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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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Saurashtra Cement fixes record date for final dividend
Jul 10,2017

Saurashtra Cement has fixed 20 July 2017 as record date for payment of final dividend.

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Grasim Industries divests entire investment in Grasim Bhiwani Textiles
Jul 10,2017

Grasim Industries announced that as approved by the Committee of the Board of Directors of the Company at its meeting held on 10 July 2017, the Company has entered into a definitive agreement for divesting the Companys total investment in Grasim Bhiwani Textiles (GBTL) to Rajendra Synthetics, Mumbai (part of Donear Group).

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Patel Integrated Logistics provides update on its expansion plan for warehouse business
Jul 10,2017

Patel Integrated Logistics announced that as a part of expansion plan for warehouse business, the company on 10 July 2017 signed Letter of Intent with Sumar Logistics & Industrial Park to acquire warehouse of 35000 sq.ft. carpet area in Gujarat on 30 year lease basis. This Letter of Intent is subject to final lease agreement.

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Ramco Systems gets reaffirmation of ratings for bank facilities
Jul 10,2017

Ramco Systems announced that ICRA has reaffirmed the long term and short term ratings for the Bank facilities.

Long term fund based facilities - A-(Stable)
Short term fund based facilities - A2+
Short term non fund based facilities - A2+
Long term / short term unallocated facilities - A-(Stable)/ A2+

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ICICI Prudential Life Insurance Company allots 44,100 equity shares
Jul 10,2017

ICICI Prudential Life Insurance Company allots 44,100 equity shares of face value of Rs. 10 each on July 10, 2017 under its Employee Stock Option Scheme (ESOS).

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Gifts up to a value of Rs 50,000/- per year by an employer to his employee are outside the ambit of GST
Jul 10,2017

It is being reported that gifts and perquisites supplied by companies to their employees will be taxed under GST. Gifts upto a value of Rs 50,000/- per year by an employer to his employee are outside the ambit of GST. However, gifts of value more than Rs 50,000/- made without consideration are subject to GST, when made in the course or furtherance of business.

The question arises as to what constitutes a gift. Gift has not been defined in the GST law. In common parlance, gift is made without consideration, is voluntary in nature and is made occasionally. It cannot be demanded as a matter of right by the employee and the employee cannot move a court of law for obtaining a gift. Another issue is the taxation of perquisites. It is pertinent to point out here that the services by an employee to the employer in the course of or in relation to his employment is outside the scope of GST (neither supply of goods or supply of services). It follows therefrom that supply by the employer to the employee in terms of contractual agreement entered into between the employer and the employee, will not be subjected to GST. Further, the Input Tax Credit (ITC) Scheme under GST does not allow ITC of membership of a club, health and fitness centre [section 17 (5) (b) (ii)]. It follows, therefore, that if such services are provided free of charge to all the employees by the employer then the same will not be subjected to GST, provided appropriate GST was paid when procured by the employer. The same would hold true for free housing to the employees, when the same is provided in terms of the contract between the employer and employee and is part and parcel of the cost-to-company (C2C).

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Ministry of Health signs MoU with Government of West Bengal to set up Centre of Excellence in Transfusion Medicine
Jul 10,2017

Ministry of Health and Family Welfare signed a memorandum of understanding (MoU) with Government of West Bengal to formalize its support to set up a state-of-the-art Centre of Excellence in Transfusion Medicine at Kolkata, here today. Government of India has approved this important initiative with an outlay of approximately Rs.200 Crores towards equipment, manpower and running costs. The land for this initiative will be provided free of cost by the State government. The move intends to strengthen the blood transfusion services in the State and the surrounding region. Shri R K Vats, Additional Secretary (Health) and Shri Anil Verma, Principal Secretary Health, Government of West Bengal signed the MoU on behalf of their respective Ministries.

Metro Blood Bank Project is conceived to be a Central Sector Scheme of the Ministry of Health and Family Welfare to set up state-of-the-art Centres of Excellence in transfusion medicine in the four metro cities of Delhi, Mumbai, Chennai and Kolkata. These centres are high volume blood collection centres where there is state-of-the-art technology in transfusion medicine for component separation, processing of blood and quality systems. Facilities for screening of collected blood by NAT would be made available at these centres and also extended to the other blood banks of the State.

Approval of Union Minister of Health and Family Welfare has been accorded for the first phase, wherein these facilities are to come up in Chennai and Kolkata. National Blood Transfusion Council under National AIDS Control Organization will be the implementing division of the Ministry for this project. The MoU for setting up the Metro Blood Bank in Chennai has already been signed on 14th June 2016.

