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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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Cabinet approves New Central Sector Scheme - SAMPADA (Scheme For Agro-Marine Processing And Development Of Agro-Processing Clusters)
May 04,2017

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi has given its approval for re-structuring the schemes of the Ministry of Food Processing Industries (MoFPI) under new Central Sector Scheme - SAMPADA (Scheme for Agro-Marine Processing and Development of Agro-Processing Clusters) for the period 2016-20 coterminous with the 14th Finance Commission cycle.

SAMPADA with an allocation of Rs. 6,000 crore is expected to leverage investment of Rs. 31,400 crore, handling of 334 lakh MT agro-produce valuing Rs. 1,04,125 crore, benefit 20 lakh farmers and generate 5,30,500 direct/ indirect employment in the country by the year 2019-20.

The objective of SAMPADA is to supplement agriculture, modernize processing and decrease agri-waste.

SAMPADA is an umbrella scheme incorporating ongoing schemes of the Ministry like Mega Food Parks, Integrated Cold Chain and Value Addition Infrastructure, Food Safety and Quality Assurance Infrastructure, etc. and also new schemes like Infrastructure for Agro-processing Clusters, Creation of Backward and Forward Linkages, Creation / Expansion of Food Processing & Preservation Capacities.

The SAMPADA is a comprehensive package to give a renewed thrust to the food processing sector in the country. It includes new schemes of Infrastructure for Agro-processing Clusters, Creation of Backward and Forward Linkages and Creation / Expansion of Food Processing & Preservation Capacities aim at development of modern infrastructure to encourage entrepreneurs to set up food processing units based on cluster approach, provide effective and seamless backward and forward integration for processed food industry by plugging gaps in supply chain and creation of processing and preservation capacities and modernization/ expansion of existing food processing units.

The implementation of SAMPADA will result in creation of modern infrastructure with efficient supply chain management from farm gate to retail outlet. It will not only provide a big boost to the growth of food processing sector in the country but also help in providing better prices to farmers and is a big step towards doubling of farmers income. It will create huge employment opportunities especially in the rural areas. It will also help in reducing wastage of agricultural produce, increasing the processing level, availability of safe and convenient processed foods at affordable price to consumers and enhancing the export of the processed foods.

Background:

Food Processing Sector has emerged as an important segment of the Indian economy in terms of its contribution to GDP, employment and investment. During 2015-16, the sector constituted as much as 9.1 and 8.6 per cent of GVA in Manufacturing and Agriculture sector respectively.

The manifesto of NDA Government stresses upon incentivizing the setting up of food processing industry for providing better income for the farmers and creating jobs.

Various measures have been taken by the government to give a boost to the food processing sector. With these measures food processing sector has grown at 7 per cent. In order to arrest post-harvest losses of horticulture & non-horticulture produce, the Ministry has accorded approval to 42 Mega Food Parks and 236 Integrated Cold Chains for creation of modern infrastructure for the food processing along the value chain from the farm to the market. Out of 42 Mega Food Parks, 8 are operational. Of this, 6 Mega Food Parks have been made operational during the last 3 years. Another 4 Mega Food Parks are targeted for operationalization in next three months. Similarly, out of 236 Cold Chains, 101 Cold Chains have been sanctioned recently in March, 2017. 100 Cold Chains have become operational. Of which, 63 Cold Chains have been made operational during last 3 years.

Government has taken various other measures to boost food processing sector as follows:

(a) To provide impetus to investment in food processing and retail sector, govt. has allowed 100% FDI in trading including through e-commerce, in respect of food products manufactured and / or produced in India. This will benefit farmers immensely and will create back - end infrastructure and significant employment opportunities.

(b) The govt. has also set up a Special Fund of Rs. 2000 crore in NABARD to make available affordable credit at concessional rate of interest to designated food parks and agro processing units in the designated food parks.

(c) Food and agro-based processing units and cold chain infrastructure have been brought under the ambit of Priority Sector Lending (PSL) to provide additional credit for food processing activities and infrastructure thereby, boosting food processing, reducing wastage, create employment and increasing farmers income.

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Maruti Suzuki announced production figures
May 04,2017

Maruti Suzuki India announced that production stood at 133,457 units in month of April 2017 compared to 125,186 units in April 2016.

