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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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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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Majesco and Elafris announce strategic partnership
Aug 24,2016

Majesco announced that its subsidiary, Majesco USA has partnered with Elafris, Inc., a supplier of an artificial intelligence powered chatbot messaging platform. Elafris has joined the Majesco Partner EcoSystem to enhance insurersn++f customer communication and payment experience.

As part of the partnership, the two companies will work together to seamlessly pren++]integrate Majesco CloudInsurer via the Majesco DigitalConnect platform with Elafris to provide bestn++]inn++]class communication and engagement experience for insurance companies. The integration will support a range of customer engagement and communication using customern++fs social network channels for insurance related transactions including issue of auto insurance ID cards, policy payment, service inquiries and more.

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PC Jeweller opens its 65th showroom
Aug 24,2016

PC Jeweller has opened its 65th showroom at Jangpura in Delhi. This is the 12th showroom of the Company in Delhi.

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Maruti Suzuki gains as yen weakens against dollar
Aug 24,2016

Meanwhile, the S&P BSE Sensex was up 42.04 points, or 0.15%, to 28,032.25

On BSE, so far 32,000 shares were traded in the counter, compared with average daily volume of 76,352 shares in the past one quarter. The stock hit a high of Rs 4,957 and a low of Rs 4,870 so far during the day. The stock hit a record high of Rs 5,037.90 on 2 August 2016. The stock hit a 52-week low of Rs 3,202.10 on 29 February 2016. The stock had outperformed the market over the past 30 days till 23 August 2016, rising 6.21% compared with Sensexs 0.37% fall. The scrip had also outperformed the market in past one quarter, gaining 19.23% as against Sensexs 8.15% rise.

The large-cap company has equity capital of Rs 151.04 crore. Face value per share is Rs 5.

A weak yen lifts Marutis operating profit margin. Maruti pays royalty to its Japanese parent Suzuki Motor Corporation in yen terms for some of its earlier models. Maruti has reportedly started paying royalty to its Japanese parent in rupee terms on all new models from 1 April 2016. Maruti also has an exposure to the yen to the extent it imports raw materials from Japan.

Maruti Suzuki Indias net profit rose 23.02% to Rs 1486.20 crore on 13.45% growth in total income to Rs 15410.60 crore in Q1 June 2016 over Q1 June 2015.

Maruti Suzuki India is Indias biggest car maker in terms of market share. Japanese parent Suzuki Motor Corporation currently holds 56.21% stake in Maruti (as per the shareholding pattern as on 30 June 2016).

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Indiabulls Housing Finance allots NCDs aggregating Rs 700 crore
Aug 24,2016

Indiabulls Housing Finance has allotted Secured, Redeemable, Non-Convertible Debentures of face value of Rs 10 lakh each aggregating Rs 700 crore on private placement basis

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Mega Corporation announces cessation of director
Aug 24,2016

Mega Corporation announced Ajay Chopra, an Independent Director on the Board of Director of the Company has ceases to be Director of the Company w.e.f. 07 July 2016.

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Emerging market outlook stabilizes, while political risks take center stage
Aug 24,2016

Over the last year, many of the risks to global growth that we had identified in our previous outlooks have materialized, with Brexit being the latest, said Moods in Global Macro Outlook 2016-17. The global economy experienced steep reductions in commodity prices associated with a slowdown in Chinas economy and severe terms of trade shocks to commodity-exporting countries. Global financial market volatility intensified in late 2015 and early this year on concerns regarding Chinas growth trajectory, as well as the pace of US monetary policy normalization. Going forward, these challenges remain and financial markets volatility can easily re-emerge.

Looking ahead, growth in emerging market economies will stabilize, although there is substantial differentiation between countries

We have revised our growth forecast for G20 emerging markets up by 0.2 percentage points, to 4.4% for 2016 and 5.0% for 2017. The revisions are mainly driven by faster easing of the contractions in Russia and Brazil, against lower growth in Turkey and South Africa and somewhat higher growth in China. We now expect Chinas economy to grow at the rate of 6.6% and 6.3% in 2016 and 2017 respectively, compared to 6.3% and 6.1% previously, driven by significant fiscal and monetary policy support. Medium-term downside risks to Chinas growth outlook persist, especially if the reduced efficacy of policy support over time becomes apparent. We dont expect material implications for other countries, as Chinas imports continue to fall. Headwinds to emerging markets have moderated, driven by the economic stabilization in China, the modest recovery in commodity prices, and the return of capital flows; however, we expect the US Federal Reserve to resume its interest rate tightening cycle at the end of this year.

Growth in advanced economies will remain stable at low levels

We expect G20 advanced economies to grow at 1.6% for 2016 and 1.9% for 2017, compared to 1.9% in 2015. We have revised up Japans growth forecast to 0.7% and 0.9% in 2016 and 2017, from 0.4% previously for both years, to incorporate the impact of the recent fiscal stimulus and expectations of further monetary policy easing. We have revised our GDP growth estimate for the US down to 1.7%, from 2.0%, for 2016 to reflect the lower advanced estimates of second quarter growth. Our 2017 US growth forecast remains unchanged at 2.3%. In our July post-Brexit update, we already revised our forecasts for the UK, the euro area, Germany, France and Italy.1 Our baseline real GDP growth expectation for the UK is 1.5% in 2016 and 1.2% in 2017. We expect limited Brexit-related spillovers to the euro area but some deterioration due to country-specific developments and maintain our euro area forecast at 1.5% and 1.3% for 2016 and 2017.

