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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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Finolex Industries reverses recent gains on profit booking
Apr 06,2017

Meanwhile, the S&P BSE Sensex was down 43.31 points, or 0.14%, to 29,930.93

On BSE, so far 297 shares were traded in the counter, compared with average daily volume of 31,673 shares in the past one quarter. The stock hit a high of Rs 588 and a low of Rs 580.85 so far during the day. The stock hit a record high of Rs 600 on 5 April 2017. The stock hit a 52-week low of Rs 351 on 11 April 2016.

The mid-cap company has equity capital of Rs 124.10 crore. Face value per share is Rs 10.

Finolex Industries net profit rose 69.53% to Rs 71.95 crore on 5.68% rise in net sales to Rs 571.61 crore in Q3 December 2016 over Q3 December 2015.

Finolex Industries is the largest PVC pipe manufacturer in India.

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Cabinet approves signing of MoU between India and Bangladesh in the field of judicial sector cooperation
Apr 06,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved signing of MoU between India and Bangladesh in the field of judicial sector cooperation. It is aimed at developing, promoting and strengthening mutual cooperation between the judiciaries of the two countries.

The MoU provides for promoting mutual interaction among judges and officials at various levels of the judiciary through exchange visits, training and academic programmes. It will also encourage mutual exchange of information on latest developments in the field of law and justice. It will enable exchange of knowledge in infrastructure and information technology in this field.

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Canada Pension Plan Investment Board and Phoenix Mills announce strategic investment platform
Apr 06,2017

Canada Pension Plan Investment Board and Phoenix Mills announced participation in a strategic investment platform, Island Star Mall Developers, to develop, own and operate retail-led mixed use developments across India.

CPPIB will initially own 30% of the platform with an equity investment of approximately Rs 724 crore. CPPIB plans to invest approximately Rs 1600 crore, in multiple tranches, to own up to a 49% stake in the platform. Pre-money enterprise value of ISMDPL is pegged at approximately Rs 2200 crore.

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Man Infraconstruction launches 1st phase of MHADA Land Redevelopment Project
Apr 06,2017

Man Infraconstruction announced the launch of First Phase of MHADA Land Redevelopment Project located at Ghatkopar East, Mumbai by its SPV namely MICL Realty LLP; wherein Man Infraconstruction is holding 46% interest. The Project comprises of about 152 apartments of 1BHK, 2BHK and 3BHK. In pre-launch, the Company has booked about 60% apartments valuing approx. Rs. 125 crore.

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Cabinet approves MoU on passenger cruise services on the coastal and protocol routes between India and Bangladesh
Apr 06,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved MoU on passenger cruise services on the coastal and protocol routes between India and Bangladesh for starting regular movement of passengers and tourists in water crafts between the two countries.

The operationalization of this MoU will promote people to people contact and cooperation between the two countries in respect of economic, social and cultural advancement. It will also generate employment opportunities for the people of India and Bangladesh.

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Cabinet approves MoU on Cooperation in the field of Mass Media between India and Bangladesh
Apr 06,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the MoU on Cooperation in the field of Mass Media between India and Bangladesh.

Salient features of the MoU

The main areas of cooperation are:

i. Both the countries to facilitate training/study tour of personnel in the field of mass media and public relations.

ii. Encouraging the exchange of experts in the field of Mass Media

iii. Encourage cooperation between educational, training and research institutions in the field of Mass Media & Communication. Also facilitating exchange of publications generated by these institutions.

iv. Co-operation and Sharing experiences in the field of regulations of the Mass Media activities and statistical data relating to the Mass Media.

v. Facilitating accredited mass media representatives to set up offices in the creation of conditions necessary for performance of professional duties on the basis of reciprocity.

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Cabinet approves agreement on Audio Visual Co-Production between India and Bangladesh
Apr 06,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the agreement on Audio Visual Co-Production India and Bangladesh.

