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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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BSNL should connect 1 lakh Gram Panchayats with broadband connectivity at the earliest-Manoj Sinha
Sep 28,2016

The Telecom Minister Shri Manoj Sinha today gave a stern message to BSNL that he will not tolerate any delay and the Telecom PSU should connect one lakh Gram Panchayats (GPs) through Optical Fibre Cable (OFC) to set up a network infrastructure to serve the rural masses. He said, all are working with zeal to achieve the target of connecting 2.5 lakh Gram Panchayats with Broadband Network within stipulated timeframe, which is the vision of the Prime Minister Shri Narendra Modi for Digital India. Speaking at an award ceremony function of BSNL here, Shri Sinha said, those who are working with zeal should be rewarded and those should take VRS from where reports of negative growth is coming on a continuous basis.

The Minister urged the BSNL to find new invention, new research and new technology and to give World Class products for achieving Prime Ministers vision of Transforming India through Digital Revolution. He said that there is need for innovation as India cannot afford to emulate the Developed Economies due to limited resources. He said, if India will lag in catching up with emerging technologies, the very existence of the country will be at stake. He exhorted the officials and other stakeholders to n++Walk the Talkn++ and underlined that it is our bounden duty to digitally empower the huge chunk of population particularly in rural areas who are still deprived of IT revolution.

Shri Sinha asked BSNL officers and employees to set an ambitious target of 15 percent Telecom penetration within a time frame from the existing 10.4 percent and asked the PSU to any competition head on and compete with other big Telecom Operators as BSNL is now equipped with new technology, dedicated work force, equipment and financial resources. He also expressed concern that despite the worldwide trend, the number of land line connections in India is decreasing every day and BSNL should think seriously about this issue.

He said, unless the BSNL will not improve its service quality, Plan-49 or Plan-II-49 will not succeed to have connection at Rs 49. BSNL through the above two plans have made call free on Sunday and from 9.00 pm to 7 am each day and the Telco PSU is also providing Broadband connectivity at cheaper rates. He also asked BSNL to resolve all the complaints promptly and any reluctance on this front will not be tolerated.

Shri Sinha said that the Country is on the verge of Data Revolution, and if India will lag behind on this front, history will not forgive us. He said, it is easy to befool through jugglery of data and facts, but ultimately work should be seen to have been done.

Speaking on the occasion, Secretary, Telecom Shri J.S.Deepak said that it is a matter of pride that since April, 2015, BSNL has come to operating profit it is gaining market share on a regular basis but it should work hard to become the global giant. Referring to connectivity initiatives in North East, Left Wing Extremist areas, where 2200 towers were installed for better connectivity for the security forces and for the rural masses living in the remotest areas, Shri Deepak said that in the 2nd phase 2,000 additional towers will be installed in the naxal-hit areas. He also called for performance audit of the PSU from time to time.

In his address, the CMD of BSNL Shri Anupam Srivastav said that the revenue of BSNL IN 2015-16 was Rs 28,450 crore, which is 4.4 percent more than the revenue in the year 2014-15. He assured the Minister that BSNL is ready to compete tariff to tariff with any Telecom Operator and also called for collaborative efforts where the countrys interest is involved.

Shri Srivastav said that due to paucity of instruments and equipment from 2006-2012, BSNL missed the voice bus, but in the last two years several initiatives were taken and BSNL is ready for any challenge. He informed that in the last two years 26,000 mobile towers were installed and in this financial year 20,000 additional towers will be installed.

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Fortis Malar Hospitals to hold board meeting
Sep 28,2016

Fortis Malar Hospitals will hold a meeting of the Board of Directors of the Company on 27 September 2016.

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Lycos Internet seeks extension to hold AGM
Sep 28,2016

Lycos Internet announced:

1. The Company has sought extension of time from the Registrar of Companies, Hyderabad, Telangana for convening the Annual General Meeting of the Company on or before 31 December 2016, and Company have received a copy of approval letter dated 26 September 2016 from Ministry of Corporate Affairs, Office of Registrar of Companies, Hyderabad, Telangana granting approval for the same.

The Company will conduct the 17th Annual General Meeting of the members of the Company on 22 December 2016. The time and venue of the same will be intimated in due course of time.

2. Michael Loren Mauldin has completed one year term as an Independent Director. He is unable to be physically present at a board meeting at least once in a period of 12 months from his appointed date as required under the provisions of Companies Act, 2013. Both parties have chosen to let his term expire w.e.f. 27 September 2016 and look for a replacement on the Board of the Company within the statutory time limit.

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Karur Vysya Bank gains on stock split plan
Sep 28,2016

The announcement was made after market hours yesterday, 27 September 2016.

Meanwhile, the BSE Sensex was up 36.66 points, or 0.13%, to 28,260.36.

