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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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Dredging Corporation of India soars over 48% in six sessions
Mar 21,2017

Meanwhile, the S&P BSE Sensex was down 106.91 points, or 0.36% to 29,411.83.

On the BSE, 1.27 lakh shares were traded in the counter so far, compared with average daily volumes of 68,215 shares in the past one quarter. The stock had hit a high of Rs 713.85 and a low of Rs 684 so far during the day. The stock hit a 52-week high of Rs 716 on 17 March 2017. The stock hit a 52-week low of Rs 330 on 21 March 2016.

The stock had outperformed the market over the past one month till 20 March 2017, rising 51.51% compared with 3.69% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 76.80% as against Sensexs 12.20% rise.

The small-cap company has equity capital of Rs 28 crore. Face value per share is Rs 10.

Shares of Dredging Corporation of India have rallied 48.05% in six trading sessions from its close of Rs 474.50 on 10 March 2017.

On 6 March 2017, some media reports suggested that the government was looking to sell a 51% stake in state-run company. The strategic stake sale could materialise by middle of the next fiscal year starting April 2017, the reports added.

The company, however, clarified during trading hours on 6 March 2017, that it has not received any specific official communication from the government regarding stake sale. Hence, the company had no comments to offer on the same. The company added that it will inform the stock exchange as and when any official information is received from the government in this regard.

The government currently holds 73.47% stake in Dredging Corporation of India (as on 31 December 2016).

Dredging Corporation of India reported net profit of Rs 14.04 crore in Q3 December 2016, compared with net loss of Rs 19.62 crore in Q3 December 2015. Net sales fell 13.7% to Rs 139.39 crore in Q3 December 2016 over Q3 December 2015.

State-run Dredging Corporation of India provides dredging services to the major ports of the country.

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Ramco Systems partners with PT Mass Rapid Transit Jakarta
Mar 21,2017

Indonesian government owned rail transit operator - PT Mass Rapid Transit Jakarta announced that it will implement Ramco Systems ERP suite, to digitise its regional finance and accounting functions.

Ramco will deploy its next gen Finance & Accounting offering its Enterprise Resource Planning suite for PT MRTJ, in partnership with its local IT consultancy PT EMS Paramitra.

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Board of Aryaman Financial Services allots 7.07 lakh equity shares on preferential basis
Mar 21,2017

Aryaman Financial Services announced that the Board of Directors of the Company at its meeting held on 21 March 2017 have allotted 7,07,000 Equity Shares having face value of Rs. 10/- on preferential basis at a price of Rs. 22.50/-

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RPP Infra Projects secures order worth Rs 45.6 crore
Mar 21,2017

RPP Infra Projects has received an order from Karnataka Slum Development Board for construction of 795 ground floor dwelling units including infrastructure at 1 selected slums of Krishnaraja Area in Mysore city under PMAY-HFA scheme for worth Rs 45.6 crore. The said work is to be completed within 24 months.

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Dilip Buildcon receives provisional completion certificate for road project on NH-167 in Andhra Pradesh
Mar 21,2017

Dilip Buildcon has received the provisional Completion Certificate and declared fit for entry into operation w.e.f. 15 February, 2017, for the project of Adoni to Madhavaram via Mantralayam Section (NH-167) Road Total Length 55.15 Km two lane with paved shoulders in the state of Andhra Pradesh under Corridor Approach Engineering, Procurement and Construction (EPC) basis. Further, the Company has successfully completed the said project 102 days prior to the schedule Completion date and in lieu of the earlier completion of the Project, Company is entitled to received the maximum Bonus amount Rs. 4.92 crore.

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Havells India inches up after commencing commercial production at plant in Assam
Mar 21,2017

The announcement was made after market hours yesterday, 20 March 2017.

Meanwhile, the S&P Sensex was down 90.88 points, 0.31% at 29,427.86.

On the BSE, 54,000 shares were traded on the counter so far as against the average daily volumes of 1.67 lakh shares in the past one quarter. The stock had hit a high of Rs 451.90 and a low of Rs 444.50 so far during the day.

The stock had hit a record high of Rs 459.80 on 6 October 2016 and a 52-week low of Rs 287 on 18 March 2016. The stock had outperformed the market over the past one month till 20 March 2017, advancing 7.63% compared with the Sensexs 2.99% rise. The scrip had also outperformed the market over the past one quarter advancing 39.74% as against the Sensexs 12.20% rise.

