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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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SIT recommendation to ban cash transactions above Rs 3 lakh under consideration: CBDT chief
Aug 24,2016

The government is considering the recommendation of Special Investigation Team (SIT) on black money to ban cash transactions above Rs three lakh, a top Finance Ministry official said at an ASSOCHAM.

n++The SIT recommendations are under consideration. As far as the Income Tax Department is concerned, we have put a one per cent TCS (Tax Collected at Source) on cash transactions, we have made PAN quoting mandatory, all these aspects are also part of the SIT recommendation to stop the use of cash in the economy, Rs three lakh and above is under consideration,n++ said Ms Rani Singh Nair, chairperson, Central Board of Direct Taxes (CBDT) while inaugurating an ASSOCHAM International Tax Conference.

She also informed that the government is holding discussions for the renegotiated India-Singapore tax treaty.

n++So now that we have renegotiated Mauritius, Singapore is under discussion. We are discussing it, we hope we will soon have a discussion with them as this is a bilateral treaty, so we have to take the concerns of both the countries and then we will sign,n++ said Ms Nair.

She said that during the course of past two years, endeavour of the government and the CBDT has been to facilitate investments into India to ensure that the taxpayer pays his taxes with the ease of doing business because ultimately the tax coffers will never be full if there is no business in India.

n++For the last two years we have believed that participating in rule-making, law-making will help in making more robust tax laws and with this idea we have every time put all our major initiatives in the public domain and after seeing what people have said, we have even proposed amendments to facilitate the business. This change of thinking, this proactive approach has gone down very well both internally in the country and I can say that this is the way to move forward,n++ said Ms Nair.

She also said that role of the tax administration is not only limited to tax and it is also to listen and to guide the taxpayer and see that the advice given is correct.

n++I have also felt that for international business, for foreigners who are coming to invest in India, we should have a kind of a guide available on the internet, in the market which tells step-by-step what are the tax laws, tax procedures and the way to go forward in doing business in India,n++ said the CBDT chairperson.

n++I have had a lot of interactions with foreign business, with associations who have come to meet me in my stint in the CBDT and they all feel that they are adrift in India because there is not one place that they can go to and get advice and then they can digest that advice and take their own decisions,n++ she said.

n++If we have to make India a place to do business, we have to have this kind of facility not only in the government but in the private space also, where any business which is coming to India comes with a lot of confidence, that the advise they get is complete and comprehensive. I think when we talk of international taxation, this is the one aspect that we need to focus on and we need to see that India becomes a favoured place of doing business,n++ further said Ms Nair.

On the issue of advancing the date of general budget presentation to January, she said that it will bring in more efficiency in the budget making as two-three months of the financial year will not be lost in the budget process.

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Aurobindo Pharma gains after good Q1 outcome
Aug 24,2016

The result was announced after market hours yesterday, 23 August 2016.

Meanwhile, the S&P BSE Sensex was up 28.32 points or 0.1% at 28,018.53

On BSE, so far 1.75 lakh shares were traded in the counter as against average daily volume of 1.39 lakh shares in the past one quarter. The stock hit a high of Rs 776.75 and a low of Rs 751.30 so far during the day. The stock had hit a record high of Rs 891.50 on 30 December 2015. The stock had hit a 52-week low of Rs 582 on 25 February 2016.

The large-cap company has equity capital of Rs 58.52 crore. Face value per share is Re 1.

Aurobindo Pharmas earnings before interest, taxation, depreciation and amortization (EBITDA) margin expanded to 23.9% in Q1 June 2016 from 22% in Q1 June 2015. Formulations business rose 15.9% to Rs 3032 crore in Q1 June 2016 over Q1 June 2015. API business rose 1.6% growth to Rs 734.5 crore in Q1 June 2016 over Q1 June 2015.

N. Govindarajan, Managing Director of the company said that with focus on execution and capability enhancements the company continues to progress on specialty generics for a sustained long term growth.

Aurobindo Pharma manufactures generic pharmaceuticals and active pharmaceutical ingredients. The companys manufacturing facilities are approved by several leading regulatory agencies like US FDA, UK MHRA, Japan PMDA, WHO, Health Canada, MCC South Africa, ANVISA Brazil. The companys robust product portfolio is spread over 7 major therapeutic/product areas encompassing antibiotics, anti-retrovirals, CVS, CNS, gastroenterologicals, anti-allergies and anti-diabetics, supported by an outstanding R&D set-up. The company is marketing these products globally, in over 150 countries.

