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ADB Sells Dual-Tranche $3 Billion 3-Year and $1 Billion 10-Year Global Benchmark Bonds
Jan 06,2017

The Asian Development Bank (ADB) returned to the US dollar bond market with the pricing of a dual-tranche $3 billion 3-year and $1 billion 10-year global benchmark bond issues, proceeds of which will be part of ADBs ordinary capital resources.

n++The first week of January has traditionally been an extremely busy issuance period with clear first-mover advantages and New Year cash flows we were keen to capitalize on. As the supply picture unfolded, there was a clear window to navigate the building pipeline with a maturity differentiating 3/10-year dual-tranche transaction. This format allows us to respond to demand in the front and back-end of the curve and I am pleased to see the solid investor response for ADBs credit and support of its mission in the region,n++ said ADB Treasurer Pierre Van Peteghem.

The 3-year bond, with a coupon rate of 1.750% per annum payable semi-annually and a maturity date of 10 January 2020, was priced at 99.942% to yield 28.05 basis points over the 1.375% US Treasury notes due December 2019. The 10-year bond, with a coupon rate of 2.625% per annum payable semi-annually and a maturity date of 12 January 2027, was priced at 99.451% to yield 23.75 basis points over the 2.000% US Treasury notes due November 2026.

The transactions were lead-managed by Citi, Goldman Sachs, J.P. Morgan, and Nomura. A syndicate group was also formed consisting of Bank of America Merrill Lynch, BMO Capital Markets, BNP Paribas, Credit Agricole CIB, Daiwa Securities, DBS Bank, Mizuho International, RBC Capital Markets, SMBC Nikko, and TD Securities.

Both issues achieved wide primary market distribution with 40% of the 3-year bonds placed in Asia, 29% in Europe, Middle East, and Africa, and 31% in the Americas. By investor type, 72% of the bonds went to central banks and official institutions, 8% to banks, and 20% to fund managers and other types of investors. For the 10-year bonds, 27% were placed in Asia, 20% in Europe, Middle East and Africa, and 53% in the Americas. By investor type, 47% of the bonds went to central banks and official institutions, 11% to banks, 42% to fund managers and other types of investors.

ADB plans to raise around $25-30 billion from the capital markets in 2017.

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Attractive compensation package to recruit best professionals for PSBs on anvil: Vinod Rai
Jan 06,2017

The Banks Board Bureau is working on a fairly attractive compensation package including elements of bonus, employee stock ownership plans (ESOPs), non-monetary perks and others at all management levels as part of corrective steps to ensure that best of professionals are recruited for public sector banks (PSBs), its chairman, Mr Vinod Rai said at an ASSOCHAM event.

n++In some ways the compensation package of these public sector institutions needs to be improved, maybe we are not able to do much with fixed part of compensation package but variable part we certainly are looking into it and we are hopeful that by next financial year we will be able to introduce a far more attractive package,n++ informed Mr Rai.

n++An attempt will be made to introduce accountability in the system, to ensure that you appoint a whole time director or a CEO (chief executive officer) at an age where he has got a minimum of six years more to go in the institution so that he can be held accountable for the decision,n++ added Mr Rai.

He also said that the Banks Board Bureau is in the process of filling up vacancies. n++We are looking for the right people, and we are trying to ensure that we choose the best and not the second-best.n++

Mr Rai further said, n++We are in the business of trying to collate people who are from different walks of life and who will be willing to join boards of PSBs and be able to provide that kind of expertise which these banks have not had in the past and the effort is to ensure that it is these boards which run the banks.n++

He said that all these activities are being carried out to establish a system and structure sans unhealthy practices that led to huge stress in the banking sector.

Mr Rai said that though the Corporate Debt Restructuring Cell was created with very noble intentions in early 2000s but later it found itself sagging with humongous amount of stressed assets in which there was no way it could manage those resources.

He said that there have been innumerable cases where project reports were inflated, balance sheets manipulated and submitted, funds siphoned off and others.

