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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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Lupin gets final approval for Hydrocodone Bitartrate and Acetaminophen Tablets
Nov 17,2016

Lupin announced that its subsidiary, Gavis Pharmaceuticals LLC, has received final approval for its Hydrocodone Bitartrate and Acetaminophen Tablets USP, 5mg/300mg, 7.5mg/300mg and 10mg/300mg from United States Food and Drug Administration to market a generic equivalent of MilKart Incs Hydrocodone Bitartrate and Acetaminophen Tablets USP, 5mg/300mg, 7.5mg/300mg and 10mg/300mg.

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Gayatri Projects builds up after JV company constructs first unit of power plant
Nov 17,2016

The announcement was made after market hours yesterday, 16 November 2016.

Meanwhile, the BSE Sensex was up 41.54 points, or 0.16%, to 26,339.85.

On BSE, so far 403 shares were traded in the counter, compared with average daily volume of 5,379 shares in the past one quarter. The stock hit a high of Rs 627.35 and a low of Rs 610.05 so far during the day. The stock hit a record high of Rs 790 on 23 September 2016. The stock hit a 52-week low of Rs 482 on 17 February 2016. The stock underperformed the market over the past one month till 16 November 2016, falling 7.24% compared with the Sensexs 4.97% fall. The scrip also underperformed the market in past one quarter, declining 7.24% as against the Sensexs 6.29% decline.

The mid-cap company has equity capital of Rs 35.45 crore. Face value per share is Rs 10.

Gayatri Projects said that the second unit of the 660 megawatts (MW) is expected to be completed in the first quarter of 2017. Sembcorp Gayatri Power (SGPL), formerly NCC Power Projects, is a joint venture between Sembcorp Industries wholly owned subsidiary, Sembcorp Utilities and Gayatri Energy Ventures, a wholly owned subsidiary of Gayatri Projects. The 1,320 megawatts capacity power plant is located at Krishnapatnam in Andhra Pradeshs SPSR Nellore District. Sembcorp Industries is a leading energy, water and marine group operating across five continents worldwide.

Gayatri Projects consolidated net profit jumped 50.8% to Rs 16.35 crore on 6.6% growth in net sales to Rs 431.03 crore in Q1 June 2016 over Q1 June 2015.

Gayatri Projects is a Hyderabad-based infrastructure and construction company with a presence across the segment, and a special focus on road and irrigation projects.

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Sanofi India collaborates with NIPER, Kolkata
Nov 17,2016

Sanofi India signed a MoU with National Institute of Pharmaceutical Education and Research, Kolkata. The collaboration with NIPER will set promote academic excellence and research in areas of pharmaceuticals and consumer healthcare products, to cater to the current and future needs of the pharma industry.

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Inox Wind rises after new order win
Nov 17,2016

The announcement was made during trading hours today, 17 November 2016.

Meanwhile, the BSE Sensex was up 40.24 points, or 0.15%, to 26,338.93

On BSE, so far 9,838 shares were traded in the counter, compared with average daily volume of 86,419 shares in the past one quarter. The stock hit a high of Rs 188.75 and a low of Rs 183.50 so far during the day. The stock hit a 52-week high of Rs 378.40 on 23 December 2015. The stock hit a record low of Rs 161 on 6 September 2016. The stock underperformed the market over the past 30 days till 16 November 2016, sliding 18.68% compared with the Sensexs 6.25% fall. The scrip, however, outperformed the market in past one quarter, declining 1.94% as against the Sensexs 6.49% decline.

The mid-cap company has equity capital of Rs 221.92 crore. Face value per share is Rs 10.

Inox Wind said that the company has bagged a repeat order for a 40 MW wind power project to be deployed in Gujarat from Roha Dyechem. The project is scheduled to be commissioned by March 2017 and will be executed on turnkey basis. The order is a part of the 350 MW of orders announced by the company on 3 October 2016.

