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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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Board of Sunteck Realty approves sub-division of equity shares
Jun 09,2017

Sunteck Realty announced that the Board of Directors of the Company at its meeting held on 08 June 2017, inter alia, have approved the following matters subject to the approval of Shareholders of the Company.

1. Sub-division of the Equity Shares of face value of Rs. 2/- each into Equity Shares of face value of Re. 1/- each and consequently amendment of the Capital Clause of Memorandum of Association of the Company.

2. Alteration of Memorandum and Articles of Association of the Company in compliance to Companies Act, 2013.

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Cybele Industries announces change in website
Jun 09,2017

Cybele Industries announced that the Companys website is changed to cybele.co.in from the existing website qflexcable.com.

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Zee Learn allots 2,35,000 equity shares
Jun 09,2017

Zee Learn has allotted 2,35,000 equity shares under ESOP on 08 June 2017. Consequently, the paid up equity share capital has increased to 324,000,256 equity shares of Re 1 each.

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Akzo Nobel India to pay dividend
Jun 09,2017

Akzo Nobel India announced that dividend if approved at the AGM, will be paid by 30 August 2017.

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Videocon Industries biggest loser on BSEs A group
Jun 09,2017

Videocon Industries hit a lower circuit limit of 5% at Rs 28.55. The stock topped the losers in A group. On the BSE, 31,000 shares were traded on the counter so far as against the average daily volumes of 37,000 shares in the past two weeks.

United Breweries declined 3.44% at Rs 792.30. The stock was the second biggest loser in A group. On the BSE, 17,000 shares were traded on the counter so far as against the average daily volumes of 24,000 shares in the past two weeks.

Housing Development & Infrastructure (HDIL) fell 3.21% at Rs 85.90. The stock was the third biggest loser in A group. On the BSE, 16.63 lakh shares were traded on the counter so far as against the average daily volumes of 27.69 lakh shares in the past two weeks.

Tech Mahindra skid 2.88% at Rs 385.95. The stock was the fourth biggest loser in A group. On the BSE, 1.76 lakh shares were traded on the counter so far as against the average daily volumes of 5.31 lakh shares in the past two weeks.

Max Financial Services tumbled 2.65% at Rs 604.50. The stock was the fifth biggest loser in A group. On the BSE, 48,000 shares were traded on the counter so far as against the average daily volumes of 3.43 lakh shares in the past two weeks.

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Ind-Ra: Capital Expenditure May be the Soft Target to Accommodate Maharashtra Farm Loan Waiver
Jun 09,2017

The Maharashtra farm loan waiver of INR 300 billion for small and marginal farmers will push up states fiscal deficit to 2.71% (budgeted: 1.53%) in FY18 of gross state domestic product (GSDP) and in order to manage the elevated debt levels the state could reduce expenditure on capital formation, says India Ratings and Research (Ind-Ra). Ind-Ra believes the loan waiver is likely to reduce the fiscal space for the government to undertake higher capital expenditure over the medium-term, thus affecting its medium-term growth prospects.

Ind-Ra estimates that the debt/GSDP will rise to 17.44% against the budgeted 16.26% in FY18. Ind-Ra assesses the impact however will depend on whether the entire loan waiver is absorbed in FY18 or is staggered over a period of three to four years.

The Chief Minister of Maharashtra has promised a farm loan waiver of INR300 billion to small and marginal farmers of the state on 4 June 2017. Ind-Ra opines that the pressure on Maharashtras fiscal position would be less intensive if the debt waiver is absorbed in the state finances in a staggered manner. Ind-Ra estimates the fiscal deficit to increase by 29.5bp to 1.82% of GSDP in FY18 if the loan waiver is phased equally (INR75 billion) over a four-year period. In this scenario, the fiscal deficit/GSDP is estimated to increase by 22bps-27bps over FY19-FY21. However, despite fiscal deficit expansion, it is likely to remain within the 14th Finance Commissions prescribed limit of 3% of GSDP.

Ind-Ra estimates debt/GSDP to increase to 17.44% in FY18 (with entire waived amount absorbed in FY18) as against the budgeted 16.26%. The state has budgeted debt stock at INR4,129.92 billion for FY18. With the loan waiver, this will rise to INR4,429.92 billion. Ind-Ra believes that the elevated debt levels will raise concern that the state could reduce expenditure on capital formation. The share of capital expenditure in total expenditure averaged 16.6% during FY10-FY17 (revised estimate). Deficits in the revenue account persisted during this period due to large interest payments. Interest payment (INR341.27 billion) to revenue expenditure ratio is budgeted at 13.75% for FY18. The state government has budgeted capex at 15.21% of total expenditure in FY18.

