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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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Special Summary Revision of Photo Electoral Rolls w.r.t. 01 January 2017 as qualifying date
Aug 17,2016

The Commission has decided to take up revision of electoral rolls with reference to 1st January 2017 as the qualifying date. The revision shall be a Special Summary Revision in all States and Union Territories (Except certain Assembly Constituencies of Andhra Pradesh and Telangana).

2. Adequate publicity and awareness drive shall be ensured by DEOs & CEO regarding the summary revision programme. All the DEOs and CEO shall get the revision schedule properly disseminated to media, political parties and social organizations/RWAs and reach out to electors/eligible population extensively well before the date of draft publication of electoral rolls. For making the purpose of publication of draft rolls effective, series of SVEEP events, multiple and periodic meetings with political parties at Taluk, district and state levels and regular press meets may be organized. All DEOs and CEO should separately call meetings of political parties and explain the schedule and seek cooperation expected of them before the date of draft publication. The draft publication should be done on the due date with fanfare and the copies of draft rolls should be handed over to political parties in public meeting in the presence of press, media and celebrities.

3.Periodic reporting to the Commission of progress made during the revision process in the prescribed Formats available at ECI dashboard shall be done regularly and in accordance with the procedure laid down therein. The CEO must check it to ensure its status. At all DEOs/EROs do the necessary entries in the dash board for e-roll monitoring and in All India E-roll Monitoring Application (AIERMA).

4. It is further clarified that NERP activities shall continue concurrently with revision. However, it must not cause any dislocation to roll revision activities which are of statutory in nature.

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JSW Steel gains after completing acquisition of 74% stake in JSW Praxair Oxygen
Aug 17,2016

The announcement was made during market hours today, 17 August 2016.

Meanwhile, the S&P BSE Sensex was down 12.74 points or 0.05% at 28,051.87.

On BSE, so far 40.648 shares were traded in the counter as against average daily volume of 79,991 shares in the past two weeks. The stock hit a high of Rs 1,770, so far during the day, which is a record high for the stock. The stock hit low of Rs 1,741.50 so far during the day. The stock had hit a 52-week low of Rs 829.35 on 25 August 2015. The stock had outperformed the market over the past one month till 16 August 2016, rising 7.29% compared with 0.82% rise in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 35.04% as against the Sensexs 9.4% rise.

JSW Steel has paid cash consideration of Rs 240 crore for the acquisition of 74% stake in JSW Praxair Oxygen Private Limited (JPOPL) from Praxair India Private Limited. Post acquisition, JPOPL has become a wholly owned subsidiary of JSW Steel. Earlier, JSW Steel held 26% of the equity shares of JPOPL. JSW Steel had announced during market hours yesterday, 16 August 2016, that it had executed a share purchase agreement for acquiring the entire 74% holding of Praxair India Private Limited in JPOPL.

JSW Steel said that the acquisition is strategic in nature as it will provide the company the benefit of backward integration. JSW Steel currently sources industrial gases from JPOPL amongst others at prices based on long term contracts. JPOPL is engaged in the business of production and sale of industrial gases such as oxygen, nitrogen and argon and has set up two air separation plants, each with a capacity of 2,500 tonnes per day, at Toranagallu, Bellary District, Karnataka.

On consolidated basis, JSW Steels net profit jumped 5133.6% to Rs 1109 crore on 2.4% rise in net sales to Rs 11542.38 crore in Q1 June 2016 over Q1 June 2015.

JSW Steel is an integrated steel company with an installed capacity of 18 million tonnes per annum.

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Alchemist announces resignation of company secretary and compliance officer
Aug 17,2016

Alchemist announced that Vimal Kumar Sharma vide his letter dated 13 June 2016 has resigned from the post of Company Secretary and Compliance Officer w.e.f. 04 July 2016.

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Indias exports better placed in its product diversification: PHD Chamber
Aug 17,2016

Indias exports are better placed in product diversification as concentration of its top ten export products is only 58% as compared to most of the top ten leading export countries of World viz. Hong Kong (89%), Republic of Korea (86%), Japan (77%), UK (71%), Germany (70%), USA (68%), China (68%), Netherlands (63%) and France (60%), said an analysis conducted by PHD research Bureau of PHD Chamber of Commerce and Industry.

