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ICICI Prudential slips on profit taking
Apr 06,2017

Meanwhile, the S&P BSE Sensex was down 46.90 points or 0.16% at 29,927.34

On the BSE, 76,000 shares were traded on the counter so far as against the average daily volumes of 2.26 lakh shares in the past one quarter. The stock hit a high of Rs 400.80 in intraday trade so far, which is a record high for the counter. The stock had hit a a low of Rs 391 so far during the day. The stock hit a record low of Rs 273.65 on 9 November 2016.

The stock had outperformed the market over the past 30 days till 5 April 2017, gaining 7.84% compared with the 3.36% rise in the Sensex. The scrip also outperformed the market in past one quarter, gaining 21.7% as against Sensexs 11.52% gain.

The large-cap company has equity capital of Rs 1435.35 crore. Face value per share is Rs 10.

ICICI Prudential Life Insurance Companys net profit fell 24.28% to Rs 292.64 crore on 16.99% fall in total income to Rs 5047.42 crore in Q3 December 2016 over Q3 December 2015.

ICICI Prudential Life Insurance Company is the largest private sector life insurer in India. ICICI Prudential is a joint venture between ICICI Bank and Prudential Corporation Holdings, a part of the Prudential Group, an international financial services group. The company is one of the first private sector life insurance companies in India. It commenced operations in October 2000 and offers a range of life insurance, health insurance and pension products and services.

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Investment and private consumption push OECD GDP growth up to 0.7% in Q4 of 2016: OECD
Apr 06,2017

Real GDP in the OECD area increased by 0.7% in the fourth quarter of 2016, compared with 0.5% in the previous quarter, according to provisional estimates. Investment and private consumption made the largest contributions to OECD growth of 0.3 and 0.5 percentage point, respectively (up from 0.0 and 0.3, respectively in the third quarter of 2016.)

For 2016 as a whole, OECD annual GDP grew by 1.8%, mainly driven by private consumption (which contributed 1.4 percentage point) and to a lesser extent by government consumption and investment (each contributing 0.3 percentage point). Net exports and destocking dragged annual OECD growth down by minus 0.1 percentage point each.

Drivers of GDP growth varied across the Major Seven economies

In the United Kingdom, GDP increased by 0.7% (up from 0.5%). Significant destocking in the fourth quarter (which contributed minus 1.6 percentage point, compared with 1.2 percentage point in the previous quarter) was more than offset by a strong rebound in foreign trade (1.7 percentage point, up from minus 1.4).Private consumption added another 0.4 percentage point.

In Canada, GDP growth slowed to 0.6% (down from 0.9% in the previous quarter), mainly reflecting destocking (which contributed minus 0.7 percentage point, compared with 0.4 in the previous quarter). The contribution from investment also decreased significantly (minus 0.3 percentage point, down from 0.0). These negative contributions were partially offset by a strong improvement in net exports and increased government consumption (1.3 and 0.1 percentage point respectively, up from 0.3 and minus 0.1).

In the United States, GDP growth slowed to 0.5%, compared with 0.9% in the previous quarter, mainly reflecting a reduced contribution from net exports (minus 0.5 percentage point, down from 0.2 in the previous quarter) and also, albeit more moderately, from government consumption. These effects were partially offset by positive contributions from private consumption, stockbuilding and investment.

In Germany, GDP growth picked-up to 0.4% (up from 0.1% in the previous quarter), driven by higher private consumption, government consumption and investment (0.2 percentage point each, from 0.1, 0.0 and 0.0 respectively). These positive contributions were slightly offset by net exports (minus 0.4 percentage point, from minus 0.3).

GDP increased by 0.4 % in France (up from 0.2% in the previous quarter), mainly reflecting a rebound in the foreign trade balance (0.1 percentage point from minus 0.6) and increased contributions from private consumption and investment (0.3 and 0.1 percentage point respectively, from 0.0 each). These positive contributions were partially offset by destocking (minus 0.2, from 0.7).