While on the other hand there are an equal number of instances where irresponsible or lazy lending took place, due diligence was given the go by and where supervision was callous.

n++In the Banks Bureau we are engaged in the task of trying to ensure that going forward, these things do not repeat themselves, a project report needs to be scrutinised very effectively, maybe we were lacking in experience in the banks which scrutinised or appraised these project reports, these have to be done by one or may be two independent agencies not having anything in common with each other,n++ he said.

Sharing his perspective on the most recent demonetisation move of the Union Government, he said that there is no harm in trying to cleanse the system and there are various ways to do it and demonetisation was one very effective way.

n++Any attempt to cleanse the economy is a very noble attempt and we should lend our energies in ensuring that process of cleansing takes place,n++ said Mr Rai.

n++It is far too early for us to say it is a success or not a success,n++ he added.

He also said that over the period of time banks may go in for mergers, consolidation and lots of thinking was going into the entire process.

n++The entire process is being thought of, it is not going to materialise in two or three months, it is a long drawn process, there is a lot of work which has to be done and once the roadmap is ready and hopefully in the next two to three years it will be rolled out,n++ said Mr Rai.

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SpiceJet nudges higher on buzz of fleet expansion
Jan 06,2017

Meanwhile, the BSE Sensex was up 7.62 points, or 0.03%, to 26,885.86.

On the BSE, 20.65 lakh shares were traded in the counter so far, compared with an average volume of 42.64 lakh shares in the past one quarter. The stock had hit a high of Rs 64.70 and a low of Rs 63.50 so far during the day. The stock had hit a 52-week high of Rs 95.30 on 28 January 2016. The stock had hit a 52-week low of Rs 54.50 on 9 November 2016.

The stock had underperformed the market over the past one month till 5 January 2017, rising 0.48% compared with the Sensexs 2.01% rise. The scrip had, however, outperformed the market in past one quarter, gaining 8.04% as against the Sensexs 4.76% fall.

The mid-cap low-cost airliner has an equity capital of Rs 599.45 crore. Face value per share is Rs 10.

As per reports, the deal, which would more than double SpiceJets 40-plane fleet, may be closed within weeks. The order could be worth about $10.1 billion, report added.

SpiceJets net profit jumped 103.1% to Rs 58.92 crore on 33.9% rise in net sales to Rs 1378.47 crore in Q2 September 2016 over Q2 September 2015.

SpiceJet is a low-cost airliner.

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Bharti Infratel moves higher on brokerage upgrade
Jan 06,2017

Meanwhile, the S&P BSE Sensex was down 1.09 points at 26,877.15.

On the BSE, 13,000 shares were traded on the counter so far as against the average daily volumes of 1.24 lakh shares in the past one quarter. The stock had hit a high of Rs 355.40 and a low of Rs 351.60 so far during the day.

The stock had hit a 52-week high of Rs 426 on 6 January 2016 and a 52-week low of Rs 302.10 on 24 June 2016. It had underperformed the market over the past one month till 5 January 2017, sliding 9.74% compared with the Sensexs 2.01% rise. The scrip had also underperformed the market in past one quarter, declining 6.99% as against the Sensexs 4.76% fall.

The large-cap company has equity capital of Rs 1849.61 crore. Face value per share is Rs 10.

The brokerage expects stronger tenancy growth for Bharti Infratel. Bharti Airtels stake sale in the company could be a catalyst, it added. The brokerage has raised its earnings estimates for Bharti Infratel by 2-3% for FY 2018-19.

Bharti Infratels consolidated net profit rose 30.8% to Rs 773.80 crore on 9% growth in net sales to Rs 1496.30 crore in Q2 September 2016 over Q2 September 2015. The company is scheduled to announce Q3 December 2016 results on 23 January 2017.

Bharti Infratel is a provider of telecom tower and related infrastructure.

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Piramal Enterprises gains on plan to enter housing finance business
Jan 06,2017

The announcement was made before market hours today, 6 January 2017.

Meanwhile, the S&P BSE Sensex was up 129.68 points or 0.48% at 27,007.40.

On the BSE, 12,300 shares were traded on the counter so far as against the average daily volumes of 13,500 shares in the past one quarter. The stock had hit a high of Rs 1,719.50 and a low of Rs 1,681.05 so far during the day.

