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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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Eicher moves north after strong motorcyle sales
Jan 02,2017

The company announced the monthly sales volume yesterday, 1 January 2017.

Meanwhile, the S&P BSE Sensex was down 89.19 points or 0.33% at 26,537.27.

On the BSE, 2,221 shares were traded on the counter so far as against the average daily volumes of 5,241 shares in the past one quarter. The stock had hit a high of Rs 22,851 and a low of Rs 22,222 so far during the day.

The stock had hit a record high of Rs 26,601.95 on 29 September 2016 and a 52-week low of Rs 14,817.75 on 19 January 2016. It had outperformed the market over the past one month till 30 December 2016, advancing 0.63% compared with the Sensexs 0.1% fall. The scrip had, however, underperformed the market over the past one quarter declining 12.46% as against the Sensexs 4.45% fall.

The large-cap company has equity capital of Rs 27.20 crore. Face value per share is Rs 10.

Eicher Motors exports of motorcycles jumped 160% to 1,082 units in December 2016 over December 2015.

Separately, Eicher Motors announced yesterday, 1 January 2017 that sale volume of VE Commercial Vehicles, an unlisted subsidiary of Eicher Motors fell 20.04% to 4,048 units in December 2016 over December 2015.

On a consolidated basis, net profit of Eicher Motors rose 45.19% to Rs 413.16 crore on 35.14% rise in net sales to Rs 1748.44 crore in Q2 September 2016 over Q2 September 2015.

Eicher Motors (EML) is the flagship company of the Eicher Group. EML is one of the leading players in the Indian automotive space. EML owns the iconic Royal Enfield motorcycle business which leads the premium motorcycle segment in India. EMLs joint venture with the Volvo group, VE Commercial Vehicles, designs, manufactures and markets reliable, fuel-efficient trucks and buses.

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Bank of Baroda appoints Executive Director
Jan 02,2017

Bank of Baroda announced the appointment of Papia Sengupta as Executive Director on the Board of the Bank with effect from 01 January 2017.

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Bank of Baroda announces cessation of director
Jan 02,2017

Bank of Baroda announced the cessation of Bhuwanchandra Joshi as Executive Director of the Bank with effect from 01 January 2017 due to his superannuation on 31 December 2016.

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Bajaj Auto skids after reporting weak sales in December
Jan 02,2017

The company announced the monthly sales volume data for December during market hours today, 2 January 2017.

Meanwhile, the S&P BSE Sensex was down 94.75 points or 0.36% at 26,531.71.

On the BSE, 6,587 shares were traded in the counter so far as against average daily volume of 21,836 shares in the past one quarter. The stock had hit a high of Rs 2,658.30 and a low of Rs 2,581 so far during the day. The stock had hit a record high of Rs 3,122 on 9 September 2016. The stock had hit a 52-week low of Rs 2,173.40 on 29 February 2016.

The stock had underperformed the market over the past one month till 30 December 2016, sliding 1.86% compared with 0.1% drop in the Sensex. The scrip had, also underperformed the market in past one quarter, declining 7% as against Sensexs 4.45% fall.

The large-cap company has equity capital of Rs 289.37 crore. Face value per share is Rs 10.

Bajaj Auto announced that total sales fell 22% to 2.25 lakh units in December 2016 over December 2015. Domestic sales dropped 17% to 1.19 lakh units in December 2016 over December 2015. Exports fell 27% to 1.05 lakh units in December 2016 over December 2015.

On a consolidated basis, Bajaj Autos net profit rose 7.2% to Rs 1200.72 crore on 0.2% decline in net sales to Rs 5949.32 crore in Q2 September 2016 over Q2 September 2015.

Bajaj Auto is one of the leading two-and three-wheeler manufacturers in India.

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Maruti drops in early trade after weak monthly sales
Jan 02,2017

The company announced the monthly sales volume yesterday, 1 January 2017.

Meanwhile, the S&P BSE Sensex was down 98.83 points or 0.37% at 26,527.63.

On the BSE, 8,262 shares were traded on the counter so far as against the average daily volumes of 60,366 shares in the past one quarter. The stock had hit a high of Rs 5,348.90 and a low of Rs 5,270 so far during the day.

