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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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City Union Bank inaugurates 3 new branches
Mar 27,2017

City Union Bank has inaugurated three new branches at Ammapettai, Salem, Tamil Nadu; Perumanallur, Tiruppur Dist, Tamul Nadu; and Thirussur, Kerala on 26 March 2017. With this, the Banks branch network has expanded to 550.

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Cummins India advances on brokerage rating
Mar 27,2017

Meanwhile, the S&P BSE Sensex was down 225.47 points or 0.77% at 29,195.93.

On the BSE, 9,258 shares were traded on the counter so far as against the average daily volumes of 24,399 shares in the past one quarter. The stock had hit a high of Rs 943.75 and a low of Rs 930.90 so far during the day.

The stock had hit a 52-week high of Rs 946.50 on 9 September 2016 and a 52-week low of Rs 746.80 on 26 May 2016. It had outperformed the market over the past one month till 24 March 2017, advancing 4.52% compared with the Sensexs 1.83% rise. The scrip had also outperformed the market over the past one quarter, gaining 15.61% as against the Sensexs 12.98% rise.

The large-cap company has equity capital of Rs 55.44 crore. Face value per share is Rs 2.

Cummins Indias net profit rose 11.3% to Rs 198.09 crore on 19.6% growth in net sales to Rs 1324.13 crore in Q3 December 2016 over Q3 December 2015.

Cummins India is a leading manufacturer of diesel and natural gas engines for power generation, industrial and automotive markets.

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Fortis Malar Hospitals to hold EGM
Mar 27,2017

Fortis Malar Hospitals announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 26 April 2017 .

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Corporation Bank rises after raising funds through issue of bonds
Mar 27,2017

The announcement was made after market hours on Friday, 24 March 2017.

Meanwhile, the S&P Sensex was down 152.73 points, or 0.52% at 29,268.67. The S&P BSE Mid-Cap index was down 16.70 points, or 0.12% at 13832.48.

On the BSE, 57,000 shares were traded on the counter so far as against the average daily volumes of 1.06 lakh shares in the past one quarter. The stock had hit a high of Rs 49.35 and a low of Rs 48.15 so far during the day.

The stock had hit a 52-week high of Rs 57 on 7 February 2017 and a 52-week low of Rs 34 on 3 June 2016. The stock had outperformed the market over the past one month till 24 March 2017, advancing 2.77% compared with the Sensexs 1.83% rise. The scrip had also outperformed the market over the past one quarter advancing 17.30% as against the Sensexs 12.98% rise.

The mid-cap bank has equity capital of Rs 229.41 crore. Face value per share is Rs 2.

Corporation Bank said that it has raised the full amount of Rs 500 crore of the Basel III Compliant Additional Tier-I Perpetual Bonds [Series II]. The Securities Allotment Committee of the board of the bank has allotted the bonds on 24 March 2017 to the respective Bond investors with a coupon rate of 10.28% per annum.

Corporation Bank reported net profit of Rs 159.02 crore in Q3 December 2016, as against net loss of Rs 388.38 crore in Q3 December 2015. Total income rose 13.2% to Rs 5839.56 crore in Q3 December 2016 over Q3 December 2015.

Government of India holds 70.77% stake in Corporation Bank (as on 31 December 2016).

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Corporation Bank moves north after raising funds through issue of bonds
Mar 27,2017

The announcement was made after market hours on Friday, 24 March 2017.

Meanwhile, the S&P Sensex was down 152.73 points, or 0.52% at 29,268.67. The S&P BSE Mid-Cap index was down 16.70 points, or 0.12% at 13832.48.

On the BSE, 57,000 shares were traded on the counter so far as against the average daily volumes of 1.06 lakh shares in the past one quarter. The stock had hit a high of Rs 49.35 and a low of Rs 48.15 so far during the day.

The stock had hit a 52-week high of Rs 57 on 7 February 2017 and a 52-week low of Rs 34 on 3 June 2016. The stock had outperformed the market over the past one month till 24 March 2017, advancing 2.77% compared with the Sensexs 1.83% rise. The scrip had also outperformed the market over the past one quarter advancing 17.30% as against the Sensexs 12.98% rise.

The mid-cap bank has equity capital of Rs 229.41 crore. Face value per share is Rs 2.

Corporation Bank said that it has raised the full amount of Rs 500 crore of the Basel III Compliant Additional Tier-I Perpetual Bonds [Series II]. The Securities Allotment Committee of the board of the bank has allotted the bonds on 24 March 2017 to the respective Bond investors with a coupon rate of 10.28% per annum.

