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Auto stocks accelerate as banks slash lending rates
Jan 02,2017

Escorts (up 7.76%), Tata Motors (up 3.55%), TVS Motor Company (up 1.25%) and Ashok Leyland (up 1%) edged higher. Hero MotoCorp (down 0.5%) edged lower.

Meanwhile, the S&P BSE Sensex was down 36.53 points or 0.14% at 26,589.93. The BSE Auto index rose 1.96%, outperforming the Sensex.

Key public sector banks viz. State Bank of India, Punjab National Bank and Kotak Mahindra Bank among others have slashed their marginal cost of funds based lending rates (MCLR) with effect from 1 January 2017.

Purchases of automobiles, including that of cars, utility vehicles and commercial vehicles are substantially driven by financing.

The S&P BSE Auto index had outperformed the market over the past one month till 30 December 2016, advancing 0.56% compared with the Sensexs 0.1% fall. The index had, however, underperformed the market over the past one quarter declining 8.88% as against the Sensexs 4.45% fall.

Maruti Suzuki India rose 2.52%. The company said its total sales fell 1% to 1.17 lakh units in December 2016 over December 2015. The company announced the monthly sales volume yesterday, 1 January 2017.

Bajaj Auto fell 1.43% after the company announced that total sales fell 22% to 2.25 lakh units in December 2016 over December 2015. The company announced the monthly sales volume data for December during market hours today, 2 January 2017.

Eicher Motors rose 3.15% after the company said its total motorcyles sales surged 42% to 57,398 units in December 2016 over December 2015. The company announced the monthly sales volume yesterday, 1 January 2017.

Separately, Eicher Motors announced yesterday, 1 January 2017 that sale volume of VE Commercial Vehicles, an unlisted subsidiary of Eicher Motors fell 20.04% to 4,048 units in December 2016 over December 2015.

Mahindra & Mahindra (M&M) rose 3.66% after the company said its total tractor sales rose 9% to 14,047 units in December 2016 over December 2015. The company announced the monthly sales volume during market hours today, 2 January 2017. The companys total auto sales declined 4% to 36,363 units in December 2016 over December 2015.

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Realty stocks spurt after banks announce steep cut in MCLRs
Jan 02,2017

Meanwhile, the S&P BSE Sensex was up 11.86 points or 0.04% at 26,638.32.

DLF (up 8.04%), D B Realty (up 4.95%), Sobha (up 2.39%), Indiabulls Real Estate (up 6.45%), Unitech (up 6.45%), NBCC (up 5.29%), Godrej Properties (up 3.07%), Housing Development & Infrastructure (HDIL) (up 4.18%), and Oberoi Realty (up 5.21%) edged higher.

The BSE Realty index had underperformed the market over the past one month till 30 December 2016, sliding 1.39% compared with 0.1% drop in the Sensex. The index had also underperformed the market in past one quarter, dropping 16.42% as against Sensexs 4.45% fall.

Meanwhile, Kotak Mahindra Bank said it has reduced the marginal cost of funds based lending rate by up to 45 basis points for various tenors with effect from 1 January 2017. State Bank of India announced slashing of its marginal cost of lending rate by 90 basis points across all maturities. Punjab National Bank announced that it has reduced marginal cost of funds based lending rate by 70 basis points across various maturities with effect from 1 January 2017.

The one-year benchmark is used for pricing home and car loans. Loans are provided to borrowers at 35 basis points over the MCLR. The cut in MCLR would revive demand for properties. Purchases of both residential and commercial property are largely driven by finance.

Meanwhile, Prime Minister Narendra Modi on the eve of New Year on 31 December 2016, announced that two new middle income categories have been created under the Pradhan Mantri Awaas Yojana in urban areas. Loans of up to Rs 9 lakh taken in 2017, will receive interest subvention of 4%. Loans of up to Rs 12 lakh taken in 2017, will receive interest subvention of 3%. The number of houses being built for the poor, under the Pradhan Mantri Awaas Yojana in rural areas, is being increased by 33%.

