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Sadbhav Infrastructure Project jumps after raising funds
Sep 22,2016

The announcement was made during market hours today, 22 September 2016.

Meanwhile, the BSE Sensex was up 225.48 points, or 0.79%, to 28,732.90.

Surge in price was accompanied with high volumes on the counter. On BSE, so far 22.06 lakh shares were traded in the counter, compared with an average volume of 22,050 shares in the past one quarter. The stock hit a high of Rs 117, so far during the day, which is a record high for the stock. The stock hit a low of Rs 105.70 so far during the day. The stock hit a record low of Rs 66.30 on 15 February 2016. The stock had outperformed the market over the past one month till 21 September 2016, gaining 5.39% compared with 1.53% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, gaining 2.21% as against Sensexs 6.32% rise.

The mid-cap company has equity capital of Rs 352.23 crore. Face value per share is Rs 10.

Sadbhav Infrastructure Project said that board of directors of the company on 21 September 2016 had approved allotment of 2,000 senior, taxable, secured, rated, listed, redeemable, non-convertible debentures totally aggregating upto Rs 200 crore having face value of Rs 10 lakh each under tranche I comprising of the series I debentures, series II debentures, series III debentures and series IV debentures, of Rs 50 crore each.

Sadbhav Infrastructure Project reported consolidated net loss of Rs 89.46 crore in Q1 June 2016 compared with net loss of Rs 88.34 crore in Q1 June 2015. Net sales fell 33.3% to Rs 361.70 crore in Q1 June 2016 over Q1 June 2015.

Sadbhav Infrastructure Project is into development, operation and maintenance of road infrastructure assets. It undertakes turnkey contractual works and other than civil construction of the projects.

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Maithan Alloys announces resignation of Director and CFO
Sep 22,2016

Maithan Alloys announced that Aditya Agarwalla has tendered resignation from the office of Whole-time Director & Chief Financial Officer of the Company due to his pre-occupation.

He shall cease to be Whole-time Director & Chief Financial Officer from the close of working hours of 30 September 2016.

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Board of Sadbhav Infrastructure Project approves allotment of NCDs aggregating upto Rs 200 cr
Sep 22,2016

Sadbhav Infrastructure Project announced that Board of Directors of the Company has passed resolution through circulation on 21 September 2016 towards approval of the allotment of 2000 (Two Thousand) senior, taxable, secured, rated, listed, redeemable, non-convertible debentures totally aggregating upto Rs. 200 crore having face value of Rs. 10 lakh each under Tranche I comprising of the Series I Debentures, Series II Debentures, Series III Debentures and Series IV Debentures, of Rs. 50 crore each.

Further, it is hereby informed that the Company has raised Rs. 200 crore (under Tranche 1 by issue of said NCDs on private placement basis.

The said NCDs will be listed on Wholesale Debt Market segment of the BSE Limited.

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Pooja Entertainment & Films announces release of film Banjo
Sep 22,2016

Pooja Entertainment & Films announced that the Company under the distribution SBU (Special Business Unit) would release the film n++Banjon++ a musical action drama film directed by Ravi Jadhav and produced by Krishika Lulla, staring Riteish Deshmukh and Nargis Fakhri.

The film would be released in approximately 2000 screens around India and would be released on 23 September 2016.

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Mergers no quick fix for public sector banks; they need autonomy: ASSOCHAM Paper
Sep 22,2016

Asserting there are no quick fixes for grave problems facing the public sector banks, mainly centered around close to Rs 5 lakh crore non-performing assets, ASSOCHAM President Mr Sunil Kanoria today said a paper brought out by the chamber clearly suggests mergers or consolidation of the PSBs is certainly no answer to the present crisis, which can only be resolved by professionalizing these banks with the government keeping an arms length.

