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Sambandam Spinning Mills reports standalone net profit of Rs 0.23 crore in the December 2016 quarter
Feb 13,2017

Net profit of Sambandam Spinning Mills reported to Rs 0.23 crore in the quarter ended December 2016 as against net loss of Rs 1.47 crore during the previous quarter ended December 2015. Sales declined 3.03% to Rs 45.37 crore in the quarter ended December 2016 as against Rs 46.79 crore during the previous quarter ended December 2015.

ParticularsQuarter Endedn++Dec. 2016Dec. 2015% Var. Sales45.3746.79 -3 OPM %11.978.08 - PBDT3.091.11 178 PBT0.47-1.53 LP NP0.23-1.47 LP

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Shreyas Shipping & Logistics standalone net profit rises 120.10% in the December 2016 quarter
Feb 13,2017

Net profit of Shreyas Shipping & Logistics rose 120.10% to Rs 9.09 crore in the quarter ended December 2016 as against Rs 4.13 crore during the previous quarter ended December 2015. Sales rose 31.54% to Rs 96.68 crore in the quarter ended December 2016 as against Rs 73.50 crore during the previous quarter ended December 2015.

ParticularsQuarter Endedn++Dec. 2016Dec. 2015% Var. Sales96.6873.50 32 OPM %18.0713.03 - PBDT15.137.12 113 PBT9.264.28 116 NP9.094.13 120

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Fenoplast reports standalone net loss of Rs 0.06 crore in the December 2016 quarter
Feb 13,2017

Net loss of Fenoplast reported to Rs 0.06 crore in the quarter ended December 2016 as against net profit of Rs 0.05 crore during the previous quarter ended December 2015. Sales rose 1.53% to Rs 54.55 crore in the quarter ended December 2016 as against Rs 53.73 crore during the previous quarter ended December 2015.

ParticularsQuarter Endedn++Dec. 2016Dec. 2015% Var. Sales54.5553.73 2 OPM %7.968.99 - PBDT0.610.66 -8 PBT0.090.10 -10 NP-0.060.05 PL

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Gujarat NRE Coke reports standalone net loss of Rs 126.26 crore in the December 2016 quarter
Feb 13,2017

Net Loss of Gujarat NRE Coke reported to Rs 126.26 crore in the quarter ended December 2016 as against net loss of Rs 300.80 crore during the previous quarter ended December 2015. Sales rose 19.30% to Rs 168.95 crore in the quarter ended December 2016 as against Rs 141.62 crore during the previous quarter ended December 2015.

ParticularsQuarter Endedn++Dec. 2016Dec. 2015% Var. Sales168.95141.62 19 OPM %-9.03-219.76 - PBDT-110.99-397.35 72 PBT-126.26-412.32 69 NP-126.26-300.80 58

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Integra Switchgear reports standalone net loss of Rs 0.02 crore in the December 2016 quarter
Feb 13,2017

Net Loss of Integra Switchgear reported to Rs 0.02 crore in the quarter ended December 2016 as against net loss of Rs 0.03 crore during the previous quarter ended December 2015. There were no Sales reported in the quarter ended December 2016 as against Rs 0.01 crore during the previous quarter ended December 2015.

ParticularsQuarter Endedn++Dec. 2016Dec. 2015% Var. Sales00.01 -100 OPM %0-300.00 - PBDT-0.02-0.03 33 PBT-0.02-0.03 33 NP-0.02-0.03 33

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IFCI reports standalone net loss of Rs 45.17 crore in the December 2016 quarter
Feb 13,2017

Net loss of IFCI reported to Rs 45.17 crore in the quarter ended December 2016 as against net profit of Rs 154.33 crore during the previous quarter ended December 2015. Sales declined 36.10% to Rs 569.44 crore in the quarter ended December 2016 as against Rs 891.17 crore during the previous quarter ended December 2015.

ParticularsQuarter Endedn++Dec. 2016Dec. 2015% Var. Sales569.44891.17 -36 OPM %-26.9819.97 - PBDT-95.35227.95 PL PBT-98.95224.20 PL NP-45.17154.33 PL

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Autoriders International standalone net profit declines 22.22% in the December 2016 quarter
Feb 13,2017

Net profit of Autoriders International declined 22.22% to Rs 0.21 crore in the quarter ended December 2016 as against Rs 0.27 crore during the previous quarter ended December 2015. Sales declined 10.34% to Rs 14.91 crore in the quarter ended December 2016 as against Rs 16.63 crore during the previous quarter ended December 2015.

