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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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Transformers & Rectifiers India wins order worth Rs 68 crore
Sep 02,2016

Transformers & Rectifiers India announced that the Company has been awarded the order for 13 No. of 765 kV Class Reactors amounting to Rs. 68 crore from Power Grid Corporation of India.

This is the first order for 765 kV reactors and with this order, the Company has order for the full range of transformers and reactors up to 765 kV Class. The order is likely to be executed within next one and half year. The said order falls under the normal course of business. The Company neither have any interest in the entity that awarded the order nor fall within related party transactions. With this order, the Companys Order book as on date stands around Rs. 860 crore.

The Company continuously thrives to deliver quality products and services and over a period of time has become a leading manufacturer of transformers in the Country.

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TVS Motor gains after announcing good sales growth in August
Sep 02,2016

The company announced the monthly sales volume data after market hours yesterday, 1 September 2016.

Meanwhile, the S&P BSE Sensex was up 75.07 points, or 0.26%, to 28,498.55

On BSE, so far 1.59 lakh shares were traded in the counter, compared with average daily volume of 1.71 lakh shares in the past one quarter. The stock hit a high of Rs 339.90 and a low of Rs 331.65 so far during the day. The stock hit a record high of Rs 340.90 on 20 April 2016. The stock hit a 52-week low of Rs 215.15 on 8 September 2015. The stock had outperformed the market over the past 30 days till 1 September 2016, rising 10.1% compared with 2.62% rise in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 10.23% as against Sensexs 5.89% rise.

The large-cap company has an equity capital of Rs 47.51 crore. Face value per share is Re 1.

TVS Motor Companys total two-wheeler sales rose 23.5% to 2.67 lakh units in August 2016 over August 2015. Domestic two-wheeler sales rose 30.1% to 2.38 lakh units in August 2016 over August 2015. Scooter sales rose 5.1% to 76,572 units in August 2016 over August 2015. Motorcycle sales rose 31.2% to 1.14 lakh units in August 2016 over August 2015. Three-wheeler sales fell 38.99% to 6,633 units in August 2016 over August 2015. Total exports fell 19.9% to 34,097 units in August 2016 over August 2015. Exports of two-wheelers fell 13.41% to 28,686 units in August 2016 over August 2015.

TVS Motor Companys net profit rose 21.15% to Rs 121.25 crore on 12.15% growth in net sales to Rs 2852.59 crore in Q1 June 2016 over Q1 June 2015.

TVS Motor Company manufactures motorcycles, scooters, mopeds and auto rickshaws.

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Fitch: India Discom Reforms - Promising Start, But Efficiency Gains Key
Sep 02,2016

Fitch Ratings says that the voluntary rehabilitation scheme of Indias central government - Ujwal Discom Assurance Yojana (UDAY) - for financial and operational turnaround of distressed state distribution utilities (discoms) has already seen a large number of important states signing up for the programme. However, the immediate relief provided by interest-expense reduction, while beneficial to the cash flow positions of the discoms, is inadequate to turn these entities profitable; achieving this goal by March 2019 (FY19) as per the plan is highly predicated on the ambitious efficiency improvements, coupled with tariff increases that are politically sensitive in India.

UDAY, launched in November 2015, is more comprehensive than previous packages which had focused primarily on debt restructuring. The merits of UDAY are its four-pronged carrot and stick-based strategy that targets not only a reduction in interest burden, but also operational efficiency improvement, reduced cost of power purchased, and financial discipline. There are also financial implications for states signing up for UDAY that do not meet the agreed targets under the programme.

Twenty Indian states and one union territory (UT) have given in-principle approval for UDAY; 16 have already signed up for the scheme. Participation by a number of states which are not ruled by the key ruling political party at the centre - the Bharatiya Janata Party - reflects the various merits and wider acceptance of the package. The committed states and UT accounted for almost 77% of the total FY14 net cash losses reported by discoms, and around 58% of the total debt outstanding at end-September 2015. These states house about 56% of Indias total installed capacity. Tamil Nadu stands out among those which have not opted for UDAY, and accounted for 25% of FY14 net cash losses of all discoms.

