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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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Maruti Suzuki jumps after good September sales
Oct 03,2016

The announcement was made on Saturday, 1 October 2016.

Meanwhile, the BSE Sensex was up 103.49 points, or 0.37%, to 27,969.45.

On BSE, so far 14,000 shares were traded in the counter, compared with average daily volume of 71,985 shares in the past one quarter. The stock hit a high of Rs 5,695 so far during the day, which is also record high for the counter. The stock hit a low of Rs 5,628 so far during the day. The stock hit a 52-week low of Rs 3,202.10 on 29 February 2016. The stock had outperformed the market over the past 30 days till 30 September 2016, rising 8.32% compared with 1.96% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 31.53% as against Sensexs 2.66% rise.

The large-cap company has equity capital of Rs 151.04 crore. Face value per share is Rs 5.

Maruti Suzuki India (MSIL)s domestic sales surged 29.4% to 1.37 lakh units in September 2016 over September 2015. Exports jumped 54% to 11,822 units in September 2016 over September 2015.

Maruti Suzuki Indias net profit rose 23% to Rs 1486.20 crore on 12.1% rise in net sales to Rs 14654.50 crore in Q1 June 2016 over Q1 June 2015.

Maruti is Indias biggest car maker in terms of market share. Japanese parent Suzuki Motor Corporation currently holds 56.21% stake in Maruti (as per the shareholding pattern as on 30 June 2016).

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L&T Construction bags new orders
Oct 03,2016

Larsen & Toubro announced that its construction arm has secured orders worth Rs 6024 crore across various business segments.

The power transmission and distribution business has secured EPC orders worth Rs 1721 crore; water and effluent treatment business has secured orders worth Rs 1497 crore; building and factories business secured orders worth Rs 1131 crore; transportation infrastructure business secured orders worth Rs 780 crore; heavy civil infrastructure business bagged orders worth Rs 630 crore and metallurgy and material handling business won orders worth Rs 265 crore.

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Tata Motors gains after reporting decent growth in September sales
Oct 03,2016

The company announced the monthly sales volume data on Saturday, 1 October 2016.

Meanwhile, the S&P BSE Sensex was up 98.33 points or 0.35% at 27,964.29.

On BSE, so far 41,000 shares were traded in the counter as against average daily volume of 8.70 lakh shares in the past one quarter. The stock hit a high of Rs 544.95 and a low of Rs 539.65 so far during the day. The stock had hit a 52-week high of Rs 598.60 on 7 September 2016. The stock had hit a 52-week low of Rs 266 on 11 February 2016. The stock had outperformed the market over the past one month till 30 September 2016, advancing 1.22% compared with 1.68% fall in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 16.44% as against Sensexs 3.21% rise.

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

The companys domestic sales of Tata commercial and passenger vehicles rose 5% to 42,961 units in September 2016 over September 2015. Exports surged 29% to 5,687 units in September 2016 over September 2015.

Tata Motors consolidated net profit declined 57% to Rs 2260.40 crore on 10.1% rise in net sales to Rs 64940.12 crore in Q1 June 2016 over Q1 June 2015.

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

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Informal trade or smuggling rampant in India-Pak trade: ASSOCHAM Paper
Oct 03,2016

Informal trade or putting it bluntly, smuggling of goods, between India and Pakistan is estimated at over USD five billion, almost double the official two-way commerce between the two neighbours with history of chequered ties, an ASSOCHAM study has pointed out.

Based on well-researched documents and reports by over 50 top think tanks and research organisations, including ICRIER, annual reports of the Indian Ministry of Home Affairs, Lahore Journal of Economics, Institute of South Asian Studies-National University of Singapore among others, the ASSOCHAM Paper on India - Pakistan Trade, bought out some interesting facts which include the non-formal trade or unaccounted transactions, which can bluntly be called smuggling.

n++Smugglers/traders mainly carry out the informal trade between Pakistan and India through the exchange of goods at the Indo-Pakistan borders as well as through the misuse of the personal baggage scheme through the Green Channel facilities at international airports or railway stations. Informal trade is also taking place through Afghanistan whereby goods are exported officially from India to Afghanistan and later on brought into Pakistan through Peshawarn++.

It said while the actual volume of informal trade is difficult to calculate, there are different informal channels of information which has been collated over a period of time by different research bodies and think tanks. The ASSOCHAM Paper has largely drawn upon a wide bank of these research documents.

n++Informal traders in both the countries have developed efficient mechanisms for information flow, risk sharing and risk mitigation. The three important contributory factors towards thriving informal trade are quick realization of payments, zero documentation and little procedural hassles leading to lower transaction costs. n++

There are more exports from India than imports through the smuggling route. Besides the Afghanistan route, other channels of such informal trade include India-Dubai-Pakistan, Wagah by rail or road and Srinagar-Muzaffarabad. The composition of items going from India include jewellery, textiles, machinery and electronic appliances. On the import front, the items include textiles, dry fruits, spices and carpets.

