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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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Pricol slips on profit booking after bulk purchase of shares by UTI MF
Sep 12,2016

Meanwhile, the S&P BSE Sensex was down 393.60 points or 1.37% at 28,403.65.

On BSE, so far 2.11 lakh shares were traded in the counter as against average daily volume of 4.17 lakh shares in the past one quarter. The stock hit a high of Rs 119.90 and a low of Rs 116.10 so far during the day. The stock had hit a record high of Rs 124.40 on Friday, 9 September 2016. The stock had hit a 52-week low of Rs 28.85 on 15 September 2015. The stock had outperformed the market over the past one month till 9 September 2016, gaining 2.57% compared with Sensexs 2.54% gain. The scrip had also outperformed the market in past one quarter, advancing 55.21% as against Sensexs 7.6% gain.

The small-cap company has equity capital of Rs 9.48 crore. Face value per share is Rs 1.

Shares of Pricol had surged 7.58% in two trading sessions to settle at Rs 119.90 on Friday, 9 September 2016, from its close of Rs 111.45 on 7 September 2016.

PHI Capital Trust sold 14 lakh shares of Pricol at an average price of Rs 120.14 per share in a bulk deal on the NSE on Friday, 9 September 2016. UTI Mutual Fund A/C UTI-Mid Cap Fund bought 12.69 lakh shares at Rs 120 per share in this deal.

Pricols net profit spurted 1252.4% to Rs 22.18 crore on 41.1% growth in net sales to Rs 306.75 crore in Q1 June 2016 over Q1 June 2015.

Pricol manufactures automotive components for the global automotive market. It caters to two, three, four-wheelers, commercial vehicles, tractors and construction and industrial tooling segments across the global market.

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Indirect Tax Collections upto August, 2016 show an increase of 27.5% over the net collections for the corresponding period last year
Sep 12,2016

The figures for indirect tax collections (Central Excise, Service Tax and Customs) upto August 2016 show that net revenue collections are at Rs 3.36 lakh crore which is 27.5% more than the net collections for the corresponding period last year. Till August 2016, 43.2% of the Budget Estimates of indirect taxes for Financial Year 2016-17 has been achieved.

As regards Central Excise, net tax collections stood at Rs.1.53 lakh crore during April-August, 2016 as compared to Rs.1.03 lakh crore during the corresponding period in the previous Financial Year, thereby registering a growth of 48.8%.

Net Tax collections on account of Service Tax during April-August, 2016 stood at Rs.92,696 crore as compared to Rs. 75,219 crore during the corresponding period in the previous Financial Year, thereby registering a growth of 23.2%.

Net Tax collections on account of Customs during April-August 2016 stood at Rs. 90,448 crore as compared to Rs. 85,557 crore during the same period in the previous Financial Year, thereby registering a growth of 5.7%.

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Tata Chemicals to undertake peipeline re-routing activity at Haldia Plant
Sep 12,2016

Tata Chemicals announced that pipeline re-routing activity was likely to cause a shutdown of operations by about 5 weeks in September-October, 2016 due to interruption of ammonia supply to the TCL-Haldia phosphatic fertiliser plant.

In this regard, as per the current project status, the expected pipeline rerouting will be scheduled in the month of February - March, 2017 for about 5 weeks,

Further updates in this regard will be provided when the actual shutdown of the Haldia Plant for the above purpose is undertaken in February and March, 2017.

Tata Chemicals has signed an MoU with Sanjana Cryogenics Storage (SCSL), its Ammonia Terminal Operator, for re-routing a portion of the ammonia pipeline that runs from the Haldia Dock to the Ammonia Storage tank. This has been done at the directive of Kolkata Port Trust for facilitating the set up a Multi-Modal Terminal Hub at Haldia by Inland Waterways Authority of India (IWAI).

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Jaiprakash Associates slips on lackluster Q1 outcome
Sep 12,2016

The result was announced on Friday, 9 September 2016.

