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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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GAIL (India) announces appointment of director
Apr 06,2017

GAIL (India) announced that Gajendra Singh has been appointed as Director (Marketing) w.e.f. 05 April 2017 (DIN 03290248) by Ministry of Petroleum & Natural Gas, Government of India

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Yes Bank allots 1,82,482 equity shares
Apr 06,2017

Yes Bank has allotted 1,82,482 equity shares of face value of Rs 10/- each on 06 April 2017 under the JESOP IV, JESOP V, PESOP I, PESOP II and PESOP II - 2010. The paid up share capital of the Bank has accordingly been increased from Rs 456,48,58,130/- consisting of 45,64,85,813 equity shares of Rs 10/- each to Rs 456,66,82,950/- consisting of 45,66,68,295 equity shares of Rs 10/- each.

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Realty shares head north after RBI policy
Apr 06,2017

DLF (up 4.28%), Prestige Estates Projects (up 2.71%), Oberoi Realty (up 1.95%), Indiabulls Real Estate (up 0.72%), Housing Development and Infrastructure (up 1.14%), Omaxe (up 0.67%), Unitech (up 3.59%), D B Realty (up 1.67%) and Godrej Properties (up 1.77%) edged higher. Sunteck Realty (down 2.54%) fell.

The S&P BSE Realty index was up 2.1% at 1,706.72 and was the top gainer among the sectoral indices on BSE. It outperformed the Sensex, which was down 72.12 points or 0.24% at 29,902.12

Purchases of both residential and commercial property are largely driven by finance.

The First Bi-monthly Monetary Policy Statement 2017-18 was announced today, 6 April 2017. On the basis of an assessment of the current and evolving macroeconomic situation at its meeting, the Monetary Policy Committee (MPC) decided to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.25%. Consequent upon the narrowing of the LAF corridor, the reverse repo rate under the LAF is at 6% , and the marginal standing facility (MSF) rate and the Bank Rate are at 6.5%.

The RBI said that the decision of the MPC is consistent with a neutral stance of monetary policy in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4% within a band of +/- 2%, while supporting growth.

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RBI keeps repo rate unchanged at 6.25%, hikes reverse repo rate to 6%
Apr 06,2017

The Reserve Bank of India (RBI) in its first monetary policy review has kept its key policy interest rate, repo rate, unchanged at 6.25%. however, consequent upon the narrowing of the LAF corridor to 25 basis points from 50 basis points earlier, as elaborated in the accompanying Statement on Developmental and Regulatory Policies, the reverse repo rate under the LAF is at 6.0% (5.75% earlier), and the marginal standing facility (MSF) rate and the Bank Rate are at 6.50% (6.75% earlier).

The decision of the MPC is consistent with a neutral stance of monetary policy in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4% within a band of +/- 2%, while supporting growth. The main considerations underlying the decision are set out in the statement below.

Since the February bi-monthly monetary policy statement, inflation has been quiescent. Headline CPI inflation is set to undershoot the target of 5.0% for Q4 of 2016-17 in view of the sub-4% readings for January and February. For 2017-18, inflation is projected to average 4.5% in the first half of the year and 5% in the second half.

GVA growth is projected to strengthen to 7.4% in 2017-18 from 6.7% in 2016-17, with risks evenly balanced.

Overall, the MPCs considered judgement call to wait out the unravelling of the transitory effects of demonetisation has been broadly borne out. While these effects are still playing out, they are distinctly on the wane and should fade away by the Q4 of 2016-17.

While inflation has ticked up in its latest reading, its path through 2017-18 appears uneven and challenged by upside risks and unfavourable base effects towards the second half of the year. Moreover, underlying inflation pressures persist, especially in prices of services. Input cost pressures are gradually bringing back pricing power to enterprises as demand conditions improve.

The MPC remains committed to bringing headline inflation closer to 4.0% on a durable basis and in a calibrated manner. Accordingly, inflation developments have to be closely and continuously monitored, with food price pressures kept in check so that inflation expectations can be re-anchored. At the same time, the output gap is gradually closing. Consequently, aggregate demand pressures could build up, with implications for the inflation trajectory.

