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Sobha tops losers on BSEs A group
Apr 10,2017

Sobha slipped 8.47% at Rs 380.35. The stock topped the losers in A group. On the BSE, 80,000 shares were traded on the counter so far as against the average daily volumes of 6.24 lakh shares in the past two weeks.

Reliance Communications slipped 3.83% at Rs 37.70. The stock was the second biggest loser in A group. On the BSE, 14.66 lakh shares were traded on the counter so far as against the average daily volumes of 19.31 lakh shares in the past two weeks.

Indiabulls Housing Finance slipped 2.83% at Rs 928.40 . The stock was the third biggest loser in A group. On the BSE, 44,000 shares were traded on the counter so far as against the average daily volumes of 9.37 lakh shares in the past two weeks.

Oracle Financial Services Software slipped 2.52% at Rs 3,737.90. The stock was the fourth biggest loser in A group. On the BSE, 3,430 shares were traded on the counter so far as against the average daily volumes of 9.56 lakh shares in the past two weeks.

Prestige Estates Projects slipped 2.28% at Rs 216.30. The stock was the fifth biggest loser in A group. On the BSE, 6,886 shares were traded on the counter so far as against the average daily volumes of 52,000 shares in the past two weeks.

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The Minister of Housing & Urban Poverty Alleviation Shri Venkaiah Naidu launches 352 housing projects in 53 cities
Apr 10,2017

The Minister of Housing & Urban Poverty Alleviation Shri M.Venkaiah Naidu launched 352 housing projects in 53 cities in 17 States across the country with an investment of over Rs.38,000 cr to build over two lakh (2)  houses.

These housing projects to be taken up by the members of Confederation of Real Estate Developers Associations of India (CREDAI) across the country is the first major private investments initiative into affordable housing.  As per the details furnished by CREDAI, the cost of construction of these affordable houses will be in the range of Rs.15 lakh to Rs.30 lakh with average cost of construction coming to Rs.18 lakh per house.

The event was held in the backdrop of several initiatives by the Government of India to promote affordable housing for Economically Weaker Sections, Low and Middle Income Groups including sanction of infrastructure status for the housing sector.

           Shri Venkaiah Naidu complimented CREDAI and its members for coming forward to invest in affordable housing projects and assured them that his Ministry and Central Nodal Agencies like the National Housing Bank and HUDCO will extend full cooperation in reaching the benefits prescribed under PMAY (Urban) to the beneficiaries who join the projects launched today.

Details of affordable housing projects launched today for implementation are:

State/citiesNo of affordable houses to be builtInvestment (Cr)Maharashtra (Mumbai,Nagpur, Ahmednagar,Jalna, Banm,Nashik, Malegaon,Pune, Satara, Solapur)1,03,71915,576Gujarat (Ahmedabad, Gandhinagar,Rajkot, Mehsana, Bharuch, Bhavnagar,Navsari, Modasa,Palanpur, Swarnakantha,Vadodara, Vapi,Surat)    28,465  9,525National Capital Region of Delhi    41,921  6,211Karnataka (Bengaluru, Gulbarga, Hubli)      7,037  1,679Uttar Pradesh (Agra, Allahabad,Bareily, Jhansi, Kanpur and Varanasi)      6,055  1,108Rajasthan(Ajmer, Jaipur,Jodhpur)      4,406      389West Bengal (Kolkata)      2,955      663Goa       1,932      464Telangana (Hyderabad)      1,784      663Madhya Pradesh (Indore, Ujjain)      1,517       284Kerala (Trivendrum, Calicut, Kochi, Ernakulam)      1,372      186Assam (Guwahati)         860      145Tamil Nadu (Chennai, Coimattore, Tiruchirapalli)         834      145Odisha (Bhubaneswar)         520        53Chattisgarh (Raipur)         244        26Andhra Pradesh (Tirupati)           50        10

            Shri Naidu said while Mahatma ensured political freedom for our country, Sardar Patel ensured its unification, Shri Modi is now working on giving content and real meaning to these accomplishments through building a New India.

The Minister said such a New India has no meaning if we dont ensure houses for all and that too in a specific time frame. He said that the Prime Minister Shri Modi has set the year 2022 as the deadline for roofing all Indians.

