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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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Eveready Industries gains as board to consider business re-organisation
Feb 17,2017

The announcement was made after market hours yesterday, 16 February 2017.

Meanwhile, the S&P BSE Sensex was up 142.79 points, or 0.5%, to 28,444.06

On BSE, so far 321 shares were traded in the counter, compared with an average volume of 9,720 shares in the past one quarter. The stock hit a high of Rs 255 and a low of Rs 249.50 so far during the day. The stock hit a 52-week high of Rs 291 on 30 August 2016. The stock hit a 52-week low of Rs 190 on 29 December 2016.

The small-cap company has an equity capital of Rs 36.34 crore. Face value per share is Rs 5.

Net profit of Eveready Industries India rose 65.37% to Rs 35.19 crore on 1.7% rise in net sales to Rs 329.31 crore in Q3 December 2016 over Q3 December 2015.

Eveready Industries India is the market leader of dry cell batteries. Apart from dry cell batteries, the company is also the market leader in flashlights. Eveready also markets LED, CFL, GLS lamps & other lighting products and rechargeable lanterns & devices, and packet tea.

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NTPC provides update on exposure of coal in its Pakri Barwadih mine
Feb 17,2017

NTPC announced that the First Rake of coal has been flagged off on 16 February 2017 from Companys first coal mine, Pakri Barwadih mine located in the state of Jharkhand.

This coal mine will have ultimate capacity of 18 Million Metric Tonne per annum. In the next year, around 2-3 Million Metric Tonne of coal is likely to be produced. As a basket source, coal will be supplied to different power stations of NTPC from this mine.

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NTPC provides update on exposure of coal on its first coal mine - Pakri Barwadih
Feb 17,2017

NTPC announced that the First Rake of coal has been flagged off on 16 February 2017 from Companys first coal mine, Pakri Barwadih mine located in the state of Jharkhand.

This coal mine will have ultimate capacity of 18 Million Metric Tonne per annum. In the next year, around 2-3 Million Metric Tonne of coal is likely to be produced. As a basket source, coal will be supplied to different power stations of NTPC from this mine.

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Ind-Ra: Capacity Sufficient, Demand Deficient
Feb 17,2017

India Ratings and Research (Ind-Ra) has maintained a stable to negative outlook on the power sector for FY18, despite an improvement in coal availability, the restructuring of discom debt and the operationalisation of stuck projects. This is owing to large underutilised capacities, muted demand, bunched capacity addition, soft merchant power prices, continued investments in renewable capacities, lack of power purchase agreements (PPAs) and weak discoms.

Moreover, Ind-Ra has maintained a Stable Outlook on most of its rated power sector entities for FY18, as the agency expects its rated entities will continue to manage fuel and state power utility risks due to a favourable tariff mechanism, a comfortable liquidity position and support from central and state governments.

Credit profiles of large-sized power companies appear to have stabilised, though the sectors return on capital employed remains unattractive. However, small private companies are the worst hit. With a sub-50% plant load factor (PLF), they have a high probability of debt default. Under the current scenario, the survival of such players is not possible. There is a possibility of sector consolidation, which could be triggered by the new bankruptcy code.

Ind-Ra expects the PLFs of coal-based power plants to decline further in FY18 and rise thereafter, though they would continue to remain sub-65% until FY22. India added nearly 115GW of coal-based capacity over FY11-9MFY17. However, demand growth did not keep pace with such capacity addition. This has put pressure on the PLFs of coal-based thermal power plants. In the past, coal and discom financial health were the two key constraints to the overall PLF. However, demand, solar capacity addition and discom financial health will be the major factors putting pressure on PLF in future.

Ind-Ra believes nearly 45GW of private sector coal-based capacity running at sub-50% PLF is currently stressed, with a debt of nearly INR1.9 trillion. The private sector has been hit harder due to lack of PPAs for the entire capacity. Earlier, the private sector kept a part of the capacity untied due to high short-term prices. The PLF of the private sectors coal-based power plants fell to 56.3% in 9MFY17 from 83.9% in FY10. Given short-term power prices are likely to remain benign and discoms unwillingness to sign PPAs, these capacities are unlikely to see an increase in PLF. According to Central Electricity Authority estimates, 50GW of capacity has a high probability of getting commissioned over FY18-FY22. Central and state power utilities account for 60% of the 50GW capacity, followed by the private sector (40%). PPAs have been signed for the capacity belonging to central and state power utilities. This will put further pressure on the coal-based capacity of private power generators.

