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Bayer to acquire Monsanto in all cash transaction

Bayer to acquire Monsanto in all cash transaction

Sep 14,2016

Monsanto India announced that Bayer and Monsanto signed definitive agreement under which Bayer will acquire Monsanto for USD 128 per share in an all cash transaction.

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NCST Seeks Information on Fake ST Certificate
Apr 27,2017

National Commission for Schedule Tribes (NCST) has asked Uttar Pradesh Government to furnish information on fake certificates of Gond tribal community. The Secretary, NCST in his letter to Chief Secretary, UP has said that it has been brought to the notice of the Commission that many persons from Nayak Brahman and Brahman Ojha community in Gorakhpur, Devaria, Maharajganj, Basti, Aajamgarh, Mau and Balia districts have obtained fake certificates of Gond tribal community to get Govt Jobs.

The Chief Secretary, UP has been asked to furnish the information of total population of ST community and percentage along with population and percentage of Gond community in the State. He has also been asked to furnish the details of the persons from Nayak Brahman and Brahman Ojha community who have been issued the certificates of Gond tribal community. The Commission has also asked that weather any civil or criminal action been taken against persons having fake certificates of Gond tribal community. The Commission has taken the cognizance of the issue on the representation from an NGO.

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Petron Engineering spurts after winning order
Apr 27,2017

The announcement was made after market hours yesterday, 26 April 2017.

Meanwhile, the S&P BSE Sensex was down 62.15 points, or 0.21%, to 30,071.20. The S&P BSE Small-Cap index was up 2.47 points, or 0.02%, to 15,285.13.

More than usual volumes were witnessed on the counter. On the BSE, 72,254 shares were traded in the counter so far, compared with an average volume of 4,104 shares in the past one quarter. The stock had hit a high of Rs 174.90 and a low of Rs 160.20 so far during the day. The stock had hit a 52-week high of Rs 220 on 6 May 2016. The stock had hit a 52-week low of Rs 122 on 21 November 2016.

The stock had outperformed the market over the past one month till 26 April 2017, rising 3.27% compared with the Sensexs 2.42% rise. The scrip had, however, underperformed the market over the past one quarter, gaining 3.27% as against the Sensexs 8.75% rise.

The small-cap company has equity capital of Rs 7.54 crore. Face value per share is Rs 10.

Petron Engineering Construction has received work order from Guruashish Construction, HDIL Towers, Bandra-East, Mumbai, for building structure works at Goregaon-West, Mumbai for a total value of around Rs 110 crore.

Petron Engineering Construction reported net loss of Rs 1.83 crore in Q3 December 2016 as against net profit of Rs 1.70 crore in Q3 December 2015. Net sales fell 7.7% to Rs 94.60 crore in Q3 December 2016 over Q3 December 2015.

Petron Engineering Construction executes projects in diversified sectors like refineries (reformers and crackers), oil & gas, power, cement, fertilizer & petrochemical including specialized insulation & refractory work, fabrication work along with electrical & instrumentation work.

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Somany Ceramics inches up after starting production at unit
Apr 27,2017

The announcement was made after market hours yesterday, 26 April 2017.

Meanwhile, the S&P BSE Sensex was down 26.84 points or 0.09% at 30,106.51. The S&P BSE Mid-Cap index was up 29.49 points or 0.2% at 14,792.22.

On the BSE, 994 shares were traded on the counter so far as against the average daily volumes of 15,892 shares in the past one quarter. The stock had hit a high of Rs 744.60 and a low of Rs 721.70 so far during the day.

The stock had hit a record high of Rs 767 on 25 April 2017 and a 52-week low of Rs 402.30 on 29 April 2016. It had outperformed the market over the past one month till 26 April 2017, advancing 9.25% compared with the Sensexs 2.42% rise. The scrip had also outperformed the market over the past one quarter, gaining 21.8% as against the Sensexs 8.75% rise.

The mid-cap company has equity capital of Rs 8.48 crore. Face value per share is Rs 2.

Somany Ceramics announced that expansion of sanitaryware plant of Somany Sanitary Ware, the companys subsidiary is successfully completed and commercial production has commenced from 26 April 2017. As a result of this expansion, the capacity of plant has increased from 3.03 lakh pieces per annum to upto 11.50 lakh pieces per annum.

