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Lords Ishwar Hotels announces resignation of director
Feb 13,2017

Lords Ishwar Hotels announced that Sanjay Mangal has resigned from Directorship w.e.f. 02 February 2017 which is approved and noted by Board of Directors in their Meeting held on 13 February 2017.

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IFCI slides after dismal Q3 results
Feb 13,2017

The result was announced on Saturday, 11 February 2017.

Meanwhile, the BSE Sensex was down 13.61 points, or 0.05%, to 28,320.64.

On the BSE, so far 18.82 lakh shares were traded in the counter, compared with average daily volumes of 16.43 lakh shares in the past one quarter. The stock had hit a high of Rs 30.15 and a low of Rs 28.35 so far during the day.

The stock hit a 52-week high of Rs 32.60 on 3 February 2017. The stock hit a 52-week low of Rs 19.50 on 12 February 2016. The stock had outperformed the market over the past 30 days till 10 February 2017, rising 9.96% compared with the 3.99% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 31.77% as against Sensexs 5.65% decline.

The mid-cap company has equity capital of Rs 1662.04 crore. Face value per share is Rs 10.

IFCIs total income fell 32.90% to Rs 635.55 crore in Q3 December 2016 over Q3 December 2015.

IFCI is a financial institution catering to the long-term finance needs of the industrial sector.

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Emerald Leisures announces resignation of company secretary
Feb 13,2017

Emerald Leisures announced that Sony Sarkar, Company Secretary of the Company has resigned with effect from 01 February 2017.

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Poddar Pigments fixes record date for interim dividend
Feb 13,2017

Poddar Pigments has fixed 23 February 2017 as the Record Date for the purpose of Payment of Interim Dividend.

The said Interim Dividend shall be paid/dispatched to the eligible shareholders on or before 04 March 2017.

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CEA Advisory Could Lift Profitability of Domestic BTG Manufacturers
Feb 13,2017

The recently issued Central Electricity Authority (CEA) advisory with regard to indigenous manufacturing of supercritical equipment and doing away of the deed of joint undertaking (DJU) in case certain conditions are met is positive for the domestic Boiler-Turbine- Generator (BTG) manufacturers, says India Ratings and Research (India Ratings). India Ratings believes the effect of this advisory will have a trickle down benefit on the profitability of the BTG manufacturers with a lag of around 1.5-2.5 years, as the order execution cycle for Bharat Heavy Electricals Limiteds (BHEL; IND AA+/Negative) is 36-48 months.

The advisory is positive for BTG manufacturers in two respects. Firstly, CEA has extended the advisory dated 2nd February 2010 for a further period of three years to October 2018 from October 2015. The earlier advisory had asked the BTG procurers (central and state power generating entities) to incorporate the condition of setting up of phased indigenous manufacturing facilities in the bids to be invited for supercritical projects by them. It is interesting to note that, the advisory is only applicable to the central and state utilities and is only an advisory which cannot be enforced upon the procurers. However, India Ratings notes that most central and state utilities tend to fall in line with the CEA advisory. The private sector is free to choose from the BTG supplier. India Ratings believes that the private sector participation will remain muted since they have been hit the most on account of muted demand and lack of power purchase agreements, thus leading to the declining PLFs of 56.3% from 83.9% over 9mFY17- FY10 (Figure 1). Therefore at a time when bulk of the fresh capacity orders will come from the central and state utilities, such an extension in the timelines is positive for BTG manufacturers.

Secondly, CEA has also advised that in the event a BTG manufacturer meets three conditions then there will be no need to furnish a DJU. India Ratings believes that these conditions will be fulfilled by BHEL and hence in its future orders, it will not need to furnish DJU which is likely to increase its gross margins. The three conditions that need to be fulfilled are i) eight supercritical boilers manufactured/supplied in India by the company have achieved commercial operation ii) four such boilers should have achieved commercial operation for a duration of at-least one year and iii) performance guarantee tests have been successfully completed by any two boilers. Under the DJU clause, the domestic manufacturer has to furnish a guarantee from one of the collaborators, a large international technology company such as Siemens AG/Alstom. In order to provide guarantees, collaborators have been taking a higher share of the orders, thus impacting the gross margins of BTG manufacturers. As of October 2016, BHEL commissioned 12 sets of supercritical boilers and 10 sets of supercritical turbine generators. BHELs gross margins which have been historically stable or rising, due to BHELs indigenization efforts had declined in 9MFY16 to 37.7% and further to 36.6% during 9MFY17 (Figure 2), on account of the higher share of contracts executed under DJU clause, as the order book shifted towards supercritical projects. The order book of BHEL now has supercritical set contracts with DJU clauses, thus the gross margin expansion in India Ratings opinion is some time away. The execution of the new projects without DJU clause, will begin to reflect in the gross margins only once BHEL wins new projects.

India Ratings notes, that through this advisory, BHELs gross margins in future projects can expand, however, the overhang of slow moving order book, high employee cost, lower ordering activity given the subdued PLFs, limited participation from the private sector and stretched working capital cycle will continue to weigh on the overall financial profile of the company.

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Fraser and Company reports standalone net loss of Rs 0.04 crore in the December 2016 quarter
Feb 13,2017

Net loss of Fraser and Company reported to Rs 0.04 crore in the quarter ended December 2016 as against net profit of Rs 0.04 crore during the previous quarter ended December 2015. There were no Sales reported in the quarter ended December 2016 as against Rs 0.09 crore during the previous quarter ended December 2015.

