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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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KDDL jumps after allotting warrants to promoter group entity
Dec 22,2016

The announcement was made after market hours yesterday, 21 December 2016.

Meanwhile, the S&P BSE Sensex was down 140.21 points or 0.53 % at 26,092.29.

On the BSE, 8,381 shares were traded on the counter so far as against the average daily volumes of 4,166 shares in the past one quarter. The stock had hit a high of Rs225 and a low of Rs 215.30 so far during the day.

The stock had 52-week high of Rs 365 on 29 December 2015 and a 52-week low of Rs 162 on 20 May 2016. The stock had outperformed the market over the past one month till 21 December 2016, advancing 2.10% compared with the Sensexs 1.85% rise. The scrip had, however, underperformed the market over the past one quarter declining 11.67% as against the Sensexs 7.95% fall.

The small-cap company has equity capital of Rs 10.08 crore. Face value per share is Rs 10.

KDDL announced that the committee for preferential issue of zero coupon convertible warrants-2016, at its meeting held yesterday, 21 December 2016, allotted 2.64 lakh zero coupon convertible warrants each convertible into one equity share at Rs 265 per share, to Swades Capital LLC, a promoter group entity.

On a consolidated basis, KDDL reported net loss of Rs 0.13 crore in Q2 September 2016 as against net profit of Rs 5.31 crore in Q2 September 2015. Net sales rose 7.48% to Rs 116.45 crore in Q2 September 2016 over Q2 September 2015.

KDDL is a diverse company focusing on the business of watches and precision engineering. It has established Indias largest retail chain for Swiss Watches - ETHOS Swiss Watch Studios.

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Tata Consultancy Services wins Paga Japan Best Partner Award 2016
Dec 22,2016

Tata Consultancy Services has been recognised by Pega Japan K.K with the Pega Japan Best Partner Award 2016.

The Pega Japan Best Partner Award 2016 recognises select partner organisations that have delivered on significant business transformation initiatives, driven by Pega applications, for their clients in the Japanese market.

TCS Japan received the award based on its work enabling a major insurance provider in Japan to achieve its digital transformation goals.

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TTK Prestige provides update on scheme of arrangement
Dec 22,2016

TTK Prestige (TTKPL) announced that a Scheme of Arrangement was entered into between TTKPL (Transferee) and Triveni Bialetti Industries (TBI) (Transferor) for the purpose of vesting the kitchen appliances division of TBI into TTKPL by way of de-merger. The appointed date of this Scheme is 01 April 2012.

The above Scheme was subject to the approval of the Honourable High Court of Madras, being the jurisdictional Court of the Transferee and the Honourable High Court of Mumbai, being the jurisdictional Court of the Transferor. The Honourable High Court of Madras had already sanctioned the scheme in December 2013.

The Honourable High Court of Mumbai approved the Scheme on 28 January 2016 but the operation of the same was stayed pursuant to the dispute raised by the minority shareholders of the TBI. The stay has ceased as of 21 December 2016 and therefore steps have been taken to give effect to the Scheme. Pursuant the above Scheme, TTKPL is allotting 9979 equity shares of TTKPL to the shareholders of TBI.

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Sun Pharmaceutical Industries plans to acquire branded oncology product - Odomzo
Dec 22,2016

Sun Pharmaceutical Industries announced its plans to acquire a branded oncology product, Odomzo, from Novartis. The agreement has been signed between subsidiaries of both the companies and will close following anti-trust clearance and further closing conditions. The agreement has been signed for an upfront payment of US$ 175 million and additional milestone payments.

Odomzon++ (Sonidegib) was approved by the US FDA in July 2015. Odomzo is a hedgehog pathway inhibitor indicated for the treatment of adult patients with locally advanced basal cell carcinoma (laBCC) that has recurred following surgery or radiation therapy, or those who are not candidates for surgery or radiation therapy.

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SPARC gains after receiving USFDAs CRL for Xelpros
Dec 22,2016

The announcement was made before trading hours today, 22 December 2016.

Meanwhile, the BSE Sensex was down 101.44 points, or 0.39%, to 26,140.94.

On the BSE, so far 1.09 lakh shares were traded in the counter, compared with average daily volumes of 69,889 shares in the past one quarter. The stock had hit a high of Rs 328.15 and a low of Rs 313 so far during the day.

