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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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Prakash Industries allots 13,77,945 equity shares
Apr 18,2017

Prakash Industries has allotted 13,77,945 equity shares on conversion of FCCBs. Consequently, the paid up share capital of the Company has increased from Rs 142.54 crore to Rs 143.92 crore.

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HCL Technologies recognised as Leader in Global Outsourcing 100TM rankings for 2017
Apr 18,2017

HCL Technologies has been recognized as a leader in the IAOP Global Outsourcing 100TM rankings for 2017, an annual listing of theworlds best service providers by the IAOPn++. Additionally, HCL has achieved the distinction of being Super Star of the Global Outsourcing 100n++, attributed to exceptional performance and scores achieved in IAOPn++ evaluation.

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V-Mart Retail opens new store in Uttar Pradesh
Apr 18,2017

V-Mart Retail has opened a new store in the state of Uttar Pradesh. The store is fashion stores. With this the tally of Uttar Pradesh is 17 composite & 43 fashion stores. This takes the total number of stores to 142 Stores in 122 Cities across 14 states, with 37 Composite Stores & 105 Fashion Stores with a total area of approx. 12.03 lakhs sq. ft.

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Electronic Interlocking - Yard Remodeling commissioned in record time of only 150 minutes
Apr 18,2017

In a significant move for high tech infrastructure with the view to improve mobility in train operations on the busiest route of Delhi Howrah section of Indian Railway network, Electronic Interlocking & massive Yard Remodeling has been commissioned at Dadri Railway Station in Uttar Pradesh which falls under Allahabad Division of North Central Railway. This project is part of ongoing process of modernization of Indian Railway network.

This Electronic Interlocking involves 318 routes adopting most Modern Signalling System with Centralized Operation controlling 45 Signals, 74 Points and 176 Track Circuits with massive yard remodeling. The another significant point is that this work has been commissioned in record time of only 150 minutes on 16th April 2017.

Dadri is a complex yard in North Central Railway spread over six kilometers on busiest route of Delhi-Howrah Section of Indian Railways and also having connectivity with National Thermal Power Corporation Power Plant and Container Depot.

With Commissioning of this, 3rd line between Aligarh-Ghaziabad section is made through Dadri Yard improving mobility in train operation which was earlier not available. This has also facilitated extension of platform No. 1, 2 & 3 and addition of new platform No. 4 at Dadri Station. All these four platforms have also been connected with new foot over bridge improving passenger amenity facilities at this station.

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Lyons Corporate Market to hold AGM
Apr 18,2017

Lyons Corporate Market announced that the Annual General Meeting (AGM) of the company will be held on 27 September 2017.

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TCI Finance to hold board meeting
Apr 18,2017

TCI Finance will hold a meeting of the Board of Directors of the Company on 2 May 2017, to approve the Audited financial results of the company for the year ended 31 March 2017

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VST Industries standalone net profit declines 8.52% in the March 2017 quarter
Apr 18,2017

Net profit of VST Industries declined 8.52% to Rs 45.10 crore in the quarter ended March 2017 as against Rs 49.30 crore during the previous quarter ended March 2016. Sales declined 15.66% to Rs 227.03 crore in the quarter ended March 2017 as against Rs 269.20 crore during the previous quarter ended March 2016.

For the full year,net profit rose 9.21% to Rs 167.21 crore in the year ended March 2017 as against Rs 153.11 crore during the previous year ended March 2016. Sales rose 7.42% to Rs 944.12 crore in the year ended March 2017 as against Rs 878.93 crore during the previous year ended March 2016.

ParticularsQuarter EndedYear Endedn++Mar. 2017Mar. 2016% Var.Mar. 2017Mar. 2016% Var. Sales227.03269.20 -16 944.12878.93 7 OPM %27.2227.41 -26.0727.01 - PBDT77.4277.80 0 283.71257.60 10 PBT66.8868.67 -3 246.79226.58 9 NP45.1049.30 -9 167.21153.11 9

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Peninsula Land jumps over 7% in two sessions
Apr 18,2017

Meanwhile, the S&P BSE Sensex was down 112.14 points, or 0.38% to 29,301.52.

