My Application Form Status

Check the status of your application form with Angel Broking.
  • Companies
  • Everything else
Search
Counterparty Delays Forcing Renewable Energy Projects to Run Out of Steam
Sep 23,2016

State power utilities (major power purchasers) insensitivity to projects debt service commitments and delays in making payments - problems specific to conventional energy developers - are now plaguing renewable energy projects, says India Ratings and Research (Ind-Ra). The central governments initiative - Ujwal Discom Assurance Yojana scheme - aims to lessen the cash flow strain on distribution companies through the transfer of debt loads to states. However, until the scheme gathers further momentum and meaningfully bears any fruits to the sector, renewable energy projects are compelled to tide over the elevated risk of liquidity strain.

In the backdrop of several developers embarking on capital market transactions, counterparty delays could not only jeopardise bond potential issuances, but also erase the confidence of stakeholders. This is especially in view of the growing interest of developers to tap the capital market and investors penchants for RE bonds. Also, at this time when the masala bond and dollar bond market is fledgeling, a default on a domestic bond may prove costly and could skew risk spreads. Counterparties timely payments are inevitable to nurture the nascent non-recourse capital market debt instruments. Any event of default on the capital market instruments or invocation of a security/credit enhancement would have an adverse impact on the governments effort in deepening infra bond markets.

The debt structure of RE bonds includes a debt service reserve, equivalent to the maximum or six months of debt service obligation to guard against unforeseen events. Despite robust structural features, the continued strained liquidity has dented the projects standalone credit quality.

Maharashtra utilities are a new addition to the league of unreliable utilities, not only on the count of rising receivables but also due to their unwillingness to sign up for energy sale agreements. Although the receivable periods may vary, Tamil Nadu and Rajasthan state utilities uneven payment records weigh heavily on projects risk profile. On the contrary, newly formed Andhra Pradesh and Telangana state utilities not only pay renewable energy project developers on time but also claim the rebate delineated in the power purchase agreements.

Although the direct impact of delayed payments will be apparent on projects liquidity, the ultimate impact could be on the lenders if the situation exacerbates. Increasingly, the historical payment record appears to be unreliable and elevates the need for a working capital line higher than the historical average receivable days of projects. However, the zeroing down on the size of the working capital line has become difficult. In many cases, the credit profile of RE projects is constrained by the weak financial health of the counterparties rather than operational and supply-related risks.

Given the reasonable historical payment record of Maharashtra State Electricity Distribution Company, many sponsors failed to anticipate debtor days of over seven months and it was not the agencys base case as well. Notwithstanding projects operational strength, debt service could be impaired on prolonged payment delays by the state utility.

Although a majority of power purchase agreements mention a letter of credit as a backup for payment delays, it is rarely established by discoms. Uttar Pradesh utility in a few thermal power projects has entered into default escrow agreements wherein the revenues from a particular customer segment is escrowed to a default account, which is marked to the power generators escrow accounts. A similar structure has been proposed by Uttar Pradesh for renewable projects. While the federal government set ambitious targets in creating new capacities, projects remain hostage to rising receivables from state utilities, a continuance of which could impact investments in renewable projects and hurt the infra debt market. There is therefore a dire need to improve the liquidity of state utilities so that renewable projects do not become unviable.

Powered by Capital Market - Live News

Bambino Agro Industries provides business update
Sep 23,2016

Bambino Agro Industries has received termination notice from Bambino Pasta Food Industries and Seshsayi Foods cancelling the selling agency agreement with effect from the close of business hours on 23 September 2016.

Powered by Capital Market - Live News

Pooja Entertainment & Films forms strategic alliance with Pebble Pictures
Sep 23,2016

Pooja Entertainment & Films has entered into a strategic alliance with Pebble Pictures, a company founded by Priyanka Chopra to develop and create high quality Punjabi film content via co-production.

The first movie to be co-produced would be n++Sarvannn++ directed by Karan Guliani, staring Amrinder Gill, Ranjit Bawa and Simi Chehail.

