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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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Outcome of board meeting of Confidence Finance & Trading
Mar 02,2017

Confidence Finance & Trading announced that the Board of Directors of the Company at its meeting held on 02 March 2017 has approved -

The Board has approved to open a Branch office at Ahemdabad, Gujarat.

The Board has authorized Suhag Vijaybhai Shah to make VAT application and execute other related documents.

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Zee Learn allots 158,525 equity shares
Mar 02,2017

Zee Learn has allotted 158,525 equity shares under ESOP. Consequently, the paid up equity share capital has increased to Rs 32.19 crore comprising of 321,984,131 equity shares of Re 1 each.

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IndusInd Bank allots 10,825 equity shares
Mar 02,2017

IndusInd Bank has allotted 10,825 (Ten Thousand Eight Hundred Twenty Five) equity shares of Rs. 10/- (Rupees Ten Only) each on 02 March 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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Adani Power allots 4,09,88,991 equity shares
Mar 02,2017

Adani Power has allotted 4,09,88,991 equity shares of Rs. 10/- each upon (with a premium of Rs 22.54 per equity share) on conversion of the Convertible Warrants. Consequently, the paid up share capital of the Company has increased to Rs 3732.86 crore comprising of 3,73,28,63,685 equity shares of Rs 10 each.

Subsequent to this allotment, the shareholding of the Promoter and Promoter Group has increased to 67.069% of the enhanced paid up equity share capital of the Company.

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Sambhaav Media allots 88 lakh equity shares
Mar 02,2017

Sambhaav Media has allotted 88 lakh equity shares of Re 1 each at an issue price of Rs 5 per share on conversion of warrants. Consequently, the paid up equity share capital has increased to Rs 15.49 crore comprising of 154910840 equity shares of Re 1 each.

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Corporation Bank revises MCLR rates
Mar 02,2017

Corporation Bank has revised the Marginal Cost of Funds Based Lending Rate with effect from 01 March 2017 as under -

Overnight MCLR - 8.25%
One month MCLR - 8.25%
Three month MCLR - 8.30%
Six month MCLR - 8.65%
One year MCLR - 8.75%

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Konark Synthetic announces resignation of director
Mar 02,2017

Konark Synthetic announced that Kavita Bhat, Independent Women Director of the Company has resigned from the directorship of the Company with effect from 2 March 2017 due to her personal reasons and other engagements.

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Hathway Cable & Datacom announces resignation of directors
Mar 02,2017

Hathway Cable & Datacom announced the resignation of Biswajit Subramanian as Director from the Board of Directors of the Company with effect from 02 March 2017.

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National Aluminium Company announces performance figures
Mar 02,2017

National Aluminium Company has registered a 16.8% growth in Bauxite production upto February 2017 with a volume of 65.64 lakh tonnes, the highest since its inception.

Hydrate production at its refinery has increased 6.8%. Hydrate production till February 2017 was 18.9 lakh tonnes as against 17.7 lakh tonnes for the corresponding period of previous year.

At its aluminium smelter, cast metal production grew by 3.79% and the aluminium metal sales rose by 2.68%. With aluminium market firming up, the Company plans to increase its cast metal production by 12% in the next fiscal.

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Wipro Positioned in Winners Circle of Product Life Cycle Management service providers
Mar 02,2017

Wipro has been positioned in the Winners Circle of Product Life Cycle Management service providers by HfS Research in the market study HfS Blueprint Report on PLM Services 2016.

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Talwalkars Better Value Fitness provides update on scheme of arrangement
Mar 02,2017

Talwalkars Better Value Fitness announced that the Company has filed an application of the Scheme of Arrangement with National Company Law Tribunal (NCLT) under the provisions of Sections 230 - 232 and other applicable provisions of the Companies Act, 2013 read with the relevant rules made thereunder.

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IMP Power appoints COO
Mar 02,2017

IMP Power announced the appointment of Arun Goel as Chief Operating Officer of the Company with effect from 01 March 2017.

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Wipro positioned as Leader for SAP Application Services, EMEA
Mar 02,2017

Wipro announced that it has been positioned as a Leader in Gartners Magic Quadrant for SAP Application Services, EMEA.

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Orient Cement gets ratings review for bank facilities and commercial paper
Mar 02,2017

Orient Cement announced that Credit Analysis & Research Limited has reviewed the ratings for bank facilities and commercial paper issue as under -

Long term bank facilities (Rs 1353 crore) - CARE AA-
Commercial paper issue (Rs 150 crore) - CARE A1+
Commercial paper issue (Rs 100 crore) - CARE A1+

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Asia Pacific Market: Stocks mostly up on Trump relief
Mar 02,2017

Asia Pacific share market closed mostly up on Thursday, 02 March 2017, as investors took heart from record performances of Wall Street overnight, where the Dow Jones industrial average closed above 21,000, after U.S. President Donald Trumps pledge to invest heavily in infrastructure, cut corporate taxes and ease regulations. But, gains on the regional bourses were limited as speculation of capital outflow woes renewed on growing expectations that the U.S. Federal Reserve will raise interest rates this month. The MSCIs broadest index of Asia-Pacific shares outside Japan advanced 0.7%.

