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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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Indiabulls Housing Finance drops on profit booking
Jan 18,2017

Meanwhile, the S&P BSE Sensex was up 27.97 points or 0.1% at 27,263.63

On the BSE, 3.64 lakh shares were traded in the counter so far as against average daily volume of 1.40 lakh shares in the past one quarter. The stock had hit a high of Rs 777.50 and a low of Rs 753.45 so far during the day.

The stock had hit a record high of Rs 895 on 20 October 2016. The stock had hit a 52-week low of Rs 551 on 24 February 2016. The stock had outperformed the market over the past 30 days till 17 January 2017, rising 19.54% compared with the 3.26% rise in the Sensex. The scrip, however, underperformed the market in past one quarter, sliding 11.89% as against Sensexs 2.68% decline.

The large-cap company has equity capital of Rs 84.75 crore. Face value per share is Rs 2.

Indiabulls Housing Finance had earlier this month announced that it has reduced its home loan rate by 45 basis points to 8.65% for its customers with effect from 3 January 2017.

Indiabulls Housing Finances consolidated net profit rose 23.2% to Rs 684.31 crore on 28.02% growth in total income to Rs 2874.95 crore in Q2 September 2016 over Q2 September 2015.

Indiabulls Housing Finance is a housing finance company. The company also provides other loans, such as loan against residential properties for home improvement and to small businesses, commercial vehicle loans, and corporate loans for housing projects.

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13 Private Companies Compete in $13 Million World Bank Climate Auction
Jan 18,2017

The World Bank Group allocated $13 million through the third auction of the Pilot Auction Facility for Methane and Climate Change Mitigation (PAF). Thirteen companies from nine countries participated in the online auction, and five won contracts that give them the right to sell their future carbon credits to the PAF at a fixed price. If redeemed, these contracts will reduce the equivalent of 6.2 million tons of carbon dioxide emissions.

Whereas the first two auctions, in 2015 and 2016 respectively, targeted methane emissions from landfills, the third auction targeted reductions in nitrous oxide. Both greenhouse gases are highly potent, with the latter having a global warming potential of nearly 300 times that of carbon dioxide. An example of nitrous oxide emissions would be from the industrial production of nitric acid, used to produce fertilizer. Emission reductions from the production of adipic acid were not eligible in yesterdays auction.

The PAF was set up two years ago to test how auctions can effectively channel funds to projects that reduce emissions. As a pilot facility, the PAF aims to promote learning by testing multiple auction formats, with the hope that others will replicate this model. The third auction--unlike the first and second--was split into two sub-auctions, with a n++new segmentn++ dedicated to projects that had not installed clean technologies before the auction date, and an n++open segmentn++ open to both new and operating projects.

Winners in the third auctions open segment received contracts giving them the right to sell carbon credits to the PAF for $2.10/carbon credit. Bidding for this segment began at $5/carbon credit, at which price bidders demanded over five times the available supply. The PAF lowered the price over seven rounds before reaching the clearing price.

In the new segment, which occurred immediately prior to the open segment, bidding began at $6 per carbon credit. Bidders in the new segment did not demand enough credits to close the auction. As a result, the entirety of the budget for the new segment was transferred to the open segment in order to ensure maximum emission reductions per dollar.

Third auction winners received contracts called Pilot Auction Facility Emission Reduction Notes, or PAFERNs, which they may redeem between 2017 and 2020. To date, the PAF has allocated a total $53 million in climate funding and through the sale of PAFERNs, and has raised an additional $12.5 million for re-investment into climate-friendly projects. The PAFERNs are backed by funding from the governments of Germany, Sweden, Switzerland, and the United States.

The World Bank is now looking ahead, beyond the piloting phase. The PAF has successfully demonstrated that auctions can efficiently allocate scarce public funds, maximize climate impact of concessional financing, promote price discovery of reducing emissions, and help the private sector mitigate risk. According to a recent IFC study, the Paris Agreement identified nearly $23 trillion in opportunities for climate-smart investments in emerging economies. Climate auctions are an agile instrument that could channel such climate finance, motivate the private sector to reduce emissions, and raise the ambition of countries national contributions.

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Siemens gains after launching energy efficient motors in India
Jan 18,2017

The announcement was made during trading hours today, 18 January 2017.

Meanwhile, the BSE Sensex was up 21.63 points, or 0.08%, to 27,257.29.

On the BSE, so far 16,000 shares were traded in the counter, compared with average daily volumes of 18,409 shares in the past one quarter. The stock had hit a high of Rs 1,199.55 and a low of Rs 1,173 so far during the day.