Against this backdrop, the MPC decided to keep the policy rate unchanged in this review while persevering with a neutral stance. Six members voted in favour of the monetary policy decision. The future course of monetary policy will largely depend on incoming data on how macroeconomic conditions are evolving. Banks have reduced lending rates, although further scope for a more complete transmission of policy impulses remains, including for small savings/administered rates. Along with rebalancing liquidity conditions, it will be the Reserve Banks endeavour to put the resolution of banks stressed assets on a firm footing and create congenial conditions for bank credit to revive and flow to productive sectors of the economy.

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Bank stocks mixed after RBIs policy decision
Apr 06,2017

The announcement of central banks policy decision was made during market hours today, 6 April 2017.

Meanwhile, the S&P BSE Sensex was down 60.21 points, or 0.2% to 29,914.03. The S&P BSE Bankex was down 42.48 points, or 0.17% to 24,668.81.

Among public sector banks, Syndicate Bank (down 0.62%), Corporation Bank (down 2.18%), Allahabad Bank (down 1.14%), State Bank of India (SBI) (down 0.81%), Union Bank of India (down 1.9%), Bank of India (down 0.66%) and United Bank of India (down 0.89%) edged lower. UCO Bank (up 0.01%), Punjab National Bank (up 0.46%), Bank of Baroda (up 0.37%), and Canara Bank (up 0.02%) edged higher.

Among private sector banks, Axis Bank (up 0.78%), HDFC Bank (up 0.11%), and Kotak Mahindra Bank (up 0.35%) edged higher. ICICI Bank (down 1.18%), Federal Bank (down 1.87%), and Yes Bank (down 0.33%) declined.

IndusInd Bank gained 1.13% after the bank said it proposes to raise funds by issue and allotment of rated, listed, non-convertible, perpetual, subordinated and unsecured Basel III compliant bonds in the nature of debentures towards non-equity regulatory additional tier I capital (AT1 bonds), for face value of Rs 10 lakh each for cash aggregating to Rs 1000 crore on private placement basis. The announcement was made after market hours yesterday, 5 April 2017.

The Reserve Bank of India (RBI) said that on the basis of an assessment of the current and evolving macroeconomic situation at its meeting, the Monetary Policy Committee (MPC) decided to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.25%.

Consequent upon the narrowing of the LAF corridor as elaborated on developmental and Regulatory Policies, the reverse repo rate under the LAF rose by 25 basis points to 6%, and the marginal standing facility (MSF) rate and the bank rate fell 25 basis points to 6.5% compared to earlier rates of 5.75% and 6.75% respectively after February policy decision.

The decision of the MPC is consistent with a neutral stance of monetary policy in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4% within a band of +/- 2%, while supporting growth.

In consonance with the recommendation of the Expert Group to revise and strengthen the Monetary Policy Framework, the policy rate corridor was narrowed from +/-100 basis points (bps) to +/- 50 bps in April 2016, with a view to ensuring finer alignment of the weighted average call rate (WACR), the operating target of monetary policy, with the repo rate. In either extremely tight liquidity conditions or in situations of persistent excess liquidity, when most market participants are on one side of the market for overnight liquidity, a narrower corridor can contribute to finer alignment of the operating target with the policy rate.

Accordingly, it has been decided to narrow the policy rate corridor around the policy repo rate to +/-25 bps from +/- 50 bps with immediate effect. As a result, the reverse repo rate under the liquidity adjustment facility (LAF) would be 25 bps lower than the policy repo rate and the marginal standing facility (MSF) rate would be 25 bps higher than the policy repo rate

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Onward Technologies allots 137,600 equity shares
Apr 06,2017

Onward Technologies has allotted 1,37,600 equity shares of Rs. 10/- each on 06 April 2017 pursuant to Employee Stock Option Scheme, 2009.