Higher the percentage of the country, the more it is concentrated to exports of few products and lesser the percentage of the country, the more diversified it is in terms of export diversification of its products.

India has consistently diversified its top ten export products as concentration of top ten export products was 60% in 2010 and 58% in 2015.

Notwithstanding the excellent diversification of export products, Indias export growth trajectory has showed lackluster performance due to slowdown in demand in the destination countries. Although things are improving in logistics and export infrastructure front, the cost of credit to exporters is still high as compared to its competitors in the international market said Dr. Mahesh Gupta, President, PHD Chamber of Commerce and Industry.

As world economy witnessed slowdown in demand, all the leading export countries posted a negative growth in 2015 except France. Export growth was negative in Netherlands (-17%), Italy (-13%), Germany (-11%), UK (-9%), Republic of Korea (-8%), USA (-7%), Hong Kong (-5%), China (-3%) but positive in France at (1%).

India stands 19th in the list of exporters (worldwide) with merchandise exports valued at US $262 billion. Indias share in world exports is estimated at 1.6% with a growth rate of ( - )15.5% in the year 2015-2016 (for details refer Annexure II).

Further, a ray of hope is emerging with decent efforts undertaken by the government in improving the ease of doing business and reforms in the export infrastructure, he said.

With the continuous reforms, exports showed a positive growth of 1.27% in the month of June, 2016 and hopefully one can anticipate an incremental growth scenario in the coming months too, said Dr. Mahesh Gupta.

Going ahead, there is lot of potential for India to enhance its exports as 7 out of the top 10 export destinations of India such as USA, UAE, Hong Kong, China, UK, Singapore and Germany are also among the top ten export destinations of leading World exporters.

As these destinations are already in focus of our exporters, the need of the hour is to enhance our competitiveness in terms of reduced costs of capital and improved exports logistics to increase our volumes of exports, said Dr. Mahesh Gupta.

Going ahead, the continuous pace of reforms at domestic front and recovery in the international market would help India to remain in positive exports growth trajectory in the coming months.

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Infosys extends decline after losing a contract from RBS
Aug 17,2016

Meanwhile, the S&P BSE Sensex was down 63.79 points or 0.23% at 28,000.82.

On BSE, so far 1.39 lakh shares were traded in the counter as against average daily volume of 2.69 lakh shares in the past one quarter. The stock hit a high of Rs 1,051.90 and a low of Rs 1,035.30 so far during the day. The stock had hit a 52-week low of Rs 1,012.25 on 18 November 2015. The stock had hit a record high of Rs 1,278 on 3 June 2016. The stock had underperformed the market over the past one month till 16 August 2016, sliding 1.99% compared with 0.82% rise in the Sensex. The scrip had also underperformed the market in past one quarter, declining 13.43% as against Sensexs 9.4% rise.

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

Shares of Infosys have declined 2.35% in two trading sessions from its close of Rs 1,063.30 on 12 August 2016 after the company announced before market hours yesterday, 16 August 2016, about losing a contract from Royal Bank of Scotland (RBS) as RBS decided not to pursue its plan to separate and list a new UK standalone bank, Williams & Glyn (W&G). The stock had fallen 1.16% to settle at Rs 1,050.95 yesterday, 16 August 2016, after the announcement. Subsequent to this decision by RBS, Infosys will carry out an orderly ramp-down of about 3,000 employees, primarily in India, over the next few months. Infosys was a W&G program technology partner for consulting, application delivery and testing services.

As per reports, the decision of RBS will impact revenues of Infosys for the year ending 31 March 2017 (FY 2017) by about $40 million.

