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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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Bosch fixes record date for buyback of shares
Aug 24,2016

Bosch has fixed 06 September 2016 as the Record Date for the purpose of determining the entitlement and the names of the Equity Shareholders who are eligible to participate in the Buyback Offer of the Company.

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Cabinet approves waiver of penal interest on GoI loans availed by Cochin Port
Aug 24,2016

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, has given its approval for waiver of penal interest on Government of India (GOI) loans availed by Cochin Port Trust to the tune of Rs. 897.23 crore. The CCEA also gave its approval by freezing the liability on account of GOI loans, interest thereon and penal interest @ 0.25% as on 31.3.2016 amounting to Rs.557.16 crore (Rs.258.14 crore + Rs.281.45 crore + Rs.17.57 crore). The CCEA, further approved the rescheduling of repayment of the amount frozen in 10 years commencing from 2018-19.

The Cochin Port Trust availed loans for various developmental activities from Govt. of India amounting to Rs.168.15 crore between1936-37 to 1994-95. Non-repayment of these loans has attracted penal interest to the tune of Rs. 914.80 crore. The Port could not repay the loans since the projected revenue from the capital investment done was not sufficient to cover the interest component.

The move comes in the backdrop of a series of steps taken by Cochin Port. The Cochin Port has undertaken a series of remedial measures to improve its financial conditions, apart from the measures ordered by Government of India, such as ban on recruitments, stoppage of vehicle purchases and the like, measures adopted by the Port include steps unprecedented in other Major Ports, like freezing of Variable DA for all employees and Dearness Relief for pensioners, stoppage of HBA, conveyance advance, and LTC, stoppage of overtime posting for non-operating areas, reduction of uniform allowance to single set basis, and deferment of Leave Encashment.

With these recent initiatives taken by the Cochin Port, several income streams, long awaited by the Port, are now beginning to bear fruit and this would improve the financial status of the Port in future and its ability to repay in future.

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Cabinet approves construction of third line between Ballarshah-Kazipet
Aug 24,2016

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, has given its approval for construction of third line between Ballarshah and Kazipet at an estimated cost of Rs.2,063.03 crore and expected completion cost of Rs.2,403.22 crore.

The 201.04 km long railway line is expected to be completed in five years.

Besides facilitating the travel, power plants, coal and cement traffic will have additional transport capacity to meet their requirement. Warangal, Adilabad and Karimnagar districts of Telengana and Chandrapur district of Maharashtra will be covered by this line.

Background:

Ballarshah-Kazipet third line is a part of the New Delhi-Chennai Grant trunk route and golden quadrangle. The section between Ballarshah-Kazipet has reached saturation level with utilisation of section capacity at 127%. The section is extremely important from goods loading point of view with FCI siding at Jammikunta, Kesoram Cement Siding at Raghavpuram, Thermal Power Station and SCCL siding at Manchiryal, Coal loading sidings at Bellampalli, Rechni Road, Asifabad and Cement loading siding at Manikgarh, Ghatchandur. Keeping in view the growth in freight and passenger traffic, third line between Ballarshah-Kazipet is essential.

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Cabinet approves construction of third line between Itarsi and Nagpur
Aug 24,2016

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, has given its approval for construction of third line between Itarsi and Nagpur at an estimated cost of Rs.2,449.91 crore and expected completion cost of Rs.2,882.94 crore.

The 280 km long railway line is expected to be completed in five years.

Besides facilitating the travel, industries in and around Itarsi-Nagpur route will have additional transport capacity to meet their requirements. Hoshangabad, Chhindwara and Betul districts of Madhya Pradesh and Nagpur district of Maharashtra will be covered by this line.

Background:

Itarsi-Nagpur route is a BG double electrified line serving passenger as well as Goods traffic from North to South. The line capacity utilization of the section is saturated and running of additional Mail/Express and Goods traffic over the section cause detention to the trains. On this route Teegaon-Chichonda project has already been sanctioned. To cope up with the local demands and to have smooth movement of goods traffic, it is essential to construct 3rd line on Dharakoh-Maramjhiri Ghat Section (12.75 km) and balance on the Itarsi-Nagpur section (267 km).

