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Shriram City Union Finance drops after reporting weak Q3 results
Jan 31,2017

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

Meanwhile, the S&P BSE Sensex was down 94.85 points, or 0.33%, to 27,756.62.

On the BSE, 337 shares were traded in the counter so far, compared with an average volume of 10,964 shares in the past one quarter. The stock had hit a high of Rs 2,034 and low of Rs 1,926.40 so far during the day. The stock had hit a low of Rs 2,340 so far during the day. The stock had hit a 52-week low of Rs 1,395.70 on 11 February 2016. The stock had hit a record high of Rs 2,650 on 30 October 2016.

The large-cap company has an equity capital of Rs 65.94 crore. Face value per share is Rs 10.

Shriram City Union Finance said that as it largely caters to the self-employed segments, which transact primarily in cash, it experienced near term delays in payment due to the difficulties faced by these customers in converting their holdings within the stipulated time after the government banned higher denomination notes in November 2016.

Net interest margin (NIM) stood at 13.88% in Q3 December 2016 compared with 13.94% in Q3 December 2015. On absolute basis, the companys gross non-performing assets (NPAs) stood at Rs 993 crore as on 31 December 2016, compared with Rs 1034 crore as on 30 September 2016 and Rs 632 crore as on 31 December 2015.

The ratio of gross NPAs to gross advances stood at 4.49% as on 31 December 2016 as against 4.96% as on 30 September 2016 and 3.39% as on 31 December 2015. The ratio of net NPAs to net advances stood at 0.57% as on 31 December 2016 as against 1.35% as on 30 September 2016 and 0.66% as on 31 December 2015.

Shriram City Union Finance is Indias premier financial services company specializing in retail finance. It has a comprehensive range of offerings comprising finance for two wheelers and three wheelers, four wheeler finance (both new and pre-owned passenger and commercial vehicles), personal loans, small business loans, and loan against gold.

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NTPC fixes record date for interim dividend
Jan 31,2017

NTPC has fixed 16 February 2017 as the Record Date for the purpose of Payment of Interim Dividend, if declared.

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V-Mart Retail jumps after strong Q3 numbers
Jan 31,2017

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

Meanwhile, the S&P BSE Sensex was down 77.46 points or 0.28% at 27,772.10.

On the BSE, 68,000 shares were traded on the counter so far as against the average daily volumes of 772 shares in the past one quarter. The stock had hit a high of Rs 564.90 and a low of Rs 536.30 so far during the day.

The stock had hit a 52-week high of Rs 608 on 1 February 2016 and a 52-week low of Rs 425 on 24 June 2016. The stock had outperformed the market over the past one month till 30 January 2017, advancing 9.68% compared with the Sensexs 4.59% rise. The scrip had, however, underperformed the market over the past one quarter, sliding 4.76% as against the Sensexs 0.29% fall.

The small-cap company has equity capital of Rs 18.07 crore. Face value per share is Rs 10.

Lalit Agarwal, CMD, V-Mart Retail, said that despite the temporary slowdown and lower conversion initially witnessed due to the demonetisation scheme, the company adopted means like SMART ATM drive at its stores to improve sales. Further, the companys better supply chain management also increased the sales during the period at a time when almost all the industries were experiencing a massive downfall in demand, Agarwal said.

V-Mart Retail is a hypermarket format retail chain based in New Delhi. It is a multi-brand family retail store offering apparels, general merchandise and kirana.

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Fitch: Demonetisation May Delay Indian Bank Asset-Quality Recovery
Jan 31,2017

Demonetisation is likely to push back the recovery in Indian banks asset quality, given the disruptive impact that cash shortages have had on the countrys large informal economy, Fitch Ratings says.

Cash shortages caused by the demonetisation of large-denomination currency notes have affected the income of many borrowers - by holding back economic activity - and reduced their short-term repayment abilities. The Reserve Bank of India has allowed forbearance on some loans to the agricultural sector and small businesses, but these account for a relatively small share of outstanding lending.

The impact of demonetisation on asset quality is likely to only start showing up significantly in data for the January-March quarter. However, most state banks have already indicated publicly that loan recovery has been affected.

Fitch had previously expected the stressed-asset ratio for Indian bank to increase to 12% in the financial year to 31 March 2017 (FY17), from 11.4% in FY16. There is now a risk that the ratio will climb higher. We still believe that asset-quality indicators are close to their weakest level and will recover slowly over the next few years, but any turnaround is likely to have been pushed back by at least two quarters.

