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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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Board of MSR India approves change in directorate and change in CFO
Feb 17,2017

MSR India announced that the Board of Directors of the Company at its meeting held on 17 February 2017 has approved the following -

Resignation of Priyanka Palacharla, Director
Resignation of Krishna Reddy, CFO
Appointment of Somala Bharati as Additional Director
Appointment of Vara Prasad as CFO

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Oracle Financial Services Software allots 304 equity shares
Feb 17,2017

Oracle Financial Services Software announced that the ESOP Allotment Committee of the Company at its meeting held on 17 February 2017, has allotted 304 equity shares of face value of Rs. 5/- each to the eligible Employees of the Company who have exercised their OFSS Stock Units under the OFSS Stock Plan 2014. These shares rank pari passu with the existing equity shares of the Company in all respects. In this allotment, no shares are allotted to Directors of the Company.

With this allotment, the paid up capital of the Company has increased to Rs. 425,406,495.00 divided into 85,081,299 equity shares of face value of Rs. 5/- each.

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Biocon gains after USFDA accepts biosimilar pegfilgrastim for review
Feb 17,2017

The announcement was made after market hours yesterday, 16 February 2017.

Meanwhile, the BSE Sensex was up 156.94 points, or 0.55%, to 28,458.21.

On the BSE, so far 33,000 shares were traded in the counter, compared with average daily volumes of 71,907 shares in the past one quarter. The stock had hit a high of Rs 1,123 and a low of Rs 1,105 so far during the day. The stock hit a 52-week low of Rs 454.30 on 26 February 2016.

The stock had outperformed the market over the past 30 days till 16 February 2017, rising 10.40% compared with the 3.83% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 25.60% as against Sensexs 8.23% rise.

The large-cap company has equity capital of Rs 100 crore. Face value per share is Rs 5.

The US Food and Drug Administration (US FDA) has accepted Mylans Biologics License Application (BLA) for MYL44O1H, a proposed biosimilar to Neulasta (pegfilgrastim), for filingthrough the 351(k) pathway. The proposed biosimilar to Neulasta is used to reduce the duration of neutropenia (low count of neutrophils, a type of white blood cells) and the incidence of fever associated with neutropenia in adult patients treated with chemotherapy n++n certain types of cancer. The FDA goal date set under the Biosimilar User Fee Act (BsUFA) is 9 October 2017, the company said.

Biocon and Mylan are exclusive partners on a broad portfolio of biosimilars and generic insulin analogs. The proposed biosimilar pegfilgrastim is one of the six biologic products co-developed by Mylan and Biocon for the global marketplace. Mylan has exclusive commercialization rights for the proposed biosimilar pegfilgrastim in the U.S., Canada, Japan, Australia, New Zealand and in the European Union and European Free Trade Association countries. Biocon has co-exclusive commercialization rights with Mylan for the product in the rest of the world.

On a consolidated basis, net profit of Biocon rose 64.55% to Rs 171.30 crore on 29.59% rise in net sales to Rs 1022.50 crore in Q3 December 2016 over Q3 December 2015.

Biocon is Indias largest and fully-integrated, innovation-led biopharmaceutical company.

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Indiabulls Housing Finance and IOC gain on inclusion in Nifty 50 index
Feb 17,2017

Indiabulls Housing Finance (up 1.92%) and Indian Oil Corporation (up 1.65%), edged higher. Bharat Heavy Electricals (Bhel) (down 1.17%) and Idea Cellular (down 2.97%), edged lower.

Meanwhile, the S&P BSE Sensex was up 186.80 points or 0.66% at 28,488.07.

Bharat Heavy Electricals (Bhel) and Idea Cellular have been removed from the benchmark Nifty 50 index, NSEs index provider IISL said in a statement on Thursday, 16 February 2017. The two stocks will be replaced by Indiabulls Housing Finance and Indian Oil Corporation (IOC) instead, as part of the periodic review process. The changes will take effect from 31 March 2017, the statement added.

