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Manali Petrochemicals to announce December quarter results
Jan 19,2017

Manali Petrochemicals announced that a meeting of the Board of Directors of the Company will be held on 31 January 2017, inter alia, for considering the Un-audited Financial Results of the Company for the Quarter ended 31 December 2016.

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Board of PTL Enterprises to consider Q3 and 9M results
Jan 19,2017

PTL Enterprises announced that the meeting of the Board of Director of the Company will be held on 01 February 2017, inter alia, to consider, and approve the unaudited financial results (Standalone) of the Company for the quarter/nine months ended 31 December 2016.

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HCL Infosystems Board to consider December quarter results
Jan 19,2017

HCL Infosystems announced that the meeting of the Board of Directors of the Company is scheduled to be held on 31 January 2017, inter alia, to consider and take on record the unaudited Financial Results of the Company on standalone and consolidated basis for the quarter ending 31 December 2016.

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Moodys sees stable outlook for Asia Pacific sovereigns; negative outlook for banks
Jan 19,2017

Moodys Investors Service says that the outlook for Asia Pacifics sovereigns is stable in 2017, reflecting a mix of credit-supportive increases in incomes and strengthening institutions, and a credit-challenging external environment with slow global trade and capital outflows.

Moreover, political risk, although generally low, is becoming increasingly unpredictable.

At the same time, the outlook for Asia Pacifics banks is negative, in view of challenges related to asset quality and profitability, while Chinas ongoing process of reforms -- including that of state-owned enterprises (SOEs) -- remains a key determinant for future growth.

Global conditions are largely unfavourable for sovereigns in Asia Pacific, which are reliant on trade and capital flows. Furthermore, in some cases, the presence of large financing needs -- stemming from current account or external debt -- means direct exposure to capital flows, says Marie Diron, an Associate Managing Director with Moodys Sovereign Group.

Moodys says that increasing capital flows into Asia Pacific in recent years have contributed to higher leverage.

With the banking system, Moodys sees a negative outlook because challenging operating conditions in the region are weighing on the banks asset quality and profitability, says Stephen Long, Moodys Managing Director for Financial Institutions in Asia Pacific.

In such an environment, problem assets will continue to rise, foreign private capital flows will remain volatile, and property price increases in some parts of the region will further amplify credit risk for the banks.

With the corporate sector, steady macro conditions and the partial recovery in commodity prices support stability in credit quality, but the details differ for each economy in Asia Pacific, says Gary Lau, a Managing Director in Moodys Corporate Finance Group for the region.

Financial leverage for private-sector companies will remain broadly stable due to earnings stability and/or manageable levels of capital expenditure, while steady economic growth, low commodity prices and competitive edges among companies support stable earnings.

Stable outlooks are existent for key sectors across Asia, including China property, refining & marketing, telecommunications and power; but challenges will continue for the steel sector.

For Asia Pacific corporates as a whole, the funding environment will remain favorable.

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Torrent Pharmaceuticals to announce Q3 results and consider interim dividend
Jan 19,2017

Torrent Pharmaceuticals announced that a meeting of the Board of Directors of the Company will be held on 03 February 2017, inter alia, to consider and approve the Audited Financial Results on Standalone basis and Unaudited Financial Results (with limited review) on Consolidated basis of the Company for the quarter and nine months ended on 31 December 2016 (Q3).

Futher, in the above meeting the Board would also consider payment of Interim Dividend for the year 2016-17.

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Sudal Industries to hold board meeting for December quarter results
Jan 19,2017

Sudal Industries announced that a Meeting of the Board of Directors of the Company will be held on 27 January 2017, to consider amongst other matters, approve and take on record the Unaudited Financial Results of the Company for the quarter ended on 31 December 2016 together with Limited Review Report as on that date.

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Board of Fomento Resorts & Hotels to approve Q3 and 9M results
Jan 19,2017

Fomento Resorts & Hotels announced that a meeting of the Board of Directors of the Company will he held on 11 February 2017, to consider and approve the Unaudited financial Results for the quarter and nine months ended 31 December 2016.

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S & T Corporation to consider December quarter results
Jan 19,2017

S & T Corporation announced that the meeting of Board of Directors of the Company will be held on 24 January 2017, to transact following businesses:

- To consider unaudited financial statement of the company for the quarter ended 31 December 2016 along with Limited Review Report.

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Coral Laboratories to announce December quarter results
Jan 19,2017

Coral Laboratories announced that a meeting of Board of Directors of the Company will be held on 30 January 2017 to consider unaudited financial results for the quarter ended 31 December 2016.

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Fitch: Agency Less Optimistic than Market on Top Indian Companies
Jan 19,2017

Fitch Ratings and India Ratings & Research (collectively Fitch) are less optimistic in their projections for the 27 Indian corporates they publicly rate compared with Bloomberg consensus estimates (BEst), the agency says in its credit change zone report for the countrys listed corporates.

BEst expect 87 of Indias top-100 listed non-financial corporates by market capitalisation to be in the credit-positive change zones of cash flow growth exceeding net debt growth over the financial years ending-March 2016 (FY16) to FY18, while 13 are expected to be in the credit-negative change zones of net debt growth exceeding cash flow growth. This represents a more optimistic position compared to FY14-FY16, where 64 corporates were in credit-positive change zones.

Fitch projects 17 of the 27 Fitch-rated corporates in the top-100 portfolio to be in credit-positive change zones, where leverage is forecast to fall, and 10 companies in the credit-negative change zones, where leverage is forecast to rise. For this same set of corporates, BEst forecast a higher 20 in credit-positive change zones and only seven in credit-negative change zones.

