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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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Hindustan Motors announces change in registered office
Sep 06,2016

Hindustan Motors announced that the Registered Office of the Company has been shifted from n++Birla Buildingn++, 14th Floor, 9/1, R N Mukherjee Road, Kolkata 700 001 to n++Birla Buildingn++, 10th Floor, 9/1, R N Mukherjee Road, Kolkata 700 001 with effect from 01 September 2016.

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Kolte Patil Developers consolidated net profit rises 31.53% in the June 2016 quarter
Sep 06,2016

Net profit of Kolte Patil Developers rose 31.53% to Rs 18.23 crore in the quarter ended June 2016 as against Rs 13.86 crore during the previous quarter ended June 2015. Sales declined 6.02% to Rs 177.25 crore in the quarter ended June 2016 as against Rs 188.60 crore during the previous quarter ended June 2015.

ParticularsQuarter Endedn++Jun. 2016Jun. 2015% Var. Sales177.25188.60 -6 OPM %33.3724.96 - PBDT39.0829.85 31 PBT35.4626.64 33 NP18.2313.86 32

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Kolte Patil Developers standalone net profit declines 69.07% in the June 2016 quarter
Sep 06,2016

Net profit of Kolte Patil Developers declined 69.07% to Rs 5.23 crore in the quarter ended June 2016 as against Rs 16.91 crore during the previous quarter ended June 2015. Sales rose 14.00% to Rs 38.36 crore in the quarter ended June 2016 as against Rs 33.65 crore during the previous quarter ended June 2015.

ParticularsQuarter Endedn++Jun. 2016Jun. 2015% Var. Sales38.3633.65 14 OPM %25.4231.50 - PBDT7.6218.38 -59 PBT6.3317.30 -63 NP5.2316.91 -69

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MoA signed with NABARD for providing central assistance to 99 prioritized irrigation projects under PMKSY
Sep 06,2016

Union Minister for Water Resources, River Development and Ganga Rejuvenation Sushri Uma Bharti has said that Rs. 77000 crore will be raised during the nest four year from the market for speedy implementation of 99 prioritized projects under Accelerated Irrigation Benefits Programme (AIBP) throughout the country. She was speaking at the signing ceremony of Memorandum of Agreement between Ministry of Water Resources, River Development and Ganga Rejuvenation and NABARD for providing central assistance to 99 prioritized irrigation projects under PMKSY in New Delhi today. The Minister said 56 AIBP projects will cover all most all drought prone districts of 18 States of country. She expressed the hope that with regular monitoring the speedy implementation the Government would be able to complete all the 99 projects well ahead of the schedule.

Union Minister of State for Water Resources, River Development and Ganga Rejuvenation Dr. Sanjeev Balyan, Vice chairman of NITI Ayog Dr. Arvind Panagariya, Shri T. Harish Rao, Water Resources Minister of Telengana, Shri Brijmohan Agrawal, Water Resources Minister of Chhattisgarh, Shri Girish Mahajan, Water Resources Minister of Maharashtra and Shri Shashi Shekhar, Secretary, Ministry of Water Resources, River Development and Ganga Rejuvenation also addressed the gathering.

The Union Cabinet on July 27, 2016 had approved the Establishment of Mission for completion of 99 prioritized projects and its funding arrangement through NABARD.

Central Government launched the Accelerated Irrigation Benefits Programme (AIBP) in the year 1996-97 to provide Central Assistance to major/medium irrigation projects in the country, with the objective to accelerate implementation of such projects which were beyond resource capability of the States or were in advanced stage of completion. Priority was given to those projects which were started in Pre-Fifth and Fifth Plan period and also to those which were benefiting Tribal and Drought Prone Areas. From the year 1999-2000 onwards, Central Loan Assistance under AIBP was also extended to minor surface irrigation projects (SMI) of special category States (N.E. States & Hill States of H. P., Sikkim, J&K, Uttaranchal and projects benefiting KBK districts of Orissa).