The stock had hit a record high of Rs 5,972 on 1 November 2016 and a 52-week low of Rs 3,202.10 on 29 February 2016. It had outperformed the market over the past one month till 30 December 2016, advancing 1.13% compared with the Sensexs 0.1% fall. The scrip had also outperformed the market over the past one quarter declining 2.85% as against the Sensexs 4.45% fall.

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

Maruti Suzuki Indias (Maruti) total domestic sales fell 4.4% to 1.06 lakh units in December 2016 over December 2015. Exports surged 47.1% to 11,494 units in December 2016 over December 2015.

Maruti Suzuki Indias net profit rose 60.2% to Rs 2398 crore on 29.5% growth in net sales to Rs 17594.60 crore in Q2 September 2016 over Q2 September 2015.

Maruti Suzuki India 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 September 2016).

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Indian Railways Extends the facility of 10% rebate in Basic Fare on Vacant Berth/Seats after Preparation of First Chart In All Kinds of Trains
Jan 02,2017

In continuation with its earlier announcement of providing 10% rebate in the basic fare on the vacant berths/seats after preparation of first chart in Rajdhani/Duronto/Shatabdi trains, Indian Railways has decided to extend this rebate in the reserved class of all other trains w.e.f. 01 January 2017 on an experimental basis for six months.

The detailed provisions are as under

1.1. 10% rebate shall be applicable on the base fare of last ticket sold for a particular class and train just before preparation of first chart.

1.2. Reservation fee and superfast charge as applicable shall be levied in full & service tax etc. as applicable shall be levied.

1.3. 10% discount shall also be applicable for allotment of vacant berths (due to non-turned up passengers) in the train by TTEs.

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Shilpi Cable lights up after acquiring UAE based lighting products mfg firm
Jan 02,2017

The announcement was made after market hours on Friday, 30 December 2016.

Meanwhile, the BSE Sensex was down 55.61 points, or 0.21%, to 26,570.85.

On the BSE, 851 shares were traded in the counter so far, compared with an average volume of 70,908 shares in the past one quarter. The stock had hit a high of Rs 201.65 and a low of Rs 199.90 in intraday trade.

Shilpi Cable Technologies announced that its board of directors at a meeting held on Friday, 30 December 2016, approved acquisition of 100% shareholding of Gulf Aglow LED Lighting FZCO (GAL), a UAE based company incorporated within the laws of UAE. GAL is engaged in the manufacturing of lighting products. The company is selling lighting products including CFL and LED products through retails network in Middle East and African countries.

The Gulf Aglow LED Lighting FZCO had acquired lighting business from Gulf advanced lighting LLC, which was in business since last 20 years. The acquisition will be in the nature of cash consideration.

The indicative time period for the completion of the acquisition is 3 months. This acquisition is intended to expand market share of Shilpi Cable in lighting products, wires & cables in Middle East & African countries. The transaction is subject to applicable FEMA and RBI regulations.

On a consolidated basis, net profit of Shilpi Cable Technologies rose 100.7% to Rs 53.70 crore on 45.6% rise in net sales to Rs 1197.33 crore in Q2 September 2016 over Q2 September 2015.

Shilpi Cable Technologies is a specialist across the varieties of cables widely used in telecom, automotive and energy segment.

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Precious metals end 2016 on dull note
Jan 02,2017

Bullion prices ended lower at Comex on Friday, 30 December 2016. Gold futures moved in and out of positive territory on Friday, risking a fifth straight session gain, but still on track to snap what had been the longest weekly losing streak in more than 12 years.

Gold futures for February delivery fell $1.00, or 0.1%, to $1,157.10 an ounce, but had earlier traded up to $1,164.

Gold futures fell on Friday but snapped what had been the longest weekly losing streak in more than 12 years with a 1.5% weekly gain. Gold logged a 9% gain for all of 2016, owed to its early-year move. Gold is off more than 15% from its 2016 best, which was the settle high of $1,364.90 hit 6 July 2016.

