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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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Polyspin Exports announces demise of director
Nov 23,2016

Polyspin Exports announced about the Sudden death of S. Regnganthan, Independent Director of the Company on 21 November 2016.

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Reliance Capital to reduce debt by approx. Rs 1900 crore
Nov 23,2016

Reliance Capital announced value unlocking in the Radio and TV businesses that will reduce its debt by approx. Rs 1,900 crore (US$ 283 million) upon final completion of stake sale transactions.

These transactions form part of Reliance Capitals stated strategy to reduce leverage and exposure in non-core business of media and entertainment.

Reliance Broadcast Network (RBNL), the largest operator of FM channels in India, has signed definitive and binding agreements with Zee Media Corporation (ZMCL) to sell 49% stake in its radio broadcast business.

Simultaneously, Zee Entertainment Enterprises (ZEEL), a separate entity under Zee Group, will acquire 100% stake in the Groups General Entertainment TV business.

The transaction pegs the combined Enterprise value of Radio and TV business at approx. Rs 1,900 crore (US$ 283 million). The entire proceeds from the stake sale would be used to reduce Reliance Capitals debt by approx. Rs 1,900 crore (US$ 283 million) upon final completion of stake sale transactions.

Both these transactions have been approved by the boards of respective companies and are expected to be completed by next year, subject to applicable approvals.

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NIIT gains as global pharma company extends training services contract
Nov 23,2016

The announcement was made during trading hours today, 23 November 2016.

Meanwhile, the BSE Sensex was up 75.69 points, or 0.29%, to 26,036.47

On BSE, so far 1.11 lakh shares were traded in the counter, compared with average daily volume of 2.43 lakh shares in the past one quarter. The stock hit a high of Rs 74 and a low of Rs 71.05 so far during the day. The stock hit a 52-week high of Rs 107.80 on 20 September 2016. The stock hit a 52-week low of Rs 67 on 09 November 2016.

The small-cap company has equity capital of Rs 33.14 crore. Face value per share is Rs 2.

NIIT announced that its current managed training services contract with a global pharmaceutical company headquartered in West London, UK, has been extended for a further 4 years. The client is one of the worlds largest science-led healthcare companies that researches and develops a broad range of innovative products in three primary areas of pharmaceuticals, vaccines and consumer healthcare, NIIT said. With this extension, NIITs Corporate Learning Group will support a major L&D transformation initiative by the client as a strategic partner. NIITs services will focus on the companys strategic transformation objectives of a centralized governance structure, improved delivery and business impact through curriculum optimization, vendor rationalization, and overall reduction in third party costs, the company said. This initiative covers a large, multi-million pound third party training spend for over 100,000 employees, across six business units, in more than 80 countries, it added.

On a consolidated basis, net profit of NIIT rose 3.85% to Rs 21.60 crore on 9.5% rise in net sales to Rs 298.40 crore in Q2 September 2016 over Q2 September 2015.

NIIT, a global leader in skills and talent development, offers multi-disciplinary learning management and training delivery solutions to corporations, institutions, and individuals in over 40 countries. NIIT has three main lines of business across the globe-corporate learning group, skills and careers group, and school learning group.

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Reliance Capital firms up on debt reduction plan
Nov 23,2016

The announcement was made during trading hours today, 23 November 2016.

Meanwhile, the BSE Sensex was up 86.49 points, or 0.33%, to 26,047.27.

On BSE, so far 5.90 lakh shares were traded in the counter, compared with average daily volume of 5.97 lakh shares in the past one quarter. The stock hit a high of Rs 444.80 and a low of Rs 420.15 so far during the day. The stock hit a 52-week high of Rs 595.70 on 23 September 2016. The stock hit a 52-week low of Rs 303.60 on 12 February 2016. The stock had underperformed the market over the past 30 days till 22 November 2016, falling 23.28% compared with the 7.87% decline in the Sensex. The scrip had also underperformed the market in past one quarter, falling 13.95% as against Sensexs 7.48% decline.

The large-cap company has equity capital of Rs 252.63 crore. Face value per share is Rs 10.

Reliance Capital announced value unlocking in the radio and TV businesses that will reduce its debt by approximately Rs 1900 crore upon final completion of stake sale transactions These transactions form part of Reliance Capitals stated strategy to reduce leverage and exposure in non-core business of media and entertainment.

