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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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Tea Board Takes Up the West Bengal Tea Garden Workers Payment with RBI
Dec 26,2016

After the notification of demonetization by Government of India on 08 November 2016, the Tea Board has taken several initiatives for ensuring smooth payment of wages to the tea garden workers and opening of bank accounts and enabling the workers to migrate to the digital payment system.

For ensuring smooth payment of wages to the tea garden workers in West Bengal, the Chairman, Tea Board has written to the Chief Secretary, Government of West Bengal, on 23 November 2016 for implementation of the Notification No. 5881-F(Y) dated 16 November 16 of the State Government for payment to tea garden owners through the bank accounts of the District Administration. Letters were also issued by the Chairman, Tea Board, to the Chief Secretaries, Government of Kerala and Tamil Nadu, on 17 November 16, for issuing directives to the District Administration for accepting deposit of money from tea garden owners in any bank account of the District Administration and withdrawal of cash by the Administration for handing over to the owners for making payment to garden workers.

For follow up with the Bankers and tea producers associations, meetings were held by the Tea Board at Kolkata and Siliguri on 24 November 2016.

On 06 December 2016, a letter was written to the Labour Commissioner, Government of West Bengal to advise the operating Trade Unions to cooperate for opening the individual accounts in tea gardens, so that wages to the tea garden workers can be paid smoothly. The Board on 09 December 2016, requested all the State Governments of tea growing States for facilitating opening of accounts for the individual workers of tea gardens. The Zonal and Regional offices of the Tea Board are vigorously pursuing with the garden managements for opening of bank accounts for their workers and employees. Tea Producers Associations were also advised by the Board for facilitating the opening of individual bank accounts for the workers for smooth payment of wages.

Shri. Santosh Sarangi, Chairman, Tea Board, has discussed the issue of payment of wages to tea garden workers with the CGM, Reserve Bank of India and requested for taking effective steps by RBI for ensuring prompt payment of wages to the tea garden workers. This was followed up with a meeting of Tea Board Officials Shri A. K. Das, F. A. & C.A.O. and Shri S. Soundararajan, DTD, with the Regional Director and Chief General Manager of Reserve Bank of India, Kolkata on 21 December 2016. The officials of the Board requested the RBI officials on the following:

For issuing suitable directives to the concerned Banks catering to the tea gardens in North Bengal for taking special initiatives for smooth payment of wages to the tea garden workers.

Measures for improvement in the currency flow to the tea growing Districts in the state of West Bengal i.e. Jalpaiguri, Darjeeling , Alipurduar and Coochbehar as per the requirement so that outstanding wages can be paid immediately and also ensuring timely payment of wages in coming days.

Expeditious opening of Bank Accounts under Pradhan Mantri Jan Dhan Yojana (PMJDY), for individual workers so that wages can be transferred by the garden owners directly to the workers accounts.

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Yes Bank in spotlight after raising Rs 3000 crore via bonds
Dec 26,2016

Yes Bank announced that it has placed Rs 3000 crore of Basel III compliant Additional Tier-1 (AT1) bonds through private placement against the base issue size of Rs 2100 crore. The bonds will be listed on the BSE and its proceeds will qualify for Basel III Tier-I capital. The bonds carry a coupon rate of 9.5% per annum. The bonds have been rated as CARE AA (Stable Outlook) by CARE Ratings and IND AA (Stable Outlook) by India Ratings & Research (A Fitch Group Company). The announcement was made on Saturday, 24 December 2016.

ONGC announced that its board on Friday, 23 December 2016, considered the proposal and approved acquisition of the entire 80% participating interest (PI) of Gujarat State Petroleum Corporation (GSPC) along with operatorship rights,at a purchase consideration of $995.26 million for Deen Dayai West Field in Krishna Godavari (KG) Basin offshore. The announcement was made after market hours on Friday, 23 December 2016.

