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Surya Industrial Corporation to hold AGM

Surya Industrial Corporation to hold AGM

Sep 14,2016

Surya Industrial Corporation announced that the Annual General Meeting (AGM) of the company will be held on 30 September 2016.

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Manali Petrochemicals spurts on hopes Govt mulls anti-dumping duty on foam-making chemical
Feb 28,2017

Meanwhile, the S&P BSE Sensex was down almost unchanged at 28,812.07.

The stock galloped on heavy volumes. On the BSE, 26.09 lakh shares were traded on the counter so far as against the average daily volumes of 1.12 lakh shares in the past one quarter. The stock had hit a high of Rs 42 and a low of Rs 37 so far during the day.

The stock had hit a 52-week high of Rs 47.60 on 24 October 2016 and a 52-week low of Rs 22.30 on 26 February 2016. It had underperformed the market over the past one month till 27 February 2017, sliding 4.44% compared with the Sensexs 3.34% rise. The scrip had also underperformed the market over the past one quarter, advancing 4.56% as against the Sensexs 9.49% rise.

The small-cap company has equity capital of Rs 86 crore. Face value per share is Rs 5.

According to reports, the government is likely to impose anti-dumping duty of up to $135.40 per tonne on imports of a chemical used in foam making from Thailand. The move is aimed at protecting domestic players from cheap imports of flexible slabstock polyol from the South-East Asian country, as per reports.

Media reports further stated that the application for the anti-dumping investigation was filed by Manali Petrochemicals on behalf of the domestic industry. The company has claimed that these account for more than 95% of the total production for the product.

The chemical flexible slabstock polyol is used in the foam industry, which is used in upholstery, mattresses, pillows, transport seating and packaging.

Manali Petrochemicals net profit surged 251.2% to Rs 14.54 crore on 21% growth in net sales to Rs 138.18 crore in Q3 December 2016 over Q3 December 2015.

Manali Petrochemicals is engaged in the business of manufacture of petrochemicals. The company is engaged in offering polyols and propylene glycol.

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Ind-Ra: State Finances to Remain Resilient in FY18
Feb 28,2017

India Ratings and Research (Ind-Ra) expects the aggregate fiscal deficit of Indian states to increase marginally to 3.3% of gross domestic product (GDP) in FY18 from its forecast of 3.2% for FY17. The agency has maintained its forecast for FY17. The aggregate states debt/GDP ratio may increase marginally to 24.3% in FY18 from Ind-Ras forecast of 24% for FY17.

The central government is evaluating the report of the N. K. Singh panel on Fiscal Responsibility and Budget Management, which allows the fiscal deficit of the central government to be increased by 0.5% of GDP. Ind-Ra believes once the report is accepted, states would also make suitable changes in the fiscal deficit targets specified under their Fiscal Responsibility and Budget Management acts.

Ind-Ra estimates the net market borrowings of states will increase to INR3.7 trillion in FY18 from its forecast of INR3.5 trillion for FY17. However, as a percentage of GDP, states net market borrowings is likely to moderate to 2.2% in FY18 from its forecast of 2.3% for FY17.

Ind-Ra expects goods and services tax to be implemented from July 2017.Ind-Ra believes the proposed compensation of INR500 billion by the central government to state governments to cover revenue losses post tax implementation will be sufficient.

Ind-Ra expects demand for petroleum products in FY18 to increase 9.5% yoy and the prices of Indian crude basket to increase to INR4,015/bbl from INR3,122/bbl in FY17 (April-January). Ind-Ra expects states with a higher proportion of revenue from petroleum products in own tax revenue to benefit from the increase in crude oil prices.

On the expenditure side, Ind-Ra expects the aggregate capital expenditure/GDP ratio of states to remain stable at 3.4% in FY18, same as in FY16 and FY17 (FY15: 2.5%). Despite a salary revision, Ind-Ra expects select committed expenditure (in the form of salary, pension and interest payments)/current expenditure ratio to remain stable in FY18.

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V2 Retail advances after launching retail store
Feb 28,2017

The announcement was made during market hours today, 28 February 2017.

Meanwhile, the S&P BSE Sensex was down 9.57 points or 0.03% at 28,803.31.

On the BSE, 26,843 shares were traded in the counter so far as against average daily volume of 34,136 shares over the past one quarter. The stock had hit a high of Rs 191.35 and a low of Rs 184.45 so far during the day. The stock had hit a 52-week high of Rs 194.40 on 21 February 2017. The stock had hit a 52-week low of Rs 41.50 on 29 February 2016.

The stock had outperformed the market over the past one month till 27 February 2017, gaining 22.4% compared with the Sensexs 3.34% rise. The scrip had also outperformed the market over the past one quarter, jumping 57.51% as against the Sensexs 9.49% rise.

The small-cap company has equity capital of Rs 28.89 crore. Face value per share is Rs 10.

V2 Retail said that currently 36 retail stores are operational of the company.

V2 Retails net profit surged 245.2% to Rs 33.38 crore on 55.7% rise in net sales to Rs 152.81 crore in Q3 December 2016 over Q3 December 2015.

V2 Retail is one of the fastest growing retail groups in India.

