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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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Sharda Cropchem to hold board meeting
Mar 10,2017

Sharda Cropchem will hold a meeting of the Board of Directors of the Company on 21 March 2017, to consider and declare second interim dividend for the Financial Year 2016-17

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Orbit Corporation to hold board meeting
Mar 10,2017

Orbit Corporation will hold a meeting of the Board of Directors of the Company on 14 March 2017, for shifting of registered office of the Company within the local limit of City, town or village.

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A2Z Infra Engineering gains after new order win
Mar 10,2017

The announcement was made after market hours yesterday, 9 March 2017.

Meanwhile, the S&P BSE Sensex was up 75.76 points or 0.26% at 29,004.89

On the BSE, 28,000 shares were traded on the counter so far as against the average daily volumes of 1.92 lakh shares in the past one quarter. The stock had hit a high of Rs 41.90 and a low of Rs 41.05 so far during the day. The stock had hit a 52-week high of Rs 51.65 on 1 November 2016 and a 52-week low of Rs 19 on 1 April 2016.

The small-cap company has equity capital of Rs 131.01 crore. Face value per share is Rs 10.

The aggregate value of the contracts is Rs 222.57 crore for execution of works for supply of material and erection of lines & substations under IPDS of Durg, Raipur and Bilaspur Region in Chhattisgarh.

A2Z Infra Engineering reported a net loss of Rs 24.06 crore in Q3 December 2016, higher than net loss of Rs 3.41 crore in Q3 December 2015. Net sales declined 58.1% to Rs 112.38 crore in Q3 December 2016 over Q3 December 2015.

A2Z Infra Engineering (formerly known as A2Z Maintenance & Engineering Services) is a fast growing, fully integrated electrical business group (EBG) in India catering to the needs of domestic and international power sector clients in building distribution and transmission infrastructure.

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Total 6,604 KM National Highway Constructed till February, 2017
Mar 10,2017

The target of construction of National Highways is 15,000 km, of which 6,604 km have been completed till Feb in the current financial year 2016-17. The slow speed of construction of National Highways(NHs) are mainly due to land acquisition, utility shifting, non-availability of Soil/Aggregates, Poor performance of contractors, Environment/ Forest/Wildlife Clearance, ROB & RUB issue with Railways, Public agitation for additional facilities, Arbitration/contractual disputes with contractors etc.

There is a well-established mechanism for monitoring and testing of quality of construction and development of work of National Highways (NHs) by engaging a Consultancy firm of International and National repute for every project to ensure quality construction. They supervise, monitor and conduct tests as per procedures laid down in various codes published by Indian Road Congress, manuals & MoRT&H specifications for Road and Bridge works and National Highway Authority India Quality Manuals etc. Apart from this, field units and Quality Division of Ministry, NHAI and State PWD also conduct inspection at various project sites regularly to monitor the quality of work. Quality Auditors are also engaged from time to time for conducting Quality Audits of the project work. On observation of any violation, action against the defaulter is taken as per provision in the agreement.

The Ministry has empaneled National Level Project Monitors for monitoring of critical and languishing National Highways projects all over the country.

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V2 Retail opens store in Lanka Varanasi, Uttar Pradesh
Mar 10,2017

V2 Retail has opened an operational retail store in Lanka Varanasi, Uttar Pradesh. With this, there are currently 37 retail stores in operations.

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ITC allots 22,46,660 Ordinary Shares
Mar 10,2017

ITC has issued and allotted 22,46,660 Ordinary Shares of Re. 1/- each, upon exercise of 2,24,666 Options by Optionees under the Companys Employee Stock Option Schemes. Consequently, with effect from 9 March, 2017, the Issued and Subscribed Share Capital of the Company stands increased to Rs. 1214,00,12,611/- divided into 1214,00,12,611 Ordinary Shares of Re. 1/- each

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Board of Megri Soft decides to invest in Basel Investments
Mar 10,2017

Megri Soft announced that the Board of Directors of the Company in their meeting held on 09 March 2017 has decided to acquire/invest Rs. 26,30,000/- (accounting to 13.15%) in the Equity Shares of the Basel Investments.

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India Home Loans signs MoU with Surat Urban Development Authority
Mar 10,2017

India Home Loans has entered into Memorandum of Understanding with Surat Urban Development Authority for facilitating housing loans to borrowers under Economically weaker sections for buying houses/flats under the scheme of Mukhyamantri Gruh Yojna at various location in city of Surat.

