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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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Agenda for board meeting of Kitex Garments
Jan 06,2017

Kitex Garments announced that a meeting of the Board of Directors of the Company will be held on 09 January 2017 to consider:

1. Further financial assistance from State Bank of India and
2. Additional investment in Kitex USA LLC.

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Board of DHP India to consider Q3 and 9M results
Jan 06,2017

DHP India announced that the Board Meeting of the Directors of the Company will be held on 13 February 2017 to discuss the following agenda:

1. To discussed and approve the First Nine Months & Third Quarter ended Un-audited Financial Results & Accounts (with limited review by statutory auditors) for the Nine Months & Third Quarter ended 31 December 2016.

2. To approve the proposal of CSR Committee for Expenses of CSR of F.Y. 2016-17 to be made by way of Contribution to Prime Ministers National Relief Fund.

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Board of Swagruha Infrastructure approves shifting of registered office
Jan 06,2017

Swagruha Infrastructure announced that at the meeting of the Board of Directors of the Company held on 06 January 2017, the following were duly considered and approved:

1. Shifting of Registered office from state of Telangana to State of Karnataka and alteration of MOA in respect of shifting of registered office.

2. Approval of Notice of the postal ballot.

3. Appointment of S. Sarveswar Reddy, Practicing Company Secretary as a Scrutinizer for conducting of postal ballot.

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Board of Transwarranty Finance to consider December quarter results
Jan 06,2017

Transwarranty Finance announced that a meeting of the Board of Directors of the Company will be held on 30 January 2017 to transact inter alia and approve the unaudited financial results for the quarter ended 31 December 2016.

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Syndicate Bank revises MCLR rates
Jan 06,2017

Syndicate Bank has revised tenor-wise MCLR of the Bank with effect from 10 January 2017 as under -

Overnight - 8.30%
One month - 8.35%
Three month - 8.40%
Six month - 8.60%
One year - 8.75%

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Religare Enterprises provides update on divestment of Cerestra Advisors
Jan 06,2017

Religare Enterprises announced that RGAM Investment Advisers, a wholly-owned subsidiary of the Company, has entered into definitive agreements on 05 January 2017 for the divestment of its stake in its wholly-owned subsidiary, Cerestra Advisors , with (i) TCP-CERESTRA, a company registered under the laws of Cayman Islands; [ii] CERESTRA MANAGERS, a company registered under the laws of India; and (iii) ELEPHANT INDIA FINANCE, a Company registered under the laws of India.

The transaction is expected to be closed by 28 February 2017 following the receipt of all required regulatory approvals.

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Natco Pharma gets final approval for generic version of Bendamustine Hydrochloride powder for Injection
Jan 06,2017

Natco Pharma has received the final approval of Abbreviated New Drug Application (ANDA) containing a paragraph IV certification filed with the U.S. Food and Drug Administration (FDA) for generic version of Bendamustine Hydrochloride powder for Injection, 25 mg/Vial and 100 mg/Vial (Singe-Dose Vial).

Pursuant to the settlement of the Paragraph IV litigation, NATCO plans to launch this drug on November 1, 2019, or earlier under certain circumstances, through its marketing partner Breckenridge Pharmaceutical, Inc., in the USA market.

Natco and Breckenridge filed their ANDA with a Paragraph IV certification on the first-to-file date and expect to share 180-day exclusivity with other ANDA first filers.

Cephalon (acquired by Teva in 2011) sells Bendamustine Hydrochloride powder for Injection, 25 mg/Vial and 100 mg/Vial (Singe-Dose Vial) under Brand name TREANDAn++ in the USA market. TREANDAn++ is indicated for the treatment of patients with chronic lymphocytic leukemia (CLL) and non-Hodgkins lymphoma. TREANDAn++ had U.S. sales of approximately $133 Million for twelve months ending November, 2016, according to IMS Health.

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SREI Equipment Finance closes public issue of NCDs
Jan 06,2017

SREI Infrastructure Finance announced that its subsidiary, SREI Equipment Finance has exercised the option of early closure of the Public Issue of Secured Redeemable Non-Convertible Debentures and the Issue shall now close on 06 January 2017. The Issue opened for subscription on 03 January 2017 and was scheduled to close on 20 January 2017.

