexs 10.61% rise.

The large-cap company has equity capital of Rs 489.52 crore. Face value per share is Rs 2.

As per reports, according to a foreign brokerage, NTPC is re-visiting its tender for four power plants of 1000 megawatts (MW) capacity each for its Pudimadaka ultra mega power project. The tender was earlier awarded to Bharat Heavy Electricals (Bhel). The order accounts for around 4% of Bhels total order book, brokerage said. The bidding for the project was based on imported coal price, but NTPC is likely to call for fresh bids based on domestic coal price, the brokerage added.

Bhels net profit fell 59.5% to Rs 359.58 crore on 20.8% fall in net sales to Rs 9792.04 crore in Q4 March 2016 over Q4 March 2015.

State-run Bhel is an integrated power plant equipment manufacturer. It is one of the largest engineering and manufacturing companies in India engaged in the design, engineering, manufacture, construction, testing, commissioning and servicing of a wide range of products and services for core sectors of the economy, viz. power, transmission, industry, railways, renewable energy, oil & gas, water and defence. The Government of India currently holds 63.06% stake in Bhel (as per the shareholding pattern as on 30 June 2016)

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Bhel drops on uncertainty about NTPC order
Aug 23,2016

Meanwhile, the S&P BSE Sensex was down 32.25 points or 0.12% at 27,953.29.

On BSE, so far 3.43 lakh shares were traded in the counter as against average daily volume of 8.52 lakh shares in the past one quarter. The stock hit a high of Rs 143.30 and a low of Rs 138.55 so far during the day. The stock had hit a 52-week high of Rs 252 on 21 August 2015. The stock had hit a 52-week low of Rs 90.40 on 29 February 2016. The stock had outperformed the market over the past one month till 22 August 2016, gaining 1.77% compared with the Sensexs 0.66% rise. The scrip had also outperformed the market in past one quarter, rising 20.38% as against the Sensexs 10.61% rise.

The large-cap company has equity capital of Rs 489.52 crore. Face value per share is Rs 2.

As per reports, according to a foreign brokerage, NTPC is re-visiting its tender for four power plants of 1000 megawatts (MW) capacity each for its Pudimadaka ultra mega power project. The tender was earlier awarded to Bharat Heavy Electricals (Bhel). The order accounts for around 4% of Bhels total order book, brokerage said. The bidding for the project was based on imported coal price, but NTPC is likely to call for fresh bids based on domestic coal price, the brokerage added.

Bhels net profit fell 59.5% to Rs 359.58 crore on 20.8% fall in net sales to Rs 9792.04 crore in Q4 March 2016 over Q4 March 2015.

State-run Bhel is an integrated power plant equipment manufacturer. It is one of the largest engineering and manufacturing companies in India engaged in the design, engineering, manufacture, construction, testing, commissioning and servicing of a wide range of products and services for core sectors of the economy, viz. power, transmission, industry, railways, renewable energy, oil & gas, water and defence. The Government of India currently holds 63.06% stake in Bhel (as per the shareholding pattern as on 30 June 2016)

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Shriram EPC jumps as subsidiary bags large overseas order
Aug 23,2016

The announcement was made during market hours today, 23 August 2016.

Meanwhile, the BSE Sensex was down 26.35 points, or 0.09%, to 27,959.19

On BSE, so far 7.11 lakh shares were traded in the counter, compared with an average volume of 22,300 shares in the past one quarter. The stock hit a high of Rs 26.45 and a low of Rs 23.50 so far during the day. The stock hit a 52-week high of Rs 38.55 on 6 January 2016. The stock hit a record low of Rs 19 on 8 June 2016. The stock had underperformed the market over the past 30 days till 22 August 2016, falling 5.16% compared with 0.66% rise in the Sensex. The scrip also underperformed the market in past one quarter, sliding 6.37% as against Sensexs 10.59% rise.

The small-cap company has an equity capital of Rs 330.63 crore. Face value per share is Rs 10.

Shriram EPC said that the company through its 100% subsidiary, Shriram EPC FZE, Sharjah has been awarded an overseas contract for an amount of $230 million (around Rs 1530 crore). The order entails constructing the Balance of Plant (BoP) for a 1.2 metric tonnes per annum (MTPA) mini mill project in Sohar, Sultanate of Oman and the project execution period will be 32 months, Shriram EPC said. Moon Iron and Steel is an Oman based company with investments from Gulf Investment Corporation, Oman Development fund and Sultans Special Forces Pension fund, the company said. The project debt is funded by a consortium of Omani banks, it added.

Shriram EPC reported net loss of Rs 41.84 crore in Q1 June 2016, higher than net loss of Rs 2.79 crore in Q1 June 2015. Net sales declined 37.59% to Rs 94.45 crore in Q1 June 2016 over Q1 June 2015.

Shriram EPC offers design, engineering, procurement, construction and project management services for infrastructure projects.

