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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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RattanIndia Power leads gainers in A group
Jul 03,2017

RattanIndia Power jumped 8.96% to Rs 7.30 at 13:40 IST. The stock topped the gainers in the BSEs A group. On the BSE, 10.48 lakh shares were traded on the counter so far as against the average daily volumes of 3.36 lakh shares in the past two weeks.

Lakshmi Machine Works surged 6.36% to Rs 5,344.90. The stock was the second biggest gainer in A group. On the BSE, 5,425 shares were traded on the counter so far as against the average daily volumes of 991 shares in the past two weeks.

Ashok Leyland advanced 6.13% at Rs 99.60. The companys total sales rose 11% to 12,330 units in June 2017 over June 2016. The announcement was made during trading hours today, 3 July 2017. The stock was the fourth biggest gainer in A group. On the BSE, 33.72 lakh shares were traded on the counter so far as against the average daily volumes of 6.39 lakh shares in the past two weeks.

ITC rose 5.93% to Rs 343.05. The stock was the fifth biggest gainer in A group. On the BSE, 19.45 lakh shares were traded on the counter so far as against the average daily volumes of 14.07 lakh shares in the past two weeks.

IFCI gained 5.77% at Rs 25.65. The stock was the third biggest gainer in A group. On the BSE, 16 lakh shares were traded on the counter so far as against the average daily volumes of 8.12 lakh shares in the past two weeks.

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Board of JMC Projects (India) approves issue of NCDs aggregating Rs 150 crore
Jul 03,2017

JMC Projects (India) announced that the Board of Directors at its meeting held on 03 July 2017 has considered and approved raising of funds by way of issue of Secured / Unsecured Listed Non-Convertible Debentures (NCDs) for an aggregate amount up to Rs. 150 crore (Rupees One Hundred Fifty Crore only) in one or more series / tranches, on private placement basis, subject to the approval of the members at the ensuing Annual General Meeting.

The Board of Directors also approved the Notice convening 31st Annual General Meeting of the members of the Company scheduled to be held on 10 August 2017.

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Bajaj Auto slips after weak monthly sales
Jul 03,2017

The announcement was made before market hours today, 3 July 2017.

Meanwhile, the S&P BSE Sensex was up 319.44 points or 1.03% at 31,241.05

On the BSE, 13,000 shares were traded on the counter so far as against the average daily volumes of 23,330 shares in the past one quarter. The stock had hit a high of Rs 2,778.45 and a low of Rs 2,752 so far during the day. The stock had hit a record high of Rs 3,122 on 9 September 2016 and a 52-week low of Rs 2,510 on 15 November 2016.

The stock had underperformed the market over the past one month till 30 June 2017, falling 1.77% compared with the Sensexs 0.76% fall. The scrip had also underperformed the market over the past one quarter, declining 0.61% as against the Sensexs 4.3% rise. The scrip had also underperformed the market over the past one year, rising 4.56% as against the Sensexs 14.53% rise.

The large-cap company has equity capital of Rs 289.37 crore. Face value per share is Rs 10.

Bajaj Autos domestic sales dropped 34% to 1.26 lakh units in June 2017 over June 2016. Exports fell 4% to 1.17 lakh units in June 2017 over June 2016.

In a separate announcement during market hours today, 3 July 2017, Bajaj Auto announced that the company and KTM are celebrating the tenth anniversary of their partnership this year. To celebrate the occasion, the joint venture has announced that they will take the Husqvarna Motorcycles brand global with its production to commence in 2018.

Stefan Pierer, CEO of KTM AG and Rajiv Bajaj, Managing Director of Bajaj Auto, decided on the strategy to take Husqvarna Motorcycles brand global and scale up the business multiple times.

There will be an increase in production of KTM and Husqvarna branded motorcycles produced in India from expected 1 lakh units in 2017 to over 2 lakh units in the next years.

Husqvarna Motorcycles, founded in 1903, is the worlds second oldest motorcycle brand, for which KTM has secured a long-term license agreement in the year 2013. KTM is Europes biggest motorcycle producer based in Austria.

