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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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The benefits of demonetization will help in sustaining economic growth in the longer term
Jan 11,2017

While releasing the survey on demonetisation to remonetisation process, Mr. Gopal Jiwarajka, President, PHD Chamber said that there is a mixed response from the economists, businesses and people.

Majority of the economists (81% Respondents) have cited a significant impact on Indias economic growth in the shorter term but the benefits of demonetization will help in sustaining economic growth in the longer term.

Survey of economists, businesses and people on a structured questionnaire was undertaken by the PHD Research Bureau of PHD Chamber of Commerce and Industry during the month of December 2016.

The survey got responses from more than 50 economists and analysts, 700 business firms and 2000 people.

In the business segment, 73% respondents are facing huge cash crunch due to demonetization as they are unable to fulfill their daily cash requirements to pay wages to daily wagers and contractual workforce.

Production process not only in the informal sector but also in the formal sector has been impacted directly or indirectly, said the survey.

Cash driven segments such as fruits and vegetable markets, horticulture and floriculture, agricultural and food processing, construction activities, among others have been impacted.

But the immediate effect would probably be short-lived and the long term effect will drive the Indian economy to new areas of growth in the coming times, said the survey study.

Though the contraction in GDP cannot be ruled out due to fall in economic activity, growth in demand will start gaining momentum once the economy moves out of the transition stage of demonetization to remonetisation, said Mr. Gopal Jiwarajka.

It is expected that removal of black money from the system would create a good scope for reduction in interest rates via-a-vis lower inflationary expectations and reduce the incidence of direct taxation, he said

While assessing the impact on people, 92% Respondents said that the major impact of currency crunch is seen on daily needs of the people such as purchase of eatables, dairy products and other necessities, according to the survey

58% Respondents are facing high level of difficulty in fulfilling their day to day activities. 89% Respondents reported unavailability of cash at banks and ATMs as a major hurdle in withdrawing/depositing cash from the bank/ATMs, said the survey study.

There is a need of setting up of digital literacy booths outside banks majorly in rural regions for spreading digital literacy across all sections of the nation, said Mr. Jiwarajka

Government should incentivize RTGS (Real Time Gross Settlement) and NEFT (National Electronic Funds Transfer) under the ambit of digital transfers so that more and more people adopt the available facility and are less dependent on cash transactions.

The threshold limit of Rs. 2,00, 000 for transactions under the RTGS and Rs. 50,000 for transfers under NEFT should be exempted from the service tax.

Also, removal of service tax charged while making payments through credit/ debit card or any other payment card up to Rs. 2,000 in a single transaction is a good start for the transformation of cash transactions to the digital transfers, however, the limit could be revised to Rs. 10,000.

Government should print more and smaller denominations such as Rs. 50, 100 and Rs. 500 notes so that there should be sufficient circulation of money in the market. Government needs to ensure that the sufficient quantity of money is being transported to the banks and ATMs in both rural and urban areas on time, he said

Facility of mobile ATMs in the Government, public sector and private corporate sector offices having more than 25 employees in their establishments, he added

Cash driven sectors such as constriction sector and Small and Micro Units (SMEs) should be facilitated by expanded cash limits for the payment of salaries of their daily wage and contractual workers, said Mr. Gopal jiwarajka

There is a need for low interest rates to propel a boom in Housing and Real Estate. This will substantially increase Employment as well as contribute towards GDP growth, he said

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Somany Ceramics gains after raising short term debt
Jan 11,2017

The announcement was made after market hours yesterday, 10 January 2017.

Meanwhile, the S&P BSE Sensex was up 132.41 points or 0.50% at 27,032.84.

On the BSE, 1,815 shares were traded in the counter so far as against average daily volume of 4,464 shares in the past one quarter. The stock had hit a high of Rs 489 and a low of Rs 476.55 so far during the day. The stock had had hit a record high of Rs 714 on 26 October 2016. The stock had hit a 52-week low of Rs 321.90 on 26 February 2016.

The stock had underperformed the market over the past one month till 10 January 2017, dropping 8.47% compared with the Sensexs 0.57% gains. The scrip had also underperformed the market in past one quarter, falling 22.38% as against the Sensexs 4.21% fall.

The small-cap company has equity capital of Rs 8.48 crore. Face value per share is Rs 2.

Somany Ceramics said that commercial paper was issued in order to reduce its high interest bearing cash credit limits, which will in turn reduce its cost of borrowing.

Somany Ceramics net profit jumped 116.1% to Rs 23.01 crore on 10.2% rise in net sales to Rs 444.33 crore in Q2 September 2016 over Q2 September 2015.

Somany Ceramics is a manufacturer of ceramic tiles and allied products.

