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Board of Banco Products (India) declares interim dividend
Jan 11,2017

Banco Products (India) announced that the Meeting of the Board of Directors of the Company was held on 11 January 2017 and inter alia decided / approved the following:

1. The Board declared Interim Dividend @Rs. 5/- per Equity Shares of Face Value of Rs. 2/- each i.e. 250% for the Financial Year ending on 31 March 32017.

2. The Dividend shall be paid on or after 30 January 2017.

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Volumes jump at Gini Silk Mills counter
Jan 11,2017

Gini Silk Mills volume of 2.74 lakh shares by 12:55 IST on BSE, a 210.27-times surge over two-week average daily volume of 1,304 shares. The stock rose 4.18% to Rs 499.80.

The Ramco Cements notched up volume of 10.14 lakh shares, a 78.14-fold surge over two-week average daily volume of 13,000 shares. The stock rose 2.12% to Rs 618.

Colgate-Palmolive (India) saw volume of 3 lakh shares, a 31.05-fold surge over two-week average daily volume of 9,650 shares. The stock declined 0.41% to Rs 888.70.

Federal Bank clocked volume of 52.21 lakh shares, a 14.67-fold surge over two-week average daily volume of 3.55 lakh shares. The stock gained 3.22% to Rs 72.05.

Eicher Motors saw volume of 65,000 shares, a 13.65-fold rise over two-week average daily volume of 4,742 shares. The stock declined 0.01% to Rs 22,985.

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Board of Emami Paper Mills considers working capital facilities
Jan 11,2017

Emami Paper Mills announced that the Financial Committee of Board of Directors at its meeting held on 11 January 2017 transacted the following -

Sanction of renewal cum enhancement of working capital facilities within overall limit of Rs 85 crore by IDBI Bank was considered.

Sanction of working capital facilities within overall limit of 85 crore by IDFC Bank was considered.

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Rose Investments to announce December quarter results
Jan 11,2017

Rose Investments announced that a meeting of the Board of Directors of the Company is scheduled to be held on 31 January 2017, inter alia, to consider and approve Unaudited Financial Results of the Company for the Quarter ended 31 December 2016.

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Board of Bodhtree Consulting to consider Q3 and 9M results
Jan 11,2017

Bodhtree Consulting announced that the Meeting of the Board of Directors of the Company will be held on 19 January 2017, inter alia, to:

1. Consider and approve the Un-audited Financial Results as per Regulation 33 of LODR for the Quarter and Nine Months ended on 31 December 2016.

2. To take note of Limited Review Report obtained from the Statutory Auditors of the Company on Un-Audited Financial Results for the Quarter and Nine Months ended on 31 December 2016.

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Board of PVV Infra to consider JV proposal and appoint compliance officer
Jan 11,2017

PVV Infra announced that a meeting of the Board of Directors of the Company will be held on 19 January 2017 to transact inter alia the following business:

1. Consider joint venture with Buildtek, which is into pre fabricated building technology with advanced manufacturing facility at Ravulapallem, West Godavari, Andhra Pradesh.

2. To consider the appointment of Compliance Officer of the Company.

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Board of Samrat Pharmachem to consider December quarter results
Jan 11,2017

Samrat Pharmachem announced that a meeting of the Board of Directors of the Company will be held on 14 February 2017, inter alia, to consider and take on record the Un-Audited Financial Results of the Company for the quarter ended 31 December 2016.

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Adani Enterprises incorporates subsidiary - Adani Agri Logistics (Kannauj)
Jan 11,2017

Adani Enterprises has incorporated a wholly owned subsidiary namely, Adani Agri Logistics (Kannauj)n++ (AALKL) on 10 January 2016.

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Adani Enterprises incorporates subsidary - Adani Agri Logistics (Panipat)
Jan 11,2017

Adani Enterprises has incorporated a wholly owned subsidiary namely, Adani Agri Logistics (Panipat) (AALPL) on 11 January 2016.

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Royal Orchid spurts after acquiring remaining stake in its subsidiary
Jan 11,2017

The announcement was made during market hours today, 11 January 2017.

Meanwhile, the BSE Sensex was up 155.27 points, or 0.58%, to 27,054.83.

