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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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Kirloskar Pneumatic Company gets NCLT approval for scheme of arrangement and amalgamation
Apr 20,2017

Kirloskar Pneumatic Company announced that the Honble National Company Law Tribunal, Mumbai Bench on 19 April 2017 pronounced the order sanctioning the Scheme of Arrangement and Amalgamation between Kirloskar RoadRailer (transferor company 1), Pneumatic Holdings (transferor company 2) and Kirloskar Pneumatic Company (transferee company).

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Nalco nudges higher amid OFS by Govt
Apr 20,2017

Meanwhile, the S&P BSE Sensex was up 87.38 points or 0.3% at 29,423.95.

On the BSE, 9.29 lakh shares were traded on the counter so far as against the average daily volumes of 3.96 lakh shares in the past one quarter. The stock had hit a high of Rs 69.75 and a low of Rs 66.80 so far during the day.

The stock had hit a 52-week high of Rs 79.85 on 7 March 2017 and a 52-week low of Rs 40.25 on 20 May 2016. It had underperformed the market over the past one month till 19 April 2017, sliding 8.14% compared with the Sensexs 1.05% fall. The scrip had also underperformed the market over the past one quarter, declining 4.64% as against the Sensexs 7.43% rise.

The large-cap company has equity capital of Rs 966.46 crore. Face value per share is Rs 5.

National Aluminium Companys (Nalco) promoter, the Government of India (GoI) is selling upto 9.66 crore equity shares of the company, representing 5% stake with an additional option to sell up to 5% stake in the company in two trading sessions via offer for sale (OFS). The OFS for non-retail investors completed yesterday, 19 April 2017 and for retail investors and non-retail investors who chose to carry forward their un-allotted bids, the OFS is taking place today, 20 April 2017. The two-day OFS is through a separate, designated window on the stock exchanges.

The GoI held 74.58% stake in Nalco as per the shareholding pattern as on 31 March 2017.

The floor price for the OFS was fixed at Rs 67 per share. Retail investors will be allocated offer shares at a discount of 5% to the cut off price.

On the second day of the bidding for OFS today, 20 April 2017, as at 12:45 IST, bids were received for 2.44 crore shares from the retail investors, representing a subscription of 68.61%. The OFS received good response from non-retail investors category yesterday, 19 April 2017, with an oversubscription of 184.25%.

Shares of Nalco had tumbled 7.76% to settle at Rs 67.75 yesterday, 19 April 2017.

Nalcos net profit declined 2.7% to Rs 143.92 crore on 13.9% growth in net sales to Rs 1963.81 crore in Q3 December 2016 over Q3 December 2015.

State-run Nalco has integrated and diversified operations in mining, metal and power.

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Amended Mega Power Policy Potentially Unlocks Around INR40 Billion Funding to the Power Sector
Apr 20,2017

The extension by five years for complying with the Mega Power Policy 2009 norms will reduce contingent liabilities and free up banking limits to 25 mega power projects, thus granting them a fresh lease of life, says India Ratings and Research (Ind-Ra). Ind-Ra believes this will also in turn free up banks potential exposure to the power sector by around 3.50% or INR40 billion, providing them additional headroom to lend to the power sector. This is applicable to 25 mega power projects of around 32,330MW of coal and gas based power plants which have provisional certificates, but are awaiting the final mega power status. The projects would have needed additional debt or the sponsors may have had to inject additional equity to settle the bank guarantee obligations, which would have devolved in the absence of an extension in timeline as per Mega Power Policy. While the extension is likely to provide some comfort in terms of lower finance costs, the lack of long term Power Purchase Agreements (PPA) may prohibit these plants from availing the full benefits under the policy. For many projects it is kicking the can down the road until long term PPAs become a norm again, which Ind-Ra believes is unlikely in the near term.

The Cabinet Committee on Economic Affairs has extended the timeline available for furnishing the final mega certificates (from the date of receiving provisional mega certificates) to 120 months from the earlier 60 months from the date of import to avail all the benefits under the policy. Tax concession under the amended policy will be in the proportion of the long term PPA tied up, instead of requiring 85% or more long-term tie up (65% long term PPA by competitive bidding and 35% under regulated tariff as per specific host state policy for 15 out of 25 projects which have provisional mega status as per the earlier amendment). The proceeds out of the release of bank guarantees (submitted by the generators till the final mega status is received) have to necessarily be utilised towards reduction in project debt by the developer.

