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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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Emami Paper Mills gets Odisha Govt. approval for proposed expansion plan
Jul 03,2017

Emami Paper Mills has received in principle approval from Odisha Government for proposed expansion plan for increasing capacity of Multi Layer Coated Board Manufacturing at Balgopalpur in Odisha at an estimated cost of Rs 650 crore subject to necessary approvals from the Board of Directors and other concerned.

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Indian Hume Pipe Company secures work order worth Rs 260.75 cr
Jul 03,2017

Indian Hume Pipe Company has secured work order of Rs.260.75 crore from Public Health Engineering Department, Ajmer, Rajasthan, for Cluster Scheme of 213 Villages of Jahazpur and Kotri Tehsils along with augmentation of Urban Water Supply Scheme of Jahazpur Town under CHAMBAL-BHILWARA WATER SUPPLY PROJECT PHASE-II with Operation and maintenance for 10 years. The project is to be completed within 31 months.

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ADPAY selects XIUS - a division of Megasoft as Technology Partner
Jul 03,2017

XIUS, a division of Megasoft announced signing of a new agreement with ADPAY Mobile Payment for integrating its advanced Mobile Services Platform (MSP) with the digital payment providers telecom service, AEROVOYCE.

AEROVOYCE, which will operate on the VNO model, had formally launched its mobile services a month ago in a tie-up with state-owned Bharat Sanchar Nigam (BSNL).

The cloud-enabled XIUS MSP is designed and developed on a Network Function Virtualization (NFV) and Software Defined Network (SDN) framework. To fulfil AEROVOYCEs technology and operational needs,XIUS will integrate its MSP with BSNLs nationwide network. This will further allow VNOs signing up with BSNL even in future, to launch services using XIUS MSP, in a quick plug-n-play model without having toworry about high capital expenditure.

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Output rises at softer rate as growth of order books wanes: Nikkei India Manufacturing PMI
Jul 03,2017

PMI data highlighted a slowdown in growth across Indias manufacturing sector during June. A softer rise in factory new orders resulted in weaker growth of production, with rates of expansion at four-month lows in both cases. At the same time, payroll numbers and purchasing activity increased only marginal. Meanwhile, goods producers signalled a solid upturn in new work from abroad, one that was the most pronounced in eight months. On the price front, there were signs of inflationary pressures losing speed as input costs rose to a lesser extent than in May.

Down from 51.6 in May to a four-month low of 50.9 in June, the Nikkei India Manufacturing Purchasing Managers Indexn++ (PMIn++) pointed to a slight and weaker improvement in the health of the sector. Nevertheless, the headline figure averaged 51.7 during the April to June quarter, above the one seen in Q4 FY 2016 (51.2).

One factor weighing on the PMI reading for June was a softer expansion in new work, the indexs largest sub-component. Growth of total order books eased to a four-month low, with the intermediate goods category the key source of weakness. New orders received by consumer goods firms continued to rise strongly, while capital goods producers recovered from Mays contraction.

Output across Indias manufacturing economy rose for the sixth month in a row during June, which survey participants linked to ongoing increases in client demand. That said, challenging economic conditions, water shortages and the upcoming implementation of the goods & services tax (GST) reportedly hampered growth. As was the case for new orders, production expanded in the consumer and capital goods categories, but fell at producers of intermediate goods.

June data pointed to ongoing growth of buying levels, though the rate of expansion softened from May. Staffing numbers also rose, albeit marginally. Meanwhile, a fractional increase in backlogs was registered.

Foreign demand for Indian-manufactured goods improved in June, with new export orders up at the quickest pace since October 2016. This followed a reduction in new work from abroad in May.

There remained divergences with regards to stock levels as a reduction in inventories of finished goods contrasted with an overall accumulation in holdings of raw materials and semi-finished items.

Input costs continued to increase, with anecdotal evidence pointing to higher prices for chemicals, food, plastics and rubber. However, the rate of inflation was modest and the weakest since August 2016. Likewise, output charges rose only slightly and at a below-trend pace.

Looking ahead, manufacturers in India forecast output growth in the coming 12 months, with optimism supported by new developments and anticipations of higher demand stemming from lower tax rates. However, some companies mentioned that the implementation of the GST bill will have a negative impact on their businesses. Overall, the level of confidence fell to a three-month low.