Salient features of the Agreement

n++ The Agreement would cover co-production of films, documentaries, and animations films.

n++ An audio-visual co-production made in accordance with the proposed Agreement shall be entitled to all the benefits which may be accorded to any national audio-visual work by both countries in accordance with their respective laws and regulations.

n++ It will lead to exchange of art and culture among the two countries and create goodwill and better understanding among the peoples of both the countries.

n++ Co-productions provide an opportunity to create and showcase our soft power.

n++ It leads to generation of employment among artistic, technical as well as non-technical personnel engaged in the arena of Audio-Visual Co- production including post-production and its marketing, thus adding to the Gross Domestic Product (GDP) of both the countries.

n++ The utilization of Indian locales for shooting raises the visibility / prospect of India as a preferred film shooting destination across the globe.

India has so far entered into audio-visual co-production agreements with Italy, United Kingdom, Germany, Brazil, France, New Zealand, Poland, Spain, Canada, China and the Republic of Korea.

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Cabinet approves MoU between India and Australia on cooperation in the field of Health and Medicine
Apr 06,2017

The Union Cabinet chaired by Prime Minister Narendra Modi has approved the MoU between India and Australia on cooperation in the field of Health and Medicine.

The main areas of cooperation include the following:

1. Communicable diseases such as Malaria and TB;

2. Mental Health and Non-Communicable Diseases;

3. Anti-Microbial Resistance and responding to public health emergencies;

4. Regulation of Pharmaceuticals, vaccines and medical devices;

5. Digital Health;

6. Tobacco Control; and

7. Any other area of cooperation decided mutually between the two countries.

The MoU will involve cooperation through joint initiatives in the Health Sector and strengthen bilateral ties between India and Australia.

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Interest rate sensitives in spotlight on RBI policy
Apr 06,2017

Interest rate sensitive auto, banking and realty stocks will be watched ahead of the Reserve Bank of Indias (RBI) monetary policy meeting today, 6 April 2017. The RBI had left its key repo rate unchanged at 6.25% for the second time at its February 2017 meeting. Purchases of automobiles, including that of cars, utility vehicles and commercial vehicles are substantially driven by financing. Purchases of both residential and commercial property are largely driven by finance.

IndusInd Bank said it proposes to raise funds by issue and allotment of rated, listed, non-convertible, perpetual, subordinated and unsecured basel III compliant bonds in the nature of debentures towards non-equity regulatory additional tier I capital (AT1 Bonds), for face value of Rs 10 lakh each for cash aggregating to Rs 1000 crore on private placement basis. The announcement was made after market hours yesterday, 5 April 2017.

Mahindra & Mahindra (M&M) announced that its Farm Equipment Sector (FES) launched Mahindra JIVO. A new age, superior technology small tractor platform in the sub 25 horsepower (HP) category, the Mahindra JIVO is suitable for row crop and horticulture farming. The tractor is available in the 4 wheel drive (WD) version with engine power of 24HP and power take-off (PTO) of 22HP. It will be sold in the states of Maharashtra and Gujarat from 25 April 2017 at a starting price of Rs 3.90 lakh for the 4WD model, ex-showroom Maharashtra. The announcement was made after market hours yesterday, 5 April 2017.

Repco Home Finance said its board will meet on 11 April 2017, to consider a proposal to raise Rs 272 crore by issuing secured, redeemable, non-convertible, non-cumulative, taxable debentures to International Finance Corporation on private placement basis. The announcement was made after market hours yesterday, 5 April 2017.

Bank of India said it will hold an extraordinary general meeting (EGM) of shareholders on 4 May 2017 for their approval for issuing share capital by way of preferential issue to Government of India. The announcement was made after market hours yesterday, 5 April 2017.

Reliance Defence and Engineering scheduled a board meeting on Tuesday, 11 April 2017, to consider rights issue of equity shares upto Rs 1200 crore, which was approved at the board meeting held on 22 April 2016. The announcement was made after market hours yesterday, 5 April 2017.

