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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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Kamadgiri Fashion fixes record date for dividend
Sep 14,2016

Kamadgiri Fashion on 27 August 2016 fixed 12 September 2016 as record date for payment of dividend.

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Vedanta, Cairn India gain after Cairn Indias shareholders nod for merger
Sep 14,2016

Vedanta (up 2.01% at Rs 164.80) and Cairn India (up 1.85% at Rs 192.45) edged higher.

Meanwhile, the S&P BSE Sensex was down 39.23 points or 0.14% at 28,314.31.

Cairn Indias equity shareholders approved the scheme of arrangement for merger of the company with Vedanta with requisite majority. Vedantas shareholders had already approved the same on 9 September 2016.

Tom Albanese, CEO of Vedanta said that the approval for the Vedanta and Cairn India merger by both sets of shareholders consolidates Vedantas portfolio of attractive, Tier-I assets and simplifies the group structure. Vedanta remains committed to delivering superior value for the shareholders of the merged company through its diversified portfolio of world-class, low cost, long-life assets that have significant growth potential.

The merger scheme is now subject to the approval of the jurisdictional High Courts and other regulatory approvals and is expected to be effective by the end of the current financial year (FY 2017).

It may be recalled that Vedanta, Cairn India and the parent company, Vedanta Resources plc had announced revised and final terms to the recommended merger between Vedanta and Cairn India on 22 July 2016. The boards of Vedanta and Cairn India had approved revised and final terms for the transaction, taking into account prevailing market conditions and having regard to underlying commercial factors. Pursuant to the revised and final terms, each Cairn India minority shareholder would receive for each equity share held in Cairn one equity share in Vedanta and four redeemable preference shares with a face value of Rs 10 in Vedanta with a coupon of 7.5% and tenure of 18 months from issuance and implied premium of 20% to one month volume weighted average price (VWAP) of Cairn India share price.

Vedanta is a diversified natural resources company. Its business primarily involves producing oil & gas, zinc - lead - silver, copper, iron ore, aluminium and commercial power. The company has a presence across India, South Africa, Namibia, Australia, Ireland, Liberia and Sri Lanka. The companys consolidated net profit fell 27% to Rs 615.02 crore on 15.2% decline in net sales to Rs 14364.01 crore in Q1 June 2016 over Q1 June 2015.

Cairn India, a part of the Vedanta group, is one of the largest independent oil and gas exploration and production companies in India. On a consolidated basis, the companys net profit slipped 28.3% to Rs 359.55 crore on 28.2% fall in net sales to Rs 1885.11 crore in Q1 June 2016 over Q1 June 2015.

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Negative Growth of IIP worrying: PHD Chamber
Sep 14,2016

The negative growth of IIP at (-) 2.4 for the month of July 2016 is a major cause of concern as growth of Capital goods has decelerated significantly by (-) 29% which is indicative of subdued pace of investments in the economy, said Dr. Mahesh Gupta, President, PHD Chamber of Commerce and Industry.

However, the growth of consumer durables at 5.9% is encouraging in anticipation of bumper kharif crops vis-n++-vis good monsoon scenario. We believe there is a need to push domestic demand particularly the rural demand in the economy, said Dr. Gupta.

We look forward to calibrated policy measures from the RBI in terms of reduction in the policy rates.

We also look forward to increase in public investments by the Government to help domestic demand to revive in the coming times, said Dr. Gupta.

The revival in the domestic demand would be crucial for the steady growth trajectory going forward as world economic environment is still in its lacklustre growth trajectory, said Dr. Mahesh Gupta.

These measures would go a long way to boost consumer demand and growth of manufacturing sector in the economy, said Dr. Gupta.

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Geometric releases Tolerance based Machining for CAMWorks
Sep 14,2016

Geometric Americas announced a new release of their revolutionary technology that uses SOLIDWORKSn++ 3D DimXpert and Model Based Definition (MBD) 3D dimensions and annotations to automate the programming of CNC machined components.

