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Jindal Drilling & Industries standalone net profit declines 3.66% in the June 2016 quarter

Jindal Drilling & Industries standalone net profit declines 3.66% in the June 2016 quarter

Sep 14,2016

Net profit of Jindal Drilling & Industries declined 3.66% to Rs 9.48 crore in the quarter ended June 2016 as against Rs 9.84 crore during the previous quarter ended June 2015. Sales rose 11.24% to Rs 92.66 crore in the quarter ended June 2016 as against Rs 83.30 crore during the previous quarter ended June 2015.

ParticularsQuarter Ended
n++Jun. 2016Jun. 2015% Var.
Sales92.6683.3011
OPM %9.8912.74-
PBDT14.5518.68-22
PBT12.0915.01-19
NP9.489.84-4

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Tata Power gains as brokerage maintains add rating
Dec 30,2016

Meanwhile, the S&P BSE Sensex was up 266.42 points or 1.01% at 26,632.57.

On the BSE, 2.83 lakh shares were traded on the counter so far as against the average daily volumes of 3.69 lakh shares in the past one quarter. The stock had hit a high of Rs 77.95 and a low of Rs 75.60 so far during the day.

The stock had hit a 52-week high of Rs 84.45 on 24 October 2016 and a 52-week low of Rs 55 on 12 February 2016. It had outperformed the market over the past one month till 29 December 2016, advancing 3.81% compared with the Sensexs 0.11% fall. The scrip had also outperformed the market in past one quarter, gaining 2.04% as against the Sensexs 5.25% fall.

The large-cap company has equity capital of Rs 270.46 crore. Face value per share is Rs 1.

On a consolidated basis, Tata Power reported net profit of Rs 336.24 crore in Q2 September 2016, as against net loss of Rs 95.87 crore in Q2 September 2015. Net sales declined 5.6% to Rs 7190.54 crore in Q2 September 2016 over Q2 September 2015.

Tata Power is Indias largest integrated power company with a growing international presence.

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Constitution of high level committee to review Institutionalization of Arbitration Mechanism in India
Dec 30,2016

Justice Dispensing System in India has come under great stress for various reasons including huge pendency of cases in various courts. The injustice is particularly egregious in commercial disputes, where cases remain pending for years. Accordingly, arbitration provides an effective and efficient alternative window for dispute resolution.

The Government of India has laid emphasis on making Arbitration a preferred mode for settlement of commercial disputes. We have been taking legislative and administrative initiatives on arbitration which aim at minimizing court intervention, bring down costs, fix timelines for expeditious disposal, and ensure neutrality of arbitrator and enforcement of awards. The Arbitration and Conciliation (Amendment) Act, 2015 envisages quick enforcement of contracts, easy recovery of monetary claims, reduce the pendency of cases in courts and hasten the process of dispute resolution through arbitration, so as to encourage foreign investment by projecting India as an investor friendly country having a sound legal framework and ease of doing business in India.

In order to ensure speedy resolution of commercial disputes and to facilitate effective conduct of international and domestic arbitrations raised under various agreements, it has been considered necessary to go into various factors to accelerate arbitration mechanism and strengthen the arbitration ecosystem in the country. It is also important to examine specific issues and roadmap required to make India a robust centre for international and domestic arbitration.

With the above end in view, the Government has decided to constitute a High Level Committee (HLC) in the Ministry of Law and Justice.

The terms of reference for the High Level Committee are as under:

(i) To analyze & review effectiveness of present arbitration mechanism.

(ii) To review the facilities, resources, funding and manpower of existing ADR institutions.

(iii) To review working of the institutions funded by the Government of India for arbitration purposes.

(iv) To assess skill gaps in ADR and allied institutions for both national and international arbitration.

(v) To evaluate information outreach and efficacy of existing legal framework for arbitration.

(vi) Based on the foregoing, to

(a) Suggest measures for institutionalization of arbitration mechanism, national and international, in India so as to make the country a hub of international commercial arbitration.

(b) Identify amendments in other laws that are needed to encourage International Commercial Arbitration (ICA).

(c) Devise an action plan for implementation of the law to ensure speedier arbitrations.

(d) Recommend revision in institutional rules & regulations and funding support thereof.

(e) Advise empanelment of national and international arbitrators for time bound arbitral proceedings.