Meanwhile, the BSE Sensex was down 389.59 points, or 1.35%, to 28,405.23.

On BSE, so far 37.99 lakh shares were traded in the counter, compared with average daily volume of 1.03 crore shares in the past one quarter. The stock hit a high of Rs 11.65 and a low of Rs 10.95 so far during the day. The stock hit a record low of Rs 5.30 on 2 June 2016. The stock hit a 52-week high of Rs 14.90 on 16 October 2015. The stock had outperformed the market over the past one month till 9 September 2016, gaining 2.98% compared with Sensexs 2.54% gain. The scrip had also outperformed the market in past one quarter, jumping 111.34% as against Sensexs 7.6% gain.

The mid-cap company has equity capital of Rs 486.49 crore. Face value per share is Rs 2.

Jaiprakash Associates total income decreased 26.99% to Rs 1747.76 crore in Q1 June 2016 over Q1 June 2015.

Separately, Jaiprakash Associates said on Saturday, 10 September 2016 that Unit-2 of 660 megawatts (MW) of 1980 MW Bara Supercritical Thermal Power Project, being implemented by Prayagraj Power Generation Company has successfully commenced commercial operations on 10 September 2016. Prayagraj Power Generation Company is a material un-listed subsidiary of Jaiprakash Power Ventures (JPVL), which is a subsidiary of Jaiprakash Associates

Shares of JVPL dropped 2.21% to Rs 4.86.

Jaiprakash Associates is the flagship company of the Jaypee group and is engaged in engineering and construction, real estate and hospitality businesses.

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Fitch: Basel III Add to Indian Banks Capital Trigger Risk
Sep 12,2016

The progressive increase in minimum capital requirements under Basel III is likely to put nearly half of Indian banks in danger of breaching capital triggers, says Fitch Ratings. State banks are the most at risk, given their poor existing capital buffers and weak prospects for raising capital through market channels.

Our analysis of 27 Indian banks with outstanding hybrid capital instruments indicates that at end-June 2016 the total capital adequacy ratio (CAR) for 11 banks was at or lower than the minimum of 11.5% required by end-March 2019 (FYE19). Of these, six did not have enough capital to meet the minimum required by FYE17. The minimum total CAR is a prerequisite for payment of coupons on both legacy and Basel III perpetual debt capital instruments.

For Basel III perpetual instruments, coupon deferral is also linked to banks meeting both minimum regulatory common equity tier 1 (CET1) ratio and Tier 1 ratio. More than half of the banks currently have a CET1 ratio that is below the required 8% minimum that will be applied from FYE19.

Fitch estimates that Indian banks will require around USD90bn in new capital by FYE19 to meet Basel III standards, with the state banks accounting for about 80% of the total. Meeting IFRS 9 accounting requirements could add to the challenges faced by the banks. The government has already earmarked INR700bn (USD10.4bn) for capital injections into state banks through to FYE19 and in July it announced that INR229bn (USD3.4bn) was being frontloaded. Priority is being given to the banks most in need of new capital but the capital injections may not be sufficient to address their ongoing capital needs to meet required provisions and to support balance sheet growth. However, we believe that more capital will be needed from the government to restore market confidence.

As it stands, state banks are heavily reliant on the government for new capital. Sharply deteriorating financial profiles have raised the standalone credit risks of state banks over the last year. Equity valuations have suffered as a result. Most continue to trade at heavy discounts to their book value, which acts as a significant constraint on raising new core equity.

The State Bank of Indias (BBB-/Stable; Indias largest bank) proposed USD1bn issuance of dollar-denominated AT1 instruments will be the first cross-border deal, and Fitch believes the issuance will serve as a pricing benchmark for other banks keen to access the dollar AT1 market. The Reserve Bank of Indias recent proposal to allow banks to issue masala bonds - rupee-denominated bonds issued in offshore capital markets - could also help widen the investor pool and ultimately deepen the market for AT1 bond issuance.