More than usual volumes were witnessed on the counter. On the BSE, 33,754 shares were traded in the counter so far as against average daily volume of 13,386 shares in the past one quarter. The stock had hit a high of Rs 86.40 and a low of Rs 75.20 so far during the day. The stock had hit a 52-week high of Rs 115.10 on 11 January 2016. The stock had hit a 52-week low of Rs 56.60 on 17 February 2016.

The stock had underperformed the market over the past one month till 10 January 2017, falling 0.33% compared with the Sensexs 0.57% gains. The scrip had, however, outperformed the market in past one quarter, gaining 15.06% as against the Sensexs 4.21% fall.

The small-cap company has equity capital of Rs 27.23 crore. Face value per share is Rs 10.

Upon acquisition of shares from the joint venture partner, Amartara Hospitality Private Limited has become wholly owned subsidiary of Royal Orchid Hotels. The cost of acquisition is Rs 2.5 crore. Earlier, Royal Orchid held 75.1% stake in Amartara Hospitality. The acquisition is a part of settlement agreement between the joint venture partners.

The consideration shall be payable on or before expiry of three years from 6 January 2017 or on or before the expiry of 30 days after the date on which the immovable property of the company is sold, whichever is earlier.

Amartara Hospitality was incorporated in 2009, with an object of running hospitality business. However, it could not commence its hotel operation as on date. The paid up share capital of Amartara Hospitality is Rs 35.50 crore.

Royal Orchid Hotels net profit rose 33.7% to Rs 2.74 crore on 8.7% decline in net sales to Rs 19.19 crore in Q2 September 2016 over Q2 September 2015.

Royal Orchid Hotels operates business and leisure hotels in popular destinations.

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Indiabulls Housing Finance advances after bulk deal
Jan 11,2017

Meanwhile, the S&P BSE Sensex was up 168.67 points or 0.63% at 27,068.23

Bulk deal boosted volume on the scrip. On the BSE, 17.20 lakh shares were traded in the counter so far as against average daily volume of 1.21 lakh shares in the past one quarter. The stock had hit a high of Rs 713.50 and a low of Rs 688.05 so far during the day.

The stock had hit a record high of Rs 895 on 20 October 2016. The stock had hit a 52-week low of Rs 551 on 24 February 2016. The stock had underperformed the market over the past 30 days till 10 January 2017, falling 0.8% compared with the Sensexs 1.45% rise. The scrip also underperformed the market in past one quarter, sliding 18.67% as against the Sensexs 4.21% fall.

The large-cap company has equity capital of Rs 84.75 crore. Face value per share is Rs 2.

Indiabulls Housing Finance recently announced that it has reduced its home loan rate by 45 basis points to 8.65% for its customers with effect from 3 January 2017.

Indiabulls Housing Finances consolidated net profit rose 23.2% to Rs 684.31 crore on 28.02% growth in total income to Rs 2874.95 crore in Q2 September 2016 over Q2 September 2015.

Indiabulls Housing Finance is a housing finance company. The company also provides other loans, such as loan against residential properties for home improvement and to small businesses, commercial vehicle loans, and corporate loans for housing projects.

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Moodys affirms Baa3 ratings of Indian state-owned oil refiners
Jan 11,2017

Moodys Investors Service has affirmed the Baa3 ratings of Indias three state-owned oil refining and marketing companies -- Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL), and Hindustan Petroleum Corporation (HPCL).

Moodys has also assigned Baa3 ratings to the foreign currency senior unsecured bonds to be issued by BPRL International Singapore Pte. Ltd. and guaranteed by BPCL. The issuance is in the form of a drawdown from an MTN program.

The outlook on the ratings of all three oil refining and marketing companies is positive.

A list of affected ratings can be found at the end of this press release.

RATINGS RATIONALE

The ratings affirmation reflects the continued improvement in the credit metrics of the three oil refining and marketing companies, as diminished levels of fuel subsidies and moderated working capital requirement -- resulting from low oil prices -- have reduced borrowings, says Vikas Halan, a Moodys Vice President and Senior Credit Officer.

The sustained decline in crude oil prices since June 2014, along with the deregulation of diesel prices since October 2014, has led to a structural decline in total subsidies in India.

The amount of subsidies had fallen to INR276 billion in fiscal 2016 from INR 1.4 trillion in fiscal 2014. For the six months ended 30 September (1H FY2017), subsidies totaled INR78 billion.