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Ind-Ra: Telecom Industry to Consolidate amidst Hypercompetition in FY18
Feb 17,2017

India Ratings and Research (Ind-Ra) has revised its outlook on the telecommunications services sector for FY18 to negative from stable-to-negative. The negative outlook reflects Ind-Ras expectation of longer and deeper than expected deterioration in the credit profile of telcos following the extended free services by Reliance Jio Infocomm (RJio - IND AAA/Stable).

A redistribution of market share among the existing telcos is underway as RJio gained a quick subscriber base of 72 million by January 2017 which could cross 100 million by March 2017. Rjios ability to retain market share would be driven by both pricing as well as user experience given the choice of complete reliance on voice over LTE (VoLTE) technology. The industry could witness the increase in the dual-sim phenomena in the interim. Thus the data and voice usage pattern for each telco could remain inconsistent and unpredictable. Retaining customer base will necessitate the telcos to continue to augment their capacity and coverage for superior speed and virtual network platforms.

Per capita data usage is likely to increase by about 35%-40% in FY18 to 1,250MB (FY16: 600MB; FY17-Projected: 900MB. A decline in data tariffs by 20%-30% will pull down average revenue per user despite higher volumes coming from rise in data usage. Ind-Ra expects voice revenue to moderate in FY18 on stagnant minutes of usage (MoU) and on further moderation in voice realisations which are expected to drop to 25 paisa - 28 paisa per minute from 30 paisa - 35 paisa currently. The incumbent telcos are moving towards more bundling of voice and data plans in line with RJios voice calling bundled-free with data. Blended average revenue per user (ARPUs) are slated to decline by 10% in FY18, according to Ind-Ra.

Credit profile is likely to weaken in FY18 with a fall in profits and a rise in debt, due to spectrum and network-related capex. Free cash flows will be negative due to the double whammy of weaker earnings and capex. Telcos will balance debt levels through monetising non-core assets in order to mitigate the pressure on credit profiles.

The industry has lost approximately 20% revenues due to free services by RJio. Consolidation in the industry will help a quicker return of pricing power.. The proposed merger of Vodafone Mobile Services Limited (Vodafone - INDAAA/RWE) and Idea Cellular Ltd (Idea) will be positive for the telecom industry by eliminating duplication of spectrum and infrastructure capex. Smaller telcos may not be able to sustain cash burn by operating independently and are looking for exit options. The Rating Outlook for FY18 for the rated entities is Stable to Negative despite industry outlook being negative.

OUTLOOK SENSITIVITIES

Stabilisation of the pricing would be key driver to revise the sector outlook back to stable. Return of pricing power and/or substantially higher data volumes are critical to generate the desired return on large investments made into the sector. Clarity on the market share will also be a driver to reassess business profile of telcos.

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Intellect SEEC forms partnership with Safety Compass
Feb 17,2017

Intellect SEEC, the insurance software division of Intellect Design Arena announced partnership with The Safety Compass, innovators of real time safety management software that uses augmented reality to reduce work related incident, injuries and death.

This partnership enables The Safety Compass smartphone application to be easily distributed along with Intellect SEECs machine learning product Risk Analyst to determine safety hazards and risks at the workplace for commercial companies.

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Siemens inches up after securing order
Feb 17,2017

The announcement was made after market hours yesterday, 16 February 2017.

Meanwhile, the S&P BSE Sensex was up 160.65 points or 0.57% at 28,461.92.

On the BSE, 3,057 shares were traded on the counter so far as against the average daily volumes of 23,278 shares in the past one quarter. The stock had hit a high of Rs 1,221 and a low of Rs 1,205 so far during the day.

The stock had hit a 52-week high of Rs 1,355.40 on 25 July 2016 and a 52-week low of Rs 973.20 on 29 February 2016. The stock had underperformed the market over the past one month till 16 February 2017, advancing 2.58% compared with the Sensexs 3.71% rise. The scrip had, however, outperformed the market over the past one quarter advancing 8.08% as against the Sensexs 7.61% rise.

The large-cap company has equity capital of Rs 71.22 crore. Face value per share is Rs 2.

