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Bajaj Finserv soars after reports of likely buyout of Allianzs stake in insurance arms
Jun 27,2016

Meanwhile, the S&P BSE Sensex was down 20.77 points or 0.08% at 26,376.94.

On BSE, so far 28,753 shares were traded in the counter as against average daily volume of 27,399 shares in the past one quarter. The stock hit high of Rs 2,245.30 in intraday trade, which was also a record high for the stock. The stock hit a low of Rs 2,090 so far during the day. The stock had hit a 52-week low of Rs 1,459.20 on 29 June 2015. The stock had outperformed the market over the past one month till 24 June 2016, rising 17.79% compared with 4.32% rise in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 20.68% as against Sensexs 4.18% rise.

The large-cap company has equity capital of Rs 79.57 crore. Face value per share is Rs 5.

Bajaj Finserv is reportedly likely to buy out its German partner, Allianz SEs stakes in both of their joint venture insurance companies, Bajaj Allianz Life Insurance Company and Bajaj Allianz General Insurance in a deal estimated at as much as Rs 10000 crore. Bajaj Finserv, the financial services arm of Bajaj Holdings and Investments, owns 74% and Allianz SE holds 26% in both the ventures.

The report said that Allianz has been in talks with Bajaj Finserv to increase its stake in the insurance joint ventures to 49% from 26% after the government increased foreign investment limit in the sector to 49% from earlier 26% in March 2015. However, the discussion failed to yield any result as both the parties could not decide on the price, the report added.

Bajaj Finservs consolidated net profit fell 26.8% to Rs 517.95 crore on 6.7% growth in total income to Rs 2567.18 crore in Q4 March 2016 over Q4 March 2015.

Bajaj Finserv participates in the financing business through its holding in Bajaj Finance and in protection business through its holding in Bajaj Allianz General Insurance Company and Bajaj Alliance Life Insurance Company.

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Tata Sponge Iron gains after receiving LOI from Eastern Coalfields
Jun 27,2016

The announcement was made after market hours on Friday, 24 June 2016.

Meanwhile, the S&P BSE Sensex was down 20.82 points or 0.08% at 26,365.01

On BSE, so far 69,000 shares were traded in the counter as against average daily volume of 1.18 lakh shares in the past one quarter. The stock hit a high of Rs 623.70 and a low of Rs 599 so far during the day. The stock had hit a 52-week low of Rs 340 on 12 February 2016. The stock had hit a 52-week high of Rs 678 on 15 June 2015. The stock had underperformed the market over the past 30 days till 24 June 2016, falling 3.11% compared with 0.12% rise in the Sensex. The scrip, however, outperformed the market in past one quarter, gaining 25.36% as against Sensexs 4.18% rise.

The small-cap company has equity capital of Rs 15.40 crore. Face value per share is Rs 10.

Tata Sponge Iron said that the company is in receipt of letter of intent (LOI) from Eastern Coalfields (a subsidiary of Coal India) declaring the company as a successful bidder for award of 24,000 tonne per annum of coal at a notified price (winning premium is zero). The notified price shall be reviewed by Coal India on a half yearly basis, Tata Sponge Iron said. As per the LOI, the company would be required to execute the fuel supply agreement, valid for a period of five years from the date of execution of the agreement and is further extendable for another five years, the company said. The agreement shall have a lock-in period of two years. The tonnage will constitute less than 10% of the companys annual coal requirement, it added.

Tata Sponge Irons consolidated net profit rose 49.47% to Rs 12.81 crore on 17.71% decline in total income to Rs 151.31 crore in Q4 March 2016 over Q4 March 2015.

Tata Sponge Iron is a sponge iron manufacturer.

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Brigade Enterprises gains after its JV launches club resort
Jun 27,2016

The announcement was made before market hours today, 27 June 2016.

Meanwhile, the BSE Sensex was down 12.39 points, or 0.03%, to 26,390.29.

