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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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OECD Signs MoU with CII for Greater Collaborative Work
Mar 03,2017

n++India with 7% growth rate is flowing against the tide despite the difficult economic environment prevailing across the world,n++ said Mr. Angel Gurria, Secretary-General of Organisation for Economic Cooperation and Development (OECD).

The MoU reinforces their common commitment to promote best practices and collaboration to create a robust competitive environment for global trade, the Secretary - General observed.

The OECD, in its economic survey for India, hailed India as a top reformer, specifically noting the significance of demonetization and the imminent roll-out of the GST act. Mr. Gurria commended India on maintaining high economic growth rates despite the global economic environment not being suitable to this. n++India has maintained a 7% growth rate, which is four times the average for any OECD country and twice the world average,n++ he noted.

The major challenge now is to ensure inclusive growth. He particularly stressed this as the biggest failure of globalization and the need to address this to turn back the new protectionist tide we see in the world. He identified some key areas of India-OECD collaboration, including Energy, water conservation, electrification, pollution, urban-rural inequality, and especially gender inclusion. He noted how female participation in the labour market had fallen by 10 percentage points and stated that this was a luxury India could not afford. n++Dealing with only productivity and growth creates disaffectionn++ there is a need for a nexus with inclusive growth,n++ he added.

CII is an active member of the Business and Industry Advisory Council (BIAC) of the OECD and the B20. He hailed this as representing the centrality of industry members to more innovation and inclusivity creating a great equalizer. It would be indispensable in addressing the backlash against the pitfalls of globalization. Quoting Prime Minister Modi, he said, n++We must walk together, work together, and progress together.n++ This was not only to develop but also to deliver better policies for better lives which is the OECD motto.

Mr Suresh Prabhu, Minister for Railways, Government of India, noted the possibilities for exchange of best practices in various fields.

Mr. Rakesh Bharti Mittal, Vice President of CII, hailed the new possibilities that the MoU created for increasing Indias competitive efficiency. He added that India and OECD could collaborate for greater digital literacy. We could also adopt the OECDs gender recommendations for education and employment. Indian industry, he said, must remain resilient in the face of any crisis. He emphasized the importance of Corporate Social Responsibility in achieving the same.

Mr. Chandrajit Banerjee, Director-General CII, also noted that the MoU offers an opportunity for greater cooperation for the adoption of best practices and for joint study and research. OECD expertise could play a role in each of the 9 Centers of Excellence of the CII. He laid special emphasis on the possibilities of cooperation on Sustainable Development, Corporate Governance, and Green Businesses besides technological innovation. The aim was to go beyond the one size fits all position to create better policies.

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Balmer Lawrie & Company announces change in directorate
Mar 03,2017

Balmer Lawrie & Company announced that that:

1. Alok Chandra (DIN 06929789) ceased to be a Government Nominee Director of Balmer Lawrie & Company with effect from 10 February 2017 as per the directions of Ministry of Petroleum and Natural Gas vide letter dated 1 September 2016 consequent upon his transfer to the post of Economic Advisor in the Ministry of Railways.

2. Prashant Sitaram Lokhande (DIN 06966587) ceased to be a Government Nominee Director of Balmer Lawrie & Company with effect from 10 February 2017 as per the directions of Ministry of Petroleum and Natural Gas vide letter dated 8 September 2016 consequent upon his appointment to the post of Counsellor (Economic) in the Economic Wing, Embassy of India, Beijing, China.

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Harita Seating Systems fixes record date for 2nd interim dividend
Mar 03,2017

Harita Seating Systems has fixed the record date of 11 March 2017 for payment of second interim dividend. The dividend will be paid on or after 16 March 2017.

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Alembic Pharmaceuticals announces launch of desvenlafaxine succinate ER tablets
Mar 03,2017

Alembic Pharmaceuticals announced the launch of desvenlafaxine succinate extended release tablets 50 mg and 100 mg by its partners Breckenridge Pharmaceutical, Inc. The drug is indicate in treatment of major depressive disorder.

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Accel Frontline edges higher after board approves entire stake sale in subsidiary
Mar 03,2017

The announcement was made after market hours yesterday, 2 March 2017.

