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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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Pincon Spirit increases its captive logistics infrastructure
Mar 28,2017

Pincon Spirit announced that it has acquired 100 goods transport vehicles from Tata Motors for increasing its captive logistics infrastructure. With the ongoing implementation of West Bengal State Beverages Corporation in FY 2018, Pincon Spirit by adding on to the captive logistics infrastructure has equipped itself for catering to transportation of much greater volume of goods and also for cost curtailment in transportation which shall add on to incremental bottom line.

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Ind-Ra: Refinancing Risk of Real Estate Developers Seen Rising in FY18
Mar 28,2017

Falling sales have dimmed hopes of cash-strapped real estate developers for refinancing their debt obligations in FY18, says India Ratings and Research (India Ratings). The real estate sector has mainly relied on refinancing to meet its debt servicing obligations, given the negative cash flows. Such refinancing has provided a cushion for developers to hold prices despite slowing sales, and the high prices will further delay recovery in sales and cash flows. Ind-Ra believes sales are unlikely to revive in FY18 and refinancing will increasingly become difficult.

India Ratings had highlighted that real estate developers have been less reliant on bank credit and the growth in banking credit to the commercial real estate sector slowed down in FY17, with a growth of mere 0.4% since the start of the fiscal till 20 January 2017. The report had also highlighted that significant interest had been observed from non-banking finance companies and private equity investors for refinancing debt in the last three years.

Ind Ra notes that, finances of real estate developers continue to remain stretched due to elevated inventory and debt. India Ratings estimates that debt levels will further rise given the negative operating cash flows.

The Indian real estate market is currently grappling with a double whammy, one from the cash shortage caused by the impact of demonetisation and the second by the imminent introduction of the Real Estate Regulator (RERA). This, along with the increasing refinancing risk, would shake-up the sector, with developers with high leverage losing out. The sector also needs to undergo a structural change in the way it does business and move towards a model where projects are completed before sale. Such a structure would favour real estate companies having better access to funding. Larger players with access to multiple funding sources, such as NBFCs, PE funds and FDI in addition to banks are likely to have an advantage. This could lead to consolidation, which may be in the form of land sales or joint development of land with larger organised and well-funded developers.

This will usher in a new phase for the sector which is overcrowded with plenty of players with weak financials. We are likely to witness a series of joint developments and joint ventures between landowners and financially weak small developers with bigger, better-funded, better-organised players or weaker developers getting taken over by well-funded larger players, and struggling developers cashing in their land banks by selling them to players with stronger balance sheets and appetite for growth.

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IndusInd Bank hits record high
Mar 28,2017

Meanwhile, the S&P BSE Sensex was up 186.54 points or 0.64% at 29,423.69.

On the BSE, 38,000 shares were traded on the counter so far as against the average daily volumes of 89,173 shares in the past one quarter. The stock had hit a high of Rs 1,425 so far during the day, which is a record high. The stock hit a low of Rs 1,406.35 so far during the day.

The stock had hit a 52-week low of Rs 912 on 28 March 2016. It had outperformed the market over the past one month till 27 March 2017, advancing 6.23% compared with the Sensexs 1.47% rise. The scrip had also outperformed the market over the past one quarter, gaining 31.85% as against the Sensexs 11.53% rise.

The large-cap bank has equity capital of Rs 598.15 crore. Face value per share is Rs 10.

The target price of Rs 1,680 provides an upside of 19.8% over the stocks closing price of Rs 1,402.30 yesterday, 27 March 2017.

IndusInd Banks net profit rose 29.2% to Rs 750.64 crore on 22.9% growth in total income to Rs 4716.13 crore in Q3 December 2016 over Q3 December 2015.

IndusInd Bank is a leading private sector bank in India.

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Suven Life Sciences secures product patent
Mar 28,2017

Suven Life Sciences has secured a product patent from New Zealand corresponding to the New Chemical Entities (NCEs) for the treatment of disorders associated with Neurodegenerative diseases and the Patent is valid through 2033.

The granted claims of the patents are from the mechanism of action include the class of selective 5HT4 compounds and are being developed as therapeutic agents and are useful in the treatment of cognitive impairment associated with neurodegenerative disorders likeAlzheimers disease, Attention deficient hyperactivity disorder (ADHD), Huntingtons disease, Major Depressive disorder (MDD), Parkinson and Schizophrenia.

With these new patents, Suven has a total of twenty six (26) granted patents from New Zealand.

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Cairn India provides update on scheme of arrangement
Mar 28,2017

Cairn India announced that the Company has received all the required approvals in relation to the scheme of arrangement between Vedanta and Cairn India and their respective shareholders and creditors, save and except the approval of Reserve Bank of India for issuance of Redeemable Preference Shares to the Non- Resident shareholders of Cairn India. The scheme will be made effective upon receipt of approval of Reserve Bank of India.

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ICICI Bank allots 96,225 equity shares
Mar 28,2017

ICICI Bank has allotted 96,225 equity shares of face value of Rs. 2/- each on 27 March 2017 under the Employees Stock Option Scheme, 2000.

