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New order boosts A2Z Infra Engineering
Mar 03,2017

The announcement was made after market hours yesterday, 2 March 2017.

Meanwhile, the S&P BSE Sensex was down 76.14 points or 0.26% at 28,763.65.

On the BSE, 2.27 lakh shares were traded on the counter so far as against the average daily volumes of 1.93 lakh shares in the past one quarter. The stock had hit a high of Rs 42.45 and a low of Rs 41.30 so far during the day.

The stock had hit a 52-week high of Rs 51.65 on 1 November 2016 and a 52-week low of Rs 19 on 1 April 2016. It had underperformed the market over the past one month till 2 March 2017, sliding 6.79% compared with the Sensexs 2.17% rise. The scrip had also underperformed the market over the past one quarter, advancing 0.63% as against the Sensexs 9.95% rise.

The small-cap company has equity capital of Rs 131.01 crore. Face value per share is Rs 10.

A2Z Infra Engineering said it has been awarded a contract worth $7.06 million from Grid Solar and Energy Efficiency Project, Nepal Electricity Authority for design, supply, delivery, installation, testing and commissioning of substations and lines.

A2Z Infra Engineering reported a net loss of Rs 24.06 crore in Q3 December 2016, higher than net loss of Rs 3.41 crore in Q3 December 2015. Net sales declined 58.1% to Rs 112.38 crore in Q3 December 2016 over Q3 December 2015.

A2Z Infra Engineering (formerly known as A2Z Maintenance & Engineering Services) is a fast growing, fully integrated electrical business group (EBG) in India catering to the needs of domestic and international power sector clients in building distribution and transmission infrastructure.

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Tayo Rolls to allots 2 lakh preference shares to Tata Steel
Mar 03,2017

Tayo Rolls announced that the Committee of the Board of Directors at its meeting held on 03 March 2017 has decided to allot 2 lakh 7.17% Non Cumulative Redeemable Preference Shares of Rs 100 each aggregating to Rs 2 crore to Tata Steel, the Promoter on preferential basis.

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Industry upbeat to expand business with Indian Ocean Rim Region (IORA) : FICCI Industry Perception Survey
Mar 03,2017

The Indian Ocean has been a fulcrum of Indian diplomacy. According to the Government of India, maritime trade accounts for about 75 per cent value and more than 90 per cent of volume of Indian trade. Possessing a population of 2 billion people with 9% of world GDP, 12% of global exports and 18% of global investment flows, the IOR region has enormous economic potential to expand and grow.

India enjoys a strategic location within the Indian Ocean region. Prime Minister Narendra Modi has endorsed the imperative to form a close connect with nations in the Indian Ocean Region during his visit to Seychelles, Mauritius and Sri Lanka in 2015 and his maiden trip to the East African countries of Kenya, Tanzania, Mozambique, and South Africa in 2016.

Countries of the Indian Ocean Rim Region are brought together under the umbrella of the Indian Ocean Rim Association (IORA).

As a run up to the Summit, FICCI, in its capacity as the Business Secretariat of IORA in India, conducted a perception survey to understand the current sentiment within the Indian industry on the economic potential of Indias engagement with the Indian Ocean region. The companies surveyed share deep trade and investment linkages with the IOR region. Responses were received from respondents across India and from participants of regional stakeholder consultations organised by FICCI in 3 metropolitan coastal cities- Kolkata, Mumbai and Chennai.

The companies represent wide span of sectors including fisheries and aquaculture, renewable ocean energy, seaports and shipping, offshore hydrocarbons and seabed minerals, manufacturing, construction, electricity, gas and water supply, business services, trading and renting, banking and financial services, health and education and information and communication technology, to promote the Blue Economy as a driver for sustainable development; research and development; investment, technology transfer and capacity building.

An overwhelming majority of respondents were upbeat about opportunities for trade and investment expansion within IORA and complementarities that India can tap with IORA. Manufacturing - both for IORA nations and for collaborative projects was rated quite high by the respondents reinforcing Government of Indias Make in India initiative. Moreover, better trade facilitation, appropriate dissemination channels, access to financial resources for smooth functioning of SMEs and innovative business models to encourage women entrepreneurship are some of the suggestive measures by the respondents to turn the region pro-business and investor friendly.

