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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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Godrej Properties receives several recognition for its leadership in environmental sustainability
Oct 19,2016

Godrej Properties announced that it has received several recognition for its leadership in environmental sustainability. The Company is ranked as the 2nd best developer in Asia and 5th best developer in the World for its leadership in sustainable development as per the recent Global Real Estate Sustainability Benchmark Report.

Godrej Properties has also recently received a LEED Platinum Rating for the office premises of the Godrej Group headquarters at Godrej One under the Commercial Interiors segment from the US Green Building Council. This is one of the first such certifications in the country.

The Indian Green Building Council has awarded the IGBC Green Champion Award to Pirojsha Godrej at the IGBC Green Council Awards 2016.

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Bronze Trading announces change in directorate
Oct 19,2016

Bronze Trading announced Shivangi Bipinchandra Gajjar has resigned from the post of Director, w.e.f. 19 October 2016.

And Lataben Gautambhai Vaseta appointed as Indipendent Director w.e.f. 19 October 2016.

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Bhel gains after reports of Supreme Courts relief over Ennore thermal project
Oct 19,2016

Meanwhile, the BSE Sensex was down 86.53 points, or 0.31%, to 27,964.35.

On BSE, so far 15.49 lakh shares were traded in the counter, compared with average daily volume of 10.63 lakh shares in the past one quarter. The stock hit a high of Rs 143.45 and a low of Rs 139 so far during the day. The stock hit a 52-week high of Rs 219.70 on 27 October 2015. The stock hit a 52-week low of Rs 90.40 on 29 February 2016. The stock had underperformed the market over the past one month till 18 October 2016, falling 7.19% compared with 1.92% fall in the Sensex. The scrip had also underperformed the market in past one quarter, falling 2.58% as against Sensexs 1.1% rise.

The large-cap company has equity capital of Rs 489.52 crore. Face value per share is Rs 2.

As per reports, the Supreme Court allowed a batch of civil appeals against Madras High Courts stay over construction of Bharat Heavy Electricals (Bhel)s 1320 megawatts Ennore SEZ supercritical thermal power project. Bhel had won a contract in October 2014 worth Rs 7800 crore from Tamil Nadu Generation and Distribution Corporation (TANGEDCO) for setting up 2X660 megawatt (MW) thermal power plant on engineering, procurement and construction (EPC) basis at Ennore SEZ. However, the contract was challenged by a rival consortium.

The Supreme Court was also critical of the Madras High Court for not exercising restraint and held that the latters order followed the path of error in continuum. Though Bhel was awarded the contract for the construction of these plants, a division bench of the Madras High Court had allowed pleas of the other bidder, Central Southern China Electric Power Design Institute (CSEPDI)-Trishe Consortium and directed TANGEDCO to evaluate the price bid taking into consideration representations submitted by the consortium, thereby prompting TANGEDCO and Bhel to challenge the order.

In its judgment, a division bench of the Supreme Court comprising Justices Dipak Misra and Shiva Kirti Singh observed that in a complex fiscal evaluation the court has to apply the doctrine of restraint. Several aspects, clauses, contingencies, etc. have to be factored. These calculations are best left to experts and those who have knowledge and skills in the field. The bench was referring to a consultant report which defended the award of the contract to Bhel by TANGEDCO. The bench was also critical of the Madras High Court entertaining a plea to consider representations before the finalisation of a contract.

The construction of 2X660 MW Ennore SEZ Supercritical Thermal Power Project was delayed since there were several rounds of litigation in the Madras High Court over the tender process of TANGEDCO with CSEPDI - Trishe Consortium, alleging n++arbitrariness, anomalies and inconsistenciesn++ in the process.

Bhel had announced during market hours yesterday, 18 October 2016 that Prime Minister of India dedicated three Bhel-commissioned hydro power projects to the nation.

Bhels net profit jumped 54.2% to Rs 77.77 crore on 29% growth in net sales to Rs 5522.76 crore in Q1 June 2016 over Q1 June 2015.

