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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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Amrutanjan Health Care declares 2nd interim dividend and alters scheme of merger
Feb 09,2017

Amrutanjan Health Care announced that the Board of Directors of the Company at its meeting held on 09 February 2017, had inter-alia:

1. Declared 2nd Interim Dividend of Rs. 1.10/- per share for 1the year 2016-2017 on the Equity Shares of the Company.

2. Approved the modified / altered Scheme of merger of the Wholly Owned Subsidiary, Amrutanjan Pharmaessense with Amrutanjan Health Care.

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Rane Holdings to pay interim dividend
Feb 09,2017

Rane Holdings announced that interim dividend of Rs 3.50 per equity share for FY 2016-17 shall be paid on 27 February 2017.

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Board of Rane Holdings declares interim dividend
Feb 09,2017

Rane Holdings announced that the Board of Directors at its meeting held on 09 February 2017, has declared an interim dividend of Rs.3.50/- per equity share on 1,42,77,809 equity shares of Rs.10/- each fully paid up, for the financial year 2016-17.

The interim dividend will be paid / dispatched on 27 February 2017, to the eligible shareholders.

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Rane Holdings fixes record date for interim dividend
Feb 09,2017

Rane Holdings has fixed 21 February 2017, as the Record Date for the purpose of Payment of Interim Dividend.

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Gartner Says 8.4 Billion Connected Things Will Be in Use in 2017, Up 31 Percent From 2016
Feb 09,2017

Gartner, Inc. forecasts that 8.4 billion connected things will be in use worldwide in 2017, up 31 percent from 2016, and will reach 20.4 billion by 2020. Total spending on endpoints and services will reach almost $2 trillion in 2017. 

Regionally, Greater China, North America and Western Europe are driving the use of connected things and the three regions together will represent 67 percent of the overall Internet of Things (IoT) installed base in 2017.

Consumer Applications to Represent 63 Percent of Total IoT Applications in 2017

The consumer segment is the largest user of connected things with 5.2 billion units in 2017, which represents 63 percent of the overall number of applications in use (see Table 1). Businesses are on pace to employ 3.1 billion connected things in 2017. Aside from automotive systems, the applications that will be most in use by consumers will be smart TVs and digital set-top boxes, while smart electric meters and commercial security cameras will be most in use by businesses, said Peter Middleton, research director at Gartner.

Table 1: IoT Units Installed Base by Category (Millions of Units)

Category2016201720182020Consumer3,963.05,244.37,036.312,863.0Business: Cross-Industry1,102.11,501.02,132.64,381.4Business: Vertical-Specific1,316.61,635.42,027.73,171.0Grand Total6,381.88,380.611,196.620,415.4

Source: Gartner (January 2017)

In addition to smart meters, applications tailored to specific industry verticals (including manufacturing field devices, process sensors for electrical generating plants and real-time location devices for healthcare) will drive the use of connected things among businesses through 2017, with 1.6 billion units deployed. However, from 2018 onwards, cross-industry devices, such as those targeted at smart buildings (including LED lighting, HVAC and physical security systems) will take the lead as connectivity is driven into higher-volume, lower cost devices. In 2020, cross-industry devices will reach 4.4 billion units, while vertical-specific devices will amount to 3.2 billion units.

Business IoT Spending to Represent 57 Percent of Overall IoT Spending in 2017

While consumers purchase more devices, businesses spend more. In 2017, in terms of hardware spending, the use of connected things among businesses will drive $964 billion (see Table 2). Consumer applications will amount to $725 billion in 2017. By 2020, hardware spending from both segments will reach almost $3 trillion.

Table 2: IoT Endpoint Spending by Category (Billions of Dollars)

Category2016201720182020Consumer532,515725,696985,3481,494,466Business: Cross-Industry212,069280,059372,989567,659Business: Vertical-Specific634,921683,817736,543863,662Grand Total1,379,5051,689,5722,094,8812,925,787

Source: Gartner (January 2017)

 IoT services are central to the rise in IoT devices, said Denise Rueb, research director at Gartner. Total IoT services spending (professional, consumer and connectivity services) is on pace to reach $273 billion in 2017.

Services are dominated by the professional IoT-operational technology category in which providers assist businesses in designing, implementing and operating IoT systems, added Ms. Rueb. However, connectivity services and consumer services will grow at a faster pace. Consumer IoT services are newer and growing off a small base. Similarly, connectivity services are growing robustly as costs drop, and new applications emerge.

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Focus of the Budget is on tax compliance; Government is committed to honour the honest taxpayers
Feb 09,2017

n++The budget this year focuses on the clarity and certainty of the tax laws, while at the same time endeavoring to make the country more tax compliant and to honour the honest taxpayers. The focus areas for the budget this year are digitalization, demonetization, expansion of tax base, and saving the genuine tax payers from any harassment from the taxmann++, said Mr Sushil Chandra, Chairman, Central Board of Direct Taxes, Ministry of Finance.

