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Sudarshan Chemical Industries commissions 8.24 MW capacity COGEN plant
Jan 04,2017

Sudarshan Chemical Industries has commissioned the COGEN plant of 8.24 MW capacity at its Roha site. It will make the company self reliant towards power and steam generation, for future expansion of production lines.

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Cabinet approves land transfer from Delhi Development Authority for Second Diplomatic Enclave
Jan 04,2017

The Union Cabinet, chaired by the Prime Minister Narendra Modi has approved the transfer of 34.87 Ha land in Sector 24, Dwarka, New Delhi from Delhi Development Authority to Land and Development Office (L&DO) for the purpose of the Second Diplomatic Enclave.

Currently, there is one Diplomatic Enclave in Chanakyapuri, where land has been allotted to the Embassies by L&DO. MEA has expressed need for more land for allotment to Diplomatic Missions/ International Organizations for building their Chanceries/ Embassies in Delhi. For this DDA has earmarked 34.87 Ha land in Sector 24, Dwarka, which will be transferred to L&DO. This will provide land for Second Diplomatic Enclave in the capital.

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Cabinet approves transfer of 34.87 Ha land in Sector 24, Dwarka, New Delhi from Delhi Development Authority to L&DO
Jan 04,2017

The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi has approved the transfer of 34.87 Ha land in Sector 24, Dwarka, New Delhi from Delhi Development Authority to Land and Development Office (L&DO) for the purpose of the Second Diplomatic Enclave.

Currently, there is one Diplomatic Enclave in Chanakyapuri, where land has been allotted to the Embassies by L&DO. MEA has expressed need for more land for allotment to Diplomatic Missions/ International Organizations for building their Chanceries/ Embassies in Delhi. For this DDA has earmarked 34.87 Ha land in Sector 24, Dwarka, which will be transferred to L&DO. This will provide land for Second Diplomatic Enclave in the capital.

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Board of Jolly Merchandise to appoints MD and company secretary
Jan 04,2017

Jolly Merchandise announced that the meeting of the Board of Directors of the Company will be held on 10 January 2017 to transact the following business:

1. To appoint Dhanesh Shah as a Company Secretary of the Company.

2. To appoint Nilesh Khatri as a Managing Director of the Company.

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Just Dial declines on reports of brokerage sell call
Jan 04,2017

Meanwhile, the S&P BSE Sensex was down 13.72 points or 0.05% at 26,629.52.

On the BSE, 78,000 shares were traded on the counter so far as against the average daily volumes of 1.37 lakh shares in the past one quarter. The stock had hit a high of Rs 350.50 and a low of Rs 342.20 so far during the day.

The stock had hit a 52-week high of Rs 903 on 20 April 2016 and a record low of Rs 318.20 on 27 December 2016. It had underperformed the market over the past one month till 3 January 2017, sliding 6.48% compared with the Sensexs 1.57% rise. The scrip had also underperformed the market over the past one quarter declining 19.95% as against the Sensexs 5.67% fall.

The small-cap company has equity capital of Rs 70.57 crore. Face value per share is Rs 10.

The brokerage reportedly said that valuation of Just Dial looks good but future of the company looks uncertain. Risk-reward doesnt look attractive at this stage, it said.

Just Dials net profit fell 26.8% to Rs 29.62 crore on 10% growth in net sales to Rs 180.32 crore in Q2 September 2016 over Q2 September 2015.

Just Dial is a leading local search engine in India.

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Board of Jolly Merchandise to appoint MD and company secretary
Jan 04,2017

Jolly Merchandise announced that the meeting of the Board of Directors of the Company will be held on 10 January 2017 to transact the following business:

1. To appoint Dhanesh Shah as a Company Secretary of the Company.

2. To appoint Nilesh Khatri as a Managing Director of the Company.

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Godrej Properties advances after getting overwhelming response for residential project
Jan 04,2017

The announcement was made before market hours today, 4 January 2017.

Meanwhile, the S&P BSE Sensex was up 38.97 points, or 0.15%, to 26,682.21.

On the BSE, so far 5,411 shares were traded in the counter, compared with average daily volumes of 32,049 shares in the past one quarter. The stock had hit a high of Rs 331.50 and a low of Rs 323 so far during the day. The stock had hit a 52-week high of Rs 386 on 9 August 2016. The stock had hit a 52-week low of Rs 266.40 on 29 February 2016.

The stock had outperformed the market over the past one month till 3 January 2017, gaining 6.83% compared with the 1.57% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, declining 8.79% as against Sensexs 5.67% decline.

The mid-cap company has equity capital of Rs 108.18 crore. Face value per share is Rs 5.

Godrej Properties said that it has seen an overwhelming customer response to its project Godrej Greens, which was launched shortly after the governments demonetisation announcement in early November.

The company announced that it has sold over 300 apartments within two months of launch of its project Godrej Greens in Pune. This represents more than 75% of the 400 apartments that were opened for sale, making this one of the most successful recent residential launches.

On a consolidated basis, net profit of Godrej Properties declined 77.4% to Rs 23.48 crore on 76.6% decline in net sales to Rs 305.60 crore in Q2 September 2016 over Q2 September 2015.

Godrej Properties is a real estate developer.

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Ramco Systems to partner with Panasonic Group of Companies in Malaysia
Jan 04,2017

Ramco Systems announced that the Panasonic Group of Companies in Malaysia has signed a multi-million-dollar strategic deal with Ramco Systems Sdn. Bhd. Malaysia part of Ramco Systems to digitize and transform HR and Payroll operations for nearly 20,000 employees nationwide on a unified platform.

