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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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Board of Arman Financial Services recommends final dividend
Jun 14,2017

Arman Financial Services announced that the Board of Directors of the Company at its meeting held on 26 May 2017, inter alia, have recommended the final dividend of Rs 1 per equity Share (i.e. 10%) , subject to the approval of the shareholders.

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Cabinet approves Interest Subvention to banks on Short-Term crop loan to farmers
Jun 14,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the Interest Subvention Scheme (ISS) for farmers for the year 2017-18. This will help farmers getting short term crop loan up to Rs. 3 lakh payable within one year at only 4% per annum. The Government has earmarked a sum of Rs. 20,339 crore for this purpose.

The interest subvention will be given to Public Sector Banks (PSBs), Private Sector Banks, Cooperative Banks and Regional Rural Banks (RRBs) on use of own funds and to NABARD for refinance to RRBs and Cooperative Banks.

The Interest Subvention Scheme will continue for one year and it will be implemented by NABARD and RBI.

The objective of the scheme is to make available at ground level, agricultural credit for Short Term crop loans at an affordable rate to give a boost to agricultural productivity and production in the country.

The salient features of the scheme are as follows:

a) The Central Government will provide interest subvention of 5 per cent per annum to all prompt payee farmers for short term crop loan upto one year for loan upto Rs. 3 lakhs borrowed by them during the year 2017-18. Farmers will thus have to effectively pay only 4% as interest. In case farmers do not repay the short term crop loan in time they would be eligible for interest subvention of 2% as against 5% available above.

b) The Central Government will provide approximately Rs. 20,339 crore as interest subvention for 2017-18.

c) In order to give relief to small and marginal farmers who would have to borrow at 9% for the post harvest storage of their produce, the Central Government has approved an interest subvention of 2% i.e. an effective interest rate of 7% for loans upto 6 months.

d) To provide relief to the farmers affected by natural calamities, the interest subvention of 2% will be provided to Banks for the first year on the restructured amount.

e) In case farmers do not repay the short term crop loan in time they would be eligible for interest subvention of 2% as against available above.

Major Impact :

Credit is a critical input in achieving high productivity and overall production in the agricultural sector. The Cabinets approval of a sum of Rs.20,339 crore to meet various obligations arising from interest subvention being provided to the farmers on short term crop loans, as also loans on post harvest storages meets an important input requirement of the farmers in the country. This institutional credit will help in delinking the farmers from non-institutional sources of credit, where they are compelled to borrow at usurious rates of interest.

Since the crop insurance under Pradhan Mantri Fasal Bima Yojana (PMFBY) is linked to availing of crop loans, the farmers would stand to benefit from both farmer oriented initiatives of the Government, by accessing the crop loans.

An important initiative of the government is market reforms, with a view to ensuring that the farmers benefit from remunerative prices for their produce in the market. The electronic National Agriculture Market (e-NAM) that was launched by Government on April, 2016 aims at integrating the dispersed APMCs through an electronic platform and enable price discovery in a competitive manner, to the advantage of the farmers. While the farmers are advised to undertake on-line trade, it is also important that they avail themselves of post-harvest loans by storing their produce in the accredited warehouses. The loans are available to Kisan Credit Card (KCC) holding small and marginal farmers at interest subvention of 2 per cent on such storages for a period of upto six months. This will help the farmers to sell when they find the market is buoyant, and avoid distress sale. It is, therefore, needful for the small and marginal farmers to keep their KCCs alive.

The Government is keen in improving income of the farmers, for which it has launched several new initiatives that encompass activities from seed to marketing. The credit from institutional sources will complement all such government initiatives like Soil Health Card, Input Management, Per Drop More Crop in Pradhan Mantri Krishi Sichai Yojana (PMKSY), PMFBY, e-NAM, etc.

Background:

The scheme has been running since 2006-07. Under this, the farmers can avail concessional crop loans of upto Rs.3 lakh at 7% rate of interest. It also provides for an additional subvention of 3%. Prompt Repayment within a period of one year from the date of advance. As a measure to check distress sale, post-harvest loans for storage in accredited warehouses against Negotiable Warehouse Receipts (NWRs) are available for upto 6 months for KCC holding small & marginal farmers. During the year 2016-17, the volume of short term crop loan lent stood at Rs.6,22,685 crore, surpassing the target of Rs. 6,15,000 crore.

Attention: Brief for Electronic Media

Government provides Interest subvention to different banks and cooperatives for short term crop loan extended by them to farmers at concessional rate of 7% and in case of timely repayment, an additional subvention of 3%. In effect, crop loans are available to farmers at 4% rate of interest. The scheme also envisages other benefits including interest at concessional rate of 7% for storage in ware houses accredited by Warehousing Development Regulatory Authority (WDRA) for upto 6 months post harvest for avoiding distress sale. This provides institutional credit to the farmers and disengages them from non-institutional sources of credit, where they are prone to exploitation by private money lenders. All short term crop loan accounts will be Aadhaar linked from current year.

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GMR Infra extends recent rally
Jun 14,2017

Meanwhile, the S&P BSE Sensex was up 63.61 points, or 0.20% to 31,167.10.