Furthermore, the earnings of the oil refining and marketing companies have improved as the commissioning of new capacity and higher marketing margins have more than offset weaker refining margins.

We expect the earnings of the state-owned refiners to improve as their additional capacities become fully operational during fiscal 2018, says Halan, who is also the lead analyst for the oil refining and marketing companies at Moodys.

As a result of better earnings and lower borrowings, the credit metrics of the oil refining and marketing companies have improved to levels that are more consistent with a higher BCA.

Debt/EBITDA for all three had dropped below 2x as of fiscal 2016 against more than 3x-4x in fiscal 2014. RCF/debt was above 35%-40% for fiscal 2016.

These and other metrics position the companies strongly relative to previous expectation. Consequently, Moodys has upgraded the baseline credit assessments (BCAs) of all three oil refining and marketing companies to ba1 from ba2.

However, the companies will continue expanding their capacities in line with the growth in demand for petroleum products in India. Such investments have long gestation periods, thereby resulting in negative free cash flows at certain points of their investment cycle.

Further, the oil refining and marketing companies plan to invest in upstream assets through acquisitions. BPCL and IOC invested $1 billion in 2016, buying upstream assets in Russia.

The continued need to expand capacity and investment in upstream assets could result in increased borrowings and weaker credit metrics, especially if refining or marketing margins decline.

The BCAs already incorporate a moderate deterioration in credit metrics. Nevertheless, we expect their fundamental stand-alone credit profile to remain well positioned at the current level.

The three oil refining and marketing companies are government-related issuers (GRIs) and their ratings incorporate their BCAs plus a one-notch uplift reflecting our expectation for government support. Their Baa3 ratings and positive outlook are in line with Indias sovereign rating and outlook.

The BCAs could be upgraded further if the oil refining and marketing companies continue to manage their capacity expansion plans in such a way that their credit metrics continue to remain strong for their BCAs.

Specifically, RCF/debt staying above 20%-25% and EBIT/interest staying above 5x-6x will be indicative of upward pressure on the BCAs. An upgrade of the BCAs will not automatically lead to an upgrade of the issuer ratings. The final ratings will only be upgraded if the sovereign rating is upgraded.

The BCAs could be downgraded if the oil refining and marketing companies engage in more aggressive debt-funded expansion or acquisitions, such that their credit metrics weaken significantly. Specifically, RCF/debt falling below 10%-15% and EBIT/interest below 4x-5x will be indicative of downward pressure on the BCAs.

A downgrade of the BCAs will not automatically result in a downgrade of the issuer ratings.

The issuer ratings may face downward pressure if (1) the rating of the sovereign is lowered or (2) the government makes changes to the subsidy framework that are negative for oil refining and marketing companies, or (3) the oil refining and marketing companies BCAs deteriorate below ba3, or (4) the relationship between the oil refining and marketing companies and the government changes, which would require a reassessment of the level of support incorporated into the ratings.

The proposed foreign currency bonds are rated at the same level as BPCLs foreign currency issuer rating because the bonds are unconditionally and irrevocably guaranteed by BPCL and the guarantee is pari passu to all senior unsecured obligations of BPCL.

List of ratings affirmed

.Issuer: Indian Oil Corporation

..Foreign Currency Issuer Rating, Baa3

..Senior Unsecured Regular Bond/Debenture, Baa3

.Issuer: Hindustan Petroleum Corporation

..Foreign Currency Issuer Rating, Baa3

.Issuer: Bharat Petroleum Corporation

..Foreign Currency Issuer Rating, Baa3

..Senior Unsecured MTN Program, (P) Baa3

..Senior Unsecured Regular Bond/Debenture, Baa3

List of ratings assigned

.Issuer: BPRL International Singapore

..Backed Senior Unsecured MTN Program, (P) Baa3

..Backed Senior Unsecured Regular Bond/Debenture, Baa3

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PSU OMCs extend prior sessions gains on fall in crude oil prices
Jan 11,2017

HPCL (up 1.99%), BPCL (up 0.64%) and Indian Oil Corporation (IOCL) (up 0.53%) edged higher.

HPCL, BPCL and IOCL had gained 3.26%, 0.86% and 1.08%, respectively, in the preceding session.

The S&P BSE Sensex was up 143.01 points or 0.53% at 27,043.21.

