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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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Sun Pharma Advanced Research Company receives Complete Response Letter for Xelprosn++ NDA
Dec 22,2016

Sun Pharma Advanced Research Company has received a Complete Response Letter (CRL) from the USFDA for the New Drug Application (NDA) for Xelprosn++, Latanoprost BAK-free eyedrops.

The CRL references the recent inspection of the Sun Pharmaceutical Industries Halol manufacturing site by USFDA and indicates that satisfactory resolution of the deficiencies identified during the inspection is required before the final approval of Xelprosn++. There are no requirements of any additional data from USFDA in the CRL.

SPARC had out-licensed Xelprosn++ to a subsidiary of Sun Pharmaceutical Industries in June 2015.

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SVC Resources to consider further issue of share on preferential basis
Dec 22,2016

SVC Resources announced that the meeting of Board of Directors of the Company is scheduled to be held on 09 January 2017, inter alia, to consider further issue of shares on preferential basis to round off of the paid up share capital for the purpose of consolidation of share capital of the company.

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South Indian Bank in focus after board approves rights issue of shares
Dec 22,2016

South Indian Bank said that its board approved rights issue of equity shares to shareholders. The bank will issue one equity share at Rs 14 each for every three equity shares held (1:3). The announcement was made after market hours yesterday, 21 December 2016.

JSW Steel said it has fixed 5 January 2017 as the record date for the proposed 10-for-1 stock split. The announcement was made after market hours yesterday, 21 December 2016.

Vardhman Textiles said that its proposed buyback offer will open on 4 January 2017 and close on 17 January 2017. The company proposes to buyback 62.60 lakh equity shares at Rs 1,150 each. The announcement was made after market hours yesterday, 21 December 2016.

KDDL announced that the committee for preferential issue of zero coupon convertible warrants-2016, at its meeting held yesterday, 21 December 2016, allotted 2.64 lakh zero coupon convertible warrants each convertible into one equity share at Rs 265 per share, to Swades Capital LLC, a promoter group entity. The announcement was made after market hours yesterday, 21 December 2016.

Future Enterprises announced that the committee of directors of the company at its meeting held yesterday, 21 December 2016, allotted 270, 9.5% secured redeemable non-convertible debentures (NCDs) and 180, 9.55% secured redeemable NCDs of face value of Rs 10 lakh each aggregating to Rs 45 crore, on private placement basis. The announcement was made after market hours yesterday, 21 December 2016.

SREI Infrastructure Finance announced that Srei Equipment Finance, a material subsidiary of the company, on 21 December 2016 filed prospectus with BSE and the National Stock Exchange of India towards its 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. The issue will open for subscription on 3 January 2017 and close on 20 January 2017. The announcement was made after market hours yesterday, 21 December 2016.

Nitesh Estates said it redeemed 700 non-convertible debentures (unlisted NCD) out of 1,250 non-convertible debentures held by IDFC for the aggregate value of Rs 70 crore. The announcement was made after market hours yesterday, 21 December 2016.

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Asia Pacific Market: Shares higher as Wall St continues to inspire
Dec 21,2016

Asia Pacific share market mostly higher on Wednesday, 21 December 2016, pushed up by tracking stellar gains on Wall Street overnight fuelled by hopes of stronger economic growth during Donald Trumps presidency. The MSCI Asia Pacific Index was little changed at 135.34

Overnight, Wall Street extended a recent rally on the back of optimism about president-elect Donald Trumps policies. The Dow Jones industrial average rose 0.46%, and is nearing 20,000, a level it has never breached. The S&P 500 ended up 0.36% and the Nasdaq was up 0.49%.The rally was fuelled by financials.

The dollar jumped to a 14-year high late on Tuesday U.S time after Federal Reserve Chair Janet Yellens positive comments on the labor market, a key economic indicator for the Fed in its decision to tighten monetary policy.

In energy news, U.S. crude stockpiles fell by 4.1 million barrels last week, as refineries boosted output, according to American Petroleum Institute data. Crude futures were up for the fourth straight session with U.S. crude oil futures up 0.56% at $53.60 a barrel on Wednesday Asian time, while Brent climbed 0.47% to $55.61.

Among Asian bourses

Australia Market hits 16-month high

Australian share market finished session at highest in over 16 months, albeit in thin trade, pushed up by a mix of materials and financial stocks as investor sentiment was boosted by Wall Streets record run overnight. The S&P/ASX 200 index rose 0.4%, or 22.43 points, to 5,613.5, its highest closing level since Aug. 5, 2015.

Financial stocks followed suit to close at their highest in over 16 months, in step with the gains of their US counterparts. All four major banks were higher, with ANZ shares up 0.7% and National Australia Bank up 0.4%. Meanwhile REA Group, which announced the A$190 million sale of its European businesses on Tuesday, rose by 1.7%.

