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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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Board of Vital Communication approves shifting of registered office
Sep 22,2016

Vital Communications announced that the Board of Directors of the Company at its Board Meeting held on 01 September 2016 has considered and approved Shifting of Registered office from 606, Kailash Building, Kasturba Gandhi Marg, Connaught Place, New Delhi, Delhi-110001 To Office No. 323, Third Floor, Vardhman Fortune Mall, G.T. Karnal Road, Near Gujarawala Town, Delhi-110033 with effect from 01 September 2016.

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Volumes jump at Ahluwalia Contracts (India) counter
Sep 22,2016

Ahluwalia Contracts (India) clocked volume of 2.57 lakh shares by 13:20 IST on BSE, a 70.82-times surge over two-week average daily volume of 4,000 shares. The stock was up 1.41% at Rs 295.25.

D-Link (India) notched up volume of 6.21 lakh shares, a 35.01-fold surge over two-week average daily volume of 18,000 shares. The stock surged 17.26% at Rs 88.65.

Gujarat Pipavav Port saw volume of 19.03 lakh shares, a 29.61-fold surge over two-week average daily volume of 64,000 shares. The stock declined 0.29% at Rs 172.

Sadbhav Infrastructure Project clocked volume of 24.66 lakh shares, a 24.33-fold surge over two-week average daily volume of 1.01 lakh shares. The stock jumped 10.87% at Rs 112.75 after the company said it raised Rs 200 crore under tranche 1 by issue of non-convertible debentures on private placement basis. The announcement was made during market hours today, 22 September 2016.

Asahi Songwon Colors saw volume of 8.52 lakh shares, a 22.21-fold rise over two-week average daily volume of 38,000 shares. The stock surged 11.05% at Rs 228.05.

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The Byke Hospitality gains after acquiring two properties on long term lease
Sep 22,2016

The announcement was made after market hours yesterday, 21 September 2016.

Meanwhile, the S&P BSE Sensex was up 203.44 points, or 0.71%, to 28,710.02

On BSE, so far 27,000 shares were traded in the counter compared with average daily volume of 47,866 shares in the past one quarter. The stock hit a high of Rs 164.85 and a low of Rs 162.20 so far during the day. The stock hit a 52-week high of Rs 174.25 on 30 May 2016. The stock hit a 52-week low of Rs 148.10 on 20 January 2016. The stock had underperformed the market over the past 30 days till 21 September 2016, rising 0.34% compared with 1.85% rise in the Sensex. The scrip had also underperformed the market in past one quarter, rising 1.48% as against Sensexs 5.57% rise.

The small-cap stock has equity capital of Rs 40.10 crore. Face value per share is Rs 10.

The Byke Hospitality has acquired The Byke- Grassfield Riviera in Jaipur on long term lease. The hotel is located on Ajmer Road. It has 80 well appointed rooms, swimming pool, spa, gym, cricket ground and banquet hall, party lawn with an excellent view and other high tech amenities and services. Besides, the company also acquired Hotel Delotel in Borivali, Mumbai on long term lease. It has 40 well appointed rooms, restaurant and conference/ banquet room with an excellent view and other high tech amenities and services.

The Byke Hospitalitys net profit rose 36.54% to Rs 6.39 crore on 28.54% growth in total income to Rs 61.93 crore in Q1 June 2016 over Q1 June 2015.

The Byke Hospitality is a fast growing hospitality services company.

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Indian Oil Corporation and GAIL (India) sign MoU
Sep 22,2016

Indian Oil Corporation and GAIL (India) have signed an MoU with Dhamra LNG Terminal (DLTPL) for taking equity in the 5 MMTPA capacity LNG Receiving, Storage and Regasification Terminal being put up at Dhamra Port, Odisha.

As per the MoU, DLTPL shall be an equal joint venture of Indian Oil and GAIL on one hand and Adani Group on the other. IndianOil and GAIL would acquire 39% and 11% equity respectively in DLTPL with the balance 50% being held by Adani Group. Going forward, Indian Oil and Adani Group will each divest 1% of their respectively stake to a credible financial institution which will then have 2% stake in the terminal. Apart from equity, Indian Oil and GAIL intend to book regasification capacity of 3.0 and 1.5 MMTPA respectively in the terminal.

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Cauvery Water Management Board ideal for dispute resolution: Central Water Commission
Sep 22,2016

Setting up a Cauvery Water Management Board (CWMB) is the most ideal solution to settle the on-going Cauvery water conflict as per the directions of the Supreme Court, chairman of the Central Water Commission (CWC), Mr G.S. Jha said at an ASSOCHAM event held in New Delhi today.

n++The Cauvery Water Management Board is to be set up within four weeks time with representatives both from Karnataka and Tamil Nadu,n++ said Mr Jha while addressing an ASSOCHAM conference on Governance framework for harmonising water-energy usage.

