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Bharat Forge recognised as Daimler AGs top global suppliers for the year 2016
Mar 02,2017

Bharat Forge has been adjudged as one of Daimler AGs top global suppliers for the year 2016. Bharat Forge was awarded Daimler Supplier Award 2016 - Global Procurement Trucks and Buses for the international supply of best quality crankshafts and front axle beams.

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BEML inaugurates 200 kWp grid connected Rooftop Solar Project at its Mysore Complex
Mar 02,2017

BEML has set itself an unique goal of utilising 100% renewable energy for its consumption. In this endeavour, the Company has inaugurated a 200 KWp grid connected Rooftop Solar project at its Mysore Complex.

BEML has already set up a 5MW windmill project at Gadag, Karnataka which is generating power since 2007. BEML has also set up a 18MW windmill project at Koppal & Bagalkot districts in Karnataka, whereby power from 9 MW windmill is already getting generated. The balance 9MW project is under commissioning. With this, the total commissioned renewable energy capacity will be 23.2MW which would meet the total power requirement of BEML.

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Steel Authority of India announces change in directorate
Mar 02,2017

Steel Authority of India announced that Binod Kumar ceased to be Director on the Board on attaining the age of superannuation w.e.f. 28 February 2017. Further Soma Mondal has joined as Director(Commercial), on 1 March 2017.

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Moodys: Performance of Indian auto ABS stabilizes in January following deterioration immediately post demonetization
Mar 02,2017

Moodys Investors Service says the performance of rated Indian auto asset backed securities (ABS) leveled off in January 2017 after worsening immediately after demonetization, and expects auto ABS performance to not deteriorate beyond March 2017, as the economy recovers, and oil prices remain range-bound and budget policy initiatives provide support.

Signs of stabilization appeared in January 2017, with collection efficiency rising half a percentage point to 93.0% from December 2016, but was still 1.9 percentage points lower than the average in the three months to October 2016.

The rate of increase in 30+ days delinquencies has recently stabilized, rising only to 11.1% in January 2017 from 10.9% in December 2016, compared to a 1.9 percentage point increase over November and December 2016.

For the 15 Indian auto ABS transactions that Moodys rates, collection efficiency -- the ratio of total collections to billings, excluding prepaid amounts -- between November 2016 and January 2017 declined to 93.4% from an average collection efficiency of 94.9% in the three months to October 2016, immediately before demonetization.

The 30+ days delinquency rate also increased to 11.1% in January 2017 from 9.0% in October 2016, marking a disruption in the recovery witnessed for the commercial vehicle segment over the pasts two years.

Over the same period, the rises in the 60+ days, 90+ days and 180+ days delinquency rates were more subdued at 0.6, 0.6 and 0.8 percentage point respectively.

The nine transactions that utilized their credit facilities in December 2016 have all started to replenish them in January 2017. As a result, the average outstanding credit facilities drawdowns declined to 0.4% at the end of January 2017 from 0.9% at the end of December 2016.

In January 2017, all transactions collected more funds than the amount they needed to pay interest and principal to investors. The transaction trustees used the excess to partially or fully replenish outstanding credit facilities. For transactions with no credit facility drawdowns in December 2016, the trustees passed the excess on to the originators.

The stabilization we have observed in January 2017 further supports Moodys view that deterioration in the performance of the 15 Indian auto ABS transactions that we rate will not extend beyond March 2017.

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Camlin Fine Sciences allots 450790 equity shares
Mar 02,2017

Camlin Fine Sciences has allotted 450790 equity shares of face value of Re.1/- each in accordance with the terms of ESOP 2014, on February 15, 2016. Consequent to the said allotment, the paid up share capital of the Company has gone up to 103709570 equity shares of face value of Re.1/- each aggregating to Rs. 10,37,09,570/-. The said shares have been listed on the exchanges on 27th February, 2017.

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New orders boost B. L. Kashyap and Sons
Mar 02,2017

The announcement was made during market hours today, 2 March 2017.

Meanwhile, the S&P BSE Sensex was down 187.67 points or 0.65% at 28,796.82.

On the BSE, 3.48 lakh shares were traded on the counter so far as against the average daily volumes of 38,812 shares in the past one quarter. The stock had hit a high of Rs 25.05 and a low of Rs 22.40 so far during the day.

The stock had hit a 52-week high of Rs 28 on 1 November 2016 and a 52-week low of Rs 11.45 on 29 February 2016. It had outperformed the market over the past one month till 1 March 2017, gaining 4.58% compared with the Sensexs 3% rise. The scrip had, however, underperformed the market over the past one quarter, advancing 7.78% as against the Sensexs 9.13% rise.

The small-cap company has equity capital of Rs 20.54 crore. Face value per share is Rs 1.

B. L. Kashyap and Sons net profit surged 286.7% to Rs 1.16 crore on 2.5% decline in net sales to Rs 201.21 crore in Q3 December 2016 over Q3 December 2015.