In Japan, GDP growth was stable (at 0.3%). Lower contributions from net exports (0.2 percentage point, compared with 0.4 in the previous quarter) and private consumption (0.0 percentage point compared with 0.2) were offset by increased contributions from investment and government consumption.

In Italy, the slight deceleration of GDP growth (0.2%, compared with 0.3% in the previous quarter) reflected destocking and slowing private consumption while government consumption and net exports made positive contributions (0.1 and 0.0 percentage point respectively, from 0.0 and minus 0.2).

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Valecha Engineering bags road projects
Apr 06,2017

Valecha Engineering has bagged two road projects worth Rs 109.87 crore for rehabilitation and upgradation to 2 lanes with paved shoulder/ four lane configuration of -

Karad-Tasgaon- Jath-Vijapur Road up to Karnataka Border road.

Nagaj Junction at NH-166 to Jatha (Tasgaon to Shirdhon) in the State of Maharashtra on EPC mode.

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Strong Passenger Demand, Record Load Factor in February 2017: IATA
Apr 06,2017

The International Air Transport Association (IATA) announced global passenger traffic results for February showing a second month of strong demand growth to begin 2017. Total revenue passenger kilometers (RPKs) rose 4.8%, compared to the same month last year. Although this was below growth achieved in January, year-to-year comparisons are distorted because February 2016 was a leap month. Adjusting for the one fewer day this year, the underlying growth rate was estimated at 8.6%, just under January 2017 increase of 8.9%. Monthly capacity (available seat kilometers or ASKs) increased by 2.7%, and load factor rose 1.6 percentage points to 79.5%, which was the highest ever recorded for February.

The strong demand momentum from January has continued, supported by lower fares and a healthier economic backdrop. Although we remain concerned over the impact of any travel restrictions or closing of borders, we have not seen the attempted US ban on travel from six countries translate into an identifiable traffic trend. Overall travel demand continues to grow at a robust rate, said Alexandre de Juniac, IATAs Director General and CEO.

IATA estimates that allowing for inflation, the price of air travel has fallen by more than 10% in real terms over the past year, accounting for more than half the growth in RPKs in early 2017.

International Passenger Markets

February international passenger demand rose 5.8% compared to February 2016, which was down compared to the 9.1% yearly increase recorded in January. Adjusting for the leap year, however, growth actually accelerated slightly compared to January. Total capacity climbed 3.4%, and load factor rose 1.8 percentage points to 78.4%.

European carriers saw February demand increase by 6.5% compared to a year ago. Traffic has resumed its growth after the terrorist disruptions in 2016, supported in part by momentum in the regional economy. Capacity climbed 3.4% and load factor surged 2.4 percentage points to 81.1%.

Asia-Pacific airlines February traffic rose 5.2% compared to the year-ago period, maintaining the strong momentum of the past few months. Intra-Asia traffic remains robust and conditions on the Asia-Europe route have continued to recover from last years terrorism-related slowdown. Capacity increased 2.9% and load factor climbed 1.7 percentage points to 79.8%.

Middle East carriers had the strongest growth, with a 9.5% demand increase in February compared to a year ago. Capacity rose 7% and load factor climbed for a fourth consecutive month to 74.3%, up 1.8 percentage points over last year.

North American airlines traffic climbed 0.3%, which was the slowest among the regions. However, adjusting for the leap year, growth was estimated at 3.4%. Traffic to/ from Asia continues to move upward but transatlantic demand has trended sideways since mid-2016. Capacity inched up 0.1% and load factor edged up 0.1 percentage point to 75.9%.

Latin American airlines saw February traffic rise 5.9% compared to February 2016. Capacity increased by 2.8%, boosting load factor 2.3 percentage points to 81.4%, highest among the regions. Robust international demand within South America is offsetting weaker traffic to North America, which has trended downward since mid-2015 and fell by 3.4% in January, the most recent month for which route-specific results are available.

