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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 Jhaveri Credits & Capital appoints company secretary
Mar 15,2017

Jhaveri Credits & Capital announced that the Board of Directors in their meeting held on 15 March 2017 has appointed Agnivesh M. Sathe as Company Secretary (key managerial personnel) and Compliance officer of the Company with effect from 15 March 2017.

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Container Corporation Of India fixes record date for bonus issue
Mar 15,2017

Container Corporation Of India has fixed 06 April 2017 as record date for issuance of bonus shares in the ratio of 1:4.

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UCO Bank announces new insurance tie-up
Mar 15,2017

UCO Bank signed corporate agency tie up agreements with Future General India Insurance Company and Liberty Videocon General Insurance Company, General Insurance Companies, for distribution of General Insurance Products at its branches all over the country for Bancassurance Business. These companies will be partners, in addition to the existing partner of the Bank for General Insurance business, Reliance General Insurance Co.

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Shivkrupa Machineries & Engineering Services allots 88,49,500 equity shares
Mar 15,2017

Shivkrupa Machineries & Engineering Services has allotted 88,49,500 Equity Shares comprising of 75,06,465 Equity Shares for consideration other than cash and 13,43,035 Equity shares for cash at face value of Rs. 10/- per Equity share at a price of Rs 37.40/- per Equity Share (Rs 27.40/- being the premium) to the proposed allottees who are Non Promoters.

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Godrej Properties announces new residential housing project
Mar 15,2017

Godrej Properties announced that it will develop a 7.5 acre land parcel in Bellary road (NH-7) in North Bangalore. Godrej Properties plans to develop a residential housing project of approximately 75000 square metres (800000 square feet).

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Godrej Properties announces new residential housing project
Mar 15,2017

Godrej Properties announced that it will develop a 7.5 acre land parcel in Bellary road (NH-7) in North Bangalore. Godrej Properties plans to develop a residential housing project of approximately 75000 square metres (800000 square feet).

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Tata Power Solar expands and modernises its manufacturing facility
Mar 15,2017

Tata Power Solar Systems announced a significant expansion and modernisation of its cell and module manufacturing facility in Bengaluru. The two stage expansion doubled the companys module capacity to 400 MW from 200 MW, and increased its cell manufacturing capacity by 65% from 180 MW to 300 MW.

Tata Power Solar, as part of this process, modernised and fully automated its entire manufacturing facility. The Company was also able to ramp up to full capacity in record time, significantly better than global benchmarks, owning to its highly skilled and trained team and also improve efficiency of its modules.

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Tata Power Solar expands and modernises its manufacturing facility
Mar 15,2017

Tata Power Solar Systems announced a significant expansion and modernisation of its cell and module manufacturing facility in Bengaluru. The two stage expansion doubled the companys module capacity to 400 MW from 200 MW, and increased its cell manufacturing capacity by 65% from 180 MW to 300 MW.

Tata Power Solar, as part of this process, modernised and fully automated its entire manufacturing facility. The Company was also able to ramp up to full capacity in record time, significantly better than global benchmarks, owning to its highly skilled and trained team and also improve efficiency of its modules.

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Infosys positioned as Leader In Magic Quadrant for Oracle Application Services
Mar 15,2017

Infosys announced that Gartner, Inc. has positioned Infosys as a Leader in its Magic Quadrant for Oracle Application Services in Europe, the Middle East and Africa (EMEA) and North America.

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NBCC (India) bags project for construction of Scheme in Vidarbha
Mar 15,2017

NBCC (India) announced that the Government of Maharashtra has allotted the balance works of Construction of Irrigation Scheme in Vidarbha under the Gosikhurd National Project to NBCC (India), for a total value of Rs.6000 crore. An MoU for the first phase of the Work valued at Rs.1058 crore is planned to be signed between Vidarbha Irrigation Development Corporation, Nagpur and NBCC (India) on 16 March 2017 at Mumbai.

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NBCC (India) bags project for construction of Irrigation Scheme in Vidarbha
Mar 15,2017

NBCC (India) announced that the Government of Maharashtra has allotted the balance works of Construction of Irrigation Scheme in Vidarbha under the Gosikhurd National Project to NBCC (India), for a total value of Rs.6000 crore. An MoU for the first phase of the Work valued at Rs.1058 crore is planned to be signed between Vidarbha Irrigation Development Corporation, Nagpur and NBCC (India) on 16 March 2017 at Mumbai.

