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McNally Bharat Engineering Company to hold board meeting
Feb 15,2017

McNally Bharat Engineering Company will hold a meeting of the Board of Directors of the Company on 17 February 2017, to consider issuance of securities through preferential allotment and determining issue price.

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Cyient Inc. and ASE S.p.A, Italy collaborate for joint market development of products
Feb 15,2017

ASE S.p.A, a privately owned Italian Company, supplier of electrical power generation and distribution systems to the international aerospace and defence industry, and Cyient Inc. (subsidiary of Cyient) announced a joint go-to-market agreement for joint market development of products in the electric power generation area.

This collaboration is intended to provide full life-cycle services, products and systems to the aerospace and defence industry.

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Jagran Prakashan provides update on subsidiary, Music Broadcast
Feb 15,2017

Jagran Prakashan announced that Music Broadcast, subsidiary of the Company has commenced broadcast from its Radio Station at Madhurai (which was acquired under Phase III auctions held last financial year).

The frequency for Madhurai location is 91.9 F.M.

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Centum Electronics revises record date for interim dividend
Feb 15,2017

Centum Electronics has fixed 23 February 2017 as the Revised Record Date for the purpose of Payment of Interim Dividend.

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Vyapar Industries to hold board meeting
Feb 15,2017

Vyapar Industries will hold a meeting of the Board of Directors of the Company on 17 February 2017, to consider the proposal for buyback of equity shares of the Company, quantum & mode of buyback, constitution of buyback committee, Record Date for the purpose of buyback, appointment of intermediaries and other matters incidental thereto;

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Ind-Ra: CE Loan Delinquencies to Abate in FY18; Full Recovery for Tractor Loans to Take Longer
Feb 15,2017

India Ratings and Research (Ind-Ra) has taken the following actions on the outlooks for the following underlying asset classes, primarily a part of the ABS and RMBS transactions, in its rated portfolio for FY18: 
 Asset Class OutlookFY17FY18ActionCommercial vehicle loansStableStable to NegativeRevisedLoans against propertyStableStable to NegativeRevisedTractor loansNegativeStable to NegativeRevisedConstruction equipment loans (CE)NegativeStableRevisedMicrofinance loans*-Stable to NegativeAssignedResidential mortgage loansStableStableMaintained

* This sector was not included in the FY17 outlook report.

The agency has revised the outlook on commercial vehicle loans to stable to negative for FY18 from stable for FY17. The agency believes that the combined effect of the marginal 0.4% yoy growth in industrial activity and 8% increase in diesel price without a similar improvement in freight rates over April to November 2016 will stall the asset quality recovery process, which has been made more uncertain because of demonetisation.

The agency has revised the outlook on the loans against property segment to stable to negative for FY18 from stable in FY17. The agency expects that the prevailing slowdown in property prices with high levels of existing inventory and the pressure to move towards a formal business model will continue to weigh on small and medium enterprises, increasing asset quality pressures for them. Also, the larger share of high ticket size collateral (above INR10 million) on the books of non-banking finance companies, which forms a small component of sales in most cities (and hence illiquid collateral), would render achieving recovery difficult, if there is a spike in default rates.

The agency has revised the outlook on tractor loans to stable to negative for FY18 from stable in FY17. The prospect of a strong agricultural production output in 2017 amid a healthy monsoon in 2016 is likely to provide respite to tractor loan borrowers. Also, budgetary support to farm income as announced in the Union Budget 2017-2018 and the average 16% hike in minimum support price for food grains in FY17 YTD (the highest in last five years), blunted to some extent by the hike in diesel prices, would support asset quality improvement. However, high peak defaults reached in the agencys tractor loan portfolio in the last 12 months may not ease swiftly, considering the abrupt cash shortage in the farm sector post demonetisation and with revival expected to be synchronised with future crop cycles.

The agency has revised the outlook on CE loans to stable for FY18 from negative in FY17. Ind-Ra expects the 21% and 24% yoy growth in infrastructure spending in FY16 and FY17, respectively, to mark FY18 as a turnaround year for CE loans. The peak 90+dpd delinquency rate of Ind-Ra rated CE loan portfolio for 2014 vintage was 4% within three years from issuance i.e. a 28% reduction relative to the average peak 90+ dpd delinquency rates of 5.6% for the loans of the 2012 and 2013 vintages.

The agency has assigned a stable to negative outlook on microfinance loans for FY18. Ind-Ra expects that the marginal increase in agri and non-agri based rural wages in FY17 shall provide limited boost to MFI (microfinance institutions) borrowers income, because of growing borrower leverage and hence it is likely to cause asset quality issues. A temporary surge in weighted average delinquencies to 3.45% (0+dpd) in November 2016 for all Ind-Ra rated MFI pools on account of demonetisation would stabilise with improving re-monetisation. However, demonetisation and other local incidents from time-to-time prove that MFI borrowers would continue to be highly subject to idiosyncratic stress.

