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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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MOIL gains after signing of MoU with Government of Madhya Pradesh
Oct 28,2016

The announcement was made after market hours yesterday, 27 October 2016.

Meanwhile, the BSE Sensex was up 16.58 points, or 0.06%, to 27,932.48

On BSE, so far 42,000 shares were traded in the counter, compared with average daily volume of 36,475 shares in the past one quarter. The stock hit a high of Rs 328.80 and a low of Rs 322.35 so far during the day. The stock hit a 52-week high of Rs 330 yesterday, 27 October 2016. The stock hit a record low of Rs 180.10 on 12 February 2016. The stock had outperformed the market over the past 30 days till 27 October 2016, rising 24.6% compared with 1.33% decline in the Sensex. The scrip also outperformed the market in past one quarter, gaining 30.42% as against Sensexs 0.48% decline.

The mid-cap company has equity capital of Rs 133.19 crore. Face value per share is Rs 10.

MOIL has signed a Memorandum of Understanding (MoU) jointly with Government of Madhya Pradesh, Mineral Resources Department and Madhya Pradesh State Mining Corporation (MPSMCL), a PSU under Government of Madhya Pradesh, to conduct exploration and prospecting works in Madhya Pradesh. The MoU also envisages formation of a Joint Venture Company (JVC) between MOIL (51%) and MPSMCL (49%), in case of availability of ore is proved, in any area, MOIL said. The MoU is aimed at increasing the mineral resources in Madhya Pradesh, the company said.

MOILs net profit declined 47.54% to Rs 47.15 crore on 0.42% rise in net sales to Rs 183.53 crore in Q1 June 2016 over Q1 June 2015.

MOIL produces and sells different grades of manganese ore. Government of India currently holds 75.58% stake in MOIL (as per the shareholding pattern as on 11 October 2016).

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Harita Seating Systems fixes record date for interim dividend
Oct 28,2016

Harita Seating Systems has fixed 10 November 2016 as the Record Date for the purpose of interim dividend, if declared.

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Board of Vardhman Special Steels approves rights issue
Oct 28,2016

Vardhman Special Steels announced that subject to the other approvals as may be applicable, the Board of Directors of the Company in its meeting held on 28 October 2016 has approved further issue of equity shares of the face value of Rs. 10 each for cash on Rights basis in the ratio of 2:3 (2 shares for every 3 shares held) at a price of Rs. 50 per share (inclusive of Share premium of Rs. 40 per share) aggregating to Rs. 61.85 crores approximately to the eligible existing equity shareholders of the Company.

Further, subject to the other approvals as may be applicable, the Board of Directors has approved to issue Equity Shares to the employees of the Company along with the eligible existing equity shareholders at the same price within the limits as prescribed under relevant SEBI Regulations.

The Board of Directors has also constituted a Committee of Directors to do all such acts and deeds as may be required for further issue of shares on Rights basis.

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MRF announced appointment of compliance officer
Oct 28,2016

MRF announced that Board of Directors at its Meeting held on 27 October 2016 appointed S Dhanvanth Kumar, Assistant Company Secretary as the Compliance Officer of the Company with effect from 01 November 2016 under Regulation 6 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

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PNB Housing Finance Linkages with the Parent Remains Strong
Oct 28,2016

PNB Housing Finances (PNBHFL; IND AAA/Stable) linkages with its parent Punjab National Bank (PNB; IND AAA/Stable) is likely to remain strong even post the initial public offer, says India Ratings and Research (Ind-Ra). The current rating of PNBHFL reflects Ind-Ras expectation of continued support from PNB.

PNBHF is planning to raise INR30bn through an IPO, the proceeds of which will be used to support its growth plans. Post the planned issuance, PNBs stake in the company would settle at around 37%-39% from 51%. Ind-Ra expects the reduced shareholding will not materially alter the strong linkages between PNB and PNBHFL.

PNB housing shares its brand name with the bank and the latter has management control as well. PNB has the authority to appoint the MD for the company and the majority of the executive directors of PNBHFL are deputed from the bank. These linkages are expected to continue post the IPO. PNB will continue to remain the single largest shareholder over the medium term.

PNBHFL offers PNB a strong foothold in the fast expanding housing finance segment which is complementarity to their respective customer segments. PNBHFLs loan book grew at a CAGR of 60% over FY13-FY16, while its profit after tax grew at a CAGR of 53% over the same period.

Ind-Ra will take appropriate action on the rating/outlook in case of a shift in PNBs willingness to support PNBHFL (e.g. by way of equity/funding/liquidity/branding). Any announcement of a significant stake sale by PNB, to the extent that it ceases to remain PNBHFLs largest shareholder and/or relinquishes control can also trigger a negative rating action on PNBHFL. A negative rating action can also result from a substantial weakening of PNBHFLs credit profile.

