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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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Rural Electrification Corporation leads gainers on BSEs A group
Apr 11,2017

Rural Electrification Corporation rose 12.75% at Rs 206.05. The stock topped the gainers in A group. On the BSE, 27.75 lakh shares were traded on the counter so far as against the average daily volumes of 8.27 lakh shares in the past two weeks.

Power Finance Corporation rose 7.22% at Rs 163.40. The stock was the second biggest gainer in A group. On the BSE, 21.75 lakh shares were traded on the counter so far as against the average daily volumes of 7.69 lakh shares in the past two weeks.

Prestige Estates Projects rose 5.26% at Rs 219.15. The stock was the third biggest gainer in A group. On the BSE, 53,000 shares were traded on the counter so far as against the average daily volumes of 53,000 shares in the past two weeks.

Karnataka Bank rose 4.62% at Rs 152.90. The stock was the fourth biggest gainer in A group. On the BSE, 9.42 lakh shares were traded on the counter so far as against the average daily volumes of 3.21 lakh shares in the past two weeks.

Apollo Tyres rose 4.34% at Rs 226.20. The stock was the fifth biggest gainer in A group. On the BSE, 4.71 lakh shares were traded on the counter so far as against the average daily volumes of 3.33 lakh shares in the past two weeks.

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Goodluck India shines on plans to setup new manufacturing unit
Apr 11,2017

The announcement was made after market hours yesterday, 10 April 2017.

Meanwhile, the S&P BSE Sensex was up 157.78 points or 0.53% at 29,733.52. The S&P BSE Small-Cap index was up 86.57 points or 0.59% at 14,862.60.

On the BSE, so far 23,000 shares were traded in the counter, compared with average daily volumes of 14,089 shares in the past one quarter. The stock had hit a high of Rs 91.70 and a low of Rs 88.15 so far during the day.

The stock hit a record high of Rs 134.40 on 3 August 2016. The stock hit a 52-week low of Rs 78.10 on 22 November 2016. The stock had outperformed the market over the past one month till 10 April 2017, rising 3.49% compared with 2.17% rise in the Sensex. The scrip, however, underperformed the market in past one quarter, sliding 5.46% as against Sensexs 9.95% rise.

The small-cap company has equity capital of Rs 4.40 crore. Face value per share is Rs 2.

Goodluck India announced that the company is coming up with new manufacturing facility for its existing line of business eg. steel tubes, pipes, precision tubes etc. at its land situated at village: SikraTaluka-Bhachau (Kachchh), Gujarat. The companys existing manufacturing capacity is 2,30,000 MTPA and presently running at optimal capacity utilization The proposed manufacturing facility of approx 72,000 MTPA will add in the companys total production capacity, Goodluck India said.

The proposed manufacturing facility is coming up at companys already owned land in Gujarat with the total investment of Rs 74 crore which will met by debt and internal accruals/promoters contribution. The plant is expected to be commissioned by April 2018, the company said.

The location of proposed facility is within proximity of two ports i.e. Kandla Sea Port and Mundra Sea Port and strategically very suitable to the proposed project as it will reduce freight cost for exports to a significant extent and will give an edge over the competitors. Beside that proposed location for the project is well equipped with all the basic amenities and infrastructure facilities for the industry, it added.

Net profit of Goodluck India declined 80.54% to Rs 1.52 crore on 16.34% rise in net sales to Rs 302.94 crore in Q3 December 2016 over Q3 December 2015.

Goodluck India changed its name from Good Luck Steel Tubes in June 2016. The company is engaged in manufacturing and exporting of a wide range of galvanized sheets & coils, towers, hollow sections, CR coils CRCA and pipes & tubes. It also specializes in providing telecommunication structures, ERW steel tubes, ERW steel pipes, and galvanized black steel tubes.

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Moodys: Collections on loans in Indian auto ABS rise in February
Apr 11,2017

Moodys Investors Service says that the collection of repayments on the loans in Indian auto asset-backed securities (ABS) improved in February, returning to levels that occurred prior to the governments decision to remove a high proportion of currency notes from circulation (demonetization) in November 2016.

At the same time, auto ABS delinquencies increased in February 2017 after a slight improvement in December 2016 and stabilization in January 2017, but will decline back to pre-demonetization levels by June if economic activity continues to pick up and oil prices remain in a range between $40 and $60 a barrel.

Delinquencies had increased in the wake of demonetization because the decline in economic activity triggered by the policy resulted in a loss of income for some commercial vehicle operators, causing them to miss auto loan repayments, says Vincent Tordo, a Moodys Analyst.

