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Auto stocks mixed after RBI keeps policy rates unchanged
Dec 07,2016

The monetary policy was announced by the RBI at 14:30 IST today, 7 December 2016.

Meanwhile, the S&P BSE Sensex was down 101.41 points or 0.38% at 26,291.35.

Ashok Leyland (down 1.73%), Maruti Suzuki India (down 0.86%), and Bajaj Auto (down 0.92%) declined. Mahindra & Mahindra (M&M) (up 0.81%), Eicher Motors (up 2.91%), Hero MotoCorp (up 0.51%), Tata Motors (up 0.43%) and TVS Motor Company (up 0.18%) gained.

Purchases of automobiles, including that of cars, utility vehicles and commercial vehicles are substantially driven by financing.

On the basis of an assessment of the current and evolving macroeconomic situation at its meeting today, 7 December 2016, the monetary policy committee (MPC) of the Reserve Bank of India (RBI) decided to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.25%.

Consequently, the reverse repo rate under the LAF remains unchanged at 5.75%, and the marginal standing facility (MSF) rate and the bank rate at 6.75%. The decision of the MPC is consistent with an accommodative stance of monetary policy in consonance with the objective of achieving consumer price index (CPI) inflation at 5% by Q4 March 2017 and the medium-term target of 4% within a band of +/- 2%, while supporting growth.

In the view of the committee, this bi-monthly review is set against the backdrop of heightened uncertainty. Globally, the imminent tightening of monetary policy in the US is triggering bouts of high volatility in financial markets, with the possibility of large spillovers that could have macroeconomic implications for EMEs.

In India, while supply disruptions in the backwash of currency replacement may drag down growth this year, it is important to analyse more information and experience before judging their full effects and their persistence - short-term developments that influence the outlook disproportionately warrant caution with respect to setting the monetary policy stance. If the impact is transient as widely expected, growth should rebound strongly.

Turning to inflation, food prices other than vegetables are exhibiting sustained firmness and a pick-up in momentum. Another disconcerting feature of recent developments is the downward inflexibility in inflation excluding food and fuel which could set a resistance level for future downward movements in the headline. Moreover, volatility in crude prices and the surge in financial market turbulence could put the inflation target for Q4 of 2016-17 at some risk.

Given these indicators of underlying inflation, it is appropriate to look through the transitory but unclear effects of the withdrawal of SBNs while setting the monetary policy stance. On balance, therefore, it is prudent to wait and watch how these factors play out and impinge upon the outlook. Accordingly, the policy repo rate has been kept on hold in this review, while retaining an accommodative policy stance, RBI said

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Bank stocks mixed as RBI keeps key policy rate steady
Dec 07,2016

Among public sector banks, Bank of Baroda (down 1.69%), Punjab National Bank (down 1.23%), Andhra Bank (down 1.16%), Bank of India (down 1.32%), State Bank of India (down 1.1%) and IDBI Bank (down 0.66%) edged lower. Corporation Bank (up 0.33%), Dena Bank (up 0.29%), Indian Bank (up 0.12%) and Vijaya Bank (up 0.34%) edged higher.

Among private sector banks, Axis Bank (down 1.3%), HDFC Bank (down 1.15%), IndusInd Bank (down 1.01%), Yes Bank (down 0.29%), Kotak Mahindra Bank (down 0.2%) edged lower. RBL Bank (up 0.19%) and Federal Bank (up 0.14%) edged higher.

Meanwhile, the S&P BSE Sensex was down 156.91 points or 0.59% at 26,235.85.

ICICI Bank was down 1.42%. The bank announced after market hours yesterday, 6 December 2016, that the committee of executive directors of the bank is scheduled to have a meeting on 9 December 2016, to consider fund raising in single/multiple tranches in any currency through public/private placement by way of issuances of debt instruments etc. for the remaining period of the financial year ending 31 March 2017 (FY 2017).