State-run Bhel is an integrated power plant equipment manufacturer. It is one of the largest engineering and manufacturing companies in India engaged in the design, engineering, manufacture, construction, testing, commissioning and servicing of a wide range of products and services for core sectors of the economy, viz. power, transmission, industry, railways, renewable energy, oil & gas, water and defence. The Government of India currently holds 63.06% stake in Bhel (as per the shareholding pattern as on 30 June 2016).

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Positive Electronics announces resignation of directors
Oct 19,2016

Positive Electronics announced that Sanjay Krishnakant Shah, Whole time Director & CFO of the Company and Ashokkumar Chandulal Patel, director of the Company have resigned from the Board of Directors of the Company, with effect from 18 October 2016.

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ESIC Would Provide Pan India Healthcare Facilities With Second Generation Reforms From March 2017, Says Its Insurance Commissioner
Oct 19,2016

Employees State Insurance Corporation (ESIC) will shortly launch the second generation reforms as per which it will have Pan India presence covering over 650 districts of the country with its healthcare and community dispensaries facilities, according to its Insurance Commissioner, ESI, Mr. Arun Kumar.

Addressing a Seminar on n++Implementation of ESI Act & The Schemes Framed Thereundern++ under aegis of PHD Chamber of Commerce and Industry, Mr. Kumar also said that the corporation has decided to take in its fold all construction workers, according them with ESI benefits.

However, the ESIC is likely to propose to charge the financial contribution from construction workers employers to give them ESI benefits which would be drawn from the various welfare boards in which the construction companies deposit their construction cesses, indicated Mr. Kumar pointing out that this thinking is on progress at the higher level of bureaucracy within the union labour ministry.

Elaborating on the issue of second generation reforms in ESIC, Mr. Kumar said that currently ESIC has its healthcare and hospital facilities around 300 districts where the workers avail of medical and healthcare facilities. This facilities would be extended to all districts of the country as the government of the day under Prime Minister Modi has already a scheme to this effect, process of which would begun from March 2017 onwards.

He also informed that ESIC insured persons would be entitled for 26 weeks of maternity benefits from existing 12 weeks for which the corporation would bear the financial burden instead of employers.

Likewise, the wage threshold ceiling of workers for availing of ESI benefits is likely to be enhanced to Rs.21,000 per month from the current wage limit of Rs.15,000 per month for which a notification would come about in next few days although intentional notification to this effect has already been issued.

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Sun Pharma gains after entering into collaboration to develop novel dengue vaccine
Oct 19,2016

The announcement was made during market hours today, 19 October 2016.

Meanwhile, the S&P BSE Sensex was up 5.50 points or 0.02% at 28,056.38.

On BSE, so far 1.2 lakh shares were traded in the counter as against average daily volume of 2.84 lakh shares in the past one quarter. The stock hit a high of Rs 759 and a low of Rs 747 so far during the day. The stock had hit a 52-week high of Rs 913.70 on 20 October 2015. The stock had hit a 52-week low of Rs 706.40 on 24 November 2015. The stock had underperformed the market over the past one month till 18 October 2016, falling 5.17% compared with 1.92% fall in the Sensex. The scrip had also underperformed the market in past one quarter, falling 4.21% as against Sensexs 1.1% rise.

The large-cap company has equity capital of Rs 240.68 crore. Face value per share is Rs 1.

International Centre for Genetic Engineering and Biotechnology (ICGEB) and Sun Pharma announced their new collaboration for development of a dengue vaccine, targeted against all the four serotypes of Dengue virus that cause disease in humans. ICGEB has developed a tailored recombinant virus-like-particle (VLP) based tetravalent dengue vaccine, containing host-receptor binding domain of envelope protein of all the four DENV serotypes. ICGEB has conducted pre-clinical studies over the past seven years and developed the existing know-how and patents for this dengue vaccine candidate. This is the second collaboration between Sun Pharma and ICGEB focusing on dengue. The first one announced in May 2016 was related to the development of a botanical drug for treatment of Dengue. The current collaboration is focussed on developing a novel, safe & effective vaccine for the prevention of dengue.

