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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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Centre to build 1 crore houses under PMAY-G by 2019
Mar 30,2017

The Government today said that it has approved the construction of 1 crore houses with the financial implication of Rs. 81,975 crore for the period 2016-17 to 2018-19. As per provisional figures of Socio Economic and Caste Census (SECC) 2011, approximately 4 crore rural households face housing deprivation. After accounting for the houses that were constructed under Indira Aawas Yojana, IAY and State sponsored housing schemes since 2011, it has been estimated that 2.95 crore more houses, with an anticipated variation of n++ 10%, would need to be constructed to achieve the objective of Housing For All by the year 2022.

In the first phase (from 2016-17 to 2018-19) one crore houses are targeted for construction under Pradhan Mantri Aawas Yojana-Grameen, PMAY-G. Targets for the remaining period (till 2022) will be decided after verification and finalisation of permanent wait lists, based on SECC 2011 data by all States/UTs. To provide technical support in achieving the targets of n++Housing for Alln++ a National Technical Support Agency (NTSA) for Rural Housing shall be set up at the national level.

To achieve the objective of Housing for All various features have been incorporated into the scheme architecture of PMAY-G, some of which are as below:

(i) Availability of sufficient financial resources both in the form of budgetary support and borrowing from NABARD to meet the expenditure for construction of houses.

(ii) Electronic transfer of assistance under Direct Benefit Transfer (DBT) to resolve problems of delayed payments and expedite completion.

(iii) Comprehensive online monitoring through the scheme MIS-AwaasSoft.

(iv) Inspection and Geo tagging of houses, through the mobile app- AwaasApp by beneficiaries to reduce delays.

(v) Increasing number of trained rural masons through Training, Assessment and Certification.

(vi) Setting up of Programme Management Unit (PMUs) at state and sub state level to review progress on a daily basis, provide requisite technical support and facilitation and plug gaps in implementation using administrative funds available under the scheme.

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Fitch: Indian Telcos Tower Sales are Credit Positive
Mar 30,2017

Indian telcos plans to sell tower assets or stakes in tower subsidiaries should provide headroom to allow data-related capex with less strain on companies credit metrics, Fitch Ratings says. Bharti Airtel Limited (BBB-/Stable) announced yesterday that it has sold a 10.3% stake in its tower subsidiary, Bharti Infratel for USD952 million to KKR and Canada Pension Investment Board. Bharti will retain a 61.7% stake in Infratel.

We expect Infratels stake sale will benefit Bhartis March 2017 FFO-adjusted net leverage, which we forecast to be around 1.8x-2.0x (FY16: 1.8x; excluding USD5bn in deferred spectrum costs) - slightly below the threshold above which we may consider negative rating action. Bharti will use the proceeds to pay down some debt and to fund its USD235 million 2,300MHz spectrum acquisition from Tikona Digital in five Indian telecom coverage areas, or circles. Bharti had earlier acquired 43MHz of 1800MHz spectrum from Telenor India in seven circles to enhance its 4G spectrum portfolio.

Vodafone India and Idea Cellular, which are merging, also intend to sell Ideas 11% stake and Vodafone Indias 42% stake in Indias largest independent tower company, Indus Towers, which is a joint venture between Bharti, Vodafone India and Idea.

Such a sale would help reduce the debt at the Vodafone India-Idea combined entity. With a sale - and assuming opex and capex synergies - we estimate the combined entitys net debt/EBITDA should improve to around 3.0x-3.2x (pro forma 4.4x) with net debt of USD16.1 billion. Idea and Vodafone India intend to contribute about USD7.9 billion and USD8.2 billion of debt, respectively, to the combined entity. For the 12 months ending December 2016, the combined entity, on a pro forma basis, generated revenue of USD12.2 billion or 40% revenue market share - and USD3.6 billion in EBITDA.

Reliance Communications Limited (Rcom, B+/Rating Watch Negative) is in the process of selling 51% of its tower business - Reliance Infratel Ltd (Infratel) - for USD1.6 billion, and intends to use the proceeds to pay down debt. However, the sale will not be sufficient to ease Rcoms financial stress, given its high indebtedness and plan to merge its wireless operations with Aircel Limited; we do not foresee FFO-adjusted net leverage reducing to below 4.5x for the foreseeable future.

We continue to have a negative outlook on the Indian telecom sector as competition will continue to remain high, and consolidation is not likely to return any pricing power to the operators in the near term. The entry of Reliance Jio, a subsidiary of Reliance Industries Limited (RIL, BBB-/Stable), has accelerated industry consolidation. The ongoing consolidation is likely to leave four larger operators - Bharti, Jio, the combination of Vodafone India and Idea, and the combined Rcom and Aircel Limited.

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Berger Paints rises after commencing production at plant
Mar 30,2017

The announcement was made after market hours yesterday, 29 March 2017.

Meanwhile, the S&P BSE Sensex was up 33.92 points or 0.11% at 29,565.35.

