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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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ICICI Bank allots 174,075 equity shares
Jun 07,2017

ICICI Bank has allotted 174,075 equity shares under ESOS on 05 June 2017.

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Mindtree gets NCLT approval for composite scheme of amalgamation
Jun 07,2017

Mindtree announced that NCLT has passed the Order approving the Composite Scheme of Amalgamation of Discoverture Solutions LLC. (Transferor Company 1) and Relational Solutions Inc. (Transferor Company 2) with Mindtree on 01 June 2017.

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Board of Coral India Finance & Housing recommends final dividend
Jun 07,2017

Coral India Finance & Housing announced that the Board of Directors of the Company at its meeting held on 23 May 2017, inter alia, have recommended the final dividend of Rs 1 per equity Share (i.e. 10%) , subject to the approval of the shareholders.

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Board of KG Denim recommends final dividend
Jun 07,2017

KG Denim announced that the Board of Directors of the Company at its meeting held on 23 May 2017, inter alia, have recommended the final dividend of Rs 0.75 per equity Share (i.e. 7.5%) , subject to the approval of the shareholders.

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Board of Rishabh Digha Steel& Allied Products recommends final dividend
Jun 07,2017

Rishabh Digha Steel& Allied Products announced that the Board of Directors of the Company at its meeting held on 23 May 2017, inter alia, have recommended the final dividend of Rs 1.5 per equity Share (i.e. 15%) , subject to the approval of the shareholders.

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Tata Motors announces Jaguar Land Rover sales
Jun 07,2017

Jaguar Land Rover retail sales reached 45,487 vehicles in May 2017, up 1% compared to May 2016 with continued strong demand for the Jaguar F-PACE, since sales began 12 months ago, and solid sales growth of the long wheel base Jaguar XFL from our China Joint venture.

Retail sales for May were up year-on-year in China (22.7%), and in North America (15.5%). Sales were down in Europe (6.3%) and in the Overseas region (15.0%) as economic conditions remain challenging in emerging markets. UK sales were down 11.2% as customers purchased new vehicles ahead of the increase in Vehicle Excise Duty rates effective from 1 April 2017.

Jaguar hit record May retails with 13,613 vehicles sold, up 28.0% on the previous year with continued solid demand for the F-PACE and growing sales of the long wheel base XFL from its China joint venture. Land Rover retailed 31,874 vehicles in May, down 7.1% on the same month last year, as the sales of the all new Discovery (now on sale in the UK, Europe and China) and solid sales of the Range Rover were more than offset by the impact of Vehicle Excise Duty rates in the UK from 1 April 2017 and challenging conditions in Overseas markets such as Russia, Brazil and South Africa.

Retail sales for Jaguar Land Rover were 265,381 vehicles in the first five months of 2017, up 8.3% compared to the same period last year.

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Maruti Suzuki India announces production figures
Jun 07,2017

Maruti Suzuki India achieved production of 151,262 units in May 2017 compared to 129,509 units in May 2016.

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Goenka Business & Finance announces change in directorate
Jun 07,2017

Goenka Business & Finance announced the appointment of Hemal Gohel As an Additional Director of the Company and resignation of Prashant Ukani as a Director of the Company.

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Mercator receives contract worth Rs 15 crore
Jun 07,2017

Mercator has received a Contract for Maintenance Dredging at Karaikal Port. The value of the contract is approx. Rs. 15 crore and the work will be completed during first half of FY 2018.

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ABB India introduces new integrated microgrid solution - MGS100
Jun 07,2017

ABB India is bringing affordable, safe and reliable electricity to remote communities with its new integrated microgrid solution, MGS100 that combines solar power and enables battery energy storage. Encasedin a single container, the MGS100 has three power ratings - 20 kW, 40 kW, 60 kW nominal load power. Installation is quick and easy, as it is factory tested and embedded DC and AC protections make itready to connect. With the added benefit of remote monitoring, vital diagnostics are always available and maintenance is simple.

The ABB MGS100, built to perform in extreme environments, has the ability to transform lives and businesses for the better where access to affordable and reliable power is a challenge. The scalable system can be connected to multiple power sources to provide electricity for remote villages that are not connected to the main grid, or reliable back-up power for small commercial and industrial facilities using an inconsistent grid supply, enabling social and economic development.

