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Bhel moves higher after commencing thermal power plant
Apr 03,2017

The announcement was made during market hours today, 3 April 2017.

Meanwhile, the S&P Sensex was up 255.61 points, 0.86% at 29,876.11.

On the BSE, 3.35 lakh shares were traded on the counter so far as against the average daily volumes of 4.24 lakh shares in the past two weeks. The stock had hit a high of Rs 167.60 and a low of Rs 163.10 so far during the day.

Bhel said that it has commissioned the 500 megawatts (MW) of NTPC Feroze Gandhi Unchahar thermal power plant (FGUTPP) in Uttar Pradesh. Bhel was awarded the contract for the manufacture, supply, erection and commissioning of boiler, turbine, generator, & associated auxiliaries, electrical switchyard and station controls & instrumentation.

The major equipment for the project has been manufactured by Bhel at its Haridwar, Trichy, Hyderabad, Bhopal, Ranipet and Bengaluru works, while the construction of the plant was undertaken by the companys power sector - Northern Region. The existing five units of 210 MW at FGUTPP, have also been commissioned earlier by Bhel.

Bhel has supplied and executed 33,000 megawatt coal-based power plants of NTPC and its joint ventures, which account for 80% of NTPCs coal based installed capacity.

Bharat Heavy Electricals reported net profit of Rs 93.54 crore in Q3 December 2016 as against net loss of Rs 1084.96 crore in Q3 December 2015. Net sales rose 18.3% to Rs 6187.48 crore in Q3 December 2016 over Q3 December 2015.

Bhel is an integrated power plant equipment manufacturer and one of the largest engineering and manufacturing company of its kind in India engaged in the design, engineering, manufacture, construction, testing, commissioning and servicing of a wide range of products and services for core sectors of the economy, viz. power, transmission, industry, transportation (railways), renewable energy, oil & gas, water and defence with over 180 products offerings to meet the needs of these sectors. The Government of India currently holds 63.06% stake in Bhel (as per the shareholding pattern as on 31 December 2016).

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Bajaj Electricals leads gainers in A group
Apr 03,2017

Bajaj Electricals jumped 15.52% to Rs 361.30 at 14:21 IST. The stock topped the gainers in the BSEs A group. On the BSE, 2.90 lakh shares were traded on the counter so far as against the average daily volumes of 63,000 shares in the past two weeks.

Network 18 Media & Investments surged 13.96% to Rs 40.40. The stock was the second biggest gainer in A group. On the BSE, 11.27 lakh shares were traded on the counter so far as against the average daily volumes of 2.83 lakh shares in the past two weeks.

Delta Corp gained 12.57% at Rs 203.70. The stock was the third biggest gainer in A group. On the BSE, 37.46 lakh shares were traded on the counter so far as against the average daily volumes of 12.83 lakh shares in the past two weeks.

Dishman Pharmaceuticals and Chemicals advanced 8.48% at Rs 314.55. The stock was the fourth biggest gainer in A group. On the BSE, 12.09 lakh shares were traded on the counter so far as against the average daily volumes of 4.78 lakh shares in the past two weeks.

Wockhardt rose 6.54% to Rs 767.10. The stock was the fifth biggest gainer in A group. On the BSE, 5.76 lakh shares were traded on the counter so far as against the average daily volumes of 12.83 lakh shares in the past two weeks.

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Prakash Industries allots 34,97,861 equity shares
Apr 03,2017

Prakash Industries has allotted 34,97,861 equity shares on 03 April 2017 on conversion of FCCBs. Consequently, the paid up capital of the Company has increased from Rs 139.04 crore to 142.54 crore.

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Adani Transmission hits record high
Apr 03,2017

The announcement was made during market hours today, 3 April 2017.

Meanwhile, the S&P BSE Sensex was up 256.56 points or 0.87% at 29,877.06. The S&P BSE Mid-Cap index was up 88.55 points or 0.63% at 14,185.20.

Higher than usual volumes were witnessed on the counter. On the BSE, 3.54 lakh shares were traded in the counter so far as against average daily volume of 1.59 lakh shares in the past one quarter. The stock had hit a high of Rs 70.25, which is also a record high for the stock. The stock had hit a low of Rs 64.50 so far during the day. The stock had hit a 52-week low of Rs 28.35 on 20 May 2016.

The stock had outperformed the market over the past one month till 31 March 2017, gaining 3.87% compared with 3.05% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 13.89% as against Sensexs 11.24% gains.

The mid-cap company has equity capital of Rs 1099.81 crore. Face value per share is Rs 10.