March silver was down 15 cents, or 0.9%, at $16.08 an ounce after trading at its highest in about two weeks. For the month, silver fell a roughly 2%. Silver gained 17% for the year.

Precious metals moved in choppy fashion in this final trading day of 2016 as the dollar index pulled back from the 14-year highs it hit late this month. Thanks to strong early-year performances, both gold and silver logged sizable gains for the year, their best annual showing since 2012.

The ICE Dollar which typically moves inversely to gold, was down 0.5% at 102.13. This dollar gauge, which measures the strength of the buck against a basket of six currencies, traded in recent sessions at its highest level since December 2002.

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Lakshmi Vilas Bank provides update on QIP issue
Jan 02,2017

Lakshmi Vilas Bank announced that in respect of the QIP, the Committee of Directors for Capital Raising of the Bank (the Committee) at its meeting held on 31 December 2016, has inter alia, passed the following resolutions:

a. Approved the closure of the QIP on 31 December 2016;

b. Approved the issue price of Rs. 140.00 per Equity Share (including premium of Rs. 130.00 per Equity Share), which is at a discount of Rs. 1.15 per Equity Share, to the Floor Price of Rs. 141.15 per Equity Share, for the issuance and allocation of 1,19,85,138 Equity Shares to be allotted to eligible qualified institutional buyers pursuant to the QIP aggregating upto Rs. 167.8 crore; and

c. Approved and adopted the placement document dated 31 December 2016, in connection with the QIP.

d. Approved the issue of Confirmation of Allocation Notes (CANs) to the qualified institutional buyers.

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Bombay Dyeing & Manufacturing Company enters into agreement to sell land & building and flat
Jan 02,2017

Bombay Dyeing & Manufacturing Company announced that pursuant to the approval of the Committee of the Board the Company has entered into an Agreement for sale of;

1. MIDC Land & Building and some specific utility machineries of Ranjangaon unit situated at Ranjangaon, District - Pune, Maharashtra, at an aggregate value of Rs. 174.45 crore 31 December 2016.

2. A Company owned Flat at Beach Towers, Prabhadevi, Mumbai at a value of Rs.9.4 crore on 31 December 2016.

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Mahindra CIE Automotive to announce December quarter and FY results
Jan 02,2017

Mahindra CIE Automotive announced that a meeting of the Board of Directors of the Company will be held on 23 February 2017, inter alia, to consider and approve the audited Financial Results of the Company (Standalone and Consolidated) for the quarter and Financial Year ended 31 December 2016.

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Punjab National Bank reduces MCLR rates
Jan 02,2017

Punjab National Bank has reduced the Marginal Cost of Funds Based Lending Rate (MCLR) with effect from 01 January 2017 as under -

Overnight - 8.20%
One month - 8.25%
Three months - 8.35%
Six months - 8.40%
One year - 8.45%
Three years - 8.60%
Five years - 8.75%

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India to Supply Additional 80 MW of Power to Nepal from 1st January 2017
Jan 02,2017

From the first day of the new year, 1st January, 2017, additional power transfer of 80MW to Nepal is expected to commence. With this, the total supply of electricity to Nepal from India will be about 400 MW.

Shri Janardan Sharma, Minister of Energy, Government of Nepal, in a recent visit to India, held discussions with Shri Piyush Goyal, Minister of State (IC) for Power, Coal, New & Renewable Energy and Mines, Government of India. Besides reviewing cooperation and expanding ties between the two countries in the power/energy sector, Minister of Energy of Nepal requested for an additional supply of 80 MW from India to alleviate power shortage in Nepal due to seasonal reduction in supply from domestic hydro projects in winter months.

In a swift response to this request, within a period of 20 days, the Power Grid Corporation of India Limited (PGCIL) installed an additional 220/132kV, 100MVA transformer at Muzaffarpur substation in India. This transformer will facilitate additional power supply up to 80MW to Nepal through the Muzaffarpur (India) - Dhalkebar (Nepal) transmission line. With this augmentation, a total of 160 MW can now be supplied to Nepal through this transmission line.

