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Divis Lab drops after poor Q2 result
Nov 15,2016

The result was announced on Saturday, 12 November 2016. The stock markets were closed on Monday, 14 November 2016, for a public holiday.

Meanwhile, the BSE Sensex was down 412.89 points, or 1.54%, to 26,405.93

On BSE, so far 34,000 shares were traded in the counter, compared with an average volume of 19,000 shares in the past two weeks. The stock hit a high of Rs 1,201.05 and a low of Rs 1,111 so far during the day. The stock hit a record high of Rs 1,380 on 16 September 2016. The stock hit a 52-week low of Rs 918.10 on 29 February 2016.

The large-cap company has an equity capital of Rs 53.09 crore. Face value per share is Rs 2.

Divis Laboratories paid a one time ex-gratia of Rs 79 crore in Q2 September 2016 to the employees and whole-time directors on the occasion of completion of 25 years of formation of the company. Forex loss amounted to Rs 11 crore in Q2 September 2016 as against a gain of Rs 12 crore in Q2 September 2015, Divis Laboratories said.

Divis Laboratories is primarily engaged in the manufacture of active pharmaceutical ingredients (APIs) & intermediates for generics, custom synthesis of APIs and advanced intermediates for discovery compounds for pharma giants, building blocks for peptides, building blocks for nucleotides, carotenoids and chiral ligands.

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Board of Kaya approves change in CEO
Nov 15,2016

The Board of Kaya accepted the resignation of Subramanian S as CEO of the Company and appointed Rajiv Nair as CEO -Kaya India Business with effect from 16 December 2016.

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IIP Continues to Disappoint, Divergence with Industrial GDP to Continue
Nov 15,2016

The continued dismal performance of factory output, particularly in manufacturing, in the run-up to the festival season in October 2016 is a clear pointer that a recovery is nowhere in sight, says India Ratings and Research (Ind-Ra). The Index of Industrial Production (IIP) grew at a marginal 0.7% yoy in September 2016 and negative 0.1% yoy for 1HFY17.

Although the broad trend shown by the IIP data reflects the state of affairs prevailing in the industrial sector in India, these numbers need to be taken with a pinch of salt. The old base of 2004-2005 for IIP broadly reflects the corporate mood; but it is somewhere missing the point by not capturing the output getting generated in the new industrial/ manufacturing segments. This was clearly reflected in the dichotomy witnessed in the IIP and the industrial gross valued added data for 1QFY17. So maybe it is also the time to not read too much into the IIP data with 2004-2005 base and wait for the IIP data with 2011-2012 base to make full sense of the industrial output trend.

The consumer durables sector has sustained positive growth rates since June 2015. This was to be reflected in improved performance in manufacturing prior to the start of the festival season. However, although consumer durables clocked robust growth of 14% yoy in September 2016 and 7.6% yoy in 1HFY17, this has not resulted in a boost in manufacturing output. Manufacturing output grew at 0.9% yoy in September 2016.

At the use-base level, capital goods output contracted 21.6% yoy in September 2016 against a contraction of 22.1% yoy in the previous month. Capital goods output contracted 21.4% during 1HFY17, which serves to reinforce the lack of investment demand in the economy already evident from monthly numbers. Cable, rubber insulated once again pulled down capital goods growth (negative 3% contribution to overall IIP); this sector has been very volatile and in the past also was responsible for a sharp contraction in capital goods output. The primary reason for this has been the small number for respondents/factories and the long turnaround time of production which are recognised as the output. Basic and intermediate goods growth came in at low single digit levels. Consumer non-durables growth, although positive after two consecutive months of negative growth, came in at a negligible 0.1% in September 2016.

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Board of Jumbo Bag approves change in CFO
Nov 15,2016

The Board of Jumbo Bag approved the resignation of G P Ramraj from post of CFO and approved the appointment of G P N Gupta, Whole Time Director as CFO with immediate effect. The Board also approved the resignation of R Kavitha from position of Company Secretary with immediate effect.

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Board of Ashram Online.Com approves change in registered office
Nov 15,2016

The Board of Ashram Online.Com has approved the change in registered office of the company to New No.29, Old No. 12, Mookathal Street, Purasawalkam, Chennai 600 007 from 01 December 2016 onwards.

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Board of Eskay K`nIT (India) approves change in directorate
Nov 15,2016

The Board of Eskay K`nIT (India) approved the appointment of Narayan Ghumatkar as Chairperson of the Company and Neha Patil as an Additional Director of the Company.

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Board of Kreon Finnancial Services approves change in registered office
Nov 15,2016

The Board of Kreon Finnancial Services has approved the change in registered office of the Company to New No. 29, Old No. 12, Mookathal Street, Purasawalkam, Chennai 600 007 from 01 December 2016 onwards.

