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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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Ontic Finserve fixes record date for consolidation of equity shares
Apr 07,2017

Ontic Finserve has fixed 17 April 2017 as a Record Date for the purpose of consolidation of equity shares of the Company from Rs. 1/- each into Rs. 10/- each.

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Ind-Ra: UP Farm Debt Waiver - Not a Long-Term Solution to Agrarian Distress, to Pressurise State Finances
Apr 07,2017

The debt waiver announced by the Uttar Pradesh (UP) government for the small and marginal farmers is not the long-term answer to any agrarian crisis, says India Ratings & Research (Ind-Ra). While the solution to the agrarian crisis facing the country is not an easy one, providing a debt waiver to farmers will only provide short-term relief to distressed farmers, but will also lead to a bad credit culture, besides exerting pressure on state finances.

The UP cabinet has waived agriculture loans up to INR100,000 of 21.5 million small and marginal farmers of the state. This is expected to cost the state exchequers INR307.29 billion. In addition the cabinet has also approved a write-off of INR56.30 billion of non-performing assets of 0.7 million farmers. Ind-Ra estimates that the direct impact of the debt waiver on the state exchequer to be around INR363.59 billion, which is around 2.6% of UPs gross state domestic product (GSDP).

Despite being under pressure, the finances of the government of UP (GoUP) are in relatively better shape than it was a decade ago. The state has been generating revenue surplus from FY07 onwards. It had shown revenue surplus of INR223.94 billion in FY15, INR183.68 billion in FY16 (revised estimate, RE) and INR282.01 billion in FY17 (budget estimate, BE). Also the fiscal deficit/GSDP of the state (excluding UDAY scheme) in FY16 (RE) and FY17 (BE) was lower than the 14th Finance Commissions prescribed limit of 3%. The state spends a significant part of its expenditure on the power sector (both revenue and capital). As UP was the first state to join UDAY and has also raised bonds from the market for financing the losses of the power sector, Ind-Ra believes this will provide some fiscal space for the government to absorb the expenditure arising out of the farm debt waiver. However, Ind-Ra would await the GoUPs FY18 budget to ascertain the fiscal position of the state.

Ind-Ra had highlighted the negative implication that debt waivers have on credit culture. The debt waiver announced can significantly impact the credit culture among the agriculture communities in other states. More importantly demand for debt waiver may also come in from other states as well. The waivers may mask the delinquencies for the time being. Nevertheless, it carries the risk of significantly impairing asset quality going forward. The unintended outcome of this could be reduced availability of credit to the farmers from banks, forcing them to resort to the unorganised lending sector.

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NTPC commissions Unit#1 of 660 MW of Solapur Super Thermal Power
Apr 07,2017

NTPC announced that Unit#1 of 660 MW of Solapur Super Thermal Power Project has been commissioned. With this, the commissioned capacity of NTPC and NTPC Group has become 44194 MW and 51410 MW respectively.

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Large bulk deal boosts Sobha
Apr 07,2017

Meanwhile, the S&P BSE Sensex was down 66.61 points or 0.22% at 29,860.73. The BSE Mid-Cap index was up 51.63 points or 0.36% at 14,328.17.

Bulk deal boosted volume on the scrip. On the BSE, 44.87 lakh shares were traded on the counter so far as against the average daily volumes of 41,524 shares in the past one quarter. The stock had hit a high of Rs 415 and a low of Rs 401 so far during the day.

The stock had hit a 52-week high of Rs 417 on 6 April 2017 and a 52-week low of Rs 224.05 on 22 November 2016. The stock had outperformed the market over the past one month till 6 April 2017, advancing 27.36% compared with the Sensexs 3.55% rise. The scrip also outperformed the market over the past one quarter, surging 51.59% as against the Sensexs 11.84% advance.

The mid-cap company has equity capital of Rs 96.30 crore. Face value per share is Rs 10.

On a consolidated basis, net profit of Sobha rose 7.95% to Rs 39.40 crore on 24.37% growth in net sales to Rs 540 crore in Q3 December 2016 over Q3 December 2015.

Sobha Group is one of the largest real estate organisations in India and the Middle East. It has presence in 24 cities and 13 states across India and throughout the Middle East.

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Volumes jump at Nath Bio-Genes (India) counter
Apr 07,2017

Nath Bio-Genes (India) clocked volume of 22.05 lakh shares by 12:45 IST on BSE, a 65.41-times surge over two-week average daily volume of 34,000 shares. The stock was locked at 20% upper circuit at Rs 189.70.