At end-February, over 30 days in arrears was at 12.7%, compared with 10.9% in December 2016.

However, measures of economic activity in India -- such as manufacturing, services and industrial production activity -- now appear to have bottomed post the governments action in November last year, adds Tordo.

Another reason for the rise in delinquencies in February was the increase in prepayment rates, which reduced outstanding balances in auto loans at a faster rate than the average rate.

This development contributed to the increase in delinquency rates, because arrears levels were higher relative to the smaller outstanding balances.

In India, commercial vehicle loan originators often attempt to persuade borrowers to sell their vehicles and repay their loans if the vehicles are not being used intensively.

Such a development may have occurred in the aftermath of demonetization, thereby pushing up the prepayment rate. Given the circumstances that drive prepayments in India, prepayment rates can be volatile and do not necessarily reflect improving performance.

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Delta Corp gains on bargain hunting
Apr 11,2017

Meanwhile, the S&P BSE Sensex was up 169.49 points, or 0.57% to 29,745.23.

On the BSE, 6.76 lakh shares were traded in the counter so far, compared with average daily volumes of 10.90 lakh shares in the past one quarter. The stock had hit a high of Rs 184.30 and a low of Rs 179.25 so far during the day.

The stock hit a record high of Rs 218.40 on 5 April 2017. The stock hit a 52-week low of Rs 76.80 on 6 May 2016.

The stock had outperformed the market over the past one month till 10 April 2017, rising 4.58% compared with 2.17% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 38.52% as against Sensexs 9.95% rise.

The mid-cap company has equity capital of Rs 23.16 crore. Face value per share is Re 1.

Shares of Delta Corp fell 16.10% in four trading sessions to settle at Rs 179.25 yesterday, 10 April 2017, from its close of Rs 213.65 on 3 April 2017.

Recent selling in the stock was triggered by rumors of a possible merger of Daman and Diu -- a coastal Union Territory (UT) -- with the state of Gujarat.

As per market buzz, Prime Minister Narendra Modi, during his upcoming visit to the UT on 17 April 2017, may consider the proposal for the merger. The merger of Daman and Diu with Gujarat will hurt Delta Corps casino business in the region because gambling is banned in Gujarat. Delta Corp operates an integrated hotel and casino resort in Daman.

Delta Corps consolidated net profit rose 37.2% to Rs 10.06 crore on 4.47% increase in net sales to Rs 103.57 crore in Q3 December 2016 over Q3 December 2012.

Delta Corp owns three offshore casinos in Goa out of a total of six, making it the dominant player in Goa. In March 2014, Delta Corp launched The Deltin, Indias largest integrated casino resort, in Daman. The soon to be launched casino at The Deltin will be spread over 60,00 square feet, and will have approximately 1,000 gaming positions.

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Filatex India zooms 29.22% in eight sessions
Apr 11,2017

Meanwhile, the S&P BSE Sensex was up 184.33 points, or 0.62% at 29,760.07. The S&P BSE Small-cap index was up 120.42 points, or 0.81% at 14,896.45.

On the BSE, 46,000 shares were traded on the counter so far as against the average daily volumes of 1.36 lakh shares in the past one quarter. The stock had hit a high of Rs 148.80 and a low of Rs 144 so far during the day.

The stock had hit a record high of Rs 149.30 on 10 April 2017 and a 52-week low of Rs 38 on 8 April 2016. The stock had outperformed the market over the past one month till 10 April 2017, advancing 24.92% compared with the Sensexs 2.17% rise. The scrip had also outperformed the market over the past one quarter advancing 101.54% as against the Sensexs 9.95% rise.

The small-cap company has equity capital of Rs 43.50 crore. Face value per share is Rs 10.

Shares of Filatex India sizzled 29.22% in eight trading sessions to its current ruling price of Rs 147.90, from a close of Rs 114.45 on 29 March 2017.

Filatex Indias net profit rose 25.4% to Rs 7.20 crore on 22.7% increase in net sales to Rs 366.59 crore in Q3 December 2016 over Q3 December 2015.

Filatex India is engaged in manufacture and trading of synthetic yarn and textiles. It manufactures polyester and polypropylene multifilament yarn, and polyester chips.

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Zenith Computers announces demise of director
Apr 11,2017

Zenith Computers announced that Vipin Maneklal Shah, an Independent Director, passed away on 28 March 2017.