Since its inception, 297 Irrigation / Multi Purpose Projects have been included for funding under AIBP. Out of this 143 projects have been completed and five projects were foreclosed. An irrigation potential of 24.39 Lakh ha has been created through these projects. The cumulative Central Loan Assistance / Grant provided to States under AIBP to all of above project still 31.3.2015 was Rs. 67539.52 crore. Twenty five States got benefited from the programme.

During 2015-16, Pradhan Mantri Krishi Sinchayee Yojana (PMKSY) was launched with an aim to enhance physical access of water on farm and expand cultivable area under assured irrigation, improve on farm water use efficiency, introduce sustainable water conservation practices etc. Major and medium irrigation/multipurpose irrigation projects are being funded under PMKSY-AIBP and Repair, Renovation and Restoration (RRR) of Water Bodies, Surface Minor Irrigation (SMI) projects and Command Area Development & Water Management (CADWM) projects are being funded under PMKSY-Har Khet Ko Pani (HKKP). During 2015-16, Central Assistance of Rs. 2327.82 crore was released for projects under AIBP and CA of Rs. 1905.81 crore was released for projects under CADWM, SMI and RRR of water bodies together. Total CA of Rs 4233.63 crore was released during 2015-16 for PMKSY (AIBP+HKKP)

The issues related to implementation of projects under PMKSY-HKKP including prioritization of projects were deliberated in the Committee headed by Shri Brijmohan Agrawal, Minister (Water Resources) of Chhattisgarh. As per the information supplied by concerned States to the Committee, 99 projects have been identified for completion upto 2019-20. 23 projects (Priority-I) have been identified to be completed by 2016-17 and another 31 projects (Priority-II) have been identified to be completed by 2017-18. The balance 45 projects (Priority-III) have been identified to be completed by December 2019.

One of the major reasons for the projects to remain incomplete was inadequate provision of funds by the concerned State Governments. As a result, large amount of funds spent on these projects were locked up and the benefits envisaged at the time of formulation of the projects could not be achieved. This was a cause for concern and initiative was required at the national level to remedy the situation.

Total funds required for completion of all the 99 identified projects have been estimated at Rs.77595 crore (Rs.48546 crore for project works and Rs.29049 crore for CAD works) with estimated CA of Rs.31342 crore. Likely potential utilization through these projects is estimated to be 76.03 lakh hectare (Lakh ha).

An outlay of about Rs.11060 crore is indicated to be available from 2015-16 to 2019-20 (as per approved outlay) out of which an amount of Rs. 2327.82 crore has been released to MMI projects. Balance of Rs. 8732.18 crore may be available through budgetary support. However, the requirement of funds to complete the 99 projects is much more than the provision.

The Finance Minister in his budget speech during 2016 has announced for creation of dedicated Long Term Irrigation Fund (LTIF) in NABARD with an initial corpus of about Rs. 20,000 Crore and an amount of Rs.12517 crore has been provided as budgetary resources and market borrowings during 2016-17.

Keeping in view of the budgetary constraints, it has been decided to borrow Central share/Assistance (CA) from NABARD as per year-wise requirements which could be paid back in 15 years time keeping a grace period of 3 years. Further, the proposal envisages that the State Governments, if required, may borrow funds from NABARD for the State Share.

The scheme at the Central level has been approved with projects to be completed in a mission mode and a Mission has been established with Additional Secretary/Special Secretary in the Ministry of Water Resources, River Development and Ganga Rejuvenation as the Mission Director.

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Service sector growth picks up and outlook brightens: Nikkei India Services PMI
Sep 06,2016

August saw a solid rebound in the rate of expansion in Indian service sector business activity. Output was raised in response to a marked improvement in new work inflows and increased levels of business confidence. The trend in employment remained comparatively subdued, however, with a slight decrease in jobs signalled for the first time since September of last year.

At 54.7 in August, up from 51.9 in July, the seasonally adjusted Nikkei India Services Business Activity Index posted its highest level for over three-and-a-half years. The headline index has now signalled expansion in each of the past 14 months. Output grew in five of the six monitored categories, the exception being Hotels & Restaurants.