There are a number of downside risks to the global economic outlook, the most immediate being associated with the US presidential election in November. A change in US policy stance that contributes to a weakening of the current global trade and security architecture could have a detrimental impact on global confidence and growth, and would prompt us to revise our forecasts. EU political contagion represents the greatest risk to otherwise muted global impact from Brexit. Uncertainty surrounding Chinas growth path, the future path of US interest rates, the sustainability of the recent inflows of capital to emerging markets, the rise in emerging market corporate sector leverage, and other political risks remains. Constrained monetary and fiscal policy space limit the ability of policymakers to provide support if downside risks were to materialize.

Global Synthesis

There are six main themes that inform our outlook for the remainder of 2016 and 2017.

1. Advanced economies are growing close to historically low potential growth rates due to a mix of demand and supply factors, including public and private deleveraging, deficient demand, slow productivity gains and aging populations. Persistently low inflation rates and inflation expectations continue to defy central bank objectives. Limited effective policy space constrains policymakers from stimulating nominal demand.

2. Economic growth in the euro area as a whole remains stable, although structural factors deter improvements in some of the countries, especially France and Italy. While monetary policy is expected to remain supportive, its effectiveness is limited due to the structural constraints.

3. Given the stability and strength of the US economy, the normalization of monetary policy is expected to resume at the end of this year. However, we expect the tightening cycle to be gradual in keeping with the cautious approach demonstrated by the members of the FOMC so far.

4. With Chinas economy significantly supported by fiscal and monetary policy, slowdown and rebalancing is likely to be gradual. Thus we do not expect China to exert a significant drag on global growth prospects over the rest of 2016 and 2017.

5. Stabilization of commodity prices, especially non-oil commodities, from the lows reached in January has provided relief to commodity-exporting economies. However, we expect limited upside to commodity prices from here.

6. External conditions have become more favorable for emerging market countries since March given the expectation of stable growth in China, more stable commodity prices and the delay in the normalization of US interest rates. But there is substantial differentiation in the fundamentals of individual emerging market economies. Their ability to weather external headwinds during the early phase of the Federal Reserves interest rate tightening cycle in 2017 is material to the assessment of their economic outlooks. Our growth expectations for India, Indonesia, Korea and Saudi Arabia are unchanged from our previous outlook publication in May.

There are a number of downside risks to the baseline outlook. These include:

The risk to the global financial sector from heightened volatility and possibly synchronous re-pricing of assets including equities, bonds and currencies when US interest rate normalization process resumes.

Downside risks to growth from strong reversals of capital flows in emerging market countries that have external imbalances and open capital markets. This could be triggered for instance when US interest rates begin to rise. Countries carrying foreign currency denominated debt on public or private sector balance sheets are especially vulnerable in case of a sharp currency depreciation.

Medium-term risk of a marked deterioration related to the Chinese economy and its financial sector, given the evidence that the most recent rounds of policy stimulus have become less effective.

The political and geopolitical risks of a rise in nationalist and protectionist pressures. The most immediate risk in this context is an outcome in the upcoming US presidential elections that ushers in an administration that would renegotiate global trade pacts and security alliances. We believe that such a development would harm confidence and global growth. In Europe, with a busy election calendar over the coming two years, we see a potential risk that the European Union fragments further, with global consequences. Geopolitical risks, especially from a potential diplomatic or military flare-up over the sovereignty over the South China sea, or renewed tensions in the Korean peninsula could have a regional impact in Asia, as well as globally.

Our Global Macro Outlook underpins our universe of ratings, providing a consistent benchmark for analysts and investors. This report is an update to our May 2016 Global Macro Outlook. It reviews recent key developments, provides an update on our central forecasts for 2016-17, and discusses the main risks around our forecasts. We present our central scenario in Exhibit 1 and highlight the following factors:

We express our forecasts for annual GDP growth and unemployment as a

Jubilant Life Sciences gains after receiving USFDA approval for drug
Aug 24,2016

The announcement was made during market hours today, 24 August 2016.

Meanwhile, the BSE Sensex was up 30.13 points, or 0.12%, to 28,025.07.

On BSE, so far 92,217 shares were traded in the counter, compared with average daily volume of 1.61 lakh shares in the past one quarter. The stock hit a high of Rs 519.50 and a low of Rs 505.10 so far during the day. The stock hit a record high of Rs 522.50 on 19 August 2016. The stock hit a 52-week low of Rs 261 on 8 September 2015. The stock had outperformed the market over the past 30 days till 23 August 2016, surging 55.33% compared with 0.67% rise in the Sensex. The scrip also outperformed the market in past one quarter, gaining 36.19% as against Sensexs 10.94% rise.

The mid-cap company has equity capital of Rs 15.93 crore. Face value per share is Re 1.

Jubilant Life Sciences announced that it has received final approval for abbreviated new drug application (ANDA) for Telmisartan Tablets, USP 20, 40 and 80mg, from United States Food & Drug Administration (USFDA). The drug is a generic version of Micardis Tablets of Boehringer Ingelheim Pharmaceuticals Inc., which is used for the treatment of hypertension.

As on 30 June 2016, Jubilant Life Sciences had a total of 770 filings for oral solids of which 578 have been approved in various regions globally. This includes 70 ANDAs filed in the US, of which 44 have been approved and 104 filings in Europe.

Jubilant Life Sciences consolidated net profit rose 22.5% to Rs 161.60 crore on 1.7% decline in net sales to Rs 1400.97 crore in Q1 June 2016 over Q1 June 2015.

Jubilant Life Sciences is an integrated global pharmaceutical and life sciences company engaged in manufacture and supply of active pharmaceutical ingredients (APIs), solid dosage formulations, radiopharmaceuticals, allergy therapy products and life science ingredients. It also provides services in contract manufacturing of sterile injectables and drug discovery solutions. The companys strength lies in its unique offerings of pharmaceuticals and life sciences products and services across the value chain.

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