The stock hit a 52-week high of Rs 1,355.40 on 25 July 2016. The stock hit a 52-week low of Rs 969 on 29 January 2016. The stock had outperformed the market over the past 30 days till 17 January 2017, rising 5.72% compared with the 3.26% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, falling 4.70% as against Sensexs 2.68% decline.

The large-cap company has equity capital of Rs 71.22 crore. Face value per share is Rs 2.

Siemens announced the launch of its new range of energy efficient motor SIMOTICS 1LE7. The new SIMOTICS 1LE7 range of motors is the newest entrant in the existing range of motors offered by Siemens in India. These motors offer efficiency values higher than the IE3 standards - which is currently the highest efficiency class as recognized by Indian Standards. Siemens SIMOTICS 1LE7 motors are capable of offering an average monetary savings of up to 8-20% depending on the frame size. Apart from generating savings, the SIMOTICS 1LE7 range of motors will assist customers to reduce lifecycle costs, and meet environmental regulations.

Bhaskar Mandal, executive vice president and country division lead, process industries & drives division, Siemens India, said SIMOTICS 1LE7 will prove to be a reliable and efficient innovation which will boost the performance of energy intensive industries like cement, metals, mining, power, textiles, pulp and paper to achieve significant reduction in energy consumption and thus reduce costs of operation and their carbon footprint.

Net profit of Siemens rose 1025.8% to Rs 2466.95 crore on 7.5% decline in net sales to Rs 2990.30 crore in Q4 September 2016 over Q4 September 2015.

Siemens focuses on the areas of electrification, automation and digitalization.

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Reliance Defence & Engineering delivers new built Ice-class Panamax Bulk Carrier
Jan 18,2017

Reliance Defence & Engineering has successfully delivered yet another 74500 DWT new built Ice-class Panamax Bulk Carrier viz. Sea Amber on 17 January 2017 to an international customer. The Company has delivered till date seven similar size, Ice-class Panamax vessels to its international customers.

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The young will soon beckon the residents and visitors along Ganga to inculcate clean practises
Jan 18,2017

The young will soon beckon the residents and visitors along Ganga to inculcate clean practises! In what is aimed at generating widespread awareness on ails of polluting river Ganga, a cadre of thousands of youths will be groomed as volunteers to be deployed in villages along the river to raise clean Ganga consciousness among the local dwellers and visitors.

The step which is being taken under central governments flagship Namami Gange programme emphasizes on using the zeal of the young to engender support of people from all walks of life in conservation of the river, which faces rapid contamination from domestic and industrial effluents.

Nehru Yuva Kendra Sangathan (NYKS), an autonomous organisation under Ministry of Youth Affairs and Sports has been entrusted with the task of building capacities of more than 20, 000 young men and women from Ganga basin states, so that they can represent Namami Gange programme as n++Swachhta Dootsn++.

From over 20,000 informed youth motivators, as many as 50 enthusiastic spearhead campaigners would be identified and trained for a week. These ace campaigners will then be asked to lead this army of the young in their assigned jurisdictions in spreading the message of clean Ganga. All this will be done in consultation with village youth clubs.

The youth, once trained, would exhort and motivate local population and tourists to refrain from polluting river Ganga. They will be the new wheels on which clean Ganga awareness campaign would ride. The Swachhta Doots would not only educate the target audience about the adverse consequences of polluting Ganga but will also be an asset in providing information on existing government activities like construction of toilets, water harvesting and conservation for creation of a comprehensive database in coordination with National Mission for Clean Ganga (NMCG), the implementing arm of Namami Gange programme.

The project envisages deployment of the youth in 29 districts spanning about 2,336 villages along the river in Ganga basin States of Uttarakhand, Uttar Pradesh, Bihar and West Bengal. One project officer will be assigned to each district. The project has been approved at an estimated cost of Rs 10 crore.

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Gravita India selected for Silver Trophy for Export Excellence Award
Jan 18,2017

Gravita India has been selected for the Silver Trophy in 2nd set of Export Excellence Award of Top Exporters from Rajasthan in Northern Region- MSME Category by Federation of Indian Export Organisation.

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Siemens launches new range of energy efficient motor - SIMOTICS 1LE7
Jan 18,2017

Siemens announced the launch of its new range of energy efficient motor SIMOTICS 1LE7. The new SIMOTICS 1LE7 range of motors is the newest entrant in the existing range of motors offered by Siemens in India. These motors offer efficiency values higher than the IE3 standards - which is currently the highest efficiency class as recognized by IndianStandards.