Commenting on the Indian Manufacturing PMI survey data, Pollyanna De Lima, Economist at IHS Markit and author of the report, said: For the third month in a row production growth in India eased during June. The slowdown occurred due to weak client demand, with order books up at a slight and softer pace. In many cases, businesses indicated that growth was held back as a reflection of water scarcity and the impending introduction of the goods & services tax (GST).

Confidence towards future performance was mixed among goods producers. While the new tax system is anticipated by some firms to generate more business, others expect the GST to have a detrimental impact on their order books. As such, overall optimism slipped to a three-month low.

On a more cheerful pitch, the PMI survey showed strong foreign demand for Indian-manufactured products in June. New orders from external markets increased at a solid rate that was the most pronounced in eight months.

June rounded off a relatively strong quarter for manufacturers with the PMI average of 51.7 for Q1 FY 17 above the one seen in the previous quarter (51.2). With the impacts of demonetisation largely over and the GST unlikely to substantially derail consumer spending, IHS Markit forecast real GDP growth to hit 7.3% for FY 17/18 as a whole.

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Faze Three gets upgradation in credit ratings
Jul 03,2017

Faze Three announced that CARE has upgraded the credit rating of the Company on the long term bank facilities to CARE BBB- (Stable) from CARE BB. The short term rating has also been upgraded to CARE A3 from CARE A4.

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Fertiliser shares sizzle after GST rate cut
Jul 03,2017

Gujarat Narmada Valley Fertilizers & Chemicals (up 6.4%), Chambal Fertilisers & Chemicals (up 2.38%), Fertilisers & Chemicals Travancore (up 4.92%), National Fertilizers (up 3.59%), Zuari Global (up 0.37%), Coromandel International (up 3.09%), Tata Chemicals (up 3.41%), Gujarat State Fertilizers & Chemicals (up 7.47%) and Deepak Fertilisers & Petrochemicals Corporation (up 10.92%) edged higher. Rashtriya Chemicals and Fertilisers was unchanged at Rs 76.15.

Meanwhile, the S&P BSE Sensex was up 300.01 points, or 0.97% at 31,221.62

Union Minister for Chemicals & Fertilizers and Parliamentary Affairs, Ananthkumar said that the GST rate of fertilizers was reduced to 5% from the existing 12%. The decision was primarily taken in the interests of the farmers. The announcement was made following the 18th meeting of the GST Council held on 30 June 2017.

Farmers would benefit to the tune of Rs 1261 crore under GST regime. Under the new GST rates announced by the GST Council, average weighted MRP will decrease to Rs 5909/ Ton (or Rs 295.47/ 50kg bag) as compared to the existing all India weighted average of Rs 5923/ Ton (or Rs 296.18/50 kg bag).

The GST regime, apart from integrating the entire fertilizer market into a single market, will also deter inter-state smuggling of fertilizers which may be currently happening due to differing levels of taxes and consequently MRPs in different adjoining states.

The Goods and Services Tax came into force from 1 July 2017, amid a historic midnight session in the Central Hall of Parliament on 30 June 2017. The biggest tax reform since independence - GST - will pave the way for realization of the goal of One Nation - One Tax - One Market.

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Fiberweb (India) to hold board meeting
Jul 03,2017

Fiberweb (India) will hold a meeting of the Board of Directors of the Company on 6 July 2017 to consider allotment of Equity Shares on Conversion of Convertible Equity Warrants of face value of Rs.10/ each at a Issue Price of Rs. 181/- (including premium amount of Rs. 171/-) on preferential basis to group of Strategic Investors, not forming part of the Promoter Group of the Company.

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CMI FPE to hold board meeting
Jul 03,2017

CMI FPE will hold a meeting of the Board of Directors of the Company on 27 July 2017 to consider and approve the Un-audited Financial Results of the Company for the quarter ended June 30, 2017.

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ITC scales record high on lower tax rates for cigarettes
Jul 03,2017

Meanwhile, the S&P BSE Sensex was up 298.82 points or 0.97% at 31,220.43

On the BSE, 21.17 lakh shares were traded on the counter so far as against the average daily volumes of 10.24 lakh shares in the past one quarter. The stock had hit a high of Rs 353.20 so far during the day, which is a record high. The stock hit a low of Rs 340.30 so far during the day. The stock had hit a 52-week low of Rs 222.05 on 26 December 2016.

