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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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Edelweiss Financial gains after selling step down subsidiary
Nov 18,2016

The announcement was made after market hours yesterday, 17 November 2016.

Meanwhile, the S&P BSE Sensex was up 10.48 points or 0.04% at 26,238.10.

On BSE, so far 1.7 lakh shares were traded in the counter as against average daily volume of 3.84 lakh shares in the past one quarter. The stock hit a high of Rs 95.30 and a low of Rs 91 so far during the day. The stock had hit a 52-week high of Rs 129.10 on 20 October 2016. The stock had hit a 52-week low of Rs 44.40 on 12 February 2016. The stock underperformed the market over the past one month till 17 November 2016, sliding 21.49% compared with 4.73% decline in the Sensex. The scrip also underperformed the market in past one quarter, falling 9.63% as against Sensexs 6.35% decline.

The mid-cap company has equity capital of Rs 82.89 crore. Face value per share is Re 1.

Edelweiss Financial Services announced that Edel Commodities (ECL), a wholly owned subsidiary of the company entered into a share sale & purchase agreement with Inditrade Business Consultants (IBCL) yesterday, 17 November 2016 for sale of its wholly owned subsidiary namely Edel Commodities Trading (ECTL) for a deal size of minimum of Rs 13 crore receivable in cash and shares.

IBCL is a subsidiary of Inditrade Capital with focus on commodity procurement, financing and export of commodities. It operates in 7 states and is rapidly scaling up its operations in India and abroad. The transactions are not with the promoter/promoter group and also does not fall under the related party transactions.

Consequent to the transaction, ECTL, Edelweiss Commodities CHAD SARL and Edelweiss Commodities Nigeria, the subsidiaries of ECTL, ceases to be the subsidiaries of ECL and, in turn of the company.

On a consolidated basis, Edelweiss Financial Services net profit rose 30.4% to Rs 183.12 crore on 25.4% growth in net sales to Rs 1216.12 crore in Q2 September 2016 over Q2 September 2015.

Edelweiss Financial Services offers a range of products and services spanning retail finance, debt capital markets, commodities, financial markets, asset management and life insurance.

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GST Offers Industries an Opportunity to Reboot
Nov 18,2016

India Ratings and Research (Ind-Ra) believes that the four-rate tax slabs of 5%, 12%, 18% and 28% in GST would have a bearing on the profitability of most industries. Further, additional cess on some of the products, if absorbed by the respective businesses, would impact their margins.

GST would benefit industry as it would eliminate the cascading impact of taxes and allow unrestricted flow of input tax credit, and lower the compliance cost through simple tax regime as against the current multiple tax slabs and laws. In general, industries currently subject to taxes at a rate higher than the rates proposed in the GST Act would benefit and see margin expansions and improvements in their working capital, while those subject to a tax rate lower than the GST rates may face challenges on the margin front and increased working capital requirements.

Ind-Ra also believes that the service industries would see an increase in tax rates for most services under the new GST regime, which might have a bearing on the margins and the working capital cycle. Further, factors such as abatements, concessional duty structure, and area-wise exemptions, if not continued under GST, would have a significant bearing on the profitability of many industries.

Industries that would benefit from lower GST tax rates include cement and auto manufacturers, while those that could be impacted negatively due to GST include the cotton and downstream value chain and apparel segment of the textile industry and print media, which are currently either tax exempted or subject to concessional rates of taxes.

Abatement of tax, if not continued under the GST regime, would have a bearing on the profitability of logistics and real estate industries, while the impact on the infrastructure industry with high value contracts spanning across years would have to be assed contract-wise. Within the infrastructure industry, contracts in project phase can face viability issues if they are unable to pass on the increase in cost due to higher taxes or if the government incentives are discontinued under GST.

The central government would compensate for any revenue loss to the state governments during the first five years of the GST regime. The GST council has agreed to factor in the tax exemptions given to the industries in the eight north eastern states and the three hilly states while calculating revenue loss for determining compensation. The governments (both states and central) decision to continue with the area-based exemptions from central and state taxes can also impact the profitability of factories set up in the specified areas based on these exemptions.

