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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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Gujarat Themis Biosyn to hold AGM
Aug 24,2016

Gujarat Themis Biosyn announced that the 35th Annual General Meeting (AGM) of the company will be held on 14 September 2016.

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Zenith Fibres to hold AGM
Aug 24,2016

Zenith Fibres announced that the 27th Annual General Meeting (AGM) of the company will be held on 29 September 2016.

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Lakshmi Mills Company to hold AGM
Aug 24,2016

Lakshmi Mills Company announced that the 106th Annual General Meeting (AGM) of the company will be held on 15 September 2016.

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Ganesh Benzoplast to hold AGM
Aug 24,2016

Ganesh Benzoplast announced that the 29th Annual General Meeting (AGM) of the company will be held on 20 September 2016.

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Sarda Plywood Industries to hold AGM
Aug 24,2016

Sarda Plywood Industries announced that the 59th Annual General Meeting (AGM) of the company will be held on 16 September 2016.

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Asian Hotels (North) to hold AGM
Aug 24,2016

Asian Hotels (North) announced that the 35th Annual General Meeting (AGM) of the company will be held on 29 September 2016.

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Jai Corp drops after reporting weak Q1 results
Aug 24,2016

The result was announced after market hours yesterday, 23 August 2016.

Meanwhile, the S&P BSE Sensex was up 30.09 points or 0.11% at 28,020.30.

On BSE, 2.52 lakh shares were traded in the counter as against average daily volume of 3.28 lakh shares in the past one quarter. The stock hit a high of Rs 77.30 and a low of Rs 73.40 so far during the day. The stock had hit a 52-week high of Rs 94.40 on 5 January 2016. The stock had hit a 52-week low of Rs 44.75 on 25 August 2015. The stock had underperformed the market over the past one month till 23 August 2016, dropping 2.33% compared with 0.67% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 13.89% as against Sensexs 10.94% rise.

The mid-cap company has equity capital of Rs 17.84 crore. Face value per share is Re 1.

Jai Corp was incorporated in 1985. It has traditionally been into manufacturing businesses like steel, plastic processing and spinning yarn. Apart from expansion of its plastic processing business, it is now focusing and investing in emerging opportunities like developing SEZs, infrastructure, venture capital and real estate.

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Infosys gains on reports of likely win of about $60 million GST project
Aug 24,2016

Meanwhile, the S&P BSE Sensex was up 50.79 points or 0.18% at 28,041

On BSE, so far 95,000 shares were traded in the counter as against average daily volume of 2.81 lakh shares in the past one quarter. The stock hit a high of Rs 1,060 and a low of Rs 1,045 so far during the day. The stock had hit a 52-week low of Rs 1,009.20 on 22 August 2016. The stock had hit a record high of Rs 1,278 on 3 June 2016. The stock had underperformed the market over the past 30 days till 23 August 2016, falling 3.82% compared with Sensexs 0.37% fall. The scrip had also underperformed the market in past one quarter, sliding 14.03% as against Sensexs 8.15% rise.

The large-cap company has equity capital of Rs 1148.47 crore. Face value per share is Rs 5.

As per reports, Infosys may get about $60 million (Rs 400 crore) in incremental revenue over the third and fourth quarters of the current financial year (FY 2017) as part of the Rs 1380 crore Goods Services and Tax Network (GSTN) project. Under the ongoing GSTN project, Infosys has started importing hardware, including servers and network equipment devices, payment for which will be made by GSTN starting October this year, reports suggested.

On a consolidated basis, Infosys net profit fell 4.5% to Rs 3436 crore on 1.4% growth in revenue to Rs 16782 crore in Q1 June 2016 over Q4 March 2016. The results are as per International Financial Reporting Standards (IFRS).

Infosys is one of the leading information technology outsourcing services providers. The company provides business consulting, information technology and outsourcing services.

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Infosys gains on reports of boost to revenue from GST project
Aug 24,2016

Meanwhile, the S&P BSE Sensex was up 50.79 points or 0.18% at 28,041

On BSE, so far 95,000 shares were traded in the counter as against average daily volume of 2.81 lakh shares in the past one quarter. The stock hit a high of Rs 1,060 and a low of Rs 1,045 so far during the day. The stock had hit a 52-week low of Rs 1,009.20 on 22 August 2016. The stock had hit a record high of Rs 1,278 on 3 June 2016. The stock had underperformed the market over the past 30 days till 23 August 2016, falling 3.82% compared with Sensexs 0.37% fall. The scrip had also underperformed the market in past one quarter, sliding 14.03% as against Sensexs 8.15% rise.

The large-cap company has equity capital of Rs 1148.47 crore. Face value per share is Rs 5.

