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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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Axis Bank raises Senior Notes in international markets
Mar 27,2017

Axis Bank has passed resolution approving the allotment of 3 year Senior Floating Rate Notes aggregating to USD 10,000,000 (USD Ten Million only), under the MTN Programme through its Dubai International Financial Centre (DIFC) branch.

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Eicher Motors allots 3500 Stock Options
Mar 27,2017

Eicher Motors on 27 March 2017 has allotted 3500 Stock Options under ESOP Scheme.

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Amba Enterprises revises record date for interim dividend
Mar 27,2017

Amba Enterprises has revised the record date for interim dividend for FY 2017 from 31 March 2017 to 10 April 2017.

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Draft National Policy for Domestic workers under consideration
Mar 27,2017

A draft National Policy for Domestic workers is under consideration of the Government. The salient features of the Policy are as under:

i. Inclusion of Domestic Workers in the existing legislations

ii. Domestic workers will have the right to register as workers with the State Labour Department. Such registration will facilitate their access to rights & benefits accruing to them as workers.

iii. Right to form their own associations , trade unions

iv. Right to have minimum wages, access to social security, protection from abuse, harassment, violence

v. Right to enhance their professional skills

vi. Protection of Domestic Workers from abuse and exploitation who are recruited to work abroad

vii. Domestic Workers to have access to courts, tribunals, etc.

viii. Establishment of a mechanism for regulation of placement agencies.

In order to provide social security benefits to the workers in the unorganised sector including domestic workers, the Government has enacted the Unorganised Workers Social Security Act, 2008. The 2008 Act stipulates formulation of suitable welfare schemes for unorganised workers on matters relating to: (i) life and disability cover, (ii) health and maternity benefits, (iii) old age protection and (iv) any other benefit as may be determined by the Central Government through the National Social Security Board. Various Schemes, formulated by the Government to provide social security cover to the unorganized workers, listed in the Schedule I of the above Act are as under:

i. Indira Gandhi National Old Age Pension Scheme (Ministry of Rural Development)

ii. National Family Benefit Scheme (Ministry of Rural Development)

iii. Janani Suraksha Yojana (Ministry of Health and Family Welfare)

iv. Handloom Weavers Comprehensive Welfare Scheme (Ministry of Textiles)

v. Handicraft Artisans Comprehensive Welfare Scheme (Ministry of Textiles)

vi. Pension to Master Craft Persons (Ministry of Textiles)

vii. National Scheme for Welfare of Fishermen and Training and Extension (Department of Animal Husbandry, Dairying & Fisheries)

viii. Aam Admi Bima Yojana (Department of Financial Services)

ix. Rashtriya Swasthya Bima Yojana (Ministry of Health and Family Welfare).

Central Government has also launched the Atal Pension Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana and Pradhan Mantri Suraksha Bima Yojana for all citizens especially targeting unorganised workers to provide them comprehensive social security.

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Board of Colgate-Palmolive (India) recommends dividend
Mar 27,2017

Colgate-Palmolive (India) announced that the Board of Directors of the Company at its meeting held on 27 March 2017, inter alia, have recommended the dividend of Rs 3 per equity Share (i.e. 300%) , subject to the approval of the shareholders.

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Fortis Healthcare to hold EGM
Mar 27,2017

Fortis Healthcare announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 27 April 2017 .

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Ministry of Labour & Employment provides housing subsidy of Rs. 1,50,000/- per worker for construction of house
Mar 27,2017

Ministry of Labour & Employment has formulated Revised Integrated Housing Scheme (RIHS), 2016, which is applicable to the workers engaged in Beedi/Iron Ore Mines, Manganese Ore & Chrome Ore Mines (IOMC)/Limestone Ore Mines, Dolomite Ore Mines (LSDM) /Mica Mines and Cine Industries, registered with the Labour Welfare Organisation (LWO) in the country.

In the Revised Integrated Housing Scheme (RIHS), 2016 the housing subsidy of Rs. 1,50,000/- will be released in three installments in 25:60:15 ratio. First installment (25%) of the subsidy i.e. Rs. 37,500/- per tenement will be released as advance after proposal received from the Welfare Commissioner concerned, the second installment (60%) of the subsidy i.e. Rs. 90,000/- would be released on reaching the lintel level and the third installment (15%) i.e. Rs. 22,500/- per tenement would be released after receipt of 100% inspection conducted by the Engineers/Officers of the Labour Welfare Organisation that the construction of houses has been completed in all respect.