The stock had hit a record high of Rs 2,095 on 22 August 2016. The stock hit a 52-week low of Rs 835.05 on 03 March 2016. The stock had underperformed the market over the past one month till 5 January 2017, declining 0.72% compared with the Sensexs 2.01% rise. The scrip had also underperformed the market over the past one quarter, sliding 12.2% as against the Sensexs 4.76% fall.

The large-cap company has equity capital of Rs 34.51 crore. Face value per share is Rs 2.

At a board meeting held yesterday, 5 January 2017, Piramal Enterprises announced plans to enter the retail housing finance market. The companys board of directors has given its approval for Piramal Finance (PFL) to make an application to the National Housing Bank (NHB) for incorporating a housing finance company (HFC) as its subsidiary. The companys wholly owned subsidiary, PFL is in the business of providing financial services.

PFL already has a long standing presence in wholesale finance, catering to the entire spectrum of financing needs across real estate (both residential and commercial) as well as non-real estate (operating infrastructure and other sectors) sectors with a current overall loan book extending to Rs 19170 crore. Individual housing loans are both a diversification strategy as well as a natural extension of its business, completing its suite of products with an offering for the retail customer segment, Piramal Enterprises said.

Ajay Piramal, Chairman, Piramal Enterprises said that after having successfully scaled up presence in wholesale finance through Piramal Finance, the company believes that it has established a blueprint for growth within the real estate asset class. Therefore, the company feels that the timing is opportune for it to make a foray into retail housing finance, Piramal said.

Piramal Enterprises consolidated net profit rose 30.2% to Rs 306.36 crore on 29.7% rise in net sales of Rs 1936.40 crore in Q2 September 2016 over Q2 September 2015.

Piramal Enterprises is one of Indias large diversified companies with a presence in healthcare, healthcare information management and financial services.

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Sagar Cements gains after reporting sales volume for December
Jan 06,2017

The announcement was made after market hours yesterday, 5 January 2017.

Meanwhile, the S&P BSE Sensex was up 62.46 points or 0.23% at 26,940.70.

On the BSE, 1,983 shares were traded on the counter so far as against the average daily volumes of 4,236 shares in the past one quarter. The stock had hit a high of Rs 670 and a low of Rs 635.50 so far during the day.

The stock had hit a record high of Rs 835 on 14 October 2016 and a 52-week low of Rs 350 on 18 February 2016. It had underperformed the market over the past one month till 5 January 2017, sliding 2.57% compared with the Sensexs 2.01% rise. The scrip had also underperformed the market in past one quarter, declining 12.28% as against the Sensexs 4.76% fall.

The small-cap company has equity capital of Rs 18 crore. Face value per share is Rs 10.

Sagar Cements consolidated sales volume stood at 1.54 lakh metric tonnes in December 2016, almost same as that of December 2015. During the 9-month period from April-December 2016, the company reported a consolidated sales volume of 15.58 lakh metric tonnes, higher than 13.22 lakh tonnes sales volume reported during the 9-month period from April-December 2015.

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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Mastek edges higher after its unit acquires digital commerce solution provider
Jan 06,2017

The announcement was made after market hours yesterday, 5 January 2017.

Meanwhile, the BSE Sensex was up 93.94 points, or 0.35%, to 26,972.07.

On the BSE, 43,069 shares were traded in the counter so far, compared with average daily volume of 95,094 shares in the past one quarter. The stock had hit a high of Rs 181 and a low of Rs 176.30 so far during the day. The stock had hit a 52-week high of Rs 201.40 on January 2016. The stock had hit a 52-week low of Rs 104.70 on 17 February 2016.

The stock had outperformed the market over the past one month till 5 January 2017, rising 25.31% compared with the Sensexs 2.01% rise. The scrip had also outperformed the market in past one quarter, gaining 32.69% as against the Sensexs 4.76% fall.

The small-cap company has equity capital of Rs 11.65 crore. Face value per share is Rs 5.

Digility Inc., the wholly owned subsidiary of Mastek UK, and a step down US based subsidiary of Mastek announced the acquisition of US-based leading digital commerce solution provider, TAISTech.

