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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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Most bank stocks drop as RBI announces measures to drain excess liquidity
Nov 28,2016

Among public sector banks, Bank of Baroda (down 1.97%), State Bank of India (down 1.72%), Bank of India (down 1.44%), Punjab National Bank (down 1.21%), Corporation Bank (down 0.88%), Canara Bank (down 0.37%) and Union Bank of India (down 0.29%) edged lower. Indian Bank (up 0.89%), Indian Overseas Bank (up 0.4%) and IDBI Bank (up 0.07%) edged higher.

Among private sector banks, RBL Bank (up 0.98%), Axis Bank (up 0.66%), HDFC Bank (up 0.37%), Yes Bank (up 0.35%) and Kotak Mahindra Bank (up 0.1%) edged higher. ICICI Bank (down 1.67%) and IndusInd Bank (down 0.31%) edged lower.

Meanwhile, the S&P BSE Sensex was up 69.64 points or 0.26% at 26,385.98. The BSE Bankex index was down 0.5% at 21,080.13, underperforming the Sensex.

The BSE Bankex index had underperformed the market over the past one month till 25 November 2016, declining 7% compared with the Sensexs 6.32% fall. The index had, however, outperformed the market in past one quarter, sliding 4.3% as against the Sensexs 5.46% fall.

The Reserve Bank of India (RBI) stated on Saturday, 26 November 2016, that with the withdrawal of the legal tender status of Rs 500 and Rs 1,000 denomination bank notes (specified bank notes) beginning 9 November 2016, there has been a surge in deposits relative to the expansion in bank credit, leading to large excess liquidity in the system. The magnitude of surplus liquidity available with the banking system is expected to increase further in the fortnights ahead, the central bank said. In view of this, it has been decided to absorb a part of this surplus liquidity by applying an incremental cash reserve ratio (CRR) as a purely temporary measure, the bank said.

The CRR remains unchanged at 4% of outstanding net demand and time liabilities (NDTL). On the increase in NDTL between 16 September 2016 and 11 November 2016, scheduled banks shall maintain an incremental CRR of 100%, effective the fortnight beginning 26 November 2016. This is intended to absorb a part of the surplus liquidity arising from the return of specified bank notes (SBNs) to the banking system, while leaving adequate liquidity with banks to meet the credit needs of the productive sectors of the economy. As the incremental CRR is intended to be a temporary measure within RBIs liquidity management framework to drain excess liquidity in the system, it shall be reviewed on 9 December 2016 or even earlier, the central bank said. The central bank has separately revived the Guarantee Scheme to enable deposit of SBN balances at the RBI or at currency chests and get immediate value. This measure should also facilitate banks compliance with the incremental CRR, the central bank said.

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Sagar Cements surges after board sets price for preferential issue at premium
Nov 28,2016

The announcement was made during trading hours today, 28 November 2016.

Meanwhile, the BSE Sensex was up 76 points, or 0.29%, to 26,392.34.

On BSE, so far 64,000 shares were traded in the counter, compared with average daily volume of 3,648 shares in the past one quarter. The stock hit a high of Rs 729.50 and a low of Rs 605 so far during the day. The stock hit a record high of Rs 835 on 14 October 2016. The stock hit a 52-week low of Rs 350 on 18 February 2016. The stock had underperformed the market over the past 30 days till 25 November 2016, falling 15.67% compared with the 5.73% decline in the Sensex. The scrip had, however, outperformed the market in past one quarter, falling 4.66% as against Sensexs 5.28% decline.

The small-cap company has equity capital of Rs 17.39 crore. Face value per share is Rs 10.

Sagar Cements said that the board at its meeting held on 28 November 2016, fixed an issue price of Rs 800 per equity share for the proposed issue of 6.11 lakh equity shares of the company on a preferential basis, subject to receipt of further necessary approvals as may be required.

The issue price is 10.07% premium to the ruling market price. It is 29.05% premium to the previous closing price of Rs 619.90 on Friday, 25 November 2016.

