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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 Empee Distilleries allots share warrants
Feb 23,2017

Empee Distilleries announced that the Board of Directors of the Company at its meeting held on 23 February 2017 approved and allotted -

9,39,727 share warrants to be convertible into 9,39,727 equity shares of Rs 10 each at premium of Rs 54.64 per share (total Rs 64.64 per share) to EW India Special Assets Fund;

and 2,27,133 share warrants to be convertible into 2,27,133 equity shares of Rs 10 each at premium of Rs 54.64 per share (total Rs 64.64 per share) to Edelcap Services up on receipt of 25% of the total share warrants subscription money from above investors.

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Idea Cellular leads gainers on BSEs A group
Feb 23,2017

Idea Cellular rose 8.27% at Rs 121.75. The stock topped the gainers in A group. On the BSE, 53.86 lakh shares were traded on the counter so far as against the average daily volumes of 17.27 lakh shares in the past two weeks.

Amtek Auto rose 6.10% at Rs 38.25. The stock was the second biggest gainer in A group. On the BSE, 14.05 lakh shares were traded on the counter so far as against the average daily volumes of 3.87 lakh shares in the past two weeks.

Reliance Communications rose 4.90% at Rs 37.50. The stock was the third biggest gainer in A group. On the BSE, 50.91 lakh shares were traded on the counter so far as against the average daily volumes of 30.19 lakh shares in the past two weeks.

Bharti Airtel rose 4.07% at Rs 375.85. The stock was the fourth biggest gainer in A group. On the BSE, 14.69 lakh shares were traded on the counter so far as against the average daily volumes of 1.85 lakh shares in the past two weeks.

Jammu & Kashmir Bank rose 3.82% at Rs 77.55. The stock was the fifth biggest gainer in A group. On the BSE, 4.06 lakh shares were traded on the counter so far as against the average daily volumes of 1.22 lakh shares in the past two weeks.

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Ruchira Papers gains as board plans to consider fund raising
Feb 23,2017

The announcement was made during market hours today, 23 February 2017.

Meanwhile, the S&P BSE Sensex was up 83.93 points, or 0.28%, to 28,945.64.

On the BSE, 5,537 shares were traded on the counter so far as against the average daily volumes of 32,857 shares in the past one quarter. The stock had hit a high of Rs 131 and a low of Rs 128.05 so far during the day.

The stock had hit a record high of Rs 143.40 on 27 January 2017 and a 52-week low of Rs 51.40 on 29 February 2016. The stock had outperformed the market over the past one month till 22 February 2017, advancing 7.04% compared with the Sensexs 6.77% rise. The scrip had also outperformed the market over the past one quarter advancing 27.11% as against the Sensexs 11.19% rise.

The small-cap company has equity capital of Rs 22.42 crore. Face value per share is Rs 10.

Ruchira Papers announced that a meeting of the board of directors of the company will be held on 3 March 2017, to consider and approve preferential issue of convertible securities (warrants) subject to the members approval and other necessary permissions.

Ruchira Papers net profit rose 48.3% to Rs 8.05 crore on 13.9% increase in net sales to Rs 102.59 crore in Q3 December 2016 over Q3 December 2015.

Ruchira Papers is a paper manufacturing company. It is engaged in the process of manufacturing writing and printing paper, and kraft paper.

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Moodys: Asian high-yield bonds unaffected by dispute on make-whole premiums in North America
Feb 23,2017

Moodys Investors Service says that the dispute between investors and bond issuers in North America regarding payment of the make-whole premium upon a default by the issuer has not reached Asia and is unlikely to ever do so.

Unlike some recent high-yield bonds for North American companies, Asian high-yield bonds covered in Moodys Covenant Quality Assessments (CQAs) do not include the no premium on default language in their indentures, says Jake Avayou, a Moodys Vice President and Senior Covenant Officer.

This language prevents bondholders from seeking certain premiums if a company breaches its covenants and defaults, and first appeared in late October 2016 in an investment grade bond issued by NIKE, Inc. (A1 stable) and a high-yield bond issued by Rackspace Hosting, Inc. (B1 stable), a portfolio company of Apollo Global Management, adds Avayou.

The languages appearance followed a decision by a US district court that favored bondholders over Cash America International Inc. The court essentially ruled that, in the case of a bond issuers voluntary breach, acceleration of the debt is not the bondholders only remedy; bondholders are also allowed to seek payment of a make-whole premium. But the court also noted that indentures could include provisions that specify n++and thereby limit n++ the remedies available to the bondholders.

That prompted issuers, private-equity firms and their counsel to use their negotiating leverage to change the language in their indentures to favor them, rather than their bondholders. The no premium on default language was included by a handful of US companies in their high-yield bond indentures in late 2016.

In early January, potential investors in four high-yield bonds in North America successfully pushed back on including the no premium on default language in their bond indentures. Their success raised awareness of the risks of including the clause in high-yield bonds and spurred more investors in North America to resist its inclusion. But this awareness and pushback occurred before the clause made its way into any Asian deals, making it less likely -- as indicated -- that issuers in Asia will be able to negotiate for its inclusion going forward.

Another reason no Asian bond has included the no premium on default clause is that Asian investors have been less willing than their North American counterparts to sacrifice structural protections in their hunt for yield.

And Asian bond issuers typically chip away at existing covenants -- for example by upsizing permitted investment and debt carve-outs and lowering fixed-charge coverage ratio thresholds in their debt incurrence covenants -- rather than introduce new provisions that weaken investor protections.

Additionally, the majority of US high-yield bonds into which the clause was introduced are led by private-equity sponsors, but there are very few such deals in Asia.

