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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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Fitch: Political Risk Looms Large for Global Sovereigns in 2017
Nov 29,2016

Global sovereigns face elevated levels of political risk and uncertainty in 2017, says Fitch Ratings, embodied by the unexpected election of President-elect Donald Trump in the US and the UKs Brexit vote in June. These risks are reflected in a trend away from political orthodoxy that reduces the predictability of policy direction in advanced countries in 2017. Combined with a general trend towards looser fiscal policy and greater trade protectionism, this carries risks to sovereign creditworthiness among both advanced economies and emerging markets (EM), although the overall outlook for Fitchs sovereign ratings in 2017 is stable.

While the large majority (82 of 114) of Fitchs sovereign ratings retain Stable Outlooks as we head into 2017, risks are clearly tilted to the downside, given the distribution of 25 Negative and only three Positive Outlooks. The threat of increased trade protectionism and a stronger dollar will maintain downward pressure on EM sovereigns macroeconomic performance and ratings, with 20 remaining on Negative Outlook as we move towards year-end. Key EM sovereign rating sensitivities will include the extent to which policy responses can mitigate the negative effects of subdued commodity prices, weaker trade flows and the potential for renewed dollar strength.

Fitch expects global GDP growth to increase to 2.9% in 2017, from 2.5% in 2016, driven largely by a pick-up in the US combined with a cyclical recovery in some of the largest EMs, which should more than offset continuing weakness in the eurozone and Japan. Our forecast of an acceleration in 2017 US growth to 2.2%, from 1.5%, reflects partly our assessment of the impact of President-elect Trumps proposed reflationary policies, including corporate and personal income tax cuts combined with a focus on infrastructure investment. We expect this fiscal stimulus (totalling 0.5-0.75% of GDP) to produce a near-term boost to growth, but the president-elects rhetoric on trade policy increases downside risks to growth in the medium term.

Following the seismic political shocks of 2016, Fitch expects political risk to remain a key issue for sovereign creditworthiness in advanced economies in 2017, posing risks to medium-term economic growth prospects that would likely be negative for sovereign ratings. Euroscepticism and populism could affect European cohesion in the coming months, with the Italian constitutional referendum in early December to be followed by Dutch, French and German national elections in 2017. Any further significant political shocks triggered by electoral events in Europe could prove hugely damaging for the European project, although such a scenario is not Fitchs base case.

With advanced economies failing to regain pre-crisis growth rates, the debate on global macroeconomic policy has shifted, with commentators, policy-makers and supranational institutions all calling for a move towards fiscal loosening and away from the reliance on ultra-loose monetary policy that has become the cornerstone of macro policy in recent years. This shift in policy emphasis is likely to be led by the US in view of the proposed reflationary domestic policy agenda and the prospects for higher interest rates. While it is likely to provide a near-term boost to growth, the fiscal impact of the Trump plan would likely be negative for US sovereign creditworthiness over the medium term, as tax cuts alone cannot generate enough growth to make up for the loss in revenue, leading to a deterioration in debt dynamics.

In Europe, fiscal loosening is already being pursued to some extent as austerity fatigue and a focus on political issues such as Brexit, the migrant crisis and security concerns have diverted attention away from fiscal consolidation. This has manifested itself in many eurozone governments moving away from a strict interpretation of the European fiscal rules, typically without sanction by the European Commission. This is likely to be growth-supportive in the near term but further undermines fiscal credibility. High public debt ratios remain one of the key rating weaknesses for western European sovereigns, meaning that few have material fiscal space within their existing rating categories.

Economic recovery in the largest EM countries should gain momentum in 2017 as crises in Brazil and Russia ease. Meanwhile, we expect the slowdown in Chinas growth rate to continue on a gradual path, reducing to 6.4% in 2017 from 6.7% in 2016. In Fitchs view, China will remain committed to its growth target of approximately 6.5%, particularly given the political transition of five of the seven members of the Politburo Standing Committee scheduled for 2H17.

The threat of less open trade relationships between the US and key trading partners, including China, combined with a stronger dollar would be generally negative for EM countries, and particularly so for smaller open economies. A trade war between the US and China would have adverse consequences for GDP growth and inflation in both countries, and could lead to depreciation of the RMB and financial market risk aversion, which would likely spill over to other emerging markets.

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Aarvee Denims & Exports gets assignment of credit ratings for bank loan facilities
Nov 29,2016

Aarvee Denims & Exports announced that it has been assigned to the Company from Brickwork Ratings India for Bank Loan facilities of the Company aggregating Rs 315 crore.

Cash Credit (Rs 200.50 crore) Long Term - BWR A- / Outlook Stable

Pre Shipment Financing (Rs 71.50 crore) Long Term - BWR A- / Outlook Stable

Letter Of Credit (Rs 43 crore) Short Term - BWR A2+

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Arambhan Hospitality Services announces closure of its restaurants
Nov 29,2016

Arambhan Hospitality Services announced that the Company has closed down its restaurants Me So Happi & The Captains Table located at Ground Floor, B-Wing, Bldg No. 19, Pinnacle Corporate Park, Bandra (East), Mumbai, Maharashtra - 400051 and Me So Happi located at Shop No. 2, 3 & 4, Kusum Kunj CHS Ltd,,Linking Road, Khar (West), Mumbai, Maharashtra - 400052.

