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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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ICICI Bank vaults after strong Q4 result
May 04,2017

The result was announced after market hours yesterday, 3 May 2017.

Meanwhile, the S&P BSE Sensex was up 167.90 points, or 0.56%, to 30,062.70

The stock jumped on high volumes. On the BSE, 97.91 lakh shares were traded in the counter so far, compared with average daily volume of 21.83 lakh shares in the past one quarter. The stock hit a high of Rs 298.50 in intraday trade so far, which is 52-week high for the counter. The stock had hit a low of Rs 283.90 so far during the day. The stock had hit a 52-week low of Rs 213.20 on 6 May 2016.

The large-cap private sector bank has equity capital of Rs 1165.12 crore. Face value per share is Rs 2.

ICICI Banks net interest income (NII) increased by 10% to Rs 5962 crore in Q4 March 2017 over Q4 March 2016.

The banks capital adequacy at 31 March 2017 as per Reserve Bank of Indias guidelines on Basel III norms was 17.39% and Tier-1 capital adequacy was 14.36% compared to the regulatory requirements of 10.30% and 8.30% respectively.

The banks gross non-performing assets (NPAs) rose to Rs 42551.54 crore as on 31 March 2017 as against Rs 38084.97 crore as on 31 December 2016 and Rs 26720.93 crore as on 31 March 2016.

The ratio of gross NPAs to gross advances stood at 7.89% as on 31 March 2017 as against 7.2% as on 31 December 2016 and 5.21% as on 31 March 2016. The ratio of net NPAs to net advances stood at 4.89% as on 31 March 2017 as against 3.96% as on 31 December 2016 and 2.67% as on 31 March 2016.

The banks provisions and contingencies declined 12.9% to Rs 2898.22 crore in Q4 March 2017 over Q4 March 2016.

ICICI Banks board recommended 1:10 bonus issue of shares i.e. one equity share for every 10 shares held.

ICICI Bank is one of the leading private sector banks in India. The bank had a network of 4,850 branches and 13,882 ATMs as at 31 March 2017.

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PSU banks sizzle after reports of cabinet nod for NPA package
May 04,2017

Meanwhile, the S&P BSE Sensex was up 171.53 points, or 0.57% at 30,066.33. The S&P BSE Bankex was up 423.05 points, 1.68% at 25,669.33.

Shares of public sector banks gained across the board. UCO Bank (up 3.2%), Syndicate Bank (up 1.72%), Punjab National Bank (up 1.78%), Corporation Bank (up 1.06%), Allahabad Bank (up 1.17%), Indian Overseas Bank (up 7.75%), Bank of Baroda (up 1.79%), State Bank of India (SBI) (up 1.99%), Union Bank of India (up 3.47%), Canara Bank (up 1.79%), Bank of India (up 1.52%) and United Bank of India (up 2.17%) edged higher.

Shares of private sector banks were mixed. Axis Bank (up 0.56%) and Yes Bank (up 0.07%) edged higher. HDFC Bank (down 0.81%), IndusInd Bank (down 0.78%), Kotak Mahindra Bank (down 0.89%), and Federal Bank (down 0.04%) declined.

ICICI Bank surged 8.65% after net profit jumped 188.5% to Rs 2024.64 crore on 10.8% decline in total income to Rs 16585.76 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 3 May 2017.

The cabinet reportedly yesterday, 3 May 2017, decided to amend the Banking Regulation Act to put in place a scheme to resolve stressed assets in the banking system totalling about Rs 9,64,000 crore as of end-December and enable this capital to be redeployed productively in the economy.

A proposal to amend the Bill has been sent to President Pranab Mukherjee, who is expected to sign an ordinance to that effect shortly, report added.

Finance minister Arun Jaitley, who reportedly briefed reporters about the decision taken at a cabinet meeting chaired by Prime Minister Narendra Modi, said an important decision related to the banking sector was taken but details could not be made public before the President approves the proposal.

The scheme does not involve setting up a bad bank, as recommended by chief economic advisor Arvind Subramanian in the Economic Survey in January, report added.

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Tribhovandas Bhimji Zaveri advances after turnaround in Q4
May 04,2017

The result was announced after market hours yesterday, 3 May 2017.

Meanwhile, the S&P BSE Sensex was up 192.35 points, or 0.64% at 30,087.15. The S&P BSE Small-cap index was up 87.13 points, 0.56% at 15,518.09.

On the BSE, 1.42 lakh shares were traded on the counter so far as against the average daily volumes of 1.12 lakh shares in the past one quarter. The stock had hit a high of Rs 99 and a low of Rs 95.05 so far during the day.