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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Dewan Housing Finance Corporation gets ratings reaffirmation
Aug 17,2016

Dewan Housing Finance Corporation announced that Credit Analysis and Research (CARE Ratings) have reaffirmed its ratings of CARE AAA (Triple A) and has enhanced the amount from Rs. 4000 crore to Rs. 14,000 Crore which covers the Companys proposed public issue of Secured Redeemable Non-Convertible Debentures of up to Rs. 2,000 crore alongwith a green shoe option of upto Rs. 8,000 crore (n++NCD Issuen++), in one or more tranches, as approved by the Board of Directors of the Company at its meeting held on 17 August 2016. Brickwork Ratings India Private (Brickwork Ratings) has also reaffirmed its ratings of BWR AAA (Pronounced as BWR Triple A), Outlook : Stable, for the said NCD Issue.

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There are Interesting, profitable and challenging times for the financial sector
Aug 17,2016

The Reserve Bank of India Governor, Dr. Raghuram Rajan, sought to disentangle the performance monitoring maze that public sector banks have to contend with, suggesting that n++It was important to streamline and reduce the overlaps between the jurisdictions of the authorities, and specify clear triggers or situations where one authoritys oversight is invoked.n++

Dr. Rajan said, n++A variety of authorities - Parliament, the Department of Financial Services, the Bank Board Bureau (BBB), the board of the bank, the vigilance authorities, and various regulators and supervisors including the RBI - monitor the performance of the public sector banks. With so many overlapping constituencies to satisfy, it is a wonder that bank management has time to devote to the management of the bank.n++

The RBI Governor said that there is a need to move much of the governance to the banks board, with the Government exercising its control through its board representatives (chosen by the BBB), keeping in mind the best interests of the bank and the interests of minority shareholders. Wherever possible, public sector bank boards should be bound by the same rules as private sector bank boards - one reason why the RBI has recently withdrawn the Calendar of Reviews PSBs were asked to follow. Similarly, board membership of public sector banks should pay as well as private sector banks if they are to attract decent talent, he emphasised.

As boards take decisions, Dr. Rajan suggested that the Department of Financial Services could move to a program role such as ensuring government programs such as PMJDY are well designed, appropriately remunerated to banks, and progress monitored; a coordinating role that ensures that financial institutions join a common KYC registry and a developmental role for revitalizing institutions like the Debt Recovery Tribunals through appropriate legislation. RBI, he added, would perform a purely regulatory role, and withdraw its representatives on bank boards, subject to legislative change. Over time, RBI should also empower boards more, for instance offering broad guidelines on compensation to boards but not requiring every top compensation package be approved.

Furthermore, the Governor pointed out that given strong oversight from the banks board, the Central Vigilance Commission and the Comptroller & Auditor General should get involved only in extraordinary situations where there is evidence of malfeasance, and not when legitimate business judgment has gone wrong.

He said the time had come to move more to improving the operational efficiency of stressed assets, and creating the right capital structure so that all stakeholders can benefit. This implies simultaneous action on two fronts. Where necessary, new project management teams have to be brought in, sometimes as owners, and where this is not possible, as managers. A creative search for new management teams, including the possible use of public sector firms or private sector agents, is necessary, as are well-structured performance incentives for non-owner teams such as bonuses for meeting cash flow/profit benchmarks and stock options.

n++These are interesting, profitable, and challenging times for the financial sector. Interesting because the level of competition is going to increase manifold, both for customers as well as for talent, transforming even the sleepiest areas in financial services. Profitable because new technologies, information, and new techniques will open up vastly new business opportunities and customers. Challenging because competition and novelty constitute a particularly volatile mix in terms of risk, Dr. Rajan said.

He said, despite increased competition, profitability of banks can increase. The comparative advantage of banks may lie in their access to lower cost deposit financing, the data they have on customers, the reach of their network, their ability to manage and warehouse risks, and their ability to access liquidity from the central bank. These should then be the basis for the products they focus on.

