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Substantial improvements in compliance, quality of disclosures and spends on CSR in FY16, in a study of 1,300 companies by CII
Apr 19,2017

In the most comprehensive and extensive analysis yet of CSR performance of companies in FY16, CSR performance of companies with respect to requirements of CSR legislation have substantially improved over FY15. The results are based on disclosures of close to 1,270 companies listed on BSE that had to comply with Section 135 of Companies Act 2013. The analysis was conducted by CII-ITC Centre of Excellence for Sustainable Development in form of Annual CSR Tracker 2016, which on yearly-basis captures annual CSR disclosures.

In FY16, these 1,270 companies collectively spent Rs 8,185 cr, which is 27% more than spend of Rs 6,400 cr in FY15. The spend is 92% of the required CSR budget of Rs 8,900 cr, using two percent of average net profits of three financial years. The companies collectively had budgeted Rs 10,257 cr, which is 15% more than the minimum budget required.

A notable feature of CSR disclosures in FY16 is that some companies have begun to disclose output data. 13 percent, or 166 of 1,270 companies making such disclosures, reflects going beyond legislative requirements and improving the quality of disclosures. 1.5 cr people benefitted from Rs 3,747.97 cr spent for which output data has been reported. This averages to Rs 2,498.65 spent per person.

Chandrajit Banerjee, Director General of CII, said n++results of CIIs Annual CSR Tracker 2016, clearly demonstrate improvement in the practice and disclosure of practice of CSR by companies. The fact that companies are budgeting and spending more than the minimum legislative requirement suggests that companies want to do more for betterment of communities. There is always room for improvement and I am hopeful that results of FY17 will reflect that improvement.n++

The number of companies spending CSR budgets exclusively through corporate foundations increased to 72 from 60 in FY15. The number of companies exclusively spending money directly marginally increased to 233 from 227, whereas that spending money exclusively through implementing agencies remained stable at 249 as compared to 251 in FY15. This tends to suggest that companies are building their own capacities for implementation.

Health and sanitation, education and skill development, and rural development are the top three developmental areas for spends. The absolute amount of money contributed to PMs Relief Fund reduced by 25% to Rs 80.55 cr. Though the absolute amounts spent in incubation centres, protection of national heritage, and sports development, are small as compared to the top three areas, the percentage increases over the previous year are anywhere between 18 to 122%.

Out of the 32 industry categories, absolute spends have decreased in just two industries, viz., commercial services and supplies, and oil and gas. Big increases are reported in automobiles and auto components, consumer durables, metals and mining, financial services, pharma and biotech, telecom services and equipment, textiles, apparels and accessories, transportation, and utilities.

Naushad Forbes, President, CII said, n++this extensive and elaborate analysis of almost 1,300 companies is indicative of their commitment to directly contribute to development of hundreds of thousands of fellow citizens. Companies do good in myriad ways and companies should encourage contributions in unique and innovative areas. CSR is a matter of board-level accountability and the boards should be allowed the space to conduct their job without interference or influence from certain stakeholders that have tendencies to exploit CSR legislation for their narrow gains.

The purpose of CIIs Annual CSR Tracker has been for key stakeholders to reflect on yearly and inter-year performance of companies on CSR. In sum, FY16 has been a significant improvement on almost every aspect of CSR legislation. Some companies going beyond the legislative requirements. CESD projects that CSR spends will further increase in FY17, with a back-of-the envelope calculation of around Rs 10,000 cr. There should be improvements in quality of disclosures and more companies disclosing beneficiary data.

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New order boosts RPP Infra Projects
Apr 19,2017

The announcement was made during market hours today, 19 April 2017.

Meanwhile, the S&P BSE Sensex was down 14.69 points or 0.05% at 29,333.79. The S&P BSE Small-Cap index was up 79.07 points or 0.53% at 14,923.18.

On the BSE, 19,000 shares were traded on the counter so far as against the average daily volumes of 71,480 shares in the past one quarter. The stock had hit a high of Rs 284 and a low of Rs 270.60 so far during the day.

The stock had hit a record high of Rs 362.20 on 10 February 2017 and a 52-week low of Rs 138.50 on 16 November 2016. It had outperformed the market over the past one month till 18 April 2017, advancing 2.86% compared with the Sensexs 1.11% fall. The scrip had, however, underperformed the market over the past one quarter, advancing 2.6% as against the Sensexs 7.56% rise.