The latest order secured by Siemens is for design, engineering, procurement, manufacture, supply and commissioning of equipment for a substation at Khandwa in Madhya Pradesh and for bay extension equipment at Dhule in Maharashtra for Khargone Transmission.

Siemens net profit rose 43.8% to Rs 160.01 crore on 1.4% decline in net sales to Rs 2234.38 crore in Q1 December 2016 over Q1 December 2015.

Siemens focuses on the areas of electrification, automation and digitalization. As on 31 December 2016, Siemens AG held 75% stake in Siemens.

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Eveready Industries gains as board to consider business re-organisation
Feb 17,2017

The announcement was made after market hours yesterday, 16 February 2017.

Meanwhile, the S&P BSE Sensex was up 142.79 points, or 0.5%, to 28,444.06

On BSE, so far 321 shares were traded in the counter, compared with an average volume of 9,720 shares in the past one quarter. The stock hit a high of Rs 255 and a low of Rs 249.50 so far during the day. The stock hit a 52-week high of Rs 291 on 30 August 2016. The stock hit a 52-week low of Rs 190 on 29 December 2016.

The small-cap company has an equity capital of Rs 36.34 crore. Face value per share is Rs 5.

Net profit of Eveready Industries India rose 65.37% to Rs 35.19 crore on 1.7% rise in net sales to Rs 329.31 crore in Q3 December 2016 over Q3 December 2015.

Eveready Industries India is the market leader of dry cell batteries. Apart from dry cell batteries, the company is also the market leader in flashlights. Eveready also markets LED, CFL, GLS lamps & other lighting products and rechargeable lanterns & devices, and packet tea.

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NTPC provides update on exposure of coal on its first coal mine - Pakri Barwadih
Feb 17,2017

NTPC announced that the First Rake of coal has been flagged off on 16 February 2017 from Companys first coal mine, Pakri Barwadih mine located in the state of Jharkhand.

This coal mine will have ultimate capacity of 18 Million Metric Tonne per annum. In the next year, around 2-3 Million Metric Tonne of coal is likely to be produced. As a basket source, coal will be supplied to different power stations of NTPC from this mine.

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NTPC provides update on exposure of coal in its Pakri Barwadih mine
Feb 17,2017

NTPC announced that the First Rake of coal has been flagged off on 16 February 2017 from Companys first coal mine, Pakri Barwadih mine located in the state of Jharkhand.

This coal mine will have ultimate capacity of 18 Million Metric Tonne per annum. In the next year, around 2-3 Million Metric Tonne of coal is likely to be produced. As a basket source, coal will be supplied to different power stations of NTPC from this mine.

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UP Hotels to hold board meeting
Feb 17,2017

UP Hotels will hold a meeting of the Board of Directors of the Company on 20 February 2017, to consider & approval of the audited financial statement for the financial year ended 31 March 2015 and payment of dividend for the financial year ended 31 March 2015.

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Ind-Ra: Capacity Sufficient, Demand Deficient
Feb 17,2017

India Ratings and Research (Ind-Ra) has maintained a stable to negative outlook on the power sector for FY18, despite an improvement in coal availability, the restructuring of discom debt and the operationalisation of stuck projects. This is owing to large underutilised capacities, muted demand, bunched capacity addition, soft merchant power prices, continued investments in renewable capacities, lack of power purchase agreements (PPAs) and weak discoms.

Moreover, Ind-Ra has maintained a Stable Outlook on most of its rated power sector entities for FY18, as the agency expects its rated entities will continue to manage fuel and state power utility risks due to a favourable tariff mechanism, a comfortable liquidity position and support from central and state governments.

Credit profiles of large-sized power companies appear to have stabilised, though the sectors return on capital employed remains unattractive. However, small private companies are the worst hit. With a sub-50% plant load factor (PLF), they have a high probability of debt default. Under the current scenario, the survival of such players is not possible. There is a possibility of sector consolidation, which could be triggered by the new bankruptcy code.