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Tata Power Company launches Chatbot
May 04,2017

Tata Power Company announced the launch of Chatbot for enhancing customer service. Chatbot will allow customers to get their queries answered via Chat on Tata Power Mobile App, Tata Power consumer portal as well as Tata Power Facebook messenger. With this solution, Tata Power is looking at drastically reducing the response time to the customers queries to within few seconds and being available to the customer 24*7 in Mumbai.

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Merck in pink of health after strong Q1 show
May 04,2017

The result was announced after market hours yesterday, 3 May 2017.

Meanwhile, the S&P BSE Sensex was up 154.62 points or 0.52% at 30,049.42. The S&P BSE Small-Cap index was up 36.23 points or 0.23% at 15,467.19.

On BSE, so far 19,000 shares were traded in the counter as against average daily volume of 6,184 shares in the past one quarter. The stock hit a high of Rs 1,140 and a low of Rs 1,105 so far during the day. The stock had hit a record high of Rs 1,198.90 on 10 April 2017. The stock had hit a 52-week low of Rs 665 on 4 May 2016.

The small-cap company has equity capital of Rs 16.60 crore. Face value per share is Rs 10.

Merck (formerly E Merck) operates both its pharmaceuticals and chemicals businesses in the country.

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Cabinet approves initiation of the process of disinvestment of ITDC properties
May 04,2017

The Cabinet Committee on Economic Affairs chaired by Prime Minister Narendra Modi has approved the initiation of the process of disinvestment of hotels/properties of the India Tourism Development Corporation Ltd. (ITDC). The decision on disinvestment has been made, keeping in view that running and managing hotels on professional lines is not the work of the Government or its entities. Further, there has been considerable development in the hospitality sector in the country in past years, with world class hotels and all leading international chains of hotels present in the country and providing services and facilities of highest standards.

As part of the disinvestment policy, it has been decided to lease/sub-lease the hotels / properties jointly with the concerned States or return the properties to the States, after fair valuation. The States would then have the option to upgrade and operate the Hotels by involving the private sector or to utilize the properties as per their requirements. States have exercised their options accordingly, in each case going forward with the option best suited to their needs, in line with the overarching principle that it is not the business of Government to run or manage hotels.

In the first stage of the disinvestment process, three hotels listed below have been taken up for disinvestment:

(i) Hotel Lake View Ashok, Bhopal

(ii) Hotel Brahmaputra Ashok, Guwahati

(iii) Hotel Bharatpur Ashok, Bharatpur.

In all three cases, the hotels / properties are being given back to the concerned States. In the case of Bhopal and Guwahati, ITDC is divesting its share of 51% in the Joint Venture Company formed for operation of the hotels whereas in the case of Bharatpur, the unit which was only managed by ITDC is being returned to the State Government.

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Larsen & Tourbo Infotech launhces new brand identity LTI
May 04,2017

Larsen & Toubro Infotech launched its new brand identity as LTI. Encapsulated in the tagline Lets Solve, LTI looks to partnering with clients to help them compete better in a world where digital and physical are converging. The core idea of the brand, Pioneering Solutions in a Converging World drives entire organisation to design, innovate and invest in solutions that help clients accelerate digital transformation.

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Cabinet approves Foreign Investment proposal of M/s. Twin Star Technologies Ltd. for undertaking downstream investment in Indian operating companies
May 04,2017

The Cabinet Committee on Economic Affairs chaired by the Prime Minister Shri Narendra Modi has given its approval for Foreign Investment proposal of M/s. Twin Star Technologies Ltd. for foreign investment upto Rs. 9000 crore (by on or before March 2025) from Twin Star Overseas Ltd., Mauritius. The investment will be through a combination of equity, compulsorily convertible debentures, compulsorily convertible preference shares and other FDl compliant instruments for undertaking downstream investment in Twin Star Display Technologies Ltd. and other Indian operating companies engaged in activities eligible for receiving FDl on the automatic route.

Foreign Direct Investment of upto Rs. 9,000 crore will be received in the country (on or before March 2025) and will provide direct and indirect employment to over 30,000 people.

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Everest Industries surges after reporting decent Q4 earnings
May 04,2017

The result was announced after market hours yesterday, 3 May 2017.

Meanwhile, the S&P BSE Sensex was up 173.05 points, or 0.58% at 30,067.85. The S&P BSE Small-cap index was up 72.20 points, 0.47% at 15,503.16.

High volumes were witnessed on the counter. On the BSE, 42,000 shares were traded on the counter so far as against the average daily volumes of 7,855 shares in the past one quarter. The stock had hit a high of Rs 271 and a low of Rs 255 so far during the day.

