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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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ACC in focus after selling shares in Shiva Cements
Mar 14,2017

Cement major ACC announced that it has on 9 March 2017, sold its entire 12.13% stake in Shiva Cement, comprising 2.36 crore shares, at a total consideration of Rs 38.66 crore to JSW Cement. The open market transaction took place at Rs 16.35 per share. The announcement was made after market hours on Friday, 10 March 2017. The transaction is part of an earlier share purchase agreement (SPA) dated 15 February 2017, entered into between the company and JSW Cement. ACC was holding 12.13% in Shiva Cement in the public shareholders (non-promoter) category.

Shiva Cement had executed a SPA with JSW Cement in January this year for sale of shares held by the promoters of Shiva Cement, followed by an open offer to the public shareholders of Shiva Cement, to enable JSW Cement to get a controlling stake in the Odisha-based company. JSW Cement had agreed to buy a 35.6% stake from Shiva Cements promoters for Rs 97.24 crore. Further, JSW Cement had made an open offer to the public equity shareholders of Shiva Cement to acquire up to 6.24 crore fully paid-up equity shares, constituting 32% of the total fully diluted voting equity share capital of the company.

The total promoter holding in Shiva Cement end December 2016 stood at 35.62%. Shiva Cement runs an integrated plant near Rourkela in Odisha. It sells cement under the Sumangal brand and caters primarily to the eastern states.

Power Grid Corporation of India (PGCIL) said that its board of directors at a meeting held on Friday, 10 March 2017, accorded approval for various investment proposals aggregating to Rs 1197.10 crore. The announcement was made on Saturday, 11 March 2017.

NBCC (India) announced that the company has signed an agreement on Friday 10 March 2017, with the State of Mauritius (Government of Mauritius) and Landscope (Mauritius) for construction of new supreme court building on PMC basis in Mauritius. The approximate value of the project is Rs 250 crore having completion period of 24 months. The announcement was made after market hours on Friday, 10 March 2017.

Alkem Laboratories announced that US Food and Drug Administration (USFDA) had conducted an inspection at the companys manufacturing facilities located at Baddi from 2 March 2017 to 10 March 2017. The company has received the inspection report which contains three 483 observations. Alkem said it shall put together a detailed response with adequate corrective and preventive measures to address the USFDA observations and the same is proposed to be filed within the timeline stipulated by USFDA. The announcement was made after market hours on Friday, 10 March 2017.

Karnataka Bank announced that the bank entered into Memorandum of Understanding with Bajaj Allianz General Insurance Company (BAGICL) for general insurance business. Karnataka Banks Managing Director & CEO P Jayarma Bhat said the bank will be able to provide vast choice of non-life insurance products to its customers across all its 747 branches, supported by the customer centric products of BAGICL. The announcement was made after market hours on Friday, 10 March 2017.

Bombay Burmah Trading Corporation announced that the company has issued commercial paper for an aggregate amount of Rs 50 crore on 10 March 2017 for 90 days and having maturity on 8 June 2017. India Ratings & Research has granted rating of A1+ for issue of commercial paper by the company. The announcement was made after market hours on Friday, 10 March 2017.

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Board of Aarey Drugs & Pharmaceuticals consider proposal to takeover Forel Labs
Mar 11,2017

Aarey Drugs & Pharmaceuticals announced that the Board of Directors at its meeting held on 10 March 2017 has considered the takeover of Forel Labs in equity swap after due diligence and considering viability of takeover.

Forel Labs is a manufacturer of API products with production facility at Visakhapatnam, Andhra Pradesh. These products are - Clopidogrel Bisulfate, Fexofenadine Hydrochloride and Pantoprazole Sodium. Forel Labs is certified with ISO 9001:2008 &GMP and facilities are in-compliance with US-FDA & WHO norms.