On the BSE, 73.91 lakh shares were traded in the counter so far, compared with average daily volumes of 28.40 lakh shares in the past one quarter. The stock had hit a high of Rs 19.75 and a low of Rs 18.15 so far during the day. The stock hit a 52-week high of Rs 19.50 on 13 June 2017. The stock hit a 52-week low of Rs 10.25 on 9 November 2016.

The stock had outperformed the market over the past one month till 13 June 2017, rising 7.71% compared with 2.58% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 14.94% as against Sensexs 5.80% rise. The scrip had also outperformed the market in past one year, rising 51.41% as against Sensexs 17.84% rise.

The large-cap company has equity capital of Rs 603.59 crore. Face value per share is Re 1.

Shares of GMR Infrastructure have risen 18.13% in four trading sessions from its close of Rs 16.55 on 8 June 2017.

According to recent media reports, the joint venture between GMR Infrastructure and Philippines-based Megawide Construction, which runs the Mactan Cebu International Airport (MCIA), submitted a massive unsolicited offer to build a second runway and a third passenger terminal in Cebu.

The unsolicited offer by the joint venture, which would eventually require a competitive challenge, was submitted on 7 June 2017. A key feature of the proposal would also allow GMR-Megawide to assume airside operations currently handled by the nations government, a first of this scale in the Philippines, reports suggested.

Assuming the offer is accepted by the government, the rehabilitation of existing facilities will be done from 2018 to 2021. The reclamation and construction of the second runway is targeted between 2022 and 2030. The final phase will be the construction of a third terminal slated for 2036 onward, reports added.

GMR Infrastructure reported net loss of Rs 2478.78 crore in Q4 March 2017 as against net loss of Rs 1787.09 crore in Q4 March 2016. Net sales rose 57.53% to Rs 176.98 crore in Q4 March 2017 over Q4 March 2016.

GMR Group is a leading global infrastructure conglomerate with interests in airport, energy, transportation and urban infrastructure.

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Cabinet approves signing of Memorandum of Understanding between India and Armenia on cooperation on youth matters
Jun 14,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi was apprised about an Memorandum of Understanding which has already been signed between India and Armenia for cooperation on youth matters.

The MoU was signed in April, 2017. This MoU shall remain in force for a period of five years. Thereafter, the MoU will be automatically renewed for successive periods of five years, unless either Party notifies the other Party of its intention of not to renew the MoU, at least six months before its expiration. It can be terminated by either Party after giving six months prior notice in writing to the other Party.

The objective of the MoU is to strengthen and encourage cooperation between the two countries on youth matters through participation in events and activities organized by the parties, information and knowledge sharing, and youth exchanges between the two countries.

The areas of cooperation on Youth matters includes exchanges of youth, representatives of youth organizations, and government officials in-charge of youth policy-making. It will also be applicable for extension of invitations to international conferences and seminars on youth matters held in the two countries, exchange of printed materials, films and experiences. The cooperation will also be in areas of research and other information on youth matters, participation in youth camps, youth festivals and other youth events held in the two countries, etc.

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Cabinet approves signing of MoU between India and Bangladesh for promoting cooperation in field of Information Technology and Electronics
Jun 14,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi was apprised about an Memorandum of Understanding (MoU) which has already been signed between India and Bangladesh for promoting cooperation in the field of Information Technology and Electronics (IT&E).

The MoU was signed in April, 2017 between Ministry of Electronics and Information Technology, Government of India and Information and Communication Technology Division of Bangladesh. It will remain in force for a period of five years. Thereafter, the MoU will be extended at any time within the period it remains in force by mutual written consent of the Parties. It can be terminated by either Party after giving six months prior notice in writing to the other Party.

The MoU in the field of IT&E is technical in nature and focused primarily on e-Governance, m-Governance, e-Public Services Delivery, Cyber Security, Capacity Building etc. The MoU aims to explore business opportunities, IT&E market in Bangladesh by Indian IT companies and attract investment in Indian electronics and IT sectors in India which would indirectly generate employment opportunities.

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Board of Capital Trade Links recommends final dividend
Jun 14,2017

Capital Trade Links announced that the Board of Directors of the Company at its meeting held on 29 May 2017, inter alia, have recommended the final dividend of Rs 0.075 per equity Share (i.e. 7.5%) , subject to the approval of the shareholders.

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Board of SIL Investments recommends final dividend
Jun 14,2017

SIL Investments announced that the Board of Directors of the Company at its meeting held on 29 May 2017, inter alia, have recommended the final dividend of Rs 1.5 per equity Share (i.e. 15%) , subject to the approval of the shareholders.

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Board of Ugar Sugar Works recommends final dividend
Jun 14,2017

Ugar Sugar Works announced that the Board of Directors of the Company at its meeting held on 29 May 2017, inter alia, have recommended the final dividend of Rs 0.2 per equity Share (i.e. 20%) , subject to the approval of the shareholders.

