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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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Indiabulls Real Estate gains on plan to raise Rs 100 crore through NCDs
Mar 20,2017

The announcement was made after market hours on Friday, 17 March 2017.

Meanwhile, the S&P BSE Sensex was down 147.53 points, or 0.50% to 29,501.46.

On the BSE, 3.83 lakh shares were traded in the counter so far, compared with average daily volumes of 8.67 lakh shares in the past one quarter. The stock had hit a high of Rs 83.65 and a low of Rs 81.65 so far during the day.

The stock hit a 52-week high of Rs 105.25 on 30 May 2016. The stock hit a 52-week low of Rs 51.80 on 18 March 2016.

The stock had outperformed the market over the past one month till 17 March 2017, rising 7.16% compared with 4.76% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 17.74% as against Sensexs 11.93% rise.

The mid-cap company has equity capital of Rs 98.33 crore. Face value per share is Rs 2.

Indiabulls Real Estate said it proposes to issue secured, redeemable, non-convertible debentures (NCD) of face value Rs 10 lakh each, aggregating Rs 100 crore, on a private placement basis. The NCD issue with tenor of 13 months will open on 22 March 2017, the company said in a notice. The company had received shareholders approval for the same in September 2016 through a special resolution at its annual general meeting then.

On a consolidated basis, Indiabulls Real Estates net profit fell 13.7% to Rs 58.58 crore on 58.8% decline in net sales to Rs 291.21 crore in Q3 December 2016 over Q3 December 2015.

Indiabulls Real Estate is a real estate development company with development projects spread across office and commercial complexes, premium residential developments, mega townships, retail spaces, hotel and resorts, special economic zones and infrastructure development.

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Moodys: IFRS 9 adoption to result in modest capital impact for most banks
Mar 20,2017

Most Moodys-rated banks reporting under International Financial Reporting Standards (IFRS) anticipate a decrease of up to 50 basis points (bps) in their core capital ratios when the new expected credit loss rules under IFRS 9 come into effect next year, according to a survey conducted by the rating agency. The accounting change, on its own, will not affect Moodys credit assessment of most banks. However, unexpected large capital reductions may cause a reassessment of bank capital adequacy.

The capital impact on adoption of IFRS 9 for most of our rated banks should be modest, with their capital buffers likely able to absorb the effect; only 13% of responding banks believe that their CET1 ratio could fall by more than 50 basis points, says Upaasna Laungani, CPA, Vice President -- Senior Accounting Analyst at Moodys.

About 39% of banks surveyed expect a decrease of less than 10 bps in their Common Equity Tier 1 (CET1) ratios on adoption, while 48% expect a decrease of 10-50 bps. Reflecting this, the survey revealed that banks do not expect to significantly adjust their business profiles, although many stated that they plan to adjust loan pricing to reflect the upfront reduction in capital.

Regional differences in capital impact were revealed by the survey, with some banks in the Middle East & Africa forecasting that the impact could be over 100 basis points -- a full percentage point -- on their CET1 ratios.

This was the only region, however, in which Moodys heard that the effect could be this large. While more than half of banks in Europe (58%) believe a decrease of 10 to 50 basis points is more likely, more than half of banks in the Asia-Pacific region (53%) and responding banks in Canada and Lating America believe the impact will be less than 10 basis points.

In terms of loan types, banks believe that residential mortgage and consumer loans will see the greatest increase in loan-loss reserves on adoption of IFRS 9. For most other types, though, reserves on the balance sheet will increase by about 10%, according to the survey.

While almost 70% of banks believe provision expenses will be more volatile from period to period under IFRS 9, most banks (62%) believe that the application of the IFRS 9 impairment model will result in better credit risk management.

With the effective date less than a year away, about half of banks are still in the early stages of implementation, with 8% of banks yet to start implementation.

Moodys surveyed all of its rated banks that report under IFRS, receiving responses from 185.

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Zuari Agro Chemicals temporarily shuts down urea/ammonia plants
Mar 20,2017

Zuari Agro Chemicals announced that Urea/Ammonia Plants of the Company have been shut down for annual maintenance from 19 March 2017.

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Rupa & Company drops on profit booking
Mar 20,2017

Meanwhile, the S&P Sensex was down 148.98 points, 0.5% at 29,500.01. The S&P Small-cap index was up 22.84 points or 0.16% at 14,035.47.

On the BSE, 48,000 shares were traded on the counter so far as against the average daily volumes of 40,408 shares in the past one quarter. The stock had hit a high of Rs 338.50 and a low of Rs 321.60 so far during the day.

