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Bayer to acquire Monsanto in all cash transaction

Bayer to acquire Monsanto in all cash transaction

Sep 14,2016

Monsanto India announced that Bayer and Monsanto signed definitive agreement under which Bayer will acquire Monsanto for USD 128 per share in an all cash transaction.

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Bindal Exports to hold board meeting
Feb 28,2017

Bindal Exports will hold a meeting of the Board of Directors of the Company on 4 March 2017.

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Strong growth has raised Indias incomes and reduced poverty, but challenges remain: OECD
Feb 28,2017

The Indian economy is expanding at a fast pace, boosting living standards and reducing poverty nationwide. Further reforms are now necessary to maintain strong growth and ensure that all Indians benefit from it, according to a new report from the OECD.

The latest OECD Economic Survey of India finds that the acceleration of structural reforms and the move toward a rule-based macroeconomic policy framework are sustaining the countrys longstanding rapid economic expansion.

The Survey, presented in New Delhi by OECD Secretary-General Angel Gurrn++a and Indias Secretary Economic Affairs Shaktikanta Das, hails Indias recent growth rates of more than 7% annually as the strongest among G20 countries. It identifies priority areas for future action, including continuing plans to maintain macroeconomic stability and further reduce poverty, additional comprehensive tax reforms and new efforts to boost productivity and reduce disparities between Indias various regions.

India provides a welcome counter-point to a global economy that has been under-performing for years, Angel Gurrn++a said. Reforms are historic and are bearing fruit, growth is strong and other macroeconomic indicators are improving. Maintaining the reform momentum will be critical to boosting investment and creating the quality jobs needed to ensure strong and inclusive growth for future generations, with all segments of society benefitting from it.

The implementation of the landmark GST reform will contribute to making India a more integrated market. By reducing tax cascading, it will boost competitiveness, investment and job creation. The GST reform - designed to be initially revenue-neutral - should be complemented by a reform of income and property taxes, the Survey said.

The Survey points out the need to make income and property taxes more growth-friendly and redistributive. A comprehensive tax reform could help raise revenue to finance much-needed social and physical infrastructure, promote corporate investment, enable more effective redistribution and strengthen the ability of states and municipalities to better respond to local needs, according to the Survey.

The OECD points out that achieving strong and balanced regional development will also be key to promoting inclusive growth. Inequality in income and in access to core public services between states and between rural and urban areas is currently large across India, while rural poverty is pervasive. Continuing efforts to improve universal access to core public services is essential.

Recent changes in Indias federalism model have given states more freedom and incentives to modernise regulations and tailor public policies to local circumstances. Ranking states on the ease of doing business is opening a new era of structural reforms at the state level and will help unleash Indias growth potential. Further benchmarking among states and strengthening the sharing of best practices, particularly on labour regulations and land laws, could add to the reform momentum.

Raising living standards in poorer states will require increasing productivity in the agricultural sector. With employment expected to gradually shift away from the agricultural sector, urbanisation will gather pace. Thus, better urban infrastructure will be needed to fully exploit cities potential for job creation, productivity gains and improving the quality of life.

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Board of Pennar Industries passes resolution for voluntary delisting from MSE
Feb 28,2017

Pennar Industries announced that the Board of Directors of the Company at its meeting held on 28 February 2017 has passed a resolution with respect to voluntary delisting of the Company from Metropolitan Stock Exchange of India (MSE).

However, the equity shares of the Company shall continue to be listed on BSE and National Stock Exchange of India, both having nationwide trading terminals.

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L&T inches up as subsidiary signs pact with Shell Global Solutions
Feb 28,2017

The announcement was made during market hours today, 28 February 2017.

Meanwhile, the S&P BSE Sensex was down 17.36 points or 0.06% at 28,795.52.

On the BSE, 40,000 shares were traded on the counter so far as against the average daily volumes of 1.06 lakh shares in the past one quarter. The stock was volatile. The stock rose as much as 1.27% at the days high of Rs 1,487 so far during the day. The stock hit a low of Rs 1,468.20 so far during the day.

