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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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Madhusudan Industries to announce Q3 and 9M results
Jan 19,2017

Madhusudan Industries announced that the meeting of Board of Directors of the Company will be held on 31 January 2017, inter alia, for considering the Unaudited Financial Results for the quarter and nine months ended 31 December 2016.

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Wanbury schedules board meeting to approve Q3 results
Jan 19,2017

Wanbury announced that the meeting of the Board of Directors of the Company is scheduled to be held on 14 February 2017, inter alia, to consider and approve the Un-audited Financial Results for the Third quarter and nine months ended 31 December 2016.

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Mini Diamonds (India) to announce December quarter result
Jan 19,2017

Mini Diamonds (India) announced that the meeting of Board of Directors of the Company is scheduled to be held on 14 February 2017, to consider and approve the Unaudited financial results for the quarter ended 31 December 2016.

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Idea Cellular postpones board meeting to consider Q3 results
Jan 19,2017

Idea Cellular announced that the Board meeting convened on 23 January 2017, inter alia, for consideration of Un-audited Financial Results of the Company for the third quarter ended 31 December 2016 has been postponed.

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Siyaram Silk Mills Board to consider December quarter results
Jan 19,2017

Siyaram Silk Mills announced that a meeting of the Board of Directors of the Company will be held on 28 January 2017, inter alia, to consider and approve Unaudited Financial Results of the Company for the quarter and nine months ended 31 December 2016.

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Board of SNL Bearings to consider Q3 results
Jan 19,2017

SNL Bearings announced that a meeting of the Board of Directors of the Company will be held on 31 January 2017, inter alia, to consider adoption of Unaudited financial results for the third quarter ended 31 December 2016.

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UFO Moviez India to consider Q3 and 9M results
Jan 19,2017

UFO Moviez India announced that a meeting of the Board of Directors of the Company is scheduled to be held on 02 February 2017, inter alia, to consider and approve the unaudited financial results of the Company for the quarter and nine months ended 31 December 2016.

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Olympic Cards to announce Q3 and 9M results
Jan 19,2017

Olympic Cards announced that a meeting of the Board of Directors of the Company is scheduled to be held on 14 February 2017, inter alia, to consider, approve & take on record the unaudited Financial Results of the Company for the Quarter/Nine months ended on 31 December 2016.

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Haryana Leather Chemicals to consider December quarter and year end results
Jan 19,2017

Haryana Leather Chemicals announced that a meeting of the Board of Directors of the Company is scheduled to be held on 07 February 2017, inter alia, to consider and take on record the audited financial results (standalone and consolidated) for the year ended and quarter ended on 31 December 2016.

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Bankruptcy code to reduce dependence on bank finance, says Chairperson of Insolvency and Bankruptcy Board of India
Jan 19,2017

Bankruptcy code will reduce peoples dependence on bank finance, said Dr M S Sahoo, Chairman of the recently-constituted Insolvency and Bankruptcy Board of India.

In a bid to ensure greater ease of doing business, the Board is focusing on time-bound resolution for insolvency and exit, Dr Sahoo said at the inaugural session of the Conference on Insolvency and Bankruptcy Code 2016: Impact Analysis organized by CII Eastern Region here today.

The whole exercise is sought to be driven by market, not the Government, Dr Sahoo told a large assembly of MDs, CEOs, CFOs, company secretaries, chartered accountants, finance & tax professionals, corporate advisers, cost accountants, law firms & consultants, asset reconstruction companies, financial institutions coming from across the country.

n++In our vision, the states job is to create a mechanism which will support a system which will let the market have its way and deliver,n++ he said, adding that improving the ease of doing business is all about allowing businesses to granting a freedom of choice. n++That explains why we have moved to a model which is inclusive and participatory where the market takes the call, not the state,n++ he explained.

Mr Sahoo also said Insolvency and Bankruptcy Board of India is working on a framework for direct liquidation bypassing Insolvency resolution. n++We will come out with the framework for voluntary liquidation approach that is direct liquidation by February end or March,n++ he said.

A company has to apply to National Company Law Tribunal to begin the process on the code, he said. The board has selected 974 Insolvency professionals on a temporary basis for six months and begun a certification test for being a regular professional, he added.

On the recommendations of the Parliamentary Joint Committee on Insolvency and Bankruptcy Code, the Board has decided not to recommend any Insolvency professionals and instead will be decided by creditors committee initiating Insolvency action, Dr Sahoo said.

According to Mr Bhupender Yadav, Rajya Sabha MP, the new code will ensure economic freedom which will in turn lead to better economic performance. n++As part of the Governments commitment to promoting a culture of transparency and vibrancy in businesses, the Government is working hard to evolve a culture of making payments. And hence the Code,n++ Mr Yadav, who headed the Parliamentary Joint Committee on Insolvency and Bankruptcy Code, said at a Special Plenary. The insolvency law caters to workmen, employee, unsecured and secured creditors, he explained. Insolvency will create orderliness of resolution and exit causing low default and more recovery bringing in more projects and improving the ease of doing business with an improvement in the debt market.

Mr M R Umarji, Member, Bankruptcy and Law Committee, spoke of the structural changes brought in the code. n++Making payments on time is very critical for trade and industry to grow,n++ he said. In fact, there is a need for creditors and a company to sit together and find out whether the company is viable or not.

Mr Vijai Pratap Singh, Member, National Law Company Tribunal, explained how the new Code will not only help rid the financial sector of bad-debt problems, but will also enable the banking industry to address stressed accounts.

n++The Ministry of Corporate Affairs (MCA) on June 1, 2016 introduced the National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT), in place of the Company Law Board (CLB) as per the amendment of the Companies Act of 2013. The NCLT will be a single judicial platform to judge all disputes regarding the affairs of the Indian companies. The objective is to minimize delays in the resolution of disputes, which would serve as a huge relief for the litigants. With the constitution of NCLT, the Company Law Board constituted under the Companies Act, 1956 now stands dissolved. Reports show that around 4,000 cases were transferred to the NCLT after the CLB was dissolved,n++ he said.