The stock had underperformed the market over the past 30 days till 21 December 2016, falling 0.87% compared with the 1.08% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 10.69% as against Sensexs 8.80% decline.

The mid-cap company has equity capital of Rs 24.69 crore. Face value per share is Rs 10.

Sun Pharma Advanced Research Company (SPARK) said it has received a Complete Response Letter (CRL) from the US Food and Drug Administration (USFDA) for the new drug application (NDA) for Xelpros, Latanoprost BAK-free eyedrops.

The CRL references the recent inspection of the Sun Pharmaceutical Industries Halol manufacturing site by USFDA and indicates that satisfactory resolution of the deficiencies identified during the inspection is required before the final approval of Xelpros. There are no requirements of any additional data from USFDA in the CRL.

SPARC had out-licensed Xelpros to a subsidiary of Sun Pharmaceutical Industries in June 2015.

SPARC reported net profit of Rs 14.74 crore in Q2 September 2016 as against net loss of Rs 17.74 crore in Q2 September 2015. Net sales rose 120.06% to Rs 94.89 crore in Q2 September 2016 over Q2 September 2015.

SPARC is an international pharmaceutical company engaged in research and development of drugs and delivery systems.

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Sun Pharma Advanced Research Company receives Complete Response Letter for Xelprosn++ NDA
Dec 22,2016

Sun Pharma Advanced Research Company has received a Complete Response Letter (CRL) from the USFDA for the New Drug Application (NDA) for Xelprosn++, Latanoprost BAK-free eyedrops.

The CRL references the recent inspection of the Sun Pharmaceutical Industries Halol manufacturing site by USFDA and indicates that satisfactory resolution of the deficiencies identified during the inspection is required before the final approval of Xelprosn++. There are no requirements of any additional data from USFDA in the CRL.

SPARC had out-licensed Xelprosn++ to a subsidiary of Sun Pharmaceutical Industries in June 2015.

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SVC Resources to consider further issue of share on preferential basis
Dec 22,2016

SVC Resources announced that the meeting of Board of Directors of the Company is scheduled to be held on 09 January 2017, inter alia, to consider further issue of shares on preferential basis to round off of the paid up share capital for the purpose of consolidation of share capital of the company.

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South Indian Bank in focus after board approves rights issue of shares
Dec 22,2016

South Indian Bank said that its board approved rights issue of equity shares to shareholders. The bank will issue one equity share at Rs 14 each for every three equity shares held (1:3). The announcement was made after market hours yesterday, 21 December 2016.

JSW Steel said it has fixed 5 January 2017 as the record date for the proposed 10-for-1 stock split. The announcement was made after market hours yesterday, 21 December 2016.

Vardhman Textiles said that its proposed buyback offer will open on 4 January 2017 and close on 17 January 2017. The company proposes to buyback 62.60 lakh equity shares at Rs 1,150 each. The announcement was made after market hours yesterday, 21 December 2016.

KDDL announced that the committee for preferential issue of zero coupon convertible warrants-2016, at its meeting held yesterday, 21 December 2016, allotted 2.64 lakh zero coupon convertible warrants each convertible into one equity share at Rs 265 per share, to Swades Capital LLC, a promoter group entity. The announcement was made after market hours yesterday, 21 December 2016.

Future Enterprises announced that the committee of directors of the company at its meeting held yesterday, 21 December 2016, allotted 270, 9.5% secured redeemable non-convertible debentures (NCDs) and 180, 9.55% secured redeemable NCDs of face value of Rs 10 lakh each aggregating to Rs 45 crore, on private placement basis. The announcement was made after market hours yesterday, 21 December 2016.

SREI Infrastructure Finance announced that Srei Equipment Finance, a material subsidiary of the company, on 21 December 2016 filed prospectus with BSE and the National Stock Exchange of India towards its public issue of 25 lakh secured redeemable non-convertible debentures of face value of Rs 1,000 each for an amount upto Rs 250 crore with an option to retain over subscription upto Rs 500 crore. The issue will open for subscription on 3 January 2017 and close on 20 January 2017. The announcement was made after market hours yesterday, 21 December 2016.

Nitesh Estates said it redeemed 700 non-convertible debentures (unlisted NCD) out of 1,250 non-convertible debentures held by IDFC for the aggregate value of Rs 70 crore. The announcement was made after market hours yesterday, 21 December 2016.