On the BSE, 52,000 shares were traded on the counter so far as against the average daily volumes of 2.93 lakh shares in the past one quarter. The stock had hit a high of Rs 239 and a low of Rs 235.20 so far during the day. It had hit a record high of Rs 276.80 on 12 September 2016 and a 52-week low of Rs 164.29 on 28 March 2016.

The large-cap company has equity capital of Rs 97.10 crore. Face value per share is Rs 1.

The British Paints Division of Berger Paints India has commenced commercial production of its paint and putty plant at Nalbari, Assam on 29 March 2017. The plant has a capacity of 6,600 KL/MT per annum of solvent and water based paints and 7,200 MT per annum of putty and distemper.

On consolidated basis, Berger Paints Indias net profit fell 2% to Rs 109.12 crore on 5.2% growth in net sales to Rs 1170.20 crore in Q3 December 2016 over Q3 December 2015.

Berger Paints India manufactures and markets a range of decorative and industrial paint products and has operations throughout India.

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Ambika Cotton Mills director resigns
Mar 30,2017

Ambika Cotton Mills announced that Soundararaja perumal, Independent Director, has resigned from the Directorship of the Company with effect from 27 March 2017 on account of his pre-occupation with other works.

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Board of Vedanta recommends dividend
Mar 30,2017

Vedanta announced that the Board of Directors of the Company at its meeting held on 30 March 2017, inter alia, have recommended the dividend of Rs 17.7 per equity Share (i.e. 1770%) , subject to the approval of the shareholders.

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Vedanta fixes record date for 2nd interim dividend for FY 2017
Mar 30,2017

Vedanta has fixed 12 April 2017 as record date for payment of second interim dividend for FY 2017.

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Vedanta appoints director
Mar 30,2017

Vedanta has appointed K Venkataramanan as an Additional Director and Non-Executive Independent Director (Additional Director) on the Board of the Company for a period of 3 years w.e.f. 01 April 2017 to hold office till the ensuing Annual General Meeting of the Company.

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Indiabulls Real Estate leads gainers in A group
Mar 30,2017

Indiabulls Real Estate jumped 8.48% to Rs 87 at 13:36 IST. The stock topped the gainers in the BSEs A group. On the BSE, 16.38 lakh shares were traded on the counter so far as against the average daily volumes of 6.09 lakh shares in the past two weeks.

Prestige Estates Projects surged 5.83% at Rs 214.05. The stock was second biggest gainer in A group. On the BSE, 1.18 lakh shares were traded on the counter so far as against the average daily volumes of 27,000 shares in the past two weeks.

Unitech advanced 5.52% to Rs 5.73. The stock was third biggest gainer in A group. On the BSE, 49.13 lakh shares were traded on the counter so far as against the average daily volumes of 37.29 lakh shares in the past two weeks.

Adani Ports and Special Economic Zone (APSEZ) gained 4.66% at Rs 19.10. The stock was fourth biggest gainer in A group. On the BSE, 4.04 lakh shares were traded on the counter so far as against the average daily volumes of 5.80 lakh shares in the past two weeks.

Suzlon Energy rose 5.56% to Rs 2,110.15. The stock was fifth biggest gainer in A group. On the BSE, 78.23 lakh shares were traded on the counter so far as against the average daily volumes of 1.31 crore shares in the past two weeks.

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Dilip Buildcon provides update on Tuljapur - Ausa road project
Mar 30,2017

Dilip Buildcon announced that the Concessionary Company DBL Tuljapur Ausa Highways (SPV) has been incorporated for the Road Project of four laning Tuljapur - Ausa (including Tuliapur Bypass) Road Project Section of NH-361 from Km 0.000 to km 55.835 under NHDP Phase IV on Hybrid Annuity Mode in the State of Maharashtra at bid Project cost of Rs. 911.07 crore (the Project).

Shrem Infraventure (the Investor) will invest 49% of the Equity Share Capital in the SPV and that the Company will hold the remaining 51% stake in said SPV. Further, that on completion of two years from the Commercial Operation date of the said Project, the Investor will acquire 100% stake of the SPV i.e. 51% stake held by Dilip Buildcon will also be acquired by the Investor and the Company will hand over the Project to the Investor for operation.

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Sudal Industries to expand production capacity at Nashik
Mar 30,2017

Sudal Industries is planning to expand its production capacity at its existing unit located at Nashik and is also planning to setup a unit in Nardana, Dhule worth Rs. 250 crore.

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JM Financial provides update on subsidiary - JM Financial Investment Managers
Mar 30,2017

JM Financial announced that its subsidiary, JM Financial Investment Managers has executed the share purchase agreement to acquire equity shares of Spandana Sphoorty Financial (Spandana) through a secondary purchase in two tranches representing 16.26% of its current outstanding total equity shares. On a fully diluted basis, the said acquisition would result in the holding of 6.41% in Spandana post the preferential issue and exercise of the warrants/ESOPs by the promoters/employees of Spandana as per the other agreements executed by Spandana.

