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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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Tata Steel hardens after its UK unit reaches agreement with trade unions
Dec 08,2016

The announcement was made after market hours yesterday, 7 December 2016.

Meanwhile, the S&P BSE Sensex was up 308.26 points or 1.17% at 26,544.96.

On the BSE, 1.8 lakh shares were traded in the counter so far as against average daily volume of 8.85 lakh shares in the past one quarter. The stock had hit a high of Rs 425.20 and a low of Rs 416.10 so far during the day. The stock had hit a 52-week high of Rs 440.90 on 11 November 2016. The stock had hit a 52-week low of Rs 211.30 on 12 February 2016.

The stock had outperformed the market over the past one month till 7 December 2016, gaining 0.24% compared with the Sensexs 4.45% fall. The scrip had also outperformed the market in past one quarter, advancing 5.78% as against the Sensexs 9.3% fall.

The large-cap company has equity capital of Rs 971.22 crore. Face value per share is Rs 10.

Tata Steel UK yesterday, 7 December 2016, reached an agreement with trade unions on a number of proposals that would structurally reduce risks and help secure a more sustainable future for its UK business.

The company will next week start consultation with its employees on a proposal to close the British Steel pension scheme to future accrual. Employees would be offered a competitive defined contribution scheme.

The proposal on pensions and other changes in the employment terms are part of the ongoing transformation plan that the business is undertaking. As part of agreement all parties will work towards making Tata Steel UK a sustainable business.

The company and trade unions have also agreed on the principle that subject to the structural de-risking and de-linking of the British Steel Pension Scheme fund from the business, Tata Steel UK will continue the existing blast furnace configuration in Port Talbot until 2021.

Further, based on achieving the necessary financial performance and cash flows as per the transformation plan of the UK business, the company will continue to invest across the UK sites to enhance the competitive position of Tata Steel UK in the European steel industry.

The company has also offered an employment pact until 2021 which supports employees through future changes by investing in their skills to support further plant upgrades, automation and other digital initiatives.

Tata Steel is the UKs largest steel manufacturer. It supplies almost 50% of UK carmakers steel requirements, including body panels and chassis, and a range of advanced steels for the UK construction industry which help to reduce buildings energy use.

Separately, Tata Steel announced that its subsidiary, TM International Logistics (TMILL) has divested entire stake in its wholly owned step down subsidiary TM Harbour Services (TMHSPL) to Adani Ports and Special Economic Zone (APSEZ) for a total consideration of Rs 106 crore in an all cash deal.

TKM Global GmbH, Germany and International Shipping and Logistics FZE, Dubai, subsidiaries of TMILL, hold 74.18% and 25.82% equity shares in TMHSPL respectively. TMHSPL with an annual turnover of about Rs 29 crore is engaged in the business of providing tug services at Dhamra Port and owns 3 tug boats.

Incorporated in 2002, TMILL is a joint venture company of Tata Steel, NYK Holding (Europe) BV and IQ Martrade. Headquartered in Kolkata, the company currently operates from its offices across various cities in India and overseas offices in Dubai, Germany, UK and China. TMILL offers logistics solutions. TMILL recorded an annual revenue of Rs 563 crore in FY 2016.

Shares of APSEZ rose 2.09% to Rs 282.90.

On a consolidated basis, Tata Steel reported net loss of Rs 49.38 crore in Q2 September 2016, compared with net profit of Rs 5609.43 crore in Q2 September 2015. Net sales rose 0.1% to Rs 26291.86 crore in Q2 September 2016 over Q2 September 2015.

Tata Steel is Europes second largest steel producer, with steelmaking in the UK and Netherlands, and manufacturing plants across Europe. The combined Tata Steel group is one of the worlds largest steel producers.

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Indusind Bank advances after fund raising plans
Dec 08,2016

The announcement was made after market hours yesterday, 7 December 2016.

Meanwhile, the S&P BSE Sensex was up 243.30 points or 0.93% at 26,480.17.

On the BSE, 1,426 shares were traded on the counter so far as against the average daily volumes of 62,699 shares in the past one quarter. The stock had hit a high of Rs 1,092.80 and a low of Rs 1,085 so far during the day.

Indusind Bank announced that its board of directors yesterday, 7 December 2016, passed issuance of senior, unsecured, redeemable, non-convertible, long term bonds in the nature of debentures of face value of Rs 10 lakh each aggregating Rs 1500 crore on private placement basis.

IndusInd Banks net profit rose 25.8% to Rs 704.26 crore on 24% growth in total income to Rs 4439.72 crore in Q2 September 2016 over Q2 September 2015.