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Promact Plastics announces change in directorate
Jan 06,2017

Promact Plastics announced that Payalben J. Patel has been appointed as Managing Director of the Company in place of Jayantilal S. Patel.

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Hisar Metal Industries provides update on order from Central Excise Commission
Jan 06,2017

Hisar Metal Industries has received relief Order-in-Appeal dated 04 January 2017 from the Office of the Commissioner of Central Excise Appeals - II, Delhi against the Orders-in-Original passed by the Addl. Commissioner, Central Excise Commissionerate, Rohtak in which the Addl. Commissioner has:

1. Confirmed demand of short paid Central Excise duty amounting to Rs. 6,90,022/- along with interest as applicable.

2. Imposed redemption fine of Rs. 36,00,000/-.

3. Imposed the penalty of Rs. 36,46,276/-.

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Apar tumbles as board approves buyback at nominal premium
Jan 06,2017

The announcement was made during market hours today, 6 January 2017.

Meanwhile, the S&P BSE Sensex was down 113.45 points or 0.42% at 26,764.79.

On the BSE, 25,000 shares were traded on the counter so far as against the average daily volumes of 15,445 shares in the past one quarter. The stock had hit a high of Rs 659.85 and a low of Rs 607.50 so far during the day.

The stock had hit a record high of Rs 666 yesterday, 5 January 2017 and a 52-week low of Rs 406 on 29 February 2016.

The small-cap company has equity capital of Rs 38.50 crore. Face value per share is Rs 10.

Apar Industries board at its meeting held today, 6 January 2017, approved the buyback up to 4.50 lakh fully paid-up equity shares, representing up to 1.17% of the outstanding equity shares of the company at a price of Rs 660 per share payable in cash for an aggregate amount of up to Rs 29.70 crore.

The buyback represents 4.09% of the fully paid-up equity share capital and free reserves (including securities premium) as per the standalone audited balance sheet of the company for the year ended 31 March 2016. The buyback will be on a proportionate basis through the tender offer. The promoters of the company have indicated their intention to participate in the proposed buyback. Promoters held 58.21% stake in Apar Industries end September 2016.

The record date for the proposed buyback is 20 January 2017.

Apar Industries net profit rose 82.2% to Rs 45.66 crore on 1.5% rise in net sales to Rs 1252.58 crore in Q2 September 2016 over Q2 September 2015.

Apar Industries is engaged in the business of manufacture of conductors, transformer/specialty oils and power/telecom cables.

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Religare Enterprises gains after subsidiary signs pact to divest stake in its unit
Jan 06,2017

The announcement was made during market hours today, 6 January 2017.

Meanwhile, the BSE Sensex was down 95.87 points, or 0.36%, to 26,782.37.

On the BSE, so far 6,029 shares were traded in the counter, compared with average daily volumes of 3,767 shares in the past one quarter. The stock had hit a high of Rs 264 and a low of Rs 250 so far during the day. The stock had hit a 52-week high of Rs 319 on 3 February 2016. The stock had hit a 52-week low of Rs 221.05 on 15 November 2016.

The stock had underperformed the market over the past one month till 5 January 2017, falling 6.94% compared with the Sensexs 2.01% rise. The scrip had also underperformed the market in past one quarter, dropping 8.05% as against the Sensexs 4.76% fall.

The mid-cap company has equity capital of Rs 178.33 crore. Face value per share is Rs 10.

Religare Enterprises announced that RGAM Investment Advisers Private Limited, a wholly-owned subsidiary of the company, has entered into definitive agreements on 5 January 2017 for the divestment of its stake in its wholly-owned subsidiary, Cerestra Advisors Limited, with TCP-Cerestra Ltd, a company registered under the laws of Cayman Islands; Cerestra Managers Pvt Ltd, a company registered under the laws of India; and Elephant India Finance limited, a company registered under the laws of India.

The stake will be bought by The Capital Partnership Group. The transaction is expected to be closed by28 February 2017 following the receipt of all required regulatory approvals.

Religare Enterprises had announced on 29 July 2016 that RGAM Investment Advisers has executed a binding term sheet to divest its stake in Cerestra Advisors Limited (Cerestra).