Ministry of Labour & Employment provides housing subsidy of Rs. 1,50,000/- per worker for construction of house.

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Rupee on to a strong start
Mar 27,2017

A broad decline in the US dollar thanks to US President Trumps failure to adopt new healthcare plan triggered doubts on Trumps ability to pursue with his tax reforms.

Rupee opened the week on a buoyant note edging to near its one-half-a-year high. Rupee closed at 65.0350/0450 per dollar, versus its previous close of 65.4050/4150 per dollar last Friday.

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Asia Pacific Market: Stocks fall on Trump health-care failure
Mar 27,2017

Asia Pacific share market declined on Monday, 27 March 2017, due to uncertainty over the ability of the administration of U.S. President Donald Trump to implement its economic agenda.

Regional financial market commenced trading with backfoot, as investors reacted to the failure of U.S. President Donald Trump to rally sufficient support within his own Republican party for legislation to repeal and replace his predecessors health care law. Last Friday, Republican leaders withdrew the replacement bill ahead of a vote in the House of Representatives due to lack of support. The move threw into question Trumps ability to execute his promised economic reforms, sparking another round of uncertainty in financial markets. The uncertainty about U.S. government management triggered a risk-off mood that soured the market.

Trumps agenda of boosting growth by expanding infrastructure investment and cutting taxes and regulations had spurred stock markets since his election victory in November. Investors have started to question the credibility of President Trumps pro-growth reforms after House Republicans scrapped his flagship health care bill on Friday. Some traders started to think Mr. Trump will face difficulty implementing the large-scale tax cut he promised, as it now seems hard to bridge differences within the Republicans.

On the energy front, Brent crude futures slipped 0.27% to $47.84 a barrel while U.S. crude dipped 0.27% at $47.84. A joint committee of ministers from OPEC and non-OPEC oil producers has agreed to review whether a global pact to limit supplies should be extended by six months, according to a statement on Sunday.

Investors are also focused on U.K. Prime Minister Theresa Mays plans to set out how her government plans to restore sovereignty over Britains laws in a speech scheduled for Thursday.

Among Asian Bourses

Australia Shares down on materials

Australian equity market finished session down in the wake of Wall Streets fall on Friday, with mining stocks accounting for most of the slide. At the close, the benchmark S&P/ASX 200 index surrendered 6.80 points, or 0.12%, to 5,746.70, while the broader All Ordinaries index lost 6.90 points, or 0.12%, to 5,789.30. Falling stocks outnumbered advancing ones on the Australia Stock Exchange by 520 to 466 and 348 ended unchanged. The S&P/ASX 200 VIX, which measures the implied volatility of S&P/ASX 200 options, was up 6.53% to 12.648.

The big pressure points for the Australian benchmark index were metal majors after Chinese steel and iron ore futures sank to their lowest in more than six weeks on Monday, amid mounting concerns about demand and growing inventories. BHP Billiton fell 2.9%, Rio Tinto was off 1.8% and Fortescue Metals down 3%.

Shares of department store giant Myer Holdings spiked 18.3% on reports by the Australian Financial Review saying 10% of its shares were bought by Australian businessman Solomon Lew at a premium.

Nikkei falls on stronger yen

The Japan share market closed down, weighed by yen appreciation against greenback and worry about the Trumps administrations inability to push through its policy initiatives. Every industry category on the main section lost ground, led by insurance, securities and real estate issues. The benchmark Nikkei 225 index fell 1.44%, or 276.94 points, to 18,985.59, its lowest close since Feb. 9. The broader Topix index of all first-section issues was down 1.26%, or 19.53 points, to end the day at 1,524.39.

Infrastructure stocks, which rose in anticipation of a Trump-driven increase in spending, were among Mondays largest decliners. Steel producer JFE Holdings fell 2.2% and construction-machinery makers Kubota fell 3.2%.

Exporters sank as the yen strengthened against the dollar on growing doubts about US President Donald Trumps ability to carry out his economic agenda following Fridays failed healthcare deal. The yen is seen as a safe bet in times of uncertainty or turmoil, but a stronger currency hurts the profitability of exporters -- hitting demand for their shares. The dollar slipped to 110.27 yen from 111.12 yen in New York Friday. Toyota dropped 1.13% to 6,158 yen while rival Honda lost 1.45% to finish at 3,390 yen. Sony fell 0.72% to 3,577 yen, and Canon dropped 0.97% to 3,461 yen.