In addition to this, another scheme is being put in place for the neo middle and middle class in rural areas. Loans of up to Rs 2 lakh taken in 2017, for new housing, or extension of housing in rural areas, will receive an interest subvention of 3%.

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L&T Hydrocarbons led consortium bags two contracts from Saudi Aramco
Jan 02,2017

L&T Hydrocarbons, a fully owned subsidiary of Larsen & Toubro, in consortium with EMAS CHIYODA Subsea, has announced the conclusion of two awards involving Engineering, Procurement, Construction and Installation contracts from Saudi Arabian oil giant and biggest oil company in world, Saudi Aramco. The contract is awarded to supply and install four wellhead decks in the Safaniya field and another award to upgrade on 17 platforms in various offshore fields in the Arabian Sea off the coast of Saudi Arabia.

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Kotak Mahindra Bank revises MCLR rates
Jan 02,2017

Kotak Mahindra Bank has revised the Marginal Cost based Lending Rate - (K-MCLR) downwards by up to 45 bps with effect from 01 January 2016 across various tenures -

Overnight - 8.20%
One month - 8.25%
Two month - 8.40%
Six month - 8.65%
One year - 9.00%
Two year - 9.00%
Three year - 9.00%.

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Kotak Mahindra Bank declines after slashing MCLR
Jan 02,2017

The announcement was made during market hours today, 2 January 2017.

Meanwhile, the S&P BSE Sensex was up 25.13 points or 0.09% at 26,651.59.

On the BSE, 3.12 lakh shares were traded on the counter so far as against the average daily volumes of 1.26 lakh shares in the past one quarter. The stock had hit a high of Rs 720.05 and a low of Rs 708.15 so far during the day.

The stock had hit a record high of Rs 836 on 15 November 2016 and a 52-week low of Rs 586.50 on 29 February 2016. It had underperformed the market over the past one month till 30 December 2016, sliding 4.91% compared with the Sensexs 0.1% fall. The scrip had also underperformed the market over the past one quarter declining 7.67% as against the Sensexs 4.45% fall.

The large-cap bank has equity capital of Rs 919.64 crore. Face value per share is Rs 5.

Kotak Mahindra Bank (KMBL) has reduced marginal cost of funds based lending rate (MCLR) for overnight loans to 8.2% from 8.6%. The rate for one month is reduced to 8.25% from 8.7% and for three months it is reduced to 8.4% from 8.85%.

The MCLR on 6-month loans will be 8.65% from earlier 9.05% and for one-year loans the rate will be 9% from 9.2%, the bank said. MCLR on two-year loans was reduced to 9% from 9.25% and for three-year loans the rate will be 9% from 9.25% earlier.

All rupee loans sanctioned and credit limits renewed with effect from 1 April 2016 are priced with reference to MCLR which is the internal benchmark of the concerned bank. Actual lending rates are determined by adding the components of spread to the MCLR.

Kotak Mahindra Banks net profit rose 42.8% to Rs 813.29 crore on 13.5% growth in total income to Rs 5243.58 crore in Q2 September 2016 over Q2 September 2015.

Kotak Mahindra Bank is one of the leading private sector banks in India.

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Steel Strips Wheels announces sales figures
Jan 02,2017

Steel Strips Wheels achieved total wheel rim sales of 10.18 lakhs in December 2016 compared to 10.42 lakh in December 2015, representing a declined of 2%.

In terms of value, the company achieved gross turnover of Rs 109.89 crore in December 2016 compared to 107.60 crore in December 2015.

Net turnover was Rs 98.97 crore in December 2016 compared to Rs 97 crore in December 2015, a growth of 2%.

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Marvel Vinyls announces resignation of director
Jan 02,2017

Marvel Vinyls announced that Pradeep Singh has resigned from the post of Independent Director of the Company.

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L&T extends gains after subsidiary secures two more orders from Saudi Aramco
Jan 02,2017

The announcement was made during market hours today, 2 January 2017.