The order comprises of supply and installation of 20 units of Inox Winds pioneering 113 meter rotor diameter turbine. The 113 meter rotor diameter turbines are part Inoxs successful 2 MW platform and presently the companys most technologically advanced wind- turbine variant, the company said. As part of the turnkey order, Inox Wind will provide Roha Dyechem with end to end solutions from development and construction to commissioning and providing long term operations and maintenance services, it said.

Established in 1972, Roha Dyechem is one of the fastest growing manufacturers of natural and synthetic colours, specializing in the food & beverage, paints, fertilizers, cosmetics and pharmaceutical industries.

On a consolidated basis, net profit of Inox Wind declined 39.93% to Rs 56.42 crore on 21.33% decline in net sales to Rs 797.67 crore in Q2 September 2016 over Q2 September 2015.

Inox Wind is a fully integrated player in the wind energy market with three manufacturing plants at Gujarat, Himachal Pradesh and Madhya Pradesh.

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Arvind Infrastructure renamed as Arvind SmartSpaces
Nov 17,2016

Arvind Infrastructure announced that the name of the Company has been changed from Arvind Infrastructure to Arvind SmartSpaces, w.e.f. 16 November 2016 by virtue of Certificate of Incorporation pursuant to change of name [Pursuant to rule 29 of the Companies (Incorporation) Rules, 2014] issued by the office of Registrar of Companies, Gujarat.

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Shree Rajeshwaranand Paper Mills temporarily shuts down Bharuch plant
Nov 17,2016

Shree Rajeshwaranand Paper Mills announced that the Company has planned its Annual Maintenance Shut Down at the plant situated at Bharuch - Jhagadia Road, Village: Govali, Taluka: Jhagadia Dist. Bharuch- 392 022 and the Plant will be shut down from 15 November 2016 for a period of 2/3 weeks.

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Uflex gains on plans to raise funds
Nov 17,2016

The announcement was made after market hours yesterday, 16 November 2016.

Meanwhile, the S&P BSE Sensex was up 54.95 points or 0.21% at 26,353.64.

On BSE, so far 7,301 shares were traded in the counter as against average daily volume of 70,352 shares in the past one quarter. The stock hit a high of Rs 299 and a low of Rs 285 so far during the day. The stock hit a record high of Rs 334 on 27 October 2016. The stock hit a 52-week low of Rs 132.20 on 29 February 2016. The stock underperformed the market over the past one month till 16 November 2016, declining 14.11% compared with the Sensexs 4.97% fall. The scrip however underperformed the market in past one quarter, gaining 16.27% as against the Sensexs 6.29% decline.

The mid-cap company has equity capital of Rs 72.21 crore. Face value per share is Rs 10.

Uflex said that the meeting of the board of directors of the company is scheduled to be held on 25 November 2016, to approve issuance of redeemable non-convertible secured debentures (NCDs)/bonds upto an amount of Rs 650 crore subject to necessary approvals on private placement basis. The board will also consider Q2 results on that day.

On consolidated basis, Uflexs net profit rose 11.6% to Rs 86.16 crore on 4.5% decline in net sales to Rs 1480.42 crore in Q1 June 2016 over Q1 June 2015.

Uflex is one of the Indias largest end-to-end flexible packaging companies.

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Borrower Overleverage Warrants Course Correction from MFIs
Nov 17,2016

India Ratings and Research (Ind-Ra) says that if money flow does not fully normalise by 4QFY17, Tier 1 capital of few microfinance institutions (MFIs) could near regulatory minimum levels. Ind-Ras analysis indicates that a section of joint liability group (JLG) borrowers could be overleveraged. Moreover, overcrowding of MFIs in some highly penetrated states may adversely affect MFIs asset quality, especially with low growth in new-to-microfinance borrowers.