The stock had hit a 52-week high of Rs 328 on 4 July 2016 and a 52-week low of Rs 182 on 26 December 2016. The stock had outperformed the market over the past one month till 3 May 2017, advancing 5.86% compared with the Sensexs 0.05% fall. The scrip had also outperformed the market over the past one quarter advancing 32.57% as against the Sensexs 5.86% rise.

The small-cap company has equity capital of Rs 15.42 crore. Face value per share is Rs 10.

Everest Industries is engaged in manufacturing and trading of building products, such as roofing products, boards and panels, other building products and accessories.

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ICICI Bank vaults after strong Q4 result
May 04,2017

The result was announced after market hours yesterday, 3 May 2017.

Meanwhile, the S&P BSE Sensex was up 167.90 points, or 0.56%, to 30,062.70

The stock jumped on high volumes. On the BSE, 97.91 lakh shares were traded in the counter so far, compared with average daily volume of 21.83 lakh shares in the past one quarter. The stock hit a high of Rs 298.50 in intraday trade so far, which is 52-week high for the counter. The stock had hit a low of Rs 283.90 so far during the day. The stock had hit a 52-week low of Rs 213.20 on 6 May 2016.

The large-cap private sector bank has equity capital of Rs 1165.12 crore. Face value per share is Rs 2.

ICICI Banks net interest income (NII) increased by 10% to Rs 5962 crore in Q4 March 2017 over Q4 March 2016.

The banks capital adequacy at 31 March 2017 as per Reserve Bank of Indias guidelines on Basel III norms was 17.39% and Tier-1 capital adequacy was 14.36% compared to the regulatory requirements of 10.30% and 8.30% respectively.

The banks gross non-performing assets (NPAs) rose to Rs 42551.54 crore as on 31 March 2017 as against Rs 38084.97 crore as on 31 December 2016 and Rs 26720.93 crore as on 31 March 2016.

The ratio of gross NPAs to gross advances stood at 7.89% as on 31 March 2017 as against 7.2% as on 31 December 2016 and 5.21% as on 31 March 2016. The ratio of net NPAs to net advances stood at 4.89% as on 31 March 2017 as against 3.96% as on 31 December 2016 and 2.67% as on 31 March 2016.

The banks provisions and contingencies declined 12.9% to Rs 2898.22 crore in Q4 March 2017 over Q4 March 2016.

ICICI Banks board recommended 1:10 bonus issue of shares i.e. one equity share for every 10 shares held.

ICICI Bank is one of the leading private sector banks in India. The bank had a network of 4,850 branches and 13,882 ATMs as at 31 March 2017.

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PSU banks sizzle after reports of cabinet nod for NPA package
May 04,2017

Meanwhile, the S&P BSE Sensex was up 171.53 points, or 0.57% at 30,066.33. The S&P BSE Bankex was up 423.05 points, 1.68% at 25,669.33.

Shares of public sector banks gained across the board. UCO Bank (up 3.2%), Syndicate Bank (up 1.72%), Punjab National Bank (up 1.78%), Corporation Bank (up 1.06%), Allahabad Bank (up 1.17%), Indian Overseas Bank (up 7.75%), Bank of Baroda (up 1.79%), State Bank of India (SBI) (up 1.99%), Union Bank of India (up 3.47%), Canara Bank (up 1.79%), Bank of India (up 1.52%) and United Bank of India (up 2.17%) edged higher.

Shares of private sector banks were mixed. Axis Bank (up 0.56%) and Yes Bank (up 0.07%) edged higher. HDFC Bank (down 0.81%), IndusInd Bank (down 0.78%), Kotak Mahindra Bank (down 0.89%), and Federal Bank (down 0.04%) declined.

ICICI Bank surged 8.65% after net profit jumped 188.5% to Rs 2024.64 crore on 10.8% decline in total income to Rs 16585.76 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 3 May 2017.

The cabinet reportedly yesterday, 3 May 2017, decided to amend the Banking Regulation Act to put in place a scheme to resolve stressed assets in the banking system totalling about Rs 9,64,000 crore as of end-December and enable this capital to be redeployed productively in the economy.

A proposal to amend the Bill has been sent to President Pranab Mukherjee, who is expected to sign an ordinance to that effect shortly, report added.

Finance minister Arun Jaitley, who reportedly briefed reporters about the decision taken at a cabinet meeting chaired by Prime Minister Narendra Modi, said an important decision related to the banking sector was taken but details could not be made public before the President approves the proposal.