IndusInd Bank is a leading private sector bank in India.

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Cabinet approves the proposal of Election Commission for procurement of Control Units and Ballot Units during 2017-18 and 2018-19
Dec 08,2016

The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi has approved the proposal of Election Commission for purchase of 4,10,000 Ballot Units (BUs) and 3,14,000 Control Units (CUs) during 2017-18 and 4,35,306 Ballot Units and 71,716 control units during 2018-19 at a tentative unit cost of Rs.7,700/- and Rs.9,300 respectively. The total estimated cost will be Rs.1,009.6 crore. The purchases will be made through Bharat Electronic (BEL), Bangalore and Electronics Corporation of India (ECIL), Hyderabad.

The Cabinet has also authorised the Election Commission to vary the quantity to be ordered on M/s. BEL and M/s. ECIL based on their production capacity and past performance in supply of machines.

This would facilitate phasing out of obsolete electronic voting machines procured during 2000-2005. It will enable the Election Commission to replenish the stock with a view to meeting the requirement of conducting General Elections to Lok Sabha and some of the State Assemblies due in 2019. Authorising the Election Commission to vary to the quantity would ensure better management of the procurement process and timely delivery of the units.

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NMDC announces appointment of Chairman and MD
Dec 08,2016

NMDC announced that in terms of order dated 07 December 2016 of Ministry of Steel, Government of India, the additional charge of the post of Chairman and Managing Director, NMDC is assigned to R Sridharan, Special Secretary, Ministry of Mines, till a regular incumbent is appointed or until further orders, whichever is earlier.

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PNC Infratech announces resignation of nominee director
Dec 08,2016

PNC Infratech announced Sunil Chawla, Nominee Director has resigned from the Board of Directors of the Company with effect from 08 December 2016.

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Board of Prestige Estates Projects approves acquisition of additional stake in Villaland Developers
Dec 08,2016

Prestige Estates Projects announced that the Board of Directors of the Company at its meeting held on 07 December 2016 has approved acquisition of additional stake of 20% in Villaland Developers LLP. Subsequent to the acquisition, the Companys overall stake in the LLP stands at 80%.

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Cabinet approves Pune Metro Rail Project Phase - 1
Dec 08,2016

The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi has approved the development of Pune Metro Rail Project Phase - 1. The Pune Metro Rail Corridor will be covering a length of 31.254 km comprising with two corridors i.e. Corridor-1 {Pimpri Chinchwad Municipal Corporation (PCMC) to Swargate} covering length of 16.589 km (11.57 km elevated and 5.019 km underground) and Corriodor-2 (Vanaz to Ramwadi) covering 14.665 km (fully elevated).

The total completion cost of the metro rail corridor will be Rs.11,420 crore. The population of approximately 50 lakh of Pune Metropolitan Area will be benefitted through this metro corridor.

The project is scheduled to be completed in five years from the date of start of work as per the Detailed Project Report (DPR).

The approved alignments are expected to provide the much needed connectivity to the commuters and would traverse through some of the densest and traffic congested routes in the Pune Metropolitan Area. It will considerably reduce the traffic congestion and will bring in fast, comfortable, safe, pollution-free and affordable mass transportation system in the city, which in turn will contribute to further development and prosperity of the area. Development and prosperity of Pune Metropolitan Area will also contribute to the prosperity and development of the nation.

The Project will be implemented by Maharashtra Metro Rail Corporation (MAHA-METRO), which will be a 50:50 jointly owned company of Government of India and Government of Maharashtra. Project will be covered under the legal framework of the Metro Railways (Construction of Works) Act, 1978; the Metro Railways (Operation and Maintenance) Act, 2002; and the Railways Act, 1989, as amended from time to time.

The existing Nagpur Metro Rail Corporation Limited (NMRCL) which is a joint Special Purpose Vehicle (SPV) of Government of India (GoI) and Government of Maharashtra (GoM), would be reconstituted into Maharashtra Metro Rail Corporation Limited (MAHA-METRO) for implementation of all metro projects including Pune Metro Rail Project Phase-1 in the State of Maharashtra outside Mumbai Metropolitan Region. The project will benefit from experience and learnings from other Metro Rail projects in Delhi, Bengaluru, Chennai, Kochi, Nagpur etc.

Background:

Pune Metropolitan Area includes Pune Municipal Corporation (PMC), Pimpri Chinchwad Municipal Corporation (PCMC). Both the cantonment areas namely Pune and Khadki have witnessed rapid growth of population. The population of Pune Urban Agglomeration was 4.99 million as per 2011 census compared to 3.57 million in 2001 census. This is further projected to increase to 6.90 million in 2021 and 7.73 million in 2031.

