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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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MOIL announces change in directorate
Sep 02,2016

MOIL announced that 02 September 2016 the Company have received Government of India letter dated 24 August 2016 assigning additional charge of the post of Director (Production & Planning), MOIL to T.K.Pattnaik, Director(Commercial), MOIL, for a period of three months w.e.f. 01 August 2016, or till a regular incumbent joins the post, or until further orders, whichever is the earliest.

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NLC Industries appoints director
Sep 02,2016

NLC Industries announced that R. P. Gupta, Joint Secretary to Government of India, Ministry of Coal, has been appointed as a Part-time Official Director of the Company with effect from 30 August 2016.

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Investment Demand Crucial for Sustained Acceleration in GDP
Sep 02,2016

The revival of investment demand will not gather steam anytime soon and will be a long drawn process, hindering acceleration in gross domestic product (GDP) growth, says India Ratings and Research (Ind-Ra). In other words, the pace of a sustained economic recovery is likely to be slow, despite the push coming from consumption demand in the form of higher rural expenditure due to a favourable monsoon and higher urban expenditure due to the 7th Pay Commission payout in FY17.

GDP in 1QFY17 came in lower at 7.1% than Ind-Ras expectation of 7.5%. However, gross valued added (GVA) at basic constant (2011-2012) prices came in line with Ind-Ras forecast of 7.3% in 1QFY17. On the expenditure/demand side, real GDP was boosted by government spending. Government final consumption expenditure clocked a strong growth rate of 18.8% yoy in 1QFY17. However, it has failed to revive the investment demand in the economy as the gross fixed capital formation contracted 3.1% yoy in 1QFY17.

Ind-Ra has pointed out earlier that government expenditure alone can play only a limited role in reviving the capex cycle, as an overwhelming proportion of the total capex (FY16: 83.96% of investment) in the economy comes from the private sector (including central and state public sector undertakings and households). Private corporate sector investment continues to be constrained by factors such as leveraged balance sheets of infrastructure players, a high level of non-performing assets in the banking sector and low capacity utilisation rates in the manufacturing sector.

At the sectoral level, manufacturing growth at 9.1% surprised on the upside, particularly in the backdrop of weak factory output data for manufacturing in April-June 2016. The robust manufacturing growth in 1QFY17 clearly shows that the Index of Industrial Production (IIP) in its present form and shape is not capturing the manufacturing activity correctly and requires an upgrade immediately, lest it becomes a redundant indicator. The base year used for IIP calculation is 2004-2005, while industrial GVA is based on 2011-2012 prices. The use of 2004-2005 means a lot of data relating to industrial output is not captured by IIP.

The mining and quarrying sector contracted 0.4%, while electricity, gas, water supply, and other utilities grew at 9.4% in 1QFY17 year-on-year, respectively. The negative growth in mining activity is at variance with the positive growth registered by the sector in April-June 2016 as reflected in the IIP data. Construction activity also disappointed with a growth rate of 1.5% in 1QFY17, which is much lower than 5.6% in the same quarter of FY16. Services sector growth at 9.6% was the key driver of GVA, primarily led by the strong growth rate of 12.3% in government services. This is a welcome development from 4QFY16 when services sector clocked the lowest growth in seven quarters at 8.7%.

The agricultural sector grew at 1.8% in 1QFY17, which is lower than the growth rate of 2.6% in the same quarter of FY16. After two years of sub-par monsoon, the first half (June-July) of the monsoon season this year has witnessed a normal rainfall (same as long period average). July is the crucial month for sowing and rainfall for the country in this month was 6.6%, above the long period average. The cultivated area under kharif crops was higher than the normal area as of August 2016. The benefit of higher kharif acreage, mainly of pulses and oil seeds, will be realised in 3QFY17. Therefore, Ind-Ra expects agricultural GVA to pick up pace in 2HFY17, which will give a fillip to the overall economic growth.