The US presidents much-anticipated address on Tuesday, while lacking details, was broadly welcomed as he promised a US$1-trillion (Bt35 trillion) infrastructure splurge and tax cuts - music to bullish investors ears. Global equity markets have thundered along since Trumps November election win as dealers bet his policies would light a fire under the US economy. The fact that he did away with the bellicose rhetoric of the past made him appear more presidential, according to some observers.

While Trump gave few new details on his tax or spending plans, investors were encouraged by what they saw as a measured tone in his first speech to Congress as he tries to push his growth agenda through a Congress reluctant to widen the governments budget deficit. On Wall Street, the Dow blasted through the 21,000 mark for the first time, and the three main stock indexes surged more than 1.3% to close at record highs.

Among Asian bourses

Australia Stocks gains on Trump speech

Australian equity market finished higher for the first time in six consecutive sessions, as sentiment was supported by a combination of stronger global manufacturing activity and strong gains in Wall Street overnight after a pledge by US President Donald Trump to boost economic growth. The S&P/ASX 200 index was up 1.3%, or 71.804 points, to 5,776.60 at the close of trade, led by financials and material stocks.

Mining stocks led broad gains, rebounding from weakness in recent sessions, while the four biggest banks collectively added almost 16 points to the ASX 200. Among Australian mining stocks, South32 rallied 9.2% while BHP Billiton and Rio Tinto gained 3.3% and 3.5%, respectively. Commonwealth Bank led the big banks, with a rise of 1.3%, while Westpac Banking, Australia & New Zealand Banking and National Australia Bank each added at least 1%.

On the losing ledger, telecom stocks ended lower, with sector giant Telstra extending losses from the previous session, finishing 1.5% lower, after trading ex-dividend.

Nikkei gains on strong Wall Street, weak yen

The Japan share market ended at a two-month high, as investors took heart from robust gains on Wall Street overnight and yen depreciation against the U.S. dollar. Every industry category on the main section gained ground, led by insurance, securities, and iron and steel issues. Tokyos benchmark Nikkei 225 index climbed 0.88%, or 171.26 points, to close at 19,564.80, its highest close since Jan. 5, while the Topix index of all first-section issues tacked on 0.75%, or 11.60 points, to end at 1,564.69.

The nonferrous metal sector was boosted by hopes Trumps pledge to invest $1 trillion for infrastructure development would bring new business opportunities. Mitsubishi Materials rose 110 yen, or 3.0%, to 3,810 yen, while Sumitomo Metal Mining gained 41.50 yen, or 2.6%, to 1,610.50 yen.

Financial issues were also among the gainers, tracking rises of overseas counterparts on early rate hike hopes. Mitsubishi UFJ Financial Group rose 14.80 yen, or 2.0%, to 763.00 yen, Nomura Holdings increased 11.20 yen, or 1.5%, to 753.10 yen and Dai-ichi Life Insurance ended the day up 87.00 yen, or 4.0%, at 2,256.50 yen.

Showa Denko bucked the trend, dropping 144 yen, or 7.1%, to 1,880 yen after the chemical product maker said it would again postpone its release of financial results for the business year ended December due to a need for a closer review of a potentially inappropriate business transaction at a subsidiary.

China Stocks close down

Mainland China stock market closed lower, dragged down by infrastructure and real estate stocks, after a poll showed growth in Chinas home prices will slow significantly on continuing government curbs and tighter credit conditions in 2017. At the close, the benchmark Shanghai Composite Index lost 0.52% to 3,230.03 points. The blue-chip CSI 300 index declined 0.67% to 3,435.10 points. The Shenzhen Component Index edged down 0.5% to 10,367.3. The ChiNext Index, which tracks Chinas NASDAQ-style board of growth enterprises, slumped 0.60% to 1,920.40 points.

Most sectors fell, led by infrastructure and real estate stocks, after a poll showed Chinas house price growth will slow significantly on continuing government curbs and tighter credit conditions this year.

SF Express shares dropped 3% to 67.9 yuan, amid mainland media reports that Chinese authorities were closely watching the logistics and delivery service provider, which has risen sharply since completing a back-door listing last week.

The Chinese currency renminbi, or yuan, weakened against the U.S. dollar after the Peoples Bank of China set the midpoint rate softer, inline with dollar strength in international market amid growing expectations that the U.S. central bank will raise interest rates later this month.