Shri Naidu said that within a short span of just 21 months since the launch of PMAY(Urban) in June, 2015, his  Ministry has earlier approved construction of 17.73 lakh affordable houses for urban poor with an investment of Rs.95,660 cr in 30 States and Union Territories.. For building these houses, central assistance of Rs.27,879 cr has also been approved, he said.

These approved projects are to be executed with assistance from central and state governments and beneficiary contribution under the four components of PMAY (Urban). Under this urban housing mission, central assistance in the range of Rs.1.00 lakh to Rs.2.35 lakh will be provided to each beneficiary. PMAY (Urban) was launched by Prime Minister Shri Narendra Modi on June 25, 2015.

            The Government of India on December 31, 2017 extended the Credit Linked Subsidy Scheme component of PMAY (Urban) to Middle Income Groups with annual incomes in the range of Rs.12 lakh to Rs.18 lakh under which interest subsidy of 4% and 3% on housing loans will be provided. With this, beneficiaries belonging to EWS, LIG and MIG with annual incomes up to Rs.18 lakh have been brought under the ambit of PMAY (Urban) opening up substantial investment opportunities for developers both at the bottom and middle of the pyramid.

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CII Business Confidence Index scores an all-time high in the January-March Quarter
Apr 10,2017

Amidst expectations that economic activity would gather pace in the current year, there is optimism among companies that green shoots of recovery, which have started becoming evident, would be sustained. This finds a reflection in the CII Business Confidence (BCI) which has gone up to an all-time high of 64.1 during the fourth quarter of 2016-17 as against 56.5 recorded in the previous quarter. There has been a sharp rise in the CII-BCI after it remained subdued in the last few quarters.

Commenting on the recent rebound in Business Confidence, Chandrajit Banerjee, Director General, CII stated that the turnaround in business expectations, as indicated in the survey, gives credence to the belief that a new growth narrative is being scripted for the country based on improved business sentiment and investor confidence. A sharp uptick in business outlook, at the onset of 2017, underpins the hope that the reform initiatives of the government would unravel a host of investment opportunities for firms, going forward.

These findings are a part of CIIs 98th edition of quarterly Business Outlook Survey, which was based on around 200 responses from large, medium, small and micro firms, covering all regions of the country.

The significant rise in the index this quarter could be attributed to the distinct improvement in the Expectations Index even as there is a marginal uptick in the Current Situation Index, indicating that business sentiment is strong and firms are particularly upbeat about activity in their sectors in the future.

Business conditions are expected to improve as over 63% of the firms expect an increase in sales in January-March 2017, as compared to only 39% who experienced the same in October-December 2016.

On similar lines, 60 per cent of the respondents anticipate an increase in new orders during January-March 2017 as compared to 41.0 per cent who witnessed the same in the preceding quarter. Much of the recovery in business conditions is expected to be domestically driven as a large proportion of firms (61.8%) expect to maintain status quo on their export orders in January-March 2017.

In an indication that the turn of the investment cycle is now imminent, firms expect an improvement in capacity utilization in the fourth quarter of FY17. This is borne out from the fact that around 65 percent of respondents expect capacity utilization levels to be above 75% while only 36 percent of respondents experienced the same in the Oct-Dec 2016 quarter.

Despite the rise in capacity utilization, majority of firms expect no change in their domestic and international investment plans in January-March 2017. More than half of the firms expect to maintain status quo on their plans about investing in the domestic economy in the January-March 2017 quarter. Firms are keeping investment plans on hold despite the expectation of an improvement in sales and new orders in the January-March 2017 quarter owing to the existing excess capacity in the economy.

Firms, when asked to rank their concerns in the coming six months, have stated low domestic demand followed by fragile global economic recovery and rise in commodity prices as their key concerns.

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Ortel Communications unveils One Terabyte data plan
Apr 10,2017

Ortel Communications unveiled its One Terabyte (1024 GB) data plan on the DOCSIS 3.0 platform at a mega speed of 100 Mbps. The OneTerabyte plan is priced at Rs. 4,999, which is highly economical for users who download huge amount of data in the form of HD movies, watch full seasons of TV series, play higher end online games, use videos and pictures for professional or educational purposes. With this blockbusterplan, Ortel is also offering its Digital TV services free as a double bonanza for all the customers opting for the One TB Plan.