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Dion Global Solutions develops new market data app for Chi-X Australia
Aug 24,2016

Dion Global Solutions has delivered a new market data app to Chi-X Australia. The Chi-X real time prices app is the first application in Australia to deliver royalty free, real time market prices on Australian equities and Chi-X investment products straight to subscribers mobiles.

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Board of Jindal Poly Films approves scheme of amalgamation
Aug 24,2016

Jindal Poly Films announced that the Board of Directors (Board) of the Company in their meeting held on 23 August 2016, inter alia, have approved the following:

1. The Scheme of Amalgamation of Global Nonwovens (wholly owned subsidiary) with Jindal Poly Films (Holding Company).

Share Entitlement Ratio:

Global Nonwovens (Amalgamating Company) is a wholly owned subsidiary of Jindal Poly Films (Amalgamated Company), upon coming into effect of this Scheme and upon vesting in and transfer of the assets and liabilities of the Amalgamating Company to the Amalgamated Company in accordance with the Scheme, no consideration shall be payable and no shares shall be allotted by the Amalgamated Company to the shareholders of Amalgamating Company.

Further this Scheme of Amalgamation is subject to various regulatory and other approvals and sanction by the Honble High Court of Judicature at Allahabad (UP) and the Honble High Court of Bombay.

2. Sunil Kumar Agarwal has been appointed as Non-Executive Director on the Board of the Company, w.e.f. 23 August 2016.

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Jubilant Life Sciences receives ANDA final approval for Telmisartan Tablets
Aug 24,2016

Jubilant Life Sciences has received Abbreviated New Drug Application (ANDA) final approval for Telmisartan Tablets, USP 20,40 and 80mg, the generic version of Micardisn++ Tablets of Boehringer Ingelheim Pharmaceuticals Inc., which is used for the treatment of hypertension.

As on June 30, 2016, Jubilant Life Sciences had a total of 770 filings for Oral Solids of which 578 have been approved in various regions globally. This includes 70 ANDAs filed in the US, of which 44 have been approved and 104 filings in Europe.

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BRICS Disaster Risk Reduction meet adopts Udaipur Declaration
Aug 24,2016

A two-day meeting of BRICS Ministers on Disaster Management ended in Udaipur, Rajasthan today with the adoption of the Udaipur Declaration. The meeting laid bare the common thread of challenges on disaster issues faced by all the BRICS nations.

The Minister of State for Home Affairs, Shri Kiren Rijiju termed the meeting as a new milestone in collaboration and cooperation among BRICS countries in the field of disaster management. He said that the Udaipur meeting has successfully adopted the Udaipur Declaration whereby we have resolved to set up a dedicated Joint Task Force for Disaster Risk Management for regular dialogue, exchange, mutual support and collaboration among BRICS Countries.

The roadmap for implementation of the three-year Joint Action Plan (JAP) for BRICS emergency services (2016-18) was also finalised. The JAP was agreed upon at the first meeting of BRICS Ministers for Disaster Management at St. Petersburg in Russia earlier this year. Shri Rijiju said that this meeting has agreed on a road map for implementation of the Joint Action Plan where all of us have resolved to work together on exchange of Information/ experiences on disaster management, research & technology exchange on forecasting and early warning for floods and extreme weather events and capacity building of stakeholders for disaster management.

A technical session on Disaster risk in a changing climate was held today. The session focused on emerging disaster risks as a result of climate change and evolving practices in the area of Disaster Risk Management. It began with a presentation followed by discussions on the implications of changing climate on disaster risk.

BRICS nations have made a clear move from relief-centric to a holistic approach to disasters with a greater emphasis on prevention, mitigation and preparedness. This highlights the importance of forecasting and early warning systems to help authorities in alerting the communities as well as responding swiftly to a situation. The meeting discussed the advances in technology and knowledge sharing amongst member countries to enable them leverage it to reduce disaster risk.