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Chambal Fertilisers & Chemicals temporarily shuts down urea plant
Apr 06,2017

Chambal Fertilisers & Chemicals announced that one of the Companys Urea Plants at Gadepan, District Kota, Rajasthan(Gadepan-II) has been shut down from 06 April 2017 to carry out planned repair and maintenance activities. The plant is expected to resume operations from 03 May 2017.

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Mandatory Quoting of Aadhaar for PAN Applications & Filing Return of Income
Apr 06,2017

Section 139AA of the Income-tax Act, 1961 as introduced by the Finance Act, 2017 provides for mandatory quoting of Aadhaar / Enrolment ID of Aadhaar application form, for filing of return of income and for making an application for allotment of Permanent Account Number with effect from 1st July, 2017.

It is clarified that such mandatory quoting of Aadhaar or Enrolment ID shall apply only to a person who is eligible to obtain Aadhaar number. As per the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016, only a resident individual is entitled to obtain Aadhaar. Resident as per the said Act means an individual who has resided in India for a period or periods amounting in all to one hundred and eighty-two days or more in the twelve months immediately preceding the date of application for enrolment. Accordingly, the requirement to quote Aadhaar as per section 139AA of the Income-tax Act shall not apply to an individual who is not a resident as per the Aadhaar Act, 2016.

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Avanti Feeds jumps 14.7% in four sessions
Apr 06,2017

The stock jumped 14.7% in four sessions to its current price of Rs 822.40 from its close of Rs 717 on 30 March 2017.

Meanwhile, the S&P BSE Sensex was down 120.21 points, or 0.39% to 29,857.06. The S&P BSE Mid-Cap index was down 5.91 points, or 0.04% to 14,249.64.

On the BSE, 18,600 shares were traded in the counter so far as against average daily volume of 12,231 shares in the past one quarter. The stock had hit a high of Rs 836.80 and a low of Rs 815 so far during the day. The stock had hit a record high of Rs 848 yesterday, 5 April 2017. The stock had hit a 52-week low of Rs 390.50 on 6 April 2016.

It had outperformed the market over the past one month till 5 April 2017, advancing 21.16% compared with the Sensexs 3.96% rise. The scrip had also outperformed the market over the past one quarter, jumping 60.76% as against the Sensexs 11.52% rise.

The mid-cap company has an equity capital of Rs 9.08 crore. Face value per share is Re 2.

Avanti Feeds consolidated net profit rose 12.5% to Rs 41.11 crore on 35% rise in net sales to Rs 550.03 crore in Q3 December 2016 over Q3 December 2015.

Avanti Feeds is a leading provider of high quality feed, best technical support to the farmer and caters to the quality standards of global shrimp customers.

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Rattanindia Power declines on profit booking
Apr 06,2017

Meanwhile, the S&P Sensex was down 108.44 points, or 0.36% at 29,865.80. The S&P BSE Small-cap index was down 52.40 points, or 0.35% at 14,732.28.

On the BSE, 5.30 lakh shares were traded on the counter so far as against the average daily volumes of 6.87 lakh shares in the past one quarter. The stock had hit a high of Rs 8.75 and a low of Rs 8.42 so far during the day.

The stock had hit a 52-week high of Rs 12.29 on 7 July 2016 and a 52-week low of Rs 6.32 on 27 December 2016. The stock had outperformed the market over the past one month till 5 April 2017, advancing 22.13% compared with the Sensexs 3.96% rise. The scrip had also outperformed the market over the past one quarter advancing 19.62% as against the Sensexs 11.52% rise.

The small-cap company has equity capital of Rs 2,952.93 crore. Face value per share is Rs 10.

Rattanindia Power had rallied 17.68% in the preceding five trading sessions to settle at Rs 8.72 yesterday, 5 April 2017, from its closing of Rs 7.41 on 28 March 2017.

Rattanindia Power reported net loss of Rs 59.51 crore in Q3 December 2016, as compared with net loss of Rs 4.23 crore in Q3 December 2015. Net sales fell 62.2% to Rs 300.27 crore in Q3 December 2016 over Q3 December 2015.