On the BSE, 11.27 lakh shares were traded in the counter so far, compared with average daily volumes of 2.11 lakh shares in the past one quarter. The stock had hit a high of Rs 30.20 so far during the day, which is also a 52-week high for the counter. The stock had hit a low of Rs 26.50 so far during the day. The stock hit a 52-week low of Rs 13.15 on 27 December 2016.

The stock had outperformed the market over the past one month till 17 April 2017, rising 47.19% compared with 0.79% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 75.37% as against Sensexs 8% rise.

The small-cap company has equity capital of Rs 55.84 crore. Face value per share is Rs 2.

Peninsula Land said that its board will meet on Monday, 24 April 2017, to consider the proposal of raising funds by issuing non-convertible debt securities on private placement basis during Financial Year 2017-2018. The announcement was made on Saturday, 15 April 2017.

Shares of Peninsula Land jumped 5.01% to settle at Rs 26.20 yesterday, 17 April 2017. The stock has risen 7.62% in two trading sessions from its close of Rs 24.95 on 13 April 2017.

Peninsula Land reported net loss of Rs 20.45 crore in Q3 December 2016, as against net loss of Rs 6.61 crore in Q3 December 2015. Net sales rose 19.2% to Rs 16.49 crore in Q3 December 2016 over Q3 December 2015.

Peninsula Land is the real estate arm of Ashok Piramal Group. The company is known for its concept based architectures in the commercial, retail and residential sectors.

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Bajaj Corp extends slide post dull Q4 numbers
Apr 18,2017

Meanwhile, the S&P BSE Sensex was down 97.63 points or 0.33% at 29,316.03. The S&P BSE Mid-Cap index was down 85.68 points or 0.6% at 14,301.39.

On the BSE, 8,992 shares were traded on the counter so far as against the average daily volumes of 14,000 shares in the past two weeks. The stock had hit a high of Rs 408.85 and a low of Rs 395 so far during the day.

The stock had hit a 52-week high of Rs 436 on 10 October 2016 and a 52-week low of Rs 340 on 12 December 2016.

Shares of Bajaj Corp have fallen 7.79% in two trading sessions from its closing of Rs 428.85 on 13 April 2017, after the company at the fag end of trading session on 13 April 2017 reported weak Q4 March 2017 results.

The stock had declined 6.27% to settle at Rs 401.95 yesterday, 17 April 2017. The stock market was shut on Friday, 14 April 2017, on account of public holiday.

Bajaj Corps net profit fell 2.9% to Rs 52.67 crore on 1.9% decline in net sales to Rs 204.21 crore in Q4 March 2017 over Q4 March 2016.

Bajaj Corp is an FMCG company with major brands in hair care category.

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Muthoot Capital Services standalone net profit rises 61.86% in the March 2017 quarter
Apr 18,2017

Net profit of Muthoot Capital Services rose 61.86% to Rs 11.12 crore in the quarter ended March 2017 as against Rs 6.87 crore during the previous quarter ended March 2016. Sales rose 26.02% to Rs 79.86 crore in the quarter ended March 2017 as against Rs 63.37 crore during the previous quarter ended March 2016.

For the full year,net profit rose 31.68% to Rs 30.09 crore in the year ended March 2017 as against Rs 22.85 crore during the previous year ended March 2016. Sales rose 24.68% to Rs 284.04 crore in the year ended March 2017 as against Rs 227.82 crore during the previous year ended March 2016.

ParticularsQuarter EndedYear Endedn++Mar. 2017Mar. 2016% Var.Mar. 2017Mar. 2016% Var. Sales79.8663.37 26 284.04227.82 25 OPM %53.9252.93 -53.1553.91 - PBDT17.2311.24 53 47.1836.48 29 PBT16.9110.96 54 46.1935.45 30 NP11.126.87 62 30.0922.85 32

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Ind-Ra: Debt Funding of Dividends to Reduce by A Third to INR58 billion
Apr 18,2017

India Ratings and Research (Ind-Ra) estimates that the funding of corporate dividends by external borrowings is on a declining trend because of improving profitability. The debt component of dividend funding is likely to reduce to around INR58 billion each year during FY17-FY18 from the average INR90 billion observed between FY14-FY16. Ind-Ras sectoral projections, which are a combination of its own forecasts and Bloomberg estimates for various sectors, point towards a continued improvement in the profitability in FY17 and FY18. However, this is under the assumption that debt reduction remains minimal and continues to get refinanced.

