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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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Virinchi jumps after multi-year contract
Feb 17,2017

The announcement was made during trading hours today, 17 February 2017.

Meanwhile, the BSE Sensex was up 259.76 points, or 0.92%, to 28,561.03.

On the BSE, so far 1.56 lakh shares were traded in the counter, compared with average daily volumes of 78,582 shares in the past one quarter. The stock had hit a high of Rs 89.90 and a low of Rs 85 so far during the day.

The stock hit a 52-week high of Rs 94.80 on 16 January 2017. The stock hit a 52-week low of Rs 29.45 on 26 February 2016. The stock had underperformed the market over the past 30 days till 16 February 2017, falling 1.55% compared with the 3.83% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 43.71% as against Sensexs 8.23% rise.

The small-cap company has equity capital of Rs 17.99 crore. Face value per share is Rs 10.

Virinchi said it has signed up a multi-year contract for its flagship product QFundTM with one of the leading lenders of alternative financing industry in USA based out of Midwestern region of USA, operating through their 300 branches spread across 14 states of USA apart from lending through their online channels. Virinchis Cloud solution will replace the entire present IT infrastructure of the lender.

Over the first three years of the contract starting January 2017, Virinchi is expected to generate an annuity revenue of $3.5 million and services revenue of another $2.5 million, totaling a $6 million revenue addition over the same period.

On a consolidated basis, Virinchis net profit surged 100% to Rs 4.86 crore on 39.61% increase in net sales to Rs 77.75 crore in Q3 December 2016 over Q3 December 2015.

Virinchi is an IT products & services company focusing on customers in North America, Europe, & Middle East. Virinchi is currently a software service provider to retail micro lending industry in North America, the company operates through its subsidiary QFund Technologies, Inc a 100% subsidiary of Virinchi in USA.

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Volumes jump at Karur Vysya Bank counter
Feb 17,2017

Karur Vysya Bank clocked volume of 237.11 shares by 12:21 IST on BSE, a 292.80-times surge over two-week average daily volume of 81,000 shares. The stock rose 2.18% to Rs 93.60.

Sobha notched up volume of 3.82 lakh shares, a 96.93-fold surge over two-week average daily volume of 4,000 shares. The stock shed 0.44% to Rs 285.

FDC saw volume of 7.04 lakh shares, a 62.5-fold surge over two-week average daily volume of 11,000 shares. The stock rose 2.1% to Rs 214.

HDFC Bank clocked volume of 35.78 lakh shares, a 55.24-fold surge over two-week average daily volume of 65,000 shares. The stock jumped 7.17% to Rs 1,422.55.

Grindwell Norton saw volume of 2.04 lakh shares, a 31.86-fold rise over two-week average daily volume of 6,000 shares. The stock rose 3.05% to Rs 330.75.

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HDFC Bank leads gainers in A group
Feb 17,2017

HDFC Bank jumped 7.22% to Rs 1,423.25 at 12:13 IST. The stock topped the gainers in the BSEs A group. On the BSE, 35.75 lakh shares were traded on the counter so far as against the average daily volumes of 65,000 shares in the past two weeks.

VA Tech Wabag surged 5.14% to Rs 520. The stock was the second biggest gainer in A group. On the BSE, 33,000 shares were traded on the counter so far as against the average daily volumes of 6,277 shares in the past two weeks.

Repco Home Finance gained 4.41% at Rs 660.70. The stock was the third biggest gainer in A group. On the BSE, 10,000 shares were traded on the counter so far as against the average daily volumes of 21,000 shares in the past two weeks.

Cadila Healthcare advanced 4.24% at Rs 447.65. The stock was the fourth biggest gainer in A group. On the BSE, 9.08 lakh shares were traded on the counter so far as against the average daily volumes of 1.51 lakh shares in the past two weeks.

Castrol India rose 3.88% to Rs 432.05. The stock was the fifth biggest gainer in A group. On the BSE, 1.08 lakh shares were traded on the counter so far as against the average daily volumes of 61,000 shares in the past two weeks.

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Virinchi bags multi-year contract for its flagship product - QFundTM
Feb 17,2017

Virinchi has signed up a multi-year contract for its flagship product QFundTM with one of the leading lenders of alternative financing industry in USA. Virinchis cloud solution will replace the entire IT infrastructure of the lender.

Over the first three years of the contract starting January 2017, Virinchi is expected to generate an annuity revenue of $3.5 million and service revenue of another $2.5 million, totalling a $ 6 million revenue addition over the same period.

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Canara Bank intimates of Bank strike
Feb 17,2017

Canara Bank has been informed by Indian Banks Association (IBA) that the United Forum of Bank Union (UFBU) has given a call for strike in the Banking Industry on 28 February 2017.

