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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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ADB scales down Indias growth forecast to 7% for 2016
Dec 13,2016

Economic growth in developing Asia remains broadly stable, but a slight slowdown in India has trimmed the regions growth outlook for 2016, says a new Asian Development Bank (ADB) report. In a supplement to its Asian Development Outlook 2016 Update report, ADB has downgraded 2016 growth to 5.6%, below its previous projection of 5.7%. For 2017, growth remains unchanged at 5.7%.

Asian economies continue their robust expansion in the face of global economic uncertainties, said ADB Deputy Chief Economist Juzhong Zhuang. Structural reforms to boost productivity, improve investment climate, and support domestic demand can help maintain growth momentum into the future.

Combined growth for the major industrial economies exceeded expectations in the Update, ticking up 0.1 percentage point to 1.5% in 2016. Growth in 2017 is maintained at 1.8%. Robust consumer spending supported the US economy, with supportive monetary policy and improved labor markets fueling growth in the euro area. Japans expansion, meanwhile, will be buoyed by strong exports, despite the stronger local currency.

ADB has downgraded the forecast in South Asia from 6.9% to 6.6% in 2016. Growth will bounce back in 2017, reaching 7.3%. Indias tempered growth projection to 7.0% from the previously forecasted 7.4% in 2016 is due to weak investments, a slowdown in the countrys agriculture sector, and the lack of available cash due to the governments decision to ban high-denomination banknotes. This will likely affect largely cash-based sectors in the country including small- and medium-scale businesses. The effects of the transition are expected to be short-lived and the Indian economy is expected to grow at 7.8% in 2017.

The forecast in East Asia is maintained for 2016 and 2017. Growth this year will reach 5.8%, with a slight moderation to 5.6% in 2017. Growth in the Peoples Republic of China (PRC) - the worlds second largest economy - is expected to hit 6.6% this year, driven by strong domestic consumption, solid wage growth, urban job creation, and public infrastructure investment. The forecast for the PRC in 2017 is maintained at 6.4%.

In Southeast Asia, growth forecasts remain unchanged at 4.5% in 2016 and 4.6% in 2017, with Malaysia and the Philippines expecting stronger growth due to a surge in domestic consumption and public and private investment, compared to lower growth forecasts in Brunei Darussalam, Myanmar, and Singapore.

The outlook in Central Asia is maintained at 1.5% in 2016 and 2.6% in 2017, as the ongoing recession in the Russian Federation and low global commodity prices for oil and natural gas continue to dampen growth in the subregion.

The Pacific will see growth of 2.7% in 2016, picking up to 3.3% in 2017. The fiscal contraction in Papua New Guinea - the Pacifics largest economy - and recovery from recent cyclones have weighed on growth in the subregion. While cyclone damage in Fiji has had a bigger impact on its growth outlook than previously envisaged, prospects for Samoa, Kiribati, and Tuvalu are improving through improvements in fisheries, infrastructure, and tourism.

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Prime Securities to announce December quarter results
Dec 13,2016

Prime Securities announced that a Meeting of the Board of Directors of the Company is scheduled to be held on 03 January 2017, inter alia, to consider and approve the unaudited financial results of the Company for the quarter ended 31 December 2016.

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Menon Bearings announces resignation of Chairman
Dec 13,2016

Menon Bearings announced that due to age, Ram Menon has not been able to attend Board meetings and has stepped down as Chairman and resigned as Director of the Company.

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Biocon provides update on subsidiary - Syngene International
Dec 13,2016

Biocon announced that there was a fire on the night of 12 December 2016 within one of the laboratory buildings at Syngene International, a subsidiary of the Company. The fire has since been brought under control and there has been no loss of life or any injury reported. Syngene is in the process of assessing the extent of damage to the building and equipment and also implementing a business continuity plan to minimize impact on operations.

Other facilities at Syngene are not impacted and continue to operate as normal.

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Shilpa Medicare gets approval for Capecitabine Tablets
Dec 13,2016

Shilpa Medicare has received an approval from the United States Food & Drug Administration (USFDA) (the Office of Bioequivalence) for Capecitabine Tablets USP, 150 mg and 500 mg to be bioequivalent and therapeutically equivalent to the reference listed drug product (RLD), Xeloda Tablets, 150 mg and 500 mg of Hoffmann-La Roche, Inc.

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Artson Engineering jumps after receiving contract
Dec 13,2016

The announcement was made during market hours today, 13 December 2016.

Meanwhile, the BSE Sensex was up 86.19 points, or 0.33%, to 26,601.43.

