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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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Direct Tax Collections up to October, 2016 show an increase of 10.6%
Nov 10,2016

The figures for Direct Tax Collections up to October, 2016 show that net collections are at Rs.3.77 lakh crore which is 10.6% more than the net collections for the corresponding period last year. Till October, 2016, 44.5% of the Budget Estimates of direct taxes for FY 2016-17 has been achieved.

As regards the growth rates for Corporate Income Tax (CIT) and Personal Income Tax (PIT), in terms of gross revenue collections, the growth rate under CIT is 11.6% while that under PIT (including STT etc.) is 18.6%. However, after adjusting for refunds, the net growth in CIT collections is 5.0% while that in PIT collections is 18.4%. Refunds amounting to Rs.93,836 crore have been issued during April-October, 2016, which is 32.2% higher than the refunds issued during the corresponding period last year.

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TCS announces change in Chairman
Nov 10,2016

Tata Consultancy Services announced about the following material events:

1. The Company has received a letter dated 09 November 2016 from Tata Sons Limited nominating Ishaat Hussain as the Chairman of the Board of Directors of the Company in place of Cyrus P. Mistry with immediate effect. In view of this, Mistry has ceased to be the Chairman of the Board of Directors of the Company and Hussain is the new Chairman of the Company. The Company has been further informed that Hussain shall hold office as Chairman of the Company until a new Chairman is appointed in his place.

2. Tata Sons has issued a special notice under Section 169 read with Section 115 of the Companies Act, 2013 and a requisition for convening an extraordinary general meeting of shareholders of the Company under Section 100(2) of the Companies Act, 2013 to consider a resolution for the removal of Cyrus P. Mistry as Director of the Company.

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Hinduja Global Solutions to pay 2nd interim dividend
Nov 10,2016

Hinduja Global Solutions announced that second Interim Dividend of Rs. 2.50 per equity share of Rs. 10/- each paid up for the Financial Year 2016-17 will be paid on or after 01 December 2016.

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Hinduja Global Solutions declares 2nd interim dividend of Rs 2.50
Nov 10,2016

Hinduja Global Solutions announced that the Board of Directors at their meeting held on 09 November 2016 declared second Interim Dividend of Rs. 2.50 per equity share of Rs. 10/- each paid up for the Financial Year 2016-17. The said Dividend will be paid on or after 01 December 2016.

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Poly Medicure to pay interim dividend for FY 2017
Nov 10,2016

Poly Medicure announced that interim dividend for the financial year 2016-17, of Re. 1.00/- (Rupee One Only) per Equity Share i.e. @20% (Twenty) on equity shares of Rs. 5.00/- each fully paid-up of the Company shall be paid to the shareholders on or before 08 December 2016.

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Board of Poly Medicure declares interim dividend of Re 1
Nov 10,2016

Poly Medicure announced that the Board of Directors of the Company at its meeting held on 09 November 2016, inter alia, has declared interim dividend for the financial year 2016-17, of Re. 1.00/- (Rupee One Only) per Equity Share i.e. @20% (Twenty) on equity shares of Rs. 5.00/- each fully paid-up of the Company.

The said interim dividend will be paid to the shareholders on or before 08 December 2016.

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Protocol amending the Double Taxation Amending Convention (DTAC) between India and Japan comes into force
Nov 10,2016

A Protocol amending the Double Taxation Avoidance Convention (DTAC) between India and Japan for the Avoidance of Double Taxation and the Prevention of Fiscal evasion with respect to taxes on income which was signed on 11th December, 2015 has entered into force on 29th October, 2016 on completion of procedural requirements by both countries. The Protocol amending the DTAC aims to promote transparency and cooperation between the two countries.

The Protocol provides for internationally accepted standards for effective exchange of information on tax matters including bank information and information without domestic tax interest. It is further provided that the information received from Japan in respect of a resident of India can be shared with other law enforcement agencies with authorization of the Competent Authority of Japan and vice versa.

