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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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Artificial Intelligence is the need of the hour: ASSOCHAM-PwC study
Mar 16,2017

Effectiveness of Artificial Intelligence (AI), machine learning, robotics and cognitive automation in direct proportion bestow rise in the quality and quantity of training data that the systems are exposed to, the conditions are ripe for India to emerge as a leader in AI, said an ASSOCHAM-PwC paper.

India is already on the path of a digital revolution and the next step is utilising the big data generated to take intelligent decisions. This requires close collaboration between academia, the private sector and public sector in order to understand problems holistically and solve them, , the ASSOCHAM-PwC joint study on Artificial Intelligence and Robotics - 2017 noted.

AI augmented manufacturing operations can employ more reliable demand forecasting, a flexible and responsive supply chain, quicker changes in operations, and more accurate scheduling and inventory optimisation. Other benefits involve creation of smarter, quicker and environmentally sound processes. This can lead to increased productivity and quality, lower costs and a more robust health and safety framework.

The application of AI in the field of defence and security includes protection of infrastructure such as airports, power plants and economic sectors that are vulnerable to attacks, detecting anomalous behaviour in individuals, and using distributed sensors and pattern recognition to predict infrastructure disruptions through natural/man-made causes, adds the study.

The security games framework is based on computational game theory, combined with elements of human behaviour modelling. Given the limited security resources and different high value targets, game-based decisions provide a randomised collection or patrolling schedule based on weights of targets and intelligent reactions of adversaries to security postures.

AI shows remarkable potential in aiding control and remedial actions in the aftermath of environmental and man-made disasters. It can assist in optimising mobile networks and smart bandwidth allocation to ensure network service continuity in the midst of catastrophic events that are usually followed by a spike in communication and jammed networks.

Unmanned drones and satellite feeds combined with image processing and recognition can be used in infrastructure damage assessments and predictions based on structural stability and traffic congestion avoidance through adaptive routing while equipping and deploying disaster management teams. Opportunities for AI intervention also reside in processing social media feeds to gauge location-specific urgency and send targeted alerts to minimise loss of life and property, pointed the study.

A key area of AI intervention in logistical operations involves adaptive scheduling of deliveries and routing of vehicles. Advanced logistics and supply chains are being created using expert decision systems. Products can be transported more efficiently through vision-based driver assist and automated/robotic systems. This has made transportation less susceptible to disruptions caused by weather, traffic and unnatural events.

Some of the major areas of application of AI in the banking and financial services sector include early detection of financial risk and systemic failures, and automation to reduce malicious intent in financial systems, such as market manipulation, fraud, anomalous trading and reduction in market volatility and trading costs.

AI can improve the efficiency of operations in the travel and transportation sector by bringing improved safety through structural health monitoring and infrastructure asset management that can pay dividends in terms of reduced cost of repairs and reconstruction and real-time route information, thereby reducing energy usage and emissions.

Agriculture is another sector that can greatly benefit from intelligent solutions by using smarter production, processing, storage, distribution and consumption mechanisms. AI solutions can also help provide site-specific and timely data about crops to enable application of appropriate inputs such as fertilisers and chemicals, highlighted joint study.

Consumer goods and services was one of the initial areas of AI adoption in India and currently accounts for a significant share of private sector application. To enable consumers to find better products at low prices, machine learning algorithms are being deployed for better matching of supply with consumer demand.

Efficient usage of bandwidth and storage, improved filtering, web searches and language translation are some of the benefits of employing AI systems in the communication and social media sector. AI can enhance scientific research and experimentation by assisting scientists and engineers in reading publications and patents, generating hypotheses and testing them through the usage of robotic systems.

Large parts of the country experience a dearth of academicians and teachers when it comes to making education effective for students across a gradient of social and cognitive abilities. AI solutions can meaningfully intervene by means of adaptive tutoring based on the receptiveness of students and accurate gauging of development of students complemented by in-person classroom learning.

Evidence-based treatment and medication require a level of precision that helps patients develop confidence and trust in their doctorsn++an area where mere manual experience and judgment may be supplemented with AI.

With the vast volume of information-processing capabilities required for fields such as bioinformatics, using AI-based algorithms and solutions is inevitable. AI application in healthcare, medicine and biotechnology includes supporting systems to identify genetic risks from large-scale genomic studies, predicting safety and efficacy of newly launched drugs, providing decision support for medical assessments and prescriptions and tailoring drug administration to the individual patient.

Some of the areas where AI can improve legal processes include improved discovery and analysis based on law case history and formulation of legal arguments based on identification of relevant evidence.