Corporation Bank reported net profit of Rs 159.02 crore in Q3 December 2016, as against net loss of Rs 388.38 crore in Q3 December 2015. Total income rose 13.2% to Rs 5839.56 crore in Q3 December 2016 over Q3 December 2015.

Government of India holds 70.77% stake in Corporation Bank (as on 31 December 2016).

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Subros advances on fund raising plans
Mar 27,2017

The announcement was made during market hours today, 27 March 2017.

Meanwhile, the BSE Sensex was down 207.00 points, or 0.7%, to 29,214.40. The S&P BSE Small-Cap index was down 18 points or 0.13% to 14,059.61.

On the BSE, 1,809 shares were traded in the counter so far, compared with an average volume of 21,558 shares in the past one quarter. The stock had hit a high of Rs 197.40 and a low of Rs 187.20 so far during the day. The stock had hit a record high of Rs 205.90 on 20 February 2017. The stock had hit a 52-week low of Rs 77.50 on 30 May 2016.

The stock had underperformed the market over the past one month till 24 March 2017, falling 3.6% compared with the 1.83% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 24.64% as against Sensexs 12.98% gains.

The small-cap company has an equity capital of Rs 12 crore. Face value per share is Rs 2.

Subros said that a meeting of the board of directors of the company will be held on 29 March 2017, to consider a proposal to issue secured/unsecured, redeemable, non-convertible debentures on private placement basis, for an amount as may be decided by the board.

Subros net profit tumbled 45.6% to Rs 3.27 crore on 12.7% rise in net sales to Rs 369.94 crore in Q3 December 2016 over Q3 December 2015.

Subros is an automotive air conditioning systems and thermal products for automotive applications maker. Subros manufactures compressors condensers, heat exchangers and all connecting elements required to complete AC loop and caters to all segments viz. passenger vehicles, buses, trucks, refrigeration transport, & railways.

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Moodys: Global paper and forest products industry outlook to remain stable on steady operating income growth
Mar 27,2017

Higher prices and stronger wood product, paper packaging and market pulp demand offsetting rising input costs and lower paper demand will keep the outlook for the global paper and forest products industry stable, says Moodys Investors Service in a newly published global outlook for the sector. Consistent with the stable outlook, the rating agency expects consolidated operating income increases of 2-4% for its 46 globally-rated forest product companies over the next 12-18 months.

Moodys expects that the consolidated operating income of the 29 North American companies it rates will remain essentially flat, with 2-4% growth over the outlook period. Such growth is consistent with analysts expectations of modest operating income growth from North American paper packaging, wood products and timberland producers being partially offset by lower operating earnings from pulp and paper companies. Significantly, these same companies account for about 60% of the global rated industrys operating income.

Notably, despite flat operating incomes overall for the North American subset, US timberland and wood products companies including Weyerhaeuser Company, Rayonier Inc., and Potlatch Corporation stand to benefit as the demand for new US housing increases about 8% in 2017 and as lumber prices escalate with the implementation of duties on Canadian lumber exported to the US, said Moodys Senior Vice President Ed Sustar.

With respect to the rating agencys five rated Latin American pulp producers, Moodys says their operating income growth will increase by 2-4%, as local players benefit from the concurrent positive effects of their low cost base and price hikes implemented in the past six months. And with international pulp prices being priced in US dollars, local currency depreciation will be a continued benefit to producers. In Brazil, Moodys forecasts real GDP to increase about 0.9% in 2017 and 1.5% in 2018, which will support local paper and packaging demand growth.

For its part, of the 11 rated European producers, analysts expect consolidated operating income to increase 1-3% over the outlook period. These producers account for approximately 25% of the Moodys-rated operating income for the industry globally. Such an increase is consistent with expectations that stronger operating earnings regionally from rated packaging companies will outweigh those from paper producers, which continue to face secular declines. Nevertheless, in the report, Moodys analysts underscore expectations of an increase in operating income from European wood-based building producers, as larger investments in homebuilding and renovations bolster demand for lumber and panels. Packaging volume is similarly expected to grow as the European economy improves, and continuing weakness in the Euro should strengthen European exports in 2017. Moodys forecasts modest economic growth of about 1.4% for the Euro area in 2017 and 2018.

Moodys outlook for the global forest and paper products sector reflects expectations for the fundamental business conditions in the industry over the next 12 to 18 months.