The electrical grids of India and Nepal are connected through various radial lines at 132kV, 33kV and 11kV voltage levels. Prior to February 2016, as per the request received from Nepal from time to time, various short-term augmentation schemes were carried out which resulted in enhancement of power flow to Nepal from 50MW to about 240MW.

In February 2016, Prime Ministers of India and Nepal inaugurated the first high capacity 400kV cross-border line, initially being operated at 132kV, from Muzaffarpur in India to Dhalkebar in Nepal. This had resulted in additional flow of 80 MW, enhancing the total power supply to Nepal to about 320MW.

The Muzaffapur - Dhalkebar line is planned to be charged at 220kV with the commissioning of 220kV Dhalkebar substation in Nepal by March 2017. This will facilitate additional 150 MW of power transfer to Nepal. This would be followed by commissioning of 400 kV substation at Dhalkebar (Nepal), which would enable operation of Muzaffarpur - Dhalkebar 400 kV DC line at its rated voltage, leading to increase in power transfer to Nepal by 300-400 MW.

India is also working with Nepal to supply power through two more radial 132kV lines viz. Raxaul-Parwanipur and Kataiya-Kushaha, which are being commissioned through the grant assistance of Government of India.

India, through PGCIL, has also assisted Nepal in preparation of electricity Master Plan for Nepal- short term (up to 2018-19), medium term (up to 2021-22) and long term (up to 2035). Accordingly, a number of high capacity cross-border interconnections are being considered between India and Nepal. Initially, these interconnections would be utilized for transfer of power from India to Nepal and later with the development of hydro projects in Nepal, these links would be utilized for transfer of surplus power from Nepal to India.

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Mahanagar Gas launches CNG-fueled Two-Wheelers in Mumbai
Jan 02,2017

Mahanagar Gas in association with Eco Fuel (Indian Partners of Lovato, Italy) launched CNG fueled two wheeler on 01 January 2017.

The CNG kit for two wheelers comprises of two cylinders of 1.2 kg each, which can run up to 120 km to 130 km per kg at an approximate cost of Rs 0.60 per km per single fill. In the initial phase, the scooters will be retrofitted with a CNG kit manufactured by Lavato.

Additionally, Mahanagar Gas has also launched MGL Connect Mobile App (available on Google Play Store).

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Maruti Suzuki may drop on fall in sales in December
Jan 02,2017

Maruti Suzuki India announced on Sunday, 1 January 2017 that total sales fell 1% to 1.17 lakh units in December 2016 over December 2015. Domestic sales fell 4.4% to 1.06 lakh units in December 2016 over December 2015. Exports rose 47.1% to 11,494 units in December 2016 over December 2015.

Eicher Motors announced on Sunday, 1 January 2017 that sale volume of VE Commercial Vehicles, an unlisted subsidiary of Eicher Motors fell 20.04% to 4,048 units in December 2016 over December 2015.

Separately, Eicher Motors said that total motorcycles sales rose 42% to 57,398 units in December 2016 over December 2015.

Bombay Dyeing & Manufacturing Company announced on Sunday, 1 January 2017, that pursuant to the approval of the committee of the board the company has entered into an agreement for sale of MIDC land & building and some specific utility machineries of Ranjangaon unit situated at Ranjangaon, District - Pune, Maharashtra, at an aggregate value of Rs 174.45 crore on 31 December 2016.

The company has also entered into an agreement for sale of company owned flat at Beach Towers, Prabhadevi, Mumbai at a value of Rs 9.4 crore on 31 December 2016.

Coal India announced before market hours today, 2 January 2017, that the coal production of the company and its subsidiaries was 96% of targeted production at 54.20 million tonnes in December 2016 and coal offtake was 98% of target at 51.46 million tonnes in December 2016.

Mahanagar Gas announced on Sunday, 1 January 2017 the launch of CNG-fueled two-wheelers in Mumbai.

Punjab National Bank announced on Sunday, 1 January 2017 that the bank has reduced marginal cost of funds based lending rate (MCLR) with effect from 1 January 2017.