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Board of Andhra Pradesh Tanneries appoints director
Oct 28,2016

Andhra Pradesh Tanneries announced that at the Board Meeting held on 27 October 2016, Glen Sylvester Mascarenhas has been appointed as Additional Independent Director of the Company with effect from 27 October 2016 for the period of Five years.

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Castrol India slips after poor Q3 result
Oct 28,2016

The result was announced after market hours yesterday, 27 October 2016.

Meanwhile, the S&P BSE Sensex was up 40.23 points, or 0.14%, to 27,956.13

On BSE, so far 2.89 lakh shares were traded in the counter as against average daily volume of 11.88 lakh shares in the past one quarter. The stock hit a high of Rs 461.95 and a low of Rs 443.85 so far during the day. The stock hit a 52-week high of Rs 495 on 5 October 2016. The stock hit a 52-week low of Rs 360.10 on 1 March 2016. The stock had underperformed the market over the past 30 days till 27 October 2016, falling 3.46% compared with 1.33% decline in the Sensex. The scrip, however, outperformed the market in past one quarter, rising 3.55% as against Sensexs 0.48% decline.

The large-cap company has an equity capital of Rs 247.28 crore. Face value per share is Rs 5.

Commenting on the results, Omer Dormen, Managing Director, Castrol India said that the company continued to grow volume year on year in Q2 September 2016 across key segments. The volume growth was led by personal mobility and power brands in line with strategy and also strong growth in industrial segment, Omer Dormen said. The company witnessed softer volume in heavy duty segment due to heavy monsoon in some parts of the country. Marine segment volume dipped during the quarter due to continued pressure on marine business globally. The company continues its focus on volume growth and investment behind power brands, he said. The commercial vehicle segment has seen a healthy double digit growth in the key brands which the company continues to invest in, he added.

In its outlook, Castrol India said that looking ahead, in the longer term following the good monsoon and a strong pick up in vehicle sales trend, the company continues to remain optimistic about the Indian lubricant market and its business growth. The company is in a strong position to benefit from growth prospects on account of its strong brands, enduring relationships with key stakeholders and continued commitment of staff, it said.

Castrol India manufactures and markets a range of automotive and industrial lubricants.

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GMR Infra gains after winning arbitration against Government of Maldives
Oct 28,2016

The announcement was made after market hours yesterday, 27 October 2016.

Meanwhile, the BSE Sensex was down 6.45 points, or 0.02%, to 27,909.45.

On BSE, so far 32.09 lakh shares were traded in the counter, compared with average daily volume of 19.04 lakh shares in the past one quarter. The stock hit a high of Rs 14.40 and a low of Rs 13.90 so far during the day. The stock hit a 52-week high of Rs 18.60 on 3 December 2015. The stock hit a 52-week low of Rs 9.84 on 11 February 2016. The stock had outperformed the market over the past 30 days till 27 October 2016, falling 1.02% compared with 1.33% decline in the Sensex. The scrip had, however, underperformed the market in past one quarter, falling 4.89% as against Sensexs 0.48% decline.

The mid-cap company has equity capital of Rs 603.59 crore. Face value per share is Re 1.

GMR Male International Airport (GMIAL), a subsidiary of GMR Infrastructure, announced that it has been awarded compensation of approximately $270 million by the 3 member international arbitral tribunal. The compensation covers the debt, equity invested in the project along with a return of 17% and also termination payments and legal costs. The compensation is net of taxes that GMIAL may be required to pay in the Maldives.

GMIAL had entered into a concession agreement with Government of Maldives (GoM) and Maldives Airport Company (MACL) for modernization and operation of Ibrahim Nasir International Airport (INIA) in 2010. The Concession Agreement was wrongfully repudiated by the Government of Maldives and Maldives Airport Company Limited on 29th November 2012 alleging that the same was void abinitio. After detailed further proceedings, the tribunal has issued its final order whereby it has awarded compensation to GMIAL.

Earlier in June 2014, the arbitration tribunal had held that GoM and MACL had wrongfullyrepudiated the concession agreement of GMIAL and that they were jointly and severally liable in damages to GMIAL for loss caused.

GMR Infrastructure reported net loss of Rs 123.06 crore in Q1 June 2016, higher than net loss of Rs 1.33 crore in Q1 June 2015. Net sales rose 318.3% to Rs 67.98 crore in Q1 June 2016 over Q1 June 2015.

GMR Group is a leading global infrastructure conglomerate with interests in airports, energy, transportation and urban infrastructure.