This vaccine development will focus on suitability for all target population whether previously affected or non-affected, including paediatric and adults and traveller population.

According to the agreement signed, Sun Pharma will fund & support further development of the vaccine candidate and existing ICGEB know-how and patents. ICGEB will grant Sun Pharma exclusive rights and licenses for development and commercialisation of this vaccine globally. ICGEB will receive pre-defined royalty & milestone payments. A joint development committee, comprising members of both the organisations, will be established to provide oversight to the dengue vaccine development program. According to the agreement signed, ICGEB shall disclose and make available to Sun Pharma all such existing ICGEB know-how as well as effective completion of technology transfer by ICGEB to Sun Pharma within stipulated timeframe. Since, ICGEB is not related to promoter/promoter group/ group companies of Sun Pharma, this transaction does not fallunder related party transaction.

Sun Pharma will set-up a Dengue Vaccine Advisory group to provide technical and regulatory support to the vaccine development programme. It will also be exclusively responsible for all regulatory filings for the product globally including, without limitation, CDSCO-India, WHO, USFDA, EMA, MHRA etc. The company will explore commercialisation opportunities to provide this vaccine to patients across India, emerging markets, western Europe, Japan and USA at affordable costs post regulatory approvals in these markets. The immediate priority of this partnership is to complete the toxicology studies for further development of the program.

Sun Pharmas consolidated net profit surged 265.8% to Rs 2033.71 crore on 22.7% growth in net sales to Rs 8006.68 crore in Q1 June 2016 over Q1 June 2015.

Sun Pharmaceutical Industries is the worlds fifth largest specialty generic pharmaceutical company and Indias top pharmaceutical company.

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Reforms Like Land, Labour, Capital & Entrepreneurship Needs Push For Over 7.6% Growth : PHD Chamber
Oct 19,2016

PHD Chamber of Commerce and Industry on Monday recommended four major reforms such as land, labour, capital and entrepreneurship for accelerated growth, exceeding 7.6% per annum to fulfil Indias aspiration to emerge a leading economy in the world.

In addition, the Chamber also emphasized reforms in agriculture and construction sector to enable it come out of on-going slowdown mode of economic activities to spur up demand for Indias industrial produce.

The aforesaid suggestions emerged at a Seminar on Growth Prospects of the Indian Economy under aegis of the PHD Chamber of Commerce and Industry which also sought a fair playground for overseas MSMEs to be operational on Indian soil with relaxed labour laws and relaxed regulations for ease of doing business.

It was emphasized that land reforms has become imperative as it is a major ingredient in the four factors of production because of its availability factor with creation of land banks for utilization of industry.

Labour reforms, according to the suggestions of the Seminar is another ingredient of the four factors of production and amendment to the prototype land laws would be key for enhanced IIP with softening rate of interests and strengthening of micro financing institutions as part of proposed capital reforms.

As regards to entrepreneurship reforms, the Chamber is of the view that removal of administrative bottlenecks, improvement in infrastructure utilities and simplification of taxes would go a long way in promoting the spirit of entrepreneurship.

Reforms in construction sector, as per PHD Chamber is not performing well because of reasons such as high interest rate and slowdown in demand as the growth of construction sector in Q1 of 2016-17 stood at 1.5 per cent.

Agricultural sector reforms are also crucial in enhancing demand with focus on irrigation, soil improvement and productivity, crop protection and organic farming, the economy would achieve higher growth and development in the future, concluded the Seminar.

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Panafic Industrials to hold board meeting
Oct 19,2016

Panafic Industrials will hold a meeting of the Board of Directors of the Company on 4 November 2016 to approve the Unaudited Financial Results of the Company for the quarter ended on September 30, 2016.