Reliance Broadcast Network (RBNL), the largest operator of FM channels in India, has signed definitive and binding agreements with Zee Media Corporation (ZMCL) to sell 49% stake in its radio broadcast business. RBNL runs the largest network of FM Radio channels in India under the brand name of 92.7 Big FM that reaches out to 45 cities, 1200 towns and over 200 million people. The company shall be transferring the 45 operational and 14 new channels into two special purpose vehicles (SPVs) respectively and ZMCL shall acquire 49% stake in each of these two SPVs. Both companies shall also have a call/put option for the balance 51% stake in both the SPVs after the stipulated lock-in period.

Simultaneously, Zee Entertainment Enterprises (ZEEL), a separate entity under Zee Group, will acquire 100% stake in the Reliance Groups general entertainment TV business. The General Entertainment TV broadcasting business currently comprises of two channels - Big Magic and Big Ganga. Big Magic is a Comedy channel catering to Hindi speaking markets while Big Ganga is a leading Bhojpuri entertainment channel catering to audience in Bihar, Jharkhand and Purvanchal. Both these channels would be merged into ZEEL as part of this transaction.

The transaction pegs the combined enterprise value of radio and TV business at approximately Rs 1900 crore. The entire proceeds from the stake sale would be used to reduce Reliance Capitals debt by approximately Rs 1900 crore upon final completion of stake sale transactions. Both these transactions have been approved by the boards of respective companies and are expected to be completed by next year, subject to applicable approvals.

On a consolidated basis, net profit of Reliance Capital rose 1.20% to Rs 253 crore on 111.89% rise in net sales to Rs 4846 crore in Q2 September 2016 over Q2 September 2015.

Reliance Capital, a part of Anil Ambani led Reliance Group, is one of Indias leading private sector financial services companies. It ranks amongst the top private sector financial services and banking groups, in terms of net worth. Reliance Capital has interests in asset management and mutual funds; life and general insurance; commercial and home finance; stock broking; wealth management services; distribution of financial products; asset reconstruction; proprietary investments and other activities in financial services.

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TVS Motor Company launches mobile application - IRIDE
Nov 23,2016

TVS Motor Company announced the launch of IRIDE, an intelligent, intuitive automobile post sales and service smartphone application to enhance the riding experience for customers. IRIDE monitors the ride parameters of the vehicle during transit which helps customers plan and improve the riding experience, while keeping them safe.

Coming close on the heels of the launch of TVS Motor Companys Road-side Assistance Program, IRIDE is equipped with in-built features broadly bracketed under Ride, Safety, and Social.

The prime focus of IRIDE is to provide vehicle assistance in emergency, a better ride experience and service facility coupled with some fun features to share on the social platforms. It is also a two-way interaction forum as customers can provide real time feedback of the application.

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Board of Siemens recommends final dividend
Nov 23,2016

Siemens announced that the Board of Directors of the Company at its meeting held on 23 November 2016, inter alia, has taken the following decisions:

- Recommended a final dividend of Rs. 6 /- per Equity Share of Rs. 2 each (300%) for the Financial Year ended September 30, 2016, which together with the Special Dividend (Interim Dividend) of Rs. 27.50 per Equity Share paid in August 2016, aggregates to a dividend of Rs. 33.50/- per Equity Share for FY 2015-16. [Previous Year: Rs. 10/- per Equity Share (including a special dividend of Rs. 4/- per share)].

The final dividend, as recommended by the BoD, if declared at the ensuing Annual General Meeting (AGM) of the Company, would commence from 13 February 2017.

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Airtel Payments Bank rolls out its banking services in Rajasthan
Nov 23,2016

Bharti Airtel announced that its subsidiary, Airtel Payments Bank has rolled out a pilot of its banking services in Rajasthan. The pilot is aimed at testing systems and processes ahead of a full scale pan Indian launch.

With this, Airtel Bank becomes the first payments bank in the country to go LIVE. Customers in towns and villages across Rajasthan will now be able to open bank accounts at Airtel retail outlets, which will also act as Airtel banking points and offer a range of basic, convenient banking services. Airtel Bank will commence the pilot with banking points at 10,000 Airtel retail outlets.