Sobha notched up volume of 44.82 lakh shares, a 40.4-fold surge over two-week average daily volume of 1.11 lakh shares. The stock rose 1.55% to Rs 409.40.

Laurus Labs saw volume of 5.8 lakh shares, a 31.11-fold surge over two-week average daily volume of 19,000 shares. The stock rose 0.2% to Rs 519.

BGR Energy clocked volume of 8 lakh shares, a 13.38-fold surge over two-week average daily volume of 60,000 shares. The stock jumped 17.4% to Rs 179.80.

Dhanlaxmi Bank saw volume of 38.81 lakh shares, a 13.05-fold rise over two-week average daily volume of 2.97 lakh shares. The stock hit 20% upper circuit at Rs 38.20.

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Indiabulls Ventures zooms 56.07% in ten sessions
Apr 07,2017

Meanwhile, the S&P BSE Sensex was down 66.04 points, or 0.22% at 29,861.30. The S&P BSE Small-cap index was up 61.33 points, 0.42% at 14,812.30.

High volumes were witnessed on the counter. On the BSE, 32.86 lakh shares were traded on the counter so far as against the average daily volumes of 10.07 lakh shares in the past one quarter. The stock had hit a high of Rs 70.70 so far during the day, which is also its 52-week high. The stock hit a low of Rs 68.20 so far during the day.

The stock had hit a 52-week low of Rs 13.40 on 6 April 2016. The stock had outperformed the market over the past one month till 6 April 2017, advancing 87.08% compared with the Sensexs 3.03% rise. The scrip had also outperformed the market over the past one quarter advancing 210.37% as against the Sensexs 11.84% rise.

The small-cap company has equity capital of Rs 64.04 crore. Face Value per share is Rs 2.

Shares of Indiabulls Ventures zoomed 56.07% in ten trading sessions to its current ruling price of Rs 70.70, from a close of Rs 45.30 on 23 March 2017.

Indiabulls Ventures consolidated net profit fell 54.1% to Rs 10.59 crore on 9.6% decline in total income to Rs 96.93 crore in Q3 December 2016 over Q3 December 2015.

Indiabulls Ventures (Formerly Indiabulls Securities) is one of Indias leading capital markets companies providing securities broking and advisory services. Indiabulls Ventures also provides depository services, equity research services to its clients and offers commodities trading through a separate company. These services are provided both through on-line and off-line distribution channels.

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Deepak Fertilisers crawls up after acquiring majority stake in packaging firm
Apr 07,2017

The announcement was made after market hours yesterday, 6 April 2017.

Meanwhile, the S&P BSE Sensex was down 71.17 points or 0.24% at 29,856.17. The S&P BSE Small-Cap index was up 60.24 points or 0.41% at 14,811.21.

On the BSE, 54,456 shares were traded on the counter so far as against the average daily volumes of 4.65 lakh shares in the past one quarter. The stock had hit a high of Rs 263.90 and a low of Rs 258 so far during the day.

The stock had hit a record high of Rs 284 on 16 January 2017 and a 52-week low of Rs 146.70 on 6 April 2016. The stock had underperformed the market over the past one month till 6 April 2017, gaining 2.91% compared with Sensexs 3.03% gains. The scrip had, however, outperformed the market in past one quarter, advancing 13.9% as against Sensexs 11.84% rise.

The small-cap company has equity capital of Rs 88.20 crore. Face value per share is Rs 10.

Deepak Fertilisers & Petrochemicals Corporation (DFPCL) said that Smartchem technologies (STL) a wholly owned subsidiary of the company has decided to acquire majority stake in Performance Chemiserve (PCPL), a company engaged in packaging services to the chemical industry since 2006.

STL proposes to take up to 76% equity stake in PCPL by way of a fresh issue to fund further growth. After the acquisition of shares by STL, PCPL would become the subsidiary of STL and step-down subsidiary of DFPCL.

Separately, DFPCL announced that the domestic gas supply to the company has been arbitrarily stopped effective from 15 May 2014, pursuant to an order passed by Ministry of Petroleum, Government of India.

The company successfully challenged the same before the Delhi High Court which vide its orders dated 7 July 2015 and 19th October, 2015 directed the Government of India to restore gas supply. Against these orders, the Government of India had filed an SLP [special leave petition] before the Supreme Court.