Highlighting the importance of water storage, he said n++We cannot think of bringing security unless we are able to create storage and then release water as per the requirement.n++

He added that farmers are not getting commensurate benefit on investments made in the water sector. n++Benefits have to be really translated in to the tangible benefits which are to be accrued to the farmers as individual farmers fields are not able to receive water.n++

There is a need to empower, train and tell the farmers that application of more water is not going to yield more production, rather it will make their fields water-logged.

Earlier in his address at the ASSOCHAM event, Mr S.D. Dubey, chairman, Central Electricity Authority (CEA) said that it will be bringing out the National Electricity Plan by the end of this month.

n++We have already submitted it to the Power ministry in September, it is a perspective plan in terms of power transmission, distribution and generation for upcoming period,n++ said Mr Dubey.

n++Once it is approved by the ministry, then we can come out with certain figures pertaining to the same,n++ he added.

n++We would be putting it in the public domain to invite comments from the public,n++ further said the CEA chairman.

While addressing the conference, Mr Sunil Kanoria, president, ASSOCHAM said n++Parallel to power, water should be priced. Reasonable pricing strategy can help curb wastage. Technology intervention is required for optimizing usage of water in thermal power plants, efficient ground water based irrigation, recycling and conservation of water and rainwater harvesting.n++

n++Flood control strategies also need to include the use of smart geo-spatial techniques for flood forecasting and construction and strengthening of embankments at critical locations,n++ said Mr Kanoria.

n++Water is national priority. It would be pertinent to interlink rivers to ensure availability of water in drought prone, rain-fed regions,n++ he added.

n++A beginning can be made at intra-state level e.g. Bihar and Madhya Pradesh or Ganga-Cauvery linking through canals. Loss of water could be checked by deploying solar panels for achieving energy security in parallel to addressing water related issue,n++ further said the ASSOCHAM chief.

He also said that no real estate builder should be given permission unless there is provision for group water storage, rain water harvesting and treatment and recycling of waste water for secondary use. n++Industry licence should also be subject to mandatory provision for treatment and recycling of waste water.n++

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UPL divests its entire stake in United Phosphorus (Bangladesh)
Sep 22,2016

UPL announced that as part of the plan to re-organise its overseas associates, the Company has divested its entire stake of 50% in its joint venture United Phosphorus (Bangladesh) for a consideration of USD 328816 to UPL Corporation (formerly known as Bio-Win Corporation).

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L&T gains after overseas order win
Sep 22,2016

The announcement was made during market hours today, 22 September 2016.

Meanwhile, the S&P BSE Sensex was up 241.12 points, or 0.85%, to 28,748.54

On BSE, so far 55,000 shares were traded in the counter, compared with average daily volume of 1.74 lakh shares in the past one quarter. The stock hit a high of Rs 1,497 and a low of Rs 1,478.35 so far during the day. The stock hit a 52-week high of Rs 1,615 on 27 July 2016. The stock hit a 52-week low of Rs 1,016.60 on 12 February 2016. The stock had underperformed the market over the past 30 days till 21 September 2016, falling 0.29% compared with 1.85% rise in the Sensex. The scrip had also underperformed the market in past one quarter, declining 1.74% as against Sensexs 5.57% rise.

The large-cap company has an equity capital of Rs 186.47 crore. Face value per share is Rs 2.

L&T said that the company has signed the principle contract with Vietnam Border Guard valued at $99.7 million for design and construction of high speed patrol vessels in India as well as for transfer of design and technology along with supply of equipment and material kits for construction of follow-on vessels at a Vietnam shipyard.

L&T said that the high-speed patrol vessels are purpose-built for controlling and protecting sea security and sovereignty, detecting illegal activities such as smuggling, and undertaking search and rescue missions. Constructed of Aluminium alloy, the vessels are about 35 metres long and can clock a speed of 35 knots with state-of-the-art navigation and surveillance equipment and self-defence capabilities on board. Complete design and engineering of these vessels will be undertaken at the companys dedicated Warship Design Centre with the vessels being built at its Kattupalli Shipyard, off Chennai, L&T said.

Commenting on the occasion, S.N. Subrahmanyan, President and Deputy Managing Director of L&T hoped for the contract to pave the way for stronger bilateral ties between India and Vietnam.

L&Ts consolidated net profit rose 45.5% to Rs 609.60 crore on 9.07% growth in total income to Rs 22176.22 crore in Q1 June 2016 over Q1 June 2015.

L&T is a major Indian multinational engaged in technology, engineering, construction, manufacturing and financial services. It operates in more than 30 countries worldwide.