Meanwhile, the BSE Sensex was up 36.62 points or 0.13% at 26,659.88.

On the BSE, 47,454 shares were traded on the counter so far as against the average daily volumes of 2.31 lakh shares in the past one quarter. The stock had hit a high of Rs 1,366.50 and a low of Rs 1,350 so far during the day.

The stock hit a 52-week high of Rs 1,615 on 27 July 2016 and a 52-week low of Rs 1,016.60 on 12 February 2016. It had underperformed the market over the past one month till 30 December 2016, declining 2.4% compared with the Sensexs 0.1% fall. The scrip had also underperformed the market over the past one quarter sliding 5.75% as against the Sensexs 4.45% fall.

The large-cap company has equity capital of Rs 186.54 crore. Face value per share is Rs 2.

L&T Hydrocarbon Engineering (LTHE), a fully owned subsidiary of L&T, in consortium with EMAS CHIYODA Subsea, has announced the conclusion of two awards involving engineering, procurement, construction and installation (EPCI) contracts from Saudi Arabian oil giant and biggest oil company in world, Saudi Aramco.

The contract is awarded to supply and install four wellhead decks in the Safaniya field and another award to upgrade on 17 platforms in various offshore fields in the Arabian sea off the coast of Saudi Arabia.

The long term agreement awarded by Saudi Aramco to the LTHE - EMAS CHIYODA Subsea Consortium in June last year has been very successful and the consortium is poised to remain a substantial service provider to Aramco and participate in the development of capabilities in Kingdom over the long term.

L&T Hydrocarbon Engineering provides complete EPCI solutions for the offshore oil & gas industry combining customized engineering, procurement, fast-track project management and world-class fabrication & installation capabilities meeting stringent timelines and conforming to international safety standards

Separately, L&T said that it has been identified as the implementation partner by the government to convert Pune into a smart city. The announcement was made during market hours today, 2 January 2017.

The letter of intent for the Pune smart city project was handed over by the Municipal Commissioner of Pune, Kunal Kumar to representatives of L&T Constructions Smart World & Communication Business Unit, which will be executing the project. This unit offers end-to-end solutions comprising security solutions, communication network and telecom infrastructure and smart infrastructure as a master systems integrator in collaboration with other businesses within the L&T Group.

The Pune smart city project includes a revenue monetization model, the countrys first in smart cities domain.

On a consolidated basis, L&Ts net profit jumped 84.3% to Rs 1434.63 crore on 8.5% growth in net sales to Rs 24923.98 crore in Q2 September 2016 over Q2 September 2015.

L&T is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services with $16 billion in revenue. L&T Construction is a division of L&T.

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Radhika Jeweltech announces resignation of company secretary
Jan 02,2017

Radhika Jeweltech announced Tushar Donda has resigned from the post of Company Secretary and Compliance officer of the Company w.e.f. 31 December 2016. The Company places its appreciation for service rendered by Tushar Donda during his association with the Company.

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Auto Auto announces sales figures
Jan 02,2017

Atul Auto has achieved total sales of 2556 units in December 2016 compared to 4005 units in December 2015, recording a decline of 36.18%. For the period April-December 2016, total sales were down 8.88% at 30,410 units compared to corresponding period of previous year.

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AksharChem (India) gets upgradation in ratings for bank facilities
Jan 02,2017

AksharChem (India) announced that Credit Analysis & Research (CARE) has reviewed the ratings on the bank facilities of the Company and upgraded the rating for the Long term Bank Facilities, Short term Bank Facilities and Long term/Short term Bank Facilities.

Long term bank facilities - CARE A+; Stable (upgraded)

Short term bank facilities - CARE A1+ (upgraded)

Long term / short term bank facilities - CARE A+; Stable / CARE A1+ (upgraded)

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Under-recoveries for the month of January 2017 will be Rs. 12.78 per litre for PDS Kerosene
Jan 02,2017

The Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas has reviewed international prices of crude oil and petroleum products for the month of December 2016. In the case of PDS Kerosene, the under-recoveries with effect from January 1, 2017 will be Rs 12.78 per litre. The under-recovery was Rs. 10.51 per litre in the first fortnight of December 2016 and Rs. 10.26 in the last fortnight of the month. The cash transfer to customer under DBTL will be Rs. 150.29, out of which Rs. 121.87 will be Cash Compensation on Domestic LPG by Govt. to consumers & Rs 28.42 will be the Cash compensation on Domestic LPG by OMCs towards Uncompensated Costs to consumers.  

