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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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Star Ferro & Cement gets High Court approval for scheme of amalgamation
Feb 14,2017

Star Ferro & Cement announced that the Honble National company Law Tribunal (NCLT) Guwahati Bench, vide its order dated 07 February 2017 has approved the Scheme of Amalgamation of Star Ferro and Cement (Transferor Company) with Star Cement (Transferee Company) with effect from Appointed Date i.e. 01 April 2016.

Certified copies of the Order are awaited for filing with the Registrar of Companies.

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Hindustan Petroleum Corporation fixes record date for interim dividend
Feb 14,2017

Hindustan Petroleum Corporation announced that the Company has fixed 02 March 2017 as the Record date for the purpose of Payment of Interim Dividend.

The Interim dividend is proposed to be paid on or before 15 March 2017.

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Outcome of board meeting of Virinchi
Feb 14,2017

Virinchi announced that the Board of Directors of the Company at its meeting held on 13 February 2017 has transacted the following -

Allotted 85,65,000 equity shares to shareholders of Bristlecone Hospitals under scheme of amalgamation.

Allotted 1,33,500 equity shares under VESOS, 2004.

Approves grant of 25 lakh stock options under VESOS, 2016.

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Board of Minda Finance takes note of change in corporate office
Feb 14,2017

Minda Finance announced that the Board of Directors of the Company at its meeting held on 13 February 2017 took note that the address of Corporate Office has been shifted to B-64/1, Wazirpur, Industrial Area, New Delhi - 110052.

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Strong Payment Mechanism Partly Contributes to Solar Tariff Free Fall; Solar Projects Funding To Ease
Feb 14,2017

The strong payment security mechanism from the counterparty in the recently concluded auctions for 750 MW of solar projects in Rewa Solar Park, Madhya Pradesh, will enable fund raising at competitive rates, says India Ratings and Research (India Ratings). The agency believes that the reduced risk from the counterparty because of payment security mechanisms is one of the levers for the steep fall in tariffs quoted by the bidders.

The new payment security mechanism includes the state government payment guarantee, payment security fund (about 35-40% of revenue at plant load factor of 22%) and a deemed generation compensation for the grid unavailability, in addition to the regular letter of credit. Low tariff will also incentivise the offtakers to pay on-time. Notwithstanding the new payment structure, in the event of the tariffs not being commensurate with the capital cost - reminiscent to the aggressive bids seen in the road sector - will stress the coverage ratios of these projects. Thus the cost of funding and lower solar panel prices (fallen by ~28% yoy) are critical factors for the sharp fall in solar bids.

While the state guarantee and payment security fund (PSF) provides a cushion, however it is imperative to know the terms for invocation of the guarantee and the replenishment of PSF. In the event of guarantee invocation or tapping of PSF after a substantial delay in payments - beyond 60 days - the players could be forced to avail working capital facilities and bear the related financial costs.

In another development, Solar Energy Corporation of India (SECI) is now included as a beneficiary in the tripartite agreement with the Reserve Bank of India, Government of India and the states. This development will allow withholding of central assistance to states in case of a default to SECI. As a result, SECIs future bids are likely to fall to lower tariffs than earlier. The reduced counterparty risk will aid in curtailing the borrowing costs for these projects.

Evolving Security Mechanism A Positive

Though solar projects relatively enjoy stable receivable days from most counterparties, the underlying risk from the weak financial profile of most distribution utilities remain. Certain distributionutilities however exhibit different payment days for different generation assets (thermal and wind) and this pattern among discoms provides limited comfort in assessing the reliability of the offtakers. Thus the inclusion of SECI as a beneficiary in the tripartite agreement gains significance in providing reliability of collections.

Threat of Grid Uncertainty Partially Addressed

In light of grid curtailment faced by wind projects in few states and also by solar projects in Tamil Nadu, the development of providing deemed generation benefits for grid non-availability is a positive development. India Ratings had highlighted this in the report Market Wire: Grid Curtailment Contagion Puts Pressure on Credit Profiles of Renewable Energy Projects.

However, Ind-Ra believes that it may be unsustainable for the off-takers to carry this risk as the distribution utilities do not operate the grid. The responsibility of grid operation lies with the loaddespatch centres within the constraints posed by the transmission infrastructure and load-generation balancing. Thus, the onus of enabling evacuation also lies with the open access provider and network operator. Clarity in responsibilities and contractual incentives and penalties will ensure that all the stakeholders (including off-takers, open access providers and network operators) are aligned towards the goal of uninterrupted evacuation for renewable power.