The stock had outperformed the market over the past one month till 30 June 2017, rising 2.94% compared with the Sensexs 0.76% fall. The scrip had also outperformed the market over the past one quarter, gaining 15.48% as against the Sensexs 4.3% rise. The scrip had also outperformed the market over the past one year, surging 28.33% as against the Sensexs 14.53% rise.

The large-cap company has equity capital of Rs 1214.74. Face value per share is Rs 1.

As per reports, taxation for cigarettes under the new good and services tax (GST) is around 5-6% lower than the previous tax structure. Under the GST regime, cigarettes have been put in the highest tax slab of 28%. Basic excise duty and additional excise duty are repealed and only national calamity duty is continuing under the GST regime for cigarettes. ITC is the market leader in cigarettes with a share of nearly 80%, reports indicated adding that over 60% of the companys revenues come from its cigarettes business.

The tax savings in the GST regime is mainly on account of removal of multi-layer tax regime. Earlier value added tax (VAT) was levied on excise duty, while GST now will not be applicable on cess.

The GST came into force from 1 July 2017, amid a historic midnight session in the Central Hall of Parliament on 30 June 2017. The biggest tax reform since independence - GST - will pave the way for realization of the goal of One Nation - One Tax - One Market.

As per a foreign brokerage, the return of predictability in taxation could drive volume growth and opportunity to launch a lower-priced cigarette to drive growth in the organized industry. The brokerage firm has maintained a buy rating for the ITC stock and increased its target price to Rs 390 a share.

Another foreign broking firm said the ITC stock remains its top pick in the consumer sector and it maintained outperform and increased its target price to Rs 385 a share.

ITCs net profit rose 12.13% to Rs 2669.47 crore on 13.82% growth in total income to Rs 11527.64 crore in Q4 March 2017 over Q4 March 2016.

ITC is a diversified company, with presence in cigarettes, hotels, paperboards & specialty papers, packaging, agri-business, packaged foods & confectionery, information technology, branded apparel, personal care, stationery and other FMCG products. ITC is a market leader in cigarettes.

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US commitment on improving IT market access big positive for India
Jul 03,2017

ASSOCHAM welcomed the India-US joint statement following the meeting of Prime Minister Narendra Modi with President Donald Trump, stating the mutual commitment to increasing market access in Information Technology and other sectors is a big positive for the USD 150 billion Indian software and services industry.

Among other positives, the ASSOCHAM took special note of the text in the joint statement which stated that n++the United States and India plan to undertake a comprehensive review of trade relations with the goal of expediting regulatory processes; ensuring that technology and innovation are appropriately fostered, valued, and protected; and increasing market access in areas such as agriculture, information technology, and manufactured goods and services.

The chamber Secretary General Mr D S Rawat said, before beginning of his important US visit, the ASSOCHAM had urged the Prime Minister to take up the issue of obstacles being faced by the Indian IT industry. n++It is a matter of satisfaction that the commitment of market access in IT has been given by the President Trump himself.

Mr Rawat said yet another positive from the outcome of the Modi-Trump meeting is committed to strengthening cooperation to address excess capacity in industrial sectors. Building on the US commitment on free and fair trade, India can look forward to increasing its merchandise exports to the US which is on the way to a smart recovery. As far as India is concerned, we have opened a whole lot of sectors and taken a number of steps to improve ease of doing business.

The mutual commitment to expedite regulatory issues would also be of great help to the Indian pharmaceutical industry which has been facing several problems at the end of the US -FDA.

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Coal India announces auction of coal linkages (Tranche III)
Jul 03,2017

Coal India had been directed by Ministry of Coal on 15 February 2016 to conduct auction of coal linkages for the non-regulated sector. Towards this, the Company has announced auction of coal linkages (Tranche III) for non-regulated sector.

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CMI FPE to hold AGM
Jul 03,2017

CMI FPE announced that the 31th Annual General Meeting(AGM) of the company on 28 July 2017.

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Adlabs Entertainment to hold AGM
Jul 03,2017

Adlabs Entertainment announced that the 8th Annual General Meeting(AGM) of the company on 26 July 2017.

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Tata Elxsi to hold AGM
Jul 03,2017

Tata Elxsi announced that the 28th Annual General Meeting(AGM) of the company on 27 July 2017.

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Prime Securities to hold board meeting
Jul 03,2017

Prime Securities will hold a meeting of the Board of Directors of the Company on 11 July 2017 to consider and approve the Unaudited Financial Results of the Company for the Quarter ended June 30, 2017.

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