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FY18 Steel Outlook: Increased Government Spending will be the Key
Feb 16,2017

India Ratings and Research (Ind-Ra) maintains a negative outlook on the steel sector for FY18 as the agency believes that the sector will continue to face operational and financial challenges during the year. Profitability and cash flow are unlikely to improve significantly in FY18 due to continued muted demand, limited pricing power due to global overcapacity, and significant increase in cost of inputs. The agency has also maintained a Negative Outlook on its rated steel entities for FY18 in view of their high indebtedness. Some of the rated steel producers require significant deleveraging and cash flow generation to maintain their ratings.

Ind-Ra believes demand growth will remain muted at 4%-5% during FY18, and is likely to be driven by demand growth from key end-user industries such as constructions, capital goods and consumer durables. Increased government spending due to budget push on infrastructure and housing would support demand from the construction sector. Increase in demand for consumer durables is likely to be supported by the expected growth in consumption following better monsoon, increase in salaries under 7th pay commission and lower interest rate. However, the recent planned demonetisation measures to curb black money are likely to limit the growth in the real estate sector consequently impacting the demand for steel in real estate in FY18; the agency notes that the steel demand growth for FY17 is likely to be 3%-3.5% and in line with the 3.3% yoy during April-December 2016.

Ind-Ra expects that the capacity utilisation for FY18 will remain low at around 75%. Capacity of around 6.0MT- 6.5MT is likely to be added in FY18 following the expected addition of around 9MT - 10MT during FY17. However, production is expected to grow only by 8MT - 10MT per year in FY17 and FY18. Low capacity utilisation is likely to limit the ability of steel producers to pass on the input cost increases, and also the improvement in profit margin during FY18.

Ind-Ra expects the government of India (GoI) to extend anti-dumping duty (ADD) on steel products beyond February 2017. Profitability of domestic steel industry got a respite during FY17 after the imposition of Minimum Import Price (MIP) by GoI in February 2016. However, the significant increase in inputs costs since then has again increased international as well as domestic prices very close to the levels envisaged under ADD, and any further increase is likely to make the protection infructuous. But with likely correction in steel price in 4QFY17 and early FY18 due to softening of input prices regulatory support becomes crucial for the domestic industry.

The profitability of domestic steel producer is likely to improve from the FY16 levels, but not high enough to significantly improve the liquidity. Cost cutting, significant improvement in efficiencies and improvement in the capacity utilisation are likely strategies to improve interest servicing. Many steel players may need to refinance debt to avoid default.

OUTLOOK SENSITIVITIES

A stable sector outlook could result from a significant recovery in the steel demand on the back of increased infrastructure spending by GoI. Improvement in domestic steel prices and/or stabilisation or decline in the input prices could improve profitability and cash flows leading to better debt service coverage that could change the outlook to stable. A better sector outlook resulting in a significant improvement in profitability and credit profile would result in a Stable Rating Outlook.

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Petron Engineering Construction announces resignation of director
Feb 16,2017

Petron Engineering Construction announced that Sudhir Kumar Jain, Non-Executive (Independent) Director has resigned from the Board of the Company w.e.f. the closing hours of 10 February 2017.

His resignation was accepted and taken on record by the Board of Directors at its meeting held on 14 February 2017.

With this, the strength of the Board of Directors has reduced from Five Directors to Four Directors.

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Board of Salona Cotspin approves voluntary delisting from Calcutta Stock Exchange
Feb 16,2017

Salona Cotspin announced that the Board of Directors of the Company at its meeting held on 13 February 2017, has approved voluntary delisting of securities from The Calcutta Stock Exchange Association Limited in accordance with the Delisting Regulations, considering the insignificant volume of trading on Calcutta Stock Exchange and as a part of its saving in administrative cost, additional compliance requirements etc. However the securities of the Company shall continue to remain listed on NSE and trade in BSE - Indonext Segment of Bombay Stock Exchange and are having nationwide trading terminal as per Delisting Regulations.

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SREI Infrastructure Finance wins Corporate Governance Award 2017
Feb 16,2017

SREI Infrastructure Finance has been adjudged as the Winner of Corporate Governance Award 2017 by the Indian Chamber of Commerce.

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U P Hotels appoints company secretary
Feb 16,2017

U P Hotels announced that Prakash Chandra Prusty has been appointed as Company Secretary w.e.f. 15 February 2017.

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State Bank of Mysore to merge with State Bank of India
Feb 16,2017

State Bank of Mysore has informed BSE that the Finance Minister of India, in a press briefing earlier on February 15, 2017 has announced that the Cabinet has approved the proposal for merger of State Bank of Mysore with State Bank of India.

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Tata Elxsi partners with Welspun
Feb 16,2017

Tata Elxsi announced that it partnered with Welspun, for the design, development and implementation of SpinTales - a new line of products that launched in 2016 with a patented Augmented Reality storytelling technology.