With growth of manufacturing production also ticking higher, the seasonally adjusted Nikkei India Composite PMI Output Index climbed from 52.4 in July to a 42-month high of 54.6 in August, highlighting a stronger improvement in private sector economic activity.

Measured across the service economy, the level of incoming new work rose at the quickest pace for three-and-a-half years. Where an expansion was registered, companies mainly linked this to improved market conditions. Similarly, manufacturing order books increased at a sharp rate that was the quickest since December 2014.

Stronger growth of business activity and incoming new work led to a modest recovery in optimism at service providers. Over 27% of companies expect activity to increase over the coming year, compared to 1% that forecast lower output volumes. Business confidence was linked to greater client interest and improved market conditions. Although the degree of positive sentiment rose to its highest since the start of 2015, it should be noted that it remained below its long-run survey average.

August saw no change in the level of Indian private sector employment, as a slight increase at manufacturers offset a mild fall at service providers. The latter registered the first decline in 11 months, but the rate of job shedding was only slight. Decreases in staffing levels were signalled across the Financial Intermediation, Hotels & Restaurants, Post & Telecommunications, Renting & Business Activities and Transport & Storage categories. However, rates of job losses were negligible in all of these categories.

Price pressures in the service sector remained subdued in August. Average costs declined marginally for the second successive month, which firms attributed to lower diesel, fuel and vegetable prices. Meanwhile, average service charges ticked higher, following a slight decrease in the prior survey month. Goods producers signalled further increases in purchase costs and factory gate charges, although rates of inflation eased in both cases.

Latest survey data pointed to additional pressure on the capacity of private sector companies in India as outstanding business rose at manufacturers and service providers alike. Rates of accumulation were at 32- and 22-month highs respectively.

Commenting on the Indian Services PMI survey data, Pollyanna De Lima, economist at IHS Markit, and author of the report, said: The service sector showed upbeat levels of performance in August. New business was the main driver of activity growth, even amid increased competition for new work. It was encouraging to see rates of expansion in output and incoming new work reaching 43- and 42-month highs respectively.

The numbers of in-house staff fell, however, as firms remained somewhat uncertain regarding the sustainability of the upturn in demand. However, a further uptick in backlogs - the sharpest in nearly two years - may lead service providers to create jobs in coming months.

Healthy levels of confidence were also signalled, with firms expecting greater client interest and improved market conditions to underpin output growth in the year ahead. All-in-all, PMI data suggest that the service sector looks set to maintain its strong performance in the months ahead.

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Hindustan Fluoro Carbons reports standalone net profit of Rs 0.17 crore in the June 2016 quarter
Sep 06,2016

Net profit of Hindustan Fluoro Carbons reported to Rs 0.17 crore in the quarter ended June 2016 as against net loss of Rs 3.36 crore during the previous quarter ended June 2015. Sales rose 6.07% to Rs 9.44 crore in the quarter ended June 2016 as against Rs 8.90 crore during the previous quarter ended June 2015.

ParticularsQuarter Endedn++Jun. 2016Jun. 2015% Var. Sales9.448.90 6 OPM %14.41-24.04 - PBDT0.55-3.04 LP PBT0.17-3.36 LP NP0.17-3.36 LP

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Sunteck Realty to hold AGM
Sep 06,2016

Sunteck Realty announced that the 33rd Annual General Meeting (AGM) of the company will be held on 29 September 2016.

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RattanIndia Infrastructure to hold AGM
Sep 06,2016

RattanIndia Infrastructure announced that the 6th Annual General Meeting (AGM) of the company will be held on 30 September 2016.

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Jaypee Infratech to hold board meeting
Sep 06,2016

Jaypee Infratech will hold a meeting of the Board of Directors of the Company on 10 September 2016, to consider and approve the Un-audited Standalone Financial Results of the Company for the quarter ended 30 June 2016. (Q1)

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Kaveri Seed Company to hold board meeting
Sep 06,2016

Kaveri Seed Company will hold a meeting of the Board of Directors of the Company on 14 September 2016, to consider amongst other items of Agenda the Un-Audited Financial Results of the Company for the First Quarter ended 30 June 2016 (Q1).