India, he said, will have enormous project financing needs in the coming days. Even though bankers are very risk averse today, and few projects are coming up for financing, this will change soon. What is in the pipeline is truly enormous - airports, railway lines, power plants, roads, manufacturing plants, etc. Bankers will remember the period of irrational exuberance in 2007-2008 when they lent without asking too many questions. n++I am hopeful that this time will be different. Here are ways it can be different and risks lowered. First, significantly more in-house expertise can be brought to project evaluation, including understanding demand projections for the projects output, likely competition, and the expertise and reliability of the promoter. Bankers will have to develop industry knowledge in key areas since consultants can be biased. Second, real risks have to be mitigated where possible, and shared where not. Real risk mitigation requires ensuring that key permissions for land acquisition and construction are in place up front, while key inputs and customers are tied up through purchase agreements. Where these risks cannot be mitigated, they should be shared contractually between the promoter and financiers, or a transparent arbitration system agreed upon, n++ he said.

The third element of project structuring, said, was an appropriately flexible capital structure. The capital structure has to be related to residual risks of the project. The more the risks, the more the equity component should be (genuine promoter equity, not fake borrowed equity, of course), and the greater the flexibility in the debt structure. Promoters should be incentivized to deliver, with significant rewards for on-time execution and debt repayment. Where possible, corporate debt markets, either through direct issues or securitized project loan portfolios, should be used to absorb some of the initial project risk. More such arms length debt should typically refinance bank debt when construction is over. Hopefully, some of the measures taken to strengthen corporate debt markets, including the new bankruptcy code, should make all this possible. Fourth, financiers should put in a robust system of project monitoring and appraisal, including where possible, careful real-time monitoring of costs. For example, can project input costs be monitored and compared with comparable inputs elsewhere using IT, so that suspicious transactions suggesting over-invoicing are flagged?

And finally, the incentive structure for bankers should be worked out so that they evaluate, design, and monitor projects carefully, and get significant rewards if these work out. This means that even while committees may take the final loan decision, some senior banker ought to put her name on the proposal, taking responsibility for recommending the loan. IT systems within banks should be able to pull up overall performance records of loans recommended by individual bankers easily, and this should be an input into their promotion.

As for the challenges faced by Public Sector Banks, the most pressing task is to clean up their balance sheets, a process which is well under way. A parallel task is to improve their governance and management. Equally important is to fill out the ranks of middle management that have been thinned out by retirements, and to recruit talent with expertise in project evaluation, risk management, and IT, including cyber security.

Concluding his address, the RBI Governor said that with changes in technology, cyber security, both at the bank level and at the system level, has become very important. n++I think it would be overly complacent for anyone of us to say we are well prepared to meet all cyber threats. A chilling statement by an IT expert is 12 We have all been hacked, the only question is whether you know it or you dont. While the statement may be alarmist, it is an

Strides Shasun provides business update
Aug 17,2016

Strides Shasun has completed the acquisition of a strategic stake in Generic Partners Holdings, Australia.

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JSW Steel completes acquisition of entire shareholding in JSW Praxair Oxygen
Aug 17,2016

JSW Steel has completed the acquisition of the entire shareholding of Praxair India (74%) in JSW Praxair Oxygen Private Limited [JPOPL], for a cash consideration of Rs. 240 crore.

Post the aforesaid acquisition, JPOPL has become a wholly owned subsidiary of the Company.

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Volumes jump at Religare Enterprises counter
Aug 17,2016

Religare Enterprises clocked volume of 2.61 lakh shares by 13:19 IST on BSE, a 94.2-times surge over two-week average daily volume of 3,000 shares. The stock lost 5.86% at Rs 227.30.

Bhageria Industries notched up volume of 2.68 lakh shares, a 16.71-fold surge over two-week average daily volume of 16,000 shares. The stock surged 16.7% at Rs 314.10.

Info Edge (India) saw volume of 91,000 shares, a 4.92-fold surge over two-week average daily volume of 18,000 shares. The stock lost 0.96% at Rs 842.20.

BF Utilities clocked volume of 6.75 lakh shares, a 4.8-fold surge over two-week average daily volume of 1.41 lakh shares. The stock jumped 11.34% at Rs 572.60.

GM Breweries saw volume of 1.02 lakh shares, a 4.72-fold rise over two-week average daily volume of 22,000 shares. The stock surged 6.65% at Rs 583.75.

