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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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Board of Kushal Tradelink to consider and propose scheme of amalgamation
Dec 21,2016

Kushal Tradelink announced that the meeting of the board of directors of the company is scheduled to be held on 05 January 2017, inter alia, to consider the following:

To consider and propose to Amalgamate/Merge Ashapura Paper Mills, Kushal Infrastructure and Kushal Wealth Creators in Kushal Tradelink.

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Millitoons Entertainment incorporates subsidiary - Mient Hospitality LLC
Dec 21,2016

Millitoons Entertainment announced that in line with its plan of diversification into the hospitality sector, the Company has incorporated a wholly owned subsidiary in the name of Mient Hospitality, LLC in the state of Utah, U.S.

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Jyoti Structures spurts after overseas order win
Dec 21,2016

The announcement was made after market hours yesterday, 20 December 2016.

Meanwhile, the BSE Sensex was up 3.21 points, or 0.01%, to 26,311.19

On the BSE, 1.62 lakh shares were traded on the counter so far as against the average daily volumes of 1.26 lakh shares in the past one quarter. The stock had hit a high of Rs 11.93 and a low of Rs 11 so far during the day.

The stock hit a 52-week high of Rs 19.40 on 6 January 2016. The stock hit a 52-week low of Rs 8.30 on 6 June 2016. The stock had outperformed the market over the past 30 days till 20 December 2016, rising 3.61% compared with the 2.11% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, sliding 21.58% as against Sensexs 7.72% decline.

The small-cap company has an equity capital of Rs 21.91 crore. Face value per share is Rs 2.

Jyoti Structures said that the company has received an order from ESKOM, the South African utility, for supply of towers and construction of 765 and 400 kV Masa Ngwedi Transmission line Sec C. The order valued at approximately $15 million is to be executed in 18 months, Jyoti Structures said. The project is funded by World Bank. Jyoti Structures is currently executing three contracts for ESKOM in South Africa, the company said. Total value of these contracts is approximately $80 million. In the past, the company has satisfactorily completed three major projects for the same client, it added.

Jyoti Structures reported net loss of Rs 271.95 crore in Q2 September 2016, higher than net loss of Rs 157.15 crore in Q2 September 2015. Net sales declined 35.02% to Rs 276.38 crore in Q2 September 2016 over Q2 September 2015.

Jyoti Structures is in turnkey/EPC projects in the field of power transmission. The companys main business focus areas are transmission lines, substations and distribution projects. The company undertakes turnkey projects on a global scale, offering a complete range of services in design, testing, manufacturing, sourcing, supply and construction with its in-house expertise.

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SBI gains after shareholders approve fund raising plan
Dec 21,2016

The announcement was made after market hours yesterday, 20 December 2016.

Meanwhile, the BSE Sensex was up 5.21 points, or 0.02%, to 26,313.19.

On the BSE, so far 1.57 lakh shares were traded in the counter, compared with average daily volumes of 23.22 lakh shares in the past one quarter. The stock had hit a high of Rs 256.55 and a low of Rs 254.15 so far during the day.

The stock hit a 52-week high of Rs 288.50 on 11 November 2016. The stock hit a 52-week low of Rs 148.30 on 12 February 2016. The stock had underperformed the market over the past 30 days till 20 December 2016, falling 1.24% compared with the 2.11% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 1.27% as against Sensexs 7.72% decline.

The large-cap state-run bank has equity capital of Rs 776.28 crore. Face value per share is Re 1.

State Bank of India (SBI) said its shareholders also gave an in-principle nod to additional fund raising by way of a public issue, should the bank need to tap the markets.

According to a notification issued to stock exchanges, shareholders approved a preferential issue of shares for upto Rs 5681 crore to the Government of India. This is part of the governments capital infusion plan into the lender.

Separately, shareholders also approved fund raising upto a limit of Rs 15000 crore via a public issue. This fund raising could be in the form of a follow-on public offer (FPO) or private placement through a qualified institutional placement (QIP) or through other means such as American Depository Receipts (ADRs) or Global Depository Receipts (GDRs). Any such public fund raising would be subject to the condition that the governments shareholding in SBI does not fall below 52%.

State Bank of Indias net profit fell 34.6% to Rs 2538.32 crore on 8.3% growth in operating income to Rs 50742.99 crore in Q2 September 2016 over Q2 September 2015.

State Bank of India is Indias biggest bank in terms of branch network. The Government of India currently holds 60.18% stake in SBI (as per the shareholding pattern as on 30 September 2016).

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Tata Global Beverages director resigns
Dec 21,2016

Tata Global Beverages announced that Darius Pandole, Non - Executive Independent Director of the Company has resigned from the Board of the Company with immediate effect.

