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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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Board of Ideal Cellular approves scheme of amalgamation
Mar 20,2017

The Board of Directors of Idea Cellular at its meeting held on 20 March 2017 has approved the scheme of amalgamation of Vodafone India and its wholly owned subsidiary Vodafone Mobile Services with the Company subject to receipts of approvals of shareholders, creditors, SEBI, Stock Exchanges, Competition Commission of India, Department of Telecommunication, Foreign Investment Promotion Board, Reserve Bank of India and other governmental authorities and third parties.

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Dena Bank jumps as Govt to infuse capital
Mar 20,2017

Meanwhile, the S&P BSE Sensex was down 102.60 points, or 0.35% to 29,546.39.

On the BSE, 2.17 lakh shares were traded in the counter so far, compared with average daily volumes of 1.61 lakh shares in the past one quarter. The stock had hit a high of Rs 39.80 and a low of Rs 38.65 so far during the day.

The stock hit a 52-week high of Rs 43.90 on 7 July 2016. The stock hit a 52-week low of Rs 27.75 on 28 March 2016.

The stock had underperformed the market over the past one month till 17 March 2017, falling 0.67% compared with 4.76% rise in the Sensex. The scrip had also underperformed the market in past one quarter, rising 8.97% as against Sensexs 11.93% rise.

The small-cap state-run bank has equity capital of Rs 787.15 crore. Face value per share is Rs 10.

Dena Bank announced after market hours on Friday, 17 March 2017, that it received a communication from Government of India informing capital allocation of Rs 600 crore as part of turnaround linked infusion plan. The board approval for raising of capital of the bank through issue of equity shares to Government of India, LIC of India and GIC of India on preferential basis, is being obtained.

Dena Bank reported net profit of Rs 35.31 crore in Q3 December 2016 as against net loss of Rs 662.85 crore in Q3 December 2015. Operating income rose 10.2% to Rs 2999.51 crore in Q3 December 2016 over Q3 December 2015.

The Government of India (GoI) held 68.55% stake in Dena Bank as on 31 December 2016.

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NTPC commissions 2nd 660 MW unit of Mouda Super Thermal Power Station
Mar 20,2017

NTPC announced that the 2nd unit of 660 MW of Mouda Super Thermal Power Station Stage-II (2 X 660 MW) has been commissioned. With this, the commissioned capacity of Mouda Super Thermal Power Station, NTPC and NTPC group has become 2320 MW, 41907 MW and 48873 MW respectively.

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Piramal Enterprises completes acquisition of Mallinckrodts spasticity and pain management drugs portfolio
Mar 20,2017

Piramal Enterprises announced that its wholly owned Critical Care subsidiary in the UK has completed its acquisition of a portfolio of drugsfor spasticity and pain management from Mallinckrodt LLC (Mallinckrodt).

The acquisition was for a cash consideration of US$171 million and up to an additional US$32 million payable depending on financial performance of the acquired assets over the next three years.

The portfolio acquired includes Gablofenn++ (baclofen), a severe spasticity management product, which is currently marketed in the United States, and two pain management products, which are currently under development. Gablofenn++ has also been approved for launch in eight European markets. Gablofenn++ is the only intrathecal baclofen drug available in vials and pre-filled syringes, which are preferred by users over the competing products available in ampoules. The painmanagement drugs under development are also for intrathecal administration. In the twelve months ending 30 September 2016, the acquired portfolio generated revenues of US$44.6 million.

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More emphasis needs to be given towards employeesn++n++ retirement planning: FICCI-KPMG white paper
Mar 20,2017

In order to embark upon the ambitious journey towards a pensioned society, India would require a systemic approach for designing a coherent pension system. As a measure of the enormity of the challenge that India faces, the 2011 Census showed that only 12 per cent of the Indian working population (i.e. approximately 58 million) were covered under any pension plan. The pension savings of the covered population are also not adequate.

This translates into the challenge of only a very small portion of the Indian working population being protected against old-age income insecurity. Further, the population projections suggest that the elderly residents (people aged 60 and above) will triple from 2010 to 2050 and the number of elderly will reach 331 million in India by 2050. A combination of aging population, weakening of the joint family support system and low pension penetration makes it imperative for policymakers to pay urgent attention to the enormous challenge of providing income security after retirement.

The aspiration of a pensioned society would need greater emphasis on implementing pension reforms. A lot of effort and planning is needed for building sufficient capacity, scalability and support for implementation of such reforms.

For the white paper, KPMG in India again conducted an Employer Pension Plans Survey this year similar to the survey conducted in the year 2015, to have an overview of the pension plans from company representatives from diverse sectors (industrial markets, IT/BPO, automotive, healthcare, financial services, consumer markets, etc.). In all, 167 business entities responded to the survey.