Energy shares were also slightly firmer after oil prices rose overnight, despite the rally being cut with Libya announcing it would reopen its pipelines after a recent blockade by protesters. Oil Search Ltd gained about 1% and Whitehaven Coal was up 3%. Caltex Australia rose 1.79%, Woodside was up 0.16% and Origin lifted by 0.16%.

Meanwhile higher copper and iron ore prices boosted the miners with BHP Billiton gaining over 1%, while Rio Tinto Ltd added 1.5%. Fortescue Metals share were also 0.8% higher.

Nikkei falls on profit taking

The Japan share market closed down, weighed down by profit booking in the afternoon following an earlier rally that came after following stellar gains on Wall Street overnight. Total 28 out of 33 TSE industry category on the main section declined, with Precision Instruments, Electric Power & Gas, Iron & Steel, Construction, and Pharmaceutical issues being notable losers. The 225-issue Nikkei average shed 50.04 points, or 0.26%, to end at 19,444.49. The Topix index of all first-section issues closed down 7.42 points, or 0.48%, at 1,544.94. Falling issues outnumbered rising ones 1,417 to 471 in the TSEs first section, while 113 issues were unchanged. Volume rose to 2.102 billion shares from Tuesdays 1.929 billion shares.

Machinery makers Komatsu and Hitachi Construction Machinery were upbeat after Caterpillar advanced in U.S. trading overnight on hopes for President-elect Donald Trumps stimulus policies. PanaHome attracted purchases after parent electronics maker Panasonic announced a plan Tuesday to take full control of the home builder. In contrast, NEC lost ground after a foreign securities firm revised down its investment rating on the electronics maker. Power firms, including TEPCO Holdings, Chubu Electric and J-Power, fell due to profit-taking.

China Stocks rebound on easing liquidity concerns

Mainland China stock market closed higher, as investors chased for bottom fishing after benchmark hits a six-week low previous day. Meanwhile, buying pressured underpinned as fears of a liquidity squeeze in the banking system subsided after risks from a bond scandal appeared contained, and on a pledge to deepen reforms in state-owned sectors. Most sectors gained, led by infrastructure and transport plays, while properties and banks steadied. The Shanghai Composite Index rose 1.11% to 3,137.43, while the Shenzhen Composite Index, which tracks stocks on Chinas second exchange, added 0.74% to 1,996.03. The ChiNext Index, which tracks Chinas NASDAQ-style board of growth enterprises, added 0.47% to close at 1,991.70 points.

Chinas bond market rebounded on Wednesday, reversing declines in the previous two trading sessions. Investors relaxed after Sealand Securities, a brokerage embroiled in a scandal, said on Wednesday it would take responsibility for forged bond agreements. Sealands commitment eased concerns of a liquidity squeeze, triggering a sharp rebound in bond prices. The benchmark 10-year treasury futures for March delivery rebounded 1.57%, while the 5-year Treasury futures for March delivery ended 1.09% higher.

Hong Kong Stocks rebound

The Hong Kong stock market staged a slight recovery, after falling in the four previous days as traders tracked another record close on Wall Street overnight fuelled by hopes of stronger economic growth during Donald Trumps presidency. The market also got a modicum of support from the mainland, where fears of a liquidity squeeze in Chinas banking system subsided after risks from a high-profile bond scandal appeared contained. Hong Kongs benchmark Hang Seng Index closed 0.37% higher at 21,809.8, ending a four-day drop as the financial and energy sectors rose. The Hang Seng China Enterprises Index, known as the H-shares index, gained 0.52% to 9,331.63. Daily turnover dropped to HK$47.6 billion from HK$53.8 billion a day earlier ahead of holidays.

China Life Insurance (02628) put on 2.51% to HK$20.4, making itself the top blue-chip gainer. Nomura Research maintained its buy rating of the insurer.

Chinese airlines gained broadly after Chinas SASAC said it will implement mixed-ownership reform of state-owned enterprises in areas such as civil aviation. China Eastern Airlines (00670) shot up 8.43% to HK$3.6. Air China (00753) gained 2.6% to HK$5.13, while China Southern Airlines (01055) surged 4.21% to HK$4.21.

Casino players jumped, amid expectations of increasing revenues for 2017. Sands China advanced 1.99% to HK$33.3, and Galaxy Entertainment added 1.65% to HK$33.9.

Oil companies enjoyed gains as oil prices climbed. PetroChina jumped 1.54% to HK$5.95, while China Petroleum & Chemical added 1.25%.