Category A companies (entities having free cash flow to the firm (FCFF)> dividends), which had followed a growth strategy between FY10-FY13, have moved towards a higher dividend payout strategy. The absolute dividend of these companies grew at a faster rate of 21% (CAGR) during FY10-FY16 in relation to the 6% CAGR observed in FCFF. These corporates have resorted to higher payout on the back of steady cash accruals coupled with limited incremental revenue visibility thus limiting further capex. Ind-Ra expects the pace of dividend payout to pick up in FY18 for Category A companies, averaging 40% payout compared to the 23% witnessed during FY10-FY16.

Ind-Ra observes that the dividends paid by Category C companies (entities whose dividends are 100% debt-funded) increased at an 11% CAGR between FY10-FY16. This is a measure possibly taken by the companies to recoup market cap - which has increased 2% despite negative FCFF since 2012. Similarly, Category B companies (entities whose dividends partly debt-funded) witnessed a 5 % CAGR increase in absolute dividends despite a negative 21% CAGR in FCFF. This appears to have aided the market cap to increase by 4%.

Ind-Ra believes that market value of few weak corporates has remained unchanged despite a sharp deterioration in their credit profiles over the years. Ind-Ra believes that the market value of these corporates may not be reflecting the true picture unless it is cyclical, and hence may be overpriced. Banks and financial institutions, therefore, need to be cautious in pricing their products that are linked to the market value of such corporates.

According to Ind-Ras analysis, capital-intensive sectors have hitherto accounted for 73% of the debt-funded dividends paid by Indian corporates between FY10-FY16 and the trend is likely to continue in FY17-FY18. While the composition of such companies in the auto, telecom, infrastructure, power, and real estate sectors is likely to increase to 77% by FY18 from 42% during FY10-FY16, the likely improved profitability of metals and mining sector, as reflected in 9MFY17 financials, could lead to a significant decline in the debt-funded dividends to 1.4% by FY18 from 44% in FY16.

The quantum of the dividends paid in FY16 for each of the 65 dividend-paying companies (accounting for close to 89% of total dividend paid) increased with an increase in promoter shareholding, despite a fall in the profitability.

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GRUH Finance standalone net profit rises 25.77% in the March 2017 quarter
Apr 18,2017

Net profit of GRUH Finance rose 25.77% to Rs 110.45 crore in the quarter ended March 2017 as against Rs 87.82 crore during the previous quarter ended March 2016. Sales rose 13.41% to Rs 416.11 crore in the quarter ended March 2017 as against Rs 366.91 crore during the previous quarter ended March 2016.

For the full year,net profit rose 21.79% to Rs 296.65 crore in the year ended March 2017 as against Rs 243.58 crore during the previous year ended March 2016. Sales rose 16.62% to Rs 1487.39 crore in the year ended March 2017 as against Rs 1275.40 crore during the previous year ended March 2016.

ParticularsQuarter EndedYear Endedn++Mar. 2017Mar. 2016% Var.Mar. 2017Mar. 2016% Var. Sales416.11366.91 13 1487.391275.40 17 OPM %94.0492.85 -91.7491.90 - PBDT160.64125.58 28 444.86364.73 22 PBT159.96124.78 28 442.00361.70 22 NP110.4587.82 26 296.65243.58 22

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Orchid Pharma spurts after securing EIR for unit
Apr 18,2017

The announcement was made during market hours today, 18 April 2017.

Meanwhile, the S&P BSE Sensex was up 25.01 points or 0.09% at 29,438.67. The S&P BSE Small-Cap index was up 11.18 points or 0.07% at 14,965.34.

On the BSE, 15.17 lakh shares were traded on the counter so far as against the average daily volumes of 1.70 lakh shares in the past one quarter. The stock had hit a high of Rs 39.70 and a low of Rs 34.25 so far during the day.

The stock had hit a 52-week high of Rs 45.90 on 22 April 2016 and a record low of Rs 23.70 on 22 November 2016. It had outperformed the market over the past one month till 17 April 2017, advancing 23.49% compared with the Sensexs 0.79% fall. The scrip had also outperformed the market over the past one quarter, gaining 21.54% as against the Sensexs 8% rise.