The survey highlights that a majority of the employers are of the view that more emphasis needs to be given towards employeesn++n++ retirement planning. The survey responses indicate that tax benefits are considered as the primary reason to opt for NPS similar to the results of Employer Pension Plans Survey of 2015. A majority of respondents felt that the contribution towards retirement savings should be in the range of 20-30 percent of onen++n++s salary.

n++n++Social security for the old age is an important issue in the public policy discourse of any country. In India, this has been high on the priority list of the government that has taken a series of measures to extend the reach of social security net. FICCI has also identified pensions as a key area for its work and is engaged with all the stakeholders to evolve policies that can help the growth of this sector. The FICCI-KPMG knowledge paper released on the occasion of our Pensions Conference is a good reference tool that provides information on the priorities of the Indian corporate sector with regard to pension planning for employees. We hope that this paper will prove to be a key input in policy discussions in this important arean++n++, said Dr. A Didar Singh, Secretary General, FICCI.

n++n++Given the large gap in pension coverage, both the regulators, EPFO and PFRDA, along with the government and industry need to collaborate and build a comprehensive and sustainable pension system in India. Significant efforts are required for building sufficient institutional capacity for implementing pension reforms in Indian++n++, said Ms. Parizad Sirwalla, Partner and Head, Global Mobility Services, Tax, KPMG in India.

Some of the other important findings of the Employer Pension Plan Survey, 2017 are as follows: n++h

The system of automatic enrolment of employees under the EPF regime is largely prevalent. Around 84 per cent of the respondent companies mandatorily enroll their employees for EPFO membership, irrespective of the salary level n++h

Nearly 55 per cent of the survey respondents confirmed that employees in their organisations are exercising the option of contributing to Voluntary Provident Fund (VPF) n++h

Around 82 per cent of the respondent companies are contributing towards PF on full basic salary of the employees while 13 per cent restrict the same on statutory monthly limit of INR 15,000 n++h

Thirty six per cent of the respondent companies have registered for National Pension System (NPS). Further, almost 33 per cent of organisations that currently do not have NPS, are considering to register for NPS n++h

Tax benefits for employees continue to be the primary motivator (52 per cent of the respondents) for employers to opt or consider NPS in this yearn++n++s survey as well. A large number of respondents (42 per cent) view employee empowerment for pension planning as one of the motivating factors for opting/considering NPS n++h

Further, almost 57 per cent of the respondents stated that there has been an increase in NPS enrolment due to Finance Act, 2016 announcement regarding tax benefits on withdrawal of NPS contributions

Only 29 per cent of the respondents have set up superannuation fund (SAF) for their employees. Of the 94 respondents, which do not have SAF, only 10 organisations have plans to set up an SAF n++h

A large majority of the respondents (around 92 per cent) agree on the importance of tax savings as an important consideration for voluntary contributions to retirement plans.

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V.O.Chidambaranar Port Handles Record Traffic of 36.91 Million Tonnes
Mar 20,2017

V. O. Chidambaranar Port, has crossed the previous financial years traffic of 36.85 million tonnes on 17 March 2017, 14 days ahead of the completion of the current financial year.

The Port has handled a record traffic of 36.91 Million tonnes till 17 March 2017, with an impressive cargo growth at 4.77% as compared with the same period of last financial year. The cargoe that contributed to this record performance includes, Coal to NTPL (64.11 %), Wheat (433.61%), Lime Stone(8.37%), Phosphoric Acid(106.42%), Fertilizers(16.07%), Fertilizer Raw Materials(7.18%), Construction Materials(28.75%), and Containerised cargo(5.02%).

The Port has also created an achievement in container traffic by handling 613,617 TEUs upto 17.03.2017 and crossed the previous financial years record traffic of 611,714 TEUs.

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Indian Bank in focus after board approves fund raising
Mar 20,2017

Indian Bank announced on Saturday, 18 March 2017, that its board approved to raise capital by issuing 4.75 crore equity shares through follow-on issue/rights issue/private placement /qualified institutional placement (QIP)/preferential issue, subject to necessary approval from Reserve Bank of India, Government of India, shareholders of the bank and other regulatory authorities, at appropriate time.

Dena Bank announced after market hours on Friday, 17 March 2017, that it received a communication from Government of India informing capital allocation of Rs 600 crore as part of turnaround linked infusion plan. The board approval for raising of capital of the bank through issue of equity shares to Government of India, LIC of India and GIC of India on preferential basis, is being obtained.

Key IT stocks will in focus after media reports suggested that Cognizant may cut at least 6,000 jobs, which represents 2.3% of its total workforce, as it struggles with growth in an IT environment that is fast shifting towards new digital services. The layoffs are likely to be more this year than the routine annual exercise.