Cognitive technologies are being deployed by firms to largely automate the task of going through stacks of documents to identify key terms, which has until now been a time-consuming manual process. NLP technology reads and understands key points in the documents. Machine-learning technology makes it possible to train the system on a set of sample documents so that it learns how to identify and extract information in an automated manner.

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Ashoka Buildcon jumps as subsidiary emerges as lowest bidder for road project
Mar 16,2017

The announcement was made during market hours today, 16 March 2017.

Meanwhile, the S&P BSE Sensex was up 187.74 points, or 0.64%, at 29,585.85

On the BSE, 1.29 lakh shares were traded on the counter so far as against the average daily volumes of 35,031 shares in the past one quarter. The stock hit a high of Rs 199.65 in intraday trade so far, which is 52-week high for the counter. The stock had hit a low of Rs 185.25 so far during the day. The stock had hit a 52-week low of Rs 111 on 7 April 2016.

The mid-cap company has equity capital of Rs 93.57 crore. Face value per share is Rs 5.

Ashoka Buildcon said that the companys subsidiary Ashoka Concessions (ACL) had submitted its bid to National Highways Authority of India (NHAI) for the project involving six laning from Ranastalam to Anandpuram (Visakhapatnam) in Andhra Pradesh under NHDP Phase - V (Package II) on Hybrid Annuity Mode Project (Project). ACL has emerged as the lowest bidder at the financial bid opening meeting, Ashoka Buildcon said. The bid project cost quoted by ACL is Rs 1187.10 crore, the company said.

Ashoka Buildcons net profit rose 114.68% to Rs 42.70 crore on 17.2% rise in net sales to Rs 517.74 crore in Q3 December 2016 over Q3 December 2015.

Ashoka Buildcon is a leading highway concessionaire and engineering, procurement and construction (EPC) company.

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NMDC drops ex-dividend
Mar 16,2017

Meanwhile, the S&P BSE Sensex was up 192.25 points or 0.65% at 29,590.36

On the BSE, 5.01 lakh shares were traded on the counter so far as against the average daily volumes of 3.01 lakh shares in the past one quarter. The stock had hit a high of Rs 139.05 and a low of Rs 136.55 so far during the day. The stock had hit a 52-week high of Rs 152.50 on 2 March 2017 and a 52-week low of Rs 85.30 on 2 June 2016.

The large-cap company has equity capital of Rs 316.39 crore. Face value per share is Re 1.

Before turning ex-dividend, the NMDC stock offered a dividend yield of 2.94% based on the closing price of Rs 140.75 yesterday, 15 March 2017.

NMDCs net profit rose 41.33% to Rs 595.16 crore on 64.61% growth in net sales to Rs 2497.86 crore in Q3 December 2016 over Q3 December 2015.

NMDC is Indias largest public sector iron ore producer. As per the shareholding pattern, Government of India (GoI) holds 74.94% stake in NMDC as on 31 December 2016.

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Government to Amend EPF Scheme, 1952 to Enable EPF Members to Withdraw upto 90 Percent Fund for Purchase of House
Mar 16,2017

The Government has taken a decision for modification in the Employees Provident Funds (EPF) Scheme, 1952 to add a new paragraph 68 BD under which a member of Employees Provident Fund (EPF), being a member of a co-operative society or a housing society having at least 10 members of EPF, can withdraw upto 90 per cent from the Fund for purchase of dwelling house/flat or construction of dwelling house/acquisition of site. Monthly installments for repayments of any outstanding payments or interest may also be paid from the amount standing to the credit of the member, to the Government/housing agency/primary lending agency or banks concerned.

The total number of Employees Provident Fund (EPF) member accounts as on 31 March 2016, as per Annual Report for 2015-16, is 17.14 crore. On an average, contributions have been received in respect of 3.76 crore members during the year 2015-16. The withdrawal facility from the Provident Fund (PF) account under the Scheme will be available to only those PF members who fulfill the conditions prescribed.

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Balkrishna Industries scales record high after huge bulk deal
Mar 16,2017

Meanwhile, the S&P BSE Sensex was up 152.14 points, 0.52% to 29,550.25

Bulk deal boosted volume on the scrip. On the BSE, 2.40 crore shares were traded on the counter so far as against the average daily volumes of 4.06 lakh shares in the past one quarter. The stock hit a high of Rs 1,449.55 in intraday trade so far, which is record high for the counter. The stock had hit a low of Rs 1,377.75 so far during the day. The stock had hit a 52-week low of Rs 574.10 on 29 March 2016.

The large-cap company has equity capital of Rs 19.33 crore. Face value per share is Rs 2.

Balkrishna Industries net profit rose 94.2% to Rs 185.69 crore on 25.7% increase in net sales to Rs 864.69 crore in Q3 December 2016 over Q3 December 2015.

