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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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NGL Fine Chem gets revision in credit ratings
May 04,2017

NGL Fine Chem has received SME 1 rating by CRISIL indicating highest level of credit worthiness. The long term bank rating is upgraded to CRISIL BBB/ Stable and short term bank rating is upgraded to CRISIL A3+.

The Company has also been rated by ICRA for bank borrowing and has been awarded BBB/ Positive and short term rating is A3+ reaffirmed.

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Cabinet approves MoU on Third Line of Credit of US $ 4.5 billion to Bangladesh for implementation of developmental projects
May 04,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given ex-post facto approval to the Memorandum of Understanding (MoU) on Third Line of Credit (LoC) of US $ 4.5 billion to Bangladesh for implementation of developmental projects.

The MoU was signed during the visit of the Prime Minister of Bangladesh to India in April 2017.

The MoU provides for deepening the strategic partnership, development of infrastructure in Bangladesh, improving connectivity between India and Bangladesh, thus enhancing accessibility to our North Eastern Region, as well as creating new business opportunities for Indian companies in Bangladesh.

The concessional financing system to Bangladesh would strengthen bilateral relations and development cooperation between India and Bangladesh.

The MoU specifies a list of projects which will be undertaken under the concessional financing system. This provides an opportunity to ensure that projects of Indias interest are undertaken under this LoC.

Some of the projects will ensure better and faster connectivity to the North Eastern region of India with the mainland as well as to the outside world. They will also ensure Indias security and will open up business for Indian companies.

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Board of Iris Mediaworks approves change in directorate
May 04,2017

Iris Mediaworks announced that its board meeting held on 03 May 2017 has inter-alia considered and approved the change in designation of Mitiesh Jani from Additional Non- Executive Director to Additional Executive Director of the Company.

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Sanwaria Agro Oils appoints CFO and KMP
May 04,2017

Sanwaria Agro Oils announced that the Board of Directors at its meeting held on 03 May 2017 has appointed Anil Kumar Vishwakarma as the Chief Financial Officer and Key Managerial Personnel of the Company with immediate effect.

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United Van Der Horst announces change in directorate
May 04,2017

United Van Der Horst announced the appointment of Jagmeet Singh Sabharwal (DIN - 00270607) as Additional Executive Director of the Company with immediate effect i.e. 3 May 2017 and resignation of Rubina Inderpal Sabharwal (DIN: 03556608) from the designation of Whole-Time Director & CFO & Compliance Officer with effect from 5 May 2017.

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Cabinet approves National Steel Policy 2017
May 04,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for National Steel Policy (NSP) 2017.

The new Steel Policy enshrines the long term vision of the Government to give impetus to the steel sector. It seeks to enhance domestic steel consumption and ensure high quality steel production and create a technologically advanced and globally competitive steel industry.

Key features of the NSP 2017:

1. Create self-sufficiency in steel production by providing policy support & guidance to private manufacturers, MSME steel producers, CPSEs

2. Encourage adequate capacity additions,

3. Development of globally competitive steel manufacturing capabilities,

4. Cost-efficient production

5. Domestic availability of iron ore, coking coal & natural gas,

6. Facilitating foreign investment

7. Asset acquisitions of raw materials &

8. Enhancing the domestic steel demand.

The policy projects crude steel capacity of 300 million tonnes (MT), production of 255 MT and a robust finished steel per capita consumption of 158 Kgs by 2030 - 31, as against the current consumption of 61 Kgs. The policy also envisages to domestically meet the entire demand of high grade automotive steel, electrical steel, special steels and alloys for strategic applications and increase domestic availability of washed coking coal so as to reduce import dependence on coking coal from about 85% to around 65% by 2030-31.

Some highlights of New Steel Policy

n++ The Indian steel sector has grown rapidly over the past few years and presently it is the third largest steel producer globally, contributing to about 2% of the countrys GDP. India has also crossed 100 MT mark for production for sale in 2016-17.

n++ The New Steel Policy, 2017 aspires to achieve 300MT of steel-making capacity by 2030. This would translate into additional investment of Rs. 10 lakh Crore by 2030-31.

n++ The Policy seeks to increase consumption of steel and major segments are infrastructure, automobiles and housing. New Steel Policy seeks to increase per capita steel consumption to the level of 160 Kgs by 2030 from existing level of around 60 Kg.

n++ Potential of MSME steel sector has been recognised. Policy stipulates that adoption of energy efficient technologies in the MSME steel sector will be encouraged to improve the overall productivity & reduce energy intensity.

n++ Steel Ministry will facilitate R&D in the sector through the establishment of Steel Research and Technology Mission of India (SRTMI). The initiative is aimed to spearhead R&D of national importance in iron & steel sector utilizing tripartite synergy amongst industry, national R&D laboratories and academic institutes.

n++ Ministry through policy measures will ensure availability of raw materials like Iron ore, Coking coal and non-coking coal, Natural gas etc. at competitive rates.

n++ With the roll out of the National Steel Policy-2017, it is envisaged that the industry will be steered in creating an environment for promoting domestic steel and thereby ensuring a scenario where production meets the anticipated pace of growth in consumption, through a technologically advanced and globally competitive steel industry. This will be facilitated by Ministry of Steel, in coordination with relevant Ministries, as may be required.

