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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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Apollo Hospitals Enterprise provides update on Apollo Health and Lifestyle
Dec 01,2016

Apollo Hospitals Enterprise announced that the International Finance Corporation along with its associated entity, has made a primary equity infusion of Rs 450 crore thereby acquiring a 29.03% stake in Apollo Health and Lifestyle, earlier a wholly owned subsidiary of the Company.

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Suraj Products temporarily suspends operation of Blast Furnace
Dec 01,2016

Suraj Products announced that due to higher input prices, the Company has suspended operation of Blast Furnace temporarily from 30 November 2016.

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Toll Collection to Resume on National Highways from Midnight of 2nd December
Dec 01,2016

The collection of toll at all Toll Plazas on National Highways across the country will resume from the midnight of 2nd December, 2016. The Government is taking several steps to ensure smooth movement of traffic along the highways.

All Toll Plazas have been equipped with adequate numbers of POS ( Swipe machines) through which people can make payments using their credit or debit cards. Toll fee can also be paid through pre-paid instruments (electronic wallets)

In addition to the above electronic payment methods, the Government is also encouraging people to buy the RFID based FASTags introduced by the Ministry of Road Transport and Highways to enable cashless payments at Toll Plazas. The FASTags can be stuck on to the windshield of the vehicle, and toll payments are made directly from the pre-paid account linked to it. Arrangements for sale of the FASTags are also being made at selected Toll Fee Plazas. The immediate use of FASTags will entail a 10 percent discount on the toll fee, in addition to faster movement through dedicated lanes at the Toll Plazas.

As for making cash payments, the highway users are being requested to carry adequate change with them to avoid delay. The old Rs 500 notes will be accepted till the midnight of December 15, but this will only be for purchasing FASTags and for making toll payments of more than Rs 200.

Officers and representatives of the National Highways Authority of India are being deployed at all Toll Plazas to ensure smooth operations. Their contact details will be displayed at the Toll Plazas.

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RBIs Liquidity Measures to Continue; Drag Banks Near-term Profitability
Dec 01,2016

India Ratings and Research (Ind-Ra) estimates excess cash reserve ratio (CRR) requirement will additionally cost the banking system INR10.5bn on a monthly basis. The agency believes the relief from the Reserve Bank of India (RBI) would come in a staggered manner, as relieving this high quantum of liquidity all at once will come with challenges.

Unwinding of CRR Hike to be Slow: In Ind-Ras opinion, normalisation of the CRR requirement will be gradual and staggered, as the RBI may exercise caution before releasing the mopped up INR3trn to banks. The persistence of the surplus liquidity conditions will lead the RBI to evaluate alternatives available for liquidity sterilisation. Ind-Ra continues to believe cash management bills can effectively manage the liquidity - owing to their short tenor and consistency with the monetary policy stance.

Floor Placed on Bond Yields: Ind-Ra believes that the RBIs decision to mop up excess liquidity will ensure a floor is put on bond yields. The shorter end of the yield curve is likely to underperform the longer end, as outsized impact will be felt on the former. The longer end of the curve will focus on the evolving global conditions and also upcoming RBIs monetary policy review.

Monetary Policy Transmission to be Impeded: Ind-Ra expects banks to be more proactive in bringing down their term deposit rates, as the increase in CRR requirement creates a drag on the short-term profitability of banks. The move, which is temporary in nature, does not impair the longer term profitability of banks, but induces a larger negative carry on CRR in the computation of the marginal cost-based lending rate (MCLR). In Ind-Ras view, the offsetting impact of a larger negative carry on CRR compared with cheaper deposits would restrict any significant downward movement of MCLR, hampering smooth monetary transmission.

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Volumes jump at Pfizer counter
Dec 01,2016

Pfizer clocked volume of 55,000 shares by 12:52 IST on BSE, a 37.68-times surge over two-week average daily volume of 1,000 shares. The stock rose 1.29% to Rs 1,853.30.