Solar power tariffs across the world declined to USD24MWh compared the lowest solar power tariff of USD48MWh in India. Given the wide difference, Ind-Ra believes there is ample room for domestic solar power tariffs to fall. This belief is more likely as solar panel prices fell 15% in 2HFY16. Solar power tariffs globally are a function of strong counterparty, higher PLF, single axis tilt use and lower borrowing cost. Moreover, battery storage advancements worldwide could alter solar power economics and make solar a more price and consumer-friendly energy source.

OUTLOOK SENSITIVITIES

Sovereign Linkages, High Capex and Low Prices: Weakening of linkages of public sector enterprises with the government of India, debt-funded capex with low incremental profitability due to lower PLF and average realisations could have a negative impact on ratings.

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HDFC Bank spurts as RBI withdraws foreign investment curbs
Feb 17,2017

The announcement was made after market hours yesterday, 16 February 2017.

Meanwhile, the BSE Sensex was up 227.46 points, or 0.80%, to 28,528.73.

On the BSE, so far 12.21 lakh shares were traded in the counter, compared with average daily volumes of 1.81 lakh shares in the past one quarter. The stock hit a high of Rs 1,450 so far during the day, which is also a record high for the counter. The stock hit a low of Rs 1,414 so far during the day. The stock hit a 52-week low of Rs 928.80 on 29 February 2016.

The large-cap private sector bank has equity capital of Rs 511.66 crore. Face value per share is Rs 2.

The Reserve Bank of India (RBI) notified that the aggregate foreign shareholding through American Depository Receipts (ADR)/Global Depository Receipts (GDR)/ Foreign institutional Investors (FIIs)/Foreign Portfolio Investors (FPIs)/ Foreign Direct Investment (FDI)/Non-Resident Indians (NRIs)/ Persons of Indian Origin (PIOs) in HDFC Bank have gone below the prescribed limit stipulated under the extant FDI Policy. Hence the restrictions placed on the purchase of shares of the above company are withdrawn with immediate effect.

HDFC Banks net profit rose 15.15% to Rs 3865.33 crore on 13.5% increase in operating income to Rs 20748.27 crore in Q3 December 2016 over Q3 December 2015.

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M&M in focus after new product launch
Feb 17,2017

Mahindra & Mahindra (M&M) after market hours yesterday, 16 February 2017, announced that it has introduced 7 new products simultaneously under its Supro platform. The company launched 4 new variants of its stylish and spacious passenger carrier, namely Supro Minivan, Supro Minivan VX, Supro Minivan CNG and Supro School Van and 3 new variants of its modern load carrier, Supro Minitruck, Supro Minitruck CNG & Supro Cargo Van. Priced competitively, the Supro Minivan starts at Rs 4.71 lakh (ex-showroom Kolkata, BS4) while the Supro Minitruck starts at Rs 4.28 lakh (ex-showroom Kolkata, BS4).

ln the small commercial load category, the company expanded its range with the launch of Supro Minitruck, Supro Minitruck CNG & Supro Cargo Van, additions to the already existing Supro Maxitruck, making it a complete range of powerful, profitable Small Cargo vehicles.

ln the passenger category, the company expanded its range with the launch of the Supro Minivan, Minivan VX, Supro Minivan CNG & Supro School Van to the already existing Supro, resulting in it a complete range of spacious, comfortable Minivans. The Supro platform was conceptualised to effectively cater to the needs of multiple segments in the passenger and cargo movement categories, while delivering a superior value proposition, M&M said.

HDFC Bank will be in focus. The Reserve Bank of India (RBI) notified that the aggregate foreign shareholding through American Depository Receipts (ADR)/Global Depository Receipts (GDR)/ Foreign institutional Investors (FIIs)/Foreign Portfolio Investors (FPIs)/ Foreign Direct Investment (FDI)/Non-Resident Indians (NRIs)/ Persons of Indian Origin (PIOs) in HDFC Bank have gone below the prescribed limit stipulated under the extant FDI Policy. Hence the restrictions placed on the purchase of shares of the above company are withdrawn with immediate effect. The announcement was made after market hours yesterday, 16 February 2017.

Bharat Heavy Electricals (Bhel) and Idea Cellular have been removed from the benchmark Nifty 50 index, NSEs index provider IISL said in a statement on Thursday, 16 February 2017. The two stocks will be replaced by Indiabulls Housing Finance and Indian Oil Corporation (IOC) instead, as part of the periodic review process. The changes will take effect from 31 March 2017, the statement added.

NTPC announced after market hours yesterday, 16 February 2017, that the first rake of coal was flagged off on 16 February 2017 from the companys first coal mine, Pakri Barwadih in Jharkhand. This coal mine will have ultimate capacity of 18 million metric tonne per annum. In the next year, around 2-3 million metric tonne of coal is likely to be produced. As a basket source, coal will be supplied to different power stations of NTPC from this mine.

