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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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Kome-On Communication to hold board meeting
Oct 06,2016

Kome-On Communication will hold a meeting of the Board of Directors of the Company on 17 October 2016 to consider the Un-Audited Financial results for the quarter and half year ended on September 30. 2016.

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ONGC gains after ONGC Videsh gets approval to buy stake in JSC Vankorneft
Oct 06,2016

Meanwhile, the BSE Sensex was down 102.93 points, or 0.36%, to 28,118.05.

On BSE, so far 3.87 lakh shares were traded in the counter, compared with average daily volume of 7.65 lakh shares in the past one quarter. The stock hit a high of Rs 273.25 and a low of Rs 267.30 so far during the day. The stock hit a 52-week high of Rs 275.25 on 5 October 2016. The stock hit a 52-week low of Rs 188 on 12 February 2016. The stock had outperformed the market over the past 30 days till 5 October 2016, rising 11.56% compared with 2.61% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 17.69% as against Sensexs 3.75% rise.

The large-cap company has equity capital of Rs 4,277.75 crore. Face value per share is Rs 5.

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Narendra Modi, yesterday, 5 October 2016 gave its approval to an acquisition by ONGC Videsh (OVL) for 11% stake in JSC Vankorneft from Rosneft Oil Company (Rosneft), the National Oil Company (NOC) of Russian Federation (Russia). Rosneft operates Vankor fields, with Vankorneft, its wholly owned subsidiary. OVL will be paying an amount of $930 million for acquiring 11% stake in Vankorneft. OVL is an investment arm of ONGC.

The acquisition of stake in Vankorneft will provide 3.2 million metric ton of oil equivalent (MMTOE) to OVL by 2017. It will also provide an opportunity to Indian public sector oil and gas companies to acquire new technologies from Rosneft. The acquisition is in line the ONGCs stated objective of adding high quality international assets to Indias Exploration and Production (E&P) portfolio and thereby augmenting Indias energy security.

ONGCs net profit declined 21.2% to Rs 4232.54 crore on 21.5% decline in net sales to Rs 17670.37 crore in Q1 June 2016 over Q1 June 2015.

ONGC is Indias largest oil and gas exploration firm by sales.

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ADB to Provide India $500 Million for Solar Rooftop Systems
Oct 06,2016

The Asian Development Bank (ADB) is set to provide $500 million in financing for rooftop solar systems that will help the Indian government expand energy access using renewable energy.

ADB will provide the financing to Punjab National Bank - one of Indias largest commercial banks - which will use the ADB funds to make loans to various developers and end users throughout India to install rooftop solar systems.

There is huge potential for India to expand its use of solar rooftop technologies because of the sharp drop in the price of solar panels, Jawaharlal Nehru National Solar Mission to increase its overall solar energy generation to 100 gigawatts by the same date.

Indias Intended Nationally Determined Contribution, or the carbon emission reduction target under the 2015 Paris climate agreement, is to lower the emissions intensity of the Indian economy by 33% from 2005 levels and to increase the share of non-fossil-fuel-based power generation capacity to 40% of installed power capacity by 2030. India formally ratified the Paris climate agreement yesterday.

To support efforts by India and other Asian developing member countries to meet their targets, ADB has also committed to doubling its annual financing for climate mitigation and adaptation to $6 billion by 2020.

The solar rooftop market is still at an early stage of development in India and awareness of the latest technologies and the financial benefits is low. Banks see lending to such projects as risky, in part because they have limited past experiences. In this context, an additional $5 million technical assistance from the multi-donor Clean Technology Fund, administered by ADB, will be used to provide training, promote market development, and raise market awareness. meaning the cost of producing solar energy is at or close to that from fossil fuels, said Anqian Huang, finance specialist in ADBs South Asia Department. Sourcing more solar energy will also help India meet the carbon emissions reduction target that it has committed to as part of the recent global climate change agreement.The financing comprises $330 million from ADB and $170 million from the multi-donor Clean Technology Fund administered by ADB. This funding should mean that 11 million fewer tons of greenhouse gases are emitted over the typical 25-year lifetime of solar rooftop systems.Combined with an additional $300 million in subproject equity investment and $200 million in loans from commercial banks and other financiers, the entire cost of the Solar Rooftop Investment Program is $1 billion. The Government of India aims to increase the amount of energy sourced from solar rooftop systems to 40 gigawatts by 2022. This is part of a wider goal under the

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Ruchi Soya jumps on palm oil pact with Arunachal Pradesh govt
Oct 06,2016

The announcement was made during market hours today, 6 October 2016.

