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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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Orient Paper & Industries fixes record date for interim dividend
Apr 17,2017

Orient Paper & Industries has fixed 27 April 2017 as record date for payment of interim dividend.

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Business Reform Action Plan 2017 released
Apr 17,2017

The Department of Industrial Policy and Promotion (DIPP), Ministry of Commerce and Industry, in partnership with the World Bank Group, released the Business Reform Action Plan (BRAP) 2017 for implementation by States/UTs on 13.04.2017.

The BRAP includes 405 recommendations for reforms on regulatory processes, policies, practices and procedures spread across 12 reform areas, that is, labour regulation enablers; contract enforcement; registering property; inspection reform enablers; single window system; land availability and allotment; construction permit enablers; environmental registration enablers; obtaining utility permits; paying taxes; access to information and transparency enablers and sector specific reforms spanning the lifecycle of a typical business.

This year there are 103 new set of reforms (out of 405) focusing on central inspection system, online land allotment system, online single window system for granting construction permits, registration under Inter State Migrant Workmen (RE&CS) Act, 1979, approval for boiler manufacturer and boiler erector etc. BRAP 2017 also includes two new sectors i.e. Healthcare and Hospitality. The last date to implement the reform is 31.10.2017.

DIPP will carry out a comprehensive business-to-government (B2G) feedback exercise this year whereby feedback will be taken from businesses on the quality of implementation of the reforms claimed by the States and UTs. For each State/UT, the scores will be aggregated over all the surveys conducted to yield an overall score for the State/UT.

The feedback scores will be used to generate a ranking of States/UTs in terms of reform implementation. Such a ranking will be different from the last years ranking, which was a ranking of de jure reforms (or reforms based on evidence submitted by States).

The online portal shall soon be enabled to allow States/UTs to upload the reforms implemented along with the evidence.

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PPLC policy is to encourage suppliers and service providers to progressively adopt Make in India practices and add value to their goods and services
Apr 17,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved signing of Framework of Understanding (FoU) on Cooperation in the Hydrocarbon Sector with Bangladesh, setting up of Indian Institute of Petroleum and Energy (IIPE) at Visakhapatnam in Andhra Pradesh as an Institute of National Importance through an Act of Parliament and also approved the Policy to provide Purchase Preference (linked with Local Content PP-LC) in all Public Sector Undertakings under Ministry of Petroleum & Natural Gas on 12th April, 2017.

The Secretary for Petroleum and Natural Gas, Shri K D Tripathi said that the Make in India initiative was launched by Prime Minister in September, 2014 as part of a wider set of nation-building initiatives devised to transform India into a global design and manufacturing hub. In tune with the campaign, the Government has decided to incentivize the growth in local content in goods and services while implementing oil and gas projects in India through a policy for providing Purchase Preference to the manufactures/services providers who meet the local targets in oil and gas business activities.

Under the policy, progressively increasing targets of Local Content are being stipulated for procurement of goods, services and EPC contracts for oil and gas business activities. The manufacturers/service provider who meet the local content targets and whose quoted price is within 10% of lowest valid price bid, would be eligible for 10% purchase preference for a stipulated portion of the purchase order, on matching such price. For example, Drilling/Workover Rigs/WSS units construction in the onshore sector the local content would be pegged at 50% in the first year and progressively increased to 60% in the next two years and they to 70% in last two years. Similarly, for premium bids as wells as specialized drilling and completion services the local content stipulated is 10% in the first year and progressively increased to 15% in the next two years and then to 20% in the last 2 years.

He added that the policy is expected to encourage suppliers and service providers to progressively adopt Make in India practices and add value to their goods and services within the country. It will facilitate growth of activities related to manufacturing, services and EPC in the Indian economy. This will boost productivity and help in growth of employment at all levels in the oil and gas sector.

Shri Tripathi said that this policy is applicable to all the Public Sector Enterprises and their wholly owned subsidiaries under the Ministry of Petroleum and Natural Gas; Joint Venture that have 51% or more equity by one or more Public Sector Enterprises under the Ministry of Petroleum and Natural Gas; attached and subordinate offices of MoPNG.

The Cabinet had approved a Framework of Understanding on Cooperation in the Field of Hydrocarbons. This was first discussed during the visit of Petroleum Minister Shri Dharmendra Pradhan to Dhaka in April 2016 with the objective to work as an umbrella framework to initiate, monitor and pursue activities of mutual interest in the oil and gas sector. It will give an institutional mechanism for our engagement with Bangladesh in the Hydrocarbon sector.

