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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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US stocks end in the red
Jul 07,2017

U.S. stocks closed lower on Thursday, 06 July 2017. The major averages were bearish from the jump on Thursday, quickly turning their opening losses into sizable declines within the first few minutes of action. However, the bears reclaimed control in the afternoon, sending the benchmark index, and its peers, to a fresh session low. A round of economic data, including readings on private-sector payrolls and weekly layoffs, did little to soothe worries about the expected muted pace of the Federal Reserves policy plans.

The Dow Jones Industrial Average dropped 158.13 points, or 0.7%, to close at 21,320. The S&P 500 dropped 22.79 points, or 0.9%, to finish at 2,409.75 with all 11 sectors ending in negative territory. Telecoms and real-estate shares led the declines. The Nasdaq Composite Index fell 61.39 points, or 1%, to close at 6,089.46.

General Electric and Intel led the pack of Dow decliners.

Minutes from the ECB released Thursday indicated that it discussed abandoning a vow to accelerate its QE program and worried about expressing confidence in the eurozone economy.

The ICE U.S. Dollar Index which gauges the buck against a basket of six rival currencies, was off 0.5%, with the slide in greenback underpinned by strengthening in the euro up 0.6% against the dollar. The euro represents the biggest component in the dollar gauge. A weaker dollar tends to make commodities priced in the currency more attractive to buyers using other monetary units.

On the data front, a read on private-sector jobs and weekly layoffs came in slightly weaker than expected, but likely not weak enough to change the pace of interest-rate increases. Private-sector employers added a seasonally-adjusted 153,000 jobs during the month, below the 180,000 that a consensus of economists had forecast. Meanwhile, initial jobless claims in the period running from June 25 to July 1 increased 4,000 to a seasonally adjusted 248,000, while the Institute for Supply Managements nonmanufacturing index rose to 57.4% in June from 56.9% in May.

Bullion prices ended higher at Comex on Thursday, 06 July 2017 at Comex. Gold prices ended higher on Thursday for a second straight session, as the dollar slumped and global equities took a turn lower amid signals that an era of easy-money policies adopted by central banks during the financial crisis may be nearing an end. Thursdays action in metals appeared to be largely driven by the jitters around the more hawkish stance from global central banks, which were sending yields higher, and driving weakness in the dollar.

August gold rose $1.60, or 0.1%, to settle at $1,223.30 an ounce, after settling higher on Wednesday. September silver also added 8.7 cents, or 0.6%, to $15.983 an ounce.

Crude oil prices finished modestly higher on Thursday, 06 July 2017, a day after their worst loss in a month, as U.S. government data revealed that domestic supplies of crude registered their largest fall in five weeks. The Energy Information Administration data, however, also showed a rise in total U.S. crude production, on the heels of a fall the previous weekn++prompting oil prices to pare much of the days earlier gains and to settle off the sessions best levels.

August West Texas Intermediate crude tacked on 39 cents, or 0.9%, to settle at $45.52 a barrel on the New York Mercantile Exchange, well below the sessions high of $46.53. On Wednesday, the contract settled $1.94, or 4.1%, lower, posting its first loss in nine sessions and its biggest dollar and percentage drop since 7 June 2017.

The U.S. Energy Information Administration report released Thursday showed that domestic crude supplies dropped by 6.3 million barrels for the week ended 30 June 2017. Supply data were released a day late because of Tuesdays Independence Day holiday. The decreasen++the largest since the 6.4 million-barrel drop reported by the EIA for the week ended May 26n++topped forecasts for a decline of 1.6 million barrels. Gasoline stockpiles also fell by 3.7 million barrels, while distillate stockpiles decreased by 1.9 million barrels last week. Market had forecast a fall of 1 million barrels for gasoline, but expected a rise of 500,000 barrels for distillates, including heating oil.

On Friday, investors will receive the Employment Situation Report for June, which the consensus expects will show the addition of 173,000 nonfarm payrolls. The report will be released at 8:30 ET.

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Navin Fluorine inches up after approval for sale of unit
Jul 07,2017

The announcement was made after market hours yesterday, 6 July 2017.