This is the second farm waiver announced by a state this year after Uttar Pradesh and farmers in states namely Madhya Pradesh, Punjab and Tamil Nadu are also demanding similar waivers.

Ind-Ra had highlighted in the report the negative implication that debt waivers have on credit culture. The debt waiver announced can significantly impact the credit culture among the agriculture communities in other states. More importantly demand for debt waiver may also come in from other states as well. The waivers may mask the delinquencies for the time being. Nevertheless, it carries the risk of significantly impairing asset quality going forward. The unintended outcome of this could be reduced availability of credit to the farmers from banks, forcing them to resort to the unorganised lending sector.

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Siti Networks gallops after large bulk deal
Jun 09,2017

Meanwhile, the S&P BSE Sensex was down 57 points or 0.18% at 31,156.36. The BSE Small-Cap index was up 60.47 points or 0.39% at 15,533.02.

Bulk deal boosted volume on the scrip. On the BSE, 1.77 crore shares were traded on the counter so far as against average daily volumes of 8.59 lakh shares in the past one quarter. The stock had hit a high of Rs 32 and a low of Rs 28.50 so far during the day. The stock had hit a 52-week high of Rs 41.35 on 20 December 2016. The stock had hit a 52-week low of Rs 26.15 on 6 June 2017.

The stock had underperformed the market over the past one month till 8 June 2017, falling 10.87% compared with 3.19% rise in the Sensex. The scrip had also underperformed the market in past one quarter, declining 25.23% as against Sensexs 7.83% rise. The scrip had also underperformed the market in past one year, sliding 24.93% as against Sensexs 16.63% rise.

The small-cap company has equity capital of Rs 87.21 crore. Face value per share is Re 1.

On a consolidated basis, Siti Networks reported net loss of Rs 64.92 crore in Q4 March 2017, higher than net loss of Rs 1.47 crore in Q4 March 2016. Net sales fell 3.95% to Rs 325.52 crore in Q4 March 2017 over Q4 March 2016.

Siti Networks is one of Indias largest multi system operator (MSO). The company provides its cable services in Indias 250 plus cities and the adjoining areas.

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Adani Transmission gains on bargain hunting
Jun 09,2017

Meanwhile, the S&P BSE Sensex was down 44.24 points, or 0.14% to 31,169.12.

On the BSE, 3.99 lakh shares were traded in the counter so far, compared with average daily volumes of 3.92 lakh shares in the past one quarter. The stock had hit a high of Rs 118.05 and a low of Rs 108.40 so far during the day. The stock hit a record high of Rs 137 on 5 June 2017. The stock hit a 52-week low of Rs 30.30 on 9 June 2016.

The stock had outperformed the market over the past one month till 8 June 2017, rising 49.70% compared with 3.19% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 83.19% as against Sensexs 7.83% rise. The scrip had also outperformed the market in past one year, rising 240.87% as against Sensexs 16.63% rise.

The large-cap company has equity capital of Rs 1,099.81 crore. Face value per share is Rs 10.

Shares of Adani Transmission fell 14.24% in four trading sessions to settle at Rs 113.85 yesterday, 8 June 2017, from its close of Rs 132.75 on 2 June 2017.

On a consolidated basis, net profit of Adani Transmission declined 5.18% to Rs 94.90 crore on 30.93% rise in net sales to Rs 835.52 crore in Q4 March 2017 over Q4 March 2016.

Adani Transmission is into power transmission business and is a part of business conglomerate Adani Group.

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Indiabulls Real Estate allots NCDs aggregating Rs 75 crore
Jun 09,2017

Indiabulls Real Estate has allotted secured redeemable NCDs of Rs 10 lakh each aggregating Rs 75 crore on private placement basis on 08 June 2017.

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Board of Vikas Wsp approved preferential allotment of shares
Jun 09,2017

Vikas Wsp has considered and approved the allotment of of 5,70,00,000 of Rs. 1 each at premium of Rs. 9/- per equity shares (i.e. Rs. 10 including premium) aggregate amounting to Rs. 57 crore on preferential basis to the Promoter and qualified investor at board meeting held on 08 June 2017.