Religare Enterprises reported net loss of Rs 39.54 crore in Q2 September 2016 as against net loss of Rs 13.90 crore in Q2 September 2015. Total income declined 38.4% to Rs 11.85 crore in Q2 September 2016 over Q2 September 2015.

Religare Enterprises (REL) is the holding company for one of Indias leading diversified financial services groups. REL offers an integrated suite of financial services through its underlying subsidiaries and operating entities, including loans to SMEs, affordable housing finance, health insurance, capital markets and wealth management.

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Money Supply: Currency in circulation declines
Jan 06,2017

The money supply (M3) registered growth of 7.1% as on 09 December 2016. The growth was lower than 8.5% in the month of November 2016. Meanwhile, on annual basis the M3 growth was lower than in December 2015, amid fall in currency with public and deceleration in other deposits with RBI, while demand deposits with banks and time deposits with banks accelerated. In a historic move, the government, on advice of RBI, announced that existing notes of Rs 500 and Rs 1000 denomination ceased to be legal tender from 09 November 2016. A new series of Rs 500 and Rs 2000 notes were introduced by RBI from 10 November 2016. Accordingly, old notes that have been demonetised can be deposited in bank accounts (without limit till 31 December 2016) or can be exchanged for legal tender.

This move reduced the currency in circulation drastically and increased the deposits with banks.

Meanwhile, the M3 decreased by Rs 559.5 billion or 0.5% fortnightly, led by fall in currency with the public, while time deposits with banks, demand deposits with banks and other deposits with RBI increased.

Components

M3 recorded growth of 4.3% till 09 December in 2016-17 compared with the 7.2% rise in the same period a year ago. Meanwhile, on annual basis the M3 growth was lower than in December 2015, amid fall in currency with public and deceleration in other deposits with RBI, while demand deposits with banks and time deposits with banks accelerated.

The growth rate in time deposits with banks accelerated to 14.2% from 10.8% a year ago, demand deposits with banks, another major component of broad money, increased at 29.4% from 13% a year ago while currency with public fall 48% from 12.4% rise a year ago.

Meanwhile, the M3 decreased by Rs 559.5 billion or 0.5% fortnightly, led by fall in currency with the public, while time deposits with banks, demand deposits with banks and other deposits with RBI increased.

Demand deposit with banks increased 21% till 09 December 2016 compared with a rise of 3.8% in the corresponding period a year ago. The annual growth rate stood at 29.4% as on 09 December 2016 compared with a rise of 13% a year ago. On other hand, time deposits increased at 12.3% till 09 December in 2016-17 compared with 7.4% growth a year ago. The annual growth rate stood at 14.2% as on 09 December compared with a 10.8% increase a year ago.

One of the major components of M3, that is currency with the public, fell 48% annually as on 09 December 2016 compared with 12.4% increase a year ago. It recorded 51.1% fall till 09 December in 2016-17 compared with a 8.4% increase in the same period a year ago. Meanwhile, fortnightly the currency with the public fall 14.4% or by Rs 1309.6 billion.

Sources

The net bank credit to government declined by Rs 944.6 billion in the fortnight ended 09 December 2016 but increased 22% till 09 December in 2016-17. This is higher than the rise of 12.4% growth a year ago. The annual growth rate accelerated to 16.9% as on 09 December 2016 compared with 7.2% a year ago. The growth in net foreign exchange assets of the banking sector stood at 2.7% till 09 December 2016 in 2016-17 lower from 9.4% growth a year ago. Meanwhile, the annual growth rate also decelerated 5.7% as on 09 December 2016 compared with a rise of 19.9% a year ago.

Reserve money

The reserve money growth declined annually in December 2016 compared with an annual rise in December 2015. The annual growth rate declined 29.6% as on 23 December 2016 compared with the 14.3% growth a year ago. The fall in currency in circulation led to fall in reserve money growth, while Bankers Deposits with RBI and other deposits with RBI decelerated. The fall in currency in circulation was 40% as on 23 December 2016 compared with a rise of 13% rise a year ago. The bankers deposit with the RBI decelerated at 6.5% compared with a rise of 17.9% rise a year ago and the other deposits with RBI also decelerated annually to 6.4%.