Rattanindia Power (formerly Indiabulls Power) focuses on developing, constructing, and operating power projects in India.

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MoU signed for a joint India-UK collaborative centre in crop-science
Apr 06,2017

A Memorandum of Understanding has been signed for establishing a joint India-UK collaborative centre in crop-science. Aims and objectives of the centre are:-

n++ Establishment of a Research Centre located in India.

n++ Establishment of a joint fellowship programme in plant sciences to facilitate the exchange of PhD students and Postdoctoral researchers between the partnering UK and Indian institutions.

n++ Integration with continuing DBT-UK activities, such as the DBT-Cambridge Lectureships and the UK-India Virtual Joint Centres in Agricultural Nitrogen.

n++ Capacity building, leadership development and developing robust farmer outreach components.

The aim of the MoU is to develop a long term partnership between India and UK in Plant Sciences. Steps have been initiated and joint activities have commenced which are detailed below:-

n++ Joint Faculty Programme: The Department of Biotechnology in partnership with University of Cambridge, UK have initiated research-oriented lectureship programme at Cambridge University and a partner institute in India. The duration of lectureship is for a fixed term of five year of which three year of this will be in India and two year will be in University of Cambridge. Five applicants have been selected and are working under the joint unestablished post of Lectureship.

n++ Four India-UK Virtual Joint Centres in Agricultural Nitrogen have been established which will eventually integrate into the activities of Joint Plant Science Research Centre.

n++ Workshop Women Agriculture Scientists in Cambridge: This workshop was a direct result of the joint UK-India collaboration programme in crop science. Twenty five scientists in Agriculture were sent to Cambridge for a five day leadership training programme during 4th-10th September 2016.

The Department of Biotechnology is looking to expand global partnership and will be open to signing of such MoU with other countries. Crop science is top priority of the country and negotiations are continuing with countries such as Australia, EU for establishing programmes in Agriculture and Plant Science.

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Edelweiss Financial Services hits 52-week high
Apr 06,2017

The announcement was made during market hours today, 6 April 2017.

Meanwhile, the S&P BSE Sensex was down 108.58 points or 0.36% at 29,860.76.

On the BSE, 4.78 lakh shares were traded in the counter so far as against average daily volume of 25.09 lakh shares in the past one quarter. The stock had hit a high of Rs 175.95, in intraday trade, which is also a 52-week high for the stock. The stock had hit a low of Rs 168.70 so far during the day. The stock had hit a 52-week low of Rs 53.40 on 8 April 2016.

It had outperformed the market over the past one month till 5 April 2017, advancing 25.53% compared with the Sensexs 3.96% rise. The scrip had also outperformed the market over the past one quarter, surging 70.2% as against the Sensexs 11.52% rise.

The large-cap company has equity capital of Rs 83.26 crore. Face value per share is Re 1.

Edelweiss Financial Services announced that The Insurance Regulatory & Development Authority of India (IRDAI) has accepted the registration application form IRDA/R2, for setting up a General Insurance Company in India, filed by Edelweiss General Insurance Company, a wholly owned subsidiary of the company.

This is the second stage of regulatory clearances required for carrying on the business as a general insurance company in India.

Separately, company announced after market hours yesterday, 5 April 2017 that Ecap Equities, a wholly owned subsidiary of the company entered into a share purchase agreement for purchase of 100% stake in Alternative Investment Market Advisors Private Limited (AIMIN) from its existing shareholders. AIMIN will become a wholly owned subsidiary of Ecap and in turn of the company.

AIMIN is a fintech company for fixed income analytics with innovative trade protocols that aids bond markets with efficient price discovery. This acquisition will help grow Edelweisss fixed income advisory business.

On a consolidated basis, Edelweiss Financial Services net profit rose 46.9% to Rs 155.18 crore on 20% growth in net sales to Rs 1612.47 crore in Q3 December 2016 over Q3 December 2015.

Edelweiss Financial Services offers a range of products and services spanning retail finance, debt capital markets, commodities, financial markets, asset management and life insurance.