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Intellect Design Arena expands European team
Aug 17,2016

Intellect GTB has appointed Mikael Estvall to the role of Senior Business Development Manager, Nordics & Baltics. He will oversee iGTBs operations throughout Norway, Sweden, Denmark, Finland, Iceland, Estonia, Latvia and Lithuania.

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KNR Constructions scales record high
Aug 17,2016

Meanwhile, the S&P BSE Sensex was up 83.56 points or 0.28% at 28,141.81.

On BSE, so far 16,097 shares were traded in the counter as against average daily volume of 14,923 shares in the past one quarter. The stock hit a high of Rs 725.90, so far during the day, which is a record high for the stock. The stock hit a low of Rs 640 so far during the day. The stock had hit a 52-week low of Rs 408 on 12 February 2016. The stock had outperformed the market over the past one month till 16 August 2016, rising 12.91% compared with 0.82% rise in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 21.75% as against the Sensexs 9.4% rise.

The mid-cap company has equity capital of Rs 28.17 crore. Face value per share is Rs 10.

Shares of KNR Constructions rose 2.97% to Rs 640.70 yesterday, 16 August 2016 after the company announced strong Q1 results. The companys net profit jumped 86.6% to Rs 30.21 crore on 73.9% growth in net sales to Rs 303.64 crore in Q1 June 2016 over Q1 June 2015. The result was announced on Sunday, 14 August 2016. The stock market remained closed on 15 August 2016, for a holiday.

KNR Constructions is an infrastructure development company providing engineering, procurement and construction services.

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S&P rating upgrade lifts Tata Motors
Aug 17,2016

Meanwhile, the S&P BSE Sensex was up 56.35 points or 0.2% at 28,120.96.

On BSE, so far 2.63 lakh shares were traded in the counter as against average daily volume of 8.71 lakh shares in the past one quarter. The stock hit a high of Rs 514.35 and a low of Rs 508.60 so far during the day. The stock had hit a 52-week high of Rs 522.20 on 8 August 2016. The stock had hit a 52-week low of Rs 266 on 11 February 2016. The stock had outperformed the market over the past one month till 16 August 2016, gaining 2.84% compared with 0.82% rise in the Sensex. The scrip had also outperformed the market in past one quarter, advancing 29.13% as against Sensexs 9.4% rise.

Global rating agency Standard & Poors Global Ratings (S&P) yesterday, 16 August 2016, upgraded its long-term corporate rating of Tata Motors to BB+ from BB earlier, citing improvement in Tata Motors competitive position following the better performance of its 100% subsidiary, Jaguar Land Rover Automotive PLC (JLR). S&P has simultaneously raised its issue rating on Tata Motors US-dollar-denominated senior unsecured notes to BB+ from BB. The outlook on the rating is stable. The stable outlook reflects S&Ps view that Tata Motors can maintain steady profitability, especially at JLR, supporting its financial position with ratio of funds from operations (FFO) to debt of about 40% over the next 12-24 months, the rating agency said.

According to S&P, JLR has launched new models successfully, extended existing ones, and expanded into new market segments. JLR also helped strengthen Tata Motors financial position and its ability to withstand moderate volatility and the risks from the UKs recent vote to leave the European Union (Brexit), the rating agency said in a statement. JLRs improved competitive position will enable Tata Motors to register good operating performance over the next two years in the form of revenue growth and higher EBITDA (earnings before interest, taxation, depreciation and amortization) margin, S&P said. JLR is British luxury car unit of Tata Motors.

Tata Motors consolidated net profit jumped 201.61% to Rs 5177.06 crore on 18.76% growth in net sales to Rs 79926.12 crore in Q4 March 2016 over Q4 March 2015. The company is set to announce Q1 June 2016 results on 26 August 2016.

Tata Motors is a market leader in commercial vehicles in India. The companys British unit JLR sells premium luxury cars.

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GAIL (India) to hold AGM
Aug 17,2016

GAIL (India) announced that the Annual General Meeting (AGM) of the company will be held on 23 September 2016.

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Parab Infra to hold AGM
Aug 17,2016

Parab Infra announced that the Annual General Meeting (AGM) of the company will be held on 21 September 2016.

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