(f) Suggest road map for further strengthening of research and development impacting the domain.

(g) Enlist requisite steps for augmenting skill sets and professional manpower buildup for the sector.

(h) Recommend measures to make arbitration more widely available in curricula and study materials.

(i) Focus on the role of arbitrations in matters involving the Union of India, including bilateral investment treaties (BIT) arbitrations and make recommendations where necessary.

(j) Evolving an efficient arbitration ecosystem for expeditious resolution of International and Domestic Commercial disputes.

The Committee shall submit its report within a period of 90 (ninety) days.

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Bajaj Finance to announce Q3 and 9M results
Dec 30,2016

Bajaj Finance announced that a meeting of the Board of Directors of the Company will be held on 30 January 2017, to take on record the unaudited financial results for the quarter and nine months ending 31 December 2016 (Q3).

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Hind Aluminium Industries appoints company secretary
Dec 30,2016

Hind Aluminium Industries announced that pursuant to the provisions of Section 178, 203 of the Companies Act, 2013, SEBI (LODR), Regulation,2015 etc., Sakshi Sharma, an Associate Member of the Institute of Company Secretaries of India (ACS), be and is hereby appointed as a Company Secretary / Compliance Officer of the Company with w.e.f. 21 December 2016.

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Board of Tree House Education & Accessories approves change in direcrorate
Dec 30,2016

Tree House Education & Accessories announced that at the meeting of the Board of Directors of the Company held on 30 December 2016, the board has considered and approved;

1. Appointment of Suraj Manghnani as an Additional Director, in the category of Independent, Non-Executive Director of the Company w.e.f. 30 December 2016, Subject to the approval of members of the Company.

2. To take a note of resignation of Chanakya Dhanda, Independent Director w.e.f. 15 December 2016.

3. To take a note of resignation of Ram Kumar Gupta, Independent Director w.e.f. 16 December 2016.

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Board of Cyient to consider Q3 and 9M results
Dec 30,2016

Cyient announced that a Meeting of the Board of Directors of the Company will be held on 12 January 2017, inter alia, to take on record the un-audited financial results for the quarter and nine months ended 31 December 2016 (Q3).

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Engineers India corrects on profit booking
Dec 30,2016

Meanwhile, the BSE Sensex was up 213.65 points, or 0.81%, to 26,579.80.

On the BSE, so far 6.51 lakh shares were traded in the counter, compared with average daily volumes of 2.41 lakh shares in the past one quarter. The stock had hit a high of Rs 163 and a low of Rs 152.65 so far during the day.

The stock hit a 52-week high of Rs 169.90 on 29 December 2016. The stock hit a 52-week low of Rs 71.63 on 17 February 2016. The stock had outperformed the market over the past 30 days till 29 December 2016, rising 14.37% compared with the 1.08% fall in the Sensex. The scrip had also outperformed the market in past one quarter, rising 34.97% as against Sensexs 5.38% decline.

The large-cap company has equity capital of Rs 168.47 crore. Face value per share is Rs 5.

Shares of Engineers India rose 10.77% in three trading sessions to settle at Rs 334.65 yesterday, 29 December 2016, from its close of Rs 302.10 on 26 December 2016.

Engineers Indias net profit rose 21.4% to Rs 93.75 crore on 24.6% decline in net sales to Rs 338.89 crore in Q2 September 2016 over Q2 September 2015.

State-run Engineers India provides engineering consultancy and engineering, procurement and construction (EPC) services. The Government of India holds 59.37% in Engineers India (as per shareholding pattern as on 30 September 2016).

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Jai Corp gets a boost from Morgan Stanleys bulk buying
Dec 30,2016

Meanwhile, the S&P BSE Sensex was up 214.31 points or 0.81% at 26,580.46.

On the BSE, 2.94 lakh shares were traded on the counter so far as against the average daily volumes of 3.34 lakh shares in the past one quarter. The stock had hit a high of Rs 74.05 and a low of Rs 72.70 so far during the day.

The stock had hit a 52-week high of Rs 94.40 on 5 January 2016 and a 52-week low of Rs 52.25 on 12 February 2016. It had outperformed the market over the past one month till 29 December 2016, advancing 11.39% compared with the Sensexs 0.11% fall. The scrip had also outperformed the market in past one quarter, gaining 5.74% as against the Sensexs 5.25% fall.