Most states have become averse to buying power on a long-term basis, since short-term tariffs are more economical. Ind-Ra expects long-term PPAs to be scarce, given the weak industry demand. Ten major power consuming states (contributing 65% to power demand of all distribution companies) have signed contracts for higher than the current annual demand, Ind-Ra estimates this will lead to a consolidated power surplus of 18%. Extension of the timeline to tie-up long term PPAs in the current challenging market is a breather for all the power plants which have a provisional mega power status but are awaiting the final conformation.

Ind-Ra estimates that the total reduction in potential banking exposure across these 25 power projects due to this amendment will be around INR40 billion. As per Ind-Ras sample set, bank guarantees submitted by these generators contingent on receiving the final mega status are on an average about 5.5% of the total project cost. Also, almost one third of project capacity of these 25 projects is tied up under long term PPAs and will be eligible for release of bank guarantees as per the terms and conditions of this amended Mega Power Policy. This amendment will reduce the contingent liabilities sitting on the balance sheets of these projects against the potential tax liability in the future. Freeing up of banking limits will also help these power plants to competitively bid for PPAs in the future.

Clarity however is still awaited in operationalising the policy, including aspects of reimbursements for taxes paid, treatment of PPAs (signed with home states for selling 35% power) which are not operationalised, among other details.

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Future Lifestyle Fashions allots 1,15,522 equity shares
Apr 20,2017

Future Lifestyle Fashions announced that the Nomination and Remuneration Committee of the Company vide its Circular Resolutions dated 19 April 2017, has approved the following: 1.Allotment of 1,15,522 Equity Shares of Rs.2/- each to eligible employee(s) under the FLFL Employee Stock Option Scheme 2013 (FLFL ESOS - 2013) of the Company. 2.Cancellation of 8,198 Options granted under the Companys Future Lifestyle Fashions Limited Employee Stock Option Plan 2015 (FLFL ESOP - 2015).

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Titaanium Ten Enterprise announces resignation of company secretary
Apr 20,2017

Titaanium Ten Enterprise announced the resignation of Pashmina Pradipkumar Chevli from the post of Company Secretary and Compliance Officer with effect from 20 April 2017.

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Pincon Spirit intimates of increase in production capacity
Apr 20,2017

Pincon Spirit announced that the monthly production capacity of Asansol Unit of the company has been increased from 12 lakh bottles to 40 lakh bottles. An auto line has also been installed which will help to boost the market penetration in South Bengal.

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GSFC advances on pact with Congo for chemical complex
Apr 20,2017

The announcement was made after market hours yesterday, 19 April 2017.

Meanwhile, the S&P BSE Sensex was up 85.83 points or 0.29% at 29,422.40. The S&P BSE Mid-Cap index was up 105.36 points or 0.73% at 14,495.62.

On the BSE, 1.60 lakh shares were traded on the counter so far as against the average daily volumes of 2.75 lakh shares in the past one quarter. The stock had hit a high of Rs 120.50 and a low of Rs 118.40 so far during the day.

The stock had hit a record high of Rs 131.70 on 3 April 2017 and a 52-week low of Rs 67 on 3 August 2016. It had underperformed the market over the past one month till 19 April 2017, sliding 5.7% compared with the Sensexs 1.05% fall. The scrip had also underperformed the market over the past one quarter, declining 3.6% as against the Sensexs 7.43% rise.

The mid-cap company has equity capital of Rs 79.70 crore. Face value per share is Rs 2.

Gujarat State Fertilizers & Chemicals (GSFC) said it has executed an in principle agreement (in the form of Non-binding term sheet) with Govt of Republic of Congo (ROC) on 17 April 2017 to evaluate the possibility of establishing a Ammonia-Urea Complex at ROC to enhance the agriculture growth in ROC. It is expected that this project will act as a catalyst for ROC by reducing dependency on imported food for feeding the public of ROC, GSFC said.

Meanwhile, GSFC is one among the 16 stocks to be included in the futures & options (F&O) segment of the National Stock Exchange of India (NSE) with effect from 28 April 2017, as per the circular issued by the NSE yesterday, 19 April 2017.

GSFCs net profit fell 41% to Rs 61.17 crore on 30.8% decline in net sales to Rs 1102.70 crore in Q3 December 2016 over Q3 December 2015.

Gujarat State Fertilizers & Chemicals (GSFC) is engaged in the development of crop nutrition solutions. The company is also engaged in the business of trading pesticides, zinc sulfate, magnesium sulfate, among others.

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PayU India partners with ALTBalaji
Apr 20,2017

PayU India has partnered with ALTBalaji, the digital platform of Balaji Telefilms for opening additional method of payment for the OTT platforms subscription services.