On BSE, so far 2,708 shares were traded in the counter, compared with an average volume of 9,030 shares in the past one quarter. The stock hit a high of Rs 160.85 and a low of Rs 154.35 so far during the day. The stock hit a 52-week high of Rs 186.80 on 17 June 2016. The stock hit a 52-week low of Rs 121 on 25 August 2015. The stock had underperformed the market over the past one month till 24 June 2016, rising 3.36% compared with 4.32% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, gaining 9.66% as against Sensexs 4.18% rise.

The mid-cap company has an equity capital of Rs 113.22 crore. Face value per share is Rs 10.

Brigade Enterprises said that BCV Developers Private Ltd., a joint venture between Brigade Enterprises, Classic Group and Valmark launched its latest lifestyle club Signature Club Resort at Brigade Orchards, a 130 acre smart township in Devanahalli, Bengaluru. Signature Club Resort will be managed by Brigade Hospitality Services, a wholly owned subsidiary of Brigade Enterprises.

Brigade Enterprises consolidated net profit declined 17% to Rs 35.86 crore on 20% rise in net sales to Rs 458.34 crore in Q4 March 2016 over Q4 March 2015.

Brigade Enterprises is Brigade Groups flagship company. Brigade Group was established in 1986, with property development as its main focus.

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Axis Bank gains after large bulk deal
Jun 27,2016

Meanwhile, the S&P BSE Sensex was down 31.87 points or 0.12% at 26,365.84

Bulk deal boosted volume on the Axis Bank scrip. On BSE, so far 36.72 lakh shares were traded in the counter as against average daily volume of 7.21 lakh shares in the past one quarter. The stock hit a high of Rs 517.90 and a low of Rs 508 so far during the day. The stock had hit a 52-week high of Rs 613.40 on 16 July 2015. The stock had hit a 52-week low of Rs 366.65 on 18 January 2016. The stock had underperformed the market over the past 30 days till 24 June 2016, falling 1.7% compared with 0.12% rise in the Sensex. The scrip, however, outperformed the market in past one quarter, gaining 16.64% as against Sensexs 4.18% rise.

The large-cap bank has equity capital of Rs 477.41 crore. Face value per share is Rs 2.

Axis Banks net profit fell 1.2% to Rs 2154.28 crore on 9.8% rise in total income to Rs 13592.97 crore in Q4 March 2016 over Q4 March 2015.

Axis Bank is one of the biggest private sector banks in India.

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IT stocks extend decline post Britain votes to leave EU
Jun 27,2016

Meanwhile, the S&P BSE Sensex was down 31.57 points or 0.12% at 26,366.14.

Tech Mahindra (down 0.91%), HCL Technologies (down 0.87%), TCS (down 2.44%), Oracle Financial Services Software (down 0.82%), Wipro (down 0.93%), Infosys (down 1.54%), MindTree (down 0.69%), MphasiS (down 1.25%) and Persistent Systems (down 0.92%) edged lower.

IT stocks extended losses amid concerns over the impact of Brexit on the Indian outsourcing companies. The UK is the second biggest IT outsourcing market after the United States. TCS reportedly derives 14% of its revenue in pound sterling. HCL Tech, Wipro and Tech Mahindra have 12-13% exposure in pound while Infosys has 6.6% exposure, report added. Pound sterling and euro took a heavy drubbing against the dollar post Britains exit from EU.

The global brokerage house reportedly said that the depreciation of pound in the wake of Brexit would hurt the dollar revenue of Indian outsourcers when their pound earnings are translated into dollar. However, it added that US dollars appreciation against other major currencies could partially offset the impact from weaker pound and euro. Overall, for the Indian IT sector, brokerage sees the earnings of Indian outsourcers to get impacted due to Brexit. The possible growth slowdown in the UK from Brexit effects is likely to impact the volumes of Indian outsourcers, it added.

The BSE IT index had dropped 2.13% on 24 June 2016 outperforming the Sensexs 2.24% drop on that day after global stocks tumbled after results of referendum on 24 June 2016 showed that Britain voted to exit European Union. The BSE IT index had underperformed the market over the past one month till 24 June 2016, rising 2.08% compared with 4.32% rise in the Sensex. The index had also underperformed the market in past one quarter, gaining 0.07% as against Sensexs 4.18% rise.