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SBI to be watched after shareholders approve fund raising plan
Dec 21,2016

State Bank of India announced after market hours yesterday, 20 December 2016, 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.

According to a notification issued to stock exchanges, shareholders approved a preferential issue of shares for upto Rs 5681 crore to the Government of India. This is part of the governments capital infusion plan into the lender.

Separately, shareholders also approved fund raising upto a limit of Rs 15000 crore via a public issue. This fund raising could be in the form of a follow-on public offer (FPO) or private placement through a qualified institutional placement (QIP) or through other means such as American Depository Receipts (ADRs) or Global Depository Receipts (GDRs). Any such public fund raising would be subject to the condition that the governments shareholding in SBI does not fall below 52%.

Bharti Airtel announced after market hours yesterday, 20 December 2016, that its subsidiary Network 12i has entered into a definitive agreement with Orascom Telecom Media and Technology Holding S.A.E (n++Orascomn++) to acquire Orascoms entire equity stake in Middle East North Africa Company Submarine Cable Systems S.A.E (n++MENA-SCSn++). The acquisition is subject to requisite regulatory approvals.

MENA-SCS is a 100% subsidiary of Orascom. MENA - SCS owns and operates a submarine cable network between India and Europe covering Middle East, with options to extend the network to Africa.

The proposed acquisition of MENA-SCS is aimed at further strengthening Airtels global network that currently runs across 225,000 Rkms, covering 50 countries and 5 continents. The additional capacity will enable Airtel to serve the growing demand for data services and enterprise services across its footprint of 18 countries across South Asia and Africa.

Reliance Communications (RCom) said that Fitch Ratings (Fitch), International rating agency, has revised the companys long-term foreign, local currency issuer default ratings and senior secured notes (Notes) ratings from BB- to B+. Fitch has also placed on rating watch negative and assigned a recovery rating of RR4 to the notes. The announcement was made after market hours yesterday, 20 December 2016.

Essel Propack said that it is raising funds of Rs 20 crore through issue of commercial papers (CPs) on private placement basis. Further, the company also said that it has redeemed CPs for Rs 25 crore as per the terms. The announcement was made after market hours yesterday, 20 December 2016.

Oriental Carbon & Chemicals announced that it has commissioned/started the commercial production, ahead of schedule, on 20 December 2016, of the first phase (5,500 metric tonnes per annum capacity) of its project for expansion of insoluble sulphur production capacity at special economic zone (SEZ) at Mundra, Gujarat. The announcement was made after market hours yesterday, 20 December 2016.

Binani Industries said that the consortium of banks to Edayar Zinc, a subsidiary of Binani Industries has appointed an Advocate Commissioner to take possession of the properties mortgaged in favour of the banks and has given a notice to take possession on or after 26 December 2016. Binani Industries said it has been advised that the action is illegal. The company is looking into the matter and is taking suitable legal remedies, it added. The announcement was made after market hours yesterday, 20 December 2016.

Sasken Communication Technologies said that a meeting of the buyback committee of the board of directors of the company will be held on 23 December 2016, to finalize the price at which the shares will be bought back and to fix the record date to ascertain the shareholders who are eligible to participate in the buyback. The outcome of the postal ballot being conducted seeking shareholders approval will also be announced on 23 December 2016. The announcement was made after market hours yesterday, 20 December 2016.

Satin Creditcare Network said that meeting of working committee of the board of director of the company is scheduled to be held on 23 December 2016, for the issuance of non-convertible debentures upto the amount of Rs 15 crore through private placement. The announcement was made after market hours yesterday, 20 December 2016.

Jyoti Structures has received an order from ESKOM, the South African utility, for supply of towers and construction of 765 and 400 kV Masa Ngwedi Transmission line Sec C. The order valued at approximately $15 million is to be executed in 18 months. The project is funded by World Bank. Jyoti is currently executing three contracts for ESKOM in South Africa. Total value of these contracts is approximately $80 million. In the past, the company has satisfactorily completed three major projects for the same client. The announcement was made after market hours yesterday, 20 December 2016.

Seamec said it entered into a charter party agreement with National Petroleum Construction Company for the charter hire of vessel, Hal Supporter, for undertaking a job in West Coast of India. The tenure of the contract is for a firm period of 45 days with option for extension. The contract will likely to continue till end January 2017. For the said contract, the company has taken vessel Hal Supporter from HAL on charter basis. The value of charter during firm period is $171,000. The announcement was made after market hours yesterday, 20 December 2016.

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Mixed finish for bullions
Dec 21,2016

Bullion prices ended in a mixed mode on Tuesday, 20 December 2016. Gold returned to its losing ways on Tuesday, settling lower as a leading dollar index revived its run to fresh 14-year highs. Silver settled higher.

