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Application Event fired from VF page is not updating/refreshing the component ?

Hi All,
I have requirement where i suppose to fire application event from VF page. VF page will open as pou-up on click of button in Lightnign component. After completion of transaction (adding object record ) in VF page, VF page will fire an applicaiton event . I am handling same application event from Lightning compoent. I can see event attribute value passing from VF page to lightning hanlder method. However when i set event attribute value to Lightning attribute , component is not getting rendered. 

If i do the samething by using component event inside the component , i can see component get rendered with udpated value.
This Handler Method is for handling event fired from VF. Here we’re setting ‘stage’ attribute  
User-added image

Can someone guide us what went wrong with this approach . Thanks in advance.