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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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Board of Simplex Castings recommends final dividend
Jun 14,2017

Simplex Castings announced that the Board of Directors of the Company at its meeting held on 26 May 2017, inter alia, have recommended the final dividend of Rs 0.5 per equity Share (i.e. 5%) , subject to the approval of the shareholders.

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Board of Pee Cee Cosma Sope recommends final dividend
Jun 14,2017

Pee Cee Cosma Sope announced that the Board of Directors of the Company at its meeting held on 29 May 2017, inter alia, have recommended the final dividend of Rs 2.5 per equity Share (i.e. 25%) , subject to the approval of the shareholders.

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Cabinet approves proposal to introduce the Financial Resolution and Deposit Insurance Bill 2017
Jun 14,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the proposal to introduce a Financial Resolution and Deposit Insurance Bill, 2017. The Bill would provide for a comprehensive resolution framework for specified financial sector entities to deal with bankruptcy situation in banks, insurance companies and financial sector entities.

The Financial Resolution and Deposit Insurance, Bill 2017 when enacted, will pave the way for setting up of the Resolution Corporation. It would lead to repeal or amendment of resolution-related provisions in sectoral Acts as listed in Schedules of the Bill. It will also result in the repealing of the Deposit Insurance and Credit Guarantee Corporation Act, 1961 to transfer the deposit insurance powers and responsibilities to the Resolution Corporation.

The Resolution Corporation would protect the stability and resilience of the financial system; protecting the consumers of covered obligations up to a reasonable limit; and protecting public funds, to the extent possible.

The Government has recently enacted the Insolvency and Bankruptcy Code, 2016 (Code) for the insolvency resolution of non- financial entities. The proposed Bill complements the Code by providing a resolution framework for the financial sector. Once implemented, this Bill together with the Code will provide a comprehensive resolution framework for the economy.

The Financial Resolution and Deposit Insurance Bill, 2017 seeks to give comfort to the consumers of financial service providers in financial distress. It also aims to inculcate discipline among financial service providers in the event of financial crises by limiting the use of public money to bail out distressed entities. It would help in maintaining financial stability in the economy by ensuring adequate preventive measures, while at the same time providing the necessary instruments for dealing with an event of crisis. The Bill aims to strengthen and streamline the current framework of deposit insurance for the benefit of a large number of retail depositors. Further, this Bill seeks to decrease the time and costs involved in resolving distressed financial entities.

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Visaka Industries declines ex-dividend
Jun 14,2017

Meanwhile, the S&P BSE Sensex was up 61.87 points or 0.2% at 31,174.89. The S&P BSE Small-Cap index rose 46.53 points or 0.3% at 15,564.46.

On the BSE, 6,178 shares were traded on the counter so far as against average daily volumes of 47,000 shares in the past two weeks. The stock had hit a high of Rs 480 and a low of Rs 470 so far during the day. The stock had hit a record high of Rs 489.15 yesterday, 13 June 2017 and a 52-week low of Rs 138.40 on 24 June 2016.

Before turning ex-dividend, the stock offered a dividend yield of 1.24% based on the closing price of Rs 481.65 yesterday, 13 June 2017.

Visaka Industries net profit rose 12% to Rs 10 crore on 7.7% decline in net sales to Rs 252.86 crore in Q4 March 2017 over Q4 March 2016.

Visaka Industries is engaged in the manufacture and sale of cement asbestos sheets, fiber cement sheets (V-Boards), and panels.

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Dena Bank leads gainers in A group
Jun 14,2017

Dena Bank jumped 11.06% to Rs 37.15 at 13:43 IST. The stock topped the gainers in the BSEs A group. On the BSE, 15.90 lakh shares were traded on the counter so far as against the average daily volumes of 2.38 lakh shares in the past two weeks.

UCO Bank surged 8.52% at Rs 36.30. The stock was second biggest gainer in A group. On the BSE, 3.28 lakh shares were traded on the counter so far as against the average daily volumes of 74,000 shares in the past two weeks.