African airlines continued their recovery, with February traffic up 7.1% compared to a year ago. This mainly reflects the upturn on the key route to/from Europe, offsetting struggles in the regions biggest economies of Nigeria and South Africa. Capacity rose 2.3%, and load factor jumped 2.9 percentage points to 66.0%.

Domestic Passenger Markets

Domestic travel demand rose 3.3% in February compared to February 2016, reduced from 8.7% in January, but again, the leap year effect greatly exaggerated the slowdown. Results varied widely as Australia, Brazil and the US all registered non-adjusted declines. Domestic capacity climbed 1.6%, and load factor increased 1.3 percentage points to 81.4%.

Russia has joined India and China among the fastest growing markets. Traffic is now back on its trend line prior to the collapse of Transaero in late 2015, supported by steady recovery in the economy and ruble over the past year as oil prices have firmed.

US airlines upward momentum in the domestic market has stalled over the past six months, notwithstanding strong readings from consumer confidence surveys.

The year has opened with some shocksn++the attempted ban on travel to the US by citizens of six countries and the restrictions on the carry-on of large electronic items from certain airports in the Middle East and North Africa on direct flights to the US and the UK. The potential implications of the Brexit talks on the air transport industry are significant and the political rhetoric of protectionism and closing of borders is adding to the ambiguity.

Its intolerable that governments continue to add to the uncertainties facing the air transport industry by failing to engage airline operational know-how on issues that can damage public confidence. The introduction of restrictions on the carry-on of large electronic devices was a missed opportunity and the result was a measure that cannot stand-up to the scrutiny of public confidence in the long term. Although Australias measures were also implemented without consulting the industry, they at least demonstrate the potential to mitigate the threat with less disruptive means. We all want to keep flying secure. And we can do that most effectively by working together, said de Juniac.

In tandem, states need to support the International Civil Aviation Organization (ICAO) as it develops a Global Aviation Security Plan. Additionally, next month, ICAO member states will consider amendments to Annex 17 of the Chicago Convention that would require information sharing. The security experience of recent years should compel states to support this, said de Juniac.

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Chambal Fertilisers drops after declaring plant shut down
Apr 06,2017

The announcement was made during market hours today, 6 April 2017.

Meanwhile, the S&P BSE Sensex was down 32.67 points or 0.11% at 29,941.57. Meanwhile, the S&P BSE Mid-Cap index was up 22.78 points or 0.16% at 14,278.33

On BSE, so far 1.10 lakh shares were traded in the counter as against average daily volume of 2.14 lakh shares in the past one quarter. The stock hit a high of Rs 89 and a low of Rs 86.50 so far during the day. The stock had hit a 52-week high of Rs 90.90 on 31 March 2017. The stock had hit a 52-week low of Rs 53.70 on 17 November 2016.

The stock had outperformed the market over the past 30 days till 5 April 2017, gaining 12.59% compared with the 3.36% rise in the Sensex. The scrip, however, underperformed the market in past one quarter, gaining 7.17% as against Sensexs 11.52% gain.

The mid-cap company has equity capital of Rs 416.21 crore. Face value per share is Rs 10.

Chambal Fertilisers & Chemicals said that one of its urea plant at Gadepan, District Kota, Rajasthan (Gadepan-II) has been shut down from 6 April 2017 to carry out planned repair and maintenance activities. The plant is expected to resume operations from 3 May 2017.

Chambal Fertilisers & Chemicals reported net profit of Rs 130.18 crore in Q3 December 2016 as compared with net loss of Rs 158.52 crore in Q3 December 2015. Net sales fell 13.99% to Rs 2431.38 crore in Q3 December 2016 over Q3 December 2015.

Chambal Fertilisers & Chemicals is one of the largest private sector fertilizer producers in India.