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Alembic to announce Q3 and 9M results
Jan 11,2017

Alembic announced that a Meeting of Board of Directors of the Company shall be held on 19 January 2017, inter alia, to consider and approve the Unaudited Financial Results of the Company for the quarter and nine months period ended on 31 December 2016.

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Uflex unveils ASEPTOn++ its much awaited Aseptic Liquid Packaging Brand
Jan 11,2017

Uflex has unveiled ASEPTOn++, its Aseptic Liquid Packaging Brand. Aseptic packaging ensures that food remains free from bacteria and other harmful micro organisms for a period of atleast 8 month under room temperature. The packaging increases shelf life of the product also saving from the dependency on cold chain.

Uflexs Aseptic Liquid Packaging manufacturing plant will be commercially operational by April 2017. The Company has invested Rs 580 crore towards setting up the Aseptic Packaging plant.

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Suzlon Energy secures order for 226.8 MW wind power project
Jan 11,2017

Suzlon Energy announced its order win of 226.8 MW wind power project from a leading Independent Power Producer (IPP). The order consists of 108 units of S111 90m tubular tower with rated capacity of 2.1 MW. The project will be located in Anantapur district of Andhra Pradesh, and is scheduled for completion by March 2017.

Suzlon has entered into an exclusive Supply and Installation Agreement (SIA) and Engineering and Construction of the project. Suzlon will also be responsible for operation and maintenance services with dedicated Life cycle asset management services for an initial period of 10 years. The project has the potential to provide power to over 1,20,000 households and reduce 0.48 million tonnes of CO2 emissions per annum.

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IndusInd Bank extends gains after announcing good Q3 results
Jan 11,2017

The result was announced at the fag end of market hours yesterday, 10 January 2017. The stock had risen 0.19% to settle at Rs 1,161.85 yesterday, 10 January 2017.

Meanwhile, the S&P BSE Sensex was up 151.18 points or 0.56% at 27,050.74.

On the BSE, 83,668 shares were traded on the counter so far as against the average daily volumes of 77,876 shares in the past one quarter. The stock had hit a high of Rs 1,207.10 and a low of Rs 1,186.05 so far during the day. The stock had hit a record high of Rs 1,255.30 on 7 September 2016 and a 52-week low of Rs 799 on 11 February 2016.

The stock had outperformed the market over the past one month till 10 January 2017, gaining 4.49% compared with the Sensexs 0.57% gains. The scrip had, however, underperformed the market in past one quarter, falling 4.89% as against the Sensexs 4.21% fall.

The large-cap bank has equity capital of Rs 597.71 crore. Face value per share is Rs 10.

IndusInd Banks gross non-performing assets (NPAs) rose to Rs 971.62 crore as on 31 December 2016 as against Rs 899.01 crore as on 30 September 2016 and Rs 681.13 crore as on 31 December 2015. The ratio of gross NPAs to gross advances increased to 0.94% as on 31 December 2016 as against 0.9% as on 30 September 2016 and 0.82% as on 31 December 2015.

The ratio of net NPAs to net advances stood at 1.88% as on 31 December 2016 as against 1.93% as on 30 September 2016 and 1.92% as on 31 December 2015. The banks provisions and contingencies (excluding tax provisions) rose 22.45% to Rs 216.85 crore in Q3 December 2016 over Q3 December 2015.

IndusInd Bank is a leading private sector bank in India.

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MEP Infrastructure Developers provides update on Nagpur Ring Road 1 project
Jan 11,2017

MEP Infrastructure Developers announced that MEP Nagpur Ring Road 1 (MEP NRR1), a Subsidiary of the Company, had entered into a Concession Agreement with The National Highways Authority of India (NHAI) dated 19 May 2016 for Four Laning Stand Alone Ring Road/ Bypass for the Nagpur City Package I from Km 0+500 to Km 34+000 (Design 33+500 Km) in the State of Maharashtra on BOT (Hybrid Annuity) basis.

MEP NRR1 had achieved the Financial Closure in terms of the Concession Agreement executed with NHAI (the Authority), by tying up of Project Finance of Rs.238.95 crore on 14 October 2016.

The Authority now has given 05 January 2017 as the Appointed Date for the project vide letter dated 09 January 2017.

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Board of Paushak to consider Q3 and 9M results
Jan 11,2017

Paushak announced that a Meeting of Board of Directors of the Company shall be held on 20 January 2017, inter alia to consider and approve the Unaudited Financial Results of the Company for the quarter and nine months ended on 31 December 2016.

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Adani Power to consider Q3 and 9M results
Jan 11,2017

Adani Power announced that the Meeting of the Board of Directors of the Company will be held on 20 January 2017, inter alia, to consider and approve the Unaudited Financial Results for the quarter and nine months ended 31 December 2016(Q3).

