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Venlon Enterprises to hold board meeting
Jun 01,2017

Venlon Enterprises will hold a meeting of the Board of Directors of the Company on 31 July 2017.

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Sustained increase in new orders underpin output growth: Nikkei India Manufacturing PMI
Jun 01,2017

The Indian manufacturing sector stayed in expansion mode in May as a further upturn in new business supported output growth. That said, rates of increase eased in both cases. Spending patterns varied, with employment down but quantities of purchases up from April. Meanwhile, input costs rose at the slowest rate since last September, whereas charge inflation accelerated. With regards to future performance, goods producers were at their most optimistic in six months.

Remaining above the no-change mark of 50.0 in May, the headline Nikkei India Manufacturing Purchasing Managers IndexTM (PMITM) signalled a further improvement in operating conditions. That said, the PMI was down from 52.5 in April to a three-month low of 51.6.

May data pointed to softer expansions in both new orders and production. Incoming new work rose at the weakest pace since February, with slowdowns evident in the consumer and intermediate goods categories. Capital goods producers, meanwhile, recorded a contraction in order books. Output growth across the manufacturing sector as a whole was at a three-month low.

Businesses further increased their purchasing activity during May. Moreover the upturn in buying levels was more pronounced than in April. Subsequently, stocks of purchases rose, with the pace of accumulation the quickest in the current three-month sequence of growth.

On the other hand, holdings of finished goods decreased in May as companies sought to fulfil orders from stocks. The rate of depletion was sharp, and the most pronounced since August 2015. Quicker reductions in post-production inventories were seen in each of the three monitored market groups.

International demand for Indian-manufactured goods deteriorated in May, as signalled by a decline in new export orders. The contraction was only slight, but ended a three-month sequence of growth.

Amid reports of the non-replacement of voluntary leavers and shortages of suitable labour, manufacturing jobs in India decreased in May. The fall in staff numbers was centred on the intermediate goods category, with marginal growth noted elsewhere.

Concurrently, outstanding business volumes rose again, marking a one-year sequence of accumulation. Despite accelerating since April, the pace of expansion in backlogs was modest.

Cost burdens facing Indian goods producers continued to rise in May, with chemicals, metals, paper and plastics all reported to be up in price. The rate of inflation softened to the slowest in eight months, however, and was below the long-run series average. In contrast, factory gate charges increased at a slightly quicker pace than in April.

Business confidence improved in May, with firms expecting new product launches, machinery acquisitions and marketing campaigns to support output growth in the year ahead. Moreover, the degree of optimism climbed to a six-month high.

Commenting on the Indian Manufacturing PMI survey data, Pollyanna De Lima, Economist at IHS Markit and author of the report, said: The upturn in the Indian manufacturing sector took a step back in May, with softer demand causing slower expansions in output and the amount of new work received by firms. Moreover, there was a renewed decline in new export orders.

Echoing a more positive tone, the PMI dataset highlighted a stronger increase in businesses input purchasing, while optimism reached a six-month peak. Additionally, cost inflationary pressures cooled.

With inflation under control and manufacturing growth below par, we may see the RBI changing neutral monetary policy stance to accommodative in coming months in order to support the economy.

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Kolte-Patil gains after providing update on project in Pune
Jun 01,2017

The company made the announcement after market hours yesterday, 31 May 2017.

Meanwhile, the S&P BSE Sensex was up 21.44 points or 0.07% at 31,167.24. The S&P BSE Small-Cap index was up 114.21 points, or 0.76% at 15,194.42.

On BSE, so far 8,869 shares were traded in the counter, compared with an average volume of 1.20 lakh shares in the past one quarter. The stock hit a high of Rs 181.80 and a low of Rs 179.50 so far during the day. The stock had hit a 52-week high of Rs 204 on 26 April 2017. The stock hit a 52-week low of Rs 78.75 on 27 December 2016.

The stock had underperformed the market over the past one month till 31 May 2017, falling 5.02% compared with 4.1% gains in the Sensex. The scrip had, however, outperformed the market in past one quarter, gaining 65.25% as against Sensexs 8.36% gains. The scrip had also outperformed the market in past one year, gaining 39.63% as against Sensexs 16.79% gains.

The small-cap company has an equity capital of Rs 75.77 crore. Face value per share is Rs 10.