Summing up the takeaways from the meeting, Shri R.K. Jain, Member, National Disaster Management Authority, said that it came out clearly during the meeting that all member countries face similar challenges. Mainstreaming of disaster risk reduction, use of advanced technology in providing early warning, need for adequate funding to deal with rehabilitation and reconstruction after a disaster and the impact of climate change on disasters are common challenges faced by all of us. The deliberations have been very useful and we got an opportunity to learn about the disaster management structure, system and processes followed in other BRICS countries.

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Aurobindo Pharma may gain after good Q1 result
Aug 24,2016

Aurobindo Pharmas consolidated net profit rose 23.81% to Rs 584.96 crore on 12.42% growth in total income to Rs 3741.79 crore in Q1 June 2016 over Q1 June 2015. Earnings before interest, taxation, depreciation and amortization (EBITDA) margin expanded to 23.9% in Q1 June 2016 from 22% in Q1 June 2015. Formulations business rose 15.9% to Rs 3032 crore in Q1 June 2016 over Q1 June 2015. API business rose 1.6% growth to Rs 734.5 crore in Q1 June 2016 over Q1 June 2015. The result was announced after market hours yesterday, 23 August 2016.

N. Govindarajan, Managing Director of the company said that with focus on execution and capability enhancements the company continues to progress on specialty generics for a sustained long term growth.

Shares of Idea Cellular will be in focus after the company termed reports which indicated that the company is exploring options for strategic deal with Vodafone for potential merger as absolutely untrue and preposterous. The clarification was made after market hours yesterday, 23 August 2016.

eClerx Services scheduled a board meeting on 29 August 2016, to consider a proposal of buyback of equity shares. The announcement was made after market hours yesterday, 23 August 2016.

Indo Count Industries said that its board approved 5-for-1 stock split. The announcement was made after market hours yesterday, 23 August 2016.

Manpasand Beverages said it has completed setting-up of its new manufacturing facility in Haryana. Located in Ambala, the new facility will contribute additional 45,000 to 50,000 cases per day to the companys existing capacity of 1.20 lakh-1.25 lakh cases per day. The total investment for this facility was around Rs 160 core and has been financed though the initial public offer (IPO) proceeds. In 2015, Manpasand had raised Rs 400 crore through an IPO and one of the primary objectives of this was setting-up a manufacturing facility at Ambala in Haryana. With the Ambala facility in near operational phase, Manpasand now has five manufacturing facilities located in various parts of India. It has two manufacturing facilities at Vadodara in Gujarat, one in Varanasi, UP, one in Dehradun and the new one at Ambala in Haryana. The company said it is also planning to set up a new plant in South India in future. The announcement was made after market hours yesterday, 23 August 2016.

Suzlon Energy announced that the securities issue committee of the board of directors of the company approved allotment of 38.95 lakh equity shares of Rs 2 each on conversion of 1,000, $546.916 step-up convertible bonds due in July 2019 of $1,000 each at a conversion price of Rs 15.46 per equity share. The allotment was pursuant to the conversion notice received from a bondholder. The announcement was made after market hours yesterday, 23 August 2016.

Trent said it has fixed 14 September 2016 as the record date for the proposed 10-for-1 stock split. The announcement was made after market hours yesterday, 23 August 2016.

The board of directors of 8K Miles Software Services will consider stock-split and issue of bonus shares.

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DBTL (PAHAL) Mechanism made it possible to block 3.34 crore duplicate / fake / inactive domestic LPG connections. Estimated savings due to blocking of
Aug 23,2016

Ministry of Petroleum & Natural Gas has come across several news items appearing in various newspapers about the CAG report stating that direct LPG subsidy savings was less than the Governments claim.

In this regard, it is clarified that an intensive exercise was carried out for identifying duplicate/fake/ghost/inactive domestic LPG connections and, as of 01.04.2015, 3.34 Crore such connections were identified by the Oil Marketing Companies (OMCs). As a result of implementation of DBTL (PAHAL) mechanism, it became possible to block these 3.34 Crore LPG connections as the subsidy was transferred in the accounts of only those consumers who had registered under PAHAL and who have been cleared after de-duplication exercise. Before DBTL, all or many of these 3.34 crore consumers would have continued to purchase subsidized cylinders from the distributors. But for the blocking of these accounts, the subsidy bill would have been much higher despite fall in crude oil prices.

