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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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Amtek Auto reports standalone net loss of Rs 307.57 crore in the March 2017 quarter
Jun 12,2017

Net Loss of Amtek Auto reported to Rs 307.57 crore in the quarter ended March 2017 as against net loss of Rs 563.00 crore during the previous quarter ended March 2016. Sales declined 31.81% to Rs 442.36 crore in the quarter ended March 2017 as against Rs 648.76 crore during the previous quarter ended March 2016.

For the full year,net loss reported to Rs 1623.99 crore in the year ended March 2017 as against net loss of Rs 738.36 crore during the previous year ended March 2016. Sales rose 29.55% to Rs 1949.89 crore in the year ended March 2017 as against Rs 1505.17 crore during the previous year ended March 2016.

ParticularsQuarter EndedYear Endedn++Mar. 2017Mar. 2016% Var.Mar. 2017Mar. 2016% Var. Sales442.36648.76 -32 1949.891505.17 30 OPM %18.9918.09 -18.6319.28 - PBDT-243.27-216.49 -12 -970.98-346.57 -180 PBT-378.72-364.09 -4 -1539.74-641.30 -140 NP-307.57-563.00 45 -1623.99-738.36 -120

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Board of Anuh Pharma recommends final dividend
Jun 12,2017

Anuh Pharma 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 2.5 per equity Share (i.e. 50%) , subject to the approval of the shareholders.

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Board of Dynemic Products recommends final dividend
Jun 12,2017

Dynemic Products 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 1.5 per equity Share (i.e. 15%) , subject to the approval of the shareholders.

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Board of Indo National recommends final dividend
Jun 12,2017

Indo National 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 25 per equity Share (i.e. 250%) , subject to the approval of the shareholders.

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Deal with NPAs in flexible, pragmatic way: ASSOCHAM
Jun 12,2017

Reviewing the state of economy, ASSOCHAMs Managing Committee, the top most organ of the apex chamber, has most urgently and strongly impressed upon the government and the RBI to take a pragmatic approach while resolving the complex issue of non-performing assets (NPAs) of the banks so that the same can be nursed back to health and the biggest hurdle to growth is removed.

It also expressed concern that the RBI, in its credit policy review, has missed yet another opportunity to lower the policy interest rates and help revive the industrial and overall economic growth.

n++The national wealth is not segregated into private sector or public sector resources. Whatever the circumstances, most of which beyond the control of the promoters, might have been, all out efforts must be made to resurrect the stressed or non-performing assets. It will be only when a realistic assessment of the state of the stressed or NP assets is done and commercial decisions are taken by the banks or other intermediaries without fear of being haunted that the gigantic problem could be resolved, the ASSOCHAM said, airing the collective views of its Managing Committee comprising countrys top industrial houses, professional bodies and organisations representing Small and Medium Enterprises (SMEs).

The ASSOCHAM President Mr Sandeep Jajodia said, the terms of different schemes for resolution of the NPAs should be flexible and liberal enough to be accommodative, rather than being rigid. n++Once an account is turned into NPAs, the avenues for working capital are choked which hastens the curtains on the enterprise. Thus, whatever chances are there for survival and revival of a stressed enterprise or a project, are gone once the working capital requirements are not met.

He said there are several incomplete projects, especially in the real estate sector, where the developers have run out of cash at a stage where the projects are almost near completion. With little more cash, the projects can be completed and handed over to those who have booked the same; it could be win : win for all the stakeholders: families or entities which booked the flats or commercial space, developers and the banks. But the banks need to be supportive and the government must encourage them.

He also said, for converting standard account into an NPA, the 90 - day limit for non-payment of interest or principal should not be treated sacrosanct. n++Because, the moment an account becomes an NPA, all finance channels are chocked. Besides, the NPA resolution would also lead to cleaning up of the bank balance sheets. The RBI itself has underscored the need for revival of the banks health and uptick in the private sector investment.

