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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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Manappuram Finance gains on fund raising plans
Sep 19,2016

The announcement was made during market hours today, 19 September 2016.

On BSE, so far 3.8 lakh shares were traded in the counter, compared with an average volume of 11.48 lakh shares in the past one quarter. The stock hit a high of Rs 98.85 and a low of Rs 95.80 so far during the day.

Manappuram Finance said that Financial Resources and Management Committee of Board of Directors at its meeting to be held on 22 September 2016 will consider the proposal to raise funds through secured redeemable non-convertible debentures aggregating to Rs 150 crore on private placement basis.

Manappuram Finance is a non-banking financial company (NBFC), providing finance against household gold ornament.

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Japanese market closed Monday for a public holiday
Sep 19,2016

Japanese market closed Monday for a public holiday

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Asia Pacific Market: Stocks gain ahead of policy decisions in US and Japan
Sep 19,2016

Asia Pacific share market closed slight higher on Monday, 19 September 2016, with sentiment driven by a rebound in oil prices while traders were also keeping an eye on crucial monetary policy decisions due from the US and Japan later this week.

The US Federal Reserve policy makers begin their two-day policy meeting tomorrow, 20 September 2016. Investors do not expect the Federal Reserve to raise interest rates when its policymakers end the two-day meeting on Wednesday. But they will scrutinize its statement for implications about the future rate hike.

A Fed rate increase appeared to at least have a 50% chance after blockbuster job gains in June and July stoked speculation that faster inflation cant be too far behind. But payroll additions were disappointing in August and growth in service-sector activity for the month fell to the lowest level since 2010. Inflation, meanwhile, generally remains tame. And while the speeches of Fed Chair Janet Yellen and other policymakers have been somewhat ambiguous, the most recent comments of Fed officials have emphasized caution in light of the risk of derailing a still-fragile recovery. Whats more, the Fed has shied away from hiking rates when investors dont expect it for fear of generating market turbulence that could further rock the economy. The Fed left the target range for its federal funds rate unchanged at 0.25% to 0.5% for the fifth time during its July 2016 meeting.

Market participants are also awaiting for the outcome of the Bank of Japan policy meeting. A comprehensive review of monetary policy is expected in the meeting. But its believed that BoJ policy makers are split over the next easing steps. Some might even believe in continuing with the current government bond purchase program and negative rates and give time for the policies to pass through to the economy. Meanwhile, the financial industry in Japan sang a chorus opposing deepening negative interest rates. Opinions are divided on what BoJ would do in the end and the result could surprise the markets.

Among Asian bourses

Australia Market ends early on technical glitches

Australian share market closed before scheduled session, as technical problems which delayed the market open have continued to plague the ASX. The ASX delayed the normal 10 a.m. local time equity market opening until 11:30 a.m. due to an issue relating to a component that allows it to manage individual stocks, Matthew Gibbs, a spokesman for the ASX in Sydney said earlier, adding that the company was working with its technology vendor Nasdaq Inc. to prevent a recurrence. It then halted trading in the afternoon before canceling it for the rest of the day. Among ASX sectors, technology, consumer goods, retailers, and energy stocks declined while materials & resources stocks ended firmer. At close of trade, the benchmark S&P/ASX 200 index fell 1.90 points, or 0.04%, to 5,294.80, while the broader All Ordinaries index has lost 3 points, or 0.06%, to 5,393.70. Falling stocks outnumbered advancing ones on the Australia Stock Exchange by 480 to 427 and 333 ended unchanged. The S&P/ASX 200 VIX, which measures the implied volatility of S&P/ASX 200 options, was down 21.09% to 11.863.

