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PSP Projects IPO subscribed 8.58 times
May 22,2017

The initial public offer (IPO) of PSP Projects received bids for 4.75 crore shares compared with 55.44 lakh shares on offer, NSE data showed. The IPO was subscribed 8.58 times. The price band for the IPO was fixed at Rs 205-210 per share. The issue opened on 17 May 2017 and closed on 19 May 2017.

The qualified institutional buyers (QIBs) category was subscribed 8.38 times. The non institutional investors category was subscribed 10.39 times. The retail individual investors (RIIs) category was subscribed 6.47 times.

The IPO committee of PSP Projects at a meeting held on 16 May 2017 allocated 45.36 lakh shares to nine anchor investors at Rs 210 per share aggregating to Rs 95.25 crore.

PSP Projects reported net profit of Rs 21.48 crore on net sales of Rs 239.10 crore in nine months ended 31 December 2016.

Promoted by first-generation entrepreneur Prahaladbhai Patel in 2008, PSP Projects (PSP) is a multidisciplinary company developing industrial, institutional, government, government residential and residential projects in India. Services offered are across the construction value chain, ranging from planning and design to construction and post-construction activities to private and public sector enterprises.

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Meghmani tanks as Q4 numbers disappoint
May 22,2017

The result was announced during market hours today, 22 May 2017.

Meanwhile, the S&P BSE Sensex was up 114.23 points or 0.37% at 30,579.15. The S&P BSE Small-Cap index was down 153.79 points or 1.01% at 15,073.28.

On the BSE, 5.89 lakh shares were traded on the counter so far as against the average daily volumes of 3.04 lakh shares in the past one quarter. The stock had hit a high of Rs 41.50 and a low of Rs 37.25 so far during the day.

The stock had hit a 52-week high of Rs 52.40 on 10 October 2016 and a 52-week low of Rs 34.10 on 22 November 2016. It had underperformed the market over the past one month till 19 May 2017, sliding 1.25% compared with the Sensexs 3.85% rise. The scrip had also underperformed the market over the past one quarter, declining 5.94% as against the Sensexs 7.01% rise.

The small-cap company has equity capital of Rs 25.43 crore. Face value per share is Rs 1.

Meghmani Organics is a manufacturer of pigments and agrochemicals. The company specializes in the manufacture of green and blue pigment products that span multiple applications. The company also produces a broad spectrum of commonly used pesticides for crop and non-crop applications.

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Corporation Bank drops as bad loans rise in Q4
May 22,2017

The result was announced on Saturday, 20 May 2017.

The stock has fallen 8.17% in four sessions to its ruling price of Rs 54.50 from a close of Rs 59.35 on 16 May 2017.

Meanwhile, the S&P Sensex was up 99.10 points, or 0.33% at 30,564.02. The S&P BSE Mid-Cap index was down 146.58 points, or 1% at 14,497.42.

On the BSE, 1.37 lakh shares were traded on the counter so far as against the average daily volumes of 1.63 lakh shares in the past one quarter. The stock had hit a high of Rs 57.80 and a low of Rs 53.90 so far during the day.

The stock had hit a 52-week high of Rs 64.70 on 5 May 2017 and a 52-week low of Rs 34 on 3 June 2016. The stock had underperformed the market over the past one month till 19 May 2017, rising 3.48% compared with the 3.85% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 21.87% as against Sensexs 7.01% rise.

The mid-cap bank has equity capital of Rs 229.41 crore. Face value per share is Rs 2.

Corporation Banks gross non-performing assets (NPAs) stood at Rs 17045.22 crore as on 31 March 2017 as against Rs 15827.99 crore as on 30 December 2016 and Rs 14544.24 crore as on 31 March 2016.

The ratio of gross NPAs to gross advances stood at 11.7% as on 31 March 2017 as against 11.26% as on 31 December 2016 and 9.98% as on 31 March 2016.

The ratio of net NPAs to net advances stood at 8.33% as on 31 March 2017 as against 7.64% as on 31 December 2016 and 6.53% as on 31 March 2016.

The banks provisions and contingencies fell 51.63% to Rs 948.01 crore in Q4 March 2017 over Q4 March 2016 of which provisions for NPAs dropped 56.62% to Rs 852.97 crore in Q4 March 2017 over Q4 March 2016.