ParticularsQuarter Endedn++Dec. 2016Dec. 2015% Var. Sales00.09 -100 OPM %044.44 - PBDT-0.040.04 PL PBT-0.040.04 PL NP-0.040.04 PL

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CIL Nova Petrochemicals standalone net profit declines 75.13% in the December 2016 quarter
Feb 13,2017

Net profit of CIL Nova Petrochemicals declined 75.13% to Rs 0.49 crore in the quarter ended December 2016 as against Rs 1.97 crore during the previous quarter ended December 2015. Sales declined 3.42% to Rs 45.52 crore in the quarter ended December 2016 as against Rs 47.13 crore during the previous quarter ended December 2015.

ParticularsQuarter Endedn++Dec. 2016Dec. 2015% Var. Sales45.5247.13 -3 OPM %5.789.00 - PBDT2.083.50 -41 PBT0.622.49 -75 NP0.491.97 -75

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Reliance Defence & Engineering reports standalone net loss of Rs 132.71 crore in the December 2016 quarter
Feb 13,2017

Net Loss of Reliance Defence & Engineering reported to Rs 132.71 crore in the quarter ended December 2016 as against net loss of Rs 293.60 crore during the previous quarter ended December 2015. Sales rose 142.80% to Rs 120.94 crore in the quarter ended December 2016 as against Rs 49.81 crore during the previous quarter ended December 2015.

ParticularsQuarter Endedn++Dec. 2016Dec. 2015% Var. Sales120.9449.81 143 OPM %3.35-255.05 - PBDT-128.31-239.69 46 PBT-178.50-293.60 39 NP-132.71-293.60 55

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Kintech Renewables standalone net profit rises 1300.00% in the December 2016 quarter
Feb 13,2017

Net profit of Kintech Renewables rose 1300.00% to Rs 0.14 crore in the quarter ended December 2016 as against Rs 0.01 crore during the previous quarter ended December 2015. Sales reported to Rs 0.17 crore in the quarter ended December 2016. There were no Sales reported during the previous quarter ended December 2015.

ParticularsQuarter Endedn++Dec. 2016Dec. 2015% Var. Sales0.170 0 OPM %123.530 - PBDT0.210.01 2000 PBT0.210.01 2000 NP0.140.01 1300

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Risa International reports standalone net profit of Rs 0.15 crore in the December 2016 quarter
Feb 13,2017

Net profit of Risa International reported to Rs 0.15 crore in the quarter ended December 2016 as against net loss of Rs 0.02 crore during the previous quarter ended December 2015. Sales rose 3.22% to Rs 19.26 crore in the quarter ended December 2016 as against Rs 18.66 crore during the previous quarter ended December 2015.

ParticularsQuarter Endedn++Dec. 2016Dec. 2015% Var. Sales19.2618.66 3 OPM %1.140.32 - PBDT0.24-0.01 LP PBT0.23-0.02 LP NP0.15-0.02 LP

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Axel Polymers reports standalone net loss of Rs 0.64 crore in the December 2016 quarter
Feb 13,2017

Net loss of Axel Polymers reported to Rs 0.64 crore in the quarter ended December 2016 as against net profit of Rs 0.38 crore during the previous quarter ended December 2015. Sales declined 30.84% to Rs 3.05 crore in the quarter ended December 2016 as against Rs 4.41 crore during the previous quarter ended December 2015.

ParticularsQuarter Endedn++Dec. 2016Dec. 2015% Var. Sales3.054.41 -31 OPM %-11.1515.65 - PBDT-0.580.50 PL PBT-0.640.38 PL NP-0.640.38 PL

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KMC Speciality Hospitals (India) standalone net profit rises 9.09% in the December 2016 quarter
Feb 13,2017

Net profit of KMC Speciality Hospitals (India) rose 9.09% to Rs 1.32 crore in the quarter ended December 2016 as against Rs 1.21 crore during the previous quarter ended December 2015. Sales rose 19.42% to Rs 14.02 crore in the quarter ended December 2016 as against Rs 11.74 crore during the previous quarter ended December 2015.

ParticularsQuarter Endedn++Dec. 2016Dec. 2015% Var. Sales14.0211.74 19 OPM %19.5423.08 - PBDT2.522.36 7 PBT1.751.53 14 NP1.321.21 9

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Euro Leder Fashion standalone net profit declines 80.00% in the December 2016 quarter
Feb 13,2017

Net profit of Euro Leder Fashion declined 80.00% to Rs 0.04 crore in the quarter ended December 2016 as against Rs 0.20 crore during the previous quarter ended December 2015. Sales rose 7.44% to Rs 13.43 crore in the quarter ended December 2016 as against Rs 12.50 crore during the previous quarter ended December 2015.

ParticularsQuarter Endedn++Dec. 2016Dec. 2015% Var. Sales13.4312.50 7 OPM %-2.46-5.04 - PBDT0.170.24 -29 PBT0.140.20 -30 NP0.040.20 -80

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Ashima reports standalone net profit of Rs 24.58 crore in the December 2016 quarter
Feb 13,2017

Net profit of Ashima reported to Rs 24.58 crore in the quarter ended December 2016 as against net loss of Rs 5.80 crore during the previous quarter ended December 2015. Sales declined 10.52% to Rs 51.29 crore in the quarter ended December 2016 as against Rs 57.32 crore during the previous quarter ended December 2015.

ParticularsQuarter Endedn++Dec. 2016Dec. 2015% Var. Sales51.2957.32 -11 OPM %0.10-3.75 - PBDT-2.17-4.92 56 PBT-3.03-5.80 48 NP24.58-5.80 LP

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Mahavir Impex reports standalone nil net profit/loss in the December 2016 quarter
Feb 13,2017

Mahavir Impex reported no net profit/loss in the quarter ended December 2016 and during the previous quarter ended December 2015. There were no Sales reported in the quarter ended December 2016 and during the previous quarter ended December 2015.

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