The compelling rationale to switch from the current regime to the GST regime is to eliminate the cascading impact of taxes or simply put n++tax on taxn++ which leads to increase in the price of the end product. Other equally important areas which the GST would address are the multiplicity of taxes at central and state levels, leading to cumbersome and cost bearing compliance exercise for businesses, by bringing about uniformity in tax rates and structure.

Since, the input credit would be available only on taxes paid to the central or state government and after an automated reconciliation through an IT infrastructure, users of input supply would insist on tax invoices to claim the input credit, there by plugging the leakage due to non-payment of taxes or n++Kaccha Billsn++ as it is popularly known in India.

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IIFL Holdings attracts buyers after subsidiary acquires microfinance firm
Nov 18,2016

The announcement was made after market hours yesterday, 17 November 2016.

Meanwhile, the BSE Sensex was up 33.79 points, or 0.13%, to 26,261.41.

On BSE, so far 5,462 shares were traded in the counter, compared with average daily volume of 35,847 shares in the past one quarter. The stock hit a high of Rs 256 and a low of Rs 247.95 so far during the day. The stock hit a 52-week high of Rs 339.50 on 28 October 2016. The stock hit a 52-week low of Rs 163.50 on 29 February 2016. The stock underperformed the market over the past one month till 17 November 2016, sliding 6.54% compared with 4.73% decline in the Sensex. The scrip also underperformed the market in past one quarter, falling 13.5% as against Sensexs 6.35% decline.

The mid-cap company has equity capital of Rs 63.42 crore. Face value per share is Rs 2.

IIFL Holdings said that its non-banking financial company (NBFC) subsidiary, India Infoline Finance (IIFL), proposes to acquire the management and control of Bangalore-based Samasta Microfinance (Samasta), through acquisition of upto 100% equity shares, subject to completion of necessary due diligence, regulatory and other internal approvals. Samasta is an NBFC-micro finance institution (NBFC-MFI) registered with the Reserve Bank of India (RBI). Pursuant to this, IIFL, Samasta and the promoters of Samasta will enter into necessary agreements and documents to effect sale and purchase shares of Samasta in due course upon completion of due diligence, internal approvals and regulatory process.

Samasta promoted by Narayanswamy Venkatesh and Deviah Shivaprasad, first generation entrepreneurs, began operations as an MFI in March 2008 and operates in Tamil Nadu, Karnataka, Maharashtra and Goa through 64 branches. It currently has an asset under management (AUM) of about Rs 100 crore as on 30 September 2016. The income of Samasta as on 31 March 2016 was Rs 20.14 crore. The proposed acquisition of Samasta will help IIFL to enter into micro finance segment and extend its wide ranging financial services to their large customer base. IIFL has received an in principle approval from the RBI for acquiring the stake. The indicative time for completion of the acquistion is about 6 months.

IIFL Holdings consolidated net profit rose 30.4% to Rs 183.12 crore on 25.4% increase in net sales to Rs 1216.12 crore in Q2 September 2016 over Q2 September 2015.

IIFL Holdings is the apex holding company of the entire IIFL Group. It offers a gamut of services including financing, wealth and asset management, broking, financial product distribution, investment banking, institutional equities, realty and property advisory services through its various subsidiaries.

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Board of Abbott India to consider HY results
Nov 18,2016

Abbott India announced that a Meeting of the Board of Directors of the Company is scheduled to be held on 28 November 2016, inter alia, to consider and approve the text of Unaudited Financial Results of the Company for the half year ended on 30 September 2016.

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Infosys partners with UNSILO
Nov 18,2016

Infosys announced that it has made an investment of DKK 14,920,000 from its Innovation Fund in UNSILO, a Danish artificial intelligence startup focused on advanced text analysis. UNSILO uses a unique combination of machine-learning and natural language processing to analyze large quantities of text and improve the speed and effectiveness of knowledgeworkers across many industries.