Corporation Bank reported net profit of Rs 159.98 crore in Q4 March 2017 compared with net loss of Rs 510.96 crore in Q4 March 2016. Total income rose 9.8% to Rs 5730.48 crore in Q4 March 2017 over Q4 March 2016.

Government of India holds 70.76% stake in the bank (as on 31 March 2017).

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Board of Olympic Cards does not recommend dividend
May 22,2017

The Board of Directors of Olympic Cards at its meeting held on 22 May 2017 has transacted the following -

The Board of Directors have not recommended dividend.

The Board has approved purchase of machinery valued around Rs 2 crore by availing loan facility from suitable lenders.

The Board has approved to avail loan facility of a sum of Rs 1.5 crore for purpose of its working capital requirements from HDFC Bank and a sum of Rs 75 lakh for purpose of business expansion from Neo Growth.

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Board of Meghmani Organics appoints CEO
May 22,2017

The Board of Directors of Meghmani Organics has appointed Ankit Patel as CEO and KMP in place of Ashish Soparkar, existing CEO of the Company at their meeting held on 22 May 2017.

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Venkys (India) spurts as PAT growth more than doubles in Q4
May 22,2017

The result was announced during market hours today, 22 May 2017.

Meanwhile, the S&P BSE Sensex was up 100.21 points or 0.33% at 30,565.13. The S&P BSE Small-Cap index was down 94.40 points or 0.62% at 15,132.67.

On the BSE, 16,000 shares were traded on the counter so far as against the average daily volumes of 26,651 shares in the past one quarter. The stock had hit a high of Rs 1,219.40 and a low of Rs 1,172 so far during the day.

The stock had hit a record high of Rs 1,378 on 24 April 2017 and a 52-week low of Rs 377.05 on 6 June 2016. It had underperformed the market over the past one month till 19 May 2017, sliding 6.67% compared with the Sensexs 3.85% rise. The scrip had, however, outperformed the market over the past one quarter, gaining 41.02% as against the Sensexs 7.01% rise.

The small-cap company has equity capital of Rs 14.09 crore. Face value per share is Rs 10.

Venkys (India)s board at its meeting held today, 22 May 2017, recommended a dividend of Rs 6 per share for the year ended March 2017.

Venkys (India) is an integrated poultry firm.

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ITC jumps 8.73% in two sessions on GST boost
May 22,2017

Shares of ITC had gained 2.82% to Rs 285.90 on Friday, 19 May 2017 after the Goods & Services Tax (GST) council announced the tax rates for the various items on 18 May 2017. The stock has jumped 8.73% in two sessions to its ruling price of Rs 302.35 from a close of Rs 278.05 on 18 May 2017.

Meanwhile, the S&P BSE Sensex was up 145.83 points, or 0.48% to 30,610.75.

Higher than usual volumes were witnessed on the counter. On the BSE, 20.65 lakh shares were traded on the counter so far as against the average daily volumes of 11.97 lakh shares in the past one quarter. The stock had hit a high of Rs 302.40 in intraday trade, which is also a record high. The stock had hit a low of Rs 291 so far during the day.

The stock had hit a 52-week low of Rs 215.40 on 19 May 2016. The stock had underperformed the market over the past one month till 19 May 2017, rising 2.44% compared with the 3.85% rise in the Sensex. The scrip had also underperformed the market in past one quarter, gaining 6.58% as against Sensexs 7.01% rise.

The large-cap company has equity capital of Rs 1214.74 crore. Face value per share is Re 1.

The cess on cigarettes under GST tax rate was reportedly tax neutral for the company. The GST tax rate on cigarettes has been fixed at 28%, while a 5% cess and duty per stick will also be levied, bringing total tax incidence to the current range of 60%. Cigarette division contributed nearly two-thirds of ITCs total revenues.

ITCs hotel business will be taxed at a high 28%, however, reports said this was along the expected lines.

Shares of FMCG companies have been cheering on the bourses as the Goods & Services Tax (GST) council announced the tax rates for the various items on 18 May 2017. As per the GST tax rates announced, the impact is very positive for the FMCG companies and signals that the mass consumption items will be taxed lower.