Adani Transmission (ATL) has received the 3 letter of intents from RVPN (Rajasthan Rajya Vidyut Prasaran Nigam Limited) to construct, own, operate and maintain three transmission projects in the state of Rajasthan. The projects namely Hadoti Transmission Company (PPP-8), Barmer Transmission Company (PPP 9), and Thar Transmission Company (PPP-10) collectively have approximately 350 circuit kilometers (ckt kms) of lines and 16 substations with transformation capacity of approx. 600 MVA at voltage level of 132/220 KV.

These assets were awarded through a tariff based competitive bidding process. With these projects, ATL will strengthen its existent significant presence in Rajasthan with 2 operational transmission projects (i.e. Aravali & Maru transmission company) and Suratgarh Bikaner project, which is under construction.

With the completion of all the ongoing projects and acquisition of Reliance Infrastructures operational transmission assets along with these three projects, the network of ATL is expected to surpass 11000 ckt kms.

Adani Transmissions consolidated net profit jumped 32.8% to Rs 99.28 crore on 38.5% rise in net sales to Rs 729.22 crore in Q3 December 2016 over Q3 December 2015.

Adani Transmission is into power transmission business and is a part of business conglomerate Adani Group.

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Board of Amit Spinning Industries decides to seek regulatory approval for closure of yarn manufacturing unit
Apr 03,2017

Amit Spinning Industries announced that due to financial constraints, non-availability of working capital and non-receipt orders, the Board of Directors have approved to move an application to the Secretary, Industries, Energy and Labour Department, Government of Maharashtra for seeking permission for closure of Yarn Manufacturing Unit situated at Kolhapur in Maharashtra, so as to control the operational and other expenses.

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Aries Agro to hold board meeting
Apr 03,2017

Aries Agro will hold a meeting of the Board of Directors of the Company on 3 April 2017.

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Nicco Uco Alliance Credit announces cessation of director
Apr 03,2017

Nicco Uco Alliance Credit announced that Lakshmi Narain Kaul ceased to be Managing Director of the Company with effect from 31 March 2017 following his retirement.

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Volumes jump at Gujarat Industries Power Company counter
Apr 03,2017

Gujarat Industries Power Company clocked volume of 35.8 lakh shares by 13:45 IST on BSE, a 317.06-times surge over two-week average daily volume of 11,000 shares. The stock rose 3.04% to Rs 106.75.

The Byke Hospitality notched up volume of 26.42 lakh shares, a 38.2-fold surge over two-week average daily volume of 69,000 shares. The stock declined 2.96% to Rs 180.

Sundaram Fasteners saw volume of 10.6 lakh shares, a 30.92-fold surge over two-week average daily volume of 34,000 shares. The stock gained 3.47% to Rs 404.40.

Dhanuka Agritech clocked volume of 1.01 lakh shares, a 7.01-fold surge over two-week average daily volume of 14,000 shares. The stock rose 0.5% to Rs 801.25.

Marico saw volume of 34.95 lakh shares, a 6.75-fold rise over two-week average daily volume of 5.18 lakh shares. The stock rose 0.25% to Rs 295.10.

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Helpage Finlease announces change in Company Secretary & Compliance Officer
Apr 03,2017

Helpage Finlease has appointed Himani Gusain as the Company Secretary & Compliance Officer of the company w.e.f 01 April, 2017 in place of Isha Malik.

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Elecon Engineering spurts after new order win
Apr 03,2017

The announcement was made on Saturday, 1 April 2017.

Meanwhile, the S&P BSE Sensex was up 211.26 points, or 0.71%, to 29,831.76

On BSE, so far 1.39 lakh shares were traded in the counter, compared with an average volume of 57,368 shares in the past one quarter. The stock hit a high of Rs 55.95 and a low of Rs 54.55 so far during the day. The stock hit a 52-week high of Rs 74 on 19 October 2016. The stock hit a 52-week low of Rs 45.40 on 22 November 2016.

The stock had underperformed the market over the past 30 days till 31 March 2017, falling 0.84% compared with the Sensexs 2.71% rise. The scrip had also underperformed the market over the past one quarter, sliding 7.28% as against the Sensexs 11.24% rise.

The small-cap company has an equity capital of Rs 22.44 crore. Face value per share is Rs 2.

Elecon Engineering Company announced that it has bagged order worth Rs 130 crore from Ramagundam Fertilizers and Chemicals for installing urea bagging and conveying systems at their complex at Ramagundam, Telangana. The company also recently received orders worth of Rs 45 crore in cement, power, port and coal sectors.