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Asia Pacific Market: Shares higher as Wall St continues to inspire
Dec 21,2016

Asia Pacific share market mostly higher on Wednesday, 21 December 2016, pushed up by tracking stellar gains on Wall Street overnight fuelled by hopes of stronger economic growth during Donald Trumps presidency. The MSCI Asia Pacific Index was little changed at 135.34

Overnight, Wall Street extended a recent rally on the back of optimism about president-elect Donald Trumps policies. The Dow Jones industrial average rose 0.46%, and is nearing 20,000, a level it has never breached. The S&P 500 ended up 0.36% and the Nasdaq was up 0.49%.The rally was fuelled by financials.

The dollar jumped to a 14-year high late on Tuesday U.S time after Federal Reserve Chair Janet Yellens positive comments on the labor market, a key economic indicator for the Fed in its decision to tighten monetary policy.

In energy news, U.S. crude stockpiles fell by 4.1 million barrels last week, as refineries boosted output, according to American Petroleum Institute data. Crude futures were up for the fourth straight session with U.S. crude oil futures up 0.56% at $53.60 a barrel on Wednesday Asian time, while Brent climbed 0.47% to $55.61.

Among Asian bourses

Australia Market hits 16-month high

Australian share market finished session at highest in over 16 months, albeit in thin trade, pushed up by a mix of materials and financial stocks as investor sentiment was boosted by Wall Streets record run overnight. The S&P/ASX 200 index rose 0.4%, or 22.43 points, to 5,613.5, its highest closing level since Aug. 5, 2015.

Financial stocks followed suit to close at their highest in over 16 months, in step with the gains of their US counterparts. All four major banks were higher, with ANZ shares up 0.7% and National Australia Bank up 0.4%. Meanwhile REA Group, which announced the A$190 million sale of its European businesses on Tuesday, rose by 1.7%.

Energy shares were also slightly firmer after oil prices rose overnight, despite the rally being cut with Libya announcing it would reopen its pipelines after a recent blockade by protesters. Oil Search Ltd gained about 1% and Whitehaven Coal was up 3%. Caltex Australia rose 1.79%, Woodside was up 0.16% and Origin lifted by 0.16%.

Meanwhile higher copper and iron ore prices boosted the miners with BHP Billiton gaining over 1%, while Rio Tinto Ltd added 1.5%. Fortescue Metals share were also 0.8% higher.

Nikkei falls on profit taking

The Japan share market closed down, weighed down by profit booking in the afternoon following an earlier rally that came after following stellar gains on Wall Street overnight. Total 28 out of 33 TSE industry category on the main section declined, with Precision Instruments, Electric Power & Gas, Iron & Steel, Construction, and Pharmaceutical issues being notable losers. The 225-issue Nikkei average shed 50.04 points, or 0.26%, to end at 19,444.49. The Topix index of all first-section issues closed down 7.42 points, or 0.48%, at 1,544.94. Falling issues outnumbered rising ones 1,417 to 471 in the TSEs first section, while 113 issues were unchanged. Volume rose to 2.102 billion shares from Tuesdays 1.929 billion shares.

Machinery makers Komatsu and Hitachi Construction Machinery were upbeat after Caterpillar advanced in U.S. trading overnight on hopes for President-elect Donald Trumps stimulus policies. PanaHome attracted purchases after parent electronics maker Panasonic announced a plan Tuesday to take full control of the home builder. In contrast, NEC lost ground after a foreign securities firm revised down its investment rating on the electronics maker. Power firms, including TEPCO Holdings, Chubu Electric and J-Power, fell due to profit-taking.

China Stocks rebound on easing liquidity concerns

Mainland China stock market closed higher, as investors chased for bottom fishing after benchmark hits a six-week low previous day. Meanwhile, buying pressured underpinned as fears of a liquidity squeeze in the banking system subsided after risks from a bond scandal appeared contained, and on a pledge to deepen reforms in state-owned sectors. Most sectors gained, led by infrastructure and transport plays, while properties and banks steadied. The Shanghai Composite Index rose 1.11% to 3,137.43, while the Shenzhen Composite Index, which tracks stocks on Chinas second exchange, added 0.74% to 1,996.03. The ChiNext Index, which tracks Chinas NASDAQ-style board of growth enterprises, added 0.47% to close at 1,991.70 points.