China Stocks gain on improving business confidence

Mainland China stock market closed higher, as investors chased for bargain hunting after a long mid-Autumn Festival holiday on Thursday and Friday. Meanwhile, buying appetite improved after the Peoples Bank of China published surveys on Sunday showing business confidence among entrepreneurs in China had picked up for the second quarter in a row in 2016. The CSI300 index of the largest listed companies in Shanghai and Shenzhen added 0.75%, to 3,263.12 points, while the Shanghai Composite Index grew 0.77% to 3,026.05 points. Nuclear power-related stocks were in the spotlight, after Britain gave the go-ahead for a $24 billion Chinese-backed nuclear power plant. Mainland-listed China Nuclear Engineering and SUFA Technology Industry Co both shot up 10%, the maximum allowed.

Hong Kong Market closed stronger

The Hong Kong stock market ended higher, as investors returning from the long Mid-Autumn Festival holiday drew optimism from surveys showing improving China business confidence and on the back of money inflows from the mainland. The benchmark Hang Seng Index declined 25.12 points, or 0.11%, to 23190.64 points. The Hang Seng China Enterprises Index, a benchmark measure of performance of mainland China enterprises, slipped 28.54 points, or 0.3%, to 9542.52. Turnover increased to HK$72.5 billion from HK$65.3 billion on Thursday. The local equity market closed on Friday for a public holiday.

Standard Chartered (02888) softened 0.9% to HK$63.05 on talks that it seeks to sell its private equity business, which is valued at US$5 billion. HSBC (00005) spent GBP35.3 million on Thursday and Friday buying back its own shares in London market. It ended up 0.4% to HK$58.65.

Credit Suisse said in a recent report that the CIRCs guiding document is positive for the healthy development of the industry. It reiterated its overweight stance on the sector, with target prices of HK$49 and HK$17.22 for Ping An (02318) and PICC P&C (02328). The stocks closed up 2% and 0.6% respectively.

Chinas NBS announced that property prices continued its surge in August. CR Land (01109) rose 3.9% to HK$22.55. COLI (00688) climbed 2.7% to HK$26.25. Sunac China (01918) acquired 42 projects from Legend Holdings (03396) for HK$16 billion. Sunac soared 7% to HK$5.87. Legend shot up 2% to HK$20.

Henderson Land (00012) added 2% to HK$46.25 after the developer disposed of Golden Centre office building in Sheung Wan for HK$4.37 billion.

Indian Market gains for 4th straight session

Indian benchmark indices settled with small gains in a lacklustre trading session. The barometer index, the S&P BSE Sensex, rose 35.47 points or 0.12% to settle at 28,634.50. The Nifty rose 28.55 points or 0.33% to settle at 8,808.40.

Asian Paints rose 1.04% to Rs 1,168. The company announced after market hours today, 19 September 2016, that as a part of the companys plan to consolidate its investments in the overseas subsidiaries, Asian Paints (International) (APIL), Mauritius, a wholly owned subsidiary of the company, has transferred its entire holding of 99.18% held in the subsidiary company, Asian Paints (Lanka), Sri Lanka, to Berger International, Singapore, a wholly owned subsidiary of APIL. The transfer process has been completed on 19 September 2016.

Power Grid Corporation of India rose 0.97% to Rs 177.25 after the company said that the companys board of directors at a meeting held on 16 September 2016 accorded investment approval for System Strengthening in Southern Region - XXI at an estimated cost of Rs 562.25 crore, with commissioning schedule of 30 months progressively from the date of investment approval. The announcement was made after market hours on Friday, 16 September 2016.

Elsewhere in the Asia Pacific region: New Zealands NZX50 rose 0.4% to 7278.12 South Koreas KOSPI index grew 0.8% to 2015.75. Taiwans Taiex index added 2.8% to 9152.88. Singapores Straits Times index added 0.9% to 2852.14. Indonesias Jakarta Composite index rose 1% to 5321.84. Malaysias KLCI eased 0.1% to 1651.71.

