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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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SRF provides update on its greenfield packaging film line project in Indore
Feb 01,2017

SRF announced that trial production of BOPET film has started in a new greenfield packaging film line project in the Domestic Tariff Area, Indore.

The project is likely to be commissioned, capitalized and start commercial production in next few days, which will be communicated separately.

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Yash Papers provides production update
Feb 01,2017

Yash Papers announced that Unit - 2 of the Company has recorded highest ever monthly production of paper i.e. 814 MT in January, 2017.

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Cabinet approves Extension of tenure of loans under the Credit Linked Subsidy Scheme (CLSS) of Pradhan Mantri AwasYojana (PMAY) from 15 to 20 years
Feb 01,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given ex-post facto approval to the proposals for

(i) Extension of tenure of loans under the Credit Linked Subsidy Scheme (CLSS) vertical of Pradhan MantriAwasYojana (Urban) Mission from 15 to 20 years (to be renamed as CLSS for EWS/LIG. It will be named as CLSS for economically weaker sections of society / Lower Income Group;

(ii) Introduction of a new Credit-Linked Subsidy Scheme for MIGn++ for targeting the MIG category;

(iii) Allowing the Primary Lending Institutions (PLIs) that have signed MoU with the Central Nodal Agencies (CNAs), under the CLSS vertical of PMAY(Urban) (now CLSS for EWS/LIG), the option to extend the mandate of their MoU to CLSS for MIG with appropriate changes as applicable;

(iv) For rationalizing/introducing the processing fees payable to the PLIs for the loans sanctioned under these schemes;

(v) Allocation of Rs. 1000 crore initially in the budget for 2017-18 at the BE stage for the proposed CLSS for MIG and

(vi) Issue of the operational guidelines for CLSS for MIG with approval of the Minister-in-charge.

Objectives

a. Increase the off-take in EWS and LIG segments under existing Pradhan Mantri Awas Yojana (Urban) - Housing for All Mission;

b. Outreach to the Middle Income Group (MIG);

c. Make procedures easy for the Primary Lending Institutions (PLIs);

d. Provide an incentive to PLIs for increased participation in the housing and urban development sector;

e. Make available funds through necessary funds through Budgetary provisions and

f. Clearly define the procedure /implementation of programmes.

The outreach of the schemes will ensure greater participation amongst the EWS, LIG and MIG segment of the society to provide Housing for All by 2022, thereby ensuring equity and inclusiveness.

The interest subsidy to be disbursed to the beneficiaries will be credited to their home loan accounts after the PLIs have satisfied the eligibility criteria through their due diligence processes.

The proposed interest subsidy scheme for the MIG is an innovative approach to address the needs of housing of this category.

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NTPC declares commercial operations for 1st unit of 660 MW Mouda Super Thermal Power Station
Feb 01,2017

NTPC announced that 1st Unit of 660 MW of Mouda Super Thermal Power Station Stage-II (2 X 660 MW) is declared on commercial operation w.e.f 00:00 Hrs of 01 February 2017.

With this, the commercial capacity of Mouda Super Thermal Power Station, NTPC and NTPC group has become 1660 MW, 40262 MW and 46838 MW respectively.

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RBI mandates Kotak Mahindra Bank to bring down promoter shareholding
Feb 01,2017

Kotak Mahindra Bank has received a communication from the Reserve Bank of India to bring down its promoter shareholding to 30% by 30 June 2017, 20% by 31 December 2018 and 15% by 31 March 2020.

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TCPL Packaging commences commercial production at FPU unit in Silvassa
Feb 01,2017

TCPL Packaging announced that the commercial production of the Companys Flexible Packaging Unit (FPU) situated at village Dapada, Silvassa in the Union Territory of Dadra and Nagar Haveli, has commenced from 01 February 2017.

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Eicher Motors announces sales figures
Feb 01,2017

Eicher Motors has announced total sales of 59676 units in January 2017 compared to 47710 units in January 2016, recording a growth of 25%. Total sales for the period April - January 2017 stood higher by 34% at 547938 units compared to corresponding period of previous year.

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Cabinet approves Introduction of The Indian Institutes of Information Technology (Amendment) Bill, 2017 in Parliament
Feb 01,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for introduction of The Indian Institutes of Information Technology (Amendment) Bill, 2017 in Parliament.

The amendment Bill provides for inclusion of Indian Institute of Information Technology Design and Manufacturing (IIITDM), Kurnool along with the other IITs in the Principal Act. Subsequently, IITDM Kurnool will be declared as an institute of National Importance with the power to award degrees to students

The expenditure for the operationalization of IITDM Kurnool is incurred from the Plan funds of the Ministry of Human Resource Development.

