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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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Biggest challenge is to bring unorganized sector under the ambit of pension society: Chairman, Pension Fund Regulatory and Development Authority
Mar 20,2017

The biggest challenge in providing income security in old age was to bring the unorganized sector, which accounts for 85 per cent of the countrys labor force, under the ambit of pension. Pension schemes offered must therefore be well-regulated and supported by the government as this segment lacks awareness about pensionary benefits. Given the heterogeneous nature of the unorganized sector and the labor force which is constantly on the move in search of work, it was necessary to provide a pension system with portability. Also, it was essential to raise the financial literacy of the people to encourage them to join pension schemes. This was stated by Mr. Hemant G. Contractor, Chairman, Pension Fund Regulatory and Development Authority (PFRDA), at FICCIs second annual conference on the pensions sector on the theme India: Moving Towards a Pensioned Society.

Mr. Contractor said that Indias organized sector, which comprised 15 per cent of the working population, was well covered under varied pension schemes. However, he pointed out that because of instances in the past of people being cheated by Ponzi schemes there was lack of trust and confidence which was keeping organized sector workers away from pension schemes. Hence, it was essential to bring about awareness about pension schemes and make the policies transparent and easy to manage.

He said that there was a segment, people below the poverty line aged over 60 years, which was unable to make any savings during their lifetime. In order to support them the government was providing people below the poverty line with a small amount as pension, this needed to be stepped up. The Chairman said that PFRDA and FICCI were closely involved in organizing seminars across the country to spread awareness and propagate pension schemes such as NPS among corporates.

Highlighting several challenges in augmenting participation in the pension society, Mr. Amitabh Chaudhry, Chairman, FICCIs Insurance and Pensions Committee and Managing Director and CEO, HDFC Life Insurance Company, said that the presence of multiple regulators in the sector, withdrawal before retirement leading to wasteful expenditure, lack of clarity on portability, high disparity in tax treatment of different pension products and non-alignment of pension funds with inflation were some of the deterrents, which needed to be addressed.

Mr. Chaudhary said that initiatives were being undertaken to promote enrolment in pension schemes. Awareness campaigns were being run and efforts were being made to reach out to people with transparent policies and communication. He added that technology integration was needed across the value chain and pension fund managers needed more autonomy to reach out to larger number of prospective consumers.

Prof. Mukul Asher, Professor, Lee Kuan Yew School of Public Policy, National University of Singapore, said that there was a need for policy coherence and organizational coordination. Besides, policy reforms had become more urgent, including extending retirement age. Also, there was a need to set up National Pension Research Centre both by the government and industry to assimilate data and other information to help in increasing the pension coverage in the country.

Prof. Asher said that rapid ageing required coordination between pension and healthcare systems and organizations as well. He suggested shifting of ESIC from the Labor Ministry to the Health Ministry. Prof. Asher added that PHI which was Purpose of the organization, Habit of the stakeholders and Incentive structure for the organization and members should be taken into account for enlarging pension coverage.

Mr. Naveen Aggarwal, Partner, COO- Tax, KPMG in India, said that with increasing industrialization and urbanization, the joint family structure was being replaced by nuclear families. The combination of these factors makes it imperative for the policy makers to pay urgent attention to the enormous challenge of providing income security after retirement. A pension system thus would provide protection against the risk of poverty in old age and help in building pension savings during working life to finance retirement. The journey towards a pensioned society would require greater emphasis on implementing pension reforms.

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Ajanta Pharma gains after board approves amalgamation of Gabs Investment
Mar 20,2017

The announcement was made on Saturday, 18 March 2017.

Meanwhile, the S&P BSE Sensex was down 134.62 points, or 0.45% to 29,514.37.

On the BSE, 18,000 shares were traded in the counter so far, compared with average daily volumes of 24,421 shares in the past one quarter. The stock had hit a high of Rs 1,851 and a low of Rs 1,805.55 so far during the day. The stock hit a record high of Rs 2,150 on 28 October 2016. The stock hit a 52-week low of Rs 1,311.75 on 29 March 2016.

