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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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Steelcast to hold board meeting
Oct 13,2016

Steelcast will hold a meeting of the Board of Directors of the Company on 25 October 2016 Unaudited Financial Results for the quarter ended September 30, 2016.

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Mahindra & Mahindra to hold board meeting
Oct 13,2016

Mahindra & Mahindra will hold a meeting of the Board of Directors of the Company on 11 November 2016 to consider and approve the Companys Unaudited Financial Results for the second quarter and half year ended September 30, 2016 (Q2).

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Gujarat Cotex to hold board meeting
Oct 13,2016

Gujarat Cotex will hold a meeting of the Board of Directors of the Company on 10 November 2016 un-audited financial results in respect of second quarter ended on September 30, 2016.

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Kingfa Science & Technology (India) to hold board meeting
Oct 13,2016

Kingfa Science & Technology (India) will hold a meeting of the Board of Directors of the Company on 24 October 2016 to consider and approve the Financial Results of the Company for the quarter ended September 30, 2016.

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Max Financial Services allots equity shares
Oct 13,2016

Max Financial Services announced that the Nomination and Remuneration Committee of Directors of the Company approved allotment of 2,35,718 equity shares of Rs. 2/- each for cash at par to Rahul Khosla, Executive President of the Company on 12 October 2016, arising from the exercise of Stock Options.

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Need factor market reforms in at least 12 champion states: Amitabh Kant
Oct 13,2016

Speaking at a discussion on Fuelling Indias Growth Engine: Manufacturing, Amitabh Kant, CEO of NITI Aayog, said that Indias manufacturing must penetrate global markets, given that Indias market share in global exports is still low.

Kant added that factor market productivity is key for the competitiveness of Indian products and hoped that states would bring in reforms in land and labour markets. He said that India needs at least 12 champion states to usher in these reforms. He stressed that Indian companies need to push the limits on innovation in sectors such as defence, electronics and hardware.

Baba Kalyani, Chairman and Managing Director, Bharat Forge, stated said that India is competitive in manufacturing with most skill sets widely available and raw material costs no different from the rest of the world. India needs better infrastructure rather than incentives, he felt. While the global environment has been a hurdle for exporters, Indian companies must meet the requirements of domestic markets so that imports can be reduced.

Kalyani felt that the Make in India brand has successfully established itself globally and it is only a matter of time before companies are able to convert it to an opportunity. In the defence sector, he said that Make in India would soon become a reality.

Johan C. Aurik, Global Managing Partner and Chairman of the Board, A.T. Kearney, USA, expressed optimism about Indias current economic conditions. He advised that rather than imitate China, India should produce for the domestic markets. Technology advances such as robotics and artificial intelligence are having a huge impact on manufacturing, he added.

According to Sanjeev Sharma, Managing Director, ABB India, a robust eco-system exists in India and technology absorption is taking place at a rapid rate. With high-end software development and cutting-edge R&D, he expressed confidence about the cost of doing business.

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IL&FS Engineering gains after bagging pipeline laying contract
Oct 13,2016

The announcement was made on Wednesday, 12 October 2016. The stock market was shut on that day.

Meanwhile, the S&P BSE Sensex was down 243.96 points or 0.89% at 27,832.42.

On BSE, so far 59,772 shares were traded in the counter as against average daily volume of 52,476 shares in the past one quarter. The stock hit a high of Rs 58 and a low of Rs 55.60 so far during the day. The stock had hit a 52-week high of Rs 80.75 on 14 October 2015. The stock had hit a 52-week low of Rs 39.15 on 23 May 2016. The stock had underperformed the market over the past one month till 10 October 2016, falling 15.19% compared with Sensexs 2.48% fall. The scrip had, however, outperformed the market in past one quarter, gaining 7.4% as against Sensexs 3.52% rise.

The small-cap company has equity capital of Rs 121.16 crore. Face value per share is Rs 10.

IL&FS Engineering and Construction Company announced that it received the fax of acceptance (FOA) from Gas Authority of India (GAIL) for laying and construction of pipeline along with associated facilities for Phulpur-Haldia pipeline project (phase 1 B) in Bihar. The total length of the 30 inch pipeline is 185.38 kilometers. The total value of the contract is Rs 162.58 crore and is to be mechanically completed in 15 months from the date of FOA and with additional 3 months for drying, commissioning and GAS-IN.

IL&FS Engineering and Construction Company reported a net loss of Rs 67.36 crore in Q1 June 2016, higher than net loss of Rs 60.95 crore in Q1 June 2015. Net sales declined 15.23% to Rs 406.92 crore in Q1 June 2016 over Q1 June 2015.

IL&FS Engineering and Construction Company is into infrastructure development, construction and project management.

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Blue Dart declines after poor Q2 results
Oct 13,2016

The result was announced on Wednesday, 12 October 2016. The stock market was closed on that day on account of Muharram.

Meanwhile, the S&P BSE Sensex was down 276.26 points or 0.98% at 27,806.08.