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Bharti Airtel gains after further extending merger agreement with Axiata
Jun 27,2016

The announcement was made after market hours on Friday, 24 June 2016.

Meanwhile, the S&P BSE Sensex was up 28.63 points or 0.11% at 26,426.34

On BSE, so far 10,000 shares were traded in the counter as against average daily volume of 2.02 lakh shares in the past one quarter. The stock hit a high of Rs 357.85 and a low of Rs 351.90 so far during the trading session. The stock had 52-week high of Rs 452.45 on 21 July 2015. The stock had hit 52-week low of Rs 282.30 on 29 January 2016.

The large-cap company has equity capital of Rs 1998.70 crore. Face value per share is Rs 5.

It may be recalled that Bharti Airtel and Axiata Group Berhad (Axiata) had on 28 January 2016 signed a definitive agreement to merge their respective telecommunication subsidiaries in Bangladesh; namely, Airtel Bangladesh (Airtel) and Robi Axiata (Robi). The agreement follows the 9 September 2015 announcement of both parties entering into an exclusive discussion to explore possibility of combining the business operations in Bangladesh.

Post-merger, the combined entity operating as Robi will serve approximately 4 crore customers. The joint strengths of Robi and Airtel will deliver the widest mobile network coverage across Bangladesh, strengthening its position in the mobile internet segment as well as consolidating its position as the second largest operator in the country, Airtel and Axiata said in a joint press release on 28 January 2016. The proposed transaction is subject to conditions precedent including receiving applicable approvals from relevant authorities and is expected to complete in the first half of 2016, the two companies had said. Upon completion, Axiata will hold 68.3% controlling stake in the combined entity, while Bharti will hold 25%. The remaining 6.7% will be held by the existing shareholder, NTT DOCOMO of Japan, they added.

Bharti Airtels consolidated net profit rose 2.8% to Rs 1290.30 crore on 8.4% growth in net sales to Rs 24959.60 crore in Q4 March 2016 over Q4 March 2015.

Bharti Airtel ranks amongst the top three mobile service providers globally in terms of subscribers. The company has its operations in 20 countries across Asia and Africa.

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Aban Offshore advances after new order win
Jun 27,2016

The announcement was made after market hours on Friday, 24 June 2016.

Meanwhile, the S&P BSE Sensex was down 24.17 points or 0.09% at 26,373.54

On BSE, so far 86,256 shares were traded in the counter as against average daily volume of 3.97 lakh shares in the past one quarter. The stock hit a high of Rs 208.75 and a low of Rs 204.20 so far during the day. The stock had hit a 52-week low of Rs 142.50 on 12 February 2016. The stock had hit a 52-week high of Rs 340 on 15 July 2015.

The small-cap company has equity capital of Rs 11.67 crore. Face value per share is Rs 2.

Aban Offshore said that the companys step down subsidiary has received a firm letter of award from ONGC for the deployment of the drillship Aban Abraham for a firm period of 2 years. The expected revenues from this deployment is estimated at $87 million (equivalent to Rs 592 crore). The deployment is expected to commence during the fourth quarter of calendar year 2016.

On consolidated basis, Aban Offshore reported net loss of Rs 119.80 crore in Q4 March 2016 compared with net profit of Rs 113.54 crore in Q4 March 2015. Net sales declined 36.5% to Rs 629.30 crore in Q4 March 2016 over Q4 March 2015.

Aban Offshore offers a diverse range of offshore drilling services to clients in India and abroad.

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Trent drops amid intraday volatility
Jun 24,2016

Meanwhile, the S&P BSE Sensex was down 609.71 points or 2.26% at 26,392.51.

On BSE, so far 5,331 shares were traded in the counter as against average daily volume of 9,007 shares in the past one quarter. The stock was volatile. The stock lost as much as 5.94% at the days low of Rs 1,588.65 so far during the day. The stock rose as much as 1.72% at the days high of Rs 1,718.25 so far during the day. The stock had hit a record high of Rs 1,856 on 25 May 2016. The stock had hit a 52-week low of Rs 1,116.95 on 29 June 2015. The stock had underperformed the market over the past one month till 23 June 2016, sliding 4.21% compared with Sensexs 7.02% rise. The scrip had, however, outperformed the market in past one quarter, gaining 8.05% as against Sensexs 6.57% rise.