Canada Pension Plan Investment Board (CPPIB) has on 5 April 2017, executed a Share Subscription and Purchase Agreement (SSPA) and Shareholders Agreement (SHA) with ISMDPL and the Phoenix Mills. Pursuant to the execution of the agreements, CPPIB proposes to invest in the equity share capital of ISMDPL in multiple tranches. CPPIB shall, in the first tranche, subject to fulfilment of the conditions precedent in the agreements, acquire 30% equity shareholding in ISMDPL through a combination of fresh equity subscription in ISMDPL and secondary transfer of equity shares held by the company in ISMDPL. Post the completion of first tranche investment by CPPIB, the company and CPPIB shall hold 70% and 30% respectively, of the paid up equity share capital of ISMDPL. The announcement was made after market hours yesterday, 5 April 2017.

Great Eastern Shipping Company announced that GGOS Labuan, a step-down subsidiary of the company, has been struck off from the registry under the provisions of the Labuan Companies Act, 1990 with effect from 4 March 2017. The announcement was made after market hours yesterday, 5 April 2017.

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Precious metals drop
Apr 06,2017

Gold prices retreated on Wednesday, 05 April 2017 at Comex after a reading of private-sector employment came in stronger than expected, steering buying to assets perceived as risky such as stocks.

June gold fell $9.90, or 0.8%, to settle at $1,248.50 an ounce, logging its first decline out of the past four sessions. Silver for May delivery dropped 13 cents, or 0.7%, to settle at $18.18 an ounce.

The precious metal then weakened further in electronic trade to $1,247.40 after the release of the minutes from the Federal Reserves meeting in March. In the report, the committee revealed that it would like to start reducing the Feds balance sheet later in the year. In addition, the Minutes showed that some Fed officials are worried about high equity valuations. Stocks held steady immediately following the report, but the hawkish tone eventually seeped in, sending the cash market into the red.

The minutes indicated that the Fed is likely to start shrinking its balance sheet this year in line with its tighter monetary-policy regime. Higher rates tend to strengthen the dollar which in turn makes assets priced in the U.S. currency more expensive.

Among economic data expected for the day, investors received March ADP Employment Change, March ISM Services, and the weekly MBA Mortgage Applications Index. The ADP National Employment Report showed an increase of 263,000 in March (consensus 175,000) while the February reading was revised lower to 245,000 from 298,000. The ADP reading precedes Fridays more influential Employment Situation Report for March, which the consensus expects will show the addition of 180,000 nonfarm payrolls. The Employment Situation Report for February indicated that nonfarm payrolls increased by 235,000.

The ISM Services Index for March declined to 55.2 from an unrevised reading of 57.6 in February while the consensus expected a downtick to 57.0. The key takeaway from the report is that growth in the services sector, which accounts for a much bigger slice of economic activity than the manufacturing sector does, persisted for the 87th straight month.

Separately, the weekly MBA Mortgage Applications Index decreased 1.6% to follow last weeks 0.8% decline.

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Air cargo demand continues upward trajectory in February 2017: IATA
Apr 05,2017

The International Air Transport Association (IATA) released demand growth results for global air freight markets for February 2017 showing an 8.4% increase in demand measured in freight tonne kilometers (FTKs) compared to the same period last year. After adjusting for the impact of the leap year in 2016, demand increased by 12% -- almost four times better than the five-year average rate of 3.0%.

Freight capacity, measured in available freight tonne kilometers (AFTKs), shrank by 0.4% in February 2017.

The continued growth of air freight demand in 2017 is consistent with an uptick in world trade which corresponds with new global export orders remaining at elevated levels in March. Of particular note is the expanded volume of semi-conductor materials typically used in high-value consumer electronics.

February further added to the cautious optimism building in air cargo markets. Demand grew by 12% in Februaryn++about four times the five-year average rate. With demand growing faster than capacity, yields got a boost. While there are signs of stronger world trade, concerns over the current protectionist rhetoric are still very real, said Alexandre de Juniac, IATAs Director General and CEO.

The rapid growth of niche markets such as cross-border e-commerce and time and temperature sensitive pharmaceutical are showing robust growth as noted at the World Air Cargo Symposium held in Abu Dhabi last month. Any optimistic look at the future sees growing demand for specialized value added services. Shippers are telling us that the key to turning the current uptick in the cargo industrys fortunes into longer-term growth is modernizing our antiquated processes. We must use the current momentum to push ahead with the elements of the e-cargo visionn++including the e-air waybill which is nearing 50% market penetration, said de Juniac.