More than usual volumes were witnessed on the counter. On the BSE, 55,599 shares were traded in the counter so far as against an average daily volume of 13,661 shares in the past one quarter. The stock hit high of Rs 51 and low of Rs 44.75 so far during the day. The stock had hit a 52-week high of Rs 64.90 on 23 December 2015. The stock had hit a 52-week low of Rs 34 on 1 March 2016.

The stock had underperformed the market over the past one month till 12 December 2016, falling 16.09% compared with the 1.13% decline in the Sensex. The scrip had also underperformed the market in past one quarter, falling 19.87% as against Sensexs 6.48% decline.

The small-cap company has an equity capital of Rs 3.69 crore. Face value per share is Re 1.

Artson Engineering said that the contract is for design, detailed engineering, supply, fabrication, installation, testing, foundation work, fire protection, other civil works for double deck floating roof type crude oil storage tanks in Odisha, India.

Artson Engineering reported net profit of Rs 0.49 crore in Q2 September 2016, as compared with net loss of Rs 0.07 crore in Q2 September 2015. Net sales rose 1.3% to Rs 26.02 crore in Q2 September 2016 over Q2 September 2015.

Artson Engineering is a project engineering company. It offers multi-disciplinary design and construction services in the mechanical, civil, electrical and instrumentation fields. It offers turnkey services in petroleum storage and handling systems, plant utilities, diesel power houses, CPP, energy conservation, waste-heat recovery and noise pollution control systems.

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Yes Bank gets upgradation in ESG ratings
Dec 13,2016

Yes Bank has been upgraded by MSCI ESG Research to AAA rating from AA rating.

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Sun Pharma advances after signing exclusive global licensing deal with Moebius Medical
Dec 13,2016

The announcement was made after market hours yesterday, 12 December 2016.

Meanwhile, the BSE Sensex was up 70.19 points, or 0.26%, to 26,585.43.

On the BSE, 1.5 lakh shares were traded in the counter so far as against average daily volume of 4.7 lakh shares in the past one quarter. The stock had hit a high of Rs 682.50 and low of Rs 666.60, so far during the day. The stock had hit a 52-week high of Rs 898 on 23 February 2016. The stock had hit a 52-week low of Rs 572.40 on 9 November 2016.

The stock had underperformed the market over the past one month till 12 December 2016, falling 1.84% compared with the 1.13% decline in the Sensex. The scrip had also underperformed the market in past one quarter, falling 14.06% as against Sensexs 6.48% decline.

The large-cap company has equity capital of Rs 240.68 crore. Face value per share is Rs 1.

Sun Pharmaceutical Industries and Israel-based Moebius Medical, a biotechnology company that is developing novel pain relief treatments for osteoarthritis have entered into an exclusive worldwide licensing deal to further develop MM-II, a novel pharmaceutical candidate for the treatment of pain in osteoarthritis.

MM-II is a novel non-opioid product that leverages the physical properties of proprietary liposomes to lubricate arthritic knee joints, thereby reducing friction and wear, consequently leading to joint pain reduction.

MM-II is an intra-articular biolubricant injection which is being developed to provide symptomatic relief of mild-to-moderate osteoarthritis pain. The product is based on patent-protected technology licensed by Moebius Medical from the Hebrew University of Jerusalem, Technion Israel Institute of Technology and Hadassah Medical Centre.

According to the agreement, Sun Pharma will fund further development of Moebius Medicals lead product, MM-II, and undertake its global commercialization. To date, Moebius Medical has completed a first-in-man clinical study at Hadassah Medical Center, demonstrating the products fast onset of action and its potentially better efficacy and comparable safety for alleviating osteoarthritis pain as compared to Hyaluronic Acid injection.

Moebius Medical will conduct requisite pre-clinical studies and will assume responsibility for product development and manufacturing through the end of phase-II studies. Sun Pharma will assume responsibility for further clinical studies, regulatory submissions and product commercialization. Moebius Medical will receive an upfront payment, development-based and sales-based milestone payments, and tiered royalties on sales from Sun Pharma.

On a consolidated basis, Sun Pharmaceutical Industries net profit surged 117.3% to Rs 2235.14 crore on 13.2% growth in net sales to Rs 7764.03 crore in Q2 September 2016 over Q2 September 2015.

Sun Pharmaceutical Industries is the worlds fifth largest specialty generic pharmaceutical company and Indias top pharmaceutical company.

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Grofers partners with Yes Bank
Dec 13,2016

Grofers, the on-demand e-commerce mobile and web application, is opening up a new avenue for people to get cash delivered at home by partnering with Yes Bank. With this partnership, Grofers customers will be able to get currency notes delivered to their doorstep along with their grocery order for up to Rs 2000 through Yes Bank PoS machine.