Somany Ceramics net profit rose 45.6% to Rs 20.18 crore on 0.8% growth in net sales to Rs 416.53 crore in Q3 December 2016 over Q3 December 2015.

Somany Ceramics is a manufacturer of ceramic tiles and allied products.

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Cadila Healthcare advances after USFDA nod for oral suspension drug
Apr 27,2017

The announcement was made after market hours yesterday, 26 April 2017.

Meanwhile, the S&P BSE Sensex was down 49.17 points or 0.16% at 30,084.18.

On the BSE, 26,000 shares were traded on the counter so far as against the average daily volumes of 1.40 lakh shares in the past one quarter. The stock had hit a high of Rs 463.25 and a low of Rs 457.55 so far during the day.

The stock had hit a record high of Rs 466.10 on 7 April 2017 and a 52-week low of Rs 305.05 on 24 June 2016. It had underperformed the market over the past one month till 26 April 2017, advancing 1.6% compared with the Sensexs 2.42% rise. The scrip had, however, outperformed the market over the past one quarter, gaining 26.72% as against the Sensexs 8.75% rise.

The large-cap company has equity capital of Rs 102.37 crore. Face value per share is Rs 1.

Cadila Healthcare received the final approval from the United States Food and Drug Administration (USFDA) to market Cholestyramine for Oral Suspension USP, 4 gram per scoopful. It is indicated as an adjunctive therapy to the diet for the reduction of elevated serum cholesterol in patients with primary hypercholesterolemia (elevated low density lipoprotein [LDL] cholesterol) who do not respond adequately to diet.

Cholestyramine will be produced at the groups formulations manufacturing facility at Baddi. The group has now more than 110 approvals and has so far filled over 300 abbreviated new drug applications (ANDAs) since the commencement of the filling process in FY 2003-2004.

Cadila Healthcares consolidated net profit fell 34.6% to Rs 281.60 crore on 0.8% decline in net sales to Rs 2249.60 crore in Q3 December 2016 over Q3 December 2015.

Cadila Healthcare is an innovative, global pharmaceutical company that discovers, develops, manufactures and markets a broad range of healthcare therapies.

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Axis Bank declines after reporting tepid Q4 results
Apr 27,2017

The result was announced after market hours yesterday, 26 April 2017.

Meanwhile, the S&P BSE Sensex was down 29.63 points or 0.1% at 30,103.72.

On the BSE, 5.08 lakh shares were traded on the counter so far as against the average daily volumes of 9.17 lakh shares in the past one quarter. The stock had hit a high of Rs 525 and a low of Rs 503.60 so far during the day.

The stock had hit a 52-week high of Rs 638 on 7 September 2016 and a 52-week low of Rs 424.60 on 10 January 2017. The stock had outperformed the market over the past one month till 26 April 2017, rising 5.74% compared with the Sensexs 2.42% rise. The scrip had also outperformed the market over the past one quarter, gaining 11.56% as against the Sensexs 8.75% rise.

The large-cap bank has equity capital of Rs 479.15 crore. Face value per share is Rs 2.

Axis Banks gross non-performing assets (NPAs) stood at Rs 21280.48 crore as on 31 March 2017 as against Rs 20466.82 crore as on 30 December 2016 and Rs 6087.51 crore as on 31 March 2016.

The ratio of gross NPAs to gross advances stood at 5.04% as on 31 March 2017 as against 5.22% as on 31 December 2016 and 1.67% as on 31 March 2016. The ratio of net NPAs to net advances stood at 2.11% as on 31 March 2017 as against 2.18% as on 31 December 2016 and 0.7% as on 31 March 2016.

The banks provisions and contingencies (excluding tax provisions) rose 120.93% to Rs 2581.25 crore in Q4 March 2017 over Q4 March 2016.

During the quarter, an account with loan outstanding of Rs 1660 crore in the cement and cement products space was downgraded, which was part of watch list. Upon successful regularization during the same quarter, this particular account was subsequently upgraded.

Thus gross slippage and upgradation numbers for the quarter are both influenced by the similar amount. The company has made a provision of 25% against the loan outstandings on this account at the end of the quarter.

