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Surya Industrial Corporation to hold AGM

Surya Industrial Corporation to hold AGM

Sep 14,2016

Surya Industrial Corporation announced that the Annual General Meeting (AGM) of the company will be held on 30 September 2016.

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Reliance Defence inches up as Morgan Stanley purchases bulk shares
Dec 26,2016

Meanwhile, the S&P BSE Sensex was down 238.94 points or 0.92% at 25,801.76.

On the BSE, 1.98 lakh shares were traded on the counter so far as against the average daily volumes of 5.37 lakh shares in the past one quarter. The stock was volatile. The stock rose as much as 2.66% at the days high of Rs 55.90 so far during the day. The stock rose 0.09% at the days low of Rs 54.50 so far during the day.

The stock had hit a 52-week high of Rs 114 on 28 December 2015 and a 52-week low of Rs 48.40 on 22 November 2016. It had outperformed the market over the past one month till 23 December 2016, advancing 7.61% compared with the Sensexs 0.04% fall. The scrip had, however, underperformed the market in past one quarter, declining 10.44% as against Sensexs 9.17% fall.

The mid-cap company has equity capital of Rs 736.21 crore. Face value per share is Rs 10.

Valiant Mauritius Partners Offshore sold 68.82 lakh shares of Reliance Defence and Engineering (RDEL) at Rs 53.25 per share in a bulk deal on the BSE on Friday, 23 December 2016. Valiant Mauritius Partners offloaded 54.40 lakh shares at Rs 53.25 a piece. Morgan Stanley Mauritius Company bought the entire 1.23 crore shares in these deals.

Valiant Mauritius Partners owned 2.23% in RDEL end September 2016.

Reliance Defence and Engineering reported net loss of Rs 116.29 crore in Q2 September 2016, lower than net loss of Rs 170.49 crore in Q2 September 2015. Net sales rose 86.2% to Rs 96.85 crore in Q2 September 2016 over Q2 September 2015.

Reliance Defence and Engineering (formerly Pipavav Defence and Offshore Engineering Company) is into building defence warships.

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ONGC slips on plan to buy GSPC stake in KG basin block
Dec 26,2016

The announcement was made after market hours on Friday, 23 December 2016.

Meanwhile, the BSE Sensex was down 218.93 points, or 0.84%, to 25,821.77.

On the BSE, so far 45,000 shares were traded in the counter, compared with average daily volumes of 6.74 lakh shares in the past one quarter. The stock had hit a high of Rs 192.30 and a low of Rs 189.05 so far during the day.

The stock hit a 52-week high of Rs 210.11 on 13 December 2016. The stock hit a 52-week low of Rs 125.40 on 12 February 2016. The stock had outperformed the market over the past 30 days till 23 December 2016, rising 4.19% compared with the 0.70% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 11.13% as against Sensexs 9.17% decline.

The large-cap company has equity capital of Rs 6416.62 crore. Face value per share is Rs 5.

ONGC announced that its board on Friday, 23 December 2016, considered the proposal and approved acquisition of the entire 80% participating interest (PI) of Gujarat State Petroleum Corporation (GSPC) along with operatorship rights, at a purchase consideration of $995.26 million for Deen Dayai West Field in Krishna Godavari (KG) Basin offshore.

ONGC and GSPC were engaged in discussions on a potential transaction for purchase by ONGC of GSPCs stake and operatorship in NELPn++III block in KG Basin offshore.

ONGC shall also pay part consideration of $200 million to GSPC towards future consideration for six discoveries other than Deen Dayai West Field, which will be adjusted upon valuation of the these discoveries subsequent to approval of their Field Development Plans by DGH/Management Committee of the block.

The transaction would be documented by signing a farm-in agreement with GSPC. Requisite approval from the Government will be sought by GSPC in accordance with provisions of production sharing contract of the block.

ONGCs net profit rose 6.3% to Rs 4974.92 crore on 10.3% decline in net sales to Rs 18286.62 crore in Q2 September 2016 over Q2 September 2015.

ONGC is Indias largest oil and gas exploration firm by sales.

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I&B Ministry revises timeline for Phase III & Phase IV of Cable TV Digitization
Dec 26,2016

The Ministry of Information & Broadcasting is extending the cut-off date for Phase IV of Cable TV Digitization to 31 March, 2017 in lieu of uncertainty in the market due to pending court cases and unsatisfactory progress of installation of Set Top Boxes (STBs) in Phase IV areas. Digitization in rural areas was targeted to be achieved by 31st December, 2016 under Phase IV. A notification in this regard will be issued shortly.