Yes Bank has partnered Grofers for supplying cash across 3 cities - Mumbai, Gurgaon and Bengaluru.

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Board of Kwality Pharmaceuticals to consider interim dividend for FY 2017
Dec 13,2016

Kwality Pharmaceuticals announced that the meeting of the Board of Directors of the Company is scheduled to be held on 22 December 2016, inter alia, to consider the following matters:-

- To consider interim dividend for the financial year 2016-17

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Andhra Bank announces cessation of director
Dec 13,2016

Andhra Bank announced that Dr. Naina Sharma, Part-time Non-official Director of the Bank has completed her term on 11 December 2016 ceased to be Director on the Board of the Bank forthwith.

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Lypsa Gems & Jewellerys subsidary bags order worth Rs 17.7 crore
Dec 13,2016

Lypsa Gems & Jewellery DMCC, a subsidiary of Lypsa Gems & Jewellery has received a new order worth Rs 17.7 crore from customers based out of UAE, for supply of diamond and diamond studded jewellery. This order will be executed over the next 14 months.

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Syngene International tumbles after fire incident
Dec 13,2016

The announcement was made during trading hours today, 13 December 2016.

Meanwhile, the BSE Sensex was up 64.67 points, or 0.24%, to 26,579.91.

On the BSE, so far 49,000 shares were traded in the counter, compared with average daily volumes of 93,457 shares in the past one quarter. The stock had hit a high of Rs 625 and a low of Rs 594 so far during the day.

The stock hit a record high of Rs 663.30 on 9 December 2016. The stock hit a 52-week low of Rs 349 on 5 April 2016. The stock had outperformed the market over the past 30 days till 12 December 2016, rising 10.92% compared with the 1.13% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 34.11% as against Sensexs 6.48% decline.

The large-cap company has equity capital of Rs 200 crore. Face value per share is Rs 10.

There was a fire last night within one of the laboratory building (Building-S2) at Syngene International, which has since been bought under control. There has been no loss of life or any injury reported.

The S2 facility comprises laboratory and office space, representing representing approximately 10% of the total developed laboratory and office space on the campus.

The company is in the process of assessing the extent of damage to the building and equipment and also implementing its business continuity plan to minimize impact on operations.

The companys Industrial All Risk policy will help minimize the financial impact on account of damage to assets and loss of profits. Other facilities are not impacted and continue to operate as normal.

Net profit of Syngene International rose 54.02% to Rs 74.70 crore on 15.1% rise in net sales to Rs 294.70 crore in Q2 September 2016 over Q2 September 2015.

Promoted by Biocon, Syngene International is one of Asias largest contract research organizations. It provides discovery and developmental services for new molecular entities across multiple platforms including small molecules, large molecules, antibody-drug conjugates and oligonucleotides.

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Syngene International intimates of fire incident
Dec 13,2016

Syngene International reported a fire incident on 12 December 2016 at one of its laboratory building (Building -S2), which has since been bought under control. The S2 facility comprises of laboratory and office space, representing approximately 10% of the total developed laboratory and office space on the campus. Other facilities are not impacted and continue to operate as normal.

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APL Apollo gains after receiving patents for four hollow section designs
Dec 13,2016

The announcement was made after market hours yesterday, 12 December 2016.

Meanwhile, the BSE Sensex was up 53.46 points, or 0.2%, to 26,568.70.

On the BSE, 1,052 shares were traded in the counter so far, compared with an average volume of 2,499 shares in the past one quarter. The stock had hit a high of Rs 885.75 and low of Rs 873 so far during the day. The stock hit a record high of Rs 1,008 on 18 August 2016. The stock hit a 52-week low of Rs 557 on 26 February 2016.

The stock had underperformed the market over the past one month till 12 December 2016, falling 5.8% compared with the 1.13% decline in the Sensex. The scrip had also underperformed the market in past one quarter, falling 6.88% as against Sensexs 6.48% decline.

The small-cap company has an equity capital of Rs 23.59 crore. Face value per share is Rs 10.

APL Apollo Tubes announced that it received patents from the Indian Patent Office for four new designs of hollow section pipes. The patents cover the shapes and configurations of differentiated structural products.

The designs will have a patent for a period of 10 years, with a facility to further extend it for an additional period of 5 years. In addition to the four patents, APL Apollo holds another two design patents that it has developed in-house.

APL Apollo Tubes consolidated net profit rose 67.7% to Rs 33.66 crore on 12.9% decline in net sales to Rs 927.99 crore in Q2 September 2016 over Q2 September 2015.

APL Apollo Tubes is one of the leading manufacturers of hollow section steel tubes and pre-galvanized steel tubes in the country.

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