The stock had underperformed the market over the past one month till 17 March 2017, rising 1.41% compared with 4.76% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 1.07% as against Sensexs 11.93% rise.

The large-cap company has equity capital of Rs 17.60 crore. Face value per share is Rs 2.

The board of Ajanta Pharma considered and approved the amalgamation of Gabs Investments (Gabs) with Ajanta Pharma (APL) in consideration for equity shares of APL. The proposed amalgamation would be carried out vide a scheme of amalgamation and arrangement between Gabs Investments and Ajanta Pharma and their respective shareholders (the scheme).

APL is in the business of manufacture and pharmaceuticaI products wortdwide. Gabs is in the business of making investments shares and primarity holds shares of APL. As on date, Gabs holds 83.92 lakh shares in APL, representing about 9.54% of the total paid up capital of APL.

On a consolidated basis, net profit of Ajanta Pharma rose 25.15% to Rs 142.60 crore on 9.68% rise in net sales to Rs 515.02 crore in Q3 December 2016 over Q3 December 2015.

Ajanta Pharma is a specialty pharmaceutical company engaged in development, manufacturing and marketing of quality finished dosages.

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Reliance Communications provides update on proposed demerger of wireless division into Aircel and Dishnet Wireless
Mar 20,2017

Reliance Communications has received an approval of theCompetition Commission of India (CCI) for the proposed Scheme of Arrangement for demerger of the Wireless division of the Company into Aircel and Dishnet Wireless.

The Company has already received approval from the Securities and Exchange Board of India (SEBI), BSE (BSE) and National Stock Exchange of India (NSE) for the proposed Scheme of Arrangement and filed an application with the National Company Law Tribunal (NCLT), Mumbai Bench, for approval of the said Scheme.

The proposed transaction is subject to other necessary approvals.

Post closing, the Company and the present shareholders of Aircel will hold 50% each in Aircel.

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Apar Inds declines as Templeton Fund cuts stake
Mar 20,2017

Meanwhile, the S&P Sensex was down 136.89 points or 0.46% at 29,512.10. The BSE Small-Cap index was up 46.86 points or 0.33% at 14,059.49.

On the BSE, 13,000 shares were traded on the counter so far as against the average daily volumes of 6,558 shares in the past one quarter. The stock had hit a high of Rs 724 and a low of Rs 711.05 so far during the day.

The stock had hit a record high of Rs 787.70 on 16 March 2017 and a 52-week low of Rs 455 on 7 April 2016. The stock had underperformed the market over the past one month till 17 March 2017, advancing 1.33% compared with the Sensexs 4.15% rise. The scrip had, however, outperformed the market over the past one quarter, gaining 28.15% as against the Sensexs 11.93% rise.

The small-cap company has equity capital of Rs 38.27 crore. Face value per share is Rs 10.

Templeton Strategic Emerging Market Fund III LDC sold 36.36 lakh shares of Apar Industries at Rs 706.85 per share in bulk deal on the NSE on Friday, 17 March 2017. L&T Mutual Fund-L&T India Prudence Fund bought 4.86 lakh shares at Rs 705 per share. Manya Traders purchased 2 lakh shares at Rs 706 a piece. Reliance Mutual Fund - Reliance Small Cap Fund bought 6 lakh shares at Rs 705 per share.

Templeton Strategic Emerging Market Fund III LDC owned 9.45% stake in Apar Industries end December 2016.

Apar Industries net profit rose 54.4% to Rs 43.29 crore on 4.6% decline in net sales to Rs 1125.98 crore in Q3 December 2016 over Q3 December 2015.

Apar Industries is engaged in the business of manufacture of conductors, transformer/specialty oils and power/telecom cables.

