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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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Tata Power witnesses initial volatility post impressive Q2 numbers
Nov 30,2016

Meanwhile, the S&P BSE Sensex was up 70.19 points or 0.27% at 26,464.20.

On the BSE, 1.34 lakh shares were traded on the counter so far as against average daily volume of 4.82 lakh shares in the past one quarter. The stock had hit a high of Rs 72.75 and a low of Rs 71.05 so far during the day. The stock had hit a 52-week high of Rs 84.45 on 24 October 2016. The stock had hit a 52-week low of Rs 55 on 12 February 2016. The stock had underperformed the market over the past one month till 29 November 2016, declining 7.97% compared with the Sensexs 5.54% fall. The scrip had, however, outperformed the market in past one quarter, sliding 4.87% as against the Sensexs 5.41% fall.

The large-cap company has equity capital of Rs 270.46 crore. Face value per share is Rs 270.46.

Tata Power Company (Tata Power) reported consolidated net profit of Rs 336 crore in Q2 September 2016, compared with net loss of Rs 96 crore in Q2 September 2015. Consolidated total income from operations declined 5.96% to Rs 7209 crore in Q2 September 2016 over Q2 September 2015, due to lower revenue at standalone level due to lower fuel cost & lower power purchase, lower million units (MUs) traded at Tata Power Trading Company (TPTCL).

The company reported a turnaround in bottom line in Q2 September 2016 vis-n++-vis corresponding previous quarter mainly due to lower mark-to-market (MTM) losses at Coastal Gujarat Power (CGPL) and better performance by key Indian subsidiaries and Indonesian coal mines.

Tata Powers CEO & Managing Director Anil Sardana said, the company has improved profitability and has maintained strong operational performance across all business verticals. The companys subsidiaries continue to perform well despite challenging circumstances. Management is confident that the companys strong growth trajectory will continue into the next quarter, Sardana said.

Tata Powers 100% subsidiaries viz. Bhira Investments nd Bhivpuri Investments (selling companies) had signed an agreement for sale and purchase of shares on 30 January 2014, to sell its 30% stake in PT Arutmin, Indonesia and associated trading and infrastructure companies for an aggregate consideration of $510 million. Consequent to certain closing adjustments to the sale consideration and other changes agreed between the parties, the selling companies have signed revised definitive agreements with PT Cakrawala Langit Sejahtera (PT CLS) a Bakrie group entity on 28 November 2016.

The sale consideration for PT Arutmin is now revised to $246.64 million from the earlier value of $390 million, pursuant to closing adjustments relating to certain prior period liabilities, which includes settlement of past claims with mining contractor, pursuant to a court order (about $80 million as companys share) and other statutory liabilities (about $50 million.). The consideration is expected to be received in a phased manner over next few years.

With regard to the infrastructure company PT Mitratama Perkasa (PTMP), in which PT Sumber Energi Andalan Tbk (Sumber) holds Tata Powers 30% equity; and Trust Energy Resources Pte, a 100% subsidiary of the company (Trust Energy) which holds Sumber, has entered into an agreement with Rwood Resources, a Bakrie Group Entity, for divestment of 94.61% stake in Sumber. The sale consideration for Infrastructure companies is now revised to $154.28 million from the earlier value of $120 million, pursuant to closing adjustments relating to prior period. The consideration is expected to be received in a phased manner over next few years.

Meanwhile, Tata Powers board decided to convene an extraordinary general meeting of the shareholders of the company on 26 December 2016, for considering and passing a resolution for removal of Cyrus P. Mistry as director of the company.

Tata Power is Indias largest integrated power company with a growing international presence. The company together with its subsidiaries and jointly controlled entities has an installed gross generation capacity of 10,477 megawatts (MW) and a presence in all the segments of the power sector viz. fuel security and logistics, generation, transmission, distribution and trading.