Demonetisation to Inculcate Banking Habits Once Short-Term Liquidity Pressure Eases: The agency expects MFI borrowers to reprioritise their expenses on account of a cash flow mismatch in the next few weeks. This would lead to an increase in one-month overdues of many MFIs. If money flow does not fully normalise by 4QFY17, Tier 1 capital of few MFIs could near regulatory minimum levels. Ind-Ras analysis indicates that most MFIs have liquidity in the form of unencumbered cash and unavailed bank lines to meet debt obligations for 30-60 days in the event of business disruption. The agency expects banking habits to improve in the long term, as currency flow resumes.

Borrowers Leverage Approaching Serviceability Limits: In Ind-Ras opinion, a typical two-income JLG borrower household could service INR50,000-INR60,000 of debt in over two years. The peak leverage of a section of JLG borrowers is approaching these levels. In 1HFY17, the level of the real income growth of rural borrowers was almost the same as the rural consumer price index, indicating that the ticket size growth rate of existing borrowers should moderate to contain the impact of borrowers rising leverage.

The growth in the gross loan portfolio (GLP) of MFIs in nine of top 10 states was driven more by an increase in ticket size than by a rise in penetration (clients serviced per branch). This indicates an uptrend in leverage in these states. Wage rate-based annual income to annual EMI ratio stands at 1.8x-2.0x for the highest leveraged states such as Karnataka, Madhya Pradesh and Odisha and at 5x for the lowest leveraged states such as Kerala.

Rising Risk of Unreported Multiple Borrowings in Some States: Ind-Ra believes that the continued focus of MFIs on some of the highest penetrated states such as West Bengal, Kerala, Tamil Nadu and Karnataka has increased the risk of unreported multiple borrowings in such states. Hence, the chance of a surge in delinquencies is high in these states. The agencys analysis of penetration indicates that West Bengal is the highest penetrated state, followed by Kerala, Tamil Nadu and Karnataka.

Steady Rise in Delinquency Indicates Stress in Some Regions: Ind-Ra believes that the percentage of one-month overdue loans (portfolio at risk greater than 30 days (PAR >30)), as reported by MFIs, underestimate the actual default rate of borrowers because of the base effect. The currently reported PAR > 30 numbers have become artificially low because of the accelerated growth registered by MFIs last year. Ind-Ras estimate of PAR > 30 for end-1QFY17, based on the base of the disbursement in 1QFY16 and 2QFY16, indicates that PAR > 30 crossed 1% in Karnataka and Uttar Pradesh, and is in fact close to 2% for Gujarat.

Nine of Top 12 MFIs Need Higher Capital to Account for Low-Quality Geographical Mix: Five of the top 12 MFIs analysed by Ind-Ra have low geographical diversification and are exposed to regions with high default expectations. These five MFIs had a GLP of INR96bn at end-1QFY17. Four MFIs, with a GLP of INR181bn, have granular geographical distribution and are present in regions with low default expectations. Based on the geographical diversification and riskiness of the covered geographies, the current capital levels of nine MFIs may be inadequate to cover extreme portfolio stress, a requirement for higher rating levels.

Idiosyncratic Risk Keeps Spreads Commanded by MFIs Wider Compared With Similar-Rated NBFCs: The weighted average credit rating of MFIs improved to A- in FY16 from BBB- in FY14; however, the spreads commanded by similarly rated NBFCs over 10-year government securities are tighter than those commanded by MFIs. In Ind-Ras assessment, the key reason for the non-convergence of spreads is the high idiosyncratic risk faced by MFIs due to the socio-political importance of their borrowers.

Credit Assessment and Operational Practices Need to be Tightened: The agency believes that interpretations of the two MFI lender norms, low correlation between borrower cycle and ticket size, among other practices, could result in adverse borrower selection. The key examples of operational lacunae are non-verification of Aadhaar, involvement of agents due to portfolio build-up pressure and prepayments leading to faster introduction of borrowers to higher ticket size.