Because a stronger greenback makes dollar-priced gold less attractive to investors using other currencies, gold for February delivery settled down $9.10, or 0.8%, to $1,133.60 an ounce. Despite the recent weakness, gold and silver are poised for their first yearly gains since 2012. Gold is headed for a roughly 6% gain for 2016.

March silver settled up 2.8 cents, or 0.2%, at $16.12 an ounce, after trading lower earlier in the session. Silver looks ready to post its largest yearly advance since 2010, up more than 16% so far after a loss of almost 12% in 2015. The decline for futures for yellow metal brought the contract below last weeks settlement of $1,129.80, the lowest since early February. Earlier in the session, gold hit an intraday low of $1,127.30 an ounce.

Golds decline comes as Treasury yields remain elevated and stocks forged new intraday records as global financial markets appeared to shake off the uncertainties around violent attacks on a Christmas market in Berlin on Monday and the murder of a Russian envoy to Turkey.

The ICE U.S. dollar index which compares the greenback against a half-dozen rivals, rose 0.1% to 103.24, after touching an intraday high of 103.65. Gains left the index on track to close at its highest since December 2002.

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Board of Capital First approves allotment of NCDs aggregating Rs 100 cr
Dec 20,2016

Capital First announced that the Debenture Committee constituted by the Board of Directors of the Company at its meeting held 20 December 2016, inter - alia, has approved a issue of Rated, Listed, Secured, Redeemable, Non-Convertible Debentures of Rs 100,00,00,000/- (Indian Rupees One Hundred crore) plus Green Shoe Option of INR 10,00,00,000/- (Indian Rupees Ten Crores) on private placement basis.

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JM Financial allots equity shares
Dec 20,2016

JM Financial has allotted 19,25,358 equity shares of face value of Re 1 each on 20 December 2016 under ESOS.

Subsequent to the allotment of equity shares as above, the paid up capital of the company is 79,37,49,788 equity shares of face value of Re 1 each.

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Reliance Communications gets revision in credit ratings
Dec 20,2016

Reliance Communications announced that Fitch Ratings (Fitch), International rating agency, has revised Companys ) Long-Term Foreign, Local Currency Issuer Default Ratings and Senior Secured Notes (Notes) ratings from BB- to B+. Fitch has also placed on Rating Watch Negative and assigned a Recovery Rating of RR4 to the Notes.

Fitch has stated that the demerger of the wireless business and sale of the Infratel stake, if completed, will leave Companys debt servicing dependent on cash flow from its business-to-business enterprise, optical fibre and pay-TV business.

Fitch estimate that the Companys pro forma (excluding GCX) net debt and EBITDA would be around USD1.5bn-1.6bn and USD240m-250m respectively in the financial year to end-March 2018 (FY18) after the wireless demerger and stake sale in Infratel.

Fitch has also acknowledged that the Company could raise further capital to pay down holding Company debt through the sale of its pay-TV business, dilution of some of its stake in GCX and selling surplus real estate.

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Oberoi Realty allots equity shares
Dec 20,2016

Oberoi Realty has allotted 477 equity shares of Rs 10 each under ESOS 2009. Post the above allotment, the equity share capital of the company has increased to 33,94,17,110 equity shares of Rs 10 each aggregating Rs 339.41 crore.

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Board of Vitan Agro Industries to consider divestment of subsidiary
Dec 20,2016

Vitan Agro Industries announced that a meeting of Board of Directors of the Company will be held on 28 December 2016 to consider, approve and take on record, inter-alia, the Disinvestment of 100% paid up-share capital of Amirdham Food, wholly - owned subsidiary of the company, among other items.

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Board of Continental Securities appoints company secretary
Dec 20,2016

The Board of Directors of Continental Securities at its meeting held on 20 December 2016 has approved appointment of Jagdish Chandra Kedawat as Company Secretary with effect from 20 December 2016.

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Board of Vishal Bearings allots bonus shares
Dec 20,2016

Vishal Bearings announced that the Board of Directors of the Company at its meeting held on 20 December 2016 has transacted the following -

Issue and allotment of 11,99,000 equity shares of Rs 10 each as bonus shares to those members of the company entitled thereto as on 16 December 2016 being record date fixed for the purpose.

Consequent to the said allotment, the paid up share capital of the company has increased to 59,95,000 equity shares of Rs 10 each.

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Satin Creditcare Network to consider private placement of NCDs
Dec 20,2016

Satin Creditcare Network announced that meeting of Working Committee of the Board of Director of the Company is scheduled to be held on 23 December 2016, for the issuance of Non-Convertible Debentures upto the amount of Rs. 15 crore (Rs. Fifteen Crores only) through Private Placement.

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