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More than Rs. 820 crore expected to be realised through Fifth Tranche of Sovereign Gold Bond (SGB) Scheme from 1st to 9th September 2016
Sep 22,2016

The amount realised through the 5th Tranche of Sovereign Gold Bond (SGB) Scheme, is expected to cross Rs. 820 crore. This was mobilised through over 2.00 lakh applications representing around 2.37 tonnes of gold. These numbers are likely to go-up further as the receiving offices are still in the process of uploading information of huge rush of applications received on the last day. The aggressive marketing of the product by Govt of India, including through its receiving offices, namely Banks, Post Offices, NSE and BSE helped in mobilizing such encouraging response. SBI at Rs. 245 Crore subscription and Bank of India at Rs. 56 Crore subscription were the top performers. The Post Offices did their bit by attracting maximum number, around 22,000, applicants. The total mobilisation by Post Offices is expected at around Rs. 15-20 crore. The 5th Tranche of Sovereign Gold Bond (SGB) Scheme was open from 1st to 9th September, 2016.

The issue price of the Sovereign Gold Bond in 5th tranche worked-out to a still higher level Rs. 3,150 per gram of gold based on the average of closing price of gold of 999 purity for the week August 22 to 26, 2016, as published by the India Bullion and Jewellers Association (IBJA).

The Government will come-up with more tranches in 2016-17. The next tranche of SGB is expected around the third week of October, prior to Diwali. The next tranche is expected to come up with additional features to attract consumers even more.

In pursuance of the announcement in the Union Budget 2015-16, the Sovereign Gold Bond (SGB) scheme was launched as an alternative mode of investment to physical gold in November 2015. The aim of SGB is to reduce demand, including through imports, for physical gold, and in process reduce Indias Current Account Deficit.

Three tranches of SGB scheme were floated in 2015-16. In the current financial year two tranches have been launched (4th tranche from July 18-22, 2016 and 5th tranche from September 01-09, 2016). The total subscription in first 4 tranches was Rs. 2239 Crore corresponding to 7.85 tonnes of gold. The highest mobilisation was Rs. 921 Crore in the 4th tranche when the issue price was Rs. 3119 per gram of gold.

The sustained and encouraging response of the investors to the SGB Scheme (Series-I and series-II) of 2016-17, indicates that the product has come of age, and is increasingly becoming popular amongst the general public due to advantages it offers over physical gold, namely use as collateral for loans, Capital Gain Tax exemption on redemption, Zero risk of theft/ impurities associated with handling of physical gold; tradability through Stock Exchanges and also availability in DEMAT and paper form. The product, in addition, earns an interest rate of 2.75% per annum, semi-annually payable on initial investment.

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Sadbhav Infrastructure Project jumps after raising funds
Sep 22,2016

The announcement was made during market hours today, 22 September 2016.

Meanwhile, the BSE Sensex was up 225.48 points, or 0.79%, to 28,732.90.

Surge in price was accompanied with high volumes on the counter. On BSE, so far 22.06 lakh shares were traded in the counter, compared with an average volume of 22,050 shares in the past one quarter. The stock hit a high of Rs 117, so far during the day, which is a record high for the stock. The stock hit a low of Rs 105.70 so far during the day. The stock hit a record low of Rs 66.30 on 15 February 2016. The stock had outperformed the market over the past one month till 21 September 2016, gaining 5.39% compared with 1.53% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, gaining 2.21% as against Sensexs 6.32% rise.

The mid-cap company has equity capital of Rs 352.23 crore. Face value per share is Rs 10.

Sadbhav Infrastructure Project said that board of directors of the company on 21 September 2016 had approved allotment of 2,000 senior, taxable, secured, rated, listed, redeemable, non-convertible debentures totally aggregating upto Rs 200 crore having face value of Rs 10 lakh each under tranche I comprising of the series I debentures, series II debentures, series III debentures and series IV debentures, of Rs 50 crore each.

Sadbhav Infrastructure Project reported consolidated net loss of Rs 89.46 crore in Q1 June 2016 compared with net loss of Rs 88.34 crore in Q1 June 2015. Net sales fell 33.3% to Rs 361.70 crore in Q1 June 2016 over Q1 June 2015.

Sadbhav Infrastructure Project is into development, operation and maintenance of road infrastructure assets. It undertakes turnkey contractual works and other than civil construction of the projects.

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Maithan Alloys announces resignation of Director and CFO
Sep 22,2016

Maithan Alloys announced that Aditya Agarwalla has tendered resignation from the office of Whole-time Director & Chief Financial Officer of the Company due to his pre-occupation.

He shall cease to be Whole-time Director & Chief Financial Officer from the close of working hours of 30 September 2016.