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Board of Sundaram Multi Pap approves preliminary placement document for proposed QIP issue
Nov 15,2016

The Board of Sundaram Multi Pap approved the Preliminary Placement Document and other incidental activities related to proposed QIP issue. The Board has taken note of the floor price of Rs 4.30 per share and relevant date as 15 November 2016 in respect of the issue.

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Escorts Finance to announce September quarter and half year results
Nov 15,2016

Escorts Finance announced that a meeting of the Board of Directors of the Company is scheduled to be held on 24 November 2016, inter-alia, to consider, approve and take on record the Unaudited Financial Results (Standalone) of the Company for the quarter and half year ended September 30, 2016. The financial results shall be subject to limited review by the Statutory Auditors of the Company.

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Board of Hindustan Petroleum Corporation approves issue of bonds up to Rs 6000 crore
Nov 15,2016

Hindustan Petroleum Corporation announced that the Board of Directors in its meeting held on 15 November 2016 have approved the proposal for issue of secured/unsecured Redeemable non-convertible bonds/debentures(Bonds) of face value aggregating up to Rs. 6,000 crore (from domestic as well as overseas market), subject to the approval of Shareholders.

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Suzlon Energy provides update on subsidairy
Nov 15,2016

Suzlon Energy announced that CARE has upgraded the investment grade credit rating of SE Forge, its wholly owned subsidiary, to BBB from an earlier BBB-.

Long term bank facilities (rupee term loans and fund based working capital) Rs 339.35 crore - CARE BBB

Short term bank facilities (Non-fund based working capita) Rs 96 crore - CARE A3+

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Moodys: Outlook for the global airline industry changed to stable from positive
Nov 15,2016

The outlook for the global airline industry has been changed to stable from positive, Moodys Investors Service says in a new report. Airlines operating margins and operating profits are expected to decline in the coming 12 to 18 months, as capacity continues to outstrip demand.

Capacity will continue to grow a bit more than passenger demand over the next year or so, said Moodys analyst, Jonathan Root. As a result, both the aggregate operating margin and operating profit of Moodys-rated airlines will drop to ranges that are within our range for a stable, rather than a positive, industry outlook.

Aggregate operating margin is expected to fall to 9.4% in 2017 from a projected 10.8% this year, while operating profit will contract by about 11% in 2017, against a projected 1.2% contraction this year, Root says in Global Airline Industry-Changing Outlook to Stable; Operating Margin to Decline Below 10%. Moodys estimates that global capacity will grow between 5.5% and 6.5% next year, against 6.1% growth during the first nine months of this year, spurred by the still-low cost of fuel and increased deliveries of new aircraft that need to be placed in service, primarily by airlines in developing markets.

Meanwhile, growth in passenger demand will slow modestly next year due to lackluster global economic expansion, as well as geopolitical uncertainties and the effect of the threat of terrorism on Asian demand for long-haul travel, particularly to Europe. The strong US dollar, excess capacity growth and competing business models will continue to pressure yields until more players reduce capacity or limit growth, Moodys says. Demand will expand between 5.2% and 6.2% over the next 12 to 18 months, against 5.9% in the first nine months of this year.

For US airlines, a combination of slightly higher fuel costs and higher labor costs at American Airlines, Delta Air Lines, Southwest Airlines and United Continental Holdings will contribute to a 20% contraction in operating profits over Moodys outlook horizon. Conversely, improving economic activity, along with significant capacity adjustments, will drive a recovery in operating profit for rated Latin American carriers, though volatility in local currencies remains a key risk.

Moodys is now basing its outlook for the global airline industry on its expectations for operating margins and changes in operating profits on a reported basis for rated airlines only, in order to better reflect changes in operating conditions for airlines. Previously, the outlook was based on the rating agencys forecasts for aggregate adjusted operating margin, changes in industry yields and revenue passenger kilometers for all carriers.

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Board of Suyog Telematics appoints director
Nov 15,2016

The Board of Suyog Telematics approved the appointment of Anand Ganpat Kode as an Additional Independent Director.

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Kellton Tech ranks 19th on Deloitte Technology Fast 50 India
Nov 15,2016

Kellton Tech Solutions announced that Kellton Tech, a global leader in digital transformation and enterprise solutions, has been ranked 19th on the Deloitte Technology Fast 50 India 2016, a ranking of 50 fastest growing technology companies in India.

The rankings were based on the percentage of growth in fiscal year revenues over three years.

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Outcome of board meeting of Anil
Nov 15,2016

The Board of Anil has taken note of resignation of Chintan Acharya, CFO and Chandresh Pandya, Company Secretary and Compliance Officer of the Company. The Board also reviewed business activities of the Company.

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