Salient Features of the proposed Framework document include -

n++ Promotes the energy trade and integration of oil and gas grids of the two countries

n++ Promotes investments in each others countries as well as in third countries, technology transfer, R&D, conducting joint studies and capacity building of human resources.

n++ Provides increased trans-border economic cooperation and connectivity.

n++ Promotes bilateral cooperation at the sub-regional and regional levels

n++ Exchange of information to energy policy formulation in the region.

n++ This Framework of Understanding shall remain in force for a period of five years, and shall be automatically renewed thereafter for a period of every five year.

The visit of PM Sheikh Hasina which took place on April 8-10 has given a further impetus to the Indo Bangladesh relations, as 22 documents were signed, including many in the field of oil and gas. Minister of State (I/C) for Petroleum and Natural Gas, Dharmendra Pradhan had visited Bangladesh during 18-19 April, 2016 and in the last two years there have been at least 7 meetings between him and his counterpart in Bangladesh. There is an institutionalised Energy Dialogue at the level of Secretary which met last month in Dhaka.

The comprehensiveness of the relationship between India and Bangladesh comes from the fact that we are already engaged in Supply of HSD from Siliguri to Parbatipur, Setting up LNG Terminal at Kutubdi island, Setting up LPG Terminal in Chittagong / Kutubdi island, Providing gas for the Khulna Power plant in Bangladesh, Working of gas grid connectivity, Refurbishment of refineries, Building of pipelines and Upstream activity in Bangladesh by Indian companies etc.

India and Bangladesh have signed three Documents: Sale Purchase Agreement between Numaligarh Refineries Ltd (NRL) and Bangladesh Petroleum Corporation for supply of High Speed Diesel to Bangladesh; Setting up of an LNG terminal in Kutubdia Island by Petronet LNG Ltd and Setting up of an LPG Terminal by IOCL in partnership with Petrobangla. In addition to these Honble Prime Minister Shri Narendra Modi along with Prime Minister of Bangladesh flagged off the Rail Rake carrying 2200 MT of HSD from Radhikapur in India to Parbatipur in Bangladesh. The rail rake travelled on the newly constructed rail route. The length of the new route is around 260 kms, almost half of the old route.

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Volumes jump at Atishay counter
Apr 17,2017

Atishay clocked volume of 6.41 lakh shares by 13:33 IST on BSE, a 184.43-times surge over two-week average daily volume of 3,000 shares. The stock rose 1.96% at Rs 78.

Ahluwalia Contracts (India) notched up volume of 2.24 lakh shares, a 21.4-fold surge over two-week average daily volume of 10,000 shares. The stock was down 2.37% at Rs 326.05.

Den Networks saw volume of 16.44 lakh shares, a 18.04-fold surge over two-week average daily volume of 91,000 shares. The stock fell 4.61% at Rs 92.

GE Power India clocked volume of 3.51 lakh shares, a 16.63-fold surge over two-week average daily volume of 21,000 shares. The stock was up 0.29% at Rs 610.

Onward Technologies saw volume of 10.12 lakh shares, a 15.27-fold rise over two-week average daily volume of 66,000 shares. The stock tumbled 7% at Rs 89.10.

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Peninsula Land moves higher on proposal to raise funds
Apr 17,2017

The announcement was made on Saturday, 15 April 2017.

Meanwhile, the S&P BSE Sensex was down 31.33 points, or 0.07% at 29,441.52. The S&P BSE Small-cap index was up 45.28 points, 0.3% at 14,926.44.

High volumes were witnessed on the counter. On the BSE, 3.39 lakh shares were traded on the counter so far as against the average daily volumes of 2.02 lakh shares in the past one quarter. The stock had hit a high of Rs 26.35 and a low of Rs 24.40 so far during the day.

The stock had hit a 52-week high of Rs 26.70 on 11 April 2017 and a 52-week low of Rs 13.15 on 27 December 2016. The stock had outperformed the market over the past one month till 13 April 2017, advancing 35.6% compared with the Sensexs 1.78% rise. The scrip had also outperformed the market over the past one quarter advancing 75.33% as against the Sensexs 8.16% rise.

The small-cap company has equity capital of Rs 55.84 crore. Face value per share is Rs 2.

Peninsula Land said that a meeting of the board of directors of the company is scheduled to be held on Monday, 24 April 2017, to consider the proposal of raising funds by way of issuing non-convertible debt securities on private placement basis during Financial Year 2017-18.