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Sadbhav Engineering to announce Q2 results
Nov 18,2016

Sadbhav Engineering announced that the meeting of the Board of Directors is scheduled to be held on 28 November 2016, inter alia, to consider and approve the Unaudited Financial Results for the quarter and half year ended 30 September 2016 (Q2).

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CEAT gets upgradation in credit ratings
Nov 18,2016

Ceat announced that India Ratings and Research, a Rating Agency (Ind-Ra), has upgraded the Companys Long-Term Issuer Rating to IND AA from IND AA-. The outlook is Stable. The Companys Short Term Issuer Rating was affirmed at IND A1+.

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Ramco Systems bags order from Schenker AG
Nov 18,2016

Ramco Systems has secured an order from Schenker AG for Ramco HCM & Payroll for an aggregate value of about EUR 7.3 million.

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HealthCare Global Enterprises rises as board approves scheme of amalgamation
Nov 18,2016

The announcement was made after market hours yesterday, 17 November 2016.

Meanwhile, the S&P BSE Sensex was up 83.41 points or 0.32% at 26,311.03

On BSE, so far 3,920 shares were traded in the counter as against average daily volume of 57,153 shares in the past one quarter. The stock hit a high of Rs 254.05 and a low of Rs 250 so far during the day. The stock had hit a record high of Rs 256 on 1 November 2016. The stock had hit a record low of Rs 167 on 24 June 2016. The stock had outperformed the market over the past 30 days till 17 November 2016, rising 8% compared with 6.28% decline in the Sensex. The scrip also outperformed the market in past one quarter, gaining 20.26% as against Sensexs 6.59% fall.

The small-cap company has equity capital of Rs 85.08 crore. Face value per share is Rs 10.

HealthCare Global Enterprises said that it is proposed to merge DKR Healthcare , a subsidiary of BACC Health Care, with BACC Health Care, being subsidiaries of the company. BACC Health Care is a direct subsidiary of the company and DKR Healthcare is a wholly owned subsidiary of BACC Health Care. The board of directors of the respective companies has approved the scheme of amalgamation for the merger of these companies, HealthCare Global Enterprises said.

HealthCare Global Enterprises reported consolidated net profit of Rs 4.94 crore in Q2 September 2016 as compared with net loss of Rs 1.67 crore in Q2 September 2015. Net sales rose 21.96% to Rs 172.93 crore in Q2 September 2016 over Q2 September 2015.

HealthCare Global Enterprises is a provider of speciality healthcare in India, focused on cancer and fertility. Under the HCG brand, the company operates the largest cancer care network in India in terms of the total number of private cancer treatment centres licensed by the AERB. HGEL also provides fertility treatment under the Milann brand.

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Asian Tea & Exports announces change in company secretary and compliance officer
Nov 18,2016

Asian Tea & Exports announced that Anand Kumar Jha has submitted his resignation from the post of Company Secretary and Compliance Officer of the Company w.e.f. 15 November 2016 and Board members have accepted his resignation in its meeting held on 18 November 2016

Further, Rashi Nagori an associate member of The Institute of Company Secretaries of India has been appointed as Company Secretary and Compliance Officer of the Company w.e.f. 18 November 2016.

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Death Claims to be Processed within 07 Days and Retirement Claims to be Settled on the Day of Retirement
Nov 18,2016

The Prime Minister of India during the PRAGATI review meeting held on 26th October desired that claims related to death cases be prioritized and expedited and retirement claims may be settled on the day of retirement. In accordance, the processes have been reviewed and instructions have been issued to field offices to settle death claims within a period of 07 days from the date of receipt of proposal and retirement claims on the day of retirement. The officials in the facilitation centre of field offices have been instructed to scrutinize the claims and guide the claimant regarding submission of required documents in appropriate shape. An official has been posted in the facilitation centers of EPFO this category of claims.

Employers are now increasingly using internet banking to deposit statutory EPF dues since EPFO made it mandatory to use internet banking as the mode of receipt of EPF dues. 96.03% contributions in October 2016 were received online.