CAMWorks was uniquely architected to reduce a 3D solid model into a set of discrete machining features, and apply a knowledge base that selects tools, feeds, speeds, and machining strategies to automate the creation of CNC toolpaths. Tolerance Based Machining dramatically enhances CAMWorks core architecture by adding the ability to read and react to non-geometric manufacturing information such as tolerances, surface finish, and other annotations in 3D models. This ability not only speeds up the CNC programming process, and improvements in quality, but also creates a much stronger design-to-manufacturing process for machined components.

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Praj Industries gains after signing MoU with Indian Oil
Sep 14,2016

The announcement was made during market hours today, 14 September 2016.

Meanwhile, the S&P BSE Sensex was down 6.59 points or 0.02% at 28,436.95.

More than usual volumes were witnessed on the counter. On BSE, so far 4.7 lakh shares were traded in the counter as against average daily volume of 2.96 lakh shares in the past one quarter. The stock hit a high of Rs 92.40 and a low of Rs 86.40 so far during the day. The stock had hit a 52-week high of Rs 105.15 on 4 July 2016. The stock had hit a 52-week low of Rs 70.40 on 26 February 2016. The stock had outperformed the market over the past one month till 12 September 2016, rising 2.93% compared with 0.71% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, rising 2.51% as against Sensexs 6.45% rise.

The mid-cap company has equity capital of Rs 35.65 crore. Face value per share is Rs 2.

Indian Oil Corporation (IndianOil), Indias flagship national oil company, has selected company as its technology partner for setting up multiple 2nd Generation (2G) bio‐ethanol plants based on indigenously developed technology. IndianOil will be setting up three such 2G bio‐ethanol plants.

Indian Oil, like other PSU oil marketing companies are blending biofuels in transportation fuels at the depot to bring down dependency on crude oil imports and to avail of the resultant economic and environmental benefits. In order to enhance ethanol availability in the country for blending with petrol, IndianOil is developing 2G ethanol production infrastructure using ligno‐cellulosic biomasses as feedstock.

Praj is also providing assistance to IndianOil for achieving various milestones towards holistic development of these projects at various suitable locations across the country. Such 2G ethanol plants are based on indigenous technology and designs developed by Praj at their R&D center in Pune. Moreover, Praj will also supply plant & machinery and assist in operating and maintaining it.

Speaking about the collaboration, Pramod Chaudhari, Executive Chairman, Praj Industries said that the company has prepared itself to execute 2G ethanol projects worth over Rs 3000 crore in two‐three years. He further added that Praj is offering end‐to‐end 2G Smart Bio‐refinery solutions globally. Its Smart Biorefinery is capable of producing bio‐ethanol and other co‐products such as bio‐CNG, power and a variety of biochemicals.

Praj Industries consolidated net profit fell 52.5% to Rs 4.11 crore on 0.8% decline in total income to Rs 196.69 crore in Q1 June 2016 over Q1 June 2015.

Praj Industries offers innovative solutions for beverage alcohol and bioethanol plant, brewery, water & wastewater treatment plant, critical process equipment and systems and bioproducts.

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Praj Industries partners with Indian Oil Corporation
Sep 14,2016

Indian Oil Corporation (IndianOil) has selected Praj Industries as its technology partner for setting up multiple 2nd Generation (2G) bion++]ethanol plants based on indigenously developed technology. IndianOil will be setting up three such 2G bion++]ethanol plants. Praj will also supply Plant & Machinery and assist in operating and maintaining it.

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New order boosts HCC
Sep 14,2016

The company made the announcement yesterday, 13 September 2016 when the stock market was closed on account of Bakri Id.

Meanwhile, the S&P BSE Sensex was up 12.22 points or 0.04% at 28,365.76.

On BSE, so far 62.61 lakh shares were traded in the counter as against average daily volume of 20.03 lakh shares in the past one quarter. The stock hit a high of Rs 41.50 so far during the day, which is a 52-week high for the counter. The stock hit a low of Rs 39.25 so far during the day. The stock had hit a 52-week low of Rs 16.60 on 12 February 2016. The stock had outperformed the market over the past one month till 12 September 2016, surging 72.01% compared with 0.71% rise in the Sensex. The scrip had also outperformed the market in past one quarter, jumping 92.42% as against Sensexs 6.45% rise.

The small-cap company has equity capital of Rs 77.92 crore. Face value per share is Rs 1.