The stock had hit a 52-week high of Rs 351.90 on 17 March 2017 and a 52-week low of Rs 244 on 10 January 2017. The stock had outperformed the market over the past one month till 17 March 2017, advancing 34.34% compared with the Sensexs 4.15% rise. The scrip had also outperformed the market over the past one quarter advancing 33.08% as against the Sensexs 11.93% rise.

The small-cap company has equity capital of Rs 7.95 crore. Face value per share is Rs 1.

Rupa & Company had rallied 25.69% in the preceding four trading sessions to settle at Rs 340.55 on Friday, 17 March 2017, from its closing of Rs 270.95 on 10 March 2017, triggered by the company announcing that Oban Fashions, one of the companys subsidiaries, concluded a deal with the US-based Fruit of the Loom Inc, a unit of Warren Buffets Berkshire Hathaway Co., to manufacture and sell products in India under the US companys brands.

Fruit of the Loom sells a wide range of underwear and casual wear in the US and Europe. The announcement was made after market hours on 14 March 2017.

The stock had jumped 16.13% to Rs 340.55 in a single session on 17 March 2017, after a bulk deal of 15.07 lakh shares was executed on the scrip at Rs 306.65 per share on BSE.

Rupa & Companys net profit rose 20.7% to Rs 17 crore on 7.5% decline in net sales to Rs 208.57 crore in Q3 December 2016 over Q3 December 2015.

Rupa & Company is a leading undergarments manufacturer and a leading hosiery and knitwear company in India.

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Jindal Poly Films corrects on profit booking
Mar 20,2017

Meanwhile, the S&P BSE Sensex was down 136.05 points, or 0.46% to 29,512.94.

On the BSE, 65,000 shares were traded in the counter so far, compared with average daily volumes of 31,533 shares in the past one quarter. The stock had hit a high of Rs 448.05 and a low of Rs 427 so far during the day.

The stock hit a 52-week high of Rs 538.75 on 11 May 2016. The stock hit a 52-week low of Rs 300 on 27 December 2016.

The stock had outperformed the market over the past one month till 17 March 2017, rising 33.88% compared with 4.76% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 26.88% as against Sensexs 11.93% rise.

The small-cap company has equity capital of Rs 43.79 crore. Face value per share is Rs 10.

Shares of Jindal Poly Films rose 36.30% in six trading sessions to settle at Rs 438 on Friday, 17 March 2017, from its close of Rs 321.35 on 8 March 2017.

Jindal Poly Films announced on 6 March 2017 that its board of directors approved expansion plans for companys India operation by investment of Rs 350 crore. Investment will be made in polyester line - H, (PET) and C.P. plant for manufacturing of polyester chips to be used for internal consumption to manufacture BOPET (biaxially-oriented polyethylene terephthalate) film. After the commencement of line, the combined capacity of BOPET films will be totaling to 1,82,000 tonnes per annum.

Jindal Poly Films consolidated net profit fell 27.4% to Rs 38.49 crore on 7.8% drop in net sales to Rs 1520.55 crore in Q3 December 2016 over Q3 December 2015.

Jindal Poly Films is engaged in diverse business activities including manufacturing of polyester film, polypropylene film, steel pipes and photographic products.

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Smartlink Network spurts on plans to categorize into NBFC
Mar 20,2017

The announcement was made after market hours on Friday, 17 March 2017.

Meanwhile, the S&P Sensex was down 134.28 points or 0.45% at 29,514.71. The BSE Small-Cap index was up 29.08 points or 0.21% at 14,041.71.

On the BSE, 1.88 lakh shares were traded on the counter so far as against the average daily volumes of 21,261 shares in the past one quarter. The stock had hit a high of Rs 111.95 and a low of Rs 96.30 so far during the day.

The stock had hit a 52-week high of Rs 123.40 on 12 December 2016 and a 52-week low of Rs 76 on 15 November 2016. The stock had underperformed the market over the past one month till 17 March 2017, sliding 3.35% compared with the Sensexs 4.15% rise. The scrip had also underperformed the market over the past one quarter, declining 16.03% as against the Sensexs 11.93% rise.

The small-cap company has equity capital of Rs 4.51 crore. Face value per share is Rs 2.

Smartlink Network Systems board approved the final application for categorizing the company as a non-banking financial company (NBFC) to be made to the Reserve Bank of India (RBI). The companys business currently consists mainly of income from investments activities pursuant to transfer of Digisol brand business to Digisol Systems and manufacturing business to Synegra EMS (wholly owned subsidiaries of the company) respectively.