In an important judgment delivered by the High Court of Madras in the matter of writ petition filed by Builders Association of India, Madurai, the High Court dismissed the petition praying non enforcement of EPF & MP Act, 1952 every employee employed in or in connection with the work or that factory or establishment, other than an excluded employee, who has not become a member already shall also be entitled and required to become a member of the Fund from the date of joining the factory or establishment.

To expand the reach of convenience offered to EPF members, EPFO has joined the network of Common Services Centers (CSC). A Memorandum of understanding (MoU) has been signed between EPFO and CSC e-Governance Services India (CSC SPV) on 25th October 2016. The MoU is initially for a period of five years. Every year on 14st November, pensioners were required to submit their life certificates. From this year onward, pensioners can submit digital life certificates via Jeevan Pramaan Patra programme through a large number of points of Presence (PoP) of CSC network in addition to those available at EPFO offices. The pensioners living in remote areas can avoid cost and inconvenience of travelling down to the EPF offices or their banks for filing paper based life certificate through this arrangement.

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Trident wins Runner Up Award for Project of the year - Large Category
Nov 18,2016

Trident announced that Triden has been conferred the Runner Up Award in prestigious Project of the year - Large Category at the PMI India Awards 2016, for its Integrated Composite Textile (Bed Linen) Project at Budhni Madhya Pradesh.

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Pincon Spirit to consider increasing powers of board for overseas investments
Nov 18,2016

Pincon Spirit announced that the meeting of Board of Directors of the Company is going to be held on 21 November 2016, inter alia, to consider the following matters :

- To Increase power of Board of Directors to make investment overseas.

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Volumes jump at Orient Cement counter
Nov 18,2016

Orient Cement clocked volume of 5.08 lakh shares by 12:45 IST on BSE, a 10.17-times surge over two-week average daily volume of 50,000 shares. The stock rose 0.3% to Rs 133.

Petronet LNG notched up volume of 5.15 lakh shares, a 4.1-fold surge over two-week average daily volume of 1.26 lakh shares. The stock jumped 5.86% to Rs 367.70 after net profit surged 81.72% to Rs 459.56 crore on 11.57% fall in total income to Rs 6705.88 crore in Q2 September 2016 over Q2 September 2015. The announcement was made after market hours yesterday, 17 November 2016.

Sadbhav Engineering saw volume of 2.54 lakh shares, a 2.86-fold surge over two-week average daily volume of 89,000 shares. The stock gained 2.41% to Rs 286.70.

Hero MotoCorp clocked volume of 80,000 shares, a 2.24-fold surge over two-week average daily volume of 36,000 shares. The stock gained 1.9% to Rs 2,932.90.

PC Jeweller saw volume of 2.13 lakh shares, a 1.58-fold rise over two-week average daily volume of 1.35 lakh shares. The stock declined 3.93% to Rs 341.25.

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HMT falls as net loss widens in Q2
Nov 18,2016

Net sales declined 54.78% to Rs 6.81 crore in Q2 September 2016 over Q2 September 2015. The announcement was made after market hours yesterday, 17 November 2016.

Meanwhile, the BSE Sensex was up 9.09 points, or 0.03%, to 26,236.71

On BSE, so far 8,240 shares were traded in the counter, compared with an average volume of 11,241 shares in the past one quarter. The stock hit a high of Rs 37 and a low of Rs 34.70 so far during the day. The stock hit a 52-week high of Rs 60.05 on 6 January 2016. The stock hit a 52-week low of Rs 34.15 yesterday, 17 November 2016. The stock had underperformed the market over the past 30 days till 17 November 2016, falling 10.13% compared with 6.28% decline in the Sensex. The scrip also underperformed the market in past one quarter, declining 9.78% as against Sensexs 6.59% fall.

The small-cap company has an equity capital of Rs 1204.09 crore. Face value per share is Rs 10.

Incorporated in 1953, by the Government of India as a Machine Tool manufacturing company, it later diversified into watches, tractors, printing machinery, metal forming presses, die casting & plastic processing machinery, CNC systems & bearings. Today, HMT comprises five subsidiaries under the ambit of a Holding Company, which also manages the Tractors Business directly.

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