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Wonderla Holidays announces resignation of CFO
Oct 28,2016

Wonderla Holidays announced that the Companys Chief Financial Officer (CFO) Nandakumar T has resigned from the Organisation. The Board of Directors of the Company at their meeting held on 27 October 2016 have approved the resignation.

The Company is in the process of hiring a new person for the vacant position. The Company shall inform the Exchanges once a new person is recruited for the office of CFO.

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Board of Central Bank of India approves preferential allotment to LIC
Oct 28,2016

Central Bank of India announced that the Board of Directors of the bank at their meeting held on 27 October 2016 have approved raising of additional equity share capital of issue and allotment of equity shares to Life Insurance Corporation of India including its various schemes on preferential basis.

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VRL Logistics drops after weak Q2 financials
Oct 28,2016

The result was announced after market hours yesterday, 27 October 2016.

Meanwhile, the S&P BSE Sensex was up 40.19 points or 0.14% at 27,956.09

On BSE, so far 54,000 shares were traded in the counter as against average daily volume of 58,183 shares in the past one quarter. The stock hit a high of Rs 300 and a low of Rs 268 so far during the day. The stock had hit a 52-week high of Rs 449.50 on 30 November 2015. The stock had hit a record low of Rs 253 on 25 May 2016. The stock had underperformed the market over the past 30 days till 27 October 2016, rising 1.11% compared with 1.33% decline in the Sensex. The scrip had also underperformed the market in past one quarter, sliding 14.57% as against Sensexs 0.48% decline.

The small-cap company has equity capital of Rs 91.24 crore. Face value per share is Rs 10.

VRL Logistics is one of the leading pan-India surface logistics and parcel delivery service providers.

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Tata Steel gains after announcing equity partnership for its Canadian Iron ore mines
Oct 28,2016

The announcement was made after market hours yesterday, 27 October 2016.

Meanwhile, the BSE Sensex was up 30.63 points, or 0.11%, to 27,946.53.

On BSE, so far 4.07 lakh shares were traded in the counter, compared with average daily volume of 9.55 lakh shares in the past one quarter. The stock hit a high of Rs 404.30 and a low of Rs 397.60 so far during the day. The stock hit a 52-week high of Rs 431.65 on 20 October 2016. The stock hit a 52-week low of Rs 211.30 on 12 February 2016. The stock had outperformed the market over the past 30 days till 27 October 2016, rising 4.56% compared with 1.33% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 11.94% as against Sensexs 0.48% decline.

The large-cap company has equity capital of Rs 971.22 crore. Face value per share is Rs 10.

Tata Steel Minerals Canada together with its parent companies signed definitive agreements for concluding investments of $125 million Canadian dollars as equity and $50 million Canadian dollars as debt with Government of Quebecs investment entities, Resources Quebec (RQ) and Investment Quebec (IQ) respectively, totaling $175 million Canadian dollars.

Tata Steel has invested in Eastern Canada to set up mining operations across several deposits straddled across the Quebec-Newfoundland and Labrador- peninsula and multiple processing facilities including a beneficiation plant. The project has consequently enabled the development of infrastructure facilities including rail, roads, telecommunications and Port that has had significant positive impact in the socio economic landscape in Quebec and NeMoundland and Labrador.

The investment will result in an 18% equity stake for Resources Quebec in Tata Steel Minerals Canada in line with the carrying value of the investment in Canadian iron ore assets for Tata Steel. Consequently, the shareholdings of Tata Steel and New Millennium Iron will be adjusted to 77.68% and 4.32% respectively.

Meanwhile, the company said that over the last few days, it has received several queries with respect to news reports regarding potential asset impairment, its European Strategy and its India operations. Tata Steel has clarified to the stock exchanges that its financial statements are prepared every quarter on a going concern basis and present a true and fair view of the state of affairs of the company. These financial statements are duly reviewed by the audit committee and approved by the board of directors of the company.

As part of the preparation of financial statements, the value-in-use of the assets of the company are tested for impairment as per the applicable Accounting Standards. Based on the above assessments and triggered by severe challenges in the underlying macro-economic and business conditions especially in Europe for several years post the global financial crisis the company has taken several impairment provisions in the recent years which have been duly recognized in the financial statements.

In accordance with IND-AS 101, on transition, the company elected fair value as deemed cost of certain assets including property, plant and equipment and investments in subsidiaries as at April 1, 2015. The net changes in the above have been reflected in the opening reserves on transition. As per the companys policy, in future, if there are further impairment indicators, the company in accordance with the Indian Accounting Standards would undertake the comparative assessment of the fair value and the value in use of the assets and recognize the difference as per the applicable Accounting Standards and disclose appropriately.