Hong Kong property developers, however, were lower on concerns that surging mortgage costs will threaten home sales.The three-month Hong Kong Interbank Offered Rate continued to rise, hitting 1.0096%, the highest in more than seven years on Wednesday. Mortgages issued through Hong Kong banks for local property purchases are tied to the Hibor rate. Hang Lung Properties dropped 0.97% to HK$16.32, while Cheung Kong Property Holdings fell 0.31% to HK$48.55.

Indonesian shares hit a near 4-week

Indonesian share market closed near 4-week low today, falling for a seventh straight session as investors stayed on the sidelines due to a lack of positive triggers. The Jakarta Composite Index closed nearly 1%lower, dragged down by consumer staples and financial stocks.

Shares of tobacco companies Hanjaya Mandala Sampoerna Tbk PT and Gudang Garam Tbk PT were down 4.8% and 1.6%, respectively.

Sensex closes down

Indian share market fell for the sixth day to end at nearly two-week low, dragged down by major IT stocks such as Infosys and TCS amid mixed global cues. The Sensex lost 65.60 points or 0.25% to settle at 26,242.38. The Nifty fell 21.10 points or 0.26% to settle at 8,061.30.

IT stocks dropped as rupee strengthened past 68 against the dollar. Infosys (down 0.66%), Tech Mahindra (down 0.39%), TCS (down 1.07%), Wipro (down 0.91%) and HCL Technologies (down 1.05%) edged lower. A firm rupee adversely affects operating profit margins of IT firms as the sector derives a lions share of revenue from exports. In the foreign exchange market, the partially convertible rupee was hovering at 67.87, compared with its close of 68.05 during the previous trading session.

Sun Pharmaceutical Industries was down 2.25%. The company announced that all the formalities for the closure and the process for acquisition of 85.1% of JSC Biosintez, a Russian pharmaceutical company have been concluded. The company had announced about the transaction on 23 November 2016. JSC Biosintez is engaged in manufacture and marketing of pharmaceutical products in Russia and CIS region.

Reliance Communications (RCom) jumped after the company announced the signing of binding agreements with Brookfield Infrastructure in relation to the acquisition of RComs nationwide tower assets by affiliates of Brookfield Infrastructure Partners LP and its institutional partners.

State Bank of India rose 0.24% after the bank announced that its shareholders approved the proposal to raise capital through the issue of preferential shares to the government. They also gave an in-principle nod to additional fund raising by way of a public issue, should the bank need to tap the markets.

Among other Asian market- South Koreas Kospi closed down 0.19% while Taiwans Taiex closed 0.41% lower. Singapores Straits Times Index added 0.1% and New Zealands benchmark gauge rose 0.2%

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Hong Kong Stocks rebound
Dec 21,2016

The Hong Kong stock market staged a slight recovery on Wednesday, 21 December 2016, after falling in the four previous days as traders tracked another record close on Wall Street overnight fuelled by hopes of stronger economic growth during Donald Trumps presidency. The market also got a modicum of support from the mainland, where fears of a liquidity squeeze in Chinas banking system subsided after risks from a high-profile bond scandal appeared contained. Hong Kongs benchmark Hang Seng Index closed 0.37% higher at 21,809.8, ending a four-day drop as the financial and energy sectors rose. The Hang Seng China Enterprises Index, known as the H-shares index, gained 0.52% to 9,331.63. Daily turnover dropped to HK$47.6 billion from HK$53.8 billion a day earlier ahead of holidays.

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China Stocks rebound on easing liquidity concerns
Dec 21,2016

Mainland China stock market closed higher on Wednesday, 21 December 2016, as investors chased for bottom fishing after benchmark hits a six-week low previous day. Meanwhile, buying pressured underpinned as fears of a liquidity squeeze in the banking system subsided after risks from a bond scandal appeared contained, and on a pledge to deepen reforms in state-owned sectors. Most sectors gained, led by infrastructure and transport plays, while properties and banks steadied. The Shanghai Composite Index rose 1.11% to 3,137.43, while the Shenzhen Composite Index, which tracks stocks on Chinas second exchange, added 0.74% to 1,996.03. The ChiNext Index, which tracks Chinas NASDAQ-style board of growth enterprises, added 0.47% to close at 1,991.70 points.

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Australia Market hits over 16-month high
Dec 21,2016

Australian share market finished session at highest in over 16 months, albeit in thin trade, pushed up by a mix of materials and financial stocks as investor sentiment was boosted by Wall Streets record run overnight. The S&P/ASX 200 index rose 0.4%, or 22.43 points, to 5,613.5, its highest closing level since Aug. 5, 2015.

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Rupee bounces back
Dec 21,2016

Rupee closed higher at 67.9178/9330 per dollar on Tuesday (21 December 2016), versus its previous close of 68.0279/0430 per dollar.