The emerging needs of the industry and the economy, as a whole for skilled technical manpower is expected to be met from the talent pool of trained personnel of the Institute. The Institute shall be open to all persons irrespective of gender, caste, creed, disability, domicile, ethnicity, social or economic background.

Background

The Indian Institutes of Information Technology Act, 2014 confers the status of Institutions of National Importance on the IIITs and also provides for matters connected with administering these IIITs. Subsequently, the Government has approved creation of a new NIT at Kurnool in Andhra Pradesh as embodied in the Andhra Pradesh Reorganization Act, 2014. Due to addition of a new IIIT, amendment has to be made in the IIIT Act, 2014. With this, IIITDM. Kurnool will be the fifth Member as a Centrally Funded IIIT.

Academic session has commenced in IITDM Kurnool in two branches of study in 2015-16.

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Dhanuka Commercial shifts registered office
Feb 01,2017

Dhanuka Commercial announced that the Registered office of the Company with effect from 23 January 2017 has been shifted to 255, 2nd Floor, Aggarwal City Plaza, Manglam Place, Sector-3, Rohini, near M2K, Delhi-110085.

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Cummins India announces cessation of director
Feb 01,2017

Cummins India announced that J. M. Barrowman, Alternate Director to Norbert Nusterer has ceased to be a Director of the Company effective 31 January 2017, on account of arrival of Norbert Nusterer in India.

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Cummins India announces change in directorate
Feb 01,2017

Cummins India announced that Nicole McDonald, Alternate Director to Suzanne Wells has ceased to be a Director of the Company effective 31 January 2017, on account of arrival of Wells in India.

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Petronet LNG gains on favorable announcement in Union Budget 2017-18
Feb 01,2017

Meanwhile, the S&P BSE Sensex was up 281.87 points or 1.02% at 27,937.83

On the BSE, 2.57 lakh shares were traded on the counter so far as against the average daily volumes of 1.39 lakh shares in the past two weeks. The stock had hit a high of Rs 390.80 and a low of Rs 371.10 so far during the day.

Petronet LNGs net profit rose 81.7% to Rs 459.56 crore on 12.6% decline in net sales to Rs 6338.51 crore in Q2 September 2016 over Q2 September 2015.

Petronet LNG was formed as a joint venture by the Government of India to import liquified natural gas (LNG) and set up LNG terminals in the country.

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DIL intimates of fire incident at subsidiarys manufacturing facility
Feb 01,2017

DIL announced that there was a fire incident in one of the production units at the manufacturing facility of FBL (a subsidiary of DIL), located at Village Takoli, P.O. Nagwain, Dist. Mandi - 175 121, Himachal Pradesh, India on 31 January 2017 at 12:30 p.m.

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Hind Rectifiers prepones board meeting for considering December quarter results
Feb 01,2017

Hind Rectifiers announced that with reference to the earlier latter dated 31 January 2017 regarding convening of Board Meeting which was scheduled to be held on 10 February 2017, has been rescheduled and will be held on 09 February 2017, inter alia, to consider and approve the Unaudited Financial Results of the Company for the quarter ended 31 December 2016.

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FICCIs Economic Outlook Survey projects GDP growth of 6.8% for 2016-17
Feb 01,2017

The latest round of FICCIs Economic Outlook Survey puts forth an annual median GDP growth forecast of 6.8% for 2016-17. This is 0.5 percentage points lower than the estimate of 7.3% put across in the last round. The Central Statistical Organization had projected a GDP growth of 7.1% for 2016-17 earlier this year.

The survey was conducted in the months of December 2016 and January 2017 and drew responses from leading economists representing industry, banking and financial services sector.

According to the survey results, agriculture sector is expected to witness an uptick in the fiscal year 2016-17. The monsoon has been good which is expected to support agricultural production. However, growth in both industry and services sector is anticipated to moderate. Industry and services sector are expected to grow by 5.7% and 8.5% respectively in 2016-17.

The decision of the Government to demonetize high value currency notes has had an impact on the cash dependent sectors and is expected to cause a slowdown in industrial and services sector growth, according to the participating economists.

The survey results also brought to fore the divided view amongst economists on the time frame for normalcy to return in the economy following the demonetisation move. Although some believed that things will start rolling back to the way they were in the pre-demonetization days by the end of the current quarter (March 2017), others felt that it could take at least two more quarters for things to fully settle (June 2017). Once the re-monetization phase is complete and currency is back in circulation, GDP growth would see a recovery.