The board also approved the acquisition of 1 crore equity shares aggregating upto Rs 10 crore issued by Digisol Systems, a wholly owned subsidiary of the company, in one or more tranches.

Smartlink Network Systems net profit surged 403.6% to Rs 1.41 crore on 58.2% decline in net sales to Rs 3.05 crore in Q3 December 2016 over Q3 December 2015.

Smartlink Network Systems is one of the leading networking companies in India.

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US stocks ended week on a lower note
Mar 20,2017

U.S. stocks edged lower on Friday, 17 March 2017 but managed to post moderate weekly gains with investors awaiting further catalysts before jumping back into the market. Trading on Friday was calm despite the so-called quadruple witching, as stock-index futures, stock-index options, stock options and individual stock futures all expire on the same day.

The Dow Jones Industrial Average slid 19.93 points, or 0.1%, to close at 20,914.62, while the S&P 500 index shed 3.13 points, or 0.1%, to finish at 2,378.25. The Nasdaq Composite Index rose less than a quarter point to end at 5,901.

For the week, the Dow rose fractionally while the S&P 500 climbed 0.2%. The tech-heavy Nasdaq Composite notched a weekly gain of 0.7%.

The financial sector saw some belated selling pressure in the wake of this weeks FOMC meeting as investors tried to sort out how the Feds future outlook for interest rates will bake into the industrys bottom line. The financial sector dropped 1% with Goldman Sachs Group down 1.7% and J.P. Morgan Chase & Co. off 1.1%.

The Fed on Wednesday lifted benchmark interest rates by a quarter-point as widely expected. The central banks statement and forecasts for future rate increases was seen as less aggressive than had been anticipated. That put some pressure on the dollar.

In the latest economic data, industrial production was flat in February, below expectations for a rise of 0.3%. Separately, the index of consumer sentiment rose to 97.6 in March from 96.3 in February, based on a preliminary reading by the University Michigan. This was slightly below the reading of 98 that had been expected.

Separately, the Conference Board said its leading economic index rose 0.6% in February, the third straight gain of that magnituden++to reach its highest level in more than a decade.

Bullion prices ended higher at Comex on Friday, 17 March 2017. Gold futures ended higher on Friday, helping the yellow metal record its highest weekly climb since early February, as weakness in the U.S. dollar, following Wednesdays Federal Reserve decision, provided a runway for gains.

April gold rose $3.10, or 0.3%, to settle at $1,230.20 an ounce, which marks it highest finish since early March. Gold gained about 2.4% for the week. Silver for May delivery added 8.3 cents, or 0.5%, to $17.413 an ounce, for a weekly gain of 2.9% n++ its best since early January.

A measure of the dollars strength, the ICE U.S. Dollar Index looked to end the week about 1.1% lower. Weakness in the buck can make assets priced in the currency, like gold, more appealing to those using other monetary units to buy it.

Crude oil settled a few pennies higher on Friday, 17 March 2017 to tally a weekly gain, even as data showed a significant increase in the number of active U.S. oil rigs, implying the potential for a further climb in domestic crude production.

April West Texas Intermediate crude rose 3 cents, or less than 0.1%, to settle at $48.78 a barrel on the New York Mercantile Exchange. May Brent crude on Londons ICE Futures Exchange rose 2 cents to $51.76 a barrel.

Data from Baker Hughes on Friday revealed that the number of active U.S. rigs drilling for oil continued the streak of increases that began in mid-January, but the report came on the heels of the first weekly fall for domestic crude stockpiles in 10 weeks. On Friday, Baker Hughes data showed number of active U.S. rigs drilling for oil rose by 14 to 631 rigs this weekn++their ninth straight week of gains.

In the Treasury market, U.S. sovereign debt extended its week-to-date gain on Friday, leaving the benchmark 10-yr yield four basis points lower at 2.50%. For the week, the 10-yr yield lost eight basis points as investors relished in the Feds more dovish than expected rate projections.

Investors will not receive any economic data on Monday.

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Biggest challenge is to bring unorganized sector under the ambit of pension society: Chairman, Pension Fund Regulatory and Development Authority
Mar 20,2017

The biggest challenge in providing income security in old age was to bring the unorganized sector, which accounts for 85 per cent of the countrys labor force, under the ambit of pension. Pension schemes offered must therefore be well-regulated and supported by the government as this segment lacks awareness about pensionary benefits. Given the heterogeneous nature of the unorganized sector and the labor force which is constantly on the move in search of work, it was necessary to provide a pension system with portability. Also, it was essential to raise the financial literacy of the people to encourage them to join pension schemes. This was stated by Mr. Hemant G. Contractor, Chairman, Pension Fund Regulatory and Development Authority (PFRDA), at FICCIs second annual conference on the pensions sector on the theme India: Moving Towards a Pensioned Society.