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Minor gains at Wall Street
Jun 09,2017

U.S. stocks notched meager gains on Thursday, 08 June 2017 but the Nasdaq closed at a record after former FBI Director James Comeys appearance in front of the U.S. Senate Intelligence Committee concluded without any significant revelations.

The Dow Jones Industrial Average rose 8.84 points to finish, less than 0.1%, at 21,182.53. It hit an intraday record of 21,265.69 on strong gains in Caterpillar and Goldman Sachs. The Nasdaq Composite Index gained 24.38 points, or 0.4%, to end at 6,321.76 after setting an intraday record of 6,324.06. The S&P 500 index added 0.65 point to close at 2,433.79.

Financials rallied while utilities were the biggest decliners.

Investors had a slew of headlines to digest on Thursday as former FBI Director James Comey testified in front of the Senate Intelligence Committee, the European Central Bank announced its latest policy decision, and the Brits headed to the ballot box.

The ICE U.S. Dollar Index which tracks the buck against a basket of six rivals, was up 0.2%. Strength in the dollar can make gold and other commodities pegged to the currency more expensive to buyers using other monetary units, presumably lowering their demand.

In Europe, the ECB decided to leave interest rates unchanged, as expected, however, the central bank did drop language from its policy statement that suggested rates could be cut further. In addition, ECB President Mario Draghi acknowledged that risks to the outlook are now broadly balanced, but noted that inflation remains low and has yet to show a convincing pickup.

Economic data at Wall Street showed that the latest weekly initial jobless claims count totaled 245,000 while the consensus expected a reading of 240,000. Todays tally was below the revised prior week count of 255,000 (from 248,000). As for continuing claims, they declined to 1.917 million from the revised count of 1.919 million (from 1.915 million).The key takeaway from the report is that the level of initial claims remains consistent with a tight labor market.

Bullion prices ended sharply lower on Thursday, 08 June 2017. Gold prices suffered a sharp decline on Thursday, erasing a gain for the week as the euro weakened, providing support for the dollar, in the wake of the European Central Banks monetary-policy meeting.The yellow metal failed to find support from former Federal Bureau of Investigation boss James Comeys testimony before a Senate panel amid an investigation into alleged Russian efforts to interfere in last years presidential race. Investors were also awaiting the outcome of the U.K.s snap general election.

August gold fell $13.70, or 1.1%, to settle at $1,279.50 an ouncen++the lowest finish in a week. Thursdays loss erased what would have been a gain for the week. Prices have now lost 70 cents week to date. Meanwhile, July silver fell 20.6 cents, or 1.2%, at $17.414 an ounce in Thursday trading.

Oil prices ended with a minor loss on Thursday, 08 June 2017 holding ground at their lowest level in a month, as a weekly decline in U.S. crude production helped to temper pressure from a surprise weekly rise in U.S. supplies.

U.S. government data released Wednesday revealed a weekly decline for U.S. production in the lower 48 states for the first time this year, suggesting a slowdown in domestic output. But an unexpected rise in U.S. crude stocks last week intensified concerns that the continuing production cuts by the Organization of the Petroleum Exporting Countries and Russia arent effectively reducing the glut of oil that has suppressed oil prices for over two years.

Economic data will be light once again tomorrow with April Wholesale Inventories (consensus -0.1%) being the only item on the docket. The report will cross the wires at 10:00 ET.

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Board of State Bank of India approves issue of 52,21,93,211 equity shares under QIP issue
Jun 09,2017

State Bank of India announced that the Committee of Directors for Capital Raising of the Central Board of the Bank at its meeting held on 08 June 2017 has decided to close the QIP issue on 08 June 2017 and has accorded its consent for the issue of up to 52,21,93,211 equity shares at a price of Rs 287.25 (including Rs 286.25 towards share premium) for an aggregate value of Rs 14999.99 crore. The Committee also approved and adopted the placement document dated 08 June 2017 in connection with the issue.

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Cipla provides update on subsidiary - Saba Investments
Jun 09,2017

Cipla announced that its subsidiary, Saba Investments has entered into agreement to sell its 99% equity stake in Al Jabal for Drugs and Medical Appliances Company, Yamen to Khalil Ghaleb Ali Al Jabal.

