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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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Sabrimala Industries India schedules board meeting
Aug 22,2017

Sabrimala Industries India will hold a meeting of the Board of Directors of the Company on 28 August 2017.

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Lupin rebounds after USFDA clears Aurangabad facility
Aug 22,2017

The announcement was made after market hours yesterday, 21 August 2017.

Meanwhile, the S&P BSE Sensex was up 92.98 points, or 0.3% to 31,366.84.

On the BSE, 49,065 shares were traded in the counter so far, compared with average daily volumes of 2.01 lakh shares in the past one quarter. The stock had hit a high of Rs 950.55 and a low of Rs 936 so far during the day. The stock had hit a 52-week high of Rs 1,599 on 19 August 2016. The stock had hit a 52-week low of Rs 920 yesterday, 21 August 2017.

The stock had declined 4.63% in four sessions to settle at Rs 922.80 on 21 August 2017 from a close of Rs 967.60 on 14 August 2017.

The stock had underperformed the market over the past one month till 21 August 2017, falling 19.25% compared with 2.4% decline in the Sensex. The scrip had also underperformed the market in past one quarter, declining 29.82% as against Sensexs 2.61% rise. The scrip had also underperformed the market in past one year, dropping 41.49% as against Sensexs 11.33% rise.

The large-cap company has equity capital of Rs 90.35 crore. Face value per share is Rs 2.

Lupin announced that it has received notification that the inspection carried out by the United States Food & Drug Administration (USFDA) in April 2017 at its Aurangabad facility is now closed and the agency has issued an Establishment Inspection Report (EIR). This closes all outstanding USFDA inspections at Lupins Aurangabad facility.

Lupins consolidated net profit fell 59.4% to Rs 358.06 crore on 12.3% decline in net sales to Rs 3806.83 crore in Q1 June 2017 over Q1 June 2016.

Lupin is a transnational pharmaceutical company developing and delivering a wide range of branded & generic formulations, biotechnology products and active pharmaceutical ingredients (APIs) globally.

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Cityon Systems (India) to convene board meeting
Aug 22,2017

Cityon Systems (India) will hold a meeting of the Board of Directors of the Company on 29 August 2017, to approve the Notice of ensuing Annual General Meeting of the Company and all other matters contained therein including Directors Report of the Company for the Financial Year ended on March 31, 2017

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Manaksia Steels to hold board meeting
Aug 22,2017

Manaksia Steels will hold a meeting of the Board of Directors of the Company on 24 August 2017, to consider, approve and take on record the Un-audited Financial Results of the Company for the quarter ended 30th June, 2017.

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Prime Property Development Corpn. to hold AGM
Aug 22,2017

Prime Property Development Corpn. announced that the 25th Annual General Meeting (AGM) of the company will be held on 29 September 2017.

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McNally Bharat Engineering extends rally after new order win
Aug 22,2017

Meanwhile, the S&P Sensex was up 69.47 points or 0.22% at 31,328.32. The S&P Small-Cap index was up 13.67 points or 0.09% at 15,481.54.

On the BSE, 31,000 shares were traded on the counter so far as against the average daily volumes of 74,076 shares in the past one quarter. The stock had hit a high of Rs 72 and a low of Rs 71 so far during the day. The stock had hit a 52-week high of Rs 79.50 on 31 July 2017 and a 52-week low of Rs 37.60 on 30 May 2017.

The small-cap company has equity capital of Rs 57.39 crore. Face value per share is Rs 10.

Shares of McNally Bharat Engineering Company had gained 4.02% to settle at Rs 68.60 yesterday, 21 August 2017. The announcement of the new order win was made at fag end of the days trading session yesterday, 21 August 2017.

McNally Bharat Engineering Company said that the company has received an order for work of Engineering, Procurement and Construction (EPC) of 8 MTPA capacity Coal Handling Plant (CHP) with allied infrastructural facilities and Operation & Maintenance (O&M) of the CHP for initial two years and Supervision & Handholding for one year at Manoharpur Coal Mine of Odisha Coal and Power (OCPL) in the district of Sundargarh, Odisha.

McNally Bharat Engineering Company reported net loss of Rs 101.89 crore in Q1 June 2017, lower than net loss of Rs 196.98 crore in Q1 June 2016. Net sales fell 3.06% to Rs 379.94 crore in Q1 June 2017 over Q1 June 2016.

McNally Bharat Engineering Company is a engineering company engaged in providing turnkey solutions in the areas of power, steel, aluminum, material handling, mineral beneficiation, pyroprocessing, pneumatic handling of powdered materials including fly ash handling and high concentrate disposal, coal washing, port cranes, cement, oil & gas, civic and industrial water supply etc.

