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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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Eros International Media provides update on ratings for NCDs
Jan 07,2017

Eros International Media announced that on Companys request, ICRA (ICRA) has withdrawn the ICRA A+ rating assigned to the Non Convertible Debentures (for Rs. 750 crore) of the Company. The Company had voluntarily requested for such withdrawal since the Company has not raised funds against the rated instrument.

The rating by Credit Analysis and Research (CARE) CARE A+ assigned to Non Convertible Debentures (for Rs. 400 crore) remains unchanged.

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Apar Industries fixes record date for buyback of shares
Jan 07,2017

Apar Industries has fixed 20 January 2017 as the Record Date for the purpose of Buyback of equity shares of the Company.

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India Ratings Affirms India Dyeing Mills at GÿIND AG; Outlook Stable
Jan 07,2017

India Ratings and Research (Ind-Ra) has affirmed India Dyeing Mills Pvt. Ltd.s (IDMPL) Long-Term Issuer Rating at GIND A. The Outlook is Stable. Instrument wise rating actions are given below: Instrument TypeDate of issuanceCoupon RateMaturity DateSize of the issue (million)Rating/OutlookRating ActionTerm loans---INR259.8 (increased from INR221)IND A/StableAffirmedFund-based working capital---INR50IND A/StableAffirmedFund-based working capital---INR50IND A1AffirmedNon-fund-based working capital---INR91.9 (increased from INR70)IND A1Affirmed

Key Rating Drivers

Strong Linkages with Eastman Group: The affirmation continues to reflect IDMPLs assured business with Eastman Exports Global Clothing Pvt Ltd (EEGCPL; GIND A; Outlook Stable), which contributes around 80% to the companys revenue. Since IDMPL was set up as a backward integration for EEGCPL, the companys strategy and operations are closely guided by those of EEGCPL, thus reflecting strong operational linkages. Hence, the ratings will continue to move in tandem with EEGCPL.

Comfortable Credit Metrics: Net adjusted leverage improved to 1x in FY16 (FY15: 1.2x) and interest cover to 10x (9.4x), owing to an increase in revenue, coupled with a fairly stable EBITDA margin and a marginal decline in debt. Ind-Ra expects revenue to grow at a moderate pace in the near term, with EBITDA margin sustaining at the current level. Additionally, debt which comprises primarily of term loans is likely to decline with no significant debt-funded capex on the anvil. These factors are likely to aid in a gradual improvement in the credit metrics during FY17-FY19.

Adequate Liquidity: IDMPL has consistently generated positive cash flow from operations, despite an increase in working capital cycle. The companys working capital cycle increased to 29 days in FY16 (FY15: 22 days) on account of stretched payments from EEGCPL. However, free cash flow turned positive to INR44 million (FY15: negative INR178 million) on the back of higher EBITDA and moderate capex. Ind-Ra expects the free cash flow to be positive over the medium term given the absence of major capex and strong cash flow from operations.

Strong Track Record: The ratings continue to be supported by IDMPLs founders over 30-year-long track record in the textile business. Strong pollution control system in IDMPLs dyeing facility, which makes it attractive to exporters, also continues to be a positive factor.

Rating Sensitivities

Positive: Future developments that could lead to a positive rating action include an upgrade in EEGCPLs ratings, coupled with IDMPL maintaining the current credit profile.

Negative: Future developments that could, individually or collectively, lead to a negative rating action include:

-+ - any substantial debt-financed capex or margin reduction leading to the financial leverage exceeding 2x

-+ - a downgrade of EEGCPLs ratings

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India Ratings Affirms India Dyeing Mills at IND A; Outlook Stable
Jan 07,2017

India Ratings and Research (Ind-Ra) has affirmed India Dyeing Millss (IDMPL) Long-Term Issuer Rating at IND A. The Outlook is Stable. Instrument wise rating actions are given below: Instrument TypeDate of issuanceCoupon RateMaturity DateSize of the issue (million)Rating/OutlookRating ActionTerm loans---INR259.8 (increased from INR221)IND A/StableAffirmedFund-based working capital---INR50IND A/StableAffirmedFund-based working capital---INR50IND A1AffirmedNon-fund-based working capital---INR91.9 (increased from INR70)IND A1Affirmed

Key Rating Drivers

Strong Linkages with Eastman Group: The affirmation continues to reflect IDMPLs assured business with Eastman Exports Global Clothing (EEGCPL; IND A; Outlook Stable), which contributes around 80% to the companys revenue. Since IDMPL was set up as a backward integration for EEGCPL, the companys strategy and operations are closely guided by those of EEGCPL, thus reflecting strong operational linkages. Hence, the ratings will continue to move in tandem with EEGCPL.

Comfortable Credit Metrics: Net adjusted leverage improved to 1x in FY16 (FY15: 1.2x) and interest cover to 10x (9.4x), owing to an increase in revenue, coupled with a fairly stable EBITDA margin and a marginal decline in debt. Ind-Ra expects revenue to grow at a moderate pace in the near term, with EBITDA margin sustaining at the current level. Additionally, debt which comprises primarily of term loans is likely to decline with no significant debt-funded capex on the anvil. These factors are likely to aid in a gradual improvement in the credit metrics during FY17-FY19.