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Hindustan Hardy Spicer to hold board meeting
Oct 19,2016

Hindustan Hardy Spicer will hold a meeting of the Board of Directors of the Company on 11 November 2016 to approve the Unaudited Financial Results for the Quarter and half year ended September 30, 2016.

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Nihar Info Global enters into franchising development agreement
Oct 19,2016

Nihar Info Global announced that the Company has entered into franchising development agreement with Think Ventures, a subsidiary of Think Tankers Innovative Solutions. The main object of this agreement is

Think Ventures shall appoint franchisees to B2B e- Commerce platform of Nihar Info Global throughout India.

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OnMobile Global unveils new consumer brand ONMO
Oct 19,2016

OnMobile Global unveiled its new consumer brand, ONMO, and showcased some of its new products that will use sound to enrich communication, expression and discovery. With this paradigm shift, OnMobile, will also engage with consumers directly, offering a suite of universally recognizable apps and services to its customers worldwide.

OnMobile is also re-aligning its Corporate Social Responsibility program with its vision of sound as an important and essential form of communication. It will fund, directly and through an NGO, the diagnosis, treatment and rehabilitation of children suffering from hearing impairments. The funding will cover the cost of free surgeries, cochlearimplants, and hearing aids, to the underprivilaged, with a special focus on children.

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India is setting up an extensive mechanism to ensure speedy, affordable and timely delivery of justice to consumers
Oct 19,2016

India has drafted new Consumer Protection Bill through extensive stakeholder consultation and study of best practices across the world. While drafting the Bill, special emphasis has been made to ensure simplicity, speed, access, affordability and timely delivery of justice. In true sense it is a futuristic bill and a great transformative step towards strengthening consumer protection and giving a clear message by the Prime Minister Mr. Narendra Modi that Consumer is the King.

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IOCL gains as foreign brokerage reportedly retains buy rating
Oct 19,2016

Meanwhile, the S&P BSE Sensex was down 97.60 points or 0.35% at 27,953.28

On BSE, so far 1.51 lakh shares were traded in the counter as against average daily volume of 3.83 lakh shares in the past one quarter. The stock hit a high of Rs 327.05 and a low of Rs 322.10 so far during the day. The stock had hit a record high of Rs 333.60 on 7 October 2016. The stock had hit a 52-week low of Rs 172.53 on 12 February 2016. The stock had outperformed the market over the past 30 days till 18 October 2016, rising 12.21% compared with Sensexs 2.04% fall. The scrip also outperformed the market in past one quarter, advancing 25.08% as against Sensexs 0.48% rise.

The large-cap company has equity capital of Rs 4855.90 crore. Face value per share is Rs 10.

The foreign brokerage reportedly said that Indian Oil Corporation (IOCL)s annual report shows that while return ratios rose to six-year high in the financial year ended 31 March 2016 (FY 2016), operating cash flow and free cash flow fell due to lesser savings in working capital compared to the previous financial year (FY 2015). The foreign brokerage said that IOCL has lost market share in diesel and aviation turbine fuel. However, the ramp-up of refinery in Paradip, high petchem profitability and elimination of inventory losses will help the companys free cash flow to stay positive, it said.

IOCLs net profit rose 25.46% to Rs 8268.98 crore on 15.48% fall in total income to Rs 86551.04 crore in Q1 June 2016 over Q1 June 2015.

IOCL is Indias flagship national oil company, with business interests that straddle the entire hydrocarbon value chain - from refining, pipeline transportation and marketing of petroleum products to exploration & production of crude oil & gas as well as marketing of natural gas and petrochemicals. The Government of India held 58.28% stake in IOCL (as per the shareholding pattern as on 30 September 2016).

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TechNVision Ventures provides update on Solix Technologies
Oct 19,2016

Solix Technologies announced that a Top 10 Forbes Global 2000 Bank has selected the Solix Big Data Suite to provide enterprise archiving, data lake and advanced analytics on Apache Hadoop.