ParticularsQuarter Endedn++Dec. 2016Dec. 2015% Var. Sales14.9116.63 -10 OPM %14.3512.63 - PBDT1.711.57 9 PBT0.210.27 -22 NP0.210.27 -22

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Balrampur Chini Mills standalone net profit rises 100.94% in the December 2016 quarter
Feb 13,2017

Net profit of Balrampur Chini Mills rose 100.94% to Rs 175.20 crore in the quarter ended December 2016 as against Rs 87.19 crore during the previous quarter ended December 2015. Sales rose 10.42% to Rs 937.28 crore in the quarter ended December 2016 as against Rs 848.87 crore during the previous quarter ended December 2015.

ParticularsQuarter Endedn++Dec. 2016Dec. 2015% Var. Sales937.28848.87 10 OPM %26.2813.85 - PBDT253.18114.82 121 PBT227.5587.37 160 NP175.2087.19 101

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Idea Cellular plans to issue NCDs aggregating Rs 500 crore
Feb 13,2017

Idea Cellular announced that it its proposing to issue unsecured redeemable non-convertible debentures (NCDs) amounting to Rs 500 crore on private placement basis. The deemed date of allotment is 14 February 2017.

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Tax Collection at Source within the ambit of Model GST Law presents an existential challenge for the e-commerce marketplaces
Feb 13,2017

E-Commerce is one of the flourishing sectors of the country and has remained as a core part of the Governments Start up India, Make in India, Digital India and Skilled India programs. The sector needs to be nurtured with right policy framework and guidelines in order to make it more productive.

FICCI appreciates the Government for the passing of the much awaited Goods and Services Tax Bill and is certain that the implementation of GST will help in increasing the productivity and transparency in the country by increasing the tax-GDP ratio. Moreover, the much awaited One-Country-One-Tax policy will be implemented in the greater interest of the national economy.

However, the draft Model GST law that is due to be finalized soon has proposed a clause called Tax Collection at Source (TCS - Section 56). The Tax Collection at Source (TCS - Section 56) clause under the GST draft model law, mandates e-commerce marketplaces, to deduct 2% of the transaction value and submit it to the government. As an estimate, this clause would lead to locking up about Rs. 400 crores of capital per annum for the e-commerce sector. In addition, it would result in a loss of an estimated 1.8 lakh jobs, putting a halt to the growth and investments in the sector.

TCS would have a direct impact on the sellers of the marketplace, who are generally small in nature with a turnover in the range of INR 50 lakhs to INR 10 crores per annum. The ecommerce marketplace model facilitates sellers in maximising their capital efficiency by rotating it frequently, which helps to provide the volumes required to generate profit for the sellers. Blocking capital, would disrupt the cash flow, thus making it difficult for sellers to generate profits. Additionally, TCS is bound to increase the working capital requirements for the sellers, who might resort to increasing margins or internalising the costs, to cover the additional burden. There is a need to find out alternatives which could be employed to ensure that regular information on tax, is made available to the government, without jeopardising the business model and future growth prospects of the nascent e-commerce sector.

Dr Didar Singh, Secretary General, FICCI appreciated the moves of the Government towards digitization and formalization of the economy further, and quoted the recent example of demonetization in this perspective. He added that passing of the much awaited GST Bill would bring further uniformity in the market and boost the national economy. However, he stressed that there is a need to have a conducive tax environment for the sector as also reflected in the agenda of World Trade Organization (WTO) globally. The Tax Collection at Source (TCS) clause within the Model GST Law mandates the e-commerce marketplaces to deduct a portion of the amount payable to the supplier of goods / services and remit it to the government. At the moment, the e-commerce sector in India is at less than 2% of the entire retail segment and moreover, at a very nascent stage, with a promise of high growth in the future. Subjecting the sector to a major compliance at such an early stage will not only result in slowing it down but also deter the benefits that e commerce fosters in terms of employment creation and giving a boost to both the manufacturing and services space by providing an apt platform. Moreover, this clause is discriminatory towards online sellers as it does not exist in the offline retail segment.

Dr. Singh backed that the Government should find out alternative ways to replace the clause, may be the information related to the sellers declared to the Government would be the best feasible option available. He also stressed that the sector is one of the core pillars of the Governments Digital India campaign and is needed to be nurtured with right set of policy frameworks and guidelines.