The TAISTech Executive Leadership Team, led by Kapil Malik and Aman Bedi, will continue to run operations as a wholly owned subsidiary of Digility Inc.

Founded in 2000, TAISTech is a digital commerce services leader that provides strategic consulting, large-scale commerce implementations and support for the Oracle Commerce and Oracle Commerce Cloud applications. In addition, TAISTech also provides omnichannel strategy, creative design, mobile app development, ongoing maintenance and training.

TAISTech, with revenues close to $30 million, has posted steady growth of 15% compounded annual growth rate (CAGR) over the past four years in the US market and has been exploring aggressive expansion plans into Latin America and Europe.

This acquisition will create a platform for Masteks accelerated growth in the US market and will augment Masteks 2020 vision to be a global leader in digital transformation services.

TAISTech brings experience with some the most powerful brands in the retail and manufacturing industries, including Fortune 500 customers. The company delivers a personalized customer buying experience across web, mobile, social media and brick and mortar stores. With the acquisition in place, TAISTech will also grow its service portfolio by leveraging Masteks strength in data warehousing, business intelligence and analytics, enterprise testing and Agile process consultancy services.

Post the demerger of Majesco, Mastek has been allocating capital to expand its reach in geographies, markets and capabilities. In 2015, Mastek acquired the UK-based leader in Agile Digital Transformation, IndigoBlue and created a fully owned subsidiary, Digility Inc to renter the US market.

Masteks consolidated net profit rose 113.7% to Rs 7.65 crore on 3.62% decline in net sales to Rs 124.90 crore in Q2 September 2016 over Q1 June 2016.

Mastek is a publicly held leading IT player with global operations providing enterprise solutions to government, retail and financial services organizations worldwide.

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IT stocks slide on revived H1B visa concerns
Jan 06,2017

HCL Technologies (down 2.86%), Tech Mahindra (down 2.52%), Infosys (down 2.31%), Oracle Financial Services Software (down 1.56%), TCS (down 1.44%), Wipro (down 1.18%) and Persistent Systems (down 0.89%) edged lower.

Meanwhile, the S&P BSE Sensex was up 116.46 points or 0.43% at 26,994.70. The BSE IT index was currently down 1.97%, underperforming the Sensex.

The new bill would require workers on the H-1B visa pay a minimum of $100,000, up from $60,000 currently. The bill also removes the Masters degree exemption to the cap on the number of visas available, as per reports. The bill comes after companies such as Disney and Southern California Edison have come under fire for outsourcing their IT operations to Indian companies.

US is the biggest outsourcing market for Indian IT firms.

The S&P BSE IT index had outperformed the market over the past one month till 5 January 2017, advancing 5.25% compared with the Sensexs 2.01% rise. The index had also outperformed the market in past one quarter, declining 1.14% as against the Sensexs 4.76% fall.

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GM Breweries drops on weak Q3 results
Jan 06,2017

The result was announced after market hours yesterday, 5 January 2017.

Meanwhile, the S&P BSE Sensex was up 83.95 points or 0.31% at 26,962.19.

On the BSE, 5,639 shares were traded in the counter so far as against average daily volume of 15,805 shares in the past one quarter. The stock had hit a high of Rs 500 and a low of Rs 481 so far during the day. The stock had hit record high of Rs 928.20 on 8 January 2016. The stock had hit a 52-week low of Rs 430 on 9 November 2016.

The stock had underperformed the market over the past one month till 5 January 2017, dropping 1.71% compared with the Sensexs 2.01% rise. The scrip had also underperformed the market in past one quarter, declining 21.78% as against the Sensexs 4.76% fall.

The mid-cap company has equity capital of Rs 14.62 crore. Face value per share is Rs 10.

GM Breweries is engaged in manufacturing and marketing of alcoholic beverages such as country liquor (CL) and Indian made foreign liquor (IMFL).

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IP Rings retracts from record high on profit booking
Jan 06,2017

Meanwhile, the S&P BSE Sensex was up 59.93 points or 0.22% at 26,938.17.