Powered by Capital Market - Live News

Uttam Sugar Mills provides update on capacity expansion of its Distillery (Ethanol)
Sep 23,2016

Uttam Sugar Mills has obtained Industrial Entrepreneurs Memorandum (IEM) from Ministry of Commerce and Industry for Enhancement, Department of Industrial Policy & Promotion (DIPP) for enhancement in the Distillery (Ethanol) capacity of the company to double from its existing Capacity i.e. from 22,500 Kilo Liters (KL) to 45,000 Kilo Liters (KL).

Powered by Capital Market - Live News

Dwarikesh Sugar Industries announces closure of QIP issue
Sep 23,2016

Dwarikesh Sugar Industries announced that in respect of the QIP, the Securities Issue Committee of the Company at its meeting held on 23 September 2016 has, inter alia approved the following:

1. Closure of the bid on 23 September 2016;

2. The Placement Document via resolution passed by the Securities Issue Committee and other incidental activities on the subject matter;

3. The issue price of Rs. 236.11 per Equity Share (including premium of Rs. 226.11 per Equity Share), after giving discount of Rs. 12.42 per Equity Share to the floor price of Rs. 248.53 per Equity Share as per the SEBI ICDR Regulations, for the Equity Shares to be issued and allotted to eligible Qualified Institutional Buyers in the Issue; and

4. Approval for the issue of Confirmation of Allocation Note (CAN) for the allocation of 2,515,471 Equity Shares to Qualified Institutional Buyers.

Powered by Capital Market - Live News

Morepen Laboratories trims gains after clarification
Sep 23,2016

The clarification was issued during market hours today, 22 September 2016.

Meanwhile, the S&P BSE Sensex was down 116.80 points, or 0.41%, to 28,656.33

On BSE, so far 38.41 lakh shares were traded in the counter, compared with average daily volume of 4.33 lakh shares in the past one quarter. The stock trimmed intraday gains. The stock surged as much as 12.7% at the days high of Rs 27.95 so far during the day. The stock rose as much as 4.03% at the days low of Rs 25.80 so far during the day. The stock hit a 52-week high of Rs 41.80 on 5 January 2016. The stock hit a 52-week low of Rs 13.14 on 23 September 2015. The stock had outperformed the market over the past 30 days till 22 September 2016, rising 25.25% compared with 2.54% rise in the Sensex. The scrip, however, underperformed the market in past one quarter, rising 8.3% as against Sensexs 9% rise.

The small-cap drug maker has an equity capital of Rs 89.97 crore. Face value per share is Rs 2.

As per reports, Morepen Laboratories is considering a business rejig which could lead to a potential sale of the over-the-counter brands, including antiseptic cream Burnol. The companys OTC portfolio include Lemolate cold and cough relief remedy , Sat-Isabgol, anti-fungal and antibacterial cream Itch Beat, Fever-X, Pain-X, a face wash and 2 Cool hair oil, among other brands. Piramal Healthcare, Cipla and Zydus Cadila could be among the potential suitors, reports had indicated. However, Morepen Laboratories clarified that no such negotiation has taken place.

Morepen Laboratories net profit surged 60.4% to Rs 4.01 crore on 17.57% rise in net sales to Rs 116.72 crore in Q1 June 2016 over Q1 June 2015.

Morepen Laboratories is a pharmaceutical company having four divisions including active pharmaceutical ingredient (API), domestic formulations, diagnostics and over the counter (OTC).

Powered by Capital Market - Live News

Shentracon Chemicals to hold AGM
Sep 23,2016

Shentracon Chemicals announced that the 23rd Annual General Meeting (AGM) of the company will be held on 30 September 2016.

Powered by Capital Market - Live News

Digital Electronics to hold AGM
Sep 23,2016

Digital Electronics announced that the Annual General Meeting (AGM) of the company will be held on 30 September 2016.

Powered by Capital Market - Live News

Creative Merchants to hold AGM
Sep 23,2016

Creative Merchants announced that the 32th Annual General Meeting (AGM) of the company will be held on 30 September 2016.

Powered by Capital Market - Live News

Vedanta gains after inking pact for redevelopment of Mormugao port
Sep 23,2016

The announcement was made yesterday, 22 September 2016.

