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Jet Airways grounded after weak Q4 result
May 31,2017

The result was announced after market hours yesterday, 30 May 2017.

Meanwhile, the S&P BSE Sensex was down 8.29 points, or 0.03%, to 31,151.11. The S&P BSE Mid-Cap index was up 125.54 points, or 0.87%, to 14,615.30.

On BSE, so far 2.56 lakh shares were traded in the counter as against average daily volume of 3.88 lakh shares in the past one quarter. The stock hit a high of Rs 456.50 and a low of Rs 436 so far during the day. The stock had hit a 52-week high of Rs 626.70 on 1 August 2016. The stock had hit a 52-week low of Rs 332.40 on 27 December 2016.

The mid-cap company has equity capital of Rs 113.60 crore. Face value per share is Rs 10.

Jet Airways (India)s available seat kilometers rose 8% at 13.7 billion in Q4 March 2017 over Q4 March 2016. Passengers carried increased by 5.4% to 7.02 million in Q4 March 2017 over Q4 March 2016.

On a consolidated basis, Jet Airways (India)s net profit dropped 63.81% to Rs 438.45 crore on 2.67% increase in total income to Rs 23669.91 crore in the year ended 31 March 2017 (FY 2017) over FY 2016.

Jet Airways (India) said that despite the challenges posed by the recent increase in Brent crude oil prices, coupled with continuing low airfares and increased capacity, the airline reported profit during FY 2017.

Naresh Goyal, Chairman, Jet Airways (India), said that the past year has been extremely challenging for both domestic and international markets. Notwithstanding the growth in traffic in the domestic market, the downward pressure on yields continued despite rise in oil prices.

The company achieved positive results through relentless effort to streamline operations, improve productivity and business performance, enabling it to reduce debt by Rs 1902 crore during FY 2017, despite weakening demand in certain international markets, especially Gulf, Naresh Goyal said.

Jet Airways (India) is Indias leading international airline which operates flights to 65 destinations, including India and overseas. The Jet Airways Group currently operates a fleet of 113 aircraft.

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Board of E.Com Infotech (India) decides to focus business on cyber security area
May 31,2017

E.Com Infotech (India) announced that the Board of Directors of the Company at its meeting held on 30 May 2017 has decided to change focus its business activities to mainly Cyber Security areas in view of the rising cybercrimes across the globe and increasing cyberattacks in the country.

On this focus the company has signed a Business Partner Agreement with the International company HP to promote its Data Security and Information Security solutions in the Indian market.

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India sees three years of path-breaking and inclusive growth in aviation sector Emerges as worlds third largest aviation market
May 31,2017

The civil aviation industry in India has emerged as one of the fastest growing industries in the country during the last three years. With a 19 percent growth in domestic passenger traffic from about 6.1 crore in 2014 to 10 crore in 2016-17, India is now the third largest aviation market in the world, with the promise to grow even further. What is most impressive about this growth is its inclusive nature defined by the Regional Connectivity Scheme -UDAN, that has made air travel possible for even the common man in remote areas. According to Shri P Ashok Gajapathy Raju, Union Minister for Civil Aviation, his Ministry has worked towards reshaping aviation ecosystem for affordable and convenient flying for everyone by bringing in the National Civil Aviation Policy 2016.

Shri Raju said that average or median airfares fell by 18 percent during 2016-17, making flying more affordable for the common man. Scheduled domestic flight movements also rose from 7 lakh in 2014 to 8.2 lakh in 2016, an 8.2 percent CAGR growth. As against 395 aircrafts in the fleet of Indian carriers, there are 496 aircrafts in operation today, and another 654 are under purchase. Route Dispersal Guidelines have been rationalized, multiple provisions have been made for MRO service providers and a slew of initiatives like the AirSewa portal, enhanced compensation for cancellation and boarding denial have been taken for improving passenger convenience

The Regional Connectivity Scheme UDAN has been by far the most path-breaking achievement of the Ministry. 31 currently served, 12 under-served and 27 unserved airports are now connecting 128 RCS routes across the country. 50 airports are being revived and 13 lakh new UDAN seats are being added annually under the first round of UDAN for a Viability Gap Funding of Rs 205 crore.

Shri Raju also talked about the other achievements of the Ministry like promoting Ease of Doing Business by allowing 100 % FDI in domestic scheduled air transport, Open Skies Service Agreements offers to 49 countries and 5 SAARC nations etc, developing a robust security architecture by complying with ICAO requirements, Anti Hijacking Act etc, promoting innovative technology like GAGAN, Indias first navigation based system to improve accuracy of air navigation services and focusing on skill development in the aviation sector. About skill development the Minister informed that the first Executive Aviation Course was launched by Indias first Aviation University in February 2017. 800 ATCs were recruited by AAI in the last 2 years and more than 400 are planned to be recruited in 2017. The Minister said that Aerospace and Aviation Skill Sector Council has been formed to monitor growth of skill development.