On a consoldiated basis, Elecon Engineering Company reported net loss of Rs 9.48 crore in Q3 December 2016 as compared to net profit of Rs 7.16 crore in Q3 December 2015. Net sales fell 13.42% to Rs 284.32 crore in Q3 December 2016 over Q3 December 2015.

Elecon Engineering Company is one of Asias largest gear manufacturing company with vast experience of about five decades and significant business presence in India and abroad. The company designs and manufactures worm gears; parallel shaft and right angle shaft; helical and spiral level helical gears; fluid geared and flexible couplings, as well as planetary gear boxes. The company also manufactures material handling equipment, mining equipment, casting processes amongst others.

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Everest Kanto moves up after selling assets in Gandhidham
Apr 03,2017

The announcement was made after market hours on Friday, 31 March 2017.

Meanwhile, the BSE Sensex was up 206.89 points, or 0.68%, to 29,822.78. The S&P BSE Small-Cap index was up 178.33 points or 1.24% to 14,612.19.

More than usual volumes were witnessed on the counter. On the BSE, 2.65 lakh shares were traded in the counter so far as against an average daily volume of 1.06 lakh shares in the past one quarter. The stock had hit a high of Rs 39.65 and a low of Rs 36 so far during the day. The stock had hit a 52-week high of Rs 42.30 on 26 October 2016. The stock had hit a 52-week low of Rs 14 on 24 June 2016.

The stock had outperformed the market over the past one month till 31 March 2017, gaining 15.36% compared with 3.05% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, gaining 10.68% as against Sensexs 11.24% gains.

The small-cap company has an equity capital of Rs 22.44 crore. Face value per share is Rs 2.

Everest Kanto Cylinder said that it has entered into the asset purchase agreement with SNF Flopam India to sell companys land, building and electric installations in Gandhidham, Gujarat for consideration of $29 million. The expected date of completion of sale would be 30 April 2017.

On a consolidated basis, Everest Kanto Cylinder reported net loss of Rs 9.67 crore in Q3 December 2016, lower than net loss of Rs 29.38 crore in Q3 December 2015. Net sales rose 14.7% to Rs 140.05 crore in Q3 December 2016 over Q3 December 2015.

Everest Kanto Cylinder is a pioneer in development & production of industrial & CNG cylinders.

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Sintex Inds gains as board approves share allotment
Apr 03,2017

The announcement was made after market hours on Friday, 31 March 2017.

Meanwhile, the S&P Sensex was up 213.79 points, 0.72% at 29,835.99. The S&P BSE Mid-cap index was up 93.32 points or 0.66% at 14,189.97.

On the BSE, 4.08 lakh shares were traded on the counter so far as against the average daily volumes of 12.18 lakh shares in the past two weeks. The stock had hit a high of Rs 107.80 so far during the day, which is also its 52-week high. The stock hit a low of Rs 105.90 so far during the day. The stock had hit a 52-week low of Rs 70 on 12 August 2016.

Sintex Industries said that foreign currency convertible bonds (FCCBs) committee of the board on Friday, 31 March 2017, allotted 1.20 crore equity shares to FCCB holders, on receipt of further notice dated on 31 March 2017 for the exercise of their conversion rights.

The company has issued FCCBs for $110 million due 2022 on 25 May 2016.

Sintex Industries consolidated net profit declined 38.9% to Rs 110.81 crore on 0.1% decrease in net sales to Rs 2075.01 crore in Q3 December 2016 over Q3 December 2015.

Sintex is a diversified group with businesses across 2 principal business segments - plastics (including infrastructure) and textiles.

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Sintex Inds gains as board allots shares to FCCB holders
Apr 03,2017

The announcement was made after market hours on Friday, 31 March 2017.

Meanwhile, the S&P Sensex was up 213.79 points, 0.72% at 29,835.99. The S&P BSE Mid-cap index was up 93.32 points or 0.66% at 14,189.97.

On the BSE, 4.08 lakh shares were traded on the counter so far as against the average daily volumes of 12.18 lakh shares in the past two weeks. The stock had hit a high of Rs 107.80 so far during the day, which is also its 52-week high. The stock hit a low of Rs 105.90 so far during the day. The stock had hit a 52-week low of Rs 70 on 12 August 2016.

Sintex Industries said that foreign currency convertible bonds (FCCBs) committee of the board on Friday, 31 March 2017, allotted 1.20 crore equity shares to FCCB holders, on receipt of further notice dated on 31 March 2017 for the exercise of their conversion rights.