The small-cap company has equity capital of Rs 22.60 crore. Face value per share is Rs 10.

The consortium of Siemens and RPP Infra Projects won order from Power Grid Company of Bangladesh (PGCB). The joint bid was submitted by Siemens and RPP Infra Projects PGCB in respect of design, supply, erection, testing and commissioning of 230 KV and 132 KV substations on turnkey basis. Scope of the order for RPP Infra Projects will be in the civil work with the share worth about Rs 97 crore.

Arulsundaram - Chairman & Managing Director of RPP Infra Projects said that this is significant development for RPP Infra Projects to work with Siemens, India. This is subsequent development in the right direction for RPP Infra Projects to execute orders in the International market. The said consortium would provide strength and will create better valuation for RPP Infra Projects shareholders, he said.

On consolidated basis, RPP Infra Projects net profit rose 53.7% to Rs 3.95 crore on 7.9% growth in net sales to Rs 78.25 crore in Q3 December 2016 over Q3 December 2015.

RPP Infra Projects is engaged in the business of infrastructure development such as highways, roads, bridges, civil construction works, irrigation and water supply projects and power plant.

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Sutlej Textiles gains after getting pollution control board nod for Rajasthan dyeing plant
Apr 19,2017

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

Meanwhile, the S&P BSE Sensex was down 23.04 points, or 0.08% to 29,296.06.

On the BSE, 556 shares were traded in the counter so far, compared with average daily volumes of 2,086 shares in the past one quarter. The stock had hit a high of Rs 915 and a low of Rs 900 so far during the day. The stock hit a record high of Rs 950 on 7 February 2017. The stock hit a 52-week low of Rs 473 on 2 May 2016.

The stock had outperformed the market over the past one month till 18 April 2017, rising 12.50% compared with 0.68% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 9.35% as against Sensexs 7.56% rise.

The small-cap company has equity capital of Rs 16.38 crore. Face value per share is Rs 10.

On 8 November 2016, Sutlej Textiles and Industries had informed that the dyeing plant of Rajasthan Textile Mills, Bhawanimandi, a unit of company, was shut till further directions after receiving notice from the Pollution Control Board, Rajasthan. The impact of the shut down was negligible as the required dyed fibre was arranged from other units of the company.

The company announced today,19 April 2017, that upon a review, the Pollution Control Board, Rajasthan, has permitted the company to carry on with the operations at the Bhawanimandi unit.

Net profit of Sutlej Textiles and Industries declined 1.5% to Rs 27.68 crore on 2.1% decline in net sales to Rs 529.08 crore in Q3 December 2016 over Q3 December 2015.

Sutlej Textiles and Industries is an integrated textile manufacturing company.

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Mideast (India) shifts registered office
Apr 19,2017

Mideast (India) has shifted its registered office from D-12, Neb Sarai, Freedom Fighters Enclave, New Delhi-110068 to Ground Floor, 8/15, Mehram Nagar, New Delhi-110037 with effect from 1 March 2017.

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PC Jeweller to open new showroom in Hapur (U.P.)
Apr 19,2017

PC Jeweller is opening a new showroom on 23 April 2017 at Hapur (U.P.). With this, the Company will have total 76 showrooms located across 59 cities in India.

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Board of VST Industries recommends final dividend
Apr 19,2017

VST Industries announced that the Board of Directors of the Company at its meeting held on 18 April 2017, inter alia, have recommended the final dividend of Rs 75 per equity Share (i.e. 750%) , subject to the approval of the shareholders.

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Harita Seating Systems to hold board meeting
Apr 19,2017

Harita Seating Systems will hold a meeting of the Board of Directors of the Company on 18 May 2017.

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Board of Tata Consultancy Services recommends final dividend
Apr 19,2017

Tata Consultancy Services announced that the Board of Directors of the Company at its meeting held on 18 April 2017, inter alia, have recommended the final dividend of Rs 27.5 per equity Share (i.e. 2750%) , subject to the approval of the shareholders.

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Panasonic Carbon India Company to hold board meeting
Apr 19,2017

Panasonic Carbon India Company will hold a meeting of the Board of Directors of the Company on 10 May 2017.