Kolte-Patil Developers said that the company has completed Phase I of its Three Jewels Project. Phase I has a saleable area of 0.73 million square feet and comprises 812 apartments with a mix of 1, 2 and 2.5 BHKs and 40 shops. The project is located on a 15 acre land parcel located within Pune city limits, in the prime Katraj-Kondwa area of South Pune.

Phase II of the project comprises 754 apartments spread over 0.75 million square feet, and is currently underway, Kolte-Patil Developers said. The project has received a good response and appreciation from the home seekers in Pune and nearby cities from the western Maharashtra region, the company said.

On a consolidated basis, Kolte-Patil Developerss net profit rose 65.01% to Rs 29.80 crore on 60.91% rise in total revenue to Rs 336.78 crore in Q4 March 2017 over Q4 March 2016.

Kolte-Patil Developers is a real estate company with dominant presence in Pune residential market. The company has executed projects in multiple segments - standalone residential buildings and integrated townships.

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Future Market climbs on acquiring further stake in JV
Jun 01,2017

The announcement was made after market hours yesterday, 31 May 2017.

Meanwhile, the S&P BSE Sensex was down 8.90 points, or 0.03%, to 31,136.90. The S&P BSE Small-Cap index was up 109.19 points, or 0.72%, to 15,189.40.

On the BSE, 1,178 shares were traded in the counter so far, compared with an average volume of 31,640 shares in the past one quarter. The stock had hit a high of Rs 74.15 and a low of Rs 70.50 so far during the day. The stock had hit a 52-week high of Rs 93.95 on 15 March 2017. The stock had hit a 52-week low of Rs 17.60 on 7 June 2016.

The stock had dropped 6.71% in three sessions to Rs 70.10 yesterday, 31 May 2017 from a close of Rs 75.15 on 26 May 2017.

The stock had underperformed the market over the past one month till 31 May 2017, falling 14.3% compared with 4.1% gains in the Sensex. The scrip had, however, outperformed the market in past one quarter, gaining 30.78% as against Sensexs 8.36% gains. The scrip had also outperformed the market in past one year, gaining 202.16% as against Sensexs 16.79% gains.

The small-cap company has equity capital of Rs 56.29 crore. Face value per share is Rs 10.

Future Market Networks announced that it executed a share purchase agreement (SPA) with IL&FS Township and Urban Assets (ITUAL) to acquire 50% equity share capital namely, 1.5 crore equity shares held by ITUAL in Future Retail Destination (FRDL).

FRDL is set up for development of infra logistic parks across India as a special purpose vehicle company. FRDL shall become wholly owned subsidiary of the company upon completion of the transaction.

The total consideration payable by the company under the SPA is Rs 14 crore. In terms of the SPA, the company has paid an amount of Rs 9 crore and the balance consideration of Rs 5 crore shall be paid on or before 30 September 2018.

On 22 May 2017, at the time of announcement of Q4 results, the board had approved purchase of 50% equity shares held by IL&FS Township & Urban Assets in the joint venture company set up for development of infra logistic park pursuant to a joint venture agreement dated 18 April 2012.

Future Market Networks reported net loss of Rs 8.64 crore in Q4 March 2017 compared with net profit of Rs 53.18 crore in Q4 March 2016. Net sales rose 6.9% to Rs 23.7 crore in Q4 March 2017 over Q4 March 2016.

Future Market Networks aims to amend the outdated wholesale infrastructure, improve the supply chain and clear logistics bottlenecks to bridge the efficiency gap between demand and supply.

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ICICI Bank allots equity shares
Jun 01,2017

ICICI Bank on 30th May 2017 has allotted 234,210 shares of Rs 2 each under the Employee Stock Option Scheme, 2000.

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Gravita starts commercial production of PET
Jun 01,2017

Gravita Nicaragua S.A., a step subsidiary of Gravita India has started commercial production of recycling of PET Flakes by installing a modern PET Hot Wash Line with an annual capacity of 6000 MTPA.

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Aptech fixes record date for interim dividend
Jun 01,2017

Aptech has fixed June 3rd 2017 as the Record Date for the purpose of payment of interim dividend of Rs 3 per share (30%) of Rs 10 each.

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4 mega food parks to become operational in next 3 months; 300 new cold chain proposals received: Sadhvi Niranjan Jyoti
Jun 01,2017

Up to four mega food parks will become operational during the course of next three months, Union Minister of State for Food Processing Industries, Sadhvi Niranjan Jyoti said at an ASSOCHAM event.

n++Only two mega food parks became operational between 2009 and 2014 whereas six mega food parks became operational between 2014 and 2017 likewise 42 mega food parks will become operational by 2019,n++ said Sadhvi Jyoti.