The mid-cap company has equity capital of Rs 33.23 crore. Face value per share is Rs 10.

Trent announced during market hours today, 24 June 2016 that it has scheduled a board meeting on 28 June 2016, to consider stock-split proposal and issue of non-convertible debentures on private placement basis.

Trents net profit rose 48.6% to Rs 17.02 crore on 14.9% growth in net sales to Rs 369.94 crore in Q4 March 2016 over Q4 March 2015.

Trent, a retail arm of the Tata group, operates retail chain Westside and bookstore chain Landmark in various locations of India. Trent also operates the hypermarket Star Bazaar in 8 Indian cities.

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Ruchira Papers gains after CARE upgrades credit rating
Jun 24,2016

The announcement was made after market hours yesterday, 23 June 2016.

Meanwhile, the S&P BSE Sensex was off 604.37 points or 2.24% at 26,403.11. Global stocks slumped after results from the UKs referendum on its European Union (EU) membership, dubbed Brexit, showed the country had voted to leave the trading bloc.

On BSE, so far 16,720 shares were traded in the counter, compared with an average volume of 21,106 shares in the past one quarter. The stock hit high of Rs 68.50 and low of Rs 63.85 so far during the day. The stock hit a record high of Rs 78.40 on 12 May 2016. The stock hit a 52-week high of Rs 27.40 on 24 June 2016. The stock had underperformed the market over the past one month till 23 June 2016, rising 1.91% compared with Sensexs 7.02% rise. The scrip had, however, outperformed the market in past one quarter, gaining 6.64% as against Sensexs 6.57% rise.

The small-cap company has equity capital of Rs 22.42 crore. Face value per share is Rs 10.

Ruchira Papers said that the credit rating of the company has been upgraded from CARE BBB- to CARE BBB assigned to long term facilities and from CARE BBB to CARE A3+ assigned to short term facilities of the company.

Ruchira Papers net profit rose 10.1% to Rs 4.03 crore on 0.8% rise in net sales to Rs 89.68 crore in Q4 March 2016 over Q4 March 2015.

Ruchira Papers is a paper manufacturing companu incorporated in 1980

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Sharon Bio-Medicine declines on profit taking
Jun 24,2016

Meanwhile, the S&P BSE Sensex was down 664.53 points or 2.46% at 26,337.69.

On BSE, so far 2.78 lakh shares were traded in the counter as against average daily volume of 1.47 lakh shares in the past one quarter. The stock hit a high of Rs 12.80 and a low of Rs 11.05 so far during the day. The stock had hit a 52-week low of Rs 8.40 on 2 June 2016. The stock had hit a 52-week high of Rs 32.55 on 16 December 2015. The stock had outperformed the market over the past one month till 23 June 2016, advancing 13.99% compared with Sensexs 7.02% rise. The scrip had also outperformed the market in past one quarter, gaining 8.17% as against Sensexs 6.57% rise.

The small-cap company has equity capital of Rs 23.79 crore. Face value per share is Rs 2.

Shares of Sharon Bio-Medicine had rallied 31.16% in two trading sessions to settle at Rs 12.71 yesterday, 23 June 2016, from its close of Rs 9.69 on 21 June 2016, after the company after market hours on 21 June 2016, announced that its board has decided to introduce more profitable products and increase capacity utilization. Sharon Bio-Medicines board of directors at its meeting held on 21 June 2016, discussed the current financial position of the company and decided to introduce more profitable products, increase capacity utilization and get the business to move in the regulated markets specifically the United States of America.

On consolidated basis, Sharon Bio-Medicine reported net loss of Rs 153.73 crore in Q3 March 2016, higher than net loss of Rs 56.43 crore in Q3 March 2015. Net sales declined 72.6% to Rs 35.77 crore in Q3 March 2016 over Q3 March 2015.