Meanwhile, the BSE Sensex was down 34.54 points, or 0.12%, to 28,736.43.

On BSE, so far 7.48 lakh shares were traded in the counter, compared with average daily volume of 15.1 lakh shares in the past one quarter. The stock hit a high of Rs 171.90 and a low of Rs 167.20 so far during the day. The stock hit a 52-week high of Rs 180.70 on 7 September 2016. The stock hit a 52-week low of Rs 58.10 on 12 February 2016. The stock had underperformed the market over the past one month till 22 September 2016, falling 4.7% compared with Sensexs 2.81% gains. The scrip, however, outperformed the market in past one quarter, gaining 32.98% as against Sensexs 7.5% gains.

The large-cap company has equity capital of Rs 296.47 crore. Face value per share is Re 1.

Vedanta said that the project will be handled by Goa Sea Port Pvt Ltd, a subsidiary of Sterlite Ports, which is a wholly owned subsidiary of Vedanta. The total estimated project cost is Rs 1145 crore and construction is expected to be completed in five years.

Vedanta on 15 April 2016 had received letter of award for redevelopment of existing berths 8, 9 and barge berths at the Port of Mormugao, Goa on develop, build, finance, operate and transfer (DBFOT) basis for a concession period of 30 years with the Mormugoa Port Trust.

The redeveloped berths are planned to handle all type of cargo including iron ore, coal and general cargo with an expected capacity of 19.22 million tonnes per annum. Vedanta is the largest exporter of iron ore from Goa and this project would provide logistic integration to its iron ore business apart from handling other cargo, the company had said at that time.

Vedantas consolidated net profit fell 27% to Rs 615.02 crore on 15.2% decline in net sales to Rs 14364.01 crore in Q1 June 2016 over Q1 June 2015.

Vedanta is a diversified natural resources company. Its business primarily involves producing oil & gas, zinc - lead-silver, copper, iron ore, aluminium and commercial power. The company has a presence across India, South Africa, Namibia, Australia, Ireland, Liberia and Sri Lanka.

Powered by Capital Market - Live News

Parag Milk Foods drops as India Opportunities Growth Fund offfloads shares
Sep 23,2016

Meanwhile, the S&P BSE Sensex was down 68.72 points, or 0.24%, to 28,704.41

On BSE, so far 1.32 lakh shares were traded in the counter, compared with average daily volume of 81,700 shares in the past one quarter. The stock hit a high of Rs 316.60 and a low of Rs 303.20 so far during the day. The stock hit a record high of Rs 356.70 on 13 July 2016. The stock hit a record low of Rs 202.10 on 13 July 2016. The stock had underperformed the market over the past 30 days till 22 September 2016, rising 0.16% compared with 2.54% rise in the Sensex. The scrip, however, outperformed the market in past one quarter, rising 21.76% as against Sensexs 9% rise.

The small-cap company has an equity capital of Rs 84.11 crore. Face value per share is Rs 10.

India Opportunities Growth Fund - Pinewood Strategy owned 18.58 lakh shares or 2.2% stake in Parag Milk Foods as at end 30 June 2016.

Parag Milk Foods consolidated net profit rose 53.91% to Rs 10.82 crore on 2.59% rise in net sales to Rs 383.47 crore in Q1 June 2016 over Q1 June 2015.

Parag Milk Foods manufactures a diverse range of products including cheese, ghee (clarified butter), fresh milk, whey proteins, paneer, curd, yoghurt, milk powders and dairy based beverages targeting a wide range of consumer groups through several brands.

Powered by Capital Market - Live News

Parag Milk Foods drops as India Opportunities Growth Fund offloads shares
Sep 23,2016

Meanwhile, the S&P BSE Sensex was down 68.72 points, or 0.24%, to 28,704.41

On BSE, so far 1.32 lakh shares were traded in the counter, compared with average daily volume of 81,700 shares in the past one quarter. The stock hit a high of Rs 316.60 and a low of Rs 303.20 so far during the day. The stock hit a record high of Rs 356.70 on 13 July 2016. The stock hit a record low of Rs 202.10 on 13 July 2016. The stock had underperformed the market over the past 30 days till 22 September 2016, rising 0.16% compared with 2.54% rise in the Sensex. The scrip, however, outperformed the market in past one quarter, rising 21.76% as against Sensexs 9% rise.