Peninsula Land reported net loss of Rs 20.45 crore in Q3 December 2016, as against net loss of Rs 6.61 crore in Q3 December 2015. Net sales rose 19.2% to Rs 16.49 crore in Q3 December 2016 over Q3 December 2015.

Peninsula Land is the real estate arm of Ashok Piramal Group. The company is known for its concept based architectures in the commercial, retail and residential sectors.

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McDonalds introduces McFizz drinks
Apr 17,2017

McDonalds India has introduced two new refreshing fizzy drinks, McFizz in two flavours - Blue Citrus and Jeera Masala. With the winning combination of Sprite and flavours, the cool Blue Citrus McFizz and desi Jeera Masala McFizz are now available at a price of Rs. 55.

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Water level of 91 major reservoirs of the country goes down by one per cent
Apr 17,2017

The water storage available in 91 major reservoirs of the country for the week ending on April 13, 2017 was 48.42 BCM, which is 31% of total storage capacity of these reservoirs. This percentage was at 32 for the week ending on April 06, 2017. The level of April 13, 2017 was 132% of the storage of corresponding period of last year and 106% of storage of average of last ten years.

The total storage capacity of these 91 reservoirs is 157.799 BCM which is about 62% of the total storage capacity of 253.388 BCM which is estimated to have been created in the country. 37 Reservoirs out of these 91 have hydropower benefit with installed capacity of more than 60 MW.

REGION WISE STORAGE STATUS:-

NORTHERN REGION

The northern region includes States of Himachal Pradesh, Punjab and Rajasthan. There are six reservoirs under Central Water Commission (CWC) monitoring having total live storage capacity of 18.01 BCM. The total live storage available in these reservoirs is 4.23 BCM which is 23% of total live storage capacity of these reservoirs. The storage during corresponding period of last year was 23% and average storage of last ten years during corresponding period was 30% of live storage capacity of these reservoirs. Thus, storage during current year is equal to the corresponding period of last year and is less than the average storage of last ten years during the corresponding period.

EASTERN REGION

The Eastern region includes States of Jharkhand, Odisha, West Bengal and Tripura. There are 15 reservoirs under CWC monitoring having total live storage capacity of 18.83 BCM.

The total live storage available in these reservoirs is 9.21 BCM which is 49% of total live storage capacity of these reservoirs. The storage during corresponding period of last year was 34% and average storage of last ten years during corresponding period was 35% of live storage capacity of these reservoirs. Thus, storage during current year is better than the corresponding period of last year and is also better than the average storage of last ten years during the corresponding period.

WESTERN REGION

The Western region includes States of Gujarat and Maharashtra. There are 27 reservoirs under CWC monitoring having total live storage capacity of 27.07 BCM. The total live storage available in these reservoirs is 10.59 BCM which is 39% of total live storage capacity of these reservoirs. The storage during corresponding period of last year was 20% and average storage of last ten years during corresponding period was 38% of live storage capacity of these reservoirs. Thus, storage during current year is better than the storage of last year and is also better than the average storage of last ten years during the corresponding period.

CENTRAL REGION

The Central region includes States of Uttar Pradesh, Uttarakhand, Madhya Pradesh and Chhattisgarh. There are 12 reservoirs under CWC monitoring having total live storage capacity of 42.30 BCM. The total live storage available in these reservoirs is 18.16 BCM which is 43% of total live storage capacity of these reservoirs. The storage during corresponding period of last year was 31% and average storage of last ten years during corresponding period was 27% of live storage capacity of these reservoirs. Thus, storage during current year is better than the storage of last year and is also better than the average storage of last ten years during the corresponding period.

SOUTHERN REGION

The Southern region includes States of Andhra Pradesh, Telangana, AP&TG( Two combined projects in both states) Karnataka, Kerala and Tamil Nadu. There are 31 reservoirs under CWC monitoring having total live storage capacity of 51.59 BCM. The total live storage available in these reservoirs is 6.23 BCM which is 12% of total live storage capacity of these reservoirs. The storage during corresponding period of last year was 15% and average storage of last ten years during corresponding period was 23% of live storage capacity of these reservoirs. Thus, storage during current year is less than the corresponding period of last year and is also less than the average storage of last ten years during the corresponding period.

States having better storage than last year for corresponding period are Punjab, Rajasthan, Jharkhand, Odisha, West Bengal, Gujarat, Maharashtra, Uttar Pradesh, Uttarakhand, Madhya Pradesh, Chhattisgarh, AP&TG (Two combined projects in both states) and Telangana. States having lesser storage than last year for corresponding period are Himachal Pradesh, Tripura, Andhra Pradesh, Karnataka, Kerala, and Tamil Nadu.