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Grasim Industries intimates on proposed amalgamation of Idea Cellular and Vodafone Group
Mar 20,2017

Grasim Industries holds 4.75% and is classified as a promoter, of Idea Cellular. The Board of Idea Cellular on 20 March 2017 approved the amalgamation of Vodafone India and its subsidiary, Vodafone Mobile Services with Idea Cellular subject to requisite approvals.

Upon the amalgamation becoming effective, the entire business of Vodafone India and Vodafone Mobile Services will vest in Idea. The shareholders of Vodafone will own 45.1% of Idea after transferring a stake of 4.9% to some or all the existing promoters of Idea and/or their affiliates for Rs 38.74 billion in cash concurrent to the completion of amalgamation. The promoters of Idea will hold 26% of Idea and the balance 28.9% will be held by public.

In connection with the proposed merger, the Board of the Company has approved the execution of an Implementation Agreement amongst Idea and the promoters of Idea, Vodafone India, Vodafone Mobile Services, Vodafone and Vodafone International Holdings BV.

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Sudarshan Chemical Industries to hold board meeting
Mar 20,2017

Sudarshan Chemical Industries will hold a meeting of the Board of Directors of the Company on 27 March 2017, to discuss and approve the Annual Operating Plans of the Company for the Financial Year 2017 - 18 and other incidental matters.

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Karnavati Finance to hold board meeting
Mar 20,2017

Karnavati Finance will hold a meeting of the Board of Directors of the Company on 23 March 2017, to issue Equity Shares of the Company on preferential basis as per SEBI (ICDR) Regulations, 2009

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Lancor Holdings to hold board meeting
Mar 20,2017

Lancor Holdings will hold a meeting of the Board of Directors of the Company on 20 March 2017.

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Idea Cellular jumps after board OKs merger with Vodafone India
Mar 20,2017

The announcement was made before trading hours today, 20 March 2017.

Meanwhile, the S&P BSE Sensex was up 109.74 points, or 0.37% to 29,539.25.

On the BSE, 51.68 lakh shares were traded in the counter so far, compared with average daily volumes of 48.33 lakh shares in the past one quarter. The stock had hit a high of Rs 123.75 and a low of Rs 109.95 so far during the day.

The stock hit a 52-week high of Rs 128.05 on 28 April 2016. The stock hit a 52-week low of Rs 66 on 9 November 2016.

The stock had underperformed the market over the past one month till 17 March 2017, rising 0.09% compared with 4.76% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 41.60% as against Sensexs 11.93% rise.

The large-cap company has equity capital of Rs 3603.50 crore. Face value per share is Rs 10.

The board of directors of Idea Cellular at its meeting held today, 20 March 2017, have approved the scheme of amalgamation of Vodafone India (VIL) and its wholly owned subsidiary Vodafone Mobile Services (VMSL) with the company subject to receipt of necessary approvals of shareholders, creditors, Sebi, stock exchanges, the Competition Commission of India, the Department of Telecommunications (DoT), the Foreign Investment Promotion Board, the Reserve Bank of India and other governmental authorities and third parties (as may be required).

Upon the amalgamation becoming effective, the entire business of VIL and VMSL (excluding VILs investment in Indus Towers, its international network assets and information technology platforms) will vest in Idea Cellular.

Vodafone India has a net worth of Rs 12855 crore and a turnover of Rs 5025 crore. Vodafone Mobile Services has a net worth of Rs 3737 crore and turnover of Rs 40378 crore. Idea Cellular has a net worth Rs 24296 crore and turnover of Rs 36000 crore.

All the entities forming part of the amalgamation are engaged in the business of cellular mobile telecommunication services pursuant to licences granted to them by the DoT. The board of directors of Idea Cellular believes that the proposed amalgamation will result in creation of largest Indian telecom operator with widest mobile network in the country and pan India 3G/4G footprint. It will provide sufficient spectrum to complete with major operators in the market while offering innovative and attractively priced mobile service to customers. The amalgamation will acceleration of expansion of wireless broadband networks across India to deliver the Government of Indias Digital Indian++ mission. It will create substantial cost and capex synergies creating value for shareholders; and leverage the customers affinity for both the existing brands.