The Supreme Court has now disposed off the SLP filed by the Government of India. The gas restoration matter will now be finally heard by the Division Bench of Delhi High Court. The company is awaiting detailed order of the Supreme Court. The announcement was made after market hours yesterday, 6 April 2017,

DFPCLs net profit surged 104.9% to Rs 46.62 crore on 4.7% decline in net sales to Rs 1050.50 crore in Q3 December 2016 over Q3 December 2015.

DFPCL is among Indias leading producers of industrial chemicals and fertilisers. The company offers a basket of over 48 traded products which include bulk fertilizers, specialty fertilizers, water soluble fertilizers, micro nutrients and secondary nutrients.

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Deepak Fertilisers crawls up after acquisition
Apr 07,2017

The announcement was made after market hours yesterday, 6 April 2017.

Meanwhile, the S&P BSE Sensex was down 71.17 points or 0.24% at 29,856.17. The S&P BSE Small-Cap index was up 60.24 points or 0.41% at 14,811.21.

On the BSE, 54,456 shares were traded on the counter so far as against the average daily volumes of 4.65 lakh shares in the past one quarter. The stock had hit a high of Rs 263.90 and a low of Rs 258 so far during the day.

The stock had hit a record high of Rs 284 on 16 January 2017 and a 52-week low of Rs 146.70 on 6 April 2016. The stock had underperformed the market over the past one month till 6 April 2017, gaining 2.91% compared with Sensexs 3.03% gains. The scrip had, however, outperformed the market in past one quarter, advancing 13.9% as against Sensexs 11.84% rise.

The small-cap company has equity capital of Rs 88.20 crore. Face value per share is Rs 10.

Deepak Fertilisers & Petrochemicals Corporation (DFPCL) said that Smartchem technologies (STL) a wholly owned subsidiary of the company has decided to acquire majority stake in Performance Chemiserve (PCPL), a company engaged in packaging services to the chemical industry since 2006.

STL proposes to take up to 76% equity stake in PCPL by way of a fresh issue to fund further growth. After the acquisition of shares by STL, PCPL would become the subsidiary of STL and step-down subsidiary of DFPCL.

Separately, DFPCL announced that the domestic gas supply to the company has been arbitrarily stopped effective from 15 May 2014, pursuant to an order passed by Ministry of Petroleum, Government of India.

The company successfully challenged the same before the Delhi High Court which vide its orders dated 7 July 2015 and 19th October, 2015 directed the Government of India to restore gas supply. Against these orders, the Government of India had filed an SLP [special leave petition] before the Supreme Court.

The Supreme Court has now disposed off the SLP filed by the Government of India. The gas restoration matter will now be finally heard by the Division Bench of Delhi High Court. The company is awaiting detailed order of the Supreme Court. The announcement was made after market hours yesterday, 6 April 2017,

DFPCLs net profit surged 104.9% to Rs 46.62 crore on 4.7% decline in net sales to Rs 1050.50 crore in Q3 December 2016 over Q3 December 2015.

DFPCL is among Indias leading producers of industrial chemicals and fertilisers. The company offers a basket of over 48 traded products which include bulk fertilizers, specialty fertilizers, water soluble fertilizers, micro nutrients and secondary nutrients.

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KEI Industries gets upgrade in corporate governance ratings
Apr 07,2017

KEI Industries announced that Credit Analysis & Research has upgraded the rating assigned to the Corporate Governance practices adopted by the Company from CARE CGR 3 (three) to CARE CGR 3+ (three plus).

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Board of Reliance Capital decides to raise limit for NCD issue by Rs 3000 cr
Apr 07,2017

Reliance Capital announced that the Board of Directors of the Company at its meeting held on 07 April 2017 has decided to raise the limits for issue of Non-Convertible Debentures on private placement basis by an amount of Rs. 3000 crore.

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Phoenix Mills ascends after foreign brokerage upgrade
Apr 07,2017

Meanwhile, the S&P BSE Sensex was down 94.62 points, or 0.32%, to 29,834.43. The S&P BSE Mid-Cap index was up 32.30 points, or 0.23%, to 14,308.84

On the BSE, so far 28,000 shares were traded in the counter, compared with average daily volumes of 29,683 shares in the past one quarter. The stock had hit a high of Rs 428.65 and a low of Rs 410.15 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 285.05 on 15 November 2016. The stock had outperformed the market over the past one month till 6 April 2017, advancing 7.64% compared with the Sensexs 3.55% rise. The scrip, however, underperformed the market over the past one quarter, rising 10.74% as against the Sensexs 11.84% advance.