India collects near about 11 million blood units every year. Nearly 71% of these blood donations are collected through voluntary non-remunerated donors. A recently concluded assessment of licensed Blood Banks of India revealed that the average blood donation rate in India is 0.8, which is lower than many high income countries leading to a shortfall in quantum and access to safe blood in select hard-to-reach areas of the country. Rational use of blood also needs to be ensured to enhance utilization, as one unit of blood can benefit more than one beneficiary through separation into red cells, plasma, platelets.

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Outcome of board meeting of Unimode Overseas
Jul 10,2017

The Board of Directors of Unimode Overseas at its meeting held on 10 July 2017 has given effect to the reduction of 90% of Paid- up share capital of the Company and has allotted 5,010,507 Equity shares of face value of Rs. 1/- each to every shareholder whose name appears in the List of Members/ Beneficial Owners maintained by RTA/ Depositories as on 22 June 2017, being the Record Date fixed for the same purpose.

Consequently, pursuant to reduction, the paid up Equity Share Capital of the Company shall stand reduced to Rs. 5,010,507/- comprising of 5,010,507 Equity shares of face value of Rs. 1/- each.

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Asia Pacific Market: Stocks follow Wall Street rally
Jul 10,2017

Asia Pacific share market inclined on Monday, 10 July 2017, on tracking positive lead from the Wall Street on Friday on the heels of US jobs data that gave investors further evidence that the U.S. economy is gaining strength. Sentiment was also aided by fresh Chinese data that showed Chinas factory gate prices stabilised in June after slowing for three straight months.

Regional markets rallied on a strong lead from Wall Street which posted gains on Friday after strong employment data boosted confidence in the US economy. Wall Street stocks ended higher on Friday after US Labour Department data showed the worlds biggest economy added 222,000 jobs last month, exceeding expectations of an addition of 179,000.

The positive sentiments further received boost from the key Chinas consumer and producer prices data which logged steady growth in June, as stable prices reinforced the view that the worlds second-largest economy is firming up. The Consumer Price Index rose 1.5% year on year in June, data from the National Bureau of Statistics showed. That was the same as May and the fifth consecutive month it remained below 2%, the bureau said. The Producer Price Index, which measures costs for goods at the factory gate, rose 5.5% year on year, the same as in May and was the lowest since December.

Among Asian bourses

Australia Market ends higher

Australian equity market finished session higher for the first time in four straight session, helped by positive lead from Wall Street Friday after further evidence that the U.S. economy is gaining strength and signs that Chinese inflation is stabilizing. Most of ASX sectors gained with the major financials and consumer stocks leading the across-the-board gains. The benchmark Australian index finished up 0.4%, or 20.83 points, at 5,724.4.

Financial stocks, tracking profits in US peers, were the biggest gainers on the benchmark. Commonwealth Bank of Australia, the markets biggest constituent, rose by 0.8% to A$82.81 while Australia & New Zealand Banking Group edged up 0.4% to A$28.74.

The consumer cyclicals and durables sectors also contributed handily to the overall gains, with retailing giants Woolworths and Wesfarmers rising 1.2% and 0.5% respectively.

Energy stocks were mixed, despite oil prices rebounding from declines on Friday amid a stronger U.S. dollar and persistent oversupply worries. Nymex crude for delivery in August was up 0.8% at US$44.57 a barrel in the Globex electronic session, while Brent crude for delivery in September rose by 0.8% to US$47.07. Woodside Petroleum gained 0.1% to A$29.41, but Santos fell by 1.4% to A$2.91.

Shares of resources companies were weak as base metals prices saw some weakness, while iron ore prices rose. The most-traded iron ore on the Dalian Commodity Exchange gained on Friday after port data from Australia showed iron ore shipments to China from Australias Port Hedland terminal dropped to 36.6 million tonnes in June from 38 million tonnes the month before. Port Hedland is used by three of Australias top four iron ore miners, BHP Billiton, Fortescue Metals Group and Gina Rineharts Hancock Prospecting. Fortescue was down about 0.4% each, while Rio Tinto was flat.

BHP Billiton fell by 0.3% to A$24.52, even as Credit Suisse signaled that its U.S. onshore oil and gas assets werent being appropriately valued by investors. The brokerage used a new algorithm to test how much the shale acreage was worth and came up with a US$11 billion valuation. Credit Suisse noted that hedge fund Elliott Management Corp., which is agitating for BHP to sell the assets, has put consensus valuations at US$6.5 billion.

AGL Energy advanced 0.2% to A$25.00 after Macquarie upgraded the stock to neutral from underperform. Still, the brokerage was hardly upbeat on the electricity retailer and generator, saying shrinking power demand continues to be an ill wind.