Rapid industrialization and intense commercial developments in the past decades have resulted in steep rise in travel demand, putting Punes transport infrastructure to stress. With the projected increase in the areas population, strengthening and augmenting the existing transport infrastructure has assumed urgency. With the growing economy and inadequate public transport services, the passengers will shift to private modes, which is already evident from the high vehicle ownership trend in the region. This would not only aggravate the congestion on streets but also increase the air pollution. Hence, Metro Rail System has become essential.

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Tata Steel UK reaches agreement with the trade unions
Dec 08,2016

Tata Steel UK reached an agreement with trade unions on a number of proposals that would structurally reduce risks and help secure a more sustainable future for its UK business.

The company will next week start consultation with its employees on a proposal to close the British Steel Pension Scheme to future accrual. Employees would be offered a competitive defined contribution scheme.

The proposal on pensions and other changes in the employment terms are part of the ongoing transformation plan that the business is undertaking. As part of the agreement all parties will work towards making Tata Steel UK a sustainable business.

The company and trade unions have also agreed on the principle that subject to the structural de-risking and de-linking of the British Steel Pension Scheme fund from the business, Tata Steel UK will continue the existing blast furnace configuration in Port Talbot until 2021. Further, based on achieving the necessary financial performance and cash flows as per the transformation plan of the UK business, the company will continue to invest across the UK sites to enhance the competitive position of Tata Steel UK in the European steel industry. The company has also offered an employment pact until 2021 which supports employees throughfuture changes by investing in their skills to support further plant upgrades, automation and other digital initiatives.

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Tata Steel in focus after its UK unit reaches agreement with trade unions
Dec 08,2016

Tata Steel will be in focus. Tata Steel UK yesterday, 7 December 2016, reached an agreement with trade unions on a number of proposals that would structurally reduce risks and help secure a more sustainable future for its UK business.

The company will next week start consultation with its employees on a proposal to close the British Steel pension scheme to future accrual. Employees would be offered a competitive defined contribution scheme.

The proposal on pensions and other changes in the employment terms are part of the ongoing transformation plan that the business is undertaking. As part of agreement all parties will work towards making Tata Steel UK a sustainable business.

The company and trade unions have also agreed on the principle that subject to the structural de-risking and de-linking of the British Steel Pension Scheme fund from the business, Tata Steel UK will continue the existing blast furnace configuration in Port Talbot until 2021. Further, based on achieving the necessary financial performance and cash flows as per the transformation plan of the UK business, the company will continue to invest across the UK sites to enhance the competitive position of Tata Steel UK in the European steel industry. The company has also offered an employment pact until 2021 which supports employees through future changes by investing in their skills to support further plant upgrades, automation and other digital initiatives.

Tata Steel is the UKs largest steel manufacturer. It supplies almost 50% of UK carmakers steel requirements, including body panels and chassis, and a range of advanced steels for the UK construction industry which help to reduce buildings energy use.

Separately, Tata Steel also announced that its subsidiary, TM International Logistics (TMILL) has divested entire stake in its wholly owned step down subsidiary TM Harbour Services (TMHSPL) to Adani Ports and Special Economic Zone (APSEZ) for a total consideration of Rs 106 crore in an all cash deal.

TKM Global GmbH, Germany and International Shipping and Logistics FZE, Dubai, subsidiaries of TMILL, hold 74.18% and 25.82% equity shares in TMHSPL respectively. TMHSPL with an annual turnover of about Rs 29 crore is engaged in the business of providing Tug Services at Dhamra Port and owns 3 tug boats.

BPCL, Indian Oil Corporation and HPCL have separately informed that they signed a consortium agreement on 7 December 2016 to carry out pre-project activities for setting up of a West Coast Refinery & Petrochemical project of approximately 60 million metric tonne per annum (MMTPA) capacity in Maharashtra through a joint venture company. The announcement was made after market hours yesterday, 7 December 2016.

Indusind Bank announced that its board pf directors passed issuance of senior unsecured redeemable non-convertible long term bonds in the nature of debentures of face value of Rs 10 lakh each aggregating Rs 1500 crore on private placement basis. The announcement was made after market hours yesterday, 7 December 2016.

Prestige Estates Projects consolidated net profit fell 58.23% to Rs 64.51 crore on 29.4% fall in total income to Rs 1173.52 crore in Q2 September 2016 over Q2 September 2015. The announcement was made after market hours yesterday, 7 December 2016.