The above strike is for the issues relating to Industry Level and not for any Bank level issues.

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Mayur Uniquoters announces resignation of director
Feb 17,2017

Mayur Uniquoters announced that Manav Poddar, Non- Executive Director of the Company has resigned w.e.f 16 February 2017.

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Timex Group India allots preference shares aggregating Rs 35 crore
Feb 17,2017

Timex Group India has on 16 February 2017 allotted 3.50 crore 5% Cumulative Redeemable Non Convertible Preference Shares of face value Rs 10 each aggregating Rs 35 crore to Timex Group Luxury Watches B.V., Nederland, the Holding Company.

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Hindustan Construction Company shifts registered office
Feb 17,2017

Hindustan Construction Company announced that with effect from 15 January 2017 the Registered Office address of the Company has been changed to Hincon House, Lal Bahadur Shastri Marg, Vikhroli (West), Mumbai - 400 083, Maharashtra, India.

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NTPC gains after Jharkhand coal mine kicks off operation
Feb 17,2017

Meanwhile, the BSE Sensex was up 204.12 points, or 0.72%, to 28,505.39.

On the BSE, so far 75,000 shares were traded in the counter, compared with average daily volumes of 3.82 lakh shares in the past one quarter. The stock had hit a high of Rs 170.90 and a low of Rs 169.35 so far during the day.

The stock hit a 52-week high of Rs 177.80 on 27 January 2017. The stock hit a 52-week low of Rs 116.80 on 25 February 2016. The stock had underperformed the market over the past 30 days till 16 February 2017, falling 1.53% compared with the 3.83% rise in the Sensex. The scrip had also underperformed the market in past one quarter, rising 7.25% as against Sensexs 8.23% rise.

The large-cap company has equity capital of Rs 8245.46 crore. Face value per share is Rs 10.

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.

NTPCs net profit fell 7.5% to Rs 2468.72 crore on 11.1% rise in net sales to Rs 19287.47 crore in Q3 December 2016 over Q3 December 2015.

NTPC, Indias largest power company, has presence in the entire value chain of power generation business.

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IDBI Bank trims intraday gains after announcing fund raising plan
Feb 17,2017

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

Meanwhile, the S&P BSE Sensex was up 217.67 points or 0.77% at 28,518.94

On BSE, so far 3.95 lakh shares were traded in the counter as against average daily volume of 4.39 lakh shares in the past one quarter. The stock trimmed intraday gains. The stock hit a high of Rs 82.10 and a low of Rs 80.85 so far during the day. The stock had hit a 52-week high of Rs 86.50 on 6 February 2017. The stock had hit a 52-week low of Rs 50.35 on 17 February 2016.

The large-cap bank has equity capital of Rs 2058.82 crore. Face value per share is Rs 10.

IDBI Bank reported net loss of Rs 2254.96 crore in Q3 December 2017, higher than net loss of Rs 2183.68 crore in Q3 December 2016. Total income fell 3.5% to Rs 7104.21 crore in Q3 December 2016 over Q3 December 2015.

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Cadila Healthcare hits record high
Feb 17,2017

Meanwhile, the S&P BSE Sensex was up 200.33 points or 0.71% at 28,501.60.

On the BSE, 8.28 lakh shares were traded on the counter so far as against the average daily volumes of 1.51 lakh shares in the past two weeks. The stock had hit a high of Rs 460 so far during the day, which is also its record high. The stock hit a low of Rs 438.10 so far during the day. The stock had hit a 52-week low of Rs 305 on 12 April 2016.

Shares of Cadila Healthcare have rallied 25.4% in two trading sessions from its close of Rs 358.05 on 15 February 2017 after the company during market hours yesterday, 16 February 2017 said that the United States Food and Drug Administration (USFDA) issued no observation (483) after concluding the inspection of the companys Moraiya facility from 6 February 2017 to 15 February 2017. The stock had rallied 19.94% to settle at Rs 429.45 yesterday, 16 February 2017.

Cadila Healthcares consolidated net profit fell 34.6% to Rs 281.60 crore on 0.8% decrease in net sales to Rs 2249.60 in Q3 December 2016 over Q3 December 2015.

Cadila Healthcare is an innovative, global pharmaceutical company that discovers, develops, manufactures and markets a broad range of healthcare therapies.

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IRB Infrastructure Developers provides update on subsidiary - IRB Infrastructure
Feb 17,2017

IRB Infrastructure Developers announced that IRB Infrastructure, wholly owned subsidiary of the Company and an Investment Manager of IRB InvIT Fund, has appointed Rajinder Pal Singh as an additional director (Independent) and Chairman of the board of Directors of IRB Infrastructure with effect from 14 February 2017.