The banks net interest income (NII) grew 4% to Rs 4729 crore in Q4 March 2017 over Q4 March 2016. Net interest margin for Q4 March 2017 stood at 3.83%.

The board of directors have recommended dividend of Rs 5 per equity share of face value of Rs 2 per equity share for the year ended 31 March 2017,

Axis Bank is one of the biggest private sector banks in India.

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Union Bank of India gets ratings for proposed Tier I Bonds
Apr 27,2017

Union Bank of India announced that Brickwork Ratings India have assigned BWR AA+/Stable rating to the Banks proposed Basel III compliant Additional Tier I Bonds of Rs.1000 crore.

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Union Bank of India gets ratings assigned for proposed Tier I Bonds
Apr 27,2017

Union Bank of India announced that India Ratings and Research have assigned IND AA/Stable rating to the Banks proposed Basel III compliant Additional Tier I Bonds of Rs.1000 crore.

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Board of Sword & Shield Pharma approves scheme of amalgamation
Apr 27,2017

Sword & Shield Pharma announced that the Board of Directors at its meeting held on 26 April 2017, has proposed the Amalgamation in the nature of Merger of Praveg Communications (the Transferor Company or PCL) with Sword & Shield Pharma (the Transferee Company or SSPL or the Company), under Sections 230 to 232 of the Companies Act, 2013 and other applicable laws including the provisions of the Companies Act, 1956 to the extent applicable with the appointed date i.e. 01 April 2016. The same is subject to the approval of the Shareholders, the National Company Law Tribunal, Ahmedabad (NCLT) and all the other regulatory approvals.

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Edelweiss Financial Services gets ratings assigned for proposed CP programme
Apr 27,2017

Edelweiss Financial Services announced that ICRA has assigned the rating of [ICRA]A1+ (ICRA A one plus) to the proposed CP Programme of Rs. 3,500 crore of the Company.

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Infosys advances after launching new product
Apr 27,2017

The announcement was made after market hours yesterday, 26 April 2017.

Meanwhile, the S&P BSE Sensex was down 29.62 points, or 0.1% to 30,125.53.

On the BSE, 6,429 shares were traded in the counter so far, compared with average daily volumes of 2.62 lakh shares in the past one quarter. The stock had hit a high of Rs 920.80 and a low of Rs 916 so far during the day.

The large-cap company has equity capital of Rs 1148.47 crore. Face value per share is Rs 5.

The product was launched building on the success of the companys first-generation AI platform, Infosys Mana, and its Robotic Process Automation (RPA) solution, AssistEdge. Together, both these products have amassed 50 plus clients and 150 plus engagements across all industry sectors, within a year of operations.

Infosys Nia converges the big data/analytics, machine learning, knowledge management, and cognitive automation capabilities of Mana; end-to-end RPA capabilities of AssistEdge; advanced, high-performance and scalable machine learning capabilities of Skytree; and optical character recognition (OCR), natural language processing (NLP) capabilities and infrastructure management services. As a unified, flexible, and modular platform, Infosys Nia enables a wide set of industry and function-specific solutions and allows customers to build custom experiences to suit their business needs.

Infosys Nia is available to order immediately, company added.

Infosys consolidated net profit fell 2.8% to Rs 3603 crore on 0.9% decline in revenues to Rs 17120 crore in Q4 March 2017 over Q3 December 2016.

Infosys is a global leader in technology services and consulting.

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Infosys Launches Infosys Nian++
Apr 27,2017

Infosys announced the launch of Infosys Nia, the next-generation ArtificialIntelligence Platform building on the success of the Companys first-generation AI platform, Infosys Mana, and its Robotic Process Automation (RPA) solution, AssistEdge. Together, both these products haveamassed 50+ clients and 150+ engagements across all industry sectors, within a year of operations.

Infosys Nia converges the big data/analytics, machine learning, knowledge management, and cognitive automation capabilities of Mana; end-to-end RPA capabilities of AssistEdge; advanced, high-performanceand scalable machine learning capabilities of Skytree; and optical character recognition (OCR), natural language processing (NLP) capabilities and infrastructure management services. As a unified, flexible, and modular platform, Infosys Nia enables a wide set of industry and function-specific solutions and allows customers to build custom experiences to suit their business needs.