Ministry is also providing additional time for the remaining subscribers in Phase III areas to switch over to digital mode of transmission by 31st January, 2017 on account of ongoing court proceedings.

In Phase III areas, digitization in remaining urban areas in the country was to be completed by 31st December, 2015. However, some MSO Associations/individuals had moved various High Courts and obtained either extension of cut-off date / stay on the operationalization of the Notifications of the Ministry dated 11 November 2011 and 11 November 2014. The matter when raised before the Honble Supreme Court by the Ministry, transferred all the cases to the Delhi High Court for hearing and disposal vide its order dated 01 April 2016. Honble High Court of Delhi has disposed-off most of the cases and it is very likely that the remaining cases would also be finally disposed-off in very near future.

The Ministry will be issuing instructions to all the Broadcasters, Multi System Operators (MSOs), Local Cable Operators (LCOs) and the Authorised Officers to ensure that no analog signals would be transmitted over the cable networks in Phase III areas after 31st January, 2017. It is also made clear that no further extension of time would be allowed.

The Cable Television Networks (Regulation) Amendment Act, 2011 has made it mandatory for switch-over of the existing analogue Cable TV networks to Digital Addressable System (DAS) in four phases. Digital switch-over has already taken place in Phase-I and II areas.

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Government directs GCMMF/Amul to ensure 100% milk producers accounts to be opened by 30th December 2016
Dec 26,2016

Consequent upon the Governments decisions of demonetization, certain unintended impacts have been observed especially in the sectors thriving upon sheer cash transactions. In this regards, non-availability of funds to the co-operative banks for making payments to Milk producers/farmers by dairy co-operative against the milk supplied by then came to the notice of the government. GCMMF/Amul has been specifically directed to ensure 100% milk producers accounts to be opened by 30th December, 2016. Similarly, other co-operatives have been directed to ensure the opening of 100% accounts of milk producers/farmers by 30th January, 2017.

Specific instructions have been issued to all the agencies such as National Dairy Development Board, Mother Dairy, Delhi Milk Scheme and all state Dairy co-operative federations for ensuring direct payment to milk producers bank account at the earliest. Low penetration of nationalized banks and co-operative bank accounts in rural areas need adequate financial support with appropriate safe guards.

Responding promptly to the prevailing situation of reported payment problems, Shri Radha Mohan Singh has regularly reviewed and directed to take appropriate action to aliviate the problems. Meeting with Mother Dairy, Gujarat Cooperative Milk Marketing Fed (GCMMF) /Amul, Delhi Milk Scheme and like co-operative is taken at regular intervals.

In order to take stock of the prevailing situation, Secretary , Animal Husbandry Dairying and Fisheries, Shri Devendra Chaudhry has accordingly convened a series of meetings and initiated actions for streamlining the payment system to Milk producers and even sale of milk to consumers through cashless transactions primarily.

It is to be noted that there are 1.70 lakh Dairy Co-operative Societies (DCS) at village level having 1.6 crore milk producers affiliated with 218 milk unions. About 850 lakh litres per day Milk is procured including from private dairies. However, the value of milk procured from DCS is to the tune of rupees 120 crore per day. For weekly and 10 days payment cycle the substantive amount is to be disbursed to lakhs of milk producers spread over varied geographical areas.

Using the window of opportunity opened by the demonetization decision, it is high time to accelerate the opening of bank accounts of all those unbanked milk producers to make it cashless and digital sooner than later. Eventually, transparency saving habits, financial enclosure etc. would be benefiting milk producer in multiple ways.

The situation of easing the payment to milk producers is being reviewed and monitored periodically by the Government.

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Board of Tamilnadu Steel Tubes to conduct business review
Dec 26,2016

Tamilnadu Steel Tubes announced that Meeting of the Board of Directors of the Company is scheduled to be held on 31 December 2016, inter alia, to discuss, consider the recommendations of various committees and to take on record and to review on the business activities of the Company, and other items as per Agenda.

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Sterling Webnet announces change in registered office
Dec 26,2016

Sterling Webnet has shifted its registered office Address from 36, Gola Market, Behind Golcha Cinema, Daryaganj, Delhi -110002 to 104, Samedh Building, Beside Associated Petrol Pump, C.G. Road, Ahmedabad - 380006, Gujarat, India w.e.f. 29 July 2015.