GDP growth was lower than the GVA growth after five quarters. This was due to the slower growth of net taxes on products. The growth of net taxes on products (3.6%) in 1QFY17 was the lowest in last 16 quarters. Mirroring the trend of both wholesale and retail price inflation, in 1QFY17 both GVA and GDP deflators were the highest in last six quarters. The impact of high food price inflation was visible on agricultural GVA deflator (6.2%). Ind-Ra expects a softening in pulses prices to continue; however, the prices are likely to remain volatile due to structural issues related to agricultural supply chain.

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Ballarpur Industries drops after reverse turnaround in Q1
Sep 02,2016

The result was announced after market hours yesterday, 1 September 2016.

Meanwhile, the S&P BSE Sensex was up 113.29 points or 0.4% at 28,536.77

On BSE, so far 3.56 lakh shares were traded on the counter as against average daily volume of 2.49 lakh shares in the past one quarter. The stock hit a high of Rs 13.60 and a low of Rs 13.17 so far during the day. The stock had hit a 52-week high of Rs 21.80 on 1 January 2016. The stock had hit a 52-week low of Rs 11.80 on 29 February 2016. The stock had underperformed the market over the past 30 days till 1 September 2016, falling 4.61% compared with 2.62% rise in the Sensex. The scrip had also underperformed the market in past one quarter, sliding 13.1% as against Sensexs 5.89% rise.

The small-cap company has an equity capital of Rs 131.10 crore. Face value per share is Rs 2.

Ballarpur Industries net sales fell 23.26% to Rs 102.42 crore in Q1 June 2016 over Q1 June 2015.

The Ballarpur Group is the largest manufacturer of writing and printing paper in India.

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Trent gets revision in credit ratings
Sep 02,2016

Trent announced that Credit Analysis & Research (CARE) has upgraded / reaffirmed the credit ratings for the Companys Non- Convertible Debentures (NCDs), Long Term Bank Facilities and Short Term Bank Facilities.

NCDs (Rs 300 crore) - CARE AA+ (Revised from CARE AA)
NCDs (Rs 75 crore) - CARE AA+ (Revised from CARE AA)
Long term bank facilities (Rs 65 crore) - CARE AA+ (Revised from CARE AA)
Short term bank facilities (Rs 18 crore) - CARE A1+ (Reaffirmed)

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Ujjivan Financial Services allots equity shares
Sep 02,2016

Ujjivan Financial Services announced that the Stakeholders Relationship Committee of the Board in its meeting held on 01 September 2016 has approved an allotment of 244,195 Equity shares of Rs. 10/- towards the exercise of vested stock options under various ESOP Schemes of the Company.

The Company has already received the in-principle approval from NSE and BSE for listing of such equity shares and is in the process of applying for the final listing approval of the above shares on NSE and BSE.

The paid-up capital of the Company has increased from Rs. 1,182,413,050 to Rs. 1,184,855,000.

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Reliance Infra gains on hopes of winning arbitration for projects worth Rs 14000 crore
Sep 02,2016

Meanwhile, the BSE Sensex was up 144.29 points, or 0.51%, to 28,567.77.

On BSE, so far 7.06 lakh shares were traded in the counter, compared with average daily volume of 4.27 lakh shares in the past one quarter. The stock hit a high of Rs 616.90 and a low of Rs 584 so far during the day. The stock hit a 52-week high of Rs 622.05 on 5 January 2016. The stock hit a 52-week low of Rs 313.20 on 8 September 2015. The stock had underperformed the market over the past 30 days till 1 September 2016, rising 2.53% compared with 2.62% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 12.07% as against Sensexs 5.89% rise.

The large-cap company has equity capital of Rs 262.99 crore. Face value per share is Rs 10.

Reliance Infrastructure (RInfra) said it welcomed the series of initiatives approved by the Cabinet Committee on Economic Affairs (CCEA) to revive the construction sector. CCEA on 31 August 2016 approved a series of initiatives to revive the construction sector. As per the new initiatives, CCEA allowed contractors to move to the new speedier arbitration process, approved release of 75% of the amount in dispute against margin free bank guarantee and provided for a conciliation board comprising of independent subject experts in order to ensure speedy disposal of pending or new cases.