Estimated Savings from the above efforts are calculated as follows:

For the financial year (FY) 2014-15, for 3.34 crore consumers outside the PAHAL net, the Estimated savings would be 3.34 crore x 12 cylinders x Rs.369.72 (average Subsidy/cylinder for FY 2014-15) equal to Rs.14,818.4 crore. Following a similar principle, the Savings estimated for FY 2015-16 is Rs.6,443 crore and the total for both the years works out to Rs. 21,261 crores.

FINANCIAL YEARAverage Subsidy per Cylinder (for that year)CALCULATIONSEstimated Savings (in crores of rupees)2014-15Rs. 369.723.34 * 369.72 * 1214,818.42015-16Rs. 150.823.56 * 150.82 * 126,443TOTAL21,261.4

The total consumption of cooking gas in any given year is a combination of the number of connections at the beginning of the year, bogus connections eliminated during the year through the process of DBT under PAHAL, new connections issued to genuine consumers during the year and normal fluctuations in individual consumption. Hence, the saving from implementation of DBT cannot be correctly computed merely by reference to the total consumption in a year or the total expenditure on subsidy. If the DBT had not been implemented, the outgo on the subsidy would have been higher by Rs. 14,818 crore in 2014-15 and Rs. 6,443 crore in 2015-16. Hence the total savings from the elimination of fake/duplicate/ghost connection as a result of implementation of DBT for the two years together, as calculated above, is estimated at more than Rs. 21,000 crore. Since fake/duplicate/ghost connections are mostly used for diversion, hence it is assumed that the full entitlement would have been utilised. This figure is not comparable with the actual expenditure on subsidy which includes the subsidy on new genuine connections given during these two years. Without implementation of PAHAL, subsidy burden would have been higher than the actual expenditure recorded during these years, even with lower petroleum prices.

Furthermore, it should be noted that concrete evidence of successful elimination of bogus connections is seen in the phenomenal growth of non-subsidized commercial LPG sales which have registered an increase of 39.3% in the period April 2015 to March 2016. This is in contrast to the pre-PAHAL experience when commercial sales growth was negligible or declining.

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FPIs snap buying streak in equities
Aug 23,2016

After continuously remaining in buying mode over the past few trading sessions, foreign portfolio investors (FPIs) turned sellers into the equity markets on Monday, 22 August 2016. FPIs offloaded stocks worth a net Rs 113.22 crore into the secondary equity markets on 22 August 2016. That compared with their purchases of Rs 543.24 crore during the preceding trading session on 19 August 2016. The net outflow of Rs 113.22 crore into the secondary equity markets on 22 August 2016 was a result of gross purchases of Rs 3511.60 crore and gross sales of Rs 3624.82 crore.

There was net inflow of Rs 0.10 crore from FPIs into the category primary market & others on 22 August 2016.

FPIs have bought stocks worth a net Rs 8229.65 crore from the secondary equity markets in this month so far (till 22 August 2016). FPIs bought shares worth a net Rs 12068.52 crore from the secondary equity markets last month. FPIs have purchased shares worth a net Rs 38534.15 crore from the secondary equity markets in calendar year 2016 so far (till 22 August 2016). FPIs sold shares worth a net Rs 4362.50 crore into the secondary equity markets in calendar year 2015.

There has been a net outflow of Rs 76.65 crore from FPIs from the category primary markets & others in this month so far (till 22 August 2016). There was a net inflow of Rs 543.30 crore from FPIs into the category primary markets & others last month. The net inflow from FPIs into category primary markets & others has totaled Rs 1397.26 crore in calendar year 2016 so far (till 22 August 2016). There was net inflow of Rs 22168.40 crore from FPIs into the category primary markets & others in calendar year 2015.