The small-cap company has equity capital of Rs 88.96 crore. Face value per share is Rs 10.

Orchid Pharma received the Establishment Inspection Report (EIR) from the United States Food and Drug Administration (USFDA) based on the successful inspection of the formulation manufacturing facility located in Kancheepuram District, Tamil Nadu. The facility was inspected by USFDA in December 2016.

Separately, Orchid Pharma said that Credit Analysis & Research (CARE) has revised the ratings on the long-term bank facilities of the company to CARE D from CARE B-. It has revised the ratings on the short-term bank facilities of the company to CARE D from CARE A4.

The revision in ratings assigned to the bank facilities of Orchid Pharma takes into account instances of delay in debt servicing. The announcement was made after market hours yesterday, 17 April 2017.

Orchid Pharma reported net loss of Rs 60.98 crore in Q3 December 2016, compared with net loss of Rs 94.02 crore in Q3 December 2015. Net sales declined 13.1% to Rs 177.27 crore in Q3 December 2016 over Q3 December 2015.

Orchid Pharma is a globally recognized, integrated pharmaceutical company with core competencies in the development and manufacture of Active Pharmaceutical Ingredients (APIs) and Finished Dosage Forms as well as in drug discovery.

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SC Setting Aside Compensator Tariff to Lead to Continuous Higher Under-Recoveries at Coastal Gujarat Power, Reduces Rating Headroom for Tata Power Co.
Apr 18,2017

The Supreme Courts recent order to not allow the Compensatory Tariff to Coastal Gujarat Power (CGPL), a wholly owned subsidiary of Tata Power Company (TPCL: IND AA/Stable), will result in continuous under-recoveries of fuel cost at CGPL of around INR10 billion for coal prices at USD60 MT (FoB), says India Ratings and Research (Ind-Ra). Ind-Ra believes that TPCL at a consolidated level has a natural hedge to an extent from the increase in coal prices due to its 30% stake in the Indonesian coal mines.

Ind-Ra highlighted that while an increase in international coal prices will adversely impact CGPLs profitability, it will help improve the profitability of TPCLs Indonesian coal mines. Thus, TPCL enjoys a commodity price hedge at the consolidated level, if not exactly as a cash flow hedge for the operating losses at CGPL.

Ind-Ra notes that post the sale of Arutmin mines, TPCLs 30% stake in Kaltim Prima Coal (KPC) with an annual production run rate of 55mmtpa, would be equivalent of effective 16.5mmtpa coal production per annum, which is higher than the annual coal requirement of 10.15mmtpa of CGPL for it to achieve a plant load factor of 73%. And thus, TPCL would still have net long positions on coal. Since Indonesian coal mining is subject to royalty payment of 13.5% on FoB value, as long as each dollar increase in realisation of coal price net of royalty is captured in improving gross profit of the mining business, TPCL profitability would be positively impacted at consolidated level (excluding the tax implication at Indonesian mine company).

Ind-Ra, notes that if 36% of each dollar increase in coal realisation is translated into higher mining gross profit, TPCL would be hedged to coal price increases at a consolidated level. In the 3QFY17 analyst presentation, TPCL reported USD11.86/MTqoq improvement in coal realisation, while the cost of goods sold increased by USD5.70/MT, and thus gross profit improved by USD 6.16/MT (52% of increase in realisation).

Ind-Ra had highlighted in February 2017 that Compensatory Tariff as announced by CERC, provides a cushion to CGPLs earnings. And thus, now there is limited headroom for TPCLs current rating of IND AA. Thus Ind-Ra believes it is imperative for TPCL to deleverage, based on the other announced measures, such as the sale of non-core assets and other means of equity raising.

TPCL is exploring all possible options to reduce the under-recovery at its CGPL plant, including sourcing of competitive coal and use of low grade and blended coal options.

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Orchid Pharma receives Establishment Inspection Report for formulations facility in Sriperumbudur
Apr 18,2017

Orchid Pharma has received Establishment Inspection Report from USFDA based on the successful inspection of the formulation manufacturing facility located at Sriperumbudur, Kancheepuram District, Tamil Nadu. The facility was inspected by USFDA in December 2016.

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