SpinTales, the first brand under a wholly owned subsidiary of Welspun called TILT Textiles, launched the SpinTales Enchanted Duvet and SpinTales Jungle Rug. The Duvet and Rug are interactive andinnovative textiles for kids, age three and up. The experience is uniquely interactive for both children and parents, with a focus on multi-dimensional storytelling, educational activities, and Augmented Reality. It is an experience that kids love.

By scanning the specified markers on the rug or duvet (using a tablet or smartphone), children can view characters in Augmented Reality. It feels like you are part of their world and you learn a bit more about the world they live in. SpinTales is the first of many experiences that will be introduced and launched by TILT.

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MCX gains after signing MoU with Singapore Diamond Investment Exchange
Feb 16,2017

The announcement was made during market hours today, 16 February 2017.

Meanwhile, the BSE Sensex was up 132.85 points, or 0.47%, to 28,288.41

On BSE, so far 56,000 shares were traded in the counter, compared with average daily volume of 84,533 shares in the past one quarter. The stock hit a high of Rs 1,126.95 and low of Rs 1,101 so far during the day. The stock hit a 52-week high of Rs 1,420 on 3 October 2016. The stock hit a 52-week low of Rs 732 on 17 February 2016.

The mid-cap company has equity capital of Rs 51 crore. Face value per share is Rs 10.

Multi Commodity Exchange of India (MCX) and Singapore Diamond Investment Exchange (SDiX), the worlds first and only commodity exchange trading in physically settled diamonds, announced signing of a Memorandum of Understanding (MoU) for establishing areas of cooperation between the two exchanges. The MoU is intended to facilitate cooperation between the two exchanges in areas such as knowledge sharing and research, standardization of the product for Indian markets and enhancing transparency in pricing, as well as to explore areas for further collaboration between the exchanges.

India is the largest global hub for the cutting and polishing of diamonds, and has several thousand small medium and large enterprises which are involved in the diamond business. Moreover, through this partnership, the exchanges have agreed to work towards the goal of assisting the stakeholders in Indias diamond industry by bringing international best practices in price risk management and price discovery through innovative spot and derivative market operations. The move will also foster the development of communication channels for the sharing of information between the exchanges.

Mrugank Paranjape, MD & CEO, MCX said that the MoU will support the mutual interests of MCX and SDiX towards establishing price discovery, enhancing transparency in prices and help the value-chain with a risk management platform, in a commodity like diamond in which India has a significant global presence.

MCXs net profit rose 93.83% to Rs 33.94 crore on 29.07% rise in total income to Rs 99.77 crore in Q3 December 2016 over Q3 December 2015.

MCX is Indias first listed, national-level, electronic, commodity futures exchange with permanent recognition from the Government of India. Various commodities across segments are traded on MCX. These include bullion, energy, metals and agri commodities.

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Board of Pennar Industries decides to voluntarily delist from MSE
Feb 16,2017

Pennar Industries announced that the Board of Directors of the Company has passed a resolution by circulation with respect to voluntary delisting of the Company from Metropolitan Stock Exchange of India (MSE) on 13 February 2017.

However, the equity shares of the Company shall continue to be listed on BSE and National Stock Exchange of India, both having nationwide trading terminals.

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Vidli Restaurants announces resignation of director
Feb 16,2017

Vidli Restaurants announced that Mahesh Gandhi has resigned from the office of Director of the Company with effect from 15 February 2017 due to his personal commitments.

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Captain Polyplast appointed as DCA cum CS by Indian Oil Corporation
Feb 16,2017

Captain Polyplast has been appointed as Del Credere Associates cum Consignment Stockists (DCA cum CS) by Indian Oil Corporation vide its letter of appointment dated 15 February 2017 for marketing of polymer in Gujarat state.

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Filtra Consultants & Engineers launches e-commerce website
Feb 16,2017

Filtra Consultants & Engineers has launched an e-commerce website. It is Indias first B2B e-commerce website for water treatment components.

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Multiplus Holdings appoints compliance officer
Feb 16,2017

Multiplus Holdings announced that the Company have appointed Nimit Merchant as Compliance officer of the Company.

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ABB India to deliver 110 kV digital substation
Feb 16,2017

ABB India will deliver a 110 kilovolt (kV) digital substation to Technopark, the largest Information Technology (IT) park in India, based on built-up area, located in the southern state of Kerala and spanning an area of 930,000 square meters. Due to the nature of the industry, the campus is highly dependent on reliable, round the clock power to serve the 350 companies employing more than 50,000 people.

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Polaris Consulting & Services allots 16890 equity shares
Feb 16,2017

Polaris Consulting & Services has allotted 16,890 equity shares of Rs 5 under ASOP schemes on 16 February 2017.

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