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Kavit Industries reschedules board meeting
Dec 26,2016

Kavit Industries announced that the meeting of the Board of Directors scheduled to be held on 24 December 2016, has been postponed to 03 January 2017.

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Orosil Smith India announces change in promoter shareholding
Dec 26,2016

Orosil Smith India announced that due to public Announcement and open offer made by the company in accordance with order of SEBI dated 13 May 2015, promoters holding has been increased from 72.64% of paid up equity share capital to 75.83% of paid up Equity Share capital on 03 December 2015.

And to reduce promoters shareholding, in continuation of earlier Offer For Sale held on 23 November 2016, Sukarma Finance, promoter of the company has disposed of 18080 equity shares of the company representing 0.22% of paid up equity share capital of the company of face value of Rs. 5/- each through the Offer for Sale- Stock Exchange Mechanism on BSE on 22 December 2016 (Non Retail Category) and 23 December 2016 (Retail Category).

Consequently the public shareholding of Orosil Smith India has increased from 24.80% to 25.02%, thereby promoter and promoter Group shareholding has reduced from 75.20% to 74.98% on 23 December 2016 in compliance of Rule,19A of Securities Contracts (Regulation) Rules, 1957 read with Regulation 38 of SEBI (Listing Obligation and Disclosure Requirements) Regulation 2015.

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Cityon Systems (India) to hold EGM
Dec 26,2016

Cityon Systems (India) announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 21 January 2017.

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Board of Shirpur Gold Refinery gives in-prinicple approval for acquisition of 70% stake in Metalli Exploration and Mining, Mali
Dec 26,2016

Shirpur Gold Refinery announced that the Board of Directors of the Company at its meeting held on 24 December 2016 have granted in-principle approval to Zee Gold DMCC Dubai, wholly owned subsidiary of the company for acquisition of 70% shareholding rights of Metalli Exploration and Mining, Mali (MEAM or Target Company) for Gold Mines located at Mali.

Zee Gold DMCC will acquire 70% of the shareholding of MEAM for Gold Mines located at Mali from Midas Gems & Jewellery, DMCC, Dubai (Midas) for all cash consideration of approx. not more than USD 7.50 million. The proposed transaction is subject to conditions precedent but would not require any governmental or regulatory approvals and is expected to close within 2-3 months.

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Yes Bank shrugs off fund raising announcement
Dec 26,2016

Meanwhile, the S&P BSE Sensex was down 149.37 points or 0.57% at 25,891.33.

On the BSE, 4,352 shares were traded on the counter so far as against the average daily volumes of 2.43 lakh shares in the past one quarter. The stock had hit a high of Rs 1,124 and a low of Rs 1,110.55 so far during the day.

The stock had hit a record high of Rs 1,450 on 7 September 2016. The stock had hit a 52-week low of Rs 632.25 on 20 January 2016. It had underperformed the market over the past one month till 23 December 2016, sliding 0.09% compared with the Sensexs 0.04% fall. The scrip had, however, outperformed the market in past one quarter, declining 8.74% as against Sensexs 9.17% fall.

The large-cap private sector bank has equity capital of Rs 422.93 crore. Face value per share is Rs 10.

Yes announced that it has placed Rs 3000 crore of Basel III compliant Additional Tier-1 (AT1) bonds through private placement against the base issue size of Rs 2100 crore. The bonds will be listed on the BSE and its proceeds will qualify for Basel III Tier-I capital. The bonds carry a coupon rate of 9.5% per annum. The bonds have been rated as CARE AA (Stable Outlook) by CARE Ratings and IND AA (Stable Outlook) by India Ratings and Research (A Fitch Group Company). The announcement was made on Saturday, 24 December 2016.

Yes Banks net profit rose 31.3% to Rs 801.54 crore on 24.7% rise in total income to Rs 4982.23 crore in Q2 September 2016 over Q2 September 2015.

Yes Bank is one of the leading private sector banks in India.

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Bajaj Corp recognised as Best Corporate - Emerging
Dec 26,2016

Bajaj Corp has received the prestigious ICSI CSR Excellence Award as Best Corporate-Emerging.

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Yes Bank drops in early trade
Dec 26,2016

Meanwhile, the S&P BSE Sensex was down 149.37 points or 0.57% at 25,891.33.