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NTPC moves up after board accords investment approval
Mar 28,2017

The announcement was made during market hours today, 28 March 2017.

Meanwhile, the BSE Sensex was up 173.80 points, or 0.60%, to 29,412.47.

On the BSE, 29,400 shares were traded in the counter so far, compared with average daily volumes of 4.32 lakh shares in the past one quarter. The stock had hit a high of Rs 165.35 and a low of Rs 164.35 so far during the day.

The stock had hit a 52-week high of Rs 177.80 on 27 January 2017. The stock had hit a 52-week low of Rs 125.05 on 7 April 2016. The stock had underperformed the market over the past one month till 27 March 2017, sliding 0.97% compared with the Sensexs 1.47% rise. The scrip had also underperformed the market over the past one quarter, gaining 2.19% as against the Sensexs 11.53% rise.

The large-cap company has equity capital of Rs 8245.46 crore. Face value per share is Rs 10.

NTPCs net profit fell 7.5% to Rs 2468.72 crore on 11.1% rise in net sales to Rs 19287.47 crore in Q3 December 2016 over Q3 December 2015.

NTPC, Indias largest power company, has presence in the entire value chain of power generation business. The government of India held 69.75% stake in the firm as per the shareholding pattern as on 31 December 2016.

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NBCC (India) launches e-auction for sale of commercial spaces in Nauroji Nagar, New Delhi
Mar 28,2017

NBCC (India) on behalf of Ministry of Urban Development (MoUD), GOI has launched sale of Commercial/Office spaces on freehold basis at Nauroji Nagar, New Delhi. The sale shall be opened to all through e-auction. The revenue generated from the sale will be utilized for redevelopment of Government colonies in Delhi.

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Colgate-Palmolive (India) fixes record date for 3rd interim dividend
Mar 28,2017

Colgate-Palmolive (India) has fixed 07 April 2017 as the Record Date for the purpose of Payment of Third Interim Dividend.

The said interim dividend declared by the Board at their Meeting held on 27 March 2017 will be paid on 21 April 2017.

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Board of Mindtree recommends dividend
Mar 28,2017

Mindtree announced that the Board of Directors of the Company at its meeting held on 27 March 2017, inter alia, have recommended the dividend of Rs 2 per equity Share (i.e. 20%) , subject to the approval of the shareholders.

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Jindal Steel & Power to hold board meeting
Mar 28,2017

Jindal Steel & Power will hold a meeting of the Board of Directors of the Company on 30 March 2017, to consider various modes of fund raising by way of preferential allotment of securities to different entities including the promoter(s)/promoter group entity(ies).

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Jagran Prakashan inches up after brokerage rating
Mar 28,2017

Meanwhile, the S&P BSE Sensex was up 166.13 points or 0.57% at 29,403.28. The BSE Mid-Cap index was up 94.59 points or 0.68% at 13,906.67.

On the BSE, 18,000 shares were traded on the counter so far as against the average daily volumes of 36,770 shares in the past one quarter. The stock had hit a high of Rs 180.75 and a low of Rs 178.25 so far during the day.

The stock had hit a record high of Rs 213 on 8 September 2016 and a 52-week low of Rs 149.55 on 29 March 2016. It had underperformed the market over the past one month till 27 March 2017, sliding 5.27% compared with the Sensexs 1.47% rise. The scrip had also underperformed the market over the past one quarter, gaining 6.95% as against the Sensexs 11.53% rise.

The mid-cap company has equity capital of Rs 65.38 crore. Face value per share is Rs 2.

The target price of Rs 212 provides an upside of 19.74% over the stocks closing price of Rs 177.05 yesterday, 27 March 2017.

Jagran Prakashans net profit rose 25.6% to Rs 89.13 crore on 5.7% growth in net sales to Rs 488.67 crore in Q3 December 2016 over Q3 December 2015.

Jagran Prakashan is a leading media and communications group with interests spanning across newspapers, radio, magazines, outdoor advertising, promotional marketing & event management, and digital businesses.

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Indian FX, debt markets closed
Mar 28,2017

Indias currency markets were closed on Tuesday (28 March 2017) for a public holiday. The trading will resume on Wednesday.

Earlier, the rupee closed higher at 65.0350/0450 per dollar on Monday, near its one-and-a-half year high.

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US stocks end in mixed fashion
Mar 28,2017

U.S. stocks overcame steep losses on Monday, 27 March 2017 but the Dow Industrials and S&P 500 still closed lower as investors reassessed the prospects for President Donald Trumps ambitious economic agenda after a Republican plan to repeal and replace Obamacare was scrapped last week.

The Dow Jones Industrial Average marked its longest losing streak since August 2011 with eight straight declines, closing down 45.74 points or 0.2%, at 20,550.98, after overcoming an earlier 184-point deficit. The S&P 500 slid 2.39 points, or 0.1%, to close at 2,341.59, as seven out of 11 sectors finished lower. The Nasdaq Composite Index closed up 11.64 points, or 0.2%, at 5,840.37, overcoming an earlier 59-point deficit.