The Managing Committee also said that as indicated by the latest data of GDP for the fourth quarter of the previous fiscal, the NPAs and the lack of private sector investment are the biggest road blocks for the economic growth. Unless we bring a sustainable growth of at least 8-9 per cent across the spectrum, we will not be able to generate jobs; so the stakes are high.

Besides, the interest rates need to come down further with inflation at the retail level staying below three per cent. Moreover, full transmission of the policy rates should be ensured. While the bulk of the deposits have been mobilised by the banks at the CASA (Current Account Saving Account) of 3-4 per cent, most of the borrowers are charged a double digit and plus rates. Such a large gap cannot be justified and are a big drain on the balance sheets which are under heavy leverage.

The top policy making body of the chamber also took note of the July 1 roll-out of the Goods and Services Tax. While, the GST would no doubt be a game-changer for the Indian economy over a medium and long term, the teething troubles cannot be ruled out. The tax authorities have so far been quite supportive and we hope that even after July 1 a friendly approach towards the tax-payers would be followed with a common objective of making GST a success. The unintentional lapses should be dealt with in a friendly manner rather than in an adversarial way.

The chamber also expressed optimism that the Monsoon would be normal this year as well, and the agriculture would remain a major trigger for growth. However, farmers should be equally helped for an overall development of the economy. The policy and fiscal support along with active involvement of the state governments would go a long way in improving the lot of the farmers, the chamber President said.

He also said a close watch needs to be kept on the unfolding and somewhat uncertain geo-political situations in the Middle East, while new situation in the US should be met with new solutions. At the same time, India must also be pro-active in dealing with the post-Brexit scenario both with the United Kingdom and the European Union.

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Pil Italica Lifestyle announces resignation of company secretary
Jun 12,2017

Pil Italica Lifestyle announced the resignation of Aditi Parmar, Company Secretary and Compliance officer of the Company with effect from 09 June 2017.

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TVS Electronics fixes record date for dividend
Jun 12,2017

TVS Electronics has fixed 23 June 2017 as record date for the purpose of determining the eligibility of shareholders to receive the dividend at the rate of 50 Paise per Equity Share of Rs.10/- each, if declared at the said AGM

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PSU bank stocks edge lower
Jun 12,2017

Meanwhile, the S&P BSE Sensex was down 173.18 points or 0.55% at 31,088.88. The S&P BSE Bankex index declined 291.66 points or 1.09% at 26,528.62.

Among public sector banks, Union Bank of India (down 4.61%), Bank of Baroda (down 3.54%), Indian Bank (down 3.21%), Punjab National Bank (down 2.63%), IDBI Bank (down 2.26%), State Bank of India (down 1.18%) and Corporation Bank (down 0.68%) edged lower. Indian Overseas Bank (up 1.18%) edged higher.

The Finance Minister Arun Jaitley was quoted as saying that he discussed non-performing assets (NPA) resolution, finances of banks, review of financial inclusion with heads of public sector banks in a meeting today, 12 June 2017. Jaitley reportedly said that there is a challenge with regard to credit growth.

The S&P BSE Bankex index had underperformed the market over the past one month till 9 June 2017, advancing 3.83% compared with the Sensexs 4.44% rise. The index had, however, outperformed the market over the past one quarter, gaining 13.51% as against the Sensexs 8.06% rise. The index had also outperformed the market over the past one year, gaining 30.81% as against the Sensexs 16.81% rise.

Oriental Bank of Commerce (OBC) was down 4.6%. The bank said it has revised the marginal cost of funds based lending rate (MCLR) for different tenors with effect from 12 June 2017. The banks MCLR for overnight loans will be 8.1%, the rate for one month will be 8.2% and for three months it will be 8.25%. The MCLR on 6-month loans will be 8.35% and for one-year loans the rate will be 8.5%, the bank said. The announcement was made after market hours on Friday, 9 June 2017.