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Network 18 Media gains after board OKs selling BURRP
Apr 20,2017

The announcement was made after market hours yesterday, 19 April 2017.

Meanwhile, the S&P BSE Sensex was up 72.16 points, or 0.25% to 29,408.73.

On the BSE, 3.35 lakh shares were traded in the counter so far, compared with average daily volumes of 2.29 lakh shares in the past one quarter. The stock had hit a high of Rs 42.90 and a low of Rs 40.45 so far during the day. The stock hit a 52-week high of Rs 49.20 on 29 September 2016. The stock hit a 52-week low of Rs 30.50 on 27 December 2016.

The stock had outperformed the market over the past one month till 19 April 2017, rising 12.08% compared with 0.50% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 11.16% as against Sensexs 7.43% rise.

The mid-cap company has equity capital of Rs 523.47 crore. Face value per share is Rs 5.

The board of directors of Network 18 Media & Investments at its meeting held yesterday, 19 April 2017, evaluated the proposal of restructuring its business of food and restaurant search and recommendation engine operated under the name of BURRP, which has insignIficant contribution to the revenue of the company.

The board has given in-principle approval to sell/transfer/dispose-off or transfer BURRP to any other entity including a related party/getting a strategic investor.

In this regard, the board has authorised certain directors and officers of the company to evaluate the various options and take such further action in the matter, as may be suitable, after complying with necessary regulatory requirements.

On a consolidated basis, Network 18 Media & Investments reported net loss of Rs 33.32 crore in Q4 March 2017 as against net loss of Rs 24.99 crore in Q4 March 2016. Net sales declined 18.08% to Rs 387.67 crore in Q4 March 2017 over Q4 March 2016.

Network18 Media and Investments is a media and entertainment company with interests in television, internet, filmed entertainment, digital business, magazines, mobile content and allied businesses.

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UFO Moviez India enters into strategic tie up with United Media Works
Apr 20,2017

UFO Moviez India has entered into a strategic tie up with United Media Works (UMW), a digital cinema technology and service provider having more than 300 digitized cinema screens on its network in India. Under this tie up, the Company has acquired long term exclusive rights from UMW to monetize the advertising inventory on these screens. In addition, the Company will share movie content to these screens in UFO M-4 format. However, existing commercial and service arrangement between UMW and its Channel Partners / Exhibitors /Distributors shall remain unchanged.

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Sun TV jumps after brokerage upgrade
Apr 20,2017

Meanwhile, the S&P BSE Sensex was up 82.17 points, or 0.28% to 29,418.74.

On the BSE, 2.57 lakh shares were traded in the counter so far, compared with average daily volumes of 2.08 lakh shares in the past one quarter. The stock had hit a high of Rs 895.80 so far during the day, which is also a record high for the counter. The stock had hit a low of Rs 860.40 so far during the day. The stock hit a 52-week low of Rs 334 on 24 June 2016.

The stock had outperformed the market over the past one month till 19 April 2017, rising 11.48% compared with 0.50% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 59.30% as against Sensexs 7.43% rise.

The large-cap company has equity capital of Rs 197.04 crore. Face value per share is Rs 5.

Sun TV Networks net profit rose 11% to Rs 240.09 crore on 2.8% growth in net sales to Rs 589.43 crore in Q3 December 2016 over Q3 December 2015.

Sun TV Network is one of the largest television broadcasters in India, operating thirty-two TV channels and forty-five FM Radio stations in several Indian languages.

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NTPC drops amid volatility
Apr 20,2017

The announcement was made after market hours yesterday, 19 April 2017.

Meanwhile, the S&P BSE Sensex was up 84.55 points or 0.29% at 29,421.12.

On the BSE, 1.65 lakh shares were traded on the counter so far as against the average daily volumes of 3.46 lakh shares in the past one quarter. The stock had lost 0.91% at the days low of Rs 163.20 so far during the day. It rose 0.18% at the days high of Rs 165 so far during the day.

The stock had hit a 52-week high of Rs 177.80 on 27 January 2017 and a 52-week low of Rs 133.50 on 19 May 2016. It had outperformed the market over the past one month till 19 April 2017, advancing 2.87% compared with the Sensexs 1.05% fall. The scrip had, however, underperformed the market over the past one quarter, sliding 5.37% as against the Sensexs 7.43% rise.

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

NTPC said that its board of directors accorded approval for updating and upsizing the $4 billion medium term notes (MTN) programme upto $6 billion for raising debt from international markets to part finance the capital expenditure on new/ongoing projects, coal mining projects, renovation and modernization of power stations and for other permissible end uses.

