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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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Marksans Pharmas Goa plant gets approved by UK MHRA
May 10,2017

Marksans Pharma announced that the Companys plant in Goa has been approved by UK MHRA. The plant was inspected by UK MHRA from 14 February 2017 to 17 February 2017.

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Flop show for Shemaroo Entertainment after poor Q4 result
May 10,2017

The result was announced after market hours yesterday, 9 May 2017.

Meanwhile, the S&P BSE Sensex was up 228.69 points, or 0.76% to 30,161.94. The S&P BSE Small-Cap index was up 117.11 points, or 0.75% to 15,661.74

On BSE, so far 38,000 shares were traded in the counter, compared with an average volume of 10,174 shares in the past one quarter. The stock hit a high of Rs 390.10 and a low of Rs 349.05 so far during the day. The stock hit a record high of Rs 439.45 on 23 January 2017. The stock hit a 52-week low of Rs 294 on 29 September 2016.

The stock had underperformed the market over the past one month till 9 May 2017, rising 0.1% compared with 1.21% rise in the Sensex. The scrip, however, underperformed the market in past one quarter, falling 4.1% as against Sensexs 5.81% rise.

The small-cap company has an equity capital of Rs 27.18 crore. Face value per share is Rs 10.

Shemaroo Entertainments EBITDA (earnings before interest, taxes, depreciation and amortization) decreased by 4.6% to Rs 32.36 crore in Q4 March 2017 over Q4 March 2016. EBITDA margin stood at 32.6% in Q4 March 2017 as against 33% in Q4 March 2016.

Hiren Gada, Wholetime Director and CFO, Shemaroo Entertainment said that the Q4 March 2017 traditional media business was affected due to ad slowdown post demonetization. The companys focus on digital media business has continued to yield positive results and it continues to strengthen the growth trajectory by adding quality content to library.

Shemaroo Entertainment is an established filmed entertainment Content House in the country, active in Content Ownership, Creation, Aggregation and Distribution with a large content library of over 3,400 titles. Shemaroo is engaged in the distribution of content for satellite channels, physical formats and emerging digital technologies like the Mobile, Internet, Broadband, IPTV and DTH among others.

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Blue Star chills after strong Q4 outcome
May 10,2017

The result was announced after market hours yesterday, 9 May 2017.

Meanwhile, the S&P BSE Sensex was up 252.21 points or 0.84% at 30,185.46. The S&P BSE Mid-Cap index was up 133.72 points or 0.9% at 14,954.85

On BSE, so far 14,000 shares were traded in the counter as against average daily volume of 19,301 shares in the past one quarter. The stock hit a high of Rs 722.60 and a low of Rs 706 so far during the day. The stock had hit a record high of Rs 723.95 on 5 April 2017. The stock had hit a 52-week low of Rs 407.65 on 24 June 2016.

The stock had outperformed the market over the past one month till 9 May 2017, rising 5.47% compared with 1.21% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 29.65% as against Sensexs 5.81% rise.

The mid-cap company has equity capital of Rs 19.11 crore. Face value per share is Rs 2.

Blue Stars consolidated net profit rose 17.44% to Rs 123.05 crore on 15.53% growth in net sales to Rs 4,387.73 crore in the year ended 31 March 2017 (FY 2017) over FY 2016. Blue Star said that consequent to the corporate restructuring implemented in FY 2016, previous years numbers have been restated wherever required under IND AS and also to give effect to the restructuring. Therefore, the FY 2017 performance is not directly comparable with the previous years numbers.

The companys consolidated total operating income rose 22% to Rs 4424.72 crore for FY 2017 over FY 2016 (excluding BSILs operating income of Rs 205.09 crore). Operating Profit (PBIDTA excluding other non operating income) rose 20% Rs 256.99 crore in FY 2017 over FY 2016 (excluding BSILs PBIDTA of Rs 31.16 crores).

Other income (including finance income) rose 45.97% to Rs 34.58 crores in FY 2017 over FY 2016 (excluding BSILs other income of Rs 5.98 crore) mainly on account of higher interest on income tax refunds and net forex gain. There were no exceptional items during FY 2017 as compared to an exceptional expense of Rs 11.89 crore in FY 2016.