Spandana is engaged in the business of microfinance providing small ticket unsecured loans largely to women of low income households in rural and urban areas, with average loan tenure of one to two years.

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Govt asks industry to work for July 1 roll out of GST: Finance Secretary Mr Ashok Lavasa
Mar 30,2017

India Inc should work for the July 1 roll out of the Goods and Services Tax , which would take the country into very exciting phase of tax administration, Finance Secretary Mr Ashok Lavasa said at an ASSOCHAM Managing Committee meeting.

Mr Lavasa said We should all work towards July 1, if it gets achieved. He said along with the government, the industry should organise training sessions for the trade and industry for the roll out of the new tax reforms.

The Chamber President Mr Sandeep Jajodia informed the Finance Secretary that the ASSOCHAM has already held over 55 conferences in different parts of the country on GST.

Dwelling on a host of issues, the Finance Secretary also allayed concerns that the fear of vigilance probes is coming in the way of the banks resolving the problem of the non-performing assets (NPAs). The honest bank officers have nothing to worry about and the existing laws provide them ample scope for finding a way out of the bad debt problem, Mr. Lavasa.

n++I dont know whether there can be a law which can make people fearless. If you take honest decisions you dont have to fear three n++s or 10 n++, Mr Lavasa said in response to concerns from the industry leaders that senior bankers are not willing to show courage in reaching settlements with the troubled units as they have a lurking fear of Central Vigilance Commission, CBI or CAG .

The Finance Secretary said If you take honest decisions you dont have to fear. Financing documents and rules of the game provide scope to sit with the banks in the interest of investment.

He said efforts are on to save projects which have run into rough weather because of events beyond control of individuals or industries. The problem of the NPAs of the banks is restricted to a few sectors but it has to be resolved.

The Finance Secretary said the focus of the government is to efficiently spend increased outlays on public and infrastructure projects , including MNREGA which is run with greater efficiency or Direct Benefit Transfer (DBT) schemes. As much as Rs 34,000 crore has been saved so far by implementing DBT in 78 schemes. Things like Aadhar seeding and inter-linkage of different schemes has helped plug the pilferages and bogus claimants.

The ASSOCHAM President said there was a need for expeditious capital spending on public sector and infrastructure projects including roads, highways and railways.

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Dishman Pharma snaps two-day 30% rally
Mar 30,2017

Meanwhile, the S&P BSE Sensex was up 33.55 points or 0.11% at 29,564.98.

On the BSE, 4.74 lakh shares were traded on the counter so far as against the average daily volumes of 2.41 lakh shares in the past one quarter. The stock had hit a high of Rs 309.40 and a low of Rs 293.10 so far during the day. It had hit a record high of Rs 321.50 on 29 March 2017 and a 52-week low of Rs 127.60 on 24 June 2016.

The mid-cap company has equity capital of Rs 32.28 crore. Face value per share is Rs 2.

Shares of Dishman Pharmaceuticals & Chemicals (Dishman Pharma) had rallied 30.04% in the preceding two trading sessions to settle at Rs 301.50 yesterday, 29 March 2017, from its close of Rs 231.85 on 27 March 2017. The rally in the stock materialized on media reports that the company has received approval from the US Food and Drug Administration (USFDA) for cancer drug Zejula Capsules.

Dish Pharma, in a clarification issued to the stock exchanges during market hours on 28 March 2017, said that the company is bound by strict confidentiality agreements with its customers and will not have any prior knowledge of the stage of development of the customers end product.

Dish Pharma further added that since it does not manufacture the innovators end product in contract research and manufacturing services (CRAMS) segment, it is Tesaro Inc., which has received the USFDA approval for cancer drug Zejula Capsules and not Dishman Pharma as mentioned in media reports.

Dishman Pharmaceuticals & Chemicals consolidated net profit rose 13.2% to Rs 50.68 crore on 7.6% decrease in net sales to Rs 356.47 crore in Q3 December 2016 over Q3 December 2015.

Dishman Pharmaceuticals & Chemicals acts as a full fledged CRAMS (contract research and manufacturing services) partner for global pharma innovators. It also makes phase transfer catalysts, Vitamin D, Vitamin D analogues, cholesterol, laolin related products, antiseptic and disinfectant formulations for pharmaceutical, cosmetic and related markets. The company also makes generic active pharmaceutical ingredients (API) and intermediates for the pharmaceutical industries.

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Board of Oracle Financial Services Software recommends dividend
Mar 30,2017

Oracle Financial Services Software announced that the Board of Directors of the Company at its meeting held on 29 March 2017, inter alia, have recommended the dividend of Rs 170 per equity Share (i.e. 3400%) , subject to the approval of the shareholders.

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Aurionpro Solutions partners with Goodpack IBC (Singapore)
Mar 30,2017

Aurionpro Solutions announced that its end-to-end freight and warehouse management solution - SCMProFit has been selected by Goodpack IBC (Singapore), engaged in steel intermediate bulk containers. SCMProFit will be deployed to transform the returnable packaging operations management.

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