Also speaking on the occasion MoS Civil Aviation Shri Jayant Sinha said that the civil aviation sector in India has undergone a complete transformation in the last three years with India emerging as the worlds third largest aviation market. As against 70-75 airports in the country in all these years, we now have more than 100 airports with the implementation of UDAN. We hope to have 200 plus airports in the next 10-15 years. He informed that the capacity of existing major airports is also being increased rapidly, while Greenfield airports are coming up at several places in the country like Goa , Navi Mumbai and other places. Shri Sinha informed that Air India has also performed extremely well during the last three years.

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Glenmark Pharmaceuticals receives final approval for Atomoxetine Capsules
May 31,2017

Glenmark Pharmaceuticals has been granted final approval by the United States Food & Drug Administration (U.S. FDA) for Atomoxetine Capsules USP, 10 mg, 18 mg, 25 mg, 40 mg, 60 mg, 80 mg and 100 mg, the generic version of Stratteran++ Capsules, 10 mg, 18 mg, 25 mg, 40 mg, 60 mg, 80 mg and 100 mg, of Eli Lilly and Company.

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Board of Marksans Pharma recommends final dividend
May 31,2017

Marksans Pharma announced that the Board of Directors of the Company at its meeting held on 29 May 2017, inter alia, have recommended the final dividend of Rs 0.05 per equity Share (i.e. 5%) , subject to the approval of the shareholders.

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Board of Rai Saheb Rekhchand Mohota Spg.&Wvg.Mill recommends final dividend
May 31,2017

Rai Saheb Rekhchand Mohota Spg.&Wvg.Mill announced that the Board of Directors of the Company at its meeting held on 29 May 2017, inter alia, have recommended the final dividend of Rs 0.1 per equity Share (i.e. 1%) , subject to the approval of the shareholders.

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Board of Vidli Restaurants recommends final dividend
May 31,2017

Vidli Restaurants announced that the Board of Directors of the Company at its meeting held on 27 May 2017, inter alia, have recommended the final dividend of Rs 0.5 per equity Share (i.e. 5%) , subject to the approval of the shareholders.

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Board of Pricol approves acquisition of PMP Auto Components
May 31,2017

The Board of Directors of Pricol have approved the acquisition of PMP Auto Components, India (a part of the Ashok Piramal Group). Pricol and PMP Auto Components, India have entered into an exclusive and binding agreement for Pricol to acquire the entire ownership interest in wiping systems business of PMP. The binding offer has been approved by the Board of Pricol and accepted by PMP.

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Board of Mercator approves change in CFO
May 31,2017

Mercator announced that Prasad Patwardhan has resigned from the office of Chief Financial Officer as well as Key Managerial Personnel of the Company w.e.f. 29 May 2017.

Kiran Vaidya has been appointed as Officiating Chief Financial Officer and Key Managerial Personal w.e.f. 30 May 2017 by the Board of Directors in its meeting held on 30 May 2017

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Outcome of board meeting of Rohit Ferro Tech
May 31,2017

Rohit Ferro Tech announced that the Board of Directors of the Company at its meeting held on 30 May 2017 has resolved to execute the Deed of Undertaking binding itself together with the Promoters (including persons belonging to the Promoter Group) to the sale of the entire shareholding of the Promoters in the Company (Promoter Shares) to a prospective Investor to be identified by SBI leading to change in the management of the Company from the existing Promoters to the prospective Investor.

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BEML flexes muscles after good Q4 result
May 31,2017

The result was announced after market hours yesterday, 30 May 2017.

Meanwhile, the S&P BSE Sensex was up 25.91 points, or 0.08%, to 31,185.31. The S&P BSE Mid-Cap index was up 92.31 points, or 0.64%, to 14,582.07.

On BSE, so far 10,000 shares were traded in the counter, compared with an average volume of 33,379 shares in the past one quarter. The stock hit a high of Rs 1,249 and a low of Rs 1,194 so far during the day. The stock hit a 52-week high of Rs 1,440 on 27 April 2017. The stock hit a 52-week low of Rs 770.15 on 23 November 2016.

The mid-cap company has an equity capital of Rs 41.64 crore. Face value per share is Rs 10.

BEMLs board of directors has recommended a dividend of Rs 8 per share for the year ended 31 March 2017.

BEML was established in May 1964 as a public sector undertaking for manufacture of rail coaches & spare parts and mining equipment at its Bangalore complex. The Government of India held 54.03% stake in BEML (as per the shareholding pattern as on 31 March 2017).

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Nutraplus India director resigns
May 31,2017

The Board of Nutraplus India has taken on record the resignation tendered by Kishor Punamchand Ostwal (DIN: 00460257), Non-executive & Non-Independent Director of the Company with effect from 29 May, 2017.

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CES appoints chairperson
May 31,2017

CES has appointed Tummala Murali Krishna as Chairperson of the Company at board meeting held on 30 May 2017.

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Cox & Kings in focus as board approves demerger
May 31,2017

Cox & Kings announced after market hours yesterday, 30 May 2017, that its board approved the demerger of its foreign exchange division into a separate financial services company to be named Cox & Kings Financial Service (CKFSL). The demerger is effective 1 April 2017, and is subject to High Court and other regulatory approvals.