Siemens SIMOTICS 1LE7 motors are capable of offering an average monetary savings of up to 8 - 20% depending on the frame size. Apart from generating savings, the SIMOTICS 1LE7 range of motors will assist customers to reduce lifecycle costs, and meet environmental regulations.

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Volumes jump at IST counter
Jan 18,2017

IST clocked volume of 2.80 lakh shares by 13:19 IST on BSE, a 2718.93-times surge over two-week average daily volume of 103 shares. The stock rose 1.45% to Rs 770.

Transformers and Rectifiers (India) notched up volume of 2.12 lakh shares, a 72.37-fold surge over two-week average daily volume of 2,932 shares. The stock jumped 18.9% to Rs 447.

Faze Three saw volume of 12.54 lakh shares, a 29.91-fold surge over two-week average daily volume of 42,000 shares. The stock surged 10.38% to Rs 79.75.

Bharat Bijlee clocked volume of 66,000 shares, a 21.53-fold surge over two-week average daily volume of 3,000 shares. The stock gained 9.72% to Rs 916.95.

United Spirits saw volume of 1.95 lakh shares, a 6.93-fold rise over two-week average daily volume of 28,000 shares. The stock rose 5.51% to Rs 2,194.35.

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Board of Tejnaksh Healthcare approves bonus issue
Jan 18,2017

Tejnaksh Healthcare announced that the Board of Directors of the Company at its meeting held on 18 January 2017, inter alia, has transacted the following:

1. Issue of Bonus Equity Shares:

In accordance of Section 63 of Companies Act, 2013, the Board of Directors has decided to issue Bonus Equity Shares to the existing Shareholders of the Company in the ratio of 1:1, subject to the approval of Members through Postal Ballot & E-voting.

2. Increase in the Authorised Share Capital:

In accordance of Section 61 of Companies Act, 2013, the Board of Directors has decided to increase in the Authorised Share Capital of the Company from Rs. 1.50 crore to Rs. 3.00 crore, subject to the approval of Members through Postal Ballot & E-voting.

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Reliance Defence gains after delivering bulk carrier to international client
Jan 18,2017

The announcement was made during trading hours today, 18 January 2017.

Meanwhile, the BSE Sensex was up 53.99 points, or 0.20%, to 27,289.65.

On the BSE, so far 2.28 lakh shares were traded in the counter, compared with average daily volumes of 6.34 lakh shares in the past one quarter. The stock had hit a high of Rs 58.20 and a low of Rs 56.65 so far during the day.

The stock hit a 52-week high of Rs 81.15 on 21 January 2016. The stock hit a 52-week low of Rs 48.40 on 22 November 2016. The stock had underperformed the market over the past 30 days till 17 January 2017, rising 2.99% compared with the 3.26% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 6.34% as against Sensexs 2.68% decline.

The mid-cap company has equity capital of Rs 736.21 crore. Face value per share is Rs 10.

Reliance Defence and Engineering (RDEL) said it delivered yet another 74,500 deadweight tonage (DWT) new-built ice-class Panamax bulk carrier, Sea Amber, on 17 January 2017 to an international customer.

Reliance Shipyard has delivered till date seven similar size, ice-class Panamax vessels to its international customers. The ship has been built as per one of the best-in-class international standards meeting the toughest environmental emission norms as well as fuel economy (EEDI standard). These are the largest dry bulk carriers of its class ever built in India. RDEL is the only Indian shipyard to achieve this landmark, the company said.

Reliance Defence & Engineering reported net loss of Rs 116.29 crore in Q2 September 2016 as against net loss of Rs 170.49 crore in Q2 September 2015. Net sales rose 86.3% to Rs 96.85 crore in Q2 September 2016 over Q2 September 2015.

Reliance Defence and Engineering (RDEL) has the largest engineering infrastructure in India and is one of the largest in the world. The company is the first private sector company in India to obtain the licence and contract to build warships.

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Swan Energy gains after receiving EOI for subsidiarys stake
Jan 18,2017

The announcement was made during market hours today, 18 January 2017.

Meanwhile, the S&P BSE Sensex was up 46.18 points, or %, to 27,281.84

On the BSE, so far 4.53 lakh shares were traded in the counter, compared with average daily volumes of 5.55 lakh shares in the past one quarter. The stock had hit a high of Rs 182.80 and a low of Rs 176.25 so far during the day.