Meanwhile, the S&P BSE Sensex was down 40.50 points or 0.14% at 28,180.48.

On BSE, so far 3.48 lakh shares were traded in the counter as against average daily volume of 1.07 lakh shares in the past one quarter. The stock hit a high of Rs 24.55 and a low of Rs 22 so far during the day. The stock had hit a 52-week high of Rs 34.50 on 9 October 2015. The stock had hit a 52-week low of Rs 17.75 on 25 May 2016. The stock had outperformed the market over the past one month till 5 October 2016, advancing 8.4% compared with 1.09% fall in the Sensex. The scrip had, however, underperformed the market in past one quarter, sliding 2.01% as against Sensexs 3.88% rise.

The small-cap company has equity capital of Rs 66.82 crore. Face value per share is Rs 2.

Ruchi Soya Industries recently signed a memorandum of understanding (MOU) with the Arunachal Pradesh state government to boost palm oil production through development of quality palm plantations and human capacity building. With this agreement, Ruchi Soya now has obtained permission for oil palm development in 45,000 hectares, covering five districts in Arunachal Pradesh.

Ruchi Soya Industries net profit fell 98.8% to Rs 1.03 crore on 12.9% decline in net sales to Rs 4951.99 crore in Q1 June 2016 over Q1 June 2015.

Ruchi Soya is one of Indias leading cooking oil and soy food maker and marketer.

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Volumes jump at D B Corp counter
Oct 06,2016

D B Corp clocked volume of 5.94 lakh shares by 13:05 IST on BSE, a 398.40-times surge over two-week average daily volume of 1,490 shares. The stock fell 0.67% to Rs 393.05.

D B Realty notched up volume of 17.74 lakh shares, a 16.47-fold surge over two-week average daily volume of 1.08 shares. The stock rose 6.51% to Rs 49.90.

Kanoria Chemicals & Industries saw volume of 9.37 lakh shares, a 10.96-fold surge over two-week average daily volume of 86,000 shares. The stock rose 12.76% to Rs 90.15.

Coromandel International clocked volume of 5.95 lakh shares, a 9.17-fold surge over two-week average daily volume of 65,000 shares. The stock rose 2.98% to Rs 262.50.

Mercator saw volume of 23.69 lakh shares, a 6.75-fold rise over two-week average daily volume of 3.51 lakh shares. The stock rose 2.95% to Rs 50.55.

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Three agreements between India and Switzerland
Oct 06,2016

The Union Home Minister Shri Rajnath Singh met the visiting Minister for Justice and Police of Swiss Confederation, Ms. Simonetta Sommaruga. Shri Rajnath Singh stated that the two countries have made significant contributions to strengthen peace and prosperity based on their shared vision of a peaceful and progressive future.

The Union Home Minister proposed training facilities for Indian Police Officers in Switzerland Police Academies/other Training Institutes in the fields of Anti-Hijacking and Cyber Forensic etc. Shri Rajnath Singh said India looks forward for cooperation with Switzerland on the issue of exchange of tax information since the black money issue is the main corruption issue which needs to be tackled.

On the occasion, the two sides signed three agreements including Mutual Visa Exemption Agreement for Holders of Diplomatic Passports, Technical Arrangements on Identification and Return of Illegal Migrants and Arrangement for Dependent Person of Diplomatic, Consular, Technical and Administrative Staff of Diplomatic and Consular Mission to Perform Gainful Employment.

Shri Rajnath Singh also sought a more liberal visa regime for Indian business people since India has been offering multi-year multiple entry visas to Swiss businesses in a bid to enhance bilateral trade and investment.