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Dilip Buildcon receives completion certificate for Jabalpur-Patan-Shahpura road project
Mar 10,2017

Dilip Buildcon announced that the Company has received the Completion Certificate and declared fit for entry into operation w.e.f. 08 February, 2017, for the project of Jabalpur-Patan-Shahpura (SH-15 & SH-22A) Road, Total Length 38.842 Kms in the state of Madhya Pradesh on Engineering, Procurement and Construction (EPC) basis and the project cost is 90.00 crore.

Further, the Company has successfully completed the said project 190 days prior to the scheduled completion date and in lieu of the earlier completion of the Project, the Company is entitled to receive the maximum Bonus amount Rs. 2.70 crore from the Madhya Pradesh Road Development Corporation.

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Tata Motors in spotlight after declaring global wholesales for February 2017
Mar 10,2017

Shares of Tata Motors will be watched. The Tata Motors Group global wholesales, including Jaguar Land Rover (JLR), rose 3% to 1.03 lakh units in February 2017 over in February 2016. Global wholesales of all Tata Motors commercial vehicles and Tata Daewoo range were flat at 36,057 units in February 2017 over in February 2016. Global wholesales of all passenger vehicles rose 5% to 67,007 units in February 2017 over in February 2016. Global wholesales for Jaguar Land Rover were 54,576 vehicles (Contains CJLR volume of 5,268 units in February 2017). CJLR is a joint venture between JLR and Chery Automobiles and is an unconsolidated subsidiary for JLR. Jaguar wholesales for the month were 16,096 vehicles, while Land Rover wholesales for the month were 38,480 vehicles. The announcement was made after market hours yesterday, 9 March 2017.

Shares of ICICI Bank will be in focus after the Committee of Executive Directors of the bank at its meeting held yesterday, 9 March 2017 approved the proposal for fund raising by way of issuance of Basel III compliant unsecured subordinated perpetual Additional Tier 1 Bonds in single/multiple tranches in any currency through public/private placement on terms as may be decided at the time of issuance. The announcement was made after market hours yesterday, 9 March 2017.

Hindalco Industries announced after market hours yesterday, 9 March 2017, that the capital raising committee of the board of directors of the company at the meeting held yesterday, 9 March 2017, approved allotment of 17.68 crore equity shares to qualified institutional buyers at Rs 189.45 each. The company recently concluded its qualified institutional placement (QIP) of shares.

Varun Beverages said it has divested 41% stake in its subsidiary Varun Beverages Mozambique, which contributed 0.6% to its net revenue in 2016. The divestment was done keeping in perspective the limited opportunity to scale up the operations of the loss-making subsidiary, the company said. However, it will continue to hold 10% residual stake in the unit, it said. For 2016, the subsidiary recorded a loss of Rs 9.9 crore. The announcement was made after market hours yesterday, 9 March 2017.

The board of directors of Kirloskar Ferrous Industries at its meeting held on 28 July 2016 had granted its in-principle approval for acquisition of movable and immovable assets relating to the pig iron plant VSL Steels for a cash consideration of Rs 155 crore. However, on account of certain ongoing disputes between VSL Steels and one of its related parties, the proposed transaction has not been completed till date. Consequently, in view of the unaccounted delays caused by the pending disputes, the board of directors of the company at its meeting held yesterday, 9 March 2017 has resolved to not to proceed with the proposed transaction. The announcement was made after market hours yesterday, 9 March 2017.

A2Z Infra Engineering has been awarded three contracts from Chhattisgarh State Power Distribution Company (CSPDCL). The aggregate value of the contracts is Rs 222.57 crore for execution of works for supply of material and erection of lines & substations under IPDS of Durg, Raipur and Bilaspur Region in Chhattisgarh. The announcement was made after market hours yesterday, 9 March 2017.

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City Union Bank opens new branch
Mar 09,2017

City Union Bank has opened its 543rd branch at Agaramthen in Kancheepuram District.

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India and Belgium sign Protocol amending the India-Belgium Double Taxation Avoidance Agreement and Protocol
Mar 09,2017

India and Belgium have signed a Protocol amending the existing Agreement and Protocol between the two countries for Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income today in New Delhi. The Protocol was signed by Shri Sushil Chandra, Chairman Central Board of Direct Taxes (CBDT) on behalf of India and Mr. Jan Luykx, Ambassador of Belgium to India, on behalf of Belgium.