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Indias fuel product consumption rises 3.9% in July 2016
Aug 24,2016

Indias fuel product consumption or sales increased 3.9% to 14.92 mt in July 2016 over a year ago. LPG sales jumped 8.7% to 1.71 mt, while petrol sales galloped 14.7% to 1.92 mt. Sales of petcoke advanced 6.8% to 1.66 mt and diesel improved 1.8% to 5.81 mt. Consumption of ATF gained 11.1% to 0.56 mt, while that of others moved up 7.2% to 0.52 mt. The consumption of fuel oil also gained 6.5% to 0.57 mt, and LDO 2.3% to 0.04 mt. However, the consumption of bitumen declined 1.0% to 0.28 mt, lubes/greases 1.2% to 0.26 mt, naphtha 6.3% to 1.10 mt, and kerosene 12.9% to 0.50 mt in July 2016.

Consumption or sales of fuel product increased 7.3% to 63.66 mt in April-July 2016 over April-July 2015. Sales of LPG increased 7.9%, petcoke 23.3%, diesel 4.0%, and petrol 11.1%. Consumption of fuel oil also moved up 18.4%, bitumen 15.9%, ATF 12.3%, lubes/greases 3.9%, naphtha 0.8% and LDO 13.2%, but declined for others 0.9% and kerosene 9.0% in April-July 2016.

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Indias natural gas production rises 3.3% in July 2016
Aug 24,2016

Indias natural gas production rose 3.3% to 2.70 billion cubic meters (bcm) in July 2016 over a year ago. Natural gas output of ONGC moved up 8.2% to 1.82 bcm, while that of private and JV companies declined 11.0% to 0.62 bcm. Meanwhile, the natural gas production of Oil India increased 10.1% to 0.26 bcm in July 2016.

Natural gas output declined -3.8% to 10.45 bcm in April-July 2016 over April-July 2015.

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Indias crude oil refinery output rises 7.7% in July 2016
Aug 24,2016

Indias crude oil refinery output increased 7.7% to 20.41 mt in July 2016 over July 2015. The output of public sector refineries surged 15.5% to 10.97 mt, while the output of private refineries also gained 2.0% to 8.11 mt. The refinery output of public-private JV refiners declined 11.8% to 1.33 mt in July 2016.

Among public refineries, the output of Chennai Petroleum Corporation jumped 32.4% to 0.93 mt, while the output of Hindustan Petroleum Corporation moved up 28.5% to 1.34 mt, and Mangalore Refineries 19.7% to 1.23 mt in July 2016 over July 2015. The output of Indian Oil Corporation also inched up 14.4% to 5.19 mt, and Bharat Petroleum Corporation 5.3% to 2.03 mt, but that of Numaligarh Refineries declined 3.6% to 0.24 mt in July 2016.

Among private refiners, the output of Reliance Petroleum increased 3.8% to 6.44 mt, while that of Essar Oil declined 4.4% to 1.67 mt in July 2016 over July 2015.

Among JV refineries, the output of Bharat Oman declined 30.5% to 0.42 mt, while the output of HPCL Mittal rose 0.8% to 0.91 mt in July 2015.

The cumulative refinery output increased 8.5% to 79.42 mt in April-July 2016. The output of public refineries increased 11.9% to 42.73 mt, while that of private refineries rose 4.5% to 31.22 mt. The refinery output of JV refineries moved up 7.4% to 5.46 mt in April-July 2016. Among public refineries, the output of Numaligarh Refineries, Hindustan Petroleum Corporation, Indian Oil Corporation, Bharat Petroleum Corporation, and Chennai Petroleum Corporation rose, while that of Mangalore Refineries was flat.

The overall capacity utilization was higher at 108.6% in July 2016 compared with 102.5% in July 2015, while it was also higher at 106.0% in April-July 2016 compared with 104.5% in April-July 2015.

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Cabinet approves introduction of the Surrogacy (Regulation) Bill, 2016
Aug 24,2016

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for introduction of the Surrogacy (Regulation) Bill, 2016.