Toshiba closed down 2.06% at 218.4 yen, after the leading Nikkei business newspaper said its loss-hit US unit Westinghouse could file for Chapter 11 bankruptcy as early as Tuesday in a court-protected restructuring.

China Stocks tread water as new property curbs offsets good industrial profits

The Mainland China equity market ended down, in line with a regional sell-off as Donald Trumps failure to push through his health care bill raised questions about his chances of passing tough tax reform and spending measures. Meanwhile, optimism felt from data showing surging profits at Chinese industrial firms was offset by fresh property curbs and signs that monetary policy may be further tightened. Most sectors fell on Monday, but transportation and banking stocks were firm. The benchmark Shanghai Composite Index closed 0.08%, or 2.49 points, lower at 3,266.96. The Shenzhen Composite Index, which tracks stocks on Chinas second exchange, lost 0.36%, or 7.33 points, to 2,039.41. The large-cap CSI300 closed 0.3% lower at 3,478.

Offering fresh signs of Chinas economic recovery, the National Bureau of Statistics reported that Chinas industrial profits jumped 31.5% year on year for the January-February period, versus a 2.3% increase in December, as commodity prices jumped.

But a market response was muted by Beijings fresh measures to ward off asset price bubbles. Beijing on Sunday night rolled out fresh curbs on commercial property purchases by individuals in the latest government effort to cool the overheated property sector, while the central bank chose not to inject funds into the banking system citing relatively high levels of liquidity.

Underscoring the shift in Beijings policy focus, Zhou Xiao chuan, governor of the Peoples Bank of China (PBOC) said on Sunday that he expects to see more countries start to emphasize fiscal policy and structural reform as the period of loose monetary policy ends. On the bright side, listed companies profitability is improving due to the economic recovery, and equities are a better investment than bonds and property amid the governments deleveraging campaign, he wrote. On the dark side, interest rates are climbing higher, while the property curbs and deleveraging efforts cast doubt on the sustainability of the recovery, suppressing equity valuations.

Hong Kong Stocks close down

The Hong Kong stock market closed session down, as sentiment was hurt by Chinas latest curbs on property purchasing and after Wall Street fall on Friday in the wake of the US Presidents failed attempt to overturn his predecessors signature health care policy known as Obamacare. The Hang Seng Index closed 0.7% lower to 24,193.7 on Monday. The Hang Seng China Enterprises Index, known as the H-shares index, declined 1.1% to 10,362. Turnover increased slightly to HK$89 billion from HK$83.4 billion on Friday.

Mainland developers were pressured as escalating tightening measures on property market were seen in more cities. China Overseas (00688) sank 4.4% to HK$22.7. China Vanke (02202) dipped 4.6% to HK$21.65. Greentown China (03900) plunged 11.6% to HK$7.85 even though it reported earnings growth of 140% for 2016. Kaisa Group (01638) soared 56% to HK$2.43 on trading resumption after two years of halt.

Carrie Lam, the new executive-elect of HK, has won support from local developers. But HK property counters were lower. New World Development (00017) slipped 1.3% to HK$9.64. CK Property (01113) fell 0.5% to HK$53.95.

Chinese financials mostly fell. China Merchants Bank closed 2% lower to HK$20.7 after the lender said its non-performing loan ratio had increased to 1.87% by the end of 2016, although its net profit rose 7.6% to 62 billion yuan (US$9 billion). ICBC and Bank of China dropped 0.8% and 1.3% respectively, trading at HK$5.12 and HK$3.9 at the close. China Construction Bank shed 0.9% to HK$6.3. The three banking giants are set to unveil their annual results later this week.

Sinopec (00386) edged up 0.2% to HK$6.21 after oil giant reported strong earnings with higher dividend, and also issued positive profit alert for 1Q 2017. The refiner said its 2016 net income jumped 44% from the previous year.

Sensex closes down as metal, energy stocks fall

Indian stock market extended losses today following sustained selling in metal, energy, telecom, oil&gas, FMCG and Auto sectors amid weak Asian cues. BSE Sensex closed lower by 188 points, or 0.64%, to 29,233, while the Nifty 50 fell 63 points, or 0.69%, to 9,045.