Nevertheless, state banks will continue to face difficulties in raising capital from the market, which will keep their Viability Ratings under pressure and will weigh on the sector outlook.

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Bajaj Finserve provides update on rights issue
Sep 12,2016

Bajaj Finserve announced that the Board of Directors of the Company at its meeting held on 12 September 2016 has issued and allotted 327 rights equity shares. The said entitlements were earlier held in abeyance.

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Zuari Agro Chemicals declines after reverse turnaround in Q1
Sep 12,2016

The result was announced after market hours on Friday, 9 September 2016.

Meanwhile, the S&P BSE Sensex was down 406.87 points or 1.41% at 28,390.38.

On BSE, so far 9,618 shares were traded in the counter as against average daily volume of 11,811 shares in the past one quarter. The stock hit a high of Rs 178.55 and a low of Rs 171 so far during the day. The stock had hit a 52-week low of Rs 118.20 on 29 February 2016. The stock had hit a 52-week high of Rs 209.90 on 12 May 2016. The stock had outperformed the market over the past one month till 9 September 2016, gaining 8.25% compared with Sensexs 2.54% gain. The scrip had, however, underperformed the market in past one quarter, advancing 0.46% as against Sensexs 7.6% gain.

The small-cap company has equity capital of Rs 42.06 crore. Face value per share is Rs 10.

Zuari Agro Chemicals net sales declined 37.2% to Rs 976.42 crore in Q1 June 2016 over Q1 June 2015.

Zuari Agro Chemicals said that due to volatility in the market, the board of directors of the company at its meeting held on Friday, 9 September 2016, decided to defer the rights issue which was proposed earlier till such time as the board deems fit.

Zuari Agro Chemicals produces complex fertilizers of various grades along with seeds, pesticides, micro nutrients and specialty fertilizers.

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Repco Home Finance allots NCDs aggregating Rs 200 cr
Sep 12,2016

Repco Home Finance announced that the Securities Allotment Committee of the Company at its meeting held on 12 September 2016 has allotted 2000 Secured Redeemable Non Convertible Debentures (SRNCD) of face value of Rs. 10,00,000 each aggregating Rs.200 crore on private placement basis.

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Menon Bearings provides update on bonus issue
Sep 12,2016

Menon Bearings announced that the Bonus shares are credited to the account of shareholders holding shares in demat form and physical share certificates are dispatched to shareholders holding shares in physical form, whose name appeared in the register of members on 31 August 2016.

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Camphor & Allied Products announces change in registered office
Sep 12,2016

Camphor & Allied Products announced that Registrar of Companies - ROC - Mumbai have certified the copy of Regional Director (NWR), Ahmedabad order bearing date 27 July 2016 which confirmed and allowed the application being filed by the Company for alteration of the Memorandum of Association of the Company in terms of the Special Resolution passed through postal ballot under Section 110 on 16 May 2016 relating to change of the place of registered office from one state to another i.e. from Gujarat to Maharashtra.

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Reliance Defence skids after reporting poor Q1 results
Sep 12,2016

The result was announced on Saturday, 10 September 2016.

Meanwhile, the BSE Sensex was down 408.64 points, or 1.42%, to 28,388.61.

On BSE, so far 4.83 lakh shares were traded in the counter, compared with average daily volume of 5.15 lakh shares in the past one quarter. The stock hit a high of Rs 66.40 and a low of Rs 62.10 so far during the day. The stock hit a 52-week low of Rs 52.65 on 12 February 2016. The stock hit a 52-week high of Rs 114 on 28 December 2015. The stock had underperformed the market over the past one month till 9 September 2016, gaining 0.23% compared with Sensexs 2.54% gain. The scrip had also underperformed the market in past one quarter, gaining 0.08% as against Sensexs 7.6% gain.

The mid-cap company has equity capital of Rs 736.21 crore. Face value per share is Rs 10.