Highlighting that the government sanctioned 63 cold chain projects since 2014, the Union Minister said, n++We have received 300 proposals for setting up new cold chain projects, which shows that industry across India is taking interest in food processing sector as we have received many applications from north-eastern states like Nagaland, Manipur and others.n++

She said that while the government is working at a rapid pace for development of food processing sector, the industry should impart training to the farmer to take utmost care of quality of produce.

The Union Minister said that she had suggested her Ministry to provide storage facilities for perishable products in the market itself like for wheat and rice, so that farmer can take it to the desired place later. n++I hope this suggestion will be considered by the cabinet.n++

Talking about her recent meeting with Uttar Pradesh (UP) chief minister, Yogi Aditya Nath, the Union Minister said, n++We and the state government will ensure that land, power, safety and all sorts of facilities will be provided to industrialists willing to set up food park in the state.n++

She said that she was surprised to note that there was not even a single food park in such a huge state which is equivalent to a countrys size.

Earlier, while addressing the ASSOCHAM conference, Mr D.K. Singh, chairman, APEDA (Agricultural and Processed Food Products Export Development Authority) said that his organisation is working on horticulture sector to increase export basket.

He informed that APEDA is trying to export and promote mangoes in a big way.

n++When we think of a business plan in logistics development we must also think those aspects which are relevant in a particular market,n++ said Mr Singh highlighting that feedback received from Korea on export of mangoes was not good, in terms of quality, packaging and other related issues.

n++We realised that we focus only on the backward integration in the system but we never thought what is the co-relation and forward linkages up to the country where it is reaching,n++ he added.

He rued the fact that logistics for cold chain for import items is better than for the export items as those products have to be brought and quickly distributed to the consumers.

n++That segment is well off and the industry is ready for a distribution network but not for exports and industry is not ready to work with farmers,n++ said the APEDA chief.

He added that merely creating few cold storage for potato, apple, grapes would not be sufficient in order to increase farmers income, as such a system needs to be put in place to collect the farmers produce at the farm, sort it, grade it in next 5-6 hours and then transport to a place having pre-cooling facility and from there to the pack house for higher level of packaging and processing and then from that point it is taken to the port for export.

n++So the entire chain has to be addressed and preferably by a chain of operators who have interest in the entire value chain,n++ said Mr Singh.

n++We are working on a scheme for next three years where we have made for the first time significant role for service provider in a big way and our proposal is that EFC stays and once our approval of EFC comes the scheme will be implemented and we will seek suitable and viable proposals from service providers who are ready to work with the farmers and for exports,n++ further said the APEDA chairman.

Dr Shakil Ahmed, joint secretary, Department of Agriculture and Cooperation stressed upon the need for industry and government collaboration in areas like applied research, in developing crop/product specific detailed protocol of cold chain management as that would help lot of start-ups to come up and really work for the development of this sector and even the government is more than willing to support in terms of infrastructure facility in this regard.

n++Industry should play more active role. We have identified more than 52 sectors in clusters that are export oriented zones in the country of which 10 have almost started working as such the industry should come up in a big way and collaborate,n++ said Dr Shakil.

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Pfizer in pink of health after announcing acquisition of Neksium
Jun 01,2017

The announcement was made after market hours yesterday, 31 May 2017.

Meanwhile, the S&P BSE Sensex was up 3.43 points or 0.01% at 31,149.23. The S&P BSE Mid-Cap index was up 33.54 points, or 0.23% at 14,669.36.

On the BSE, 3,174 shares were traded on the counter so far as against the average daily volumes of 5,219 shares in the past one quarter. The stock had hit a high of Rs 1,785.80 and a low of Rs 1,697 so far during the day. The stock had hit a 52-week high of Rs 2,055 on 9 September 2016. The stock had hit a 52-week low of Rs 1,641 on 30 May 2017.

The mid-cap company has equity capital of Rs 45.75 crore. Face value per share is Rs 10.

Pfizer announced that it has entered into an acquisition agreement with AstraZeneca AB, Sweden (AstraZeneca), pursuant to which the brand Neksium is being acquired by the company in India for a consideration of Rs 75 crore. Neksium (esomeprazole) complements the companys existing product portfolio in the gastrointestinal (GI) therapeutic area, Pfizer said.