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D B Corp allots equity shares
Nov 23,2016

D B Corp announced that on 22 November 2016, the Compensation Committee of the Board of Directors of the Company has allotted 12,711 shares of Rs. 10/- each on exercise of 12,711 stock options under DBCL-ESOS- 2008, DBCL-ESOS- 2010 and DBCL-ESOS- 2011 -Tranche 2 and Tranche 3 Schemes, to its employees covered under the scheme.

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Vedanta jumps over 10% in two sessions
Nov 23,2016

The announcement was made during market hours yesterday, 22 November 2016. Shares of Vedanta rose 4.90% to Rs 206.70 on that day. The stock has risen 10.05% in two trading sessions from its close of Rs 197.05 on 21 November 2016.

Meanwhile, the BSE Sensex was up 120.31 points, or 0.46%, to 26,081.09.

On BSE, so far 14.29 lakh shares were traded in the counter, compared with average daily volume of 11.39 lakh shares in the past one quarter. The stock hit a high of Rs 217.75 and a low of Rs 208.60 so far during the day. The stock hit a 52-week high of Rs 233.65 on 10 November 2016. The stock hit a 52-week low of Rs 58.10 on 12 February 2016. The stock had outperformed the market over the past 30 days till 22 November 2016, rising 2.17% compared with the 7.87% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 17.51% as against Sensexs 7.48% decline.

The large-cap company has equity capital of Rs 296.47 crore. Face value per share is Re 1.

Vedanta announced that it has received boards approval to raise Rs 300 crore through issue of 3,000 secured redeemable non-cumulative non-convertible debentures (NCDs) of face value of Rs 10 lakh each. The tenure of the NCDs is three years and five months from the date of allotment, while date of maturity is 22 April 2020. Crisil has assigned AA-/Stable rating to the said instrument.

In a separate announcement yesterday, 22 November 2016, the company said that the board has approved the appointment of chief financial officer Arjun Kumar GR as a whole-time director of the company and Bhumika Sood as company secretary. The appointments reflect the focus of Vedanta towards empowering its professionals and developing in-house talent, said, Tom Albanese, CEO, Vedanta.

On a consolidated basis, Vedantas net profit rose 17.14% to Rs 1252.13 crore on 4.13% decline in net sales to Rs 15665.64 crore in Q2 September 2016 over Q2 September 2015.

Vedanta is a diversified natural resources company, whose business primarily involves producing oil & gas, zinc - lead - silver, copper, iron ore, aluminium and commercial power. The company has a presence across India, South Africa, Namibia, Australia and Ireland.

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Ushdev International slumps after dismal Q2 results
Nov 23,2016

Meanwhile, the BSE Sensex was up 131.34 points, or 0.51%, to 26,092.12.

On BSE, so far 329 shares were traded in the counter, compared with average daily volume of 82 shares in the past one quarter. The stock hit a high of Rs 240 and a low of Rs 217.55 so far during the day. The stock hit a 52-week high of Rs 349 on 13 January 2016. The stock hit a 52-week low of Rs 193.25 on 26 October 2016. The stock had outperformed the market over the past 30 days till 22 November 2016, rising 9.05% compared with the 7.87% decline in the Sensex. The scrip had, however, underperformed the market in past one quarter, falling 8.93% as against Sensexs 7.48% decline.

The small-cap company has equity capital of Rs 33.85 crore. Face value per share is Rs 10.

Ushdev International reported net loss of Rs 123.68 crore in Q2 September 2016 as against net profit of Rs 71.82 crore in Q2 September 2015. Net sales declined 67.15% to Rs 806.10 crore in Q2 September 2016 over Q2 September 2015.

The board meeting of Ushdev International was held yesterday, 22 November 2016. The board discussed that few banks have declared the loan account of the company as non performing asset and rating agency India Ratings and Research has revised the rating of the company. The board discussed in length and the company is working on a suitable solution, it said. The announcement was made after market hours yesterday, 22 November 2016.

Meanwhile, the companys board also approved 10-for-1 stock split.

Ushdev Internationals core businesses are metal trading and wind power generation.

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Ministry of Urban Development finalizes Real Estate Rules for Delhi
Nov 23,2016

Ministry of Urban Development has finalized the Real Estate General Rules and Rules for Agreement for Sale for the National Capital Territory of Delhi as required under the Real Estate (Regulation & Development) Act, 2016. Minister Shri M. Venkaiah Naidu approved these Rules, which have been formulated after consultations with the Delhi Government, New Delhi Municipal Council, three Municipal Corporations of Delhi, Delhi Development Authority and other stakeholders. These Rules will be notified by the 27th of this month, the extended date in this regard.

