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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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Steady Reform Progress Fueling Indias Growth Pick Up n++ ADB
Apr 07,2017

Indias fast growth will resume with gross domestic product (GDP) expanding by 7.4% in fiscal year (FY) 2017 and 7.6% in FY2018 supported by reform measures, says a new Asian Development Bank (ADB) report.

In its new Asia Development Outlook (ADO) 2017 report, ADB notes that the deceleration to 7.1% registered last year was due in part to slower investment growth. Also contributing to the moderation was the impact of the governments demonetization of high-value currency notes, though this effect is seen as largely temporary. ADO is ADBs flagship annual economic publication.

n++An array of important reforms has propelled Indias economic success in recent years,n++ said Yasuyuki Sawada, ADBs Chief Economist. n++A continued commitment to reform n++ especially in the banking sector n++ will help India maintain its status as the worlds fastest growing major economy.n++

Indias growth in FY2016 was fueled by agriculture and government services. Industrial growth, however, slowed to 5.8% over the last 12 months from 8.2% in FY2015. Growth in services moderated to 7.9% due to slowdowns in finance and real estate. Net foreign direct investment (FDI) in the country remained strong at $36.7 billion in FY2016 following the governments efforts to simplify guidelines and allow FDI in key economic sectors.

Moving forward, the ADO expects growth to accelerate through increased consumption, as more new bank notes are put in circulation, and as planned salary and pension hike for state employees are implemented. The public sector will remain the main driver of investment as banks continue to wind down balance sheets constrained by high levels of stressed assets. Exports are forecast to grow by 6% in the coming year.

Inflation, meanwhile, is expected to accelerate to 5.2% in FY2017 and 5.4% in FY2018 as the global economy recovers and commodity prices rebound.

The assessment notes risks from higher oil prices as India imports nearly 80% of its fossil fuel needs. A rapid increase in the price of oil could undermine the countrys fiscal position, stoke inflation, and swell the current account deficit. The report estimates that a $1 increase in oil prices raises the import bill by nearly $2 billion. In FY2016, rising oil prices resulted in a 37.6% increase in Indias import bill. To mitigate Indias vulnerability to oil price swings, the government has proposed reducing dependence on imported oil by 10% over the next 5 years through more efficient domestic production and increased private investment into the sector.

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KDDL provides update on subsidiary - Ethos
Apr 06,2017

KDDL announced that its subsidiary, Ethos has entered into a strategic partnership with Namos Glashutte SA for exclusively retailing Namos Glashutte watches in India. In addition to this, Ethos has also entered into a strategic partnership with Oris SA for exclusively retailing Oris watches in India.

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Shreyas Intermediates appoints director
Apr 06,2017

Shreyas Intermediates has appointed Neelam Yashpal Arora as the Additional Director of the Company to hold the office of Non-Executive Independent Director w.e.f 6 April 2017 for a period of five years.

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Galaxy Entertainment Corporation undertakes new initiative in bakery business
Apr 06,2017

Galaxy Entertainment Corporation has entered into strategic arrangement to undertake the business of commissary operations and for supply of bakery food products at the retail outlets and Corporate Accounts of Birdys. The Company shall extend its operations to supply the bakery food items to Big Bazaar outlets in Mumbai. The new initiative is expected to generate revenue to the tune of Rs. 25 crore per annum.

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GE Power India wins contract worth Rs 237.6 crore
Apr 06,2017

GE Power India has been awarded a contract worth approximately Rs 237.6 crore (i.e. approximately US $ 35.4 million) by GE Power AG to supply 1 x 150 MW CFB Boiler and Electrostatic Precipitator Components.

The Companys scope of work consists of majorly supply of CFB Boiler Components including Steel Structure, Pressure Parts, all Auxiliaries, duct work, refractory, electrical & instrumentation etc. and Electrostatic Precipitator Components including steel structure, ducting etc.

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Ind-Swift Laboratories director resigns
Apr 06,2017

Ind-Swift Laboratories announced that Pradeep Kumar, Independent Director has resigned from the Board of Director of the Company effective from 06 April 2017.

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Central Bank of India gets revision in credit ratings
Apr 06,2017

Central Bank of India announced that CARE Ratings has revised its ratings on the Banks Bonds -

The revised ratings is as under -

Lower Tier II Bonds - CARE A+/Negative (Revised from CARE AA-/Negative)

Upper Tier II Bonds - CARE A/ Negative (Revised from CARE A+/ Negative)

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RBL Bank opens IFSC Banking Unit
Apr 06,2017

RBL Bank announced the opening of its IFSC Banking Unit (IBU) at the Gujarat International Finance Tec-City (GIFT City).

With this, RBL Bank has commenced offshore banking operations from India.

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Board of Alpine Housing Development Corporation appoints company secretary
Apr 06,2017

The Board of Directors of Alpine Housing Development Corporation has appointed Kurian Zacharias (M No. 35739) as Company Secretary and Compliance Officer of the Company in place of Binu Thomas. The appointment is effective from 20 March 2017.

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Outcome of board meeting of Premier Synthetics
Apr 06,2017

Premier Synthetics announced that the Board of Directors of the Company has transacted the following -

1.Approved to issue up-to 10,00,000 equity shares on Preferential Basis to Public and Directors at issue price determined under the applicable regulations and subject to approval of the stock exchange.

2. Approved the appointment of Anusha Maheshwary as an Additional (Independent) Director of the Company.

3. Approved the appointment of Sunny Sunil Singhi as an Additional (Non-executive) Director of the Company.

4. Approved to open Administrative cum Sales office at Surana House, Opp. Nar- Narayan Complex, Nr. Swastik Char Rasta, Navrangpura, Ahmedabad - 380009.