Balkrishna Industries is a leading manufacturer in the off-highway tire market. The company has focused on specialist segments such as agricultural, construction and industrial vehicles as well as earthmoving, port and mining, ATV, and gardening applications.

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Rs. 31734 Crore Collected as Construction Workers Welfare Cess till 31st December 2016
Mar 16,2017

Rs. 31733.76 crore have been collected as Construction Workers Welfare Cess by the States/UTs upto 31.12.2016, at the rate of 1% of the cost of construction. Out of it Rs. 6872.51 crore has been spent.

The Building and Other Construction Workers Welfare Cess Act, 1996, provides for levy and collection of cess at such rate not exceeding two per cent but not less than one per cent of the cost of construction as the Central Government may notify. The cess has been levied and being collected at the rate of 1% of the cost of construction as notified by the Central Government in the Official Gazette.

The cess at the above rate is collected by the State Governments/ Union Territory Administrations and utilized for the welfare of the building and other construction workers by the State Building and Other Construction Workers Welfare Boards constituted by the State Governments/Union Territory Administrations under the Building and Other Construction Workers (Regulation of Employment and Conditions of Service) Act, 1996.

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PC Jeweller leads gainers in A group
Mar 16,2017

PC Jeweller jumped 7.64% to Rs 414.90 at 14:22 IST. The stock topped the gainers in the BSEs A group. On the BSE, 1.70 lakh shares were traded on the counter so far as against the average daily volumes of 11,000 shares in the past two weeks.

Suzlon Energy surged 7.04% at Rs 18.25. The stock was second biggest gainer in A group. On the BSE, 1.82 crore shares were traded on the counter so far as against the average daily volumes of 42.78 lakh shares in the past two weeks.

Steel Authority of India (Sail) advanced 6.16% to Rs 63.75. The stock was third biggest gainer in A group. On the BSE, 12.63 lakh shares were traded on the counter so far as against the average daily volumes of 7.47 lakh shares in the past two weeks.

JSW Steel gained 5.13% at Rs 192.50. The stock was fourth biggest gainer in A group. On the BSE, 6.79 lakh shares were traded on the counter so far as against the average daily volumes of 3.58 lakh shares in the past two weeks.

Reliance Capital rose 4.84% to Rs 583.35. The stock was fifth biggest gainer in A group. On the BSE, 7.49 lakh shares were traded on the counter so far as against the average daily volumes of 5.22 lakh shares in the past two weeks.

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L&T ascends after new overseas order win
Mar 16,2017

The announcement was made during market hours today, 16 March 2017.

Meanwhile, the S&P BSE Sensex was up 146.98 points or 0.5% at 29,545.09

On the BSE, 71,000 shares were traded on the counter so far as against the average daily volumes of 1.21 lakh shares in the past one quarter. The stock hit a high of Rs 1,574.40 and a low of Rs 1,555 so far during the day. The stock had hit a 52-week high of Rs 1,615 on 27 July 2016 and a 52-week low of Rs 1,164.50 on 16 March 2016.

The large-cap company has equity capital of Rs 186.59 crore. Face value per share is Rs 2.

L&T Electrical & Automation (LTEAFZE), the Competency Centre for L&T Electrical & Automation (E&A)s automation business in UAE, won a order worth Rs 500 crore from Qatar Rail Company (QRAIL) for Phase 1 of Doha Metro. The scope of the order encompasses supply, installation, testing, integration, commissioning and five years maintenance of a network-wide Building Automation and Control Systems (BACS) for 37 stations.

L&T Electrical & Automation (E&A) is a major business portfolio of L&T Group. E&As business basket comprises low and medium voltage switchgear and electrical systems, energy management systems and metering solutions, and automation solutions. LTEAFZE is a 100% subsidiary of L&T International FZE and a part of L&T Electrical & Automation.

L&Ts consolidated net profit rose 38.9% to Rs 972.47 crore on 1.7% growth in net sales to Rs 26018.15 crore in Q3 December 2016 over Q3 December 2015.

L&T is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services.

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Boost to Education: Cabinet approves setting up of 50 new Kendriya Vidyalayas in the country under Civil / Defence Sector
Mar 16,2017

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister ShriNarendra Modihas approved the proposal for opening of 50 new Kendriya Vidyalayas (KVs) under Civil / Defence Sector in the country keeping in view the high demand for these schools for their quality of education and excellent results.

The total project cost based on Kendriya Vidyalaya Sangathan (KVS) norms for the proposed 50 new KVs is Rs.1160 crore.