CSL closed 0.6% lower at A$133.32 after a competitor claimed in a U.S. lawsuit that Australias biggest drug maker had infringed three of its patents. The legal action centers on CSLs Idelvion treatment for hemophilia, which was approved in the U.S. in March last year.

Nikkei regains 20K level

The Japan share market finished session up, helped by positive lead from the Wall Street on Friday and yen depreciation against greenback on the heels of US jobs data that gave investors further evidence that the U.S. economy is gaining strength. Tokyos benchmark Nikkei 225 index rose 0.76%, or 151.89 points, to close at 20,080.98, while the Topix index of all first-section issues was up 0.52%, or 8.42 points, to end the day at 1,615.48.

The Tokyo market rallied on a strong lead from Wall Street which posted gains on Friday after strong employment data boosted confidence in the US economy. Wall Street stocks ended higher on Friday after US Labour Department data showed the worlds biggest economy added 222,000 jobs last month, exceeding expectations of an addition of 179,000. The positive sentiments further received boost from the key Chinas consumer price index, which rose by 1.5% compared with a year ago in June after several months of falls.

The marine transport sector was the best sectoral performer after the three major shippers established a holding company and an operating company to integrate their container shipping businesses. Nippon Yusen KK gained 1.4%, Kawasaki Kisen Kaisha surged 2.9% and Mitsui OSK Lines jumped 5%.

Shares of exporters were higher, with tech players being major gainers, thanks to yen weakening against greenback which boosts exporters profitability. Japanese currency weakened after the Bank of Japan governor Haruhiko Kuroda said Monday that the economy is turning to a gradual expansion but stressed policymakers will keep the current easing programme until it achieves its two% inflation target. The dollar firmed to 114.21 yen from 113.91 yen in New York and 113.73 yen in Tokyo earlier Friday. Advantest Corp rose 1.9%, Tokyo Electron climbed 2.3% and Panasonic Corp added 1.8%. Nintendo jumped 3.73% to 36,470 yen, Sony rallied 1.71% to finish at 4,318 yen and Panasonic advanced 1.84% to 1,491.5 yen. Toyota rose 0.49% and Honda gained 0.55% to close at 3,104 yen.

Japanese banking shares languished, with Mitsubishi UFG Financial Group and Mizuho Financial Group both dropping 0.6%.

China Stocks end softer

The Mainland China equity market finished session lower, amid worries over market liquidity after the securities regulator approved more initial public offerings (IPOs) over the weekend. Markets shrugged off Chinas June inflation data, which were in line with expectations but did little to alter the view that economic growth is cooling after a solid first quarter. Sector performance was mixed on Monday, with energy and coal shares dropping, while consumer shares rose following last weeks correction. The blue-chip CSI300 index fell 0.1%, to 3,653.69 points, while the Shanghai Composite Index slipped 0.2% to 3,212.63 points and the Shenzhen Composite declined 0.665% to end at 1,905.3680.

Trading sentiment was largely subdued as investors awaited fresh catalysts ahead of a burst of data due over the next week China will release second-quarter gross domestic product(GDP) on July 17, along with June industrial output, retail sales and January-June fixed asset investment.

Steelmakers were among the gainers. Xinjiang Ba Yi Iron & Steel Co surged 8.6% and Maanshan Iron & Steel climbed 5.11%.

Financial shares showed mixed results. Bank of Construction was down 0.49% to 6.08 yuan and China Life Insurance retreated 1.17% to 27.12 yuan while Southwest Securities jumped 2.33%.

Hong Kong Market follows Wall Street rally

The Hong Kong stock market ended higher, as upbeat US and Chinese data buoyed investor sentiment. Sentiment was also aided by a surge in COSCO Shippings and Hong Kongs Orient Overseas International (OOIL) shares after the Chinese shipping giant made a $6.3 billion offer for its smaller rival on Sunday. The Hang Seng index rose 0.6%, to 25,500.06 points, while the China Enterprises Index lost 0.4%, to 10,214.58 points. Turnover increased to HK$80.2 billion from HK$70 billion on Friday.

OOIL (00316), a shipping company owned by family of former HK Chief Executive Tung Chee-hwa, confirmed stake selling to COSCO Shipping Holdings (01919) for HK$33.8 billion. COSCO Shipping Holdings soared 5.4% to HK$4.29. OOIL surged 20% to HK$72.

Nomura has published research report saying Chinese life insurers have outperformed property and casualty segment by 30% over the past 12 months. Ping An (02318) rose 1.3% to HK$54.8. PICC P&C (02328) added 4% to HK$14.82. HSBC (00005) rose 2% to HK$74.6.

China Vanke (02202) slipped 3.6% to HK$22.7 on market talks that an institutional investor was looking to sell 92 million H-shares in the Chinese developer for HK$2.13 billion.