Addressing the media, Mr Kanoria said, n++Our paper has also noted that as things stand today, the boards of the PSBs are not empowered enough to choose a glide path for their banks. Instead, they need to refer to the Finance Ministry circulars even for mundane things.n++

Releasing a study titled Convergence, Not Consolidation Answer for Public Sector Banks, along with chambers Secretary General, Mr D S Rawat at a press conference held in New Delhi said, n++If size of the banks had a relationship with the health of the financial sector, the Chinese banks would have been the healthiest lot. But, the biggest concern before the global financial community today is the health of the Chinese banksn++.

Of the top ten global banks on the S & P Global Market Ranking, the first four are from China with Industrial and Commercial Bank of China right at the top. Only two American banks - JP Morgan and Bank of America, figure on the table of top ten and the Wall Street has no liking either for the size and seems quite disillusioned with the so-called Too Big to Fail concept whereupon it is on the sovereigns to save their banks even if they go reckless in their business.

n++But then, somehow, here in India we have got this penchant for large size to be achieved by merging different entitiesn++, said Mr Kanoria. If at all, there is a case for a merger, it is weak bank merging into strong one; but here we have a situation where there are hardly strong banks in terms of crucial parameters, large book size notwithstanding.

With some high profile borrowers getting into litigation and facing criminal probes, the public discourse puts additional pressure on the government, to find some quick fixes for NPA-ridden banks, which find themselves terribly constrained to improve lending with the credit growth well below 10 per cent.

More than the size of the bank, what matters is the composition and the empowerment of the bank boards which need to include professionals without operational interference from the government, said ASSOCHAM President.

Unlike the present situation where the Financial Services Division in the Finance Ministry is virtually the master of the PSBs, the level of the government interface with the banks should be well-defined and be done only through the Banks Board Bureau ( BBB) , comprising people of eminence, integrity and domain expertise

There is a case, certainly for synchronization of the businesses among the PSBs. The paper said there could be a few PSBs which are strong in say, automobile portfolio in a particular region, say south India. On the other hand, there may be banks which are strong in agro financing in the same area but are not doing well in automobile finance. The entire portfolio of auto finance can be swapped. Conversely, same thing can be achieved for the agro financing portfolio, of course over and above the mandatory priority sector lending.

Sensing an inflexion point, the paper said the technology driven banking is here, right away and it is only going to increase. In about a year, 17 new banks will begin business. These are not driven by sheer size; but would leverage technology to reach the un-reached; create new banking customers, take away existing customers from those complacent about their business and would redefine the way people at large do their financial transactions.

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Larsen & Toubro bags export order worth USD 99.7 million
Sep 22,2016

Larsen & Toubro has signed the principle contract with Vietnam Boarder Guard valued at USD 99.7 million for design and construction of high speed patrol vessels in India as well as for transfer of design and technology along with supply of equipment and material kits for construction of follow-on vessels at a Vietnam shipyard.

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RMG Alloy Steel to hold AGM
Sep 22,2016

RMG Alloy Steel announced that the 34th Annual General Meeting(AGM) of the company on 27 September 2016.

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GRUH Finance to hold board meeting
Sep 22,2016

GRUH Finance will hold a meeting of the Board of Directors of the Company on 10 October 2016 to consider and take on record /approve the unaudited financial results for the 2nd quarter/ half year ended September 30, 2016 (Q2), subject to a limited review by the Statutory Auditors.

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Oil E&P stocks gain as crude oil prices rise
Sep 22,2016

Meanwhile, the S&P BSE Sensex was up 205.37 points or 0.72% at 28,712.79.

Cairn India (up 0.44%), Reliance Industries (RIL) (up 1.87%), ONGC (up 0.98%) and Oil India (up 0.62%) gained. Higher crude oil prices would result in increase in realizations from crude sales for oil exploration firms.