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Everest Industries to announce December quarter results
Jan 11,2017

Everest Industries announced that the of Directors Meeting shall be held on 25 January 2017 for the purpose of approval of Unaudited Financial Results for the quarter ended 31 December 2016.

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Hind Rectifiers jumps as board to consider rights issue
Jan 11,2017

The announcement was made after market hours yesterday, 10 January 2017.

Meanwhile, the S&P BSE Sensex was up 133.04 points or 0.49% at 27,032.60.

On the BSE, 23,000 shares were traded on the counter so far as against the average daily volumes of 6,459 shares in the past one quarter. The stock had hit a high of Rs 99.70 and a low of Rs 95.30 so far during the day.

The stock had hit a 52-week high of Rs 113.60 on 1 November 2016 and a 52-week low of Rs 58.10 on 29 February 2016.

The small-cap company has equity capital of Rs 3.01 crore. Face value per share is Rs 2.

Hind Rectifiers said that a meeting of the board of directors of the company is scheduled on 15 January 2017 to consider, in principle, the issue of equity shares on a right basis to the existing equity shareholders of the company.

Hind Rectifiers reported net loss of Rs 0.86 crore in Q2 September 2016, lower than net loss of Rs 2.05 crore in Q2 September 2015. Net sales rose 62% to Rs 28.57 crore in Q2 September 2016 over Q2 September 2015.

Hind Rectifiers is engaged in developing, designing, manufacturing and marketing power semiconductor, power electronic equipments and railway transportation equipments.

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Endurance Technologies spurts as overseas subsidiary commences operations at new plant
Jan 11,2017

The announcement was made after market hours yesterday, 10 January 2017.

Meanwhile, the S&P BSE Sensex was up 167.59 points or 0.62% at 27,067.15

On the BSE, 27,000 shares were traded on the counter so far as against the average daily volumes of 13,000 shares in the past two weeks. The stock had hit a high of Rs 592.40 and a low of Rs 576.60 so far during the day.

The stock had hit a record high of Rs 674.90 on 20 October 2016. The stock had hit a record low of Rs 518.25 on 21 November 2016.

The mid-cap company has equity capital of Rs 140.66 crore. Face value per share is Rs 10.

Endurance Technologies said that the companys wholly owned subsidiary in Germany, Endurance Amann GmbH, has commenced operations at its new machining plant from 10 January 2017. The plant is located at Massenbachhausen, Germany, in proximity to the existing two plants of Endurance Amann GmbH. The new plant admeasuring about 4,500 square meters will contain machining operations, warehouse and office facilities.

Shares of Endurance Technologies had debuted on BSE on 19 October 2016 at Rs 570, a premium of 20.76% over its initial public offer (IPO) of Rs 472 per share. The IPO of Endurance Technologies had seen strong response from investors. The issue had received bids for 75.52 crore shares and it was subscribed 43.84 times.

Endurance Technologies consolidated net profit rose 14.78% to Rs 89.30 crore on 7.3% rise in total income to Rs 1453.55 crore in Q2 September 2016 over Q2 September 2015.

Endurance Technologies is a two-wheeler and three-wheeler automotive component manufacturer. The company has operations in Europe with highly-automated manufacturing facilities in Italy and Germany. The company is a tier one supplier to original equipment manufacturers (OEMs) for most of its products. In India, the company manufactures a diverse range of technology-intensive automotive components for the two-wheeler and three-wheeler segments. The company also manufactures specified components for four-wheeler passenger vehicles, light commercial vehicles (LCVs) and heavy commercial vehicles (HCVs).

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Real estate & infrastructure investment trusts could raise Rs 50K crore: ASSOCHAM-Crisil
Jan 11,2017

The real estate investment trusts (REITs) and infrastructure investment trusts (InvITs) can help raise close to Rs 50,000 crore in the near term given the interest shown by certain players in the infra and real estate space, noted a recent ASSOCHAM-Crisil joint study.

n++This amount can be utilised either for repayment of debt from banks/ non-banking financial companies (NBFCs)/financial institutions (FIs) or as a consideration to the existing sponsor for dilution of stake or both,n++ according to the study titled Building a new India, conducted by ASSOCHAM jointly with global research firm Crisil.

n++This will result in monetisation of sponsors investment in long gestation projects or result in release of loan funds for banks to fund other infrastructure projects,n++ the report said.

Both REITs and InvITs are vehicles created to primarily invest in revenue-generating real estate/infrastructure assets.

The ASSOCHAM-Crisil joint study also estimated that public sector banks need equity of Rs 1.7 lakh crore by March 2019, which is a tall order considering that banks have so far contributed to nearly half of the debt funding needed in the infrastructure space.

But, the study highlighted, a sharp fall in profitability has reduced capital generation from internal accrual of banks, while weak performance has diminished their ability to raise capital from external sources. And the capital needs can turn out to be higher if credit growth is stronger.

n++These constraints would necessitate a large part of infrastructure needs to be met from the corporate bond market,n++ said the study.