United Breweries notched up volume of 2.27 lakh shares, a 33.01-fold surge over two-week average daily volume of 7,000 shares. The stock fell 1.53% to Rs 863.60.

Suyog Telematics saw volume of 5.84 lakh shares, a 23.04-fold surge over two-week average daily volume of 25,000 shares. The stock rose 5.62% to Rs 470.

Hindustan Construction Company (HCC) clocked volume of 1.09 crore shares, a 12.58-fold surge over two-week average daily volume of 8.71 lakh shares. The stock rose 16.81% to Rs 39.95.

Housing Development Finance Corporation (HDFC) saw volume of 8.98 lakh shares, a 11.39-fold rise over two-week average daily volume of 79,000 shares. The stock rose 0.89% to Rs 1,276.

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Lupin heads north after expanding partnership with Eli Lilly in India
Dec 01,2016

The announcement was made during market hours today, 1 December 2016.

Meanwhile, the S&P BSE Sensex was up 22.51 points or 0.08% at 26,675.32.

On the BSE, 51,000 shares were traded on the counter so far as against the average daily volumes of 99,940 shares in the past one quarter. The stock had hit a high of Rs 1,537 and a low of Rs 1,500 so far during the day. The stock had hit a 52-week high of Rs 1,911.55 on 9 February 2016. The stock had hit a 52-week low of Rs 1,294.05 on 29 March 2016. The stock had outperformed the market over the past one month till 30 November 2016, sliding 0.97% compared with the Sensexs 4.57% fall. The scrip had also outperformed the market in past one quarter, declining 0.42% as against the Sensexs 5.96% fall.

The large-cap company has equity capital of Rs 90.27 crore. Face value per share is Rs 2.

Eglucent is a new brand of Eli Lilly and Company (India)s (Lilly) rapid-acting insulin analog Lispro. It is indicated for the treatment of patients with diabetes mellitus. According to the agreement, Lupin will market and sell Eglucent through its own specialty field force while Lilly will be responsible for manufacuring and import. Lilly will continue to sell Lispro under the brand name Humalog through its existing channels.

Lupin had earlier collaborated with Lilly (July 2011) to promote and distribute Lillys Huminsulin range of products in India and Nepal.

Lupins consolidated net profit jumped 57.8% to Rs 662.19 crore on 31.9% rise in net sales to Rs 4211.18 crore in Q2 September 2016 over Q2 September 2015.

Lupin is an innovation led transnational pharmaceutical company developing and delivering a wide range of branded & generic formulations, biotechnology products and active pharmaceutical ingredients (APIs) globally. The company is a significant player in the cardiovascular, diabetology, asthma, pediatric, central nervous system (CNS), GI, Anti-Infective and NSAID space and holds global leadership position in the Anti-TB segment.

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Surana Solar secures order worth Rs 15.40 crore
Dec 01,2016

Surana Solar has received an order from Aryavaan Renewable Energy, Subsidiary of Surana Telecom and Power, for supply of solar modules for 5 MW Solar Power Plant situated at Hamirpur District, Uttar Pradesh of a total value of Rs. 15.40 crore.

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Odyssey Technologies shifts registered office
Dec 01,2016

Odyssey Technologies announced the Registered Office of the Company has been shifted from A-E, 8th Floor, Gee Gee Emerald, No. 312, Valluvarkottam High Road, Nungambakkam, Chennai - 600 034 to 5th Floor, Dowlath Towers, 63, Taylors Road, Kilpauk, Chennai - 600 010 with effect from 01 December 2016.

The contact details of the new Registered Office are given below:

Telephone No.s : +91-44-2645 0082/2645 0083/43084070/43084080.

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Eicher Motors announces sales figure
Dec 01,2016

Eicher Motors has recorded total motorcycle sale of 57313 units in November 2016 compared to 40769 units in November 2015, recording a growth of 41%. Exports grew 222% at 1470 units in November 2016 compared to 457 units in November 2015. Total sales rose 35% for the period April-November 2016 at 430864 units compared to corresponding period of previous year.