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Websol Energy System provides update settlement of dues
Apr 11,2017

Websol Energy System announced that with regard to the bank settlement the Company has received NOC from Standard chartered bank and HDFC Bank pursuant to payment of entire amount of OTS. Further company has also received NOC from Axis Bank on final payment of their dues .

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Gujarat Apollo Industries gains on buyback proposal
Apr 11,2017

The announcement was made after market hours yesterday, 10 April 2017.

Meanwhile, the S&P BSE Sensex was up 164.83 points, or 0.56% to 29,740.57.

On the BSE, 20,000 shares were traded in the counter so far, compared with average daily volumes of 8,983 shares in the past one quarter. The stock had hit a high of Rs 168 and a low of Rs 161 so far during the day.

The stock hit a 52-week high of Rs 180.60 on 9 February 2017. The stock hit a 52-week low of Rs 118 on 16 May 2016.

The stock had outperformed the market over the past one month till 10 April 2017, rising 12.56% compared with 2.17% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 15.12% as against Sensexs 9.95% rise.

The small-cap company has equity capital of Rs 13.66 crore. Face value per share is Rs 10.

Gujarat Apollo Industries announced that the meeting of its board of directors will be held on Thursday, 13 April 2017, to evaluate the proposal for buyback of equity shares of the company.

Gujarat Apollo Industries reported net profit of Rs 0.65 crore in Q3 December 2016 as against net loss of Rs 0.86 crore in Q3 December 2015. Net sales declined 28% to Rs 12.51 crore in Q3 December 2016 over Q3 December 2015.

Gujarat Apollo Industries manufactures and exports construction and mining equipments.

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Government makes compliance of Labour Laws and Rules easy
Apr 11,2017

The Government has undertaken an exercise to promote ease of compliance of Labour Laws and Rules by various establishments. The n++Rationalisation of Forms and Reports under Certain Labour Laws Rules, 2017n++ has reduced the number of forms and reports prescribed under 3 Acts and the Rules made thereunder from 36 to 12. The overall aim of the exercise is to make the forms and reports easy to understand for the users. This will save efforts, costs and lessen the compliance burden of various establishments. As per the sixth Economic Census of Central Statistical Office, conducted during 2013-2014,there are about 5.85 crore establishments in agriculture and non- agriculture sectors of the country.

While reviewing the requirement of filing forms under various Labour Laws it was observed that 36 forms prescribed under 3 Acts and the Rules made thereunder had several overlapping/redundant fields. Therefore, an exercise was undertaken by the Ministry of Labour and Employment to do away with overlapping fields and reduce the number of forms. An intention notification for reducing the number of forms and reports was placed in the public domain on 9th February, 2017 and objections and suggestions thereon were sought from all stake-holders.

The Labour Laws under which these forms are filed include:

(I) The Contract Labour (Regulation and Abolition) Act, 1970

(II) The Inter-State Migrant Workmen (Regulation of Employment and Conditions of Service) Act, 1979

(III) The Building and Other Construction Workers (Regulation of Employment and Conditions of Service) Act, 1996.

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Adani Transmission reverses recent rally
Apr 11,2017

Meanwhile, the S&P BSE Sensex was up 177.64 points or 0.6% at 29,753.88. The S&P BSE Mid-Cap index was up 101.82 points or 0.71% at 14,424.11

On the BSE, 4.48 lakh shares were traded in the counter so far as against average daily volume of 2.24 lakh shares in the past one quarter. The stock had hit a high of Rs 95.50 and a low of Rs 90 so far during the day. The stock had hit a record high of Rs 96 yesterday, 10 April 2017. The stock had hit a 52-week low of Rs 28.35 on 20 May 2016.

The stock had outperformed the market over the past one month till 10 April 2017, rising 50.84% compared with 2.17% rise in the Sensex. The scrip also outperformed the market in past one quarter, gaining 58.5% as against Sensexs 9.95% rise.

The large-cap company has equity capital of Rs 1099.81 crore. Face value per share is Rs 10.

Shares of Adani Transmission were on a roll recently surging 45.69% in five trading sessions to settle at Rs 93.75 yesterday, 10 April 2017 from its close of Rs 64.35 on 31 March 2017. The gains were triggered after the company announced that it has received letter of intents for three transmission projects in Rajasthan.