Economists pointed out that Indias economic growth was being propelled by government spending and private consumption and the latter has been hit due to the demonetization move. This will affect recovery in investments and overall growth. Economists felt that the government will continue the focus on additional spending especially in infrastructure projects to give a push to the economy.

With regard to digitization, economists felt that the transition from cash to digital payments will be harder in the rural areas. It was suggested that instead of promoting plastic currency, the Aadhar enabled payment system would facilitate a smooth transition in the rural areas and should be the focus for government efforts.

Further, on the price front, inflation is expected to remain benign. Consumer Price Index based inflation has a median forecast of 4.7% for 2016-17, with a minimum and maximum range of 3.8% and 5.1% respectively.

Economists were also asked to share their assessment about the bi-monthly monetary policy to be announced in the first week of February 2017. A majority of the respondents expected the ReserveBank of India to maintain status quo with regard to repo rate on account of domestic and global factors. It was felt that upside risks to inflation remain as the global commodity prices are firming up and the central bank would continue to closely watch the inflation level.

The economists opined that the forthcoming Union Budget 2017-18 is likely to be expansionary and some fiscal stimulus is on the way from Governments side. It was pointed out that the Reserve Bank would like to take a detailed account of the stimulus and the borrowing targets before taking a decision to cut the repo rate.

Further, some major banks have recently revised down their lending rate which has given room to the Reserve Bank to undertake a halt. On the global front, policy stance of developed nations such as the United States will be critical.

However, economists anticipate the accommodative stance of the RBI to continue with a probable rate cut of 25 bps in first half of the financial year 2017-18.

The participating economists were asked to share their top expectations from the Union Budget 2017-18. The respondents unanimously felt that the budget should revamp the income tax framework for both individuals and corporates. This will help lend some support to consumer spending which has been hit post demonetisation.

Also, allocations towards agriculture in form of increased expenditure on irrigation and higher spend on MNREGA are seen, which will give a thrust to rural demand.

A majority of respondents indicated more incentives being announced for promoting digital transactions. It was also suggested that additional benefits should be bestowed upon Fintech companies in a bid to move towards a cashless economy. Respondents also hoped that the budget would look at addressing the impact of demonetisation on the informal sector which is largely cash dependent. It is important to ensure that there are enough incentives for the informal setups to move into the formal system.

Government is also expected to continue the focus on infrastructure, MSME, real estate and housing sector. Real estate sector has been displaying a muted performance and has been further affected by demonetisation. The sector is likely to get special focus in the budget and new schemes and policies to revive the real estate sector and the housing segment - especially affordable housing may be on the anvil.

Some of the other expectations indicated by the participating economists were - greater infusion of capital in public sector banks and announcement of further measures to strengthen asset quality of the public-sector banks.

The economists opined that the forthcoming budget would focus on giving an impetus to growth (which is inclusive) and provide fillip to gross fixed capital formation by enhancing complementarities between public and private investment.

Steps would also be taken towards reviving and deepening of the corporate bond market.

Also, they expect the government to further boost its efforts to increase employment through its flagship programmes such as Make in India and Skill India. Economists also expect the government to unveil incentives to promote exports.

Majority of the economists also believed that guidelines will be laid for the roll out of the Goods and Services Tax.

Top Global Trends for 2017 as indicated by participating economists

Upsides

1.Fiscal incentives to stimulate consumption demand 2. Pick up in investment demand 3. Higher global growth with US economy expected to pickup 4. Higher trade growth

Downside Risks

1. Policy uncertainty in major advanced economies and growing protectionist sentiment 2. Rising global commodity prices 3. Tightening of Monetary Policy by Federal Reserve 4. BREXIT and further weakening of Europe 5. Continued economic slowdown in China and other emerging market economies

Key upside and downside risks for India as indicated by participating economists

Upsides

1. Stable macroeconomic fundamentals - moderate inflation, range bound current account deficit and fiscal deficit 2. Structural reforms such as GST and law on Insolvency & Bankruptcy 3. Shift towards digitization 4. Effective policy reform towards a transparent tax structure 5. Continued government spending on infrastructure investments

Downside Risks

1.Weak domestic investments 2. High Non-Performing Assets of Public Sector Banks 3. Risk of rising trade deficit owing to higher crude prices 4. Higher capital outflows as interest rate differential between US and India narrows

5. Rupee remaining weak and volatile

6. Impact of demonetisation

a) liquidity shortage

b) weak consumption demand

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