As per reports, Infosys may get about $60 million (Rs 400 crore) in incremental revenue over the third and fourth quarters of the current financial year (FY 2017) as part of the Rs 1380 crore Goods Services and Tax Network (GSTN) project. Under the ongoing GSTN project, Infosys has started importing hardware, including servers and network equipment devices, payment for which will be made by GSTN starting October this year, reports suggested.

On a consolidated basis, Infosys net profit fell 4.5% to Rs 3436 crore on 1.4% growth in revenue to Rs 16782 crore in Q1 June 2016 over Q4 March 2016. The results are as per International Financial Reporting Standards (IFRS).

Infosys is one of the leading information technology outsourcing services providers. The company provides business consulting, information technology and outsourcing services.

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Moodys: North American and EMEA refining and marketing sector outlook to negative on high fuel inventories, weakening margins
Aug 24,2016

Moodys Investors Service says the outlook for the North American and EMEA refining and marketing sector is shifting to negative from stable. This change in outlook reflects Moodys expectations for the fundamental business conditions in the sector over the next 12 to 18 months.

Moodys expects EBITDA for the North American and EMEA independent R&M sector EBITDA to decline by more than 15% through late 2017/early 2018, owing to continued anemic crack spreads. Even summer gasoline demand has not provided a much-needed lift to refining margins, as demand has proven lower than downstream operators had expected, pushing inventories higher.

Adding to the challenge of weak refining margins, we are seeing global and regional product inventories increase, worsening the glut of fuel products in North America and Europe, noted Arvinder Saluja, a Moodys Vice President -- Senior Analyst. Slow demand in Europe and rising Chinese stockpiles, along with the onset of the shoulder season for North American gasoline demand, prevent a drawdown of inventories in the near term, keeping a lid on refining margins globally.

And despite tight refinery margins and high fuel inventories, most refiners have reduced utilization only marginally in 2016. Refiners closer to crude production or to export facilities, with access to cheaper imported oil, or with tighter product supply/demand balances in their regions, will enjoy better crack spreads. As a result, most refineries along the Gulf and West Coasts are likely to maintain high utilization, along with some Midwest and Rockies refineries. East Coast refineries will have to cut production amid historically high inventories, few opportunities to export, and continuous imports from Europe.

The negative outlook could be revised to stable if global inventories -- especially for US gasoline -- decrease significantly, bringing fuel stockpiles back to historical average levels, and with better capacity rationalization for weaker and higher-cost refiners in Europe. A positive outlook could be considered if the US and Asian diesel and distillates markets surged along with gasoline demand, leading to much stronger crack spreads.

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World crude steel production rises 1.4% in July 2016
Aug 24,2016

World crude steel production for the 66 countries reporting to the World Steel Association (worldsteel) was 133.7 million tonnes (mt) in July 2016, 1.4% up on July 2015.

Chinas crude steel production for July 2016 was 66.8 mt, an increase of 2.6% compared to July 2015. Elsewhere in Asia, Japan produced 8.9 mt of crude steel in July 2016, an increase of 0.5% compared to July 2015. India produced 8.1 mt of crude steel in July 2016, up 8.1% compared to the same month last year. South Koreas crude steel production was 6.0 mt in July 2016, up by 1.5% on July 2015.

In the EU, Germany produced 3.4 mt of crude steel in July 2016, a decrease of -6.1% compared to July 2015. The United Kingdom produced 0.7 mt of crude steel, down by -27.3% on July 2015.

Turkeys crude steel production for July 2016 was 2.7 mt, up by 6.5% on July 2015.

In July 2016, Russia produced 6.1 mt of crude steel, up by 0.9% over July 2015. Ukraine produced 2.1 mt of crude steel, up by 10.5% compared to the same month in 2015.

The United States produced 6.9 mt of crude steel in July 2016, a decrease of -2.2% compared to July 2015.

Brazils crude steel production for July 2016 was 2.7 mt, down by -6.0% on July 2015.

The crude steel capacity utilisation ratio of the 66 countries in July 2016 was 68.3%. This is the same figure as in July 2015. Compared to June 2016, it is 3.7 percentage points lower.

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Welspun India extends losses on fallout of cheap cotton supply controversy
Aug 24,2016

Meanwhile, the S&P BSE Sensex was up 36.23 points or 0.13% at 28,026.44.

On BSE, so far 1.43 lakh shares were traded in the counter as against average daily volume of 1.37 lakh shares in the past one quarter. The stock was locked at Rs 59.30 so far during the day, which is also a 52-week low for the stock. The stock had hit a record high of Rs 119.90 on 14 June 2016. The stock had underperformed the market over the past one month till 23 August 2016, dropping 38.4% compared with 0.67% rise in the Sensex. The scrip also underperformed the market in past one quarter, sliding 33.98% as against Sensexs 10.94% rise.