Carry forward order book as on 31 March 2017 grew by 21% to Rs 1940 crore in FY 2017 over FY 2016.

In its outlook, Blue Star said that while the electro-mechanical projects business continues to be adversely affected due to the slowdown in commercial construction, government-funded infrastructure projects have been witnessing some growth resulting in some traction in this segment. The unitary products business has been performing impressively driven by the companys strong brand equity and enhanced distribution footprint. Given the early onset of summer and the forecast of a normal monsoon coupled with addition of new product lines such as water purifiers and air purifiers, the prospects of this business look promising. Overall, the company is confident of sustaining its growth momentum in FY 2018 as well.

Blue Star is Indias leading central airconditioning company. The company fulfils the airconditioning needs of a large number of corporate, commercial and residential customers and has also established leadership in the field of commercial refrigeration.

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Fertiliser shares in demand
May 10,2017

Chambal Fertilisers & Chemicals (up 10.05%), Rashtriya Chemicals and Fertilisers (up 7.83%), Fertilisers & Chemicals Travancore (up 5.41%), National Fertilizers (up 2.63%), Zuari Global (up 2.30%), Coromandel International (up 2.14%), Tata Chemicals (up 2.09%), Gujarat State Fertilizers & Chemicals (up 2.02%) and Deepak Fertilisers & Petrochemicals Corporation (up 0.67%), edged higher.

The S&P BSE Sensex was up 229.94 points, or 0.77% at 30,163.19.

India looks likely to receive above average monsoon rainfall as concern over the El Nino weather condition has eased in the past few weeks, India Meteorological Department (IMD) Director General KJ Ramesh was quoted by the media yesterday, 9 May 2017, raising prospects of higher farm and economic growth.

The IMD on 18 April 2017 forecast this years monsoon rains at 96% of a 50-year average of 89 cm. El Nino is a phenomenon associated with warming of ocean surface temperatures in the eastern and central Pacific that typically occurs every few years.

However, Ramesh reportedly denied the possibility that monsoon would be above normal this year. Anything between 96% and 104% of the long period average (LPA) is considered as normal. Anything under 96% is considered as below normal and 104-110% of the LPA as above normal.

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Jubilant Life Sciences gains after resuming Gajraula operations
May 10,2017

The announcement was made after market hours yesterday, 9 May 2017.

Meanwhile, the S&P BSE Sensex was up 245.10 points, or 0.82% to 30,178.35.

On the BSE, 55,000 shares were traded in the counter so far, compared with average daily volumes of 99,595 shares in the past one quarter. The stock had hit a high of Rs 797.95 and a low of Rs 774 so far during the day. The stock hit a record high of Rs 879.10 on 12 April 2017. The stock hit a 52-week low of Rs 294.20 on 24 June 2016.

The stock had underperformed the market over the past one month till 9 May 2017, falling 5.32% compared with 1.21% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 9.49% as against Sensexs 5.81% rise.

The large-cap company has equity capital of Rs 15.93 crore. Face value per share is Re 1.

The National Green Tribunal (NGT) has passed an order allowing the company to restart manufacturing operations in all its units at Gajraula (except the distillery unit) in compliance with the directions issued by the NGT in this regard. The company said it has complied with the directions issued by NGT and has, with effect from yesterday, 9 May 2017, restarted its manufacturing operations in Gajraula (except the distillery unit). The revenue impact of the distillery operations in financial year ended March (FY 2017) is not significant.

The company said it operates its manufacturing facilities in Gajraula with zero liquid discharge. In 2016, the companys manufacturing facilities in Gajraula were awarded the gold category for their sustainability performance and were rated amongst the top 5% global performers as evaluated by EcoVadis during its latest evaluation.

The company assured that all its manufacturing facilities including those at Gajraula comply with all applicable laws.

On 27 April 2017, Jubilant Life Sciences informed that NGT ordered 13 industrial units situated in Gajraula to immediately cease operations after a hearing on Ganga pollution case.