Significantly the informal trade or smuggling is over and above the Third country trade which is generally done through Dubai and is not illegal. The Third country trade is also done through agents in Singapore. Through this route, exports from India include capital goods, textile machinery, dyes and chemicals, iron and ore, spices, tannery equipment, machine tools, cotton fabrics, tyres and chemicals and medicine. It is mostly exports.

n++Trade between Pakistan and India via Dubai has the advantage (for the traders) that consignments are not scrutinized as much as those coming directly from either countryn++.

So, the India-Pakistan official trade of USD 2.67 billion is far less than other channels.

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Auto stocks in spotlight after announcing monthly sales data
Oct 03,2016

Tata Motors announced on Saturday, 1 October 2016 that Tata Motors passenger and commercial vehicle sales (including exports) rose 8% to 48,648 units in September 2016 over September 2015. The companys domestic sales of Tata commercial and passenger vehicles rose 5% to 42,961 units in September 2016 over September 2015. Exports surged 29% to 5,687 units in September 2016 over September 2015.

Maruti Suzuki India (MSIL) announced on Saturday, 1 October 2016 that its total sales jumped 31.1% to 1.49 lakh units in September 2016 over September 2015. Domestic sales surged 29.4% to 1.37 lakh units in September 2016 over September 2015. Exports jumped 54% to 11,822 units in September 2016 over September 2015.

Mahindra & Mahindra (M&M) announced on Saturday, 1 October 2016 that its auto sales rose 8% to 46,130 units in September 2016 over September 2015. Domestic sales rose 7.18% to 42,545 units in September 2016 over September 2015. Exports increased by 14% to 3,585 units in September 2016 over September 2015.

Eicher Motors announced on Saturday, 1 October 2016 that its motorcycle division reported a 30% jump in total sales at 57,842 units in September 2016 over September 2015. Exports rose 18% to 884 units in September 2016 over September 2015.

Separately, Eicher Motors announced on Saturday, 1 October 2016 that VE Commercial Vehicles (VECV) reported a 14% increase in total sales at 4,843 units in September 2016 over September 2015.

Ashok Leyland announced on Saturday, 1 October 2016 that its total sales declined 18% to 12,057 units in September 2016 over September 2015. Sales of medium & heavy commercial vehicles (M&HCV) declined 26% to 8,963 units in September 2016 over September 2015. Light commercial vehicles (LCV) sales rose 17% to 3,094 units in September 2016 over September 2015.

State Bank of India (SBI) announced on Saturday, 1 October 2016 that the Government of India (GoI) vide notification dated 1 October 2016, extended the tenure of Arundhati Bhattacharya as Chairman of SBI for a period of one year with effect from 7 October 2016 or until further orders, whichever is earlier.

Shares of public sector oil marketing companies (PSU OMCs) will be in focus after announcing revision in petrol and diesel prices with effect from the midnight of 30 September 2016. Indian Oil Corporation (IOCL) on Friday, 30 September 2016, announced an increase in the price of petrol by Rs 0.28 per litre and diesel price was decreased by Rs 0.06 a litre at Delhi (including state levies) with corresponding price revision in other states.

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20 States rewarded for promoting urban reforms under Atal Mission during 2015-16
Oct 01,2016

19 States and the Union Territory of Chandigarh were today rewarded with performance incentive for promoting urban reforms under Atal Mission for Rejuvenation and Urban Transformation (AMRUT) during 2015-16. While Tamil Nadu topped the list of performing States, Chandigarh headed the list of Union Territories.

Minister of Urban Development Shri M.Venkaiah Naidu felicitated the lead performers with mementoes and cheques during INDOSAN Conference in New Delhi. He said that the focus of reforms during 2015-16 was on e-governance, Double Entry Accounting, collection of user charges and municipal taxes, water and energy audit, single window clearences and the focus of reforms during 2016-17 is online building permissions in all the 53 million plus cities, replacement of old water pumpsets with energy efficient ones, reuse of treated water and urban flooding mitigation planning.