The stock had hit a 52-week high of Rs 1,615 on 27 July 2016 and a 52-week low of Rs 1,055.10 on 29 February 2016. It had underperformed the market over the past one month till 27 February 2017, gaining 1.99% compared with the Sensexs 3.34% rise. The scrip had also underperformed the market over the past one quarter, advancing 7.2% as against the Sensexs 9.49% rise.

The large-cap company has equity capital of Rs 186.59 crore. Face value per share is Rs 2.

L&Ts wholly-owned subsidiary L&T Hydrocarbon Engineering (LTHE) has signed an Enterprise Framework Agreement (EFA) with Shell Global Solutions International B.V., for providing engineering, procurement and construction management (EPCM) services for Shell projects in the Middle East, South East Asia and India.

The EFA is for a period of five years. For any agreements resulting from the EFA, LTHE will leverage on its core strengths of engineering and project management to deliver projects for Shell. LTHEs engineering office in india, will be its High Vaiue Engineering Centre.

L&Ts consolidated net profit rose 38.9% to Rs 972.47 crore on 1.7% growth in net sales to Rs 26018.15 crore in Q3 December 2016 over Q3 December 2015.

L&T is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services.

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Federal Bank provides update on its banking operations
Feb 28,2017

Federal Bank announced that in view of the nationwide strike on 28 February 2017, called by various Trade Unions raising various demands where Workmen Employees Union, Staff Union and Officers Association of the Bank under the banner of UFBU are also participating, regular functioning of the branches of the Bank might be affected on that day. However, the Banks ATMs and digital channels will function to meet customer needs.

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Federal Bank announces cessation of director
Feb 28,2017

Federal Bank announced that Sudhir M Joshi, senior Director of the Bank, whose contributions to the overall growth of the Bank has been taken on record by the Board, retires from the Directorship of the Bank w.e.f. 28 February 2017 on attaining 70 years of age, in accordance with the regulatory requirements including that of RBI regulations.

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Escorts scales record high
Feb 28,2017

Meanwhile, the BSE Sensex was down 16.74 points, or 0.06%, to 28,796.14.

On the BSE, 1.8 lakh shares were traded in the counter so far, compared with average daily volumes of 2.42 lakh shares in the past one quarter. The stock had hit a high of Rs 463.95 in intraday trade, which is also a record high for the counter. The stock had hit a low of Rs 455 so far during the day. The stock had hit a 52-week low of Rs 121.65 on 29 February 2016.

The stock had outperformed the market over the past one month till 27 February 2017, rising 22.45% compared with the Sensexs 3.34% rise. The scrip had also outperformed the market over the past one quarter, gaining 46.68% as against the Sensexs 9.49% rise.

The mid-cap company has equity capital of Rs 122.58 crore. Face value per share is Rs 10.

Shares of Escorts jumped 18.51% in nine sessions, from a close of Rs 382.20 on 13 February 2017, to a close of Rs 452.95 yesterday, 27 February 2017. Shares of Escorts have witnessed a steady rise ever since it reported good Q3 results on 9 February 2017. Escorts net profit rose 11.2% to Rs 22.71 crore on 22.8% rise in net sales to Rs 1089.91 crore in Q3 December 2016 over Q3 December 2015.

Escorts is one of Indias leading engineering conglomerates. The company has diversified business interests catering to agri-machinery, construction & material handling equipment, railway equipment and auto components.

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Lupin receives final approval for generic Suprepn++ Bowel Prep Kit
Feb 28,2017

Lupin has received final approval for its Sodium Sulfate, Potassium Sulfate and Magnesium Sulfate Oral Solution, 17.5 g/ 3.13g/ 1.6 g per 6 ounces from the United States Food and Drug Administration to market a generic version of Braintree Laboratories Suprepn++ Bowel Prep Kit. Lupin shall start promoting the product shortly.

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Tata Power announces generation capacity for Q3 FY 2017
Feb 28,2017

Tata Power Company announced that its generation capacity increased by more than 8% in Q3 FY 2017 as compared to Q3 FY 2016. The Company together with all its subsidiaries and joint controlled entities, has a gross generation capacity of 10,496 MW across all segments of power sector viz. fuel security and logistics, generation (thermal, hydro, solar and wind), transmission, distribution and trading, thereby reinforcing its position as the largest integrated power company in India.