B. L. Kashyap and Sons is a civil engineering and construction company.

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Coal India gains after reporting production and offtake figures for February
Mar 02,2017

The announcement was made after market hours yesterday, 1 March 2017.

Meanwhile, the BSE Sensex was down 65.94 points, or 0.23%, to 28,918.55.

On the BSE, 1.8 lakh shares were traded in the counter so far, compared with average daily volumes of 2.64 lakh shares in the past one quarter. The stock had hit a high of Rs 326 and a low of Rs 319.10 so far during the day. The stock had hit a 52-week high of Rs 349.85 on 17 August 2016. The stock hit a 52-week low of Rs 272.05 on 12 April 2016.

Coal India said that production of the company and its subsidiary companies on provisional basis was 96% of targeted production at 54.30 million tonnes in February 2017. Offtake was 94% of target at 47.73 million tonnes in February 2017.

Coal Indias consolidated net profit fell 20.3% to Rs 2884.47 crore on 3.9% rise in net sales to Rs 19704.45 crore in Q3 December 2016 over Q3 December 2015.

Coal India (CIL) as an organized state owned coal mining corporate.

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Foreign brokerage upgrade lifts Jubilant FoodWorks
Mar 02,2017

Meanwhile, the S&P BSE Sensex was up 52.47 points or 0.18% at 29,036.96.

On the BSE, 2.54 lakh shares were traded on the counter so far as against the average daily volumes of 55,796 shares in the past one quarter. The stock had hit a high of Rs 1,079 and a low of Rs 1,018.20 so far during the day.

The stock had hit a 52-week high of Rs 1,347.65 on 27 April 2016 and a 52-week low of Rs 761 on 26 December 2016. It had outperformed the market over the past one month till 1 March 2017, gaining 13.61% compared with the Sensexs 3% rise. The scrip had also outperformed the market over the past one quarter, advancing 10.18% as against the Sensexs 9.13% rise.

The mid-cap company has equity capital of Rs 65.95 crore. Face value per share is Rs 10.

The target price of Rs 1,228 is at a premium of 17.3% over Jubilant FoodWorks ruling market price.

Jubilant FoodWorks net profit fell 31.9% to Rs 19.97 crore on 3.9% growth in net sales to Rs 658.76 crore in Q3 December 2016 over Q3 December 2015.

Jubilant FoodWorks is part of Jubilant Bhartia group and Indias largest food service company with a network of Dominos Pizza restaurants pan India. The company & its subsidiary have the exclusive rights to develop and operate Dominos Pizza brand in India, Sri Lanka, Bangladesh and Nepal. The company also has exclusive rights for developing and operating Dunkin Donuts restaurants for India.

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Zenlabs Ethica to hold board meeting
Mar 02,2017

Zenlabs Ethica will hold a meeting of the Board of Directors of the Company on 7 March 2017, to consider Appointment of secretarial Auditor for financial year ended as at 31.03.2017.

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Bank of India gains on plans to raise capital
Mar 02,2017

The announcement was made after market hours yesterday, 1 March 2017.

Meanwhile, the S&P BSE Sensex was up 62.99 points or 0.22% at 29,047.48.

On the BSE, 1.61 lakh shares were traded in the counter so far as against average daily volume of 3.94 lakh shares in the past one quarter. The stock had hit high of Rs 130.75 and low of Rs 126.70 so far during the day.

The stock had hit a 52-week high of Rs 138.70 on 10 February 2017 and a 52-week low of Rs 78.60 on 25 May 2016. It had outperformed the market over the past one month till 1 March 2017, advancing 6.57% compared with the Sensexs 3% rise. The scrip had also outperformed the market over the past one quarter, gaining 10.22% as against the Sensexs 9.13% rise.

The large-cap psu bank has equity capital of Rs 1054.70 crore. Face value per share is Rs 10.

Bank of India announced that it is in the process of raising Basel-III compliant additional tier-1, perpetual bonds-Series 4, for an amount of Rs 500 crore with a green shoe option of Rs 500 crore, aggregating Rs 1000 crore by private placement. The details of the issue shall be informed in due course.

Bank of Indias net profit jumped 106.8% to Rs 101.72 crore 4.6% rise in total income to Rs 11594 crore in Q3 December 2016 over Q3 December 2015.

The Government of India held 73.72% stake in Bank of India (as per the shareholding pattern as on 31 December 2016).

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Sustained Student Enrolments and Private Sector Participation to Support Education Sector Growth in FY18
Mar 02,2017

India Ratings and Research (Ind-Ra) has maintained a stable outlook on the education sector for FY18. Although enrolments increased marginally in the school segment (FY15: 0.43% yoy) and moderately in higher education (FY15: 5.88% yoy), Ind-Ra believes the sector has the potential to grow due to a huge demand-supply gap. Besides new educational institutions, the existing institutions are continuously churning themselves both in terms of physical infrastructure and course content/curricula to keep abreast with the needs of the economy.