JLG Loans to Remain Mainstay; Product Development Key to Growth: The microfinance portfolio of all MFIs stood at INR670bn in FY16 compared with INR227bn in FY11, with penetration (non-unique borrowers) increasing to 32.5m from 17.6m. The sector receives regulatory support and preference for financial inclusion (8 of the 10 SFBs approved were MFIs). Ind-Ra opines that MFIs are likely to play a pivotal role in providing the large informal income segment, with estimated credit demand of INR 10trn, access to formal financing, and this may, in turn, provide MFIs new avenues for future growth by designing new products for this segment.

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Uflex provides product update
Nov 17,2016

Uflex announced that its Flexfreshn++ liner bags successfully passed the trails of a prominant European retailer for shipment of blueberries from South America to Europe.

The Flexfreshn++ is a special patent protected polymeric packaging film manufactured by Uflex for packaging fresh fruits, vegetables and flowers.

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EMCO provides update on Joint Lenders Forum meeting
Nov 17,2016

EMCO announced that the Joint Lenders Forum meeting of the Company held on 16 November 2016 (Reference Date) has passed to resolve the account under RBI guidelines Scheme for Sustainable Structuring of Stressed Assets (S4A).

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Inox Wind bags repeat order for 40 MW wind power project
Nov 17,2016

Inox Wind has bagged a repeat order for 40 MW wind power project to be deployed in the State of Gujarat from Roha Dyechem, which is part of the 350 MW of orders announced by the Company on 03 October 2016. The said project is scheduled to be commissioned by March 2017 and will be executed on turnkey basis.

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Voltas drops after muted Q2 result
Nov 17,2016

The result was announced after market hours yersterday, 16 November 2016.

Meanwhile, the S&P BSE Sensex was up 36.05 points, or 0.14%, to 26,334.74

On BSE, so far 2.73 lakh shares were traded in the counter, compared with an average daily volume of 1.04 lakh shares in the past one quarter. The stock hit a high of Rs 326.90 and a low of Rs 297.75 so far during the day. The stock hit a record high of Rs 406 on 20 October 2016. The stock hit a 52-week low of Rs 211.20 on 12 February 2016. The stock underperformed the market over the past 30 days till 16 November 2016, sliding 17.78% compared with the Sensexs 6.25% fall. The scrip also underperformed the market in past one quarter, declining 10.25% as against the Sensexs 6.49% decline.

The large-cap company has an equity capital of Rs 33.09 crore. Face value per share is Re 1.

Voltas said that order book of the Electro-Mechanical Projects Services segment stood higher at Rs 4252 crore as on 30 September 2016 as compared to Rs 3736 crore as on 30 September 2015. Orders booked during the quarter include Rs 121 crore for water treatment plant for Agra smart city, Voltas said. For Engineering Products and Services segment, Voltas said that the industrial environment in India for both, textile and mining businesses remains challenging for capital equipment sales, due to the weak investment cycle. In Unitary Cooling Products for Comfort and Commercial use segment, Voltas said that the company continued to be the market leader for the room air conditioners in India.

Voltas is an air conditioning company and one of the worlds premier engineering solutions providers and project specialists. Voltas offers engineering solutions for a wide spectrum of industries in areas such as heating, ventilation and air conditioning, refrigeration, electro-mechanical projects, textile machinery, mining and construction equipment, water management & treatment, cold chain solutions, building management systems, and indoor air quality.

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Agenda for board meeting of Kings Infra Ventures
Nov 17,2016

Kings Infra Ventures announced that a meeting of the Board of Directors of the Company will be held on 28 November 2016, inter alia, to consider the following business as under:

1. Review of Business Operations & Prospects of the Company.

2. Allotment of equity shares pursuant to conversion of convertible warrants issued on preferential basis.

3. To obtain approval to set up Free Trade Warehousing Zone in Special Economic Zone in Tuticorin.

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Low Probability of Rate Cut Despite Easing Inflation
Nov 17,2016

India Ratings and Research (Ind-Ra) expects the Reserve Bank of India (RBI) to maintain status quo in its upcoming monetary policy review in December 2016, despite the downward trend in retail inflation witnessed over the past four consecutive months. Ind-Ra believes the RBI cut the policy rate in the October 2016 review in anticipation of retail inflation easing in the ensuing months. In other words, as the RBI front-loaded the rate cut, it may now like to wait and watch how the retail price inflation trajectory evolves before taking any further decision on the policy rate. Also, the RBI may watch closely the impact of demonetisation which has led to a surge in the bank deposits. The RBI would now expect banks to pass on the decline in their MCLR to borrowers/customer. Ind-Ra believes the latest print of inflation data in combination with demonetisation will aid the ongoing positive momentum in the domestic bond market.