Tata Power Company announced that post Central Electricity Regulatory Commissions (CERC) order dated 21 February 2014 wherein CERC granted compensatory tariff to Coastal Gujarat Power (CGPL), the procurers had approached Appellate Tribunal for Electricity (APTEL) against the same.

APTEL, while setting aside the order of CERC, ruled that the promulgation of Indonesian regulation is a Force Majeure Event and remanded the matter to CERC to assess the impact of Force Majeure Event on Mundra UMPP of CGPL and give such relief as may be admissible under the PPA.

CERC, in its order dated 6 December 2016 has given a mechanism for assessing the relief under Force Majeure. The arrears for the past period shall be paid in six equal monthly instalments by the procurers in proportion to their share in the contracted capacity, from the date the CERC order is permitted to be implemented by the Supreme Court.

CGPL shall accordingly work out the relief for the past as well as the future period based on the mechanism specified by the CERC and shall bill the same on a monthly basis, which shall be trued up annually.

Further, adjustments for mining profits corresponding to the quantity of coal supplied to Mundra UMPP from the mines in which Tata Power has a stake shall be carried out at the time of annual reconciliation as the principles specified in the order. The order is being studied and the exact benefit would be worked out after detailed reading of the order. The announcement was made after market hours yesterday, 7 December 2016.

PNC Infratechs consolidated net profit rose 22.72% to Rs 27 crore on 25.41% fall in income to Rs 499 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 7 December 2016.

GMR Infrastructure reported net loss of Rs 700.34 crore in Q2 September 2016 compared with net loss of Rs 7.41 crore in Q2 September 2015. Total income rose 13.19% to Rs 331.22 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 7 December 2016.

Gujarat Ambuja Exports announced that the meeting of board of directors of the company will be held on 13 December 2016, to consider the proposal for buy back of the fully paid-up equity shares of the company. The announcement was made after market hours yesterday, 7 December 2016.

Crompton Greaves reported consolidated net loss of Rs 10.41 crore in Q2 September 2016 compared with net profit of Rs 10.58 crore in Q2 September 2015. Total income rose 6.78% to Rs 1545.19 crore in Q2 September 2016 over Q2 September 2015. The announcement was made after market hours yesterday, 7 December 2016.

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Board of Gradiente Infotainment approves change in directorate
Dec 07,2016

Gradiente Infotainment announced that the Board of Directors of the Company at its meeting held on 07 December 2016, inter alia, were approved the following:

1. Appointment of Syed Fareeduddin as an additional director in independent category. Syed Fareeduddin is President & Head of Operations of Ceran International Energy, Germany.

2. Appointment of Sanidhya Saxena as an additional director in independent category.

3. Appointment of Balachandar Mallicarjunan as an additional director in independent category.

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Canara Bank revises MCLR rates
Dec 07,2016

Canara Bank has revised the MCLR rates for the month of December 2016 as follows -

Overnight - 8.90%
1 month - 8.95%
3 months - 9.05%
6 months - 9.10%
1 year - 9.15%.

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CIL Nova Petrochemicals allots equity shares
Dec 07,2016

CIL Nova Petrochemicals announced that the Management Committee of Directors on 07 December 2016 approved the allotment of 1,35,50,000 equity shares of Rs 10 each at a price of Rs 14.50 issued on rights basis.

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Indian Overseas Bank announces cessation of director
Dec 07,2016

Indian Overseas Bank announced that S Sujatha , Part-time Non-Official Director of the Bank, demitted office on 04 December 2016 on completion of her term of office.

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IndusInd Bank to allot Bonds aggregating Rs 1500 crore
Dec 07,2016

IndusInd Bank announced that the Board of Directors of the bank have passed a resolution for issuance of Senior Unsecured Redeemable Non-Convertible Long Term Bonds in the nature of Debentures of face value of Rs 10 lakh, for cash, aggregating Rs 1500 crore on private placement basis.

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eClerx Services merges two of its US based subsidiaries
Dec 07,2016

eClerx Services announced that Agilyst Inc. USA, step down subsidiary of the Company, having its registered office at 1880 John F Kennedy Blvd, Suite 400, Philadelphia, PA 19103, USA, has been merged into eClerx LLC, USA, wholly owned subsidiary of the Company, having its registered office at 286 Madison Avenue, 14th Floor, New York, NY 10017, USA. The merger aims at administrative convenience and maintaining lean corporate structure.

The said merger was approved by the relevant State Authorities under applicable US laws and is effective from 01 January 2017.

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