The Protocol will broaden the scope of the existing framework of exchange of tax related information. This in turn will help curb tax evasion and tax avoidance between the two countries and will also enable mutual assistance in collection of taxes.

Fighting the menace of Black Money stashed in offshore accounts has been a key priority area for the Government. To further this goal, India has either signed or amended international agreements, declarations or conventions for the Avoidance of Double Taxation & Prevention of Fiscal Evasion with respect to Taxes on Income and for the Exchange of Information with Switzerland, Mauritius, Cyprus, Japan, Republic of Korea, Kazakhstan, Singapore and Austria during the financial year 2016-17.

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ICICI Bank decides to raise funds by issuance of AT-1 Bonds
Mar 09,2017

ICICI Bank announced that the Committee of Executive Directors of the Bank at its meeting held on 09 March 2017 has approved the proposal for fund raising by way of issuance of Basel III compliant unsecured subordinated perpetual Additional Tier 1 Bonds in single/multiple tranches in any currency through public/private placement on terms as may be decided at the time of issuance

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Proposal Approved for Revival of 50 Underserved Airstrips and Airports
Mar 09,2017

The newly approved National Civil Aviation Policy, 2016, has a provision for promotion of regional connectivity by way of revival of un-served and under-served airports and airstrips. Revival of such airports is demand-driven, depending on firm demand from the airline operators and where the State Government agrees to provide various concessions envisaged in the Policy.

The Government has approved the proposal for revival of 50 un-served and under-served airports and airstrips of the State Governments, Airports Authority of India, Civil Enclaves and CPSUs in the three financial years from 2017-18 at an estimated cost of Rs. 4500 crores. 15 airports and airstrips would be revived during 2017-18 and 2018-19 each and 20 airports and airstrips would be revived during 2019-20.

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Air India Expecting Better Revenues in Current Financial Year
Mar 09,2017

Air India is expecting to report better revenues in Financial Year 2016-17 as compared to FY 2015-16. In fact, the company is expecting to have a total revenue of Rs. 22,521 crores as compared to the figure of Rs. 20,526.11 crores in FY 2015-16 which is an improvement of around 9.7% over the previous year.

The main reason for this increase in revenues is an improvement in capacity utilization in terms of Revenue Passenger Kilometers (RPKMs) by 6.8% and an increase in Passenger Carriages by 6.2% when compared to the previous year 2015-16. The Passenger Load Factor is also expected to increase by 1.2% in absolute terms i.e. from 75.6% in FY 2015-16 to 76.4% in FY 2016-17.

From November, 2015, in addition to Riyadh route, B777-200 LR was deployed on Delhi-London route (AI-161/162) and from December, 2015 on Bangalore-Delhi-San Francisco route (AI-173/174). This has helped in increasing operating utilization of B777-200 LR over 14 hours per day from November, 2015 onward.

The Government had approved a Turnaround Plan (TAP) and Financial Restructuring Plan (FRP) for operational and financial turnaround of Air India. The TAP and FRP provides equity infusion of Rs.30,231 crores upto year 2021 subject to achievement of certain milestones as laid down in the TAP and FRP. The Company has made substantial progress in both Operational as well as Financial Areas as per TAP Milestones. As a part of the Turnaround Strategy for Air India Ltd., the company, with the overall support of the govt., has initiated a number of steps in order to cut costs and losses. These steps, inter-alia, include the following: -

i. Route rationalization of erstwhile AI & IA route and elimination of route network involving parallel operations.

ii. Rationalization of certain loss making routes.

iii. Phasing out of old fleet and consequential reduction in maintenance cost.

iv. Joining of Star Alliance.

v. Enhanced utilization of new fleet resulting in production of higher Available Seat Kilometers (ASKMs).

vi. Closure of overseas offline offices at certain locations.

vii. Introduction of PSS (Passenger Service System) to have single code and SAP ERP based solutions throughout the organization in terms of increase in revenue and decrease in cost.

The following steps have also been taken by Air India to improve revenues:-

i Introduction of New Routes,

ii Preferred seat selection on domestic and international routes,

iii Flash Sale of seats to increase revenues and PLF,

iv To utilize unsold inventory by launching of airfare equivalent to Rajdhani II-AC fare on select sectors,

v Dynamic pricing and introduction of Advance Purchase fare,

vi Various sales and Marketing Initiatives.

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