Background:

Steel is one of the most important products in the modern world and forms the backbone to any industrial economy. India being one of the fastest growing economies in the world, and steel finding its extensive application right from construction, infrastructure, power, aerospace and industrial machinery to consumer products, the sector is of strategic importance to the country. The Indian steel sector has grown exponentially over the past few years to be the third largest producer of steel globally, contributing to about 2% of the countrys GDP and employing about 5 lakh people directly and about 20 lakh people indirectly.

Untapped potential with a strong policy support becomes the ideal platform for growth. Owing to the strategic importance of the sector along with the need to have a robust and restructured policy in present scenario, the new NSP, 2017 became imminent. Though, National Steel Policy 2005 (NSP 2005) sought to indicate ways and means of consolidating the gains flowing out of the then economic order and charted out a road map for sustained and efficient growth of the Indian steel industry, it required adaptation in view of the recent developments unfolding in India and also worldwide, both on the demand and supply sides of the steel market.

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Cabinet approves MoU between the Defence Services Staff College, Wellington and Defence Services Command and Staff College, Mirpur, Dhaka
May 04,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given ex-post facto approval to the Memorandum of Understanding (MoU) between the Defence Services Staff College, Wellington and Defence Services Command and Staff College, Mirpur, Dhaka for Cooperation concerning Military Education in the Field of Strategic and Operational Studies.

The MoU will enable establishment of a framework for enhanced cooperation in the field of military education concerning strategic and operational studies and promotion of closer and long-term cooperation between the two countries.

Given the geographical and cultural closeness between the two countries, there are many common challenges like countering terrorism that needs joint action. Hence, there is a need for better coordination and cooperation among the armed forces. The joint training and exercises will help to bring symmetry in capacities of the armed forces and contribute to countering and managing common threats and challenges much better. The MoU enhances public accountability by way of exchange of information and technology between India and Bangladesh.

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Sundaram Clayton drops after weak Q4 earning
May 04,2017

The result was announced after market hours yesterday, 3 May 2017.

Meanwhile, the S&P BSE Sensex was up 162.63 points or 0.54% at 30,057.43. The S&P BSE Small-Cap index was up 73.40 points or 0.5% at 14,883.61.

On BSE, so far 41 shares were traded in the counter as against average daily volume of 262 shares in the past one quarter. The stock hit a high of Rs 4,189.55 and a low of Rs 4,125.75 so far during the day. The stock had hit a record high of Rs 4,850 on 26 April 2017. The stock had hit a 52-week low of Rs 1,925 on 5 May 2016.

The mid-cap company has equity capital of Rs 10.12 crore. Face value per share is Rs 5.

Sundaram Clayton is one of the largest auto components manufacturing and distribution group in India. The company is a leading supplier of aluminium die castings to automotive and non-automotive sector.

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Cabinet approves signing of MoU between India and Spain on cooperation in the sphere of Civil Aviation
May 04,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the signing of Memorandum of Understanding (MoU) on Cooperation in the sphere of Civil Aviation between India and Spain.

The MoU signifies an important landmark in the civil aviation relations between India and Spain, and has the potential to spur greater trade, investment, tourism and cultural exchanges between the two countries.

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I G Petrochemicals spurts after stellar Q4 report card
May 04,2017

The result was announced after market hours yesterday, 3 May 2017.

Meanwhile, the S&P BSE Sensex was up 161.55 points or 0.54% at 30,056.36. The S&P BSE Small-Cap index was up 90.08 points or 0.58% at 15,521.04.

On BSE, so far 63,000 shares were traded in the counter as against average daily volume of 26,875 shares in the past one quarter. The stock hit a high of Rs 440 in intraday trade so far, which is record high for the counter. The stock had hit a low of Rs 416 so far during the day. The stock had hit a 52-week low of Rs 124.10 on 26 May 2016.

The small-cap company has an equity capital of Rs 30.79 crore. Face value per share is Rs 10.

I G Petrochemicals earnings before interest, taxation, depreciation and amortization (EBITDA) surged 96% to Rs 45.60 crore in Q4 March 2017 over Q4 March 2016. EBITDA margin expanded 490 basis points to 15.8% in Q4 March 2017 from 10.9% in Q4 March 2016 on the back of better recovery processes, operational efficiency and stringent cost control measures.