The board of directors has approved the proposal to issue Notes up to Rs 5000 crore (Rupee denominated bonds) and/or upto $750 million equivalent (foreign currency bonds other than Rupee denominated) in the international markets either under the MTN programme or on standalone basis, in one or more tranches on the terms and conditions as may be agreed with the prospective investor(s) to finance the capital expenditure of new/ongoing projects, coal mining projects, renovation and modernization of power stations and/or for such other purposes as permissible under the ECB guidelines of the RBI.

Shares of NTPC had risen 3.48% in the preceding two trading sessions to settle at Rs 164.70 yesterday, 19 April 2017, from its closing of Rs 159.15 on 17 April 2017.

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 on 31 December 2016, as per the shareholding pattern.

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Layoffs in IT not ruled out; sector reeling under visa curbs, rising rupee: ASSOCHAM
Apr 20,2017

With the US tightening the norms for H-1B visas under the President Donald Trumps Buy American, Hire American campaign, the Indian IT companies are bound to face disruptions by way of higher costs and even some laying off work force back home, as the rising rupee is aggravating the situation further for the technology export firms, an ASSOCHAM paper has cautioned.

Nearly 86% of the H-1B visas issued for workers in the computer space go to Indians and this figure is now sure to be scaled down to about 60 % or even less.

Remittances from US would decline hurting the balance of payment. World Bank data showed the U.S was the second largest source of remittance for India in 2015, behind Saudi Arabia, and about $10.96 billion-nearly 16 percent of the total inflows were sent to India. ASSOCHAM expects it to disturb the balance by 8-10%.

As the cost pressure would increase, aggravated by rising rupee leading to lower realizations, the Indian IT firms may be forced to displace work force. n++In that case, the chances of layoffs are real,n++ the ASSOCHAM Secretary General Mr D S Rawat cautioned, while impressing upon the IT industry apex bodies and the government to work out a joint strategy to deal with the unfolding situation. In the last three months, the Indian currency has gained by at least five per cent against US dollar, reducing net realizations for software exporters, among other export -oriented sectors.

n++After all, our stakes are quite high. It is a question of USD 100 billion software export industry that employs over four million people and reservations for H1B visa for start-ups with less than 50 employee will decrease the number of visa available for Indian firms.

According to the ASSOCHAM paper, the reverses resulting from the tightening of the H1B visas would force IT giants to create fundamental changes in their strategies in terms of hiring, salaries, jobs, impacting employees in India too.

The move would also have an adverse macro impact for the Indian external sector economy. Remittances from US would decline hurting the balance of payment. World Bank data showed the U.S. was the second largest source of remittance for India in 2015 with USD 11 billion - nearly 16 percent of the total inflows. n++We expect disturbances in remittances by 8-10%n++, the paper said, adding there would be fewer opportunities for individuals to work on offshore location.

With the UK already hiking the minimum wage requirement to n++35,000 for tier-2 visa immigrants, this latest move by the US will act as a definitive dampener to the Indian outsourcing industry.

The alternate solutions for the Indian outsourcing industry are: investing in n++near shore centresn++ - facilities close to the US, focus on local hiring in America and to work virtually, which is becoming easier with the wider adoption of cloud services and greater digitization.

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Jay Bharat Maruti spurts after strong Q4 results
Apr 20,2017

The result was announced after market hours yesterday, 19 April 2017.

Meanwhile, the S&P BSE Sensex was up 30.54 points, or 0.10% to 29,367.11.

On the BSE, 1.10 lakh shares were traded in the counter so far, compared with average daily volumes of 15,722 shares in the past one quarter. The stock had hit a high of Rs 506.75 so far during the day, which is also a record high for the counter. The stock had hit a low of Rs 466.30 so far during the day. The stock hit a 52-week low of Rs 138.10 on 18 July 2016.

The stock had outperformed the market over the past one month till 19 April 2017, rising 1.47% compared with 0.50% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 24.12% as against Sensexs 7.43% rise.

The small-cap company has equity capital of Rs 10.83 crore. Face value per share is Rs 5.

Jay Bharat Marutis net profit rose 35.1% to Rs 53.77 crore on 17.3% increase in net sales to Rs 1526.63 crore in the year ended March 2017 over the year ended March 2016.

Jay Bharat Maruti is engaged in manufacturing components for automobiles.

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Visagar Polytex to hold board meeting
Apr 20,2017

Visagar Polytex will hold a meeting of the Board of Directors of the Company on 19 April 2017.

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