The company has issued FCCBs for $110 million due 2022 on 25 May 2016.

Sintex Industries consolidated net profit declined 38.9% to Rs 110.81 crore on 0.1% decrease in net sales to Rs 2075.01 crore in Q3 December 2016 over Q3 December 2015.

Sintex is a diversified group with businesses across 2 principal business segments - plastics (including infrastructure) and textiles.

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Moodys assigns definitive Baa3(sf) to notes issued by India Standard Loan Trust - XLIV, Au Financiers-sponsored auto and micro SME loan ABS in India
Apr 03,2017

Moodys Investors Service has assigned a definitive Baa3(sf) rating to India Standard Loan Trust - XLIV, an ABS transaction backed by a static pool of commercial vehicle loans and secured micro, small and medium enterprise (MSME) loans originated by Au Financiers (India) Limited (Au Financiers, unrated) in India.

The complete rating action is as follows:

Issuer: India Standard Loan Trust - XLIV

.... INR 297,503,981.66 Series A1 Pass Through Certificates, Baa3(sf) Assigned

.... INR 725,238,447.13 Series A2 Pass Through Certificates, Baa3(sf) Assigned

The rating addresses the expected loss posed to investors by the legal final maturity. The structure allows for timely payment of interest and repayment of principal of the rated notes by the legal maturity date.

Moodys ratings address only the credit risks associated with the transaction. Other non-credit risks have not been addressed, but may have a significant impact on yield to investors.

RATINGS RATIONALE

This transaction is a securitization of a static pool of commercial vehicle (CV) loans and Micro SME loans (MSME loans; typically secured business loans with a value below INR2.5 million extended to MSME, guaranteed by business owners and secured by mortgages over immovable properties) originated by Au Financiers in India.

The CV loans and secured MSME loans contribute 78.52% and 21.48% of the initial pool principal, respectively. At closing, Au Financiers assigned a pool of these asset-backed loans, together with its security interest over the underlying vehicles and properties, to the issuer. All the MSME loans in the underlying pool are secured by mortgages over residential or commercial properties.

Au Financiers started disbursing MSME loans in April 2010. However, a large proportion of the MSME loans were originated 2013 onwards, reflected by the fact that the MSME loan portfolio grew to INR 23.16 billion as of June-2016 from about INR 5.98 billion as of June-2013. The resultant limited historical performance information may not be sufficient to fully reflect the future performance of the portfolio.

In addition, there is limited performance data available for this asset class at an industry level, and the typical tenure of such loans of 4-7 years means that the performance data does not reflect a full cycle. Whereas, for the early vintages, like 2010, for which the loans have seen full cycle, the disbursements were insignificant and cant be relied up on fully to reflect the performance of recent vintage loans.

As a result, Moodys has used a mean loss rate assumption of 6.50% for the MSME loans, compared to a mean loss rate assumption of 4.50% for the CV loans, although the performance of the MSME loans has thus far shown significantly lower losses than CV loans. Moodys recovery assumption is 0% for both loan types.

All the underlying loans carry a fixed interest rate, with fixed installments and servicing on both the principal and interest on a monthly basis. The weighted average seasoning of the CV loans and the MSME loans is 7.0 months and 10.7 months, respectively.

The rating on the notes will exhibit some linkage to the credit quality of Au Financiers. This is because the issuer, India Standard Loan Trust - XLIV, relies heavily on Au Financiers to continue servicing the securitized pool to meet its timely interest payments and scheduled principal amortization payments to noteholders.

Au Financiers servicing involves the collection in person of loan payments from the borrowers who are located across India -- where Au Financiers operates. For CV loans, repayment is predominantly in cash, while the proportion of cash collection for MSME loans is significantly lower.

Accordingly, any disruption to Au Financiers operations would significantly disrupt the collection of loan payments and, in turn, would negatively impact the trusts own payments to noteholders.

Even though the issuer may appoint a successor servicer -- following certain servicer replacement events or default events -- this process of replacement is expected to prove lengthy and costly, with potential disputes with borrowers over loan payments.

When assigning the rating, Moodys analysis focused, among other factors, on the:

(1) Characteristics of the securitized pool;

(2) Historical performance of similar types of loans originated by the originator;

(3) Credit quality of the originator;

(4) Probability of operational disruption upon originator default;

(5) Size of credit enhancement to support timely payments on the notes against the risks of defaults and arrears in the securitized pool and/or the originator;

(6) Readiness of the trustee to carry out remedial actions to minimize commingling risk and potential set-off risk following a servicer replacement or default event;

(7) Macroeconomic environment; and

(8) Legal and structural integrity of the transaction.

