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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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India Ratings Affirms ONGC Petro Additions at IND A+/Positive
Apr 25,2017

India Ratings and Research (Ind-Ra) has affirmed ONGC Petro Additions Limiteds (OPAL) Long-Term Issuer Rating at IND A+. The Outlook is Positive. India Ratings and Research (Ind-Ra) has affirmed ONGC Petro Additions Limiteds (OPAL) Long-Term Issuer Rating at IND A+. The Outlook is Positive.

Key rating drivers:

Plant Commissioning: Ind-Ra has maintained a Positive Outlook on OPAL to reflect the commissioning of OPALs greenfield petrochemicals complex in FY17 and the companys expectations that the operations will be stabilised in FY18. The performance guarantee test runs are underway. Commercial operations at the petrochemical plants polypropylene unit were started in June 2015.

Linkages with Sponsors: The affirmation reflects Ind-Ras expectation that Oil and Natural Gas Corporation Limited (ONGC) will continue to support OPAL, considering the strong strategic and operational linkages between the two entities. OPAL is a forward integration project for ONGC and is thus strategically important for the latter. ONGC, along with another sponsor GAIL (India) Ltd (IND AAA/Stable), has provided the necessary undertakings to support any cost overruns in the project.

Plant Size and Scale: OPALs petrochemical complex (1.1 million metric tonnes per annum capacity) is of a large size and scale. The barriers to entry into a petrochemical business are high, considering the complexity, capital, technical expertise and experience required to set up a project of this scale. The plant will primarily manufacture polypropylene, linear low-density polyethylene, high-density polyethylene, pygas, benzene etc. These products have a strong demand potential in India as well as in the other regions of Asia. OPAL is also focusing on producing higher grades of products which are being imported and are likely to command a higher premium. The company is also likely to benefit by selling its finished products within the special economic zones where it has a ready customer base.

Feedstock Linkages: OPAL has an assured supply of its key feedstock, namely ethane (C2), propane (C3), butane (C4) and naphtha (aromatic rich and low aromatic), from ONGC. Naptha is billed in Indian rupee and C2, C3, C4 in US dollars. C2, C3, C4 were to be billed on a cost-plus conversion cost basis under the initial agreements signed between ONGC and OPAL. Delays in the laying of a naptha pipeline from ONGCs Hazira plant has resulted in increased procurement cost for OPAL. The feedstock agreement is being revisited and the terms are likely to continue according to the initial agreement. OPAL is confident of being compensated by ONGC for the increased procurement cost. Also, OPALs dual feed cracker will enable it to substitute naphtha with ethane and thus help it earn better profitability than from the traditional naphtha cracker. Any significant changes to the feedstock agreement, detrimental to OPAL, are likely to impact its profitability.

Refinancing Pressure: OPAL has repayments of INR71,790 million due at FYE18. OPAL may refinance/ roll over the short-term loans and may service term loans from internal accruals or borrow additional loans. In July 2016, OPAL raised INR56,150 million CCDs with a credit enhancement. The CCD proceeds were used to fully repay the medium term loan, subordinate loan and partially repay the short-term loans. OPAL plans to raise INR16,710 million through another CCD issuance in 1QFY18.

OPAL had to maintain a debt-equity ratio at 1.41:1 post-December 2015, as stipulated under the lenders agreement. It has received an extension of the timeline to meet the covenant from some lenders. The debt-equity ratio was 1.91:1 on 31 December 2016. However, Ind-Ra draws comfort from ONGCs strong and ongoing sponsor support to OPAL.

Lower-than-estimated Equity Infusion: Lower-than-estimated equity infusions by OPALs existing sponsors as well as delays in getting strategic investors on board have led to additional debt for the company in form of subordinate debt and short-term loans to fund its capex. This has increased its leverage levels and interest costs during construction. OPAL in July 2016 issued INR56,150 million of 8.75% CCDs and will issue INR16,710 million CCDs in 1QFY18 for partially financing project expenditure and meet repayment obligations. OPALs profitability and timely debt servicing in its initial years of operations depend significantly on timely equity infusions and the consequent reduction in debt and interest burden.

Backstopping Arrangement from Sponsor for CCDs: The SO rating draws comfort from the unconditional and irrevocable mandatory put option on the sponsor, ONGC for a buy-out of the CCDs at the end of the 35th month from the deemed date of allotment, as well as the undertaking to fund the coupon payment. The sponsor would also have the right to buy-out the CCD at the end of the 24th, 30th and 35th month from the deemed date of allotment. As per the draft term sheet shared by OPAL with Ind-Ra, the CCDs would have a tenor of 36 months from the deemed date of allotment and will not have any conversion option for the period it is held by the investor. OPAL would use the proceeds for partially financing the project expenditures and repaying existing credit facilities availed from banks/financial institutions.

Undertaking for Coupon Payment of CCDs: The rating also factors the payment mechanism for timely coupon servicing on the CCDs. The CCDs would have an annual coupon payment, which will be paid through a no-lien service account created by OPAL. OPAL/ONGC will fund the service account with the requisite amount of the coupon payment on or before the coupon payment date.

RATING SENSITIVITIES

Positive: Stabilisation of operations and an improvement in the credit profile as envisaged by management could be positive for the ratings.

Negative: Inability to ramp up operations resulting in lower-than-expected improvement in the credit metrics in FY18 and/or any delay in support from the sponsors could be negative for the ratings.

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RIL may gain on good Q4 results
Apr 25,2017

Reliance Industries (RIL) consolidated net profit excluding exceptional items rose 16.6% to Rs 8046 crore on 45.2% growth in turnover to Rs 92889 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 24 April 2017. The companys board of directors recommended a dividend of Rs 11 per share for the financial year ended 31 March 2017.