Gujarat Pipavav Port advanced 7.03% to Rs 146.25. The stock was third biggest gainer in A group. On the BSE, 3.01 lakh shares were traded on the counter so far as against the average daily volumes of 5.40 lakh shares in the past two weeks.

Polaris Consulting & Services gained 4.31% at Rs 234.55. The stock was fourth biggest gainer in A group. On the BSE, 1.19 lakh shares were traded on the counter so far as against the average daily volumes of 17,000 shares in the past two weeks.

Mcleod Russel India rose 4.31% to Rs 183. The stock was fifth biggest gainer in A group. On the BSE, 46,000 shares were traded on the counter so far as against the average daily volumes of 23,000 shares in the past two weeks.

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Cabinet approves MoU between India and Palestine on agriculture cooperation
Jun 14,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its ex-post facto approval to the Memorandum of Understanding (MoU) between Ministry of Agriculture & Farmers Welfare and the Ministry of Agriculture in the State of Palestine on agriculture cooperation.

The MoU was signed in May 2017 during the visit of the Palestinian Minister of Foreign Affairs to India.

The MoU provides for cooperation in the fields of agricultural research; veterinary field including capacity enhancement of Palestinian Veterinary services and Animal Health; irrigation and climate change. It will also be extended to areas such as plant and soil nutrition; exchange of experiences in the field of sanitary and phytosanitary legislation and plant protection Animal husbandry, modern irrigation technology including exchange of experiences, and training and capacity building, etc. would also come in its purview.

Under the MoU, an Agricultural Steering Committee will be constituted to determine the programs and action plans to achieve the objectives provided in the MoU It will also set the agenda for cooperation.

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RIL jumps after Jio adds the most customers in April
Jun 14,2017

Meanwhile, the S&P BSE Sensex was up 28.99 points, or 0.09% to 31,132.48.

On the BSE, 23.11 lakh shares were traded in the counter so far, compared with average daily volumes of 1.27 crore shares in the past one quarter. The stock had hit a high of Rs 1,354.70 and a low of Rs 1,315.75 so far during the day. The stock hit a 52-week high of Rs 1,465 on 25 April 2017. The stock hit a 52-week low of Rs 932 on 9 November 2016.

The stock had underperformed the market over the past one month till 13 June 2017, falling 2.31% compared with 2.58% rise in the Sensex. The scrip had also underperformed the market in past one quarter, rising 0.63% as against Sensexs 5.80% rise. The scrip had, however, outperformed the market in past one year, rising 34.64% as against Sensexs 17.84% rise.

The large-cap company has equity capital of Rs 3251.57 crore. Face value per share is Rs 10.

The data released by the Telecom Regulatory Authority of India (TRAI) reported an increase in Reliance Jio Infocoms user market share to 9.58% in April 2017 from 9.29% in March 2017. Reliance Jio Infocom is a subsidiary of RIL.

TRAI data showed that top five service providers constituted 88.04% market share of the total broadband subscribers at the end of April 2017. These service providers were Reliance Jio Infocom (112.55 million), Bharti Airtel (52.25 million), Vodafone (39.76 million), Idea Cellular (24.09 million) and BSNL (21.58 million).

On a consolidated basis, net profit of Reliance Industries (RIL) rose 11.54% to Rs 8053.00 crore on 42.09% rise in net sales to Rs 84823.00 crore in Q4 March 2017 over Q4 March 2016.

RIL is Indias largest private sector company. RILs activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and telecommunications.

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Govt. willing to provide protection to domestic pipe manufacturers against unfair trade practices provided industry acts responsibly: Official
Jun 14,2017

The Union Government has categorically stated that though it is willing to provide protection to the domestic pipe manufacturers against unfair trade practices, the industry must also act responsibly, a top Steel Ministry official said at an ASSOCHAM event.

n++While we are willing to give protection, it comes with a sense of responsibility so please be very-very responsible, charges of cartelisation then become very-very difficult to fend off as prices start rising dramatically,n++ said Mr Syedain Abbasi, joint secretary, Ministry of Steel.