Bids Reach New Lows

Auction for implementing 750MW in Rewa Solar Park was concluded at INR2.970-/kWh, INR2.979 and INR2.974 for three units of 250MW each, with 5 paise per year escalation for first 15 years. Offtakers are Delhi Metro Rail Corporation and Madhya Pradesh Power Management Corporation Ltd. The previous low in terms of tariffs of INR4.34/kWh was offered by Fortum of Finland was exactly a year ago in January 2016. Rewa Ultra Mega Solar, which is developing the Rewa solar park, is a joint venture of SECI and Madhya Pradesh Urja Vikas Nigam Limited. Land acquisition and evacuation are the responsibility of the solar park, thus mitigating significant risks for the project developers. The low tariffs discovered makes the solar projects highly competitive in merit order, as the variable charges of marginal power for most states lie above INR3.5/kWh.

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MMTC jumps after robust Q3 results
Feb 14,2017

The result was announced after market hours yesterday, 13 February 2017.

Meanwhile, the BSE Sensex was down 33.37 points, or 0.12%, to 28,318.25.

On the BSE, so far 3.79 lakh shares were traded in the counter, compared with average daily volumes of 8.25 lakh shares in the past one quarter. The stock had hit a high of Rs 67.60 and a low of Rs 65.10 so far during the day.

The stock hit a 52-week high of Rs 73.85 on 12 January 2017. The stock hit a 52-week low of Rs 29.95 on 24 February 2016.

The mid-cap company has equity capital of Rs 100 crore. Face value per share is Re 1.

MMTC is a leading international trading company. Government of India (GoI) held 89.927% stake in MMTC (as per the shareholding pattern as on 31 December 2016).

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Board of Brahmaputra Infrastructure accepts resignation of director
Feb 14,2017

The Board of Directors of Brahmaputra Infrastructure at its meeting held on 13 February 2017 has accepted the resignation of N N Batbyal as Independent Non Executive Director of the Company.

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Minda Corporation to pay interim dividend
Feb 14,2017

Minda Corporation announced that interim dividend shall be paid on or before 07 March 2017.

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Minda Corporation declares interim dividend
Feb 14,2017

Minda Corporation announced that the Board of Directors of the Company at its meeting held on 13 February 2017, inter alia, has the Board declared an interim dividend of Rs. 0.20/- per equity shares on 209311640 equity shares of Rs. 2/- (Rupees Two) each and the dividend shall be paid/dispatched on or before 07 March 2017.

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Board of Marg appoints CFO
Feb 14,2017

Marg announced that the Board of Directors of the Company at its meeting held on 13 February 2017 have appointed R B Shrinivasan as the CFO of the Company with effect from 13 February 2017.

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HPCL in spotlight after Q3 results
Feb 14,2017

HPCLs net profit rose 52.7% to Rs 1590.31 crore on 12.9% rise in net sales to Rs 48485.57 crore in in Q3 December 2016 over Q3 December 2015. The result was announced after market hours yesterday, 13 February 2017. Based on the approval received from Government of India, HPCL accounted for budgetary support of Rs 263.88 crore in Q3 December 2016 compared with Rs 441.32 crore in Q3 December 2015 towards under recovery on sale of PDS SKO (Kerosene). The government decontrolled petrol & diesel prices. However, public sector oil marketing companies (PSU OMCs) sell liquified petroleum gas (LPG) and kerosene at controlled prices.

Petronet LNGs net profit surged 132.5% to Rs 397.47 crore on 23.9% rise in net sales to Rs 5976.58 crore in in Q3 December 2016 over Q3 December 2015. The result was announced after market hours yesterday, 13 February 2017.

GMR Infrastructure reported net loss of Rs 381.93 crore in Q3 December 2016 compared with net profit of Rs 40.01 crore in Q3 December 2015. Total income fell 24.35% to Rs 225.97 crore in Q3 December 2016 over Q3 December 2015. The result was announced after market hours yesterday, 13 February 2017.

MMTCs net profit surged 274.2% to Rs 74.43 crore on 37.8% rise in net sales to Rs 4939.65 crore in in Q3 December 2016 over Q3 December 2015. The result was announced after market hours yesterday, 13 February 2017.

On a consolidated basis, Prestige Estates Projects net profit fell 75.51% to Rs 68.30 crore on 0.09% rise in total income to Rs 1253.52 crore in in Q3 December 2016 over Q3 December 2015. The result was announced after market hours yesterday, 13 February 2017.

