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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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Zydus Cadila acquires US based Sentynl Therapeutics
Jan 20,2017

Cadila Healthcare announced that Zydus Cadila has acquired Sentynl Therapeutics Inc., a US based specialty pharma company specialised in marketing of products in the pain management segment. The transaction will be EPS accretive.

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Future Consumer forms joint venture with Tilda Hain India
Jan 20,2017

Future Consumer has entered into a Joint Venture Agreement dated 19 January, 2017 with Tilda Hain India (Hain India), a part of Hain Celestial Group, Inc., New York, USA (JV Agreement), for undertaking the business of manufacturing, marketing, trading, selling and distributing various food products in the health and wellness category such as chips, non-dairy beverages, straws and infant / toddler foods, by way of forming a Joint Venture Company (JV Company) as per the terms and conditions agreed under the said JV Agreement.

The additional important terms and conditions of said J V Agreement inter alia are as follows:

1. The Company and Hain India each shall hold 50.00% of the paid-up share capital of the JV Company.

2. The Company and Hain India inter alia shall have the right:

i) To nominate three Directors each, on the Board of the JV Company
ii) To vote on few customary items in the Reserved Matters as provided under the JV Agreement
3. Hain India is not related to any of the Promoter and/or Promoter Group entities of the Company.
4. The J V Agreement executed by and between the Company and Hain India, does not fall within the ambit of Related Party Transactions.

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Jindal Stainless to hold EGM
Jan 20,2017

Jindal Stainless announced that the Extra Ordinary General Meeting (EGM) of the Company will be held on 11 February 2017.

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Board of Saka to consider December quarter results
Jan 20,2017

Saka announced that a meeting of the Board of Directors of the Company will he held on 06 February 2017, to take on record the un-audited results for the quarter ended 31 December 2016.

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Board of Monica Electronics to consider December quarter results
Jan 20,2017

Monica Electronics announced that a meeting of the Board of Directors of the Company will be held on 06 February 2017, to take on record the Un-audited results for the quarter ended 31 December 2016.

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Bharti Airtel gains as board to mull fund raising
Jan 20,2017

The announcement was made after market hours yesterday, 19 January 2017.

Meanwhile, the BSE Sensex was down 94.81 points, or 0.35%, to 27,213.79.

On the BSE, so far 8,644 shares were traded in the counter, compared with average daily volumes of 1.45 lakh shares in the past one quarter. The stock had hit a high of Rs 320.25 and a low of Rs 315.60 so far during the day.

The stock hit a 52-week high of Rs 384.90 on 28 April 2016. The stock hit a 52-week low of Rs 282.30 on 29 January 2016. The stock had outperformed the market over the past 30 days till 19 January 2017, rising 4.77% compared with the 4.06% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 2.31% as against Sensexs 2.74% decline.

The large-cap company has equity capital of Rs 1,998.70 crore. Face value per share is Rs 5.

Meanwhile, media reports sugested that Bharti Airtel has entered final stages of discussion with Norwegian telecom operator Telenor to acquire its local unit. The deal will be finalised by the end of February 2017, and that Airtel is a stronger negotiating position. Telenor, on the other hand, has been scouting for a buyer for a long time, reports added.

On a consolidated basis, Bharti Airtels net profit declined 4.9% to Rs 1460.70 crore on 3.4% growth in net sales to Rs 24651.50 crore in Q2 September 2016 over Q2 September 2015.

Bharti Airtel is a leading global telecommunications company with operations in 18 countries across Asia and Africa.

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Board of Motherson Sumi Systems approves acquisition of Finland based PKC Group
Jan 20,2017

Motherson Sumi Systems announced that the Board of Directors of the Company at their meeting held on 19 January 2017 have approved a proposal to make a voluntary, recommended public tender offer to acquire all the issued and outstanding shares and option rights in PKC Group Pic (PKC) having its headquartered in Helsinki, Finland and currently listed on the Nasdaq Helsinki stock exchange. The acquisition will be made through a wholly owned subsidiary (directly/indirectly) of the Company, to be setup for the purpose.