The small-cap company has equity capital of Rs 17.84 crore. Face value per share is Rs 1.

Morgan Stanley Mauritius Company purchased 75.56 lakh shares of Jai Corp at Rs 67.25 per share in bulk deals on the BSE on 29 December 2016. Valiant Mauritius Partners sold 34 lakh shares. Valiant Mauritius Partners Offshore liquidated 41.55 lakh shares.

Valiant Mauritius Partners held 1.91% and Valiant Mauritius Partners Offshore owned 2.33% stake in Jai Corp end September 2016.

Jai Corp reported net loss of Rs 0.63 crore in Q2 September 2016, lower than net loss of Rs 10.19 crore in Q2 September 2015. Net sales rose 14.7% to Rs 179.33 crore in Q2 September 2016 over Q2 September 2015.

Jai Corp was incorporated in 1985. It has traditionally been into manufacturing businesses like steel, plastic processing and spinning yarn. Apart from expansion of its plastic processing business, it is now focusing and investing in emerging opportunities like developing SEZs, infrastructure, venture capital and real estate.

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RS Software (India) gains after making further investment in subsidiary
Dec 30,2016

The announcement was made after market hours yesterday, 29 December 2016.

Meanwhile, the BSE Sensex was up 212.40 points, or 0.81%, to 26,578.55.

On the BSE, so far 86,000 shares were traded in the counter, compared with average daily volumes of 1.77 lakh shares in the past one quarter. The stock had hit a high of Rs 114.40 and a low of Rs 111 so far during the day.

The stock hit a 52-week high of Rs 147 on 31 December 2015. The stock hit a 52-week low of Rs 57.25 on 12 February 2016. The stock had outperformed the market over the past 30 days till 29 December 2016, rising 14.91% compared with the 1.08% fall in the Sensex. The scrip had also outperformed the market in past one quarter, rising 50.07% as against Sensexs 5.38% decline.

The small-cap company has equity capital of Rs 12.85 crore. Face value per share is Rs 5.

RS Software (India) said that it made further investment in its wholly-owned subsidiary, Paypermint, by acquiring 59 lakh equity shares for Rs 5.90 crore. RS Software (India) holds 75% stake in Paypermint.

On a consolidated basis, R S Software (India) reported net loss of Rs 5.96 crore in Q2 September 2016 as against net profit of Rs 7.62 crore in Q2 September 2015. Net sales declined 76.32% to Rs 15.37 crore in Q2 September 2016 over Q2 September 2015.

RS Software (India) is a vertically integrated technology solution provider to the electronic payments industry operating in four continents with its US headquarters in Silicon Valley, corporate headquarters in Kolkata, India and offices in the United Kingdom and Singapore.

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Board of Mahindra & Mahindra Financial Services to consider Q3 and 9M results
Dec 30,2016

Mahindra & Mahindra Financial Services announced that a Meeting of the Board of Directors of the Company will be held on 24 January 2017, inter alia, to consider and approve the Unaudited Standalone Financial Results of the Company and the Unaudited Consolidated Financial Results for the third quarter and nine months ending 31 December 2016.

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Board of Mahindra & Mahindra Financial Services to consider Q3 and 9M results
Dec 30,2016

Mahindra & Mahindra Financial Services announced that a Meeting of the Board of Directors of the Company will be held on 24 January 2017, inter alia, to consider and approve the Unaudited Standalone Financial Results of the Company and the Unaudited Consolidated Financial Results for the third quarter and nine months ending 31 December 2016.

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GE Power India surges after securing new order
Dec 30,2016

The announcement was made before market hours today, 30 December 2016.

Meanwhile, the S&P BSE Sensex was up 185.17 points or 0.7% at 26,551.32.

On the BSE, 1,336 shares were traded on the counter so far as against the average daily volumes of 1,393 shares in the past one quarter. The stock had hit a high of Rs 484.55 and a low of Rs 471 so far during the day.

The stock had hit a 52-week high of Rs 702 on 4 January 2016 and a 52-week low of Rs 440.50 on 21 November 2016. The stock had underperformed the market over the past one month till 29 December 2016, declining 1.98% compared with the Sensexs 0.11% fall. The scrip had also underperformed the market over the past one quarter declining 17.84% as against the Sensexs 5.25% fall.