The company announced on 23 November 2016, that its shareholders at the extraordinary general meeting (EGM) held on that day, voted on a resolution of issuing up to 6.11 equity shares on a preferential basis and the outcome of the said voting is awaited.

Net profit of Sagar Cements declined 71.53% to Rs 2.50 crore on 29% decline in net sales to Rs 119.20 crore in Q2 September 2016 over Q2 September 2015.

Sagar Cements is engaged in manufacturing of cement.

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Sagar Cements gains as board sets decent premium for preferential share allotment
Nov 28,2016

The announcement was made during trading hours today, 28 November 2016.

Meanwhile, the BSE Sensex was up 76 points, or 0.29%, to 26,392.34.

On BSE, so far 64,000 shares were traded in the counter, compared with average daily volume of 3,648 shares in the past one quarter. The stock hit a high of Rs 729.50 and a low of Rs 605 so far during the day. The stock hit a record high of Rs 835 on 14 October 2016. The stock hit a 52-week low of Rs 350 on 18 February 2016. The stock had underperformed the market over the past 30 days till 25 November 2016, falling 15.67% compared with the 5.73% decline in the Sensex. The scrip had, however, outperformed the market in past one quarter, falling 4.66% as against Sensexs 5.28% decline.

The small-cap company has equity capital of Rs 17.39 crore. Face value per share is Rs 10.

Sagar Cements said that the board at its meeting held on 28 November 2016, fixed an issue price of Rs 800 per equity share for the proposed issue of 6.11 lakh equity shares of the company on a preferential basis, subject to receipt of further necessary approvals as may be required.

The issue price is 10.07% premium to the ruling market price. It is 29.05% premium to the previous closing price of Rs 619.90 on Friday, 25 November 2016.

The company announced on 23 November 2016, that its shareholders at the extraordinary general meeting (EGM) held on that day, voted on a resolution of issuing up to 6.11 equity shares on a preferential basis and the outcome of the said voting is awaited.

Net profit of Sagar Cements declined 71.53% to Rs 2.50 crore on 29% decline in net sales to Rs 119.20 crore in Q2 September 2016 over Q2 September 2015.

Sagar Cements is engaged in manufacturing of cement.

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Board of Sundaram Multi Pap approves issue and allotment of shares to QIBs
Nov 28,2016

Sundaram Multi Pap announced that the Board of Directors of the Company at its meeting held on 28 November 2016 has approved the issue and allotment of 3 crore equity shares of face value of Re 1 each to the Qualified Institutional Buyers at the issue price of Rs 4.10 per share including premium of Rs 3.10 per share aggregating Rs 12.30 crore.

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Board of Viaan Industries to consider sub-division of shares
Nov 28,2016

Viaan Industries announced that the Meeting of Business Development Committee of the Company will be held on 14 December 2016, to inter alia to consider sub - division of shares.

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Graphic Charts to announce September quarter and FY results
Nov 28,2016

Graphic Charts announced that a meeting of the Board of Directors has been convened on 30 November 2016, inter alia, to consider and approve the Unaudited Financial Results for the quarter ended and year ended 30 September 2016.

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Suzlon Energy gains after winning order
Nov 28,2016

The announcement was made during trading hours today, 28 November 2016.

Meanwhile, the BSE Sensex was up 64.45 points, or 0.24%, to 26,380.79.

On BSE, so far 11.36 lakh shares were traded in the counter, compared with average daily volume of 45.11 lakh shares in the past one quarter. The stock hit a high of Rs 14.96 and a low of Rs 14.48 so far during the day. The stock hit a 52-week high of Rs 23.25 on 5 January 2016. The stock hit a 52-week low of Rs 12.47 on 9 November 2016. The stock had outperformed the market over the past 30 days till 25 November 2016, falling 0.21% compared with the 5.73% decline in the Sensex. The scrip had, however, underperformed the market in past one quarter, sliding 9.72% as against Sensexs 5.28% decline.