On a consolidated basis, Jubilant Life Sciences net profit fell 2.6% to Rs 119.78 crore on 8.7% rise in net sales to Rs 1438.81 crore in Q3 December 2016 over Q3 December 2015.

Jubilant Life Sciences is an integrated global pharmaceutical and life sciences company engaged in pharmaceuticals, life science ingredients and drug discovery solutions. The pharmaceuticals segment, through its wholly owned subsidiary Jubilant Pharma, is engaged in manufacture and supply of APIs, solid dosage formulations, radiopharmaceuticals, allergy therapy products and contract manufacturing of sterile and non-sterile products through 6 USFDA approved manufacturing facilities in India, USA and Canada.

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Moodys: Outlook for global shipping industry is stable; EBITDA to stay steady
May 10,2017

Moodys Japan K.K. says that the outlook for the global shipping industry is stable, given that -- after excluding M&As and spinoffs -- the aggregate EBITDA of rated shipping companies will remain at similar levels in 2017 as last year.

Unlike 2016, when the industry saw double-digit EBITDA declines, the operating environment has bottomed and earnings will remain stable, although at a low level during 2017. However, a material level of industrywide earnings growth will be beyond our 12-month horizon.

Moodys conclusions are contained in its recently released report on the global shipping sector, Outlook Update: Shipping - Global, Stable Outlook Reflects Easing of Dry Bulk, Containership Excess Capacity; Flat EBITDA.

Moodys further notes that the continued scrapping of Panamax-class vessels driven by the expansion of the Panama Canal and of older ships driven by tightening environmental regulations are likely to continue, partly offsetting global capacity expansion, a credit positive.

Further driving the stable outlook for the global shipping sector are signs of a recovery in the dry bulk and containership segments.

Market conditions are still weak, but are unlikely to worsen from the levels seen for both segments in 2016, and we expect that supply growth will exceed demand growth by less than 2%, or within our parameter for a stable view. Freight rates in these two segments will also gradually increase.

As indicated, Moodys view on the dry bulk segment is stable. Freight rates have improved on the back of a decrease in order books combined with continuous demand from China.

Our view on the containership segment is also stable, as supply growth will continue to outpace demand growth in 2017, causing freight rates to remain low, but higher than last years levels.

Meanwhile, our view on the tanker segment is negative, reflecting high supply and low freight rates. The segment faces very high levels of scheduled deliveries for 2017 and 2018, a credit-negative development because it will keep freight rates low over the coming 12 months.

For the shipping industry generally, we would consider changing the outlook back to negative if we see signs that shipping supply growth will exceed demand growth by more than 2% or that aggregate EBITDA will decline by more than 5% year over year. Downside risks remain high.

Conversely, we would consider a positive outlook if the oversupply of vessels declines materially and aggregate year-over-year EBITDA growth appears likely to exceed 10%.

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Peninsula Land declines after reverse turnaround in Q4
May 10,2017

The result was announced after market hours yesterday, 9 May 2017.

Meanwhile, the S&P BSE Sensex was up 268.91 points, or 0.9% at 30,202.16. The S&P BSE Small-cap index was up 141.10 points, 0.91% at 15,685.73.

High volumes were traded on the counter. On the BSE, 4.41 lakh shares were traded on the counter so far as against the average daily volumes of 2.75 lakh shares in the past one quarter. The stock had hit a high of Rs 25.45 and a low of Rs 23.50 so far during the day.

The stock had hit a 52-week high of Rs 30.20 on 18 April 2017 and a 52-week low of Rs 13.15 on 27 December 2016. The stock had outperformed the market over the past one month till 9 May 2017, advancing 9.09% compared with the Sensexs 0.76% rise. The scrip had also outperformed the market over the past one quarter advancing 55.84% as against the Sensexs 5.66% rise.

The small-cap company has equity capital of Rs 55.84 crore. Face value per share is Rs 2.

Peninsula Lands total income spurted 200% to Rs 2.55 crore in Q4 March 2017 over Q4 March 2016.

Shares of Peninsula Land had witnessed an impressive rally prior to the announcement of the companys results. The stock had surged 16.56% in the preceding two trading sessions to settle at Rs 26.40 yesterday, 9 May 2017, from its closing of Rs 22.65 on 5 May 2017.