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Alembic Pharma gains after launch of drug by partner
Mar 03,2017

The announcement was made during market hours today, 3 March 2016.

Meanwhile, the BSE Sensex was down 70.64 points, or 0.25%, to 28,768.47.

More than usual volumes were witnessed on the counter. On the BSE, 9,588 shares were traded in the counter so far, compared with average daily volumes of 6,237 shares in the past one quarter. The stock had hit a high of Rs 615 and a low of Rs 600 so far during the day.

The stock had hit a 52-week high of Rs 699.50 on 5 October 2016. The stock had hit a 52-week low of Rs 515.55 on 18 April 2016. The stock had outperformed the market over the past one month till 2 March 2017, gaining 7.58% compared with the Sensexs 2.17% rise. The scrip had, however, underperformed the market over the past one quarter, falling 5.61% as against the Sensexs 9.95% rise.

The large-cap company has equity capital of Rs 37.70 crore. Face value per share is Rs 2.

Alembic Pharmaceuticals announced the launch of desvenlafaxine succinate extended-release tablets 50 mg and 100 mg by its partner Breckenridge Pharmaceutical, Inc.

Alembic had received final approval of its abbreviated new drug application (ANDA) which is therapeutically equivalent to the reference listed drug Pristiq of Pfizer Inc. The ANDA was filed as a paragraph IV on the first to file date and will share 180-day exclusivity with other ANDA first filers. Alembic is the manufacturer of the ANDA, which will be marketed exclusively by Breckenridge. The Paragraph IV litigation was settled on terms that are confidential, it added.

Desvenlafaxine is a prescription drug that is indicated for the treatment of major depressive disorder, and is in a class of medications called selective serotonin and norepinephrine reuptake inhibitors (SNRIs). Pristiq had an estimated sales of $883 million for twelve months ending December 2016, according to IMS.

Alembic Pharmaceuticals consolidated net profit fell 67.8% to Rs 86.55 crore on 15.9% decline in net sales 769.86 crore in Q3 December 2016 over Q3 December 2015.

Alembic Pharmaceuticals, a vertically integrated research and development pharmaceutical company, manufactures and markets generic pharmaceutical products all over the world.

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ISMT intimates of lifting of lock out at Jejuri plant
Mar 03,2017

ISMT announced that lockout has been lifted at its Jejuri plant with effect from 03 March 2017. Previously, the plant was declared locked out with effect from 16 February 2017.

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Big losses for bullions
Mar 03,2017

Bullion prices ended with big losses on Thursday, 02 March 2017 at Comex. Gold futures on Thursday suffered their biggest one-day loss of the year, finishing at a more than two-week low, after the U.S. dollar touched its highest levels since January on the back of increased suggestions from Federal Reserve officials fora near-term interest-rate hike.

Gold for April delivery fell $17.10, or 1.4%, to settle at $1,232.90 an ounce. Prices settled at their lowest since 14 February and saw their largest dollar and percentage decline since mid-December.

Silver for May delivery dropped 74.1 cents, or 4%, at $17.748 an ounce snapping a five-session climb.

On Thursday, the dollar, as measured by the ICE U.S. Dollar Index was trading 0.2% higher at 102 after touching its highest level in about two months. Investors are looking ahead to a speech Friday by Fed boss, Janet Yellen, for further hints on rates.

Economic data at wall Street showed that that those seeking first-time unemployment benefits in the U.S. fell 19,000 to 223,000, representing a new postrecession low and underscoring continued strength in employment. That data is likely to bolster the Feds case for rising rates.

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Hindalco Industries moves higher on qualified institutional placement
Mar 03,2017

The announcement was made after market hours yesterday, 2 March 2017.

Meanwhile, the S&P BSE Sensex was down 86.65 points or 0.3% at 28,753.14.

On the BSE, 8.52 lakh shares were traded on the counter so far as against the average daily volumes of 11.52 lakh shares in the past one quarter. The stock had hit a high of Rs 194.65 and a low of Rs 188 so far during the day.