On the BSE, 4,352 shares were traded on the counter so far as against the average daily volumes of 2.43 lakh shares in the past one quarter. The stock had hit a high of Rs 1,124 and a low of Rs 1,110.55 so far during the day.

The stock had hit a record high of Rs 1,450 on 7 September 2016. The stock had hit a 52-week low of Rs 632.25 on 20 January 2016. It had underperformed the market over the past one month till 23 December 2016, sliding 0.09% compared with the Sensexs 0.04% fall. The scrip had, however, outperformed the market in past one quarter, declining 8.74% as against Sensexs 9.17% fall.

The large-cap private sector bank has equity capital of Rs 422.93 crore. Face value per share is Rs 10.

Yes announced that it has placed Rs 3000 crore of Basel III compliant Additional Tier-1 (AT1) bonds through private placement against the base issue size of Rs 2100 crore. The bonds will be listed on the BSE and its proceeds will qualify for Basel III Tier-I capital. The bonds carry a coupon rate of 9.5% per annum. The bonds have been rated as CARE AA (Stable Outlook) by CARE Ratings and IND AA (Stable Outlook) by India Ratings and Research (A Fitch Group Company). The announcement was made on Saturday, 24 December 2016.

Yes Banks net profit rose 31.3% to Rs 801.54 crore on 24.7% rise in total income to Rs 4982.23 crore in Q2 September 2016 over Q2 September 2015.

Yes Bank is one of the leading private sector banks in India.

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Sterling Webnet appoints director
Dec 26,2016

Sterling Webnet announced that Mahendra Dolatrai Ganatra have been appointed as Additional Director (Independent) of the Company w.e.f. 10 October 2016.

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Tea Board Takes Up the West Bengal Tea Garden Workers Payment with RBI
Dec 26,2016

After the notification of demonetization by Government of India on 08 November 2016, the Tea Board has taken several initiatives for ensuring smooth payment of wages to the tea garden workers and opening of bank accounts and enabling the workers to migrate to the digital payment system.

For ensuring smooth payment of wages to the tea garden workers in West Bengal, the Chairman, Tea Board has written to the Chief Secretary, Government of West Bengal, on 23 November 2016 for implementation of the Notification No. 5881-F(Y) dated 16 November 16 of the State Government for payment to tea garden owners through the bank accounts of the District Administration. Letters were also issued by the Chairman, Tea Board, to the Chief Secretaries, Government of Kerala and Tamil Nadu, on 17 November 16, for issuing directives to the District Administration for accepting deposit of money from tea garden owners in any bank account of the District Administration and withdrawal of cash by the Administration for handing over to the owners for making payment to garden workers.

For follow up with the Bankers and tea producers associations, meetings were held by the Tea Board at Kolkata and Siliguri on 24 November 2016.

On 06 December 2016, a letter was written to the Labour Commissioner, Government of West Bengal to advise the operating Trade Unions to cooperate for opening the individual accounts in tea gardens, so that wages to the tea garden workers can be paid smoothly. The Board on 09 December 2016, requested all the State Governments of tea growing States for facilitating opening of accounts for the individual workers of tea gardens. The Zonal and Regional offices of the Tea Board are vigorously pursuing with the garden managements for opening of bank accounts for their workers and employees. Tea Producers Associations were also advised by the Board for facilitating the opening of individual bank accounts for the workers for smooth payment of wages.

Shri. Santosh Sarangi, Chairman, Tea Board, has discussed the issue of payment of wages to tea garden workers with the CGM, Reserve Bank of India and requested for taking effective steps by RBI for ensuring prompt payment of wages to the tea garden workers. This was followed up with a meeting of Tea Board Officials Shri A. K. Das, F. A. & C.A.O. and Shri S. Soundararajan, DTD, with the Regional Director and Chief General Manager of Reserve Bank of India, Kolkata on 21 December 2016. The officials of the Board requested the RBI officials on the following:

For issuing suitable directives to the concerned Banks catering to the tea gardens in North Bengal for taking special initiatives for smooth payment of wages to the tea garden workers.

Measures for improvement in the currency flow to the tea growing Districts in the state of West Bengal i.e. Jalpaiguri, Darjeeling , Alipurduar and Coochbehar as per the requirement so that outstanding wages can be paid immediately and also ensuring timely payment of wages in coming days.

Expeditious opening of Bank Accounts under Pradhan Mantri Jan Dhan Yojana (PMJDY), for individual workers so that wages can be transferred by the garden owners directly to the workers accounts.

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