MGS100 brings together all the components required for a sustainable microgrid in a single device, making it extremely versatile and flexible. It can tap into cost-efficient, renewable energies such as solar photovoltaic [PV] and batteries, removing the reliance for costly and potentially harmful biofuel/diesel generators, therefore reducing overall operating costs and environmental impact.

By prioritizing abundant local solar power during the day, the MGS100 switches to battery mode after dark and only uses an AC generator for the rest of the night if the battery runs out.

The MGS100 will be widely available at the end of 2017.

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Jammu and Kashmir Bank allots 35525321 equity shares
Jun 07,2017

Jammu and Kashmir Bank announced that the Share Allotment Committee approved the Preferential Allotment of 3,55,25,321 equity shares of Re. 1/- each fully paid up of the Bank for cash to the Government of Jammu and Kashmir (Chief Secretary and Secretary Finance) at the issue price of Rs. 79.38 per Equity Share (including premium of Rs. 78.38 per Equity Share) aggregating to Rs. 281.99 crore.

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IIFL Holdings leads gainers on BSEs A group
Jun 07,2017

IIFL Holdings rose 9.53% at Rs 603.05. The stock topped the gainers in A group. On the BSE, 2.27 lakh shares were traded on the counter so far as against the average daily volumes of 20,000 shares in the past two weeks.

Cadila Healthcare rose 8.10% at Rs 530.10. The stock was the second biggest gainer in A group. On the BSE, 9.53 lakh shares were traded on the counter so far as against the average daily volumes of 1.97 lakh shares in the past two weeks.

Edelweiss Financial Services rose 5.99% at Rs 196.40. The stock was the third biggest gainer in A group. On the BSE, 7.35 lakh shares were traded on the counter so far as against the average daily volumes of 2 lakh shares in the past two weeks.

Shriram City Union Finance rose 4.98% at Rs 2,449.70. The stock was the fourth biggest gainer in A group. On the BSE, 1,964 shares were traded on the counter so far as against the average daily volumes of 1,982 shares in the past two weeks.

Info Edge (India) rose 4.25% at Rs 1,100. The stock was the fifth biggest gainer in A group. On the BSE, 57,000 shares were traded on the counter so far as against the average daily volumes of 27,000 shares in the past two weeks.

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DCB Bank revises MCLR rates and Base Rate
Jun 07,2017

DCB Bank has announces downward revision to its MCLR across tenors and Base Rate with effect from 10 June 2017 as under -

Overnight - 8.60%
One month - 8.80%
Three month - 9.05%

Six month - 9.52%
One year - 9.72%.

The Base Rate has been revised from 10.64% to 10.44% p.a.

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RCom slips after new rating downgrades
Jun 07,2017

Meanwhile, the S&P BSE Sensex was up 47.45 points, or 0.15% to 31,238.01.

On the BSE, 34.81 lakh shares were traded in the counter so far, compared with average daily volumes of 38.37 lakh shares in the past one quarter. The stock had hit a high of Rs 19.75 and a low of Rs 19.25 so far during the day. The stock hit a 52-week high of Rs 55.40 on 31 April 2016. The stock hit a record low of Rs 18.15 on 31 May 2017.

The stock had underperformed the market over the past one month till 6 June 2017, falling 38.06% compared with 4.23% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 41.82% as against Sensexs 7.92% rise. The scrip had also underperformed the market in past one year, falling 58.47% as against Sensexs 15.48% rise.

The mid-cap company has equity capital of Rs 1244.49 crore. Face value per share is Rs 5.

Ratings agencies Moodys and Fitch yesterday, 6 June 2017, cut Reliance Communications (RCom) rating for the second time in a week, even as the telco received a seven-month respite from bankers on debt repayment.

Moodys Investors Service cut its rating on RCom to Ca from Caa1. The new rating suggests that the debt is highly speculative and likely in, or very near, default, with some prospect of recovery of principal and interest. It had downgraded RCom to Caa1, indicating high risk, on 30 May 2017.

