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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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Tractor Volumes to Rebound by 17% yoy in FY17
Dec 02,2016

India Ratings and Research (Ind-Ra) expects tractor volumes to grow by around 17% yoy in FY17 (FY16: negative 8.9% yoy), driven by the improved growth prospects of the agriculture sector as well as a low base effect. Ind-Ra expects agriculture gross value added (GVA) to grow 2.9% yoy in FY17 (FY16: 1.2%; FY15: negative 0.2%).

Ind-Ra expects overall volume growth to be lower in 2HFY17 (around 14%). The currency demonetisation would have a negative impact on the tractor sales in the next couple of months, post which demand is likely to normalize aided by the government focus to boost liquidity in the rural areas on a priority basis. However, Ind-Ra observes that the industry growth in 1HFY17 has not been uniform across the country, with southern and western India seeing high double-digit growth, while growth in the northern and central India was muted. Thus, a strong uptick in growth in the northern and central markets could lead to a higher growth rate for the year.

Ind-Ra observes that currency demonetisation has impacted farmers seeds and fertiliser purchases. If the cash crunch prevails for a longer time, it may lead to lower agriculture GVA and may have a more pronounced impact on tractor sales volumes in FY17.

Overall the Southwest monsoon situation in 2016 was much better than the previous two years and is likely to aid volume growth for the industry. The other indicators such as area sown under kharif crops as well as advance estimates of food grain production have also seen an improvement, indicating improved agricultural production this year.

The improved agricultural output should aid the loan asset quality in the tractor segment where delinquency levels have shot up. While the normalisation of asset quality is likely to be a prolonged affair, given the severity of the problem, the trends should be encouraging. The improved prospects should persuade larger participation from banks and non-banking finance companies, increasing the finance penetration and thereby aiding sales.

The long-term drivers of the sector demand such as gradual increase in farm mechanisation, increasing penetration of tractors, government impetus on increasing farm productivity and increasing usage of tractors for non-farm activities remain intact. Increasing affordability of small and marginal farmers for tractors through government initiatives as well as innovative approaches such as tractor on rentals could also significantly increase tractor demand.

Sector companies are likely to see a margin expansion of up to 300bp due to operating leverage benefits. Sector companies have around 20% of the costs fixed in their cost structure and thus volume growth could lead to a margin expansion. However, around 75% of the raw materials consumed are derived from steel and iron, and thus profitability could be impacted by volatility in these commodities.

Most sector companies have adequate capacities to grow over the next two to three years, resulting in low capex requirements primarily for new product launches as well as maintenance capex. Thus, the credit profile is likely to remain strong and further improve in FY17. Improvements in revenue and operating margins would result in higher cash flows for sector companies in FY17.

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Board of Sujana Towers to consider September quarter results
Dec 02,2016

Sujana Towers announced that the meeting of the Board of Directors of the Company, will be Scheduled to be held on 14 December 2016 to consider and approve the Un-audited Financial Results of the Company for the quarter ended 30 September 2016, along with Assets and Liabilities, Limited Review Report and any other business as may be permitted by the Chairman.

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Dhunseri Petrochem to announces September quarter results
Dec 02,2016

Dhunseri Petrochem announced that a meeting of the Board of Directors of the Company, shall be held on 09 December 2016, inter-alia, to consider the Unaudited Financial Results of the Company for the quarter ended 30 September 2016.

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Board of Hindustan Construction Company approves restructuring of debt under S4A scheme
Dec 02,2016

Hindustan Construction Company approved the issuance of equity shares as well as optionally convertible debentures to lenders under RBIs S4A scheme.

The Board of Directors of the Company at its meeting held on 02 December 2016 approved the issuance of 25,19,92,670 equity shares of the company of face value of Re 1 each, representing 24.44% of the expanded share capital of the company and such optionally convertible debentures of face value of Rs 1000 each not exceeding Rs 2000 crore on preferential basis, to the Lenders.

The Board has decided to convene EGM on 05 January 2017 for seeking shareholders approval for the above matter.

HCC is the first company to get debt restructured under the S4A scheme.

The Board also approved Rs 2100 crore Bank Guarantee limits for release of arbitral awards amount as per CCEA approval for revival of the construction sector directing the government agencies to pay 75% of the arbitral award against margin free bank guarantee.

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Volumes jump at Syngene International counter
Dec 02,2016

Syngene International clocked volume of 35.61 lakh shares by 13:31 IST on BSE, a 233.70-times surge over two-week average daily volume of 15,000 shares. The stock fell 6.33% to Rs 567.

