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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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Sudal Industries to hold board meeting for December quarter results
Jan 19,2017

Sudal Industries announced that a Meeting of the Board of Directors of the Company will be held on 27 January 2017, to consider amongst other matters, approve and take on record the Unaudited Financial Results of the Company for the quarter ended on 31 December 2016 together with Limited Review Report as on that date.

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Board of Fomento Resorts & Hotels to approve Q3 and 9M results
Jan 19,2017

Fomento Resorts & Hotels announced that a meeting of the Board of Directors of the Company will he held on 11 February 2017, to consider and approve the Unaudited financial Results for the quarter and nine months ended 31 December 2016.

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S & T Corporation to consider December quarter results
Jan 19,2017

S & T Corporation announced that the meeting of Board of Directors of the Company will be held on 24 January 2017, to transact following businesses:

- To consider unaudited financial statement of the company for the quarter ended 31 December 2016 along with Limited Review Report.

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Fitch: Agency Less Optimistic than Market on Top Indian Companies
Jan 19,2017

Fitch Ratings and India Ratings & Research (collectively Fitch) are less optimistic in their projections for the 27 Indian corporates they publicly rate compared with Bloomberg consensus estimates (BEst), the agency says in its credit change zone report for the countrys listed corporates.

BEst expect 87 of Indias top-100 listed non-financial corporates by market capitalisation to be in the credit-positive change zones of cash flow growth exceeding net debt growth over the financial years ending-March 2016 (FY16) to FY18, while 13 are expected to be in the credit-negative change zones of net debt growth exceeding cash flow growth. This represents a more optimistic position compared to FY14-FY16, where 64 corporates were in credit-positive change zones.

Fitch projects 17 of the 27 Fitch-rated corporates in the top-100 portfolio to be in credit-positive change zones, where leverage is forecast to fall, and 10 companies in the credit-negative change zones, where leverage is forecast to rise. For this same set of corporates, BEst forecast a higher 20 in credit-positive change zones and only seven in credit-negative change zones.

Four of the 27 Fitch-rated companies are positioned in opposite credit change zones when comparing Fitch and BEst estimates. Fitch forecasts Wockhardt (AA-(ind)/Negative), NHPC (BBB-/Stable), and Reliance Industries Ltd (BBB-/Stable) to be in credit-negative change zones, whereas BEst forecasts these companies in credit-positive change zones. Conversely, Fitch forecasts Bharti Airtel Limited (BBB-/Stable) in the credit-positive change zone, whereas BEst forecasts this company in the credit-negative change zone.

We believe market expectations of improving corporate credit profiles is driven more by projected higher EBITDA generation than lower debt and capex. BEst forecasts aggregate net debt/EBITDA leverage for the top-100 portfolio to fall to 1.3x by FY18, from 1.7x in FY16. Leverage is forecast to fall most for corporates in the construction and engineering sector, followed by metals and mining, then the retail, leisure and consumer products sector.

The report includes Venn diagrams illustrating overlapping areas of our top-10 lists based on BEst projections. Vedanta (AA(ind)/Negative) stands out as being in the Blue Joy Zone of BEst-projected higher EBITDA and debt paydown over FY17f and FY18f. Conversely, Idea Cellular Ltd is in the Top-10 Red Pain Zone of BEst-projected EBITDA decline and rising net debt over the projected period. The report also contains scatter charts illustrating the credit zone of each company in both projected and historical periods as well as explanatory notes and rating sensitivities for the 27 Fitch-rated listed Indian corporates.

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Coral Laboratories to announce December quarter results
Jan 19,2017

Coral Laboratories announced that a meeting of Board of Directors of the Company will be held on 30 January 2017 to consider unaudited financial results for the quarter ended 31 December 2016.

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SBI gains after government OKs preferential issue of shares
Jan 19,2017

The announcement was made during trading hours today, 19 January 2017.

Meanwhile, the BSE Sensex was up 51.48 points, or 0.19%, to 27,309.12.

On the BSE, so far 7.28 lakh shares were traded in the counter, compared with average daily volumes of 18.44 lakh shares in the past one quarter. The stock had hit a high of Rs 261.80 and a low of Rs 256.65 so far during the day.

The stock hit a 52-week high of Rs 288.50 on 11 November 2016. The stock hit a 52-week low of Rs 148.30 on 12 February 2016. The stock had underperformed the market over the past 30 days till 18 January 2017, rising 1.20% compared with the 3.61% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, falling 0.90% as against Sensexs 3.10% decline.