The mid-cap company has equity capital of Rs 67.23 crore. Face value per share is Rs 10.

GE Power India announced that it has been awarded a contract worth about Rs 271.1 crore by Bharat Heavy Electricals (Bhel) to supply components and services for the supercritical steam generator island packages.

The first package is for 2x800 megawatts (MW) coal-based Uppur thermal power project (contract value about Rs 162.6 crore) and the second package is for 1x800 MW coal-based North Chennai supercritical thermal power project stage-III (contract value about Rs 108.5 crore).

Both the thermal power projects are located in Tamil Nadu. This is in line with the governments focus on upgrading the power infrastructure in the country.

GE Power India reported net loss of Rs 97.10 crore in Q2 September 2016, higher than net loss of Rs 48.02 crore in Q2 September 2015. Net sales declined 9.8% to Rs 477.65 crore in Q2 September 2016 over Q2 September 2015.

GE Power India is engaged in power generation with deep domain expertise to help customers deliver electricity from a wide spectrum of fuel sources.

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Board of Neelamalai Agro Industries to consider routine matters
Dec 30,2016

Neelamalai Agro Industries announced that a meeting of the Board of Directors of the Company will be held on 09 January 2017 for routine matters.

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Two More Advance Pricing Agreements signed by the Central Board of Direct Taxes
Dec 30,2016

The Central Board of Direct Taxes (CBDT) has closed the year 2016 by entering into two more unilateral Advance Pricing Agreements (APAs).

The APA Scheme was introduced in the Income-tax Act in 2012 and the n++Rollbackn++ provisions were introduced in 2014. The scheme endeavours to provide certainty to taxpayers in the domain of transfer pricing by specifying the methods of pricing and setting the prices of international transactions in advance. Since its inception, the APA scheme has evinced a lot of interest from taxpayers and that has resulted in more than 700 applications (both unilateral and bilateral) being filed in just four years.

The two APAs signed today pertain to the Information Technology and Automobile sectors. The international transactions covered in these agreements include Software Development Services, IT enabled Services, Manufacturing and Business Support Services.

With this, the total number of APAs entered into by the CBDT has reached 117. This includes 7 bilateral APAs and 110 Unilateral APAs. In the current financial year, a total of 53 APAs (4 bilateral APAs and 49 unilateral APAs) have already been entered into. The CBDT expects more APAs to be concluded and signed in the near future.

The progress of the APA Scheme strengthens the Governments resolve of fostering a non-adversarial tax regime. The Indian APA programme has been appreciated nationally and internationally for being able to address complex transfer pricing issues in a fair and transparent manner. The approach and functioning of the officers in the APA teams have been appreciated and acknowledged by the industry in India and abroad.

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Berger Paints moves north after rejig in promoter holding
Dec 30,2016

Meanwhile, the S&P BSE Sensex was up 196.51 points or 0.75% at 26,562.66.

On the BSE, 12,000 shares were traded on the counter so far as against the average daily volumes of 85,698 shares in the past one quarter. The stock had hit a high of Rs 214.40 and a low of Rs 210 so far during the day.

The stock had hit a record high of Rs 276.80 on 12 September 2016 and a 52-week low of Rs 157.25 on 29 February 2016. It had underperformed the market over the past one month till 29 December 2016, sliding 13.16% compared with the Sensexs 0.11% fall. The scrip had also underperformed the market in past one quarter, declining 18.5% as against the Sensexs 5.25% fall.

The large-cap company has equity capital of Rs 97.10 crore. Face value per share is Rs 1.

Kuldip Singh Dhingra sold 5 lakh shares of Berger Paints India at Rs 208 per share in a block deal on the NSE yesterday, 29 December 2016. Vinu Dhingra offloaded 5 lakh shares at Rs 208 a piece. U K Paints India bought these entire 10 lakh shares.

Kuldip Singh Dhingra held 0.7% stake, Vinu Dhingra owned 0.83% and U K Paints India held 48.67% stake in Berger Paints India end September 2016.

On a consolidated basis, Berger Paints Indias net profit rose 55.4% to Rs 138.78 crore on 7.5% growth in net sales to Rs 1142.14 crore in Q2 September 2016 over Q2 September 2015.

Berger Paints India manufactures and markets a range of decorative and industrial paint products and has operations throughout India.

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