Pfizers net profit dropped 21.98% to Rs 68.04 crore on 14.52% fall in net sales to Rs 438.06 crore in Q4 March 2017 over Q4 March 2016.

Pfizer is a leading biopharmaceutical company.

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Siemens shifts registered office within city limits
Jun 01,2017

Siemens has announced that the Registered Office of the Company stands shifted from 130 Pandurang Budhkar Marg, Worli, Mumbai - 400 018 to Birla Aurora, Level 21, Plot No. 1080, Dr. Annie Besant Road, Worli, Mumbai - 400 030 with effect from 01st June 2017.

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MOIL gains after announcing price hike
Jun 01,2017

The announcement was made after market hours yesterday, 31 May 2017.

Meanwhile, the S&P BSE Sensex was up 23.30 points, or 0.07% at 31,169.10. The S&P BSE Mid-Cap index was up 53.02 points, or 0.36% at 14,678.31.

On the BSE, 19,000 shares were traded on the counter so far as against the average daily volumes of 49,550 shares in the past one quarter. The stock had hit a high of Rs 341.50 and a low of Rs 334.90 so far during the day. The stock had hit a 52-week high of Rs 429 on 12 January 2017 and hit a 52-week low of Rs 220.20 on 1 June 2016.

The mid-cap company has equity capital of Rs 133.19 crore. Face value per share is Rs 10.

MOIL announced that the prices have been increased by 10% on the existing prices prevailing since 1 May 2017 for all Ferro Grades of ore. The prices have been increased by 10% on all grades of SMGR (Mn 30%) and SMGR Low (Mn 25%) on the prevailing prices since 1 May 2017.

The prices have been increased by 10% on all grades of fines and chemical grades ore on the prevailing prices since 1 May 2017. However, prices of Electrolytic Manganese Dioxide (EMD) were kept unchanged. MOIL announced that the latest price increase is inline with the companys business practice of fixing/revising prices of different grades of manganese ore.

MOILs net profit spurted 441.6% to Rs 115.80 crore on 19.8% increase in net sales to Rs 251.30 crore in Q4 March 2017 over Q4 March 2016.

MOIL produces and sells different grades of manganese ore. Government of India currently holds 65.58% stake in MOIL (as per the shareholding pattern as on 31 March 2017).

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Shifting of financial year to January-December should be done by all states in one go, not in turns: ASSOCHAM
Jun 01,2017

The Centre, states and all the Union Territories need to evolve a consensus on the lines of the Goods and Services Tax for shifting to January-December financial year and move to the new system in one go throughout the country instead of some select states choosing to shift to a new financial year, creating practical difficulties for trade and industry, ASSOCHAM has said.

n++For pan-India businesses, the accounting standards and the financial year of all the government organisations should be uniform. We should not have a situation where the industry and trade has one set of books for Madhya Pradesh, Telangana and Andhra Pradesh and the other for Uttar Pradesh and yet another for the Central government,n++ said the ASSOCHAM. It said if all the states and the Centre agree to a shift of the financial year from April-March to January-December, NITI Aayog should work towards building a consensus and then, n++let the entire country shift towards the calendar year becoming the financial year in one go.n++

n++This is even more important in the wake of roll out of the Goods and Services Tax from July 1, which will unite the entire country into a single market. The businesses are all busy and working overtime to meet this deadline in terms of putting their IT infrastructure in place and in sync with the GSTN. At this point in time, if some select states choose to shift their fiscal year to a new system, it could be quite a task for the trade and industry; first to comply with the GST, then to align with the financial years of different states. Uniformity is the key, whatever is the financial year, that is critical,n++ the Chamber Secretary General Mr D S Rawat said.

He said, if there is a merit in shifting to the January-December financial year, then, it should not be difficult for the states to come to a consensus. Although , states have their own Constitutional right to have their accounting methods, for the sake of ease of doing business and ease of convenience to the common citizens, uniformity is essential.

n++In any case, under the impending GST regime, there is a dual registration with the Centre and the states. Ideally, both must have a uniform financial year t. Now with a few states taking the lead in shifting to the new system, the system of IT network would have to be re-configured. Although, the financial year may not come under its purview, the idea for a consensus building can be flagged at the meeting of the GST Council itself, purely on voluntary basis. Merits of one nation, one tax should be disseminated along with other best accounting practices,n++ the chamber said, making a plea to the NITI Aayog to work out an ideal system.

