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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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APL Apollo Tubes commences production at new unit in Raipur, Chhattisgarh
Mar 28,2017

APL Apollo Tubes announced that on 27 March 2017, the newly set-up Unit of the Company at Village Bendri, Raipur, Chhattisgarh has started production

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Finolex Cables scales record high
Mar 28,2017

The stock has jumped 10.1% in three sessions to its current ruling price of Rs 510.10, from a close of Rs 463.30 on 23 March 2017.

Meanwhile, the S&P BSE Sensex was up 155.74 points, or 0.53%, to 29,392.89.

On the BSE, 36,810 shares were traded in the counter so far, compared with an average volume of 23,982 shares in the past one quarter. The stock had hit a high of Rs 520 in intraday trade, which is also a record high for the stock. The stock hit a low of Rs 494 so far during the day.

The stock had hit a 52-week low of Rs 255.35 on 20 March 2016. The stock had outperformed the market over the past one month till 27 March 2017, gaining 11.48% compared with the Sensexs 1.47% rise. The scrip had also outperformed the market over the past one quarter, gaining 17.09% as against the Sensexs 11.53% rise.

The mid-cap company has an equity capital of Rs 30.59 crore. Face value per share is Rs 2.

Finolex Cables net profit rose 37.8% to Rs 68.43 crore on 9.9% rise in net sales to Rs 668.94 crore in Q3 December 2016 over Q3 December 2015.

Finolex Cables, the flagship company of the Finolex Group, is Indias largest and leading manufacturer of electrical and telecommunication cables.

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Britannia Industries signs JV agreement with Chipita S A, a Greek Company
Mar 28,2017

Britannia Industries has signed a joint venture agreement with Chipita S A, a Greek Company for purpose of developing, producing and selling ready to eat long life filled croissants and any other product as may be agreed between the parties through a joint venture company in India, namely, Britchip Foods.

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Board of Mukand approves scheme of arrangement and amalgamation
Mar 28,2017

The Board of Mukand at its meeting held on 27 March 2017 considered and approved, after recommendation of the Audit Committee of the Company, a scheme of arrangement and amalgamation amongst the Company, Whiteleaf Multiventures (Proposed Name: Whiteleaf Heavy Machinery) (Whiteleaf) and Avista Diam & Gold (Proposed Name: Technosys Industrial Machinery) (Avista) and their respective shareholders and creditors under the provisions of Sections 230 to 232 and other applicable provisions of the Companies Act, 2013 (Scheme) as detailed below:

1.1. Slump exchange of industrial machinery business of the Company (Transferred Undertaking) to Whiteleaf on a going concern basis (Slump Exchange);
1.2. Amalgamation of Whiteleaf (post Slump Exchange) with Avista in accordance with Section 2(1B) of the Income Tax Act, 1961 (Amalgamation).

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Indiabulls Wholesale Services renamed as SORIL Holdings and Ventures
Mar 28,2017

Indiabulls Wholesale Services announced that pursuant to issuance of the fresh certificate of incorporation, dated 27 March 2017, by the Registrar of Companies, NCT of Delhi & Haryana (ROC), the name of company stands changed to SORIL Holdings and Ventures with effect from 27 March 2017.

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Board of Canara Bank approves allotment of 5,42,99,105 equity shares
Mar 28,2017

Canara Bank announced that the Sub-Committee of the Board of Directors for Rights Issue has passed a circular resolution dated 27 March 2017 for allotment of Rights Issue of 5,42,99,105 equity shares aggregating Rs 1123.99 crore.

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Outcome of board meeting of Span Divergent
Mar 28,2017

The Board of Directors of Span Divergent has considered and approved providing corporate guarantee and security on behalf of Dryfruit Factory LLP, a subsidiary of the Company in favour of Bank/ Financial institution for money to be borrowed by Dryfruit Factory LLP.

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Accelya Kale Solutions wins Service Provider of the Year award
Mar 28,2017

Accelya has been awarded as the Service Provider of the Year at the 2017 Air Transport News Awards ceremony hosted in Ekali, Greece on 25 March 2017. Accelya has been recognised three times in the past four years at ATN awards.

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KPIT gains as promoters hike stake
Mar 28,2017

The announcement was made after market hours yesterday, 27 March 2017.

Meanwhile, the S&P Sensex was up 174.80 points, or 0.6% at 29,412.63. The S&P BSE Small-cap index was up 108.97 points, or 0.77% at 14,180.25.

On the BSE, 42,000 shares were traded on the counter so far as against the average daily volumes of 1.33 lakh shares in the past one quarter. The stock had hit a high of Rs 133.30 and a low of Rs 130.85 so far during the day.

The stock had hit a 52-week high of Rs 196.60 on 21 June 2016 and a 52-week low of Rs 121.30 on 22 November 2016. The stock had underperformed the market over the past one month till 27 March 2017, declining 6.5% compared with the Sensexs 1.47% rise. The scrip had also underperformed the market over the past one quarter declining 2.98% as against the Sensexs 11.53% rise.

The small-cap company has equity capital of Rs 39.50 crore. Face value per share is Rs 2.

KPIT Technologies said that the promoters of the company have purchased 43.75 lakh shares of KPIT through Proficient Finstock LLP (Proficient) taking the total promoter holding in the company to 18.94%. To fund the transaction, Proficicent has additionally pledged 1.20 crore shares of the company taking the total pledged shares of Proficient 1.43 crore (50% of Proficient holding).