Infosys first-generation AI platform was about IT, simplification, efficiency and cost. Capabilities included socialization of organizational knowledge, deep analytics, service automation, automated incident rootcause analysis and others. The next generation platform, Infosys Nia, tackles break-through business problems such as forecasting revenues, forecasting what products need to be built, understanding customer behavior, deeply understanding the content of contracts and legal documents, understanding compliance, and fraud.

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Jubilant Industries provides operations update for JACPL in Gajraula
Apr 27,2017

Jubilant Industries announced that the National Green Tribunal (NGT) in a hearing on 26 April 2017 in a case relating to the pollution of the river Ganga and drainage canals leading into the river Ganga, has, by way of an oral pronouncement, ordered 13 industrial units situated in Gajraula near the river Bagad to immediately cease operations.

The order of the NGT applies to the units of Companys wholly owned material subsidiary, Jubilant Agri & Consumer Products (JACPL) in Gajraula.

A committee has been set up by the NGT to inspect amongst other things, the discharge of effluents by the affected industrial units and to provide a report. Each industry has been given an opportunity to respond to the report with an action plan to resolve any deficits identified by the committee, in order to resume operations, within a week of submission of the report.

While a written order of the NGT is awaited, JACPL will comply with the oral order of the NGT and will file its response to the report as submitted by the committee, along with an action plan to resolve deficits identified by the committee, if any, before the NGT shortly.

JACPL is environmentally conscious and as a good corporate citizen, is taking all necessary steps in this regard. JACPL operates its manufacturing facilities in Gajraula with zero liquid discharge and in compliance with all applicable laws and it is confident of meeting any requirements that the NGT may prescribe and resuming operations of its industrial units at Gajraula at the earliest.

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Axis Bank may slide on disappointing Q4 results
Apr 27,2017

Axis Banks net profit dropped 43.13% to Rs 1225.10 crore on 4.33% rise in total income to Rs 14181.31 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 26 April 2017.

The ratio of gross NPAs to gross advances stood at 5.04% as on 31 March 2017 as against 5.22% as on 31 December 2016 and 1.67% as on 31 March 2016. The ratio of net NPAs to net advances stood at 2.11% as on 31 March 2017 as against 2.18% as on 31 December 2016 and 0.7% as on 31 March 2016.

Kotak Mahindra Bank and Maruti Suzuki India will announce Q4 results today, 27 April 2017.

Infosys announced that it has launched Infosys Nia- The Next Generation integrated artificial intelligence platform. The announcement was made after market hours yesterday, 26 April 2017.

Infosys Nia converges the big data/analytics, machine learning, knowledge management, and cognitive automation capabilities of Mana; end-to-end RPA capabilities of AssistEdge; advanced, high-performanceand scalable machine learning capabilities of Skytree; and optical character recognition (OCR), natural language processing (NLP) capabilities and infrastructure management services. As a unified, flexible, and modular platform, Infosys Nia enables a wide set of industry and function-specific solutions and allows customers to build custom experiences to suit their business needs.

Reliance Industries (RIL) announced that it has entered into a license agreement with Germanys Resysta International GmbH (Resysta) which gives RIL exclusive rights of production and marketing of RelWood, a natural fiber polymer composite in India. The compound will be the raw material for the production of sheets & various profiles used in a wide range of wood & plywood replacement applications. The announcement was made after market hours yesterday, 26 April 2017.

Shares of Cadila Healthcare will be in focus after the company received the final approval from the USFDA to market Cholestyramine for Oral Suspension USP, 4 gram per scoopful. It is indicated as an adjunctive therapy to the diet for the reduction of elevated serum cholesterol in patients with primary hypercholesterolemia (elevated low density lipoprotein [LDL] cholesterol) who do not respond adequately to diet. Cholestyramine will be produced at the groups formulations manufacturing facility at Baddi. The group has now more than 110 approvals and has so far filled over 300 ANDAs since the commencement of the filling process in FY 2003-2004. The announcement was made after market hours yesterday, 26 April 2017.

Petron Engineering Construction has received work order from Guruashish Construction, HDIL Towers, Bandra (East), Mumbai, for building structure works at Goregaon (West), Mumbai for a total value of Rs 110 crore (approx). The announcement was made after market hours yesterday, 26 April 2017.