SKF India said that its board approved a proposal for buy-back of fully paid up equity shares of the company from all the existing shareholders of the company. The company proposes to buyback around 26 lakh equity shares at Rs 1,500 each, aggregating to an amount not exceeding Rs 390 crore. The board noted the intention of members of the promoter and promoter group to participate in the proposed buyback. The announcement was made after market hours yesterday, 13 February 2017.

Container Corporation of India said that its board recommended issuing one bonus share for every four existing equity shares held in the company (1:4). The announcement was made after market hours yesterday, 13 February 2017.

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Operation Clean Money by IT Dept gets overwhelming response
Feb 13,2017

The Income Tax Department (ITD) had initiated Operation Clean Money on 31st January, 2017 for the e-verification of large cash deposits made during the period from 9th November to 30th December, 2016. Email and SMS were sent to 18 lakh taxpayers for submitting online response on the e-filing portal.

The operation has seen an overwhelming response and till 12th February, 2017 more than 5.27 Lakh taxpayers have already submitted their response. Out of the 7.41 Lakh accounts confirmed by the 5.27 Lakh taxpayers, the cash deposit amount has been confirmed in more than 99.5 per cent accounts. The Department is encouraged to note that taxpayers have increased the cash deposit amount in nearly 90,000 accounts and provided details of additional 25,000 bank accounts in which cash was deposited. The explanation of cash deposit submitted by the taxpayer is being analysed in the context of nature of business and business profile in the earlier returns of the taxpayer.

This exercise has identified around 4.84 lakh taxpayers not yet registered with the e-filing portal. SMS have been sent on the mobile number of these unregistered persons. Income Tax Department is keeping a vigil on the PAN holders who have still not registered on the e-filing portal or who have not yet submitted their online response.

In order to facilitate online responses, the last date for their submission has been extended up to 15th February, 2017 and a detailed Frequently Asked Question (FAQs) has also been issued to assist the taxpayers in submitting their response. The taxpayers should submit their response within this further extended period with a view to avoid enforcement actions under the Income-tax Act and other applicable laws.

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Expeditious issue of Refunds is a High Priority for the Central Board of Direct Taxes (CBDT)
Feb 13,2017

The Centralised Processing Centre (CPC) of the Income Tax Department (ITD) at Bengluru has already processed over 4.19 crore Income Tax Returns (ITRs) and issued over 1.62 crore refunds during the current financial year up to 10th February, 2017. The amount of refunds issued at Rs.1.42 Lakh Crore is 41.5% higher than the corresponding period last year.

As a result of emphasis on expeditious issue of refunds, 92% of all Income Tax returns were processed within 60 days demonstrating CBDTs commitment to faster and more efficient taxpayer service. Of the refunds issued, 92% are below Rs.50,000 due to the high priority given to expeditious issue of refunds to small taxpayers. Only 2% of refunds less than Rs. 50,000 are remaining to be issued. Majority of these cases relate to recently filed ITRs or where the taxpayers response to the Department is awaited.

Taxpayers reposed faith in CBDTs e-governance initiatives by filing electronically a whopping 4.01 Cr ITRs till 10th February 2017 representing an increase of 20% over the previous year. Also, more than 60 lakh other online forms were filed with an increase of nearly 41% compared to the previous year.

Taxpayers are advised to verify and update their email address and mobile number on the e-filing website to receive electronic communication. CBDT is committed to ensuring best possible taxpayer services through its e-governance programs and increasing the coverage and scope of electronic filing and processing of various forms and applications.

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Kokuyo Camlin announces change in CEO
Feb 13,2017

Kokuyo Camlin announced that the Board of Director in its meeting held on 13 February 2017 took note of the resignation of Ayyadurai Srikanth - Chief Executive Officer, who has decided to pursue other opportunities. The Board of Directors accepted his resignation and noted that he will hold the said office until close of business hours on 31 March 2017.

Further, pursuant to the recommendation of the Remuneration and Nomination Committee in its meeting held on 13 February 2017 the Board of Directors have approved the appointment of Nobuchika Doi who is presently Executive Director of the Company, as the new Managing Director and Chief Executive Officer of the Company, who shall be designated as Chief Executive Officer & Executive Director of the company, with effect from 01 April 2017. The appointment of Nobuchika Doi is subject to the approval of the members at the ensuing annual general meeting of the Company.

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IND Renewable Energy appoints company secretary
Feb 13,2017

IND Renewable Energy announced Ruchita Birla has been appointed as Company Secretary cum compliance officer of the company with effect from 13 February 2017.

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