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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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Hisar Spinning Mills to hold AGM
Sep 20,2016

Hisar Spinning Mills announced that the 24th Annual General Meeting(AGM) of the company on 30 September 2016.

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GR Cables to hold AGM
Sep 20,2016

GR Cables announced that the 25th Annual General Meeting(AGM) of the company on 30 September 2016.

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Ventura Textiles to hold AGM
Sep 20,2016

Ventura Textiles announced that the 46th Annual General Meeting(AGM) of the company on 23 September 2016.

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Essar Securities to hold AGM
Sep 20,2016

Essar Securities announced that the 11th Annual General Meeting(AGM) of the company on 30 September 2016.

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Pithampur Poly Products to hold AGM
Sep 20,2016

Pithampur Poly Products announced that the 19th Annual General Meeting(AGM) of the company on 30 September 2016.

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Inanna Fashion & Trends to hold AGM
Sep 20,2016

Inanna Fashion & Trends announced that the th Annual General Meeting(AGM) of the company on 30 September 2016.

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Sri Vajra Granites to hold AGM
Sep 20,2016

Sri Vajra Granites announced that the th Annual General Meeting(AGM) of the company on 28 September 2016.

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Suryajyoti Spinning Mills to hold AGM
Sep 20,2016

Suryajyoti Spinning Mills announced that the 33th Annual General Meeting(AGM) of the company on 30 September 2016.

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Thakral Services (India) to hold AGM
Sep 20,2016

Thakral Services (India) announced that the 33th Annual General Meeting(AGM) of the company on 30 September 2016.

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Katare Spinning Mills to hold AGM
Sep 20,2016

Katare Spinning Mills announced that the 36th Annual General Meeting(AGM) of the company on 29 September 2016.

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Vegepro Foods & Feeds to hold AGM
Sep 20,2016

Vegepro Foods & Feeds announced that the 28th Annual General Meeting(AGM) of the company on 29 September 2016.

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Moodys: Auto sector faces rising credit risks due to carbon transition
Sep 20,2016

Moodys Investors Service says that the automotive manufacturing sector globally faces a rapidly evolving environment and rising credit risk as companies need to make material changes to more effectively reduce the sectors carbon footprint and respond to expected growth in the demand for alternative fuel vehicles (AFVs).

Given that the auto industry is one of the most significant emitters of greenhouse gases, there is a clear need for the industry to improve emissions-reducing technologies and adapt to the broadening emergence of AFVs, says Brian Cahill, a Moodys Managing Director who is a lead representative for Moodys on environmental, social and governance (ESG) topics.

In its analysis, Moodys uses a baseline emissions scenario consistent with the nationally determined contributions (NDCs) established as part of the Paris Agreement signed by 180 countries as of 7 September 2016.

Although the NDC scenario is forecast to be insufficient to limit global warming to less than 2 degrees Celsius that was the commitment under the agreement, it represents a plausible central scenario, as it tracks the current policy commitments of national governments, says Cahill.

While we use the NDC scenario as our baseline, our analysis also qualitatively considers a wider range of potential outcomes, depending upon either more or less rapid carbon transition, adds Cahill.

We believe that major auto manufacturers face material risks, which are transmitted through four channels: [1] rising policy pressure, with stricter emissions-reducing regulatory targets a likely outcome; [2] increasing pressure on margins and cash flows; [3] changing consumer preferences; and [4] disruptive technological shocks, adds Yanase.

Policy risk is substantial as the transport sector is a major carbon dioxide emitter. In this context, the sector needs to improve emissions-reducing technologies and adapt to the global emergence of AFVs.

Moodys believes that regulators increased focus on emissions compliance will accelerate the reduction of emissions. Along with the advanced economies, many emerging economies have also introduced regulations that will likely affect the strategies of automotive manufacturers for AFVs.

Financial risks are increasing as the manufacturers R&D and capital spending may need to increase against the backdrop of the global push to reduce emissions and in view of the likely emergence of new competitors. Financially strong companies are best positioned to manage the added drain on their resources, but increased spending will likely further pressure the sectors already low margins.

Changing consumer preferences -- such as demand for AFVs -- is likely to become an important sales driver. We expect demand to grow amid technological improvements, incentives created under government policies and growing concerns over climate change. Automotive manufacturers with a broad range of AFV models and better consumer reputations for reducing emissions will be best positioned to meet this demand.

