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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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Rupee gains
Apr 19,2017

Rupee closed higher at 64.6375/6450 per dollar on Wednesday (19 April 2017), versus its previous close of 64.6950/7000 per dollar.

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Board of Visagar Polytex approves change in company secretary and compliance officer
Apr 19,2017

Visagar Polytex announced that the Board of Directors at its meeting held on 19 April 2017 has accepted the resignation of Ruchi Bhandari from the post of Company Secretary and Compliance Officer of the Company with effect from 20 April 2017.

The Board has appointed Pravin Mishra as a Company Secretary and Compliance Officer of the Company.

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Hong Kong Stocks fall on uncertainties
Apr 19,2017

The Hong Kong stock market closed down for third straight session on Wednesday, 19 April 2017, on tracking a sell-off across Asia, Europe and the US on geopolitical concerns and growing uncertainty about the Frances presidential election. Sentiment was also hurt by a weakness in Chinas stock market, after Beijings stepped-up property curbs and deleveraging campaign will slow Chinas economic growth. The citys benchmark Hang Seng Index slid 0.4%, or 98.7 points, to 23,825.88, a level unseen since March 15. The Hang Seng China Enterprises Index, which tracks the so-called H shares sold by Chinese companies, declined 0.6% to 9,983.7, the lowest level in more than two months. Turnover increased to HK$72.2 billion from HK$70.6 billion on Tuesday.

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China Stocks fall for fourth day
Apr 19,2017

The Mainland China equity market closed lower for fourth straight session on Wednesday, 19 April 2017, as risk aversion selloff flared on deepening worries that tighter regulations against speculation and shadow banking will hurt the countrys credit-fuelled recovery. Most of the sectoral blue-chip stocks fell, with raw material shares among the worst hit as commodity prices fell sharply. But consumer and healthcare stocks - generally viewed as defensive in nature - continued to outperform the broader market ,amid a time of volatility. The blue-chip CSI300 index fell 0.5 per cent to 3,445.88 points. The benchmark Shanghai Composite Index slipped 0.81 per cent, or 26.02 points, to 3,170.69. The Shenzhen Composite Index, which tracks stocks on Chinas second exchange, dropped 0.62 per cent, or 13.96 points, to 1,932.46.

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Outcome of board meeting of Alka Securities
Apr 19,2017

The Board of Directors of Alka Securities at its meeting held on 18 April 2017 approved the following -

The Board has approved the resignation of Kaushik Shah from the Board of Directors.

The Board has approved the resignation of Ajay Patil from the Board ofDirectors.

The Board has read and understood the letter from the Exchange and understands the consequences of the same and hereby had unanimously decided to shutter all broking related operations and continue to pursue new and upcoming business through its existing subsidiaries and by creating and acquiring new businesses in the future.

The Board has approved an application for the change of name of the Company along with a change in the main object of the company to better suit the course of action as decided above and will present the matter before the shareholders at the annual general meeting later this year.

The Board recognises the facts laid out in the letter of the National Stock Exchange stating that the company has no funds to pursue any of these objects as on date. The Board has therefore decided to offer preference shares to qualified and informed investors to raise fresh capital to pursue the intended course of action. The Board will put the necessary matter before the shareholders for approval.

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TTK Prestige fixes record date for interim dividend
Apr 19,2017

TTK Prestige has fixed record date of 03 May 2017 for the purpose of interim dividend, if approved at the board meeting to be held on 24 April 2017.

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The Government decides to do away with beacons for all categories of vehicles
Apr 19,2017

With a view to strengthening healthy democratic values in the country, the Central Government took another historic step today. The Union Cabinet, in its meeting chaired by Prime Minister Shri Narendra Modi today decided to do away with beacons of all kinds atop all categories of vehicles in the country. The government is of the considered opinion that beacons on vehicles are perceived symbols of VIP Culture, and have no place in a democratic country. They have no relevance whatsoever. Beacons, however, will be allowed on vehicles concerned with emergency and relief services, ambulance, fire service etc. In the light of this decision the Ministry of Road Transport & Highways will make necessary provisions in the law.

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FPIs step up selling
Apr 19,2017

Foreign portfolio investors (FPIs) sold stocks worth a net Rs 834.25 crore into the secondary equity markets on 18 April 2017, compared with net outflow of Rs 60.46 crore on 17 April 2017. On that day, the Sensex fell 94.56 points or 0.32% to settle at 29,319.10, its lowest closing level since 27 March 2017.

The net outflow of Rs 834.25 crore on 18 April 2017 was a result of gross purchases of Rs 3486.28 crore and gross sales of Rs 4320.53 crore.

There was a net inflow of Rs 22.10 crore from the category primary market & others on 18 April 2017, which was a result of gross purchases of Rs 23 crore and gross sales of Rs 0.90 crore.