On the scheme of amalgamation of VMSL with Idea Cellular becoming effective, Idea Cellular will issue an aggregate number of its equity shares to VIL equal to 47% of the post issue paid-up capital of Idea Cellular on a fully diluted basis. Immediately thereafter, on the amalgamation of VIL with Idea Cellular, the shares issued to VIL pursuant to the amalgamation of VMSL with Idea Cellular shall stand cancelled and, post such cancellation, Idea Cellular shall issue an aggregate number of equity shares of Idea Cellular (credited as fully paid-up) equal to 50% of the post issue paid up capital of Idea Cellular to the shareholder of VIL (Vodafone).

Vodafone will own 45.1% of the combined company after transferring a stake of approximately 4.9% to the promoters of Idea/their affiliates (together promoters of Idea) for Rs 3874 crore in cash concurrent with the completion of the amalgamation. The promoters of Idea will hold 26% of the company and the balance will be held by the public.

The agreement contemplates the completion of the proposed amalgamation within a period of 24 months.

On consolidated basis, Idea Cellular reported a net loss of Rs 383.88 crore in Q3 December 2016 compared with net profit of Rs 659.36 crore in Q3 December 2015. Net sales declined 3.7% to Rs 8660.74 crore in Q3 December 2016 over Q3 December 2015.

Idea Cellular is one of the leading telecom operators in India.

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ITC drops on profit booking
Mar 20,2017

Meanwhile, the S&P Sensex was down 112.44 points or 0.38% at 29,536.55.

On the BSE, 1 lakh shares were traded on the counter so far as against the average daily volumes of 11.55 lakh shares in the past one quarter. The stock had hit a high of Rs 288 and a low of Rs 277.90 so far during the day.

The stock had hit a record high of Rs 291.95 on 7 February 2017 and a 52-week low of Rs 204 on 6 May 2016. The stock had outperformed the market over the past one month till 17 March 2017, advancing 4.83% compared with the Sensexs 4.15% rise. The scrip had also outperformed the market over the past one quarter, gaining 24.12% as against the Sensexs 11.93% rise.

The large-cap company has equity capital of Rs 1214 crore. Face value per share is Rs 1.

Shares of ITC had risen 6.81% in the preceding four trading sessions to settle at Rs 281.20 on Friday, 17 March 2017, from its closing of Rs 263.25 on 10 March 2017.

The recent rally in the stock was fueled by media reports that a foreign brokerage has maintained a buy rating on ITC with a 12-month target price of Rs 325. According to reports, the foreign brokerage stated that the Goods & Services Tax (GST) structure is likely to be a revenue-neutral outcome which comes as a big relief for ITC.

ITCs net profit rose 5.7% to Rs 2646.73 crore on 4.1% increase in net sales to Rs 9149.31 crore in Q3 December 2016 over Q3 December 2015.

ITC is a diversified company, with presence in cigarettes, hotels, paperboards & specialty papers, packaging, agri-business, packaged foods & confectionery, information technology, branded apparel, personal care, stationery and other FMCG products. ITC is a market leader in cigarettes.

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L&T Hydrocarbon Engineering bags offshore contract from ONGC
Mar 20,2017

L&T Hydrocarbon Engineering, a wholly owned subsidiary of Larsen & Toubro has bagged an offshore contract for the Neelam Re-Development & B173AC Project from the Oil & Natural Gas Corporation (ONGC) valued at Rs 1656 crore (USD 245 Million).

The Contract, won against international competitive bidding, encompasses total EPCIC - Engineering, Procurement, Construction, Installation and Commissioning for the project. The scope includes one new process platform having gas processing and compression facilities, three new well head platforms, 32 km pipeline, clamp-on on three existingplatforms and modification work on eight existing platforms in the Neelam Field in western offshore basin in India.