The large-cap company has equity capital of Rs 62.49 crore. Face value per share is Rs 1.

Havells India announced that it has commenced the commercial production at its plant situated at District-Kamrup (Rural), Assam, with effect from 20 March 2017.

Havells Indias net profit rose 27.5% to Rs 152.97 crore on 13.1% increase in net sales to Rs 1493.61 crore in Q3 December 2016 over Q3 December 2015.

Havells India is a fast moving electrical goods (FMEG) manufacturer, producing a wide range of industrial and consumer electrical products.

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US stocks close marginally lower
Mar 21,2017

US indices closed marginally lower on Monday, 20 March 2017 for the third straight day of losses, as investors were reluctant to make big bets without major economic or corporate news. In early trade, the Nasdaq Composite set an intraday all-time high, but settled within a few points of its previous closing record set earlier this month.

The Dow Jones Industrial Average ended 8.76 points, or less than 0.1%, lower at 20,905.86, with two-thirds of the blue-chip companies closing in positive territory. The Nasdaq Composite Index set an intraday high at 5,915.12 in early trade, but finished virtually unchanged at 5,901.53. The S&P 500 index closed off 4.8 points, or 0.2%, at 2,373.45, with seven of the 11 main sectors finishing in negative territory.

Financials were the biggest decliners, putting pressure on the main index. Meanwhile energy stocks tracked volatile oil prices, ending slightly lower as crude-oil prices recovered some of the sharp losses.

Caterpillar and Nike led the gains, closing up 2.7% and 1.5%, respectively while Home Depot and Visa were the top decliners, each losing 1.2%.

Mondays sideways trend fits nicely with the range-bound action that has ensued over the last couple of weeks in the stock market. As leaders in Washington continue to debate the details of health care reform, investors keep their fingers crossed for a quick resolution, knowing that the longer the bill takes to pass through Congress, the longer they will have to wait for tax reform.

News flow was generally light on Monday with statements from three FOMC voters acting as the top headline. In summary, Chicago Fed President Evans could not rule out four rate hikes in 2017, Philadelphia Fed President Harker believes that the Fed will mildly overshoot the 2.0% inflation target, and Minneapolis Fed President Kashkari stated that he would like to shift the focus to reducing the Feds balance sheet.

Treasuries ticked up in the wake of the statements to finish Monday with modest gains. The benchmark 10-yr yield closed three basis points lower at 2.47%.

Among stocks under focus, Walt Disney shares gained 0.9% after n++Beauty and the Beastn++ topped box-office ticket sales over the weekend. Shares of Caterpillar were up 2.7% after the industrial-equipment maker reported encouraging February retail machine-sales data. Apple also had a solid showing, climbing 1.0% to a fresh record-high.

Bullion prices ended higher at Comex on Monday, 20 March 2017. Gold futures settled on Monday at their highest level in about 2n++ weeks, extending their post-Federal Reserve meeting gains to a third straight session, with the U.S. dollar losing ground against the euro as the U.K. prepared to leave the European Union.

April gold rose $3.80, or 0.3%, to settle at $1,234 an ounce n++the highest finish since March 1. Gold gained about 2.4% last week. Silver for May delivery added 0.1% to $17.438 an ounce.

Oil prices settled at their lowest level in nearly a week on Monday, 20 March 2017, as another rise in active U.S. oil rigs renewed concerns over domestic production and some analysts worried that a change to the G-20 policy statement may impact global trade.

April West Texas Intermediate crude shed 56 cents, or 1.2%, to finish at $48.22 a barrel on the New York Mercantile Exchange, ahead of the contracts expiration at Tuesdays settlement. May Brent crude gave up 14 cents, or 0.3%, to $51.62 a barrel on the ICE Futures exchange in London.

Investors did not receive any economic data on Monday. Tuesdays lone economic report, fourth quarter Current Account Balance (consensus -$128.2 billion), will cross the wires at 8:30 AM.

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Pearl Global Industries announces resignation of director
Mar 21,2017

Pearl Global Industries announced the resignation of Samar Ballav Mohapatra, Independent Director of the Company with effect from 20 March 2017.

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C & C Constructions hits the roof after winning orders
Mar 21,2017

The announcement was made after market hours yesterday, 20 March 2017.

Meanwhile, the S&P BSE Sensex was down 76.58 points, or 0.26% to 29,442.16.