The net foreign exchange assets of the banking sector decelerated to 5.4% as on 23 December 2016 compared with a rise of 15.4% a year ago. Meanwhile, the growth rate was 2.5% till 23 December in 2016-17 compared with 9% rise in the same period a year ago. Net non-monetary liabilities of the RBI decreased 0.8% till 23 December 2016 in FY17 compared with a rise of 14.7% in the same period a year ago. The annual growth rate accelerated by 5.2% as on 23 December compared with rise of 4.5% a year ago.

Outlook

The growth of money supply in the economy slipped to 7% from 12% in the near term, and may slip further if 25-30% of unaccounted currency does not flow back into the banking system post demonetisation move. The demonetization led to massive influx of currency into the banking system with system liquidity turning into huge surplus as currency in circulation fell and deposit base grew by same amount. In a short period, the banking system will have to carry out a massive exercise of accepting old, demonetized notes and issuing new legal tender. This will be later followed by a massive outflow of currency back into the system.

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Idea Cellular declines on brokerage downgrade
Jan 06,2017

Meanwhile, the S&P BSE Sensex was down 92.62 points or 0.34% at 26,785.62.

On the BSE, 3.35 lakh shares were traded on the counter so far as against the average daily volumes of 6.97 lakh shares in the past one quarter. The stock had hit a high of Rs 74.65 and a low of Rs 72.70 so far during the day.

The stock had hit a 52-week high of Rs 137.85 on 6 January 2016 and a 52-week low of Rs 66 on 9 November 2016. It had outperformed the market over the past one month till 5 January 2017, advancing 2.75% compared with the Sensexs 2.01% rise. The scrip had, however, underperformed the market in past one quarter, declining 6.57% as against the Sensexs 4.76% fall.

The large-cap company has equity capital of Rs 3601.69 crore. Face value per share is Rs 10.

The brokerage sees significant decline in operating profit of Idea Cellular going forward. Unlimited voice uptake makes risk-reward unfavourable, it added.

On a consolidated basis, Idea Cellulars net profit fell 88% to Rs 91.46 crore on 7.2% growth in net sales to Rs 9298.89 crore in Q2 September 2016 over Q2 September 2015.

Idea Cellular is the third largest wireless operator in India. Idea is part of the Aditya Birla Group, which is one of the largest business groups in India.

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SREI Infra gains after early closure of debenture issue by subsidiary
Jan 06,2017

The announcement was made during market hours today, 6 January 2016.

Meanwhile, the BSE Sensex was down 9.53 points, or 0.04%, to 26,868.71.

On the BSE, 1.08 lakh shares were traded in the counter so far, compared with an average volume of 1.87 lakh shares in the past one quarter. The stock had hit a high of Rs 81.70 and a low of Rs 79.30 so far during the day. The stock had hit a 52-week high of Rs 91.95 on 10 November 2016. The stock had hit a 52-week low of Rs 42.35 on 24 May 2016.

The stock had underperformed the market over the past one month till 5 January 2017, remaining unchanged compared with the Sensexs 2.01% rise. The scrip had, however, outperformed the market in past one quarter, gaining 7.18% as against the Sensexs 4.76% fall.

The small-cap company has an equity capital of Rs 503.09 crore. Face value per share is Rs 10.

SREI Infrastructure Finance announced that Srei Equipment Finance (SEFL), a material subsidiary of the company has exercised the option of early closure of the public issue of secured redeemable non-convertible debentures and the issue shall now close today, 6 January 2017.

The issue opened for subscription on 3 January 2017 and was scheduled to close on 20 January 2017.

SREI Infrastructure Finance had announced on 26 December 2016 that Srei Equipment Finance is proposing a public issue of 25 lakh secured redeemable non-convertible debentures of face value of Rs 1,000 each for an amount upto Rs 250 crore with an option to retain over subscription upto Rs 500 crore.

SEFL is a leading equipment finance institutions. The object of the issue was to raise funds for various financing activities, to repay the companys existing loans and business operations etc.

On consolidated basis, SREI Infrastructure Finances net profit jumped 438% to Rs 61.87 crore on 30% rise in total income to Rs 1106.65 crore in Q2 September 2016 over Q2 September 2015.

SREI Infrastructure Finance is a leading infrastructure financing conglomerate in India.

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