Ortel has also announced the withdrawal of all its data plans below 1 Mbps speed.

By upgrading its minimum broadband speed to 1 Mbps, Ortel has again set a benchmark in the regions that it operates currently. Existing customers will automatically be upgraded to this speed, thus enhancing their overall browsing experience. The data limits too have been increased multifold at nominal prices. All the plans are without any daily limit, which can be used by the subscribers at their convenience without worrying about exhausting the limit or losing the data within the monthly billing period. The new plans are available from Rs. 299 onwards and thechoice of speeds can range upto 100 Mbps for homes, whereas the SMEs and corporates can choose their speeds even beyond 100 Mbps using fiber leased lines. The Data download limits are also revised upward. Now customers can avail plans with the Download Limits of 10 GB to200 GB before they can migrate to a Terabyte Plan.

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Indiabulls Ventures drops after recent rally
Apr 10,2017

The announcement was made after market hours on Friday, 7 April 2017.

Meanwhile, the S&P BSE Sensex was up 25.89 points, or 0.09% at 29,732.50. The S&P BSE Small-Cap index was up 121.28 points, or 0.83% at 14,802.70.

On the BSE, 13.64 lakh shares were traded on the counter so far as against the average daily volumes of 10.48 lakh shares in the past one quarter. The stock hit a high of Rs 74.15 in intraday trade so far, which is 52-week high for the counter. The stock hit a low of Rs 67.15 so far during the day. The stock had hit a 52-week low of Rs 14.55 on 9 May 2016.

The stock had outperformed the market over the past one month till 7 April 2017, surging 94.36% compared with 2.69% rise in the Sensex. The scrip had also outperformed the market in past one quarter, galloping 225.58% as against Sensexs 11.01% rise.

The small-cap company has equity capital of Rs 64.04 crore. Face value per share is Rs 2.

Indiabulls Ventures board of directors at its meeting held on 7 April 2017, approved preferential offer and issue of 3.88 crore equity shares at Rs 58.40 per share to Cinnamon Capital, a foreign portfolio investor. The total equity investment by Cinnamon Capital would aggregate to Rs 226.97 crore. The issue of shares is to augment long-term resources of the company for meeting funding requirements for business purposes, Indiabulls Ventures said.

Indiabulls Ventures consolidated net profit fell 54.1% to Rs 10.59 crore on 9.6% decline in total income from operation to Rs 96.93 crore in Q3 December 2016 over Q3 December 2015.

Indiabulls Ventures (Formerly known as Indiabulls Securities) is one of the leading company in the segment of Capital Market and Real Estate marketing and distribution.

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Ajanta Pharma rises after USFDA clears Dahej facility
Apr 10,2017

The announcement was made during trading hours today, 10 April 2017.

Meanwhile, the S&P BSE Sensex was up 19.42 points, or 0.07% to 29,726.03.

On the BSE, 26,000 shares were traded in the counter so far, compared with average daily volumes of 25,063 shares in the past one quarter. The stock had hit a high of Rs 1,818 and a low of Rs 1,718.50 so far during the day. The stock hit a record high of Rs 2,150 on 28 October 2016. The stock hit a 52-week low of Rs 1,400.05 on 24 June 2016.

The stock had underperformed the market over the past one month till 7 April 2017, rising 0.45% compared with 2.69% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 4.14% as against Sensexs 11.01% rise.

The large-cap company has equity capital of Rs 17.60 crore. Face value per share is Rs 2.

Ajanta Pharma announced that its formulation facility at Dahej was inspected by US Food and Drug Administration (USFDA) from 3rd to 7th April 2017. At the end of the inspection, no Form 483 was issued to the company.

An FDA Form 483 is issued to firm management at the conclusion of an inspection when an investigator has observed any conditions that in their judgement may constitute violations of the Food Drug and Cosmetic (FD&C) Act and related Acts.

