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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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Eight core infrastructure sector output rises 3.4% in January 2017
Feb 28,2017

The eight core infrastructure sector output, comprising nearly 38% of the weight of items included in the Index of Industrial Production (IIP), rose 3.4% in January 2017 over January 2016. Its cumulative growth was 4.8% in April-January 2016-17.

Coal production (weight: 4.38%) increased by 4.8% in January 2017 over January 2016. Its cumulative index during April to January 2016-17 increased by 2.3% over corresponding period of previous year.

Crude Oil production (weight: 5.22%) increased by 1.3% in January 2017 over January 2016. Its cumulative index during April to January 2016-17 declined by 2.8% over the corresponding period of previous year.

The Natural Gas production (weight: 1.71%) increased by 11.9% in January 2017 over January 2016. Its cumulative index during April to January 2016-17 declined by 1.9% over the corresponding period of previous year.

Petroleum Refinery production (weight: 5.94%) declined by 1.5% in January 2017 over January 2016. Its cumulative index during April to January 2016-17 increased by 6.8% over the corresponding period of previous year.

Fertilizer production (weight: 1.25%) declined by 1.6% in January 2017 over January 2016. Its cumulative index during April to January 2016-17 increased by 2.9% over the corresponding period of previous year.

Steel production (weight: 6.68%) increased by 11.4% in January 2017 over January 2016. Its cumulative index during April to January 2016-17 increased by 9.2% over the corresponding period of previous year.

Cement production (weight: 2.41%) declined by 13.3% in January 2017 over January 2016. Its cumulative index during April to January 2016-17 increased by 1.0% over the corresponding period of previous year.

Electricity generation (weight: 10.32%) increased by 4.8% in January 2017 over January 2016. Its cumulative index during April to January 2016-17 increased by 5.4% over the corresponding period of previous year.

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Persistent Systems enters into agreement with USAA
Feb 28,2017

Persistent Systems announced an agreement with USAA for development rights to a number of patented innovations currently in use by USAA related to security in financial services.

Through this agreement, Persistent will extend these technologies and address a growing market opportunity for digital security products and solutions in the financial services industry.

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Hexaware Technologies strengthens its Oracle HCM Cloud implementation services
Feb 28,2017

Hexaware Technologies announced the launch of package based fixed price and fixed scope Oracle HCM Cloud implementation services. Hexaware is an Oracle platinum partner and a co-development partner for Oracle HCM Cloud application. These offerings are a new addition to the existing pay as you use support offerings, launched last year.

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Credit Analysis & Research appoints compliance officer
Feb 28,2017

Credit Analysis & Research has appointed Mahendra Naik, Company Secretary and Compliance Officer under SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 as the Compliance Officer of the Company with effect from 01 March 2017.

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Shipping Corporation of India announces cessation of director
Feb 28,2017

Shipping Corporation of India announced that CAPT. K Devdas, Director (Technical & Off Shore Services)., will cease to be the director on the board of SCI from 01 March 2017 on account of superannuation from the service.

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MIC Electronics secures patent for LED TV Display System
Feb 28,2017

MIC Electronics announced that the Company have been granted a patent by the Controller General of Patents, Designs & Trademarks, Intellectual Property of India, for an invention entitled A LED TV DISPLAY SYSTEM for a period of 20 years commencing from 04 September 2009.

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Prism Cement secures 25% of its annual coal requirement
Feb 28,2017

Prism Cement has successfully bid for 18,300 tonnes per annum of coal from South Eastern Coalfields [A subsidiary of Coal India (CIL)] in a recently held auction of coal linkages for the cement industry. The Company has secured part fuel requirement for the next 5 years. This allocation by CIL has been made at a nominal premium over the floor price.

This intimation is based on the information available on the website of MSTC E-commerce. The Company is yet to receive the allotment letter.

This, alongwith the earlier coal linkage of 120,000 tonnes per annum, constitutes about 25 percent of the Companys annual fuel requirement.

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Kingfa Science & Technology (India) fixes record date for rights issue
Feb 28,2017

Kingfa Science & Technology (India) has fixed 10 March 2017 as the Record Date for the purpose of Rights issue of equity shares.

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Swan Energy to hold EGM
Feb 28,2017

Swan Energy announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 27 March 2017 .

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Sanmit Infra to hold EGM
Feb 28,2017

Sanmit Infra announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 10 March 2017 .

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UPL to hold EGM
Feb 28,2017

UPL announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 30 March 2017 .

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Borax Morarji to hold board meeting
Feb 28,2017

Borax Morarji will hold a meeting of the Board of Directors of the Company on 2 March 2017.

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Dharamsi Morarji Chemicals Co to hold board meeting
Feb 28,2017

Dharamsi Morarji Chemicals Co will hold a meeting of the Board of Directors of the Company on 2 March 2017.

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Kajal Synthetics & Silk Mills to hold EGM
Feb 28,2017

Kajal Synthetics & Silk Mills announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 24 March 2017 .

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Ind-Ra: Robust Profitability to Support Credit Metrics of Pharma Companies in FY18
Feb 28,2017

India Ratings and Research (Ind-Ra) has maintained a stable outlook on the pharmaceuticals sector for FY18, as the agency believes the sectors profitability will remain stable and support credit metrics. Regulatory actions resulted in a dip in the sectors profitability during FY15, which recovered in FY16 and 1HFY17.

Ind-Ra continues to maintain the overall sector growth at 8%-10% yoy for FY18, on the back of brisk domestic market growth. Though the intensity of new actions by the US Food and Drug Administration (USFDA) against Indian manufacturing facilities was lower in 2016, export revenue growth remained weak as the number of manufacturing facilities facing regulatory actions has not declined. Eight warning letters and three import alerts (2015: 17 and 12, respectively) were issued by USFDA in 2016 and the number of facilities under import alert has now increased to 45.

The National Pharmaceutical Pricing Authority is likely to further expand the price control regime, which can impact the profitability of domestic market focussed companies. The profitability of companies exporting to regulated markets improved during FY16 and 1HFY17, due to a higher proportion of revenue from new products. Indian companies received close to 200 abbreviated new drug application (ANDA) approvals each in 2015 and 2016 (2014: 122) from the USFDA. The agency believes that the new US administrations avowed plan to reduce the cost of medicines will increase the focus on generics, reduce inefficiencies in the market, and favour efficient manufacturers of generic drugs. Also, the proposed reforms in the approval process are likely to cut the time-to-market for products and benefit companies with a large pipeline of ANDAs pending approval. While competition for Indian companies can intensify, we believe the shifting product development focus towards difficult-to-develop dosage and delivery forms will enable the sector to sustain profitability and meet the possible fallout of policy uncertainty.

The agency expects pharmaceutical companies to engage in targeted acquisitions to overcome regulatory and competition headwinds. Especially the large companies are likely to use debt to fund acquisitions. While we expect a majority of pharma companies to generate positive cash from operations, free cash flow could remain stretched in FY18. The sectors credit metrics remain comfortable and most of the pharmaceutical companies are rated at IND A or above. Ind-Ra expects this to continue over FY18.

OUTLOOK SENSITIVITIES

Rebound in Export Growth: A sustained improvement in export growth of the sector and/or an increase in the proportion of revenue from differentiated generic products resulting in a sustained improvement in operating profitability can be positive for the sector.

Regulatory Concerns: An increase in regulatory actions by the National Pharmaceutical Pricing Authority and/or USFDA against manufacturing facilities adversely impacting revenue generation and/or pricing ability of sector companies and leading to a further slowdown in revenue and margin erosion will be negative for the sector.

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