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Hong Kong Market closed stronger
Sep 19,2016

The Hong Kong stock market ended higher on Monday, 19 September 2016, as investors returning from the long Mid-Autumn Festival holiday drew optimism from surveys showing improving China business confidence and on the back of money inflows from the mainland. The benchmark Hang Seng Index declined 25.12 points, or 0.11%, to 23190.64 points. The Hang Seng China Enterprises Index, a benchmark measure of performance of mainland China enterprises, slipped 28.54 points, or 0.3%, to 9542.52. Turnover increased to HK$72.5 billion from HK$65.3 billion on Thursday. The local equity market closed on Friday for a public holiday.

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China Stocks gain on improving business confidence
Sep 19,2016

Mainland China stock market closed higher on Monday, 19 September 2016, as investors chased for bargain hunting after a long mid-Autumn Festival holiday on Thursday and Friday. Meanwhile, buying appetite improved after the Peoples Bank of China published surveys on Sunday showing business confidence among entrepreneurs in China had picked up for the second quarter in a row in 2016. The CSI300 index of the largest listed companies in Shanghai and Shenzhen added 0.75%, to 3,263.12 points, while the Shanghai Composite Index grew 0.77% to 3,026.05 points.

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Vintage Securities to hold AGM
Sep 19,2016

Vintage Securities announced that the 22th Annual General Meeting(AGM) of the company on 30 September 2016.

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Sharp India to hold board meeting
Sep 19,2016

Sharp India will hold a meeting of the Board of Directors of the Company on 28 September 2016.

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HCL Technologies to hold EGM
Sep 19,2016

HCL Technologies announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 4 October 2016 .

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Sagar Systech to hold AGM
Sep 19,2016

Sagar Systech announced that the 32th Annual General Meeting(AGM) of the company on 30 September 2016.

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Mukesh Babu Financial Services to hold AGM
Sep 19,2016

Mukesh Babu Financial Services announced that the 31th Annual General Meeting(AGM) of the company on 30 September 2016.

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GVK Power jumps as subsidiary settles dispute with HDIL
Sep 19,2016

The announcement was made during trading hours today, 19 September 2016.

Meanwhile, the S&P BSE Sensex was up 78.67 points, or 0.28%, to 28,677.70

On BSE, so far 24.99 lakh shares were traded in the counter, compared with average daily volume of 7.79 lakh shares in the past one quarter. The stock hit a high of Rs 7.28 and a low of Rs 6.43 so far during the day. The stock hit a 52-week high of Rs 9.77 on 24 November 2015. The stock hit a 52-week low of Rs 4.13 on 6 June 2016. The stock had outperformed the market over the past 30 days till 16 September 2016, rising 9.05% compared with 1.69% rise in the Sensex. The scrip also outperformed the market in past one quarter, rising 10.9% as against Sensexs 7.41% rise.

The small-cap company has an equity capital of Rs 157.92 crore. Face value per share is Re 1.

Shares of Housing Development and Infrastucture (HDIL) slipped 0.73% to Rs 88.45. GVK Power and Infrastructure said the companys subsidiary Mumbai International Airport (MIAL) has settled the dispute with realty firm HDIL related to the slum rehabilitation activities near the Mumbai International Airport. MIAL and HDIL have signed a settlement agreement dated 8 September 2016 vide which they have irrevocably and unconditionally withdrawn all their respective claims and counter- claims against each other, GVK Power and Infrastructure said.

It may be recalled that MIAL had entered into an agreement with HDIL on 15 October 2007 for implementation of a slum rehabilitation project at Chhatrapati Shivaji International Airport (CSIA). However, due to disputes between MIAL and HDIL, the agreement was terminated by MIAL on 6 February 2013. HDIL challenged the termination of the agreement, invoked the arbitration clause and moved a petition before the Bombay High Court. Considering that considerable time has lapsed from the time the proceedings commenced, MIAL and HDIL have held discussions on various issues to put an end to the ongoing arbitration and have arrived at an amicable settlement.

GVK Power & Infrastructure reported net loss of Rs 51.04 crore in Q1 June 2016, higher than net loss of Rs 3.09 crore in Q1 June 2015. Total income rose 6.11% to Rs 16.85 crore in Q1 June 2016 over Q1 June 2015.