Increase in revenue is primarily on account of increase in prices of refining and petrochemical products on the back of higher oil prices. Turnover was also boosted by robust growth in retail business. Gross refining margin (GRM) rose to $11.5 per barrel in Q4 March 2017 from $10.8 per barrel each in Q3 December 2016 and in Q4 March 2016.

Reliance Jio Infocomm, a subsidiary of RIL crossed 50 million subscribers in just 83 days, and 100 million in 170 days, adding at an average rate of 6 lakh subscribers per day. Jio continues its rapid ramp-up of subscriber base and as of 31st March 2017, there were 108.9 million subscribers on the network.

Indiabulls Housing Finances consolidated net profit rose 24.4% to Rs 841 crore on 21.8% rise in total revenue to Rs 3225 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 24 April 2017.

Wipro will announce Q4 results today, 25 April 2017.

IndusInd Bank announced that it inaugurated its third branch in Jamshedpur. Expanding presence across Jharkhand, IndusInd Bank recently inaugurated its third branch in Jamshedpur, the first planned industrial city of India. The branch is located at Mango, Jamshedpur.

With the inauguration of this branch, the bank now has 19 branches in the state of Jharkhand. The announcement was made after market hours yesterday, 24 April 2017.

Infosys announced it is strengthening its engineering footprint in Eastern Europe by opening its first office and delivery center (DC) in Karlovac, Croatia.

In line with the companys strategy to establish global competency centers, offering the best talent in the market and making it available to customers globally, this DC also marks expansion into Eastern Europes established heavy engineering sector. The new facility will meet near-shoring requirements, support engineering clients worldwide, as well as offer R&D services.

The Karlovac facility in Croatia is the latest location across 16 regions in Europe which Infosys has openedas part of its ongoing commitment to client servicing and local job creation. The announcement was made after market hours yesterday, 24 April 2017.

Biocon said that the companys board of directors will consider issue of bonus shares at its meeting scheduled on Thursday, 27 April 2017. The announcement was made after market hours yesterday, 24 April 2017.

Strides Shasun announced that its API manufacturing site at Cuddalore was recently inspected by the USFDA. This was a routine GMP inspection and the company has successfully completed the inspection with Zero 483 observations. The announcement was made after market hours yesterday, 24 April 2017.

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Strides Shasun intimates of successful USFDA inspection of Cuddalore manufacturing facility
Apr 24,2017

Strides Shasun announced that its API manufacturing site at Cuddalore was recently inspected by US FDA. The Company has successfully completed this inspection with Zero 483 observations.

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JM Financial provides update on subsidiary - JM Financial Asset Management
Apr 24,2017

JM Financial announced that the Board of Directors of JM Financial Asset Management, a subsidiary of JM Financial, at its meeting held on 24 April 2017, has approved the buy-back of up to 10% of the outstanding equity capital subject to the necessary approvals as may be required.

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Board of Onward Technologies appoints director
Apr 24,2017

The Board of Directors of Onward Technologies has appointed Rahul Rathi as Additional Director effective 24 April 2017.

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Kiran Vyapar announces resignation of company secretary and compliance officer
Apr 24,2017

Kiran Vyapar announced that Aakash Jain, Company Secretary and Compliance Officer has resigned on 31 March 2017 and has been relieved from the services of the Company on the close of the working hours on 24 April 2017.

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Indo-Global Enterprises announces resignation of company secretary
Apr 24,2017

Indo-Global Enterprises announces resignation of Company Secretary cum Compliance Officer, Vanshree Modi with effect from the closure of the business hours on 22 April 2017

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Zensar Technologies allots 11,124 equity shares
Apr 24,2017

Zensar Technologies announced that the Nomination and Remuneration Committee of the Board has allotted 11,124 fully paid equity shares of Rs. 10/- each to the eligible employees of the Company who have exercised the stock options granted to them.

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Eskay K`nIT (India) announces resignation of CFO
Apr 24,2017

Eskay K`nIT (India) announced that Neeta Shetty has resigned from the post of Chief Financial Officer of the Company.

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NOCIL allots 2,55,200 equity shares
Apr 24,2017

NOCIL has allotted 2,55,200 equity shares on exercise of ESOPs. Consequently, the paid up equity share capital has increased to 16,38,38,380 equity shares aggregating Rs 163.83 crore.

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Zee Learn allots 217,606 equity shares
Apr 24,2017

Zee Learn has allotted 217,606 equity shares under ESOP Scheme. Consequently, the paid up share capital of the company has increased to 322,859,987 equity shares of Re 1 each aggregating Rs 32.28 crore.

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Nicco Uco Alliance Credit appoints director
Apr 24,2017

Nicco Uco Alliance Credit announced that the Board of Directors of the Company at its meeting held on 24 April 2017 has appointed Lakshmi Narain Kaul (DIN 00198692) as an Additional Director and also the Managing Director of the Company for three years with effect from 1st May 2017 subject to the approval of the Members by a special resolution in a General Meeting and also subject to the approval by the Central Government.

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IndusInd Bank expands presence in Jharkhand
Apr 24,2017

IndusInd Bank recently inaugurated its third branch in Jamshedpur. With the inauguration of this branch, the Bank now has 19 branches in the state of Jharkhand.

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Golden Tobacco receives favourable order from Income Tax Appellate Tribunal
Apr 24,2017

Golden Tobacco announced that the Income Tax Appellate Tribunal (ITAT) Mumbai in its order dated 11 April 2017 quashed the penalties of Rs. 80.71 crore in respect of assessment year 1984-85 to 1986-87.

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Religare Enterprises announces resignation of nominee director
Apr 24,2017

Religare Enterprises announced that Monish Kant Dutt, Nominee Director of International Finance Corporation (IFC) has tendered his resignation from the directorship of the Company with effect from 24 April 2017.

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