The stock had jumped 6.06% to Rs 68.25 on 3 April 2017 after the company said that it has received three letter of intents from RVPN (Rajasthan Rajya Vidyut Prasaran Nigam) to construct, own, operate and maintain three transmission projects in Rajasthan. The projects namely Hadoti Transmission Company (PPP-8), Barmer Transmission Company (PPP 9), and Thar Transmission Company (PPP-10) collectively have approximately 350 circuit kilometers (ckt kms) of lines and 16 substations with transformation capacity of approx. 600 MVA at voltage level of 132/220 KV. The announcement was made during market hours on 3 April 2017.

Adani Transmissions consolidated net profit jumped 32.8% to Rs 99.28 crore on 38.5% rise in net sales to Rs 729.22 crore in Q3 December 2016 over Q3 December 2015.

Adani Transmission is into power transmission business and is a part of business conglomerate Adani Group.

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Aarti Inds sweetens on plans to set up R&D and innovation facility
Apr 11,2017

The announcement was made after market hours yesterday, 10 April 2017.

Meanwhile, the S&P BSE Sensex was up 194.56 points or 0.66% at 29,770.30. The S&P BSE Mid-Cap index was up 105.73 points or 0.74% at 14,428.02

On BSE, so far 648 shares were traded in the counter as against average daily volume of 29,491 shares in the past one quarter. The stock hit a high of Rs 796 and a low of Rs 787.20 so far during the day. The stock had hit a 52-week low of Rs 480.10 on 6 June 2016. The stock had hit a record high of Rs 809 on 28 March 2017.

The stock had underperformed the market over the past one month till 10 April 2017, rising 0.6% compared with 2.17% rise in the Sensex. The scrip, however, outperformed the market in past one quarter, gaining 11.87% as against Sensexs 9.95% rise.

The mid-cap company has equity capital of Rs 41.66 crore. Face value per share is Rs 5.

Aarti Industries announced that the board of directors of the company have approved an investment of Rs 75 crore to set up a world class research and development (R&D), scale-up and innovation complex at Jhagadia, Gujarat spread over 50,000 sq. ft. and equipped with the state-of-the-art equipment and analytical tools.

The new complex would comprise an R&D centre, a scale-up facility consisting of a kilo-lab and a pilot plant, an innovation center, dedicated labs for process safety, effluent treatment, etc. It will house over 150 scientists and engineers responsible for researching and developing breakthrough innovations, as well as for commercial scale up of various speciality chemicals.

The complex will more than double the companys R&D capabilities and focus on development of newer and niche value-added products and process chemistries, improving product quality and process yields of existing products, forward integration for downstream products etc, with thrust on environment friendly processes.

It will enable the company to further strengthen its global presence in the end-user applications of agrochemicals, fuel additives, pharmaceuticals, polymers, rubber chemicals, etc.

Aarti Industries is a knowledge-driven company and presently operates three R&D centres. Two of these centres focus on R&D initiatives for pharmaceutical APIs and the third one on speciality chemicals.

Aarti Industries net profit rose 21.61% to Rs 73.84 crore on 3.4% growth in net sales to Rs 759.33 crore in Q3 December 2016 over Q3 December 2015.

Aarti Industries is one of the most competitive benzene-based speciality chemical companies in the world. The company serves leading consumers across the globe of speciality chemicals and intermediate for pharmaceuticals, agro chemicals, polymers, pigments, printing inks, dyes, fuel additives, aromatics, surfactants and various other speciality chemicals. The company has 125+ products, 500+ domestic customers, 150+ export customers spread across the globe in 60 countries with major presence in USA, Europe, Japan.

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US stocks eke out gains
Apr 11,2017

U.S. stocks eked out gains on Monday, 10 April 2017 as strength in energy shares helped to offset selling pressure sparked by geopolitical concerns, but market sentiment remained cautious going into the first-quarter earnings season.

The Dow Jones Industrial Average rose 1.92 points to finish at 20,658.02. The Nasdaq Composite Index gained 3.11 points to end at 5,880.93. The S&P 500 index edged up 1.62 points to close at 2,357.16.

The stock market opened the week with a win, but concerns over heightened geopolitical tensions held gains in check throughout the session.

The days strongest sector was energy which rose 0.8% on the back of a firm gains in crude-oil prices. Crude has been in an uptrend, rising nearly 10% over the past two weeks and hitting its highest level since early March. A recent move higher followed the U.S. airstrike on Syria. Increased tension in the Middle East tends to boost oil prices by limiting supply levels.

Financials were among the weakest sectors of the day, with Bank of America down 0.6%, while Wells Fargo & Co. lost 0.6%.