Sharon Bio-Medicine is engaged in manufacture of intermediates, active pharmaceutical ingredients (API) and finished dosage forms

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Airline stocks edge higher after drop in crude oil prices
Jun 24,2016

Meanwhile, the S&P BSE Sensex was off 734.68 points or 2.72% at 26,267.54. Global stocks slumped after results from the UKs referendum on its European Union (EU) membership, dubbed Brexit, showed the country had voted to leave the trading bloc.

SpiceJet (up 1%) and InterGlobe Aviation (up 0.3%) gained. Jet Airways (India) dropped 5.34%. Lower crude oil prices benefit aviation firms as jet fuel prices, which typically constitute about 50% of airlines operating costs, are directly linked to international crude oil prices.

Crude oil futures witnessed selling pressure after Britain chose to leave European Union. Brent for August 2016 settlement was currently off $1.90 per barrel at $49.01 a barrel. The Brent August contract had risen $1.03 a barrel or 2.06% to settle at $50.91 a barrel yesterday, 23 June 2016.

Meanwhile, in the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 67.855, compared with its close of 67.25 during the previous trading session.

A weakness in rupee against the dollar will raise routine expenses for carriers. A weak rupee impacts aviation sector adversely as almost a third of operational expenses of aviation firms are denominated in dollars. Among the payments made in dollars include, rentals of leased aircraft, maintenance, spare parts and salary paid out to foreign crew.

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Tata Motors slumps on reports of recall of JLR vehicles in China
Jun 24,2016

Meanwhile, the S&P BSE Sensex was down 715.92 points or 2.65% at 26,286.30.

The stock tanked on heavy volumes. On BSE, so far 29.95 lakh shares were traded in the counter as against average daily volume of 7.60 lakh shares in the past one quarter. The stock hit a high of Rs 453.45 and a low of Rs 425 so far during the day. The stock had hit a 52-week high of Rs 489.60 yesterday, 23 June 2016. The stock had hit a 52-week low of Rs 266 on 11 February 2016. The stock had outperformed the market over the past one month till 23 June 2016, advancing 27.5% compared with Sensexs 7.02% rise. The scrip had also outperformed the market in past one quarter, gaining 29.46% as against Sensexs 6.57% rise.

The large-cap company has equity capital of Rs 577.44 crore. Face value per share is Rs 2.

Reports suggested that the recall affects 6,067 imported Land Rover Discovery 4 sport utility vehicles (SUVs) manufactured between April 2012 and October 2012. Apart from that, 5,214 imported Range Rover models produced between April 2012 and October 2012 and one New Range Rover car made on 9 May 2012 will be recalled. Jaguar Land Rover (JLR) will check all the affected vehicles and replace defective parts free of charge, reports suggested.

According to reports, faulty crankshaft position sensors may cause the engine to stall when driving. Some of the cars may even fail to start, reports added.

Meanwhile, the outcome of a referendum favoring UKs exit from the European Union (EU) sent shares of Tata Motors tumbling. Tata Motors derives majority of its revenue from JLR. JLR is the largest automotive manufacturer in Britain. It is one of the UKs largest exporters and generates over 80% of its revenue from exports.

Tata Motors consolidated net profit jumped 201.6% to Rs 5177.06 crore on 18.8% growth in net sales to Rs 79926.12 crore in Q4 March 2016 over Q4 March 2015.

Tata Motors is a market leader in commercial vehicles in India. The companys British unit JLR sells premium luxury cars.

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Many stocks having exposure to Europe drop after Brexit vote
Jun 24,2016

Meanwhile, the S&P BSE Sensex was off 783.68 points or 2.90% at 26,218.54. Global stocks slumped after results from the UKs referendum on its European Union (EU) membership, dubbed Brexit, showed the country had voted to leave the trading bloc.

Shares of many non index constituents having a significant presence to Europe dropped on fear that Britains exit from the EU could destabilize the trade bloc and could adversely impact revenue from the region. Apollo Tyres (down 2.69%), Bharat Forge (down 2.81%), KPR Mill (down 3.41%), Motherson Sumi Systems (down 8.86%), Tata Global Beverages (down 3.04%), Hindalco Industries (down 5.73%), Torrent Pharma (down 3.01%) and Wockhardt (down 3.5%) declined.