Jubilant industries said that the National Green Tribunal (NGT) in a hearing on 26 April 2017 in a case relating to the pollution of the river Ganga and drainage canals leading into the river Ganga, has, by way of an oral pronouncement, ordered 13 industrial units situated in Gajraula near the river Bagad to immediately cease operations.

The order of the NGT applies to the units of companys wholly owned material subsidiary, Jubilant Agri & Consumer Products Limited (JACPL) in Gajraula. A committee has been set up by the NGT to inspect amongst other things, the discharge of effluents by the affected industrial units and to provide a report. Each industry has been given an opportunity to respond to the report with an action plan to resolve any deficits identified by the committee, in order to resume operations, within a week of submission of the report.

While a written order of the NGT is awaited, JACPL will comply with the oral order of the NGT and will file its response to the report as submitted by the committee, along with an action plan to resolve deficits identified by the committee, if any, before the NGT shortly.

JACPL is environmentally conscious and as a good corporate citizen, is taking all necessary steps in this regard. JACPL operates its manufacturing facilities in Gajraula with zero liquid discharge and in compliance with all applicable laws and it is confident of meeting any requirements that the NGT may prescribe and resuming operations of its industrial units at Gajraula at the earliest. The announcement was made before market hours today, 27 April 2017.

Somany Ceramics announced that expansion of sanitaryware plant of Somany Sanitary Ware Private Limited, a companys subsidiary is successfully completed and commercial production has commenced from 26 April 2017. As a result of this expansion, the capacity of plant has increased from 3.03 lacs pieces per annum to upto 11.50 lacs (1.15 million) pieces per annum. The announcement was made after market hours yesterday, 26 April 2017.

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SEBI board takes various decisions regarding Mutual Funds, commodity derivatives, NBFCs
Apr 26,2017

The SEBI Board took the following decisions:

1. Instant Access Facility (IAF) in Mutual Funds and use of e-wallet for investment in Mutual Funds

With an objective to channelize households savings into capital market and to promote digitalization in mutual funds, SEBI Board after deliberation has decided the following:

a)Mutual Funds / Asset Management Companies (AMCs) can offer instant access facility (through online mode) of upto INR 50,000 or 90% of folio value, whichever is lower, to resident individual investors in liquid schemes by applying lower of Previous Day NAV or Prospective NAV. For providing such facility AMCs would not be allowed to borrow. Liquidity is to be provided out of the available funds from the scheme and AMCs to put in place a mechanism to meet the liquidity demands. This facility can also be used for investment in mutual funds through tie-ups with Payments Banks provided necessary approvals are taken from RBI. Presently, any scheme providing this facility would reduce the limit to INR 50,000, immediately and other than liquid schemes providing this facility would completely stop this facility within one month from the date of circular.

b)Investment of upto INR 50,000 per Mutual Fund per financial year can be made using e-wallets. However, redemptions of such investments can be made only to a bank account of the unit holder. E-wallet issuers must not offer any incentive such as cash back etc., directly or indirectly for investing in mutual fund scheme through them. E-wallets balance loaded through cash or debit card or net banking, can only be used for subscription to mutual funds schemes and balance loaded through credit card, cash back, promotional scheme etc. should not be allowed for subscription to MF schemes. Further, this limit of INR 50,000 would be an umbrella limit for investment by an investor through e-wallet and/or cash, per mutual fund per financial year.

2. Amendments to Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2012

While presenting the Union Budget for the FY 2016-2017, the Honble Union Finance Minister, made an announcement for permitting new derivative products in the commodity derivatives market. In pursuance thereof, SEBI vide circular dated September 28, 2016, permitted launch of options in commodity derivatives market. In this regard, to enable the Commodity Derivatives Exchanges to organize trading of options, the Board, after undertaking due public consultation process, has approved a proposal to amend the relevant provisions of Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2012. Detailed guidelines for trading in option on commodity derivatives exchanges will be issued by SEBI.

3. Inclusion of RBI registered systemically important NBFCs in the category of QIBs

Presently institutions such as banks and insurance companies are categorised as Qualified Institutional Buyers (QIBs) by SEBI. They are eligible for participation in IPOs with specifically earmarked allocations.