The stock hit a record high of Rs 213.40 on 14 December 2016. The stock hit a 52-week low of Rs 57.50 on 16 May 2016. The stock had outperformed the market over the past 30 days till 17 January 2017, rising 7.24% compared with the 3.26% rise in the Sensex. The scrip had also outperformed the market in past one quarter, surging 69.58% as against Sensexs 2.68% decline.

The mid-cap company has equity capital of Rs 22.12 crore. Face value per share is Re 1.

Swan Energys net profit jumped 1170.6% to Rs 2.16 crore on 1.6% growth in net sales to Rs 96.09 crore in Q2 September 2016 over Q2 September 2015.

Swan Energy is engaged in the manufacturing of textile products. The company is also engaged in the real estate development and energy businesses.

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Jaiprakash Associates leads gainers on BSEs A group
Jan 18,2017

Jaiprakash Associates rose 6.82% at Rs 10.34. The stock topped the gainers in A group. On the BSE, 50.41 lakh shares were traded on the counter so far as against the average daily volumes of 61.86 lakh shares in the past two weeks.

Gujarat State Petronet rose 5.55% at Rs 153.10. The stock was the second biggest gainer in A group. On the BSE, 1.95 lakh shares were traded on the counter so far as against the average daily volumes of 40,000 shares in the past two weeks.

United Spirits rose 5.78% at Rs 2,200. The stock was the third biggest gainer in A group. On the BSE, 1.93 lakh shares were traded on the counter so far as against the average daily volumes of 28,000 shares in the past two weeks. The stock rose on reports Diageo Plc is considering increasing its majority stake in United Spirits. Relay B.V., an indirect wholly-owned subsidiary of Diageo Plc, holds 54.78% stake in United Spirits (as per the shareholding pattern as on 31 December 2016). Under Indian stock market regulations, Diageo could raise its stake to just under 75% without triggering a delisting offer.

Tata Elxsi rose 5.66% at Rs 1,503.80. The stock was the fourth biggest gainer in A group. On the BSE, 3.31 lakh shares were traded on the counter so far as against the average daily volumes of 62,000 shares in the past two weeks. The stock rose on reports that the company was looking to test a driverless car on the roads of Bangalore.

Shriram City Union Finance rose 4.98% at Rs 1,944.35. The stock was the fifth biggest gainer in A group. On the BSE, 2,556 shares were traded on the counter so far as against the average daily volumes of 30,000 shares in the past two weeks.

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Board of Trident declares 2nd interim dividend
Jan 18,2017

Trident announced that the Board in its meeting held on 18 January 2017 considered and declared 2nd Interim Dividend of Rs 0.60/- (6%) per fully paid up Equity Share of INR 10/- each. The said Interim dividend will be credited/dispatched to the members within 15 days of the Record Date.

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Jain Irrigation Systems Assigned Preliminary B+ Rating; Outlook Stable- S&P Global Ratings
Jan 18,2017

S&P Global Ratings assigned its preliminary B+ long-term corporate credit rating to Jain Irrigation Systems. The outlook is stable. At the same time, we also assigned our preliminary B+ rating to the proposed U.S. dollar notes to be issued by Jain International Trading BV and guaranteed by Jain Irrigation. Our rating on notes is subject to our review of final issuance documentation.

Jain Irrigation is an India-based company engaged in manufacturing of plastics-based micro irrigation piping and plumbing systems. The company also has a small but growing food processing business, which mainly produces fruit pulps and dehydrated onions. Jain International Trading BV is a wholly owned subsidiary of Jain Irrigation incorporated in the Netherlands.

Our rating on Jain Irrigation reflects the companys high leverage compared with peers and elongated working capital cycle, resulting in pressure on liquidity, said S&P Global Ratings credit analyst Ashutosh Sharma. The companys business is exposed to cyclicality due to the variability in monsoons and seasonality in sales.

Jain Irrigations strong franchise with a dominant market position in India and second rank globally in the niche micro-irrigation systems market supports its credit profile. We also expect leverage to reduce and liquidity pressure to subside with growth in business and managements commitment to deleverage and reduce dependence on short-term working capital facilities.

In our view, Jain Irrigations higher leverage than that of peers, such as Valmont Industries Inc. and The Toro Co., weighs down on its financial risk profile, Mr. Sharma said.

The company has an elongated working capital cycle of more than 160 days due to the seasonal nature of the agricultural business. This duration, combined with high cyclicality and seasonality, will likely keep the leverage high, with the ratio of funds from operations (FFO) to debt likely to remain below 20% over the next 24 months. Agricultural demand is subject to vagaries of rains, which in our view induces demand volatility.