 Product-wise Under-recoveries of Public Sector Oil Marketing Companies (OMCs): 

ProductUnitUnder  Recovery (eff. 1st Jan 17)Cash transfer to customer under DBTL(eff. 1st Jan 17)PDS Kerosene*(Rs./Litre)12.78-Cash Compensation on Domestic LPG by Govt. to consumers**(Rs./Cylinder)-121.87Cash Compensation on Domestic LPG by OMCs towards Uncompensated Costs to consumers**(Rs./Cylinder)-28.42

 * Under Recovery is for Mumbai Market.

 ** Cash Subsidy is for Delhi market.

The under-recoveries/DBTL Subsidy for 2015-16 was Rs. 27,571 crore, while the figure was Rs 76, 285 crore for 2014-15.

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Aagam Capital announces resignation of company secretary and compliance officer
Jan 02,2017

Aagam Capital announced that Asish Narayan, Company Secretary and Compliance Officer of the Company has resigned from the said post with effect from 31 December 2016 and is relieved by the Company after the close of the business hours.

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Ruchi Infrastructure appoints director
Jan 02,2017

Ruchi Infrastructure announced that the Board of Directors of the Company at its meeting held on 31 December 2016 has, inter alia, approved the appointment of Ruchi Joshi as an Additional Director (Independent) of the Company with effect from 31 December 2016.

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Lupin nudges higher after receiving final USFDA approval for generic drug
Jan 02,2017

The company made the announcement during trading hours today, 2 January 2017.

Meanwhile, the S&P BSE Sensex was down 13.43 points or 0.05% at 26,613.03.

On the BSE, 22,206 shares were traded on the counter so far as against the average daily volumes of 87,963 shares in the past one quarter. The stock had hit a high of Rs 1,508.55 and a low of Rs 1,477.70 so far during the day. The stock had hit a 52-week high of Rs 1,911.55 on 9 February 2016 and a 52-week low of Rs 1,294.05 on 29 March 2016.

The stock had underperformed the market over the past one month till 30 December 2016, sliding 1.3% compared with 0.1% drop in the Sensex. The scrip had, however, outperformed the market in past one quarter, sliding 0.12% as against Sensexs 4.45% fall.

The large-cap company has equity capital of Rs 90.29 crore. Face value per share is Rs 2.

Lupin announced that it has received final approval for its Cevimeline Hydrochloride Capsules, 30 mg from the United States Food and Drug Administration (USFDA) to market a generic version of Daiichi Sankyo Incs Evoxac Capsules, 30 mg. Lupin shall commence promoting the product shortly.

Lupins Cevimeline Hydrochloride Capsules, 30 mg are the AB rated generic equivalent of Daiichi Sankyo Incs Evoxac Capsules, 30 mg. Cevimeline Hydrochloride Capsules, 30 mg are indicated for the treatment of symptoms of dry mouth in patients with Sjn++grens Syndrome. Evoxac Capsules had annual US sales of $40.8 million as per IMS MAT September 2016 data.

Lupins consolidated net profit rose 57.8% to Rs 662.19 crore on 31.9% rise in net sales to Rs 4211.18 crore in Q2 September 2016 over Q2 September 2015.

Lupin is an innovation led transnational pharmaceutical company developing and delivering a wide range of branded & generic formulations, biotechnology products and active pharmaceutical ingredients (APIs) globally. The company is a significant player in the cardiovascular, diabetology, asthma, pediatric, CNS, GI, anti-infective and NSAID space and holds global leadership position in the Anti-TB segment.

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