Chinas bond market rebounded on Wednesday, reversing declines in the previous two trading sessions. Investors relaxed after Sealand Securities, a brokerage embroiled in a scandal, said on Wednesday it would take responsibility for forged bond agreements. Sealands commitment eased concerns of a liquidity squeeze, triggering a sharp rebound in bond prices. The benchmark 10-year treasury futures for March delivery rebounded 1.57%, while the 5-year Treasury futures for March delivery ended 1.09% higher.

Hong Kong Stocks rebound

The Hong Kong stock market staged a slight recovery, after falling in the four previous days as traders tracked another record close on Wall Street overnight fuelled by hopes of stronger economic growth during Donald Trumps presidency. The market also got a modicum of support from the mainland, where fears of a liquidity squeeze in Chinas banking system subsided after risks from a high-profile bond scandal appeared contained. Hong Kongs benchmark Hang Seng Index closed 0.37% higher at 21,809.8, ending a four-day drop as the financial and energy sectors rose. The Hang Seng China Enterprises Index, known as the H-shares index, gained 0.52% to 9,331.63. Daily turnover dropped to HK$47.6 billion from HK$53.8 billion a day earlier ahead of holidays.

China Life Insurance (02628) put on 2.51% to HK$20.4, making itself the top blue-chip gainer. Nomura Research maintained its buy rating of the insurer.

Chinese airlines gained broadly after Chinas SASAC said it will implement mixed-ownership reform of state-owned enterprises in areas such as civil aviation. China Eastern Airlines (00670) shot up 8.43% to HK$3.6. Air China (00753) gained 2.6% to HK$5.13, while China Southern Airlines (01055) surged 4.21% to HK$4.21.

Casino players jumped, amid expectations of increasing revenues for 2017. Sands China advanced 1.99% to HK$33.3, and Galaxy Entertainment added 1.65% to HK$33.9.

Oil companies enjoyed gains as oil prices climbed. PetroChina jumped 1.54% to HK$5.95, while China Petroleum & Chemical added 1.25%.

Hong Kong property developers, however, were lower on concerns that surging mortgage costs will threaten home sales.The three-month Hong Kong Interbank Offered Rate continued to rise, hitting 1.0096%, the highest in more than seven years on Wednesday. Mortgages issued through Hong Kong banks for local property purchases are tied to the Hibor rate. Hang Lung Properties dropped 0.97% to HK$16.32, while Cheung Kong Property Holdings fell 0.31% to HK$48.55.

Indonesian shares hit a near 4-week

Indonesian share market closed near 4-week low today, falling for a seventh straight session as investors stayed on the sidelines due to a lack of positive triggers. The Jakarta Composite Index closed nearly 1%lower, dragged down by consumer staples and financial stocks.

Shares of tobacco companies Hanjaya Mandala Sampoerna Tbk PT and Gudang Garam Tbk PT were down 4.8% and 1.6%, respectively.

Sensex closes down

Indian share market fell for the sixth day to end at nearly two-week low, dragged down by major IT stocks such as Infosys and TCS amid mixed global cues. The Sensex lost 65.60 points or 0.25% to settle at 26,242.38. The Nifty fell 21.10 points or 0.26% to settle at 8,061.30.

IT stocks dropped as rupee strengthened past 68 against the dollar. Infosys (down 0.66%), Tech Mahindra (down 0.39%), TCS (down 1.07%), Wipro (down 0.91%) and HCL Technologies (down 1.05%) edged lower. A firm rupee adversely affects operating profit margins of IT firms as the sector derives a lions share of revenue from exports. In the foreign exchange market, the partially convertible rupee was hovering at 67.87, compared with its close of 68.05 during the previous trading session.

Sun Pharmaceutical Industries was down 2.25%. The company announced that all the formalities for the closure and the process for acquisition of 85.1% of JSC Biosintez, a Russian pharmaceutical company have been concluded. The company had announced about the transaction on 23 November 2016. JSC Biosintez is engaged in manufacture and marketing of pharmaceutical products in Russia and CIS region.

Reliance Communications (RCom) jumped after the company announced the signing of binding agreements with Brookfield Infrastructure in relation to the acquisition of RComs nationwide tower assets by affiliates of Brookfield Infrastructure Partners LP and its institutional partners.