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Board of Sadbhav Infrastructure Project approves allotment of NCDs aggregating upto Rs 200 cr
Sep 22,2016

Sadbhav Infrastructure Project announced that Board of Directors of the Company has passed resolution through circulation on 21 September 2016 towards approval of the allotment of 2000 (Two Thousand) senior, taxable, secured, rated, listed, redeemable, non-convertible debentures totally aggregating upto Rs. 200 crore having face value of Rs. 10 lakh each under Tranche I comprising of the Series I Debentures, Series II Debentures, Series III Debentures and Series IV Debentures, of Rs. 50 crore each.

Further, it is hereby informed that the Company has raised Rs. 200 crore (under Tranche 1 by issue of said NCDs on private placement basis.

The said NCDs will be listed on Wholesale Debt Market segment of the BSE Limited.

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Pooja Entertainment & Films announces release of film Banjo
Sep 22,2016

Pooja Entertainment & Films announced that the Company under the distribution SBU (Special Business Unit) would release the film n++Banjon++ a musical action drama film directed by Ravi Jadhav and produced by Krishika Lulla, staring Riteish Deshmukh and Nargis Fakhri.

The film would be released in approximately 2000 screens around India and would be released on 23 September 2016.

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Mergers no quick fix for public sector banks; they need autonomy: ASSOCHAM Paper
Sep 22,2016

Asserting there are no quick fixes for grave problems facing the public sector banks, mainly centered around close to Rs 5 lakh crore non-performing assets, ASSOCHAM President Mr Sunil Kanoria today said a paper brought out by the chamber clearly suggests mergers or consolidation of the PSBs is certainly no answer to the present crisis, which can only be resolved by professionalizing these banks with the government keeping an arms length.

Addressing the media, Mr Kanoria said, n++Our paper has also noted that as things stand today, the boards of the PSBs are not empowered enough to choose a glide path for their banks. Instead, they need to refer to the Finance Ministry circulars even for mundane things.n++

Releasing a study titled Convergence, Not Consolidation Answer for Public Sector Banks, along with chambers Secretary General, Mr D S Rawat at a press conference held in New Delhi said, n++If size of the banks had a relationship with the health of the financial sector, the Chinese banks would have been the healthiest lot. But, the biggest concern before the global financial community today is the health of the Chinese banksn++.

Of the top ten global banks on the S & P Global Market Ranking, the first four are from China with Industrial and Commercial Bank of China right at the top. Only two American banks - JP Morgan and Bank of America, figure on the table of top ten and the Wall Street has no liking either for the size and seems quite disillusioned with the so-called Too Big to Fail concept whereupon it is on the sovereigns to save their banks even if they go reckless in their business.

n++But then, somehow, here in India we have got this penchant for large size to be achieved by merging different entitiesn++, said Mr Kanoria. If at all, there is a case for a merger, it is weak bank merging into strong one; but here we have a situation where there are hardly strong banks in terms of crucial parameters, large book size notwithstanding.

With some high profile borrowers getting into litigation and facing criminal probes, the public discourse puts additional pressure on the government, to find some quick fixes for NPA-ridden banks, which find themselves terribly constrained to improve lending with the credit growth well below 10 per cent.

More than the size of the bank, what matters is the composition and the empowerment of the bank boards which need to include professionals without operational interference from the government, said ASSOCHAM President.

Unlike the present situation where the Financial Services Division in the Finance Ministry is virtually the master of the PSBs, the level of the government interface with the banks should be well-defined and be done only through the Banks Board Bureau ( BBB) , comprising people of eminence, integrity and domain expertise

There is a case, certainly for synchronization of the businesses among the PSBs. The paper said there could be a few PSBs which are strong in say, automobile portfolio in a particular region, say south India. On the other hand, there may be banks which are strong in agro financing in the same area but are not doing well in automobile finance. The entire portfolio of auto finance can be swapped. Conversely, same thing can be achieved for the agro financing portfolio, of course over and above the mandatory priority sector lending.

Sensing an inflexion point, the paper said the technology driven banking is here, right away and it is only going to increase. In about a year, 17 new banks will begin business. These are not driven by sheer size; but would leverage technology to reach the un-reached; create new banking customers, take away existing customers from those complacent about their business and would redefine the way people at large do their financial transactions.

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Larsen & Toubro bags export order worth USD 99.7 million
Sep 22,2016

Larsen & Toubro has signed the principle contract with Vietnam Boarder Guard valued at USD 99.7 million for design and construction of high speed patrol vessels in India as well as for transfer of design and technology along with supply of equipment and material kits for construction of follow-on vessels at a Vietnam shipyard.

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RMG Alloy Steel to hold AGM
Sep 22,2016

RMG Alloy Steel announced that the 34th Annual General Meeting(AGM) of the company on 27 September 2016.

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