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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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MSR India to hold board meeting
Oct 26,2016

MSR India will hold a meeting of the Board of Directors of the Company on 11 November 2016 Unaudited Q2 results for the quarter ended September 30, 2016.

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Nahar Polyfilms to hold board meeting
Oct 26,2016

Nahar Polyfilms will hold a meeting of the Board of Directors of the Company on 11 November 2016 to consider and approve the Un-Audited Financial Results for the quarter and half year ended September 30, 2016.

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Rajath Finance to hold board meeting
Oct 26,2016

Rajath Finance will hold a meeting of the Board of Directors of the Company on 29 October 2016.

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Essel Propack gets reaffirmation of credit ratings
Oct 26,2016

Essel Propack announced that India Ratings and Research has reaffirmed long term issuer rating at IND AA and Commercial Paper at IND A1+. The rating agency has assigned fresh rating of IND A1+ for issuance of additional commercial paper of Rs 50 crore.

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Bharti Airtel gains after Q2 results
Oct 26,2016

The result was announced after market hours yesterday, 25 October 2016.

Meanwhile, the BSE Sensex was down 207.88 points, or 0.74%, to 27,883.54.

On BSE, so far 1.71 lakh shares were traded in the counter, compared with average daily volume of 3.32 lakh shares in the past one quarter. The stock hit a high of Rs 322.75 and a low of Rs 315.05 so far during the day. The stock hit a 52-week high of Rs 384.90 on 28 April 2016. The stock hit a 52-week low of Rs 282.30 on 29 January 2016. The stock had underperformed the market over the past 30 days till 25 October 2016, faling 2.93% compared with 0.72% decline in the Sensex. The scrip had also underperformed the market in past one quarter, falling 16.51% as against Sensexs 0.24% rise.

The large-cap company has equity capital of Rs 1998.70 crore. Face value per share is Rs 5.

Bharti Airtel said the consolidated revenues grew 5.6% to Rs 24652 crore in Q2 September 2016 over Q2 September 2015, on an underlying basis (viz. adjusted for Africa divested operating units and tower assets sale). Consolidated revenue growth was muted by 3.3% on account of full quarter impact of Nigeria currency devaluation.

Bharti Airtels consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) rose 14.5% to Rs 9466 crore in Q2 September 2016 over Q2 September 2015. EBITDA margin was reported at 38.4% in Q2 September 2016, higher than 34.7% Q2 September 2015.

Consolidated mobile data revenues grew by 21% to Rs 4536 crore in Q2 September 2016 over Q2 September 2015 on underlying basis.

India revenues grew by 10.1% to Rs 19219 crore in Q2 September 2016 over Q2 September 2015. This was led by healthy growth of 20.9% in Digital TV, 19.2% in Airtel Business, 14.9% in Homes and 7.9% in Mobile (net revenues up 10.3%) on a year-on-year (Y-o-Y) basis.

Mobile Data revenues grew by 23.6% to Rs 3576 crore in Q2 September 2016 over Q2 September 2015, led by increase in the Data customer base by 22.8% and traffic by 54.9%. Mobile Broadband customers increased by 62.2% to 41.30 million from 25.50 million in the corresponding quarter last year. Data average revenues per user (ARPU) has moved up by Rs 8 to Rs 201 in Q2 September 2016 over Q2 September 2015, led by 30.6% increase in usage per customer. Mobile Data revenues now contribute to 24.7% of Mobile India revenues compared with 21.5% in the corresponding quarter last year.

Gopal Vittal, MD and CEO, India & South Asia, said that the overall revenue momentum in India has been sustained during Q2 September 2016 with a growth of 10.1% Y-o-Y. This is primarily due to the strong performance of the companys non-mobile businesses which grew in aggregate at 18.8% Y-o-Y, albeit the companys mobile business has experienced a slowdown in growth due to free services being offered by a new operator.