Telecom and financial shares led decliners, while health-care and materials stocks led advancers. The benchmark index has finished down seven out of the past eight sessions. Earlier in the session, the equity gauge had been down by as many as 22 points.

The blue-chip average was led lower by shares of Chevron and Goldman Sachs.

Last weeks health care hiccup fostered some bearish undertones on Monday morning, but investors were largely able to shake off the concerns to start the week unscathed. The Nasdaq settled 0.2% higher while the S&P 500 and the Dow finished with losses of 0.1% and 0.2%, respectively.

With health care reform in the rear-view mirror, lawmakers will now turn their attention to a major catalyst in the stock markets post-election rally--tax reform.

At the top of the days sector standings was the health care space as the demise of the American Health Care Act puts President Trumps pledge to lower drug prices into question. The technology, materials and consumer discretionary groups also settled in positive territory. Large-cap tech names like Apple, Microsoft, Alphabet, and Intel underpinned the top-weighted tech groups outperformance.

On the flip side, the lightly-weighted real estate and telecom services sectors settled at the bottom of the days leaderboard while the remaining groups, financials, industrials, energy, consumer staples, and utilities finished with losses between 0.1% and 0.5%.

In the Treasury market, U.S. sovereign debt settled in positive territory in a curve-flattening trade. The 10-yr yield (2.37%) finished four basis points lower while the 2-yr yield (1.25%) closed only one basis point below its unchanged mark.

On Monday, the ICE U.S. Dollar Index fell 0.5% to 99.151 after trading as low as 98.858, its lowest level in four months. Weakness in the dollar can provide a boost to dollar-denominated commodity prices.

Oil prices finished lower on Monday, 27 March 2017 pressured by another weekly rise in the U.S. oil-rig count and uncertainty over whether OPEC will extend its production cuts into the second half of the year.

May West Texas Intermediate crude fell 24 cents, or 0.5%, to settle at $47.73 a barrel on the New York Mercantile Exchangen++giving back nearly all of th e nearly 0.6% gain it saw on Friday. May Brent crude on the ICE Futures exchange in London eased by 5 cents, or 0.1%, to $50.75 a barrel.

Gold futures jumped on Monday, 27 March 2017 to finish at their highest level in a month as demand for assets perceived as risky waned, and the dollar dropped in the wake of GOP leaders failure to repeal and replace Obamacare. Gold for April delivery rose $7.20, or 0.6%, to settle at $1,255.70 an ounce. Futures prices havent settled at a level this high since 27 Feb 2017. May silver also gained 36 cents, or 2%, to $18.108 an ounce.

Investors did not receive any economic data on Monday. A handful of reports will be released on Tuesday, including February Advanced International Trade in Goods (consensus -$66.1 billion) and Advanced Wholesale Inventories (consensus 0.2%) at 8:30 ET, January S&P Case-Shiller Home Price Index (consensus 5.6%) at 9:00 ET, and March Consumer Confidence (consensus 113.3) at 10:00 ET.

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G E Shipping sails smoothly after taking vessel delivery
Mar 28,2017

The announcement was made after market hours yesterday, 27 March 2017.

Meanwhile, the S&P Sensex was up 133.51 points, or 0.46% at 29,370.66. The S&P BSE Mid-cap index was up 89.52 points, or 0.65% at 13901.60.

On the BSE, 27,000 shares were traded on the counter so far as against the average daily volumes of 39,282 shares in the past one quarter. The stock had hit a high of Rs 409.35 and a low of Rs 395 so far during the day.

The stock had hit a 52-week high of Rs 412.95 on 20 March 2017 and a 52-week low of Rs 296.60 on 24 June 2016. The stock had outperformed the market over the past one month till 27 March 2017, advancing 6.03% compared with the Sensexs 1.47% rise. The scrip had also outperformed the market over the past one quarter advancing 11.79% as against the Sensexs 11.53% rise.

The mid-cap company has equity capital of Rs 150.78 crore. Face value per share is Rs 10.

Great Eastern Shipping Company announced that the company has taken delivery of Secondhad Suezmax Crude Carrier n++Jag Lakshyan++ of about 1.57 lakh deadweight tons (dwt). The company had contracted to buy the vessel in December 2016.

With the inclusion of this vessel, the companys current fleet stands at 44 vessels, comprising 29 tankers and 15 dry bulk carriers with an average age of 9.42 years aggregating 3.69 million dwt. Additionally, the company has committed to purchase 1 Secondhand Supramax Dry bulk carrier.

Great Eastern Shipping Companys consolidated net profit fell 33.4% to Rs 238.36 crore on 23.2% decline in net sales to Rs 738.91 crore in Q3 December 2016 over Q3 December 2015.

GE Shipping has two main business: shipping and offshore. The shipping business is involved in transportation of crude oil, petroleum products, gas and dry bulk commodities. The offshore business services to the oil companies in carrying out offshore exploration and production activities, through its subsidiary Greatship (India).

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