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Maruti Suzuki Indias Vitara Brezza wins ICOTY award
Dec 21,2016

Maruti Suzuki India announced that Vitara Brezza was adjudged Indian Car of the Year 2017 by a jury of leading automobile experts drawn from across publications.

Vitara Brezza has sold nearly 83000 units since its launch in March 2016.

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FPIs extend selling
Dec 21,2016

Foreign portfolio investors (FPIs) sold stocks worth a net Rs 621.37 crore into the secondary equity markets on 20 December 2016, higher than their net outflow of Rs 515.03 crore during the preceding trading session on 19 December 2016. The net outflow of Rs 621.37 crore on 20 December 2016 was a result of gross purchases of Rs 3288.88 crore and gross sales of Rs 3910.25 crore. On that day, the Sensex lost 66.72 points or 0.25% to settle at 26,307.98, its lowest closing level since 7 December 2016.

FPIs have sold stocks worth a net Rs 2850.05 crore into the secondary equity markets in this month so far (till 20 December 2016). They bought shares worth a net Rs 20116.27 crore from the secondary equity markets last month. FPIs have purchased shares worth a net Rs 18204.73 crore from the secondary equity markets in calendar year 2016 so far (till 20 December 2016). They sold shares worth a net Rs 4863.71 crore into the secondary equity markets in calendar year 2015.

There has been a net inflow of Rs 787.46 crore from FPIs into the category primary markets & others in this month so far (till 20 December 2016). There was a net inflow of Rs 1872.02 crore from FPIs into the category primary markets & others last month. The net inflow from FPIs into category primary markets & others has totaled Rs 8475.15 crore in calendar year 2016 so far (till 20 December 2016). There was net inflow of Rs 22168.40 crore from FPIs into the category primary markets & others in calendar year 2015.

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Cabinet approves doubling of Rajpura-Bhatinda railway line
Dec 21,2016

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister has given its approval for doubling of Rajpura-Bhatinda railway line at an estimated cost of Rs 1251.25 crore and expected completion cost of Rs 1465.59 crore.

The 172.64 km long railway line is expected to be completed in five years.

The present utilization of this section is nearly 100%. Enhancement of capacity of power plants and planned freight terminals will generate additional freight traffic on this route. The doubling will ease the traffic bottlenecks and will bring more revenue to Indian Railways by capacity enhancement of the route. The districts of Patiala, Sangrur, Barnala and Bathinda would also be benefitted through this project.

The Rajpura-Bathinda section falls in Ambala Division of Northern Railway. At present traffic utilization of the section is nearing saturation. This line is strategically important as several military specials are routed on this line connecting the Western border. The main objective for doubling between Rajpura-Bathinda is to remove capacity constraint and to cater for future growth of traffic on the important route of Indian Railways.

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D B Corp allots equity shares
Dec 21,2016

D B Corp announced that on 20 December 2016, the Compensation Committee of the Board of Directors of the Company has allotted 9,219 shares of Rs. 10/- each on exercise of 9,219 stock options under DBCL-ESOS- 2008, DBCL-ESOS- 2010 and DBCL-ESOS- 2011 - Tranche 3 Schemes, to its employees covered under the scheme.

The new equity shares rank pari passu in all respect with the existing capital.

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D S Kulkarni Developers announces resignation of directors
Dec 21,2016

D S Kulkarni Developers announced that following Independent Directors have resigned w.e.f. 21 December 2016:

1. Vasant Chintaman Joshi and
2. Ramakant D. Kharosekar.

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Cabinet approves creation of Indian Enterprise Development Service (IEDS)
Dec 21,2016

The Union Cabinet chaired by the Prime Minister has given its approval to the Cadre review and formation of a new service in the name of n++ndian Enterprise Development Service (IEDS) in the Office of Development Commissioner (MSME), Ministry of Micro, Small and Medium Enterprises(MSME). The creation of the new cadre and change in structure will not only strengthen the organization but will also help to achieve the vision of Startup India, Stand-up India and Make in India.

The measure will enhance the capacity and efficiency of the organization and also help in achieving growth in MSME sector through a focussed and dedicated cadre of technical officers.

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Board of Rathi Graphic Technologies approves resignation of director and change in CFO
Dec 21,2016

Rathi Graphic Technologies announced that the following mentioned members of the Board and KMP has resigned or appointed from/to the office in the duly held Board Meeting on 17 December 2016:

1. Anita Chopra - Resigned from the post of Non-executive Independent Director of the Company w.e.f. 24 November 2016.

2. Mukesh Kumar Sharma - Resigned from the post of Chief Financial Officer of the Company w.e.f. 22 November 2016.

3. Shiv Kumar - Appointed as Chief Financial Officer of the Company w.e.f. 14 December 2016.

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