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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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Gartners 2016 Hype Cycle for ICT in India Reveals the Technologies that are Most Relevant to Digital Business in India
Nov 04,2016

The technology lag that once existed between India and other major technology markets continues to narrow, according to Gartner, Inc. The Gartner Hype Cycle for ICT in India, 2016 shows that more local vendors are entering both emerging and mature technology segments in India, including areas such as the Internet of Things (IoT) and software as a service (SaaS).

When comparing the technology entries for India and the rest of the world, we noticed that the overall technology lag - that is, global traction versus India traction - is gradually closing. India has evolved from an ICT environment that was about 18 months to two years behind global trends at the start of the decade, to one in which most trends are in sync with global trends, said Santhosh Rao, principal research analyst at Gartner. Its clear that many of the technologies on the 2016 Hype Cycle for ICT in India also appear in the global ICT Hype Cycle.

The Hype Cycle for ICT in India, 2016 identifies 25 key technologies at various states of maturity that are most relevant for information technology in India and positions them on the Gartner Hype Cycle. This provides a snapshot of technologies that CIOs and senior IT leaders in Indian enterprises should consider when transitioning to digital businesses.

Beginning its ascent of this years Innovation Trigger is DevOps. The rise of digital business is driving increased awareness among Indian infrastructure and operations (I&O) teams about DevOps which focuses on rapid IT service delivery. The fundamental principles of DevOps aim to build an agile and flexible bridge between the development and operations functions of IT. These principles encourage a culture of innovation, small and quick releases, failing fast and inexpensively, learning from failures and supporting systems of innovation in a pace-layered approach.

Just ahead of DevOps on the Innovation Trigger is Crowdsourcing. Crowdsourcing in India today manifests itself in four areas: crowdsourced communities for application development services; innovation platforms; hackathons and initiatives by local and central government. Crowdsourcing offers the potential to open up innovation efforts by stimulating and capturing creative ideas from outside an organization. This approach can dramatically increase the available human insight that can be applied to a task or challenge. Government organizations are particularly well-positioned to take advantage of the willingness of citizens to help in areas that reflect their local environments or special interests.

Poised just past the peak of this years Peak of Inflated Expectations, heading for the Trough of Disillusionment, is the IoT. The IoT can benefit Indian enterprises in multiple ways, but for successful IoT implementation, Indian organizations will first have to understand the business use case for which they want to use IoT. Success will also depend on aligning the IT and operation technology (OT) resources, processes and people carefully. Therefore, experimenting with pilot projects to understand the implications on people, process, technology and the business is an essential first step for Indian organizations.

The Indian economy is in good shape, and government initiatives such as Make in India and Digital India, are positive measures that are driving investment in India by multinational companies, said Pankaj Prasad, principal research analyst at Gartner. The computer software and hardware segments had a foreign direct investment (FDI) inflow of $5.9 billion during the period from April 2015 to March 2016. This is an increase of nearly 150 percent compared with the same period last year, and Gartner expects these investments to gather further momentum toward the end of 2016.

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NMDC drops after keeping iron ore prices unchanged for November
Nov 04,2016

The announcement was made after market hours yesterday, 3 November 2016.

Meanwhile, the BSE Sensex was down 92.34 points, or 0.34%, to 27,337.94.

On BSE, so far 3.97 lakh shares were traded in the counter, compared with average daily volume of 3.85 lakh shares in the past one quarter. The stock hit a high of Rs 134.80 and a low of Rs 125.60 so far during the day. The stock hit a 52-week high of Rs 142.65 on 2 November 2016. The stock hit a 52-week low of Rs 75.20 on 12 February 2016. The stock had outperformed the market over the past one month till 3 November 2016, advancing 22.96% compared with 2.88% fall in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 33.08% as against Sensexs 0.96% fall.

The large-cap company has equity capital of Rs 316.39 crore. Face value per share is Re 1.

NMDC announced that it has kept unchanged price of lump iron ore at Rs 2,100 per wet metric tonne and price of fines iron ore at Rs 1,760 per wet metric tonne with effect from 3 November 2016, compared with their respective prices in October.

Net profit of NMDC declined 29.9% to Rs 711.34 crore on 4.7% decline in net sales to Rs 1720.65 crore in Q1 June 2016 over Q1 June 2015.

NMDC is Indias largest public sector iron ore producer. As per the shareholding pattern, Government of India (GoI) holds 74.94% stake in NMDC as on 14 October 2016.

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L&T drops amid Govts stake-sale reports
Nov 04,2016

Meanwhile, the S&P BSE Sensex was down 99.34 points or 0.36% at 27,330.94.