The outlook could shift to positive if consolidated operating income increased by more than 4% over the next 12 to 18 months, most likely as a result of higher prices across several grades and regions due to a tight demand-supply balance or stronger demand from higher than expected GDP growth. Conversely, the outlook could be changed to negative if consolidated global operating income declined over the next 12 to 18 months, stemming from increased input costs that cannot be passed on to customers, for example, or reduced pricing driven by operating capacity exceeding demand for several grades and regions.

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Westlife Development moves higher on brokerage coverage
Mar 27,2017

Meanwhile, the S&P BSE Sensex was down 211.54 points or 0.72% at 29,209.86. The BSE Mid-Cap index was down 38.69 points or 0.28% at 13,810.49.

On the BSE, 2.74 lakh shares were traded on the counter so far as against the average daily volumes of 1.39 lakh shares in the past one quarter. The stock had hit a high of Rs 222.90 and a low of Rs 214 so far during the day.

The stock had hit a 52-week high of Rs 259.90 on 5 July 2016 and a 52-week low of Rs 152 on 23 December 2016. It had underperformed the market over the past one month till 24 March 2017, sliding 0.26% compared with the Sensexs 1.83% rise. The scrip had, however, outperformed the market over the past one quarter, gaining 26.43% as against the Sensexs 12.98% rise.

The mid-cap company has equity capital of Rs 31.11 crore. Face value per share is Rs 2.

Meanwhile, Westlife Development after market hours on Friday, 24 March 2017, announced that its board of directors approved the proposal of investment in the equity shares offered on rights basis to the company by Hardcastle Restaurants, against inter corporate loan borrowed by it from the company. Hardcastle Restaurants is a wholly owned subsidiary of Westlife Development.

On consolidated basis, Westlife Development reported net loss of Rs 1.71 crore in Q3 December 2016 compared with net profit of Rs 0.23 crore in Q3 December 2015. Net sales rose 13.2% to Rs 238.04 crore in Q3 December 2016 over Q3 December 2015.

Westlife Development has widespread interests in trading, hospitality and quick service restaurant industry.

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Fitch Assigns Indian Renewable Energy Development Agencys upcoming MTN Programme BBB-(EXP)
Mar 27,2017

Fitch Ratings has assigned Indian Renewable Energy Development Agencys (IREDA; BBB-/F3/Stable) upcoming USD300m MTN programme expected ratings of BBB- (EXP) and a short-term expected rating of F3(EXP).

The assignment of the final ratings on the programme is contingent upon the receipt of final documents conforming to information already received and details regarding the amount, coupon rate and maturity.

KEY RATING DRIVERS

The programme is rated in line with IREDAs Long-Term Issuer Default Rating (IDR) as issues under the programme will constitute direct, unconditional, unsubordinated and unsecured obligations of the IREDA. The MTN programme will be used for general corporate purposes.

IREDAs ratings are equalised with those of the sovereign (BBB-/F3/Stable) IDR. This reflects the 100% state ownership of the company, the entitys public-sector legal status and the strong operational and strategic ties with the government, resulting in a high likelihood of extraordinary government support if needed. IREDA is therefore classified as a credit-linked entity under Fitchs public-sector entity (PSE) criteria.

IREDA was incorporated under the 1956 Companies Act, and is instrumental for the governments core policy of fostering the renewable energy sector. It remains crucial in light of the countrys sizeable projected growth. IREDA is the only public entity devoted to renewable energy funding. It does not have a majority market share, but IREDA is viewed as a benchmark investor for its sector expertise. It is recognised as a systemically important non-banking financial company by the Reserve Bank of India, so IREDA complies with specific prudential regulations.

RATING SENSITIVITIESAny rating action on the issuer would be mirrored on the ratings of the programme or issues under the programme.

IREDAs ratings are credit-linked to those of the sovereign, so a positive or negative rating action on the sovereign would result in similar rating action on the issuer. Changes to IREDAs legal status, weakening potential support from the state could lead to a downgrade.

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HCL Tech trips after client files lawsuit
Mar 27,2017

The company issued the clarification on Saturday, 25 March 2017 with regards to news item appearing in the media.

Meanwhile, the S&P Sensex was down 154.34 points or 0.52% at 29,267.06.

On the BSE, 6,957 shares were traded on the counter so far as against the average daily volumes of 2.1 lakh shares in the past one quarter. The stock had hit a high of Rs 873 and a low of Rs 865.30 so far during the day.

The stock had hit a 52-week high of Rs 880 on 23 March 2017 and a 52-week low of Rs 706.50 on 11 May 2016. The stock had outperformed the market over the past one month till 24 March 2017, rising 3.42% compared with the 1.83% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, rising 9.73% as against Sensexs 12.98% gains.