On the basis of an assessment of the current and evolving macroeconomic situation at its meeting today, 7 December 2016, the Monetary Policy Committee (MPC) decided to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.25%. Consequently, the reverse repo rate under the LAF remains unchanged at 5.75%, and the marginal standing facility (MSF) rate and the bank rate at 6.75%.

The decision of the MPC is consistent with an accommodative stance of monetary policy in consonance with the objective of achieving consumer price index (CPI) inflation at 5% by Q4 March 2017 and the medium-term target of 4% within a band of plus or minus 2%, while supporting growth.

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RBI maintains status quo-Fifth Bi-monthly Monetary Policy Statement, 2016-17
Dec 07,2016

The Monetary Policy Committee (MPC), Reserve Bank of India in its Fifth Bi-Monthly Monetary Policy Statement, 2016-17 kept the key policy rates unchanged after reducing the rates by 25 basis points (bps) in previous policy statements. The policy repo rate, at which it lends to the scheduled banks borrowing for the short liquidity gaps, under the liquidity adjustement facility (LAF) thus stands unchanged at 6.25%. The decision of the MPC is consistent with an accommodative stance of monetary policy in consonance with the objective of achieving consumer price index (CPI) inflation at 5% by Q4 of 2016-17 and the medium-term target of 4% within a band of +/- 2%, while supporting growth. Consequently, the reverse repo rate under the LAF remains unchanged at 5.75%, and the marginal standing facility (MSF) rate and the Bank Rate at 6.75%.

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NTPC provides operations update
Dec 07,2016

NTPC has successfully exposed coal in its first coal mine - Pakri Barwadih located in the state of Jharkhand after removal of overburden. Coal Production will begin shortly from this mine.

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L T Foods enters into JC with Future Consumer and Genoa
Dec 07,2016

L T Foods announced that the Company has entered into Joint Venture Agreement with Future Consumer and Genoa Rice Mills for undertaking the business of manufacturing, marketing, sales, sourcing and distribution of Sona Masoori/ regional South Indian rice as per the terms and conditions agreed under the said Joint Venture Agreement.

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Outcome of board meeting of Aroma Enterprises (India)
Dec 07,2016

Aroma Enterprises (India) announced that the Board of Directors of the Company at its meeting held on 07 December 2016 has decided to convene EGM on 05 January 2016 for purpose of approval of related party transactions by members.

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Sagar Cements allots equity shares on preferential basis
Dec 07,2016

Sagar Cements announced that the Securities Allotment Committee of our Board at its meeting held on 07 December 2016, has allotted, 6,11,986 equity shares of Rs.10/- each at an issue price of Rs.800/- per equity share on a preferential basis in accordance with the approval given by the shareholders at their meeting held on 23 November 2016.

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Sagar Cements firms up after raising funds
Dec 07,2016

The announcement was made during market hours today, 7 December 2016.

Meanwhile, the S&P BSE Sensex was up 109.71 points or 0.43% at 26,506.88.

More than usual volumes were witnessed on the counter. On the BSE, 16,309 shares were traded on the counter so far as against the average daily volumes of 5,212 shares in the past one quarter. The stock had hit a high of Rs 705.45 and a low of Rs 665.45 so far during the day. The stock had hit a record high of Rs 835 on 14 October 2016. The stock had hit a 52-week low of Rs 350 on 18 February 2016.

The stock had outperformed the market over the past one month till 6 December 2016, shedding 2.6% compared with the Sensexs 3.23% fall. The scrip had also outperformed the market in past one quarter, gaining 6.79% as against the Sensexs 8.92% fall.

The small-cap company has equity capital of Rs 17.39 crore. Face value per share is Rs 10.

Sagar Cements announced that the securities allotment committee of the board of directors at a meeting held on today, 7 December 2016, allotted, 6.11 lakh equity shares of Rs 10 each at an issue price of Rs 800 per equity share aggregating Rs 48.88 crore on a preferential basis in accordance with the approval given by the shareholders at a meeting held on 23 November 2016.