The Protocol provides for exemption of interest income from taxation in the source country with respect to debt-claims insured by the Government/Government owned financial institutions.

The Protocol inserts a new article on assistance in collection of taxes. India and Japan shall now lend assistance to each other in the collection of revenue claims.

The existing Double Taxation Avoidance Convention (DTAC) between India and Japan was earlier signed on 7th March, 1989 and was notified on 1st March 1990. The DTAC was subsequently amended on 24th February, 2006.

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Indirect Tax Collections up to October 2016 register an increase of 26.7% over the net collections for the corresponding period last year
Nov 10,2016

The figures for indirect tax collections (Central Excise, Service Tax and Customs) up to October 2016 show that net revenue collections are at Rs 4.85 lakh crore which is 26.7% more than the net collections for the corresponding period last year. Till October 2016, 62.4% of the Budget Estimates of indirect taxes for Financial Year 2016-17 has been achieved.

As regards Central Excise, net tax collections stood at Rs.2.14 lakh crore during April-October, 2016 as compared to Rs.1.47 lakh crore during the corresponding period in the previous Financial Year, thereby registering a growth of 45.4%.

Net Tax collections on account of Service Tax during April-October, 2016 stood at Rs. 1.43 lakh crore as compared to Rs.1.12 lakh crore during the corresponding period in the previous Financial Year, thereby registering a growth of 26.9%.

Net Tax collections on account of Customs during April-October 2016 stood at Rs. 1.27 lakh crore as compared to Rs. 1.22 lakh crore during the same period in the previous Financial Year, thereby registering a growth of 4.1%.

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Cipla may drop on weak Q2 outcome
Nov 10,2016

Ciplas consolidated net profit dropped 34.75% to Rs 354.34 crore on 8.39% rise in total income to Rs 3778.25 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 9 November 2016.

Cipla said that Q2 September 2016 reflected improved profitability in base business driven by better product and geography mix. The company launched 6 new products during this quarter in the US market and continues to invest in building a niche and differentiated product portfolio, Cipla said. Commenting on the results, Umang Vohra, MD and Global CEO, Cipla said that the company continues to stay focused on building operational efficiencies and strengthening presence in priority markets.

Boschs net profit rose 79.2% to Rs 703.74 crore on 9.59% rise in total income to Rs 3026.96 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 9 November 2016.

Power Grid Corporation of Indias net profit rose 32.01% to Rs 1872 crore on 29.86% rise in total income to Rs 6480.20 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 9 November 2016.

Tata Consultancy Services announcd before market hours today, 10 November 2016, that the company has received a letter dated 9 November 2016 from Tata Sons nominating Ishaat Hussain as the Chairman of the board of directors of the company in place of Cyrus P. Mistry with immediate effect. In view of this, Mistry has ceased to be the Chairman of the board of directors of the company and Hussain is the new Chairman of the company. The company has been further informed that Hussain shall hold office as Chairman of the company until a new Chairman is appointed in his place. Tata Sons has issued a special notice and a requisition for convening an extraordinary general meeting of shareholders of the company to consider a resolution for the removal of Cyrus P. Mistry as Director of the company. It may be recalled that Tata Sons, promoters of the company, had replaced Cyrus Mistry as Chairman of Tata Sons with immediate effect. Ratan Tata was appointed as Interim Chairman of Tata Sons.

HDFC announced after market hours yesterday, 9 November 2016 that the company will issue secured, senior, redeemable non-convertible debentures worth Rs 2000 crore on private placement basis on 11 November 2016. The debentures carry coupon of 7.8% and tenor of 3 years. The proceeds would be utilized for financing/refinancing the housing finance business requirements of the company.

DCM Shriram announced after market hours yesterday, 9 November 2016 that the company has on 8 November 2016 commissioned additional captive power generation capacity at its chlor-alkali unit in Bharuch (Gujarat). The total coal based captive power generation at the Bharuch (Gujarat) unit now stands at 115 megawatts (MW). The increased power generation capacity will meet the power requirements of its chloro-alkali unit at Bharuch (Gujarat) wherein the expansion of chlor-alkali capacity to 1013 tonnes per day (TPD) was completed in October 2016.