The standalone generation stood at 13,022 MUs in Q3 FY 2017 as against 12,032 MUs during the same quarter of FY 2016.

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Lupin inches up after securing final US regulator nod for generic drug
Feb 28,2017

The announcement was made during market hours today, 28 February 2017.

Meanwhile, the S&P BSE Sensex was up 10.86 points or 0.04% at 28,823.74.

On the BSE, 31,000 shares were traded on the counter so far as against the average daily volumes of 71,954 shares in the past one quarter. The stock had hit a high of Rs 1,477.50 and a low of Rs 1,461.25 so far during the day.

The stock had hit a 52-week high of Rs 1,874.30 on 14 March 2016 and a 52-week low of Rs 1,294.05 on 29 March 2016. It had underperformed the market over the past one month till 27 February 2017, sliding 1.86% compared with the Sensexs 3.34% rise. The scrip had also underperformed the market over the past one quarter, declining 3.01% as against the Sensexs 9.49% rise.

The large-cap company has equity capital of Rs 90.31 crore. Face value per share is Rs 2.

Lupin said it has received final approval from the United States Food and Drug Administration (USFDA) for its Sodium Sulfate, Potassium Sulfate, and Magnesium Sulfate Oral Solution, 17.5g/3.13g/1.6g per 6 ounces to market a generic version of Braintree Laboratories Suprep Bowel Prep Kit. Lupin shall commence promoting the product shortly.

Braintree Laboratories Suprep Bowel Prep Kit is indicated for cleansing of the colon in preparation for colonoscopy in adults.

Suprep Bowel Prep Kit had annual US sales of $207.2 million as per IMS MAT December 2016 data.

Lupins consolidated net profit rose 20.7% to Rs 633.11 crore on 31.5% increase in net sales to Rs 4404.94 crore in Q3 December 2016 over Q3 December 2015.

Lupin is an innovation led transnational pharmaceutical company developing and delivering a wide range of branded & generic formulations, biotechnology products and APIs globally. The company is a significant player in the cardiovascular, diabetology, asthma, pediatric, CNS, GI, anti-infective and NSAID space and holds global leadership position in the anti-TB segment.

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ICICI Bank allots 75,990 equity shares
Feb 28,2017

ICICI Bank has allotted 75,990 equity shares of face value of Rs. 2/- each on 27 February 2017 under the Employees Stock Option Scheme, 2000 (ESOS).

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Virinchi Hospitals recognised as Emerging hospital for the year in multi-speciality hospital category
Feb 28,2017

Virinchi Hospitals received The Times Health Care 2017 Award as the Emerging hospital for the year in multi-speciality hospital category for the Telegu speaking states of Telangana and Andhra Pradesh. The Hospital also received speciality awards as the Best Hospital in Radiology and Best Hospital in Nephrology.

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Pincon Spirit extends gains after acquiring five retail outlets in Kolkata
Feb 28,2017

The detailed press release was announced by the company after market hours yesterday, 27 February 2017.

The stock had risen 1.29% to Rs 66.80 yesterday, 27 February 2017 after the company gave a brief update on takeover of these retail outlets during market hours yesterday, 27 February 2017.

Meanwhile, the BSE Sensex was up 12.05 points, or 0.04%, to 28,824.93.

On the BSE, 11,763 shares were traded in the counter so far, compared with average daily volume of 1.4 lakh shares in the past one quarter. The stock had hit a high of Rs 68 and a low of Rs 66.70 so far during the day. The stock had hit a record high of Rs 89.40 on 25 July 2016. The stock had hit a 52-week low of Rs 53 on 29 February 2016.

The stock had underperformed the market over the past one month till 27 February 2017, falling 12.45% compared with the Sensexs 3.34% rise. The scrip had, however, outperformed the market over the past one quarter, gaining 11.61% as against the Sensexs 9.49% rise.

The small-cap liquor maker has equity capital of Rs 44.09 crore. Face value per share is Rs 10.