Four of the 27 Fitch-rated companies are positioned in opposite credit change zones when comparing Fitch and BEst estimates. Fitch forecasts Wockhardt (AA-(ind)/Negative), NHPC (BBB-/Stable), and Reliance Industries Ltd (BBB-/Stable) to be in credit-negative change zones, whereas BEst forecasts these companies in credit-positive change zones. Conversely, Fitch forecasts Bharti Airtel Limited (BBB-/Stable) in the credit-positive change zone, whereas BEst forecasts this company in the credit-negative change zone.

We believe market expectations of improving corporate credit profiles is driven more by projected higher EBITDA generation than lower debt and capex. BEst forecasts aggregate net debt/EBITDA leverage for the top-100 portfolio to fall to 1.3x by FY18, from 1.7x in FY16. Leverage is forecast to fall most for corporates in the construction and engineering sector, followed by metals and mining, then the retail, leisure and consumer products sector.

The report includes Venn diagrams illustrating overlapping areas of our top-10 lists based on BEst projections. Vedanta (AA(ind)/Negative) stands out as being in the Blue Joy Zone of BEst-projected higher EBITDA and debt paydown over FY17f and FY18f. Conversely, Idea Cellular Ltd is in the Top-10 Red Pain Zone of BEst-projected EBITDA decline and rising net debt over the projected period. The report also contains scatter charts illustrating the credit zone of each company in both projected and historical periods as well as explanatory notes and rating sensitivities for the 27 Fitch-rated listed Indian corporates.

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SBI gains after government OKs preferential issue of shares
Jan 19,2017

The announcement was made during trading hours today, 19 January 2017.

Meanwhile, the BSE Sensex was up 51.48 points, or 0.19%, to 27,309.12.

On the BSE, so far 7.28 lakh shares were traded in the counter, compared with average daily volumes of 18.44 lakh shares in the past one quarter. The stock had hit a high of Rs 261.80 and a low of Rs 256.65 so far during the day.

The stock hit a 52-week high of Rs 288.50 on 11 November 2016. The stock hit a 52-week low of Rs 148.30 on 12 February 2016. The stock had underperformed the market over the past 30 days till 18 January 2017, rising 1.20% compared with the 3.61% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, falling 0.90% as against Sensexs 3.10% decline.

The large-cap bank has equity capital of Rs 776.28 crore. Face value per share is Re 1.

In December 2016, State Bank of India (SBI) announced that its shareholders approved a preferential issue of shares for upto Rs 5681 crore to the Government of India. This is part of the governments capital infusion plan into the lender. Shareholders also gave an in-principle nod to additional fund raising by way of a public issue, should the bank need to tap the markets.

Separately, shareholders also approved fund raising upto a limit of Rs 15000 crore via a public issue. This fund raising could be in the form of a follow-on public offer (FPO) or private placement through a qualified institutional placement (QIP) or through other means such as American Depository Receipts (ADRs) or Global Depository Receipts (GDRs). Any such public fund raising would be subject to the condition that the governments shareholding in SBI does not fall below 52%. The announcement was made after market hours on 20 December 2016.

SBIs net profit fell 34.6% to Rs 2538.32 crore on 8.3% growth in operating income to Rs 50742.99 crore in Q2 September 2016 over Q2 September 2015.

SBI is Indias biggest bank in terms of branch network. The Government of India currently holds 60.18% stake in SBI (as per the shareholding pattern as on 31 December 2016).

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Tuticorin Alkali Chemicals & Fertilizers to announce December quarter results
Jan 19,2017

Tuticorin Alkali Chemicals & Fertilizers announced that a Meeting of the Board of Directors of the Company will be held on 31 January 2017, to consider and approve the Unaudited Financial Results for the quarter ended 31 December 2016.

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Novartis India to consider Q3 and 9M results
Jan 19,2017

Novartis India announced that the meeting of the Board of Directors of the Company will be held on 03 February 2017, inter alia, to consider unaudited financial results of the Company for third quarter and nine months ended 31 December 2016.

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Board of Conart Engineers to consider Q3 and 9M results
Jan 19,2017

Conart Engineers announced that a meeting of the Board of Directors of the Company will be held on 08 February 2017, inter alia, to consider and approve the Un-audited Financial Results (subject to Limited Review by Statutory Auditors) of the Company for the third quarter (Q3/2016-17) as well as nine months ended on 31 December 2016.

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Volumes jump at Power Grid Corporation of India counter
Jan 19,2017

Power Grid Corporation of India clocked volume of 15.79 lakh shares by 12:50 IST on BSE, a 6.75-times surge over two-week average daily volume of 2.34 lakh shares. The stock rose 0.05% to Rs 198.55.

Idea Cellular notched up volume of 24.08 lakh shares, a 4.5-fold surge over two-week average daily volume of 5.35 lakh shares. The stock rose 2.52% to Rs 69.20.

Torrent Power saw volume of 2.71 lakh shares, a 3.4-fold surge over two-week average daily volume of 80,000 shares. The stock rose 4.03% to Rs 193.70.

Welspun India clocked volume of 7.10 lakh shares, a 2.76-fold surge over two-week average daily volume of 2.57 lakh shares. The stock rose 3.14% to Rs 78.75.

Jubilant FoodWorks saw volume of 97,000 shares, a 2.60-fold rise over two-week average daily volume of 37,000 shares. The stock shed 0.1% to Rs 881.80.

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