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Bajaj Corp off 9.5% in three sessions
Apr 19,2017

Meanwhile, the S&P BSE Sensex was down 42.55 points or 0.15% at 29,276.55. The S&P BSE Mid-Cap index was up 45.01 points or 0.31% at 14,341.14.

On the BSE, 4,243 shares were traded on the counter so far as against the average daily volumes of 10,190 shares in the past one quarter. The stock had hit a high of Rs 396.50 and a low of Rs 386 so far during the day.

The stock had hit a 52-week high of Rs 436 on 10 October 2016 and a 52-week low of Rs 340 on 12 December 2016. It had outperformed the market over the past one month till 18 April 2017, advancing 5.03% compared with the Sensexs 1.11% fall. The scrip had, however, underperformed the market over the past one quarter, gaining 0.59% as against the Sensexs 7.56% rise.

The mid-cap company has equity capital of Rs 14.75 crore. Face value per share is Rs 1.

Shares of Bajaj Corp have fallen 9.46% in three trading sessions from its closing of Rs 428.85 on 13 April 2017, after the company at the fag end of trading session on 13 April 2017 reported weak Q4 March 2017 results.

Bajaj Corps net profit fell 2.9% to Rs 52.67 crore on 1.9% decline in net sales to Rs 204.21 crore in Q4 March 2017 over Q4 March 2016.

Bajaj Corp is an FMCG company with major brands in hair care category.

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World growth is projected to rise from 3.1 percent in 2016 to 3.5 percent in 2017 and 3.6 percent in 2018- World Economic Outlook (WEO)
Apr 19,2017

With buoyant financial markets and a long-awaited cyclical recovery in manufacturing and trade under way, world growth is projected to rise from 3.1 percent in 2016 to 3.5 percent in 2017 and 3.6 percent in 2018, slightly above the October 2016 World Economic Outlook (WEO) forecast. But binding structural impediments continue to hold back a stronger recovery, and the balance of risks remains tilted to the downside, especially over the medium term. With persistent structural problemsn++such as low productivity growth and high income inequalityn++pressures for inward-looking policies are increasing in advanced economies. These threaten global economic integration and the cooperative global economic order that has served the world economy, especially emerging market and developing economies, well. Against this backdrop, economic policies have an important role to play in staving off downside risks and securing the recovery.

On the domestic front, policies should aim to support demand and repair balance sheets where necessary and feasible; boost productivity, labor supply, and investment through structural reforms and supply-friendly fiscal measures; upgrade the public infrastructure; and support those displaced by structural transformations such as technological change and globalization. At the same time, credible strategies are needed in many countries to place public debt on a sustainable path. Adjusting to lower commodity revenues and addressing financial vulnerabilities remain key challenges for many emerging market and developing economies. A renewed multilateral effort is also needed to tackle common challenges in an integrated global economy.

The world economy gained speed in the fourth quarter of 2016 and the momentum is expected to persist. Global growth is projected to increase from an estimated 3.1 percent in 2016 to 3.5 percent in 2017 and 3.6 percent in 2018.

Activity is projected to pick up markedly in emerging market and developing economies because conditions in commodity exporters experiencing macroeconomic strains are gradually expected to improve, supported by the partial recovery in commodity prices, while growth is projected to remain strong in China and many other commodity importers. In advanced economies, the pickup is primarily driven by higher projected growth in the United States, where activity was held back in 2016 by inventory adjustment and weak investment.

Although changes to the global growth forecast for 2017 and 2018 since the October 2016 WEO are small, there have been meaningful changes to forecasts for country groups and individual countries. In line with stronger-than-expected momentum in the second half of 2016, the forecast envisages a stronger rebound in advanced economies. And while growth is still expected to pick up notably for the emerging market and developing economies group, weaker than-expected activity in some large countries has led to small downward revisions to the groups growth prospects for 2017.

n++ For advanced economies, projected growth has been revised upward in the United States, reflecting the assumed fiscal policy easing and an uptick in confidence, especially after the November elections, which, if it persists, will reinforce the cyclical momentum. The outlook has also improved for Europe and Japan based on a cyclical recovery in global manufacturing and trade that started in the second half of 2016.

n++ The downward revisions to growth forecasts for emerging market and developing economies result from a weaker outlook in several large economies, especially in Latin America and the Middle East, reflecting continued adjustment to the decline in their terms of trade in recent years, oil production cuts, and idiosyncratic factors. The 2017 and 2018 growth forecasts have been marked up for China, reflecting stronger-than-expected policy support, as well as for Russia, where activity appears to have bottomed out and higher oil prices bolster the recovery.