ONGC and GSPC were engaged in discussions on a potential transaction for purchase by ONGC of GSPCs stake and operatorship in NELPn++III block in KG Basin offshore.

ONGC shall also pay part consideration of $200 million to GSPC towards future consideration for six discoveries other than Deen Dayai West Field, which will be adjusted upon valuation of the these discoveries subsequent to approval of their Field Development Plans by DGH/Management Committee of the block.

The transaction would be documented by signing a farm-in agreement with GSPC. Requisite approval from the Government will be sought by GSPC in accordance with provisions of production sharing contract of the block.

JK Tyre & Industries announced that a meeting of its board of directors will be held on 28 December 2016, for considering raising of funds through various means. The funds shall be raised via issue of securities, convertible/non-convertible, with or without warrant by way of public and/or private offerings and/or qualified institutions placement or any combination thereof, subject to such approvals as may be required. The announcement was made after market hours on Friday, 23 December 2016.

Rashtriya Chemicals and Fertilizers (RCF) announced that it has issued commercial paper (CP) for Rs 150 crore on 23 December 2016, in favour of HDFC Bank, having maturity date as 23 March 2017. The announcement was made after market hours on Friday, 23 December 2016.

Apar Industries announced that a meeting of its board of directors is scheduled to be held on 6 January 2017, to consider buyback of the fully paid-up equity shares of the company. The announcement was made after market hours on Friday, 23 December 2016.

Trent announced that Brickwork Ratings has upgraded the rating for the non-convertible debentures (NCDs) amounting to Rs 75 crore issued by the company from BWR AA to BWR AA+. The outlook was maintained stable. Instruments with this rating are considered to have a high degree of safety regarding timely servicing of financial obligations. Such instruments carry very low credit risk. The announcement was made after market hours on Friday, 23 December 2016.

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Yes Bank to be watched after raising Rs 3000 crore via bonds
Dec 26,2016

Yes Bank announced that it has placed Rs 3000 crore of Basel III compliant Additional Tier-1 (AT1) bonds through private placement against the base issue size of Rs 2100 crore. The bonds will be listed on the BSE and its proceeds will qualify for Basel III Tier-I capital. The bonds carry a coupon rate of 9.5% per annum. The bonds have been rated as CARE AA (Stable Outlook) by CARE Ratings and IND AA (Stable Outlook) by India Ratings & Research (A Fitch Group Company). The announcement was made on Saturday, 24 December 2016.

ONGC announced that its board on Friday, 23 December 2016, considered the proposal and approved acquisition of the entire 80% participating interest (PI) of Gujarat State Petroleum Corporation (GSPC) along with operatorship rights,at a purchase consideration of $995.26 million for Deen Dayai West Field in Krishna Godavari (KG) Basin offshore. The announcement was made after market hours on Friday, 23 December 2016.

ONGC and GSPC were engaged in discussions on a potential transaction for purchase by ONGC of GSPCs stake and operatorship in NELPn++III block in KG Basin offshore.

ONGC shall also pay part consideration of $200 million to GSPC towards future consideration for six discoveries other than Deen Dayai West Field, which will be adjusted upon valuation of the these discoveries subsequent to approval of their Field Development Plans by DGH/Management Committee of the block.

The transaction would be documented by signing a farm-in agreement with GSPC. Requisite approval from the Government will be sought by GSPC in accordance with provisions of production sharing contract of the block.

JK Tyre & Industries announced that a meeting of its board of directors will be held on 28 December 2016, for considering raising of funds through various means. The funds shall be raised via issue of securities, convertible/non-convertible, with or without warrant by way of public and/or private offerings and/or qualified institutions placement or any combination thereof, subject to such approvals as may be required. The announcement was made after market hours on Friday, 23 December 2016.

Rashtriya Chemicals and Fertilizers (RCF) announced that it has issued commercial paper (CP) for Rs 150 crore on 23 December 2016, in favour of HDFC Bank, having maturity date as 23 March 2017. The announcement was made after market hours on Friday, 23 December 2016.