The project, part of ONGCs strategy to enhance the field life and increase recovery of Neelam field, is scheduled to be completed by April 2019. The incremental gain from the field after implementation of project till 2034-35 is pegged at 2.76 MMT crude oil and 4.786 BCM gas. Neelam Offshore field is situated in the Heera-Panna block in Mumbai Offshore, located at about 45 km South-West of Mumbai city.

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Board of Ideal Cellular approves scheme of amalgamation
Mar 20,2017

The Board of Directors of Idea Cellular at its meeting held on 20 March 2017 has approved the scheme of amalgamation of Vodafone India and its wholly owned subsidiary Vodafone Mobile Services with the Company subject to receipts of approvals of shareholders, creditors, SEBI, Stock Exchanges, Competition Commission of India, Department of Telecommunication, Foreign Investment Promotion Board, Reserve Bank of India and other governmental authorities and third parties.

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Dena Bank jumps as Govt to infuse capital
Mar 20,2017

Meanwhile, the S&P BSE Sensex was down 102.60 points, or 0.35% to 29,546.39.

On the BSE, 2.17 lakh shares were traded in the counter so far, compared with average daily volumes of 1.61 lakh shares in the past one quarter. The stock had hit a high of Rs 39.80 and a low of Rs 38.65 so far during the day.

The stock hit a 52-week high of Rs 43.90 on 7 July 2016. The stock hit a 52-week low of Rs 27.75 on 28 March 2016.

The stock had underperformed the market over the past one month till 17 March 2017, falling 0.67% compared with 4.76% rise in the Sensex. The scrip had also underperformed the market in past one quarter, rising 8.97% as against Sensexs 11.93% rise.

The small-cap state-run bank has equity capital of Rs 787.15 crore. Face value per share is Rs 10.

Dena Bank announced after market hours on Friday, 17 March 2017, that it received a communication from Government of India informing capital allocation of Rs 600 crore as part of turnaround linked infusion plan. The board approval for raising of capital of the bank through issue of equity shares to Government of India, LIC of India and GIC of India on preferential basis, is being obtained.

Dena Bank reported net profit of Rs 35.31 crore in Q3 December 2016 as against net loss of Rs 662.85 crore in Q3 December 2015. Operating income rose 10.2% to Rs 2999.51 crore in Q3 December 2016 over Q3 December 2015.

The Government of India (GoI) held 68.55% stake in Dena Bank as on 31 December 2016.

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NTPC commissions 2nd 660 MW unit of Mouda Super Thermal Power Station
Mar 20,2017

NTPC announced that the 2nd unit of 660 MW of Mouda Super Thermal Power Station Stage-II (2 X 660 MW) has been commissioned. With this, the commissioned capacity of Mouda Super Thermal Power Station, NTPC and NTPC group has become 2320 MW, 41907 MW and 48873 MW respectively.

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Piramal Enterprises completes acquisition of Mallinckrodts spasticity and pain management drugs portfolio
Mar 20,2017

Piramal Enterprises announced that its wholly owned Critical Care subsidiary in the UK has completed its acquisition of a portfolio of drugsfor spasticity and pain management from Mallinckrodt LLC (Mallinckrodt).

The acquisition was for a cash consideration of US$171 million and up to an additional US$32 million payable depending on financial performance of the acquired assets over the next three years.

The portfolio acquired includes Gablofenn++ (baclofen), a severe spasticity management product, which is currently marketed in the United States, and two pain management products, which are currently under development. Gablofenn++ has also been approved for launch in eight European markets. Gablofenn++ is the only intrathecal baclofen drug available in vials and pre-filled syringes, which are preferred by users over the competing products available in ampoules. The painmanagement drugs under development are also for intrathecal administration. In the twelve months ending 30 September 2016, the acquired portfolio generated revenues of US$44.6 million.

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