The stock had hit a 52-week high of Rs 102.25 on 25 April 2017 and a 52-week low of Rs 56.10 on 26 December 2016. The stock had outperformed the market over the past one month till 3 May 2017, advancing 17.68% compared with the Sensexs 0.05% fall. The scrip had also outperformed the market over the past one quarter advancing 36.23% as against the Sensexs 5.86% rise.

The small-cap company has equity capital of Rs 66.73 crore. Face value per share is Rs 10.

The company reported earnings before interest, tax, depreciation and amortization (EBITDA) of Rs 14.68 crore in Q4 March 2017, as against a loss of Rs 0.73 crore in Q4 March 2016.

TBZs Chairman and Managing Director Shrikant Zaveri said that FY 2017 has been a year of operational turnaround for the company marked by higher jewellery sales and improved profitability. The year witnessed several challenges in form of country-wide agitation by gems & jewellery industry in April 2016 due to imposition of excise duty, withdrawal of high denomination banking notes in November 2016 and Rs 2 lakh limit on cash transactions announced in February 2017. However, higher festive demand, extended wedding season and higher sales under Kalpavruksha scheme led to an overall growth in jewellery sales, Zaveri said.

Zaveri stated that the management maintains a positive outlook for FY 2018 and are optimistic of expanding the companys retail presence in an asset-light manner at an accelerated pace. While the companys focus will be on growth, it shall continue to maintain strict control on its operating overheads to drive profitable growth, Zaveri said.

Tribhovandas Bhimji Zaveri sells gold and diamond studded jewellery through retail outlets.

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NGL Fine Chem gets revision in credit ratings
May 04,2017

NGL Fine Chem has received SME 1 rating by CRISIL indicating highest level of credit worthiness. The long term bank rating is upgraded to CRISIL BBB/ Stable and short term bank rating is upgraded to CRISIL A3+.

The Company has also been rated by ICRA for bank borrowing and has been awarded BBB/ Positive and short term rating is A3+ reaffirmed.

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Cabinet approves MoU on Third Line of Credit of US $ 4.5 billion to Bangladesh for implementation of developmental projects
May 04,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given ex-post facto approval to the Memorandum of Understanding (MoU) on Third Line of Credit (LoC) of US $ 4.5 billion to Bangladesh for implementation of developmental projects.

The MoU was signed during the visit of the Prime Minister of Bangladesh to India in April 2017.

The MoU provides for deepening the strategic partnership, development of infrastructure in Bangladesh, improving connectivity between India and Bangladesh, thus enhancing accessibility to our North Eastern Region, as well as creating new business opportunities for Indian companies in Bangladesh.

The concessional financing system to Bangladesh would strengthen bilateral relations and development cooperation between India and Bangladesh.

The MoU specifies a list of projects which will be undertaken under the concessional financing system. This provides an opportunity to ensure that projects of Indias interest are undertaken under this LoC.

Some of the projects will ensure better and faster connectivity to the North Eastern region of India with the mainland as well as to the outside world. They will also ensure Indias security and will open up business for Indian companies.

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Board of Iris Mediaworks approves change in directorate
May 04,2017

Iris Mediaworks announced that its board meeting held on 03 May 2017 has inter-alia considered and approved the change in designation of Mitiesh Jani from Additional Non- Executive Director to Additional Executive Director of the Company.

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Sanwaria Agro Oils appoints CFO and KMP
May 04,2017

Sanwaria Agro Oils announced that the Board of Directors at its meeting held on 03 May 2017 has appointed Anil Kumar Vishwakarma as the Chief Financial Officer and Key Managerial Personnel of the Company with immediate effect.

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United Van Der Horst announces change in directorate
May 04,2017

United Van Der Horst announced the appointment of Jagmeet Singh Sabharwal (DIN - 00270607) as Additional Executive Director of the Company with immediate effect i.e. 3 May 2017 and resignation of Rubina Inderpal Sabharwal (DIN: 03556608) from the designation of Whole-Time Director & CFO & Compliance Officer with effect from 5 May 2017.

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Cabinet approves National Steel Policy 2017
May 04,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for National Steel Policy (NSP) 2017.

The new Steel Policy enshrines the long term vision of the Government to give impetus to the steel sector. It seeks to enhance domestic steel consumption and ensure high quality steel production and create a technologically advanced and globally competitive steel industry.