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Subex to hold board meeting
Sep 06,2016

Subex will hold a meeting of the Board of Directors of the Company on 12 September 2016, to consider, the unaudited financial results for the quarter ended June 30, 2016.

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FCS Software Solutions to hold board meeting
Sep 06,2016

FCS Software Solutions will hold a meeting of the Board of Directors of the Company on 9 September 2016.

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Softech Infinium Solutions to hold board meeting
Sep 06,2016

Softech Infinium Solutions will hold a meeting of the Board of Directors of the Company on 6 September 2016, to consider Annual Accounts and to convene the Annual General Meeting for the year 2016.

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Asia Pacific Market: Stocks advance on Tuesday
Sep 06,2016

Asia Pacific share market advanced on Tuesday, 06 September 2016, with MSCIs broadest index of Asia-Pacific shares extending gains to 0.7% to 140.88 after opening slightly weaker, boosted by the chances of more stimulus from central banks in Europe and Japan.

Investors are looking ahead to Thursdays meeting by the European Central Bank, which some expect to expand its stimulus efforts. It could extend the duration of its bond-buying program, though some market analysts expect it is more likely to do so toward the end of the year, when it has more information on the economy. The Bank of Japan, meanwhile, is reviewing its ultra-lax monetary easing. In a speech Monday, Governor Haruhiko Kuroda offered mixed signals.

The Group of 20 major economies wrapped up their annual summit, held in Hangzhou, China, with a stronger commitment to coordinate policies to support growth and promote trade liberalization. The gathering also launched a new initiative to work on curbing excess steel production capacity, especially in China, which may help smooth tensions over the issue.

Crude oil prices were mixed after talks between Russia and Saudi Arabia over ways to stabilize the crude market fell short of an output freeze. audi Arabias Energy Minister Khalid Al-Falih said at the G-20 summit in China on Monday that theres no need to freeze production. Benchmark U.S. crude oil gained 52 cents to $44.96 a barrel in electronic trading on the New York Mercantile Exchange. It jumped $1.28 on Monday. Brent crude, the benchmark for international oil prices, lost 18 cents to $47.45 a barrel.

Among Asian bourses

ASX200 eases 0.29%

Australian share market ended lower for the fourth day in five, after the central bank kept interest rates unchanged. Sentiment remained lackluster following the afternoon release of the Reserve Banks latest policy statement, which revealed rates had been left on hold in September. The RBA eased monetary policy in May and August. At close of trade, the benchmark S&P/ASX 200 index slid 16 points, or 0.29%, to 5,413.6, while the broader All Ordinaries index eased 14 points, or 0.25%, to 5,510.4.

Australian banking stocks remained mixed following the rate decision, with Commonwealth Bank falling 0.8% to A$71.76 and Westpac erasing 0.3% to A$29.59, while National Australia Bank falling added 0.3% to A$27.70. ANZ was 0.04% weaker at A$27.24.

Energy stocks ended mixed after a rise in crude prices offshore. Santos closed down 0.2% at A$4.42 while Woodside lifted 0.7% to A$28.70. Origin Energy weakened 1.9% to A$5.15 as it revealed a new pipeline plan relating to its giant APLNG project in a move that could shift gas destined for export back to the local market.

Materials ended modestly higher despite patchy showings from some big names. Behemoths Rio Tinto and BHP Billiton both tacked on around 1%, while iron ore miner Fortescue led the way with a 3% surge, but major gold players Newcrest and Regis Resources gave back 2%.

Retail also struggled for direction, with Woolworths adding 0.2%, Wesfarmers yielding 0.2% and Myer dipping 0.6%. JB Hi-Fi shares gained 5.5% to close at A$30.87 after it confirmed it is still working on a deal to buy the homewares chain the Good Guys.