Welcoming the move Lalit Jalan, CEO, Reliance Infrastruture, said that this landmark initiative by the CCEA will boost the stressed infrastructure sector and also help infuse much required liquidity in the system. It is a very positive and bold move by government to help revive the stalled projects which suffer due to long settlement periods.

Reliance Infrastructure said it has already won arbitration awards for two road projects of Rs 170 crore. In addition, over Rs 14000 crore are under advanced stages of arbitration for various projects.

Under the new initiative approved by CCEA, in case where arbitration award is in favour of the concessionaire/contractor but public sector undertaking (PSU)/Government agencies have challenged it, 75% of award amount will have to be released to concessionaire/contractor against bank guarantee. The move will ensure that projects are not stranded due to long arbitration disputes between concessionaire/contractor and government agencies and lack of funds.

Lalit Jalan further added that CCEA has created an enabling framework for government agencies/PSUs to release 75% of arbitration award to concessionaires/contractors, without worrying about subsequent scrutiny. He also lauded governments initiative of allowing the disputing parties to migrate to new Act even if arbitration was initiated prior to enactment of amended Arbitration Act of 2015.

Under the new scheme of arrangement, all PSUs/departments may consider setting up conciliation committees comprising of independent experts to ensure speedy disposal of pending or new cases.

Reliance Infrastructures consolidated net profit rose 43.7% to Rs 659.85 crore on 3.2% fall in net sales to Rs 4260.87 crore in Q4 March 2016 over Q4 March 2015.

RInfra is one of the largest infrastructure companies, developing projects through various special purpose vehicles (SPVs) in several high growth sectors such as power, roads and metro rail in the infrastructure space and the defence sector.

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RInfra gains on hopes of winning arbitration awards for projects
Sep 02,2016

Meanwhile, the BSE Sensex was up 144.29 points, or 0.51%, to 28,567.77.

On BSE, so far 7.06 lakh shares were traded in the counter, compared with average daily volume of 4.27 lakh shares in the past one quarter. The stock hit a high of Rs 616.90 and a low of Rs 584 so far during the day. The stock hit a 52-week high of Rs 622.05 on 5 January 2016. The stock hit a 52-week low of Rs 313.20 on 8 September 2015. The stock had underperformed the market over the past 30 days till 1 September 2016, rising 2.53% compared with 2.62% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 12.07% as against Sensexs 5.89% rise.

The large-cap company has equity capital of Rs 262.99 crore. Face value per share is Rs 10.

Reliance Infrastructure (RInfra) said it welcomed the series of initiatives approved by the Cabinet Committee on Economic Affairs (CCEA) to revive the construction sector. CCEA on 31 August 2016 approved a series of initiatives to revive the construction sector. As per the new initiatives, CCEA allowed contractors to move to the new speedier arbitration process, approved release of 75% of the amount in dispute against margin free bank guarantee and provided for a conciliation board comprising of independent subject experts in order to ensure speedy disposal of pending or new cases.

Welcoming the move Lalit Jalan, CEO, Reliance Infrastruture, said that this landmark initiative by the CCEA will boost the stressed infrastructure sector and also help infuse much required liquidity in the system. It is a very positive and bold move by government to help revive the stalled projects which suffer due to long settlement periods, Jalan said.

Reliance Infrastructure said it has already won arbitration awards for two road projects of Rs 170 crore. In addition, over Rs 14000 crore are under advanced stages of arbitration for various projects.

Under the new initiative approved by CCEA, in case where arbitration award is in favour of the concessionaire/contractor but public sector undertaking (PSU)/Government agencies have challenged it, 75% of award amount will have to be released to concessionaire/contractor against bank guarantee. The move will ensure that projects are not stranded due to long arbitration disputes between concessionaire/contractor and government agencies and lack of funds.