The stock had hit a 52-week high of Rs 199.90 on 1 February 2017 and a 52-week low of Rs 71.55 on 2 March 2016. It had underperformed the market over the past one month till 2 March 2017, sliding 1.99% compared with the Sensexs 2.17% rise. The scrip had, however, outperformed the market over the past one quarter, advancing 12.26% as against the Sensexs 9.95% rise.

The large-cap company has equity capital of Rs 206.64 crore. Face value per share is Rs 1.

Hindalco Industries qualified institutional placement (QIP) opened yesterday, 2 March 2017. The floor price for the issue is Rs 184.45 per share. The floor price is at a discount of 2.66% to the stocks closing price of Rs 189.50 yesterday, 2 March 2017. There may be a discount of not more than 5% on the floor price for the purpose of evaluating QIP issue price.

Hindalco Industries reported a net profit of Rs 320.56 crore in Q3 December 2016 as against net loss of Rs 32.75 crore in Q3 December 2015. Net sales rose 15.2% to Rs 9226.04 crore in Q3 December 2016 over Q3 December 2015.

Hindalco Industries, metals flagship company of the Aditya Birla Group, is the industry leader in aluminium and copper.

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OECD Signs MoU with CII for Greater Collaborative Work
Mar 03,2017

n++India with 7% growth rate is flowing against the tide despite the difficult economic environment prevailing across the world,n++ said Mr. Angel Gurria, Secretary-General of Organisation for Economic Cooperation and Development (OECD).

The MoU reinforces their common commitment to promote best practices and collaboration to create a robust competitive environment for global trade, the Secretary - General observed.

The OECD, in its economic survey for India, hailed India as a top reformer, specifically noting the significance of demonetization and the imminent roll-out of the GST act. Mr. Gurria commended India on maintaining high economic growth rates despite the global economic environment not being suitable to this. n++India has maintained a 7% growth rate, which is four times the average for any OECD country and twice the world average,n++ he noted.

The major challenge now is to ensure inclusive growth. He particularly stressed this as the biggest failure of globalization and the need to address this to turn back the new protectionist tide we see in the world. He identified some key areas of India-OECD collaboration, including Energy, water conservation, electrification, pollution, urban-rural inequality, and especially gender inclusion. He noted how female participation in the labour market had fallen by 10 percentage points and stated that this was a luxury India could not afford. n++Dealing with only productivity and growth creates disaffectionn++ there is a need for a nexus with inclusive growth,n++ he added.

CII is an active member of the Business and Industry Advisory Council (BIAC) of the OECD and the B20. He hailed this as representing the centrality of industry members to more innovation and inclusivity creating a great equalizer. It would be indispensable in addressing the backlash against the pitfalls of globalization. Quoting Prime Minister Modi, he said, n++We must walk together, work together, and progress together.n++ This was not only to develop but also to deliver better policies for better lives which is the OECD motto.

Mr Suresh Prabhu, Minister for Railways, Government of India, noted the possibilities for exchange of best practices in various fields.

Mr. Rakesh Bharti Mittal, Vice President of CII, hailed the new possibilities that the MoU created for increasing Indias competitive efficiency. He added that India and OECD could collaborate for greater digital literacy. We could also adopt the OECDs gender recommendations for education and employment. Indian industry, he said, must remain resilient in the face of any crisis. He emphasized the importance of Corporate Social Responsibility in achieving the same.

Mr. Chandrajit Banerjee, Director-General CII, also noted that the MoU offers an opportunity for greater cooperation for the adoption of best practices and for joint study and research. OECD expertise could play a role in each of the 9 Centers of Excellence of the CII. He laid special emphasis on the possibilities of cooperation on Sustainable Development, Corporate Governance, and Green Businesses besides technological innovation. The aim was to go beyond the one size fits all position to create better policies.

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Balmer Lawrie & Company announces change in directorate
Mar 03,2017

Balmer Lawrie & Company announced that that:

1. Alok Chandra (DIN 06929789) ceased to be a Government Nominee Director of Balmer Lawrie & Company with effect from 10 February 2017 as per the directions of Ministry of Petroleum and Natural Gas vide letter dated 1 September 2016 consequent upon his transfer to the post of Economic Advisor in the Ministry of Railways.