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Board of STL Global approves shifting of registered office
Apr 17,2017

STL Global announced that the Board of Directors of the Company at its meeting held on 17 April 2017 has considered and approved the shifting of registered office to Unit No. 111, Block No. 1, 1st Floor, Tribhuwan Complex, Iswar Nagar, New Delhi - 110065 with effect from 17 April 2017.

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Den Networks biggest loser on BSEs A group
Apr 17,2017

Den Networks fell 6.27% at Rs 90.40. The stock topped the losers in A group. On the BSE, 15.80 lakh shares were traded on the counter so far as against the average daily volumes of 91,000 shares in the past two weeks.

DCB Bank slipped 4.31% at Rs 171.90. The stock was the second biggest loser in A group. On the BSE, 5.15 lakh shares were traded on the counter so far as against the average daily volumes of 6.48 lakh shares in the past two weeks.

Power Finance Corporation declined 4.37% at Rs 155.55. The stock was the third biggest loser in A group. On the BSE, 15.19 lakh shares were traded on the counter so far as against the average daily volumes of 13.67 lakh shares in the past two weeks.

Reliance Communications tumbled 3.50% at Rs 34.45. The stock was the fourth biggest loser in A group. On the BSE, 18.02 lakh shares were traded on the counter so far as against the average daily volumes of 18.75 lakh shares in the past two weeks.

NTPC slipped 3.16% at Rs 159.40. The stock was the fifth biggest loser in A group. On the BSE, 1.30 lakh shares were traded on the counter so far as against the average daily volumes of 1.56 lakh shares in the past two weeks.

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Board of PVP Ventures approves NCD issue of up to Rs 500 crore
Apr 17,2017

PVP Ventures announced that the Board of Directors of the Company at its meeting held on 17 April 2017 has approved the issue of Secured, Rated, Listed, Redeemable, Non Convertible Debentures by way of Private Placement up to 500 crore subject to approval of shareholders through Postal Ballot.

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Alembic Pharmaceuticals intimates of successful inspection of its Baroda facility
Apr 17,2017

Alembic Pharmaceuticals announced that the Companys Bioequivalence facility located at Baroda was inspected by US Food & Drug Administration (FDA) between 6 March 2017 & 10 March 2017, between 13 March 2017 & 17 March 2017 and between 10 April 2017 to 12 April 2017 for a) Bioequivalence Clinical b) Bioequivalence Bioanalytical c) Pharmacovigilance There were no 483s issued by US FDA at the end of the inspection.

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Polaris Consulting jumps on foreign brokerage rating
Apr 17,2017

Meanwhile, the S&P BSE Sensex was down 34.92 points or 0.12% at 29,426.53. The S&P BSE Small-Cap index was up 46.59 points or 0.31% at 14,927.75.

On the BSE, 2.57 lakh shares were traded on the counter so far as against the average daily volumes of 66,632 shares in the past one quarter. The stock had hit a high of Rs 216.20 and a low of Rs 205 so far during the day.

The stock had hit a 52-week high of Rs 217.15 on 18 May 2016 and a 52-week low of Rs 141.10 on 9 November 2016. It had outperformed the market over the past one month till 13 April 2017, advancing 9.04% compared with the Sensexs 1.78% rise. The scrip had also outperformed the market over the past one quarter, gaining 23.84% as against the Sensexs 8.16% rise.

The small-cap company has equity capital of Rs 51.06 crore. Face value per share is Rs 5.

The acquisition of Polaris Consulting & Services (PCSL) by Virtusa has opened up significant opportunities for the company, the broker said. PCSL can now offer end-to-end solutions in banking, financial services, insurance (BFSI) industry resulting in more clients, service offerings and digitization related projects.

Post the acquisition PCSL has restructured its clients and eliminated low margin clients leading to effective utilization of its resources, the broker reportedly said.

On consolidated basis, Polaris Consulting & Services net profit rose 15.82% to Rs 47.65 crore on 1.72% growth in net sales to Rs 515.45 crore in Q3 December 2016 over Q2 September 2016.

Polaris Consulting & Services is a leader in solutions and services that enable operational productivity for the global financial services industry.

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Polaris Consulting jumps on brokerage rating
Apr 17,2017

Meanwhile, the S&P BSE Sensex was down 34.92 points or 0.12% at 29,426.53. The S&P BSE Small-Cap index was up 46.59 points or 0.31% at 14,927.75.