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Board of Sun TV Network recommends dividend
Mar 11,2017

Sun TV Network announced that the Board of Directors of the Company at its meeting held on 10 March 2017, inter alia, have recommended the dividend of Rs 5 per equity Share (i.e. 100%) , subject to the approval of the shareholders.

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PNC Infratech pares stake in subsidiary - PNC Power
Mar 11,2017

PNC Infratech has sold its investment 26500 no. of equity shares held in PNC Power (PNC Power) equivalent to 76.50% of the Paid up capital of the Subsidiary Company. Since the said subsidiary could not have any business activity over a good period of more than 4 years. Therefore, the Company is desirous of exiting its investment in equity shares of said subsidiary.

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Upper Ganges Sugar & Industries to hold board meeting
Mar 11,2017

Upper Ganges Sugar & Industries will hold a meeting of the Board of Directors of the Company on 14 March 2017 to fix a record date for reckoning the shareholders of the company who shall be entitled to the shares which shall be allotted pursuant to the scheme and to constitute a committee which shall give effect to the order of the court and the scheme.

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Alkem Laboratories provides update on USFDA inspection of facility at Baddi
Mar 11,2017

Alkem Laboratories announced that US FDA had conducted an inspection at the Companys manufacturing facility located at Baddi, India from 2nd March, 2017 to 10th March, 2017. In this regard, the Company has received the inspection report which contains three 483 observations. The Company shall put together a detailed response with adequate corrective and preventive measures to address the US FDA Observations and the same is proposed to be filed within the timeline stipulated by US FDA.

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Karnataka Bank enters into MoU with Bajaj Allianz General Insurance
Mar 11,2017

Karnataka Bank has entered into Memorandum of Understanding with Bajaj Allianz General Insurance for General Insurance business on 10 March 2017.

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Outcome of board meeting of Satin Creditcare Network
Mar 11,2017

Satin Creditcare Network announced that the Board of Directors of the Company at its meeting held on 10 March 2017 considered and approved the following:

a) Proposal of Increase in the Authorized Share Capital of the Company, which is subject to shareholders approval.

b) Proposal of issue on preferential basis of warrants convertible into equivalent number of equity shares of face value of Rs. 10/- each of the Company and proposal of issue on preferential basis of the equity shares of face value of Rs. 10/- each of the Company, to proposed allotteees - Trishashna Holdings & Investments Private and Asian Development Bank.

Approved the notice of Extraordinary General Meeting scheduled to be held on Friday, 07 April 2017.

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Oudh Sugar Mills to hold board meeting
Mar 11,2017

Oudh Sugar Mills will hold a meeting of the Board of Directors of the Company on 14 March 2017 to fix a record date for reckoning the shareholders of the company who shall be entitled to the shares which shall be allotted pursuant to the scheme and to constitute a committee which shall give effect to the order of the court and the scheme.

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NBCC (India) to construct Supreme Court Building in Mauritius
Mar 11,2017

NBCC (India) has signed Agreement with the State of Mauritius (Government of Mauritius) and Landscope (Mauritius), for Construction of New Supreme Court Building on PMC basis in Mauritius on 10 March 2017. The approx Value of the project is USD 35 million (Rs 250 crore) having completion period of 24 Months.

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NBCC (India) to construct Supreme Court Building in Mauritius
Mar 11,2017

NBCC (India) has signed Agreement with the State of Mauritius (Government of Mauritius) and Landscope (Mauritius), for Construction of New Supreme Court Building on PMC basis in Mauritius on 10 March 2017. The approx Value of the project is USD 35 million (Rs 250 crore) having completion period of 24 Months.

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Board of Apoorva Leasing Finance & Investment Co appoints directors
Mar 11,2017

Apoorva Leasing Finance & Investment Co announced that the Board of Directors of the Company at its meeting held on 10 March 2017 approved the following -

1. Appointment of Suresh as Independent director of the company.
2. Appointment of Neha Nimja as Independent director of the company.