Fitch Ratings lowered RComs rating to RD from CCC, saying the situation constituted restricted default, as multiple waivers or forbearance periods have been extended in parallel following a non-payment event. Fitch last cut RComs rating on 2 June 2017.

RCom announced that the reason given for revision in rating is the companys announcement dated 2 June 2017 that its bank lenders are prepared to waive debt service obligations until end of 2017 to provide time for the company to lower its debt through two proposed transactions and present a plan demonstrating how the debt can be serviced over the long term.

RCom stated that post signing of binding documents for the Aircel and Brookfield transactions, the company has formally advised all its lenders that it will be making repayment of an aggregate amount of Rs 25000 crore from the proceeds of these two transactions, on or before 30 September 2017. The said amount will cover not only all scheduled repayments, but also include substantial pre-payments to all lenders on a pro-rata basis.

Based on the large number of approvals already received for the two transactions and continuing good progress for the balance, the company expects to meet its all debt repayment obligations in line with these plans, and substantially reduce its overall debt.

RCom announced after market hours on Friday, 2 June 2017, that it has been engaged in discussions with its lenders to finalise an overall debt resolution plan, with the objective of expeditiously closing the already announced strategic transactions with Aircel and Brookfield, to immediately reduce debt from Rs 45000 crore to approximately Rs 20000 crore; a reduction of 60% or Rs 25000 crore. RCom said it aims to develop a sustainable long term plan for servicing the companys remaining debt. Based on applicable guidelines, RComs lenders have constituted a Joint Lenders Forum (JLF) to consider and approve the companys plans in this regard.

The lenders have taken note of the advanced stage of implementation of RComs strategic transformation programme involving the transactions for the Wireless and Towers Business. The lenders have proposed to give time of seven months till December 2017 to complete the above transactions, and reduce its debt by a substantial amount of Rs 25000 crore, or 60%. RCom will also present to the lenders its sustainable long term plans for servicing the remaining debt of Rs 20000 crore. As part of the above, there will be a standstill on the companys debt servicing obligations for the next seven months till end December 2017.

In the event the transactions are not completed in the above timeframe, the Lenders may exercise their right to convert their debt, in accordance with applicable SDR guidelines. The above is subject to lenders formal approvals and all other approvals as may be necessary under law.

On a consolidated basis, Reliance Communications reported net loss of Rs 948 crore in Q4 March 2017 as against net profit of Rs 79 crore in Q4 March 2016. Net sales declined 24.11% to Rs 4312 crore in Q4 March 2017 over Q4 March 2016.

RCom is an integrated telecommunications service provider.

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Hexaware Technologies declines on profit booking
Jun 07,2017

Meanwhile, the S&P BSE Sensex was up 54.34 points, or 0.17% at 31,244.90. The S&P BSE Mid-Cap index was up 74.25 points, or 0.5% at 14,806.64.

On the BSE, 1.75 lakh shares were traded on the counter so far as against the average daily volume of 1.05 lakh shares in the past one quarter. The stock had hit a high of Rs 261.25 and a low of Rs 247 so far during the day. The stock had hit a 52-week high of Rs 267.50 on 6 June 2017 and hit a 52-week low of Rs 178.10 on 17 October 2016.

The stock had outperformed the market over the past one month till 6 June 2017, advancing 8.34% compared with the Sensexs 4.46% rise. The scrip had also outperformed the market over the past one quarter gaining 18.12% as against the Sensexs 7.38% rise. The scrip had also outperformed the market over the past one year advancing 20.09% as against the Sensexs 16.48% rise.

The mid-cap company has equity capital of Rs 60.47 crore. Face value per share is Rs 2.

Hexaware Technologies had rallied 10.12% in the preceding four trading sessions to settle at Rs 258.50 yesterday, 6 June 2017, from its closing of Rs 234.75 on 31 May 2017.

Hexaware Technologies consolidated net profit fell 6.26% to Rs 113.88 crore on 2.09% increase in net sales to Rs 960.53 crore in Q1 March 2017 over Q4 December 2016.

Hexaware Technologies provides IT outsourcing services. The company focuses on banking and financial Services, healthcare and insurance, travel and transportation and manufacturing & consumer verticals in the IT outsourcing services business.

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