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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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NTPC Faces Regulatory Hurdles on Fuel Cost
Sep 30,2016

The Central Electricity Regulatory Commission (CERCs) tariff orders for a few of NTPC Limiteds (IND AAA/Stable) plants for the control period FY15-FY19, could lead to significant under-recoveries on fuel cost on account of a lower energy charge rate (ECR, INR/kWh), says India Ratings and Research (Ind-Ra). The ECR approved by CERC is lower in the range of 20%-31% than was sought by NTPC. The difference in the ECR is due to the change in the basis for measurement of the gross calorific value (GCV) of coal to as-receivedn++ as against n++as firedn++.

CERC is likely to follow the same principle for the rest of NTPCs plants leading to large differences in the fuel cost recovery. However, Ind-Ra expects NTPC to contest the same through regulatory process and initiate steps to install the infrastructure for measurement of coal GCV on n++as receivedn++ basis. There is also a possibility of a dialogue between NTPC and Coal India (CIL) to resolve differences over coal grade slippages.

As per CERCs tariff regulations 2014-2019, coal GCV has to be measured at the point of unloading of the coal at the power station gate, referred to n++as-receivedn++ basis compared to the earlier regulations, which allowed measurement of coal GCV at the point before coal is fired, referred to n++as-firedn++ basis. In its petition to CERC, NTPC had been highlighting the lack of infrastructure at its plants as the reason for its inability to measure coal GCV on n++as-receivedn++ basis. Therefore, CERC, in the absence of data on n++as-receivedn++ basis, has now considered the GCV on n++as-billedn++ basis while arriving at the ECR leading to the consideration of a higher GCV rate.

CERC had decided to shift to the n++as-receivedn++ basis of GCV measurement so that: a) the generating company bears the inefficiencies if any, post unloading of the coal and b) the generating company takes up the coal grade slippage with the coal supplier company and resolve it. On the other hand, NTPC had been highlighting problems with respect to the measurement of GCV on n++as-receivedn++ basis and was seeking n++as-firedn++ basis on four grounds. Firstly coal samples taken after the crushing of coal for firing are of small and homogenous size compared to samples taken from wagons which are big and heterogeneous. Secondly, sample collection time from wagons is longer leading to demurrage charges. Thirdly, safety for personnel collecting is better when samples are taken after crushing. Lastly samples taken from the wagons may not be accurately representative, since often good quality coal could be loaded at the top and superficial layers become dry during the transportation, while the moisture percolates inside the wagons to the lower layers.

The difference between the GCV on n++as-receivedn++ and n++as-firedn++ basis is governed by the ambient temperature, type of coal and duration for which coal is stored. As per the Central Electricity Authority of India, the heat loss during such time should not be more than 0.1% in GCV value, which is in line with international studies. However, in this case the difference between the GCV of the coal works out to 20%-31%.

Ind-Ra notes, that NTPC has been contesting the GCV calculation and had been highlighting the grade slippages in the quality of coal. The grade slippage discussion between CIL and NTPC has become more visible post the January 2012 change in coal grading methodology to GCV based grading from the earlier used heat value based system of grading.

Ind-Ra notes, NTPC over the last two years has seen tightening of operational norms- namely the station heat rate, specific consumption and auxiliary consumption, change in basis for providing the capacity charge incentives to plant load factor instead of plant availability factor and lower tax arbitrage. All these have had a negative impact on NTPCs profitability.

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Volumes jump at CRISIL counter
Sep 30,2016

CRISIL clocked volume of 30,000 shares by 13:47 IST on BSE, a 32.11-times surge over two-week average daily volume of 1,000 shares. The stock shed 0.09% to Rs 2,173.45.

Tata Chemicals notched up volume of 12.16 lakh shares, a 19.38-fold surge over two-week average daily volume of 63,000 shares. The stock rose 2.64% to Rs 522.8

Havells India saw volume of 9.02 lakh shares, a 11.63-fold surge over two-week average daily volume of 78,000 shares. The stock rose 2.3% to Rs 418.

Grasim Industries clocked volume of 63,000 shares, a 8.52-fold surge over two-week average daily volume of 7,000 shares. The stock rose 2.44% to Rs 4,810.50

Berger Paints India saw volume of 2.61 lakh shares, a 7.41-fold rise over two-week average daily volume of 35,000 shares. The stock rose 1.54% to Rs 260.95.

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Balaji Industrial Corporation to hold AGM
Sep 30,2016

Balaji Industrial Corporation announced that the 32th Annual General Meeting(AGM) of the company on 27 September 2016.

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Vibrant Global Capital to hold AGM
Sep 30,2016

Vibrant Global Capital announced that the 21th Annual General Meeting(AGM) of the company on 29 September 2016.

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Nestle India to hold board meeting
Sep 30,2016

Nestle India will hold a meeting of the Board of Directors of the Company on 28 October 2016.

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Board of Prakash Constrowell recommends dividend
Sep 30,2016

Prakash Constrowell announced that the Board of Directors of the Company at its meeting held on 29 September 2016, inter alia, have recommended the dividend of Rs 0.05 per equity Share (i.e. 5%) , subject to the approval of the shareholders.

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Electrosteel Steels to hold board meeting
Sep 30,2016

Electrosteel Steels will hold a meeting of the Board of Directors of the Company on 29 September 2016.

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Cyient to hold board meeting
Sep 30,2016

Cyient will hold a meeting of the Board of Directors of the Company on 13 October 2016 to take on record the un-audited financial results for the quarter and half year ended September 30, 2016 (Q2) and also to consider the declaration of interim dividend for the financial year 2016-17.

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ST Services to hold AGM
Sep 30,2016

ST Services announced that the th Annual General Meeting(AGM) of the company on 29 September 2016.

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Facor Steels to hold AGM
Sep 30,2016

Facor Steels announced that the 13th Annual General Meeting(AGM) of the company on 23 September 2016.

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Tirupati Foam to hold AGM
Sep 30,2016

Tirupati Foam announced that the 29th Annual General Meeting(AGM) of the company on 30 September 2016.

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Vinaditya Trading Company to hold AGM
Sep 30,2016

Vinaditya Trading Company announced that the 35th Annual General Meeting(AGM) of the company on 28 September 2016.

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Porwal Auto Components to hold AGM
Sep 30,2016

Porwal Auto Components announced that the 24th Annual General Meeting(AGM) of the company on 28 September 2016.

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Tata Sponge Iron to hold board meeting
Sep 30,2016

Tata Sponge Iron will hold a meeting of the Board of Directors of the Company on 21 October 2016 to consider and approve the audited financial results for the quarter and half year ending September 30, 2016.

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Western India Shipyard to hold board meeting
Sep 30,2016

Western India Shipyard will hold a meeting of the Board of Directors of the Company on 30 September 2016 to consider and take on record the unaudited Financial Results for the quarter ended June 30, 2016 and the audited financial statements for the year ended March 31, 2016.

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