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India Ratings Maintains Stable Outlook for Auto for FY18
Feb 17,2017

India Ratings & Research (Ind-Ra) has maintained a stable outlook on the auto sector for FY18. This is based on the expectation of a moderate yoy volume growth of 6%-9% for the passenger vehicle (PV) segment, and despite an expected negative 2% to 2% slowdown in the commercial vehicle (CV) segment. The agency believes that growth in the PV segment would be driven by 15%-20% yoy volume increase in utility vehicles (UV), with cars likely to register a lower growth of 3%-5% yoy. The slowdown in the CV segment is expected to be on account of a 9%-12% decline in medium and heavy commercial vehicles (MHCVs), partially offset by a 6%-9% growth in light commercial vehicles (LCVs).

Another factor supporting the agencys stable sector outlook is the continued strong financial profile of the 10 listed companies in its sample set. The mean FY16 EBITDA margin for the agencys sample set was 12.4% (9MFY16: 12%), with EBITDA gross interest cover maintained at above 100x. In Ind-Ras assessment, mean leverage (net debt/EBITDA) would continue to be maintained below 1x in FY17 and FY18. The credit profile of the companies outside the sample set (comprising mostly subsidiaries of overseas auto companies) would benefit from the support potentially available from strong parent companies.

Ind-Ra believes that the governments demonetisation drive had a limited impact on the auto sector as most of the auto original equipment manufacturers have countered build-up of channel inventory through higher discounts without altering their production schedules with vendors. Moreover, the impact of demonetisation was restricted largely to the two-wheeler segment, given the relatively higher proportion of cash transactions considering the low ticket size of purchases versus PVs and CVs.

In the agencys assessment, MHCV volumes would decline in FY18 due to depletion of replacement demand, inconsistent Index of Industrial Production, and sales volumes artificially propped up in FY17 due to pre-emptive purchases to avoid paying higher prices from April 2017, when vehicles need to be BSIV compliant. Contrarily, LCV volumes would continue to be supported by demand for last mile transportation, arising from a substantial increase in the online retail sales.

Ind-Ra estimates domestic scooter volumes would grow by 15%-18% in FY18 (close to the estimated FY17 growth rate), but lower than the previous years due to the base effect. The agency expects motorcycle volumes to recover slightly over April-December 2016 yoy growth level of 6.3%, with increased currency in circulation, leading to a demand revival in 4QFY17 and FY18.

Furthermore, the agency believes that the Goods and Service Tax (GST) will be largely neutral for the industry, as reduction in logistics and supply chain costs would be partly offset by an increase in the effective tax rate.

Outlook Sensitivities

Positive Outlook Unlikely: Given the structural issues of overcapacity and intensifying competition, Ind-Ra does not envisage a positive outlook revision in the event of a revival in sales. However, curtailment or postponement of planned capacity additions, coupled with sales volumes higher than the agencys expectations, could have a positive impact on the credit profile of the sector.

Weak Demand, External Shock: A sustained reduction in CV volumes due to slowdown in industrial production, together with moderation in PV volumes due to rising fuel prices and weak consumer sentiments among others, could have a negative impact on the sector outlook.

Additionally, any external shock pressuring the rupee and a subsequent spurt in the interest rate may have a moderate impact on the sector, thus impacting the volumes, as well as the credit profile of auto companies.

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Bank of India announces appointment of Executive Director
Feb 17,2017

Bank of India announced that, in the exercise of the powers conferred by clause (a) of sub-section (3) of Section 9 of The Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970/1980 read with sub clause (1) of clause 3 and sub clause (1) of clause 8 of The Nationalized Banks (Management and Miscellaneous Provisions) Scheme, 1970/1980, the Central Government has appointed Neelam Damodaran, General Manager, Bank of Baroda as Executive Director of Bank of India for a period upto 30 November 2019 i.e. the date of his superannuation with effect from the date of his taking over of the charge of the post or until further order, whichever is earlier.

He has taken charge on 16 February 2017.

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HDFC Bank intimates of removal of foreign investment restrictions
Feb 17,2017

HDFC Bank announced about the RBI Press Release dated 16 February 2017 notifying that the aggregate foreign shareholding through American Depository Receipts/ Global Depository Receipts/ Foreign Institutional Investors (FIIs)/ Foreign Portfolio Investors (FPIs)/ Foreign Direct Investments (FDI)/ Non-Resident Indians (NRIs)/ Persons of Indian Origin (PIOs) in the Bank has gone below the prescribed limit stipulated under the extant FDI policy. Hence the restrictions placed on the purchase of shares of the Bank have been withdrawn with immediate effect.

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