Mr Sushil Chandra further emphasized on the policy and direction of the budget, and assured the industry that the Government would come up with any clarifications that might be called for on any of the newly introduced legislations, such as GAAR and POEM.

Mr Ram Tirath, Member - Budget and GST, Central Board of Excise & Customs, Ministry of Finance mentioned that n++since the Government is committed on bringing GST with effect from 1st July, there are not many changes in the area of indirect taxes. The changes that have been incorporated in the budget are largely in the areas of digitization, ease of doing business, export promotion and anti-avoidance. The move to GST will be a smart transformation, i.e. Simple, Moral, Accountable, Responsible and Transparent, and will radically change the indirect taxation scenario of the countryn++. Mr Ram Tirath further added that the final GST law is expected to be in the public domain by the end of March.

Mr Sushil Kumar Sahai, Member - Income Tax, Central Board of Direct Taxes, Ministry of Finance addressed the concerns of the industry on issues involving tax reduction for MSME companies, MAT, APA, IndAS, GAAR and POEM. Mr Sahai stressed on the focus of the Government to save the genuine tax payers from any harassment under the newly launched Operation Clean Money. He promised to take back to the Government the concerns of the industry on the levy of surcharge on personal incomes between Rs 50 lakhs and 1 crore.

Mr Rajiv Memani, Chairman, CII National Committee on Taxation congratulated the Government on coming up with an outstanding and prudent budget, with emphasis on fiscal prudence, widening of the tax base, ease of doing business and tax compliance. Mr Memani appreciated the reduction of corporate tax rate for MSMEs, saying that it would go a long way in supporting the growth of the sector.

Mr Memani requested the Government to consider and address the concerns of the industry on various issues like MAT, APA, GAAR, long term capital gains, possible harassment to tax payers and Operation Clean money. n++The Government should reconsider the surcharge proposed on incomes between Rs 50 lakhs and 1 crore, as the move goes against the Governments intention to reward the honest taxpayers The Government should consider reducing the rate of surcharge to 5%, if not remove it altogethern++, suggested Mr Memani.

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Union Bank of India slumps as bad loans spike in Q3
Feb 09,2017

Meanwhile, the S&P BSE Sensex was down points or 0.07% at 28,270.65

On BSE, so far 22.40 lakh shares were traded in the counter as against average daily volume of 6.25 lakh shares in the past one quarter. The stock hit a high of Rs 162.50 and a low of Rs 152.20 so far during the day. The stock had hit a 52-week high of Rs 172.65 on 6 February 2017. The stock had hit a 52-week low of Rs 104.05 on 29 February 2016.

The large-cap bank has equity capital of Rs 687.44 crore. Face value per share is Rs 10.

Union Bank of Indias ratio of gross non-performing assets (NPA) to gross advances rose to 11.7% as on 30 December 2016 from 10.73% as on 30 September 2016 and 7.05% as on 30 December 2015.

Union Bank of Indias net profit rose 32.42% to Rs 104 crore on 8.95% rise in total income to Rs 9589.45 crore in Q3 December 2016 over Q3 December 2015. The result was announced after market hours yesterday, 8 February 2017.

Union Bank of Indias domestic net interest margin (NIM) stood at 2.04% in Q3 December 2016 compared with 2.31% in Q3 December 2015.

Provision coverage ratio stood at 50.62% as on 30 December 2016 as against 50.45% as on 30 September 2016 and 55% as on 30 December 2015.

Union Bank of India is one of largest state-owned banks in India. The Government of India (GoI) held 63.44% in Union Bank of India (as per the shareholding pattern as on 30 December 2016).

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Gartner Says Public Cloud Services in India Forecast to Reach $1.8 Billion in 2017
Feb 09,2017

The highest growth will continue to be driven by infrastructure as a service (IaaS) which is projected to grow at 49.2 percent in 2017, followed by 33 percent in software as a service (SaaS) and 32.1 percent in platform as a service (PaaS). The increase of SaaS and PaaS are indicators that the migration of application and workloads from on premises data centers to the cloud, as well as the development of cloud ready and cloud native applications, are fueling the growth in the cloud space.

We see increased cloud growth in the infrastructure compute services space as adoption becomes increasingly mainstream, said Sid Nag research director at Gartner. This has been predicted for a while, and the momentum continues to sustain in 2017 eventually plateauing through 2020 as the market further matures.

Table 1. India Public Cloud Services Forecast (Millions of U.S. Dollars)

20162017201820192020Cloud Business Process Services (BPaaS)88113145186236Cloud Application Services (SaaS)3965276758241006Cloud Application Infrastructure Services (PaaS)107141182230287Cloud System Infrastructure Services (IaaS)486725105114732028Cloud Management and Security Services116152190234281Cloud Advertising123158189223266Total1,3161,8172,4323,1694,104

Source: Gartner (January 2017)

 Additional demand from the migration of infrastructure to the cloud, as well as increased demand from compute intensive workloads, both in enterprise and startup space, is driving this growth, said Mr. Nag.