Link REIT (00823) jumped 3.3% to HK$60.85 after UBS Research raised its target price to HK$70.08 and upgraded its rating to buy.

Sensex attains at record closing high

Indian stock market logged strong gains on first trading day of the week on steady buying in TCS, Infosys and Bharti Airtel. The barometer index, the S&P BSE Sensex, rose 355.01 points or 1.13% to settle at 31,715.64. Trading was halted temporarily in both cash and derivatives segment of NSE due to technical reasons.

Drug maker Lupin gained 2.96% to Rs 1,149.75 after the company said it has received approval from the US health regulator for generic Ancobon Capsules. The announcement was made during market hours today, 10 July 2017. Lupin received final approval for its Flucytosine Capsules USP, 250 mg and 500 mg from the United States Food and Drug Administration (FDA) to market a generic version of Valeant Pharmaceuticals International Incs Ancobon Capsules, 250 mg and 500 mg.

Tata Motors gained 2.28% to Rs 446.75 after the company said that the sales of its British luxury unit Jaguar Land Rover (JLR) rose 11% to 51,591 units in June 2017 over June 2016, driven by healthy China market. Jaguar sales grew by 16.4% to 15,343 units in June 2017 over June 2016. Land Rover sales rose 8.9% to 36,248 units in June 2017 over June 2016. The announcement was made after market hours on Friday, 7 July 2017.

Shares of IDFC and Shriram Group companies were trading lower after Shriram group and IDFC unveiled their intent to merge the two entities. IDFC (down 5.68%), Shriram Transport Finance Corporation (down 3.33%) and Shriram City Union Finance (down 6.41%) edged lower. IDFC Bank rose 0.69%. The boards of IDFC Group and Shriram Group on 8 July 2017 approved entering into a confidentiality, exclusivity and standstill agreement to evaluate a potential combination of certain businesses and subsidiaries / affiliates/associate companies of the Shriram Group engaged in the credit and non-credit financial services sector with the IDFC Group. The agreement primarily provides for a mutually agreed exclusivity period for due diligence and discussions between the relevant parties in relation to the potential combination. The proposed potential combination would be subject to due diligence, definitive documentation and applicable board, shareholder, statutory/ regulatory and other third party approvals, as may be applicable.

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Oriental Bank of Commerce revises 1 year MCLR rate
Jul 10,2017

Oriental Bank of Commerce has revised 1 year MCLR for w.e.f. 11 July 2017. The MCLR rates for different tenors are mentioned below -

Overnight - 8.10%
One month - 8.20%
Three month - 8.25%
Six month - 8.35%
One year - 8.45%

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Bajaj Holdings & Investment announce demise of director
Jul 10,2017

Bajaj Holdings & Investment announced the sad demise of Naresh Chandra, Independent Director of the Company on 09 July 2017.

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FM launches a new tax payer service module Aaykar Setu
Jul 10,2017

A new tax payer service module Aaykar Setu, was launched here today by the Union Finance Minister, Shri Arun Jaitley. To enhance mobile access experience, a mobile responsive android version was also released along with the desktop version. Shri Jaitley stressed on the Governments commitment towards continuously upgrading tax payer services. He said that this e-initiative would help in reducing physical interface between assesses and tax assessing authorities and thereby minimizing the chances of any tax harassment.

The new step is an effort by the Income Tax Department (ITD) to directly communicate with the taxpayers, on a range of multiple informative and useful tax services aimed at providing tax information at their fingertips. The module compiles various tax tools, live chat facility, dynamic updates, and important links to various processes within the Income Tax Department in a single module. The tax payers will also be able to receive regular updates regarding important tax dates, forms and notifications on mobile numbers registered with the ITD.

All taxpayers who wish to receive such SMS alerts are advised to register their mobile numbers in the Aaykar Setu module.

The Central Board of Direct Taxes (CBDT) constantly endeavours to provide better taxpayer services and reduce taxpayer grievances. New schemes and e-initiatives to educate the taxpayers and deliver tax payer services in an effective manner are key to this effort.

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Bajaj Finserve announces demise of director
Jul 10,2017

Bajaj Finserve announced the sad demise of Naresh Chandra, an Independent Director on 09 July 2017.

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Synergy Bizcon announces resignation of director
Jul 10,2017

Synergy Bizcon announced that Rameshkumar Mehta and Mukesh Patel, Independent Directors (Non-Executive) of the Company have submitted their resignation from the post of Directorship.

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Synergy Bizcon appoints directors
Jul 10,2017

Synergy Bizcon announced that Hitesh Patel and Jayeshkumar Pandav has been appointed as Additional Directors of the Company, in the capacity of Independent Director (Non-Executive) on the Board w.e.f. 11 July, 2017.

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