Nikkei up 0.26%

The Japan share market advanced for fifth straight session on the back of yen weakness against greenback and possibilities for stimulus from central banks. All but five of the 33 industry groups on the Topix rose with telecommunication-service providers and banks among groups contributing the most to the gain. The Nikkei average inclined 44.35 points, or 0.26%, to end at 17081.98. The Topic index jumped 8.73 points, or 0.65%, to end at 1352.58.

Banking stocks drove gains on the Nikkei amid expectations that the Bank of Japan may cut back on longer-term bond buying at its next meeting, thus boosting bond yields. Mizuho Financial Group ended up 0.9%, Sumitomo Mitsui Financial Group added 1.3% and Shinsei Bank closed up 1.8%.

Shares of companies doing business overseas were up as yen weakened against the dollar. A weaker yen helps boost the competitiveness of Japanese exports. Auto makers Nissan Motor Co. Ltd. ended up 1.5%, while Mazda Motor Corp. added 0.7%.

Shares of Amada Holdings Co. sank 5.1% after the metalworking machinery maker said it lowered its payout ratio target to 50% from the 100% it had pledged in May 2014. The Nikkei newspaper had earlier reported that Amada will lower its target.

China Market end firmer

Mainland China stock market closed higher, supported by consumer staples and industrial shares, amid speculation state-run funds intervened in both the equity and currency markets. But gains were limited on concerns that regulators are moving to reduce leverage in the countrys financial markets. The CSI300 index of the largest listed companies in Shanghai and Shenzhen rose 0.7%, to 3,342.63 points, while the Shanghai Composite Index gained 0.6% to 3,090.71 points.

Shares of consumer staples and industrial sector were among the top gainers. Automobile shares rallied, led by Anhui Jianghuai Automobile shares which jumped 7.9% and Great Wall Motor Co. added 1.9% on a surge in sales, while CSSC Offshore & Marine Engineering Group Co. advanced 4%.

Gree Electric Appliances Inc., Chinas largest maker of home air-conditioners climbed for a third day on the mainland as it resumed trading following a seven-month suspension.

Hong Kong Market rises for fourth day

The Hong Kong stock market advanced for fourth straight session, buoyed by a flood of capital pouring in from the mainland since last week, as investors there actively hunt for yields in a low-interest rate environment. Last week, Chinese investors spent 17.7 billion yuan ($2.65 billion) buying Hong Kong stocks under the Shanghai-Hong Kong Stock Connect, the biggest weekly inflows since last April. The benchmark Hang Seng Index inclined 138.13 points, or 0.58%, to 23787.68 points. The Hang Seng China Enterprises Index, benchmark measure of performance of mainland China enterprises, rose 107.82 points, or 1.1%, to 9938.39. Turnover decreased slightly to HK$75.6 billion from HK$76.9 billion on Monday.

Tencent soared 2.3% to HK$215, with its market cap surpassing HK$2 trillion. The stock yesterday already overtook China Mobile (00941) becoming Asias largest market cap enterprise.

Mainland lenders also hit new 52-week highs. CCB (00939), BOC (03988) and ICBC (01398) rose 1.3%-1.4% at HK$6.07, HK$3.7 and HK$5.05. HKEx put on 1.9% to HK$198.1 as its CEO told a London commodity summit that the local bourse plans to replicate LME-like platform in Qianhai of Shenzhen.

Russia and Saudi Arabia agreed to discuss ways to stabilise the oil market, triggering oil price hike of 1%. CNOOC (00883) edged up 0.8% to HK$9.7. PetroChina (00857) inched up 0.4% to HK$5.7.

Auto makers rose across the board on strong sales data. Geely Auto (00175) and GAC Group (02238) gained 3.9% and 3.5% to HK$6.95 and HK$11.28 on Credit Suisses bullish comments. BYD (01211) put on 4% to HK$56.15 after Shenzhen government announced purchase subsidy for new energy cars.

Sensex scales 17-month high

Indian stock market resumed trading after a holiday on Monday to climb a 17-month high after foreign funds bought a net $222 million of local equities last week, taking purchases this year to $6.1 billion. The latest rally on the bourses was also triggered by outcome of a monthly survey showing that August saw a solid rebound in the rate of expansion in Indian service sector business activity. The barometer index, the S&P BSE Sensex jumped 445.91 points or 1.56% to settle at 28,978.02. The Nifty 50 index surged 133.35 points or 1.51% to settle at 8,943.