Mr. Kunal Bahl, Co-founder and CEO, Snapdeal said that GST is a key tax reform, which will simplify the tax compliance burden for the entire economy. However, the proposal of tax collection at source, directed only at e-commerce marketplaces, in the Draft Model GST Law, will hurt lakhs of small sellers by making online sales expensive and cumbersome for them. The proposal, while adding needless complexity for the sellers, provides no benefit to the tax authorities and will lead to duplication of information followed by the need for its reconciliation. It is a measure, which goes against the spirit of making India digital and improving the ease of doing business in the country. We are positive that the government will address this crucial concern.n++

Mr. Amit Agarwal, Country Head, Amazon India mentioned that n++we welcome the introduction of the new GST Bill. E-commerce has opened up immense growth opportunities for Small & Medium Businesses by enabling easy and convenient access to not only a nationwide consumer base but also to global markets. We believe GST is good for the ecommerce industry as it would eliminate hurdles in inter-state delivery and subsume the entry tax introduced on e-commerce shipments by some states. However, we remain concerned about the Tax Collection at Source provision which we believe will negatively impact the growth of marketplaces at a stage when the industry is still in its infancy. There is an urgent need to re-evaluate such an onerous requirement/ we are working with the government on this and hope for a favourable resolution.n++

Mr. Sachin Bansal, Co-founder & Executive Chairman, Flipkart said n++the Indian e-commerce growth story is marvellous. Flipkart alone has on boarded around ten thousand sellers and has contributed a lot towards the growth of first generation entrepreneurs, Im sure that the other companies have the similar numbers. GST is in fact one of the most forward looking moves being made by the Government and would bring the one country - One Tax policy. However, the Tax Collection at Source (TCS) clause would lead to blockage approx. Rs. 400 crore of working capital into the system, and will discourage sellers to come online. Also, the Government needs to set a level playing field as the clauses is not pertinent to the off-line retail segment. Central and the state Governments needs to find out alternative ways to address the situation and the e commerce platforms may give a self-declaration about the taxes being reimbursed by the sellers. Some of the states namely Kerala, Rajasthan and Delhi are already doing the same. Im sure that the clause would be removed in the greater benefit of the Indian digital space as a whole.

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Tijaria Polypipes announces resignation of company secretary
Feb 13,2017

Tijaria Polypipes announced that Purvi Jain has resigned from the post of Company Secretary with effect from closure of working hours of 11 February 2017 and the Board of Directors has approved the same in their meeting held on 11 February 2017.

Consequent to her resignation as Company Secretary, Purvi Jain also ceases to be Compliance Officer of the Company.

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Intellect Design Arena partners with Malaysias Al Rajhi Bank
Feb 13,2017

Intellect Design Arena announced that its global transaction banking division, iGTB has signed a deal with Al Rajhi Bank to implement a comprehensive digital banking transformation of its corporate and retail banking services in Malaysia.

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Shreyas Shipping hits the roof after robust Q3 results
Feb 13,2017

The result was announced on Saturday, 11 February 2017.

Meanwhile, the BSE Sensex was up 15.73 points, or 0.06%, to 28,349.98.

On the BSE, so far 3.49 lakh shares were traded in the counter, compared with average daily volumes of 12,066 shares in the past one quarter. The stock had hit a high of Rs 289.65 and a low of Rs 255 so far during the day.

The stock hit a 52-week high of Rs 464.55 on 11 July 2016. The stock hit a 52-week low of Rs 133.10 on 17 February 2016. The stock had outperformed the market over the past 30 days till 10 February 2017, rising 14.11% compared with the 3.99% rise in the Sensex. The scrip had also outperformed the market in past one quarter, falling 1.41% as against Sensexs 5.65% decline.

The small-cap company has equity capital of Rs 21.96 crore. Face value per share is Rs 10.

Shreyas Shipping & Logistics, the Indian flagged vessel owning unit of Transworld Group, is a pioneer and market leader in domestic coastal container shipping covering all main ports and container terminals on the Indian coast. SSL, which has a fleet of 9 vessels with a capacity of over 13500 TEUs, also offers services to the Middle East and Bangladesh.

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Larsen & Toubro and MBDA form a JV company named - L&T MBDA Missile Systems
Feb 13,2017

Larsen & Toubro and MBDA, a world leader in missile systems, have set up a joint venture (JV) to develop and supply missiles and missile systems to meet the growing potential requirements of the Indian armed forces.

The Joint Venture Company, named L&T MBDA Missile Systems, will operate from a dedicated work centre, which will include pyrotechnical integration and final checkout facilities. It is expected to be incorporated in the first half of 2017 after necessary approvals.

L&T will own 51% of the Company and MBDA, 49%, fully complying with Indias Foreign Direct Investment (FDI) policy norms. The JV will be registered in India and conduct business as an Indian Company, subject to Indian laws. The JV would focus on business opportunities in the Missiles and Missile Systems domain and target prospects under the Buy(Indian - IDDM), Buy (Indian) and Buy & Make (Indian) categories of Defence Procurement.

To begin with, the JV Company will look to develop and supply fifth generation Anti-Tank Guided Missiles (ATGM5s), missiles for Coastal Batteries and high speed target drones.

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Veto Switchgears & Cables director resigns
Feb 13,2017

Veto Switchgears & Cables announced Murlidhar Kaurani, Independent Director of the Company has resigned w.e.f. 13 February 2017.

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