The Bill will regulate surrogacy in India by establishing National Surrogacy Board at the central level and State Surrogacy Boards and Appropriate Authorities in the State and Union Territories. The legislation will ensure effective regulation of surrogacy, prohibit commercial surrogacy and allow ethical surrogacy to the needy infertile couples.

All infertile Indian married couple who want to avail ethical surrogacy will be benefited. Further the rights of surrogate mother and children born out of surrogacy will be protected. The Bill shall apply to whole of India, except the state of Jammu and Kashmir.

The major benefits of the Act would be that it will regulate the surrogacy services in the country. While commercial surrogacy will be prohibited including sale and purchase of human embryo and gametes, ethical surrogacy to the needy infertile couples will be allowed on fulfilment of certain conditions and for specific purposes. As such, it will control the unethical practices in surrogacy, prevent commercialization of surrogacy and will prohibit potential exploitation of surrogate mothers and children born through surrogacy.

No permanent structure is proposed to be created in the Draft Bill. Neither there are proposals for creating new posts. The proposed legislation, while covering an important area is framed in such a manner that it ensures effective regulation but does not add much vertically to the current regulatory structure already in place at the central as well as states. Accordingly, there will not be any financial implications except for the meetings of the National and State surrogacy Boards and Appropriate Authorities which will be met out of the regular budget of Central and State governments.

Background:

India has emerged as a surrogacy hub for couples from different countries and there have been reported incidents concerning unethical practices, exploitation of surrogate mothers, abandonment of children born out of surrogacy and rackets of intermediaries importing human embryos and gametes. Widespread condemnation of commercial surrogacy prevalent in India has also been regularly published in different print-and electronic media since last few years highlighting the need to prohibit commercial surrogacy and allow ethical altruistic surrogacy. The 228th report of the Law Commission of India has also recommended for prohibiting commercial surrogacy and allowing ethical altruistic surrogacy to the needy Indian citizens by enacting a suitable legislation.

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Indias crude oil production declines 1.8% in July 2016
Aug 24,2016

Indias crude oil production declined 1.8% to 3.08 million tonnes (mt) in July 2016 over July 2015. Crude oil output of ONGC fell 0.7% to 1.87 mt, while that of Oil India also eased 0.9% to 0.27 mt. Further, the crude oil production of private and joint venture (JV) companies dipped 4.2% to 0.94 mt. ONGCs offshore output declined 2.4% to 1.37 mt, while onshore production rose at 4.3% to 0.50 mt.

Crude oil output fell 2.9% to 12.08 mt in April-July period of the fiscal year ending March 2017 (April-July 2016), in addition to 0.7% decline recorded in the corresponding period of last year. Output of ONGC eased 1.3% to 7.36 mt, while that of Oil India declined 3.7% to 1.07 mt and private companies fell 5.9% to 3.65 mt in April-July 2016 over April-July 2015.

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AstraZeneca UK decides to terminate distribution agreement for Meronem
Aug 24,2016

AstraZeneca Pharma India has received a notice of termination from AstraZeneca UK, conveying its decision for termination of distribution agreement for Meronem (meropenem) in India. This is as a result of a global agreement by AstraZeneca PLC to sell the development and commercialisation rights to Pfizer Inc, of its late-stage small molecule antibiotics business.

Meronem is a carbapenem anti-bacterial used for the treatment of serious infections in hospitalised patients.

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Rupee dips
Aug 24,2016

Rupee sinked to close at 67.1050/1150 per dollar on Wednesday (24 August 2016), versus its previous close of 67.0600/0650 per dollar.

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Decorous Investment And Trading Co to hold AGM
Aug 24,2016

Decorous Investment And Trading Co announced that the 33rd Annual General Meeting (AGM) of the company will be held on 26 September 2016.

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Bluechip Stockspin to hold AGM
Aug 24,2016

Bluechip Stockspin announced that the Annual General Meeting (AGM) of the company will be held on 24 September 2016.

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Indiabulls Wholesale Services to hold AGM
Aug 24,2016

Indiabulls Wholesale Services announced that the 9th Annual General Meeting (AGM) of the company will be held on 26 September 2016.

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V2 Retail to hold board meeting
Aug 24,2016

V2 Retail will hold a meeting of the Board of Directors of the Company on 30 August 2016.

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