Heavy volumes were witnessed on the counter. On BSE, so far shares were traded in the counter as against average daily volume of 71.51 lakh shares in the past two weeks. The stock hit a high of Rs 1,434 and a low of Rs 1,397 so far during the day. The stock had hit a 52-week high of Rs 1,615 on 27 July 2016. The stock had hit a 52-week low of Rs 1,016.60 on 12 February 2016. The stock had outperformed the market over the past one month till 3 November 2016, sliding 1.72% compared with 2.88% fall in the Sensex. The scrip had, however, underperformed the market in past one quarter, declining 2.25% as against Sensexs 0.96% fall.

The large-cap company has equity capital of Rs 186.47 crore. Face value per share is Rs 2.

Reports suggested that the government is selling stake in L&T via block deal mechanism on the stock exchanges today, 4 November 2016. As per reports, the government proposes to offload up to 3% stake in the company held under Specified Undertaking of the Unit Trust of India (Suuti). Reports added that the base price for the share sale has been set at Rs 1,415.66 per share, about 2% discount to the stocks closing price of Rs 1,444.55 on the BSE yesterday, 3 November 2016.

Suuti currently holds 8.14% stake in L&T as per the shareholding pattern as on 30 September 2016.

L&Ts consolidated net profit rose 45.5% to Rs 609.60 crore on 9.3% growth in net sales to Rs 21718.61 crore in Q1 June 2016 over Q1 June 2015.

L&T is a major Indian multinational engaged in technology, engineering, construction, manufacturing and financial services. It operates in more than 30 countries worldwide.

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Pharma stocks slump on reports of investigation by US Department of Justice
Nov 04,2016

Meanwhile, the S&P BSE Sensex was down 83.76 points or 0.31% to 27,346.14.

Glenmark Pharmaceuticals (down 5.24%), Aurobindo Pharma (down 2.96%), Strides Shasun (down 4.24%), Cipla (down 1.4%), Dr Reddys Laboratories (down 4.72%), Cadila Healthcare (down 3.57%), Lupin (down 3.87%), Divis Laboratories (down 1.8%), and Sun Pharmaceutical Industries (down 6.03%) declined.

A report suggested that the US Department of Justice had started the investigation two years ago, and the list included a dozen drug companies such as Sun Pharmaceutical Industries, Taro Pharmaceutical Industries and Mylan. Charges could come up as early as December 2016, it added.

Generic drugs are supposed to keep healthcare costs down. But the US government may claim that these companies worked together to keep prices higher instead of allowing market competition to set pricing, report noted.

The BSE Healthcare index had underperformed the market over the past one month till 3 November 2016, falling 4.06% compared with 2.88% fall in the Sensex. The index had also underperformed the market in past one quarter, dropping 1.91% as against Sensexs 0.96% fall.

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Bombay Rayon Fashions allots equity shares
Nov 04,2016

Bombay Rayon Fashions announced that pursuant to approval obtained from the shareholders in the Extra-Ordinary General Meeting of the Company held on 09 May 2016, the Share Issue Committee of Board of Directors at their meeting held on 03 November 2016, has allotted, in fourth tranche, 2,991,921 equity shares of Rs. 10/- each, at a price of Rs. 165.88 per share to the Lender of the Company on the conversion of Funded Interest Term Loan (FITL) and Working capital term Loan (WCTL) in accordance with SEBI Guidelines for Preferential Issues.

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US stocks drop for eighth straight session
Nov 04,2016

U.S. stocks closed lower on Thursday, 03 November 2016 marking the S&P 500s longest losing streak since the depths of the financial crisis, as Facebook shares slumped and investors fretted over election uncertainty. Equity indices stumbled in the opening hour as a reversal in crude oil and weakness in the influential technology sector weighed on the broader market. This was the eighth successive drop for Wall Street.

The Dow Jones Industrial Average fell for a sixth straight day, declining 28.97 points, or 0.2%, to close at 17,930.67. The Nasdaq Composite fell 47.16 points, or 0.9%, to 5,058.41, as Facebook, one of its largest components, dropped sharply. The S&P 500 finished down 9.28 points, or 0.4%, at a nearly four-month closing low of 2,088.66, with eight of the main 11 sectors closing lower. The tech and health care sectors led the decliners, each with a 1% loss.

Eighteen out of thirty Dow components ended lower with shares of Pfizer and Intel dragging on the average.

A number of economic reports, including jobless claims, productivity data, factory orders and the nonmanufacturing ISM survey, largely underlined a theme of steady economic growth and were seen as strong enough to justify expectations for the Federal Reserve to raise interest rates at its December meeting. The central bank kept interest rates unchanged Wednesday, but signaled that its inching closer to a December interest-rate hike.