State Bank of India has reportedly cut its marginal cost of lending rate, or MCLR, by 90 basis points across all maturities. The countrys largest bank has reduced its key one-year benchmark MCLR to 8% per annum. The one-year benchmark is used for pricing home and car loans. Loans are provided to borrowers at 35 basis points over the MCLR. SBIs new rates were effective from 1 January 2017.

Realty stocks will be in focus as Prime Minister Narendra Modi on the eve of New Year on 31 December 2016, announced that two new middle income categories have been created under the Pradhan Mantri Awaas Yojana in urban areas. Loans of up to Rs 9 lakh taken in 2017, will receive interest subvention of 4%. Loans of up to Rs 12 lakh taken in 2017, will receive interest subvention of 3%. The number of houses being built for the poor, under the Pradhan Mantri Awaas Yojana in rural areas, is being increased by 33%.

In addition to this, another scheme is being put in place for the neo middle and middle class in rural areas. Loans of up to Rs 2 lakh taken in 2017, for new housing, or extension of housing in rural areas, will receive an interest subvention of 3%.

Shares of public sector oil marketing companies (PSU OMCs), automobiles firms and aviation firms will be watched. Petrol price was hiked by Rs 1.29 a litre and the diesel rate by Rs 0.97 a litre on Sunday, 1 January 2017. The increase in petrol and diesel rates is excluding state levies and the actual hike will be higher.

Further, aviation turbine fuel (ATF) price was hiked by a steep 8.6%. ATF price hike is applicable from midnight of 31 December 2016. Meanwhile, subsidised LPG rate was raised by Rs 2 per cylinder.

Shilpi Cable Technologies announced that its board of directors at its meeting held on Friday, 30 December 2016, approved acquisition of 100% shareholding of Gulf Aglow LED Lighting FZCO (GAL), a UAE based company incorporated within the laws of UAE. GAL is engaged in the manufacturing of lighting products.

The acquisition will be in the nature of cash consideration. The indicative time period for the completion of the acquisition is 3 months. This acquisition is intended to expand market share of Shilpi Cable in lighting products, wires & cables in middle east & African countries. The transaction is subject to applicable FEMA and RBI regulations. The announcement was made after market hours on Friday, 30 December 2016.

Ujaas Energy announced that it has received letter of Intent from MOIL for design, engineering, procurement & supply, construction, erection, testing & commissioning of solar PV plant with tracking system on turnkey basis of 5 megawatts (MW) (AC) capacity in Maharashtra. The announcement was made on Saturday, 31 December 2016.

IL&FS Engineering and Construction Company announced that it has received a letter of acceptance (LoA) for a road contract worth Rs 242.56 crore from Ministry of Road Transport & Highways (MoRTH) through CE (NH) PWD, Government of Karnataka.

The engineering, procurement & construction (EPC) project is expected to be completed in 24 months. The company is currently executing a metro rail contract in Karnataka for Bangalore Metro Rail Corporation for a value of Rs 326.99 crore. The announcement was made after market hours on Friday, 30 December 2016.

Bafna Pharmaceuticals announced that the meeting of the board of directors of the company is scheduled to be held on 4 January 2017, to transact withdrawal of entire preferential issue of 40 lakh share warrants and in-principle application filed with the stock exchanges.

The reasons the board will consider such a proposal is that the proposed allottees in the promoter group and one of the investors were ineligible due to sale/purchase/transfer within the group during the 6 months preceding the relevant date and due to inordinate delay in the process, few of the proposed allottees expressed their unwillingness to subscribe for the issue

The board will also propose and consider fresh issue of 80 lakh share warrants to promoter and non-promoter group subject to necessary approvals. The announcement was made after market hours on Friday, 30 December 2016.

Transformers and Rectifiers (India) announced that the company has been awarded the order for 40 numbers of 15MVA and 40 numbers of 20MVA power transformers with natural/synthetic ester oil of 66 kV class amounting to Rs 92 crore from Gujarat Energy Transmission Corporation Limited (GETCO).

The order falls under the normal course of business. The company neither has any interest in the entity that awarded the order nor fall within related party transactions. With this order, the companys order book as on date stands around Rs 960 crore.

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