The debt-restructuring slated within the scheme will provide some immediate breathing space, following the transfer of 75% of outstanding debt to the states and capping the interest cost on the balance. However, discoms in as many as 12 of the 16 committed states/UTs reported cash losses in FY14. Most of these (based on FY14 numbers) would continue with cash losses even after accounting for the immediate interest savings, highlighting the need for higher efficiencies and cost-reflective tariffs for a sustainable improvement of discoms financial health.

The aggregate technical and commercial (AT&C) loss in the Indian power sector is very high - ranging from 11% to 71%, with many of the states in excess of 20%. UDAY aims to get the discoms to cut these losses significantly (more than 50% in many cases) through FY19, which is a significant challenge; the savings benefits from lower AT&C losses alone account for around half of the total savings on average for the states that have committed. For the majority of states, tariff increases are required to reach break-even status even after the other savings to which they are committed.

A meaningful improvement in discoms economics will especially benefit power generation companies via higher utilisations and timely clearance of dues. The current low capacity utilisation of power plants is driven primarily by stressed discoms, which are unable to buy electricity because of weak financial positions. We believe financially stronger discoms will support Indias strong drive for renewables and financings of those projects, along with other power sector investments in the country.

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RIL slides after announcing launch of digital services
Sep 02,2016

Meanwhile, the BSE Sensex was up 75.40 points, or 0.27%, to 28,498.88.

On BSE, so far 2.72 lakh shares were traded in the counter, compared with average daily volume of 2.91 lakh shares in the past one quarter. The stock hit a high of Rs 1,035 and a low of Rs 1,007.35 so far during the day. The stock hit a 52-week high of Rs 1,089.50 on 15 January 2016. The stock hit a 52-week low of Rs 825.25 on 4 September 2015. The stock had outperformed the market over the past 30 days till 1 September 2016, rising 3.53% compared with 2.62% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 7.43% as against Sensexs 5.89% rise.

The large-cap company has equity capital of Rs 3243.11 crore. Face value per share is Rs 10.

Shares of Reliance Industries fell 2.73% to settle at Rs 1,029.15 yesterday, 1 September 2016, after Chairman Mukesh Ambani at the companys Annual General Meeting yesterday, 1 September 2016, announced the launch of digital services by Reliance Jio Infocomm (RJIL), a subsidiary of Reliance Industries (RIL). RJIL will launch of its digital services with Jio Welcome Offer which will be effective from 5 September 2016. As part of the Jio Welcome Offer, users will have access to unlimited 4G LTE data and national voice, video and messaging services along with the full bouquet of Jio applications and content, free of cost up to 31 December 2016. Domestic voice calls to any network across the country would be free for Jio subscribers even beyond the Jio Welcome Offer. Domestic roaming services would also not be charged separately. Average data prices would be around Rs 50 per gigabyte (GB), which would be amongst the lowest in the world.

In addition to fixed and wireless broadband connectivity offering superior voice and data services on an all-IP network, Jio will also offer end-to-end solutions that address the entire value chain across various digital services in key domains such as education, healthcare, security, communication, financial services, government-citizen interfaces and entertainment.

Media reports suggested that the plans offered by Reliance Jio are highly competitive in nature, but at the same time they would not become meaningful revenue creator. Hence, it would be a drag on profitability, reports said. Reports added that investors will closely monitor the roll out and effectiveness of Reliance Jio, in conjunction with plans by competitors to tackle new scenario.

In 2015, RJIL successfully acquired the right to use 4G spectrum in 13 key circles across India.

On consolidated basis, RILs net profit rose 18.1% to Rs 7113 crore on 15.2% decline in net sales to Rs 64990 crore in Q1 June 2016 over Q1 June 2015.

RIL is a diversified firm having presence in oil exploration, petrochemicals, retail and telecom sectors.