Reform incentive distributed to 20 States/UT was : Tamil Nadu (Rs.61.34 cr), Karnataka (Rs.29.92 cr), Odisha (Rs.10.27 cr), Telangana (Rs.10.73 cr), Kerala (15.00 cr), Chattisgarh (Rs.13.00 cr), Andhra Pradesh (Rs.13.62 cr), MP (Rs.33.45 cr), Gujarat (Rs.26.72 cr), Bihar (Rs.15.04 cr), Rajasthan (Rs.20.80 cr), Mizoram (Rs.1.63 cr), Maharashtra (Rs.45.57 cr), UP (Rs.63.47 cr), Jharkhand (Rs.7.28 cr), Himachal Pradesh (Rs.3.54 cr), Tripura (Rs.1.70 cr), West Bengal (Rs.24.89 cr), Goa (Rs.1.34 cr) and Chandigarh (0.69 cr).

Rs.400 cr was earmarked for reform incentive during 2015-16. 23 States/UTs applied to the Ministry of Urban Development. After verification of claims States/UT scoring 70% marks were identified for giving reform incentive. Haryana, Jammu & Kashmir and A & N Islands could not qualify.

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Board of IIFL Holdings approves demerger of 5Paisa Digital Undertaking
Oct 01,2016

IIFL Holdings announced that the Board of Directors of the Company at its meeting held on 30 September 2016 has considered and approved the proposed demerger of 5Paisa Digital Undertaking from IIFL Holding into 5Paisa Capital, a 100% subsidiary of IIFL engaged in distribution of financial services and broking.

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FM: Government is working on a target date of 1st April, 2017 for the roll out of the Goods and Service Tax (GST) in the country
Oct 01,2016

The Union Finance Minister Shri Arun Jaitley said that the Government is working on a target date of 1st April, 2017 for the roll out of the Goods and Services Tax (GST) in the country. He said that till 16th September, 2017, that is one year after the provisions of the Constitution (101st Amendment) Act, 2016 being brought into force, the Constitution empowers the Central Government to levy excise duty on manufacturing; and service tax on the supply of services. The Finance Minister said that similarly the Constitution Amendment Act empowers the State Governments to levy sales tax or Value Added Tax (VAT) on the sale of goods till that time i.e. 16th September, 2016. The Finance Minister Shri Jaitley said that so far the Government is following the road map for implementation of GST as per the schedule. The Finance Minister Shri Jaitley was making his Opening Remarks at the Fourth Meeting of the Parliamentary Consultative Committee attached to the Ministry of Finance. The subject of the meeting was the Goods and Services Tax (GST).

The Finance Minister Shri Jaitley further said that the First Meeting of the GST Council was held in a very cordial and constructive environment earlier this month and today, he will hold the Second Meeting of the GST Council. In the GST regime, the GST Council has been created under Article 279A of the Constitution. The GST Council is a joint forum of the Centre and the States. The Council will take decisions on important issues like tax rates, exemption list and threshold limits etc.

Thereafter, the Members of Consultative Committee sought various clarifications with regard to GST Law and gave suggestions for its better implementation. Some of the major suggestions include need for absolute clarity and transparency with regard to where taxes will be collected, assessed and where the appeal will be filed in case of GST regime. The members said that it will be challenging task to tackle complex situation arising-out of implementation of GST law in a federal system. Some of the members suggested there is a need for launching a large scale Awareness Campaign especially for the small traders as most of them are still unaware about the complex procedures and processes under GST regime including for registration and filing of returns etc. Some of the members suggested that availability of IT network in all parts of the country, especially in small towns and rural areas, must be ensured as GST system will work only online. Some of the members appreciated the initiative of the Government in getting the GST law passed by both the Houses of Parliament as well as its commitment to implement it in a time bound manner. The members hoped that this law will bring relief to the common man by exempting certain essential items from GST and moderate rate of taxation on other items which in turn will bring down the prices of common man consumption items as well as cost of living at large.

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Panoramic Universal announces cessation of CFO
Oct 01,2016

Panoramic Universal announced that Pravin Chavan, Chief Finance Officer (CFO), Key Managerial Personnel (KMP) of the Company has resigned from his office with immediate effect from the close of the office hours of 30 September 2016.

He also ceases to be a Whole-time Key Managerial Personnel of the Company with effect from the said date.

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Accel Frontline gets extension to hold AGM
Oct 01,2016

Accel Frontline announced that in terms of the approval under the Companies Act, 2013, the Company has obtained an extension of time for holding its Annual General Meeting (AGM) upto 31 December 2016 for adoption of Accounts for the financial year 2015-16.

Registrar of Companies (ROC) vide its order dated 30 September 2016 had approved for three months i.e. upto 31 December 2016.

The Company shall convey the date of Annual General Meeting as and when the Board of Directors of the Company decides as such.

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CBDT notifies 7 districts of Andhra Pradesh for availing tax incentives under the Income-tax Act
Oct 01,2016

Under the Andhra Pradesh Re-organisation Act, 2014 the Government of India is extending special assistance to four districts of Rayalseema and three districts of North coastal Region of Andhra Pradesh. To further boost the industrial activities, the CBDT has notified these seven districts for availing tax incentives under section 32(1)(iia) and section 32AD of the Income-tax Act.