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Eros Worldwide sells 1.17 crore equity shares of Eros International Media
Aug 22,2017

Eros Worldwide FZ LLC, the promoter of Eros International Media has completed the sale of 1,17,16,850 equity shares of Eros International Media between April to August 2017 amounting to over $40 million to reduce its revolving credit facility. With the paydown from the sale of shares and internal accruals, the $123 million facility now stands reduced to approx. $45 million.

Post this sale and as of date, Eros Worldwide together with Eros Digital continue to own 60.47% of Eros International Media.

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123Stores ranks #689 in Inc. 5000 list
Aug 22,2017

Intrasoft Technologies announced that 123Stores, Inc., the multi-channel online retailer, had been placed by Inc. magazine on its 36th annual Inc.5000 list, which honors the nations fastest-growing companies.

123Stores was ranked #689 on the 2017 list, as compared to #1641 on the 2014 list and this is the second year that 123Stores has featured in this prestigious list. The 2017 Inc. 5000 is ranked according to percentage revenue growth, between 2013 to 2016.

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Shares of KIOCL get listed
Aug 22,2017

The equity shares of KIOCL (Scrip Code: 540680) are listed effective 22 August 2017 and admitted to dealings on the Exchange in the list of B Group Securities.

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Indias Exclusive Rights to Explore Polymetallic Nodules from Central Indian Ocean Seabed Basin Extended by Five Years
Aug 22,2017

Indias exclusive rights to explore polymetallic nodules from seabed in Central Indian Ocean Basin (CIOB) have been extended by five years. These rights are over 75000 sq. km of area in international waters allocated by International Seabed Authority for developmental activities for polymetallic nodules. The estimated polymetallic nodule resource potential is 380 million tonnes, containing 4.7 million tonnes of nickel, 4.29 million tonnes of copper and 0.55 million tonnes of cobalt and 92.59 million tonnes of manganese. This has been approved unanimously in the 23rd session of International Seabed Authority (ISA) concluded on August 18, 2017 at Kingston, Jamaica.

India is the first country to have received the status of a pioneer investor in 1987 and was allocated an exclusive area in Central Indian Ocean Basin by United Nations (UN) for exploration and utilization of nodules. India is one among the top 8-countries/ contractors and is implementing a long-term programme on exploration and utilization of Polymetallic Nodules through Ministry of Earth Sciences. This includes survey and exploration, environmental studies, technology development in mining and extractive metallurgy, in which significant contributions have been made.

While, the extraction of metals from the polymetallic nodules lying at the deep ocean floor is not yet found to be economically viable at this stage, an area of about 7860 square km has been identified in the CIOB for the First Generation Mine Site on the basis of detailed surveys and analysis. Environmental studies for mining of deep-sea polymetallic nodules were also carried out to evaluate the possible impacts of mining on deep-sea environment.

A Remotely Operable Submersible (ROSUB 6000), capable of operating at 6000 m water depth was also developed and tested successfully at a depth of 5289 m. A remotely operable in-situ soil testing equipment was also developed for obtaining detailed geotechnical properties of the mining area at CIOB and tested successfully at 5462 m water depth.

A mining system is under development which has been tested for 500m water depth. Metallurgical process routes for extracting copper, nickel and cobalt from polymetallic nodules have been developed and tested in a demonstration pilot plant set up on semi-continuous basis at Hindustan Zinc Limited, Udaipur with a capacity to process 500 kg nodules per day.

International Seabed Authority (ISA) is a UN body set up to regulate the exploration and exploitation of marine non-living resources of oceans in international waters. India actively contributes to the work of International Seabed Authority. Last year, India was re-elected as a member of Council of ISA. Indias nominees on Legal and Technical Commission and Finance Committee of the ISA were also elected last year.

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Shares of Ashok Masala Mart get listed
Aug 22,2017

The equity shares of Ashok Masala Mart (Scrip Code: 540681) are listed effective 22 August 2017 and admitted to dealings on the Exchange in the list of M Group Securities.

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Lupin in focus after getting EIR for Aurangabad facility
Aug 22,2017

Lupin announced that it has received notification that the inspection carried out by the USFDA in April 2017 at its Aurangabad facility is now closed and the agency has issued an Establishment Inspection Report (EIR). This closes all outstanding USFDA inspections at Lupins Aurangabad facility. The announcement was made after market hours yesterday, 21 August 2017.

ONGC said that the companys board of directors considered the proposal for acquisition of 51.11% of share of HPCL from the Government of India and given the in principle approval for the same. Further, the board has constituted a Committee of Directors to examine various aspects of the proposal and to provide its recommendations to the board of directors. The announcement was made after market hours yesterday, 21 August 2017.