Bajaj Auto consolidated net profit fell 13.44% to Rs 862.25 crore on 7.26% decline in total income to Rs 5252.38 crore in Q4 March 2017 over Q4 March 2016.

Bajaj Auto manufactures motorcycles, three-wheelers and quadricycles. The company is the worlds third largest motorcycle manufacturer and is the largest three wheeler and quadricycle manufacturer.

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Datamatics Global Services set to acquire controlling stake in TechJini
Jul 03,2017

Datamatics Global Services has signed a definitive agreement to acquire acontrolling stake in TechJini, a boutique mobile and web application development company, headquartered in Bangalore. The objective of this acquisition is to further strengthen Datamatics mobility offerings through TechJinis range of smart technology solutions.

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Ashoka Refineries to hold AGM
Jul 03,2017

Ashoka Refineries announced that the 26th Annual General Meeting(AGM) of the company on 31 July 2017.

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Natura Hue Chem to hold AGM
Jul 03,2017

Natura Hue Chem announced that the 22th Annual General Meeting(AGM) of the company on 31 July 2017.

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Shree Karthik Papers to hold AGM
Jul 03,2017

Shree Karthik Papers announced that the th Annual General Meeting(AGM) of the company on 20 September 2017.

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GHCL to hold board meeting
Jul 03,2017

GHCL will hold a meeting of the Board of Directors of the Company on 29 July 2017 to consider, inter alia the reviewed un-audited financial results of the Company for the quarter ended June 30, 2017.

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Karnataka Bank to hold board meeting
Jul 03,2017

Karnataka Bank will hold a meeting of the Board of Directors of the Company on 15 July 2017 to consider, inter alia, the unaudited financial results for the quarter ended June 30, 2017.

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Fitch: Indian Loan Waivers are a Risk to Fiscal Consolidation
Jul 03,2017

The farm loan-waiver schemes being discussed and rolled out across an increasing number of Indian states could have a significant impact on state government finances, and might undermine efforts to bring down general government debt, says Fitch Ratings. The impact on Indias debt dynamics and capital spending will depend on the total size of loans waived, how the scheme is financed, and whether there are possible offsets from cuts to other forms of spending, including capital projects.

Larger state deficits would delay an expected gradual reduction in general government debt, which includes central and state government debt. When Indias rating was affirmed at BBB-/Stable in May, Fitch forecast general government debt to fall to 64.9% of GDP by FY21, from 67.9% in FY17, and we highlighted that potential changes to Indias fiscal position are a rating sensitivity. Public finances are a key weakness in Indias sovereign credit profile, with general government debt well above the BBB median of 40.9% and the fiscal deficit of 6.6% of GDP in FY17 much higher than the BBB median of 2.7%.

Indias central government has gradually consolidated its fiscal position in recent years, and has indicated it will not participate in the waivers. However, the combined finances of the states - which are included in general government debt and deficits - have been under pressure. Public pay hikes, election spending and higher interest costs stemming from the UDAY scheme - under which state governments have taken on debt from power distribution companies - are all likely to add to expenditure.

There is a risk that farm loan waivers - which we have not previously factored into our assumptions - will lead to further fiscal slippage at the state level or will reduce the funds available for public investment. The central government has the authority to block states from borrowing to finance persistently large deficits, but it could be reluctant ahead of approaching elections in some states, and with the 2019 Lok Sabha election drawing nearer.

The last widespread farm loan-waiver scheme was rolled out in 2008 by the central government, and covered 43 million farmers. It reportedly cost around 1.3% of GDP. The combined cost to the states could also become large this time. Schemes have already been announced in Uttar Pradesh, Maharashtra, Punjab and Karnataka, which account for around one-third of Indias population. Other governments are likely to feel pressure to implement similar policies, particularly in states with upcoming elections. A roll-out across much of India is not unthinkable.

Banks could also be affected by the waiver schemes. The schemes will benefit banks to the extent that they offload farm loans with weak repayment prospects to state governments. Uniform farm loan waivers could lead to moral hazard and weaken the general repayment culture among financially healthy farmers, but they will still have an incentive to repay loans in order to retain access to future funding. Agricultural loans account for 14% of total bank lending, according to the Reserve Bank of India, and are equivalent to around 6.5% of GDP.