Peninsula Land is the real estate arm of Ashok Piramal Group. The company is known for its concept based architectures in the commercial, retail and residential sectors.

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Excel Crop Care provides update on issue related to penalty imposed by CCI
May 10,2017

Excel Crop Care announced that by an order dated 23 April 2012, the Competition Commission of India had imposed on the Company a penalty of Rs 63.90 crore alleging violation by the Company of Section 3 of the Competition Act, 2002, in relation to supply of a product to one buyer. On the Companys appeal against the said Order, the Competition Appellate Tribunal reduced the amount of penalty to Rs 2.92 crore by its Order dated 29 October 2013. The Company and the Competition Commission of India filed appeals before the Honble Supreme Court against the Order of the Competition Appellate Tribunal. The Honble Supreme Court by its Order dated 8 May, 2017 has disposed off the matter and has upheld the Order dated 29 October 2013 of the Competition Appellate Tribunal. The penalty of Rs 2.92 imposed on the Company, which has been confirmed by the Honble Supreme Court, has already been deposited and provided for by the Company in its books of account in F.Y. 2013-14.

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US stocks end in a mixed note
May 10,2017

US stocks closed near session lows on Tuesday, 09 May 2017 as the Dow Industrials and S&P 500 finished lower and the tech-heavy Nasdaq carved out a new record while investors sifted through mostly upbeat earnings reports against a backdrop of falling oil prices and remarks from Federal Reserve speakers.

The Dow Jones Industrial Average finished down 36.50 points, or 0.2%, at 20,975.78, about 140 points below its record close from early March. The S&P 500 index closed down 2.46 points, or 0.1%, at 2,396.92 with seven of the 11 main sectors finishing lower, as utilities, energy and materials stocks led decliners, offsetting gains in the consumer discretionary and industrial sectors. The Nasdaq Composite Index rose 17.93 points, or 0.3%, to close at a record 6,120.59.

Shares of Chevron and Cisco Systems were the largest decliners on the average.

This weeks listless trading sessions follow the widely expected victory Sunday by independent centrist Emmanuel Macron in the French presidential election, an outcome that investors appeared to have largely factored in over the previous two weeks.

The Federal Reserve meeting in June is one of the events traders are waiting for to potentially steer the market higher. On Tuesday, several Fed speakers will be closely watched for any hints about the coming policy decision.

As measured by the ICE U.S. Dollar Index, the dollar was up 0.5% at 99.592. A stronger buck makes commodities priced in the currency, like gold, less attractive to buyers using weaker monetary units.

Investors have been increasingly pricing in a U.S. rate increase next month, with fed-funds futures recently showing that markets are pricing in an 88% chance of a rate increase at the Feds mid-June meeting.

On the data front, investors received March JOLTS and March Wholesale Inventories data. The March Job Openings and Labor Turnover Survey showed that job openings increased to 5.743 million from a revised 5.682 million (from 5.743 million) in February.March Wholesale Inventories increased 0.2% (consensus -0.1%). The prior months reading was revised to 0.3% from 0.4%.The market doesnt typically pay much attention to this release since the full business inventories report is usually released a short time later.

The March Job Openings and Labor Turnover Survey showed that job openings increased to 5.743 million from a revised 5.682 million (from 5.743 million) in February. March Wholesale Inventories increased 0.2% (consensus -0.1%). The prior months reading was revised to 0.3% from 0.4%. The market doesnt typically pay much attention to this release since the full business inventories report is usually released a short time later.

Bullion prices ended lower at Comex on tuesday, 09 May 2017. Gold futures dropped on Tuesday to their lowest settlement since mid-March, as strength in the dollar and growing expectations for a U.S. interest-rate hike next month dulled demand for the metal.

June gold fell $11, or 0.9%, to settle at $1,216.10 an ounce, after settling with a meager gain on Monday. The settlement was the lowest in about eight weeks. July silver lost 19.1 cents, or 1.2%, to $16.067 an ouncen++its lowest settlement of the year.

Oil prices closed lower on Tuesday, 09 May 2017 as traders fretted over rising U.S. crude production as OPEC weighs extend its production-cut agreement late this month.