The large-cap company has equity capital of Rs 285.36 crore. Face value per share is Rs 2.

HCL Technologies said MillerCoors, LLC, a client of the company has filed a lawsuit in the United States District Court for the Northern District of Illinois against the company and HCL America Inc., a wholly owned subsidiary of the company.

MillerCoors allegations under the complaint is that HCL did not deliver an enterprise software project as per the agreed timelines. The specific project started in December 2013 and ended in June 2016. The company continues to have a good business relationship with MillerCoors. The company has other ongoing projects with MillerCoors running smoothly.

The company is in discussions with MillerCoors to resolve this matter amicably. The project in consideration has already ended and the company is not expecting any adverse financial impact of the same for Q4 March 2017.

HCL Technologies consolidated net profit rose 2.3% to Rs 2062.04 crore on 2.56% growth in net sales to Rs 11814.20 crore in Q3 December 2016 over Q2 September 2016.

HCL Technologies is a leading global IT services company working with clients in the areas that impact and redefine the core of their businesses.

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Outcome of board meeting of BLB
Mar 27,2017

BLB announced that the Board of Directors of the Company at its meeting held on 25 March 2017 approved the following -

1. The Board considered and decided to shift the Corporate Office of the Company to H. No. 4760-61, 3rd Floor, Ansari Road, Darya Ganj, New Delhi-110002 with immediate effect.

2. Scheme of Arrangement The Board of Directors of the Company after considering the report of the Audit Committee of the Company, has considered and approved Composite Scheme of Arrangement pursuant to section 230 to 232 of the Companies Act, 2013 for amalgamation of four wholly owned subsidiaries with BLB and subsequent Demerger of Commodities Trading Division and Financial Service Division of the company into newly incorporated wholly owned subsidiary Resulting Company-1 and Resulting Company-2 respectively.

3. The Board considered and decided to incorporate two Wholly Owned Subsidiaries of the Company

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Kitex Garments wins FE CFO of the Year Award 2017
Mar 27,2017

Kitex Garments has received the FE CFO of the Year Award 2017 in manufacturing category in the medium enterprise segment for the year 2017 instituted by The Financial Express.

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Sintex extends gains
Mar 27,2017

Meanwhile, the S&P BSE Sensex was down 148.39 points or 0.5% at 29,273.01. The BSE Mid-Cap index was down 15.67 points or 0.11% at 13,833.51.

On the BSE, 10.20 lakh shares were traded on the counter so far as against the average daily volumes of 9.64 lakh shares in the past one quarter. The stock had hit a high of Rs 103.30 so far during the day, which is a 52-week high for the counter. The stock hit a low of Rs 100.40 so far during the day.

The stock had hit a 52-week low of Rs 70 on 12 August 2016. It had outperformed the market over the past one month till 24 March 2017, surging 7.02% compared with the Sensexs 1.83% rise. The scrip had also outperformed the market over the past one quarter, gaining 37.16% as against the Sensexs 12.98% rise.

The mid-cap company has equity capital of Rs 52.71 crore. Face value per share is Rs 1.

Shares of Sintex Industries have risen 7.4% in three trading sessions from its close of Rs 95.90 on 22 March 2017.

Sintex Industries announced during market hours on Friday, 24 March 2017 that the National Company Law Tribunal (NCLT) sanctioned the composite scheme of agreement between Sintex Industries, Sintex Plastic Technology, Sintex-BAPL and Sintex Infra Projects.

Meanwhile, Sintex Industries during market hours today, 27 March 2017 issued clarification with regard to media reports of sale of minority stake in Sintex Plastics. Sintex Industries said that as a corporate policy it does not normally comment on speculative news articles.

As part of corporate strategy, the company is always evaluating opportunities for enhancing the stakeholders value. As and when such proposals are considered by the board of directors of the company and warrant disclosure, the company shall comply with the disclosure obligations, it added.

Currently there is no such proposal as reported by the media that is being considered by the board of directors of the company, Sintex Industries said.

On consolidated basis, net profit of Sintex Industries declined 38.9% to Rs 110.81 crore on 0.1% decline in net sales to Rs 2075.01 crore in Q3 December 2016 over Q3 December 2015.

Sintex is a diversified group with businesses across 2 principal business segments - plastics (including infrastructure) and textiles.