Accordingly, any manufacturing undertaking set up during the period from 01.04.2015 to 31.03.2020 in these districts of Andhra Pradesh is eligible for 15% of higher additional depreciation and 15% of investment allowance on the cost of plant and machinery acquired by it during the said period.

The 7 districts of Andhra Pradesh notified as backward areas vide Notification in S.O.3075 (E) dated 28.09.2016 are:

1. Anantapur

2. Chittoor

3. Cuddapah

4. Kurnool

5. Srikakulam

6. Vishakhapatnam

7. Vizianagaram

The aforesaid incentives are in addition to other tax benefits available under the Income-tax Act.

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Austin Engineering Company announces resignation of company secretary
Oct 01,2016

Austin Engineering Company announced that Nidhi Parikh working with as a Company Secretary has resigned from the said post with effect from 30 September 2016 after working hour.

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Bank of Baroda announces cessation of CFO
Oct 01,2016

Bank of Baroda has informed BSE regarding Cessation of Vidyasagar Narane as Chief Financial Officer (CFO) of Bank Due to his superannuation on 30 September 2016.

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Ministry of Civil Aviation, Government of Puducherry and Airports Authority of India sign MoU to Promote Regional Connectivity Scheme
Oct 01,2016

The Ministry of Civil Aviation, State Government of Puducherry and Airports Authority of India today signed a tri-partite Memorandum of Understanding (MOU) for the Regional Connectivity Scheme thereby initiating the collaborative partnership. With the development, the State Government of Puducherry has formally agreed to provide the concessions required from the State Governments in the Regional Connectivity Scheme. The MoU is signed by Shri Manoj Parida, Chief Secretary, Puducherry, Smt. Usha Padhee, Joint Secretary, Ministry of Civil Aviation and Shri A.K. Dutta, Member, Airports Authority of India.

Speaking on the occasion, the MOS for Civil Aviation, Shri Jayant Sinha said that he hoped the subsidies would attract airlines which also needed to find the appropriate aircrafts and pilots to service the regional sector. The Chief Minister of Puducherry, Shri V. Narayanaswamy said that he was happy to cooperate in promoting the Regional Connectivity Scheme as it would improve the connectivity to Puducherry.

The Ministry of Civil Aviation had earlier released the draft Regional Air Connectivity Scheme (RCS) for stakeholder consultation, with the twin objectives of promoting balanced regional growth and making flying affordable for masses,. The RCS is the key component of the National Civil Aviation Policy which was released by the Ministry on 15th June 2016. The scheme, which would be in operation for a period of 10 years, envisages providing connectivity to un-served and under-served airports of the country through revival of existing air-strips and airports. This would be achieved through a financial stimulus in the form of Central and State government concessions, as well as Viability Gap Funding to the interested airlines to kick-off operations from such airports, so that the passenger fares are kept affordable. The fare for a one hour journey of appx. 500 km on a fixed wing aircraft or for a 30 minute journey on a helicopter would now be capped at Rs. 2,500, with proportionate pricing for routes of different lengths / duration.

To reduce the cost of operations, Central Government would be providing concessions in the form of reduced excise on VAT, service tax and flexibility of code sharing at the RCS airports. Similarly, the State governments would have to lower the VAT on ATF to 1% or less, besides security and fire services free of cost and electricity, water and other utilities at substantially concessional rates. Similarly, Landing and Parking charge and Terminal Navigation Landing Charges shall not be imposed by the airport operator.

A Regional Connectivity Fund would be created to fund the VGF requirements under the scheme. The same would be funded through a levy on certain domestic flights. The partner State Governments would also contribute a 20% share to this fund (10% for North Eastern States). For balanced regional growth, the allocations under the scheme would be equitably spread across the 5 geographical regions of the country viz North, West, South, East and North-east.

The States have been given a key role under the scheme. The selection of airports where RCS operations would be done in consultation with State Government and after confirmation of their concessions. This will be based on the selection of routes by the airline operators.

In view of the above, the Ministry of Civil Aviation is in the process of signing of an MoU with State Governments to ensure their commitment and support to regional air transport operations by providing concessions as required under the RCS for making it successful. Puducherry is the sixth State with which such an MoU is signed. The other states are Maharashtra, Chhatisgarh, Gujarat, Jharkhand and Andhra Pradesh.

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PG Industry to hold AGM
Oct 01,2016

PG Industry announced that the 23rd Annual General Meeting (AGM) of the company will be held on 30 September 2016.

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