Ind-Ra expects the PLFs of coal-based power plants to decline further in FY18 and rise thereafter, though they would continue to remain sub-65% until FY22. India added nearly 115GW of coal-based capacity over FY11-9MFY17. However, demand growth did not keep pace with such capacity addition. This has put pressure on the PLFs of coal-based thermal power plants. In the past, coal and discom financial health were the two key constraints to the overall PLF. However, demand, solar capacity addition and discom financial health will be the major factors putting pressure on PLF in future.

Ind-Ra believes nearly 45GW of private sector coal-based capacity running at sub-50% PLF is currently stressed, with a debt of nearly INR1.9 trillion. The private sector has been hit harder due to lack of PPAs for the entire capacity. Earlier, the private sector kept a part of the capacity untied due to high short-term prices. The PLF of the private sectors coal-based power plants fell to 56.3% in 9MFY17 from 83.9% in FY10. Given short-term power prices are likely to remain benign and discoms unwillingness to sign PPAs, these capacities are unlikely to see an increase in PLF. According to Central Electricity Authority estimates, 50GW of capacity has a high probability of getting commissioned over FY18-FY22. Central and state power utilities account for 60% of the 50GW capacity, followed by the private sector (40%). PPAs have been signed for the capacity belonging to central and state power utilities. This will put further pressure on the coal-based capacity of private power generators.

Solar power tariffs across the world declined to USD24MWh compared the lowest solar power tariff of USD48MWh in India. Given the wide difference, Ind-Ra believes there is ample room for domestic solar power tariffs to fall. This belief is more likely as solar panel prices fell 15% in 2HFY16. Solar power tariffs globally are a function of strong counterparty, higher PLF, single axis tilt use and lower borrowing cost. Moreover, battery storage advancements worldwide could alter solar power economics and make solar a more price and consumer-friendly energy source.

OUTLOOK SENSITIVITIES

Sovereign Linkages, High Capex and Low Prices: Weakening of linkages of public sector enterprises with the government of India, debt-funded capex with low incremental profitability due to lower PLF and average realisations could have a negative impact on ratings.

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HDFC Bank spurts as RBI withdraws foreign investment curbs
Feb 17,2017

The announcement was made after market hours yesterday, 16 February 2017.

Meanwhile, the BSE Sensex was up 227.46 points, or 0.80%, to 28,528.73.

On the BSE, so far 12.21 lakh shares were traded in the counter, compared with average daily volumes of 1.81 lakh shares in the past one quarter. The stock hit a high of Rs 1,450 so far during the day, which is also a record high for the counter. The stock hit a low of Rs 1,414 so far during the day. The stock hit a 52-week low of Rs 928.80 on 29 February 2016.

The large-cap private sector bank has equity capital of Rs 511.66 crore. Face value per share is Rs 2.

The Reserve Bank of India (RBI) notified that the aggregate foreign shareholding through American Depository Receipts (ADR)/Global Depository Receipts (GDR)/ Foreign institutional Investors (FIIs)/Foreign Portfolio Investors (FPIs)/ Foreign Direct Investment (FDI)/Non-Resident Indians (NRIs)/ Persons of Indian Origin (PIOs) in HDFC Bank have gone below the prescribed limit stipulated under the extant FDI Policy. Hence the restrictions placed on the purchase of shares of the above company are withdrawn with immediate effect.

HDFC Banks net profit rose 15.15% to Rs 3865.33 crore on 13.5% increase in operating income to Rs 20748.27 crore in Q3 December 2016 over Q3 December 2015.