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India and ADB sign $375 million in loans and grants for first phase of 2,500-kilometer long East Coast Economic Corridor
Feb 28,2017

The Asian Development Bank (ADB) and the Government of India signed here $375 million in loans and grants to develop 800-kilometer Visakhapatnam-Chennai Industrial Corridor, which is the First Phase of a planned 2,500-kilometer long East Coast Economic Corridor (ECEC). The Corridor is expected to spur development on Indias eastern coast in line with the Government of Indias Make in India policy to stimulate manufacturing, and Act East policy to integrate the Indian economy with Asias dynamic global production networks.

The signing event was held on 23 February 2017 followed the ADB approval of $631 million in loans and grants in September 2016 to develop the Visakhapatnam-Chennai Industrial Corridor. ADBs approved loans comprise a $500 million multi-tranche facility to build key infrastructure in the four main centers along the corridor - Visakhapatnam, Kakinada, Amaravati, and Yerpedu-Srikalahasti in the State of Andhra Pradesh. The First Tranche of $245 million was signed today that will finance sub-projects to develop high-quality internal infrastructure in 2 of the 4 nodes of the corridor-Visakhapatnam and Yerpedu-Srikalahasti.

Another component of the approved ADB funds signed on 23.02.2017 was a $125 million policy-based loan that will be used for capacity development of institutions engaged in corridor management, provide support to enhance ease of doing business and for supporting industrial and sector policies to stimulate industrial development.

n++ADB is supporting an industrial corridor development approach that involves creation of efficient transport, and reliable water and power supplies in the industrial clusters along with a skilled workforce, to be backed by industry-friendly policies that improve ease of doing business for integration of local economy with global production networks,n++ said L. B. Sondjaja, Deputy Country Director of ADBs India Resident Mission who signed the loan agreement on behalf of ADB. n++We estimate that by 2025, annual industrial output along the corridor will increase fourfold to $64 billion from about $16 billion in 2015 if investment opportunities are maximized over the next few years.n++

The project is an important milestone in the process of developing the corridor and realizing the objectives of Make in India. We sincerely hope that the project will complement the ongoing efforts of the Government of Andhra Pradesh to enhance industrial growth and create high-quality jobs,n++ said Raj Kumar, Joint Secretary (Multilateral Institutions), in the Ministry of Finance, who signed the loan agreement for Government of India. The project agreement was signed by Hema Munivenkatappa, Special Secretary to Government (Finance) on behalf of the Government of Andhra Pradesh.

Along with the ADB loans, agreement was also signed for a $5 million grant from the multi-donor Urban Climate Change Resilience Trust Fund that is managed by ADB to build climate change resilient infrastructure. The Government of India will provide extra funding of $215 million to the $846 million project.

Among the outputs envisaged under the $245 million tranche 1 loan include strengthening and widening of a 29.6-kilometer section of state highway to four lanes to improve connectivity from Kakinada Port to National Highway 16, investments in smart water management in Visakhapatnam to reduce nonrevenue water and provide continuous water supply, upgrading 7 power substations to supply high-quality and reliable power supply to Visakhapatnam, Naidupeta, and Yerpedu-Srikalahasti industrial clusters, and effluent treatment facility in Atchutapuram and Naidupeta clusters.

The tranche 1 loan will have a 25-year term, including a grace period of 5 years, a 20-year straight line repayment method at an annual interest rate determined in accordance with ADBs LIBOR-based lending facility.

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L&T Hydrocarbon Engineering signs 5 year Enterprise Framework Agreement
Feb 28,2017

Larsen & Toubro announced that its subsidiary, L&T Hydrocarbon Engineering has signed a five year Enterprise Framework Agreement with Shell Global Solutions International B.V. for providing Engineering, Procurement and Construction Management Services for Shell projects in Middle East, South East Asia and India.

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Lupin receives final approval for generic Percocetn++ Tablets
Feb 28,2017

Lupin announced that it has received final approval for its Oxycodone and Acetaminophen Tablets USP, 2.5 mg/325 mg, 5 mg/325 mg, 7.5 mg/325 mg and 10 mg/325 mg from the United States Food and Drug Administration (FDA) to market a generic version of Vintage Pharmaceuticals LLCs Percocetn++ Tablets, 2.5 mg/325 mg, 5 mg/325 mg, 7.5 mg/325 mg and 10 mg/325 mg. Lupin shall commence promoting the product shortly.

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Trent announces issuance of Commercial Paper aggregating Rs 100 crore
Feb 28,2017

Trent has issued commercial paper aggregating Rs 100 crore.

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Karnataka Bank leads gainers on BSEs A group
Feb 28,2017

Karnataka Bank jumped 6.28% at Rs 137. The stock topped the gainers in A group. On the BSE, 16.24 lakh shares were traded on the counter so far as against the average daily volumes of 4.62 lakh shares in the past two weeks.

Gati rose 5.48% at Rs 129.95. The stock was the second biggest gainer in A group. On the BSE, 11.29 lakh shares were traded on the counter so far as against the average daily volumes of 1.09 lakh shares in the past two weeks.