Mr Mahesh Shah, Member, Institute of Cost Accountants of India, said n++The code is a milestone for both creditors and companies, he said, adding that the code will ensure quick action to resolve insolvency and bankruptcy.

Mr Vijay Maheshwari, Co-Chairman, CII Eastern Region Economic Affairs, Finance & Taxation Subcommittee & Director, Sumedha Fiscal Services Ltd, said the new Code will strengthen the existing regulatory framework and a new institutional structure, involving insolvency resolution of companies and individuals. The objective of any insolvency procedure is to maximise return to the creditors.

Mr Bijay Murmuria, Director, Sumedha Fiscal Services, said It would also improve the ease of doing business, said the new Code will eventually lead to more investments bringing about higher economic growth and development.

n++It shall serve as a useful tool for creditors and investors, both domestic and international by enabling a better and faster debt recovery mechanism. However, the implementation of the new institutional structure would be a challenge in finally reaping the benefits of the new Code,n++ he said.

Mr Anil Vaswani, Chairman, CII West Bengal, said the new Code may serve a resolution of the companies and factories which have been closed down for years.

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Fortune Financial Services (India) to announce Q3 and 9M results
Jan 19,2017

Fortune Financial Services (India) announced that a meeting of the Board of Directors of the Company is scheduled to be held on 31 January 2017, inter alia, to consider and approve the un-audited (consolidated and Stand-alone) financial results of the Company for the quarter and nine months ended on 31 December 2016.

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State Bank of India gets approval for preferential issue to GoI
Jan 19,2017

State Bank of India announced that the shareholders of the Bank at its general meeting held on 20 December 2016 had inter alia passed a resolution for issue of equity shares to Government of India by way of preferential issue.

In continuation of this, the Bank has received approval from the Government of India on 19 January 2017, to increase the paid up capital by way of preferential issue of equity share to GoI.

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Carborundum Universal allots 10,000 shares
Jan 19,2017

Carborundum Universal has allotted 10,000 shares of Re. 1/- each arising out of the exercise of stock options, granted to the option grantees of the Company under the Employees Stock Option Scheme 2007 on 19 January 2017.

With this allotment the number of equity shares outstanding is 188,634,590 and the paid-up equity share capital is Rs. 188,634,590/-.

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Yes Bank logs slim gains in choppy trade after good Q3 result
Jan 19,2017

The result was announced during market hours today, 19 January 2017.

Meanwhile, the S&P BSE Sensex was up 48.34 points or 0.18% at 27,305.98

On the BSE, 3.91 lakh shares were traded on the counter so far as against the average daily volumes of 2.26 lakh shares in the past one quarter. The stock turned volatile after declaring results. The stock had hit a high of Rs 1,356.45 and a low of Rs 1,332.10 so far during the day.

The stock had hit a record high of Rs 1,450 on 7 September 2016 and a 52-week low of Rs 632.25 on 20 January 2016. The stock had outperformed the market over the past 30 days till 18 January 2017, rising 17.28% compared with the 3.61% rise in the Sensex. The scrip also outperformed the market in past one quarter, gaining 2.87% as against Sensexs 3.10% decline.

The large-cap private sector bank has equity capital of Rs 423.16 crore. Face value per share is Rs 10.

The banks gross non-performing assets (NPA) edged higher to Rs 1005.85 crore as on 31 December 2016 from Rs 916.68 crore as on 30 September 2016 and Rs 558.57 crore as on 31 December 2015.

The banks ratio of gross NPAs to gross advances rose to 0.85% as on 31 December 2016, from 0.83% as on 30 September 2016 and 0.66% as on 31 December 2015.

The banks ratio of net non-performing assets (NPAs) to net advances stood at 0.29% as on 31 December 2016, compared with 0.29% as on 30 September 2016 and 0.22% as on 31 December 2015.

Provisions and contingencies dropped 22.01% to Rs 115.38 crore in Q3 December 2016 over Q3 December 2015. The provisioning coverage ratio as on 31 December 2016 stood at 66%.

Current and Savings Account (CASA) ratio improved to 33.3% as at 31 December 2016 from 26.6% as at 31 December 2015.

Net Interest Income (NII) increased by 30.3% to Rs 1507.50 crore in Q3 December 2016 over Q3 December 2015, on account of growth in advances & CASA and expansion in net interest margin (NIM). NIM expanded to 3.5% in Q3 December 2016 from 3.4% in Q3 December 2015.

Non Interest Income increased by 33.8% to Rs 998.30 crore in Q3 December 2016 over Q3 December 2015.

The banks Capital Adequacy Ratio (CAR) as per Basel III norms stood at 15.6% as on 31 December 2016, compared with 14.1% as on 30 September 2016 and 14.9% as on 31 December 2015.

Commenting on the results and financial performance, Rana Kapoor, Managing Director & CEO, Yes Bank said that the bank has delivered another quarter of satisfactory performance across key financial parameters of growth and profitability, while maintaining healthy asset quality.

Yes Bank is Indias fifth largest private sector bank. The banks branch network stands at 964 branches as on 31 December 2016. Total ATM network stood at 1,757 as on 31 December 2016.

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Pharmaids Pharmaceuticals enters into agreement for sale of assets
Jan 19,2017

Pharmaids Pharmaceuticals has entered into agreement with Unifranco Life Sciences for sale of assets situated at Survey No. 533, (v) Kondamadugu, (M) Bibinagar, District Nalgonda, Telangana.

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