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Tata Power provides update on sale of 30% stake held by its subsidiaries in PT Arutmin, Indonesia
Nov 30,2016

Tata Power Company announced that the Companys 100% Subsidiaries viz. Bhira Investments and Bhivpuri Investments (Selling Companies) had signed an agreement for sale and purchase of shares on 30 January 2014 to sell its 30% stake in PT Arutmin, Indonesia and associated trading and infrastructure companies for an aggregate consideration of USD 510 million.

Consequent to certain closing adjustments to the sale consideration and other changes agreed between the parties, the Selling Companies have signed revised definitive agreements with PT Cakrawala Langit Sejahtera (PT CLS) a Bakrie group entity on 28 November 2016.

The sale consideration for PT Arutmin is now revised to USD 246.64 million from the earlier value of USD 390 million, pursuant to closing adjustments relating to certain prior period liabilities, which includes settlement of past claims with Mining Contractor, pursuant to a court order (about USD 80 million as Companys share) and Other Statutory liabilities (about 50 USD million). The consideration is expected to be received in a phased manner over next few years.

With regard to the infrastructure company PT Mitratama Perkasa (PTMP), in which PT Sumber Energi Andalan Tbk (Sumber) holds Companys 30% equity; and Trust Energy Resources Pte. Limited, a 100% subsidiary of the Company (Trust Energy) which holds Sumber, has entered into an agreement with Rwood Resources Ltd., a Bakrie Group Entity, for divestment of 94.61% stake in Sumber. The sale consideration for Infrastructure companies is now revised to USD 154.28 million from the earlier value of USD 120 million pursuant to closing adjustments relating to prior period. The consideration is expected to be received in a phased manner over next few years.

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Haryana Financial Corporation reports standalone net loss of Rs 0.29 crore in the September 2016 quarter
Nov 30,2016

Net Loss of Haryana Financial Corporation reported to Rs 0.29 crore in the quarter ended September 2016 as against net loss of Rs 0.74 crore during the previous quarter ended September 2015. Sales rose 20.69% to Rs 0.70 crore in the quarter ended September 2016 as against Rs 0.58 crore during the previous quarter ended September 2015.

ParticularsQuarter Endedn++Sep. 2016Sep. 2015% Var. Sales0.700.58 21 OPM %-125.71-274.14 - PBDT-0.20-0.65 69 PBT-0.29-0.74 61 NP-0.29-0.74 61

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Kanoria Chemicals & Industries standalone net profit declines 32.09% in the September 2016 quarter
Nov 30,2016

Net profit of Kanoria Chemicals & Industries declined 32.09% to Rs 3.47 crore in the quarter ended September 2016 as against Rs 5.11 crore during the previous quarter ended September 2015. Sales declined 8.17% to Rs 64.14 crore in the quarter ended September 2016 as against Rs 69.85 crore during the previous quarter ended September 2015.

ParticularsQuarter Endedn++Sep. 2016Sep. 2015% Var. Sales64.1469.85 -8 OPM %8.149.71 - PBDT10.1510.45 -3 PBT5.255.96 -12 NP3.475.11 -32

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Tata Power Company standalone net profit rises 25.60% in the September 2016 quarter
Nov 30,2016

Net profit of Tata Power Company rose 25.60% to Rs 447.34 crore in the quarter ended September 2016 as against Rs 356.16 crore during the previous quarter ended September 2015. Sales declined 26.65% to Rs 1330.84 crore in the quarter ended September 2016 as against Rs 1814.33 crore during the previous quarter ended September 2015.

ParticularsQuarter Endedn++Sep. 2016Sep. 2015% Var. Sales1330.841814.33 -27 OPM %41.1435.29 - PBDT780.33628.92 24 PBT622.46478.57 30 NP447.34356.16 26

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National Fertilizer standalone net profit declines 10.64% in the September 2016 quarter
Nov 30,2016

Net profit of National Fertilizer declined 10.64% to Rs 46.51 crore in the quarter ended September 2016 as against Rs 52.05 crore during the previous quarter ended September 2015. Sales declined 15.88% to Rs 1900.94 crore in the quarter ended September 2016 as against Rs 2259.68 crore during the previous quarter ended September 2015.