Federal Bank rose 5.4% at Rs 87.90. The stock was the third biggest gainer in A group. On the BSE, 13.09 lakh shares were traded on the counter so far as against the average daily volumes of 7.69 lakh shares in the past two weeks.

Sun Pharma Advanced Research Company rose 5.28% at Rs 336.90. The stock was the fourth biggest gainer in A group. On the BSE, 2.24 lakh shares were traded on the counter so far as against the average daily volumes of 55,000 shares in the past two weeks.

Kaveri Seed Company rose 3.94% at Rs 484. The stock was the fifth biggest gainer in A group. On the BSE, 1.02 lakh shares were traded on the counter so far as against the average daily volumes of 30,000 shares in the past two weeks.

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Volumes jump at Idea Cellular counter
Feb 28,2017

Idea Cellular clocked volume of 15.24 crore shares by 13:45 IST on BSE, a 63.05-times surge over two-week average daily volume of 24.18 lakh shares. The stock lost 2.4% at Rs 111.85 amid reports that private equity fund Providence exited the company by selling entire shareholding.

Providence had picked up 15% stake in Idea Cellular in 2006 through its investment arm P5 Asia Investment (Mauritius) for around Rs 1800 crore and has been paring its holding continuously over the years. P5 Asia Investment (Mauritius) owned 3.33% stake in Idea Cellular as per the shareholding pattern as on 31 December 2016.

It may be noted that Idea Cellular has been in the news on account of likely merger with rival Vodafone.

Manali Petrochemical notched up volume of 23.46 lakh shares, a 31.85-fold surge over two-week average daily volume of 74,000 shares. The stock surged 16.88% at Rs 41.55.

Blue Star saw volume of 1.07 lakh shares, a 24.21-fold surge over two-week average daily volume of 4,000 shares. The stock was up 1.85% at Rs 566.

Bata India clocked volume of 5.49 lakh shares, a 13.48-fold surge over two-week average daily volume of 41,000 shares. The stock rose 1.92% at Rs 509.30.

Lincoln Pharmaceuticals saw volume of 5.70 lakh shares, a 11.39-fold rise over two-week average daily volume of 50,000 shares. The stock jumped 19.75% at Rs 244.

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V2 Retail opens retail store in Bihar
Feb 28,2017

V2 Retail has launched one operational Retail Store at below mentioned location/address:-

a) Khasra No. 693 & 694, Khata No. 471, Janpur Road, Motihari, Bihar-845401,

Therefore currently 36 (Thirty Six) Retail stores are operational.

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Vaibhav Global provides update on subsidiary Shop LC
Feb 28,2017

Vaibhav Global announced that its US subsidiary Shop LC (formerly the Liquidation Channel), made its debut on the Zang Toi runway at New York Fashion Week (NYFW). Shop LC is an interactive, integrated retailer focused on the fine jewelry, beauty, fashion, home dn++cor and lifestyle categories.

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Kellton Tech Solutions gets assigned rating for LoC
Feb 28,2017

Kellton Tech Solutions announced that ICRA has assigned a long term rating of ICRA A- with a Stable outlook and a short term rating of ICRA A2+ for Line of Credit aggregating Rs 100 crore.

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Tejnaksh Healthcare fixes record date for bonus issue
Feb 28,2017

Tejnaksh Healthcare has fixed 09 March 2017 as the Record Date for the purpose of issue of Bonus Shares in the proportion of 1 (One) Bonus Equity Share of Rs. 10/- (Rupees Ten) each, for every 1 (One) fully paid-up Equity Share of Rs. 10/- (Rupees Ten) each.

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V-Mart Retail opens two new stores
Feb 28,2017

V-Mart Retail has opened two new stores in state of Uttar Pradesh. Both are fashion stores. With this the tally of the State (U.P.) is 17 Composite and 41 Fashion stores.

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India signs Financing Agreement with World Bank for US$ 63 mln for Tejaswini: Socio-Economic Empowerment of Adolescent Girls C& Young Women Project
Feb 28,2017

A Financing Agreement for IDA credit of US$ 63 million (equivalent) for the n++Tejaswinin++ Socio-Economic Empowerment of Adolescent Girls and Young Women Projectn++ was signed here with the World Bank on 23rd February, 2017. The Financing Agreement was signed by Mr. Raj Kumar, Joint Secretary, Department of Economic Affairs, Ministry of Finance on behalf of the Government of India and Mr. Junaid Kamal Ahmad, Country Director, World Bank (India) on behalf of the World Bank. A Project Agreement was also signed by Mr. Mukhmeet Singh Bhatia, Principal Secretary, Department of Women, Child Development, Government of Jharkhand and Mr. Junaid Kamal Ahmad, Country Director, World Bank.

The project seeks to empower the adolescent girls with basic life skills and thereafter provide further opportunities to acquire market driven skill training or completion of secondary education, depending on the inclination of the beneficiary. The project will be delivered in 17 Districts of Jharkhand. The project has three main components, (i) Expanding social, educational and economic opportunities (ii) Intensive service delivery (iii) State capacity-building and implementation support. About 680,000 adolescent girls and young women in the project Districts are expected to benefit from the program.

The closing date for the project is 30th June, 2021.

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