Lalit Jalan further added that CCEA has created an enabling framework for government agencies/PSUs to release 75% of arbitration award to concessionaires/contractors, without worrying about subsequent scrutiny. He also lauded the governments initiative of allowing the disputing parties to migrate to new Act even if arbitration was initiated prior to enactment of amended Arbitration Act of 2015.

Under the new scheme of arrangement, all PSUs/departments may consider setting up conciliation committees comprising of independent experts to ensure speedy disposal of pending or new cases.

Reliance Infrastructures consolidated net profit rose 43.7% to Rs 659.85 crore on 3.2% fall in net sales to Rs 4260.87 crore in Q4 March 2016 over Q4 March 2015.

RInfra is one of the largest infrastructure companies, developing projects through various special purpose vehicles (SPVs) in several high growth sectors such as power, roads and metro rail in the infrastructure space and the defence sector.

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Capital Trust gets credit ratings assigned
Sep 02,2016

Capital Trust announced that the Company has received BBB+ rating from the following credit rating agencies:

1. Brickwork Ratings India

2. Credit Analysis and Research (CARE).

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Bhushan Steel completes capacity addition of Hot Strip Mill
Sep 02,2016

Bhushan Steel announced that shut down taken for the purpose of capacity addition of Hot Strip Mill of the Company situated at Distt. Dhenkanal, Orissa has been completed and capacity of Hot Strip Mill increased from 4.00 Million Tons to 5.00 Million Tons per annum.

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Bharatiya Global Infomedia gets extension to hold AGM
Sep 02,2016

Bharatiya Global Infomedia announced that in terms of the approval under Section 96 of the Companies Act, 2013, the Company has obtained an extension of time for holding its Annual General Meeting (AGM) for adoption of accounts and other related work for financial year ended on 31 March 2016 to be approved in AGM. Accordingly the Company will be hold its AGM on or before 31 December 2016.

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NRC gets extension to hold AGM
Sep 02,2016

NRC announced that the Company got approval from Registrar of Companies, Mumbai, vide their letter dated 01 September 2016, extension of 3 months for holding its Annual General Meeting beyond 30 September 2016.

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Inditrade Capital appoints director
Sep 02,2016

Inditrade Capital announced that the Board of Directors have appointed Gurmeet Singh as an Additional Director with effect from 01 September 2016 to hold office till the next Annual General Meeting.

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Triveni Turbine drops after large bulk deal
Sep 02,2016

Meanwhile, the S&P BSE Sensex was up 32.88 points or 0.12% at 28,456.36

Bulk deal boosted volume on the scrip. On BSE, so far 77.25 lakh shares were traded in the counter, compared with average daily volume of 44,936 shares in the past one quarter. The stock hit a high of Rs 135 so far during the day, matching its 52-week high hit on 17 August 2016. The stock hit a low of Rs 125 so far during the day. The stock hit a 52-week low of Rs 87.50 on 29 February 2016. The stock had outperformed the market over the past 30 days till 1 September 2016, rising 10.64% compared with 2.62% rise in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 19.24% as against Sensexs 5.89% rise.

The mid-cap company has equity capital of Rs 33 crore. Face value per share is Re 1.

Triveni Turbines consolidated net profit jumped 32.22% to Rs 26.84 crore on 29.02% growth in net sales to Rs 158.81 crore in Q1 June 2016 over Q1 June 2015.

Triveni Turbine offers steam turbine solutions for industrial captive and renewable power. The company manufactures steam turbines up to 100 MW.

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Reliance Infrastructure wins arbitration awards for two road projects
Sep 02,2016

Reliance Infrastructure welcomed the series of initiatives approved by the Cabinet Committee on Economic Affairs (CCEA) to revive the construction sector.

Reliance Infrastructure has already won arbitration awards for two Road projects of Rs. 170 crore. In addition, over Rs. 14,000 crore are under advanced stages of arbitration for various projects.

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