5. To call Board meeting on 15 April 2017 for calling Extra-ordinary General Meeting

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Tamil Nadu, MP, UP, AP, Chattisgarh lead in implementing urban poverty alleviation programmes
Apr 06,2017

Tamil Nadu, Madhya Pradesh, Uttar Pradesh, Andhra Pradesh and Chattisgarh are ahead of other States in addressing urban poverty during the last three years i.e 2014-17.

Tamil Nadu is in the forefront in assisting urban poor with subsidized loans for self-employment through setting up of individual and group micro enterprises and formation of Self-Help Groups under DeenDayalAntyodaya Yojana-NULM (DAY-NULM) and Uttar Pradesh led in skilling urban poor. Madhya Pradesh stood second in skill training and providing loans support.

Details of performance of leading States under different components of DAY-NULM are as below:

StateNo of urban poor given
skill trainingNo of beneficiaries
gven subsidized loansSelf-Help Groups
formedTamil Nadu

1,04,448

30.25824,245Madhya Pradesh1,17,13326,558  8,973Uttar Pradesh1,89,83114,13815,954Andhra Pradesh   45,23615,61712,278Chattisgarh   30,022  8,18514,393West Bengal   64,277  2,41810,871Karnataka   38,007  8,799  5,021Maharashtra   29,317  8,202  6,921Bihar   29,762     890  8,390Telangana   12,546  3,18210,097Gujarat   12,090  2,216  7,186

National Urban Livelihoods Mission (NULM) was launched in September,2016 with the objective of reducing the poverty and vulnerability of urban poor households by enabling them to access gainful self-employment and skilled wage employment opportunities for improvements in their livelihoods on a sustainable basis. NULM which was launched in 790 cities and towns in 2013 was subsequently extended to all the statutory 4,041 cities and towns in February, 2016.

During 2014-17, 8,07,187 urban poor were given skill training, 1,35,158 beneficiaries were given subsidized bank loans for setting up own enterprises and 1,62,285 Self-Help Groups have been formed for taking up income augmenting activities with the support of bank loans.

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Geo-tagging of agriculture assets created under Rashtriya Krishi Vikas Yojna (RKVY): Shri Radha Mohan Singh
Apr 06,2017

A MoU was signed between Rashtriya Krishi Vikas Yojana (RKVY) and National Remote Sensing Centre (NRSC) for geotagging of agriculture land.

Shri Radha Mohan Singh said that Rashtriya Krishi Vikas Yojana (RKVY) works for the development of Agriculture & allied sectors by motivating the states. More than 1.5 lakh assets have been created/ developed under this scheme in agriculture, horticulture, livestock, fisheries and dairy sectors. It is imperative to formulate a national index of the assets to understand them, systemize them and to reduce the gap between demand and supply.

Agriculture Minister said that the government is committed to transparency in governance. Shri Singh said that development of space-related technologies to prepare the list of the assets and their utilisation is a progressive step. Being aware of the realistic status of assets will not only be helpful in monitoring and utilising, but also be extremely useful in formulating development schemes in the agriculture sector. Agriculture Minister added that it will also help in avoiding duplication and pave the way for harmonising a balance between the various schemes of the ministry.

Shri Radha Mohan Singh further added that there is unlimited scope for agriculture development by utilising satellite and remote sensing technologies. The government wants farmers to avail the benefits provided by these technologies. Shri Singh said that by utilising space-related technologies farmers will get timely information about pesticide/residue testing labs, storage infrastructure and agriculture markets.

Agriculture Minister informed that the space technology needs to be developed in the areas such as land resource mapping, pesticides management, soil health mapping, crop yield estimation as well as the identification and assessment of floods like calamities, inland fisheries, animal species identification and sheep rearing and when the technology is developed, the farmers can enjoy quick and instant benefits.

Shri Singh said very soon farmers would utilise the internet and mobile phones to obtain agriculture related information such as fertility of soil, the quantity of fertiliser to be used, condition for sowing potential pests aggression, estimation of yield, godowns, cold storage, agriculture markets as well as identification and availabilities of animal species.

Agriculture Minister showered both the teams as well as states with praise for applying space and remote sensing technologies to monitor agriculture-related assets under RKVY.

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Gopala Polyplast allots 5 lakh warrants
Apr 06,2017

Gopala Polyplast announced that the Board of Directors at their meeting held on 06 April 2017 have allotted 5,00,000 warrants of Rs. 60/- each convertible into 5,00,000 Equity Shares of Rs. 10/- each fully paid up at a premium of Rs. 50/- per share to the allottees who are Non-Promoters.

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Board of Saumya Capital announces change in directorate
Apr 06,2017

The Board of Saumya Capital has appointed Surinder Bir Singh Juneja and Divya Jain as an Indipendant director w.e.f. 06 April 2017. The Board has accepted resignation of Shamsher Singh and Deepika Uttamchandani from the post of directorship w.e.f. 06 April 2017.

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Outcome of board meeting of Avantel
Apr 06,2017

Avantel announced that the Board of Directors of the Company at its meeting held on 06 April 2017 has transacted the following -

1.Resolved to sell/ dispose off the immovable property in the name of the company located at Plot No.16, Sector-III, Huda Techno Enclave, Madhapur, Hyderabad to M/s. Tetra Soft (India) Private Limited together with all the tangible assets for a consideration of Rs. 18 Crores, subject to approval of the shareholders.

2.Approved the Postal Ballot and E-voting Notice for obtaining the approval of the Shareholders of the Company to the sell/ dispose off the immovable property in the name of the company located at Plot No.16, Sector-III, Huda Techno Enclave, Madhapur, Hyderabad to M/s. Tetra Soft (India) .

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