On the BSE, 2.57 lakh shares were traded on the counter so far as against the average daily volumes of 66,632 shares in the past one quarter. The stock had hit a high of Rs 216.20 and a low of Rs 205 so far during the day.

The stock had hit a 52-week high of Rs 217.15 on 18 May 2016 and a 52-week low of Rs 141.10 on 9 November 2016. It had outperformed the market over the past one month till 13 April 2017, advancing 9.04% compared with the Sensexs 1.78% rise. The scrip had also outperformed the market over the past one quarter, gaining 23.84% as against the Sensexs 8.16% rise.

The small-cap company has equity capital of Rs 51.06 crore. Face value per share is Rs 5.

The acquisition of Polaris Consulting & Services (PCSL) by Virtusa has opened up significant opportunities for the company, the broker said. PCSL can now offer end-to-end solutions in banking, financial services, insurance (BFSI) industry resulting in more clients, service offerings and digitization related projects.

Post the acquisition PCSL has restructured its clients and eliminated low margin clients leading to effective utilization of its resources, the broker reportedly said.

On consolidated basis, Polaris Consulting & Services net profit rose 15.82% to Rs 47.65 crore on 1.72% growth in net sales to Rs 515.45 crore in Q3 December 2016 over Q2 September 2016.

Polaris Consulting & Services is a leader in solutions and services that enable operational productivity for the global financial services industry.

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Agencies to continue with domestic procurement of pulses till 22nd April 2017: Consumer Affairs, Food & Public Distribution Minister
Apr 17,2017

Shri Ram Vilas Paswan, Union Minister of Consumer Affairs, Food and Public Distribution said that in view of the bumper production and arrivals, all procuring agencies have been directed continue with domestic procurement of pulses till 22nd April 2017 instead of 15th April 2017. Shri Ram Vilas Paswan said that all procuring government agencies will buy the pulses direct from the farmers on MSP rate. Shri Paswan informed that the government has procured around 18.10 lakh tonnes of pulses including 4 lakh tonnes of imports towards building the buffer stock of pulses of up to 20 lakh tonnes.

Shri Paswan further said that considering the quantity of sugar available with the carry over stock of 77 lakh tonnes and estimated current seasons production of 203 lakh tonnes is sufficient to meet the domestic consumption requirement at reasonable prices. The domestic demand of sugar consumption is 240-250 lakh tonnes. Shri Paswan said that in order to address regional production gaps and also to maintain domestic prices at reasonable levels, Government decided to allow import of a restricted quantity of only 5 lakh tonnes of raw sugar at zero duty through open general license. Government also extended the time line for availing TRQ benefit (duty free) of 5 lakh tonnes of raw sugar import from 12th June to 30th June, 2017.

Consumer Affairs Minister said that there cannot be two MRPs except in accordance with the law. NCDRC is taking necessary action on the complaint of dual MRP. Shri Paswan said that the Department of Consumer Affairs has directed state governments and union territories to stop the practice of dual MRP on packaged water. Shri Paswan informed that the BCCI has complied with the directions and issued an advisory to all state cricket associations/stadiums to sale packaged mineral water on single MRP (all brands) during cricket match with immediate effect.

The Minister reiterated that the hotels and restaurants are following the practice of charging service charge is an unfair trade practice. The service chargesn++ are discretionary/ voluntarily and a consumer dissatisfied with the services can have it waived off. Shri Paswan further stated that the Department of Consumer Affairs has framed an advisory on the issue of service charge, which is in the final stage.

Shri Paswan said the government does not want to fix the quantum of food that needs to be served by hotels and restaurants. There is no plan to impose any advisory, act or law, the Union Minister added.

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Indian Academy of Highway Engineers signs MoU with UNSW for establishing Centre of Excellence in Smart Transportation
Apr 17,2017

In line with the Ministry of Road Transport and Highways vision to influence and adopt global innovation into the transportation sector, a Memorandum of Understanding was signed between the Ministry through the Indian Academy of Highway Engineers and University of New South Wales (UNSW) to set up a Centre for Advanced Transportation Technology and Systems (CATTS). The MoU was exchanged between the Director of IAHE Mr. V L Patankar and Vice Chancellor of UNSW Prof. Ian Jacobs on April 10th, 2017 in the presence of Simon Birmingham, Australian Minister for Education. The vision for CATTS is to:

n++ Accelerate the evaluation and adoption of new transportation technologies and explore market opportunities for them in India and Australia.

n++ Conduct research, development and training in the areas of transport system modelling and data for smart cities.

This would be the worlds first transportation centre involving two countries committed to seeing technological innovation for economic development through improved safety and reduced congestion.

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