In India, funding remains a key challenge for an education venture. Although 100% foreign direct investment in education is allowed, running an educational venture with the profit motive is still difficult. This is so because education in general is considered a public good and education up to the elementary level is considered a merit good. As a result, the predominant organisational structure of private educational institutions in India is not for profit and they are mostly managed by trusts and societies. The presence of multiple regulators in conjunction with the requirement of numerous approvals and regulatory compliances has further complicated the investment process in the Indian education sector.

Ind-Ra has maintained a Positive Outlook on its rated portfolio of educational entities for FY18 due to their robust credit profiles. Ind-Ra expects their profiles to remain healthy during the year, on account of growing enrolments and improving profit margins. This is attributed to the regionally sound market position of the rated entities, their quality infrastructure and high academic standards.

Ind-Ra has observed a continuous rise in enrolments across all segments of education such as schools, higher education, distance learning and vocational courses. Despite tuition fee being regulated, educational institutions across the board are able to generate reasonably healthy operating margins. Generally, technical and professional courses/programmes are in demand and their pricing is high. However, several educational institutions offering these courses are finding it difficult to absorb the additional cost pressure and are facing liquidity pressures. Also, the cyclical nature of business leads to liquidity mismatches because tuition fees (main source of revenue) are collected at designated intervals, but expenditure takes place on a regular basis.

The impact of demonetisation on the education sector has been mixed. Institutions where donation and capitation fees are collected in cash and have been a significant component of revenue such as in engineering, medical, nursery colleges have been negatively impacted due to demonetisation. However, the increasing number of cashless transactions has the potential to bring in more transparency in the education sector, leading to increased interest of private sector, especially private equity/venture capital players in the sector.

OUTLOOK SENSITIVITIES

Government policy support towards augmenting the quality of education across all the sub-groups along with creating an environment conducive to foreign and domestic investments, which would reduce the infrastructure deficit in the education sector, would be a positive.

Disproportionate debt-led capital expenditure plans along with increases in debtors, aggravating the liquidity profile, would be a negative for the sector.

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National Aluminum Company leads gainers on BSEs A group
Mar 02,2017

National Aluminum Company jumped 5.31% at Rs 75.30 on reports China ordered aluminium and steel producers in 28 cities to slash output during winter, as Beijing intensifies its war on smog. The stock topped the gainers in A group. On the BSE, 10.53 lakh shares were traded on the counter so far as against the average daily volumes of 3.39 lakh shares in the past two weeks.

Jubilant Foodworks rose 4.24% at Rs 1,045.70. The stock was the second biggest gainer in A group. On the BSE, 2.45 lakh shares were traded on the counter so far as against the average daily volumes of 34,000 shares in the past two weeks.

Balkrishna Industries gained 3.57% at Rs 1,356.05. The stock was the third biggest gainer in A group. On the BSE, 34,000 shares were traded on the counter so far as against the average daily volumes of 11,000 shares in the past two weeks.

Tata Motors rose 3.24% at Rs 463.65 after the company said that total sales rose 2% to 47,573 vehicles in February 2017 over February 2016. The stock was the fourth biggest gainer in A group. On the BSE, 8.35 lakh shares were traded on the counter so far as against the average daily volumes of 6.35 lakh shares in the past two weeks.

Alembic Pharmaceuticals rose 2.98% at Rs 590.20. The stock was the fifth biggest gainer in A group. On the BSE, 29,000 shares were traded on the counter so far as against the average daily volumes of 7,807 shares in the past two weeks.

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Furnishing of Aadhaar mandatory for final settlement of Pension claims
Mar 02,2017

The EPFO has clarified that obtaining of Aadhaar should be mandatory for the time being only for final settlement of Pension and not in withdrawl cases. The EPFO had extended the date of submission of Aadhaar Number authentication by the members of Employees Pension Scheme 1995 upto 31st March 2017.

However, news item appearing in few dailies suggested that Aadhaar is not required in settlement of pension claims. Accordingly, the EPFO reiterated that the requirement of submitting Aadhaar is not insisted for the time being only in withdrawal benefit cases under Employees Pension Scheme, 1995. Furnishing of Aadhaar is still mandatory for final settlement of pension and scheme certificate cases.

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HCL Technologies recognised as Leader for Managed Workplace Services in North America and Europe
Mar 02,2017

HCL Technologies has been recognised as a Leader in Gartner Magic Quadrant for Managed Workplace Services, North America, dated 30 January 2017 and Magic Quardrant for Managed Workplace Services in Europe, dated 11 January 2017.

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EIH delists GDRs from London Stock Exchange
Mar 02,2017

EIH announced that the Company has delisted the GDRs from the London Stock Exchange, effective 28 February 2017 and accordingly the Deposit Agreement, dated 07 October 994, between the Company and The Bank of New York Mellon (the Depository), (the Deposit Agreement) has also been terminated.

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