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Punjab National Bank announces change in CFO
Nov 29,2016

Punjab National Bank announced that P. K. Sharma, General Manager has been designated as CFO of the Bank w.e.f. 01 December 2016 in place of P. K. Mohapatra who is superannuating on 30 November 2016.

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Punjab National Bank announces change in Company Secretary
Nov 29,2016

Punjab National Bank announced that Balbir Singh has been designated as Company secretary of the Bank w.e.f. 01 December 2016 in place of A. Gopinathan who is superannuating on 30 November 2016.

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Direct Transfer of Fertilizer Subsidy to be introduced
Nov 29,2016

The Government has decided to introduce Direct Benefit Transfer (DBT) system for fertilizer subsidy payments. Under the proposed system, 100% subsidy on various fertilizer grades shall be released to the manufacturers and importers on the basis of actual sales made by the retailer to the beneficiaries. Initially, the modified subsidy procedure under DBT system will be introduced on pilot basis in 16 select districts and after its due stabilization, the new payment system would be rolled out in all states in the second phase. The proposed DBT will address the issues relating to diversion and smuggling of urea.

The DBT being implemented in fertilizer subsidy payment is slightly different from the normal DBT being implemented in LPG subsidy. Under the DBT in fertilizer sector, the subsidy will be released to the fertilizer companies instead of the beneficiaries, after the sale is made by the retailers to the beneficiaries on submission of claims generated in the web-based online Integrated Fertilizer Monitoring System (iFMS) by fertilizer companies. After implementation of DBT, it is expected that diversion/smuggling of fertilizers will be reduced to a large extent and the Government will save subsidy to the that extent. However, no assessment has been made to calculate the savings.

The proposed DBT for release of fertilizer subsidy to fertilizer companies has no direct relation with landholding of the farmers. The fertilizers will be available to all on no denial basis.

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South Indian Bank allots equity shares
Nov 29,2016

South Indian Bank announced that the Nomination and Remuneration Committee of the Board by a resolution passed on 29 November 2016 has allotted 4,500 Equity Shares of face value Re. 1/- each pursuant to exercise of options granted under the South Indian Bank Employees Stock Option Scheme (SIB ESOS - 2008). Post the above allotment, the paid-up Equity share capital of the Bank would stand at Rs. 135,17,38,250/- consisting of 135,17,38,250 Equity shares of Re. 1/- each.

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Board of RattanIndia Power to consider Q2 results
Nov 29,2016

RattanIndia Power announced that a meeting of the Board of Directors of the Company will be held on 05 December 2016, inter - alia to consider and approve, the unaudited Financial Results of the Company for the quarter ended 30 September 2016 (Q2).

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RattanIndia Infrastructure to announce September quarter results
Nov 29,2016

RattanIndia Infrastructure announced that a meeting of the Board of Directors of the Company will be held on 05 December 2016, inter - alia to consider and approve, the unaudited Financial Results of the Company for the quarter ended 30 September 2016.

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Board of Oil India approves voluntary winding up of subsidiary - Oil India International
Nov 29,2016

Oil India announced that the Board of Directors of the Company in its meeting held on 28 November 2016 have inter-alia accorded its approval for voluntary winding up of its Wholly Owned Subsidiary-Oil India International in accordance with the provisions of the applicable laws.

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Board of DCW to consider September quarter results
Nov 29,2016

DCW announced that the meeting of the Board of Directors of the Company is scheduled to be held on 06 December 2016 to inter-alia consider and approve the Unaudited Financial Results of the Company for the quarter ended 30 September 2016.

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Idea Cellular allots equity shares
Nov 29,2016

Idea Cellular announced that the Nomination and Remuneration Committee of Idea Cellular Limited has vide its circular resolution dated 28 November 2016 allotted 190,038 Equity Shares of Rs. 10/- each to the Option Grantees, pursuant to the exercise of Stock Options granted under the Companys Employee Stock Option Scheme, 2006 (ESOS-2006).

Further the Company has informed that, post the said allotment, the Equity Share Capital of the Company stands increased to 3,60,13,22,365 equity shares of Rs. 10/- each aggregating to Rs. 36,0132,23,650/-.

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SEAMEC to announce September quarter results
Nov 29,2016

SEAMEC announced that the meeting of the Board of Directors of the Company is scheduled to be held on 08 December 2016, inter alia to consider and approve the Unaudited Quarterly Financial Results for the Quarter ended on 30 September 2016, in terms of Regulation 29(1)(a) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

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SJVN to announce Q2 results
Nov 29,2016

SJVN announced that a Meeting of the Board of Directors is scheduled to be held on 09 December 2016 to, inter-alia consider and approve the unaudited Financial Results of the Company for the Second Quarter ending 30 September 2016 (Q2).

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Welspun Enterprises provides update on Delhi Meerut Expressway project
Nov 29,2016

Welspun Enterprises announced that National Highways Authority of India (NHAI) has, with respect to the Concession Agreement entered into between Welspun Delhi Meerut Expressway (a wholly-owned subsidiary of the Company) and NHAI for execution of the Project on 04 March 2016, declared the Appointed Date for the Project as 28 November 2016.

Under the Concession Agreement, construction of the Project is to be completed within 2.5 years from the Appointed Date and is to be maintained for 15 years thereafter, post which it will be transferred to NHAI.

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