The mid-cap company has equity capital of Rs 1004.88 crore. Face value per share is Rs 2.

Suzlon Energy announced its order win of 50.40 megawatt (MW) wind power project from a leading business house. The project consists of 24 units of S95 90m tubular tower with rated capacity of 2.1 MW.

Located in the district of Anantapur, Andhra Pradesh, the project is scheduled for completion in March 2017. This order win takes the total current year order portfolio with the business house to 84 MW out of which 33.60 MW was announced earlier as a part of order wins from SMEs.

Suzion will provide comprehensive operation and maintenance for a period of 20 years and includes dedicated Life cycle asset management services to the project. The project has the potential to provide power to over 27,000 households and reduce 0.10 million tonnes of CO2 emissions per annum.

On a consolidated basis, Suzlon Energy reported net profit of Rs 237.62 crore in Q2 September 2016 as against net loss of Rs 201.66 crore in Q2 September 2015. Net sales rose 57.30% to Rs 2746.18 crore in Q2 September 2016 over Q2 September 2015.

Suzion Energy is one of the leading renewable energy solutions providers in the world with an international presence across 19 countries in Asia, Australia, Europe, Africa and North and South America.

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Indias crude oil refinery output jumps 13% in October 2016
Nov 28,2016

Indias crude oil refinery output increased 13.0% to 20.45 mt in October 2016 over October 2015. The output of public sector refineries improved 20.6% to 11.28 mt, while the output of private refineries also moved up 6.5% to 7.78 mt. However, the refinery output of public-private JV refiners declined 3.7% to 1.38 mt in October 2016.

Among public refineries, the output of Mangalore Refineries jumped 55.4% to 1.30 mt, while the output of Chennai Petroleum Corporation moved up 54.4% to 0.94 mt, and Bharat Petroleum Corporation 24.9% to 2.13 mt in October 2016 over October 2015. The output of Indian Oil Corporation also inched up 17.6% to 5.31 mt, but that of Hindustan Petroleum Corporation declined 3.8% to 1.40 mt, and Numaligarh Refineries plunged 13.5% to 0.20 mt in October 2016.

Among private refiners, the output of Reliance Petroleum fell 8.5% to 6.12 mt, while that of Essar Oil zoomed 166.7% to 1.67 mt in October 2016 over October 2015.

Among JV refineries, the output of Bharat Oman moved up 2.6% to 0.57 mt, but the output of HPCL Mittal fell 7.7% to 0.81 mt in October 2015.

The cumulative refinery output increased 8.1% to 138.49 mt in April-October 2016. The output of public refineries increased 11.3% to 74.10 mt, while that of private refineries moved up 5.3% to 54.92 mt. The refinery output of JV refineries rose 0.5% to 9.47 mt in April-October 2016. Among public refineries, the output of Indian Oil Corporation improved 13.8%, Bharat Petroleum Corporation 7.4%, Hindustan Petroleum Corporation 5.6%, Chennai Petroleum Corporation 19.3%, Numaligarh Refineries 3.2% and Mangalore Refineries 9.8% .

The overall capacity utilization was higher at 107.6% in October 2016 compared with 100.3% in October 2015, while it was also higher at 105.7% in April-October 2016 compared with 104.1% in April-October 2015.

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Draft Model GST Law, Draft IGST Law and Draft Compensation Law placed in the public domain for information of trade, industry and other stake holders
Nov 28,2016

The Draft Model GST Law, Draft IGST Law and Draft Compensation Law which would be considered by the GST Council for approval are placed in the public domain for information of trade, industry and other stake holders. The Draft Model Laws can be accessed at the following websites: www.cbec.gov.in, www.dor.gov.in and www.gst.gov.in

Earlier, the Draft Model GST Law was put in public domain in the month of June, 2016 for comments. A large number of comments were received on the Draft Model GST Law from various stake holders including the trade and industry associations and public.