Meanwhile, the S&P BSE Sensex was down 36.29 points or 0.12% at 31,333.05

On BSE, so far 429 shares were traded in the counter as against average daily volume of 12,166 shares in the past one quarter. The stock hit a high of Rs 3,087 and a low of Rs 3,050.10 so far during the day. The stock had hit a 52-week high of Rs 3,250 on 5 April 2017. The stock had hit a 52-week low of Rs 1,968 on 7 July 2016.

The small-cap company has equity capital of Rs 9.85 crore. Face value per share is Rs 10.

It may be recalled that Navin Fluorine Internationals board of directors at its meeting held on 28 April 2017 decided that the facility relating to manufacture and sale of specialty fluorochemicals set up at Dahej will be transferred to the joint venture company Convergence Chemicals.

Navin Fluorine Internationals net profit fell 6.73% to Rs 29.38 crore on 5.79% rise in net sales to Rs 200.53 crore in Q4 March 2017 over Q4 March 2016.

Navin Fluorine International is the largest integrated specialty fluorochemical company in India.

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Direct Tax Collections up to June, 2017 for F.Y. 2017-2018 stood at Rs 1.42 Lakh crore registering a Growth of 14.8%
Jul 07,2017

The provisional figures for Direct Tax collections up to June, 2017 show that net collections are at Rs 1.42 lakh crore which is 14.8% higher than the net collections for the corresponding period of last year. Net direct tax collections represent 14.5% of the total Budget Estimates of direct taxes for FY 2017-18 (Rs 9.8 lakh crore).

While the gross collection under Corporate Income Tax (CIT) grew at 4.8%, the growth under Personal Income Tax (PIT) including Securities Transaction Tax (STT) is 12.9%. However, after adjusting for refunds, the net growth in CIT collections is 22.4% while that in PIT is 8.5%. Refunds amounting to Rs.55,520 crore have been issued during April to June, 2017, which is 5.2% lower than the refunds issued during corresponding period of F.Y. 2016-17.

An amount of Rs. 58,783 crore has been received as Advance Tax up to 30th June, 2017 reflecting a growth of 11.9% over the Advance Tax payments of the corresponding period of last year. The growth in Corporate Advance Tax is at 8.1% and that in Personal Advance Tax is at 40.3%.

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International Combustion (India) to hold AGM
Jul 07,2017

International Combustion (India) announced that the th Annual General Meeting(AGM) of the company on 20 September 2017.

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IDFC Bank gains after clarification
Jul 07,2017

Meanwhile, the S&P BSE Sensex was down 34.94 points, or 0.11% to 31,334.40.

On the BSE, 12.45 lakh shares were traded in the counter so far, compared with average daily volumes of 12 lakh shares in the past one quarter. The stock had hit a high of Rs 66 and a low of Rs 64.50 so far during the day. The stock hit a record high of Rs 83.45 on 28 September 2016. The stock hit a 52-week low of Rs 46.30 on 7 July 2016.

The stock had outperformed the market over the past one month till 6 July 2017, rising 7.46% compared with 0.31% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 4.88% as against Sensexs 5.60% rise. The scrip had also outperformed the market in past one year, rising 33.65% as against Sensexs 15.32% rise.

The large-cap company has equity capital of Rs 3,401 crore. Face value per share is Rs 10.

Media reports suggested that Shriram Transport Finance, Shriram City Union Finance will merge with IDFC Bank; and Shriram Capitals Life, General insurance business will merge with IDFC.

IDFC Bank clarified after market hours yesterday, 6 July 2017, that it keeps evaluating opportunities from time to time and should anything concrete fructify, it will inform the exchanges as appropriate. At this point, there is nothing that can be disclosed. Under the circumstances, it is unable to confirm or deny the news reports. Meanwhile, it cannot comment on the market speculations.

Net profit of IDFC Bank rose 6.60% to Rs 175.95 crore on 16.7% rise in operating income to Rs 2279.65 crore in Q4 March 2017 over Q4 March 2016.