Raghunath Mandava, Chief Operating Officer, Africa, said that underlying Africa revenue growth for the quarter was 4.7% Y-o-Y, backed by the companys focus on profitable top line growth, led via localized distribution, stronger data networks and our war on waste program. Customer growth with focus on quality helped garner the highest net adds over the past 4 quarters, with churn remaining stable. With over 23% of our customers now using data, consumption and revenues have grown by 116.8% & 24.9% Y-o-Y respectively. Airtel Money also continues to lead with transaction values growing over 53% Y-o-Y, and base expansion of 15.3% Y-o-Y. As a result, the companys EBITDA margin has improved by 5.3% Y-o-Y on an underlying basis.

In a separate announcement, Bharti Airtel announced that the board of directors of the company at its meeting held on 25 October 2016, has authorised a committee of directors to evaluate options for monetization of a significant stake in Bharti Infratel, in accordance with applicable regulations. The final outcome of this exercise will be placed before the board for approval, before any final decision is taken. Bharti Airtel has also requested Bharti Infratel to allow sharing of any information with any prospective buyer, subject to customary confidentiality arrangements. There is no certainty of any transaction until such time the board reviews and approves the final proposal. The announcement was made after market hours yesterday, 25 October 2016.

Bharti Infratel, Indias leading telecom tower infrastructure provider, is a significant subsidiary of Bharti Airtel. Bharti Airtel has, in the past, divested stakes in Bharti Infratel to a clutch of private equity investors led by Temasek, KKR and other high quality investors in 2008. This was followed by an initial public offering (IPO) in the year 2012 and block sales in the stock market in 2014 and 2015. As on date Airtel holds 71.96% stake in Bharti Infratel.

Bharti Airtel is a leading global telecommunications company with operations in 18 countries across Asia and Africa.

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State Bank of India allots ATI Basel III compliant debt instrument aggregating Rs 2500 crore
Oct 26,2016

State Bank of India announced that the Bank on 25 October 2016 has issued and allotted 25,000 AT1 Basel III compliant Non- convertible, Perpetual, Subordinated, Unsecured Debt instrument in the nature of debenture, of face value Rs. 10,00,000/- each at par through private placement bearing coupon @ 8.39% p.a. payable annually with call option after 5 years or any coupon payment date thereafter aggregating to Rs.2,500 crore (Rupees two thousand five hundred crore) in third tranche.

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Reliance Industries avails term loan facilties of USD 573 million
Oct 26,2016

Reliance Industries through its overseas wholly owned subsidiaries have signed facilities agreement for availing term loan facilities for an aggregate amount of USD 573 million (approximately Rs 3828 crore) for part financing the construction cost of six very large ethane carriers (VLECs) (the facilities). RIL group had ordered six state of the art VLECs, which will be the largest Ethane vessels ever built in the world.

The Facilities with door to door tenor of 12 years comprise of a Korean Trade Insurance Corporation (K-Sure) insured tranche of USD 286.5 million and a commercial tranche of USD 286.5 million. The Facilities shall be secured by collateral of respective VLECs. The said VLECs are financed at a debt to equity ratio of 80:20.

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Axis Bank tumbles after weak Q2 results
Oct 26,2016

The result was announced after market hours yesterday, 25 October 2016.

Meanwhile, the BSE Sensex was down 205.15 points, or 0.73%, to 27,886.27.

On BSE, so far 6.11 lakh shares were traded in the counter, compared with average daily volume of 7.23 lakh shares in the past one quarter. The stock hit a high of Rs 502.80 and a low of Rs 490 so far during the day. The stock hit a 52-week high of Rs 638 on 7 September 2016. The stock hit a 52-week low of Rs 366.65 on 18 January 2016. The stock had underperformed the market over the past 30 days till 25 October 2016, falling 3.39% compared with 0.72% decline in the Sensex. The scrip had also underperformed the market in past one quarter, falling 3.57% as against Sensexs 0.24% rise.