Demonetisation has also weighed on loan growth, at least in the short term. Loan demand has weakened in the uncertain economic environment and banks have had to focus on cash management instead of normal lending activities. Mortgage lending is likely to be affected, with home sales down by 44% yoy last quarter. Loan growth slowed to 4.8% in November 2016, from 6.7% in October. We now think it is likely that loan growth will be below our previous forecast of 10% in FY17 and may even slow from the 8.8% recorded in FY16.

It is still possible that demonetisation will support loan growth over the longer term. Indian banks have received a surge of low-cost funding as demonetised notes have been deposited. Deposit growth accelerated to 15.9% yoy in November, from 9.2% in October, and the handful of banks that have released figures for the October-December quarter have reported low-cost deposit growth of 25%-30% yoy. Some banks have already responded by lowering lending rates - by up to 90bp in State Bank of Indias case - which could help revive credit demand, particularly if there are further cuts.

We think there is scope for further lending rate cuts, but much will depend on the proportion of new deposits that remains in the banking system. Tight restrictions on cash withdrawals were imposed at the start of demonetisation and have so far been relaxed only slightly. The lasting impact on bank deposits - and lending rates - will become clear only after withdrawal limits are lifted.

Furthermore, lending growth is likely to remain constrained by other factors. Excess capacity and the large number of stalled projects across much of the industrial sector will limit loan demand from capital-intensive businesses. The under-capitalisation of state-owned banks will also hold back lending. Fitch estimates Indian banks will require around USD90bn in new total capital by end-FYE19 to meet Basel III standards. The government is providing core equity, but its earmarked sum of USD10.4bn - around 70% of which is due to be paid out by March 2017 - may not be sufficient to meet needs, particularly if lending growth eventually picks up.

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Pioneer Distilleries advances after recommencing operations of plant
Jan 31,2017

The announcement was made after market hours yesterday, 30 January 2017.

Meanwhile, the S&P BSE Sensex was down 142.81 points or 0.51% at 27,712.49.

On the BSE, 629 shares were traded in the counter so far as against an average daily volume of 6,669 shares in the past one quarter. The stock had hit high of Rs 192 and low of Rs 185.60 so far during the day. The stock had hit a 52-week high of Rs 262.50 on 10 February 2016. The stock had hit a 52-week low of Rs 81.60 on 16 March 2016.

The small-cap liquor maker has an equity capital of Rs 13.39 crore. Face value per share is Rs 10.

Pioneer Distilleries announced that it has re-commenced the operations of the 100 kilo liters per day (KLPD) molasses based extra neutral alcohol (MENA) plant(s) at the factory located at Balapur (V), Dharmabad taluka, Nanded district, Maharashtra, with effect from 30 January 2017.

The company had earlier informed temporary stoppage of the manufacturing activities of the plant on account of shortage in water availability due to less rains during monsoon season in the region and overhauling of the boilers and the dryer.

Pioneer Distilleries reported net loss of Rs 13.50 crore in Q2 September 2016 compared with net profit of Rs 1.20 crore in Q2 September 2015. Net sales fell 27.8% to Rs 19.22 crore in Q2 September 2016 over Q2 September 2015.

Pioneer Distilleries will announce its Q3 results on 6 February 2017.

Pioneer Distilleries is a liquor producing company.

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Kitex Garments surges after strong Q3 earnings
Jan 31,2017

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

Meanwhile, the S&P BSE Sensex was down 127.80 points or 0.46% at 27,721.76.

On the BSE, 16,000 shares were traded on the counter so far as against the average daily volumes of 12,131 shares in the past one quarter. The stock had hit a high of Rs 465 and a low of Rs 442 so far during the day.

The stock had hit a 52-week high of Rs 543.20 on 4 July 2016 and a 52-week low of Rs 340 on 29 February 2016. The stock had underperformed the market over the past one month till 30 January 2017, advancing 3.85% compared with the Sensexs 4.59% rise. The scrip had also underperformed the market over the past one quarter, sliding 17.36% as against the Sensexs 0.29% fall.

The small-cap company has equity capital of Rs 4.75 crore. Face value per share is Rs 1.

Kitex Garments is a producer of childrens apparel.

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Tech Mahindra gains after posting strong Q3 results
Jan 31,2017

The result was announced at the fag end of the trading session yesterday, 30 January 2017. The stock had risen 0.27% to Rs 466.75 ahead of the results yesterday, 30 January 2017.