On BSE, so far 812 shares were traded in the counter, compared with average daily volume of 24,813 shares in the past one quarter. The stock hit a high of Rs 476 and a low of Rs 473 so far during the day. The stock hit a 52-week high of Rs 541.40 on 11 July 2016. The stock hit a 52-week low of Rs 393.90 on 29 February 2016. The stock had underperformed the market over the past 30 days till 27 September 2016, falling 5.58% compared with 1.15% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 6.98% as against Sensexs 5.55% rise.

The mid-cap private sector bank has equity capital of Rs 121.86 crore. Face value per share is Rs 10.

Karur Vysya Bank said it has sought shareholders approval for a proposal of splitting each share into five shares (5-for-1). Shareholders will vote for the proposal through a postal ballot process.

Karur Vysya Banks net profit rose 8.7% to Rs 146.35 crore on 1.9% rise in operating income to Rs 1547.31 crore in Q1 June 2016 over Q1 June 2015.

Karur Vysya Bank has 667 branches and 1655 ATMs as on 31 March 2016.

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Shares of Sabrimala Leasing And Holdings get listed
Sep 28,2016

The equity shares of Sabrimala Leasing And Holdings (Scrip Code: 540132) are listed effective 28 September 2016 and admitted to dealings on the Exchange in the list of XT Group Securities.

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Sunil Hitech Engineers allots equity shares
Sep 28,2016

Sunil Hitech Engineers has allotted 16,50,000 Equity Shares of the Company upon Conversion of 16,50,000 Warrants on 27 September 2016.

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Trident wins two National awards for Excellence in Water Management 2016
Sep 28,2016

Trident announced that the Company has been conferred with the following National awards for Excellence in Water Management 2016 in Within the Fence category, presented by Confederation of Indian Industry (CII):

1. The Winner award to Home Textiles Division.

2. Noteworthy Water Efficient Unit award to Paper & Chemical Division.

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Motherson Sumi Systems gains after RBI hikes FPIs investment limit
Sep 28,2016

The Reserve Bank of India (RBI) made the announcement after market hours yesterday, 27 September 2016.

Meanwhile, the BSE Sensex was up 46.99 points, or 0.17%, to 28,270.69.

On BSE, so far 3,568 shares were traded in the counter, compared with average daily volume of 2.73 lakh shares in the past one quarter. The stock hit a high of Rs 318.55 and a low of Rs 317 so far during the day. The stock hit a 52-week high of Rs 358.55 on 2 August 2016. The stock hit a 52-week low of Rs 206.20 on 25 February 2016. The stock had underperformed the market over the past 30 days till 27 September 2016, falling 3.22% compared with 1.15% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 13.28% as against Sensexs 5.55% rise.

The large-cap company has equity capital of Rs 140.35 crore. Face value per share is Re 1.

RBI notified that foreign institutional investors (FIIs)/registered foreign portfolios investors (RFPIs) can under the portfolio investment scheme (PIS) now invest upto 30% of the paid up capital of Motherson Sumi Systems. The purchases could be made through primary market and stock exchanges. RBI stated that the companys board of directors and its shareholders approved enhancing the limit for the purchase of its equity shares by FIIs/RFPIs.

Motherson Sumi Systems consolidated net profit rose 15.8% to Rs 439.36 crore on 16.1% increase in net sales to Rs 10352.33 crore in Q1 June 2016 over Q1 June 2015.

Motherson Sumi Systems is one of the worlds fastest growing specialized automotive component manufacturing company for original equipment manufacturers (OEMs). It is a joint venture between Samvardhana Motherson Group and Sumitomo Wiring Systems (Japan).

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Proposed Multi-Modal Terminal at Haldia Holds Huge Cargo Potential
Sep 28,2016

Even before the construction of Multi-Modal terminal at Haldia in West Bengal kicks off, it has received a commitment of 5.92 million tons (MT) per annum of cargo volume by the year 2018 from the Industry, indicating huge cargo potential of the proposed terminal. Fly ash is expected to be the major cargo with a commitment of 3.8 MT followed by vegetable oil (0.63 MT), cement (0.36 MT), among others.

In a series of consultations with Inland Waterways Authority of India (IWAI) held at Haldia last month, various industries, firms, shipping lines, cargo operators, shippers, and manufacturers committed transportation of cargo like Fly ash, Edible oil, Vegetable oil, Gypsum etc. by 2018, the year Haldia terminal is ready for operation.

Earlier, a workshop on issues pertaining to the opportunities and prospects of inland waterways-cargo potential for IWT terminal at Haldia was held in March, 2015 in which various shippers, freight forwarders, vessel operators etc. participated. The participants had indicated that the immediate demand for transportation was about 1.8 MT per annum for Fly Ash and 1.7 MT per annum for Edible oil, if Haldia Multi-Modal Terminal was constructed.