Pincon Spirit has in place a robust business model with presence across blending, bottling, branding, wholesale distribution and retail outlets.

The company continues its focus on driving branded spirit business drawing synergies from a strong back-end distribution network and retail presence in key strategic markets. With the addition of five new outlets, the company now owns 38 retail Indian made foreign liquor (IMFL) outlets in West Bengal.

Pincon Spirits net profit rose 51.6% to Rs 9.34 crore on 31.4% rise in net sales to Rs 311.90 crore in Q3 December 2016 over Q3 December 2015.

Pincon Spirit is a liquor company. The company is engaged in carrying on the business of blending, bottling and wholesale distribution of Indian made foreign liquor (IMFL) and Indian made Indian liquor (IMIL). In the FMCG space, the company is engaged in the manufacture of edible oils.

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NHPC gains after signing PPA with GRIDCO
Feb 28,2017

The announcement was made after market hours yesterday, 27 February 2017.

Meanwhile, the S&P BSE Sensex was up 37.24 points, or 0.13%, to 28,850.12.

On the BSE, 1.04 lakh shares were traded on the counter so far as against the average daily volumes of 9.87 lakh shares in the past one quarter. The stock had hit a high of Rs 30.30 and a low of Rs 30 so far during the day.

The stock had hit a 52-week high of Rs 31.75 on 7 February 2017 and a 52-week low of Rs 19.25 on 26 February 2016. The stock had underperformed the market over the past one month till 27 February 2017, advancing 1.19% compared with the Sensexs 3.34% rise. The scrip had, however, outperformed the market over the past one quarter advancing 9.78% as against the Sensexs 9.49% rise.

The large-cap company has equity capital of Rs 11070.67 crore. Face value per share is Rs 10.

NHPC said that the power purchase agreement (PPA) in respect up-coming Teesta-IV project, West Bengal & Teesta-V Power Station, Sikkim have been signed on 21 February 2017 with GRIDCO, Government of Odisha for a period of 35 years from the date of commercial operation (COD) of the project/power station.

NHPCs net profit rose 25.87% to Rs 214.69 crore on 3.41% fall in net sales to Rs 1298.35 crore in Q3 December 2016 over Q3 December 2015.

NHPC was incorporated in the year 1975 with an objective to plan, promote and organise an integrated and efficient development of hydroelectric power in all aspects. Later on, NHPC expanded its objects to include development of power in all its aspects through conventional and non-conventional sources in India and abroad.

Government of India (GoI) currently holds 74.51% stake in NHPC (as per the shareholding pattern as on 31 December 2016).

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Idea Cellular declines amid reports PE firm exits company
Feb 28,2017

Meanwhile, the S&P BSE Sensex was up 24.73 points or 0.09% at 28,837.61.

On the BSE, 14.71 crore shares were traded on the counter so far as against the average daily volumes of 19.07 lakh shares in the past one quarter. The stock had hit a high of Rs 112 and a low of Rs 107.10 so far during the day.

The stock had hit a 52-week high of Rs 128.05 on 28 April 2016 and a 52-week low of Rs 66 on 9 November 2016. It had outperformed the market over the past one month till 27 February 2017, surging 47.3% compared with the Sensexs 3.34% rise. The scrip had also outperformed the market over the past one quarter, advancing 55.6% as against the Sensexs 9.49% rise.

The large-cap company has equity capital of Rs 3601.69 crore. Face value per share is Rs 10.

Providence had picked up 15% stake in Idea Cellular in 2006 through its investment arm P5 Asia Investment (Mauritius) for around Rs 1800 crore and has been paring its holding continuously over the years. P5 Asia Investment (Mauritius) owned 3.33% stake in Idea Cellular as per the shareholding pattern as on 31 December 2016.

It may be noted that Idea Cellular has been in the news on account of likely merger with rival Vodafone.

On consolidated basis, Idea Cellular reported a net loss of Rs 383.88 crore in Q3 December 2016 compared with net profit of Rs 659.36 crore in Q3 December 2015. Net sales declined 3.7% to Rs 8660.74 crore in Q3 December 2016 over Q3 December 2015.

Idea Cellular is one of the leading telecom operators in India.

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