Britain has been a member of the trading bloc since 1973. Voting in the referendum was concluded in a single day yesterday, 23 June 2016 and results of referendum were announced today, 24 June 2016.

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Many stocks of companies having exposure to Europe drop after Brexit vote
Jun 24,2016

Meanwhile, the S&P BSE Sensex was off 783.68 points or 2.90% at 26,218.54. Global stocks slumped after results from the UKs referendum on its European Union (EU) membership, dubbed Brexit, showed the country had voted to leave the trading bloc.

Shares of many non index constituents having a significant presence to Europe dropped on fear that Britains exit from the EU could destabilize the trade bloc and could adversely impact revenue from the region. Apollo Tyres (down 2.69%), Bharat Forge (down 2.81%), KPR Mill (down 3.41%), Motherson Sumi Systems (down 8.86%), Tata Global Beverages (down 3.04%), Hindalco Industries (down 5.73%), Torrent Pharma (down 3.01%) and Wockhardt (down 3.5%) declined.

Britain has been a member of the trading bloc since 1973. Voting in the referendum was concluded in a single day yesterday, 23 June 2016 and results of referendum were announced today, 24 June 2016.

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Mandhana Industries hits record low
Jun 24,2016

Meanwhile, the S&P BSE Sensex was off 1,066.13 points or 3.95% at 25,936.09, slumping along with the carnage witnessed in world financial markets after Britain voted to leave the European Union (EU) results showed Brexit Referendum.

On BSE, so far 1,356 shares were traded in the counter, compared with an average volume of 20,453 shares in the past one quarter. The stock was locked at a low of Rs 129.85 so far during the day, which is also record low for the stock. The stock hit a 52-week high of Rs 345 on 22 March 2016. The stock had underperformed the market over the past one month till 23 June 2016, slumping 54.77% compared with Sensexs 7.02% rise. The scrip had also underperformed the market in past one quarter, declining 50.57% as against Sensexs 6.57% rise.

The stock has slumped 54.1% in six sessions to its current ruling price of Rs 129.85 from its close of Rs 282.95 on 16 June 2016.

The small-cap company has equity capital of Rs 33.12 crore. Face value per share is Rs 10.

Mandhana Industries had issued a clarification on 21 June 2016 on business operations, demerger of retail business and continuity of Being Human Business. Shares of Mandhana Industries hit 20% lower circuit to settle at Rs 178.05 on that day. Mandhana Industries after receiving several queries with respect to its business operations, demerger of retail business, continuity of Being Human Business and the like in recent days had clarified that there is no disruption to its normal, ongoing business. The company has already received the approval to its scheme of demerger of the retail business from the High Court vide order dated 29 March 2016 and pursuant to the order, the company is in the process of demerging its current retail business into the resulting company, Mandhana Retail Ventures Limited. All current and future retail businesses of Mandhana Industries Ltd will henceforth be carried out in Mandhana Retail Ventures.

Subsequent to approval to the scheme, Mandhana Retail Ventures Limited is in the process of signing a new contract with the Being Human-The Salman Khan Foundation, the specifics of which are under negotiation with them. The company further clarified that the retail business of Being Human continues to do extremely well and plans are in place to ensure robust growth in the business, going forward.

Textile company Mandhana Industries is associated with Salman Khans NGO Being Human. It has an exclusive licence agreement with Being Human - the Salman Khan Foundation - for designing, marketing and distributing Being Human clothing products.

Net profit of Mandhana Industries rose 3.8% to Rs 15.93 crore on 5.9% rise in net sales to Rs 472.27 crore in Q4 March 2016 over Q4 March 2015.

Mandhana is a multi divisional textile company spread over multiple geographical locations. The company engages in manufacturing of textiles and garments with state-of-the-art infrastructure. The scope of Mandhanas business includes designing, yarn dyeing, weaving, processing, printing and garment manufacturing.

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