2. Prashant Sitaram Lokhande (DIN 06966587) ceased to be a Government Nominee Director of Balmer Lawrie & Company with effect from 10 February 2017 as per the directions of Ministry of Petroleum and Natural Gas vide letter dated 8 September 2016 consequent upon his appointment to the post of Counsellor (Economic) in the Economic Wing, Embassy of India, Beijing, China.

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Harita Seating Systems fixes record date for 2nd interim dividend
Mar 03,2017

Harita Seating Systems has fixed the record date of 11 March 2017 for payment of second interim dividend. The dividend will be paid on or after 16 March 2017.

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Alembic Pharmaceuticals announces launch of desvenlafaxine succinate ER tablets
Mar 03,2017

Alembic Pharmaceuticals announced the launch of desvenlafaxine succinate extended release tablets 50 mg and 100 mg by its partners Breckenridge Pharmaceutical, Inc. The drug is indicate in treatment of major depressive disorder.

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Accel Frontline edges higher after board approves entire stake sale in subsidiary
Mar 03,2017

The announcement was made after market hours yesterday, 2 March 2017.

Meanwhile, the BSE Sensex was down 59.57 points or 0.25% at 28,767.16.

On the BSE, 2,025 shares were traded in the counter compared with an average daily volume of 13,995 shares in the past one quarter. The stock had hit high of Rs 69 and low of Rs 68.25 in intraday trade.

The stock had hit a 52-week high of Rs 76 on 24 August 2016. The stock had hit a 52-week low of Rs 45 on 2 March 2016. The stock had outperformed the market over the past one month till 2 March 2017, gaining 11.21% compared with the Sensexs 2.17% rise. The scrip had also outperformed the market over the past one quarter, gaining 17.3% as against the Sensexs 9.95% rise.

The small-cap software company has equity capital of Rs 29.76 crore. Face value per share is Rs 10.

Accel Frontline said that consolidated revenue of this subsidiary was Rs 75.56 crore for the year ended 31 March 2016 (FY 2016). The company said that the buyer for the stake is yet to be identified.

Accel Frontline reported consolidated net loss of Rs 1.99 crore in Q3 December 2016 compared with consolidated net loss of Rs 5.96 crore in Q2 September 2016. The companys net sales rose 17.19% to Rs 156.96 crore in Q3 December 2016 over Q2 September 2016.

Accel Frontline founded in 1991 as Accel Automation, is a leading provider of integrated IT services to small, medium and large enterprises. The company offers engineering and R&D services, outsourced product development, IT infrastructure management, managed services and enterprise applications for the banking, telecom and manufacturing sectors. AFL operates in over 100 locations in India. It has subsidiaries in USA, UAE, Singapore and Japan.

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Nikkei India Services PMI rises above 50 mark
Mar 03,2017

The Nikkei India Services Business Activity Index signalled growth in February as businesses recovered from the demonetisation-related disruptions seen in each of the previous three months. After slumping to a near three-year low last November, signalling the first monthly drop in output since June 2015, the headline index edged above the 50.0 no-change mark posting 50.3 (January: 48.7).

Having contracted for three months in a row, incoming new business also picked up in February. However, as was the case for output, the pace of growth in new work was marginal overall. Anecdotal evidence from survey participants suggested that, after being hampered by shortages of cash in the economy, demand for services in India improved.

The turnaround in business activity and inflows of new work came from the Financial Intermediation and Other Services categories, with further declines seen elsewhere. Nonetheless, rates of contraction softened in all cases.

With manufacturing production rising again in February, the seasonally adjusted Nikkei India Composite PMI Output Index rose from 49.4 in January to 50.7, pointing to the first increase in private sector activity across India since last October.

Other survey indicators painted a mixed picture of the service sectors health. Respondents became less optimistic about the 12-month outlook for activity, with sentiment falling since January as firms were concerned about market competition. Concurrently, services companies continued to reduce payroll numbers.

Employment has shown only one noteworthy monthly increase in the past one-and-a-half years (November 2015), though the rate of job losses in February was only fractional. By comparison, manufacturing staffing levels decreased over the month.