Whilst the tours & travels and foreign exchange (Forex) businesses are complementary in nature, the businesses operate quite distinctly from each other. The forex business has 125 licenses across India to provide foreign exchange to captive customers as well as to third-party customers.

The working capital needs of the forex business are quite different from those of the tours & Travels business. With a view to enable the Forex business to capitalize on growth opportunities in an independent manner it has been decided to demerge the business into a separate company.

The demerged entity has the potential to grow substantially as a standalone business with separate financing and operations and focused leadership and management attention. The opportunities as well as risks and competitive environment within the forex business are distinct and the said business is capable of attracting its own set of investors and strategic partners, lenders and other stakeholders.

It is proposed that the forex business of the company be demerged and transferred to the resulting company, a wholly-owned subsidiary company of the company, so as to maximize value for all the stakeholders of the Company. In consideration of the demerger, equity shares of the resulting company shall be issued to the equity shareholders of the company, on the agreed terms and conditions as set out in the draft scheme.

CKFSL is also in the process of applying for a license to operate as a non-banking finance company (NBFC) and will add multiple product lines to its suite of offerings over time, including holiday finance, overseas student finance etc. aimed primarily at the travel and tourism sector.

With the number of outbound travellers from India due to touch 50 million by 2020 (as per UNWTO) from approximately 21 million currently, there is a substantial and unique opportunity for the newly minted company to grow rapidly at high rates of profitability.

Jet Airways (India)s net profit dropped 90.73% to Rs 36.80 crore on 5.57% increase in total income to Rs 5759.58 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 30 May 2017.

BEMLs net profit rose 27.11% to Rs 186.40 crore on 18.19% increase in total income to Rs 1345.67 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 30 May 2017.

MOILs net profit surged 410.94% to Rs 109.24 crore on 19.76% increase in total income to Rs 252.71 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 30 May 2017.

McLeod Russel India announced after market hours yesterday, 30 May 2017, that its board deliberated on the strategic roadmap for the companys participation in a joint venture with Eveready Industries India for development of packet tea business.

The board has decided that the company will initiate discussion with Eveready for participating in a joint venture as a strategic business partner for development of packet tea business through a separate entity.

It is envisaged that with this measure, Eveready and McLeod will bring their respective skills of marketing & distribution and tea plantation knowledge to focus and develop the packet tea business to a much higher level.

McLeod is the worlds largest tea plantation company in private sector. This will enable the company to have direct access to the Rs 10000 crore packet tea market. Eveready is a consumer goods company with a large distribution reach. This alliance will enable it to upscale its FMCG operation.

Both McLeod and Eveready belong to the Williamson Magor Group and the strategic alliance is subject to all necessary approvals.

Gujarat Gas announced after market hours yesterday, 30 May 2017, that it entered into a non-binding memorandum of understanding with Petronet LNG for exploring - dispensing and marketing of LNG including the L-CNG at Gujarat Gas CNG stations.

Berger Paints India announced after market hours yesterday, 30 May 2017, that its board approved acquisition of 100% of the paid-up equity share capital of Saboo Coatings (SCPL) from its existing shareholders at a consideration of Rs 81.77 crore, subject to closing adjustments for variations in net debt and net working capital.

SCPL is engaged in carrying out the business of manufacturing specialty liquid coatings classified as Industrial Coatings by the paint industry in the segments of agriculture and construction equipment (ACE), automotive (auto components, auto re-finish), fans, electronics, general industrial, elevators, handicrafts and home furnishing, hardware and those used by industrial dealers for substrates n++ metal, plastics, FRP and glass in India. The gross turnover (including other income) of SCPL in the year 2016-17 was Rs 89.43 crore.

The business and the expertise of SCPL will gainfully supplement the companys industrial coatings business where the two entities can support each other in various areas such as manufacturing, selling, distribution, procurement,technology, etc., thus resulting in mutual benefit to both the companies. The transaction is likely to be completed by 30 June, 2017, subject to fulfillment of conditions precedent.

At the meeting, the board also approved purchase of 1.03 crore equity shares of Saboo Hesse Wood Coatings (SHWCPL), representing 51% of the paid-up equity share capital of SHWCPL at a consideration of Rs 1.5 crore. The balance 49% is held by Hesse Shares GmbH of Germany.

The business and the expertise of SHWCPL can gainfully supplement the companys existing wood coatings business, where the two entities can combine their strengths and collaborate in the areas of manufacturing, selling, distribution, procurement, technology, etc., resulting in mutual benefit to both the companies.

The transaction is likely to be completed by 31 August, 2017 subject to limited due diligence, approval of the Reserve Bank of India, if required, and parties agreeing on the terms of acquisition.

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Punjab National Bank reduces MCLR rates
May 30,2017

Punjab National Bank has reduced Marginal Cost of Funds Based Lending Rate with effect from 01 June 2017 as under -

Overnight - 8.00%
One month - 8.10%
Three month - 8.20%
Six month - 8.30%
One year - 8.35%
Three year - 8.50%
Five year - 8.65%

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