Regional Performance

All regions, with the exception of Latin America, reported an increase in demand in February 2017.

Asia-Pacific airlines posted the largest year-on-year demand increase among regions in February 2017 with freight volumes growing 11.8% (more than 15% adjusting for the leap year). Capacity increased by 2.0% over the same time. The increase in demand is captured in the positive outlook from business surveys in the region and is reflected in the increase in trade across Asia-Pacifics main freight lanes to, from, and within the region, which have strengthened considerably over the past six months. Seasonally-adjusted volumes dipped slightly in February but remained up considerably since early 2016 and are now back to the levels reached in 2010 during the post-global financial crisis bounce-back.

North American airlines freight volumes expanded 5.8% (or more than 9% adjusting for the leap year) in February 2017 compared to the same period a year earlier, and capacity decreased by 3.1%. This was driven in part by the strength of freight traffic to and from Asia which increased by 5.7% year-on-year in January. The further strengthening of the US dollar continues to boost the inbound freight market but is keeping the export market under pressure.

European airlines posted a 10.5% (or around 14% adjusting for the leap year) increase in freight volumes in February 2017 and a capacity increase of 1.4%. The ongoing weakness of the Euro continues to boost the performance of the European freight market which has benefitted from strong export orders, particularly in Germany, over the last few months.

Middle Eastern carriers year-on-year freight volumes increased 3.4% (or approximately 7% adjusting for the leap year) in February 2017 and capacity decreased 1.7%. Seasonally adjusted freight volumes continue to trend upwards and demand remains strong between the Middle East and Europe. Despite this, growth has eased from the double-digit rates which were the norm over the past ten years. This corresponds with a slowdown in network expansion by the regions major carriers.

Latin American airlines experienced a contraction in demand of 4.9% (or around 1% adjusting for the leap year) in February 2017 compared to the same period in 2016 and a decrease in capacity of 7.2%. Recovery in seasonally-adjusted volumes also stalled with demand 14% lower than at the peak in 2014. And freight volumes have now been in contractionary territory in 25 out of the last 27 months. The regions carriers have managed to adjust capacity, which has limited the negative impact on the load factor. Latin America continues to be blighted by weak economic and political conditions.

African carriers saw freight demand increase by 10.6% (or more than 14% adjusting for the leap year) in February 2017 compared to the same month last year and capacity increase by 1.0%. Year-to-date demand has increased by 16.2%, helped by very strong growth on the trade lanes to and from Asia. The increase in demand has helped the regions seasonally-adjusted load factor rise by 2.8 percentage points so far in 2017.

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Union Bank of Indian receives Rs 541 crore from Govt. of India
Apr 05,2017

Union Bank of Indian announced that the Bank has received a sum of Rs. 541 crore as capital infusion in the form of share application money from the Government of India for the said preferential allotment of Equity Shares on 31 March 2017. Allotment of the Equity Shares to Government of India will be done on receipt of approval of Central Government under section 3(2-B)(c) of the Banking Companies (Acquisition and Transfer of Undertaking) Act, 1970.

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Board of Anka India approves issuance of 82,47,474 convertible warrants
Apr 05,2017

Anka India announced that the Board of Directors of the Company at its meeting held on 05 April 2017 has approved the issuance of 82,47,474 warrants convertible into equity shares within a period not exceeding 18 months from the date of allotment on preferential basis.

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Board of International Travel House appoints CFO
Apr 05,2017

International Travel House announced that the Board of Directors of the Company at its meeting held on 05 April 2017 have appointed Ajay Kumar, as Chief Executive Officer (CEO) of the Company effective 5 April 2017 and Ghanshyam Arora has stepped down as Manager of the Company with immediate effect.

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Outcome of board meeting of Scintilla Commercial & Credit
Apr 05,2017

Scintilla Commercial & Credit announced that the Board of Directors at its meeting held on 05 April 2017 has approved the following -

1. Appointment of Prabhat Kumar Marda as Chief Financial Officer w.e.f. 5th April 2017.

2. Change in designation of Jitendra Kumar Goyal from Managing Director to Director

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