ParticularsQuarter Endedn++Sep. 2016Sep. 2015% Var. Sales1900.942259.68 -16 OPM %7.326.97 - PBDT105.91127.11 -17 PBT87.70107.91 -19 NP46.5152.05 -11

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Tata Power in focus after turnaround in Q2 results
Nov 30,2016

Tata Power Company reported consolidated net profit of Rs 336.24 crore in Q2 September 2016, compared with net loss of Rs 95.87 crore in Q2 September 2015. Total income declined 3.5% to Rs 7311.82 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 29 November 2016.

Lupin announced that its US subsidiary Lupin Pharmaceuticals Inc (LPI) has received final approval for its Armodafinil tablets 50mg, 150mg, 200mg and 250mg from the United States Food and Drug Administration (USFDA) to market a generic version of Cephalon, Incs Nuvigil tablets. LPI shall commence promoting the product in the US shortly. Lupins Armodafinil tablets are the AB rated generic equivalents of Cephalon, Incs Nuvigil tablets. Armodafinil tablets are indicated to improve wakefulness in adult patients with excessive sleepiness associated with obstructive sleep apnea (OSA), narcolepsy or shift work disorder (SWD). Nuvigil tablets had annual US sales of $515.6 million as per IMS MAT September 2016 data. The announcement was made after market hours yesterday, 29 November 2016.

Oil India said that the board of directors of the company in a meeting held on 28 November 2016, accorded approval for voluntary winding up of its wholly owned subsidiary-Oil India International in accordance with the provisions of the applicable laws. The announcement was made after market hours yesterday, 29 November 2016.

JK Paper announced that credit rating agency, India Ratings and Research (IndRa), assigned JK Papers Rs 5 crore term deposit programme rating at IND A-. The outlook is positive. The announcement was made after market hours yesterday, 29 November 2016.

Welspun Enterprises said that National Highways Authority of India (NHAI) has with respect to the concession agreement entered into between Welspun Delhi Meerut Expressway, a wholly-owned subsidiary of the company and NHAI for execution of the project on 4 March 2016, declared the appointed date for the project as 28 November 2016. Under the concession agreement, construction of the project is to be completed within 2.5 years from the appointed date and is to be maintained for 15 years thereafter, post which it will be transferred to NHAI. The project is to develop the existing section of a road in Delhi by six laning and four laning the either side of the expressway on design, build, operate and transfer basis. The announcement was made after market hours yesterday, 29 November 2016.

Eros International Media said that the meeting of board of directors of the company will be held on 2 December 2016, to consider and approve the proposal to raise funds through issue and offer of secured/unsecured, redeemable, non convertible debentures on public/private placement basis, in one or more tranches, upto the limit as may be decided by the board. The announcement was made after market hours yesterday, 29 November 2016.

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Clean Consumer Fora and Clean Market Scheme to launch from 2017-18
Nov 29,2016

Under the Swachh Bharat Mission, emphasis is being given for setting up of permanent mechanism through new programmes or schemes for sustainability of Swachhta. In pursuance of this, the Department of Consumer Affairs has decided to launch two schemes, namely, (i) Clean Consumer Fora and (ii) Clean Market from 2017-18.

The salient features of the schemes are as under:

Clean Consumer Fora : A number of consumers visit the Consumer Fora every day in connection with their complaints. There should be adequate facilities for the consumers in each Consumer Forum. Including adequate toilets, especially for the disabled. Under the scheme, financial assistance will be provided for construction/upgradation of toilets, at least three toilets- one for men, one for women and one for disabled, for the use of the consumers visiting the Consumer Fora in connection with their complaints.

Clean Market: Unhygenic conditions at market places pose health hazards to the consumers. Under the scheme, the Voluntary Consumer Organizations (VCO) will be associated and asked to adopt a market place where they can carry out awareness activities on Swachhta and also cleanliness of the market place including provision of sanitation facilities for consumers and street vendors, in association with the market association and local authorities. Financial assistance will be provided to a VCO in each State/UT.

