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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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Deep Industries gets revision in credit ratings for bank facilities
Jan 13,2017

Deep Industries has received revision in credit ratings from CARE Ratings as under -

Long term bank facility - CARE A (Revised from CARE A-)
Short term bank facilities - CARE A1 (Revised from CARE A2+)
Long term/ short term facilities - CARE A/ CARE A1 (Revised from CARE A-/ CARE A2+)

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Create 11 lakhs new jobs in five years to reinvigorate Punjab economy: ASSOCHAM
Jan 13,2017

Punjab holds significant potential to create over 11 lakhs additional jobs from the current workforce of about 18.5 lakhs between the age of 15-30 years to attract more investments and attain double digit growth during the course of next five years, apex industry body ASSOCHAM said today.

The Associated Chambers of Commerce and Industry of India (ASSOCHAM) Special Task Force on Punjab has formulated a n++Sustainable Action Plann++ to achieve double digit growth on a sustainable basis to help the state to become one of the front ranking states in the country.

According to the paper, about 18.5 lakhs people are already a part of the workforce between the age group of 15-30 years. The current level of workforce participation rate stands at 35.7 percent and to achieve a similar rate an additional 11 lakhs jobs will need to be created in the next five years. The effective implementation of the investment projects holds key to growth of industry sector that will in turn help in creating lakhs of fresh job opportunities for 35.7 per cent of youth population that forms the workforce in the state.n++

As on 2015-16, the state has attracted Rs. 1.98 lakh crore outstanding investments and recorded a sharp deceleration over the years. The states outstanding investment growth rate has declined from the peak level of 91.0 percent in 2007-08 to -10.5 percent in 2015-16. ASSOCHAM suggest that the newly formed government must look at this on priority basis which will help accelerate investment activities in the state as well as encourage private sector to invest in the state.

n++The state has potential for agriculture and allied sector but the sector growth rate has recorded significant deceleration. The service sector has been the largest contributor of the state economy but last four years have witnessed significant moderation in its growth rate as well. Therefore, it is necessary that state concentrates on the corrective measure to revive the sectors. The government must also ensure that growth is job-augmenting, rural-oriented and participatory in nature,n++ noted the paper titled Action agenda for new government of Punjab, that was released by ASSOCHAM in Chandigarh today.

The states overall economic growth rate reached its lowest level from 10.2 percent in 2006-07 to 4.9 percent in 2014-15. In 2015-16, it witnessed a marginal improvement in its overall economic growth to 5.96 percent as compared to previous year growth rate. The states contribution to Indias economy has declined from 3.3 percent in 2004-05 to 2.9 percent in 2015-16.

The services sector growth rate has increased from 6.6 percent in 2005-06 to reach its peak level of 11.8 percent in 2011-12 thereafter it has recorded a downfall. In 2015-16, service sector gross value added growth rate is 6.3 percent, adds the paper.

Punjab is the eleventh largest state in India in terms of number of unregistered MSMEs (Micro Small and Medium Enterprise) and tenth largest state in terms of registered MSMEs. The states unregistered MSMEs account for 4.9 percent of Indias unregistered MSMEs and registered MSMEs account for 3.08 percent of Indias MSMEs. The MSMEs industry generates significant employment opportunities in Punjab. Unregistered MSMEs industry generates 14.16 lakh employments and registered MSMEs industry generates 4.16 lakh employments, highlights the paper.

On the industrial front, Punjab has recorded a compound annual growth rate (CAGR) of about 7.5% during 2004-05 to 2014-15. The states industrial sector contributes 27.0 percent of states economy in 2014-15 which was 24.7 percent in 2004-05. According to the census 2011, workforce dependent on industry is 3.9 percent of the total workforce in the state which was 3.7 percent in 2001, adds the paper.