Adequate Liquidity: IDMPL has consistently generated positive cash flow from operations, despite an increase in working capital cycle. The companys working capital cycle increased to 29 days in FY16 (FY15: 22 days) on account of stretched payments from EEGCPL. However, free cash flow turned positive to INR44 million (FY15: negative INR178 million) on the back of higher EBITDA and moderate capex. Ind-Ra expects the free cash flow to be positive over the medium term given the absence of major capex and strong cash flow from operations.

Strong Track Record: The ratings continue to be supported by IDMPLs founders over 30-year-long track record in the textile business. Strong pollution control system in IDMPLs dyeing facility, which makes it attractive to exporters, also continues to be a positive factor.

Rating Sensitivities

Positive: Future developments that could lead to a positive rating action include an upgrade in EEGCPLs ratings, coupled with IDMPL maintaining the current credit profile.

Negative: Future developments that could, individually or collectively, lead to a negative rating action include:

-+ - any substantial debt-financed capex or margin reduction leading to the financial leverage exceeding 2x

-+ - a downgrade of EEGCPLs ratings

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Indian Overseas Bank revises MCLR rates
Jan 07,2017

Indian Overseas Bank has revised the MCLR rates with effect from 07 January 2017 as under -

Overnight - 8.45%
One month - 8.50%
Three month - 8.55%
Six month - 8.60%
One year - 8.65%
Two year - 8.75%
Three year - 8.85%

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Board of Arfin India to consider issue of shares on conversion of warrants
Jan 07,2017

Arfin India announced that a meeting of the Board of Directors of the Company is scheduled to be held on 11 January 2017, to inter alia consider issue and allotment of Equity Shares on conversion of Warrants to Promoters and Persons other than Promoters.

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Tata Steel inaugurates Cold Rolling Mill Complex BARA Phase II
Jan 07,2017

Tata Steel inaugurated the second phase of cold rolling mill (CRM) complex BARA at Jamshedpur on 05 January 2017.

During Phase I, the reversing mill of 0.25 MnTPA capacity was installed at CRM BARA to meet the full hard cold rolled (FHCR) requirement of Tata Blue Scope.

The Phase II expansion of CRM BARA includes installation of 0.3 MnTPA hot rolled skin passing mill (HSPM) to meet the increased demand of hot-rolled, pickled, skin passed and oiled products (HPSPO) in the automotive sector for high-end customers. In order to cater to the requirement of HSPM, the production capacity of the existing pickling line has also been increased to 0.68 MnTPA from the designed capacity of 0.5 MnTPA.

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Board of TV18 Broadcast to consider Q3 and 9M results
Jan 07,2017

TV18 Broadcast announced that a meeting of the Board of Directors of the Company will be held on 14 January 2017, inter alia, to consider and approve the Unaudited Financial Results (Standalone and Consolidated) of the Company for the quarter and nine months ended 31 December 2016 (Q3).

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Network 18 Media & Investments to announce Q3 results
Jan 07,2017

Network 18 Media & Investments announced that a meeting of the Board of Directors of the Company will be held on 14 January 2017, inter alia, to consider and approve the Unaudited Financial Results (Standalone and Consolidated) of the Company for the quarter and nine months ended 31 December 2016 (Q3).

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Hindustan Construction Company allots equity shares and OCDs to Lenders on conversion of debt
Jan 07,2017

Hindustan Construction Company announced that the Allotment Committee at its meeting held on 06 January 2017 has allotted 189,993,837 equity shares of the Company of face value of Re 1 each to the Lenders who have completed the process of conversion of debt into equity under S4A scheme. The Committee also allotted 12,095,116 Optionally Convertible Debentures (OCDs) of face value of Rs 1000 to the Lenders who have completed the process of conversion of debt into OCDs under the S4A scheme.

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Board of Infomedia Press to consider December quarter results
Jan 07,2017

Infomedia Press announced that a meeting of the Board of Directors of the Company will be held on 14 January 2017, inter alia, to consider and approve the Unaudited Financial Results of the Company for the quarter and nine months ended 31 December 2016.

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S H Kelkar & Company completes acquisition of Flavours Division of Gujarat Flavours
Jan 06,2017

S H Kelkar & Company announced that Keva Flavours (KFL), subsidiary of the Company, has acquired Business Undertaking of Gujarat Flavours (GFPL) comprising of Flavours Division on 02 January 2017 in accordance with the Business Transfer Agreement executed between KFL and GFPL on 26 October 2016.

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Apcotex Industries intimates of workmen strike at its Taloja Plant
Jan 06,2017

Apcotex Industries announced that the Workmen Union at Apcotex Industries - Taloja Plant has given notice of strike effective 09 January 2017. The Management is making all efforts to settle the issue amicably.

The Management has also made all the necessary arrangements to try and ensure that the Production activities are not hampered in any way and will try and ensure to maintain normal level of operations during this period.

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Foods & Inns acquires Pharmpak
Jan 06,2017

Foods & Inns has acquired 12000 equity shares of Pharmpak, a Pharma company at a cost of Rs. 17.10 crore and the said company has now become 100% subsidiary of Foods and Inns.

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Voltaire Leasing & Finance provides update on subsidiarys operations
Jan 06,2017

Voltaire Leasing & Finance announced that the Wholly Owned Subsidiary Company (PURPLKITE INNOVATIONS) successfully completed 10154 deliveries for the month of December 2016 for all the Companys clients.

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