Moodys considered, among other things, the following key strengths of the transaction:

(1) The experience of the originator in underwriting and servicing the underlying loans in India;

(2) The granularity of the pool with about 2,304 loans, although we note that the top 20 loans represent 8.9% of the original balance;

(3) The favorable terms of the loans: equal monthly instalments with a 75.9% weighted average overall loan-to-value (LTV) ratio at loan origination, split between weighted average LTV ratios of 85.3% and 41.5% for the vehicle loans and secured MSME loans respectively;

(4) The transaction has a static pool of loans. As a result, it is only exposed to the default risk of the loans in the cut-off pool (which have a weighted average remaining tenor of about 39.8 months and a weighted average life of 22.1 months) and to the operational risk of the servicer during the life of the portfolio. The weighted average life for the MSME loans (29.2 months) is higher than that for the CV loans (20.20 months);

(5) The transaction benefits from two main sources of credit enhancement: (a) credit facilities equivalent to 9.35% of the original pool balance, composed of the 3.50% first-loss credit facility and the 5.85% second-loss credit facility at closing; and (b) excess interest collections from the pool -- after payment of the interest on the notes in each period -- can be used to top up previously drawn credit facilities to their original target amount;

(6) The originator has a strong alignment of interest with noteholders. According to minimum retention requirements from the Reserve Bank of India (RBI), the originator has to retain 10% exposure in the deal.

Moodys has also considered the following key weaknesses of the transaction:

(1) A back-up servicing arrangement was not set up at closing. Servicing of the transaction may be subject to disruption if the originator/servicer fails to perform when needed. A servicing disruption would negatively impact collections because the transaction has about 2,304 loan contracts from various parts of India, and there are a limited number of viable replacement servicers in the country capable of covering such a geographic spread and conducting the collection of loan payments from borrowers in person and predominantly in cash, should the originator default.

(2) Limited liquidity buffer: The trust can draw money from two credit facilities up to a total of 9.35% of the initial portfolio amount - when there is a shortage of funds to pay interest payments and scheduled principal amortization payments to noteholders. In a scenario where the servicer is not performing, and the trust is not able to receive any loan payments from the borrowers or the servicer for a prolonged period, this amount of initial liquidity coverage appears weak, as the full amount of the credit facilities may be used up rapidly to cover both interest and principal payments.

(3) Commingling risk with servicers fund: The servicer will designate staff for the colle

MOIL drops after announcing reduction in prices
Apr 03,2017

The announcement was made on Saturday, 1 April 2017.

Meanwhile, the S&P BSE Sensex was up 205.33 points or 0.69% at 29,825.83

On the BSE, 37,000 shares were traded on the counter so far as against the average daily volumes of 87,562 shares in the past one quarter. The stock had hit a high of Rs 312 and a low of Rs 300 so far during the day.

The stock had hit a 52-week high of Rs 429 on 12 January 2017 and a 52-week low of Rs 212.50 on 25 May 2016. The stock had underperformed the market over the past 30 days till 31 March 2017, falling 4.89% compared with the Sensexs 2.71% rise. The scrip had also underperformed the market over the past one quarter, sliding 12.59% as against the Sensexs 11.24% rise.

The mid-cap company has equity capital of Rs 133.19 crore. Face value per share is Rs 10.

MOIL announced that the prices have been decreased by 15% on the existing prices prevailing since 1 March 2017 for the Ferro Grades having Mn Content 44% and above. The prices have been decreased by 10% on the existing prices prevailing since 1 March 2017 for the Ferro Grade having Mn Content 32% and above but less than 44%. The prices have been decreased by 10% on all grades of SMGR (Mn 30%) and SMGR Low (Mn 25%) on the prevailing prices since 1 March 2017.

The prices have been decreased by 10% of all chemical grades ore on the prevailing prices since 1 March 2017. The prices remains unchanged on all grades of Fines and Electrolytic Manganese Dioxide (EMD) on the prevailing prices since 1 March 2017. MOIL announced that the latest price reduction is inline with the companys business practice of fixing/revising prices of manganese ore.

MOILs net profit surged 670.67% to Rs 101.42 crore on 299.35% rise in net sales to Rs 355.30 crore in Q3 December 2016 over Q3 December 2015.

MOIL produces and sells different grades of manganese ore. Government of India currently holds 75.58% stake in MOIL (as per the shareholding pattern as on 31 December 2016).

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