Both energy and financials have been in focus of late as investors await earnings. On the flip side, the financials and telecom services groups settled at the bottom of the days leaderboard while the health care and technology groups performed only modestly better. The top-weighted technology sector suffered from a lackluster performance from Apple and selling pressure within the semiconductor industry.

Bullion metals ended lower at Comex on Monday, 10 APril 2017. Gold settled with a loss on Monday, after a brief rebound attempt failed to lift prices past a key technical level.

June gold fell $3.40, or 0.3%, to settle at $1,253.90 an ounce. During the session, however, prices briefly turned higher to touch an intraday high of $1,258.90. Meanwhile, silver for May delivery lost 23.6 cents, or 1.3%, to end at $17.915 an ounce.

Crude oil futures settled higher on Monday, 10 April 2017 stretching their wining streak to a fifth consecutive session, as the shutdown of Libyas largest oil field and uncertainty in the Middle East, following the U.S. airstrike on Syria, raised concerns over disruptions to global crude supplies. The U.S. benchmark has now posted gains in nine of the past 10 sessions.

May West Texas Intermediate crude tacked on 84 cents, or 1.6%, to settle at $53.08 a barrel on the New York Mercantile Exchange. That was the highest settlement since 7 March 2017.June Brent crude on Londons ICE Futures exchange added 74 cents, or 1.3%, to $55.98 a barrel.

Geopolitics remained front and center, not just in the Middle East. Libyas Sharara oil field was shut down on Sunday after an unknown group blocked a pipelinen++just a week after a previous shutdown.

The dollar, as measured by the ICE U.S. Dollar Index was down 0.2% in Monday dealings, helping dollar-denominated gold prices trade above the sessions worst levels. A weaker dollar tends to support commodities priced in the currency lifting their appeal to buyers using other monetary units.

In the Treasury market, the benchmark 10-yr yield settled two basis points lower at 2.36%.

Investors did not receive any economic data on Monday.

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REC spurts on buzz of diversification
Apr 11,2017

Meanwhile, the S&P BSE Sensex was up 192.48 points, or 0.65% to 29,768.22.

On the BSE, 6.78 lakh shares were traded in the counter so far, compared with average daily volumes of 7.31 lakh shares in the past one quarter. The stock had hit a high of Rs 196.20 so far during the day, which is also a 52-week high for the counter. The stock had hit a low of Rs 182 so far during the day. The stock hit a 52-week low of Rs 76.40 on 24 May 2016.

The stock had outperformed the market over the past one month till 10 April 2017, rising 19.99% compared with 2.17% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 42.44% as against Sensexs 9.95% rise.

The large-cap company has equity capital of Rs 1974.92 crore. Face value per share is Rs 10.

Rural Electrification Corporation (REC)s chairman PV Ramesh was quoted by media as saying that REC is looking at diversifying from power sector lending to financing equipment manufacturing, energy efficiency schemes, power plants renovation and coal blocks development. Ramesh reportedly added the company is even considering changing its name to suit its diversification plans.

Rural Electrification Corporations (REC) net profit rose 28.1% to Rs 1754.40 crore on 2% decline in operating income to Rs 5884.24 crore in Q3 December 2016 over Q3 December 2015.

REC, a Navratna Central Public Sector Enterprise under Ministry of Power, provides financial assistance to state electricity boards, state government departments and rural electric co-operatives for rural electrification projects.

The Government of India holds 60.64% stake in the company, as per the shareholding pattern as at 31 December 2016.

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Oracle Financial Services Software allots 73,363 equity shares
Apr 11,2017

Oracle Financial Services Software announced that the ESOP Allotment Committee of the Company at its meeting held today allotted 73,363 equity shares of face value of Rs.5/- each to the eligible Employees of the Company who have exercised their stock options under the Employee Stock Option Scheme 2010, Employee Stock Option Scheme 2011 and OFSS Stock Plan 2014. These shares shall rank pari passu with the existing equity shares of the Company in all respects. In this allotment no shares are allotted to Directors of the Company. With this allotment, the paid up capital of the Company has increased to Rs. 426,335,015.00 divided into 85,267,003 equity shares of face value of Rs.5/- each.

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Max India to allot 33,900 equity shares
Apr 11,2017

Max India announced that the Nomination and Remuneration Committee of the Company on 10 April 2017 approved allotment of 33,900 equity shares of Rs.2/- each of the Company for cash at par to certain stock option-holders arising from the exercise of Stock Options granted by the Company.

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