The Real Estate Rules applicable to Delhi are the same as notified on October 31 this year by the Ministry of Housing & Urban Poverty Alleviation for the five Union Territories without Legislatures. They, however, provide clarity on some aspects like litigation details to be published on website, provision for quality audit of projects and flexibility in agreement for sale.

Regarding publication of litigation details pertaining to the promoter on website, it has been specified such details in respect of litigations disposed of by the concerned court in the past five years in respect of projects developed or being developed may be published on website. This has been considered since a promoter may not have complete information about various cases filed, at the time of providing such information to Regulatory Authorities.

Delhi Rules also provide for Regulatory Authorities to undertake third party quality audit of real estate projects registered with them, to ensure quality of construction, services etc., of the project in the interest of buyers.

With regard to the Rules for Agreement for Sale between the buyer and the promoter, flexibility has been proposed so as to include other elements or features besides the apartment, plot, garage, parking, if required. This has been provided to address special contingencies relating to the nature of projects to be taken up or the needs of buyers.

Under Section 2(g) of the Real Estate Act, Ministry of Urban Development has been mandated with the responsibility of making Rules for the National Capital Territory of Delhi.

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Bhel powers ahead after commissioning steam turbine-based power plant at Hazira
Nov 23,2016

The announcement was made during market hours today, 23 November 2016.

Meanwhile, the S&P BSE Sensex was up 94.29 points or 0.36% at 26,055.07

On BSE, so far 23.33 lakh shares were traded in the counter as against average daily volume of 10.39 lakh shares in the past one quarter. The stock hit a high of Rs 126.35 and a low of Rs 122.60 so far during the day. The stock had hit a 52-week high of Rs 179 on 23 November 2015. The stock had hit a 52-week low of Rs 90.40 on 29 February 2016.

The large-cap company has equity capital of Rs 489.52 crore. Face value per share is Rs 2.

Bharat Heavy Electricals (Bhel) said that this is the second unit of the 4x93 megawatts (MW) steam turbine-based captive power plant (CPP) being set up by the company for Reliance Industries (RIL) at Hazira. The company is also setting up a 3x93 MW steam turbine-based CPP at Dahej in Gujarat for RIL, Bhel said. The CPPs are being set up to meet the power requirements of RILs refinery projects at Hazira and Dahej, the company said. With the commissioning of the second unit at Hazira, Bhel has so far commissioned two units each at the Hazira and Dahej projects. The remaining three units are also planned for commissioning during the current financial year, it said.

Bhel reported net profit of Rs 109 crore in Q2 September 2016 compared with net loss of Rs 180.78 crore in Q2 September 2015. Net sales rose 12.1% to Rs 6550.77 crore in Q2 September 2016 over Q2 September 2015.

State-run Bharat Heavy Electricals (Bhel) is an integrated power plant equipment manufacturer. It is one of the largest engineering and manufacturing companies in India engaged in the design, engineering, manufacture, construction, testing, commissioning and servicing of a wide range of products and services for core sectors of the economy, viz. power, transmission, industry, railways, renewable energy, oil & gas, water and defence. The Government of India currently holds 63.06% stake in Bhel (as per the shareholding pattern as on 30 September 2016).

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Central Government takes various decisions for the benefit of farmers in the current Rabi Season and to promote digital payments in the economy
Nov 23,2016

Following the cancellation of legal tender character of old Rs. 500 and Rs.1000 notes, a number of measures have been announced by the Union Government, taking into consideration the requirements of various sections of society. Special measures like higher cash drawal limits for farmers and registered traders in APMC markets/Mandis, extension of time limit for payment of crop insurance premium, purchase of seeds with old high denomination bank notes of Rs. 500 from certain select Government Centres etc., have already been announced for the benefit of the farmers. Steps have been taken to ensure availability of cash in rural branches of Banks and 1.55 lakh Post Offices. Network of Banking Correspondents has also been activated with higher cash holding limits to meet the requirements of people in the rural areas.