New KVs will be opened from classes I to V for which 650 regular posts shall be created in all 50 Kendriya Vidyalayas. The school grows every year with addition of one more higher class and, when the school grows upto class XII and becomes a full fledged school with two sections in each class, there shall be a requirement of about 4000 regular posts of various categories i.e., about 2900 teaching posts and about 1100 non-teaching posts. These new KVs when fully functional will provide quality education to approximately 50,000 students in addition to the approximately 12 lakh students already studying in present KVs.

The new KVs will address the educational needs of eligible students with high quality standards and will play a role of pace-setting educational institutions in the districts concerned.

Background:

The main objective of KVS is to cater to the educational needs of children of transferable Central Government employees including Defence and Para-military personnel by providing a common programme of education. There are at present 1142 functional KendriyaVidyalayas under the KVS including three abroad at Moscow, Kathmandu and Tehran.

The KendriyaVidyalayas are considered as model schools in the country in terms of physical infrastructure, teaching resources, curriculum and academic performance. KendriyaVidyalayas as pace setting schools have consistently turned out excellent academic performance as is evident from the Board Results of Class X and XII exams conducted by the Central Board of Secondary Education (CBSE).

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Cabinet approves sale of 24% equity holding in Lubrizol India Private Limited by Indian Oil to Lubrizol Corporation, USA
Mar 16,2017

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister ShriNarendra Modi gave its in-principle approval topermit Indian Oil Corporation Limited (Indian Oil) to sell its 24% equity in one of its Joint Venture Companies, M/s. Lubrizol India Private Limited (LIPL) to Lubrizol Corporation, USA (LC), the other Joint Venture Partner.

The sale will enable IOC to have long term association with its joint venture partner and thus LIPL to have access to the latest global additive technologies developed by Lubrizol Corporation, USA.

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Cabinet approves additional 2% Dearness Allowance / Dearness Relief due from January 2017
Mar 16,2017

The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi has approved release of an additional instalment of Dearness Allowance (DA) to Central Government employees and Dearness Relief (DR) to pensioners w.e.f. 01 January 2017. It has increased by 2% over the existing rate of 2% of the Basic Pay/Pension, to compensate for price rise.

This increase is in accordance with the accepted formula, which is based on the recommendations of the 7th Central Pay Commission.

The combined impact on the exchequer on account of both Dearness Allowance and Dearness Relief would be Rs. 5,857.28 crore per annum and Rs.6,833.50 crore in the Financial Year 2017-18 (for a period of 14 months from January, 2017 to February, 2018).

This will benefit about 48.85 lakh Central Government employees and 55.51 lakh pensioners.

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Volumes jump at Capital First counter
Mar 16,2017

Capital First clocked volume of 16 lakh shares by 13:24 IST on BSE, a 42.42-times surge over two-week average daily volume of 38,000 shares. The stock rose 1.66% to Rs 700.

Udaipur Cement Works notched up volume of 60.31 lakh shares, a 32.2-fold surge over two-week average daily volume of 1.87 lakh shares. The stock jumped 8.8% to Rs 25.35.

Thermax saw volume of 2.02 lakh shares, a 16.09-fold surge over two-week average daily volume of 13,000 shares. The stock rose 0.93% to Rs 875.

Aditya Birla Fashion and Retail clocked volume of 26.74 lakh shares, a 14.06-fold surge over two-week average daily volume of 1.90 lakh shares. The stock rose 2.66% to Rs 152.50.

PC Jeweller saw volume of 1.58 lakh shares, a 13.85-fold rise over two-week average daily volume of 11,000 shares. The stock surged 7.41% to Rs 414.

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Board of Venkys (India) appoints CEO and company secretary
Mar 16,2017

Venkys (India) announced that the Board of Directors in their meeting held on 16 March 2017 has appointed Jiwan Kumar Handa as the Chief Financial Officer of the Company with effect from 01 April 2017 and appointed Rohan Ajay Bhagwat as the Company Secretary and Compliance Officer of the Company with effect from 1 April 2017.

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NLC India announces cessation of director
Mar 16,2017

NLC India announced that Dr.Rajeev Ranjan,I.A.S., has relinquished his Directorship with effect from 6 March 2017.

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Reliance Capital proposes to set up new company for Health Insurance business
Mar 16,2017

Reliance Capital announced plans to separate out its retail Health Insurance business, from its General Insurance business, into a standalone, wholly owned subsidiary.

The Board of Directors of Reliance General Insurance Company (RGIL), a subsidiary of Reliance Capital (RCL), has approved this proposal, subject to necessary IRDA and other approvals.

Reliance Health Insurance, the proposed new company for Health Insurance business, will be a wholly owned subsidiary of Reliance Capital.

Reliance Capital has appointed Ravi Viswanath, with over 20 years global experience in health insurance, as proposed CEO of the new company.

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