July Brent crude lost 61 cents, or 1.2%, to $48.73 a barrel on the ICE Futures exchange in London. On the New York Mercantile Exchange, June West Texas Intermediate crude fell by 55 cents, or 1.2%, to settle at $45.88 a barrel, after briefly trading as high as $46.78.

In a monthly report Tuesday, the U.S. government raised its forecast on domestic crude output for this year and next, and cut its 2017 price outlook. Last week, prices for WTI and Brent marked their lowest settlements since the Organization of the Petroleum Exporting Countries agreed on Nov. 30 to cut output for six months at the start of this year.

In the bond market, Treasuries settled slightly lower across the board with the benchmark 10-yr yield (2.41%) adding two basis points.

Tomorrow, investors will receive a batch of economic reports, including the MBA Mortgage Applications Index at 7:00 ET, April Import/Export Prices at 8:30 ET, and the April Treasury Budget at 14:00 ET.

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India Ratings Assigns IL&FS Transportation Investment Trust a Long Term Senior Debt Rating of Provisional IND AA+; Outlook Stable
May 10,2017

India Ratings and Research (Ind-Ra) has assigned IL&FS Transportation Investment Trusts (IL&FS Transportation InvIT) long-term senior debt rating of Provisional IND AA+. The Outlook is Stable. The rating reflects the combined credit quality of the underlying assets but does not reflect the ratings of the debt of individual special purpose vehicles (SPVs). Also, this is not a rating of the units of IL&FS Transportation InvIT.

Ind-Ra expects significant deleveraging (43% of INR25.78 billion debt on 31 December 2016) of operational road projects, resulting in improved coverage metrics and favourable gearing. The rating also reflects the sponsors strong track record in the highway sector. Post issuance, both Hazaribagh Ranchi Expressway Ltd (HREL) and Sikar Bikaner Highway Ltd (SBHL) shall become zero-external debt companies, while Jharkhand Road Project Implementation Co Ltd (JRPICL) and North Karnataka Expressway Ltd (NKEL) will have an external debt of INR12.50 billion and INR1.99 billion, respectively.

The overall operational track record of the projects, stable cash flows (more than 90% of revenue in the form of annuities) and highly fungible cash flows of the InvIT structure bolsters the overall credit profile. The InvITs cash flow shows considerable resilience to stress cases reflecting an adequate cushion for timely debt servicing in potential downside scenarios. The debt infused by the InvIT in the SPVs shall be subordinated to the external debt, and the InvIT shall not have a right to call an event of default under any project documents and/or any financial documents until the external debt is fully paid-off.

The rating is provisional since the proposed borrowing in the underlying assets are planned to be raised through bond issuances and the documents relating to the same are being finalised. The final rating is contingent upon the receipt of final documents conforming to the information already received. The documents include all financing and transaction documents including the legal opinion on the validity of transaction and structure, and an opinion related to taxation.

INVIT PROFILE

The sponsor, IL&FS Transportation Networks Limiteds (ITNL, IND A/Negative) has floated an InvIT and shall hive-off four operational SPVs namely, JRPICL, HREL, SBHL and NKEL under the said trust.

Subscription to InvITs units will be raised through private placement. Proceeds from subscription will be used to prepay a portion of existing bank loans and promoter subordinated debt. Post the issuance, ITNL shall hold 26% of units in InvIT for an initial period of three years.

INVIT OVERVIEW

IL&FS Transportation InvIT was established under Indian Trusts Act 1882 by signing Indenture of Trust dated 13 October 2016 with the trustee (Vistra ITCL (India) Ltd). The trustee would monitor InvITs operations in relation to its investment objectives and compliance with applicable regulations. InvIT received the certificate of registration as an Infrastructure Investment Trust on 7 December 2016 under the Securities and Exchange Board of India (Infrastructure Investment Trust) Regulations 2014 (InvIT regulations). As required by InvIT regulations, the InvIT appointed IIML Asset Advisors Limited (IAAL) as an investment manager and ITNL as a project manager. The InvIT would receive principal and interest payments on debt lent to the portfolio assets apart from the dividends from the SPVs.

