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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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Ashok Leyland slips after muted sales growth in November
Dec 01,2016

The announcement was made during trading hours today, 1 December 2016.

Meanwhile, the BSE Sensex was down 51.52 points, or 0.19%, to 26,601.29.

On BSE, so far 20.80 lakh shares were traded in the counter, compared with average daily volume of 12.70 lakh shares in the past one quarter. The stock hit a high of Rs 80 and a low of Rs 77.35 so far during the day. The stock hit a 52-week high of Rs 112.80 on 13 April 2016. The stock hit a 52-week low of Rs 73.60 on 22 November 2016. The stock had underperformed the market over the past 30 days till 30 November 2016, falling 11.71% compared with the 4.39% decline in the Sensex. The scrip had, however, outperformed the market in past one quarter, falling 5.07% as against Sensexs 6.23% decline.

The large-cap company has equity capital of Rs 284.59 crore. Face value per share is Re 1.

Ashok Leylands sales of light commercial vehicles (LCV) fell 1% to 2,646 units in November 2016 over November 2015. Sales of medium & heavy commercial vehicles (M&HCV) rose 10% to 6,928 units in November 2016 over November 2015.

Ashok Leylands net profit jumped 71% to Rs 294.41 crore on 7.7% drop in net sales to Rs 4503.17 crore in Q2 September 2016 over Q2 September 2015.

Ashok Leyland is one of the leading manufacturers of medium and heavy commercial vehicles in India.

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Apollo Hospitals advances after receiving investment from World Banks arm
Dec 01,2016

The announcement was made during market hours today, 1 December 2016.

Meanwhile, the S&P BSE Sensex was down 41.70 points or 0.16% at 26,611.11.

On the BSE, 33,000 shares were traded on the counter so far as against the average daily volumes of 13,020 shares in the past one quarter. The stock had hit a high of Rs 1,220.95 and a low of Rs 1,188 so far during the day. The stock had hit a record high of Rs 1,544 on 2 March 2016. The stock had hit a 52-week low of Rs 1,147 on 21 November 2016. The stock had underperformed the market over the past one month till 30 November 2016, sliding 10.63% compared with the Sensexs 4.57% fall. The scrip had also underperformed the market in past one quarter, declining 10.92% as against the Sensexs 5.96% fall.

The large-cap company has equity capital of Rs 69.56 crore. Face value per share is Rs 5.

Apollo Hospitals Enterprises wholly owned subsidiary Apollo Health and Lifestyle (AHLL) announced receiving investments of Rs 450 crore from International Finance Corporation (IFC) and IFC Asset Management Company. This investment will fuel AHLLs expansion plans and fulfill its vision of bringing healthcare of international standards within the reach of 20 million patients each year by 2020.

Sangita Reddy, Joint Managing Director, Apollo Hospitals Enterprise said, through this investment, the management endeavours to continue Apollo Groups legacy of setting industry benchmarks & contributing to elevate the standard of healthcare to the next level. Given the immense potential and the need for quality healthcare delivery at affordable prices, AHLL will continue to expand through both organic and in-organic means and is committed to enhancing the patient experience and medical care offered by the current network, Reddy said.

Commenting on the investment by IFC, Neeraj Garg, CEO - Apollo Health and Lifestyle said, AHLL operates across 7 verticals and it has multiplied its network and revenues over the past 3 years. In the next five years, the company is looking at growing its revenues significantly and expanding its network, particularly of Apollo Clinics, Apollo Diagnostics and Apollo Cradle. This investment is probably the largest ever private equity growth capital investment in the primary healthcare segment in India, Garg added.

IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets.

Apollo Hospitals Enterprises net profit rose 2.7% to Rs 91.99 crore on 15.9% growth in net sales to Rs 1634.10 crore in Q2 September 2016 over Q2 September 2015.

Apollo Hospitals is one of Asias largest healthcare groups.

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Maithan Alloys provides update on repairs for transformer at Visakhapatnam plant
Dec 01,2016

Maithan Alloys announced that said 132KV power transformer at the Companys Visakhapatnam plant is still under repair following damage due to heavy rains and floor in September 2016. The cost of repair is estimated to be around Rs 71.52 lakh. The transformer is likely to be received back from the repairer in January 2017.

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Maithan Alloys announces resumption of production at Byrnihat Unit
Dec 01,2016

Maithan Alloys announced that the production at Byrnihat Unit (Meghalaya) has commenced after repairing of Boiler Tubes of captive power plant catering power requirement of the said Unit.

There is no insurance coverage for the loss of production.

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Steel Strips Wheels spurts after good sales in November
Dec 01,2016

The announcement was made during trading hours today, 1 December 2016.