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Cabinet approves inclusion/Amendments in the Central List of Other Backward Classes notified
Dec 01,2016

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval to notify inclusion/Amendments in the Central List of Other Backward Classes notified in respect of States of Assam, Bihar, Himachal Pradesh, Jharkhand, Maharashtra, Madhya Pradesh, Jammu & Kashmir and Uttarakhand.

On the recommendation of the National Commission for Backward Classes (NCBC), a total of 2479 Entries for inclusion, including its synonyms, sub-castes, etc. in the Central List of Other Backward Classes have been notified in 25 States and 6 Union Territories. The last such notification was issued till September, 2016. Meanwhile more advices for inclusion of castes/communities and corrections in the existing list of OBCs for the State of Assam, Bihar, Himachal Pradesh, Jharkhand, Maharashtra, Madhya Pradesh, Jammu & Kashmir and Uttarakhand have been received from NCBC. Accordingly, a total of 28 changes recommended by NCBC in respect of 8 states including Jammu and Kashmir (15 new entries, 09 synonyms/sub-castes and 04 corrections) have been notified.

The changes will enable the persons belonging to these castes/ communities to avail the benefits of reservation in Government services and posts as well as in Central Educational Institutions as per the existing policy. They will also become eligible for benefit under the various welfare schemes, scholarships etc. being administered by the Central Government, which are at present available to the persons belonging to the Other Backward Classes.

Background

The NCBC was set up in pursuance to the Supreme Court judgement in the Indra Sawhney case as per the NCBC Act 1993. Section 9 (Functions of the Commission) of the NCBC Act 1993 states as under:

(i) The Commission shall examine requests for inclusion of any class of citizens as a backward class in the lists and hear complaints of over-inclusion or under-inclusion of any backward class in such lists and tender such advice to the Central Government as it deems appropriate.

(ii) The advice of the Commission shall ordinarily be binding upon the Central Government.

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PSU OMCs slide as crude oil prices firm up
Dec 01,2016

HPCL (down 5.12%), BPCL (down 2.94%) and Indian Oil Corporation (IOCL) (down 1.83%), edged lower.

The S&P BSE Sensex was down 12.38 points, or 0.05% at 26,640.43.

Higher crude oil prices could increase under-recoveries of public sector oil marketing companies (PSU OMCs) on domestic sale of LPG and kerosene at controlled prices. The government has already freed pricing of petrol and diesel.

In the global commodities markets, Brent crude oil futures edged higher. Brent for February settlement was up 73 cents at $52.57 a barrel. The contract had jumped $4.52 a barrel or 9.55% to settle at $51.84 a barrel during the previous trading session.

Public sector oil marketing companies (PSU OMCs) announced a revision in petrol and diesel prices with effect from midnight of 30 November/1 December 2016. Indian Oil Corporation (IOCL) yesterday, 30 November 2016, announced an increase in the price of petrol by Rs 0.13 per litre (excluding state levies) and a decrease in the price of diesel by Rs 0.12 a litre (excluding state levies). The movement of prices in the international oil market and rupee-dollar exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes, IOCL said.

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Siti Networks declines as promoters rejig holding
Dec 01,2016

Meanwhile, the S&P BSE Sensex was down 12.05 points or 0.05% at 26,640.76.

On the BSE, 6,622 shares were traded on the counter so far as against average daily volumes of 40,574 shares in the past one quarter. The stock had hit a high of Rs 36.70 and a low of Rs 35.80 so far during the day. The stock had hit a 52-week high of Rs 41.70 on 5 January 2016. The stock had hit a 52-week low of Rs 30.90 on 12 February 2016. The stock had outperformed the market over the past one month till 30 November 2016, advancing 5.77% compared with the Sensexs 4.57% fall. The scrip had also outperformed the market in past one quarter, gaining 3.97% as against the Sensexs 5.96% fall.

The small-cap company has equity capital of Rs 79.41 crore. Face value per share is Rs 1.

Essel International held 7.81% and Bioscope Cinemas owned 9.17% in Siti Networks end September 2016.