The Board has also approved for signing of Combination Agreement between the Company and PKC for the proposed transaction. Accordingly, Combination Agreement has been executed by the Company.

PKC is a global tier 1 supplier of wiring harness and associated components to Original Equipment Manufacturers (OEMs) in the Heavy & Medium Duty Commercial Vehicles and Locomotive segments across North America, Europe, Brazil and China.

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Board of Motherson Sumi Systems approves acquisition of Finland based PKC Group
Jan 20,2017

Motherson Sumi Systems announced that the Board of Directors of the Company at their meeting held on 19 January 2017 have approved a proposal to make a voluntary, recommended public tender offer to acquire all the issued and outstanding shares and option rights in PKC Group Pic (PKC) having its headquartered in Helsinki, Finland and currently listed on the Nasdaq Helsinki stock exchange. The acquisition will be made through a wholly owned subsidiary (directly/indirectly) of the Company, to be setup for the purpose.

The Board has also approved for signing of Combination Agreement between the Company and PKC for the proposed transaction. Accordingly, Combination Agreement has been executed by the Company.

PKC is a global tier 1 supplier of wiring harness and associated components to Original Equipment Manufacturers (OEMs) in the Heavy & Medium Duty Commercial Vehicles and Locomotive segments across North America, Europe, Brazil and China.

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L&T Hydrocarbons Engineering wins orders
Jan 20,2017

Larsen & Toubros subsidiary - L&T Hydrocarbons Engineering has won order worth Rs 1700 crore in its construction services business vertical.

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L&T Hydrocarbons Engineering wins orders
Jan 20,2017

Larsen & Toubros subsidiary - L&T Hydrocarbons Engineering has won order worth Rs 1700 crore in its construction services business vertical.

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Axis Bank tumbles after weak Q3 outcome
Jan 20,2017

The result was announced after market hours yesterday, 19 January 2017.

Meanwhile, the BSE Sensex was down 59 points, or 0.22%, to 27,249.60

On BSE, so far 3.27 lakh shares were traded in the counter, compared with average daily volume of 5.41 lakh shares in the past one quarter. The stock hit a high of Rs 461 and a low of Rs 452.05 so far during the day.

The stock hit a 52-week high of Rs 638 on 7 September 2016. The stock hit a 52-week low of Rs 373.30 on 11 February 2016.

The large-cap private sector bank has equity capital of Rs 478.31 crore. Face value per share is Rs 2.

Axis Banks gross non-performing assets (NPA) stood at Rs 20466.82 crore as on 31 December 2016 as against Rs 16378.65 crore as on 30 September 2016 and Rs 5724.05 crore as on 31 December 2015.

The banks ratio of gross NPAs to gross advances stood at 5.22% as on 31 December 2016, as against 4.17% as on 30 September 2016 and 1.68% as on 31 December 2015.

The banks ratio of net NPAs to net advances stood at 2.18% as on 31 December 2016, compared with 2.02% as on 30 September 2016 and 0.75% as on 31 December 2015.

Axis Banks provisions and contingencies jumped 432.67% to Rs 3795.80 crore in Q3 December 2016 over Q3 December 2015.

On 13 January 2017, Axis Bank announced reduction in its lending rates based on marginal cost of funds based lending rate by 65 to 70 basis points across various tenors with effect from 18 January 2017.

Axis Bank is one of the biggest private sector banks in India.

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Axis Bank in focus after Q3 results
Jan 20,2017

Axis Banks net profit fell 73.35% to Rs 579.57 crore on 15.72% growth in total income to Rs 14501.21 crore in Q3 December 2016 over Q3 December 2015. The result was announced after market hours yesterday, 19 January 2017.

The banks gross non-performing assets (NPA) stood at Rs 20466.82 crore as on 31 December 2016 as against Rs 16378.65 crore as on 30 September 2016 and Rs 5724.05 crore as on 31 December 2015.

