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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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Frontline Corporation intimates of renewal of transportation contract in Maharashtra
Jul 03,2017

Frontline Corporation announced that Hindustan Coco-Cola Beverage has renewed Transportation Contract for transportation of goods in the state of Maharashtra, for nine months ended on 31 December 2017.

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Jyoti Structures announces resignation of director
Jul 03,2017

Jyoti Structures announced that Kalpesh Kilani, Director of the Company has resigned with effect from 23 June 2017.

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Transgene Biotek repays its dues to Union Bank of India
Jul 03,2017

Transgene Biotek announced that the sale of unused assets superfluous to the needs of the Company has been completed and full payment of dues has been made to Union Bank of India.

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Kansai Nerolac Paints announces change in directorate
Jul 03,2017

Kansai Nerolac Paints announced the appointment of H M Bharuka, Vice Chairman and MD of Kansai Nerolac Paint as Director on Board of Kansai Paint Co., Japan.

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Emami incorporates WHS - Emami Indo Lanka
Jul 03,2017

Emami has incorporated a wholly owned subsidiary company Emami Indo Lanka in Sri Lanka for the business purpose.

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Water Coolers at Railway Stations
Jul 03,2017

Railways endeavours to provide free potable water at all Railway Stations. As per extant policy guidelines, water coolers are provided on those Railway Stations which deal with 1000 passengers or more (inward and outward) per day, on the average. The details of water coolers provided at Railway Stations over Indian Railways are given below:-S.NO.Zonal RailwayTotal no. of stations provided with water coolersTotal no. of water coolers provided1Central1525292Northern1404793North Central682384North Western1774135Northeast Frontier18486East Coast78627Eastern81818East Central781839Southern11222010South Central5715511South East Central7019412South Eastern255813South Western8114314Western21952315West Central62187Grand Total14183513

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Water Coolers at Railway Stations which deal with 1000 passengers or more (inward and outward) per day
Jul 03,2017

Railways endeavours to provide free potable water at all Railway Stations. As per extant policy guidelines, water coolers are provided on those Railway Stations which deal with 1000 passengers or more (inward and outward) per day, on the average. The details of water coolers provided at Railway Stations over Indian Railways are given below:-S.NO.Zonal RailwayTotal no. of stations provided with water coolersTotal no. of water coolers provided1Central1525292Northern1404793North Central682384North Western1774135Northeast Frontier18486East Coast78627Eastern81818East Central781839Southern11222010South Central5715511South East Central7019412South Eastern255813South Western8114314Western21952315West Central62187Grand Total14183513

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CL Educate announces resignation of director
Jul 03,2017

CL Educate announced that Sangeeta Modi has resigned as Non Executive and Independent Director of the Company with effect from 03 July 2017.

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Spentex Industries appoints CFO
Jul 03,2017

Spentex Industries has appointed Ashok Kumar Kucheria designated as a Chief Financial Officer (CFO) to the Company with effect from 3 July 2017 subject to approval in next board meeting .

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Everest Industries allots 32265 equity shares
Jul 03,2017

Everest Industries has allotted 32265 equity shares under various ESOPs.

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V2 Retail announces closure of its store in Lucknow
Jul 03,2017

V2 Retail has closed one operational retail store in Lucknow, Uttar Pradesh. With this, there are now 38 retail stores in operation.

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Pave way for domestic participation on corporate bond market: ASSOCHAM study to SEBI, RBI
Jul 03,2017

Market regulator Securities and Exchange Board of India (SEBI) should pave way for more domestic participation in the Indian debt market which may witness less of foreign investors interest, following hike in rates by the US Federal Reserve, according to an ASSOCHAM Study on Bond Market.

There should be focus on domestic participation, as with the US rate hike there may be fall in foreign investors in Indian debt market, noted the ASSOCHAM study.

The study also suggested that both the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI) should help create a vibrant distribution channel for channelising huge deposits sitting with the banks after demonetisation.

While releasing the study, Mr Rawat said that once a strong bond market is created and investors interest is channelized, then n++even with the deposit rates falling, an investor will benefit from the Bond market .

The study noted with concern, that at present and with the existing system, the bond market is practically non-existent for most of the Indian companies. Most firms, including the big ones, tend to rely on secured institutional borrowings for their financial needs.