Net profit of Sagar Cements declined 71.5% to Rs 2.50 crore on 29% decline in net sales to Rs 119.20 crore in Q2 September 2016 over Q2 September 2015.

Sagar Cements is engaged in manufacturing of cement.

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Board of K P R Mill approves buyback of shares
Dec 07,2016

K P R Mill announced that the Board of Directors of the company at its meeting held on 07 December 2016 has approved the proposal to buyback of not exceeding 14,70,000 equity shares of the Company at a price of Rs 660 per share for an aggregate consideration of not exceeding Rs 97.02 crore.

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Volumes jump at 3M India counter
Dec 07,2016

3M India clocked volume of 83,000 shares by 14:22 IST on BSE, a 897.45-times surge over two-week average daily volume of 92 shares. The stock fell 0.31% at Rs 11,141.

Shriram Transport Finance Company notched up volume of 10.66 lakh shares, a 21.85-fold surge over two-week average daily volume of 49,000 shares. The stock was down 2.36% at Rs 899.50.

Federal Bank saw volume of 91.34 lakh shares, a 14.96-fold surge over two-week average daily volume of 6.10 lakh shares. The stock rose 3.03% at Rs 71.45.

Inox Wind clocked volume of 2.64 lakh shares, a 10.06-fold surge over two-week average daily volume of 26,000 shares. The stock gained 2.44% at Rs 203.25.

MMTC saw volume of 26.12 lakh shares, a 7.09-fold rise over two-week average daily volume of 3.69 lakh shares. The stock surged 11.76% to Rs 55.60.

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Ind-Ra: RBIs Policy to Set Tone for Markets
Dec 07,2016

The debt and currency markets are focussing on the Reserve Bank of Indias (RBI) policy action, as well was the economic assessment coming up this week. India Ratings and Research (Ind-Ra) expects the 10-year G-sec yield to trade at 6.12%-6.35% (6.24% at close on 2 December 2016) through the week. The rupee is likely to trade at 67.75/USD-68.75/USD (68.23/USD at close on 2 December 2016).

Mixed Cues Pose Challenges for Policy Review: Ind-Ra believes, RBI will hold interest rates, with an accommodative stance continuing, amid the uncertain global environment. Markets are however pricing in a rate reduction and an accommodative stance by the RBI.

Bond Markets Pricing in Easing of Rates: In Ind-Ras assessment, the bond market is factoring in a rate action by RBI, due to low inflation data and expectation of a further strengthen in deflationary forces. While Ind-Ra believes that a status quo policy will lead to realignment between market expectations and RBIs outlook. Additionally, weak global cues - uptick in crude oil prices, surge in global bond yields adds to the caution in the bond market environment. Ind-Ra, therefore, believes the bond markets could undergo some correction hereon, in the event that the RBI maintains a status quo on rates. That could also open up the possibility of widening of corporate bond spreads.

Global Developments Pose Headwinds to Rupee: The rupee will take cues from RBIs monetary policy - as may lead to erosion in risk appetite. Following the outcome of the Italy referendum, consequent financial and political instability is likely to keep investors preference strong for dollar assets. Additionally, there is a near consensus among market participants of a rate hike in the next weeks US Fed policy review. The gains in the rupee, therefore, will be limited and reined in by the evolving risk preference.

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MMTC leads gainers in A group
Dec 07,2016

MMTC surged 11.26% to Rs 55.35 at 13:55 IST. The stock topped the gainers in the BSEs A group. On the BSE, 24.76 lakh shares were traded on the counter so far as against the average daily volumes of 3.69 shares in the past two weeks.

National Aluminium Company jumped 9.15% at Rs 67.40. The stock was second biggest gainer in A group. On the BSE, 28.51 lakh shares were traded on the counter so far as against the average daily volumes of 5.76 lakh shares in the past two weeks.