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Depression over northwest & adjoining northeast Bay of Bengal intensified into deep depression and crossed Bangladesh coast
Jun 12,2017

The depression over northwest & adjoining northeast Bay of Bengal moved north-northeastwards with a speed of about 30 kmph in past six hours, intensified into a deep depression and crossed Bangladesh coast near Khepupara between 0430 and 0530 hours IST of today, 12th June 2017. It lay centered near Latitude 22.5n++N and Longitude 90.5n++E over south Bangladesh & neighbourhood about 60 km northeast of Khepupara (Bangladesh) and 170 km south-southwest of Agartala. The system is very likely to continue to move north-northeastwards and weaken into a depression during next 12 hours.

Warning:

(i) Heavy Rainfall warning: Rainfall at most places with heavy to very heavy rainfall at a few places is very likely to occur over Assam & Meghalaya, Nagaland, Manipur, Mizoram and Tripura during next 24 hours and heavy rainfall at isolated places during subsequent 24 hours. Rainfall at most places with heavy rainfall at isolated places is also very likely to occur over coastal districts of north Odisha and West Bengal during next 24 hours.

(ii) Wind warning: Squally winds speed reaching 50-60 kmph gusting to 70 kmph would prevail along & off north Odisha and West Bengal coast during next 12 hours. Strong winds of order 30-40 kmph gusting to 50 kmph would prevail over Assam & Meghalaya, Nagaland, Manipur, Mizoram and Tripura during next 48 hours.

(iii) Sea condition: Sea condition would be very rough along & off north Odisha and West Bengal coasts during next 12 hours.

(iv) Fishermen Warning: Fishermen along & off north Odisha and West Bengal coasts are advised not to venture into sea during the same period.

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Videocon Inds slumps about 73% in 16 sessions
Jun 12,2017

Meanwhile, the S&P BSE Sensex was down 140.35 points, or 0.45% to 31,121.71.

On the BSE, 1.11 lakh shares were traded in the counter so far, compared with average daily volumes of 34,706 shares in the past one quarter. The stock opened with an downward gap of 5% at Rs 27.15 and remained stuck at that level so far, which is also its 52-week low level. The stock hit a 52-week high of Rs 114.90 on 6 October 2016.

The stock had underperformed the market over the past one month till 9 June 2017, falling 71.46% compared with 3.34% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 72.27% as against Sensexs 8% rise. The scrip had also underperformed the market in past one year, falling 72.61% as against Sensexs 17.37% rise.

The small-cap company has equity capital of Rs 334.46 crore. Face value per share is Rs 10.

Shares of Videocon Industries have fallen 72.97% in the preceding 16 trading sessions from its close of Rs 100.45 on 19 May 2017.

The recent sell-off in the stock has been triggered by media reports of escalating debt woes of the company. As per reports, Central Bank of India declared the company as a non-performing asset (NPA) in Q1 June 2017. Central Bank of India has one of the highest exposures to Videocon at Rs 2700 crore, reports added. Other banks are likely to soon follow suit in declaring the account as a bad loan or an NPA.

Dena Bank had recently announced that it had classified Videocons loan amounting to Rs 520 crore as a NPA. This has resulted into some negative publicity of the company and, accordingly, impacted its stock price, the company recently clarified to the bourses on 23 May 2017.

Videocon Industries reported net loss of Rs 547.73 crore in Q4 March 2017 as against net loss of Rs 189.59 crore in Q4 March 2016. Net sales declined 28.26% to Rs 1985.85 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours on 26 May 2017.

Videocon Industries operates in four segments: consumer electronics and home appliances, crude oil and natural gas, telecommunications and power.

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JSW Steel drops on profit booking
Jun 12,2017

Meanwhile, the S&P BSE Sensex was down 190.92 points, or 0.61% at 31,071.14.

On the BSE, 2.30 lakh shares were traded on the counter so far as against the average daily volumes of 9.09 lakh shares in the past one quarter. The stock had hit a high of Rs 201.80 and a low of Rs 198.10 so far during the day. The stock had hit a record high of Rs 209.35 on 17 May 2017 and a 52-week low of Rs 133.20 on 24 June 2016.