Biocon announced that the U.S. Food and Drug Administration (FDA) has accepted Biologics License Application for Mylan and proposed biosimilar pegfilgratism. The US FDA has accepted Mylans Biologics License Application (BLA) for MYL44O1H, a proposed biosimilar to Neulasta (pegfilgrastim), for filingthrough the 351(k) pathway. The proposed biosimilar to Neulasta is used to reduce the duration of neutropenia (low count of neutrophils, a type of white blood cells) and the incidence of fever associated with neutropenia in adult patients treated with chemotherapy n++n certain types of cancer. The FDA goal date set under the Biosimilar User Fee Act (BsUFA) is 9 October 2017, the company said. The announcement was made after market hours yesterday, 16 February 2017.

Siemens announced that it has received an order worth about Rs 119 crore from Sterlite Power Grid Ventures. The order is for design, engineering, procurement, manufacture, supply and commissioning of equipment for a substation at Khandwa in Madhya Pradesh and for bay extension equipment at Dhule in Maharashtra for Khargone Transmission. The announcement was made after market hours yesterday, 16 February 2017.

Eveready Industries India announced that a meeting of the board of directors of the company will be held on 20 February 2017, inter alia, to consider the re-organisation of the packet tea operations. The announcement was made after market hours yesterday, 16 February 2017.

Shilpa Medicare said that there was an incident of fire at the companys EOU Unit (API) plant in one block of the company, situated at Raichur, Karnataka. It is further intimated that it may not have impact on the operations of the said plant or financials. The announcement was made after market hours yesterday, 16 February 2017.

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Kotak Mahindra Bank allots 2,96,582 equity shares
Feb 16,2017

Kotak Mahindra Bank announced that the ESOP Allotment Committee of the Bank at its Meeting held on 15 February 2017, has allotted 2,96,582 equity shares of Rs. 5/- each, pursuant to exercise of equivalent number of Employee Stock Options.

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Megasofts XIUS selected by Toka
Feb 16,2017

XIUS, the telecom brand of Megasoft has been selected by Toka, a company specializing in electronic payment solutions to launch MobileVirtual Network Operator (MVNO) services in Mexico. Toka will operate its MVNO on Movistars (Telefonica) network.

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Centum Electronics inaugurates state-of-the-art design and manufacturing facility
Feb 16,2017

Centum Electronics has inaugurated its state-of-the-art design and manufacturing facility in Bengaluru. This is Companys fourth manufacturing facility spread over six acres measuring 150000 sq. ft and is located at the aerospace park near Devanahalli. The investments towards the facility including upgradation of lines and technology is about Rs 200 crore, over two years.

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Sagar Cements successfully concludes QIP issue
Feb 16,2017

Sagar Cements has successfully concluded its fund raising exercise through Qualified Institutional Placement (QIP). The Company raised Rs 173 crore by issue of 24 lakh shares of Rs 10 each at a price of Rs 720 per share. Post issue, the institutional holding is in excesss of 18.7% as against 7.3% pre-QIP.

The funds raised will be deployed to meet capital expenditure for increasing the capacity of its grinding unit at Bayyavaram from 1,81,500 MT to 15,00,000 MT per annum, setting up a 15 MW coal based captive power plant at its Mattampally unit and for general corporate purpose.

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Kirloskar Industries director resigns
Feb 16,2017

Kirloskar Industries announced that Priyamvada A. Ranade has resigned from the Board of Directors of the Company as a Director due to other pre-occupations with effect from 15 February 2017.

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R&B Denims resumes factory operations
Feb 16,2017

R&B Denims announced that there is a considerable change in market scenario and the effect of demonetization is over, Companys stock in hand are come down to optimum stock level.

Further there is an increase in demand of companys product both in domestic and foreign market, the company has started its normal functioning and foresee no further interruption will arise in manufacturing activities.

On 16 December 2016, the Company had temporarily shut down factory production due to market trend and effect of demonetization.

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Bharat Wire Ropes appoints director
Feb 16,2017

Bharat Wire Ropes announced that the Board of Directors of the Company has appointed Shiv Kumar Malu as an Independent Director with effect from 15 February 2017.

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Sarthak Global announces resignation of director
Feb 16,2017

Sarthak Global announced that Sitaram Rathi has resigned from the post of Director as well as Whole-time Director of the Company from the closing hours of 14 February 2017.

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Mercator appoints director
Feb 16,2017

Mercator announced that Desh Raj Dogra has been appointed as (Additional) Independent and Non- Executive Director of the Company for a period of 5 years w.e.f 15 February 2017.

The Board of Directors of the Company approved the appointment of Dogra through Circular Resolution passed on 15 February 2017.

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