In global commodities markets, Brent crude oil futures extended previous sessions gains after report showed a third consecutive weekly drop in US crude oil inventory. Brent for November settlement was up 39 cents at $47.22 a barrel. The contract had advanced 95 cents or 2.07% to settle at $46.83 a barrel during previous trading session. A report from the US Energy Information Administration (EIA) showed a 6.2 million-barrel drop in crude oil inventories last week to 504.6 million barrels. Brent was also lifted by an oil workers strike in Norway, which threatened to cut North Sea crude output.

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ICICI Bank gains on strong demand for ICICI Prudential IPO
Sep 22,2016

Meanwhile, the S&P BSE Sensex was up 234.18 points, or 0.82%, to 28,741.60

On BSE, so far 9.62 lakh shares were traded in the counter, compared with average daily volume of 12.96 lakh shares in the past one quarter. The stock hit a high of Rs 277.50 and a low of Rs 273.40 so far during the day. The stock hit a 52-week high of Rs 292.65 on 16 October 2015. The stock hit a 52-week low of Rs 180.80 on 26 February 2016. The stock had outperformed the market over the past 30 days till 21 September 2016, advancing 7.8% compared with 1.85% rise in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 11.96% as against Sensexs 5.57% rise.

The large-cap company has an equity capital of Rs 1163.66 crore. Face value per share is Rs 2.

The initial public offer (IPO) of ICICI Prudential Life Insurance Company (ICICI Prudential) ended with strong demand from investors. The issue received bids for 138.77 crore shares and it was subscribed 10.48 times. The qualified institutional buyers (QIBs) category was subscribed 11.83 times. The non-institutional investors category, made up of high-net worth individuals, was subscribed 28.55 times. The retail investors category was subscribed 1.42 times. The bidding for the IPO concluded on 21 September 2016. The IPO had opened for bidding on 19 September 2016. The price band for the IPO was Rs 300 to Rs 334 per share.

The IPO comprised sale of up to 18.13 crore equity shares of ICICI Prudential, representing about 12.63% of its equity share capital for cash, through an offer for sale (OFS) by ICICI Bank. The entire proceeds from the OFS will be paid to ICICI Bank.

Ahead of the IPO, ICICI Prudential raised Rs 1635.33 crore by selling 4.89 crore shares to 38 anchor investors. The shares were allotted to the anchor investors at Rs 334 per share, the top end of the Rs 300 to Rs 334 per share price band for the IPO. Anchor investors allotted shares of ICICI Prudential included Morgan Stanley Mauritius Company, Government of Singapore, UTI Trustee Co, SBI Trustee Co, Birla Sun Life Trustee Company among others.

ICICI Prudential is the largest private sector life insurer in India by total premium and assets under management at 31 March 2016.

ICICI Banks net profit fell 24.99% to Rs 2232.35 crore on 6.06% increase in total income to Rs 16759.51 crore in Q1 June 2016 over Q1 June 2015.

ICICI Bank is one of the leading private sector banks in India.

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GAIL (India), IOCL gain after picking stake in upcoming Dhamra LNG terminal
Sep 22,2016

The announcement was made during market hours today, 22 September 2016.

Meanwhile, the BSE Sensex was up 290.38 points, or 1.02%, to 28,797.80.

GAIL (India) rose 1.71% to Rs 393.50. Indian Oil Corporation (IOCL) gained 0.78% to Rs 575.60.

GAIL (India) and IOCL announced signing a memorandum of understanding (MoU) with Dhamra LNG Terminal (DLTPL) for taking equity in the 5 million metric tonnes per annum (MMTPA) capacity liquified natural gas (LNG) receiving, storage and regasification terminal being put up at Dhamra Port, Odisha. As per the MoU, DLTPL shall be an equal joint venture (JV) of IOCL and GAIL (India) on one hand and Adani Group on the other. IOCL and GAIL (India) would acquire 39% and 11% equity respectively in DLTPL with the balance 50% being held by Adani group. Going forward, IOCL and Adani group will each divest 1% of their respective stake to a credible financial institution which will then have 2% stake in the terminal. Apart from equity, IOCL and GAIL (India) intend to book regasification capacity of 3 and 1.5 MMTPA respectively in the terminal.