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Board of Apoorva Leasing Finance & Investment Co appoints directors
Mar 11,2017

Apoorva Leasing Finance & Investment Co announced that the Board of Directors of the Company at its meeting held on 10 March 2017 approved the following -

1. Appointment of Suresh as Independent director of the company.
2. Appointment of Neha Nimja as Independent director of the company.

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Industrial production expands 2.7% in January 2017
Mar 10,2017

Indias industrial production declined 0.4% in January 2017 over January 2016, snapping 0.1% declined recorded in December 2016. The manufacturing sectors production increased 2.3% in January 2017, mainly contributing to the increase in industrial production. Further, the mining output increased 5.3%, while the electricity generation also moved up 3.9% in January 2017.

In terms of industries, 09 out of the 22 industry groups in the manufacturing sector have shown positive growth during the month of January 2017 as compared to the corresponding month of the previous year.

The industrial production rose 0.6% in April-January FY2017, compared with 2.7% growth in the corresponding period last year. The manufactured product sector output declined 0.2%, while the mining and electricity generation improved 1.4% and 5% in April-January 2017.

As per the use-based classification, the basic goods output improved 5.3% in January 2017 over a year ago, while the output of capital goods surged 10.7%. However, the consumer goods output declined 1%, while the output of intermediate goods also fell 2.3% in January 2017. Within consumer goods, the production of consumer durables fell 3.2%, while that of consumer non-durables was flat in January 2017 over January 2016.

The IIP growth in December 2016 has been revised marginally upwards to (-) 0.1% in the first revision compared with (-) 0.4% reported provisionally. Meanwhile, the growth in September 2016 has been also maintained unchanged at (-) 1.9%.

The industry group Electrical machinery & apparatus has shown the highest positive growth of 42.4% followed by 21.8% in Radio, TV and communication equipment & apparatus and 12.4% in Basic metals.

On the other hand, the industry group Office, accounting and computing machinery has shown the highest negative growth of (-) 16.0% followed by (-) 14.8% in Food products and beverages and (-) 13.4% in Other transport equipment.

Some important items showing high positive growth during the current month over the same month in previous year include Cable, Rubber Insulated 282.8%, Fruit Pulp 121.5%, Vitamins 46.9%, HR Coils/ Skelp40.0%, Telephone Instruments including Mobile Phones and accessories 31.7%, Plates 27.2% and Antibiotics and its preparations 25.9%.

Some important items that have registered high negative growth include HR Sheets (-) 39.6%, Ship Building and Repairs (-) 31.9%, Sugar (-) 28.2%, PVC Pipes and Tubes (-) 27.0%, Molasses (-) 26.0%, Leather Garments (-) 24.3% and Three-Wheelers (including passenger and goods carrier) (-) 24.3%.

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Income Tax Department identifies 17.92 Lakh persons whose tax profiles were not in line with cash deposits made by them during demonetization period
Mar 10,2017

Income Tax Department (ITD) has initiated n++Operation Clean Moneyn++ on 31st January 2017 to leverage technology and data analytics for e-verification of cash deposits made during the demonetization period i.e. 9thNovember to 30th December 2016 to reduce compliance cost for the taxpayers and optimise Government resources.

ITD has identified 17.92 Lakh persons whose tax profiles were not in line with the cash deposits made by them during the demonetization period.

As part of the initial phase, the ITD has sought online response as per pre-defined parameters on source(s) of cash deposited by17.92 Lakh persons through its e-filing portal.

More than 12 lakh responses have been received from 8.38 lakh distinct PANs/persons which are under verification. In case explanation of source of cash is found justified, the verification is closed. The verification is also closed if the cash deposit is declared under Pradhan Mantri Garib Kalyan Yojna (PMGKY).

Appropriate action in non-compliant cases is taken as per law, which includes searches, surveys, assessment of income, levy of taxes, penalties, etc. and filing of prosecution complaints in criminal courts, wherever applicable.

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