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Spectrum Payouts and Network Capex to Keep Telcos FCF Negative
Oct 19,2016

Telecom companies exercised a balanced approach in the recent spectrum auctions, however the purchase of spectrum and non-spectrum linked capex will keep free cash flows (FCF) of the telecom operators negative, says India Ratings and Research (Ind-Ra). There were no major surprises in the spectrum auction and as expected by Ind-Ra spectrum bidding was rational, therefore Ind-Ra maintains its outlook on the sector as n++Stable to Negativen++. There were no takers for the pricey 700MHz band and 900MHz, while active participation was seen in the 1,800Mhz and 2,300MHz bands, and the most active participants were Vodafone India (Vodafone; emerged as the highest bidder) and Idea Cellular Ltd (Idea). Each operators spectrum acquisition strategy was to ensure data capacity build up, which was indicated by the bigger block spectrum acquisition in the higher bands of 2300MHz/2500MHz.

As against the INR5.6trn valuation at reserve price, only INR657.89bn was realised. The winning prices were moderately higher (upto around 15%) than the reserve prices. The most steeply priced 700MHz representing 72% of the total reserve price remained unsold. Ind-Ra believes that the rationalisation in prices of 700MHz is a pre-requisite for its successful auction in future, given the strong divergence of views between operators and the regulator.

The immediate concern for the auction winners will be to put in place an optimal funding mix to meet the upfront (INR320bn) and subsequent staggered payments. Incumbent operators have the existing balance sheet strength to raise funds from the domestic or global markets. However, identifying the right long term funding mix to optimise the cost of funds and the monetisation of non-core assets to reduce the debt burden will be crucial for the credit profile. Upfront payment needs to be made within 10 calendar days from the issue of the demand notice (namely 10 October 2016).

Funding for the new spectrum will be a combination of equity and debt for all players. Vodafone raised equity of INR477bn, which will be used for the upfront spectrum payment and also support additional capex. Idea has incremental capex plan of INR10bn post the spectrum acquisition, and its upfront payout for the spectrum will be part-debt funded given its moderate cash balances (1QFY17: INR7.8bn). Bharti Airtel Ltd had INR20.5bn of cash and equivalents at end-1QFY17; hence part debt funding could be used for the upfront spectrum payment.

Ind-Ra expects debt burden to rise for the top telcos, with the increase in spectrum and non-spectrum debt capex. In addition to the upfront spectrum payouts in FY17, network capex needs to be ramped up, which will keep FCF negative. Ind-Ra believes that the benefits of higher data volumes trickle down impact on revenue growth will be back ended. The launch of life-time free voice calls by Reliance Jio Infocomm (RJio) has threatened the major contributor of telcos revenues, namely voice calls. Ind-Ra thus expects RJios entry strategy to squeeze operational cash flows of the sector in FY17-FY18.

Idea reported negative FCF (post capex and spectrum payment of INR11.8bn) in FY16. Bharti had a positive FCF of INR148bn in FY16, mainly supported by INR57bn sale proceeds from tower assets and INR67.7bn from sale of investments.

As Ind-Ra had highlighted in the report, the bidding strategies revolved around augmenting 4G capability, and data centric bands (1,800Mhz/2,300Mhz) saw high traction. In line with Ind-Ras forecast, Bharti and RJio focused on plugging in spectrum gaps, while Idea and Vodafone focused on strengthening their position in key circles. The 800MHz band was taken up by RJio to fill in the gaps in Gujarat, Punjab, Rajasthan and Uttar Pradesh (East) circles. Bharti and RJio bought most of the data-centric 2,300MHz spectrum band, whereas Idea and Vodafone bought most of the 2,500Mhz spectrum band. Vodafone strengthened its presence in its existing circles and also increased 4G capability to 17 circles from the earlier nine, while Idea has increased its presence to 20 circles from 11 earlier.

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