Ind-Ra rated structured finance transactions including ABS and RMBS, however, are likely to show a stable performance in FY18. Key factors driving the stable outlook include lower actual delinquencies on the underlying asset pool than the agencys initial estimates. Additionally, with higher pool amortisation and original credit enhancement remaining intact, credit enhancement cover shall increase for the outstanding transactions.

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Panacea Biotec drops after weak Q3 result
Feb 15,2017

Net sales declined 33.97% to Rs 99.33 crore in Q3 December 2016 over Q3 December 2015. The result was announced after market hours yesterday, 14 February 2017.

Meanwhile, the BSE Sensex was down 183.75 points, or 0.65%, to 28,155.56

On the BSE, so far 59,000 shares were traded in the counter, compared with average daily volumes of 32,808 shares in the past one quarter. The stock had hit a high of Rs 145 and a low of Rs 129 so far during the day. The stock hit a 52-week high of Rs 178.30 on 27 January 2017. The stock hit a 52-week low of Rs 85.50 on 26 May 2016.

The small-cap company has equity capital of Rs 6.13 crore. Face value per share is Re 1.

Panacea Biotec is one of Indias leading research based biotechnology companies with established research, manufacturing and marketing capabilities.

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Board of Spectra Industries appoints company secretary and compliance officer
Feb 15,2017

Spectra Industries announced that the Board of Directors of the Company at its meeting held on 14 February 2017 has approved the appointment of Ruchita Shah as the Company Secretary and Compliance Officer of the Company.

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Board of Ritesh Properties & Industries approves appointment of directors
Feb 15,2017

Ritesh Properties & Industries announced that the Board of Directors of the Company at its meeting held on 14 February 2017 has approved the appointment of Virinder Jit Singh as Whole Time Director with effect from 14 February 2017 and appointment of Rohit Kumar Maggu as an Independent Director with effect from 14 February 2017.

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Cox & Kings declines after poor Q3 results
Feb 15,2017

The result was announced after market hours yesterday, 14 February 2017.

Meanwhile, the BSE Sensex was down 186.45 points, or 0.66%, to 28,152.86.

On the BSE, so far 57,000 shares were traded in the counter, compared with average daily volumes of 94,427 shares in the past one quarter. The stock had hit a high of Rs 195.80 and a low of Rs 185 so far during the day.

The stock hit a 52-week high of Rs 242 on 19 September 2016. The stock hit a 52-week low of Rs 140.50 on 17 February 2016.

The mid-cap company has equity capital of Rs 88.28 crore. Face value per share is Rs 5.

On 1 December 2015, Cox & Kings had sold Explore Worldwide, a subsidiary of Holidaybreak for GBP 25.8 million. This sale had resulted in a goodwill write off of Rs 59.03 crore and profit on sale of Rs 228.65 crore, shown under exceptional items for quarter and nine months ended 31 December 2015. Due to this sale the figures of quarter and nine months ended 31 December 2016 are not comparable.

Cox & Kings (C&K) is a leading leisure and education travel group with operations in 22 countries across 4 continents. C&K operates n++n three key verticals: leisure, education and hybrid hotels.

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Board of ICVL Steels approves change in company name
Feb 15,2017

ICVL Steels announced that the Board of Directors of the Company at its meeting held on 15 February 2017 has approved change in name of the Company from ICVL Steels to Supremex Shine Steel and consequential alteration in the Memorandum of Association and Articles of Association of the Company, subject to approval of shareholders of the Company.

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Board of Shilpa Medicare accepts resignation of director
Feb 15,2017

Shilpa Medicare announced that the board has approved the resignation of Venugopal Loya, Independent Director of the Company with effect from 14 February 2017.

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Board of Rajputana Investment & Finance approves change in registered office
Feb 15,2017

Rajputana Investment & Finance announced that the Board of Directors of the Company at its meeting held on 15 February 2017 approved the change in registered office to 1/A, Fakir Dey Lane, 1st Floor, Bowbazar, Kolkata - 700 012.

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Board of Indovation Technologies approves change in directorate
Feb 15,2017

The Board of Directors of Indovation Technologies at its meeting held on 15 February 2017 has approved appointment of P Ramamurthy as Directors of the Company. The board also accepted the resignation of G Madhava Rao as Director of the Company.

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Outcome of board meeting of Nimbus Projects
Feb 15,2017

Nimbus Projects announced the Board of Directors of the Company at its meeting held on 10 February 2017 has accorded its consent for variation in the terms of investment made by the Company in 30 lakh, 8% Non Cumulative Non Participating Optionally Convertible Preference Shares of World Resorts, a unlisted public company with regard to waiver of dividend, reduction of coupon rate and extension of redemption period.

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