The FMCG companies would witness the huge boost in its consumption since they now need to pay the lower taxes. GST council finalised lower GST rates for the FMCG products such as soaps, hair oil, edible oil and toothpaste among others.

Setting the stage for rollout of GST from 1 July, the Centre and states on 18 May 2017 decided on rates for specific products which may lead to lower prices for a majority of products of mass consumption.

The GST tax reform will subsume central and state levies such as excise duty, additional duties of customs, service tax, value added tax, central sales tax, entry tax, octroi and luxury tax and is expected to clean up the messy indirect tax structure.

ITCs net profit rose 5.7% to Rs 2646.73 crore on 4.1% increase in net sales to Rs 9149.31 crore in Q3 December 2016 over Q3 December 2015.

ITC is a diversified company, with presence in cigarettes, hotels, paperboards & specialty papers, packaging, agri-business, packaged foods & confectionery, information technology, branded apparel, personal care, stationery and other FMCG products. ITC is a market leader in cigarettes.

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HCC secures Rs 672.99 crore contract in JV with HSEPL
May 22,2017

Hindustan Construction Company as a lead partner in the joint venture with HSEPL has been awarded Rs 672.99 crore contract on EPC basis for the construction of Parwan Gravity Dam by the Water Resources Department, Government of Rajasthan. HCCs share in the JV is 90% (Rs 605.70 crore).

The project envisages construction of a concrete gravity dam and 8.475 km long tunnel for irrigation and water supply purpose involving civil, hydro-mechanical and electrical works on EPC basis. A 21 km long access road will be also constructed to the project site. The project is to be completed in 48 months.

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Pincon Spirit jumps after reporting strong Q4 earnings
May 22,2017

The result was announced during market hours today, 22 May 2017.

Meanwhile, the S&P BSE Sensex was up 135.54 points, or 0.44% at 30,600.46. The S&P BSE Small-cap index was down 73.87 points, 0.49% at 15,153.20.

High volumes were witnessed on the counter. On the BSE, 5.27 lakh shares were traded on the counter so far as against the average daily volumes of 1.30 lakh shares in the past one quarter. The stock had hit a high of Rs 77.90 and a low of Rs 71.30 so far during the day.

The stock had hit a record high of Rs 89.40 on 25 July 2016 and hit a 52-week low of Rs 54.85 on 21 November 2016. The stock had outperformed the market over the past one month till 19 May 2017, advancing 9.13% compared with the Sensexs 3.85% rise. The scrip had also outperformed the market over the past one quarter advancing 8.71% as against the Sensexs 7.01% rise.

The small-cap company has equity capital of Rs 44.09 crore. Face value per share is Rs 10.

Pincon Spirit is a liquor company. The company is engaged in carrying on the business of blending, bottling and wholesale distribution of Indian made foreign liquor (IMFL) and Indian made Indian liquor (IMIL). In the FMCG space, the company is engaged in the manufacture of edible oils.

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Volumes jump at Gateway Distriparks counter
May 22,2017

Gateway Distriparks clocked volume of 10.20 lakh shares by 13:50 IST on BSE, a 90.54-times surge over two-week average daily volume of 11,000 shares. The stock was down 3.38% at Rs 237.25.

Kotak Mahindra Bank notched up volume of 1.80 crore shares, a 63.39-fold surge over two-week average daily volume of 2.85 lakh shares. The stock rose 0.68% at Rs 943.75. Shares of the bank are set to enter S&P BSE Sensex with effect from 19 June 2017.

Shakti Pumps (India) saw volume of 8.72 lakh shares, a 8.59-fold surge over two-week average daily volume of 1.01 lakh shares. The stock surged 17.25% at Rs 379.20.

LT Foods clocked volume of 8.76 lakh shares, a 6.23-fold surge over two-week average daily volume of 1.41 lakh shares. The stock jumped 14.19% at Rs 82.10.

Karur Vysya Bank saw volume of 5.49 lakh shares, a 5.94-fold rise over two-week average daily volume of 92,000 shares. The stock was up 3.85% at Rs 120.10.