Meanwhile, the BSE Sensex was down 59.57 points or 0.25% at 28,767.16.

On the BSE, 2,025 shares were traded in the counter compared with an average daily volume of 13,995 shares in the past one quarter. The stock had hit high of Rs 69 and low of Rs 68.25 in intraday trade.

The stock had hit a 52-week high of Rs 76 on 24 August 2016. The stock had hit a 52-week low of Rs 45 on 2 March 2016. The stock had outperformed the market over the past one month till 2 March 2017, gaining 11.21% compared with the Sensexs 2.17% rise. The scrip had also outperformed the market over the past one quarter, gaining 17.3% as against the Sensexs 9.95% rise.

The small-cap software company has equity capital of Rs 29.76 crore. Face value per share is Rs 10.

Accel Frontline said that consolidated revenue of this subsidiary was Rs 75.56 crore for the year ended 31 March 2016 (FY 2016). The company said that the buyer for the stake is yet to be identified.

Accel Frontline reported consolidated net loss of Rs 1.99 crore in Q3 December 2016 compared with consolidated net loss of Rs 5.96 crore in Q2 September 2016. The companys net sales rose 17.19% to Rs 156.96 crore in Q3 December 2016 over Q2 September 2016.

Accel Frontline founded in 1991 as Accel Automation, is a leading provider of integrated IT services to small, medium and large enterprises. The company offers engineering and R&D services, outsourced product development, IT infrastructure management, managed services and enterprise applications for the banking, telecom and manufacturing sectors. AFL operates in over 100 locations in India. It has subsidiaries in USA, UAE, Singapore and Japan.

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Nikkei India Services PMI rises above 50 mark
Mar 03,2017

The Nikkei India Services Business Activity Index signalled growth in February as businesses recovered from the demonetisation-related disruptions seen in each of the previous three months. After slumping to a near three-year low last November, signalling the first monthly drop in output since June 2015, the headline index edged above the 50.0 no-change mark posting 50.3 (January: 48.7).

Having contracted for three months in a row, incoming new business also picked up in February. However, as was the case for output, the pace of growth in new work was marginal overall. Anecdotal evidence from survey participants suggested that, after being hampered by shortages of cash in the economy, demand for services in India improved.

The turnaround in business activity and inflows of new work came from the Financial Intermediation and Other Services categories, with further declines seen elsewhere. Nonetheless, rates of contraction softened in all cases.

With manufacturing production rising again in February, the seasonally adjusted Nikkei India Composite PMI Output Index rose from 49.4 in January to 50.7, pointing to the first increase in private sector activity across India since last October.

Other survey indicators painted a mixed picture of the service sectors health. Respondents became less optimistic about the 12-month outlook for activity, with sentiment falling since January as firms were concerned about market competition. Concurrently, services companies continued to reduce payroll numbers.

Employment has shown only one noteworthy monthly increase in the past one-and-a-half years (November 2015), though the rate of job losses in February was only fractional. By comparison, manufacturing staffing levels decreased over the month.

Backlogs of work at Indian services firms rose for the ninth successive month in February. The rate of accumulation was solid and the fastest since October 2016. In some cases, the increase in outstanding business was associated with difficulties in obtaining payments from clients. Goods producers also registered a sharper rise in work-in-hand.

Input prices facing services companies in India rose at the second-fastest pace in the current six-month sequence of inflation during February. According to survey participants, freight and raw material costs increased over the month. Higher cost burdens were also recorded in the manufacturing industry, where the rate of inflation climbed to a two-and-a-half year peak.

Services firms sought to pass rising costs on to customers by way of raising their own selling prices. The increase in output charges was the first in five months and the most pronounced since mid-2016. Meanwhile, factory gate prices rose at the sharpest rate in almost three-and-a-half years.

Commenting on the Indian Services PMI survey data, Pollyanna De Lima, economist at IHS Markit, and author of the report, said: n++The upturn in services activity follows news from the sister PMI survey showing factory production growing for the second straight month in February. With demand conditions strengthening in India, new business inflows rose in both sectors, leading to the first increases in private sector new work and output since October 2016. Nevertheless, growth rates were mild at best and far from their historical averages.