Key features of the NSP 2017:

1. Create self-sufficiency in steel production by providing policy support & guidance to private manufacturers, MSME steel producers, CPSEs

2. Encourage adequate capacity additions,

3. Development of globally competitive steel manufacturing capabilities,

4. Cost-efficient production

5. Domestic availability of iron ore, coking coal & natural gas,

6. Facilitating foreign investment

7. Asset acquisitions of raw materials &

8. Enhancing the domestic steel demand.

The policy projects crude steel capacity of 300 million tonnes (MT), production of 255 MT and a robust finished steel per capita consumption of 158 Kgs by 2030 - 31, as against the current consumption of 61 Kgs. The policy also envisages to domestically meet the entire demand of high grade automotive steel, electrical steel, special steels and alloys for strategic applications and increase domestic availability of washed coking coal so as to reduce import dependence on coking coal from about 85% to around 65% by 2030-31.

Some highlights of New Steel Policy

n++ The Indian steel sector has grown rapidly over the past few years and presently it is the third largest steel producer globally, contributing to about 2% of the countrys GDP. India has also crossed 100 MT mark for production for sale in 2016-17.

n++ The New Steel Policy, 2017 aspires to achieve 300MT of steel-making capacity by 2030. This would translate into additional investment of Rs. 10 lakh Crore by 2030-31.

n++ The Policy seeks to increase consumption of steel and major segments are infrastructure, automobiles and housing. New Steel Policy seeks to increase per capita steel consumption to the level of 160 Kgs by 2030 from existing level of around 60 Kg.

n++ Potential of MSME steel sector has been recognised. Policy stipulates that adoption of energy efficient technologies in the MSME steel sector will be encouraged to improve the overall productivity & reduce energy intensity.

n++ Steel Ministry will facilitate R&D in the sector through the establishment of Steel Research and Technology Mission of India (SRTMI). The initiative is aimed to spearhead R&D of national importance in iron & steel sector utilizing tripartite synergy amongst industry, national R&D laboratories and academic institutes.

n++ Ministry through policy measures will ensure availability of raw materials like Iron ore, Coking coal and non-coking coal, Natural gas etc. at competitive rates.

n++ With the roll out of the National Steel Policy-2017, it is envisaged that the industry will be steered in creating an environment for promoting domestic steel and thereby ensuring a scenario where production meets the anticipated pace of growth in consumption, through a technologically advanced and globally competitive steel industry. This will be facilitated by Ministry of Steel, in coordination with relevant Ministries, as may be required.

Background:

Steel is one of the most important products in the modern world and forms the backbone to any industrial economy. India being one of the fastest growing economies in the world, and steel finding its extensive application right from construction, infrastructure, power, aerospace and industrial machinery to consumer products, the sector is of strategic importance to the country. The Indian steel sector has grown exponentially over the past few years to be the third largest producer of steel globally, contributing to about 2% of the countrys GDP and employing about 5 lakh people directly and about 20 lakh people indirectly.

Untapped potential with a strong policy support becomes the ideal platform for growth. Owing to the strategic importance of the sector along with the need to have a robust and restructured policy in present scenario, the new NSP, 2017 became imminent. Though, National Steel Policy 2005 (NSP 2005) sought to indicate ways and means of consolidating the gains flowing out of the then economic order and charted out a road map for sustained and efficient growth of the Indian steel industry, it required adaptation in view of the recent developments unfolding in India and also worldwide, both on the demand and supply sides of the steel market.

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Cabinet approves MoU between the Defence Services Staff College, Wellington and Defence Services Command and Staff College, Mirpur, Dhaka
May 04,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given ex-post facto approval to the Memorandum of Understanding (MoU) between the Defence Services Staff College, Wellington and Defence Services Command and Staff College, Mirpur, Dhaka for Cooperation concerning Military Education in the Field of Strategic and Operational Studies.

The MoU will enable establishment of a framework for enhanced cooperation in the field of military education concerning strategic and operational studies and promotion of closer and long-term cooperation between the two countries.

Given the geographical and cultural closeness between the two countries, there are many common challenges like countering terrorism that needs joint action. Hence, there is a need for better coordination and cooperation among the armed forces. The joint training and exercises will help to bring symmetry in capacities of the armed forces and contribute to countering and managing common threats and challenges much better. The MoU enhances public accountability by way of exchange of information and technology between India and Bangladesh.

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Sundaram Clayton drops after weak Q4 earning
May 04,2017

The result was announced after market hours yesterday, 3 May 2017.

Meanwhile, the S&P BSE Sensex was up 162.63 points or 0.54% at 30,057.43. The S&P BSE Small-Cap index was up 73.40 points or 0.5% at 14,883.61.