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GAIL (India) announces appointment of director
Apr 06,2017

GAIL (India) announced that Gajendra Singh has been appointed as Director (Marketing) w.e.f. 05 April 2017 (DIN 03290248) by Ministry of Petroleum & Natural Gas, Government of India

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Yes Bank allots 1,82,482 equity shares
Apr 06,2017

Yes Bank has allotted 1,82,482 equity shares of face value of Rs 10/- each on 06 April 2017 under the JESOP IV, JESOP V, PESOP I, PESOP II and PESOP II - 2010. The paid up share capital of the Bank has accordingly been increased from Rs 456,48,58,130/- consisting of 45,64,85,813 equity shares of Rs 10/- each to Rs 456,66,82,950/- consisting of 45,66,68,295 equity shares of Rs 10/- each.

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Realty shares head north after RBI policy
Apr 06,2017

DLF (up 4.28%), Prestige Estates Projects (up 2.71%), Oberoi Realty (up 1.95%), Indiabulls Real Estate (up 0.72%), Housing Development and Infrastructure (up 1.14%), Omaxe (up 0.67%), Unitech (up 3.59%), D B Realty (up 1.67%) and Godrej Properties (up 1.77%) edged higher. Sunteck Realty (down 2.54%) fell.

The S&P BSE Realty index was up 2.1% at 1,706.72 and was the top gainer among the sectoral indices on BSE. It outperformed the Sensex, which was down 72.12 points or 0.24% at 29,902.12

Purchases of both residential and commercial property are largely driven by finance.

The First Bi-monthly Monetary Policy Statement 2017-18 was announced today, 6 April 2017. On the basis of an assessment of the current and evolving macroeconomic situation at its meeting, the Monetary Policy Committee (MPC) decided to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.25%. Consequent upon the narrowing of the LAF corridor, the reverse repo rate under the LAF is at 6% , and the marginal standing facility (MSF) rate and the Bank Rate are at 6.5%.

The RBI said that the decision of the MPC is consistent with a neutral stance of monetary policy in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4% within a band of +/- 2%, while supporting growth.

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RBI keeps repo rate unchanged at 6.25%, hikes reverse repo rate to 6%
Apr 06,2017

The Reserve Bank of India (RBI) in its first monetary policy review has kept its key policy interest rate, repo rate, unchanged at 6.25%. however, consequent upon the narrowing of the LAF corridor to 25 basis points from 50 basis points earlier, as elaborated in the accompanying Statement on Developmental and Regulatory Policies, the reverse repo rate under the LAF is at 6.0% (5.75% earlier), and the marginal standing facility (MSF) rate and the Bank Rate are at 6.50% (6.75% earlier).

The decision of the MPC is consistent with a neutral stance of monetary policy in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4% within a band of +/- 2%, while supporting growth. The main considerations underlying the decision are set out in the statement below.

Since the February bi-monthly monetary policy statement, inflation has been quiescent. Headline CPI inflation is set to undershoot the target of 5.0% for Q4 of 2016-17 in view of the sub-4% readings for January and February. For 2017-18, inflation is projected to average 4.5% in the first half of the year and 5% in the second half.

GVA growth is projected to strengthen to 7.4% in 2017-18 from 6.7% in 2016-17, with risks evenly balanced.

Overall, the MPCs considered judgement call to wait out the unravelling of the transitory effects of demonetisation has been broadly borne out. While these effects are still playing out, they are distinctly on the wane and should fade away by the Q4 of 2016-17.

While inflation has ticked up in its latest reading, its path through 2017-18 appears uneven and challenged by upside risks and unfavourable base effects towards the second half of the year. Moreover, underlying inflation pressures persist, especially in prices of services. Input cost pressures are gradually bringing back pricing power to enterprises as demand conditions improve.

The MPC remains committed to bringing headline inflation closer to 4.0% on a durable basis and in a calibrated manner. Accordingly, inflation developments have to be closely and continuously monitored, with food price pressures kept in check so that inflation expectations can be re-anchored. At the same time, the output gap is gradually closing. Consequently, aggregate demand pressures could build up, with implications for the inflation trajectory.