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Jawaharlal Nehru Port Trust Signs Agreement for ECB worth $400 Million with State Bank of India and Development Bank of Singapore
Aug 23,2016

Indias premier container port, Jawaharlal Nehru Port Trust in Navi Mumbai, has signed an agreement with State Bank of India and Development Bank of Singapore for External Commercial Borrowing (ECB) to the tune of USD 400 Million at a n++very competitiven++ interest rate to improve the infrastructure required for n++doublingn++ its existing capacity to 9.85 Million TEUs annually. JNPT has US Dollar denominated foreign currency earnings which can be leveraged for a low cost foreign currency borrowing. The ECB of USD 400 Million (USD300 Million from the SBI & USD100 Million from DBS) will be primarily utilised by JNPT for expanding the network of roads that connect to its port projects. The existing road network for evacuation of traffic is currently operated at a capacity utilisation of 100%, and the expansion is needed for quicker and more efficient evacuation of traffic.

The agreement with the SBI and Development Bank of Singapore was signed by the JNPT Chairman Anil Diggikar in the presence of Minister for Shipping, Road Transport & Highways Shri. Nitin Gadkari after the Reserve Bank of India granted approval to JNPT for raising USD 400 Million with an end use of on-lending to Mumbai JNPT Port Road Company (MJPRCL) for implementation of road project. The Ministry of Shipping has already granted its approval as required under the Major Port Trusts Act,1963.

Speaking on the occasion, Shri Gadkari said that JNPT is the first major port in the country to have taken loans in dollars. This was possible because ports have a natural hedge in foreign currency earnings. He also said that the rate of the ECB loan of 2.025% plus Libor USD 6M (approx 3.15%) is cheaper than Indian currency loan. He said the funding by JNPT is the first of its kind for major port and it opens up one more avenue for major and government ports to raise funds by accessing international markets for their requirements.

Borrowing by JNPT is for Door-to- Door tenor of 7.5 years. However, lending by JNPT to MJPRCL is for 16 years (two years construction and 14 years repayment). The funding process involved assessment and structuring of cash-flows (both at JNPT level and MJPRCL level), bid process management, engagement of domestic and foreign lenders. The project will be developed by Mumbai JNPT Port Road Company (MJPRCL), a joint venture company of NHAI, JNPT and CIDCO at a total estimated cost of Rs. 2895 crore. Considering the importance and urgency of implementation of the project, it will be taken up by MJPRCL on EPC mode and funding for the project would be carried out by JNPT.

The project will primarily benefit and cater to the needs of JNPT. JNPT is going to double its capacity in the next seven years. This project will cater to the additional cargo which will be handled at the 4th Container Terminal. An improved connectivity is essential for traffic evacuation from JNPT. This evacuation corridor would help in supporting the EXIM trade besides providing economic opportunity to the local people and people from the region. The project is of great significance to JNPT and will give a boost to the countrys economy.

Port projects, including connectivity projects, are critical to developing cargo handling capacity. With the thrust on port led development under the Sagarmala programme, improving viability of projects is critical. One of the primary factors that impacts viability is the interest rate on borrowings to fund projects. While Ports have surplus funds, they also need to borrow to achieve a quantum jump in the investment. Minister of Shipping and Road Transport & Highways Shri Nitin Gadkari had suggested an innovative means of raising low-cost external commercial borrowings, particularly when the port had revenues in foreign exchange, which provided a natural hedge to the ports. This would substantially eliminate the requirement of hedging the forex risk and would reduce the cost of borrowing. This suggestion was followed up by Ports and JNPT became the first Major Port to finalise the terms of external commercial borrowing. With this beginning, other Major ports would also adopt similar means to improve their capability to invest. The step is another milestone in infusing dynamism into the functioning of the ports, both in their operations and financing.

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OnMobile Global to hold AGM
Aug 23,2016

OnMobile Global announced that the 16th Annual General Meeting (AGM) of the company will be held on 14 September 2016.

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Daulat Securities to hold AGM
Aug 23,2016

Daulat Securities announced that the 23rd Annual General Meeting (AGM) of the company will be held on 27 September 2016.

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Som Distilleries & Breweries to hold AGM
Aug 23,2016

Som Distilleries & Breweries announced that the 23rd Annual General Meeting (AGM) of the company will be held on 30 September 2016.

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Gujarat Intrux to hold AGM
Aug 23,2016

Gujarat Intrux announced that the 24th Annual General Meeting (AGM) of the company will be held on 23 September 2016.

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Tasty Bite Eatables to hold AGM
Aug 23,2016

Tasty Bite Eatables announced that the Annual General Meeting (AGM) of the company will be held on 19 September 2016.

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