Meanwhile, the BSE Sensex was up 2.04 points, or 0.01%, to 26,654.85.

On BSE, so far 43,000 shares were traded in the counter, compared with average daily volume of 10,058 shares in the past one quarter. The stock hit a high of Rs 623.45 and a low of Rs 548.40 so far during the day. The stock hit a record high of Rs 775 on 14 October 2016. The stock hit a 52-week low of Rs 284 on 17 February 2016. The stock had underperformed the market over the past 30 days till 30 November 2016, falling 19.47% compared with the 4.39% decline in the Sensex. The scrip had, however, outperformed the market in past one quarter, falling 4.26% as against Sensexs 6.23% decline.

The small-cap company has equity capital of Rs 15.53 crore. Face value per share is Rs 10.

Steel Strips Wheels (SSWL) said the sales were heavily skewed towards the heavier wheels. Export volumes declined 24% in November 2016 over November 2015, due to a very high base of last year and it will normalise going ahead with many new exports orders starting from the month of December 2016.

In terms of value, SSWL recorded 22% growth in gross turnover to Rs 128.62 crore in November 2016 over November 2015. Net turnover rose 22% to Rs 115.25 crore in November 2016 over November 2015.

Net profit of SSWL rose 19.9% to Rs 18.02 crore on 2.8% decline in net sales to Rs 290.95 crore in Q2 September 2016 over Q2 September 2015.

SSWL designs and manufactures automotive steel wheels and is among the leading supplier to Indian and global automobile manufacturers.

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Mahindra & Mahindra announces total auto sales figures
Dec 01,2016

Mahindra & Mahindra achieved total auto sales of 32,499 vehicles in November 2016 compared to 41,590 vehicles in November 2015. Domestic sales stood at 29814 units in November 2016 compared to 39,383 units in November 2015. Exports for November 2016 stood at 2,685 units, registering a growth of 22% over November 2015. Passenger vehicle segment sold 13,217 vehicles in November 2016 compared to 19,662 vehicle in November 2015.

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Mahindra & Mahindra announces tractor sales
Dec 01,2016

Mahindra & Mahindra reported total tractor sales of 17,262 units in November 2016 compared to 21,717 units in November 2015. Domestic tractor sales stood at 15,918 units in November 2016 compared to 20,819 units in November 2015. Exports for the month stood at 1,344 units.

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Crest Ventures announces change in CFO
Dec 01,2016

Crest Ventures announced that Parag Shah has been appointed as the Chief Financial Officer and Key Managerial Personnel of the Company with effect from 01 December 2016 in place of Arvind Jain who has resigned with effect from 30 November 2016.

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State Bank of Bikaner and Jaipur announces change in directorate
Dec 01,2016

State Bank of Bikaner and Jaipur announced that the change of directorate has taken place on the Board of the Bank.

Sandeep Bhatnagar, Deputy General Manager (OSD), A&S Dept, State Bank of India, nominated as Director on the Board of the Bank under Section 25(1)(c) of the SBI (SB) Act, 1959 with effect from 21 November 2016 in place of R.N. Sahay.

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Bharat Heavy Electricals commissions 1st unit of Pulichintala Hydroelectric project
Dec 01,2016

Bharat Heavy Electricals has successfully commissioned the first unit of the 4x30 MW Pulichintala Hydroelectric project in the State of Telangana. The greenfield project is being set up by TSGENCO in Guntur district of Telangana on the river Krishna.

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Career Point receives order from Office of DEO, Korba, Chhattisgarh
Dec 01,2016

Career Point has been given a work order by Office of District Education Officer, Korba, Chhattisgarh to provide tutorial services for Pre-Engineering and Pre-Medical test preparation courses. As per the contract, Career Point will be offering school integrated residential coaching for class 11th and 12th students for two academic sessions 2016-17 and 2017-18. The DEO Korba shall provide all infrastructure for the classes to be conducted by Career Point.

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Advanced Enzyme Technologies MD to be awarded Leader of the Decade Award
Dec 01,2016

Advanced Enzyme Technologies announced that Chandrakant Rathi, Managing Director has to receive the prestigious Biotech Leader of the Decade Award at Pharma Leaders 2016 Annual Power Brand Awards.

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Moodys: Stable outlook for Asia Pacific power sector reflects consistent regulatory returns, manageable cost increases
Dec 01,2016

Moodys Investors Service says that the stable outlook for the power sector in Asia Pacific over the next 12-18 months is mainly underpinned by consistent regulatory returns and Moodys expectation of manageable increases in fuel costs over the same period, as well as the absence of significant changes to regulatory environments.

Transparent tariff-setting mechanisms will continue to benefit the regulated power utilities in Australia, Hong Kong and Singapore, says Mic Kang, a Moodys Vice President and Senior Analyst.