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Board of Indian Card Clothing Company recommends final dividend
Jun 14,2017

Indian Card Clothing Company announced that the Board of Directors of the Company at its meeting held on 26 May 2017, inter alia, have recommended the final dividend of Rs 2 per equity Share (i.e. 20%) , subject to the approval of the shareholders.

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Crompton Greaves Consumer Electricals to hold AGM
Jun 14,2017

Crompton Greaves Consumer Electricals announced that the 30th Annual General Meeting(AGM) of the company on 27 July 2017.

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Board of Simplex Castings recommends final dividend
Jun 14,2017

Simplex Castings announced that the Board of Directors of the Company at its meeting held on 26 May 2017, inter alia, have recommended the final dividend of Rs 0.5 per equity Share (i.e. 5%) , subject to the approval of the shareholders.

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Board of Pee Cee Cosma Sope recommends final dividend
Jun 14,2017

Pee Cee Cosma Sope announced that the Board of Directors of the Company at its meeting held on 29 May 2017, inter alia, have recommended the final dividend of Rs 2.5 per equity Share (i.e. 25%) , subject to the approval of the shareholders.

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Cabinet approves proposal to introduce the Financial Resolution and Deposit Insurance Bill 2017
Jun 14,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the proposal to introduce a Financial Resolution and Deposit Insurance Bill, 2017. The Bill would provide for a comprehensive resolution framework for specified financial sector entities to deal with bankruptcy situation in banks, insurance companies and financial sector entities.

The Financial Resolution and Deposit Insurance, Bill 2017 when enacted, will pave the way for setting up of the Resolution Corporation. It would lead to repeal or amendment of resolution-related provisions in sectoral Acts as listed in Schedules of the Bill. It will also result in the repealing of the Deposit Insurance and Credit Guarantee Corporation Act, 1961 to transfer the deposit insurance powers and responsibilities to the Resolution Corporation.

The Resolution Corporation would protect the stability and resilience of the financial system; protecting the consumers of covered obligations up to a reasonable limit; and protecting public funds, to the extent possible.

The Government has recently enacted the Insolvency and Bankruptcy Code, 2016 (Code) for the insolvency resolution of non- financial entities. The proposed Bill complements the Code by providing a resolution framework for the financial sector. Once implemented, this Bill together with the Code will provide a comprehensive resolution framework for the economy.

The Financial Resolution and Deposit Insurance Bill, 2017 seeks to give comfort to the consumers of financial service providers in financial distress. It also aims to inculcate discipline among financial service providers in the event of financial crises by limiting the use of public money to bail out distressed entities. It would help in maintaining financial stability in the economy by ensuring adequate preventive measures, while at the same time providing the necessary instruments for dealing with an event of crisis. The Bill aims to strengthen and streamline the current framework of deposit insurance for the benefit of a large number of retail depositors. Further, this Bill seeks to decrease the time and costs involved in resolving distressed financial entities.

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Visaka Industries declines ex-dividend
Jun 14,2017

Meanwhile, the S&P BSE Sensex was up 61.87 points or 0.2% at 31,174.89. The S&P BSE Small-Cap index rose 46.53 points or 0.3% at 15,564.46.

On the BSE, 6,178 shares were traded on the counter so far as against average daily volumes of 47,000 shares in the past two weeks. The stock had hit a high of Rs 480 and a low of Rs 470 so far during the day. The stock had hit a record high of Rs 489.15 yesterday, 13 June 2017 and a 52-week low of Rs 138.40 on 24 June 2016.

Before turning ex-dividend, the stock offered a dividend yield of 1.24% based on the closing price of Rs 481.65 yesterday, 13 June 2017.

Visaka Industries net profit rose 12% to Rs 10 crore on 7.7% decline in net sales to Rs 252.86 crore in Q4 March 2017 over Q4 March 2016.

Visaka Industries is engaged in the manufacture and sale of cement asbestos sheets, fiber cement sheets (V-Boards), and panels.

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Dena Bank leads gainers in A group
Jun 14,2017

Dena Bank jumped 11.06% to Rs 37.15 at 13:43 IST. The stock topped the gainers in the BSEs A group. On the BSE, 15.90 lakh shares were traded on the counter so far as against the average daily volumes of 2.38 lakh shares in the past two weeks.

UCO Bank surged 8.52% at Rs 36.30. The stock was second biggest gainer in A group. On the BSE, 3.28 lakh shares were traded on the counter so far as against the average daily volumes of 74,000 shares in the past two weeks.

Gujarat Pipavav Port advanced 7.03% to Rs 146.25. The stock was third biggest gainer in A group. On the BSE, 3.01 lakh shares were traded on the counter so far as against the average daily volumes of 5.40 lakh shares in the past two weeks.

Polaris Consulting & Services gained 4.31% at Rs 234.55. The stock was fourth biggest gainer in A group. On the BSE, 1.19 lakh shares were traded on the counter so far as against the average daily volumes of 17,000 shares in the past two weeks.

Mcleod Russel India rose 4.31% to Rs 183. The stock was fifth biggest gainer in A group. On the BSE, 46,000 shares were traded on the counter so far as against the average daily volumes of 23,000 shares in the past two weeks.

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