The latest order from the Department of Atomic Energy is to build premium high rise residential towers at Indira Gandhi Centre for Atomic Research, Kalpakkam, Tamil Nadu. This is an item rate contract to be completed in 30 months.

Net profit of Hindustan Construction Company (HCC) rose 17.5% to Rs 10.88 crore on 1.7% rise in net sales to Rs 899.32 crore in Q1 June 2016 over Q1 June 2015.

HCC is into infrastructure development in transportation, power and water segments. HCC is developing a planned hill city named Lavasa near Pune in Maharashtra.

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Winsome Diamonds & Jewellery to hold AGM
Sep 14,2016

Winsome Diamonds & Jewellery announced that the Annual General Meeting (AGM) of the company will be held on 30 September 2016.

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Global Vectra Helicorp to hold AGM
Sep 14,2016

Global Vectra Helicorp announced that the 18th Annual General Meeting (AGM) of the company will be held on 23 September 2016.

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Increases in wage rates significantly higher than Inflation rate: PHD Chamber
Sep 14,2016

Minimum wage for unskilled workforce has witnessed a significantly increasing trend as compared to increase in inflation rate (CPI Inflation) in majority of the states in India, said Dr. Mahesh Gupta, President, PHD Chamber of Commerce and Industry.

At the all India level, the minimum wage rate increase for unskilled workforce during the years 2013-14, 2014-15 and 2015-16 was at an average of 11.17%, while the average CPI Inflation rate was at 6.13% during the same period. Thereby the increase in wage rate was of 5.04 percentage points higher as compared to increase in CPI inflation.

The states of Kerala, Assam, Odisha and Maharashtra witnessed more than 20% higher increase in minimum wage rate for unskilled workforce as compared with CPI inflation.

In the state of Kerala the minimum wage rate increased from Rs. 85.20 per day in 2012-13 to Rs. 150 per day for the years 2013-14 and 2014-15 and further reaching to Rs. 275.46 per day for 2015-16, thus the average increase in wage rate for the three consecutive years was 53.23%. While the CPI inflation for the same period (2013-14, 2014-15 and 2015-16) was 9.01%, 5.98% and 3.84% with an average inflation rate of 6.28%. Thereby, the increase in wage rate was of 46.95 percentage points higher than the increase in CPI inflation.

Certain states like Tamil Nadu, Punjab, Karnataka, Uttar Pradesh, Jharkhand and Gujarat witnessed a moderate increase in wage rate, varying in the range of 10.77 to 18 percentage points as compared to CPI inflation.

The state of Tamil Nadu had minimum wages for unskilled workforce constant at Rs. 85 per day for the years 2012-13, 2013-14 and 2014-15 while for the 2015-16 the minimum wages increased to Rs. 146 per day, the average wage rate for the three years stands at 23.92%. The CPI inflation rate in the state was 6.40% in 2013-14, 6.15% in 2014-15 and 5.22% in 2015-16 and the average for the three years stands at 5.92%. Thus, the increase in wage rate was of 18 percentage points higher as compared to increase in CPI inflation.

On the other hand states like West Bengal, Chhattisgarh, Himachal Pradesh, Jammu and Kashmir, Madhya Pradesh, Bihar and Haryana witnessed a marginal increase in wage rate with a more or less consistent increase CPI inflation rate ranging from 1.1 to 8.98 percentage points.

The state of West Bengal had minimum wages fixed at Rs. 112.50 per day for 2012-13, Rs. 131.40 per day for 2013-14, Rs. 150.24 per day in 2014-15 and Rs. 171 per day in 2015-16. The average wage rate increase for the three years stands at 14.99%. The CPI inflation rate in the state for the same years was 10.10% in 2013-14, 2.75% in 2014-15 and 5.19% in 2015-16 and the average for the three years stands at 6.01%. Thus the increase in wage rate was of 8.98 percentage points higher than the increase in CPI inflation.

In the state of Delhi the wage rate for 2012-13 was Rs. 279 per day, further being constant at Rs. 311 per day for the years 2013-14 and 2014-15, while for 2015-16 the minimum wages increased to Rs. 316 per day. The average increase in wage rate stands at 4.36% for the three years. The CPI inflation rate in the state for the same years was 8.28% in 2013-14, 4.91% in 2014-15 and 4.09% in 2015-16 and the average CPI inflation for the three years was 5.76%. Thus, the increase in wage rate was of (-) 1.40 percentage points lesser than the increase in CPI inflation.