The large-cap private sector bank has equity capital of Rs 478.10 crore. Face value per share is Rs 2.

Axis Banks net interest income (NII) rose 11% to Rs 4514 crore in Q2 September 2016 over Q2 September 2015. The banks provisions and contingencies jumped 412.28% to Rs 3622.74 crore in Q2 September 2016 over Q2 September 2015.

Axis Banks gross non-performing assets (NPAs) stood at Rs 16378.65 crore as on 30 September 2016 as against Rs 9553.17 crore as on 30 June 2016 and Rs 4451.11 crore as on 30 September 2015. The ratio of gross NPAs to gross advances stood at 4.17% as on 30 September 2016 compared with 2.54% as on 30 June 2016 and 1.38% as on 30 September 2015. The ratio of net NPAs to net advances stood at 2.02% as on 30 September 2016 as against 1.08% as on 30 June 2016 and 0.48% as on 30 September 2015.

Axis Bank is one of the biggest private sector banks in India.

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Sunil Hitech Engineers withdraws record date for sub-division of equity shares
Oct 26,2016

Sunil Hitech Engineers announced the withdrawal of record date of 28 October 2016 for sub-division of equity shares of the Company having a face value of Rs. 10/- each fully paid-up into 10 (Ten) equity shares of the face value of Re.1/- each fully paid-up.

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P I Industries to pay interim dividend
Oct 26,2016

P I Industries announced that interim dividend of Rs 1.50 per share shall be paid or dispatched on or before 24 November 2016.

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P I Industries fixes record date for interim dividend
Oct 26,2016

P I Industries has fixed 09 November 2016 as the Record Date for the purpose of Payment of Interim Dividend.

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Vedanta fixes record date for interim dividend
Oct 26,2016

Vedanta has fixed 08 November 2016, as the Record Date for the purpose of Payment of Interim Dividend.

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Religare Enterprises provides update on subsidiary - Religare Securities
Oct 26,2016

Religare Enterprises announced that its wholly owned subsidiary -Religare Securities has incorporated a wholly owned subsidiary Company i.e. Religare Business Solutions.

Religare Business Solutions is incorporated to act as an agent/distributor of third party products and services.

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Expect Insolvency and Bankruptcy Law to become operational by end-December 16: Shanktikanta Das
Oct 26,2016

The Union Government expects the entire Insolvency and Bankruptcy Law to become operational by end-December 2016, Economic Affairs Secretary, Mr Shaktikanta Das said at an ASSOCHAM event.

n++We have a definite roadmap to implement the Bankruptcy Law, the Ministry of Corporate Affairs is working on it, the Law Ministry, the Legislative Department have played a very significant role in finalising the legislation and they will continue to have a very significant role in also finalising the regulations,n++ said Mr Das.

Highlighting how a clear roadmap has been drawn up, he informed that Ministry of Corporate Affairs has already published certain draft regulations and have invited comments, other regulations and rules are under preparation and they will be put in the public domain for public consultation.

n++Now it is the responsibility of both government and industry bodies and every category of professionals to develop information utilities, to develop insolvency professionals and take the implementation of this law forward and see that it is fully implemented and the economy and country is able to get its full benefits,n++ said Mr Das.

The DEA (Department of Economic Affairs) secretary also said that Insolvency and Bankruptcy Law creates massive opportunities for new service sector professionals who can manage information utilities and it also opens up lot of opportunities for a new category of professionals, mainly the resolution professionals who have to play a very important role.

n++I think the most critical thing for success of Bankruptcy code will be our ability to create good quality insolvency professionals. This opens up opportunities for professionals from the field of banking, legal professionals, chartered accountants, other finance professionals, people who have experience in management of companies,n++ said Mr Das.