A Technical Committee of officers from some of the States and the Central Government was constituted to examine the inputs from the stake holders and make suitable amendments in the Draft Model GST Law. The Revised Draft submitted by this Technical Committee on law was further discussed in a meeting held on 21st and 22nd of November, 2016 in Delhi where officers from all States and Central Government were present. The revised and improved version of this Model GST laws shall now be considered by the GST Council for approval on 2nd and 3rd of December, 2016.

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Board of B P Capital approves scheme of amalgamation
Nov 28,2016

B P Capital announced that the Board of Directors of the Company at its meeting held on 26 November 2016 has considered and approved the scheme of amalgamation of Diamond Footcare Udyog (transferor company 1) and Satellite Buildwel (transferor company 2) with the Company.

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Indias crude oil production declines 3.2% in October 2016
Nov 28,2016

Indias crude oil production declined 3.2% to 3.05 million tonnes (mt) in October 2016 over October 2015. Crude oil output of ONGC fell 1.9% to 1.87 mt, while that of private and joint venture (JV) companies dipped 7.5% to 0.90 mt. However, the crude oil production of Oil India improved 3.6% to 0.28 mt in October 2016. ONGCs offshore output declined 3.2% to 1.37 mt, while onshore production rose 1.7% to 0.50 mt.

Crude oil output fell 3.3% to 21.11 mt in April-October period of the fiscal year ending March 2017 (April-October 2016), snapping marginal 0.1% rise recorded in the corresponding period of last year. Output of ONGC eased 1.9% to 12.90 mt, while that of Oil India declined 1.8% to 1.88 mt and private companies fell 6.4% to 6.33 mt in April-October 2016 over April-October 2015.

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Persistent Systems trims intraday gains tracking fund selling
Nov 28,2016

Meanwhile, the S&P BSE Sensex was up 58.52 points or 0.22% at 26,374.86.

On BSE, so far 12,000 shares were traded in the counter as against average daily volume of 13,487 shares in the past one quarter. The stock was volatile. The stock rose as much as 1.45% at the days high of Rs 612 so far during the day. The stock lost as much as 0.2% at the days low of Rs 602 so far during the day. The stock had hit a 52-week low of Rs 501.10 on 28 September 2016. The stock had hit a 52-week high of Rs 796.75 on 21 March 2016. The stock had underperformed the market over the past one month till 25 November 2016, declining 8.48% compared with the Sensexs 6.32% fall. The scrip had also underperformed the market in past one quarter, sliding 6.12% as against the Sensexs 5.46% fall.

The mid-cap company has equity capital of Rs 80 crore. Face value per share is Rs 10.

On a consolidated basis, Persistent Systems net profit rose 0.27% to Rs 73.49 crore on 0.31% growth in net sales to Rs 704.02 crore in Q2 September 2016 over Q1 June 2016.

Persistent Systems builds software that drives the business of our customers; serving software product companies and enterprises with software at the core of their digital transformation.

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Board of Sagar Cements fixes issue price for preferential issue of shares
Nov 28,2016

Sagar Cements announced that the Board at its meeting held on 28 November 2016 inter-alia, fixed an issue price of Rs. 800/- (Rupees eight hundred only) per equity share (which includes a premium of Rs. 790/- per share) for the 6,11,986 equity shares of Rs. 10/- each of the company being issued for cash on a preferential basis, subject to receipt of further necessary approvals as may be required.

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Steel Exchange India to hold EGM
Nov 28,2016

Steel Exchange India will hold EGM of the Company on 21 December 2016 to consider preferential issue of equity shares.

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Cox & Kings owned Meininger Hotels signs lease agreement with Pandox AB
Nov 28,2016

Cox & Kings owned Meininger Hotels and Pandox AB signed a lease agreement for a hotel in Copenhagen. The Urban House Copenhagen Hostel is currently operated by Pandox. Meininger will be taking over the operation of 1000 bed hotel on 01 January 2017. The hotel will be undergoing soft refurbishments concurrently throughout the first 12 months of operations.

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