Since the U.S. election, expectations of looser fiscal policy in the United States have contributed to a stronger dollar and higher U.S. Treasury interest rates, pushing up yields elsewhere as well. Market sentiment has generally been strong, with notable gains in equity markets in both advanced and emerging market economies. Stronger activity and expectations of more robust global demand going forward, coupled with agreed restrictions on oil supply, have helped commodity prices recover from their troughs of early 2016.

Headline inflation has been picking up in advanced economies due to higher commodity prices, but core inflation dynamics remain subdued and heterogeneous (consistent with diversity in output gaps). Core inflation has improved little where it had been the weakest (for instance, in Japan and parts of the euro area). Headline inflation has also picked up in many emerging market and developing economies due to higher commodity prices, but in a number of cases it has receded as pass-through from the sharp currency depreciations in 2015 and early 2016 continues to fade.

Risks remain skewed to the downside, however, especially over the medium term, with pervasive uncertainty surrounding policies. Buoyant market sentiment implies that there is now more tangible upside potential for the near term, but in light of the sources of uncertainties discussed below, a sharp increase in risk aversion is possible. Risks to medium-term growth appear more clearly negative, also because policy support in the United States and China will have to be unwound or reversed down the road to avoid unsustainable fiscal dynamics. More generally, downside risks stem from several potential factors:

n++ An inward shift in policies, including toward protectionism, with lower global growth caused by reduced trade and cross-border investment flows

n++ A faster-than-expected pace of interest rate hikes in the United States, which could trigger a more rapid tightening in global financial conditions and a sharp dollar appreciation, with adverse repercussions for vulnerable economies

n++ An aggressive rollback of financial regulation, which could spur excessive risk taking and increase the likelihood of future financial crises

n++ Financial tightening in emerging market economies, made more likely by mounting vulnerabilities in Chinas financial system associated with fast credit growth and continued balance sheet weaknesses in other emerging market economies

n++ Adverse feedback loops among weak demand, low inflation, weak balance sheets, and anemic productivity growth in some advanced economies operating with high levels of excess capacity

n++ Noneconomic factors, including geopolitical tensions, domestic political discord, risks from weak governance and corruption, extreme weather events, and terrorism and security concerns

These risks are interconnected and can be mutually reinforcing. For example, an inward turn in policies could be associated with increased geopolitical tensions as well as with rising global risk aversion; noneconomic shocks can weigh directly on economic activity as well as harm confidence and market sentiment; and a faster-than-anticipated tightening of global financial conditions or a shift toward protectionism in advanced economies could exacerbate capital outflow pressures in China.

Policy choices will therefore be crucial in shaping the outlook and reducing risks. Priorities for macroeconomic demand management are increasingly differentiated, given the diversity in cyclical positions. In economies with slack and persistently weak core inflation, cyclical demand support remains necessary, including to stave off pernicious hysteresis effects. In economies where output is close to or above potential, fiscal policy should aim at strengthening safety nets and increasing potential output. At the same time, credible strategies are needed in many countries to place public debt on a sustainable path.

Omax Autos declines after reverse turnaround in Q4
Apr 19,2017

The result was announced after market hours yesterday, 18 April 2017.

Meanwhile, the S&P BSE Sensex was up 24.64 points, or 0.08% at 29,343.74. The S&P BSE Small-cap index was up 70.04 points, 0.47% at 14,914.15.

On the BSE, 6,615 shares were traded on the counter so far as against the average daily volumes of 6,782 shares in the past one quarter. The stock had hit a high of Rs 84.95 and a low of Rs 81.10 so far during the day.

The stock had hit a 52-week high of Rs 103.40 on 21 October 2016 and a 52-week low of Rs 57.25 on 6 June 2016. The stock had outperformed the market over the past one month till 18 April 2017, advancing 11.23% compared with the Sensexs 1.11% decline. The scrip had also outperformed the market over the past one quarter advancing 13.91% as against the Sensexs 7.56% rise.