Biocon announced the transfer of the Biosimilars business of the company by way of a slump sale as going concern to Biocon Biologics, a step down subsidiary of the company. The announcement was made after market hours yesterday, 21 August 2017.

GTPL said that a special committee of the board of directors approved the acquisition of remaining 49% stake in GTPL Deesha Cable Net, making it a wholly owned subsidiary of the company. The announcement was made after market hours yesterday, 21 August 2017.

Aarti Drugs said that goods and services tax (GST) transition affected the domestic sales heavily in June quarter leading to decline in local sales to the extent of approximately 18%. However, there was good demand growth in export markets recording the volume growth of around 20.5% and the value growth of around 5.5% due to lower foreign exchange rate.

Consolidated profit after tax for the quarter ended June 2017 is Rs 11.38 crore and consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) for the quarter ended June 2017 is Rs 35.46 crore. Despite of the lower profit due to GST transition impact, debt/equity ratio was maintained at 1.13 as of June 2017. Lower domestic sales affected the absolute gross contribution due to which operating margins were affected temporarily in this quarter.

The company is confident to face US Food and Drug Administration (USFDA) audit in recent future. Approvals for three of its products for European markets and marketing authorization of Zolpidem and Celecoxib tablets in UK and Ireland will positively impact the exports in future. The company has just commissioned centralized multiple effect evaporator systems to reduce the effluent streams, thus positively contributing towards the cleaner environment. The announcement was made after market hours yesterday, 21 August 2017.

Reliance Capital will be watched. Reliance Home Finance is proposed to be independently listed on stock exchange, subject to regulatory approvals. Nearly 1 million shareholders of Reliance Capital will be allotted one free share of Reliance Home Finance for every one share held in Reliance Capital. The announcement was made after market hours yesterday, 21 August 2017.

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Asia Pacific Market: Stocks down on weak global lead
Aug 21,2017

Asia Pacific share market mostly ended lower on first trading session of the week, Monday, 21 August 2017, as uncertainty over Trumps policy management and wariness over Korean Peninsula geopolitical risks kept investors in a wait-and-see mode. The MSCI Asia Pacific Index lost 0.1% to 159.04.

Asian market tracked negative lead from the US counterparts, after all three main New York indexes ending in the red as Mr Trumps struggles continue. Investors were fretting over the outlook for Trumps plans on tax reform and other pro-business measures, as his support from corporate America has evaporated following his heavily criticised response to a white supremacist rally in Virginia on August 12.

There are fears Mr Trumps promises of tax reform and other pro-business measures will not see the light of day, with his support from corporate America damaged by his much-criticised response to a white supremacist rally in Virginia last weekend. The White House turmoil continued Friday after his top adviser Steve Bannon was dismissed - marking the fifth high-profile casualty in Trumps inner circle in just six months. There has also been talk that his economic adviser Gary Cohn would step down, further dragging confidence.

Also, investor sentiment dampened due to geopolitical concerns as US-South Korea military drills begin. As per reports, joint US-South Korea military exercises take place from 21 August to 31 August 2017. This exercise comes on the back of a ramp up in geopolitical tensions earlier this month after a heated exchange of rhetoric between President Donald Trump and Pyongyang.

Central bank heads from around the world will descend on Jackson Hole, Wyoming this week for an annual conference, which will be tracked for clues about future policy, with the eurozones top banker Mario Draghi of interest as the blocs economy picks up the pace.

Among Asian bourses

Australia Stocks end in the red

Australian equity market tumbled on first trading session of the week, as risk sentiments weakened on tracking drop on Wall Street last Friday amid increasing doubts about the Trump administrations ability to deliver its economic agenda. At the close, the S&P/ASX 200 lost 0.55%. Falling stocks outnumbered advancing ones on the Sydney Stock Exchange by 686 to 483 and 376 ended unchanged. The S&P/ASX 200 VIX, which measures the implied volatility of S&P/ASX 200 options, was up 6.34% to 14.932.

Financial stocks were the biggest drag on mirroring a reflection of the sell-off we saw in the United States, with the Big Four banks - Westpac, Commonwealth Bank of Australia, National Australia Bank and Australia and New Zealand Banking Group down between 0.6% and 1.3%.

The healthcare sector was dragged down by a 1.4% and 1.9% fall in shares of CSL and Sonic Healthcare respectively.

The metals and mining index clocked minor gains, supported by firm commodity prices. Chinas iron ore futures climbed nearly 7% on Friday and oil prices continued to extend gains from last week. Major miners BHP Billiton and Rio Tinto gained as much as 1% and 1.6%, respectively. Fortescue Metals Group gained as much as 6.7% after the company reported a 113% rise in full-year net profit.