Financial markets in China and around the world are also awaiting policy clues from the National Peoples Congress (NPC) parliamentary session that is set to start on Sunday. Premier Li Keqiangs annual work report is expected to include key economic targets for the year, including gross domestic product and money supply growth, while other speeches and reports will set out top policy priorities for the year. Chinese authorities usually keep the yuan relatively steady during high-profile political events.

The Peoples Bank of China set the yuans midpoint rate at 6.8809 per dollar prior to the market open, weaker than the previous fix of 6.8798. In spot market trading, the yuan opened at 6.8850 per dollar and was changing hands at 6.8836 at midday, 12 pips weaker than the previous late session close and 0.04% weaker than the midpoint.

Hong Kong Stocks surrender gains on profit-taking

The Hong Kong stock market closed down after wiping out initial gains, as some investors took advantage of the upbeat market to lock in profits. The change of direction in the afternoon was partly triggered by bearish sentiment on the mainland, where investors were worried about liquidity amid growing expectations that the U.S. Federal Reserve will raise interest rates this month. The Hang Seng Index fell 0.2% or 48.4 points to 23,782.1 while the Hang Seng China Enterprises Index dropped 0.4% to 10,246.9. Market turnover on the Hong Kong main board was HK$82.1 billion, slightly higher than Wednesdays HK$76.2 billion.

Expectations for a US interest rate increase in March have grown after Fed officials, including dovish Fed Governor Lael Brainard, showed their support for a rate rise n++soonern++. The markets have now shifted their focus to an address by US Federal Reserve chairwoman Janet Yellen on Friday which may offer clues on the possible interest rate rise.

Stocks sensitive to a US rate hike were affected, either positively or negatively. Banks were among the best performers, with Standard Chartered jumping 2.3% and HSBC adding 1.0%. However, property developers were under pressure. Cheung Kong Property was the biggest loser among the HSI 50, dropping 1.6% to HK$52.3. Sun Hung Kai Properties weakened 1.1% to HK$ 114.3 and Wheelock & Co declined 1.5% to HK$51.2. Chinese Estates Holdings edged 0.2% lower to HK$11.9, in line with the benchmark, after controlling shareholder Joseph Lau Luen-hung transferred his stake in the company to his wife and son due to a n++very unstable health conditionn++.

Markets are also paying attention to the National Peoples Congress meeting, an annual parliament-style gathering of delegates from all over China, during which Premier Li Keqiang is due to declare the nations annual growth target, fiscal budget and work focus for the government in 2017. Issues including environmental protection and state-owned enterprise reform are expected to be widely discussed during the meeting. Related shares rallied, with Kangda International Environmental jumping 6.8% to HK$2.1 and Guangdong Investment adding 2.3% to HK$10.8. China Water Industry Group increased 1.3% to HK$1.6 while China Water Affairs Group added 0.6% to HK$5.0.

Indian Market retreats after striking almost two-year high

Key Indian benchmark indices retreated from almost two-year highs as profit booking emerged at higher levels. The barometer index, the S&P BSE Sensex, lost 144.70 points or 0.50% to settle at 28,839.79. The Nifty 50 index fell 46.05 points or 0.51% to settle at 8,899.75. The Sensex settled below the psychologically important 29,000 mark after trading above that level for most part of the trading session. Key equity benchmarks were weighed by slide in shares of index heavyweight and cigarette maker ITC and bank stocks.

Tata Motors rose 2.66%. The companys total sales rose 2% to 47,573 vehicles in February 2017 over February 2016. The companys domestic sales of Tata commercial and passenger vehicles rose 3% at 42,679 units in February 2017 over February 2016.

Car major Maruti Suzuki India shed 0.04%. The company announced during market hours today, 2 March 2017, that its top-selling urban compact SUV Vitara Brezza has crossed one lakh cumulative sales milestone in the domestic market.

Eicher Motors fell 1.11%. The company said that sales volume of VE Commercial Vehicles, an unlisted subsidiary of Eicher Motors rose 9.28% to 5,499 units in February 2017 over February 2016.

Hero MotoCorp rose 1.37%. The company reported 4.75% drop in sales of 524,766 units of two-wheelers in the month of February 2017 over February 2016. Majority of Hero two-wheelers had already been made BS IV compliant quite sometime back and the company has fully transitioned to producing only BS IV vehicles across the range from 1 March 2017.

Bajaj Auto rose 2.12%. The company said its total vehicles sales rose 0.37% to 2.73 lakh units in February 2017, compared to 2.72 lakh units in February 2016. The companys sales from domestic market declined by 8% to 1.59 units in February 2017 over February 2016. While sales from export increased by 16% to 1.14 lakh units in February 2017 over February 2016. Sales from motorcycles segment grew 4% to 2.44 lakh units in February 2017 over February 2016.

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