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India signs Loan Agreement with the World Bank for USD 36 Million for n++Himachal Pradesh Public Financial Management Capacity Building Programn++
Jun 01,2017

An agreement for IBRD Credit of USD 36 Million from World Bank for n++Himachal Pradesh Public Financial Management Capacity Building Programn++ was signed today in New Delhi by Shri Raj Kumar, Joint Secretary (MI), Department of Economic Affairs on behalf of the Government of India and Mr. Junaid Kamal Ahmad, Country Director, World Bank (India) on behalf of the World Bank. The Implementing Entity Agreement was signed by the Additional Director, Treasuries, Accounts and Lotteries, on behalf of Government of Himachal Pradesh (GoHP), and the Country Director (India) on behalf of the World Bank.

The objective of the project is to improve the efficiency of Public Expenditure Management and Tax Administration in Himachal Pradesh. The Program is expected to contribute to enhancing efficiency of key departments, improving budget credibility, strengthening systems and procedures to improve fiscal discipline, improving revenue administration to increase fiscal space, and targeted organizational reforms including human resource reforms. The Program focuses on the priority areas identified by the GoHP, which were articulated in various stakeholder workshops during Program preparation.

The programme size is USD 45 million, of which USD 36 million will be financed by the Bank, and the remaining amount will be funded out of State Budget. The programme duration is 5 years.

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Auto, PSU OMC stocks in focus
Jun 01,2017

Auto stocks will be in focus as these companies will start reporting sales volume data for May 2017, starting from today, 1 June 2017.

Shares of public sector oil marketing companies (PSU OMCs) will be watched. Indian Oil Corporation (IOCL) yesterday, 31 May 2017, announced an increase in the price of petrol and diesel with effect from the midnight of 31 May/1 June 2017. Petrol price was hiked by Rs 1.23 per litre and diesel price was raised by Rs 0.89 a litre at Delhi (excluding state levies).

MOIL announced increase in price of various grades of manganese ore effective from 1 June 2017. The announcement was made after market hours yesterday, 31 May 2017.

MOIL announced that the prices have been increased by 10% on the existing prices prevailing since 1 May 2017 for all Ferro Grades. The prices have been increased by 10% on all grades of SMGR (Mn 30%) and SMGR Low (Mn 25%) on the prevailing prices since 1 May 2017.

The prices have been increased by 10% on all grades of fines and chemical grades ores on the prevailing prices since 1 May 2017. However, prices of Electrolytic Manganese Dioxide (EMD) were kept unchanged.

Future Market Networks announced after market hours yesterday, 31 May 2017, that it executed a share purchase agreement with IL&FS Township and Urban Assets (ITUAL) to acquire 50% equity share capital viz. 1.50 crore equity shares of Rs.10/- each held by ITUAL in Future Retail Destination (FRDL). FRDL is set up for development of infra logistic parks across India as a special purpose vehicle company. FRDL shall become 100% subsidiary of the company upon completion of the transaction. The total consideration payable by the company under the SPA is Rs 14 crore. In terms of the SPA, the company has paid an amount of Rs 9 crore and the balance consideration of Rs 5 crore shall be paid on or before 30 September 2018.

Pfizer announced after market hours yesterday, 31 May 2017, that it entered into an acquisition agreement with AstraZeneca AB, Sweden, pursuant to which the brand Neksium is being acquired by the company in India for a consideration of Rs 75 crore, subject to completion of necessary conditions precedent. Neksium (esomeprazole) complements the companys existing product portfolio in the gastrointestinal (GI) therapeutic area.

JK Paper announced after market hours yesterday, 31 May 2017, that meeting of the committee of directors of the company will be held on 8 June 2017, to consider allotment of equity shares of the company consequent to conversion notices received from one of the foreign currency convertible bonds (FCCBs) holders, seeking conversion of its FCCBs (Series 4) and FCCBs (Series 5) of 2.4 million euro each into equity shares of the company.

Bharat Gears announced after market hours yesterday, 31 May 2017, that the finance committee of board of directors of the company approved the proposal to avail a term loan of Rs 110 crore from KKR India Financial Services for repaying some of the existing term debts, working capital requirements and capital expenditure, among others.

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Brigade Enterprises receives revision in credit ratings
May 31,2017

Brigade Enterprises has received revision in credit ratings from ICRA as under -

Long term fund based bank lines (Rs 2140 crore) - ICRA A/ Stable (Revised from ICRA A / Negative)

Short term Non fund based bank lines (Rs 60 crore) - ICRA A1 (Reaffirmed)

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