The stock had outperformed the market over the past one month till 9 June 2017, advancing 4.93% compared with the Sensexs 4.44% rise. The scrip had also outperformed the market over the past one quarter gaining 14.31% as against the Sensexs 8.06% rise. The scrip had also outperformed the market over the past one year advancing 42.66% as against the Sensexs 16.81% rise.

The large-cap company has equity capital of Rs 241.72 crore. Face value per share is Rs 1.

JSW Steel had rallied 6.06% in the preceding four trading sessions to settle at Rs 202.05 on Friday, 9 June 2017, from its closing of Rs 190.50 on 5 June 2017.

JSW Steels consolidated net profit spurted 235.4% to Rs 1008.58 crore on 57.1% increase in net sales to Rs 16287.30 crore in Q4 March 2017 over Q4 March 2016.

JSW Steel is the leading integrated steel company in India.

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Board of Florence Investech approves scheme of arrangement
Jun 12,2017

Florence Investech announced that the Board of Directors of the Company at its meeting held on 12 June 2017 has approved a Scheme of Arrangement between Florence Investech (Florence), BMF Investments (BMF), J.K. Fenner (India) (FIL) and Bengal & Assam Company (the Transferee Company) and their respective shareholders pursuant to the provisions of Sections 230 of the Companies Act, 2013 for (a) amalgamation of Florence and BMF (Transferor Companies) with the Transferee Company with effect from 1April, 2017 (Appointed Date) and (b) exchange of shares of FIL for shares of the Transferee Company at the option of shareholders of FIL.

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Neo Corp International appoints company secretary and compliance officer
Jun 12,2017

Neo Corp International has appointed Manali Goyal (ACS 45736)as the Company Secretary and Compliance Officer of the Company with effect from 1 June 2017 in the Board Meeting held on 30 May 2017.

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Council of Scientific & Industrial Research (CSIR) signs Agreement with the Metal Industries Development Institute (MIDI), Ethiopia
Jun 12,2017

Keeping in line with Prime Minister Modis stress on stronger and long-term cooperation between African countries and India for mutual benefits in the areas of agriculture, women empowerment, rural development, infrastructure etc., while addressing the annual meeting of African Development Bank at Gujarat recently, the Council of Scientific and Industrial Research (CSIR) has entered into an agreement with the Metal Industries Development Institute (MIDI), Ethiopia to implement a twinning programme. The same is aimed at R&D capacity building of MIDI. CSIR has clinched this multi-million US dollar assignment through a process where many international organisations were considered. The twinning is one of the largest programs (in terms of contractual amount) between a CSIR institute and a foreign entity. It should also facilitate CSIRs future collaborations with African Organizations.

Dr. Girish Sahni on the occasion said that the knowledgebase of CSIR in the identified areas could be of immense importance for leveraging the technology capacity of African countries. He invited the industry to join hands with CSIR and its counterparts in respective African countries to deploy the technology for benefitting the masses in the region.

The agreement was signed by the Director of National Metallurgical Laboratory, Jamshedpur (CSIR-NML) on behalf of the participating CSIR Laboratories, and the Director General of Metals Industry Development Institute (MIDI), Addis Ababa, Ethiopia. CSIR will enhance the capacity and capability of MIDI under the twinning arrangement and thereby enable it to contribute more efficiently towards the development of Metals and Engineering sectors in Ethiopia and thus enhance their competitiveness. The MIDI will be positioned to emerge as a globally competitive center of excellence in the field of Metals and Engineering, through the twinning programme.

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Chandni Textiles Engineering Industries undertakes expansion of manufacturing capacity
Jun 12,2017

Chandni Textiles Engineering Industries announced that the Company is expanding its capacity to manufacture Plastic Moulded Fruit & Vegetable crates from the present average of 7.50 lakh crates per annum to average 22.50 lakh crates per annum.

For this, the Company has placed order for 2 injection moulding machines of 580 ton capacity each and has also paid advance to the machinery manufacturer and expects the delivery of the machines shortly.

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