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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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Cosmo Ferrites announces resignation of director
Jun 08,2017

Cosmo Ferrites announced that Ashok Jaipuria has resigned from the Directorship and consequently ceases to be Director of the Company with effect from 07 June 2017.

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Board of Sahyog Multibase recommends final dividend
Jun 08,2017

Sahyog Multibase announced that the Board of Directors of the Company at its meeting held on 3 June 2017, inter alia, have recommended the final dividend of Rs 0.01 per equity Share (i.e. 1%) , subject to the approval of the shareholders.

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Tata Power Company gets revision in credit ratings for LT debt and NCDs
Jun 08,2017

Tata Power Company has received revision in credit ratings for Long Term Debt and NCDs from various credit ratings agencies as under -

ICRA - AA/ Negative (Revised from AA-/Stable)
CRISIL - AA-/Stable (Reaffirmed)
CARE - AA/ Stable (Reaffirmed)
India Ratings - AA/ Stable (Reaffirmed)
Moodys - Ba3/ Negative (Reaffirmed)
S&P - B+/ Stable (Reaffirmed)

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Reliance Power announces change in company secretary and compliance officer
Jun 08,2017

Reliance Power announced that Ramaswami Kalidas, Company Secretary and Compliance Officer has superannuated from the services of the Company with effect from 07 June 2017. The Board of Directors have appointed Murli Manohar Purohit as Company Secretary and Compliance Officer of the Company with effect from 08 June 2017.

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Cyient gains on qualifying as supplier to UTC Aerospace
Jun 08,2017

The announcement was made after market hours yesterday, 7 June 2017.

Meanwhile, the S&P BSE Sensex was up 31.46 points, or 0.10% to 31,302.74.

On the BSE, 9,273 shares were traded in the counter so far, compared with average daily volumes of 27,730 shares in the past one quarter. The stock had hit a high of Rs 549.95 and a low of Rs 531.60 so far during the day. The stock hit a 52-week high of Rs 564.40 on 3 May 2017. The stock hit a 52-week low of Rs 416.05 on 9 November 2016.

The stock had underperformed the market over the past one month till 7 June 2017, falling 1.33% compared with 4.47% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 12.69% as against Sensexs 8.10% rise. The scrip had underperformed the market in past one year, rising 6.09% as against Sensexs 15.73% rise.

The mid-cap company has equity capital of Rs 56.28 crore. Face value per share is Rs 5.

Cyient announced that its subsidiary, Cyient DLM, has been qualified as an approved product supplier to UTC Aerospace Systems. This expands Cyients 15 years relationship with United Technologies Corporation (UTC) as a valued engineering service provider. Cyient and UTC also extended the master terms agreement through 2020, enabling Cyient to provide technical services to UTC company-wide. With the qualification of DLM, the portfolio of offerings to UTC now includes both services and product development.

Carrier International (Mauritius), a subsidiary of UTC, executed a trade yesterday, 7 June 2017, to divest a portion of its equity shareholding in Cyient. UTC first invested in Cyient in 2002 when the company was establishing itself as a global engineering services company. Since that time, Cyient has grown considerably and remains a trusted service provider to UTC with over 1,600 engineers engaged on UTC projects worldwide.

As per the bulk deal data on NSE, Carrier International (Mauritius) sold 16 lakh shares of Cyient at Rs 496.08 per share. As on 31 March 2017, Carrier International (Mauritius) held 1.52 crore shares, or 13.58% equity, in Cyient.

On a consolidated basis, net profit of Cyient rose 15.81% to Rs 78.40 crore on 14.48% rise in net sales to Rs 933.90 crore in Q4 March 2017 over Q4 March 2016.

Cyient provides engineering, manufacturing, geospatial, network and operations management services to global industry leaders.

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Bodhtree Consulting enters into strategic relation with Stratfit Fitness Technologies
Jun 08,2017

Bodhtree Consulting has announced its strategic relationship with Stratfit Fitness Technologies, a company promoted by Daniel Mackee, USA based celebrity trainer and Olympic certified coach. The relationship includes exclusive marketing rights, technology collaboration and an investment through ICD.