Backlogs of work at Indian services firms rose for the ninth successive month in February. The rate of accumulation was solid and the fastest since October 2016. In some cases, the increase in outstanding business was associated with difficulties in obtaining payments from clients. Goods producers also registered a sharper rise in work-in-hand.

Input prices facing services companies in India rose at the second-fastest pace in the current six-month sequence of inflation during February. According to survey participants, freight and raw material costs increased over the month. Higher cost burdens were also recorded in the manufacturing industry, where the rate of inflation climbed to a two-and-a-half year peak.

Services firms sought to pass rising costs on to customers by way of raising their own selling prices. The increase in output charges was the first in five months and the most pronounced since mid-2016. Meanwhile, factory gate prices rose at the sharpest rate in almost three-and-a-half years.

Commenting on the Indian Services PMI survey data, Pollyanna De Lima, economist at IHS Markit, and author of the report, said: n++The upturn in services activity follows news from the sister PMI survey showing factory production growing for the second straight month in February. With demand conditions strengthening in India, new business inflows rose in both sectors, leading to the first increases in private sector new work and output since October 2016. Nevertheless, growth rates were mild at best and far from their historical averages.

It is still too early to state that expansion rates will climb to their trend levels in the near term. Companies remain reluctant to take on additional staff and confidence towards the 12-month outlook for output dipped to its second-lowest mark in over one year. These factors indicate that, so far, firms are doubtful about the sustainability of the economic recovery.

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RIL surges on promoter shareholding rejig
Mar 03,2017

Meanwhile, the S&P BSE Sensex was down 65.28 points or 0.23% at 28,774.51.

On the BSE, 6.49 lakh shares were traded on the counter so far as against the average daily volumes of 4.03 lakh shares in the past one quarter. The stock had hit a high of Rs 1,287.80 so far during the day, which is a 52-week high for the counter. The stock hit a low of Rs 1,237 so far during the day.

The stock had hit a 52-week low of Rs 925.70 on 23 May 2016. It had outperformed the market over the past one month till 2 March 2017, surging 18.04% compared with the Sensexs 2.17% rise. The scrip had also outperformed the market over the past one quarter, advancing 23.91% as against the Sensexs 9.95% rise.

The large-cap company has equity capital of Rs 3243.98 crore. Face value per share is Rs 10.

The promoter group entities of Reliance Industries (RIL) propose to restructure their shareholding in RIL by inter se transfer of shares among the promoter group entities and have made the necessary disclosures after market hours yesterday, 2 March 2017. The proposed inter se transfers will not result in any change in promoter group shareholding in RIL.

As part of the rejig, the Mukesh Ambani promoter group, which owns a near-majority stake in RIL, plans to shrink the number of firms owning shares in the company.

The promoter group entities acquiring the stake are Devarshi Commercials LLP, Karuna Commercials LLP, Tattvam Enterprises LLP, Srichakra Commercials LLP, Svar Enterprises LLP, Vasuprada Enterprises LLP, Shreeji Comtrade LLP, and Shrikrishna Tradecom LLP.

The above eight promoter group companies of RIL will acquire around 119 crore shares, or 36.7%, from 15 other promoter group companies in an inter se transfer of shares. The transaction will be at Rs 1,100.78 a share, a discount of 10.74% to RILs closing price of Rs 1,233.25 yesterday, 2 March 2017.

The total promoter holding in RIL stood at 45.11% end December 2016. Mukesh Ambani, chairman and managing director of RIL, and his wife and board member Nita Ambani owned 0.11% each in RIL.

RILs consolidated net profit rose 3.6% to Rs 7506 crore on 17.6% growth in net sales to Rs 79408 crore in Q3 December 2016 over Q3 December 2015.

Reliance Industries (RIL) is Indias largest private sector company. RILs activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and telecommunications.

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Punjab National Bank gets ratings assigned for proposed AT-1 Bond issue
Mar 03,2017

Punjab National Bank has received rating of BWR AA+ from Brickwork Ratings for the Banks proposed fresh issue of Basel III Compliant Additional Tier I Bond of Rs 1500 crore.

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