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Government agencies procured more than 2 lakh tonnes Arhar and 82 thousand tonnes Moong
Nov 29,2016

The Government has approved creation of buffer stock of pulses upto 20 lakh tonnes including Arhar. For the buffer stock of pulses, the tentative targets fixed for procurement of Arhar and Moong are 2.65 lakh tonnes and 1.03 lakh tonnes respectively. The Procuring agencies have procured around 204,030.859 tonnes of Arhar and 82,859.59 tonnes of Moong.

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Hotel Leelaventure announces resignation of director
Nov 29,2016

Hotel Leelaventure announced that Anil Harish, Independent Director, has tendered his resignation from the Board of Directors with effect from 17 November 2016 in view of his other commitments.

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Board of Eros International Media to consider fund rasing through issue of NCDs
Nov 29,2016

Eros International Media announced that the meeting of Board of Directors of the Company will be held on 02 December 2016, inter alia, to consider and approve the proposal to raise funds through issue and offer of secured/ unsecured, redeemable, non convertible Debentures on public/ private placement basis, in one or more tranches, upto the limit as may be decided by the Board.

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Board of G V Films decide on AGM
Nov 29,2016

G V Films announced that the Board of Directors of the Company at its meeting held on 29 November 2016 has decided to hold the adjourned 27th Annual General Meeting of the Company on 28 December 2016 at 3.00 pm at Mayor Hall, Juhu Lane, Andheri West, Mumbai - 400058.

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Board of Valecha Engineering to consider Q4 and FY results
Nov 29,2016

Valecha Engineering announced that Adjourned Board of Directors meeting will now be held on 01 December 2016, inter alia, to consider and to take on record, the Audited Financial Results of the Company for the fourth quarter and twelve months ended 31 March 2016

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Board of Hindustan Construction Company to consider preferential issue of shares and debentures
Nov 29,2016

Hindustan Construction Company announced that the Company proposes to hold a meeting of the Board of Directors of the Company on 02 December 2016, interalia, to consider the following matters:

1. To consider the offer and issue of Equity Shares representing 24.44% of the expanded capital and also Optionally Convertible Debentures (OCDs) on Preferential Basis to be allotted collectively to the individual Lenders, as per applicable laws and extant regulations pursuant to implementation of the Reserve Bank of India (RBI) S4A Scheme as agreed by the Lenders in their Joint Lenders Forum (JLF) held on 07 September 2016 and approved by RBIs Overseeing Committee (OC) on 04 November 2016 (HCC S4A Scheme).

2. Convene an Extraordinary General Meeting of the Company for seeking shareholders approval for the aforesaid matters.

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Fitch: Oil Prices May See Little Growth Before 2018
Nov 29,2016

High inventories and the potential for US shale production to respond quickly to any market tightening mean oil prices may flatline in 2017 before gradually moving higher over the next few years, Fitch Ratings says.

We expect supply and demand to be broadly balanced in 1H17, with a move to a more pronounced deficit from 2H17. But the still-high commercial inventories may delay any significant price response. We have therefore maintained our base-case assumption, used when rating energy-sector corporates, that both Brent and WTI will average USD45/barrel in 2017. We have also maintained our USD55/barrel assumption for 2018 and introduced a 2019 price expectation of USD60, reflecting our belief that it may take longer to fully return to our long-term equilibrium price of USD65/barrel.

But there is significant uncertainty about the future path of oil prices. Unprecedented capex cuts could translate into a far sharper fall in output than the consensus expectation, while there is also potential for demand growth to slow if economic growth disappoints or for supply to be higher than expected if US shale comes back strongly as prices rise.

Our price assumptions do not factor in any impact from a possible OPEC production cut agreement during its meeting scheduled for 30 November. This is because even if a deal is agreed, its ability to have a lasting impact on prices is unclear and will depend on the size of the cuts and the willingness of members to stick to them.

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