On BSE, so far 1,025 shares were traded in the counter as against average daily volume of 1,548 shares in the past one quarter. The stock hit a high of Rs 5,505 and a low of Rs 5,360 so far during the day. The stock had hit a 52-week low of Rs 4,911.10 on 29 August 2016. The stock had hit a 52-week high of Rs 7,900 on 23 October 2015. The stock had outperformed the market over the past one month till 10 October 2016, sliding 1.79% compared with 2.48% fall in the Sensex. The scrip had, however, underperformed the market in past one quarter, sliding 6.82% as against Sensexs 3.52% rise.

The large-cap company has equity capital of Rs 23.73 crore. Face value per share is Rs 10.

Blue Dart Express Managing Director Anil Khanna said that despite a restrained macro-economic environment, the company will sustain its efforts to bring immense value to internal and external stakeholders by incorporating high benchmarks and quality standards in every aspect of business.

Blue Dart Express accesses the largest and most comprehensive express and logistics network worldwide, covering over 220 countries and territories and offers an entire spectrum of distribution services including air express, freight forwarding, supply chain solutions and customs clearance.

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Swiss Glascoat Equipments announces resignation of director
Oct 13,2016

Swiss Glascoat Equipments announced that Kanubhai Patel, the Non-Executive Director & Chairperson of the Company, vide an e-mail dated 12 October 2016, has tendered his resignation as the Director of the Company- Swiss Glascoat Equipments with effect from 01 October 2016.

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Trident gets upgradation in credit ratings for bank facilties
Oct 13,2016

Trident announced that CARE upgraded ratings for bank facilities as follows -

Long term bank facilities (Rs 2334.85 crore) - CARE A (Revised from CARE A-)

Long term / short term bank facilities (Rs 1200 crore) - CARE A / CARE A1 (Revised from CARE A-/ CARE A2+)

Short term bank facilities (Rs 350 crore) - CARE A1 (Revised from A2+)

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KEC International gains after securing new orders
Oct 13,2016

The announcement was made on Wednesday, 12 October 2016. The stock market was shut on Wednesday, 12 October 2016.

Meanwhile, the S&P BSE Sensex was down 227.46 points or 0.81% at 27,854.88.

On BSE, so far 66,355 shares were traded in the counter as against average daily volume of 75,835 shares in the past one quarter. The stock hit a high of Rs 130.15 and a low of Rs 127 so far during the day. The stock had hit a 52-week high of Rs 164.75 on 24 November 2015. The stock had hit a 52-week low of Rs 97.45 on 12 February 2016. The stock had underperformed the market over the past one month till 10 October 2016, falling 4.1% compared with Sensexs 2.48% fall. The scrip had also underperformed the market in past one quarter, declining 13.42% as against Sensexs 3.52% rise.

The mid-cap company has equity capital of Rs 51.42 crore. Face value per share is Rs 2.

KEC International said that its transmission & distribution business secured orders of Rs 859 crore in India, Africa and the Americas. Its cable business secured supply orders of Rs 105 crore. The companys railways business secured an overhead electrification order of Rs 120 crore for sections in the North Western Region. The companys solar business secured orders of Rs 108 crore for providing turnkey engineering, procurement and construction (EPC) solutions for solar power projects with single axis tracker.

KEC Internationals consolidated net profit rose 83.2% to Rs 30.94 crore on 7% fall in net sales to Rs 1727.01 crore in Q1 June 2016 over Q1 June 2015.

KEC International is a global infrastructure engineering, procurement and construction (EPC) major. It has presence in the verticals of power transmission and distribution, cables, railways, water and renewables. It is a RPG group company.

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Mixed finish for US stocks following Fed minutes
Oct 13,2016

U.S. stocks finished in a mixed mode but mostly higher on Wednesday, 12 October 2016 after minutes from the Federal Reserves September policy meeting showed support for a rate rise relatively soon but implied a go-slow approach. Rising bond yields and a strengthening dollar remained focal points in todays action as investors looked to substantiate their rate hike outlook with the minutes from the FOMCs September 20-21 meeting.

The Dow Jones Industrial Average closed up 15.54 points, or 0.1%, at 18,144.20. The S&P 500 index advanced 2.44 points, or 0.1%, to finish at 2,139.17. The Nasdaq Composite Index finished lower on the session, declining 7.77 points, or 0.2%, to close at 5,239.02, pressured by a slide in the biotech sector.

Shares of Nike and Travelers led the rise. Eight sectors finished in positive territory while three - health care, energy and materials ended the day with a loss. The S&P was led higher by the real estate, utilities and telecom sectors.

The minutes from the FOMCs September policy meeting indicated that there were a number of arguments for raising rates in September, but that the committee opted to wait for further data. All in all, there wasnt really any new news in the minutes, which essentially reinforced preconceived policy notions held by the market ahead of their release. Those notions revolved around a belief that the next hike in the target range for the fed funds rate will most likely occur at the December 13-14 FOMC meeting, barring any big economic potholes hit along the way. The next Fed meeting is scheduled for Nov. 1-2.

The dollar index moved 0.3% higher today.