Stating that it is not in governments interest to buy steel at prices which are very-very high, Mr Abbasi said, n++Then if people gather and say that look these controls have to go then ultimately it will be the pipe industry which will be the loser.n++

He urged the pipe industry to look at it very hard and very carefully. n++We want to provide you the protection so that you can survive, beyond that if you want to do then you will have to compete in the open market without any protections.n++

Noting how efforts have been renewed after the new US president took over to limit the import of steel and steel products to a significant extent in to the US, Mr Abbasi said, n++In such a situation, when stronger economies in the world are looking at protecting their industry, we have to be very clear that our domestic markets also require to be protected against unfair trade practices. That is something, at least in the steel industry, we are very clear about.n++

He said that after the policy on Domestically Manufactured Iron & Steel Products (DMI&SP) had come there were concerns expressed by the press and by organisations like GAIL, IOC as well as the Petroleum Ministry about a significant hike in prices.

n++My request would be that while we are willing to provide protection, it would become very-very untenable to us to continue if you suddenly find that the prices in the next tender for GAIL pipeline have gone up by 30 per cent,n++ said Mr Abbasi.

Terming the impact of goods and services tax (GST) on steel industry, marginally beneficial, he said that in raw material - duty will come down by 1-1.5 per cent.

n++Even in steel products while it is 18 per cent but a lot of double taxation has been moved out then again there will be an impact of 1-1.15 per cent,n++ said Mr Abbasi.

On resolution of non-performing assets (NPAs) in steel sector, he said that it depends not only on GST and DMI&SP but also on pickup in steel demand, prices and other related factors.

Mr Abbasi informed that after the intervention of Prime Ministers Office (PMO) the problems created by the railways in giving way leave agreement, to cross the slurry pipeline either underground or over-head across railway land have abated.

n++This is again a huge market for pipe manufacturers to exploit and I would request the pipe manufacturers to promote with ministries and state governments as in terms of transportation and logistics this is a far cheaper, environmentally safer and better option,n++ said Mr Abbasi.

n++This is something which needs to be promoted all across and pipe manufacturers would be doing themselves a disservice if they do not have a strong promotional arm to promote these issues,n++ he added.

He further said that even the Steel Ministry is also working in terms of promotion of steel by looking at replacement of a lot of cement and concrete with steel because it is quicker to implement and in terms of life-cycle costs it is cheaper.

He also highlighted that there has been a constant refrain in the pipe manufacturing industry that capabilities do not exist in the country to manufacture API grade steel or that they are too costly, especially which require X-65 and above.

n++I would like to assure the pipe manufacturers that there are enough capabilities within the country to manufacture those grades of steel whether it is plates, coils or sheets and we would encourage you to buy from domestic producers,n++ he said.

n++I assure you that they would be competitive because they also have to compete with global players and though we have ensured that we have given protection under anti-dumping to HR coil and CR coil and others, we have given it at basic grade prices there is easily $100 cushion in terms of what our basic grade are imported at and what is actually the prevailing international price for your API grade, so you would find them receptive to being competitive,n++ added Mr Abbasi.

On the slurry pipelines, he said that if you look at what is going to happen in the steel industry, India is poised for enormous growth. n++Across the globe, the only country which is showing significant growth in terms of market is India.n++

He added that Pipe industry in India has a great future as it has exported enormous quantities of pipes all over the world and the quality of manufacturing is well-known internationally and with renewed stress on infrastructure and Make in India, the best days of pipe industry are ahead of them.

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Volumes jump at Bombay Burmah Trading Corporation counter
Jun 14,2017

Bombay Burmah Trading Corporation clocked volume of 14.45 lakh shares by 12:48 IST on BSE, a 71.40-times surge over two-week average daily volume of 20,000 shares. The stock rose 8.39% to Rs 951.

Suprajit Engineering notched up volume of 4 lakh shares, a 34.34-fold surge over two-week average daily volume of 12,000 shares. The stock rose 1.74% to Rs 283.25.

Reliance Industries saw volume of 22.97 lakh shares, a 12.69-fold surge over two-week average daily volume of 1.81 lakh shares. The stock rose 3.08% to Rs 1,353.

Marico clocked volume of 2.76 lakh shares, a 5.79-fold surge over two-week average daily volume of 48,000 shares. The stock rose 0.22% to Rs 317.20.