On a consolidated basis, net profit of Ajanta Pharma rose 25.15% to Rs 142.60 crore on 9.68% rise in net sales to Rs 515.02 crore in Q3 December 2016 over Q3 December 2015.

Ajanta Pharma is a specialty pharmaceutical company engaged in development, manufacturing and marketing of quality finished dosages.

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Sobha tumbles on stake sale by promoter
Apr 10,2017

The announcement was made after market hours on Friday, 7 April 2017.

Meanwhile, the S&P BSE Sensex was up 48.24 points, or 0.16% at 29,754.85. The S&P BSE Mid-cap index was up 88.62 points, 0.62% at 14,321.78.

On the BSE, 68,000 shares were traded on the counter so far as against the average daily volumes of 1.17 lakh shares in the past one quarter. The stock had hit a high of Rs 403.95 and a low of Rs 378.50 so far during the day.

The stock had hit a 52-week high of Rs 423.30 on 7 April 2017 and a 52-week low of Rs 224.05 on 22 November 2016. The stock had outperformed the market over the past one month till 7 April 2017, advancing 27.47% compared with the Sensexs 2.44% rise. The scrip had also outperformed the market over the past one quarter advancing 56.25% as against the Sensexs 11.01% rise.

The mid-cap company has equity capital of Rs 96.30 crore. Face value per share is Rs 10.

Sobha said that the promoter Sobha Menon sold 40 lakh shares, or 4.15% stake at price of Rs 414.90 per share. Promoter Sobha Menon held 41.90% stake as per share holding as on 31 December 2016.

Adawi Investments Holdings bought 41.60 lakh shares at price of Rs 414.89 per share of the company.

Sobhas consolidated net profit rose 7.9% to Rs 39.40 crore on 24.4% increase in net sales to Rs 540 crore in Q3 December 2016 over Q3 December 2015.

Sobha Group is one of the largest real estate organisations in India and the Middle East. It has presence in 24 cities and 13 states across India and throughout the Middle East.

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Divis Laboratories jumps as USFDA alters import alert list
Apr 10,2017

The announcement was made on Saturday, 8 April 2017.

Meanwhile, the S&P BSE Sensex was up 34.67 points, or 0.12% to 29,741.28.

On the BSE, 3.07 lakh shares were traded in the counter so far, compared with average daily volumes of 2.78 lakh shares in the past one quarter. The stock had hit a high of Rs 656.15 and a low of Rs 642.75 so far during the day. The stock hit a record high of Rs 1,380 on 16 September 2016. The stock hit a 52-week low of Rs 611.60 on 22 March 2017.

The stock had underperformed the market over the past one month till 7 April 2017, falling 18.09% compared with 2.69% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 15.59% as against Sensexs 11.01% rise.

The large-cap company has equity capital of Rs 53.09 crore. Face value per share is Rs 2.

Divis Laboratories said the United States Food and Drug Administration (USFDA) has exempted some more products manufactured at the companys Unit-II at Visakhapatnam from the import alert issued under clauses 66-40 & 99-32 of the FDA regulations.

An import alert prohibits the company to manufacture or market that particular drug in the United States, according to the regulators website.

Last month, Divis Laboratories announced that the USFDA issued an Import Alert 66-40 on 20 March 2017 on the products manufactured at the companys Unit-II at Visakhapatnam, Andhra Pradesh. The agency has exempted the 10 products namely Levetiracetam, Gabapentin, Lamotrigine, Capecitabine, Naproxen Sodium, Raltegravir potassium, Atovaquone, Chloropurine , BOC core succinate and 2, 4-wing active ester, from the import alert, it added.

Divis Laboratories net profit rose 8.7% to Rs 268.32 crore on 13.4% increase in net sales to Rs 973.44 crore in Q3 December 2016 over Q3 December 2015.

Divis Laboratories is primarily engaged in the manufacture of active pharmaceutical ingredients (APIs) & intermediates for generics; custom synthesis of APIs and advanced intermediates for discovery compounds for pharma giants; building blocks for peptides; building blocks for nucleotides; carotenoids; and chiral ligands.