BlueScope Steel tumbled 22.6% after downgrading its earnings forecast and revealing that it was the subject of an ACCC investigation. BlueScope expected net profit for first half of FY2018 to be lower than second half of FY2017.

Nikkei drops on weak global cues

The Japan share market finished down for fourth session in row, following some sizable declines worldwide at the end of last week, with financial and export-dependent stocks being notable losers. The 225-issue Nikkei Stock Average dropped 77.28 points, or 0.4%, to 19,393.13, marking its lowest close since early May. The broader Topix index of all First Section issues on the Tokyo Stock Exchange, meanwhile, closed 2.17 points, or 0.14%, lower at 1,595.19. Rising issues outpaced falling ones by 1,038 to 852 on the First Section. On the main section on Monday, 1,406.90 million shares changed hands, dropping from Fridays volume of 1,671.73 million shares. The turnover on the first trading day of the week came to 1,753.4 billion yen.

The stronger yen battered export-dependent stocks. Game giant Nintendo was down 0.8% at 35,810 yen, while Sony dipped 1.3% to 4,170 yen.

Financial stocks such as banks, securities and insurers were lower, with Mitsubishi UFJ Financial Group dropping 1.3%, Nomura Holdings sliding 1.9% and Dai-ichi Life Holdings falling 1.6%.

Bucking the weaker broader trend, mining shares rose, with Inpex Corp advancing 1.5% and Japan Petroleum Exploration Co adding 0.6% after oil prices held on to Fridays big gains.

Japans major maritime shipper Nippon Yusen KK soared 1.9% after reports that the company is preparing to resume dividend payments for the current fiscal year, after no payouts were offered last year. The company secured cash by transferring funds from capital surplus to retained earnings in June, the reports said.

China Market gains; Unicom, Chalco leads

The Mainland China equity market ended higher, with investor optimism over strong corporate earnings and gains in telecoms group China Unicom after the countrys securities regulator granted special dispensation to its $11.7 billion ownership reform plan. The Shanghai Composite Index rose 0.6% to 3,286.9 at the close, extending a 1.9% gain last week. The CSI 300 Index advanced 0.4% to 3,741.

China Unicom Network Communications surged by the daily limit of 10%. Its shares had been suspended since April 5. The China Securities Regulatory Commission (CSRC) said late on Sunday that it would treat as an exceptional case a plan by China Unicom Network Communications to tap more than a dozen major investors, including Alibaba Group, Tencent Holdings and Baidu, for funding.

China United, the nations second largest mobile-phone operator that owns Hong Kong-listed China Unicom, is the latest state owned enterprise (SOE) to undergo a revamp after the merger of the countrys two biggest makers of high-speed trains three years ago. Creating bigger state players and introducing outside strategic investors serve President Xi Jinpings goal of bolstering profitability and efficiency of Chinas bloated SOEs. China United jumped 10% to 8.2 yuan, as the stock resumed trading after being suspended since April. The company said in a statement that strategic investors including Tencent Holdings and Baidu will buy up to 9 billion shares in the company for 61.7 billion yuan (US$9.3 billion)

Aluminum Corp of China (Chalco) was up 7.7% after its president said it had raised output to take advantage of capacity cuts at private rivals. Chalcos announced last week that first-half net profit rose more than tenfold year-on-year, driven by high aluminium prices.

Joyoung, the nations biggest maker of soybean-milk machines, soared 10% to 20.13 yuan and Yantai Zhenghai Magnetic Material jumped 10% to 11.83 yuan. The two companies interim results showed Chinas pension fund has emerged as their major shareholders in the second quarter. It was the first time that the nations pension fund showed up as listed companies substantial shareholders after it was allowed to invest in mainland-listed shares, with the initial investment estimated at 15 billion yuan.

Hong Kong Stocks end higher

The Hong Kong stock market finished up, registering first gains in the last three sessions, with expectations for ownership reform at Chinese state-owned companies helping lift mainland companies in the city. The Hang Seng Index advancing 0.4%, or 107.1 points, to 27,154.7, while Hang Seng China Enterprises Index also gaining 0.5% to 10,751.5. Turnover decreased slightly to HK$81.88 billion from HK$84.5 billion on Friday.

AAC Technologies Holdings advanced ended up 4.7% to HK$117.5, registering the gauges biggest%age gainer of the day on expectations over its first-half earnings. Credit Suisse Group raised the rating of a supplier of Apple to outperform from neutra, citing valuation laggards in the sector and potential new designs.