We believe Jain Irrigations working capital management remains a key risk to our estimates. Any delay in collection of receivables or liquidation of inventory could add further pressure on the companys leverage.

We believe Jain Irrigations micro irrigation and the piping systems business face stiff competition from small and midsize players in India, given that these businesses have lower barriers to entry, especially in emerging markets.

We believe management is committed to reducing leverage by focusing on cash flows. A recently adopted cash-and-carry model in India should help reduce the working capital intensity. We expect Jain Irrigations proposed issuance of senior unsecured notes to help it to refinance a significant part of its short-term working capital facilities and certain higher-cost long-term facilities, and improve the overall tenor of borrowings.

Jain Irrigation is well-diversified across its key markets, which include India, the U.S., Europe, Israel, Latin America, and Africa. In fiscal 2016 (year ended March 31), the company generated more than 45% of its revenues internationally, of which more than 30% was derived from Europe and North American markets. We expect the company to continue to increase its international presence by penetrating new markets in Latin American and Africa.

We consider Jain Irrigations profitability to be average for the industry. The profitability compares well with that of its peers such as Netafim (up to 2015) and Valmont but ranks below Toro, which has highly evolved brands. We expect Jain Irrigations business mix to ensure steady to slightly improving profitability of 13%-15% over the next two years.

Our preliminary rating is based on the expectation that the Jain Irrigation will largely use proceeds from the proposed notes to partly repay its short-term debt and refinance a portion of its long-term debt. This will help relieve some pressure on liquidity for the company and result in a better capital structure. In the absence of the retirement of some of the working capital facilities and short-term debt maturities, the companys liquidity will come under pressure and result in a weaker credit profile.

The stable outlook reflects our view that Jain Irrigations proposed notes and satisfactory banking relationship will help the company to manage its short-term working capital facilities over the next 12 months. We expect double-digit revenue growth driven by favorable monsoons and managements commitment to deleveraging to result in a ratio of FFO to debt of above 12% over the period.

We may downgrade Jain Irrigation by multiple notches if the companys credit standing in the capital markets weakens, such that we assess its liquidity to be weak. This could happen if the company is unable to secure working capital facilities for its subsequent operating season due to deteriorating working capital or pressure on its banking relationships.

We may also downgrade Jain Irrigation if the companys working capital needs remain high, resulting in significant shortfall of funds in the absence of the proposed notes. We may also downgrade Jain Irrigation if poor monsoons in India result in the ratio of FFO to debt falling below 12%.

We are unlikely to upgrade Jain over the next 12-24 months due to the companys high leverage and liquidity pressure. However, we may upgrade the company if: (1) the FFO-to-debt ratio reaches close to 20%, possibly due to strong operating performance; and (2) the company ensures adequate liquidity and a sustainable capital structure with a longer maturity profile.

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Tata Elxsi jumps on buzz of testing driverless car
Jan 18,2017

Meanwhile, the BSE Sensex was up 80.86 points, or 0.30%, to 27,316.52.

On the BSE, so far 3.23 lakh shares were traded in the counter, compared with average daily volumes of 83,294 shares in the past one quarter. The stock had hit a high of Rs 1,521.35 and a low of Rs 1,443.10 so far during the day.

The stock hit a record high of Rs 2,396 on 2 February 2016. The stock hit a 52-week low of Rs 1,021.65 on 21 November 2016. The stock had underperformed the market over the past 30 days till 17 January 2017, rising 0.64% compared with the 3.26% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 5.15% as against Sensexs 2.68% decline.

The mid-cap company has equity capital of Rs 31.14 crore. Face value per share is Rs 10.

According to a media report, Tata Elxsi is looking to test an autonomous, or driverless, car out on the roads of Bengaluru. This would be a first in the country. Currently, all major automobile manufacturers as well as technology firms of the Silicon Valley, such as Google, Apple, Uber and Tesla, are building and testing autonomous vehicles. Cars that will drive themselves could be common on the streets by 2025, the report said.

Tata Elxsi works with carmakers and their specialised component suppliers. It is leveraging its knowledge in computer science and artificial Intelligence to grab a share of the soon to be multi-billion dollar global industry. It has already begun simulating and testing autonomous cars at a facility on the outskirts of Bengaluru, the report added.

Net profit of Tata Elxsi rose 13.1% to Rs 43.08 crore on 15% rise in net sales to Rs 303.29 crore in Q2 September 2016 over Q2 September 2015.

Tata Elxsi is amongst the worlds leading providers of design and technology services for product engineering and solutions across industries including broadcast, communications and automotive.

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