On the BSE, 5,967 shares were traded on the counter so far as against the average daily volumes of 7,914 shares in the past two weeks. The stock had hit a high of Rs 254.50 so far during the day, which is a record high for the counter. The stock hit a low of Rs 211.15 so far during the day. The stock had hit a 52-week low of Rs 91 on 5 January 2016.

The small-cap company has equity capital of Rs 7.04 crore. Face value per share is Rs 10.

Shares of IP Rings had rallied by the maximum permissible circuit level of 20% to settle at Rs 240.10 yesterday, 5 January 2017, after the companys announcement after market hours on 4 January 2017 that its board on that day, finalised the rights entitlement terms.

IP Rings board approved rights issue in the ratio of four rights equity shares for every five equity shares held on the record date i.e. 16 January 2017. The rights issue price was fixed at Rs 88.75 per share.

IP Rings reported net loss of Rs 1.40 crore in Q2 September 2016, higher than net loss of Rs 0.45 crore in Q2 September 2015. Net sales rose 56.8% to Rs 42.27 crore in Q2 September 2016 over Q2 September 2015.

IP Rings is an automotive components manufacturer.

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Japan to assist in making Chennai, Ahmedabad and Varanasi Smart Cities
Jan 06,2017

Japan has decided to be associated with the development of Chennai, Ahmedabad and Varanasi as smart cities. This was today conveyed by Japans Ambassador to India Mr.Kenji Hiramatsu during his meeting with Minister of Urban Development Shri M.Venkaiah Naidu.

Mr.Hiramatsu further said that Japan is quite interested in urban development initiatives of the Government of India and decided to be a partner.

Responding to Shri Naidu observation about the need for speedy action, Japans Envoy said n++We would like to match the action oriented approach of the Government under Prime Minister Shri Modin++. Both of them discussed growing cooperation between the two countries further to the last meeting between the Prime Ministers of the two countries.

High Commissioner of United Kingdom Mr.Dominic Asquith also met Shri Venkaiah Naidu and discussed converting into action the MoU signed between the two countries during the recent visit of British Prime Minister to India Ms.Teresa May, on cooperation in urban development sector. He said institutionalizing Government to Government cooperation for smart city development has huge potential.

So far, leading countries have come forward to be associated with development of 15 smart cities. These include: United States Trade Development Agency (USTDA) -Visakhapatnam, Ajmer and Allahabad, UK-Pune, Amaravati(Andhra Pradesh) and Indore, France-Chandigarh, Puducherry and Nagpur and Germany -Bhubaneswar, Coimbattore and Kochi.

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Wockhardt gains after getting EU GMP certificate for Gujarat facility
Jan 06,2017

The announcement was made after market hours yesterday, 5 January 2017.

Meanwhile, the BSE Sensex was up 71.88 points, or 0.27%, to 26,950.12.

On the BSE, 45,491 shares were traded in the counter so far, compared with average daily volumes of 1.91 lakh shares in the past one quarter. The stock had hit a high of Rs 707 and a low of Rs 695.85 so far during the day.

Wockhardt said that competent authority, Berlin, Germany has issued EU good manufacturing practices (GMP) certificate confirming that companys manufacturing facility at 138, GIDC Estate, Ankaleshwar, Gujarat, complies with the principles and guidelines of good manufacturing practices. The certificate issued in this regard is valid for 3 years.

On a consolidated basis, net profit of Wockhardt declined 81.6% to Rs 17.02 crore on 13.4% decline in net sales to Rs 1064.69 crore in Q2 September 2016 over Q2 September 2015.

Wockhardt is a research based and technology intensive global pharmaceutical and biotechnology company.

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Wockhardt may gain after getting EU GMP certificate for Gujarat facility
Jan 06,2017

Wockhardt said that competent authority, Berlin, Germany has since issued EU GMP Certificate confirming that companys manufacturing facility at 138, GIDC Estate, Ankaleshwar, Gujarat, complies with the principles and guidelines of Good Manufacturing Practices.

The certificate issued in this regard is valid for 3 years. The announcement was made after market hours yesterday, 5 January 2017.

Piramal Enterprises said that the companys wholly owned subsidiary, Piramal Finance (PFL) is in the business of providing financial services. In line with the companys growth plans, PFL will now be making an application to the National Housing Bank (NHB) for incorporating a housing finance company (HFC) as its subsidiary.