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NTPC commissions 55 MW of Bhadla Solar Power Project
Mar 27,2017

NTPC announced the commissioning of 55 MW of Bhadla Solar Power Project. With this, the installed capacity of Bhadla Solar Power project has become 260 MW and that of NTPCs solar power projects has become 620 MW. The total installed capacity of NTPC on standalone basis has become 43032 MW and that of NTPC group has become 49998 MW.

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Credit Rating of Urban Local Bodies gain Momentum
Mar 27,2017

With the exercise of Credit Rating of cities and towns gaining momentum, 94 of the 500 cities included in Smart City Mission and Atal Mission for Rejuvenation and Urban Transformation (AMRUT) have obtained such ratings which are necessary for issuing Municipal Bonds for mobilization of resources.

During the review of progress of Credit Rating exercise taken by Minister of Urban Development Shri M.Venkaiah Naidu, it was revealed that 55 of these cities have got Investment Grade ratings. Shri Naidu noted that 59% of cities assessedn++ getting Investment Grade rating was better than what was thought of about the financial situation of Urban Local Bodies in the country.

The 94 cities that have so far been assigned Credit Ratings are spread across 14 States. Ministry of Urban Development is promoting Credit Rating of cities as one of the five Transformational Reforms under which about 500 cities and towns that account for about 65% of total urban population were to be given Credit Ratings during this year.

Of the total 20 ratings ranging from AAA ton++ D, BBB- is the GÿInvestment Grade ratings and cities rated below BBB- need to undertake necessary interventions to improve their ratings for obtaining positive response to the Municipal Bonds to be issued.

Credit Ratings are assigned based on assets and liabilities of Urban Local Bodies, revenue streams, resources available for capital investments, Double Entry Accounting practice and other governance practices. Besides the Credit Rating of Urban Local Bodies, ratings for individual projects for which resources are to bemobilised through Municipal Bonds would have a bearing on the response to such bonds.

Details of cities and towns and respective Credit Ratings are as below:

Credit
Rating

Cities/Towns

AA+ (3)

New Delhi Municipal Council (NDMC), Navi Mumbai and Pune

AA (3)

Ahmedabad, Visakhapatnam and Greater Hyderabad Municipal Corporation

AA- (4)

Surat, Nashik, Thane and Pimpri-Chindwad

A+ (5)

Indore, Kishanganj(Rajasthan), Kolkata, Vadodara(Gujarat) and Warangal(Telangana)

A (1)

Jhunjhunu (Rajasthan)

A-(8)

Alwar, Bhiwadi, Beawar, Jaipur(Raj), Bhopal,Jabalpur(MP), Mira Bhayandar(Maha) and New Town Rajarhat(W.Bengal)n++

BBB+ (5)

Ajmer , Kota and Udaipur(Rajasthan), Ludhiana(Punjab) and Jamnagar(Guj)

BBB (14)

Kakinada, Anantapur, Kurnool and Tirupati (Andhra Pradesh), Davanagere and Hubbali-Dharwar(Karnataka), Kochi and Trivendrum (Kerala), Panaji (Goa), Kolhapur and Nagpur(Maharashtra), Jodhpur, Nagaur and Tonk(Rajasthan)

BBB- (12)

Amaravati (Maharashtra), Belgavi (Karnataka), Bharuch and Bhavnagar (Gujarat), Bharatpur, Bhilwara, Bikaner and Hanumangarh(Rajasthan), Chittor and Cuddapah (Andhra Pradesh), Cuttack (Odisha), Ranchi (Jharkhand).n++n++

BB+ (14)

Proddatur, Nandyaln++ and Nellore (Andhra Pradesh), Kollam and Kozhikode (Kerala), Kalol, Nadiad and Navsarai (Gujarat), Nanded and Solapur (Maharashtra), Gangapur City, Dhaulpur, Pali and SawaiMadhopur (Rajasthan)n++n++

BB (14)

Adoni and Tadipatri (Andhra Pradesh), Dwaraka (Gujarat), Aizawal (Mizoram), Thrisur (Kerala), Berhampur, Rourkela and Sambhalpur (Odisha), Bundi, Churu, Chittorgarh, Hindaun, Jodhpur and Sujangarh (Rajasthan)

BB- (7)

Adityapur, Chas,n++Deogarh and Giridh (Jharkhand), Mori (Gujarat), Baran and Jhalawar (Raj)

B+ (3)

Baripada and Puri (Odisha) and Hazaribagh (Jharkhand)

B (1)

Bhadrak (Odisha)

As per the reforms timelines suggested by the Ministry of Urban Development, 39 cities that have got Credit Ratings below the investment grade (BBB-) have to undertake necessary interventions for improving the ratings in one year.

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