Mr. Contractor said that Indias organized sector, which comprised 15 per cent of the working population, was well covered under varied pension schemes. However, he pointed out that because of instances in the past of people being cheated by Ponzi schemes there was lack of trust and confidence which was keeping organized sector workers away from pension schemes. Hence, it was essential to bring about awareness about pension schemes and make the policies transparent and easy to manage.

He said that there was a segment, people below the poverty line aged over 60 years, which was unable to make any savings during their lifetime. In order to support them the government was providing people below the poverty line with a small amount as pension, this needed to be stepped up. The Chairman said that PFRDA and FICCI were closely involved in organizing seminars across the country to spread awareness and propagate pension schemes such as NPS among corporates.

Highlighting several challenges in augmenting participation in the pension society, Mr. Amitabh Chaudhry, Chairman, FICCIs Insurance and Pensions Committee and Managing Director and CEO, HDFC Life Insurance Company, said that the presence of multiple regulators in the sector, withdrawal before retirement leading to wasteful expenditure, lack of clarity on portability, high disparity in tax treatment of different pension products and non-alignment of pension funds with inflation were some of the deterrents, which needed to be addressed.

Mr. Chaudhary said that initiatives were being undertaken to promote enrolment in pension schemes. Awareness campaigns were being run and efforts were being made to reach out to people with transparent policies and communication. He added that technology integration was needed across the value chain and pension fund managers needed more autonomy to reach out to larger number of prospective consumers.

Prof. Mukul Asher, Professor, Lee Kuan Yew School of Public Policy, National University of Singapore, said that there was a need for policy coherence and organizational coordination. Besides, policy reforms had become more urgent, including extending retirement age. Also, there was a need to set up National Pension Research Centre both by the government and industry to assimilate data and other information to help in increasing the pension coverage in the country.

Prof. Asher said that rapid ageing required coordination between pension and healthcare systems and organizations as well. He suggested shifting of ESIC from the Labor Ministry to the Health Ministry. Prof. Asher added that PHI which was Purpose of the organization, Habit of the stakeholders and Incentive structure for the organization and members should be taken into account for enlarging pension coverage.

Mr. Naveen Aggarwal, Partner, COO- Tax, KPMG in India, said that with increasing industrialization and urbanization, the joint family structure was being replaced by nuclear families. The combination of these factors makes it imperative for the policy makers to pay urgent attention to the enormous challenge of providing income security after retirement. A pension system thus would provide protection against the risk of poverty in old age and help in building pension savings during working life to finance retirement. The journey towards a pensioned society would require greater emphasis on implementing pension reforms.

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Ajanta Pharma gains after board approves amalgamation of Gabs Investment
Mar 20,2017

The announcement was made on Saturday, 18 March 2017.

Meanwhile, the S&P BSE Sensex was down 134.62 points, or 0.45% to 29,514.37.

On the BSE, 18,000 shares were traded in the counter so far, compared with average daily volumes of 24,421 shares in the past one quarter. The stock had hit a high of Rs 1,851 and a low of Rs 1,805.55 so far during the day. The stock hit a record high of Rs 2,150 on 28 October 2016. The stock hit a 52-week low of Rs 1,311.75 on 29 March 2016.

The stock had underperformed the market over the past one month till 17 March 2017, rising 1.41% compared with 4.76% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 1.07% as against Sensexs 11.93% rise.

The large-cap company has equity capital of Rs 17.60 crore. Face value per share is Rs 2.

The board of Ajanta Pharma considered and approved the amalgamation of Gabs Investments (Gabs) with Ajanta Pharma (APL) in consideration for equity shares of APL. The proposed amalgamation would be carried out vide a scheme of amalgamation and arrangement between Gabs Investments and Ajanta Pharma and their respective shareholders (the scheme).

APL is in the business of manufacture and pharmaceuticaI products wortdwide. Gabs is in the business of making investments shares and primarity holds shares of APL. As on date, Gabs holds 83.92 lakh shares in APL, representing about 9.54% of the total paid up capital of APL.