State Bank of India rose 0.24% after the bank announced that its shareholders approved the proposal to raise capital through the issue of preferential shares to the government. They also gave an in-principle nod to additional fund raising by way of a public issue, should the bank need to tap the markets.

Among other Asian market- South Koreas Kospi closed down 0.19% while Taiwans Taiex closed 0.41% lower. Singapores Straits Times Index added 0.1% and New Zealands benchmark gauge rose 0.2%

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Hong Kong Stocks rebound
Dec 21,2016

The Hong Kong stock market staged a slight recovery on Wednesday, 21 December 2016, after falling in the four previous days as traders tracked another record close on Wall Street overnight fuelled by hopes of stronger economic growth during Donald Trumps presidency. The market also got a modicum of support from the mainland, where fears of a liquidity squeeze in Chinas banking system subsided after risks from a high-profile bond scandal appeared contained. Hong Kongs benchmark Hang Seng Index closed 0.37% higher at 21,809.8, ending a four-day drop as the financial and energy sectors rose. The Hang Seng China Enterprises Index, known as the H-shares index, gained 0.52% to 9,331.63. Daily turnover dropped to HK$47.6 billion from HK$53.8 billion a day earlier ahead of holidays.

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China Stocks rebound on easing liquidity concerns
Dec 21,2016

Mainland China stock market closed higher on Wednesday, 21 December 2016, as investors chased for bottom fishing after benchmark hits a six-week low previous day. Meanwhile, buying pressured underpinned as fears of a liquidity squeeze in the banking system subsided after risks from a bond scandal appeared contained, and on a pledge to deepen reforms in state-owned sectors. Most sectors gained, led by infrastructure and transport plays, while properties and banks steadied. The Shanghai Composite Index rose 1.11% to 3,137.43, while the Shenzhen Composite Index, which tracks stocks on Chinas second exchange, added 0.74% to 1,996.03. The ChiNext Index, which tracks Chinas NASDAQ-style board of growth enterprises, added 0.47% to close at 1,991.70 points.

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Australia Market hits over 16-month high
Dec 21,2016

Australian share market finished session at highest in over 16 months, albeit in thin trade, pushed up by a mix of materials and financial stocks as investor sentiment was boosted by Wall Streets record run overnight. The S&P/ASX 200 index rose 0.4%, or 22.43 points, to 5,613.5, its highest closing level since Aug. 5, 2015.

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Rupee bounces back
Dec 21,2016

Rupee closed higher at 67.9178/9330 per dollar on Tuesday (21 December 2016), versus its previous close of 68.0279/0430 per dollar.

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Maruti Suzuki Indias Vitara Brezza wins ICOTY award
Dec 21,2016

Maruti Suzuki India announced that Vitara Brezza was adjudged Indian Car of the Year 2017 by a jury of leading automobile experts drawn from across publications.

Vitara Brezza has sold nearly 83000 units since its launch in March 2016.

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FPIs extend selling
Dec 21,2016

Foreign portfolio investors (FPIs) sold stocks worth a net Rs 621.37 crore into the secondary equity markets on 20 December 2016, higher than their net outflow of Rs 515.03 crore during the preceding trading session on 19 December 2016. The net outflow of Rs 621.37 crore on 20 December 2016 was a result of gross purchases of Rs 3288.88 crore and gross sales of Rs 3910.25 crore. On that day, the Sensex lost 66.72 points or 0.25% to settle at 26,307.98, its lowest closing level since 7 December 2016.

FPIs have sold stocks worth a net Rs 2850.05 crore into the secondary equity markets in this month so far (till 20 December 2016). They bought shares worth a net Rs 20116.27 crore from the secondary equity markets last month. FPIs have purchased shares worth a net Rs 18204.73 crore from the secondary equity markets in calendar year 2016 so far (till 20 December 2016). They sold shares worth a net Rs 4863.71 crore into the secondary equity markets in calendar year 2015.

There has been a net inflow of Rs 787.46 crore from FPIs into the category primary markets & others in this month so far (till 20 December 2016). There was a net inflow of Rs 1872.02 crore from FPIs into the category primary markets & others last month. The net inflow from FPIs into category primary markets & others has totaled Rs 8475.15 crore in calendar year 2016 so far (till 20 December 2016). There was net inflow of Rs 22168.40 crore from FPIs into the category primary markets & others in calendar year 2015.

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