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FM: Rate of increase of Non Performing Assets (NPAs) has slowed down in the last Quarter of the Current Financial Year
Mar 15,2017

The Union Minister of Finance, Defence and Corporate Affairs, Shri Arun Jaitley said that to deal with the Non Performing Assets (NPAs) of the banks is a challenging task even though the NPAs have shown declining trend in the last quarter of the current financial year.. He said that the core problem of NPAs is with very large corporates, though few in numbers, predominantly in the steel, power, infrastructure and textile sectors. He said that they had expanded their capacity during the boom period (2003-08) but could not face the onslaught of global financial crisis and consequent slow down thereafter. He said that the Government is taking sectoral specific measures to deal with the problem of NPAs specifically in the resolution of large debts. The Finance Minister added that the Steel Sector is on its path of recovery while many decisions have been taken in the Infrastructure, power and textile Sectors to resolve their problems. The Finance Minister Shri Jaitley was making his Opening Remarks at the First Meeting of the Consultative Committee attached to the Ministry of Finance.

The Finance Minister further said that RBI has also made an Oversight Committee to look into process of the cases referred to it by the different banks. Seeing the response and its performance, the Finance Minister Shri Jaitley said that the Government is considering multiplication of such committees. On the issue of setting-up a bad bank, the Union Minister of Finance said that several possible alternatives exist and the issue is being debated on public platforms. The Union Minister of Finance further said that the Insolvency and Bankruptcy Board of India (IBBI) has already been set -up under the Insolvency and Bankruptcy Code, 2016.

Earlier, a presentation was made at the beginning of the Meeting on the the subject of NPAs. In the said presentation, details of various measures undertaken by the Government and Reserve Bank of India (RBI) to deal with the problem of NPAs were highlighted. In the Steel Sector, Minimum Import Price (MIP) has been introduced on import of specific steel products in December 2016 and 10 coal mines have been auctioned to the steel sector. Amended Technology Up-gradation Fund Scheme has been approved by the Government in the Textile Sector. In the Power Sector, measures taken include introduction of Ujjwal DISCOM Assurance Yojana (UDAY), auction of natural gas for stranded gas power projects, and allocation of more than 100 coal mines to private and government companies through reverse e-auction. In the road sector, National Highways Authority of India (NHAI) has approved premium recast of 14-15 distressed road projects, new structures such as Hybrid Annuity Model and Toll-Operate-Transfer Model have been introduced and steps taken to fast track environmental clearance process.

The Reserve Bank of India has also taken measures such as Joint Lenders Forum (JLF) to be compulsorily formed when aggregate exposure is more than Rs 100 crore, Flexible Structuring (5/25) Scheme for infrastructure and core industries sector based on economic life of the project with periodic refinancing, Strategic Debt Restructuring (SDR) Scheme and Scheme for Sustainable Structuring of Stressed Assets (S4A) among others.

During the presentation, the members were informed about the various legal mechanisms made available for recovery including the Recovery of Debts due to Banks and Financial Institutions (RDDB&FI) Act, Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002 and the Insolvency and Bankruptcy Code 2016 among others.

Later, the Members of Consultative Committee who participated in Meeting gave various suggestions in order to deal with the large scale NPAs of Public Sector Banks (PSBs) in particular, which are adversely affecting the overall performance of the banks. One member suggested that the concerned State Governments may be allowed to take part in the auction of stressed assets. It was also suggested by various members that since Asset Reconstruction Companies (ARCs) are in private sector and their performance is not up to the mark in many cases, therefore, close monitoring of the operations of ARCs be done through stringent regulations especially in the wake of decision to allow 100% FDI in the ARCs through automatic route.

Another member suggested that to improve the confidence of bank officials, the Gross NPA norm may be fixed in the range of 9-10% as well as not counting the asset as NPA if it has been restructured. Some members suggested that the Government must go ahead to establish Public Sector Asset Rehabilitation Agency (PARA) and it should only consider those NPAs where sector specific reforms do not work. It was also suggested to explore long term debt market for financing NPAs. One of the members said that the Chief Vigilance Officer of the Public Sector Bank be made a part of the Credit Committee of the bank and that first the Board of the bank should take a call about the decisions being taken by their officials rather than investigating agencies directly acting on the basis of their own information.. It was also suggested that apart from recovery proceedings, criminal action must be taken against the big wilful defaulters and their photographs may also be published. A member also suggested that under the SARFAESI Act, the focus should be on catching big wilful defaulters.

Other suggestions given by the members included that a Special Bank may be created where NPAs of all the Public Sector Banks be transferred. It was also suggested that when the minimum import price on import of specific steel products have been introduced, then the similar exercise should also be undertaken for the raw material being used to produce the finished products so that smaller units are also benefitted. Young entrepreneurs who have taken soft loans from the banks but suffered due to slow down may be supported by the banks in order to revive their businesses.

It was also suggested by some members that there is need to restore the confidence of the officers of the banks which have been off later adversely affected due to increasing NPAs. Measures be taken to comfort these officials and to enable them to take commercially viable and rational decisions. They suggested creating a Special Performance Vehicle (SPV) Committee outside the banking system to guide commercial decisions.

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So far an amount of Rs.49.98 crore has been disbursed under different components Capital Goods Policy Scheme
Mar 15,2017

Government has brought out a National Capital Goods Policy. The Policy envisages increase in production to about Rs.7,50,000 crore, direct employment to 5 million by the year 2025. The Policy also envisages increase in the share of capital goods contribution from present 12% to 20% by the year 2025.