On a consolidated basis, Siti Networks reported net loss of Rs 46.89 crore in Q2 September 2016, compared with net loss of Rs 31.43 crore in Q2 September 2015. Net sales rose 23.4% to Rs 285.26 crore in Q2 September 2016 over Q2 September 2015.

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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Cabinet approves Rehabilitation Package for Displaced Families from Pakistan occupied Jammu &Kashmir and Chhamb
Dec 01,2016

The Union Cabinet, chaired by the Prime Minister, Shri Narendra Modi has approved Central Assistance of Rs. 2000 crore for 36,384 displaced families from Pakistan occupied areas of Jammu & Kashmir (POJK) and Chhamb following an announcement of Prime Ministers Development Package for Jammu & Kashmir-2015 in November, 2015

As per the package, Rs. 5.5 lakh cash benefit per family will be disbursed to the displaced families to enable them to earn an income and subsist their livelihood. The amount will be released to the State Government of J&K to be disbursed to eligible families through Direct Benefit Transfer (DBT).

In the aftermath of partition of the country in 1947, thousands of families from Pakistan occupied areas of Jammu & Kashmir migrated to the State of Jammu & Kashmir. Subsequently, during Indo-Pak Wars of 1965 and 1971, a large number of families were displaced from Chhamb Niabat area of Jammu & Kashmir. Series of relief and rehabilitation packages have been extended by the Government of India/State Government of J&K from time to time to mitigate the hardship of displaced persons from PoJK and Chhamb and to rehabilitate them.

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HCC spurts on getting arbitral award of Rs 2000 crore from NHPC, NHAI
Dec 01,2016

The announcement was made during trading hours today, 1 December 2016.

Meanwhile, the BSE Sensex was up 9.43 points, or 0.04%, to 26,662.24.

On BSE, so far 1 crore shares were traded in the counter, compared with average daily volume of 28.67 lakh shares in the past one quarter. The stock hit a high of Rs 41 and a low of Rs 37.50 so far during the day. The stock hit a 52-week high of Rs 41.90 on 14 September 2016. The stock hit a 52-week low of Rs 16.60 on 12 February 2016. The stock had underperformed the market over the past 30 days till 30 November 2016, falling 6.30% compared with the 4.39% decline in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 4.43% as against Sensexs 6.23% decline.

The small-cap company has equity capital of Rs 77.92 crore. Face value per share is Re 1.

Hindustan Construction Company (HCC) said it has received communication from NHPC and NHAI regarding arbitral award payment. NITI Ayog has gn++ven the SOP (Standard Operating Procedures) for release of payment for timely implementation. HCC has been asked to reconcile the award amount within 7 days and thereafter open escrow account and submit bank guarantees (BGs) within 30 days for recovering the amount. This communication clears the way for HCC for receiving close to Rs 2000 crore within 4 to 6 weeks.

The communication came in the backdrop of the Government setting into motion the process to release 75% of arbitration amounts against margin free guarantee in situations where awards have been given but have been contested by the concerned authorities. The cabinet committee on economic affairs chaired by the Prime Minister in September 2016 cleared several measures proposed by the Niti Aayog to revive the construction sector such as easier norms for faster settlement of disputes between contractors and government departments, and partial deposit of funds by government agencies in form of arbitration awards.

HCC has arbitration awards for Rs 3427 crore as of 30 September 2016. Further claims worth around Rs 4173 crore are in arbitration process. About 70% of these cases were at the initial stage of arbitration process and the company has already given consent to transfer these cases under new arbitration act, which mandates decision within 12 months.

HCCs net profit declined 42.8% to Rs 23.08 crore on 8.2% decline in net sales to Rs 759.03 crore in Q2 September 2016 over Q2 September 2015.

HCC develops and builds infrastructure.

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Board of Srestha Finvest defers its decision to delist shares from MSEI
Dec 01,2016

Srestha Finvest announced that the Board of Directors of the Company at its meeting held on 01 December 2016 has deferred the decision of delisting of shares from The Metropolitan Stock Exchange of India for time being.

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