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Housing Development Finance Corporation provides update on subsidiary - HDFC Life
Jun 08,2017

Housing Development Finance Corporation has received from communications from HDFC Standard Life Insurance Company, a material non listed subsidiary of the Corporation, containing an update on the proposed merger of Max Life Insurance Company and Max Financial Services into HDFC Life through a composite scheme of arrangement.

In reference to the above composite scheme of amalgamation and arrangement, and according to its earlier communication on 12 November 2016 informing the decision of the IRDAI and the intent of the companies to make further representations to the Insurance Regulatory & Development Authority of India.

Further, to the representation made to the IRDAI , the Authority has on 07 June 2017, reaffirmed its original position regarding section 35 of the insurance Act, 1938. HDFC Life and Max Life are committed to the merger and are evaluating various options.

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Max India provides update on composite scheme of amalgamation and arrangement
Jun 08,2017

Max India announced that in reference to the Composite Scheme of Amalgamation and Arrangement filed with Stock Exchanges involving Max Life Insurance Company (Max Life), Max Financial Services, HDFC Standard Life Insurance Company (HDFC Life) and Max India (the Company) and its earlier communication dated 12 November 2016 informing about the decision of IRDAI and the intent of the companies to make further representations to IRDAI.

Further to the representations made to Insurance Regulatory & Development Authority of India (Authority), the Authority has on 07 June 2017, reaffirmed its original position regarding Section 35 of the Insurance Act, 1938. HDFC Life and Max Life remain committed to the merger and are evaluating various options.

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Cabinet approves taking over of Dr. B. Borooah Cancer Institute, Guwahati by Department of Atomic Energy
Jun 08,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the following:

(i) Taking over Dr. B. Borooah Cancer Institute, Guwahati by Department of Atomic Energy (DAE) and bringing it under the administrative control of Tata Memorial Centre, an Aided institution of DAE;

(ii) Augmentation of additional manpower of 166 posts in medical, paramedical and support positions.

The decision comes in the wake of the increasing instances of cancer, limited cancer treatment facilities and the need for a hospital support to carry out further research in North Eastern Region.

The approximate non-recurring expenditure for strengthening of institute is estimated at Rs. 150 crore and annual recurring expenditure is estimated at Rs. 45- 50 crore.

Background:

Borooah Cancer Institute was established in 1974 in Guwahati with the aim and objective of investigation, diagnosis and treatment of cancer in the North Eastern region of India by a voluntary organization. Government of Assam took over the institute with all its assets and liabilities in 1986 and entered into a tripartite agreement with the Department of Atomic Energy (DAE) and North Eastern Council for management of the institute. The institute is presently a 209 bedded hospital with 8 bedded ICU.

Tata Memorial hospital under DAE is a premier research institution in the field of cancer research and treatment. TMC under the aegis of DAE has been extending financial and technical support to the institute since 1989. Chief Minister of Assam in October 2013 had proposed that DAE should take over the institute to develop it as a center for excellence for cancer treatment, education and research for the entire North East.

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Infosys in focus after clarification
Jun 08,2017

Infosys clarified after market hours yesterday, 7 June 2017, that the news reports on pricing cuts seen by the IT industry being attributed to the Infosys chief operating officer (COO) are incorrect. His comments have been misrepresented. The comments made in the media interview refer to cost take out efforts by clients towards reducing their program investments in the run side of business, to reinvest them in newer technologies or the change side of business. Cost take outs by clients do not necessarily translate into an impact on vendor pricing. There are enough levers available to meet the client demand on cost take-outs without necessarily impacting the pricing. Infosys commentary on pricing is no different from what it had shared with the market earlier. Infosys reiterated that it is not seeing anything new on pricing. This has also been clarified in the webcast of the Morgan Stanley India Summit, the company said.

The clarification was issued after a media report quoted Infosys COO Pravin Rao saying that the companys clients were asking for 20-30% cut in prices for projects.