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Gati declines after recent rally
Jul 03,2017

Meanwhile, the S&P BSE Sensex was up 315.20 points, or 1.02% at 31,236.81. The S&P BSE Small-Cap index was up 160.15 points, or 1.04% at 15,570.67.

On the BSE, 92,000 shares were traded on the counter so far as against the average daily volumes of 1.41 lakh shares in the past one quarter. The stock had hit a high of Rs 136 and a low of Rs 130 so far during the day. The stock had hit a 52-week high of Rs 189.45 on 2 August 2016 and a 52-week low of Rs 107.10 on 9 November 2016.

The stock had outperformed the market over the past one month till 30 June 2017, advancing 9.02% compared with the Sensexs 0.76% fall. The scrip had also outperformed the market over the past one quarter advancing 18.6% as against the Sensexs 4.3% rise. The scrip had, however, underperformed the market over the past one year declining 21.98% as against the Sensexs 14.53% rise.

The small-cap company has equity capital of Rs 19.67 crore. Face value per share is Rs 2.

Shares of Gati had rallied 6.51% in the preceding three trading sessions to settle at Rs 134.20 on Friday, 30 June 2017, from its close of Rs 126 on 27 June 2017.

Gatis consolidated net profit fell 40.2% to Rs 9.29 crore on 3.4% decrease in net sales to Rs 410.28 crore in Q4 March 2017 over Q4 March 2016.

Gati is a pioneer and leader in express distribution and supply chain solutions in India.

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ASSOCHAM seeks dropping of proposal for mandatory telecom equipment testing
Jul 03,2017

Opposing any more layer of regulation to the highly indebted telecom industry, battling several challenges, the ASSOCHAM has approached the Department of Telecommunication with a plea to drop the proposal of mandatory testing of telecom equipment which is used in India after certification from well-known third party global bodies.

In a letter to the Telecommunication Secretary and Chairperson of the Telecom Commission , Ms Aruna Sundarajan, the ASSOCHAM has said that the move to get the draft guidelines by the Telecom Engineering Centre for mandatory testing of the end to end equipment would add one more layer of regulation and go against the spirit of ease of doing business.

It said, in any case, the telecom industry is n++already heavily debt riddenn++ and any more regulatory compliance burden would create serious issues in the global supply chain cycle. n++Declining revenues, mounting debt, hyper-competitive market place have posed tremendous pressure on network investments, expansionsn++.

The ASSOCHAM letter signed by its Secretary General Mr D S Rawat said, n++products (end to end equipment) are developed keeping in view the relevant legal and regulatory requirements in global markets including India and equipment makers proactively ensure stringent technical and environmental standards. The telecom products that are envisaged in mandatory testing by TEC are developed based on various international standards and do undergo rigorous testing and certification regime at international labs for Environment, Health, Safetyn++.

Mr. Rawat also said that most of the critical telecom infrastructure supplied to operators and other intermediaries in the entire voice and data chain are being manufactured in India itself, in the spirit of the Make in India programme.

The ASSOCHAM, thus sought doing away with the proposal. n++Instead of adding one more layer of testing, when in doubt, TEC may recognize and review from time to time the test reports and certificates issued by conformity assessment bodies that are internationally reputed to assess whether products conform to the standards and safety requirements, as happening nown++.

ASSOCHAM has cautioned that this mandatory testing would not only be counter-productive to the industry which is already heavily debt ridden and would also create serious issues in the global supply chain cycle. Declining revenues, mounting debt, hyper-competitive market place have posed tremendous pressure on network investments, expansions. The financial pressure is leading to further debt and the industry is already going through a rough patch leading to consolidations at both operators as well as the global OEMs.

There have been consistent efforts from the government to improve the ease of doing business in India to enhance the productivity and competitiveness of industry. While the industry is on its way to gear up towards new era in to digital networked society with mass uptake of mobile broadband and digitalization of industry to embark upon the next revolution in telecom in India, the proposed draft guidelines for n++Mandatory Testingn++ of telecom equipment will definitely be a showstopper for this journey.