Moodys further notes that the inclusion of a equivalent premium by corporate issuers in North America, instead of the no premium on default clause, is also unlikely to reach Asia.

The equivalent premium clause provides that in the event of a default due to a willful action by the company to avoid paying the redemption premium, the company must pay an equivalent premium upon acceleration of the notes.

Moodys says that while this clause is investor-friendly, it also creates uncertainty by leaving crucial terms such as willful action and intention of avoiding payment undefined, leaving investors vulnerable to unfavorable judicial interpretations.

However, no Asian high-yield bond has included an equivalent premium clause to date, and Moodys does not expect that this provision will be introduced into the Asian market.

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PC Jeweller gets credit ratings for Commercial Paper programme
Feb 23,2017

PC Jeweller announced that India Ratings and Research has assigned IND A1+ rating to the Companys additional Rs 300 crore Commercial Paper Programme. Simultaneously, Ind-Ra has affirmed IND A1+ ratings to the Companys existing Rs 200 crore Commercial Paper Programme.

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Prakash Industries allots 10,59,957 equity shares
Feb 23,2017

Prakash Industries has received notice(s) from FCCB holder(s) for conversion of 20 Nos. FCCB (US$ 50,000 each) in to 10,59,957 Nos. equity shares of Rs.10/- each of the Company in accordance with restructuring terms accepted by FCCB holder(s). Accordingly, the FCCB Conversion Committee of the Company in its meeting held on 23 February 2017 has allotted 10,59,957 equity shares to the said FCCB holder(s). Consequent upon the aforesaid conversion, the paid up share capital of the Company has increased from Rs. 1,36,76,74,230/- to Rs.1,37,82,73,800/-.

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Prakash Industries allots 10,59,957 equity shares
Feb 23,2017

Prakash Industries has received notice(s) from FCCB holder(s) for conversion of 20 Nos. FCCB (US$ 50,000 each) in to 10,59,957 Nos. equity shares of Rs.10/- each of the Company in accordance with restructuring terms accepted by FCCB holder(s). Accordingly, the FCCB Conversion Committee of the Company in its meeting held on 23 February 2017 has allotted 10,59,957 equity shares to the said FCCB holder(s). Consequent upon the aforesaid conversion, the paid up share capital of the Company has increased from Rs. 1,36,76,74,230/- to Rs.1,37,82,73,800/-.

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National Fertilizers announces cessation of director
Feb 23,2017

National Fertilizers announced that Gurinderjit Singh Sandhu, Independent Director has vacated the office of Director of the Company on 20 February 2017 on completion of his term.

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National Fertilizers announces cessation of director
Feb 23,2017

National Fertilizers announced that Gurinderjit Singh Sandhu, Independent Director has vacated the office of Director of the Company on 20 February 2017 on completion of his term.

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Lupin allots 34604 equity shares
Feb 23,2017

Lupin announced that the Allotment Committee of Directors at its meeting held on 23 February 2017 has allotted 34604 fully paid up equity shares of Rs. 2/- each. These shares have been allotted upon exercising of options granted to the employees under Stock option plans of the Company.

In view of the above, the issued and paid up capital of the Company has been increased to Rs. 90,30,59,916 consisting 45,15,29,958 equity shares of Rs. 2/- each.

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Lupin allots 34604 equity shares
Feb 23,2017

Lupin announced that the Allotment Committee of Directors at its meeting held on 23 February 2017 has allotted 34604 fully paid up equity shares of Rs. 2/- each. These shares have been allotted upon exercising of options granted to the employees under Stock option plans of the Company.

In view of the above, the issued and paid up capital of the Company has been increased to Rs. 90,30,59,916 consisting 45,15,29,958 equity shares of Rs. 2/- each.

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Phoenix Mills gains on foreign brokerage buy call
Feb 23,2017

Meanwhile, the BSE Sensex was up 111.52 points, or 0.39%, to 28,976.23.

On the BSE, so far 4,092 shares were traded in the counter, compared with average daily volumes of 3,458 shares in the past one quarter. The stock had hit a high of Rs 382.45 and a low of Rs 367 so far during the day.

The stock hit a 52-week high of Rs 445 on 8 September 2016. The stock hit a 52-week low of Rs 238.30 on 29 February 2016.

The mid-cap company has equity capital of Rs 30.61 crore. Face value per share is Rs 2.

The brokerage reportedly said that Phoenix Mills may benefit from rental renewals, new area additions, strong brands and falling cost of funds. Malls are seeing traction, it reportedly said, adding that consumption and rental income is growing at 20% for Pune and Bangalore. Phoenix Mills rental income grew 12% year-on-year even though demonetisation hurt the sentiment, it reportedly noted.

On a consolidated basis, Phoenix Millss net profit fell 6.86% to Rs 44.54 crore on 11.72% decline in net sales to Rs 436.69 crore in Q3 December 2016 over Q3 December 2015.

Phoenix Mills focuses on real estate development and entertainment.

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Dilip Buildcon to hold board meeting
Feb 23,2017

Dilip Buildcon will hold a meeting of the Board of Directors of the Company on 28 February 2017, to Consider and approve Incorporation of New SPV as Wholly Owned Subsidiary.

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Rajsanket Realty to hold board meeting
Feb 23,2017

Rajsanket Realty will hold a meeting of the Board of Directors of the Company on 28 February 2017, to consider and approve the allotment of Secured, Unlisted, Redeemable, Non - Convertible Debentures of the Company on receipt of monies, on private placement basis.

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Indo Amines to hold board meeting
Feb 23,2017

Indo Amines will hold a meeting of the Board of Directors of the Company on 27 February 2017, to approve the appointment of Mr. Madhav N. Nandgaonkar as an Independent Director of the Company.

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