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M&M in focus after new product launch
Feb 17,2017

Mahindra & Mahindra (M&M) after market hours yesterday, 16 February 2017, announced that it has introduced 7 new products simultaneously under its Supro platform. The company launched 4 new variants of its stylish and spacious passenger carrier, namely Supro Minivan, Supro Minivan VX, Supro Minivan CNG and Supro School Van and 3 new variants of its modern load carrier, Supro Minitruck, Supro Minitruck CNG & Supro Cargo Van. Priced competitively, the Supro Minivan starts at Rs 4.71 lakh (ex-showroom Kolkata, BS4) while the Supro Minitruck starts at Rs 4.28 lakh (ex-showroom Kolkata, BS4).

ln the small commercial load category, the company expanded its range with the launch of Supro Minitruck, Supro Minitruck CNG & Supro Cargo Van, additions to the already existing Supro Maxitruck, making it a complete range of powerful, profitable Small Cargo vehicles.

ln the passenger category, the company expanded its range with the launch of the Supro Minivan, Minivan VX, Supro Minivan CNG & Supro School Van to the already existing Supro, resulting in it a complete range of spacious, comfortable Minivans. The Supro platform was conceptualised to effectively cater to the needs of multiple segments in the passenger and cargo movement categories, while delivering a superior value proposition, M&M said.

HDFC Bank will be in focus. The Reserve Bank of India (RBI) notified that the aggregate foreign shareholding through American Depository Receipts (ADR)/Global Depository Receipts (GDR)/ Foreign institutional Investors (FIIs)/Foreign Portfolio Investors (FPIs)/ Foreign Direct Investment (FDI)/Non-Resident Indians (NRIs)/ Persons of Indian Origin (PIOs) in HDFC Bank have gone below the prescribed limit stipulated under the extant FDI Policy. Hence the restrictions placed on the purchase of shares of the above company are withdrawn with immediate effect. The announcement was made after market hours yesterday, 16 February 2017.

Bharat Heavy Electricals (Bhel) and Idea Cellular have been removed from the benchmark Nifty 50 index, NSEs index provider IISL said in a statement on Thursday, 16 February 2017. The two stocks will be replaced by Indiabulls Housing Finance and Indian Oil Corporation (IOC) instead, as part of the periodic review process. The changes will take effect from 31 March 2017, the statement added.

NTPC announced after market hours yesterday, 16 February 2017, that the first rake of coal was flagged off on 16 February 2017 from the companys first coal mine, Pakri Barwadih in Jharkhand. This coal mine will have ultimate capacity of 18 million metric tonne per annum. In the next year, around 2-3 million metric tonne of coal is likely to be produced. As a basket source, coal will be supplied to different power stations of NTPC from this mine.

Biocon announced that the U.S. Food and Drug Administration (FDA) has accepted Biologics License Application for Mylan and proposed biosimilar pegfilgratism. The US FDA has accepted Mylans Biologics License Application (BLA) for MYL44O1H, a proposed biosimilar to Neulasta (pegfilgrastim), for filingthrough the 351(k) pathway. The proposed biosimilar to Neulasta is used to reduce the duration of neutropenia (low count of neutrophils, a type of white blood cells) and the incidence of fever associated with neutropenia in adult patients treated with chemotherapy n++n certain types of cancer. The FDA goal date set under the Biosimilar User Fee Act (BsUFA) is 9 October 2017, the company said. The announcement was made after market hours yesterday, 16 February 2017.

Siemens announced that it has received an order worth about Rs 119 crore from Sterlite Power Grid Ventures. The order is for design, engineering, procurement, manufacture, supply and commissioning of equipment for a substation at Khandwa in Madhya Pradesh and for bay extension equipment at Dhule in Maharashtra for Khargone Transmission. The announcement was made after market hours yesterday, 16 February 2017.

Eveready Industries India announced that a meeting of the board of directors of the company will be held on 20 February 2017, inter alia, to consider the re-organisation of the packet tea operations. The announcement was made after market hours yesterday, 16 February 2017.

Shilpa Medicare said that there was an incident of fire at the companys EOU Unit (API) plant in one block of the company, situated at Raichur, Karnataka. It is further intimated that it may not have impact on the operations of the said plant or financials. The announcement was made after market hours yesterday, 16 February 2017.

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Kotak Mahindra Bank allots 2,96,582 equity shares
Feb 16,2017

Kotak Mahindra Bank announced that the ESOP Allotment Committee of the Bank at its Meeting held on 15 February 2017, has allotted 2,96,582 equity shares of Rs. 5/- each, pursuant to exercise of equivalent number of Employee Stock Options.

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