Under the Capital Goods Scheme, so far 14 proposals have been approved. Out of these four pertains to Centre of Excellence for technology development by eminent Institutions like Central Manufacturing Technology Institute (CMTI), Indian Institute of Technology (IIT), Madras, PSG College of Technology, Coimbatore, Scientific and Industrial Testing and Research Centre (SiTarc), Coimbatore. Four proposals have been approved for Common Engineering Facility Centre which includes two Training Centres at HMT Machine Tools at Bangalore and at HEC Limited, Ranchi and two common engineering facilities in Chakan, Maharashtra and Bardoli, Gujrat. Further a Project for setting up an Integrated Machine Tool Park at Tumkur has been approved. Apart from the above, five projects have been approved under Technology Acquisition Fund Programme component of the Scheme.

In addition to the above, the projects pertaining to Capital Goods Industry under Uchchatar Avishkar Yojana and Impacting Research Innovation and Technology (IMPRINT) Schemes of the Ministry of Human Resource Development are also being supported partly by the Department of Heavy Industry.

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Tata Power gains after expansion of solar unit
Mar 15,2017

The announcement was made during trading hours today, 15 March 2017.

Meanwhile, the S&P BSE Sensex was down 32.72 points, or 0.11% to 29,409.91.

On the BSE, 3.41 lakh shares were traded in the counter so far, compared with average daily volumes of 4.31 lakh shares in the past one quarter. The stock had hit a high of Rs 85.60 and a low of Rs 83.40 so far during the day. The stock hit a 52-week high of Rs 86 on 21 February 2017. The stock hit a 52-week low of Rs 58 on 18 March 2016.

The stock had underperformed the market over the past one month till 14 March 2017, rising 0.12% compared with 3.85% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, rising 6.31% as against Sensexs 10.67% rise.

The large-cap company has equity capital of Rs 270.48 crore. Face value per share is Re 1.

Keeping up with Government of Indias progressive Make in India plan of domestic production with enhanced efficiency of a solar cells and modules, Tata Power Solar, Indias largest integrated solar company, announced a significant expansion and modernisation of its cell and module manufacturing facility in Bengaluru. The two-stage expansion doubled the companys module capacity to 400 megawatts (MW) from 200 MW, and increased its cell manufacturing capacity by 65% from 180 MW to 300 MW.

The Governments renewable energy mission of 100 gigawatts (GW) by 2022 has given significant impetus to the industry. There is a strong intent from the government to promote domestic solar manufacturing and facilitate the sectors growth through Make in India cells and modules, Tata Power Solar said in a statement.

Tata Power Solar, with 27 years of deep domain expertise, is one of the pioneering solarmanufacturers n++n the world and Indias largest specialised EPC player. Headquartered in Bangalore, Tata Power Solar now operates independently as a wholly-owned subsidiary of Tata Power.

On a consolidated basis, net profit of Tata Power Company rose 38.30% to Rs 599.20 crore on 8.68% decline in net sales to Rs 6677.89 crore in Q3 December 2016 over Q3 December 2015.

Tata Power is Indias largest integrated power company with a significant international presence. The company has a presence in all the segments of the power sector viz generation (thermal, hydro, solar and wind), transmission, distribution and trading.

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UCO Bank gains after distribution tieups
Mar 15,2017

The announcement was made during trading hours today, 15 March 2017.

Meanwhile, the S&P BSE Sensex was up 23.12 points, or 0.08% to 29,465.75.

On the BSE, 89,000 shares were traded in the counter so far, compared with average daily volumes of 1.32 lakh shares in the past one quarter. The stock had hit a high of Rs 36.50 and a low of Rs 35.45 so far during the day. The stock hit a 52-week high of Rs 46.60 on 15 July 2016. The stock hit a 52-week low of Rs 29.50 on 9 November 2016.

The stock was flat over the past one month till 14 March 2017, underperforming the Sensexs 3.85% rise in the same period. The scrip had also underperformed the market in past one quarter, rising 5.63% as against Sensexs 10.67% rise.

The mid-cap company has equity capital of Rs 1559.73 crore. Face value per share is Rs 10.

UCO Bank signed corporate agency tie-up agreements with Future General India Insurance Company and Liberty Videocon General Insurance Company for distribution of general insurance products at its branches all over the country for bancassurance business. These companies will be partners, in addition to the existing partner of the bank for general insurance business, the bank said in a statement.

UCO Bank reported net loss of Rs 437.09 crore in Q3 December 2016 as against net loss of Rs 1497.01 crore in Q3 December 2015. Operating income declined 1.4% to Rs 4864.21 crore in Q3 December 2016 over Q3 December 2015.

The Government of India held 76.67% stake in UCO Bank end December 2016.

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