RattanIndia Power rose 4.7% to Rs 7.35. The stock was third biggest gainer in A group. On the BSE, 8.19 lakh shares were traded on the counter so far as against the average daily volumes of 4.37 lakh shares in the past two weeks.

Hindustan Copper gained 4.65% at Rs 64.20. The stock was fourth biggest gainer in A group. On the BSE, 8.55 lakh shares were traded on the counter so far as against the average daily volumes of 1.89 lakh shares in the past two weeks.

Eicher Motors gained 3.86% to Rs 23,329.30. The stock was fifth biggest gainer in A group. On the BSE, 4,117 shares were traded on the counter so far as against the average daily volumes of 6,986 shares in the past two weeks.

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De-legalisation of Currency Erases INR1.5trn from FY17 GDP, Growth to Fall to 3-Year Low
Dec 07,2016

India Ratings and Research (Ind-Ra) has revised its gross domestic product (GDP) growth forecast for FY17 to 6.8%, 100bp lower than its earlier projection of 7.8% (FY16: 7.6%, FY15: 7.2%). The downward revision is a fallout of the disruption caused at various levels in the economy due to the de-legalisation of banknotes of INR500 and INR1,000 denominations from midnight of 8 November 2016. Ind-Ras analysis shows that the economic cost of the de-legalisation will be INR1.5trn for FY17.

While there are no two opinions about the need to root out black income, Ind-Ras analysis shows that at best the current measures are likely to destroy INR4.004trn worth of cash held in black money and fake currency. This constitutes a mere 12% of the black economy in India, leaving 88% of the black money to remain in the system. Global experience, including that of India in the past has shown that the impact of such measures have been fairly short-lived (India followed the de-legalisation route twice in the past, firstly in 1946 and then 1978) as it does not attack/plug the mechanism that gives rise to black income.

On the demand side, the GDP component that would be the worst hit is investment. Investment, particularly private investment, which is already down and out due to various reasons, will face the brunt of the de-legalisation. Ind-Ra now expects gross fixed capital formation (GFCF) for FY17 to grow at 2.0%, down 306bp from our earlier projection. With the decline in cash holdings in the hands of the people and severe restriction in the flow of new cash, consumption demand has also fallen impacting both wholesale and retail sales. Anecdotal evidence suggests that the cash squeeze has reduced sales in the informal sector by 30%-40% during the first fortnight following the de-legalisation. Therefore, Ind-Ra expects private final consumption expenditure (PFCE) to grow at 7.5% in FY17, 89bp lower than our earlier projection.

However, Ind-Ra believes, despite disruptions, there are positive spin-offs for the economy from the de-legalisation of the high value currency. Ind-Ra believes de-legalisation, coupled with the governments resolve to promote the digital platform for transactions will gradually increase the share of the formal sector and expand the tax base of the economy in the medium-to long-term. Also, as transactions through the digital platform increase, it will create financial and transactional history of the informal/cash dependent segment, making them bankable over the medium-to long-term.

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Credit linked Capital Subsidy Scheme under Ministry of MSME
Dec 07,2016

The objective of Credit Linked Capital Subsidy Scheme (CLCSS) is to facilitate technology upgradation in Micro and Small Enterprises (MSEs) by providing capital subsidy of 15 per cent (limited to maximum of Rs.15.00 lakhs) on institutional finance availed by them for induction of well-established and improved technology in the specified 51 sub-sectors/products approved under the scheme. Maximum limit of eligible loan for calculation of subsidy under the Scheme is Rs.100.00 lakhs.