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CII urges industry members to sign the Model Code of Conduct for Ethical Business Practices
Sep 02,2016

The Confederation of Indian Industry (CII) made a strong appeal to industry members to sign the Model Code of Conduct for Ethical Business Practices.

n++The Code contains the basic principles of doing business ethically. CII strongly believes ethical business practices is a journey in which voluntary adoption of this simplified code is an initial step,n++ said Mr Moloy Banerjee, Chairman, CII ER Governance Task Force, at the Seminar on Corporate Governance, Business Ethics & Competition Law: Emerging Trends, in Kolkata on 26 August.

n++Its a matter of choice - either we regulate ourselves, or we get regulated, Mr Banerjee said. n++Intent, strong leadership and self-motivation are critical to building an ethical and profitable corporation,n++ added the CII ER Governance Task Force Chairman.

Mr Banerjee, who is also the Managing Director of Linde India, cited a CII analysis to explain the business rationale, saying the companies which have demonstrated compliance as a core principle have seen their revenues go up by 17%, profits 14%, customer satisfaction 18%, higher customer retention 17%. And crucially, there is 50% less spend on compliance, he said. n++The Competition Act 2002 (as amended) follows the philosophy of modern competition laws and aims to foster competition and protect Indian markets against anti-competitive practices,n++ Mr Banerjee said.

Ms Jyoti Jindgar, Adviser, Competition Commission of India, Union Ministry of Corporate Affairs, explained why and how non-compliance of completion law may pose serious risks to businesses, boards of directors and those held guilty. Heavy penalties, high costs of litigation, damages payable to aggrieved parties are some of the prices an enterprise will end up paying by not complying, she said.

Sharing the Government perspectives, Ms Jindgar said a robust compliant environment will not only make enterprises a lot more efficient and competitive, but also will safeguard from the risk of contraventions. n++Consumers also stand to benefit in the process,n++ Ms Jindgar said.

Mr Bibekananda Mohanty, Registrar of Companies (Kolkata), Union Ministry of Corporate Affairs, stressed the need for self-regulation saying the Government brings in law after law, but India in its pursuit to become a global leader needs n++heroes and examplesn++ in the management of corporate bodies. In this era of globalization, corporates must follow best international practices to earn trust from stakeholders, which will in turn go a long way in boosting image and business, he said.

Mr Sandip Kumar Kejriwal, Chairman, EIRC, Institute of Company Secretaries of India (ICSI), said corporate governance is a tool to control the affairs of a company. n++The better the transparency of a company, the greater the faith it enjoys from its stakeholders,n++ he said.

According to Mr Rajesh Poddar, Co-Chairman, CII ER Governance Task Force & Deputy Company Secretary, ITC Ltd, corporate governance is all about ensuring that a firm runs on sound lines through adoption of fair and ethical practices, besides assuring investors of good returns.

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US stocks end mostly higher
Sep 02,2016

U.S. stocks finished mostly higher on Thursday, 01 September 2016 recovering from earlier losses, as investors braced for the much-anticipated August jobs report on Friday, which could set the stage for a near-term interest-rate increase by the Federal Reserve. The stock market ended the Thursday affair on a flat note as the S&P 500 clawed back the bulk of todays loss. Trading conditions continued to be on the lighter side as market participants wind down recent vacation schedules and look ahead to tomorrows Employment Situation Report for August.Equity indices sputtered at the start of the session as a string of weaker-than-expected economic data weighed on the broader market.

The Dow Jones Industrial Average ended 18.42 points, or 0.1%, higher at 18,419.30. The Nasdaq Composite Index ended with a gain of 13.99 points, or 0.3%, at 5,227.21, benefiting from some buying in tech shares. The S&P 500 index lost 0.09 points, or less than 0.1%, to close at 2,170.86, but well off the session low.

A 2% rise by Wal-Mart Stores and a 1.8% rise by Nike led blue-chip gainers. American Express and Goldman Sachs were the biggest laggards in the gauge.

Dow component Wal-Marts shares rose after The Wall Street Journal reported that the retail giant planned to eliminate 7,000 jobs.

Among economic data expected for the day, stocks took a sharp step lower after a key data point; The Institute for Supply Management manufacturing index in August fell to 49.4% from 52.6% last month. A reading below 50% signals contraction.

A similar but less influential gauge, the Markit manufacturing purchasing managers index, fell to 52 from 52.9% in July.