The InvIT shall provide guarantees for shortfall in termination payments for meeting any contingent liabilities currently outstanding in the books of JRPICL. The project manager shall provide undertaking for any cost overruns for operation and maintenance (O&M) including major maintenance. Although the SPVs shall continue to have separate escrow accounts, the structure of IL&FS Transportation InvIT would ensure that any debt service shortfall in JRPICL would be bridged by the surplus cash flow in any other entity. Distribution to unit holders from InvIT shall happen on or after July each year only after fulfilling the external debt obligations of JRPICL. SBHL shall make payments to the InvIT every quarter, while HREL and JRPICL will make payments semi-annually and annually, respectively. There will be no external debt other than existing external debt in NKEL and the proposed borrowings at JRIPCL.

KEY RATING DRIVERS

Strong Coverage Metrics: The significant deleveraging, which is visible in the projected coverage metrics with the base case, projects a healthy debt service metrics. The external debt holders of JRPICL shall have a charge on the distribution accounts of HREL, SBHL and NKEL. Ind-Ra assumes that JRPICL shall maintain cash reserve equivalent to one quarters peak debt service and NKEL shall maintain debt service reserve of INR400 million; each of these shall be available through the tenor of their respective proposed non-convertible debentures.

Limited Revenue Risk: The rating gains strength from the guaranteed semi-annual annuity payment from the government of Jharkhand (GoJ), for all the five projects of JRPICL, a first of its kind arrangement seen for state annuity road projects. Total annuity for the five stretches is INR3,581 million. The GoJ has assured annuity payment (semi-annual) either through its own budgetary provisions or any other appropriate funding mechanism. A strong annuity payment mechanism commencing from submission of invoice at least one month before the due date to the Independent Consultant up to the receipt of the annuity payment from the GoJ, including the involvement of the main sponsor although barely seen in the state concession projects, lends structural strength to the project. As on 31 March 2017, JRPICL received 34 of the expected 150 annuities for all the five projects. The average delay in receiving annuities is around five days.

The rating also reflects NKEL and HRELs low revenue-risk profile, where annuities are secured through an escrow account of fixed, semi-annual annuity streams under a concession agreement from a highly rated counterparty, the National Highways Authority of India (NHAI, IND AAA/Stable). As on 31 March 2017, NKEL and HREL received 24 and eight semi-annual annuities, respectively. SBHLs revenue is partially (40%) linked to the Wholesale Price Index other than a fixed annual escalation of 3% which mitigates price risk.

Completion Risk Mitigated: There is minimal implementation risk since all the projects are operational and have an established track record of annuity receipts. JRPICL shall upfront create a construction reserve of about INR100 million. The amount available in the reserve (post expenditure for completing the project) can be distributed to the sponsors only on receiving one full annuity payment for Chaibasa Kandra-Chowka project or receipt of the GoJ annuity letter, whichever is later.

Established Sponsor Group Track Record: The sponsors have a strong experience in the construction and operation of toll roads and annuity road projects with 30 projects at various stages of implementation. Maintaining the project stretches and collecting annuity are the responsibilities of Jharkhand Accelerated Road Development Company Limited. Ind-Ras analysis assumes the execution of a fixed price O&M agreement and incorporation of base case estimates, prior to the issuance. Contractual clauses include a stipulation in the term sheet requiring any overrun therein will be met by the O&M contractor. The contractor shall provide undertaking if the GoJ reduces the annuity in accordance with the concession agreement due to a shortfall in the performance of the former.

Future Acquisitions Shall Hold Key: The investment manager intends to develop and expand IL&FS Transportation InvITs portfolio of projects by capitalising on opportunities proposed to be provided by the sponsor to selectively undertake strategic acquisitions of both completed road assets and assets under advanced stages of

Precious metals lose lustre
May 10,2017

Bullion prices ended lower at Comex on Tuesday, 09 May 2017. Gold futures dropped on Tuesday to their lowest settlement since mid-March, as strength in the dollar and growing expectations for a U.S. interest-rate hike next month dulled demand for the metal.