It is still too early to state that expansion rates will climb to their trend levels in the near term. Companies remain reluctant to take on additional staff and confidence towards the 12-month outlook for output dipped to its second-lowest mark in over one year. These factors indicate that, so far, firms are doubtful about the sustainability of the economic recovery.

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RIL surges on promoter shareholding rejig
Mar 03,2017

Meanwhile, the S&P BSE Sensex was down 65.28 points or 0.23% at 28,774.51.

On the BSE, 6.49 lakh shares were traded on the counter so far as against the average daily volumes of 4.03 lakh shares in the past one quarter. The stock had hit a high of Rs 1,287.80 so far during the day, which is a 52-week high for the counter. The stock hit a low of Rs 1,237 so far during the day.

The stock had hit a 52-week low of Rs 925.70 on 23 May 2016. It had outperformed the market over the past one month till 2 March 2017, surging 18.04% compared with the Sensexs 2.17% rise. The scrip had also outperformed the market over the past one quarter, advancing 23.91% as against the Sensexs 9.95% rise.

The large-cap company has equity capital of Rs 3243.98 crore. Face value per share is Rs 10.

The promoter group entities of Reliance Industries (RIL) propose to restructure their shareholding in RIL by inter se transfer of shares among the promoter group entities and have made the necessary disclosures after market hours yesterday, 2 March 2017. The proposed inter se transfers will not result in any change in promoter group shareholding in RIL.

As part of the rejig, the Mukesh Ambani promoter group, which owns a near-majority stake in RIL, plans to shrink the number of firms owning shares in the company.

The promoter group entities acquiring the stake are Devarshi Commercials LLP, Karuna Commercials LLP, Tattvam Enterprises LLP, Srichakra Commercials LLP, Svar Enterprises LLP, Vasuprada Enterprises LLP, Shreeji Comtrade LLP, and Shrikrishna Tradecom LLP.

The above eight promoter group companies of RIL will acquire around 119 crore shares, or 36.7%, from 15 other promoter group companies in an inter se transfer of shares. The transaction will be at Rs 1,100.78 a share, a discount of 10.74% to RILs closing price of Rs 1,233.25 yesterday, 2 March 2017.

The total promoter holding in RIL stood at 45.11% end December 2016. Mukesh Ambani, chairman and managing director of RIL, and his wife and board member Nita Ambani owned 0.11% each in RIL.

RILs consolidated net profit rose 3.6% to Rs 7506 crore on 17.6% growth in net sales to Rs 79408 crore in Q3 December 2016 over Q3 December 2015.

Reliance Industries (RIL) is Indias largest private sector company. RILs activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and telecommunications.

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Punjab National Bank gets ratings assigned for proposed AT-1 Bond issue
Mar 03,2017

Punjab National Bank has received rating of BWR AA+ from Brickwork Ratings for the Banks proposed fresh issue of Basel III Compliant Additional Tier I Bond of Rs 1500 crore.

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Solar Industries India intimates of hike in promoter shareholding
Mar 03,2017

Solar Industries India announced that Manish Nuwal (Promoter, MD and CEO) has acquired 100000 equity shares comprising of 0.1105% of the paid up share capital of the Company through market purchase on 28 February 2017.

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Tata Motors gains on fund raising plans
Mar 03,2017

The announcement was made after market hours yesterday, 2 March 2017.

Meanwhile, the BSE Sensex was down 34.66 points, or 0.14%, to 28,799.26.

On the BSE, 87,698 shares were traded in the counter so far, compared with average daily volumes of 5.59 lakh shares in the past one quarter. The stock had hit a high of Rs 467 and a low of Rs 462.45 so far during the day.

The stock had hit a 52-week high of Rs 598.60 on 7 September 2016. The stock had hit a 52-week low of Rs 314.75 on 2 March 2016. The stock had underperformed the market over the past one month till 2 March 2017, falling 13.15% compared with the Sensexs 2.17% rise. The scrip had also underperformed the market over the past one quarter, gaining 6.47% as against the Sensexs 9.95% rise.

The large-cap auto major has equity capital of Rs 577.47 crore. Face value per share is Rs 2.