Panasonic Group of companies in Malaysia, part of the leading Japanese electronics manufacturer, said employees in 21 entities using multiple systems currently will now be powered by integrated Ramco HR software giving a seamless HR experience, group-wide.

Ramco Systems award-winning Human Capital Management (HCM) solution will integrate with multiple Enterprise Applications and Finance systems in individual companies for statutory and payroll requirements.

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Engineers India announces cessation of director
Jan 04,2017

Engineers India announced that Ashwani Soni, Director (Projects) ceased to be the Director (Projects) of the Company w.e.f. 01 January 2017 on attaining the age of superannuation on 31 December 2016.

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Power Finance Corporation provides update on subsidiary
Jan 04,2017

Power Finance Corporation announced that the following company has been incorporated as wholly owned subsidiary of PFC Consulting (a wholly owned subsidiary of Power Finance Corporation):

1. Name of the SPV : Fatehgarh-Bhadla Transmission
- Date of Incorporation : 30 December 2016

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Tata Power Company announces change in directorate
Jan 04,2017

Tata Power Company announced that S. Padmanabhan, additional director on the Companys Board, has been nominated as Chairman of the Board of Directors of the Company effective from 04 January 2017.

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Uflex provides business update
Jan 04,2017

Uflex has designed a three layered; 12.5 micron coated polyester / 18 micron BOPP (both side treated) / 35 micron Polyethylene packaging structure as a 3D flat bottom pouch. The product has been designed for its client Whole Foods Market for its Tortilla Chips. The transformed packaging has offered the following advantages - increased shelf life of tortilla chips; a concealed press to close pocket zipper allows for deferred consumption of the packet contents; and the 3D pouch renders 360 degree branding canvas to the packet as it has five distinct panels.

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Board of Coromandel International to consider Q3 results
Jan 04,2017

Coromandel International announced that a Meeting of the Board of Directors of the Company has been convened to be held on 25 January 2017, inter alia, to consider and approve the Un-audited Financial Results of the Company for the quarter ended 31 December 2016 (Q3).

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Outcome of board meeting of Stone India
Jan 04,2017

Stone India announced that the Board of Directors of the Company at its meeting held on 03 January 2017 accepted the sanction advice dated 12 December 2016 issued by Indian Overseas Bank for enhancement cum renewal of working capital limit and authorised the company officials to execute the necessary documents.

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Nikkei India Services PMI unhanged in December 2016
Jan 04,2017

Business activity in the Indian service sector fell for the second consecutive month in December 2016, reflecting a steeper reduction in incoming new work. Backlogs continued to rise, while employment decreased fractionally. Panel members widely blamed the deterioration in economic conditions on the rupee demonetization, with concerns towards the speed of the recovery weighing heavily on sentiment. Meanwhile, input costs rose further, but efforts to boost demand led some firms to lower their charges.

The seasonally adjusted headline Nikkei India Services Business Activity Index registered 46.8 in December, little-changed from Novembers reading of 46.7 and indicating a further solid contraction in output. Moreover, the downturn was broad-based by sub-sector, with Hotels & Restaurants firms the worst performers.

With factory production also falling, activity across the private sector economy as a whole dipped to the greatest extent in over three years. This was highlighted by the seasonally adjusted Nikkei India Composite PMI Output Index recording 47.6 in December, from 49.1 in November.

Data implied that services activity fell in response to a solid and accelerated drop in new business during December. The rate of contraction in new work quickened to the fastest since September 2013, with anecdotal evidence suggesting that the decline reflected shortages of money in the country. Meanwhile, order books at manufacturers decreased for the first time in 2016, albeit marginally.

Cash flow issues reportedly caused another increase in outstanding business among private sector firms, with backlogs rising for the seventh straight month (although only moderately).

In spite of higher backlogs, service providers made cutbacks to staffing levels during December. That said, the drop in employment was only fractional, thereby continuing a trend of broadly stagnant workforces that was evident throughout 2016. A similar trend of fractional job losses was seen among goods producers.

Input prices faced by service providers in India continued to rise in December. However, with less than 1% of firms indicating higher cost burdens and the remaining respondents signalling no change since November, the rate of cost inflation was only marginal and negligible in the context of historical data. Purchase price inflation at manufacturers picked up, but remained below the series long-run average.

Services charges were lowered for the third successive month amid intense competitive pressures and attempts to stimulate demand. Nevertheless, the rate of discounting was marginal overall. Conversely, goods producers raised their output prices for the tenth straight month, but the rate of inflation eased to the weakest since August.

Indian service providers signalled optimism regarding the 12-month outlook for activity during December, although the level of positive sentiment dipped to the third-lowest in over 11 years of data collection. Evidence highlighted expectations of a rebound in demand in the coming 12 months, but worries towards the speed of the recovery following the rupee demonetization hampered confidence.

Commenting on the Indian Services PMI survey data, Pollyanna De Lima, economist at IHS Markit, and author of the report, said The Indian service economy ended 2016 on a grim note, with the average PMI activity index reading for the Oct-Dec quarter the lowest since early-2014. Combined with the manufacturing PMI, data suggest that Indian GDP is set to grow in Q3 FY16/17, but a slowdown is likely. Of concern, business confidence among service providers plunged to one of the lowest in the series 11-year history, suggesting that an imminent rebound from the rupee-demonetization downturn is unlikely.

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