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Indias fuel product consumption declines 0.6% in March 2017
Apr 10,2017

Indias fuel product consumption or sales declined 0.6% to 17.36 mt in March 2017 over March 2016. Fuel oil sales dipped 23.3% to 0.57 mt mainly contributing to the overall decline in fuel product sales, while kerosene sales also fell 26.8% to 0.41 mt and bitumen 12.2% to 0.69 mt. Consumption of lubes/greases dipped 16.3% to 0.34 mt, naphtha 1.8% to 1.15 mt, and light diesel oil (LDO) 29.8% to 0.03 mt.

However, the consumption of petcoke moved up 6.4% to 2.09 mt, other products 20.1% to 0.63 mt and ATF 10.4% to 0.64 mt. Further, the consumption of petrol improved 2.9% to 2.11 mt, LPG 1.9% to 1.89 mt and diesel 0.3% to 6.81 mt in March 2017.

Consumption or sales of fuel products increased 5.2% to 194.21 mt in April-March 2017, showing moderation in growth from 11.6% surge recorded in April-March FY2016. Sales of petcoke increased 22.2%, LPG 9.8%, petrol 8.8% and diesel 1.8% . Consumption of ATF also moved up 12.1%, fuel oil 8.4%, others 5.4% and LDO 10.1%. However, the consumption of kerosene declined 21.0%, lubes/greases 4.4%, bitumen 0.8% and naphtha 0.1% in April-March FY2017.

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NE States submit Rs.100 cr subsidy Proposal to PMO for Promotion of Food Processing & Logistic Units
Apr 10,2017

The government of Sikkim has proposed to Prime Ministers Office (PMO) and Union Ministry of Agriculture and Food Processing to enhance subsidy relating to food processing, logistics and post harvesting to a minimum of Rs.100 crores for entire north east including Sikkim to promote industrial activities in these areas, according Mr. Mr Khorlo Bhutia, Principal Secretary, Horticulture and Cash Crop Development Department, Government of Sikkiim.

Mr. Khorlo Bhutia also announced that the government of Sikkim has also urged the PMO and other relevant departments in the central government to extend substantial financial support to the government of Sikkim or dairy development as it would lead to n++Cow Protectionn++ thats manure would be useful to enable the state to retain its organic nature.

According to him, n++Cow Protectionn++ is critical in state like Sikkim to retain the fertility of its land and soil to go on producing organic produce for its people and export purposes because with their manure, the state would carry on the fertility of its land and soil as it has already emerged as the only organic state in the country.

Elaborating on the subsidy factor for food processing units and logistics industry and post harvesting techniques, Mr. Bhutia said that currently subsidies to promote these industries in north east amounted to Rs.13 crores per annum which is a peanut.

Therefore, a proposal has already been submitted to the PMO including Ministries of Agriculture and Food Processing and the union cabinet is likely to dispose off this proposal shortly as indication to this effect have already reached to the northern eastern states including Sikkim, he said.

With higher subsidy, the farmers of north east will not only be able to increase its agricultural and horticultural production but also gain in higher returns on their production because number of industries in these areas would come up that would also increase local entrepreneurship, he pointed out.

He also said that the government of Sikkim will shortly launch Rs.150 crores worth of cashless agri and horti cultural programme to promote cash crop in the state in next few weeks to enhance cultivation of cardamom, ginger, turmeric and the like. This programme will be launched by the Chief Minister of Sikkim.

Mr K D Bhattacharya, Deputy Director, MSMEs- Development Institute, Kolkata, Government of India said that the Ministry of MSME has several subsidised programme and schemes to support for the prosperity of local entrepreneurs in Sikkim and urged to take advantage of them to hike organic produce in state for domestic consumption as also export.

Director, PHD Chamber, Dr. Ranjeet Mehta appreciated the efforts of the state government for inviting investment in the state as with this, enterprise in the state will grow and so the employment.

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Sterling Green Woods to hold EGM
Apr 10,2017

Sterling Green Woods announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 10 May 2017 .

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Apollo Tyres inflates after inaugurating Hungarian plant
Apr 10,2017

The announcement was made after market hours on Friday, 7 April 2017.

Meanwhile, the BSE Sensex was up 5.15 points, or 0.02%, to 29,711.76.