Lower crude oil prices could decrease under-recoveries of public sector oil marketing companies (PSU OMCs) on domestic sale of liquified petroleum gas (LPG) and kerosene at controlled prices. The government has already freed pricing of petrol and diesel.

In global commodities markets, Brent for March 2017 settlement was up 10 cents at $53.74 a barrel. The contract had dropped $1.3 a barrel or 2.36% to settle at $53.64 a barrel during previous trading session.

Crude oil prices edged up today, 11 January 2017, lifted by a small supply cut by crude exporter Saudi Arabia, but markets remained under pressure from signs that the planned Organization of the Petroleum Exporting Countries (OPEC) output reductions were being poorly implemented and as supplies from elsewhere rose.

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Chembond Chemicals gains on plan to acquire additional stake in JV
Jan 11,2017

The announcement was made after market hours yesterday, 10 January 2017.

Meanwhile, the S&P BSE Sensex was up 136.03 points, or 0.51% to 27,035.59

On the BSE, 35,000 shares were traded on the counter so far as against the average daily volumes of 8,394 shares in the past one quarter. The stock had hit a high of Rs 220 and a low of Rs 206 so far during the day.

The stock had hit a 52-week high of Rs 257.48 on 28 July 2016. The stock had hit a 52-week low of Rs 159.50 on 17 February 2016. The stock had outperformed the market over the past 30 days till 10 January 2017, rising 2.44% compared with the Sensexs 1.45% gains. The scrip, however, underperformed the market in past one quarter, sliding 6.62% as against the Sensexs 4.21% fall.

The small-cap company has equity capital of Rs 6.72 crore. Face value per share is Rs 5.

Chembond Chemicals said that the company has entered into a share purchase agreement (SPA) with I-Chem Solution Sdn Bhd, Malaysia and I Chembond Water Sdn Bhd, Malaysia, whereby the company, would acquire additional 49% of the equity shares of I Chembond Water Sdn Bhd, Malaysia. Post fulfillment of all the necessary terms, conditions & requirements as mentioned in the SPA, the company would hold 100% of equity share capital of I Chembond Water Sdn Bhd, Malaysia. Further, pursuant to the fulfillment of the terms of the SPA, the joint venture (JV) agreement with I-Chem Solution Sdn Bhd, Malaysia stands terminated.

Chembond Chemicals net profit dropped 27.11% to Rs 2.42 crore on 4.11% rise in net sales to Rs 71.43 crore in Q2 September 2016 over Q2 September 2015.

Chembond Chemicals is engaged in manufacturing a diverse range of specialty chemicals like water treatment, polymers, construction chemicals, high performance coatings, animal nutritions and industrial biotech products.

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Suzlon Energy gains after securing new order
Jan 11,2017

The announcement was made during market hours today, 11 January 2017.

Meanwhile, the S&P BSE Sensex was up 130.47 points or 0.49% at 27,030.03.

On the BSE, 42 lakh shares were traded on the counter so far as against the average daily volumes of 40.30 lakh shares in the past one quarter. The stock had hit a high of Rs 15.70 and a low of Rs 15 so far during the day.

The stock had hit a 52-week high of Rs 21.95 on 11 January 2016 and a 52-week low of Rs 12.47 on 9 November 2016.

The mid-cap company has equity capital of Rs 1004.88 crore. Face value per share is Rs 2.

Suzlon Energy announced that it was awarded 226.80 megawatt (MW) contract from a leading independent power producer (IPP). The order consists of 108 units of S111 90m tubular tower with rated capacity of 2.1 MW. The project will be located in Anantapur district of Andhra Pradesh, and is scheduled for completion by March 2017.

The company has entered into an exclusive supply and installation agreement (SIA) and engineering and construction of the project. It will also be responsible for operation and maintenance services with dedicated life cycle asset management services for an initial period of 10 years. The project has the potential to provide power to over 1.20 lakh households and reduce 0.48 million tonnes of CO2 emissions per annum.

On a consolidated basis, Suzlon Energy reported net profit of Rs 237.62 crore in Q2 September 2016 as against net loss of Rs 201.66 crore in Q2 September 2015. Net sales rose 57.30% to Rs 2746.18 crore in Q2 September 2016 over Q2 September 2015.

Suzion Energy is one of the leading renewable energy solutions providers in the world with an international presence across 19 countries in Asia, Australia, Europe, Africa and North and South America.

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