Other subjects of interest to the two countries were also discussed. These included cooperation in transfer of sentenced persons and Mutual Legal Assistance Treaty in Criminal matters that would help in combating terrorism, transnational organized crimes and corruption including money laundering.

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Cadila Healthcare inches up after signing in-licensing deal with Neovii
Oct 06,2016

The announcement was made during market hours today, 6 October 2016.

Meanwhile, the S&P BSE Sensex was up 95.80 points or 0.34% at 28,316.78.

On BSE, so far 17,000 shares were traded in the counter as against average daily volume of 1.07 lakh shares in the past one quarter. The stock hit a high of Rs 393.80 and a low of Rs 389.55 so far during the day. The stock had hit a record high of Rs 454.40 on 23 October 2015. The stock had hit a 52-week low of Rs 295.50 on 18 January 2016. The stock had outperformed the market over the past one month till 5 October 2016, advancing 1.07% compared with 1.09% fall in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 16.12% as against Sensexs 3.88% rise.

The large-cap company has equity capital of Rs 102.37 crore. Face value per share is Rs 1.

Cadila Healthcare announced that it has entered into an in-licensing agreement with Switzerland-based global biopharmaceutical company Neovii to launch Grafalon, an immunosuppresant extensively used in solid organ transplants and stem cell transplant in India. Neovii has been dedicated for over three decades to improve the outcomes in transplantation medicine, hemato-oncological and immune disorders.

On a consolidated basis, Cadila Healthcares net profit fell 22.6% to Rs 356.20 crore on 2.2% decline in net sales to Rs 2216.40 crore in Q1 June 2016 over Q1 June 2015.

Cadila Healthcare is a global pharmaceutical company that discovers, manufactures and markets a broad range of healthcare therapies.

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Zydus Group enters into in-licensing agreement with Neovii, Switzerland
Oct 06,2016

Zydus Group has entered into an in-licensing agreement with Neovii, a Switzerland based global bio-pharmaceutical company to launch Grafalon, an immunosuppressant extensively used in solid organ transplant and Stem Cell Transplant in India.

Zydus will market this therapy through Zydus Trans-immune, a division that offers a range of therapies related to transplant medicine.

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Indian Oil Corporation jumps after fixing record date for bonus issue
Oct 06,2016

The announcement was made after market hours yesterday, 5 October 2016.

Meanwhile, the BSE Sensex was up 75.68 points, or 0.27%, to 28,296.66.

On BSE, so far 3.17 lakh shares were traded in the counter, compared with average daily volume of 3.02 lakh shares in the past one quarter. The stock hit a high of Rs 656 so far during the day, which is also a record high for the counter. The stock hit a low of Rs 618 so far during the day. The stock hit a 52-week low of Rs 345.05 on 12 February 2016. The stock had outperformed the market over the past 30 days till 5 October 2016, rising 7.45% compared with 2.61% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 30.17% as against Sensexs 3.75% rise.

The large-cap company has equity capital of Rs 2427.95 crore. Face value per share is Rs 10.

Meanwhile, an Indian consortium led by Oil India including Indian Oil Corporation (IOCL) and Bharat PetroResources (BPRL), a 100% subsidiary of BPCL, have successfully completed two landmark acquisitions of producing upstream assets in Russia. The consortium acquired 29.9% stake in LLC Taas-Yuryakh Neftegazodobycha (Taas Yuryakh) and 23.9% stake in JSC Vankorneft (Vankorneft) from Rosneft Oil Company, the national oil company of Russia.

Shares of Oil India were up 2.17% at Rs 419.75. Shares of BPCL were up 4.85% at Rs 679.50.

Indian Oil Corporation (IOCL)s net profit rose 25.5% to Rs 8268.98 crore on 15.3% fall in net sales to Rs 85655.31 crore in Q1 June 2016 over Q1 June 2015.

IOCL is Indias flagship national oil company, with business interests that straddle the entire hydrocarbon value chain - from refining, pipeline transportation and marketing of petroleum products to exploration & production of crude oil & gas as well as marketing of natural gas and petrochemicals. The Government of India held 58.28% stake in IOCL (as per the shareholding pattern as on 30 June 2016).