Considering the banking sectors core strengths - comfortable capitalisation, and adequate project appraisal and monitoring skills, over the past ten years, bank lending to the infrastructure sector has grown at a CAGR of 28 per cent, which is faster than the overall credit growth. Besides, the infrastructures share of bank credit has doubled from 7.5 per cent in 2005 to 15 per cent in 2016.

n++This rapid growth in lending to the infrastructure sector poses the risk of asset-liability mismatches (ALM) given that infrastructure project loans have long tenures of 10-15 years, while bank deposits, the main source of funds, typically have a maturity of less than 3 years,n++ the study noted.

n++Moreover, several banks are also nearing the group exposure limits set by RBI for lending to large infrastructure players,n++ it added.

The ASSOCHAM-Crisil study suggested that the ideal mode of financing infrastructure projects is for banks to focus on funding up to the pre-commissioning stage of projects.

n++Given their strong project appraisal and monitoring skills, and healthy capitalisation, banks are well placed to take up financing in the pre-commissioning phase, when project risk is the highest,n++ it said.

After the project is commissioned and stable, banks must refinance the debt through bonds to long-term investors, as such refinancing will free up considerable funds for banks and enable their redeployment in new projects.

n++While this financing model will allow banks to address their ALMs better, bond investors will also get good quality, long-term assets with stable cash flows,n++ said the study.

n++Plus, developers can benefit from reduced costs and fixed rates of interest that can help offset the interest rate risks inherent in bank loans,n++ it added.

n++For this to happen, the banks will, however, need to adopt a stronger risk-based pricing model for project loans. Banks can price their loans to reflect the evolving risk profile of projects,n++ further said the report.

The report also highlighted that credit enhancement would be the key to making corporate bonds attractive to investors.

n++Direct bond market funding of infrastructure projects comes with certain investment risks, and investors typically are risk averse, therefore, there arises a need for credit-enhanced structures that can help improve the credit ratings and increase their attractiveness for investors,n++ it said.

Highlighting that while large investors such as pension funds, provident funds and insurance companies have large corpuses they are restricted by regulation to invest only in highly-rated debt, therefore there is a need to bridge the gap between the low risk appetite of institutional investors and relatively high credit risk profile of infrastructure projects.

The study further suggested to look at innovative channels like green bonds for financing governments ambitious target of having 160 gega watt (GW) of solar and wind capacity by 2022 with investments worth about Rs 8 lakh crore, more so as banking channel alone would not be able to support such huge requirements.

The study also highlighted the need to liberalise investment norms for PFs and insurance cos. and allow them greater flexibility in their investments in terms of scope, which will help channel more funds for the infrastructure sector.

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Tata Motors gains after declaring global wholesales for December
Jan 11,2017

The announcement was made after market hours yesterday, 10 January 2017.

Meanwhile, the S&P BSE Sensex was up 146.33 points or 0.54% at 27,045.89

On the BSE, 1.28 lakh shares were traded on the counter so far as against the average daily volumes of 5.42 lakh shares in the past one quarter. The stock had hit a high of Rs 525 and a low of Rs 518.20 so far during the day.

The stock had hit a 52-week high of Rs 598.60 on 7 September 2016 and a 52-week low of Rs 266 on 11 February 2016.

The large-cap company has equity capital of Rs 577.44 crore. Face value per share is Rs 2.

Global wholesales of all Tata Motors commercial vehicles and Tata Daewoo range fell 5% to 30,879 units in December 2016 over December 2015. Global wholesales of all passenger vehicles rose 8% to 64,202 units in December 2016 over December 2015.

Global wholesales for Jaguar Land Rover (JLR) were 53,063 vehicles (*Contains CJLR volume of 8,184 for the month of December 2016). Jaguar wholesales for the month were 15,879 vehicles, while Land Rover wholesales for the month were 37,184 vehicles.

Tata Motors subsidiary Jaguar Land Rover reported 12% rise in total retail sales to 55,375 units in December 2016 over December 2015. The announcement was made during market hours on 9 January 2017.

Tata Motors reported consolidated net profit of Rs 848.16 crore in Q2 September 2016, compared with net loss of Rs 1740.20 crore in Q2 September 2015. Net sales rose 6.7% to Rs 65140.75 crore in Q2 September 2016 over Q2 September 2015.

Tata Motors is a market leader in commercial vehicles in India. The companys British luxury unit Jaguar Land Rover (JLR) sells premium luxury cars.

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Mercator director resigns
Jan 11,2017

Mercator announced that Prem Rajani has resigned from the Directorship of the Company w.e.f 10 January 2017.

The Board of Directors of the Company has accepted his resignation vide Circular resolution passed on 10 January 2017.

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