Foreign portfolio investors (FPIs) bought shares worth Rs543.35 crore on last Friday, as per provisional data released by the stock exchanges. Globally, Asian markets were mostly lower after President Trump suffered a legislative defeat last Friday when Republican leaders pulled a bill to overhaul the US health care system. The US stocks ended lower last Friday, as House Republicans withdrew the American Health Care Act after determining that they did not have enough votes to pass the bill.

Shares of Reliance Industries took a beating, falling 3% after Sebi accused co of having committed a fraud in taking a short trading position at the time of selling a stake in a unit in 2007. It has also ordered Reliance Industries to surrender most of gains, plus interest; bars it from trading in derivatives for one year.

Coal India fell 2% after the state-owned miner announced its second interim dividend of Rs 1.15/ share for current financial year as the dividend amount declared slightly less than market expectations.

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Hong Kong Stocks close down
Mar 27,2017

The Hong Kong stock market closed session down on Monday, 27 March 2017, as sentiment was hurt by Chinas latest curbs on property purchasing and after Wall Street fall on Friday in the wake of the US Presidents failed attempt to overturn his predecessors signature health care policy known as Obamacare. The Hang Seng Index closed 0.7% lower to 24,193.7 on Monday. The Hang Seng China Enterprises Index, known as the H-shares index, declined 1.1% to 10,362. Turnover increased slightly to HK$89 billion from HK$83.4 billion on Friday.

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China Stocks tread water as new property curbs offsets good industrial profits
Mar 27,2017

The Mainland China equity market ended down on Monday, 27 March 2017, in line with a regional sell-off as Donald Trumps failure to push through his health care bill raised questions about his chances of passing tough tax reform and spending measures. Meanwhile, optimism felt from data showing surging profits at Chinese industrial firms was offset by fresh property curbs and signs that monetary policy may be further tightened. Most sectors fell on Monday, but transportation and banking stocks were firm. The benchmark Shanghai Composite Index closed 0.08%, or 2.49 points, lower at 3,266.96. The Shenzhen Composite Index, which tracks stocks on Chinas second exchange, lost 0.36%, or 7.33 points, to 2,039.41. The large-cap CSI300 closed 0.3% lower at 3,478.

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Nikkei falls on stronger yen, Trump health-care failure
Mar 27,2017

The Japan share market closed down on Monday, 27 March 2017, weighed by yen appreciation against greenback and worry about the Trumps administrations inability to push through its policy initiatives. Every industry category on the main section lost ground, led by insurance, securities and real estate issues. The benchmark Nikkei 225 index fell 1.44%, or 276.94 points, to 18,985.59, its lowest close since Feb. 9. The broader Topix index of all first-section issues was down 1.26%, or 19.53 points, to end the day at 1,524.39.

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Australia Shares down on materials
Mar 27,2017

Australian equity market finished session down on Monday, 27 March 2017, in the wake of Wall Streets fall on Friday, with mining stocks accounting for most of the slide. At the close, the benchmark S&P/ASX 200 index surrendered 6.80 points, or 0.12%, to 5,746.70, while the broader All Ordinaries index lost 6.90 points, or 0.12%, to 5,789.30. Falling stocks outnumbered advancing ones on the Australia Stock Exchange by 520 to 466 and 348 ended unchanged. The S&P/ASX 200 VIX, which measures the implied volatility of S&P/ASX 200 options, was up 6.53% to 12.648.

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Government of India signs Contracts awarded under Discovered Small Field Bid Round 2016
Mar 27,2017

The Government of India, today, signed the contracts of the fields awarded under the Discovered Small Field (DSF) Bid Round 2016 with the awardees at New Delhi. The event was presided by Minister of State (I/C) for Petroleum and Natural Gas, Shri Dharmendra Pradhan. The delegation of Shri Pradhan included the Shri K D Tripathi, Secretary for Petroleum and Natural Gas and other senior officials of the Ministry.

The Minister also inaugurated a 2 way Interactive Portal for DSF in line with Ease of Doing Business (which is available at www.dghindia.gov.in/dsfportal) which has been developed by DGH to facilitate contract management and redressal of queries.

Addressing the gathering, the Minister said the DSF was introduced with an objective to take a strong step forward towards our Honble Prime Minister, Shri Narendra Modis vision of reducing Indias energy imports, by 10% by 2022. He said that the DSF bid round, which completed in a short span of time, helped us pilot several new initiatives such as the implementation of e-bidding system, an interactive mobile app, setup of virtual data center, facility of dedicated facilitation cell, conducting bidder facilitation workshops etc.