The large-cap bank has equity capital of Rs 776.28 crore. Face value per share is Re 1.

In December 2016, State Bank of India (SBI) announced that its shareholders approved a preferential issue of shares for upto Rs 5681 crore to the Government of India. This is part of the governments capital infusion plan into the lender. Shareholders also gave an in-principle nod to additional fund raising by way of a public issue, should the bank need to tap the markets.

Separately, shareholders also approved fund raising upto a limit of Rs 15000 crore via a public issue. This fund raising could be in the form of a follow-on public offer (FPO) or private placement through a qualified institutional placement (QIP) or through other means such as American Depository Receipts (ADRs) or Global Depository Receipts (GDRs). Any such public fund raising would be subject to the condition that the governments shareholding in SBI does not fall below 52%. The announcement was made after market hours on 20 December 2016.

SBIs net profit fell 34.6% to Rs 2538.32 crore on 8.3% growth in operating income to Rs 50742.99 crore in Q2 September 2016 over Q2 September 2015.

SBI is Indias biggest bank in terms of branch network. The Government of India currently holds 60.18% stake in SBI (as per the shareholding pattern as on 31 December 2016).

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Tuticorin Alkali Chemicals & Fertilizers to announce December quarter results
Jan 19,2017

Tuticorin Alkali Chemicals & Fertilizers announced that a Meeting of the Board of Directors of the Company will be held on 31 January 2017, to consider and approve the Unaudited Financial Results for the quarter ended 31 December 2016.

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Novartis India to consider Q3 and 9M results
Jan 19,2017

Novartis India announced that the meeting of the Board of Directors of the Company will be held on 03 February 2017, inter alia, to consider unaudited financial results of the Company for third quarter and nine months ended 31 December 2016.

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Board of Conart Engineers to consider Q3 and 9M results
Jan 19,2017

Conart Engineers announced that a meeting of the Board of Directors of the Company will be held on 08 February 2017, inter alia, to consider and approve the Un-audited Financial Results (subject to Limited Review by Statutory Auditors) of the Company for the third quarter (Q3/2016-17) as well as nine months ended on 31 December 2016.

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Volumes jump at Power Grid Corporation of India counter
Jan 19,2017

Power Grid Corporation of India clocked volume of 15.79 lakh shares by 12:50 IST on BSE, a 6.75-times surge over two-week average daily volume of 2.34 lakh shares. The stock rose 0.05% to Rs 198.55.

Idea Cellular notched up volume of 24.08 lakh shares, a 4.5-fold surge over two-week average daily volume of 5.35 lakh shares. The stock rose 2.52% to Rs 69.20.

Torrent Power saw volume of 2.71 lakh shares, a 3.4-fold surge over two-week average daily volume of 80,000 shares. The stock rose 4.03% to Rs 193.70.

Welspun India clocked volume of 7.10 lakh shares, a 2.76-fold surge over two-week average daily volume of 2.57 lakh shares. The stock rose 3.14% to Rs 78.75.

Jubilant FoodWorks saw volume of 97,000 shares, a 2.60-fold rise over two-week average daily volume of 37,000 shares. The stock shed 0.1% to Rs 881.80.

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Power Finance Corporation provides update on subsidiary- PFC Consulting
Jan 19,2017

Power Finance Corporation announced the incorporation of three wholly owned subsidiaries of PFC Consulting (subsidiary of Power Finance Corporation) -

Bijawar-Vidarbha Transmission
Shongtong Karcham-Wangtoo Transmission
Goa-Tamnar Transmission Project.

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Cigniti Technologies provides update on subsidiary
Jan 19,2017

Cigniti Technologies announced that Phaneesh Murthy, global IT industry veteran, who spearheaded the growth story of companies like Infosys and iGate, has joined the board of Cigniti Technologies Inc. (its subsidiary) as a Non-Executive Director.

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Shipping Corporation of India leads gainers on BSEs A group
Jan 19,2017

Shipping Corporation of India rose 5.65% at Rs 69.15. The stock topped the gainers in A group. On the BSE, 2.99 lakh shares were traded on the counter so far as against the average daily volumes of 1.45 lakh shares in the past two weeks.

Great Eastern Shipping Company rose 4.73% at Rs 403. The stock was the second biggest gainer in A group. On the BSE, 23,000 shares were traded on the counter so far as against the average daily volumes of 5,671 shares in the past two weeks.