The mid-cap company has equity capital of Rs 100.47 crore. Face value per share is Rs 1.

As per reports, Wal-Mart Stores Inc., the worlds largest retailer, said it is reviewing Welspun Indias cotton certification records following Target Corp.s decision to snap ties with the Indian textile maker over a cotton supply dispute. Walmart is Welspuns third-largest customer, behind Target. Target Corporation, one of Welspuns biggest clients, severed business ties with it earlier this week on charges that Welspun used cheaper quality cotton while supplying bed sheets between August 2014 and July 2016 without Target having any knowledge of this substitution. Target had pulled sheets and pillowcases off its shelves after discovering they were mislabeled as Egyptian cotton after a probe was initiated by it. Shares of Welspun India had hit 20% lower circuit in last two sessions following Targets announcement on Friday, 19 August 2016 of snapping ties with the company after violation of Targets code of conduct and standards of vendor engagement.

As per separate report, J. C. Penney Company, Inc. is also investigating Welspuns products after the issue.

Welspun India in a statement on Saturday, 20 August 2016 confirmed that it encountered a product specification issue with one client program of its subsidiary, Welspun Global Brands. Welspun India said that it has initiated immediate actions to investigate the root cause of the issue. The company at that time said it is appointing one of the Big Four external audit firms to audit its supply systems and processes. This is an issue of highest priority for the company and the company will take all necessary steps to address it, Welspun had said in a statement.

Welspun Indias consolidated net profit rose 10.3% to Rs 201.85 crore on 11.3% rise in net sales to Rs 1386.46 crore in Q1 June 2016 over Q1 June 2015.

Welspun India is the leading home fashions supplier in the USA and amongst the top 3 global manufacturers of bed and bath linen.

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Polygenta Technologies allots equity shares
Aug 24,2016

Polygenta Technologies announced that 1,01,55,893 Compulsory Convertible Preference Shares (CCPS) held by PerPETual Global Technologies (Promoter of the Company) were converted into equal number of equity shares on 23 August 2016 on the expiry of 18 months from the date of allotment (i.e. 24 February 2015) of CCPS as decided at the Committee meeting held on 23 August 2016.

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MOIL executes mining lease over 76.409 Ha. land
Aug 24,2016

MOIL has executed mining lease over 76.409 Ha. land granted by Government of Madhya Pradesh in the village Bharweli-Awalajhari, Tehsil & Dist. Balaghat of Madhya Pradesh.

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Small gains for US stocks
Aug 24,2016

U.S. stocks closed in positive territory on Tuesday, 23 August 2016 but off the best levels of the session, after upbeat data on U.S. new-home sales and a stronger-than-expected gauge of European private-sector activity. The Nasdaq Composite briefly hit an all-time intraday high, while the S&P 500 flirted with its own intraday record.

The Dow Jones Industrial Average ended the day with a gain of 17.88 points, or 0.1%, at 18,547.30. The S&P 500 index finished up 4.26 points, or 0.2%, at 2,186.90. The Nasdaq Composite Index closed up 15.47 points, or 0.3%, at 5,260.08.

Eight out of 10 S&P 500 sectors posted gains, led by a climb in materials shares

The stock market ended a relatively quiet session on a slightly higher note as an above-consensus reading of the New Home Sales Report for July and better-than-expected earnings results from the retail sub-group bolstered the broader market. Equity indices jumped at the start of the session as a strong performance from European bourses and a better-than-expected quarterly report from Best Buy bolstered the broader market.

Todays economic data was limited to the New Home Sales Report for July. New home sales increased 12.4% month-over-month in July to a seasonally adjusted annual rate of 654,000, which was well above the consensus estimate of 580,000 and up 31.3% from the same period a year ago. July 2016 marked the strongest pace of new home sales since October 2007.

In other economic data, a reading of manufacturing sentiment was softer in August after hitting its highest level in nine months in July. The flash manufacturing purchasing managers index from Markit fell to a reading of 52.1 this month from 52.9 in July.

Crude-oil futures reversed course to turn sharply higher after a report suggested that Iran might be willing to work with other major crude producers to cap output. West Texas Intermediate settled up 1.5% at $48.10 a barrel on the New York Mercantile Exchange after tapping lows under $47.

Treasuries ended on a flat note with yields relatively unchanged throughout the complex. The yield on the 10-yr note finished flat at 1.54%.

Todays participation was below the recent average as fewer than 716 million shares changed hands at the NYSE floor.

Tomorrows economic data will include the weekly MBA Mortgage Index and the FHFA Housing Price Index for June, which will be released at 7:00 ET and 9:00 ET, respectively. The days data will be capped off with the Existing Home Sales Report for July (consensus 5.54 million), crossing the wires at 10:00 ET.

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