On a consolidated basis, net profit of Ajanta Pharma rose 25.15% to Rs 142.60 crore on 9.68% rise in net sales to Rs 515.02 crore in Q3 December 2016 over Q3 December 2015.

Ajanta Pharma is a specialty pharmaceutical company engaged in development, manufacturing and marketing of quality finished dosages.

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Reliance Communications provides update on proposed demerger of wireless division into Aircel and Dishnet Wireless
Mar 20,2017

Reliance Communications has received an approval of theCompetition Commission of India (CCI) for the proposed Scheme of Arrangement for demerger of the Wireless division of the Company into Aircel and Dishnet Wireless.

The Company has already received approval from the Securities and Exchange Board of India (SEBI), BSE (BSE) and National Stock Exchange of India (NSE) for the proposed Scheme of Arrangement and filed an application with the National Company Law Tribunal (NCLT), Mumbai Bench, for approval of the said Scheme.

The proposed transaction is subject to other necessary approvals.

Post closing, the Company and the present shareholders of Aircel will hold 50% each in Aircel.

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Apar Inds declines as Templeton Fund cuts stake
Mar 20,2017

Meanwhile, the S&P Sensex was down 136.89 points or 0.46% at 29,512.10. The BSE Small-Cap index was up 46.86 points or 0.33% at 14,059.49.

On the BSE, 13,000 shares were traded on the counter so far as against the average daily volumes of 6,558 shares in the past one quarter. The stock had hit a high of Rs 724 and a low of Rs 711.05 so far during the day.

The stock had hit a record high of Rs 787.70 on 16 March 2017 and a 52-week low of Rs 455 on 7 April 2016. The stock had underperformed the market over the past one month till 17 March 2017, advancing 1.33% compared with the Sensexs 4.15% rise. The scrip had, however, outperformed the market over the past one quarter, gaining 28.15% as against the Sensexs 11.93% rise.

The small-cap company has equity capital of Rs 38.27 crore. Face value per share is Rs 10.

Templeton Strategic Emerging Market Fund III LDC sold 36.36 lakh shares of Apar Industries at Rs 706.85 per share in bulk deal on the NSE on Friday, 17 March 2017. L&T Mutual Fund-L&T India Prudence Fund bought 4.86 lakh shares at Rs 705 per share. Manya Traders purchased 2 lakh shares at Rs 706 a piece. Reliance Mutual Fund - Reliance Small Cap Fund bought 6 lakh shares at Rs 705 per share.

Templeton Strategic Emerging Market Fund III LDC owned 9.45% stake in Apar Industries end December 2016.

Apar Industries net profit rose 54.4% to Rs 43.29 crore on 4.6% decline in net sales to Rs 1125.98 crore in Q3 December 2016 over Q3 December 2015.

Apar Industries is engaged in the business of manufacture of conductors, transformer/specialty oils and power/telecom cables.

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Grasim Industries intimates on proposed amalgamation of Idea Cellular and Vodafone Group
Mar 20,2017

Grasim Industries holds 4.75% and is classified as a promoter, of Idea Cellular. The Board of Idea Cellular on 20 March 2017 approved the amalgamation of Vodafone India and its subsidiary, Vodafone Mobile Services with Idea Cellular subject to requisite approvals.

Upon the amalgamation becoming effective, the entire business of Vodafone India and Vodafone Mobile Services will vest in Idea. The shareholders of Vodafone will own 45.1% of Idea after transferring a stake of 4.9% to some or all the existing promoters of Idea and/or their affiliates for Rs 38.74 billion in cash concurrent to the completion of amalgamation. The promoters of Idea will hold 26% of Idea and the balance 28.9% will be held by public.

In connection with the proposed merger, the Board of the Company has approved the execution of an Implementation Agreement amongst Idea and the promoters of Idea, Vodafone India, Vodafone Mobile Services, Vodafone and Vodafone International Holdings BV.

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Sudarshan Chemical Industries to hold board meeting
Mar 20,2017

Sudarshan Chemical Industries will hold a meeting of the Board of Directors of the Company on 27 March 2017, to discuss and approve the Annual Operating Plans of the Company for the Financial Year 2017 - 18 and other incidental matters.

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Lancor Holdings to hold board meeting
Mar 20,2017

Lancor Holdings will hold a meeting of the Board of Directors of the Company on 20 March 2017.

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Karnavati Finance to hold board meeting
Mar 20,2017

Karnavati Finance will hold a meeting of the Board of Directors of the Company on 23 March 2017, to issue Equity Shares of the Company on preferential basis as per SEBI (ICDR) Regulations, 2009

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