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Jindal Drilling & Industries standalone net profit declines 3.66% in the June 2016 quarter

Jindal Drilling & Industries standalone net profit declines 3.66% in the June 2016 quarter

Sep 14,2016

Net profit of Jindal Drilling & Industries declined 3.66% to Rs 9.48 crore in the quarter ended June 2016 as against Rs 9.84 crore during the previous quarter ended June 2015. Sales rose 11.24% to Rs 92.66 crore in the quarter ended June 2016 as against Rs 83.30 crore during the previous quarter ended June 2015.

ParticularsQuarter Ended
n++Jun. 2016Jun. 2015% Var.
Sales92.6683.3011
OPM %9.8912.74-
PBDT14.5518.68-22
PBT12.0915.01-19
NP9.489.84-4

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Board of Hindustan Petroleum Corporation declares interim dividend of Rs 22.50 per share
Feb 14,2017

Hindustan Petroleum Corporation announced that the Board at its meeting held on 13 February 2017, inter alia, has declared an interim dividend of Rs. 22.50 per equity share (Face value: Rs. 10/- per equity share).

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Board of Control Print recommends dividend
Feb 14,2017

Control Print announced that the Board of Directors of the Company at its meeting held on 13 February 2017, inter alia, have recommended the dividend of Rs 2.5 per equity Share (i.e. 25%) , subject to the approval of the shareholders.

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Board of NCL Industries recommends dividend
Feb 14,2017

NCL Industries announced that the Board of Directors of the Company at its meeting held on 13 February 2017, inter alia, have recommended the dividend of Rs 1 per equity Share (i.e. 10%) , subject to the approval of the shareholders.

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Goldiam International to pay interim dividend for FY 2017
Feb 14,2017

Goldiam International announced that interim dividend for FY 2016-17 shall be paid from 23 February 2017.

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Board of Goldiam International declares interim dividend of 20%
Feb 14,2017

Goldiam International announced that the Board of Directors of the Company at its meeting held on 13 February 2017, inter alia, have approved / declared first Interim Dividend of Rs. 2/- (Two Rupees) per equity share (i.e. 20% on the paid up equity share capital), for the Financial Year 2016-17.

Payment of first Interim dividend shall start from 23 February 2017.

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Concor sinks after disappointing bonus ratio, poor Q3 result
Feb 14,2017

The announcement was made after market hours yesterday, 13 February 2017.

Meanwhile, the S&P BSE Sensex was down 73.19 points or 0.26% at 28,278.43

On BSE, so far 12,000 shares were traded in the counter as against average daily volume of 26,039 shares in the past one quarter. The stock hit a high of Rs 1,314 and a low of Rs 1,245.65 so far during the day. The stock had hit a 52-week high of Rs 1,544 on 2 August 2016. The stock had hit a 52-week low of Rs 1,050.85 on 12 February 2016.

The large-cap company has equity capital of Rs 194.97 crore. Face value per share is Rs 10.

Container Corporation of India (Concor)s net profit fell 9.56% to Rs 185.99 crore on 5.27% decline in net sales to Rs 1330.41 crore in Q3 December 2016 over Q3 December 2015. The result was announced after market hours yesterday, 13 February 2017.

Concor provides logistics solutions. It has the largest network of inland container depots (ICDs)/container freight stations in India. In addition to providing inland transport by rail for containers, it has also expanded to cover management of ports, air cargo complexes and establishing cold-chain. The Government of India (GoI) holds 56.75% stake in Concor (as per the shareholding pattern as on 31 December 2016).

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GVK Power spurts on reports of Navi Mumbai Airport bid win
Feb 14,2017

Meanwhile, the BSE Sensex was down 4.30 points, or 0.02%, to 28,347.32.

On the BSE, so far 61.56 lakh shares were traded in the counter, compared with average daily volumes of 5.84 lakh shares in the past one quarter. The stock hit a high of Rs 7.70 so far during the day, which is also a 52-week high for the counter. The stock hit a low of Rs 7.16 so far during the day. The stock hit a 52-week low of Rs 4.13 on 6 June 2016.

The small-cap company has equity capital of Rs 157.92 crore. Face value per share is Re 1.

GVK Power & Infrastructure, which operates Mumbai international Airport (MIAL), has reportedly won a bid to develop Navi Mumbai airport. GVK-led company MIAL beat GMR Infrastructure to win the bid.

The new airport, first proposed in 1997 and approved by the Government in 2007, has been delayed by problems in buying land and in gaining necessary government permissions such as environmental clearance. The first phase of the airport is expected to be operational in 2019 and will be able to handle 10 million passengers annually, reports added.

GVK is a leading Indian conglomerate with diversified interests across various sectors including energy, resources, airports, transportation, hospitality and life sciences.

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Star Ferro & Cement gets High Court approval for scheme of amalgamation
Feb 14,2017

Star Ferro & Cement announced that the Honble National company Law Tribunal (NCLT) Guwahati Bench, vide its order dated 07 February 2017 has approved the Scheme of Amalgamation of Star Ferro and Cement (Transferor Company) with Star Cement (Transferee Company) with effect from Appointed Date i.e. 01 April 2016.

Certified copies of the Order are awaited for filing with the Registrar of Companies.

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Hindustan Petroleum Corporation fixes record date for interim dividend
Feb 14,2017

Hindustan Petroleum Corporation announced that the Company has fixed 02 March 2017 as the Record date for the purpose of Payment of Interim Dividend.

The Interim dividend is proposed to be paid on or before 15 March 2017.

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Outcome of board meeting of Virinchi
Feb 14,2017

Virinchi announced that the Board of Directors of the Company at its meeting held on 13 February 2017 has transacted the following -

Allotted 85,65,000 equity shares to shareholders of Bristlecone Hospitals under scheme of amalgamation.