Cyient notched up volume of 2.06 lakh shares, a 88.31-fold surge over two-week average daily volume of 2,000 shares. The stock rose 0.88% to Rs 496.75.

Bajaj Finserv saw volume of 4.07 lakh shares, a 16.84-fold surge over two-week average daily volume of 24,000 shares. The stock rose 1.32% to Rs 2,969.85.

AXISCADES Engineering Technologies clocked volume of 3.51 lakh shares, a 6.36-fold surge over two-week average daily volume of 55,000 shares. The stock rose 13.33% to Rs 201.55.

Nucleus Software Exports saw volume of 3.60 lakh shares, a 5.99-fold rise over two-week average daily volume of 60,000 shares. The stock rose 10.54% to Rs 284.20.

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Tata Communications leads losers in A group
Dec 02,2016

Tata Communications declined 4.59% to Rs 635.25 at 13:12 IST. The stock topped the losers in the BSEs A group. On the BSE, 43,000 shares were traded on the counter so far as against the average daily volumes of 59,000 shares in the past two weeks.

Bharat Financial Inclusion fell 4.53% at Rs 709.45. The stock was second biggest loser in A group. On the BSE, 1.31 lakh shares were traded on the counter so far as against the average daily volumes of 2.74 lakh shares in the past two weeks.

MMTC lost 4.5% to Rs 49.85. The stock was third biggest loser in A group. On the BSE, 3.25 lakh shares were traded on the counter so far as against the average daily volumes of 2.95 lakh shares in the past two weeks.

Union Bank of India declined 4.14% at Rs 141.40. The stock was fourth biggest loser in A group. On the BSE, 4.08 lakh shares were traded on the counter so far as against the average daily volumes of 6.27 lakh shares in the past two weeks.

RattanIndia Power fell 3.96% to Rs 7.27. The stock was fifth biggest loser in A group. On the BSE, 3.03 lakh shares were traded on the counter so far as against the average daily volumes of 3.23 lakh shares in the past two weeks.

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TVS Motor slides after muted sales in November
Dec 02,2016

The announcement was made after market hours yesterday, 1 December 2016.

Meanwhile, the BSE Sensex was down 246.34 points, or 0.93%, to 26,313.58.

On the BSE, so far 50,000 shares were traded in the counter, compared with average daily volumes of 2.04 lakh shares in the past one quarter. The stock had hit a high of Rs 365.90 and a low of Rs 357.35 so far during the day.

The stock hit a record high of Rs 418 on 28 October 2016. The stock hit a 52-week low of Rs 256.30 on 29 February 2016. The stock had underperformed the market over the past 30 days till 1 December 2016, falling 8.20% compared with the 3.51% decline in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 10.80% as against Sensexs 6.91% decline.

The large-cap company has equity capital of Rs 47.51 crore. Face value per share is Re 1.

TVS Motor Company said that due to the demonetization exercise, the company witnessed a short-term impact on November sales. However, the company is seeing a sales pickup already happening.

TVS Motor Companys total two-wheeler sales rose 0.63% to 2.19 lakh units in November 2016 over November 2015. Scooters sales fell 3.82% to 73,135 units in November 2016 over November 2015. Motorcycles sales fell 17.36% to 67,896 units in November 2016 over November 2015.

Three-wheeler sales fell 23.55% to 5,883 units in November 2016 over November 2015.

Total exports fell 2.36% to 32,829 units in November 2016 over November 2015.

TVS Motor Companys net profit rose 33.4% to Rs 177.39 crore on 21.1% growth in net sales to Rs 3393.14 crore in Q2 September 2016 over Q2 September 2015.

TVS Motor Company is a leading two and three-wheeler manufacturer.

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Steel Strips Wheels slips on profit booking
Dec 02,2016

Meanwhile, the S&P BSE Sensex was down 262.33 points or 0.99% at 26,297.59.

On the BSE, 13,000 shares were traded on the counter so far as against the average daily volumes of 10,746 shares in the past one quarter. The stock had hit a high of Rs 630 and a low of Rs 609 so far during the day.

The stock had hit a record high of Rs 775 on 14 October 2016 and a 52-week low of Rs 284 on 17 February 2016.

The small-cap company has equity capital of Rs 15.53 crore. Face value per share is Rs 10.

Shares of Steel Strips Wheels (SSWL) had rallied 23.47% in the preceding five trading sessions to settle at Rs 631.95 yesterday, 1 December 2016, from its close of Rs 511.80 on 24 November 2016.