Oil producer company Cnooc ended up 3.9% to HK$9, the biggest contributor to the indexs point gains, after a jump in crude oil prices Friday.

China Unicom (00762) surged 3.5% to HK$12.36 after the China Securities Regulatory Commission approved the companys proposed mixed ownership reform.

Sunace China Holding, the property developer owned by Sun Hongbin, ended up 6.7% to HK$19.1 after saying first-half profit may have jumped more than 15 times from a year earlier on project acquisitions and an increase in profit margin.

Ping An (02318) edged up 0.7% to HK$69.65. The insurer reported its interim earnings on Thursday. Both Macquarie Research and BOCI raised their respective target prices for the insurer.

Macau gaming counters were generally softer. Galaxy Entertainment (00027) edged down 0.8% to HK$47.3. SJM Holdings (00880) dipped 2.2% to HK$6.79.

Sensex slides on weak global cues

Indian stock market registered losses, extending previous trading sessions slide. The barometer index, the S&P BSE Sensex, fell 265.83 points or 0.84% to settle at 31,258.85. The Nifty 50 index fell 83.05 points or 0.84% to settle at 9,754.35. Weakness in global stocks weighed on sentiment on the domestic bourses. Sharp fall in software pivotal Infosys also weighed on key indices. Pharma stocks declined.

The Reserve Bank of India (RBI) Governor Urjit Patel on Saturday, 19 August 2017 reportedly called for recapitalisation of state-run banks to help them resolve the non-performing assets (NPAs) issue in a time-bond manner. The government and the RBI are working together to comprehensively address the issue of NPAs through a multi-pronged approach, Urjit Patel reportedly said.

ICICI Bank fell 0.02% at Rs 293 after the bank announced revision in interest rates on savings bank accounts with effect from 19 August 2017. Interest rate on deposits below Rs 50 lakh revised to 3.5%. Interest rate on deposits of Rs 50 lakh and above remains unchanged at 4%. The announcement was made after market hours on Friday, 18 August 2017.

Pharma stocks declined. Piramal Enterprises (down 3.22%), Glenmark Pharmaceuticals (down 2.83%), Dr Reddys Laboratories (down 2.51%), Wockhardt (down 2.43%), Sun Pharmaceutical Industries (down 2.01%), Lupin (down 1.91%), Divis Laboratories (down 1.84%), Cipla (down 0.88%), Strides Shasun (down 0.71%), IPCA Laboratories (down 0.67%), GlaxoSmithKline Pharmaceuticals (down 0.25%), Cadila Healthcare (down 0.1%) and Alkem Laboratories (down 0.02%), edged lower.

Aurobindo Pharma lost 1.28% to Rs 695.50. The company said it has received tentative approval from the US Food & Drug Administration (USFDA) under the US Presidents Emergency Plan for AIDS Relief (PEPFAR) for its New Drug Application for Dolutegravir, Lamivudine and Tenofovir Disoproxil Fumarate (TLD) tablets, 50mg/300mg/300mg.

IT major Infosys slumped 5.37% at Rs 873.50 on media reports that four US law firms said they would be investigating claims on behalf of Infosys investors whether some of the officers and directors of the company engaged in securities fraud. This development follows the sudden resignation of CEO Vishal Sikka and the steep drop in share prices on Friday, 18 August 2017.

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Australia Stocks end in the red
Aug 21,2017

Australian equity market tumbled on first trading session of the week, Monday, 21 August 2017, as risk sentiments weakened on tracking drop on Wall Street last Friday amid increasing doubts about the Trump administrations ability to deliver its economic agenda. At the close, the S&P/ASX 200 lost 0.55%. Falling stocks outnumbered advancing ones on the Sydney Stock Exchange by 686 to 483 and 376 ended unchanged. The S&P/ASX 200 VIX, which measures the implied volatility of S&P/ASX 200 options, was up 6.34% to 14.932.

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Nikkei drops on weak global cues
Aug 21,2017

The Japan share market finished down for fourth session in row on Monday, 21 August 2017, following some sizable declines worldwide at the end of last week, with financial and export-dependent stocks being notable losers. The 225-issue Nikkei Stock Average dropped 77.28 points, or 0.4%, to 19,393.13, marking its lowest close since early May. The broader Topix index of all First Section issues on the Tokyo Stock Exchange, meanwhile, closed 2.17 points, or 0.14%, lower at 1,595.19. Rising issues outpaced falling ones by 1,038 to 852 on the First Section. On the main section on Monday, 1,406.90 million shares changed hands, dropping from Fridays volume of 1,671.73 million shares. The turnover on the first trading day of the week came to 1,753.4 billion yen.

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