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TVS Motor Company cuts prices on its two wheelers
Jul 03,2017

TVS Motor Company announced that it has reduced prices on its two wheelers to pass on GST benefits to its customers.

The price reduction is in the range of Rs. 350 to Rs. 1,500 in the commuter segment. In the premium segment products, the prices are reduced up to Rs. 4,150 depending on each State. Dealers will be given suitable assistance on the opening stock as on 1st July 2017 purchased by them at a pre-GST price.

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NBCC (India) gains after winning railway project
Jul 03,2017

The announcement was made after market hours on Friday, 30 June 2017.

Meanwhile, the S&P BSE Sensex was up 287.39 points, or 0.93% to 31,209

On the BSE, 1.35 lakh shares were traded in the counter so far, compared with average daily volumes of 1.92 lakh shares in the past one quarter. The stock had hit a high of Rs 209.35 and a low of Rs 203.50 so far during the day. The stock hit a record high of Rs 213.70 on 22 June 2017. The stock hit a 52-week low of Rs 126 on 1 July 2016.

The stock had outperformed the market over the past one month till 30 June 2017, rising 4.92% compared with the Sensexs 0.76% fall. The scrip had also outperformed the market over the past one quarter advancing 17.66% as against the Sensexs 4.3% rise. The scrip had also outperformed the market over the past one year surging 57.31% as against the Sensexs 14.53% rise.

The large-cap company has equity capital of Rs 180 crore. Face value per share is Rs 2.

NBCC (India) and Rail Development Authority, a statutory authority under the Ministry of Railways have signed a Memorandum of Understanding (MoU) for re-development of 10 Railway stations i.e. Tirupati, Pudducherry, Eranakulam, Nellore, Madgaon, Thane, Lucknow, Kota, Gomati Nagar (Lucknow) and Sarai Rohilla (Delhi). The re-development of railway station would be integrated with Smart City features.

The project would be developed on self sustainable finance model through commercial exploitation of vacant railways land, NBCC (India) said. Commercial built up space having Business Centre, Offices, F&B courts, Restaurants, Hotels, Retails, IT/Ites & air space over tracks shall be leased out to generate funds for development of stations, the company said.

Meanwhile in a separate announcement made during market hours today, 3 July 2017, NBCC (India) said that the company has signed a Memorandum of Understanding (MoU) with South Delhi Municipal Corporation (SDMC), Delhi for planning, designing and construction of office building / SDMC headquarters near Pragati Maidan, New Delhi amounting to Rs 525 crore (approximately).

On a consolidated basis, NBCC (India)s net profit rose 39.03% to Rs 173.97 crore on 4.94% increase in net sales to Rs 2351.78 crore in Q4 March 2017 over Q4 March 2016.

NBCC (India), a blue-chip Government of India (GoI) Navratna enterprise under the Ministry of Urban Development, is present in three segments of operations including project management consultancy (PMC), real estate development and EPC contracting. The GoI held 75% stake in the firm (as per shareholding pattern as on 31 March 2017).

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Bajaj Auto to roll out Husqvarna Motorcycles in 2018
Jul 03,2017

Bajaj Auto and its partner Austrian partner KTM have decided on the strategy to take Husqvarna Motorcycles brand global and scale up the business multiple times. The first models, Vitpilen 401, Svartpilen 401 and Vitpilen 701 will be produced in Mattighofen, Austria and launched in early 2018. Later in 2018, the Vitpilen 401 and Svatpilen 401 production for the global markets will be transferred to Bajajs Chakan factory.

Bajaj aims to sell Husqvarna Motorcycles at a similar level as KTM products in India and Indonesia. The Chakan produced Joint Products volume for global markets, which is planned to exceed 100,000 units in 2017, is expected to double to 200,000 units sold in the next years.

Bajaj Auto and KTM, Europes biggest motorcycle producer based in Austria, are celebrating the 10th anniversary of their partnership this year. The product lines DUKE 125-390 and RC 125-390 are produced in Bajajs production facility in Chakan and are distributed by the two partners globally.

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