Tata Steels India operations have recently achieved a major milestone of production of 1 million tons of Hot Metal in the new greenfield steel plant in Kalinganagar, Odisha in less than six months of formal commissioning of the facilities. Similar ramp up in production has been achieved in the steel making facilities in Kalinganagar and in the last month, the combined monthly sales of Tata Steel Jamshedpur and Kalinganagar crossed 1 million tons for the first time.

In response to the recent media reports, Tata Steel would also like to clarify that it continues to pursue its European consolidation strategy and the talks with thyssenkrupp AG for a potential joint venture of its European steel business are currently ongoing and progressing. However, there can be no guarantee that these talks will result in a definitive agreement between the parties.

Tata Steel UK is also deeply engaged with all relevant stakeholders in the UK to find a structural solution and a way forward with regard to the affordability of the legacy pension scheme liabilities. A successful outcome of the above engagement would significantly help in developing the foundation for a sustainable future for the UK business. Tata Steel would also like to reaffirm that it is currently pursuing a separate process for the potential sale of the South Yorkshire-based Specialty Steels business in the UK. Any further announcement on the matter will be made at an appropriate time. In the meanwhile, the management team and the employees of the company continue to work on improving the underlying performance of the European business amidst challenging business conditions.

On a consolidated basis, Tata Steel reported net loss of Rs 3183.07 crore in Q1 June 2016 as against net loss of Rs 316.91 crore in Q1 June 2015. Net sales declined 5.7% to Rs 25155.98 crore in Q1 June 2016 over Q1 June 2015.

Tata Steel is Europes second largest steel producer, with steelmaking in the UK and Netherlands, and manufacturing plants across Europe. The combined Tata Steel group is one of the worlds largest steel producers.

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Trimurthi to hold board meeting
Oct 28,2016

Trimurthi will hold a meeting of the Board of Directors of the Company on 5 November 2016 to consider and approve the Un-audited Quarterly results of the Company for the quarter ended September 30, 2016.

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Platinum and diamond jewellery preferred choice this Diwali, Dhanteras: ASSOCHAM Survey
Oct 28,2016

Diamond studded or platinum jewellery is leading the trend this Diwali on the back of growing change in the mind set of women, particularly those working , away from their important role of homemakers, who take jewellery more as a daily wearable than buying gold as investment avenue, an ASSOCHAM survey based on jewellers and consumer feedback has noted.

High gold prices and innovations on the part of jewellery firms, especially the large houses, is driving the change in the fashion trend. Even within gold jewellery, the trend is seen on lower cost wearables, though more needs to be done to tempt consumers. Small items like earring, rings and light bangles see heavy demand.

The survey, which comes on the eve of Dhanteras, found that 79 per cent jewellers are focusing on platinum-based diamond jewellery over traditional pure play gold and silver ornaments to tap the changing preferences of consumers. The demand for diamond jewellery is estimated to have grown by 30-35 per cent this season year on year Platinum too has seen an excellent growth of 25% this year, the survey said.

The survey covered 350 jewellery-makers based in Delhi-NCR, Mumbai, Ahemdabad, Chennai, Kolkata, Hyderabad, Chennai, Bangalore, Chandigarh and Dehradun.

ASSOCHAM also interacted with about 500 working and non-working women in Ahmedabad, Bengaluru, Chennai, Delhi-NCR and Mumbai to gauge their shopping habits during Dhanteras.

With high import duty and increased base price, the investment oriented consumers are seen less in the bullion market, while the business model is moving towards the wearable jewellery , easy on the pocket, even though it may not have too much of weight.

n++That is the real challenge.....Can they (jewellers) sell some decent jewellery for say, Rs 5,000-10,000 or between Rs 15,000-20,000. That is where the demand lies, ASSOCHAM Chairman of Gold Council said today.

The overall share of platinum and diamond based jewellery in the market is expected to take on a significant share of the gold jewellery sales in the near future, reports say. Demand for diamond jewellery seems to have increased by 30-35 percent on year on year basis, reports suggest

The jewellery makers using diamond and platinum are investing heavily in coming out with new designs, reflecting changing consumer taste, international trends and affordability. Even antique designs are being done in this segment, the survey noted.

One of the reasons jewellers losing interest in gold is a high level of policy regulation and tax issues like mandatory quoting of the Permanent Account Number of Income Tax, the traders in the precious metals said.

During Dhanteras the sales of gold and silver along with other metals is expected to pick up, though the mix and ratio among different precious metals may change. The share of platinum and diamond jewellery in the overall gold jewellery has increased significantly over the past one year.

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Adinath Bio-Labs to hold board meeting
Oct 28,2016

Adinath Bio-Labs will hold a meeting of the Board of Directors of the Company on 14 November 2016 To consider and approve Unaudited financial results for the 2nd quarter ended September 30, 2016.

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