Pidilite Industries consolidated net profit rose 13.1% to Rs 231 crore on 9.1% rise in gross sales to Rs 1522 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 9 November 2016.

JK Tyre & Industries consolidated net profit dropped 13.54% to Rs 100.15 crore on 5.26% rise in total income to Rs 2077.24 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 9 November 2016.

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Wall Street greets President Trump with cheer
Nov 10,2016

U.S. stocks rallied on Wednesday, 09 November 2016 with the Dow Industrials led by a surge in financial, health-care and industrial stocks, as investors bet on the infrastructure spending policy promised by President-elect Donald Trump. The rally on Wall Street was in contrast to sharp losses seen in the futures market before the market opened, as it became apparent that the Republican contender was close to pulling off a major upset in the U.S. presidential contest.

The Dow Jones Industrial Average gained as much as 316 points, briefly surpassing the all-time closing high set in August. The index closed 256.95 points, or 1.4%, higher at 18,589.69. The Nasdaq Composite advanced 57.58 points, or 1.1%, to 5,251.07. The S&P 500 index ended up 23.70 points, or 1.1%, at 2,163.26.

Big gains in health care, financials and industrials more than offset sharp losses in defensive sectors such as utilities and consumer staples. Technology stocks in general were weaker. Pfizer and Caterpillar led the gains, rallying more than 7%.

Dow futures plunged as much as 800 points late Tuesday and early Wednesday as Trump claimed victories in several key battleground states, while S&P 500 futures hit a trading limit, down 5%, the biggest futures decline allowed under CME Group rules.

Trumps acceptance speech early Wednesday mentioning Keynesian-style spending and sounding a touch more conciliatory than had been the case during his campaign appeared to reset investors expectations. He pledged to supporters gathered in New York City that he will n++be president for all Americans.n++ The President-elect also underscored that infrastructure spending will play a large role in his administration.

Equity indices showed marked resilience as the group erased marginal losses by mid-morning. Resilience in the broader market continued to stoke risk appetite as investors worked to price-in expectations of aggressive infrastructure spending and responded to a lower likelihood for price controls in the health care space.

Financials surged thanks to a jump in interest rates to their highest levels since January. Shares of Bank of America Corp surged 5.7%, Wells Fargo & Co. gained 5.4% while J.P. Morgan Chase rallied 4.5%.

Todays economic data was limited to the weekly MBA Mortgage Index and the Wholesale Inventory Report for September. The MBA Mortgage Index indicated that mortgage applications fell 1.2% in the week ending November 5. This followed a 1.2% decline in the prior week. Separately, wholesale inventories increased 0.1% month-over-month in September (consensus +0.2%) following an upwardly revised 0.1% decline (from -0.2%) in August. Wholesale sales were up 0.2% on the heels of an unrevised 0.7% increase in August.

The energy sector gained 1.5% as crude oil snapped a recent losing streak. The energy component rose following a mixed inventory report from the Department of Energy. The EIA reported that crude oil inventories increased by 2.43 million barrels (consensus: +1.33 million) while gasoline stockpiles fell by 2.84 million barrels (consensus: -1.03 million). WTI crude finished higher by 0.6% ($45.20/bbl; +$0.25).

Treasuries finished on a lower note as the long end of the curve underperformed. The yield on the 2-yr note finished higher by three basis points (0.90%) while the yield on the 10-yr note surged 22 basis points (2.08%).

Todays trading volume was above the average of 877 million as more than 1.39 billion shares changed hands at the NYSE floor.

Tomorrows economic data will be limited to the 8:30 ET release of weekly initial claims (consensus 262k) and the 14:00 ET release of the October Treasury Budget.

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More than one crore connections released under PMUY
Nov 09,2016

More than 1 crore connections being released under the ambitious scheme of Honble Prime Minister, Shri Narendra Modi to provide deposit free LPG connections in the name of women of BPL families in the country under n++Pradhan Mantri Ujjwala Yojanan++.