Finally, Moodys considers that disruptive technological shocks are possible. For example, the difficulty of predicting the degree and speed of AFV take-up is a significant risk for auto manufacturers because producing such vehicles will require changes to the manufacturing process and heightened coordination with auto-parts suppliers. Auto manufacturers without a well-developed technology strategy and ability to rapidly retool, or those with long product life cycles, will fare the worst as the need for manufacturing flexibility and speed-to-market rises.

In this situation, Moodys has developed a heat map to help assess auto manufacturers relative exposure and positioning to carbon transition risks, and which will assist in our qualitative consideration of the implications for their credit ratings. We will also have more intensive discussions about these issues with the manufacturers to better understand their ability to deal with them.

In summary, Moodys is increasing its focus on the risks related to climate change for auto manufacturers globally. While we do not anticipate any immediate rating changes, we are monitoring rising risks in this sector for possible future implications. We have developed a carbon transition risk heat map as an informational tool to better organize and more consistently communicate our assessment of companies positioning to manage these risks, and our evolving view of these risks for the sector and individual companies will be considered in our scoring of qualitative factors in our global automotive industry rating methodology scorecard, adds Yanase.

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Den Networks gains as board approves preferential issue of shares
Sep 20,2016

The announcement was made during market hours today, 20 September 2016.

Meanwhile, the S&P BSE Sensex was down 117.52 points or 0.41% at 28,516.98

On BSE, so far 2.19 lakh shares were traded in the counter as against average daily volume of 22,953 shares in the past one quarter. The stock hit a high of Rs 85 and a low of Rs 78.10 so far during the day. The stock had hit a 52-week high of Rs 133 on 21 September 2015. The stock had hit a 52-week low of Rs 60.50 on 15 February 2016. The stock had underperformed the market over the past 30 days till 19 September 2016, falling 8.42% compared with Sensexs 1.99% rise. The scrip also underperformed the market in past one quarter, sliding 13.38% as against Sensexs 6.79% rise.

The small-cap company has equity capital of Rs 178.20 crore. Face value per share is Rs 10.

Den Networks said that the companys board of directors has issue and allotment of 1.58 crore shares on preferential basis to affiliates of the Goldman Sachs Group, Inc. who form part of the persons belonging to the non-promoter category. The companys board also approved the issue price of Rs 90 per share for the preferential allotment. With this allotment, the holding of affiliates of Goldman Sachs Group, Inc. will increase to about 24.49% from 17.79% earlier, Den Networks said. The total consideration for the transaction is Rs 142.43 crore, the company added.

Den Networks reported net loss of Rs 57.31 crore in Q1 June 2016, higher thab net loss of Rs 50.75 crore in Q1 June 2015. Net sales rose 24% to Rs 236.97 crore in Q1 June 2016 over Q1 June 2015.

Den Networks is one of leading cable TV distribution companies in India.

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Kolte Patil Developers jumps after completing project in Pune
Sep 20,2016

The announcement was made during market hours today, 20 September 2016.

Meanwhile, the BSE Sensex was down 100.76 points, or 0.35%, to 28,533.74.

More than usual volumes were traded on the counter. On BSE, so far 1.49 lakh shares were traded in the counter, compared with an average volume of 19,467 shares in the past one quarter. The stock hit a high of Rs 134.25 and a low of Rs 120.05 so far during the day.

Kolte Patil Developers announced that it has completed its Margosa Heights project in Pune generating an internal rate of return (IRR) of 36% and a money multiple of 3.1 times for itself and its joint venture partner, Portman Holdings, USA. The project is part of a special purpose vehicle (SPV) called Bellflower properties, which is a 50% joint venture of Kolte with Portman. This investment was the first residential investment for the Atlanta based full service real estate company which has a significant presence in India.

Margosa Heights includes 20 mid-rise apartment towers along with support retail located at Mohammadwadi, a suburb in south Pune. The developments total area is -1 million square feet. This project sets a unique example of an Indian & an International developer/Investor working in partnership on various aspects of the project to deliver a good product & achieve high profitability.

Kolte-Patil Developers is Punes largest developer and has completed 1 crore sq. ft. of landmark developments in Pune and Bengaluru. It is also present in Mumbai with some upscale redevelopment projects. The company has till date built projects in multiple segments such as residential, commercial, retail, IT parks, and integrated townships.