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Loan Against Property- Rising Stress, Shrinking Spreads
Oct 06,2016

Delinquencies in Indias non-banking financiers loan against property (LAP) portfolio could significantly increase in the next four quarters and may even exceed 5% on a static basis for a few players, says India Ratings and Research (Ind-Ra). The signs of early stress are visible in the LAP business loan pools assessed by Ind-Ra, including a sharp rise in 90 days past due delinquencies for some of the large players. A combination of stagnant property prices especially in metros and large cities, which are the primary markets for large and medium ticket LAP, and squeeze on refinancing due to risk aversion building up in some financiers is bringing stress to the fore.

Ind-Ra analysed data from the LAP portfolios generated over the last five years and observed that all loans, irrespective of their years of origination, are experiencing a concurrent rise in delinquencies in 2016. Ind-Ra believes that the LAP market has now entered into a delicate phase with rising delinquencies accompanied by shrinking yields, thereby leaving limited buffers to absorb unexpected shocks. The average lending rate in the urban high-ticket LAP segment has shrunk to close to 300bp from 500bp over State Bank of Indias (IND AAA/Stable) base rate, which in Ind-Ras opinion may not be adequate to absorb any spike in credit costs. Ind-Ra also believes the eventual losses through the liquidation route could be higher than what is being priced in by non-banking financial institutions (NBFIs). Ind-Ras rated transaction pool data for the housing loan mortgage portfolio acquired by asset reconstruction companies since 2006 show a recovery rate of over 100% of principal outstanding, but when adjusted for the time value it drops to 70%. Furthermore, this recovery ratio drops sharply to 25% for SME loans where collaterals include either industrial or commercial properties.

Ind-Ra believes that over the last few quarters, portfolio churn, through balance transfer among NBFIs, has been the significant driver of incremental loan growth. Additionally, a large segment of the market utilised third-party intermediaries to expand its loan portfolio. Ind-Ra believes that it has led to less than optimum credit assessment rigour. Furthermore, elevated balance transfer has led to inadequate seasoning for a part of the portfolio.

Ind-Ra observes that small ticket LAP portfolio has shown a better performance than large ticket loans, though the portfolio is less seasoned. Newer geographies are facilitating volume growth and due to limited competitive intensity, are allowing lenders to price in the risk. Also, the recent applicability of SARFAESI Act (to systemically important NBFIs and on a loan amount higher than INR10m) may improve portfolio performance as it could reduce slippages and improve recovery.

Ind-Ra believes that credit appraisal systems based on borrower cash-flow assessment and standardised valuation practices would be critical risk mitigants. Ind-Ra expects players with largely residential mortgage collaterals to fare well on asset quality metrics. Finally, strong equity and liquidity buffers and matched asset liability profile would continue to differentiate players in this segment.

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PI Industries to hold board meeting
Oct 06,2016

PI Industries will hold a meeting of the Board of Directors of the Company on 5 October 2016.

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Shricon Industries to hold board meeting
Oct 06,2016

Shricon Industries will hold a meeting of the Board of Directors of the Company on 5 October 2016.

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International Combustion (India) to hold board meeting
Oct 06,2016

International Combustion (India) will hold a meeting of the Board of Directors of the Company on 8 November 2016 to consider and approve the Unaudited Financial Results (Standalone) of the Company for the second Quarter and Half-Year ended September 30, 2016.

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Epic Energy to hold board meeting
Oct 06,2016

Epic Energy will hold a meeting of the Board of Directors of the Company on 10 October 2016.

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Mahindra & Mahindra launches eSupro - all electric cargo and passenger van
Oct 06,2016

Mahindra & Mahindra announced the launch of eSupro - Indias first zero emission, all electric cargo and passenger vans. Both the eSupro cargo and passenger vans have a range of 112 kms on a full charge, ideal for intra-city transportation and are priced at Rs 8.45 lakh for the cargo van and Rs 8.75 lakh for the passenger variant (ex-showroom Delhi, post state subsidy and FAME incentives).

The eSupro platform will cater primarily to the B2B segment and would be available across Mahindra dealerships pan India with immediate effect.

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