It was informed by the Honble Minister that in a short span of 6 months of implementation of the scheme, 638 districts of 35 States/UTs are covered under the scheme and more than 1.81 crore applications are received. Out of which 1.5 crore applications have been cleared and 1.01 crore connections are already given to the beneficiaries. Top 5 States which have accounted for maximum number of connections released under the scheme include Uttar Pradesh (34.55 lakh), Madhya Pradesh(13.32 lakh), Rajasthan (12.94 lakh), Bihar (10.34 lakh) and West Bengal (7.66 lakh). Further, the districts of Sitapur (1.29 lakh), Allahabad (1.26 lakh), Kushinagar (1.16 lakh), Unnao (87,752) and Gonda (84,173) topped the list of districts with highest number of connections released.

On an average, 22 - 25 lakh new connections are released every month across the country under PMUY. Further analysis of the refill purchase status of the beneficiaries revealed that more than 80% of the beneficiaries have purchased their refills. The major beneficiaries of this scheme are from weaker sections of the society i.e. SC/ST who accounted for 44% of the connections released.

The Minister also informed that a massive safety awareness campaign will be carried out over a period of 4 months starting from November to educate all LPG consumers on importance of safety following norms.

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Bharti Airtel provides update on proposed scheme of amalgamation
Nov 09,2016

Bharti Airtel announced that to with regard to the approval of the High Court Division of the Supreme Court of Bangladesh (High Court) on the Scheme of Amalgamation for the amalgamation of Airtel Bangladesh with Robi, in its order dated 21 September 2016, the High Court had inter alia directed both the Companies i.e Airtel Bangladesh and Robi to register the Scheme with Registry of Joint Stock Companies (RJSC) within four weeks from the date of order i.e 21 September 2016.

Subsequently, Robi has on 09 November 2016 received the extension from the High Court for registration of the Scheme with RJSC of four weeks from 09 November 2016.

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MSDE Announces Launch Of Pradhan Mantri Yuva Yojana To Scale Up An Ecosystem Of Entrepreneurship For Youngsters
Nov 09,2016

Marking the 2nd Foundation Day of Ministry of Skill Development and Entrepreneurship, Minister of State(I/C) for Skill Development and Entrepreneurship Shri Rajiv Pratap Rudy, launched the Pradhan Mantri YUVA Yojana, MSDEs flagship scheme on entrepreneurship education and training.

The scheme spans over five years (2016-17 to 2020-21) with a project cost of Rs. 499.94 crore, and will provide entrepreneurship education and training to over 7 lakh students in 5 years through 3050 Institutes. It will also include easy access to information and mentor network, credit, incubator and accelerator and advocacy to create a pathway for the youth.

Shri Rudy said, with this the government has taken important strides to scale up entrepreneurship in the country. He said, Pradhan Mantri YUVA Yojana has national and international best practices of learning in entrepreneurship education.

He said, MSDEs two institutions dedicated to entrepreneur education and training - NIESBUD and IIE- have trained more than 7 lakh trainees including 2,600 persons from more than 125 countries in the field of entrepreneurial skills till date. After becoming a part of this Ministry, these two institutes are now focusing on mentorship of budding entrepreneurs across the country. We have seen success so far and we are determined to create more opportunities of employment for our youth through this initiative,n++ he further added.

The institutes under the PMs YUVA Yojana include 2200 Institutes of Higher Learning (colleges, universities, and premier institutes), 300 schools, 500 ITIs and 50 Entrepreneurship Development Centres, through Massive Open Online Courses (MOOCs).

The announcement on scheme was made at a day-long national conference of State Ministers on n++Skilling with qualityn++ which saw more than 80% of the States making their representations. The conference emphasised on the need for strengthening institutional mechanisms for skill development at the State level and bringing in a more robust framework ensuring quality output, outcome and impact on the youth of our country.