Lions portion of the rally materialized in a single trading yesterday, 1 December 2016, when the stock settled higher by 15.76%, after the company during market hours yesterday, reported a 14% rise in total wheel rim sales at 11.99 lakh units in November 2016 over November 2015.

Net profit of SSWL rose 19.9% to Rs 18.02 crore on 2.8% decline in net sales to Rs 290.95 crore in Q2 September 2016 over Q2 September 2015.

SSWL designs and manufactures automotive steel wheels and is among the leading supplier to Indian and global automobile manufacturers.

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Arbitration award passed against Jindal Drilling & Industries
Dec 02,2016

Jindal Drilling & Industries announced that an Arbitration Award has been passed against the Company to make payment towards principal outstanding and the following amounts.

1. Amount of USD 31,769,994.76 by way of damages.

2. Interest on the damages awarded accruing at the daily rate of US prime plus 1%, compounded quarterly until the date of payment and

3. Cost of arbitration and other expenses.

The Company is taking necessary steps to contest in relation to the Award.

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Binani Cement gets revision in ratings for bank facilities
Dec 02,2016

Binani Cement announced that Credit Analytics and Research has revised its rating of bank facilities aggregating Rs 474.93 crore from CARE B+ to CARE D.

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Clariant Chemicals (India) declines after weak Q2 earnings
Dec 02,2016

The result was announced after market hours yesterday, 1 December 2016.

Meanwhile, the BSE Sensex was down 238.39 points, or 0.90%, to 26,321.53.

On the BSE, so far 6,278 shares were traded in the counter, compared with average daily volumes of 3,772 shares in the past one quarter. The stock had hit a high of Rs 735.10 and a low of Rs 718.50 so far during the day.

The stock hit a 52-week high of Rs 838 on 10 October 2016. The stock hit a 52-week low of Rs 587.25 on 1 March 2016. The stock had underperformed the market over the past 30 days till 1 December 2016, falling 6.23% compared with the 3.51% decline in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 0.49% as against Sensexs 6.91% decline.

The small-cap specialty chemicals company has equity capital of Rs 23.08 crore. Face value per share is Rs 10.

Clariant Chemicals (India) is a manufacturer and seller of specialty chemicals.

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Board of Valecha Engineering approved proposal for conversion of FDs into equity shares
Dec 02,2016

Valecha Engineering announced that the Board of Directors of the Company on 01 December 2016 has decided to consider a scheme of arrangement with the fixed deposit holders of the Company u/s. 391-394 of the Companies Act, 1956 for conversion of outstanding fixed deposits into equity shares or any other securities of the Company, subject to approval (s)/ consent (s)/sanction (s) and permission (s) from Ministry of Corporate Affairs, SEBI, equity shareholders, specified fixed deposit holders and the lenders, if any.

The Board directed the management to complete the requisite documentation necessary to give effect to the above decision as also the procedures thereafter.

The process for preparation of documentation for the proposal will be completed in or about four weeks time.

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Prakash Industries to announce September quarter and half year results
Dec 02,2016

Prakash Industries announced that a meeting of the Board of Directors of the Company will be held on 14 December 2016, inter alia, to consider Unaudited Financial Results with Limited Review for the quarter / half year ended 30 September 2016.

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Quess Corp completes acquisition of 74% stake in Inticore VJP Advance Systems
Dec 02,2016

Quess Corp has completed the acquisition of 74% equity in Inticore VJP Advance Systems, on 01 December 2016.

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IndusInd Bank shrugs off fund raising proposal
Dec 02,2016

Meanwhile, the S&P BSE Sensex was down 223.24 points or 0.84% at 26,336.68.

On the BSE, 18,000 shares were traded on the counter so far as against the average daily volumes of 56,969 shares in the past one quarter. The stock had hit a high of Rs 1,073.45 and a low of Rs 1,053 so far during the day.

The stock had hit a record high of Rs 1,255.30 on 7 September 2016 and a 52-week low of Rs 799 on 11 February 2016.

The large-cap bank has equity capital of Rs 597.38 crore. Face value per share is Rs 10.

IndusInd Bank said it proposes to raise funds by issue and allotment of senior unsecured redeemable non-convertible long term bonds in the nature of debentures (infrastructure bonds) for cash aggregating to Rs 1500 crore on private placement basis.

The borrowing shall be within the overall borrowing limits of the bank as may be approved by the shareholders from time to time. The announcement was made after market hours yesterday, 1 December 2016.

IndusInd Banks net profit rose 25.8% to Rs 704.26 crore on 24% growth in total income to Rs 4439.72 crore in Q2 September 2016 over Q2 September 2015.

IndusInd Bank is a leading private sector bank in India.

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