Oil began the day on a modestly higher note, rebounding from its recent losing streak. The energy component has been under pressure in recent days as investors reassess the previously announced OPEC supply freeze agreement and mull over some disappointing weekly inventory data. WTI crude slipped below the $45.00/bbl in the opening hour, finishing down 2.0% at $44.45/bbl.

Shares in Facebook closed down 5.7% after the social-media giant warned late Wednesday that growth rates for its advertising revenue will n++come down meaningfully.n++

Among economic reports expected for the day, the number of people who applied for unemployment benefits at the end of October rose by 7,000 to a three-month high of 265,000, but the rate of layoffs in the U.S. remains extremely low. Initial claims for the week ending October 29 rose by 7,000 to 265,000 (consensus 256,000). Continuing claims for the week ending October 22 decreased by 14,000 to 2.026 million.

Meanwhile, American firms and employees boosted their productivity in the third quarter for the first time in 2016, but the longer-term trend is still a poor one that bodes ill for the U.S. economy. Nonfarm business sector labor productivity increased at a 3.1% annual rate in the third quarter (consensus 1.8%). This was the first increase after three consecutive quarterly declines and was further underpinned by an upward revision to second quarter productivity to -0.2% from -0.6%.

Separate report showed that factory orders rose 0.3% in September. Meanwhile, ISM services index fell to 54.8% in October from 57.1%, below the 56% forecast.

Treasuries finished on a mixed note as the long end of the curve underperformed. The yield on the 2-yr note finished flat (0.82%) while the yield on the 10-yr note finished the day up one basis point (1.81%).

Todays trading volume was above the average of 860 million as more than 880 million shares changed hands at the NYSE floor.

Tomorrows economic data will include the 8:30 ET release of the September Trade Balance (consensus -$38.5 billion) and the Employment Situation Report for October. Market expects the jobs report to show an increase of 175,000 in nonfarm payrolls.

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Esab India gains after stellar Q2 outcome
Nov 04,2016

The result was announced after market hours yesterday, 3 November 2016.

Meanwhile, the S&P BSE Sensex was down 49.09 points or 0.18% at 27,381.19

On BSE, so far 2,964 shares were traded in the counter as against average daily volume of 432 shares in the past one quarter. The stock hit a high of Rs 658.90 and a low of Rs 630 so far during the day. The stock had hit a 52-week high of Rs 674 on 22 March 2016. The stock had hit a 52-week low of Rs 435 on 17 February 2016.

The small-cap company has equity capital of Rs 15.39 crore. Face value per share is Rs 10.

Esab India is one of the leading suppliers of welding and cutting products in the country.

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Magma Fincorp tumbles after subdued Q2 numbers
Nov 04,2016

The result was announced after market hours yesterday, 3 November 2016.

Meanwhile, the S&P BSE Sensex was down 58.10 points or 0.21% at 27,372.18.

On BSE, so far 2.49 lakh shares were traded in the counter as against average daily volume of 1.08 lakh shares in the past two weeks. The stock hit a high of Rs 114.90 and a low of Rs 95.65 so far during the day. The stock had hit a 52-week high of Rs 125.80 on 10 October 2016. The stock had hit a 52-week low of Rs 67 on 3 February 2016. The stock had outperformed the market over the past one month till 3 November 2016, advancing 8.47% compared with 2.88% fall in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 9.14% as against Sensexs 0.96% fall.

The small-cap company has equity capital of Rs 47.39 crore. Face value per share is Rs 2.

The companys bottom line during Q2 September 2016 was boosted by surge in non-operational income. Other income jumped 60.42% to Rs 15.85 crore in Q2 September 2016 over Q2 September 2015.

Commenting on the companys performance, Sanjay Chamria, Vice Chairman and MD, Magma Fincorp said that the company has exhibited resilience in its performance despite the industry odds still not favourable. Magma expects better results with an improving rural economy going forward in the second half of the current financial year (FY 2017), added Chamria.

Magma Fincorp has announced a change in its top management team. Atul Bansal, chief financial officer (CFO) of the company has resigned to pursue other opportunities. The board has appointed Kailash Baheti, working with the company as chief strategy officer as the new CFO.

Magma provides a bouquet of financial products including commercial finance, agri finance, SME finance and mortgage finance and has a general insurance subsidiary.