June gold fell $11, or 0.9%, to settle at $1,216.10 an ounce, after settling with a meager gain on Monday. The settlement was the lowest in about eight weeks.

July silver lost 19.1 cents, or 1.2%, to $16.067 an ouncen++its lowest settlement of the year.

As measured by the ICE U.S. Dollar Index, the dollar was up 0.5% at 99.592. A stronger buck makes commodities priced in the currency, like gold, less attractive to buyers using weaker monetary units.

Investors have been increasingly pricing in a U.S. rate increase next month, with fed-funds futures recently showing that markets are pricing in an 88% chance of a rate increase at the Feds mid-June meeting.

On the data front, investors received March JOLTS and March Wholesale Inventories data. The March Job Openings and Labor Turnover Survey showed that job openings increased to 5.743 million from a revised 5.682 million (from 5.743 million) in February.March Wholesale Inventories increased 0.2% (consensus -0.1%). The prior months reading was revised to 0.3% from 0.4%.The market doesnt typically pay much attention to this release since the full business inventories report is usually released a short time later.

The March Job Openings and Labor Turnover Survey showed that job openings increased to 5.743 million from a revised 5.682 million (from 5.743 million) in February. March Wholesale Inventories increased 0.2% (consensus -0.1%). The prior months reading was revised to 0.3% from 0.4%. The market doesnt typically pay much attention to this release since the full business inventories report is usually released a short time later.

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Natco Pharma launches generic version of cancer drug POMALYSTn++
May 10,2017

Natco Pharma has launched a generic version of pomalidomide 1 mg, 2 mg, and 4 mg capsules in India. Pomalidomide is sold by Celgene Inc., in the USA, under the brand name POMALYSTn++.

Pomalidomide is a thalidomide analogue indicated, in combination with dexamethasone, for patients with multiple myeloma (a type of blood cancer) who have received at least two prior therapies including lenalidomide and a proteasome inhibitor and have demonstrated disease progression on or within 60 days of completion of the last therapy.

Natco will market generic pomalidomide capsules under its brand name POMALID in India. Natco priced its generic medicine of POMALID 1 mg, 2 mg, and 4 mg capsules at an MRP of Rs 5000/-, Rs 10,000/-, and Rs 20,000/- respectively for a monthly pack of 21 capsules.

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IDBI Bank slips after RBI action
May 10,2017

The announcement was made after market hours yesterday, 9 May 2017.

Meanwhile, the S&P BSE Sensex was up 239.74 points, or 0.80% to 30,172.99.

On the BSE, 3.44 lakh shares were traded in the counter so far, compared with average daily volumes of 5.53 lakh shares in the past one quarter. The stock had hit a high of Rs 80.85 and a low of Rs 79.10 so far during the day. The stock hit a 52-week high of Rs 86.50 on 6 February 2017. The stock hit a 52-week low of Rs 62.95 on 9 November 2016.

The stock had outperformed the market over the past one month till 9 May 2017, rising 9.05% compared with 1.21% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, falling 0.85% as against Sensexs 5.81% rise.

The large-cap company has equity capital of Rs 2058.82 crore. Face value per share is Rs 10.

The Reserve Bank of India (RBI), vide their letter dated 5 May 2017, initiated prompt corrective action for IDBI Bank in view of high net non-performing assets (NPA) and negative return on assets (ROA). This action will not have any material impact on the performance of the bank and will contribute to improving the internal controls of the bank and improvement in its activities, IDBI Bank said in a statement.

IDBI Bank reported net loss of Rs 2254.96 crore in Q3 December 2017, higher than net loss of Rs 2183.68 crore in Q3 December 2016. Operating income fell 3.5% to Rs 7104.21 crore in Q3 December 2016 over Q3 December 2015.

Government of India holds 73.98% stake in IDBI Bank (as on 31 March 2017).

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Lakhotia Polyesters (India) to hold board meeting
May 10,2017

Lakhotia Polyesters (India) will hold a meeting of the Board of Directors of the Company on 20 May 2017.

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Rosekamal Textiles to hold board meeting
May 10,2017

Rosekamal Textiles will hold a meeting of the Board of Directors of the Company on 29 May 2017.

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