The development comes in the backdrop of Governments consistent focus on undertaking welfare and growth measures in eastern India so as to bring this hitherto underdeveloped region into the economic mainstream of the country.

Presently, the states in eastern India viz. Odisha, Bihar, Jharkhand and West Bengal are not able to get the benefits of natural gas in sectors like domestic, transport, industries etc., as the region does not have gas infrastructure by way of LNG Terminals and cross-country gas pipeline grid. The LNG Terminal at Dhamra would provide the potential customers in these states a clean and economically viable alternative which will also help in reducing the carbon footprint. This will also provide momentum to the economic growth of this region by attracting new industrial projects.

The LNG Terminal would also meet the gas requirements of three oil refineries of IOCL situated in Barauni, Haldia and Paradip. The three fertilizers plants at Barauni, Sindri and Gorakhpur which are being revived by Govt. of India will also benefit from this terminal. The natural gas from the terminal would also be supplied to various City Gas Distribution networks coming up in eastern India, which in turn would cater to the requirements of piped gas for households, CNG for automobiles and clean fuel requirements of commercial establishments and industries. It is, therefore, expected that once operational, Dhamra LNG terminal will emerge as a bridge to prosperity for the entire eastern India.

GAIL (India)s net profit jumped 244% to Rs 1335.18 crore on 14.6% decline in net sales to Rs 10686.58 crore in Q1 June 2016 over Q1 June 2015.

State-run GAIL (India) is Indias largest natural gas company with a market share of over 80% in natural gas transmission. Apart from natural gas transmission, distribution and processing, GAIL has diversified business interests in LPG transmission, petrochemicals, city gas projects and exploration and production activities. Government of India (GoI) holds 56.11% stake in GAIL (as per shareholding pattern as on 30 June 2016).

IOCLs net profit rose 25.5% to Rs 8268.98 crore on 15.3% fall in net sales to Rs 85655.31 crore in Q1 June 2016 over Q1 June 2015.

IOCL is Indias flagship national oil company, with business interests that straddle the entire hydrocarbon value chain - from refining, pipeline transportation and marketing of petroleum products to exploration & production of crude oil & gas as well as marketing of natural gas and petrochemicals. The Government of India held 58.28% stake in IOCL (as per the shareholding pattern as on 30 June 2016).

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Escorts announces resignation of director
Sep 22,2016

Escorts announced that Dr. S. A. Dave, Independent Director has resigned from the Board of the Company vide his letter dated 20 September 2016.

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Hathway Bhawani Cabletel & Datacom announces resignation of MD & CEO
Sep 22,2016

Hathway Bhawani Cabletel & Datacom announced that Samson Jesudas, Managing Director & Chief Executive Officer, the Key Managerial Personnel, has tendered his resignation with effect from 21 September 2016.

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Inox Leisure intimates of hike in investment limit by FIIs/ RFPIs under PIS
Sep 22,2016

Inox Leisure has announced that the Reserve Bank of India has notified that Foreign Institutional Investors (FIIs)/ Registered Foreign Portfolios Investors (RFPIs) can now invest from existing 24% upto 49% of the paid up capital of the Company under Portfolio Investment Scheme.

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Raymond provides update on subsidiary
Sep 22,2016

Raymond announced that Ring Plus Aqua (RPAL), an unlisted subsidiary of Raymond has entered into a Share Purchase Agreement with Neel Metals Products, to transfer by way of sale its entire equity share holding of 1,04,30,631 equity shares in its 50:50 Joint Venture Company namely; Rose Engineered Products India (ROSE).

Consequent to said transaction ROSE ceases to be an Associate of RPAL and Raymond. The Enterprise Value of ROSE was arrived at Rs. 20.19 crore.

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