The small-cap company has equity capital of Rs 21.39 crore. Face value per share is Rs 10.

Omax Autos total revenue fell 0.94% to Rs 259.76 crore in Q4 March 2017 over Q4 March 2016.

Omax Autos is one of the leading manufacturers of auto and non-auto components in India. The company specializes in sheet metal components, tubular components and machined components.

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Alembic Pharma gains after getting USFDA tentative approval for MDD drug
Apr 19,2017

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

Meanwhile, the S&P BSE Sensex was up 31.41 points, or 0.11% to 29,350.51.

On the BSE, 8,115 shares were traded in the counter so far, compared with average daily volumes of 55,339 shares in the past one quarter. The stock had hit a high of Rs 629 and a low of Rs 616 so far during the day.

The stock hit a 52-week high of Rs 709.30 on 23 March 2017. The stock hit a 52-week low of Rs 517.90 on 24 June 2016.

Alembic Pharmaceuticals announced that it received tentative approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) for vilazodone hydrochloride tablets, 10mg, 20mg and 40mg. The approved ANDA is therapeutically equivalent to the reference listed drug product (RLD) Viibryd Tablets, 10 mg, 20mg and 40mg, of Forest Labs LLC. Vilazodone Hydrochloride Tablets are indicated for the treatment of Major Depressive Disorder (MDD). Alembic is currently in litigation with Forest Labs LLC in District Court of Delaware and has stipulated to stay the case in view of the ongoing settlement discussions.

Vilazodone Hydrochloride Tablets have an estimated market size of $340 million for twelve months ending December 2016 according to IMS. Alembic now has a total of 54 ANDA approvals (47 final approvals and 7 tentative approvals) from the USFDA.

On a consolidated basis, net profit of Alembic Pharmaceuticals declined 67.81% to Rs 86.55 crore on 15.9% decline in net sales to Rs 769.86 crore in Q3 December 2016 over Q3 December 2015.

Alembic Pharmaceuticals, a vertically integrated research and development pharmaceutical company, manufactures and markets generic pharmaceutical products all over the world.

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Jain Irrigation Systems to make strategic investment in US entities
Apr 19,2017

Jain Irrigation Systems through its multi generation wholly owned subsidiary in US agreed to acquire 80% stake in 2 US entities. Two of the USs largest micro irrigation dealers - Agri Valley Irrigation Inc. and Irrigation Design and Construction Inc. have entered into agreement to merge ownership of their businesses into a newly formed distribution company. The new organisation is an unparalleled leader in design, construction, service and innovation Ag Technology. This entity will provide a unique platform to help growers implement state of the art irrigation technology and achieve More Crop Per Drop.

The transaction is expected to be completed in the next few weeks. The consideration for transaction will be paid in cash not exceeding USD 48.50 million and subject to net working capital adjustments at the time of closing. Transaction is expected to be closed in the next few weeks.

This is a strategic investment by Jain Irrigations Systems into one of the largest irrigations markets in the world. The company already has presence in US micro irrigation market through its subsidiary, Jain Irrigation Inc. which is headquartered in California.

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VST Inds drops after poor Q4 results
Apr 19,2017

The result was announced after market hours yesterday, 18 April 2017.

Meanwhile, the S&P BSE Sensex was up 25.41 points or 0.09% at 29,344.51. The S&P BSE Mid-Cap index was up 63.89 points or 0.45% at 14,360.02.

On the BSE, 145 shares were traded on the counter so far as against the average daily volumes of 535 shares in the past one quarter. The stock had hit a high of Rs 3,095.20 and a low of Rs 3,005 so far during the day.

The stock had hit a record high of Rs 3,216.45 on 18 April 2017 and a 52-week low of Rs 1,595 on 26 April 2016. It had outperformed the market over the past one month till 18 April 2017, surging 9.25% compared with the Sensexs 1.11% fall. The scrip had also outperformed the market over the past one quarter, advancing 27.31% as against the Sensexs 7.56% rise.

The mid-cap company has equity capital of Rs 15.44 crore. Face value per share is Rs 10.

VST Industries board recommended a final dividend of Rs 75 per share for FY 2017.

VST Industries principal activities are manufacturing and selling cigarettes and unmanufactured tobacco.

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