The Ramco Cements saw volume of 1.57 lakh shares, a 4.98-fold rise over two-week average daily volume of 31,000 shares. The stock rose 0.23% to Rs 694.10.

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Satin Creditcare slips on profit taking
Jun 14,2017

Meanwhile, the S&P BSE Sensex was up 34.01 points or 0.11% at 31,137.50. The S&P BSE Small-Cap index rose 14.18 points or 0.09% at 15,532.11.

On the BSE, 40,000 shares were traded on the counter so far as against the average daily volumes of 40,000 shares in the past two weeks. The stock had hit a high of Rs 299 and a low of Rs 284.75 so far during the day. The stock had hit a record high of Rs 716.70 on 28 July 2016 and a record low of Rs 243.55 on 12 June 2017.

Shares of Satin Creditcare Network had rallied 16.51% in the preceding two trading sessions to settle at Rs 293.50 yesterday, 13 June 2017, from its closing of Rs 251.90 on 9 June 2017.

On consolidated basis, Satin Creditcare Network reported net loss of Rs 43.11 crore in Q4 March 2017, as against net profit of Rs 24.93 crore in Q4 March 2016. Total income declined 78.1% to Rs 175.22 crore in Q4 March 2017 over Q4 March 2016.

Satin Creditcare Network is one of the leading microfinance companies with a strong presence in North India.

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Board of Hinduja Ventures approves investment of Rs 5.22 crore in Hinduja Leyland Finance
Jun 14,2017

Hinduja Ventures announced that the Investment Committee/ Board on 13 June 2017 accorded its approval for making an aggregate investment of Rs. 5.22 crore by subscribing to:

1] 5,52,762 equity shares of Rs. 10 each offered to the Company on rights basis by Hinduja Leyland Finance at a price of Rs. 94 per share (including premium of Rs. 84 per share) as per Letter of Offer dated 02 June 2017; and

2] 3,505 equity shares of Hinduja Leyland Finance renounced in favour of the Company at a price of Rs. 94- per share (including premium of Rs. 84/- per share).

The Companys shareholding after subscription to equity shares offered on rights basis and equity shares renounced will increase to 2,21,13,959 equity shares (as against 2,15,57,692 equity shares) which would be equivalent to 5.23% on the enhanced equity paid up capital of HLFL. The percentage of holding remains unchanged on the enhanced equity paid up capital of HLFL.

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HCL Infosystems announces resignation of director
Jun 14,2017

HCL Infosystems announced that the Board of Directors of the Company vide resolution passed on 14 June 2017 has accepted the resignation of Dr. Pradeep Kumar Khosla, the Independent Director of the Company effective from 12 June 2017.

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Sasken Technologies fixes record date for final dividend
Jun 14,2017

Sasken Technologies announced the dividend, if approved at the AGM will be disbursed on or before 31 July 2017 to the shareholders whose names are recorded in the Register of Members as at 14 July 2017.

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Board of Gati approves redemption of FCCBs
Jun 14,2017

Gati announced that the Board of Directors of the Company at its meeting held on 14 June 2017 has approved -

Redemption of 7,528 nos of Foreign Currency Convertible Bonds (FCCBs) as per the redemption notices received from the bondholders amounting to USD 99,99,750 in accordance with the terms of the FCCBs set out in the offer circular dated 12 December 2011;

Allotment of 99,99,499 equity shares of face value Rs.2/- each upon conversion of 7,373 nos of FCCBs as per the conversion notices received from the bondholders in accordance with the terms of the FCCBs set out in the offer circular dated 12 December 2011.

Consequently, the Equity Share Capital of the Company has increased from 8,83,70,370 Equity shares to 9,83,69,869 Equity shares.

Further the board of directors has empowered the FCCB Committee of the directors to consider and if deem fit to approve, the conversion / redemption of balance 7,281 FCCBs.

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Kamron Laboratories announces resignation of directors
Jun 14,2017

Kamron Laboratories announced that Dr. Shantilal Chopra, Independent Director has resigned w.e.f. 13 June 2017.

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