On BSE, so far 1.53 lakh shares were traded in the counter, compared with average daily volume of 3.36 lakh shares in the past two weeks. The stock hit a high of Rs 217.50 and a low of Rs 214.50 so far during the day. The stock hit a 52-week high of Rs 235 on 6 October 2016. The stock hit a 52-week low of Rs 139.35 on 24 June 2016.

The stock had outperformed the market over the past one month till 7 April 2017, rising 18.23% compared with 2.69% rise in the Sensex. The scrip had also outperformed the market in past one quarter, surging 12.75% as against Sensexs 11.01% rise.

The large-cap company has equity capital of Rs 50.90 crore. Face value per share is Re 1.

Apollo Tyres announced inauguration of the companys sixth global tyre manufacturing unit and the second one in Europe. Located less than 100 km from the capital Budapest, it is the companys first greenfield facility outside India. Built over 72 hectares, construction began on site in April 2015.

Apollo Tyres is investing Euro 475 million in this facility. The final capacity at the end of phase I would be 5.5 million passenger car & light truck (PCLT) tyres and 675,000 commercial vehicle tyres. This facility will complement Apollo Tyres existing facility in the Netherlands, and will produce both Apollo and Vredestein brand of tyres for the European market.

Speaking on the occasion Onkar S Kanwar, Chairman, Apollo Tyres said that the Hungarian facility will help the company further increase its presence and market share in Europe. From being a replacement market focussed company in Europe, the company would soon be starting supplies of tyres to all the leading OEs in Europe.

Apollo Tyres consolidated net profit rose 5.98% to Rs 295.70 crore on 17.76% increase in total income to Rs 3495.21 crore in Q3 December 2016 over Q3 December 2015.

Apollo Tyres is an international tyre major with manufacturing units in India, the Netherlands and Hungary. The company markets its products under its two global brands - Apollo and Vredestein. The companys products are available in over 100 countries through a network of branded, exclusive and multi-product outlets.

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US stocks end marginally lower
Apr 10,2017

U.S. stocks closed fractionally lower on Friday, 07 April 2017 posting weekly losses after staggering through a choppy session as investors digested weaker-than-expected March jobs data and President Donald Trumps late Thursday airstrike against Syria.

The Dow Jones Industrial Average finished down 6.85 points at 20,656.10. The Nasdaq Composite Index finished down 1.14 points at 5,877.81. The S&P 500 declined 1.95 points to close at 2,355.54, with six out of the indexs 11 sectors finishing lower as utilities, consumer-discretionary, and financials led decliners.

For the week, the Dow industrials declined less than 0.1%, while the S&P 500 shed 0.3% and the Nasdaq Composite Index fell 0.6%.

Wal-Mart Stores and defense contractor Boeing led gainers, while DuPont and Walt Disney weighed on the average.

Overnight, the U.S. Navy launched 59 Tomahawk missiles at the Shayrat base in Syria. The news of missile strikes weighed on equity futures, but a swift rebound took place in time for the release of the Employment Situation report for March.

Latest employment report stated that the U.S. economy created just 98,000 new jobs in March, well below the 185,000 consensus figure that was forecast. The unemployment rate, however, fell to 4.5% from 4.7% as the number of people who found work outstripped the labor force.

Bullion prices ended mixed at Comex on Friday, 07 April 2017 at Comex. Gold futures finished with gains on Friday, but ended well off a five-month high set earlier in the session, as strength in the U.S. dollar and a rebound in stocks cut into the rally that followed U.S. airstrikes on Syria. A much weaker-than-expected March jobs report had helped the yellow metal to extend gains, but the yellow metal pulled back later as the dollar rose.

Gold for June delivery rose $4 or 0.3%, to end at $1,257.30 an ounce. For the week, gold advanced 0.5%, while May silver SIK7, gave up earlier gains to end at $18.151 an ounce, down 9.5 cents, or 0.5%. Silver booked a weekly decline of 0.5%.