FPIs have sold stocks worth a net Rs 2224.73 crore in April 2017 (till 18 April 2017). FPIs had bought stocks worth a net Rs 29480.37 crore in March 2017.

FPIs have purchased shares worth a net Rs 34262.74 crore from the secondary equity markets in calendar year 2017 (till 18 April 2017). They had purchased shares worth a net Rs 12094.42 crore from the secondary equity markets in calendar year 2016.

There was a net inflow of Rs 4030.60 crore from FPIs into the category primary market & others in April 2017 so far (till 18 April 2017). FPIs had bought stocks worth a net Rs 1425.63 crore from the category primary market & others in March 2017.

FPIs have purchased shares worth a net Rs 7174.71 crore from the category primary markets & others in calendar year 2017 so far (till 18 April 2017). The net inflow from FPIs in the category primary markets & others had totaled Rs 8471.76 crore in calendar year 2016.

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Intellect Design Arena to hold board meeting
Apr 19,2017

Intellect Design Arena will hold a meeting of the Board of Directors of the Company on 3 May 2017.

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IL&FS Investment Managers to hold board meeting
Apr 19,2017

IL&FS Investment Managers will hold a meeting of the Board of Directors of the Company on 29 May 2017, for adoption of the Audited Financial Results of the Company for the quarter and year ended 31 March 2017.

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Allahabad Bank to hold EGM
Apr 19,2017

Allahabad Bank announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 17 May 2017 .

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Permission to avail external assistance by State Government entities from bilateral agencies for implementation of vital infrastructure projects
Apr 19,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the policy guidelines to allow financially sound State Government entities to borrow directly from bilateral ODA (Official development Assistance) partners for implementation of vital infrastructure projects. The Mumbai Metropolitan Region Development Authority (MMRDA), a State Government entity, has also been allowed to borrow directly from Japan International Cooperation Agency (JICA) Official Development Assistance (ODA) loan for implementation of Mumbai Trans Harbour Link (MTHL) project. The estimated project cost for Mumbai Trans-Harbour Link (MTHL) is Rs.17,854 crore, out of which JICA loan portion is expected to be Rs.15,109 crore.

The guidelines will facilitate the State Government entities to directly borrow from the external bilateral funding agencies subject to fulfilment of certain conditions and all repayments of loans and interests to the funding agencies will be directly remitted by the concerned borrower. The concerned State Government will furnish guarantee for the Loan. The Government of India will provide counter guarantee for the loan.

External assistance today plays a supportive role in financing major infrastructure projects, social sector projects and in building up institutional capacity. The role of external assistance has gained further significance in view of the large gap in funding requirements for major infrastructure projects implemented by the State Governments in order to acquire competitive strength under the globalized economic framework. Presently, external development assistance from bilateral and multilateral sources is received by the Government of India (i) for projects/programmes in the Central sector; (ii) for projects executed by Central Public Sector Undertakings; and (ii) on behalf of the State Governments for State sector projects/programmes to be implemented by the State Governments and/or local bodies and public sector undertakings. The existing guidelines do not allow direct borrowings by the State Government entities from external agencies.

Several State agencies are implementing major infrastructure projects of national importance. These projects, even if viable and sound, have huge funding requirements and borrowing by the State Governments for such projects may exhaust their respective borrowing limits. Therefore, in order to accelerate the pace of investment in major infrastructure projects in the country without compromising the need for external assistance for other sectors, an enabling provision in the existing guidelines was considered necessary to facilitate direct borrowing by the State Government entities from bilateral external agencies. This dispensation will allow the financially sound State entities to directly borrow and repay the loan required for major infrastructure projects without burdening the State exchequer. The approval of these guidelines reiterates Governments commitment to promote inclusive growth and strengthen the economy.

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Board of Tayo Rolls approves allotment of 1.25 crore preference shares to Tata Steel
Apr 19,2017

Tayo Rolls announced that the Board of Directors of the company at its meeting held on 19 April 2017 has approved the following -

To increase authorised capital from Rs 350 crore dividend into 1.50 crore equity shares of Rs 10 each and 3.35 crore redeemable preference shares of Rs 100 each to Rs 455 crore dividend into 1.50 crore equity shares of Rs 10 each and 4.40 redeemable preference shares of Rs 100 each by creation of Rs 1.05 crore redeemable preference shares of Rs 100 each.

To alter the MoA and AoA of the company.

To allot 1.25 crore non cumulative redeemable preference shares of Rs 100 each to Tata Steel on preferential basis.