In June, 2016, M/s HPC & Uniconsult, Germany (Consultants engaged for IWT Sector development strategy and business development study for the Jal Marg Vikas Project) forecasted a cargo potential of 7.95 MT for the year 2020.

Haldia terminal is one of the three Multi-Modal terminals being constructed under the World Bank assisted Jal Marg Vikas Project, being implemented by Inland Waterways Authority of India (IWAI), Ministry of Shipping, Government of India for the capacity augmentation of National Waterway-1 i.e. on River Ganga from Haldia-Varanasi for navigation.

Government is developing National Waterway-1 (NW-1) under the Jal Marg Vikas Project, with assistance from the World Bank at an estimated cost of Rs. 4,200 crore. The project would enable commercial navigation of vessels with capacity of 1500-2,000 DWT Tonnage.

Earlier tender for Phase-I of the terminal was published on 3rd March,2016. Six firms submitted their technical and financial proposals, and the evaluation is in progress.

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Motherson Sumi Systems in focus after RBI hikes FPIs investment limit
Sep 28,2016

Motherson Sumi Systems will be watched after the Reserve Bank of India (RBI) allowed foreign investors to hike their stake in the company to up to 30% from 24% earlier. RBI made the announcement after market hours yesterday, 27 September 2016.

Karur Vysya Bank said it has sought shareholders approval for a proposal of splitting each share into five shares (5-for-1). Shareholders will vote for the proposal through a postal ballot process. The announcement was made after market hours yesterday, 27 September 2016.

RBL Bank said it raised Rs 330 crore from the UK-based development finance institution, CDC Group Plc (CDC), through Basel III compliant Tier II capital. The Tier II debt will strengthen the capital base of the bank, which in turn will support its businesses such as SME lending, agribusiness financing and financial inclusion. The infusion will also help the bank expand to new regions within India, the bank said. The announcement was made after market hours yesterday, 27 September 2016.

Mahindra and Mahindra (M&M) said it agreed to acquire 1.49 crore equity shares of Mahindra Two Wheelers Europe Holdings S.a.r.l from its subsidiary Mahindra Two Wheelers for 26.3 million Euros. The announcement was made after market hours yesterday, 27 September 2016.

Piramal Enterprises said that the administrative committee of the board of directors will be held on Friday, 30 September 2016 to consider the issuing secured non-convertible debentures (NCDs) aggregating to Rs 500 crore on private placement basis. The announcement was made after market hours yesterday, 27 September 2016.

MindTree announced the availability of the next generation of ATLAS, its output-based managed services framework. This new generation allows users to have greater transparency and a holistic view into the interworking of their application infrastructure, including performance metrics, optimization and analytics. The announcement was made after market hours yesterday, 27 September 2016.

Jindal Stainless said it received approval from Orissa Industrial and Infrastructure Development Corporation (IDCO) vide its letter dated 24 September 2016 conveying its no objection for effecting the transfer or right to use of the land on which the hot strip mill and the coke plant of the company are located, to Jindal United Steel and Jindal Coke, respectively. The announcement was made after market hours yesterday, 27 September 2016.

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iStreet Network recognised among 10 fastest growing retail company
Sep 27,2016

iStreet Network announced that the Company has been selected as among the 10 fastest growing retail Company as published in the Insight Success magazine survey.

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SML ISUZU gets revision in credit rating
Sep 27,2016

SML ISUZU announced that ICRA has upgraded the long term rating and reaffirmed the short term rating of the Company -

Long term rating (Working Capital facility line of credit) - ICRA AA (Upgraded from ICRA AA-)

Short term rating (Short term bank facilities and CP/ STD Programme) - ICRA A1+ (Reaffirmed)

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Voltas announces cessation of nominee director
Sep 27,2016

Voltas announced that the Company has received intimation from Life Insurance Corporation of India (LIC) informing about resignation of Usha Sangwan as their Representative on Voltas Board, which was accepted by the Directors at the Board Meeting held on 27 September 2016. Accordingly, Usha Sangwan ceases to be a Director of Voltas with effect from 27 September 2016.

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Brahmaputra Infrastructure secures orders worth Rs 152 crore
Sep 27,2016

Brahmaputra Infrastructure has secured orders worth Rs 152 crore. These include construction of Rail over Bridge each at Amritsar and Barnala in the State of Punjab on EPC Mode.

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Board of Balaji Telefilms approves composite scheme of arrangement
Sep 27,2016

Balaji Telefilms announced that the Board of Directors of the Company at its meeting held on 27 September 2016 has considered and approved a composite scheme of arrangement between the Company and its wholly owned subsidiaries viz. Balaji Motion Pictures and Bolt Media and their respective shareholders and creditors. The scheme envisages -

The demerger of the film production undertaking Balaji Motion Pictures and vesting the same in the Company, and consequential reduction in the share capital of Balaji Motion Pictures.

The amalgamation of Bolt Media with the Company.

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