On the BSE, 12,000 shares were traded in the counter so far, compared with average daily volumes of 40,602 shares in the past one quarter. The stock opened with an upward gap of 5% at Rs 24.15 and remained stuck at that level so far. The stock hit a 52-week high of Rs 29.50 on 19 September 2016. The stock hit a record low of Rs 8.12 on 24 May 2016.

The stock had outperformed the market over the past one month till 20 March 2017, rising 9.79% compared with 3.69% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 49.35% as against Sensexs 12.20% rise.

The small-cap company has equity capital of Rs 25.45 crore. Face value per share is Rs 10.

C & C Constructions announced that its joint venture (JV) company, EPI-C & C, has been awarded a project by the Government of India for construction of two lane road on National Highway (NH) from Paletwa to India-Myanmar border in Chin State of Myanmar on EPC mode.

In the said JV, C & C Constructions has share of 60% and the total contract value of the project is Rs 1518 crore. The project will be governed as per the terms and conditions set forth in the request for proposal (RFP) documents.

Another JV company, BSC- C &C has been awarded five road projects in the state of Bihar at Rs 1493.40 crore. C & C Constructions has 50% share in this JV.

On a consolidated basis, C & C Constructions reported net profit of Rs 23.33 crore in Q3 December 2016 as against net loss of Rs 31.64 crore in Q3 December 2015. Net sales rose 13.37% to Rs 296.87 crore in Q3 December 2016 over Q3 December 2015.

C & C Constructions is construction conglomerate focused on creating infrastructure assets.

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Outcome of board meeting of Integrated Proteins
Mar 21,2017

Integrated Proteins announced that the Board of Directors of the Company at its meeting held on 20 March 2017 transacted the following -

1.The board of director has decided to issue the notice to the respective shareholders for the amount outstanding against Calls in Arrears amounting to Rs. 16,01,000/-(Rupees Sixteen Lacs One Thousand Only) on 486000 equity shares of the company.
2. The board of directors has appointed Pravin Sheth as Chief Financial Officer of the Company with effect from 20 March 2017.
3. CS Nayna P. Chopra (ACS: 32833 CP No. 12187) has been appointed as Secretarial Auditor of the company for conduct of secretarial auditor for the F.Y.to be ended on 31 March 2017.

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Moodys: Demonetization adds to short-term adjustment pressure on Indias non-bank finance companies, but will not derail their growing franchise
Mar 21,2017

Moodys Investors Service says that non-bank financial companies (NBFCs) in India (Baa3 positive) will demonstrate broadly stable asset quality, but delinquencies will likely rise over the next 1-2 quarters, as demonetization adversely affects collections across asset classes.

While the 90+days delinquency rate in the commercial vehicle (CV) loan segment largely stabilized in the first half of the fiscal year ending 31 March 2017, such delinquencies should build up in the near term due to the adverse impact of demonetization and tighter recognition norms for non-performing assets (NPAs), says Alka Anbarasu, a Moodys Vice President and Senior Analyst.

Moodys also notes that the growth in loans against property (LAP) has outpaced overall retail credit growth in recent years, but relatively loose underwriting practices -- combined with intensifying competition -- will translate into higher asset quality risk for this segment.

Furthermore, over the past 3 years, NBFCs have gained some market share in the origination of retail lending, on the back of the faster growth exhibited by such entities when compared to the banks.

This is particularly the case when compared to public sector banks, which face significant challenges on their asset quality and overall solvency profiles.

Nevertheless, we expect that competitive pressures from the banking sector will remain intense as banks are increasing targeting of the retail segment to offset weakness in their corporate lending. In addition, retail lending, particularly housing loans, is more capital efficient for the banks, adds Anbarasu.

And, while the NBFCs capitalization levels are adequate, with average Tier 1 ratios in excess of 14%, capital generation will lag credit growth. Access to external capital will therefore be key in sustaining the NBFCs growth momentum.

On funding, Moodys expects that the NBFCs funding profiles will broadly remain stable, and funding costs should moderate gradually, given the reduction in systemic rates.

In addition, the NBFCs profitability and capital, as well as funding and liquidity levels, will stay broadly stable. Moodys conclusion is despite the fact that n++ in line with the global trend n++ the funding and liquidity profiles of Indian NBFCs present key downside risks, particularly because of their dependence on confidence-sensitive market funding.