Apar Industries announced that a meeting of its board of directors is scheduled to be held on 6 January 2017, to consider buyback of the fully paid-up equity shares of the company. The announcement was made after market hours on Friday, 23 December 2016.

Trent announced that Brickwork Ratings has upgraded the rating for the non-convertible debentures (NCDs) amounting to Rs 75 crore issued by the company from BWR AA to BWR AA+. The outlook was maintained stable. Instruments with this rating are considered to have a high degree of safety regarding timely servicing of financial obligations. Such instruments carry very low credit risk. The announcement was made after market hours on Friday, 23 December 2016.

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Board of Virat Leasing to disinvest stake in subsidiary - Fastflow Commodeal
Dec 24,2016

Virat Leasing announced that the Board of Directors of the Company (Board) at the meeting held 21 December 2016, has proposed to disinvest or dilute its stake in the Fastflow Commodeal due to which it will cease to be the subsidiary of the Company.

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Farmax India closes subsidiary - Farmax International FZE
Dec 24,2016

Farmax India has submitted closure letter of Farmax International FZE to RBI on 08 December 2016.

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Nikki Global Finance to hold EGM
Dec 24,2016

Nikki Global Finance announced that the Extra Ordinary General Meeting (EGM) of the Company will be held on 20 January 2017.

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Board of Sat Industries decides to invest Rs 7.50 crore in subsidiaries
Dec 24,2016

Sat Industries announced that the Board of Directors of the Company at its meeting held on 24 December 2016, inter alia, has considered and decided:

1. To incorporate wholly owned subsidiary Company in UAE to carry on business of Global Trading and also to consolidate / re-structure the existing business into this new Company. Further Company has decided to invest up to Rs 50 lakh in this Company.

2. To make further investment up to Rs 7 crore in Italica Ventures, a wholly owned subsidiary.

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Camlin Fine Sciences to acquire 51% stake in a Chineses entity
Dec 24,2016

Camlin Fine Sciences announced that the Company has entered into a Share Purchase Agreement to acquire (either through itself or its subsidiaries/group companies) 51 % stake in an entity in China, which shall be subject to certain conditions being fulfilled prior to the said acquisition and regulatory approvals. The said acquisition can also be through the Companys subsidiaries and/or group companies.

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Board of Syncom Healthcare to consider appointment of director
Dec 24,2016

Syncom Healthcare announced that Board of Directors of the meeting will be held on 31 December 2016 to consider the appointment of Ajay Shankarlal Bankda as an Additional Director of the Company and designate him as Managing Director of the Company.

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Bombay Dyeing & Manufacturing Company sells machinery of Ranjangaon unit
Dec 24,2016

Bombay Dyeing & Manufacturing Company announced that, pursuant to the approval of the Board, the Company has sold some of the machineries of Ranjangaon unit situated at District - Pune, Maharashtra on 23 December 2016 at an aggregate value of Rs. 36.25 crore.

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Board of Sai Capital approves dematerialisation of shares
Dec 24,2016

Sai Capital announced that the Board of Directors of the Company at its meeting held on 24 December 2016, has approved to Dematerialize the Shares of the Company and the draft agreement has been approved by the Board which shall be executed in due course and the same shall be intimated accordingly.

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Board of Tamilnadu Jai Bharath Mills approves change in directorate
Dec 24,2016

Tamilnadu Jai Bharath Mills announced that the Board of Directors at its meeting held on 24 December 2016 has accepted the resignation of Shri.D.Senthilkumar as a Whole-Time Director and to continue as a Director of the Company with effect from 24 December 2016.