NTPC announced on Sunday, 19 March 2017, that second unit of 660 MW of Mouda Super Thermal Power Station Stage-II (2 X 660 MW) has been commissioned. With this, the commissioned capacity of Mouda Super Thermal Power Station, NTPC and NTPC group has become 2320 MW, 41907 MW and 48873 MW respectively.

NTPC announced on Saturday, 18 March 2017, that first unit of 195 megawatts (MW) of Kanti Thermal Power Station Stage-II (2 X 195 MW) of Kanti Bijlee Utpadan Nigam (a subsidiary of NTPC) is declared on commercial operation from 00:00 Hrs of 18 March 2017. Separately, NTPC announced on Saturday, 18 March 2017, that 25 MW of Bhadla Solar Power Project of NTPC has been commissioned. With this, the installed capacity of Bhadla Solar Power project has become 185 MW and that of NTPCs solar power projects has become 545 MW.

Welspun India announced on Saturday, 18 March 2017, that it has forayed into new technologies in its technical textile business with its needle entangled advance textile plant in Anjar. The plant was inaugurated on 18 March 2017. The Rs 150 crore facility, will have unique capabilities of spun lace and needle punch lines which can manufacture multilayer composites for various applications. This advanced and innovative technology will provide non-woven solutions for high-end industrial applications such as filtration, acoustics, automotive, fire safety, thermal insulation, vibration control, noise control, aero-space, defence and mass transportation. The initial capacity of the manufacturing unit will be 2,400 MT per annum. With this facility, Welspun has also invested in a wide range of finishing technologies which include coating, laminating, dyeing, and printing to provide innovative solutions; all under one roof. Further, Welspun has invested Rs 100 crore to set up a fresh state- of- the-art fully automated cut and sew unit in the made-ups segment with a capacity of 10 mn units per annum. The new initiatives are a testimony of Welspuns commitment in enhancing employment opportunities in the region, particularly for the women workforce.

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Manaksia Coated Metals & Industries announces change in compliance officer
Mar 18,2017

Manaksia Coated Metals & Industries announced that due to resignation of Ritu Agrawal, Company Secretary and Compliance Officer of the Company with effect from close of business hours of 23 February 2017, the Board of Directors of the Company vide Circular Resolution dated 18 March 2017 has appointed Bharat Begwani, Chief Financial Officer (CFO) as Compliance Officer of the Company for the intervening period till the appointment of new Company Secretary.

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JSL Industries announces resignation of company secretary and compliance officer
Mar 18,2017

JSL Industries announced that Bharat Patel has resigned from the post of Company Secretary and Compliance Officer of the Company and his resignation has been accepted by the Company with effect from close of normal office hours on 18 March 2017.

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IRB Infrastructure Developers acquires balance 26% stake in M.V.R. Infrastructure And Tollways
Mar 18,2017

IRB Infrastructure Developers announced that subsequent to NHAI approval, the Company has completed the process of acquisition of remaining 26% stake in M.V.R. Infrastructure And Tollways (MVR) from its earlier Promoters and other shareholders. Hence, MVR has now become wholly owned subsidiary of the Company.

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Mandhana Industries to be renamed as The Mandhana Industries
Mar 18,2017

The Board of Directors of Mandhana Industries has approved, subject to approval of the Members at the ensuing General Meeting, the proposal for rescinding the change in name of the Company from Mandhana Industries to The Mandhana Industries which was approved by the Members at the 32nd Annual General Meeting of the Company held on 30 December 2016.

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Board of Asahi Songwon Colors recommends dividend
Mar 18,2017

Asahi Songwon Colors announced that the Board of Directors of the Company at its meeting held on 18 March 2017, inter alia, have recommended the dividend of Rs 3 per equity Share (i.e. 30%) , subject to the approval of the shareholders.

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Rajasthan Petro Synthetics to hold board meeting
Mar 18,2017

Rajasthan Petro Synthetics will hold a meeting of the Board of Directors of the Company on 27 March 2017, to consider appointment of Company Secretary-cum- Compliance Officer (KMP) of the Company.

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Board of Ajanta Pharma recommends dividend
Mar 18,2017

Ajanta Pharma announced that the Board of Directors of the Company at its meeting held on 18 March 2017, inter alia, have recommended the dividend of Rs 7 per equity Share (i.e. 350%) , subject to the approval of the shareholders.

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Aryaman Financial Services to hold board meeting
Mar 18,2017

Aryaman Financial Services will hold a meeting of the Board of Directors of the Company on 21 March 2017, to consider allotment of 7,07,000 Equity Shares on preferential basis.

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