Todays economic data at Wall Street included the weekly MBA Mortgage Index and the Job Openings and Labor Turnover Survey for August 2016. The MBA Mortgage Index indicated that mortgage applications fell 6.0% in the week ending 8 October 2016. This followed a 2.9% increase in the prior week. The August Job Openings and Labor Turnover Survey showed that job openings came in at 5.443 million from a revised 5.831 million (from 5.871 million) in July.

Crude oil futures fell on Wednesday, 12 Octobeer 2016 at Nymex as uncertainty over Russias willingness to cut production and a monthly rise in output from OPEC members sent prices lower for a second session in a row.

On the New York Mercantile Exchange, November West Texas Intermediate crude fell 61 cents, or 1.2%, to settle at $50.18 a barrel after losing 1.1% a day earlier. December Brent crude on Londons ICE Futures exchange lost 60 cents, or 1.1%, to $51.81 a barrel.

Lack of a clear commitment by Russia to slash production is exacerbating investors doubts whether or not the preliminary agreement OPEC members reached in late September to cut output by 200,000 to 700,000 barrels a day will be implemented. A condition of the cut is the understanding that Russia would be on board.

Bullion prices settled lower on Wednesday, 12 October 2016 at Comex. Gold futures settled lower pressured by modest gains in the dollar, but prices headed higher in electronic trade after the Federal Reserve released minutes from its September meeting. The minutes, which were released after gold futures settled for the session, showed that officials from the central bank held off raising interest rates in September even though they said there was a reasonable argument for an increase.

December gold settled at $1,253.80 an ounce, down $2.10, or 0.2%, for the session. It traded up at $1,257 an ounce in electronic trading about a half-hour after the FOMC minutes. Prices, however, had seesawed above and below the settlement level in the immediate wake of the release. December silver settled little-changed at $17.505 an ounce. December copper ended at $2.177 a pound, down just under a penny, or 0.4%.

Todays trading volume fell came in below the recent averages of 926 million as 655 million shares changed hands at the NYSE floor.

Tomorrows economic data will include weekly initial claims report (consensus 255k) and the Import/Export Price report for September, both of which will cross the wires at 8:30 a.m. ET. Separately, the Treasury Budget for September will be released at 2:00 p.m. ET.

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Cipla moves higher after receiving EIR for Indore facility
Oct 13,2016

The announcement was made on Wednesday, 12 October 2016. The stock market was closed on that day on account of Muharram.

Meanwhile, the S&P BSE Sensex was down 228.69 points or 0.81% at 27,853.65.

On BSE, so far 96,000 shares were traded in the counter as against average daily volume of 2.06 lakh shares in the past one quarter. The stock hit a high of Rs 598.90 and a low of Rs 591 so far during the day. The stock had hit a 52-week high of Rs 704.75 on 29 October 2015. The stock had hit a 52-week low of Rs 458.25 on 25 May 2016. The stock had outperformed the market over the past one month till 10 October 2016, sliding 0.16% compared with 2.48% fall in the Sensex. The scrip had also outperformed the market in past one quarter, advancing 11.7% as against Sensexs 3.52% rise.

The large-cap company has equity capital of Rs 160.84 crore. Face value per share is Rs 2.

On a consolidated basis, Cipla reported 43.7% fall in net profit to Rs 365.24 crore on 6.9% decline in net sales to Rs 3499.81 crore in Q1 June 2016 over Q1 June 2015.

Cipla is a global pharmaceutical company.

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Inox Wind wins orders for two wind power projects
Oct 13,2016

Inox Wind has bagged repeat orders from D J Malpani for two wind power projects of 20 MW each in the State of Gujarat. The two orders will be executed on turnkey basis and are expected to be commissioned by March 2017. The orders involve supply and installation of 20 units of Inox Winds latest offering, the 113 meter rotor dia Wind Turbine Generator.

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Outcome of board meeting of Infinite Computer Solutions India
Oct 13,2016

Infinite Computer Solutions India announced that the Board of Directors of the Company at its meeting held on 12 October 2016, approved, subject to the approval of the regulatory authorities, shareholders, Companies Act, 2013, the Securities and Exchange Board of India (Buyback of Securities) Regulations, 1998, as amended (SEBI Buyback Regulations) and such applicable Acts or Rules including amendments, if any, a Buyback of Equity Shares of face value Rs. 10 each of the Company at a Buyback price not exceeding Rs. 270/- (Rupees Two Hundred Seventy only) per Equity Share (Buyback Price) for a total consideration aggregating upto Rs. 1,50,00,00,000 (Rupees One Hundred Fifty crore Only) (Buyback Offer Size), from the existing shareholders of the Company on the record date to be determined on proportionate basis through the Tender Offer route as prescribed under the SEBI Buyback Regulations. The Buyback Offer Size represents 24.77% of the Paid- up share capital and free reserves of the Company as on 31 March 2016.

The Board also noted the intention of the Promoter Group of the Company to participate in the proposed Buyback.

Further, the Board has withdrawn the earlier buyback, approved by the Board on 24 August 2016 and the shareholders on 08 October 2016 and will seek fresh approval of the shareholders through Postal Ballot for the revised Buyback offer.

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