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Wheels India fixes record date for interim dividend
Feb 09,2017

Wheels India has fixed 21 February 2017 as the Record Date for the purpose of payment of Interim Dividend.

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Board of Gagan Gases appoints company secretary
Feb 09,2017

Gagan Gases announced that the Board of Directors of the Company at its meeting held on 30 January 2017, has appointed Anjali Jain as the Company Secretary of the Company 30 January 2017.

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PHDCCI & BCCI Sign An MoU For Closer Commercial Links
Feb 09,2017

PHD Chamber of Commerce and Industry (PHDCCI) and Bahrain Chamber of Commerce and Industry (BCCI) have signed a Memorandum of Understanding (MoU) as per which the two organizations have agreed to establish and develop commercial links between business communities of two in general and their respective members in particular.

The MoU was signed here between Senior Vice President, PHD Chamber of Commerce and Industry, Mr. Anil Khaitan and Chairman, Bahrain Chamber of Commerce & Industry, Mr. Khalid A Rahman Almoayed in the Presence of Indian Ambassador to Bahrain, Mr. Alok Sinha and among other senior functionaries of both the Chambers.

The MoU also stipulates that the two chambers would promote trade and investment relations between India and Bahrain and to constantly endeavour to improve co-operation between the two Organisations as well assist each of them in trade and market research, conferences, symposia and other methods of trade promotional activity in each others country.

Mr. Khaitan, who is currently leading a high powered business delegation of PHD Chambers members away to Bahrain emphasized that the MoU also provides to organise B2B meetings, exhibitions, trade fairs and other such activities for closer trade and economic relations between the two countries.

In addition, it also aims at create and maintain a continuing exchange of information about economic developments and other matters affecting the business interests of their members as also promote visits of officials of both Organisations from time to time with a view to fostering intense co-operation for improved business relations and rendering better services to their respective members.

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Lakshmi Vilas Bank revises MCLR rates
Feb 09,2017

Lakshmi Vilas Bank has revised the Marginal Cost of Funds based lending Rate (MCLR) with effect from 09 February 2017.

The revised rates are as follows -
Overnight - 9.80%
One month - 9.80%
Three month - 9.80%

Six month - 9.75%
One year - 9.75%

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Lupin gains after good Q3 results
Feb 09,2017

The result was announced during hours today, 9 February 2017.

Meanwhile, the BSE Sensex was up 59.78 points, or 0.21%, to 28,349.70.

On the BSE, so far 1.81 lakh shares were traded in the counter, compared with average daily volumes of 75,327 shares in the past one quarter. The stock had hit a high of Rs 1,520 and a low of Rs 1,478.70 so far during the day.

The stock hit a 52-week high of Rs 1,904.75 on 10 February 2016. The stock hit a 52-week low of Rs 1,294.05 on 29 March 2016.

The large-cap drug maker has equity capital of Rs 90.30 crore. Face value per share is Rs 2.

Lupins consolidated net sales rose 31.5% to Rs 4404.90 crore in Q3 December 2016 over Q3 December 2015.

US formulation sales increased by 53.4% to $316 million in Q3 December 2016 over Q3 December 2015. Japan sales increased by 20.3% to Rs 449.20 crore in Q3 December 2016 over Q3 December 2015.

Lupins India formulation sales grew by 11.9% to Rs 991.20 crore during Q3 December 2016 as compared to Rs 886 crore during Q3 December 2015; contributing 22% of Lupins global sales. The India formulation business decreased by 0.5% sequentially as compared to Rs 995.80 crore during Q2 September 2016.

Commenting on the results, Nilesh Gupta, managing director, Lupin, said that this has been a particularly strong year for our US Generic business. The company had another strong quarter driven by consistent growth across key markets be it the US, India, Japan, EMEA, APAC and Latin America. Lupin has made significant progress on evolving its complex generic pipeline and our stellar compliance record continues.

Lupin is an innovation led transnational pharmaceutical company developing and delivering a wide range of branded & generic formulations, biotechnology products and APIs globally. The company is a significant player in the Cardiovascular, Diabetology, Asthma, Pediatric, CNS, GI, Anti-Infective and NSAID space and holds global leadership position in the Anti-TB segment.

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IMP Powers announces resignation of company secretary and compliance officer
Feb 09,2017

IMP Powers announced that Sarita Parwani alais (Sarita Dharamdas Khamwani), Company Secretary cum Compliance Officer has resigned with effect from 08 February 2017.

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Maharashtra Seamless bags Rs 421 crore order
Feb 09,2017

Maharashtra Seamless has bagged a Rs 421 crore (USD 61 million) order for supply of seamless castings to ONGC.

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