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ASSOCHAM urges for setting up road transport regulatory authority
Nov 04,2016

Apex industry body ASSOCHAM has mooted a proposal to the Union Government to constitute an appropriate authority either at the Central or state level to fix the ceiling on road freight rates and breaking local monopolies.

n++Transporters charge exorbitant rates for movement of iron ore and other raw materials from mines and ports to steel plants, besides they also prevent free competition through their dominating presence in local areas,n++ said ASSOCHAM highlighting the double whammy being faced by the domestic steel sector.

ASSOCHAM also submitted various suggestions to the Union Steel Ministry to bring back Indias steel sector on growth trajectory.

n++There is an urgent need to withdraw import duty of five per cent imposed upon metallurgical coke and coking coal to restore competitiveness of the domestic steel industry,n++ ASSOCHAM highlighted in a paper submitted to the Union Steel Ministry highlighting various issues that are restricting growth of the sector.

It also urged the Steel Ministry to bring down rate of royalty on iron ore to reduce the cost of raw materials for steel plants.

n++About 15 per cent royalty rate on iron ore together with district mineral foundation (DMF) at 30 per cent translates into royalty burden on end user of 19.5 per cent of iron ore cost,n++ it noted.

The apex chamber requested to reduce the DMF rate for new mines from 10 per cent for captive consumption of iron ore.

Considering that higher transport costs result in higher costs of production of steel in India, there is an urgent need to bring down freight tariff rates by up to 25 per cent across all raw material and steel products to gain competitive edge.

It is also imperative to prevent import of cheap steel in India through a combination of minimum import price (MIP) and import duties/safeguard duties on a sustained basis.

ASSOCHAM has also suggested that inclusion of pig iron, sponge iron and billets in the list of products covered under MIP since protection for upstream primary reduction of iron is equally vital.

Further, banks should extend working capital loans to steel companies on a priority basis, especially those which have not defaulted on interest payment, while structural problems relating to high debts of various steel companies would take time to resolve.

There is also a need to create a special funding mechanism for providing capital for brown-field expansion of capacities at the existing steel mills, more so as commercial viability of brown field expansion of steel plants is significantly higher than greenfield plants.

Sharing certain budget proposals, ASSOCHAM has reiterated its demand to accord strategic industry status to steel sector. Besides it also suggested to bring import duty on coking coal and metallurgical coke down to zero.

A comprehensive package for steel sector should be unveiled encompassing special financing arm for providing capital for expansion of capacities, easy extension of working capital loans, long-term policy on freight tariffs and augmenting transportation infrastructure capacity to meet needs of steel production.

Besides it should also include total revamp of process for grant of statutory approvals for mines and steel plants, long-term policy to prevent cheap imports of steel products and security of raw materials.

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UltraTech Cement allots equity shares
Nov 04,2016

UltraTech Cement announced that the Nomination, Remuneration and Compensation Committee has on 03 November 2016 allotted 3,284 equity shares of Rs. 10/- of the Company to Option Grantees upon exercise of stock options under the Companys Employee Stock Option Scheme.

On allotment, the equity share capital of the Company stands increased to 27,44,53,439 equity shares of Rs. 10/- each aggregating to Rs. 2,74,45,34,390/-.

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Board of Balasore Alloys allots convertible warrants on preferential basis
Nov 04,2016

Balasore Alloys announced that the Board of Directors of the Company at its meeting held on 03 November 2016 has allotted 2.30 crore convertible warrants on preferential basis which shall entitle the warrant holder to equivalent number of equity shares of Rs 5 each of the Company at a price of Rs 21.50 per share.

Out of the said warrants, One crore warrants shall be converted into equity shares in FY 2016-17 and the remaining 1.30 crore warrants shall be converted into equity shares in FY 2017-18.

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Camson Seeds to hold board meeting
Nov 04,2016

Camson Seeds will hold a meeting of the Board of Directors of the Company on 10 November 2016, to approve the Un-audited Financial results of the Company for the 2nd quarter and half year ended 30 September 2016.

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Polymac Thermoformers to hold board meeting
Nov 04,2016

Polymac Thermoformers will hold a meeting of the Board of Directors of the Company on 9 November 2016, for the approval of Half Yearly Financial Result for the period April 2016, to September 2016.

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Aayush Food & Herbs to hold board meeting
Nov 04,2016

Aayush Food & Herbs will hold a meeting of the Board of Directors of the Company on 12 November 2016, to consider, Unaudited Financial Results of the Company for the quarter ended 30 September 2016.

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Anubhav Industrial Resources to hold board meeting
Nov 04,2016

Anubhav Industrial Resources will hold a meeting of the Board of Directors of the Company on 14 November 2016, to approve the Un-Audited Financial Results of the Company for quarter ended 30 September 2016.

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