KPIT Technologies consolidated net profit rose 30.97% to Rs 73.58 crore on 0.07% increase in net sales to Rs 830.08 crore in Q3 December 2016 over Q2 September 2016.

KPIT Technologies is a global technology company focused on providing technology solutions and expertise to automotive and transportation companies, government bodies, manufacturing, energy and utilities companies.

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Pincon Spirit increases its captive logistics infrastructure
Mar 28,2017

Pincon Spirit announced that it has acquired 100 goods transport vehicles from Tata Motors for increasing its captive logistics infrastructure. With the ongoing implementation of West Bengal State Beverages Corporation in FY 2018, Pincon Spirit by adding on to the captive logistics infrastructure has equipped itself for catering to transportation of much greater volume of goods and also for cost curtailment in transportation which shall add on to incremental bottom line.

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Ind-Ra: Refinancing Risk of Real Estate Developers Seen Rising in FY18
Mar 28,2017

Falling sales have dimmed hopes of cash-strapped real estate developers for refinancing their debt obligations in FY18, says India Ratings and Research (India Ratings). The real estate sector has mainly relied on refinancing to meet its debt servicing obligations, given the negative cash flows. Such refinancing has provided a cushion for developers to hold prices despite slowing sales, and the high prices will further delay recovery in sales and cash flows. Ind-Ra believes sales are unlikely to revive in FY18 and refinancing will increasingly become difficult.

India Ratings had highlighted that real estate developers have been less reliant on bank credit and the growth in banking credit to the commercial real estate sector slowed down in FY17, with a growth of mere 0.4% since the start of the fiscal till 20 January 2017. The report had also highlighted that significant interest had been observed from non-banking finance companies and private equity investors for refinancing debt in the last three years.

Ind Ra notes that, finances of real estate developers continue to remain stretched due to elevated inventory and debt. India Ratings estimates that debt levels will further rise given the negative operating cash flows.

The Indian real estate market is currently grappling with a double whammy, one from the cash shortage caused by the impact of demonetisation and the second by the imminent introduction of the Real Estate Regulator (RERA). This, along with the increasing refinancing risk, would shake-up the sector, with developers with high leverage losing out. The sector also needs to undergo a structural change in the way it does business and move towards a model where projects are completed before sale. Such a structure would favour real estate companies having better access to funding. Larger players with access to multiple funding sources, such as NBFCs, PE funds and FDI in addition to banks are likely to have an advantage. This could lead to consolidation, which may be in the form of land sales or joint development of land with larger organised and well-funded developers.

This will usher in a new phase for the sector which is overcrowded with plenty of players with weak financials. We are likely to witness a series of joint developments and joint ventures between landowners and financially weak small developers with bigger, better-funded, better-organised players or weaker developers getting taken over by well-funded larger players, and struggling developers cashing in their land banks by selling them to players with stronger balance sheets and appetite for growth.

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IndusInd Bank hits record high
Mar 28,2017

Meanwhile, the S&P BSE Sensex was up 186.54 points or 0.64% at 29,423.69.

On the BSE, 38,000 shares were traded on the counter so far as against the average daily volumes of 89,173 shares in the past one quarter. The stock had hit a high of Rs 1,425 so far during the day, which is a record high. The stock hit a low of Rs 1,406.35 so far during the day.

The stock had hit a 52-week low of Rs 912 on 28 March 2016. It had outperformed the market over the past one month till 27 March 2017, advancing 6.23% compared with the Sensexs 1.47% rise. The scrip had also outperformed the market over the past one quarter, gaining 31.85% as against the Sensexs 11.53% rise.

The large-cap bank has equity capital of Rs 598.15 crore. Face value per share is Rs 10.

The target price of Rs 1,680 provides an upside of 19.8% over the stocks closing price of Rs 1,402.30 yesterday, 27 March 2017.

IndusInd Banks net profit rose 29.2% to Rs 750.64 crore on 22.9% growth in total income to Rs 4716.13 crore in Q3 December 2016 over Q3 December 2015.

IndusInd Bank is a leading private sector bank in India.

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Suven Life Sciences secures product patent
Mar 28,2017

Suven Life Sciences has secured a product patent from New Zealand corresponding to the New Chemical Entities (NCEs) for the treatment of disorders associated with Neurodegenerative diseases and the Patent is valid through 2033.

The granted claims of the patents are from the mechanism of action include the class of selective 5HT4 compounds and are being developed as therapeutic agents and are useful in the treatment of cognitive impairment associated with neurodegenerative disorders likeAlzheimers disease, Attention deficient hyperactivity disorder (ADHD), Huntingtons disease, Major Depressive disorder (MDD), Parkinson and Schizophrenia.

With these new patents, Suven has a total of twenty six (26) granted patents from New Zealand.

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Cairn India provides update on scheme of arrangement
Mar 28,2017

Cairn India announced that the Company has received all the required approvals in relation to the scheme of arrangement between Vedanta and Cairn India and their respective shareholders and creditors, save and except the approval of Reserve Bank of India for issuance of Redeemable Preference Shares to the Non- Resident shareholders of Cairn India. The scheme will be made effective upon receipt of approval of Reserve Bank of India.

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ICICI Bank allots 96,225 equity shares
Mar 28,2017

ICICI Bank has allotted 96,225 equity shares of face value of Rs. 2/- each on 27 March 2017 under the Employees Stock Option Scheme, 2000.

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