The bond market currently accounts for less than 5% of the funds of corporates In fact, despite having a well-functioning government debt market, which is regarded as a pre-requisite for the development of a vibrant corporate debt market (as it provides the benchmark rates), Indias corporate debt market has not followed the steps of its government debt market.

n++Indias need for investments in core sectors like infrastructure and education over the next two decades will far surpass the ability of equity markets to finance these needs. Eventually, corporate debt will need to play a larger role than it does today. Indias aspiration and plans to take up large infrastructure projects across the country has now made it critical for it to have a healthy corporate bond market. At a time when major public sector banks are stressed with rising non-performing assets and mounting losses, relying predominantly on banks to fund infrastructure development in the country will not be prudent.

Yet another issue coming in the way of easing the processes is the absence of a standard stamp duty rate across the nation as well as the maximum amount payable. The stamp duty for a typical debt issuance is 0.25% of the total issue size. In addition, the taxes are non-uniform across the states. Also the existence of Tax Deducted at Source (TDS) on corporate bonds is considered to be cumbersome.

In the case of corporate bonds TDS is deducted on accrued interest at the end of every fiscal year as per prevalent tax laws. A TDS certificate is issued to the registered owner. While insurance companies and mutual funds are exempt from the provisions of TDS, other market participants are subject to TDS in respect of interest paid on the corporate bonds.

The corporate bond markets serves as an effective source to finance the long term and large quantum funding needs of companies. A vibrant corporate bond market ensures that funds flow towards productive investments. There has been growing focus on growing this segment of the financial market as countrys growth prospects could be linked to performance of the corporate bond markets by way of providing the funding for investments. It is very important to create a right ecosystem for moving the issuers and investors closer to the bond market.

The total corporate bond issuance in India is highly fragmented because bulk of the debt raised is through private placements. The dominance of private placements has been attributed to several factors, including ease of issuance, cost efficiency and primarily institutional demand. The dominance of private placement in total issuances is attributable to the Ease of issuance, viz. minimum disclosures, low cost of issuance, tailor made structures and the speed of raising funds. However many market participants have indicated that private placements lack transparency and access is not available to a large pool of investors.

It can be observed that since FY11, the number of issuances has been on the rise, barring FY14 where the issuances have fallen. The issuances in terms of volume have grown at a CAGR of 15.8% during FY 11 - FY 17. Considering the value of public issues and private placements, private placements account for over 90% share. Public issuances have grown at a CAGR of 20.9% while the private placements have increased at a CAGR of 19.6%, highlighted the study.

There is a huge gap between the amount raised via public issues and private placements. There have been substantial fluctuations in the public issuances. In FY 12, the public issuances increased to INR 35,611crore from INR 9,451crore. It again slumped 52% in FY 13 before increasing nearly three folds in FY14. In FY15, the public issuances remained lacklustre though they increased and reached INR 33,812 crore in FY16 and fell by 12.6% to INR 29,547 crore in FY 17. Private placements, on the other hand, have grown consistently over the years except in FY14, adds the study.

Indias need for investments in core sectors like infrastructure and education over the next two decades will far surpass the ability of equity markets to finance these needs. Eventually, corporate debt will need to play a larger role than it does today. Indias aspiration and plans to take up large infrastructure projects across the country has now made it critical for it to have a healthy corporate bond market. At a time when major public sector banks are stressed with rising non-performing assets and mounting losses, relying predominantly on banks to fund infrastructure development in the country will not be prudent.

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Saksoft completes acquisition of balance 24% in 360 Logica
Jul 03,2017

Saksoft announced that the Company has completed the acquisition of balance 24% stake in Threesixty Logica Testing Services (360 Logica) , a subsidiary of the Company. With this acquisition 360 Logica has now become a wholly owned subsidiary of the Company.

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Just Dial announces resignation of CFO
Jul 03,2017

Just Dial announced that Ramkumar Krishnamachari, Chief Financial Officer and Key Managerial Personnel of the Company has submitted his resignation today from his post. The Company has accepted the resignation and decided to relieve Ramkumar Krishnamachari from his duties with effect from 30 September 2017.

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Board of Tata Global Beverages approves change in directorate
Jul 03,2017

The Board of Directors of Tata Global Beverages at its meeting held on 03 July 2017 has appointed Chandrasekaran as an Additional Director and as Chairman of the Board of the Company in place of Harish Bhat who expressed a desire to step down as Chairman. The Board also appointed Mr Siraj Azmat Chaudhry as Non Executive Independent Director w.e.f 3 July 2017.

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