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IndusInd Bank allots 4,593 equity shares
Jun 09,2017

IndusInd Bank has allotted 4,593 (Four Thousand Five Hundred Ninety Three) equity shares of Rs. 10/- (Rupees Ten Only) each on June 8, 2017 to those grantees who had exercised their option under the Companys Employee Stock Option Scheme.

The said shares will rank pari-passu with the existing shares of the Company in all respect.

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Water level of 91 Major Reservoirs of the country goes down by One per cent
Jun 09,2017

The water storage available in 91 major reservoirs of the country for the week ending on June 08, 2017 was 31.862 BCM, which is 20% of total storage capacity of these reservoirs. This percentage was at 21 for the week ending on June 01, 2017. The level of June 08, 2017 was 130% of the storage of corresponding period of last year and 107% of storage of average of last ten years.

The total storage capacity of these 91 reservoirs is 157.799 BCM which is about 62% of the total storage capacity of 253.388 BCM which is estimated to have been created in the country. 37 Reservoirs out of these 91 have hydropower benefit with installed capacity of more than 60 MW.

REGION WISE STORAGE STATUS:-

NORTHERN REGION

The northern region includes States of Himachal Pradesh, Punjab and Rajasthan. There are 6 reservoirs under Central Water Commission (CWC) monitoring having total live storage capacity of 18.01 BCM. The total live storage available in these reservoirs is 4.72 BCM which is 26% of total live storage capacity of these reservoirs. The storage during corresponding period of last year was 22% and average storage of last ten years during corresponding period was 28% of live storage capacity of these reservoirs. Thus, storage during current year is better than the corresponding period of last year but is less than the average storage of last ten years during the corresponding period.

EASTERN REGION

The Eastern region includes States of Jharkhand, Odisha, West Bengal and Tripura. There are 15 reservoirs under CWC monitoring having total live storage capacity of 18.83 BCM. The total live storage available in these reservoirs is 4.31 BCM which is 23% of total live storage capacity of these reservoirs. The storage during corresponding period of last year was 18% and average storage of last ten years during corresponding period was 17% of live storage capacity of these reservoirs. Thus, storage during current year is better than the corresponding period of last year and is also better than the average storage of last ten years during the corresponding period.

WESTERN REGION

The Western region includes States of Gujarat and Maharashtra. There are 27 reservoirs under CWC monitoring having total live storage capacity of 27.07 BCM. The total live storage available in these reservoirs is 6.00 BCM which is 22% of total live storage capacity of these reservoirs. The storage during corresponding period of last year was 12% and average storage of last ten years during corresponding period was 21% of live storage capacity of these reservoirs. Thus, storage during current year is better than the storage of last year and is also better than the average storage of last ten years during the corresponding period.

CENTRAL REGION

The Central region includes States of Uttar Pradesh, Uttarakhand, Madhya Pradesh and Chhattisgarh. There are 12 reservoirs under CWC monitoring having total live storage capacity of 42.30 BCM. The total live storage available in these reservoirs is 13.04 BCM which is 31% of total live storage capacity of these reservoirs. The storage during corresponding period of last year was 20% and average storage of last ten years during corresponding period was 17% of live storage capacity of these reservoirs. Thus, storage during current year is better than the storage of last year and is also better than the average storage of last ten years during the corresponding period.

SOUTHERN REGION

The Southern region includes States of Andhra Pradesh, Telangana, AP&TG (Two combined projects in both states) Karnataka, Kerala and Tamil Nadu. There are 31 reservoirs under CWC monitoring having total live storage capacity of 51.59 BCM. The total live storage available in these reservoirs is 3.79 BCM which is 7 % of total live storage capacity of these reservoirs. The storage during corresponding period of last year was 10% and average storage of last ten years during corresponding period was 17% of live storage capacity of these reservoirs. Thus, storage during current year is less than the corresponding period of last year and is also less than the average storage of last ten years during the corresponding period.

States having better storage than last year for corresponding period are Himachal Pradesh, Punjab, Rajasthan, Jharkhand, Odisha, West Bengal, Tripura, Gujarat, Maharashtra, Uttar Pradesh, Madhya Pradesh, Chhattisgarh, and Telangana. States having equal storage than last year for corresponding period are AP&TG (Two combined projects in both states). States having lesser storage than last year for corresponding period are Uttarakhand, Andhra Pradesh, Karnataka, Kerala, and Tamil Nadu.

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