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INR382 Billion Potential Treasury Gains Could be Unlocked by Banks
Dec 24,2016

The softening of yields due to surplus liquidity could help Indian banks in registering INR 382 billion of potential treasury gains for FY17, says India Ratings and Research (Ind-Ra). The INR 382 billion worth of potential treasury gains are significantly large, considering the banking sector reported an INR 236 billion profit for FY16 (public sector banks (PSBs) reported INR 177 billion in loss). The development comes at a time when the banking sector is facing challenging conditions. The profitability levels of Indian banks remain weak owing to continued pressure on asset quality and weak loan expansion. It would be imperative for banks starved for capital to strengthen their capital adequacy ratios.

Meanwhile, even better placed banks can use this likely opportunity to improve their provision coverage ratios, which recently witnessed a downtrend. However, large profit booking, followed by a spike in yields, could have a double whammy effect on the profitability levels of banks in subsequent years.

Treasury Gains to Partially Ease Capital Requirement for PSBs: Treasury gains in FY17 would enable PSBs to contribute towards reducing their capital requirements, in accordance with the Basel III requirement. Domestic additional Tier 1 (AT1) issuances worth INR154 billion have been made so far in FY17, with increased participation from mutual funds. Ind-Ra believes the softening of yields could prove to be an additional impetus in the development of AT1 markets.

Demonetisation to Drive Yields Lower: A surge in deposits, due to demonetisation, will increase demand for government and high-rated corporate bonds, and is likely to put downward pressure on yields under the current tepid credit demand scenario. Banks are poised to benefit from the softening of yields, considering they are the largest holders of government bonds (about INR29 trillion as on 11 November 2016).

UDAY Bonds to Add to Treasury Gains: In addition to statutory liquidity requirement (SLR) bonds, banks hold bonds issued by states under Ujwal Discom Assurance Yojana (UDAY). UDAY bonds have been converted to bonds from standard restructured loans given to state distribution companies (discoms). In FY16, the value of loans converted to state government bonds under UDAY was about INR0.75 trillion. Ind-Ra estimates the value of loans converted to state government bonds at end-September 2016 at about INR1 trillion, a significant proportion of which continues to be a part of banks investment portfolio. Under UDAY, discom bonds with different maturity periods, ranging from 4-15 years, were issued. The yields at the time of the issuance were in the range of 8.10%-8.75%. At present, UDAY bonds are trading at close to 7.25%. This could result in a potential gain of 100bp-150bp.

Mid-Sized PSBs Likely to Register Larger Treasury Gains: Some mid-sized PSBs would continue to report stressed profitability figures for FY17 on account of rising credit costs due to the ageing impact of a large proportion of assets classified non-performing in FY16. Treasury gains would provide some relief to the overall profitability levels of PSBs. Some mid-sized PSBs witnessed an increase in their investment portfolios in recent quarters on account of challenges with regard to the deployment of incremental deposits. The compression of yields has proved to be a boon for them. A weak profitability forecast, along with challenging capital conditions, would result in mid-sized PSBs registering high treasury gains to protect themselves from potential capital erosion.

Daily Average LCR Reporting to Increase SLR Holdings of Banks: Ind-Ra expects an increase in the structural volatility in the liquidity coverage ratios (LCRs) of banks, given the proposed switch from monthly to daily average LCR calculations by January 2018.

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Board of Jay Energy & S Energies to appoints directors
Dec 24,2016

Jay Energy & S Energies announced that a meeting of the Board of Directors of the Company will be held on 02 January 2017, inter alia, to transact the following business;

1. To appoint Jitendrasingh H. Rathod as an additional Director of the Company.

2. To appoint Silaben Lalluram Sharma as an additional Director of the Company.

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Board of Jay Energy & S Energies to appoint directors
Dec 24,2016

Jay Energy & S Energies announced that a meeting of the Board of Directors of the Company will be held on 02 January 2017, inter alia, to transact the following business;

1. To appoint Jitendrasingh H. Rathod as an additional Director of the Company.

2. To appoint Silaben Lalluram Sharma as an additional Director of the Company.

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