IDFC Bank, a subsidiary of IDFC, is a universal bank, offering financial solutions through its nationwide branches, internet and mobile.

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Bharat Forge gains after signing pact with Israeli firm
Jul 07,2017

The announcement was made after market hours yesterday, 6 July 2017.

Meanwhile, the S&P BSE Sensex was down 45.26 points, or 0.14% to 31,324.08.

On the BSE, 19,000 shares were traded in the counter so far, compared with average daily volumes of 67,136 shares in the past one quarter. The stock had hit a high of Rs 1,130.25 and a low of Rs 1,115.05 so far during the day. The stock hit a 52-week high of Rs 1,220.45 on 8 June 2017. The stock hit a 52-week low of Rs 716.70 on 4 August 2016.

The stock had underperformed the market over the past one month till 6 July 2017, falling 8.48% compared with 0.31% rise in the Sensex. The scrip had outperformed the market in past one quarter, rising 3.83% as against Sensexs 5.60% rise. The scrip had also outperformed the market in past one year, rising 49.21% as against Sensexs 15.32% rise.

The large-cap company has equity capital of Rs 46.56 crore. Face value per share is Rs 2.

Bharat Forge announced that its subsidiary, Kalyani Strategic Systems and Israel Aerospace Industries have signed a new memorandum of understanding (MoU) addressed to expand the joint venture that the companies are establishing. The new MoU covers the establishment of a maintenance center for selected advanced air defence systems at Hyderabad in Telengana. The two companies have also agreed on expanding their joint operations for development, manufacturing and marketing of precise ammunition systems. In February 2017, Israel Aerospace Industries has inked an MoU with Kalyani Strategic Systems (KSSL) on establishing a joint venture that will develop, build, market and manufacture selected Air Defence Systems and light-weight special purpose munitions, in accordance with the Indian Governments Make in India policy.

Net profit of Bharat Forge rose 25.32% to Rs 207.50 crore on 11.31% rise in net sales to Rs 1125.66 crore in Q4 March 2017 over Q4 March 2016.

Bharat Forge is a technology driven global leader in metal forming having transcontinental presence across ten manufacturing locations, serving several sectors including automotive, power, oil and gas, construction & mining, rail, marine and aerospace.

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Infosys to opens Technology and Innovation Hub in North Carolina
Jul 07,2017

Infosys announced that it will open its next Technology and Innovation Hub in North Carolina and hire 2,000 American workers in the state by 2021.

This investment reinforces Infosys commitment, announced in May 2017, to open four Technology and Innovation Hubs in the US and hire 10,000 American technology workers over the next two years. The announcement of the new hub in North Carolina, marks the second key milestone in Infosys strategy to help drive American innovation and create the next-generation of American innovators. The company plansto hire the first 500 of these 2,000 North Carolina workers by the end of two years, with the remainder to be hired in the state by 2021. The first hub, announced in Indiana, will hire 2,000 American workers by 2021and help boost Indianas economy.

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L&T Technology Services wins award for Quality Excellence in Planning, Processes & Systems
Jul 07,2017

L&T Technology Services announced that it has been awarded the World Quality Congress award for Quality Excellence in Planning, Processes & Systems, 2017.

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Glenmark Pharmaceuticals receives ANDA approval for Amlodipine and Olmesartan Medoxomil Tablets
Jul 07,2017

Glenmark Pharmaceuticals has been granted final approval by the United States Food & Drug Administration (U.S. FDA) for Amlodipine and Olmesartan Medoxomil Tablets, 5 mg/20 mg, 5 mg/40 mg, 10 mg/20 mg, and 10 mg/40 mg, the generic version of Azorn++ Tablets, 5 mg/20 mg, 5 mg/40 mg, 10 mg/20 mg, and 10 mg/40 mg, of Daiichi Sankyo, Inc.

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Tata Motors will be watched after commercial vehicles price cut
Jul 07,2017

Tata Motors announced price reduction in commercial vehicles (cargo) in the range of 0.3% to 4.21% and in commercial vehicles (passenger transportation) in the range of 0.6% to 8.2% post GST to pass on the benefits to its customers. The announcement was made after market hours yesterday, 6 July 2017.