Against this backdrop, the MPC decided to keep the policy rate unchanged in this review while persevering with a neutral stance. Six members voted in favour of the monetary policy decision. The future course of monetary policy will largely depend on incoming data on how macroeconomic conditions are evolving. Banks have reduced lending rates, although further scope for a more complete transmission of policy impulses remains, including for small savings/administered rates. Along with rebalancing liquidity conditions, it will be the Reserve Banks endeavour to put the resolution of banks stressed assets on a firm footing and create congenial conditions for bank credit to revive and flow to productive sectors of the economy.

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Bank stocks mixed after RBIs policy decision
Apr 06,2017

The announcement of central banks policy decision was made during market hours today, 6 April 2017.

Meanwhile, the S&P BSE Sensex was down 60.21 points, or 0.2% to 29,914.03. The S&P BSE Bankex was down 42.48 points, or 0.17% to 24,668.81.

Among public sector banks, Syndicate Bank (down 0.62%), Corporation Bank (down 2.18%), Allahabad Bank (down 1.14%), State Bank of India (SBI) (down 0.81%), Union Bank of India (down 1.9%), Bank of India (down 0.66%) and United Bank of India (down 0.89%) edged lower. UCO Bank (up 0.01%), Punjab National Bank (up 0.46%), Bank of Baroda (up 0.37%), and Canara Bank (up 0.02%) edged higher.

Among private sector banks, Axis Bank (up 0.78%), HDFC Bank (up 0.11%), and Kotak Mahindra Bank (up 0.35%) edged higher. ICICI Bank (down 1.18%), Federal Bank (down 1.87%), and Yes Bank (down 0.33%) declined.

IndusInd Bank gained 1.13% after the bank said it proposes to raise funds by issue and allotment of rated, listed, non-convertible, perpetual, subordinated and unsecured Basel III compliant bonds in the nature of debentures towards non-equity regulatory additional tier I capital (AT1 bonds), for face value of Rs 10 lakh each for cash aggregating to Rs 1000 crore on private placement basis. The announcement was made after market hours yesterday, 5 April 2017.

The Reserve Bank of India (RBI) said that on the basis of an assessment of the current and evolving macroeconomic situation at its meeting, the Monetary Policy Committee (MPC) decided to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.25%.

Consequent upon the narrowing of the LAF corridor as elaborated on developmental and Regulatory Policies, the reverse repo rate under the LAF rose by 25 basis points to 6%, and the marginal standing facility (MSF) rate and the bank rate fell 25 basis points to 6.5% compared to earlier rates of 5.75% and 6.75% respectively after February policy decision.

The decision of the MPC is consistent with a neutral stance of monetary policy in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4% within a band of +/- 2%, while supporting growth.

In consonance with the recommendation of the Expert Group to revise and strengthen the Monetary Policy Framework, the policy rate corridor was narrowed from +/-100 basis points (bps) to +/- 50 bps in April 2016, with a view to ensuring finer alignment of the weighted average call rate (WACR), the operating target of monetary policy, with the repo rate. In either extremely tight liquidity conditions or in situations of persistent excess liquidity, when most market participants are on one side of the market for overnight liquidity, a narrower corridor can contribute to finer alignment of the operating target with the policy rate.

Accordingly, it has been decided to narrow the policy rate corridor around the policy repo rate to +/-25 bps from +/- 50 bps with immediate effect. As a result, the reverse repo rate under the liquidity adjustment facility (LAF) would be 25 bps lower than the policy repo rate and the marginal standing facility (MSF) rate would be 25 bps higher than the policy repo rate

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Onward Technologies allots 137,600 equity shares
Apr 06,2017

Onward Technologies has allotted 1,37,600 equity shares of Rs. 10/- each on 06 April 2017 pursuant to Employee Stock Option Scheme, 2009.

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Chambal Fertilisers & Chemicals temporarily shuts down urea plant
Apr 06,2017

Chambal Fertilisers & Chemicals announced that one of the Companys Urea Plants at Gadepan, District Kota, Rajasthan(Gadepan-II) has been shut down from 06 April 2017 to carry out planned repair and maintenance activities. The plant is expected to resume operations from 03 May 2017.