On BSE, so far 41 shares were traded in the counter as against average daily volume of 262 shares in the past one quarter. The stock hit a high of Rs 4,189.55 and a low of Rs 4,125.75 so far during the day. The stock had hit a record high of Rs 4,850 on 26 April 2017. The stock had hit a 52-week low of Rs 1,925 on 5 May 2016.

The mid-cap company has equity capital of Rs 10.12 crore. Face value per share is Rs 5.

Sundaram Clayton is one of the largest auto components manufacturing and distribution group in India. The company is a leading supplier of aluminium die castings to automotive and non-automotive sector.

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Cabinet approves signing of MoU between India and Spain on cooperation in the sphere of Civil Aviation
May 04,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the signing of Memorandum of Understanding (MoU) on Cooperation in the sphere of Civil Aviation between India and Spain.

The MoU signifies an important landmark in the civil aviation relations between India and Spain, and has the potential to spur greater trade, investment, tourism and cultural exchanges between the two countries.

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I G Petrochemicals spurts after stellar Q4 report card
May 04,2017

The result was announced after market hours yesterday, 3 May 2017.

Meanwhile, the S&P BSE Sensex was up 161.55 points or 0.54% at 30,056.36. The S&P BSE Small-Cap index was up 90.08 points or 0.58% at 15,521.04.

On BSE, so far 63,000 shares were traded in the counter as against average daily volume of 26,875 shares in the past one quarter. The stock hit a high of Rs 440 in intraday trade so far, which is record high for the counter. The stock had hit a low of Rs 416 so far during the day. The stock had hit a 52-week low of Rs 124.10 on 26 May 2016.

The small-cap company has an equity capital of Rs 30.79 crore. Face value per share is Rs 10.

I G Petrochemicals earnings before interest, taxation, depreciation and amortization (EBITDA) surged 96% to Rs 45.60 crore in Q4 March 2017 over Q4 March 2016. EBITDA margin expanded 490 basis points to 15.8% in Q4 March 2017 from 10.9% in Q4 March 2016 on the back of better recovery processes, operational efficiency and stringent cost control measures.

I G Petrochemicals said that Indias current Phthalic Anhydride (PAN) consumption is about 3.5 lakhs MTPA and is expected to grow at 8% - 9% in future, backed by the thrust of Infrastructure and GDP growth. Being Indias largest PAN manufacturer with more than two decades of experience, the company feels there is a huge growth opportunity for it in the coming years.

The companys board of directors have approved the raising of funds by way of borrowings/equity (including bank loans, external commercial borrowings, qualified institutions placement, preferential allotment or any other permitted mode) for long term working capital requirements, repayment of debt, growth plan, etc. for an aggregate amount not exceeding Rs 150 crore.

I G Petrochemicals is a player in Phthalic Anhydride (PAN) which is used in industries such as flexible PVC, plastics, paints, construction, transportation and marine. It is one of the lowest cost producer of PAN globally.

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Cabinet approves Vijayawada Airport as International Airport
May 04,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for the declaration of Vijayawada Airport as International Airport, as per the provisions of Andhra Pradesh Reorganisation Act, 2014.

The proposal will add to improved connectivity to the State capital. It will provide wider choice of services at competitive costs to the air-travelers and give a boost to domestic/international tourism and socio-economic development of Andhra Pradesh by bringing in international passengers and cargo traffic.

Background:

Declaration of an airport as International Airport depends upon traffic potential and demand from airlines for operation of international flights. Further, availability of Ground Lighting Facilities, Instrument Landing System for operation of aircrafts at night, adequate runway length to cater to medium capacity long-range aircraft or equivalent type of aircraft, availability of Customs, Immigration, Health and Animal & Plant Quarantine Services are also required for international operations.

The declaration of Vijayawada Airport as International has been taken up in accordance with the provisions of Andhra Pradesh Reorganisation Act, 2014 and keeping in view the passenger traffic growth, demands from airlines and Andhra Pradesh Government. Airports Authority of India has undertaken upgradation of requisite infrastructure and facilities for international operations.

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Board of V-Mart Retail approves change in CFO
May 04,2017

V-Mart Retail announced that the Board of Directors of the Company at its meeting held on 03 May 2017 has appointed Anand Agarwal as Chief Financial Officer (CFO) and Key Managerial Personnel (KMP) of the Company with effect from 05 June 2017 consequent upon resignation of Deepak Sharma, the present CFO with effect from 06 May 2017.

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