The banks ratio of gross NPAs to gross advances stood at 5.22% as on 31 December 2016, as against 4.17% as on 30 September 2016 and 1.68% as on 31 December 2015. The banks ratio of net NPAs to net advances stood at 2.18% as on 31 December 2016, compared with 2.02% as on 30 September 2016 and 0.75% as on 31 December 2015. Axis Banks provisions and contingencies jumped 432.67% to Rs 3795.80 crore in Q3 December 2016 over Q3 December 2015.

State Bank of Mysore said that its board will meet on 24 January 2017, to consider raising upto Rs 1000 crore by issuing Basel III compliant additional tier 1 bonds. The issue parameters will be as decided by the board. The announcement was made after market hours yesterday, 19 January 2017.

Bharti Airtel said that its board will meet on 24 January 2017, to consider raising funds through issue of debentures/bonds through private placement. The announcement was made after market hours yesterday, 19 January 2017.

Adani Ports and Special Economic Zone (APSEZ) said it raised $500 million by allotting fixed rate senior unsecured notes . The said notes will be listed on Singapore Exchange Securities Trading. The announcement was made after market hours yesterday, 19 January 2017.

GMR Infrastructure announced that the international competitive bidding process for the selection of developer for Integrated Retail Development has been completed. This is in addition to 5.67 Lakh square meters (sqm) already developed as Hospitality District at Delhi Aerocity. DIAL has issued the letter of award to design, develop, construct, finance, own, operate and maintain the Integrated Retail Development Project with FSI of 1.96 lakh sqm to Bharti Realty Holdings. The transaction involves upfront payments of Rs 315 crore (including RSD, ADC, bid processing fee) and license fee equivalent to 20% of revenue with minimum guaranteed payments. The effectiveness of the transaction is subject to certain conditions precedents and necessary approvals. The announcement was made after market hours yesterday, 19 January 2017.

MEP Infrastructure Developers said that its subsidiary, MEP Sanjose Arawali Kante Road, achieved financial closure as per the concession agreement executed with the Ministry of Road Transport and Highways (MORTH) dated 28 June 2016 for the rehabilitation and upgradation of Arawali-Kante section of National Highway (NH)-66 in Maharashtra to four lane with paved shoulder under NHDP IV on hybrid annuity mode by tying up of project finance of Rs 266.84 crore. The bid project cost is Rs 592.98 crore out of which project finance will contribute Rs 266.84 crore and remaining will be funded by grant from MORTH and equity contribution by the subsidiary company. The announcement was made after market hours yesterday, 19 January 2017.

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Tata Steel gets revision in credit ratings
Jan 19,2017

Tata Steel announced that according to CARE Ratings, the uncertainties relating to disposal/ restructuring of Tata Steels UK business has trigged a revision in Tata Steels credit ratings. The rating has been downgraded by one notch.

Unsecured NCD - CARE AA; Stable (Revised from CARE AA+; Stable)
Long term unsecured rupee loan - CARE AA; Stable (Revised from CARE AA+; Stable)
Unsecured subordinated perpetual securities - CARE AA-; Stable (Revised from CARE AA; Stable)

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National Fertilizers announces appointment of director
Jan 19,2017

National Fertilizers announced that Meenakshi Gupta, Additional Secretary & Financial Adviser, Department of Fertilizers, Ministry of Chemicals & Fertilizers, Government of India has been appointed as a Part-time Government Nominee Director on the Board of the Company w.e.f. 11 January 2017.

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GMR Infrastructure provides update on subsidiary- Delhi International Airport
Jan 19,2017

GMR Infrastructure announced that the international competitive bidding process for the selection of developer for Integrated Retail Development has been completed. This is in addition to 5.67 Lac sqm already developed as Hospitality District at Delhi Aerocity.

DIAL has issued the letter of award to design, develop, construct, finance, own, operate and maintain the Integrated Retail Development Project with FSI of 1.96 Lac sqm to Bharti Realty Holdings. The transaction involves upfront payments of Rs 315 crore (including RSD, ADC, Bid Processing Fee) and License Fee equivalent to 20% of Revenue with Minimum Guaranteed Payments.

The effectiveness of the transaction is subject to certain conditions precedents and necessary approvals.

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