Gail (India) rose 4.62% at Rs 459.65. The stock was the third biggest gainer in A group. On the BSE, 6.12 lakh shares were traded on the counter so far as against the average daily volumes of 2.65 lakh shares in the past two weeks.

Hindustan Copper rose 4.84% at Rs 68.25. The stock was the fourth biggest gainer in A group. On the BSE, 5.35 lakh shares were traded on the counter so far as against the average daily volumes of 7.43 lakh shares in the past two weeks.

Torrent Power rose 4.70% at Rs 194.95. The stock was the fifth biggest gainer in A group. On the BSE, 2.61 lakh shares were traded on the counter so far as against the average daily volumes of 80,000 shares in the past two weeks.

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Diamond Power hits the roof on plan to convert debt into equity
Jan 19,2017

The announcement was made during trading hours today, 19 January 2017.

Meanwhile, the BSE Sensex was up 74.79 points, or 0.27%, to 27,332.43.

On the BSE, so far 3.86 lakh shares were traded in the counter, compared with average daily volumes of 2.15 lakh shares in the past one quarter. The stock had hit a high of Rs 37.25 and a low of Rs 35.70 so far during the day.

The stock hit a 52-week high of Rs 63.15 on 20 October 2016. The stock hit a 52-week low of Rs 22.05 on 29 March 2016.

The small-cap company has equity capital of Rs 69.03 crore. Face value per share is Rs 10.

Diamond Power Infrastructure had approached its lenders in March 2016 for a comprehensive restructuring plan which envisaged conversion of debt into equity and induction of a new investor in the company. After detailed deliberations, the joint lenders forum met yesterday, 18 January 2017 and approved a decision to convert companies debt aggregating to Rs 855 crore into equity shares at Rs 41.28 per share.

This step will bring down the companys debt by Rs 855 crore thereby correcting the capital structure of the company in a major way and reducing the interest burden substantially.

The companys committee of board of director will meet on 24 January 2017 for the allotment of shares to the various tenders in their agreed proportion.

On a consolidated basis, Diamond Power Infrastructure reported net loss of Rs 204.45 crore in Q2 September 2016 as against net loss of Rs 22.02 crore in Q2 September 2015. Net sales declined 31.62% to Rs 338.93 crore in Q2 September 2016 over Q2 September 2015.

Diamond Power Infrastructure is an integrated manufacturer of power transmission equipment and turnkey services provider (EPC).

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KPIT drops on profit booking after declaring good Q3 outcome
Jan 19,2017

Meanwhile, the S&P BSE Sensex was up 75.31 points or 0.28% at 27,332.95

On the BSE, 2.51 lakh shares were traded on the counter so far as against average daily volume of 97,339 shares in the past one quarter. The stock had hit a high of Rs 142.30 and a low of Rs 136 so far during the day.

The stock had hit a 52-week high of Rs 196.60 on 21 June 2016. The stock had hit a 52-week low of Rs 108.45 on 12 February 2016. The stock had outperformed the market over the past 30 days till 18 January 2017, rising 6% compared with the 3.61% rise in the Sensex. The scrip also outperformed the market in past one quarter, gaining 2.37% as against Sensexs 3.10% decline.

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

KPIT Technologies consolidated net profit rose 30.97% to Rs 73.58 crore on 2.96% rise in total income to Rs 859.10 crore in Q3 December 2016 over Q2 September 2016. The Q3 December 2016 bottomline was boosted by an exceptional item of Rs 26.09 crore relating to the gain on sale of companys entire stake in KPIT Medini Technologies AG with effect from 1 November 2016. The result was announced after market hours yesterday, 18 January 2017.

KPIT Technologies said that the proceeds from sale of KPIT Medini Technologies in Germany were used towards a strategic partnership with a German engineering services company, Micro Fuzzy.

Consolidated earnings before interest, taxation, depreciation and amortization (EBITDA) margin contracted 0.82% to 10.18% in Q3 December 2016 from 11% in Q2 September 2016. However, net profit margin expanded 2.1% to 8.86% in Q3 December 2016 from 6.76% in Q2 September 2016

Kishor Patil, KPIT Technologies co-founder CEO and MD said that the company will continue to focus on growth with effective account management and new technology solutions for focus verticals. The cash flow during Q3 December 2016 was encouraging and the company will continue to build further on the same, Kishor Patil said.

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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