On further review of the matter, the Government has taken certain decisions for the benefit of farmers in the current Rabi season and to promote digital payments in the economy. These are in the nature of operational measures and are as follows :

(i) NABARD has made available Rs.21,000 crores limit to the District Central Cooperative Banks (DCCBs) through State Cooperative Banks for Rabi agricultural operations. This will enable the DCCBs to sanction and disburse crop loans to the farmers through the network of Primary Agricultural Cooperative Societies (PACS). This will benefit more than 40% of the small and marginal farmers who avail institutional credit/crop loans. Further, additional limits will be provided by NABARD as per requirement.

(ii) RBI and the Banks have been advised to make the required cash available to the DCCBs. This will ensure quick and unhindered flow of credit and required cash to the farmers, especially for sowing and other agricultural operations during the current Rabi season.

(iii) As a relief to small borrowers (i.e., loans upto Rs. 1 crore), RBI has already decided to provide additional 60 days time for repayment of dues. This will be applicable to personal and crop loans including housing and agricultural loans, taken from banks, NBFCs, DCCBs, PACS or NBFC- MFIs.

(iv) There are 30 crore RuPay Debit Cards which have been issued, including those issued to Jan Dhan Account holders. There is a growth of nearly 300% in use of RuPay cards in the last 12 days. To facilitate the use of this debit card, the Banks have decided to waive transaction charges (MDR) up to 31 December 2016. National Payments Council of India (NPCI) has already waived switching charges for RuPay Cards. Together, these steps will improve the acceptance of debit cards at different establishments.

(v) To promote greater use of Debit Cards, Public Sector Banks and some of the private sector Banks have decided to waive the MDR charges till 31 December 2016. Other private sector Banks are expected to do likewise. Consequently, the transaction charges - including the charges for switching services - stand waived till 31 December 2016.

(vi) To promote greater usage of payments through e-wallets, RBI has decided to increase the monthly transaction limit for individuals from Rs.10,000 to Rs.20,000. Similar enhancements have also been announced by RBI for merchants.

(vii) For convenience of passengers, Indian Railways have decided not to levy service charges of Rs.20 for second class and Rs.40 for upper classes on purchase of reserved E-tickets upto 31st December, 2016. This would facilitate and encourage the passengers to buy E-tickets instead of across the counter purchase through cash.

Daily average number of passengers buying E-tickets online is 58% and across the counter in cash is 42% of the total purchase of tickets. The effort now is to increase the purchase of E-tickets. It is expected that the above measure will encourage people to migrate to cashless transactions.

(viii) TRAI has decided to reduce the USSD charges from the current Rs.1.50 per session to Rs.0.50 per session for transactions relating to Banking and payments. They have also increased the stages from current five to eight. The Telecom Companies have also agreed to waive the above 50 paisa USSD charge per session for the period upto 31.12.2016. Consequently, USSD charges up to 31.12.2016 will be NIL. This will provide a very cost effective method of digital financial transaction, especially to the poor people with feature phones (which are currently 65% of the total phones in the country).

(ix) A lot of time is spent by vehicles at the check posts and toll plazas. While GST will address the problem at the check posts, certain measures are necessary for ease of payment at the toll plazas on the National Highways. Ministry of Road Transport and Highways is therefore advising the automobile manufacturers to provide ETC compliant RFID in all new vehicles.

(x) All Government organizations, public sector undertakings and other Government authorities have been advised to use only digital payment methods such as internet banking, unified payment interface, cards, Aadhar enabled payment system etc. to make payments to all stakeholders and employees. At the point of disbursing the payments, it will be necessary for the authorities to provide the option of payments through cards, internet banking, unified payment interface, cards, Aadhar enabled payment system etc.

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Gujarat Mineral Development Corporation to announce Q2 results
Nov 23,2016

Gujarat Mineral Development Corporation announced that the Board of Directors of the Company will meet on 12 December 2016, to consider and approve the Unaudited financial results for the Quarter ended on 30 September 2016 (Q2).

The Company will publish the results in compliance with IND-AS.

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Gujarat Mineral Development Corporation to announce Q2 results
Nov 23,2016

Gujarat Mineral Development Corporation announced that the Board of Directors of the Company will meet on 12 December 2016, to consider and approve the Unaudited financial results for the Quarter ended on 30 September 2016 (Q2).

The Company will publish the results in compliance with IND-AS.

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