I G Petrochemicals said that Indias current Phthalic Anhydride (PAN) consumption is about 3.5 lakhs MTPA and is expected to grow at 8% - 9% in future, backed by the thrust of Infrastructure and GDP growth. Being Indias largest PAN manufacturer with more than two decades of experience, the company feels there is a huge growth opportunity for it in the coming years.

The companys board of directors have approved the raising of funds by way of borrowings/equity (including bank loans, external commercial borrowings, qualified institutions placement, preferential allotment or any other permitted mode) for long term working capital requirements, repayment of debt, growth plan, etc. for an aggregate amount not exceeding Rs 150 crore.

I G Petrochemicals is a player in Phthalic Anhydride (PAN) which is used in industries such as flexible PVC, plastics, paints, construction, transportation and marine. It is one of the lowest cost producer of PAN globally.

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Cabinet approves Vijayawada Airport as International Airport
May 04,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for the declaration of Vijayawada Airport as International Airport, as per the provisions of Andhra Pradesh Reorganisation Act, 2014.

The proposal will add to improved connectivity to the State capital. It will provide wider choice of services at competitive costs to the air-travelers and give a boost to domestic/international tourism and socio-economic development of Andhra Pradesh by bringing in international passengers and cargo traffic.

Background:

Declaration of an airport as International Airport depends upon traffic potential and demand from airlines for operation of international flights. Further, availability of Ground Lighting Facilities, Instrument Landing System for operation of aircrafts at night, adequate runway length to cater to medium capacity long-range aircraft or equivalent type of aircraft, availability of Customs, Immigration, Health and Animal & Plant Quarantine Services are also required for international operations.

The declaration of Vijayawada Airport as International has been taken up in accordance with the provisions of Andhra Pradesh Reorganisation Act, 2014 and keeping in view the passenger traffic growth, demands from airlines and Andhra Pradesh Government. Airports Authority of India has undertaken upgradation of requisite infrastructure and facilities for international operations.

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Board of V-Mart Retail approves change in CFO
May 04,2017

V-Mart Retail announced that the Board of Directors of the Company at its meeting held on 03 May 2017 has appointed Anand Agarwal as Chief Financial Officer (CFO) and Key Managerial Personnel (KMP) of the Company with effect from 05 June 2017 consequent upon resignation of Deepak Sharma, the present CFO with effect from 06 May 2017.

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Board of I G Petrochemicals approves fund raising up to Rs 150 crore
May 04,2017

The Board of Directors of I G Petrochemicals have approved the raising of funds by way of borrowings/equity (including bank loans, external commercial borrowings, qualified institutions placement, preferential allotment or any other permitted mode) for long term working capitalrequirements, repayment of debt, growth plan, etc. for an aggregate amount not exceeding Rs. 150 crore.

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Cabinet approves transfer of land and building belonging to Department of Posts at Thrissur (Trichur) in Kerala to Thrissur Municipal Corporation
May 04,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved transfer of 16.5 cents of land and building belonging to Department of Posts at Thrissur in Kerala to Thrissur Municipal Corporation for widening of Pattalam Road, in public interest on the principle of land in exchange of land.

The Department of Posts will get an equal area of land of 16.5 cents which is about 200 metres away from the existing Thrissur Central Post Office. The Thrissur Municipal Corporation will also construct a Post Office having a built up area of 3500 sq.feet, as per the specifications of Department of Posts including compound wall with two gates at their own cost. This proposal of the Thrissur Municipal Corporation related to widening of the existing Pattalam road, to have accident-free movement of traffic, will benefit people of the area.

The proposal under consideration will benefit the people in the locality to travel freely without any traffic block and within a short time through the Pattalam Road in front of the existing Thrissur Central Post Office.

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V-Mart Retail scales record high after blockbuster Q4 outcome
May 04,2017

The result was announced after market hours yesterday, 3 May 2017.

Meanwhile, the S&P BSE Sensex was up 141.48 points or 0.47% at 30,036.28. The S&P BSE Small-Cap index was up 65.12 points or 0.42% at 15496.08.

On the BSE, 9,040 shares were traded on the counter so far as against the average daily volumes of 19,186 shares in the past one quarter. The stock hit a high of Rs 1,059.10 in intraday trade so far, which is record high for the counter. The stock had hit a low of Rs 967 so far during the day. The stock had hit a 52-week low of Rs 425 on 24 June 2016.

The small-cap company has equity capital of Rs 18.07 crore. Face value per share is Rs 10.

V-Mart Retail is a hypermarket format retail chain based in New Delhi. It is a multi-brand family retail store offering apparels, general merchandise and kirana.

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