Moodys also says that the NBFCs will maintain well-matched asset-liability profiles n++ despite their weak funding profiles n++ a situation which will protect them against downside risks. However, adverse market events have exposed them to volatility in refinancing and remain a key credit challenge.

The NBFCs are growing at a fast pace, and have gained market share in the origination of retail credit. And, their share of LAP pose a potential source of risk, with such loans growing at a rapid compound annual growth rate of about 25% over the last four years compared to 17% for overall retail credit. Moodys says that the NBFCs exposure to potential risks from LAP is broadly offset by their share of stable mortgage loans, because favorable demographics and economics, tax incentives for home loans and an increasingly affordable housing segment support asset quality. Moodys expects that the loss given default for both home loans and LAP will be limited, in light of the underlying collateral.

The performance of individual NBFCs varies widely, even as the sector as a whole shows better performance when compared to the banks. In addition, within segments n++ such as for housing finance companies n++ variation is also widespread, reflecting the nature of portfolios, as well as the ability to manage costs.

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Marginal gains for bullions
Mar 21,2017

Bullion prices ended higher at Comex on Monday, 20 March 2017. Gold futures settled on Monday at their highest level in about 2n++ weeks, extending their post-Federal Reserve meeting gains to a third straight session, with the U.S. dollar losing ground against the euro as the U.K. prepared to leave the European Union.

April gold rose $3.80, or 0.3%, to settle at $1,234 an ounce n++the highest finish since March 1. Gold gained about 2.4% last week.

Silver for May delivery added 0.1% to $17.438 an ounce.

Gold on Friday recorded its strongest weekly climb since early February, following Wednesdays surprisingly dovish Fed stance on interest rates that depressed the dollar and lifted the yellow metal.

The Fed last week lifted benchmark interest rates by a quarter-point as was widely expected. But the central banks statement and forecasts for future rate increases were seen as less aggressive than had been anticipated.

A measure of the dollars strength, the ICE U.S. Dollar Index was up 0.1% on Monday, after touching its lowest level since early February. The greenback lost some ground against the euro as U.K. Prime Minister Theresa May will reportedly trigger the beginning of the countrys process of leaving the EU on March 29. Commodities priced in dollars often trade inversely with the dollar, as moves in the U.S. unit can influence the attractiveness of those commodities to holders of other currencies.

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ITC allots 73,70,460 Ordinary Shares
Mar 21,2017

ITC has issued and allotted 73,70,460 Ordinary Shares of Re. 1/- each, upon exercise of 7,37,046 Options by Optionees under the Companys Employee Stock Option Schemes. Consequently, with effect from 20 March 2017, the Issued and Subscribed Share Capital of the Company stands increased to Rs. 1214,73,83,071/- divided into 1214,73,83,071 Ordinary Shares of Re. 1/- each.

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Aarey Drugs & Pharmaceuticals allots 5.05 lakh equity shares
Mar 21,2017

Aarey Drugs & Pharmaceuticals has allotted 5.05 lakh equity shares of Rs 10 each at a prices of Rs 52 per equity share (including a premium of Rs 42 per share) on preferential basis.

Consequently, the paid up equity share capital has increased to Rs 18.08 crore.

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Inland Water Transport to Reduce Overall Logistics Cost
Mar 21,2017

Inland Water Transport (IWT) mode is widely recognized as an environment friendly and cost effective mode of transport.  As per RITES Report of 2014 on Integrated National Waterways Transportation Grid (INWTG), one litre of fuel moves 24 tonne - km on road, 95 tonne-km on rail and 215 tonne-km on IWT.  The comparative inter modal costs are given below:-

Mode

Pre tax freight

(Rs. per tonne Km)

Post Service tax freight

(Rs. per tonne km)

Railways

1.361.41

Highways

2.502.58

IWT

1.061.06

The significant cost saving shows that the promotion of Inland Water Transport (IWT) is expected to have a positive impact on reduction in overall logistics cost.  However, as compared to roads and railways, development of transportation on national waterways is still in infancy stage. 

The Three National Waterways (NWs) viz. Ganga-BhagirathiGôHooghly river system (NW-1), River Brahmaputra (NW-2) and West Coast Canal (NW-3) have been developed with targeted depth, fixed and floating terminals with mechanized facilities for cargo loading, unloading and Navigational Aids.  Vessels are plying on these waterways.

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