The state of Rajasthan had a wage rate of Rs. 147 per day in 2012-13 reaching to a constant rate of Rs. 166 per day for 2013-14, 2014-15 and 2015-16, the average wage rate increase for the three years was at 4.31%. The CPI inflation rate in the state for the same years was 7.92% in 2013-14, 6.85% in 2014-15 and 4.61% in 2015-16 and the average for the three years stands at 6.46%. Thus, the increase in wage rate was of (-) 2.15 percentage points lesser than the increase in CPI inflation.

With the advent of Make in India policy we suggest a calibrated approach to be followed in order to set the wage rates for the workforce and to create an efficient and conducive economic environment to expand production possibility frontiers and to generate employment opportunities.

We believe a greater synchronisation of the policy environment would go a long way to provide fruitful outcomes of various dynamic reforms announced by the Government during the recent years.

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Patdiam Jewellery to hold AGM
Sep 14,2016

Patdiam Jewellery announced that the 17th Annual General Meeting (AGM) of the company will be held on 30 September 2016.

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BLS International Services to hold AGM
Sep 14,2016

BLS International Services announced that the 32nd Annual General Meeting (AGM) of the company will be held on 23 September 2016.

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Kanel Industries to hold AGM
Sep 14,2016

Kanel Industries announced that the 24th Annual General Meeting (AGM) of the company will be held on 30 September 2016.

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XL Energy to hold AGM
Sep 14,2016

XL Energy announced that the 29th Annual General Meeting (AGM) of the company will be held on 30 September 2016.

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Reliance Capital gains after board approves independent listing of home finance business
Sep 14,2016

The announcement was made yesterday, 13 September 2016, when stock market remained closed on account of Bakri Id.

Meanwhile, the S&P BSE Sensex was down 46.19 points or 0.16% at 28,307.35.

On BSE, so far 6.75 lakh shares were traded in the counter as against average daily volume of 5.01 lakh shares in the past one quarter. The stock hit a high of Rs 561.50 and a low of Rs 546.65 so far during the day. The stock had hit a 52-week high of Rs 574 on 9 September 2016. The stock had hit a 52-week low of Rs 303.60 on 12 February 2016. The stock had outperformed the market over the past one month till 12 September 2016, rising 21.96% compared with 0.71% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 32.06% as against Sensexs 6.45% rise.

The large-cap company has equity capital of Rs 252.63 crore. Face value per share is Rs 10.

Reliance Capital said the independent listing of Reliance Home Finance (RHF) is expected to unlock substantial value for existing shareholders of Reliance Capital. The listing of Reliance Home Finance will also lead to increased management focus and accelerated growth in the home finance business. As per the proposal, 49% stake in Reliance Home Finance Limited will be allotted to all shareholders of Reliance Capital, in the ratio of one share free of cost in Reliance Home Finance for every one share held in Reliance Capital.

Reliance Capital will hold a 51% stake in Reliance Home Finance, and the company will be adequately capitalised to grow the lending book to over Rs 20000 crore in the next 18 months. The proposal is subject to necessary shareholders and other approvals. Reliance Home Finance, a 100% subsidiary of Reliance Capital, provides a wide range of loan solutions like home loan, LAP, construction finance and affordable housing loans. The company reported an AUM of Rs 8259 crore ($1.2 billion) during the quarter ended 30 June 2016.

Mr. Anmol A. Ambani, Director, Reliance Capital said Prime Minister, Narendra Modi has set a goal of affordable housing for all by 2022. There is presently an estimated shortage of 10 crore residential units in India. To address the needs of this sector, Reliance Home Finance has charted an aggressive growth plan in this space, and aims to increase its book size to over Rs 50000 crore in the next few years.

On a consolidated basis, Reliance Capitals net profit rose 3% to Rs 207 crore on 48.3% growth in total income to Rs 3663 crore in Q1 June 2016 over Q1 June 2015.

Reliance Capital, a part of the Reliance Group, is one of Indias leading private sector financial services companies.

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