Agriculture sector has remained the engine of economic growth in Punjab but sustainability of growth of the agriculture sector is under question. On the one side, the agriculture sector is turning less remunerative compared to the early green revolution period and on the other, natural resource constraint such as degradation of soil health and dramatically falling underground water table is increasingly becoming more severe. The sector has registered a compound annual growth rate of 1.6 percent during 2004-05 to 2014-15 that is worse than all India. The performance indicates that states agriculture sector is not operating at its potential level.

The states agriculture & allied sector growth rate is quite uneven over the years and has recorded sharp fluctuation. The sectors performance is indicating that the state has recorded a negative growth of 0.3 percent in 2009-10 and 0.5 percent in 2014-15. In 2015-16, agriculture & allied sector performance (GVA at 2011-12 base) is recorded at 5.2 percent.

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Mastek gains after subsidiary completes acquisition of two companies
Jan 13,2017

The announcement was made before market hours today, 13 January 2017.

Meanwhile, the BSE Sensex was down 28.62 points, or 0.11%, to 27,218.54.

On the BSE, 15,000 shares were traded in the counter so far, compared with average daily volume of 57,000 shares in the past two weeks. The stock had hit a high of Rs 169.90 and a low of Rs 167 so far during the day. The stock had hit a 52-week high of Rs 185.35 on 19 December 2016. The stock had hit a 52-week low of Rs 104.70 on 17 February 2016.

Mastek said that the closing formalities in relation to the share purchase agreement for acquisition of 100% equity shares of Trans American Information Systems have been completed and consequently, Trans American Information Systems has become a wholly owned subsidiary of the company.

Further the company informed that Digility Inc., U.S., an overseas first level step down subsidiary of the company, has completed the acquisition of TaisTech LLC, USA and Trans American Information Systems Inc. USA. Pursuant to the acquisition, TaisTech LLC, USA and Trans American Information Systems Inc. USA have become wholly owned subsidiaries of Digility Inc., U.S. and consequently, they have also become step down wholly owned overseas subsidiaries of the company.

Digility Inc., the wholly owned subsidiary of Mastek UK, and a step down US based subsidiary of Mastek had announced on 5 January 2017, acquisition of US-based leading digital commerce solution provider, TAISTech.

Masteks board of directors on 12 December 2016, had accorded approval for acquiring 100% of the equity shares of Trans American Information Systems Private Limited, an IT consultancy and software services firm, subject to compliance with all applicable laws and requisite approvals, if any. The cost of acquisition was Rs 12.50 crore.

Masteks consolidated net profit rose 113.7% to Rs 7.65 crore on 3.62% decline in net sales to Rs 124.90 crore in Q2 September 2016 over Q1 June 2016.

Mastek is a publicly held leading IT player with global operations providing enterprise solutions to government, retail and financial services organizations worldwide.

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NTPC provides update on MoU signed for takeover of Chhabra Thermal Power Plant
Jan 13,2017

NTPC announced that with reference to the signing of a non-binding MoU with Rajasthan Rajya Vidyut Utpadan Nigam and Rajasthan Urja Vikas Nigam for take-over of Chhabra Thermal Power Plant Stage-I (4x 250 MW) and Stage-II (2x660 MW) of Rajasthan Urja Vikas Nigam by NTPC, the last line Rajasthan Urja Vikas Nigam may be read as Rajasthan Rajya Vidyut Utpadan Nigam.

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Union Bank of India appoints CFO
Jan 13,2017

Union Bank of India announced that B. Sreeneivasa Rao, Deputy General Manager has been appointed as Chief Financial Officer (CFO) of the Bank w.e.f 12 January 2017.

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CCL International get reaffirmation in credit ratings
Jan 13,2017

CCL International announced that ICRA, vide its letter dated 30 December 2016 has reaffirmed the long-term rating of [ICRA] BB (pronounced as ICRA double B) assigned to the Rs. 5 crore fund-based limits and the short-term rating of [ICRA] A4+ (pronounced ICRA A four plus) assigned to the Rs. 8.50 crore non-fund-based limits.