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Indias step-wise reforms set in motion, but weak investment and banking risk may act as speedbreakers
Sep 20,2016

Moodys Investors Service says that the credit implications of Indias (Baa3 positive) reforms will materialise in the medium term, fostering a more stable macroeconomic environment conducive to fiscal consolidation. In the nearer term, challenging budget targets could lead to significant spending cuts late in the fiscal year, especially since in the first four months of the fiscal year, 74% of the whole years budget target has already been reached.

Moreover, structural hurdles will continue to constrain private sector investment and growth. The banking sector will continue to pose contingent liability risks to the government over the near to medium term.

From ICRAs perspective, we expect Indias growth-inflation dynamics to display mixed trends during the fiscal year ending 31 March 2017 (FY2017), says Nayar.

Specifically, growth of gross value added (GVA) at basic prices is set to improve to 7.7% from 7.2% in FY2016 on the back of domestic consumption demand, amid a hardening of CPI inflation to an average of 5.1% from 4.9% over the same period, adds Nayar.

In Moodys view, over time, the multi-pronged but step-wise approach to reform will contribute to stable robust growth, moderate inflation and narrower budget deficits. In particular, the cementing of the monetary policy framework with the objective of maintaining inflation at moderate levels is credit positive. Moodys expects continuity in monetary policy says Diron.

Meanwhile, a few fiscal measures entail some, although limited, immediate savings for the government, including through subsidy reform and more moderate increases in Minimum Support Prices (MSP) than in the past, adds Diron. The implementation of the goods and sales tax (GST) n++ which Moodys assumes will become effective in 2017 n++ will enhance revenue collection for the government over time, through better tax compliance and higher profits, as businesses save on tax administration costs.

Moreover, Moodys points out that some measures, if effectively implemented, will bolster Indias growth potential, including an easing of restrictions on Foreign Direct Investment (FDI) that could foster productivity growth in some sectors; the bankruptcy law, which, if credible, would enhance investor confidence; improved access to bank accounts; and measures aimed at easing business starts.

However, these reforms will ease rather than remove some of the hurdles to robust and sustained investment, and therefore growth in India. In the nearer term, private investment will remain weak as corporates in investment-intensive sectors are burdened by elevated debt levels. In addition, the economy will remain vulnerable to fluctuations in monsoon rains, because of the only partial irrigation of crops and gradual progress in food storage and transport infrastructure. In general, infrastructure gaps will continue to constrain investment and the rise in FDI will not make up for muted domestic investment.

With the sequential dip in growth of GVA at basic prices and GDP in Q1 FY2017 to 7.1% and 7.3%, respectively n++ results which were in line with ICRAs expectations n++ ICRA maintains its forecast of a pick-up in economic growth in FY2017, with GVA growth of 7.7% and GDP expansion of 7.9%, compared to 7.2% and 7.6% in FY2016.

The staggered implementation of pay revisions by the central government and a number of state governments, as well as the improved outlook for the rural economy post-monsoon, portend that consumption will continue to drive economic growth in FY2017.

However, fiscal constraints will limit the space available for direct infrastructure investment by the central government in FY2017. In addition, the mixed global growth outlook will prevent merchandise exports from emerging as a major growth driver in the near term.

In terms of the monetary policy framework, the Government of India has notified a CPI inflation target of 4%, within a tolerance band of 2%-6% until March 2021. Such a scenario would help to anchor inflationary expectations. In addition, a favourable base effect as well as improved crop sowing dynamics will ensure that CPI inflation remains within this tolerance band in the near term.

However, higher global food prices and the anticipated improvement in domestic demand n++ after the implementation of revised scales for the Central Government employees and pensioners n++ pose modest risks to the inflation trajectory.

Without taking into account the impact of the eventual increase in allowances n++ based on the recommendations of the Seventh Central Pay Commission, because the timing of the implementation is unclear n++ ICRA expects that CPI inflation will record a mild hardening to about 5.1% in FY2017 from 4.9% in FY2016.

Moodys points out that banking sector risk will also remain a constraint on Indias sovereign ratings. While bad asset recognition is a first step, the measure does not strengthen the resilience of banks, and therefore does not reduce the contingent liability risks for the sovereign. Moodys estimates that the fiscal costs of equity injections in public sector banks are manageable, although they are larger than currently budgeted and will add to the governments challenge in meeting its fiscal targets.

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