Crude oil futures closed down more than 3% on Thursday, 01 September 2016 carving out another three-week low, as doubts over the potential for a crude-production freeze persisted and data showing a contraction in the U.S. manufacturing activity contributed to expectations of weaker energy demand. Prices for natural gas, meanwhile, dropped over 3% after an increase in weekly U.S. supplies of the commodity came in a bit higher than expected.

October West Texas Intermediate crude fell by $1.54, or 3.5%, to settle at $43.16 a barrel on the New York Mercantile Exchange, with prices down a fourth-straight session. November Brent crude on Londons ICE Futures exchange ended at $45.45 a barrel, down $1.44, or 3.1%.

Gold futures rebounded from two-month lows on Thursday, 01 September 2016 to finish higher, after data showing a fall in U.S. manufacturing activity pressured the dollar and potentially gave the Federal Reserve a little less reason to boost interest rates at a meeting this month. Traders will now look ahead to Fridays monthly U.S. jobs report for further clues on the central banks plans for interest rates.

December gold rose $5.70, or 0.4%, to settle at $1,317.10 an ounce. December silver rose 23.6 cents, or 1.3%, to $18.943 an ounce. For the month of August, however, silver prices declined 8.1%, based on the most-active contract.

Gold fell as the dollar moved lower against its chief rivals. The ICE U.S. Dollar Index, a measure of the greenback against a basket of six rival currencies, was down 0.3% as gold futures settled.

Fed Chairwoman Janet Yellen had reiterated at the Jackson Hole, Wyo. economic summit last week that any decision on rates would be depended on the n++degree to which incoming data continues to confirm the Fed policy committees outlook.n++

The market will get further clues on that front from data set for release Friday. The Labor Department is expected to say the worlds largest economy added 185,000 jobs in August; its report includes government hiring.

Treasuries ended on a mixed note with the short end of the curve demonstrating relative strength. The yield on the 2-yr note ended lower by three basis points (0.78%) while the yield on the 30-yr bond settled flat at 2.23%. For its part, the yield on the benchmark 10-yr note slipped one basis point to 1.57%

Todays participation was below the recent average as fewer than 805 million shares changed hands on the NYSE floor.

Tomorrows economic data will include the Employment Situation Report for August (consensus 180k) and the Trade Balance for July (consensus -$43.0 billion), which will each cross the wires at 8:30 ET. Separately, Factory Orders for July (consensus +2.0%) will be released at 10:00 ET.

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Radford Global to hold AGM
Sep 02,2016

Radford Global announced that the Annual General Meeting (AGM) of the company will be held on 29 September 2016.

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Taneja Aerospace & Aviation to hold AGM
Sep 02,2016

Taneja Aerospace & Aviation announced that the Annual General Meeting (AGM) of the company will be held on 28 September 2016.

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Winsome Yarns to hold AGM
Sep 02,2016

Winsome Yarns announced that the 26th Annual General Meeting (AGM) of the company will be held on 28 September 2016.

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Ansal Properties & Infrastructure to hold AGM
Sep 02,2016

Ansal Properties & Infrastructure announced that the Annual General Meeting (AGM) of the company will be held on 30 September 2016.

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Ajel to hold AGM
Sep 02,2016

Ajel announced that the 22nd Annual General Meeting (AGM) of the company will be held on 30 September 2016.

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Riddhi Siddhi Gluco Biols to hold board meeting
Sep 02,2016

Riddhi Siddhi Gluco Biols will hold a meeting of the Board of Directors of the Company on 8 September 2016, to consider and approve the unaudited financial results of the Company for the quarter ended 30 June 2016.

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Sashwat Technocrats to hold AGM
Sep 02,2016

Sashwat Technocrats announced that the Annual General Meeting (AGM) of the company will be held on 30 September 2016.

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Prabhat Telecoms (India) to hold AGM
Sep 02,2016

Prabhat Telecoms (India) announced that the Annual General Meeting (AGM) of the company will be held on 30 September 2016.

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Autolite (India) to hold board meeting
Sep 02,2016

Autolite (India) will hold a meeting of the Board of Directors of the Company on 31 August 2016.

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