Reliance Defence & Engineerings total income dropped 34.21% to Rs 74.18 crore in Q1 June 2016 over Q1 June 2015.

Reliance Defence & Engineering formerly Pipavav Defence and Offshore Engineering Company is into building defence warships.

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Bank stocks edge lower
Sep 12,2016

Among public sector banks, Bank of Baroda (down 4.3% at Rs 164.50), Indian Bank (down 3.64% at Rs 220.95), Union Bank of India (down 3.62% at Rs 143.90), Bank of India (down 3.28% at Rs 119.35), State Bank of India (down 3.03% at Rs 256), Punjab National Bank (down 2.76% at Rs 140.90), Canara Bank (down 2.43% at Rs 303.65) and IDBI Bank (down 1.63% at Rs 78.25) declined.

Among private sector banks, Yes Bank (down 4.63% at Rs 1,218.05), Axis Bank (down 3.64% at Rs 590.85), ICICI Bank (down 2.41% at Rs 267.55), IndusInd Bank (down 2.18% at Rs 1,187.55), HDFC Bank (down 1.2% at Rs 1,275) and Kotak Mahindra Bank (down 0.57% at Rs 813.95) edged lower.

The S&P BSE Bankex index was currently down 2.31%. It underperformed the S&P BSE Sensex which was down 425.33 points or 1.48% at 28,371.92.

The S&P BSE Bankex index had outperformed the market over the past one month till 9 September 2016, gaining 7.37% compared with Sensexs 2.54% gain. The index had also outperformed the market in past one quarter, advancing 13.4% as against Sensexs 7.6% gain.

Fitch Ratings has said in a report dated 11 September 2016 that the progressive increase in minimum capital requirements under Basel III is likely to put nearly half of Indian banks in danger of breaching capital triggers. State-run banks are the most at risk, given their poor existing capital buffers and weak prospects for raising capital through market channels, Fitch said. Fitch estimates that Indian banks will require around $90 billion in new capital by FY 2019 to meet Basel III standards, with the state banks accounting for about 80% of the total. According to Fitch, state-run banks will continue to face difficulties in raising capital from the market, which will keep their Viability Ratings under pressure and will weigh on the sector outlook.

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Shiva Medicare gets extension to hold AGM
Sep 12,2016

Shiva Medicare announced that the Company have filed application with Registrar of Companies, Andhra Pradesh and Telangana in respect of seeking extension in holding 25th Annual General Meeting in e form GNL-1 vide SRN G10906121 on 08 September 2016 and in this regard said application has been approved by Registrar of Companies, Andhra Pradesh and Telangana and got extension of 3 months on 09 September 2016.

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Reliance Capital gets shareholders approval for demerger of Reliance Commercial Finance
Sep 12,2016

The shareholders of Reliance Capital have approved the transfer of itscommercial finance division - Reliance Commercial Finance (RCF) - into a separate wholly owned subsidiary.

The transfer was approved by an overwhelming majority of 99.99 per cent votes in favour of the Scheme of Arrangement at the court-convened general shareholders meeting held on 10 September 2016.

RCF is amongst the leading SME lenders in the Indian non-banking finance space with a focus on asset backed lending and productive asset creation.

The Company has an aggregate asset under management (including securitized portfolio) portfolio of Rs 16,451 crore (US$ 2.5 billion) as of 30 June 2016.

As per the Scheme, the commercial finance division of Reliance Capital was proposed to be merged into Reliance Gilts, a wholly owned subsidiary of Reliance Capital, and this merged entity was to be renamed as Reliance Commercial Finance Limited. Reliance Gilts has now been renamed as Reliance Commercial Finance.

The transfer, which has been approved by the shareholders, will be effective from 01 April 2016 and will now be filed for requisite court and necessary regulatory approvals.

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V2 Retail launches one operational retail store
Sep 12,2016

V2 Retail has launched one operational retail store at the following address - 117 A Rash Behri Avenue Kolkata 700029.

With this, 29 stores are operational.

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