Honble Union Finance Minister in his Budget Speech for the FY 2017-18, proposed to allow systemically important NBFCs regulated by RBI and above a certain net worth, to be categorised as QIBs since it would strengthen the IPO market and channelize more investments.

Accordingly, the Board considered and approved the proposal for inclusion of systemically important NBFCs registered with RBI having a net worth of more than Rs. 500 crore in the category of QIBs. As NBFCs are well regulated entities, classifying such NBFCs under the definition of QIBs will give Issuers access to a larger pool of funds.

4. Exemption under SEBI (ICDR) Regulations, 2009, relating to preferential allotments, to be extended to Scheduled Banks and Financial Institutions

Presently, SEBI (ICDR) Regulations prohibit the issuer from making preferential issue to any person who has sold any equity shares of the issuer during the six months preceding the relevant date. It also provides that the entire pre-preferential allotment shareholding of the allottees, if any, shall be locked-in from the relevant date upto a period of six months from the date of trading approval. Mutual Funds and Insurance Companies are, however, exempted from both the said requirements.

Recently, many instances have been there where it has been observed that the Banking sector is exposed to the risk of significantly high Non-Performing Assets (NPA) and the Banks have been advised by the Reserve Bank of India to reduce the NPA and to initiate stringent actions to recover the dues from the borrowers.

As a result, it is expected that many Banks will go aggressively for recovering their dues and in order to achieve this objective, the Banks may opt for CDR / SDR or bilateral restructuring. In order to carry out actions for recovery from a borrower which may be a listed Company, Banks or Financial Institutions have sold equity shares of the issuer during the preceding six months of the relevant date. Such Banks/Financial Institutions may also be one of the allottees of the specified securities of the company pursuant to CDR approved scheme under preferential issue route.

The Board considered and approved the proposal for extending such relaxation to the Scheduled Banks and Public Financial Institutions as is already being extended to Mutual Funds and Insurance Companies.

5. Strengthening the Monitoring of Utilisation of Issue Proceeds

Presently, the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009, require mandatory appointment of Monitoring Agency if the issue size of specified securities exceeds Rs. 500 Cr. The purpose for the same is to ensure adequate supervision of the utilization of the funds raised.

SEBI Board considered and approved certain proposals to further strengthen the monitoring of issue proceeds raised in IPOs/FPOs/Rights Issues. Key proposals approved by Board are as under:

n++Mandatory appointment of Monitoring Agency where the issue size (excluding offer for sale component) is more than Rs. 100 crore.

n++Frequency of submission of Monitoring Agency Report has been enhanced from half-yearly to quarterly.

n++Introduction of maximum timeline of 45 days for submission of Monitoring Agency Report from the end of the quarter in conjunction with the submission of the quarterly results.

n++Mandating the disclosure of the Monitoring Agency Report on Companys website in addition to submitting it to Stock Exchange(s) for wider dissemination.

n++Introduction of new requirement, i.e., comments of Board of Directors and Management on the findings of Monitoring Agency.

6. Framework for consolidation and re-issuance of debt securities issued under the SEBI (Issue and Listing of Debt Securities) Regulations, 2008

The Board considered and approved the following proposals contained in the agenda for laying down a framework for consolidation and re-issuance of debt securities, one of the ways to increase liquidity in the secondary market.

a)Maximum of 12 ISINs maturing per financial year may be allowed for debt securities and within the bucket of these 12 ISINs, the issuer can issue both secured and unsecured Non-Convertible Debentures (NCDs)/bonds and no separate category of ISINs may be provided to them. Additionally, the issuer may issue five ISINs per financial year for structured debt instruments of a particular category (say bonds with call option or bonds with both call and put option);

b)The above restrictions will not be applicable on debt instruments which are used for raising regulatory capital such as Tier I, Tier II bonds, bonds for affordable housing and the capital gains tax bonds issued under section 54EC of the Income Tax Act, 1961;

c)In order to resolve the issue of bunching of liabilities, the issuer can as a one-time exercise make a choice of having bullet maturity payment or the issuer can

Lakshmi Vilas Bank appoints director
Apr 26,2017

Lakshmi Vilas Bank has appointed Hemant Kaul as Additional Director in the category of Non Executive and Independent Director of the Bank at the Board Meeting held on 26 April 2017.

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