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PTC India announces cessation of nominee director
Jan 13,2017

PTC India announced that Anil Kumar Agarwal, Nominee Director of Power Finance Corporation (PFC), has ceased to be a Director on the Board of PTC India w.e.f 01 January 2017 consequent upon his superannuation from PFC.

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Lahoti Overseas announces resignation of company secretary and compliance officer
Jan 13,2017

Lahoti Overseas announced that Mrunal S Vaidya has resigned from the post of Company Secretary and Compliance Officer of the Company w.e.f 10 January 2017.

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RMG Alloy Steel announces demise of director
Jan 13,2017

RMG Alloy Steel announced that the Company was intimated on 12 January 2017, of the sad demise of one of its Director Sahasranama Iyer.

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Infosys slips after declaring dull Q3 result
Jan 13,2017

The results are as per International Financial Reporting Standards (IFRS). The result was announced before market hours today, 13 January 2017.

Meanwhile, the S&P BSE Sensex was up 33.55 points or 0.12% at 27,280.71

On the BSE, so far 4.23 lakh shares were traded in the counter, compared with average daily volumes of 2.29 lakh shares in the past one quarter. The stock had hit a high of Rs 1,045 and a low of Rs 988.40 so far during the day. The stock had hit a record high of Rs 1,278 on 3 June 2016. The stock hit a 52-week low of Rs 900.30 on 9 November 2016.

The large-cap company has equity capital of Rs 1148.47 crore. Face value per share is Rs 5.

Infosys is one of the leading information technology outsourcing services providers. The company provides business consulting, information technology and outsourcing services.

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MOIL announces change in directorate
Jan 13,2017

MOIL has received Government of India letter dated 11 January 2017, extending the additional charge of the post of Director (Production & Planning), MOIL to T. K. Pattnaik, Director (Commercial), MOIL for further period of three months w.e.f. 01 February 2017, or till a regular incumbent joins the post, or until further orders, whichever is the earliest.

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Infosys consolidated net profit rises 7.01% in the December 2016 quarter
Jan 13,2017

Net profit of Infosys rose 7.01% to Rs 3708.00 crore in the quarter ended December 2016 as against Rs 3465.00 crore during the previous quarter ended December 2015. Sales rose 8.62% to Rs 17273.00 crore in the quarter ended December 2016 as against Rs 15902.00 crore during the previous quarter ended December 2015.

ParticularsQuarter Endedn++Dec. 2016Dec. 2015% Var. Sales17273.0015902.00 9 OPM %27.6027.22 - PBDT5587.005130.00 9 PBT5154.004761.00 8 NP3708.003465.00 7

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Tata Consultancy Services appoints CEO cum MD
Jan 13,2017

Tata Consultancy Services announced the appointment of Rajesh Gopinath as Chief Executive Officer and Managing Director. Gopinath takes over from N Chandrasekaran who has been appointed as Chairman of Tata Sons effective 21 February 2017.

TCS has also named N Ganapathy Subramaniam, wh is currently President, TCS Financial Solutions as the President and Chief Operating Officer and appointed him as a Director on the Board of the Company.

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Board of Sanco Trans approves change in company secretary and compliance officer
Jan 13,2017

Sanco Trans announced that the Board of Directors of the Company, by passing of resolution through circulation on 12 January 2017.

1. has accepted the resignation of B. Lakshmi Sowjanya from the post of Company Secretary and Compliance officer of the Company with effect from the closing hours of 31 December 2016.

2. has appointed S. R. Srinivasan, Director- Finance and Chief Financial Officer of the Company as Compliance Officer of the Company with effect from 10 January 2017 till the time a qualified Company Secretary is appointed as a Whole-time Company Secretary and Compliance Officer of the Company.

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Board of Tree House Education & Accessories approves converting owned schools into franchise
Jan 13,2017

Tree House Education & Accessories announced that the Board of Directors of the Company at its meeting held on 12 January 2017 has considered and approved to convert pre-school owned by the Company in its own name into franchise on such royalty fees and other terms and conditions as may be decided by any one or all Directors of the Company from time to time in the best interest of the Company.

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