Consumer Price Index (CPI) moderated to 4.20% in October from 4.39% in September 2016. Wholesale Price Index (WPI) moderated to 3.4% in October 2016 from 3.6% in the previous month. Both CPI and WPI moderated in October 2016, primarily led by further softening in food price inflation, which is along the expected lines. Retail food inflation moderated to 3.3% yoy in October 2016 from 3.96% in the previous month. This was because of a sharp decline in the prices of pulses together with a moderation in the prices of vegetables and fruits. Retail pulses inflation declined to 4.1% in October from 14.3% in September 2016 with the kharif crop harvest gradually coming into the market. Wholesale inflation in pulses moderated to 4.7% in October from 5.06% in the previous month. The more pronounced decline in retail pulses inflation is because wholesale prices had already reacted to the new arrival, as evidenced by the sharp decline in September pulses inflation over August 2016. Wholesale pulses inflation had dropped to 24% in September 2016 from 34.2% in the previous month.

Food items such as sugar, eggs, meat and fish still remain areas of concern, notwithstanding the declining trend in the overall food component in both wholesale and retail inflation. Cereals prices are another potential area of worry. Cereals inflation in the wholesale market softened to 6.13% in October from 9.51% in August 2016; however, it has increased to 4.4% in the retail market from 4.1% for the same months.

Ind-Ra believes that food inflation will remain soft in the coming months in the wake of a good kharif harvest and setting in of winter. However, the disruption caused by demonetisation of INR500 and INR1,000 notes could lead to some temporary spike in food inflation. Wholesale fuel inflation further increased to 6.2% in October 2016 from 5.6% in the previous month. This is a big jump from the 1.6% fuel inflation in August 2016. Wholesale manufactured food products inflation came in at 10.5% in October 2016, which is the fourth consecutive month of double-digit inflation since July 2016. This suggests although the moderation in cyclical components of food inflation such as fruits, vegetables and pulses has positively impacted food inflation, upside risks to inflation cannot be altogether ruled out.

The impact of governments measures is likely to be disinflationary as economic activity witnesses a downward bias. This may open up room for further monetary accommodation later, once the full impact of demonetisation of currency manifests. As a result, despite the recent surge in global bond yields, domestic bond yields have softened sharply (30bp-50bp) across the curve this week. The shorter end of bond curve is poised to benefit as banks prefer investing in short tenor assets while the system transitions to new currency notes. The longer end of the curve, while continuing to exhibit a softening bias, will be more reflective of global risk preferences and outlook on the US Fed rate trajectory.

Global volatilities and shift in risk preference have kept the rupee trading range wide - as investors internalise both global and domestic developments. The recent retail inflation reading does not significantly alter the domestic outlook. However, with increased probabilities of a Fed rate hike in the December 2016 policy - the dollar index has surged to 100.23 from 97.5 since 1 November 2016. This will keep the rupee trading with a weakening bias in the near term. Ind-Ra, however, believes that the better placed domestic fundamentals will aid resilience of rupee, compared to other emerging market currencies.

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GPT Infraprojects bags order worth Rs 84 crore
Nov 17,2016

GPT Infraprojects has bagged an order valued at Rs 84 crore from Office of The Supreintending Engineering, PWD, Government of West Bengal for rehabilitation of landside location with slope protection and drainage improvement at Tindharia on NH-55 in Darjeeling district of West Bengal in SBD mode.

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