Tata Motors announced that the board constituted committee meeting held on 2 March 2017, approved offering for subscription 5,000 rated, listed, unsecured, 7.71% coupon, redeemable, non-convertible debentures of face value of Rs 10 lakh each aggregating up to Rs 500 crore on a private placement basis. NCDs have tenure of 1826 days from the deemed date of allotment. The date of maturity of NCDs is 3 March 2022.

Tata Motors consolidated net profit fell 96.2% to Rs 111.57 crore on 2.2% decline in net sales to Rs 66855.18 crore in Q3 December 2016 over Q3 December 2015.

Tata Motors is a market leader in commercial vehicles in India. The companys British luxury unit Jaguar Land Rover (JLR) sells premium luxury cars.

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JVL Agro gains as Asia Investment Corp hikes stake
Mar 03,2017

Meanwhile, the S&P BSE Sensex was down 63.98 points or 0.22% at 28,775.81.

On the BSE, 17,000 shares were traded on the counter so far as against the average daily volumes of 79,825 shares in the past one quarter. The stock had hit a high of Rs 20.80 and a low of Rs 20.10 so far during the day.

The stock had hit a 52-week high of Rs 25.45 on 22 June 2016 and a 52-week low of Rs 14 on 22 November 2016. It had underperformed the market over the past one month till 2 March 2017, sliding 6.44% compared with the Sensexs 2.17% rise. The scrip had, however, outperformed the market over the past one quarter, advancing 19.88% as against the Sensexs 9.95% rise.

The small-cap company has equity capital of Rs 16.79 crore. Face value per share is Rs 1.

Asia Investment Corporation (Mauritius) held 2.81% stake in JVL Agro Industries end December 2016.

Shares of JVL Agro Industries were on a declining spree in the recent past. The stock had fallen 6.44% in the preceding four trading sessions to settle at Rs 19.60 yesterday, 2 March 2017, from its close of Rs 20.95 on 23 February 2017.

JVL Agro Industries net profit fell 21.5% to Rs 10.78 crore on 8.2% decline in net sales to Rs 1042 crore in Q3 December 2016 over Q3 December 2015.

JVL Agro Industries is engaged in the operations related to production of vanaspati, refine and mustard oil, and trading of goods.

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DCB Bank gains on plans to raise funds
Mar 03,2017

The announcement was made after market hours yesterday, 2 March 2017.

Meanwhile, the BSE Sensex was down 57.15 points, or 0.20%, to 28,782.64.

On the BSE, 6,697 shares were traded in the counter so far, compared with an average volume of 2.02 lakh shares in the past one quarter. The stock had hit a high of Rs 153.70 and a low of Rs 152.80 so far during the day. The stock had hit a 52-week high of Rs 158.70 on 2 March 2017. The stock had hit a 52-week low of Rs 71.70 on 29 March 2016.

DCB Bank said that a meeting of the board of directors of the bank will be held on 7 March 2017, to consider and approve, issue of securities/shares, including issue of securities/shares to qualified institutional buyers.

DCB is a private sector bank.

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L&T Construction wins orders
Mar 03,2017

Larsen & Toubro announced that its construction arm has secured orders worth Rs 2170 crore across its various business segments. The orders were received under the following segments -

Power transmission and distribution business - Rs 1169 crore
Water and effluent treatment business - Rs 360 crore
Building and factories business - Rs 320 crore
Others segments - Rs 321 crore

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L&T Construction wins orders
Mar 03,2017

Larsen & Toubro announced that its construction arm has secured orders worth Rs 2170 crore across its various business segments. The orders were received under the following segments -

Power transmission and distribution business - Rs 1169 crore
Water and effluent treatment business - Rs 360 crore
Building and factories business - Rs 320 crore

Others segments - Rs 321 crore

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ICICI Bank issues Fixed Rate Notes aggregating USD 300 million
Mar 03,2017

ICICI Bank acting through its DIFC (Dubai) branch, has issued 5.5 year Fixed Rate Notes aggregating USD 300 million under its GMTN programme. The notes were sold under RegSformat. The notes carry a coupon of 3.25% and were offered at an issue price of 99.447.

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