Meanwhile, the S&P BSE Sensex was down 103.67 points or 0.37% at 27,745.89.

On the BSE, 48,738 shares were traded in the counter so far as against average daily volume of 2.39 lakh shares in the past one quarter. The stock had hit a high of Rs 485 and a low of Rs 465.80 so far during the day.

Tech Mahindras consolidated profit after tax rose 30.8% to $126.3 million on 4.1% growth in revenue at $1116.1 million in Q3 December 2016 over Q2 September 2016. EBITDA rose 9.2% to $175 million in Q3 December 2016 over Q2 September 2016. Cash and cash equivalent stood at Rs 4951 crore as of 31 December 2016.

Vineet Nayyar, Vice Chairman, Tech Mahindra said that the strong deal wins and business momentum during the quarter reaffirm that the company is on the right track to capitalize on the opportunities from the global digital transformation, and see measurable benefits from that.

Tech Mahindra is a specialist in digital transformation, consulting and business re-engineering solutions.

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Navneet Education incorporates subsidiary - Navneet (HK)
Jan 31,2017

Navneet Education has incorporated Navneet (HK) and holds 70% of its paid up equity share capital. Accordingly, Navneet (HK) has become subsidiary of the Company w.e.f. 24 January 2017.

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State Bank of Travancore announces appointment of director
Jan 31,2017

State Bank of Travancore announced that Dr. J. Sadakkadulla, Former Regional Director of Reserve Bank of India has been nominated as the Director on the Board of Directors of the Bank by Government of India under Section 25 (1) (b) of the State Bank of India (Subsidiary Banks) Act, 1959 with immediate effect and until further orders as per the Government of India notification dated 30 January 2017.

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Axis Bank allots 76,950 equity shares
Jan 31,2017

Axis Bank has allotted 76,950 equity shares of Rs. 21- each on 30 January 2017, pursuant to exercise of options under its ESOP Scheme.

The paid up share capital of the Bank will accordingly increase from Rs. 478,31,12,446 (239,15,56,223 equity shares of Rs. 2/- each) to Rs. 478,32,66,346 (239,16,33,173 equity shares of Rs. 2/- each).

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Shree Rama Newsprint allots 1,91,100 equity shares
Jan 31,2017

Shree Rama Newsprint announced that Securities Allotment Committee Meeting of the Board of Directors of the Company in its meeting held on 30 January 2017, has allotted 1,91,100 equity shares of Rs.10/- each to ICICI Bank subject to locking for a period of one year from trading approval on conversion of 1,91,100 Optionally Convertible Debentures (OCD) of Rs.10/- each to ICICI Bank.

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Pfizer appoints director
Jan 31,2017

Pfizer announced the Board of Directors of the Company at its held Meeting on 30 January 2017, has appointed Ravi Prakash Bhagavathula as an Additional Director of the Company, designated as an Executive Director, Finance with effect from 30 January 2017 for a period of 5 years. The appointment of Ravi Prakash will be subject to the approval of shareholders at the forthcoming Annual General Meeting of the Company.

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MPS Infotecnics executes agreement with Easy Policy
Jan 31,2017

MPS Infotecnics has executed agreement with Easy policy on 30 January 2017. Easy policy is an insurance web aggregators licensed as such by IRDA. This agreement will enable insurance market place at UVApoint.

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IndusInd Bank allots 19,745 equity shares
Jan 31,2017

IndusInd Bank has allotted 19,745 (Nineteen Thousand Seven Hundred Forty Five) equity shares of Rs. 10/- (Rupees Ten Only) each on 30 January 2017 to those grantees who had exercised their option under the Companys Employee Stock Option Scheme.

The said shares will rank pari-passu with the existing shares of the Company in all respect.

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Dilip Buildcon intimates of recall of road project by Ministry of Road Transport & Highways
Jan 31,2017

Dilip Buildcon announced that the Ministry of Road Transport & Highways, Government of India has recalled the project Rehabilitation and up-gradation of Machilipatnam to Avanigadda section from Km 84/550 to Km 124/200 of NH-214A (New NH-216) to two lane with paved shoulder in the state of Andhra Pradesh under NHDP -IV through an Engineering, Procurement and Construction (the EPC) basis where the Company had been declared as the successful bidder (L-1) for the project.

The Ministry of Road Transport & Highways, Government of India has recalled the project because L-1 Bid price is higher than the departmental estimate i.e. 222.90 crore.

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