Allotted 1,33,500 equity shares under VESOS, 2004.

Approves grant of 25 lakh stock options under VESOS, 2016.

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Board of Minda Finance takes note of change in corporate office
Feb 14,2017

Minda Finance announced that the Board of Directors of the Company at its meeting held on 13 February 2017 took note that the address of Corporate Office has been shifted to B-64/1, Wazirpur, Industrial Area, New Delhi - 110052.

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Strong Payment Mechanism Partly Contributes to Solar Tariff Free Fall; Solar Projects Funding To Ease
Feb 14,2017

The strong payment security mechanism from the counterparty in the recently concluded auctions for 750 MW of solar projects in Rewa Solar Park, Madhya Pradesh, will enable fund raising at competitive rates, says India Ratings and Research (India Ratings). The agency believes that the reduced risk from the counterparty because of payment security mechanisms is one of the levers for the steep fall in tariffs quoted by the bidders.

The new payment security mechanism includes the state government payment guarantee, payment security fund (about 35-40% of revenue at plant load factor of 22%) and a deemed generation compensation for the grid unavailability, in addition to the regular letter of credit. Low tariff will also incentivise the offtakers to pay on-time. Notwithstanding the new payment structure, in the event of the tariffs not being commensurate with the capital cost - reminiscent to the aggressive bids seen in the road sector - will stress the coverage ratios of these projects. Thus the cost of funding and lower solar panel prices (fallen by ~28% yoy) are critical factors for the sharp fall in solar bids.

While the state guarantee and payment security fund (PSF) provides a cushion, however it is imperative to know the terms for invocation of the guarantee and the replenishment of PSF. In the event of guarantee invocation or tapping of PSF after a substantial delay in payments - beyond 60 days - the players could be forced to avail working capital facilities and bear the related financial costs.

In another development, Solar Energy Corporation of India (SECI) is now included as a beneficiary in the tripartite agreement with the Reserve Bank of India, Government of India and the states. This development will allow withholding of central assistance to states in case of a default to SECI. As a result, SECIs future bids are likely to fall to lower tariffs than earlier. The reduced counterparty risk will aid in curtailing the borrowing costs for these projects.

Evolving Security Mechanism A Positive

Though solar projects relatively enjoy stable receivable days from most counterparties, the underlying risk from the weak financial profile of most distribution utilities remain. Certain distributionutilities however exhibit different payment days for different generation assets (thermal and wind) and this pattern among discoms provides limited comfort in assessing the reliability of the offtakers. Thus the inclusion of SECI as a beneficiary in the tripartite agreement gains significance in providing reliability of collections.

Threat of Grid Uncertainty Partially Addressed

In light of grid curtailment faced by wind projects in few states and also by solar projects in Tamil Nadu, the development of providing deemed generation benefits for grid non-availability is a positive development. India Ratings had highlighted this in the report Market Wire: Grid Curtailment Contagion Puts Pressure on Credit Profiles of Renewable Energy Projects.

However, Ind-Ra believes that it may be unsustainable for the off-takers to carry this risk as the distribution utilities do not operate the grid. The responsibility of grid operation lies with the loaddespatch centres within the constraints posed by the transmission infrastructure and load-generation balancing. Thus, the onus of enabling evacuation also lies with the open access provider and network operator. Clarity in responsibilities and contractual incentives and penalties will ensure that all the stakeholders (including off-takers, open access providers and network operators) are aligned towards the goal of uninterrupted evacuation for renewable power.

Bids Reach New Lows

Auction for implementing 750MW in Rewa Solar Park was concluded at INR2.970-/kWh, INR2.979 and INR2.974 for three units of 250MW each, with 5 paise per year escalation for first 15 years. Offtakers are Delhi Metro Rail Corporation and Madhya Pradesh Power Management Corporation Ltd. The previous low in terms of tariffs of INR4.34/kWh was offered by Fortum of Finland was exactly a year ago in January 2016. Rewa Ultra Mega Solar, which is developing the Rewa solar park, is a joint venture of SECI and Madhya Pradesh Urja Vikas Nigam Limited. Land acquisition and evacuation are the responsibility of the solar park, thus mitigating significant risks for the project developers. The low tariffs discovered makes the solar projects highly competitive in merit order, as the variable charges of marginal power for most states lie above INR3.5/kWh.

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MMTC jumps after robust Q3 results
Feb 14,2017

The result was announced after market hours yesterday, 13 February 2017.

Meanwhile, the BSE Sensex was down 33.37 points, or 0.12%, to 28,318.25.

On the BSE, so far 3.79 lakh shares were traded in the counter, compared with average daily volumes of 8.25 lakh shares in the past one quarter. The stock had hit a high of Rs 67.60 and a low of Rs 65.10 so far during the day.

The stock hit a 52-week high of Rs 73.85 on 12 January 2017. The stock hit a 52-week low of Rs 29.95 on 24 February 2016.

The mid-cap company has equity capital of Rs 100 crore. Face value per share is Re 1.

MMTC is a leading international trading company. Government of India (GoI) held 89.927% stake in MMTC (as per the shareholding pattern as on 31 December 2016).

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Board of Brahmaputra Infrastructure accepts resignation of director
Feb 14,2017

The Board of Directors of Brahmaputra Infrastructure at its meeting held on 13 February 2017 has accepted the resignation of N N Batbyal as Independent Non Executive Director of the Company.

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Minda Corporation to pay interim dividend
Feb 14,2017

Minda Corporation announced that interim dividend shall be paid on or before 07 March 2017.

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