The conference explained Ministry of Skill Development and Entrepreneurships (MSDE) efforts in ensuring alignment to common norms, district level committees, best practices, special projects, disadvantage groups and a robust model for monitoring and validation and emphasised the needs for States to come forward and handhold districts in making all skill initiatives a success at the local level.

MSDE communicated that it has plans to disburse around INR 7000 crore to states to help align them with the centres skill development agenda and work in conjunction with them to ensure a robust ecosystem.

Secretary MSDE Shri Rohit Nandan, said, Skills have to maintain a certain baseline standard and we should not get caught in the numbers. Skills cannot be compromised at any cost and States should partner with the Centre to verify and grade ITIs and Training Partners so that quality and standards can be maintained. The Sector Skill Councils (SSCs) will work closely with the local authorities and industries towards job aggregation. Those who perform well will be incentivised while those who do not perform will have to exit.

The conference also saw Shri Rajiv Pratap Rudy, unveil the guidelines for State Engagement under Pradhan Mantri Kaushal Vikas Yojana 2.0 (2016-2020) in the presence of State Ministers. The guidelines provide a framework for the State Governments role and processes, the funding support and the schemes implementation and monitoring mechanism. MSDE has allocated around 3000 crore of 25% from the funds earmarked for the Pradhan Mantri Kaushal Vikas Yojana (PMKVY) to the States, to achieve its target of training 10 million people over 4 years.

MSDE also unveiled the Lab Guidelines towards standardisation of lab equipment across skill development training centres in India at the conference. These guidelines specify the number of job roles that can be done in a lab, standard lab layout, and available brands of equipment which should be used. These guidelines will pave a pathway in increasing the employability of trained candidates across States ensuring industry standards.

Emphasising on the importance of being self-sustainable, MSDE announced the institutionalisation of National Entrepreneurship awards for first generation achievers below 30 years, for the very first time. The Entrepreneurship Awards are proposed to be given on 16 January 2017. The young entrepreneur will be awarded in various sectors contributing to the economy of our country. Equal emphasis has been given to recognize the meaningful contribution of ecosystem builders in this award process. Equal focus has been given to recognize young people from socially disadvantaged groups.

n++We believe that this initiative will motivate first generation entrepreneurs to improve and excel in their entrepreneurial pursuits, and inspire those who are a part of the countrys entrepreneurship ecosystem to excel even further,n++ said Secretary Shri Rohit Nandan.

States like Madhya Pradesh, Maharashtra, Bihar, Uttar Pradesh participating in the conference lauded the Centres endeavour to bring about convergence across regions and also shared their best practices on Quality Assurance for others to follow. States stated that the quality has to be engrained into the system right at the planning level and also ensured that the skilled workforce will be used for infrastructure and other developments within the region. State Minister from Uttar Pradesh also shared how there skilled workforce is being given international exposure by sending them abroad for training courses in skills like perfumery.

The Ministry also emphasised on increasing engagement with apprentices under the n++National Apprenticeship Promotion Schemen++ under which the Government of India will share 25% of prescribed stipend subject to a maximum of Rs. 1500 per month per apprentice with the employers. In addition, Government will also support basic training, which is an essential component of apprenticeship training. It was advised that States may create a State Apprenticeship Cell and encourage engagement of apprentices to the maximum of 10% of total strength of private establishments and State Public Sectors.

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Jamna Auto Industries gets ratings for credit facilities
Nov 09,2016

Jamna Auto Industries announced that ICRA has reaffirmed the rating of the Company for Lines of Credit on the long-term scale at [ICRA] AA- (pronounced ICRA double A minus) and on short term scale at [ICRA] A1+ (pronounced ICRA A one plus). Outlook on the long-term rating is stable. ICRA has also assigned the rating for commercial paper programme of the Company at Provisional [ICRA] A1+.

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Jamna Auto Industries to pay interim dividend
Nov 09,2016

Jamna Auto Industries announced that interim dividend will be paid on or before 09 December 2016.

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