GVK Power & Infrastructure is a leading Indian conglomerate with presence across energy, resources, airports, transportation, hospitality and life sciences sectors.

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Pulsar International to hold AGM
Sep 19,2016

Pulsar International announced that the 25th Annual General Meeting(AGM) of the company on 17 September 2016.

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Australia Market ends early on technical glitches
Sep 19,2016

Australian share market closed before scheduled session on Monday, 19 September 2016, as technical problems which delayed the market open have continued to plague the ASX. The ASX delayed the normal 10 a.m. local time equity market opening until 11:30 a.m. due to an issue relating to a component that allows it to manage individual stocks, Matthew Gibbs, a spokesman for the ASX in Sydney said earlier, adding that the company was working with its technology vendor Nasdaq Inc. to prevent a recurrence. It then halted trading in the afternoon before canceling it for the rest of the day. Among ASX sectors, technology, consumer goods, retailers, and energy stocks declined while materials & resources stocks ended firmer. At close of trade, the benchmark S&P/ASX 200 index fell 1.90 points, or 0.04%, to 5,294.80, while the broader All Ordinaries index has lost 3 points, or 0.06%, to 5,393.70. Falling stocks outnumbered advancing ones on the Australia Stock Exchange by 480 to 427 and 333 ended unchanged. The S&P/ASX 200 VIX, which measures the implied volatility of S&P/ASX 200 options, was down 21.09% to 11.863.

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Board of JVL Agro Industries recommends final dividend
Sep 19,2016

JVL Agro Industries announced that the Board of Directors of the Company at its meeting held on 17 September 2016, inter alia, have recommended the final dividend of Rs 0.1 per equity Share (i.e. 10%) , subject to the approval of the shareholders.

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Bharat Electronics gains after announcing plans to set up factory
Sep 19,2016

The announcement was made during market hours today, 19 September 2016.

Meanwhile, the S&P BSE Sensex was up 86.07 points or 0.3% at 28,685.10.

More than usual volumes were witnessed on the counter. On BSE, so far 42,411 shares were traded in the counter as against average daily volume of 26,261 shares in the past one quarter. The stock hit a high of Rs 1,237.50 and a low of Rs 1,220 so far during the day. The stock had hit a record high of Rs 1,416.70 on 4 January 2016. The stock had hit a 52-week low of Rs 1,009 on 1 March 2016. The stock had underperformed the market over the past one month till 16 September 2016, falling 1.63% compared with Sensexs 1.9% rise. The scrip had also underperformed the market in past one quarter, dropping 4.15% as against Sensexs 7.82% rise.

The large-cap company has equity capital of Rs 240 crore. Face value per share is Rs 10.

Bharat Electronics said that it will be the largest such factory in the country once it is commissioned, covering an area of over 50 acres. In order to support Government of India initiatives such as Make in India, the company is extending its support to start up companies and medium and small manufacturing enterprises (MSMEs) through procurement of specific items from them.

The factory will enable the company to expand its Electro-Optics business and carry out manufacturing and integration for the ongoing and upcoming projects. The factory will be built in stages and the estimated investment will be about Rs 300 crore over 4 year period. As part of diversification and business growth, the company is looking for major expansion into high end image intensifier tubes and thermal imaging detectors for night vision products, inertial navigation systems, electronic ammunition fuses, air traffic management radars, intelligent traffic management systems and solar power plants.

Bharat Electronics net profit fell 52.9% to Rs 36.09 crore on 20.9% decline in net sales to Rs 846.73 crore in Q1 June 2016 over Q1 June 2015.

Bharat Electronics was established at Bangalore, India, by the Government of India under the Ministry of Defence in 1954 to meet the specialised electronic needs of the Indian defence services. Over the years, it has grown into a multi-product, multi-technology, multi-unit company servicing the needs of customers in diverse fields in India and abroad.

The Government of India currently holds 75.02% stake in Bharat Electronics (as per the shareholding pattern as on 30 June 2016).

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