The scheme does not involve setting up a bad bank, as recommended by chief economic advisor Arvind Subramanian in the Economic Survey in January, report added.

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Tribhovandas Bhimji Zaveri advances after turnaround in Q4
May 04,2017

The result was announced after market hours yesterday, 3 May 2017.

Meanwhile, the S&P BSE Sensex was up 192.35 points, or 0.64% at 30,087.15. The S&P BSE Small-cap index was up 87.13 points, 0.56% at 15,518.09.

On the BSE, 1.42 lakh shares were traded on the counter so far as against the average daily volumes of 1.12 lakh shares in the past one quarter. The stock had hit a high of Rs 99 and a low of Rs 95.05 so far during the day.

The stock had hit a 52-week high of Rs 102.25 on 25 April 2017 and a 52-week low of Rs 56.10 on 26 December 2016. The stock had outperformed the market over the past one month till 3 May 2017, advancing 17.68% compared with the Sensexs 0.05% fall. The scrip had also outperformed the market over the past one quarter advancing 36.23% as against the Sensexs 5.86% rise.

The small-cap company has equity capital of Rs 66.73 crore. Face value per share is Rs 10.

The company reported earnings before interest, tax, depreciation and amortization (EBITDA) of Rs 14.68 crore in Q4 March 2017, as against a loss of Rs 0.73 crore in Q4 March 2016.

TBZs Chairman and Managing Director Shrikant Zaveri said that FY 2017 has been a year of operational turnaround for the company marked by higher jewellery sales and improved profitability. The year witnessed several challenges in form of country-wide agitation by gems & jewellery industry in April 2016 due to imposition of excise duty, withdrawal of high denomination banking notes in November 2016 and Rs 2 lakh limit on cash transactions announced in February 2017. However, higher festive demand, extended wedding season and higher sales under Kalpavruksha scheme led to an overall growth in jewellery sales, Zaveri said.

Zaveri stated that the management maintains a positive outlook for FY 2018 and are optimistic of expanding the companys retail presence in an asset-light manner at an accelerated pace. While the companys focus will be on growth, it shall continue to maintain strict control on its operating overheads to drive profitable growth, Zaveri said.

Tribhovandas Bhimji Zaveri sells gold and diamond studded jewellery through retail outlets.

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NGL Fine Chem gets revision in credit ratings
May 04,2017

NGL Fine Chem has received SME 1 rating by CRISIL indicating highest level of credit worthiness. The long term bank rating is upgraded to CRISIL BBB/ Stable and short term bank rating is upgraded to CRISIL A3+.

The Company has also been rated by ICRA for bank borrowing and has been awarded BBB/ Positive and short term rating is A3+ reaffirmed.

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Cabinet approves MoU on Third Line of Credit of US $ 4.5 billion to Bangladesh for implementation of developmental projects
May 04,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given ex-post facto approval to the Memorandum of Understanding (MoU) on Third Line of Credit (LoC) of US $ 4.5 billion to Bangladesh for implementation of developmental projects.

The MoU was signed during the visit of the Prime Minister of Bangladesh to India in April 2017.

The MoU provides for deepening the strategic partnership, development of infrastructure in Bangladesh, improving connectivity between India and Bangladesh, thus enhancing accessibility to our North Eastern Region, as well as creating new business opportunities for Indian companies in Bangladesh.

The concessional financing system to Bangladesh would strengthen bilateral relations and development cooperation between India and Bangladesh.

The MoU specifies a list of projects which will be undertaken under the concessional financing system. This provides an opportunity to ensure that projects of Indias interest are undertaken under this LoC.

Some of the projects will ensure better and faster connectivity to the North Eastern region of India with the mainland as well as to the outside world. They will also ensure Indias security and will open up business for Indian companies.

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Board of Iris Mediaworks approves change in directorate
May 04,2017

Iris Mediaworks announced that its board meeting held on 03 May 2017 has inter-alia considered and approved the change in designation of Mitiesh Jani from Additional Non- Executive Director to Additional Executive Director of the Company.

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Sanwaria Agro Oils appoints CFO and KMP
May 04,2017

Sanwaria Agro Oils announced that the Board of Directors at its meeting held on 03 May 2017 has appointed Anil Kumar Vishwakarma as the Chief Financial Officer and Key Managerial Personnel of the Company with immediate effect.

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