Reliance Capital announced after market hours yesterday, 7 June 2017, that the board of Reliance Nippon Life Asset Management (RNAM) has approved the plans to list the equity shares of RNAM, subject to necessary regulatory and corporate approvals. RNAM is the asset manager to Reliance Mutual Fund and will be the first among the top 3 players in the asset management company (AMC) industry to list its shares on exchanges. Discussions with merchant bankers, lawyers and auditors for IPO process would be initiated soon. The percentage of dilution, which shall be subject to regulatory norms, is yet to be decided, the company said in a statement.

RNAM is a subsidiary of Reliance Capital (RCL), with Nippon Life Insurance Company as its strategic partner. RCL holds 51% of the total issued and paid-up equity share capital of RNAM.

Cyient announced after market hours yesterday, 7 June 2017, that its subsidiary, Cyient DLM, has been qualified as an approved product supplier to UTC Aerospace Systems. This expands Cyients 15 years relationship with United Technologies Corporation (UTC) as a valued engineering service provider. Cyient and UTC also extended the master terms agreement through 2020, enabling Cyient to provide technical services to UTC company-wide. With the qualification of DLM, the portfolio of offerings to UTC now includes both services and product development.

Endurance Technologies announced after market hours yesterday, 7 June 2017, that it has planned expansion of its annual installed capacity for manufacture of aluminium die casting (high pressure) and machining components/parts at its plant in Chennai. The company said it will expand its annual installed capacity to 12250 M. tonnes from 8161 M. tonnes. It requires an investment of about Rs 9.12 crore.

Biocon announced after market hours yesterday, 7 June 2017, that it has fixed 17 June 2017 as the record date to determine the eligible shareholders entitled to receive the bonus equity shares.

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Cabinet approves development of four laning from end of Pandoh bypass to Takoli section of National Highway (NH) - 21 in Himachal Pradesh
Jun 07,2017

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, has given its approval for development of four laning from end of Pandoh Bypass to Takoli section of National Highway (NH)-21 in Himachal Pradesh.

The cost is estimated to be Rs.2775.93 crore including cost of land acquisition, resettlement and rehabilitation and other pre-construction activities. The total length of the road to be developed is approximately 19 kms.

This work will be done under National Highways Development Project (NHDP) Phase IV B on Hybrid Annuity Mode.

The project will help in expediting the improvement of infrastructure in Himachal Pradesh and in reducing the time and cost of travel for traffic, particularly heavy traffic, plying between end of Pandoh Bypass to Takoli section. The development of this stretch will also help in uplifting the socio-economic condition of this region in the State.

It would also increase employment potential for local labourers for project activities. It has been estimated that a total number of 4,076 mandays are required for construction of one kilometre of highway. As such, employment potential of 77,000 (approx.) mandays will be generated locally during the construction period of this stretch.

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Board of Reliance Nippon Life Asset Management approve proposal for listing of shares
Jun 07,2017

Reliance Nippon Life Asset Management announced that its board of directors have given their approval for the plans to list the equity shares of the Company, subject to necessary regulatory and corporate approvals.

RNAM is a subsidiary of Reliance Capital Limited (RCL), with Nippon Life Insurance Company as its strategic partner. RCL holds 51% of the total issued and paid-up equity share capital of RNAM.

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Board of Ganon Trading & Finance Company approve change in directorate
Jun 07,2017

Ganon Trading & Finance Company announced that the Board has approved the appointed of Gaurav Agrawal (DIN: 07686574) as an Additional Director (Independent Director) on the Board of the Company with effect from 30 May 2017

The Board also took note of the cessation of Naresh Kumar Mathur (DIN 00352591) as Director from the Board of the Company with effect from 30 May 2017

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Board of Salzer Electronics appoints director
Jun 07,2017

Salzer Electronics announced that the Board of Directors of the Company at its meeting held on 25 May 2017 have appointed Otto Eggimann as an Additonal Non Executive Independent Director on the Board and also recommended for a term of three years subject to approval of shareholders at the AGM.

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Board of Shri Krishna Prasadam approves preferential issue of shares
Jun 07,2017

Shri Krishna Prasadam announced that the Board of Directors of the Company at its meeting held on 07 June 2017 has decided to issue 100,000 equity shares on preferential basis subject to the approval of Shareholders.

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