This has been approved by the companys board of directors at its meeting yesterday, 5 January 2017. The announcement was made after market hours yesterday, 5 January 2017.

Credit Analysis and Research (CARE) announced that the company has been operating in Maldives based on licence issued by Capital Market Development Authority (CMDA), Maldives. The current licence issued by CMDA expired on 5 January 2017.

After a review of the past operations and future prospects in Maldives, CARE has decided not to renew its licence. This has been already notified to CMDA. Hence, operations of CARE in Maldives stands closed from 6 January 2017. The announcement was made after market hours yesterday, 5 January 2017.

Indian Bank announced different benchmark marginal cost of funds based lending rate (MCLR) rates with effect from 7 January 2017. The overnight MCLR stands at 8.4%. The announcement was made after market hours yesterday, 5 January 2017.

Majesco, USA, the insurance arm and subsidiary company of Majesco announced that Majesco Rating in cloud to be implemented by New York Life to offer real-time rate display across group online application portals. The announcement was made after market hours yesterday, 5 January 2017.

New York Life implemented Majesco Rating, for their Group Membership Association Division (GMAD). New York Life Insurance Company is a mutually owned Fortune 100 company and one of the largest life insurers in the world. The Group Membership Association Division is a unit dedicated to serving the insurance needs of over 600 membership groups across North America.

TCI Industries announced that pursuant to the members approval accorded in their meeting held on 2 August 2016, the share allotment committee of the board of directors of the company at a meeting held on 5 January 2017 has issued and allotted 13,444, 0% non-convertible redeemable preference shares (NCRPS) of face value of Rs 100 each at a premium of Rs 300 each. The announcement was made after market hours yesterday, 5 January 2017.

Parag Milk Foods announced that Sales Tax Authorities had pursuant to Section 64 of Maharashtra Value Added Tax Act, 2002, conducted an inspection at the offices of the company at the registered office at Pune, at companys plant at Manchar and the corporate office at Nariman Point Mumbai, which is concluded on 5 January 2017.

The Sales Tax Authorities have conducted inspection starting financial year 2012-2013 and identified some transactions in relation to the consignment agents which were made by the company for interstate transfer of goods and the company has agreed to reclassify the transactions of goods as local sales.

The company have provided the fullest co-operation to the authorities to complete the enquiry and provided the information sought by them. The company has filed revised VAT returns and agreed to pay the additional tax liability on account of reclassification. There is no implication on the continued operations of the Company as a result of this visit. The announcement was made after market hours yesterday, 5 January 2017.

Jubilant Life Sciences announced about the issuance of commercial papers of Rs 50 crore having coupon rate of 6.79% per annum. The tenure of the instrument is 61 days. The announcement was made after market hours yesterday, 5 January 2017.

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G M Breweries standalone net profit declines 36.42% in the December 2016 quarter
Jan 05,2017

Net profit of G M Breweries declined 36.42% to Rs 9.90 crore in the quarter ended December 2016 as against Rs 15.57 crore during the previous quarter ended December 2015. Sales rose 5.02% to Rs 97.53 crore in the quarter ended December 2016 as against Rs 92.87 crore during the previous quarter ended December 2015.

ParticularsQuarter Endedn++Dec. 2016Dec. 2015% Var. Sales97.5392.87 5 OPM %15.9025.65 - PBDT16.4824.17 -32 PBT15.1322.78 -34 NP9.9015.57 -36

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Chartered Logistics standalone net profit rises 49.64% in the December 2016 quarter
Jan 05,2017

Net profit of Chartered Logistics rose 49.64% to Rs 4.10 crore in the quarter ended December 2016 as against Rs 2.74 crore during the previous quarter ended December 2015. Sales declined 3.24% to Rs 38.20 crore in the quarter ended December 2016 as against Rs 39.48 crore during the previous quarter ended December 2015.

ParticularsQuarter Endedn++Dec. 2016Dec. 2015% Var. Sales38.2039.48 -3 OPM %17.099.70 - PBDT5.604.41 27 PBT5.103.24 57 NP4.102.74 50

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