HPCL announced that it has raised fixed rate senior unsecured notes aggregating to $500 million. The notes will bear interest of 4% per annum payable semi-annually commencing on 12 January 2018. The company intends to use all of the proceeds to fund capital expenditures for its ongoing and future domestic projects in accordance with the ECB guidelines of India. The announcement was made after market hours yesterday, 6 July 2017.

Shares of Lakshmi Vilas Bank turn ex-dividend today, 7 July 2017, for dividend of Rs 2.70 per share for the year ended March 2017.

Bharat Forge announced that its subsidiary, Kalyani Strategic Systems and Israel Aerospace Industries have signed a new memorandum of understanding (MoU) addressed to expand the joint venture that the companies are establishing. The new MoU covers the establishment of a maintenance center for selected advanced air defence systems at Hyderabad in Telengana. The two companies have also agreed on expanding their joint operations for development, manufacturing and marketing of precise ammunition systems. In February 2017, Israel Aerospace Industries has inked an MoU with Kalyani Strategic Systems (KSSL) on establishing a joint venture that will develop, build, market and manufacture selected Air Defence Systems and light-weight special purpose munitions, in accordance with the Indian Governments Make in India policy. The announcement was made after market hours yesterday, 6 July 2017.

Navin Fluorine International said its shareholders approved sale of unit located at Dahej in Gujarat. The announcement was made after market hours yesterday, 6 July 2017.

IDFC Bank will be watched after it refused to comment or deny reports of merger with Shriram group companies. Media reports suggested that Shriram Transport Finance, Shriram City Union Finance will merge with IDFC Bank; and Shriram Capitals Life, General insurance business will merge with IDFC.

IDFC Bank clarified after market hours yesterday, 6 July 2017, that it keeps evaluating opportunities from time to time and should anything concrete fructify, it will inform the exchanges as appropriate. At this point, there is nothing that can be disclosed. Under the circumstances, it is unable to confirm or deny the news reports. Meanwhile, it cannot comment on the market speculations.

Techno Electric & Engineering Company said that its board approved the scheme of amalgamation of the company with Simran Wind Project, a wholly-owned subsidiary of the company. The scheme will come into effect on receipt of necessary approvals for the same, including approval of the stock exchanges and such other statutory authorities as may be required. The announcement was made after market hours yesterday, 6 July 2017.

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Avonmore Capital & Management Services transfers 51% of its stake in Almondz Insurance Brokers
Jul 06,2017

Avonmore Capital & Management Services has transferred its entire stake of 51% held in Almondz Insurance Brokers to WILLIS Europe B.V (25% stake transfer) and Anemone Holdings, wholly owned subsidiary (26% stake transfer).

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Board of Virinchi approves allotment of 1,33,500 equity shares
Jul 06,2017

The Board of Virinchi has approved the allotment of 1,33,500 equity shares of face value of Rs. 10/- on exercise of options granted to the allottees pursuant to VESOS, 2004.

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Board of Bannari Amman Spinning Mills approves proposal for investment in Young Brand Apparel
Jul 06,2017

The Board of Bannari Amman Spinning Mills at its meeting held on 06 July 2017 has approved the proposal to invest in its joint venture company - Young Brand Apparel. On completion of this proposed investment in additional 18% stake, the total investment will increase to 51.33%, thus making Young Brand Apparel a subsidiary of the Company.

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NBCC (India) incorporates wholly owned subsidiary - NBCC International
Jul 06,2017

NBCC (India) has incorporated a wholly owned subsidiary named, NBCC International to carry out the construction, real estate and project management consultancy business in overseas countries.

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Cipla allots 1,15,611 equity shares
Jul 06,2017

Cipla has allotted 1,15,611 equity shares of Rs 2 each under ESOP. Consequently, the issued share capital has increased to 80,56,76,630 equity shares of Rs 2 each. The paid up & subscribed share capital has increased to 80,46,73,235 equity shares of Rs 2 each.

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