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United Spirits leads gainers on BSEs A group
May 22,2017

United Spirits jumped 8.39% at Rs 2,082.05. The stock topped the gainers in A group. On the BSE, 1.51 lakh shares were traded on the counter so far as against the average daily volumes of 1.01 lakh shares in the past two weeks. The Enforcement Directorate has reportedly taken possession of liquor baron Vijay Mallyas stake in United Breweries and also stakes in other listed companies. Labelled a willful defaulter by banks, Mallya owes lenders Rs 8191 crore as on 31 December 2016.

ITC surged 5.47% at Rs 301.55. The stock was the second biggest gainer in A group. On the BSE, 19.95 lakh shares were traded on the counter so far as against the average daily volumes of 7.8 lakh shares in the past two weeks.

Shriram City Union Finance rose 3.13% at Rs 2,203.85. The stock was the third biggest gainer in A group. On the BSE, 193 shares were traded on the counter so far as against the average daily volumes of 4,406 shares in the past two weeks.

VA Tech Wabag rose 2.78% at Rs 690.15. The stock was the fourth biggest gainer in A group. On the BSE, 20,000 shares were traded on the counter so far as against the average daily volumes of 24,000 shares in the past two weeks.

Motherson Sumi Systems rose 2.67% at Rs 433.80. The stock was the fifth biggest gainer in A group. On the BSE, 3.01 lakh shares were traded on the counter so far as against the average daily volumes of 4.85 lakh shares in the past two weeks.

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NECC plans to expands its warehousing capabilities in next 2 years
May 22,2017

North Eastern Carrying Corporation announced plans to expand its existing 1.5 mn sq. ft. warehousing capabilities over the next two years across 50 major Indian cities.

The Company is gearing up its overall capabilities with a special focus towards warehousing given the opportunity it expects to unfold in this segment post GST. It plans to expand its footprint from the current 1.5 mn sq. ft, across 50 major cities over two years throughout India with its asset light approach.

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Board of Prakash Industries approves issuance of new FCCBs in lieu of April 2015 FCCBs
May 22,2017

The Board of Directors of Prakash Industries at its meeting held on 22 May 2017 has approved the issue of new FCCBs with a tenure of 5 years 1 day in lieu of all its outstanding obligations on the 5.25% April, 2015 FCCBs subject to having obtained all necessary consent, approvals and compliance with all applicable laws and regulations.

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Sunil Hitech Engineers tumbles after weak Q4 earnings
May 22,2017

The result was announced after market hours on Friday, 19 May 2017.

Meanwhile, the S&P BSE Sensex was up 101.97 points or 0.33% at 30,566.89. The S&P BSE Small-Cap index was down 35.82 points or 0.24% at 15,191.25.

On the BSE, 6.45 lakh shares were traded on the counter so far as against the average daily volumes of 7.50 lakh shares in the past one quarter. The stock had hit a high of Rs 14.10 and a low of Rs 13.25 so far during the day.

The stock had hit a record high of Rs 23.43 on 20 October 2016 and a 52-week low of Rs 7.75 on 24 June 2016. It had underperformed the market over the past one month till 19 May 2017, advancing 2.35% compared with the Sensexs 3.85% rise. The scrip had, however, outperformed the market over the past one quarter, gaining 20.84% as against the Sensexs 7.01% rise.

The small-cap company has equity capital of Rs 37.80 crore. Face value per share is Rs 1.

The companys total unexecuted order book stood at Rs 5188.25 crore as on 31 March 2017.

Sunil Hitech Engineers Managing Director Sunil Gutte said that the company intends to continue to grow in both power and non-power business. It is expecting orders in FY 2018 in both the verticals.

Sunil Hitech Engineers is a well established player in engineering procurement construction (EPC) and construction of road & bridges, building works of institutions, hospitals and housing projects, cross country pipeline, civil & mechanical works of power and steel plants, cooling towers, chimneys, etc, also in renewable energy sector.

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Adhiraj Distributors to hold board meeting
May 22,2017

Adhiraj Distributors will hold a meeting of the Board of Directors of the Company on 30 May 2017, to consider and take on record, inter alia, the Audited Financial Results for the quarter and year ended 31st March, 2017.

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