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Delta Corp leads losers in A group
Apr 06,2017

Delta Corp lost 8.19% to Rs 186 at 13:55 IST. The stock topped the losers in the BSEs A group. On the BSE, 28.89 lakh shares were traded on the counter so far as against the average daily volumes of 17.59 lakh shares in the past two weeks.

Muthoot Finance dropped 4.04% to Rs 380. The stock was the second biggest loser in A group. On the BSE, 35,000 shares were traded on the counter so far as against the average daily volumes of 56,000 shares in the past two weeks.

Just Dial fell 3.37% at Rs 536.60. The stock was the third biggest loser in A group. On the BSE, 1.66 lakh shares were traded on the counter so far as against the average daily volumes of 2.50 lakh shares in the past two weeks.

Gujarat Pipavav Port declined 3.12% to Rs 166.30. The stock was the fourth biggest loser in A group. On the BSE, 56,000 shares were traded on the counter so far as against the average daily volumes of 54,000 shares in the past two weeks.

Hindalco Industries slipped 3.15% to Rs 191.95. The stock was the fifth biggest loser in A group. On the BSE, 5.35 lakh shares were traded on the counter so far as against the average daily volumes of 7.63 lakh shares in the past two weeks.

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Government allows import of only 5 lakh MT of raw sugar at zero duty through open general license: Shri Ram Vilas Paswan
Apr 06,2017

Shri Ram Vilas Paswan, Union Minister for Consumer Affairs, Food & Public Distribution said that in order to address regional production gaps and also to maintain domestic prices at reasonable levels, it has been decided by the Government to allow import of a restricted quantity of only 5 lakh MT of raw sugar at zero duty through open general license. The import shall be done with zonal quantity restrictions and will be open for only millers/refiners having their own refining capacity.

Shri Paswan further said that considering the quantity of sugar available as opening stocks and the production in the current sugar season, it is estimated that there is adequate quantity of sugar available in the country for domestic consumption.

The scheme shall be operated by the Directorate General of Foreign Trade as per their rules and regulations.

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Department of Commerce achieves 99.45% of final plan expenditure and 100% implementation of PFMS and DBT
Apr 06,2017

During the Financial Year 2016-17, Department of Commerce has expended Rs. 2454.58 Crore under Plan Schemes which works out of 99.45% of the final plan allocation. This achievement is the highest in last 5 Financial Years. In the year 2012-13 DoC has made 98.02% of expenditure under Plan Schemes, and expenditure was 96.86% in 2013-14, 96.50% in 2014-15 and 98.54% in 2015-16.

1. Public Finance Management System(PFMS)

As per the direction of Ministry of Finance & O/o CGA, PFMS which is Public Finance Management System was to be extended to all offices under control of Department of Commerce all over India. PFMS was also to be implemented in all autonomous Bodies, PSUs and other Trade Promotion offices under Department of Commerce.

In the Year 2016-17 Department of Commerce has achieved 100% implementation of PFMS in all its autonomous bodies, PSUs and Trade Promotion bodies all over India by 31st March,2017. This enables Just-in-Time release of funds to these organizations thereby preventing unnecessary parking of funds.

2. Direct Benefit Transfer(DBT)

Cabinet Secretariat has instructed that all Grants-in-Aids (GIA) and Subsides being given to beneficiaries, should be disbursed electronically through the Direct Benefit Transfer mode. As approved by Secretary, Commerce in August,2016. Seven Organizations namely: - Tea Board, Coffee Board, Spices Board, Rubber Board, Tobacco Board, APEDA and MPEDA were selected for DBT implementation in DoC by 31st March,2017.

DBT was successfully implemented in all these organizations by 31st March,2017. All the beneficiaries under these schemes, have been linked with AADHAR in most cases. Department of Commerce has thus achieved the target of 100% in DBT implementation by the stipulated timeline of 31st March,2017.

These achievements were possible due to constant monitoring and appraisal by the Department at the highest level throughout the year.

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