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Cabinet approves procurement of Voter Verifiable Paper Audit Trail Units for use in the General Elections, 2019
Apr 19,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for procurement of Voter Verifiable Paper Audit Trail (VVPAT) Units for use in the General Elections, 2019 for

a) purchase of 16,15,000 Voter Verifiable Paper Audit Trail (VVPAT) Units at a tentative unit cost of Rs.19,650, and at a total estimated cost of Rs. 3173.47 crore (excluding taxes and freight as applicable) during the years 2017-18 and 2018-19 from M/s Bharat Electronics Ltd., Bangalore and M/s Electronics Corporation of India Ltd., Hyderabad;

b) directing the Price Negotiation Committee to negotiate with M/s Bharat Electronics Ltd and M/s Electronics Corporation of India Ltd to rationalise the final unit price expeditiously;

c) allocation of additional funds to the tune of Rs. 1600 crore in the current financial year in the supplementaries/Revised Estimates for meeting the cash outgo envisaged for purchase of EVMs (Control Units & Ballot Units) and VVPAT Units during the year 2017-18, payment of 40% of the said amount as advance to the manufacturers and for provision of balance amount as may be required in the BE 2018-19; and

d) placement of Order by the Election Commission to the two manufacturers depending upon their production capacity so that all the VVPAT Units can be procured by September, 2018.

The decision of the Government would enable the Election Commission of India to deploy VVPAT Units in all pooling booths in the General Elections, 2019, which will act as an additional layer of transparency for the satisfaction of voters, allaying any apprehension in the minds of the voters as to the fidelity and integrity of the EVMs. This would also result in compliance of the directions of the Honble Supreme Court vide its Order dated 8thOctober, 2013.

Background:

The idea of an additional layer of transparency for the satisfaction of voters in the form of a voter verifiable paper trail was suggested by the political parties in a meeting taken by the ECI on 4th October, 2010. Accordingly, introduction of the VVPAT was facilitated by amending the Conduct of Election Rules, 1961 vide Notification dated 14th August, 2013. Thereafter, 20,300 VVPAT Units were purchased by the ECI in 2013. Since then, these units are being deployed in elections in select Assembly and Parliamentary Constituencies. Subsequently, order for 67,000 additional Units was placed in 2015, out of which 33,500 Units have been supplied by the manufacturers. Requisite funds for purchase of the aforesaid number of VVPAT Units were provided by the Government as and when requested by the Election Commission.

VVPAT device functions like a printer to be attached to the ballot unit and kept inside the voting compartment. When the voter presses the button against the name of the candidate of his choice on the Ballot Unit, the VVPAT unit generates a paper slip, called Ballot Slip. This paper slip contains the name, serial number and symbol of the chosen candidate. The voter can see this slip through a screened window where it stays for seven seconds, and then it automatically gets cut and falls down into a sealed drop box. In this process, the slip will not go into the hands of the voter nor will others be able to see it.

Civil Appeal No.9093/2013 was filed by Dr. Subramanian Swamy pleading for directions to the Election Commission to use VVPAT Units in all polling booths. It was alleged in the said Petition, that the Electronic Voting Machines are not reliable and that there should be some device by which the voter should get a confirmation that the vote cast by him has been recorded in favour of the candidate of his choice. In deference to the plea of the petitioner in the aforesaid CA, the Election Commission submitted that it has no objection to the introduction of VVPAT Units for conduct of free, fair and transparent elections. The Supreme Court in its Order dated 8th October, 2013 directed that for implementation of such a system of VVPAT in phased manner Government of India may provide required financial assistance for procurement of requisite number of VVPAT Units.

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Manaksia Inds extends post-result slide
Apr 19,2017

Meanwhile, the S&P BSE Sensex was up 21.53 points or 0.07% at 29,340.63. The S&P BSE Small-Cap index was up 114.29 points or 0.77% at 14,958.40.

On the BSE, 2.33 lakh shares were traded on the counter so far as against the average daily volumes of 20,938 shares in the past one quarter. The stock had hit a high of Rs 36.90 and a low of Rs 33.45 so far during the day.

The stock had hit a record high of Rs 40.95 on 17 April 2017 and a 52-week low of Rs 3.20 on 9 May 2016. It had outperformed the market over the past one month till 18 April 2017, advancing 26.62% compared with the Sensexs 1.11% fall. The scrip had also outperformed the market over the past one quarter, gaining 60.07% as against the Sensexs 7.56% rise.

The small-cap company has equity capital of Rs 6.55 crore. Face value per share is Rs 1.

Shares of Manaksia Industries have fallen 14.23% in three trading sessions from its closing of Rs 39 on 13 April 2017, after the company reported weak Q4 March 2017 results on Saturday, 15 April 2017.

Manaksia Industries consolidated net profit declined 55.8% to Rs 6.30 crore on 80.9% rise in net sales to Rs 60.81 crore in Q4 March 2017 over Q4 March 2016.

Manaksia Industries is engaged in the business of metal packaging products and aluminum semi rigid containers.

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