The small-cap company has an equity capital of Rs 84.11 crore. Face value per share is Rs 10.

India Opportunities Growth Fund - Pinewood Strategy owned 18.58 lakh shares or 2.2% stake in Parag Milk Foods as at end 30 June 2016.

Parag Milk Foods consolidated net profit rose 53.91% to Rs 10.82 crore on 2.59% rise in net sales to Rs 383.47 crore in Q1 June 2016 over Q1 June 2015.

Parag Milk Foods manufactures a diverse range of products including cheese, ghee (clarified butter), fresh milk, whey proteins, paneer, curd, yoghurt, milk powders and dairy based beverages targeting a wide range of consumer groups through several brands.

Powered by Capital Market - Live News

Moodys: Shift in US policies post elections could hit Asias high value manufacturing
Sep 23,2016

Moodys Investors Service says that the credit implications for Asia Pacific sovereigns of a potential shift in US (Aaa stable) policies after the election would materialize through changes in trade and investment if the next US administration adopts less proactive foreign engagement over time.

Moodys report points out that US policies under the next administration could range from a continuation of the status quo to a gradual retrenchment from trade and investment ties and curbs on immigration.

In general, the credit implications are likely to be limited. For instance, Asia Pacific sovereigns direct exposure to a potential slowdown in US imports is generally small. However, Asian economies whose exports to the US are focused on high value-added manufacturing products are more vulnerable to policies that disincentivized foreign sourcing of business services.

In this respect, Moodys says that Malaysia (A3 stable), Taiwan (Aa3 stable) and Korea (Aa2 stable) would be most vulnerable to efforts to repatriate high value-added manufacturing jobs. And, India (Baa3 positive) and the Philippines (Baa2 stable) would be exposed to any policies that discourage US businesses from foreign sourcing of services.

Moodys also says that over a longer period of time, a more insular climate in the US could crimp foreign direct investment flows, as expansion of production facilities refocus on domestic locations. However, the very small stock of US manufacturing Foreign Direct Investment in APAC implies negligible exposure in this respect.

Meanwhile remittances to Asia could weaken if the US tightened immigration rules. However, the Philippines (Baa2 stable) and Vietnam (B1 stable) whose remittances receipts from the US are largest in relation to the size of their economies also run current account surpluses that would provide buffers against any marked weakening in remittances inflows.

Powered by Capital Market - Live News

The Ramco Cements scales record high after bulk deal
Sep 23,2016

Meanwhile, the S&P BSE Sensex was down 29.08 points, or 0.1%, to 28,744.05

Bulk deal boosted volume on the scrip. On BSE, so far 10.78 lakh shares were traded in the counter, compared with average daily volume of 16,317 shares in the past one quarter. The stock hit a high of Rs 622.80 in intraday trade so far, which is record high for the counter. The stock hit a low of Rs 609.30 so far during the day. The stock hit a 52-week low of Rs 315.05 on 28 September 2015. The stock had outperformed the market over the past 30 days till 22 September 2016, rising 8.53% compared with 2.54% rise in the Sensex. The scrip also outperformed the market in past one quarter, rising 11.78% as against Sensexs 9% rise.

The large-cap company has an equity capital of Rs 23.81 crore. Face value per share is Re 1.

The Ramco Cements net profit rose 57.12% to Rs 155.93 crore on 2.6% increase in total income to Rs 973.95 crore in Q1 June 2016 over Q1 June 2015.

Chennai-based The Ramco Cements (formerly Madras Cements) makes Portland cement. The company also produces ready mix concrete and dry mortar products, and operates one of the largest wind farms in the country.

Powered by Capital Market - Live News

BCL Enterprises announces resignation of director
Sep 23,2016

BCL Enterprises announced that Sushil Kumar Sharda, Director of BCL Enterprises (the Company) has resigned from the Board of Directors of the Company due to some pre-occupancy w.e.f. 23 September 2016.

Powered by Capital Market - Live News