Talking about the Centres determination to implement goods and services tax (GST) from April 1, 2017, he said n++Administratively and whatever preparedness is required, all that is in place and the government is absolutely determined to introduce it (GST) from 1.4.2017, the state governments are also equally committed to introducing it from that date.n++

n++The GST will happen, Bankruptcy Law has happened and both these pieces of legislation together with amendments to the Arbitration Law, SARFESAI, DRT related laws and the Company Law, these have the potential of creating a very vibrant and dynamic economy in India,n++ he added.

n++Our expectation is that the Bankruptcy Law together with the GST will really bring in a lot of dynamism and efficiency in to the Indian economy,n++ he said further.

On the issues pertaining to GST rate structure on which there is lot of discussion going on at the moment, within the GST Council and also in the public domain, Mr Das said, n++We hope and we are quite confident that they will get resolved in the next meeting of GST Council in the 1st week of November. I think in may be one or two more sittings, it should come to a conclusion.n++

n++The rate structure has been prepared based on a very practical basis, the rate has to be necessarily revenue neutral, we cannot have a rate structure where the governments run into huge deficits and consequently both state and Central governments will have to go and borrow the money from market,n++ he elaborated.

n++With higher fiscal deficit if the governments borrow higher amounts from the market and suck out all the liquidity, there is nothing left for the private sector investment in the economy to take place,n++ added DEA secy.

He said therefore, the GST rate structure has been worked out in such a manner that the bulk of commodities are under the standard rate which is 18 per cent and the items which are very important and are used by large section of people i.e. common man have been kept at six per cent.

n++It is a very practically worked out formulation, there are couple of issues that are still under deliberation in the GST Council and I am sure it will be resolved,n++ said Mr Das.

Highlighting how GST will contribute in bringing down the rates, he said n++This whole discussion which some people tend to make that GST will lead to increase in prices is a completely misplaced discussion.n++

He elaborated that currently central excise is at 12.5 per cent, state VAT (value added tax) is about 14-14.5 per cent and together they are about 26-27 per cent and in certain goods it is at 30 per cent.

n++In GST the peak rate is much lower than the current rate and the peak rate is only for demerit goods and for certain luxury items, while bulk of items/goods are in the 18 per cent bracket,n++ said the DEA secy.

n++So the GST will bring down the prices, we are trying to make India a low-cost economy through the instrumentality of GST, it will facilitate logistics cost also to go down because the waiting time in the various check-posts by trucks on an average is as much as 48 hours, which makes costs of logistics higher,n++ he added

n++With the GST coming in, check-posts going, our logistics cost will come down, o we are looking at more moderate level of taxes,n++ further said Mr Das.

He also expressed hope of agriculture growth definitely going up to 4.5 per cent on back of good monsoon which will contribute substantially to this years overall economic growth.

n++So we are therefore looking at a growth which will be upwards of 7.6 per cent and hopefully, close to eight per cent, but that we will only know when the year ends,n++ he added.

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Axis Bank will be watched after Q2 results
Oct 26,2016

Axis Banks net profit declined 83.34% to Rs 319.08 crore on 14.14% growth in total income to Rs 13698.77 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 25 October 2016.

Axis Banks net interest income (NII) rose 11% to Rs 4514 crore in Q2 September 2016 over Q2 September 2015. The banks provisions and contingencies jumped 412.28% to Rs 3622.74 crore in Q2 September 2016 over Q2 September 2015.

Axis Banks gross non-performing assets (NPAs) stood at Rs 16378.65 crore as on 30 September 2016 as against Rs 9553.17 crore as on 30 June 2016 and Rs 4451.11 crore as on 30 September 2015. The ratio of gross NPAs to gross advances stood at 4.17% as on 30 September 2016 compared with 2.54% as on 30 June 2016 and 1.38% as on 30 September 2015. The ratio of net NPAs to net advances stood at 2.02% as on 30 September 2016 as against 1.08% as on 30 June 2016 and 0.48% as on 30 September 2015.