Infosys rose 1.45% after the company announced that it has entered into a joint venture (JV) agreement with Saudi Prerogative Company (SPC) in the Kingdom of Saudi Arabia to conduct IT services for customers located in the Kingdom of Saudi Arabia. Infosys holds 70% while the rest 30% will be held by SPC in this JV.

Index heavyweight and housing finance major HDFC rose 1.29% after the company announced that it has closed the third issue of rupee denominated bonds to overseas investors, aggregating up to Rs 1000 crore. The yield to investor from the bonds is 7.5% per annum payable semi-annually. Maturity date for these bonds is 9 January 2020.

Maruti Suzuki India (Maruti) gained 3.04% after the company announced that its total production rose 3.25% to 1.27 lakh units in August 2016 over August 2015. The announcement was made yesterday, 5 September 2016.

Elsewhere in the Asia Pacific region: New Zealands NZX50 rose 0.14% to 7514. South Koreas KOSPI index added 0.3% to 2066.53. Taiwans Taiex index grew 1% to 9181.85. Singapores Straits Times index added 1.57% to 28996.55. Indonesias Jakarta Composite index rose 0.3% to 5372.10. Malaysias KLCI rose 0.7% to 1689.92.

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Credit rating of cities under urban reforms begins; Ahmedabad, NDMC get A- - rating
Sep 06,2016

Speedy implementation of new urban missions launched last year has resulted in the Ministry of Urban Development spending 70% of Plan Funds for 2016-17 during the last five months of the current financial year. This was revealed during a review of progress under different missions taken by the Minister of Urban Development Shri M. Venkaiah Naidu.

Under the initiative of Credit Rating of urban local bodies, 85 cities have launched the process and the same has been completed in respect of 12. Ahmedabad Municipal Corporation and New Delhi Municipal Council (NDMC) has got A- - rating (positive credit worthy). All these 85 cities would be given credit rating by March next year. Pune and Ahmedabad are in advanced stage of going for municipal bonds.

The Minister has directed the officials to follow up with States and ULBs on a regular basis to ensure that all ULBs get credit rating at the earliest which is necessary to float municipal bonds for mobilizing resources.

As a part of handholding the States and Urban Local Bodies for speedy execution of projects under new initiatives, the Ministry of Urban Development has identified substantial sources of resources from various domestic and multi-lateral lending agencies. This includes ; Asian Infrastructure Investment Bank- US $ 5 billion, Asian Development Bank- US $ 1 billion, Japanese International Cooperation Agency- US $ 500 million, BRICS Bank- US $ 500 million per city, AFD-Euro 100-200 million. HUDCO is likely to support Smart City Mission with Rs.10,000 cr.

The Minister was informed that in addition to 68 projects that were launched in 14 smart cities in June this year, another 134 projects have been identified of which 114 projects are under bidding. While the first batch of all 20 smart cities have set up Special Purpose Vehicles, the 13 cities identified under Fast Track Competition would do so by the end of this month.

Shri M.Venkaiah Naidu expressed satisfaction over the Ministry approving an investment of Rs.1.24 lakh crore for improving basic urban infrastructure. This includes Rs.78,000 cr investment under Smart City Plans of 33 cities and another Rs.45,935 cr under Atal Mission for Rejuvenation and Urban Transformation (AMRUT).

Shri Naidu noted that reforms introduced like involvement of States and ULBs in conceptualization of new urban missions, autonomy to States in formulation of projects, their appraisal and approval, competition based selection of cities etc., have begun to yield positive results in the form of speedy clearance of investments.

The Minister directed the concerned officials to take necessary measures jointly with States and ULBs to promote conversion of municipal solid waste into compost.

As against Plan allocation of Rs.21,000 for 2016-17, the Ministry of Urban Development has incurred an expenditure of Rs.14,725 cr till August this year.

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