As for other power companies operating in weaker tariff systems n++ specifically those with a lower ability to recover increased costs n++ the low likelihood of a steep rise in fuel costs should generally result in continued stable business conditions over the next 12-18 months, adds Kang.

Moodys outlook reflects its expectations for fundamental business conditions in the power industry across Asia Pacific over the next 12-18 months.

Moodys report points out that stable industry conditions will in general support the credit metrics of most Moodys-rated power companies across Asia Pacific, despite increasing environmental compliance costs associated with government-led decarbonization initiatives, and growing competitive pressure stemming from new renewable and baseload power plant capacity.

In addition, Moodys believes that most power companies can fund cash shortfalls through debt market issuance, while state-controlled power utilities will continue to benefit from strong government support.

However, many thermal power generators will face medium- to long-term pressure, because of lower dispatch volumes n++ as low marginal cost renewable energy production ramps up n++ and/or increased investments to meet environmental regulations, which may not be fully compensated for through timely tariff adjustments in many countries.

Sector reforms in China (Aa3 negative), Japan (A1 stable) and Korea (Aa2 stable) will have a manageable effect on the operations of power companies during the outlook period. But these reforms will create increasingly challenging business conditions over time, by growing competition and/or potentially reducing the likelihood of extraordinary government support for state-controlled companies.

Thirty nine (74%) of Moodys-rated power companies in Asia Pacific demonstrate ratings with stable or positive outlooks, mainly reflecting broadly unchanged fundamental business conditions, financial profiles consistent with Moodys rating expectations, and/or the positive outlook on a parents rating.

The remaining 14 companies (26%) n++ a majority of which are Chinese power companies and, to a lesser extent, Japans power utilities n++ have ratings which carry negative outlooks or are on review for downgrade.

The negative outlooks or ratings which are on review for downgrade in relation to Chinas power companies are mainly due to the negative outlook on Chinas Aa3 sovereign rating, and the companies weakening credit fundamentals.

Moodys believes Chinas coal-oriented power companies will face greater challenges than those in other regions. Moodys assessment is based on the rapid pace of renewable development in the country n++ which will increase energy supply n++ and an increase in fuel costs, reflecting the recovery in thermal coal prices in the second half of 2016, amid potential delays in the companies ability to pass through such additional costs.

The negative outlooks on the ratings of some Japanese power utilities mainly reflect uncertainty over the timing of restarts of nuclear reactors, given that a sustained recovery in their credit metrics to a large degree depends on their resuming operations.

Meanwhile, Moodys has changed the outlook for Indias (Baa3 positive) power sector to stable from negative, because the increased domestic production of coal will ease constraints on fuel supply, and the Indian governments debt restructuring of the financially weak distribution utilities will likely improve their financial capacity to make timely payments to power generators.

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Hindustan Construction Company leads gainers in A group
Dec 01,2016

Hindustan Construction Company (HCC) jumped 17.25% to Rs 40.10 at 13:35 IST after the company said it will receive arbitral award payment of approximately Rs 2000 crore from NHPC and NHAI within 4 to 6 weeks. The stock topped the gainers in the BSEs A group. On the BSE, 1.12 crore shares were traded on the counter so far as against the average daily volumes of 8.71 lakh shares in the past two weeks.

MMTC galloped 12.87% at Rs 51.75. The stock was second biggest gainer in A group. On the BSE, 12.05 lakh shares were traded on the counter so far as against the average daily volumes of 1.26 lakh shares in the past two weeks.

Balkrishna Industries spurted 13.23% to Rs 1,125.50. The stock was third biggest gainer in A group. On the BSE, 76,000 shares were traded on the counter so far as against the average daily volumes of 7,556 shares in the past two weeks.

Hathway Cable & Datacom gained 8.71% at Rs 37.45. The stock was fourth biggest gainer in A group. On the BSE, 2.63 lakh shares were traded on the counter so far as against the average daily volumes of 64,000 shares in the past two weeks.

Aban Offshore rose 5.67% to Rs 250.50. The stock was fifth biggest gainer in A group. On the BSE, 9.28 lakh shares were traded on the counter so far as against the average daily volumes of 3.35 lakh shares in the past two weeks.

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Steel Strips Wheels announces wheel rim sales
Dec 01,2016

Steel Strips Wheels has achieved total wheel rim sales of 11.99 lakh in November 2016 compared to 10.52 lakh in November 2015. In terms of value, the company achieved gross turnover of Rs 128.62 crore (growth of 22%) and net turnover of Rs 115.25 crore (growth of 22%) in November 2016 compared turnover achieved in November 2015.

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