HDFC, Hero MotoCorp, Hindustan Unilever, ITC, Cadila Healthcare and Dabur India will declare July-September 2016 quarter results today, 26 October 2016

On a consolidated basis, Bharti Airtels net profit fell 4.9% to Rs 1461 crore on 3.4% rise in total revenues to Rs 24652 crore in Q2 September 2016 over Q2 September 2015. Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 14.5% to Rs 9466 crore in Q2 September 2016 over Q2 September 2015. EBITDA margin was reported at 38.4% in Q2 September 2016, higher than 34.7% Q2 September 2015. The result was announced after market hours yesterday, 25 October 2016.

In a separate announcement, Bharti Airtel announced that the board of directors of the company at its meeting held on 25 October 2016, has authorised a committee of directors to evaluate options for monetization of a significant stake in Bharti Infratel, in accordance with applicable regulations. The final outcome of this exercise will be placed before the board for approval, before any final decision is taken. Bharti Airtel has also requested Bharti Infratel to allow sharing of any information with any prospective buyer, subject to customary confidentiality arrangements. There is no certainty of any transaction until such time the board reviews and approves the final proposal. The announcement was made after market hours yesterday, 25 October 2016.

Bharti Infratel, Indias leading telecom tower infrastructure provider, is a significant subsidiary of Bharti Airtel. Bharti Airtel has, in the past, divested stakes in Bharti Infratel to a clutch of private equity investors led by Temasek, KKR and other high quality investors in 2008. This was followed by an initial public offering (IPO) in the year 2012 and block sales in the stock market in 2014 and 2015. As on date Airtel holds 71.96% stake in Bharti Infratel.

Asian Paints after market hours yesterday, 25 October 2016 said that its board of directors approved the scheme of amalgamation of Asian Paints (International) Limited, Mauritius, wholly owned subsidiary of the company with Asian Paints. The scheme will come into effect subject to the approval from the stock exchanges, Bombay High Court and such other statutory authorities as may be required in India and Mauritius. It may be noted that the proposed scheme has been reviewed and recommended for approval by the Audit Committee of the Board of the company at its meeting held on 24 October 2016.

State Bank of India said that it has issued and allotted 25,000 AT1 Basel III compliant non- convertible, perpetual, subordinated, unsecured debt instrument in the nature of debenture, of face value Rs 10 lakh each at par through private placement bearing coupon at 8.39% per annum payable annually with call option after 5 years or any coupon payment date thereafter aggregating to Rs 2500 crore in third tranche. The announcement was made after market hours yesterday, 25 October 2016.

Reliance Industries (RIL) through its overseas wholly-owned subsidiaries have signed facilities agreements for availing term loan facilities for an aggregate amount of $573 million (equivalent to approximately Rs 3828 crore) for part financing the construction cost of six very large ethane carriers (VLECs) (the Facilities). RIL group had ordered six state-of-the-art VLECs, which will be the largest Ethane vessels ever built in the world. The announcement was made after market hours yesterday, 25 October 2016.

The Facilities with door to door tenor of 12 year comprise of a Korea Trade Insurance Corporation (K-sure) insured tranche of $286.50 million and a commercial tranche of $286.50 million. The Facilities shall be secured by collateral of respective VLECs. The said VLECs are financed at a debt to equity ratio of 80:20. The Facilities were oversubscribed by two times and saw participation from seven banks in K-sure covered tranche and six banks in the commercial tranche. This reflects the strong credit standing of RIL in the international financial markets.

VLECs would transport Ethane from United States of America to Dahej terminal in India, which will be used for feeding RILs crackers at Dahej, Hazira and Nagothane, to ensure consistent supply of Ethane at competitive prices.

IDFC Banks net profit galloped 550.27% to Rs 387.76 crore on 2615.82% growth in total income to Rs 2493.13 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 25 October 2016. The bank commenced its banking operations on 1 October 2015. Accordingly, the results for Q2 September 2016 are not comparable with corresponding previous quarter.

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