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Jawaharlal Nehru Port Trust to sign agreement with bankers for External Commercial Borrowing
Aug 23,2016

Port projects, including connectivity projects, are critical to developing cargo handling capacity at Ports. With the thrust on port led development under the Sagarmala program, improving viability of projects is critical. One of the primary factors that impacts viability is the interest rate on borrowings to fund projects. Ports have surplus funds, but to achieve a quantum jump in the investment, borrowings would also have to be made by ports. Minister of Shipping and Road Transport & Highways Shri Nitin Gadkari, had suggested an innovative means of raising low-cost external commercial borrowings, particularly when the port had revenues in foreign exchange, which provided a natural hedge to the ports. This would substantially eliminate the requirement of hedging the forex risk and would reduce the cost of borrowing. This suggestion was followed up by Ports. JNPT is the first Major Port to finalise the terms of external commercial borrowing.

Considering the need of the JNPT to cater to the increase in traffic, Shri Nitin Gadkari realised the criticality of project implementation especially for NPTs cargo evacuation requirements and in a review meeting in July 2014, it was decided that the project for conversion of the existing road connectivity to 6/8 laning of NH-4B, SH-54 and Amra Marg on the boundaries of proposed Navi Mumbai International Airport in the state of Maharashtra, would be undertaken on EPC basis. Substantial investment would be required for this project, and cheaper funds would add to the viability of the project, reduce costs for end-users, and also ad to the profitability of JNPT.

In line with Prime Minister Narendra Modis port-led development programme, Indias premier container port, Jawaharlal Nehru Port in Navi Mumbai, has signed an agreement with State Bank of India and Development Bank of Singapore for External Commercial Borrowing to the tune of USD 400 Million at a n++very competitiven++ interest rate to improve the infrastructure required for n++doublingn++ its existing capacity to 9.85 Million TEUs annually.

The ECB of USD 400 Million ( USD300 Million from the SBI & USD100 from DBS) will be primarily utilised by the JNPT, which has US Dollar denominated foreign currency earnings which can be leveraged for a low cost foreign currency borrowing, for expansion of its existing roads network connecting to its port project as the existing road network for evacuation of traffic is currently operated at a capacity utilisation of 100%.

The agreement with the SBI & DBS was signed by the JNPT Chairman Anil Diggikar in the presence of the Shipping Secretary Rajive Kumar after the Reserve bank of India granted approval to JNPT for raising USD400 Million with an end use of on-lending to Mumbai JNPT Port Road Company Limited (MJPRCL) for implementation of road project. The ministry of shipping has already granted its approval as required under the Major Port Trusts Act, 1963. The two parties will exchange the documents today.

Borrowing by JNPT is for Door-to-Door tenor of 7.5 years. However, lending by JNPT to MJPRCL is for 16 years (two years construction and 14 years repayment).

The funding process involved assessment and structuring of cash-flows (both at JNPT level and MJPRCL level), bid process management, engagement of domestic and foreign lenders.

Project will be developed by Mumbai JNPT Port Road Company (MJPRCL), a joint venture company of NHAI, JNPT and CIDCO at a total estimated cost of Rs. 2895 crore. Considering the importance and urgency of implementation of the project, it will be taken up by MJPRCL on EPC mode and funding for the project would be carried out by JNPT.

The rate of ECB loan of 2.025% plus Libor USD6M ( approx 3.15%) which is cheaper than any other Indian currency loan.

The funding by JNPT is the first of its kind for major port and it opens up one more avenue for major and government ports to raise funds by accessing international markets for their requirements.

The project will primarily benefit and cater to the needs of JNPT and an improved connectivity is essential for traffic evaluation from JNPT. It is of great significance to JNPT and will give a boost to the countrys economy.

This project will cater to the additional cargo which will be handled at the 4th Container Terminal. JNPT is going to double its capacity in the next seven years. This evacuation corridor would help in supporting the EXIM trade besides providing economic opportunity to the local and region.

With this beginning, other Major ports would also adopt these means and improve their capability to invest. The step is another milestone in infusing dynamism into the functioning of the ports, both in their operations and financing.

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P I Industries announces cessation of director
Aug 23,2016

P I Industries announced the cessation of Salil Singhal as Chairman & Managing Director of the Company with effect from 21 August 2016. However, he shall hold the position of Chairman Emeritus and make himself available to the Company to guide and assist it in its continuing growth and expansion.

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Outcome of board meeting of Titagarh Wagons
Aug 23,2016

Titagarh Wagons announced that the Board of Directors of the Company at its meeting held on 22 August 2016 has allotted 27,500 equity shares under TWL Employee Stock Option Scheme 2014. With this allotment, the paid up share capital of the Company has increased to 11,54,11,870 equity shares of Rs 2 each.

The Board approved the reclassification of Saket Kandoi from the Promoter Category to Public Category in the share holding pattern of the Company subject to approval of the shareholders of the Company.

Further, with the acquisition of 11,27,700 shares of Rs 10 each from the shareholders of Titagarh Agrico, the Company has become the wholly owned subsidiary of Titagarh Wagons with effect from 22 August 2016.

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Outcome of board meeting of Cimmco
Aug 23,2016

Cimmco announced that the Board of Directors of the Company at its meeting held on 22 August 2016 approved the following -

Approved the principle merger of wholly owned subsidiary - Titagarh Agrico of the holding company Titagarh Wagons with the Company (Cimmco).

Approved the voluntary delisting proposal of equity shares of the Company from the Calcutta Stock Exchange, Madhya Pradesh Stock Exchange and Delhi Stock Exchange.

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