The Minister said that the cumulative peak production from the awarded fields is expected to be around 15000 BOPD of oil and 2 MMSCMD of gas over the economic life. The estimated total revenue would be approximately Rs. 46,400 crores, of which royalty collection and Governments revenue share is expected to be around Rs. 5,000 crores and Rs. 9,300 crores, respectively. It is also estimated that employment for ~37,500 persons would be generated through the awarded fields.

In the face of a global oil glut, and oil prices at half their level three years ago, we took a bet with this bidding round for hydrocarbon assets, thereby exemplifying the boldness that is now the face of business in India. Not just that, the overall response that we received from the bid round, even from bidders who could not succeed, has been nothing short of outstanding, the Minister added.

The Minister also mentioned that the Government is now working towards a second round of DSF Bidding, and shall also be rolling out the Hydrocarbons Exploration and Licensing Policy (HELP) through the Open Acreage Licensing (OAL) mechanism shortly, which shall provide good opportunity for more E&P investment.

Shri Pradhan congratulated the awardees and assured them of complete support and assistance from the Government. He also appreciated the efforts of the officials and partner organizations for the successful completion of the bid round.

Recently, the Petroleum Minister along with Minister of State (I/C) for Cpmmerce and Industry, Smt Nirmala Sitharaman and Minister of State for Road Transport and Highways, Shri Pon. Radhakrishnan met the delegation of representatives from Neduvasal Village of Tamil Nadu regarding their concerns on exploration in that area. The Ministers assured the delegation that the work on the field wills start when Government of Tamil Nadu addresses the local concerns in consultation with Central Government.

The Signing of Contract was attended by the successful awardees, E&P majors, Service Companies amongst others.

Details of the contracts signed under the Discovered Small Field Bid Round

S.No.

Company / Consortium

No. of Contract Areas

Contract Area Names

1

BPRL

5

RJ/ONDSF/BAKHRI TIBBA/2016

RJ/ONDSF/SADEWALA/2016

CY/ONDSF/KARAIKAL/2016

MB/OSDSF/B127E/2016

MB/OSDSF/B15/2016

2

PFH Oil and Gas

3

CB/ONDSF/ELAO/2016

KG/ONDSF/ACHANTA/2016 KG/ONDSF/BHIMANAPALLI/2016

3

IOCL

3

VN/ONDSSF/NOHTA/2016

AA/ONDSF/JERAIPATHAR/2016 GK/OSDSF/KD/2016

4

Ramayana+ Duggar+ BND Energy + Mahindra Infratech

2

AA/ONDSF/BARSILLA/2016 AA/ONDSF/DIPLING/2016

5

Oil Max Energy

2

AA/ONDSF/CHARAIDEO/2016 AA/ONDSF/DUARMARA/2016

6

Nippon Power

2

CB/ONDSF/KAMBOI/2016

CB/ONDSF/WEST BECHRAJI/2016

7

Megha Engineering

2

AA/ONDSF/LAXMIJAN/2016 CB/ONDSF/KAMBEL/2016

8

KEI-RSOS

2

KG/ONDSF/KORAVAKA/2016 KG/OSDSF/GSKV1/2016

9

Prize Petroleum

2

AA/ONDSF/HILARA/2016 KG/ONDSF/SANARUDRAVARAM/2016

10

HOEC+Adbhoot

1

MB/OSDSF/B80/2016

11

HOEC+OIL+PRIZE

1

AA/ONDSF/KHEREM/2016

12

Adani Welspun

1

MB/OSDSF/B9/2016

13

Sun Petrochemicals

1

MB/OSDSF/B-37/2016

14

GEM Laboratories

1

CY/ONDSF/NEDUVASAL/2016

15

South Asia Consultancy FZE

Ratification of Kyoto Protocol
Mar 27,2017

n++The Government of India has decided to ratify the Second Commitment Period (2013- 2020) of the Kyoto Protocol. Developing countries like India have no mandatory mitigation obligations or targets under the Kyoto Protocol.

The Clean Development Mechanism (CDM) under the Kyoto Protocol enables developed countries to invest in n++Cleann++ projects in developing countries to gain emissions credits (Certified Emission Reduction-CER). Indian Industry has benefited from trading in CERs in the international market. Of late, due to lack of demand internationally, prices of CERs have been very low leading to low activities under this mechanism.n++

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