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Mandatory Quoting of Aadhaar for PAN Applications & Filing Return of Income
Apr 06,2017

Section 139AA of the Income-tax Act, 1961 as introduced by the Finance Act, 2017 provides for mandatory quoting of Aadhaar / Enrolment ID of Aadhaar application form, for filing of return of income and for making an application for allotment of Permanent Account Number with effect from 1st July, 2017.

It is clarified that such mandatory quoting of Aadhaar or Enrolment ID shall apply only to a person who is eligible to obtain Aadhaar number. As per the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016, only a resident individual is entitled to obtain Aadhaar. Resident as per the said Act means an individual who has resided in India for a period or periods amounting in all to one hundred and eighty-two days or more in the twelve months immediately preceding the date of application for enrolment. Accordingly, the requirement to quote Aadhaar as per section 139AA of the Income-tax Act shall not apply to an individual who is not a resident as per the Aadhaar Act, 2016.

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Avanti Feeds jumps 14.7% in four sessions
Apr 06,2017

The stock jumped 14.7% in four sessions to its current price of Rs 822.40 from its close of Rs 717 on 30 March 2017.

Meanwhile, the S&P BSE Sensex was down 120.21 points, or 0.39% to 29,857.06. The S&P BSE Mid-Cap index was down 5.91 points, or 0.04% to 14,249.64.

On the BSE, 18,600 shares were traded in the counter so far as against average daily volume of 12,231 shares in the past one quarter. The stock had hit a high of Rs 836.80 and a low of Rs 815 so far during the day. The stock had hit a record high of Rs 848 yesterday, 5 April 2017. The stock had hit a 52-week low of Rs 390.50 on 6 April 2016.

It had outperformed the market over the past one month till 5 April 2017, advancing 21.16% compared with the Sensexs 3.96% rise. The scrip had also outperformed the market over the past one quarter, jumping 60.76% as against the Sensexs 11.52% rise.

The mid-cap company has an equity capital of Rs 9.08 crore. Face value per share is Re 2.

Avanti Feeds consolidated net profit rose 12.5% to Rs 41.11 crore on 35% rise in net sales to Rs 550.03 crore in Q3 December 2016 over Q3 December 2015.

Avanti Feeds is a leading provider of high quality feed, best technical support to the farmer and caters to the quality standards of global shrimp customers.

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Rattanindia Power declines on profit booking
Apr 06,2017

Meanwhile, the S&P Sensex was down 108.44 points, or 0.36% at 29,865.80. The S&P BSE Small-cap index was down 52.40 points, or 0.35% at 14,732.28.

On the BSE, 5.30 lakh shares were traded on the counter so far as against the average daily volumes of 6.87 lakh shares in the past one quarter. The stock had hit a high of Rs 8.75 and a low of Rs 8.42 so far during the day.

The stock had hit a 52-week high of Rs 12.29 on 7 July 2016 and a 52-week low of Rs 6.32 on 27 December 2016. The stock had outperformed the market over the past one month till 5 April 2017, advancing 22.13% compared with the Sensexs 3.96% rise. The scrip had also outperformed the market over the past one quarter advancing 19.62% as against the Sensexs 11.52% rise.

The small-cap company has equity capital of Rs 2,952.93 crore. Face value per share is Rs 10.

Rattanindia Power had rallied 17.68% in the preceding five trading sessions to settle at Rs 8.72 yesterday, 5 April 2017, from its closing of Rs 7.41 on 28 March 2017.

Rattanindia Power reported net loss of Rs 59.51 crore in Q3 December 2016, as compared with net loss of Rs 4.23 crore in Q3 December 2015. Net sales fell 62.2% to Rs 300.27 crore in Q3 December 2016 over Q3 December 2015.

Rattanindia Power (formerly Indiabulls Power) focuses on developing, constructing, and operating power projects in India.

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