Oil futures ended at a one-month high on Friday, 07 April 2017 after a U.S. airstrike on Syria, though gains were capped by expectations risks to Middle East output would be limited. Crude held gains after data from oil-field services firm Baker Hughes showed U.S. producers added 10 oil rigs this week, bringing the total number to 672.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in May finished at $52.24 a barrel, a gain of 54 cents, or 1.04%. Oil had jumped 2.4% in electronic trade following the strikes. For the week, the U.S. benchmark rose 3.2%. June Brent crude on Londons ICE Futures exchange rose 35 cents, or 0.6%, to close at $55.24 a barrel after briefly dipping into negative territory after U.S. jobs data. Brent rose 3.2% for the week.

Treasuries spiked to highs immediately after the release of the jobs report, but reversed in short order and continued sliding into the close. The 2-yr yield (1.27%) and the 10-yr yield (2.37%) jumped three basis points apiece while the long bond resisted the pressure. The 30-yr yield increased one basis point to 3.00%.

Investor participation was a bit below average as 935 million shares changed hands at the NYSE floor.

Investors will not receive any economic data on Monday.

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Bhushan Steel spurts on report of loan restructuring
Apr 10,2017

Meanwhile, the S&P BSE Sensex was up 21.89 points, or 0.07% to 29,728.50.

On the BSE, 1.86 lakh shares were traded in the counter so far, compared with average daily volumes of 2.08 lakh shares in the past one quarter. The stock had hit a high of Rs 65.20 and a low of Rs 63 so far during the day.

The stock hit a 52-week high of Rs 65.20 on 10 April 2017. The stock hit a 52-week low of Rs 34.50 on 24 May 2016.

The stock had outperformed the market over the past one month till 7 April 2017, rising 10.94% compared with 2.69% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 43.35% as against Sensexs 11.01% rise.

The small-cap company has equity capital of Rs 45.30 crore. Face value per share is Rs 2.

According to the media report, Bhushan Steel last month submitted final proposal for debt restructuring under the Reserve Bank of India (RBI)s S4A scheme. S4A, or Scheme for Sustainable Structuring of Stressed Assets, was unveiled by RBI last year to make debt recasts easier.

Bhushan Steel has been in financial distress recently. State Bank of India and Punjab National Bank lead two groups of creditor banks to Bhushan Steel. As of 2015-2016, the steel maker had Rs 44477.90 crore debt on books with Rs 10000 crore being added in past three years as interest and penal interest, reports added.

Under S4A scheme, banks need to establish by a process that involves a forensic audit that the promoters are clean and not involved in any activity of malfeasance. S4A cannot be implemented if the audit report suggests problem with the promoters. In such cases where wrong doing is seen on the part of promoters, the S4A can be implemented only when there is a change in ownership.

Bhushan Steel reported net loss of Rs 734.04 crore in Q3 December 2016 as against net loss of Rs 693.60 crore in Q3 December 2015. Net sales rose 47.12% to Rs 3611.13 crore in Q3 December 2016 over Q3 December 2015.

Bhushan Steel is one of the prominent players in the Indian steel industry. It has an existing steel production capacity of 5.6 million ton per annum.

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Mixed finish for bullions
Apr 10,2017

Bullion prices ended mixed at Comex on Friday, 07 April 2017 at Comex. Gold futures finished with gains on Friday, but ended well off a five-month high set earlier in the session, as strength in the U.S. dollar and a rebound in stocks cut into the rally that followed U.S. airstrikes on Syria. A much weaker-than-expected March jobs report had helped the yellow metal to extend gains, but the yellow metal pulled back later as the dollar rose.

Gold for June delivery rose $4 or 0.3%, to end at $1,257.30 an ounce. For the week, gold advanced 0.5%, while May silver SIK7, gave up earlier gains to end at $18.151 an ounce, down 9.5 cents, or 0.5%. Silver booked a weekly decline of 0.5%.

Gold extended gains after the government said the U.S. economy created just 98,000 new jobs in March, well below the 185,000 consensus figure that was forecast. The unemployment rate, however, fell to 4.5% from 4.7% as the number of people who found work outstripped the labor force.

A surge by the dollar saw gold and other metals lose altitude. A stronger U.S. currency can weigh on commodities priced in dollars as it makes them more expensive to users of other currencies.

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