Presently, there are 12 Nodal Banks/Agencies under CLCSS :

1. Small Industries Development Bank of India

2. National Bank for Agriculture and Rural Development

3. Bank of Baroda

4. State Bank of Bikaner and Jaipur

5. Bank of India

6. Indian Bank

7. Corporation Bank

8. Canara Bank

9. State Bank of India

10. Punjab National Bank

11. Tamilnadu Industrial Investment Corporation

12. Andhra Bank

List of approved sectors / sub-sectors under Credit Linked Capital Subsidy Scheme

i. Bio-tech Industry

ii. Common Effluent Treatment Plant

iii. Corrugated Boxes

iv. Drugs and Pharmaceuticals

v. Dyes and Intermediates

vi. Industry based on Medicinal and Aromatic plants

vii. Plastic Moulded/ Extruded Products and Parts/ Components

viii. Rubber Processing including Cycle/ Rickshaw Tyres

ix. Food Processing (including Ice Cream manufacturing)

x. Poultry Hatchery & Cattle Feed Industry

xi. Dimensional Stone Industry (excluding Quarrying and Mining)

xii. Glass and Ceramic Items including Tiles

xiii. Leather and Leather Products including Footwear and Garments

xiv. Electronic equipment viz test, measuring and assembly/ manufacturing, Industrial process control; Analytical, Medical, Electronic Consumer & Communication equipment etc.

xv. Fans & Motors Industry

xvi. General Light Service(GLS) lamps

xvii. Information Technology (Hardware)

xviii. Mineral Filled Sheathed Heating Elements

xix. Transformer/ Electrical Stampings/ Laminations /Coils/Chokes including Solenoid coils

xx. Wires & Cable Industry

xxi. Auto Parts and Components

xxii. Bicycle Parts

xxiii. Combustion Devices/ Appliances

xxiv. Forging & Hand Tools

xxv. Foundries - Steel and Cast Iron

xxvi. General Engineering Works

xxvii. Gold Plating and Jewellery

xxviii. Locks

xxix. Steel Furniture

xxx. Toys

xxxi. Non-Ferrous Foundry

xxxii. Sport Goods

xxxiii. Cosmetics

xxxiv. Readymade Garments

xxxv. Wooden Furniture

xxxvi. Mineral Water Bottle

xxxvii. Paints, Varnishes, Alkyds and Alkyd products

xxxviii. Agricultural Implements and Post Harvest Equipment

xxxix. Beneficiation of Graphite and Phosphate

xl. Khadi and Village Industries

xli. Coir and Coir Products

xlii. Steel Re-rolling and /or Pencil Ingot making Industries

xliii. Zinc Sulphate

xliv. Welding Electrodes

xlv. Sewing Machine Industry

xlvi. Industrial Gases

xlvii. Printing Industry

xlviii. Machines Tools

xlix. Copper Strip Industry:

l. Ferric and Non-Ferric Alum

ll. Pesticides Formulation

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Ashoka Buildcon gains after receiving letters of intent for projects in Bihar
Dec 07,2016

The announcement was made during market hours today, 7 December 2016.

Meanwhile, the S&P BSE Sensex was up 40.15 points, or 0.15%, to 26,432.91.

More than usual volumes were witnessed on the counter. On BSE, so far 99,025 shares were traded in the counter, compared with an average volume of 47,068 shares in the past one quarter. The stock hit a high of Rs 155 and a low of Rs 146 so far during the day. The stock hit a record high of Rs 211.90 on 23 December 2015. The stock hit a 52-week low of Rs 111 on 7 April 2016.

The stock had underperformed the market over the past one month till 6 December 2016, falling 7.07% compared with the Sensexs 3.23% fall. The scrip had also underperformed the market in past one quarter, declining 10.64% as against the Sensexs 8.92% fall.

The small-cap company has an equity capital of Rs 93.57 crore. Face value per share is Rs 5.

Ashoka Buildcon said that the total cost of these power distribution projects is Rs 949.88 crore.

Ashoka Buildcons net profit dropped 32.7% to Rs 30.82 crore on 1.9% fall in net sales to Rs 465.97 crore in Q1 June 2016 over Q1 June 2015.

Ashoka Buildcon is a leading highway concessionaire and engineering, procurement and construction (EPC) company.

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