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

The foreign brokerage reportedly said that co-investment platform with CPPIB will boost long-term growth outlook. The platform expects to substantially deploy money within three years. The deal with CPPIB would reset benchmark cap rate valuations for the company, the foreign brokerage reportedly said.

Phoenix Mills and Canada Pension Plan Investment Board (CPPIB) announced participation in a strategic investment platform Island Star Mall Developers (ISMDPL) to develop, own and operate retail-led mixed-use developments across the country. CPPIB will initially own 30% in Island Star Mall with an equity commitment of approximately Rs 724 crore. CPPIB plans to invest a total of approximately Rs 1600 crore in multiple tranches, to own up to 49% stake in the platform. Pre-money enterprise value of ISMDPL is pegged at about Rs 2200 crore. The announcement was made after market hours on Wednesday, 5 April 2017. The stock fell 1.88% to settle at Rs 402.75 yesterday, 6 April 2017.

ISMDPL owns Phoenix MarketCity Bangalore, a mall which opened in 2011, with gross leasable area of 1 million sq. ft. The funds will be used for acquiring and developing both greenfield assets on newly purchased land banks, as well as existing operating retail assets. Phoenix Mills will manage all development and operational assets in ISMDPL.

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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Board of Faze Three approves allotment of equity shares and warrants on preferential basis
Apr 07,2017

Faze Three announced that the Board of Directors of the Company at its meeting held on 07 April 2017 approved the allotment of 3,19,000 Equity Shares and 8,45,500 Convertible Equity Warrants on Preferential Basis at a price of Rs. 110/- (including Rs. 100/- premium) per Equity Share/ Warrant.

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NHPC completes rectification work for Chamera-III (3x77) 231 MW Power Station
Apr 07,2017

NHPC announced that Chamera-III (3x77) 231 MW Power Station in Himachal Pradesh, which was under complete shutdown for rectification of leakage from water conducting system, has been restored on 06 April 2017.

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Shriram EPC provides update on subsidiary - Shriram EPC (FZE) Sharjah
Apr 07,2017

Shriram EPC announced that its subsidiary - Shriram EPC (FZE) Sharjah, has considered to establish and incorporate a Limited Liability Company (LLC) in Sultanate of Oman with a Capital of OMR 150,000 divided into 150,000 shares of OMR 1 per share with Arken Group LLC. Shriram EPC (FZE) Sharjah will hold 70% in the Capital of the said LLC and the Registration of the LLC - Shriram EPC Muscat LLC, has been done on 07 March 2017.

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Shriram EPC advances after subsidiary forms JV in Oman
Apr 07,2017

The announcement was made during market hours today, 7 April 2017.

Meanwhile, the S&P BSE Sensex was down 71.96 points or 0.24% at 29,855.38. The S&P BSE Small-Cap index was up 68.97 points or 0.47% at 14,819.94.

On the BSE, 45,698 shares were traded on the counter so far as against the average daily volumes of 41,282 shares in the past one quarter. The stock had hit a high of Rs 28.50 and a low of Rs 27.45 so far during the day.

The stock had hit a 52-week high of Rs 40.80 on 7 November 2016 and a record low of Rs 19 on 8 June 2016. The stock had underperformed the market over the past one month till 6 April 2017, gaining 2.38% compared with Sensexs 3.03% gains. The scrip had also underperformed the market in past one quarter, falling 4.6% as against Sensexs 11.84% rise.

The small-cap company has equity capital of Rs 822.99 crore. Face value per share is Rs 10.

Shriram EPC (FZE) Sharjah has considered to establish and incorporate a limited liability company (LLC) in Sultanate of Oman with a capital of Omani Rial (OMR) 150,000 divided into 150,000 shares of OMR 1 per share with Arken Group LLC.

Shriram EPC (FZE) Sharjah will hold 70% in the capital of the LLC and the registration of the LLC - Shriram EPC Muscat LLC, has been done on 7 March 2017.

Shriram EPC (FZE) Sharjah is a wholly owned subsidiary of Shriram EPC.

Shriram EPC reported net loss of Rs 69.37 crore in Q3 December 2016 compared with net loss of Rs 25.52 crore in Q3 December 2015. Net sales fell 12.9% to Rs 133.35 crore in Q3 December 2016 over Q3 December 2015.

Shriram EPC offers design, engineering, procurement, construction and project management services for infrastructure projects.

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