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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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Clarification by Central Board of Direct Taxes on rollback provision in the revised India-Korea Double Taxation Avoidance Agreement
Mar 17,2017

The Central Board of Direct Taxes (CBDT) has clarified that under the revised India-Korea Double Taxation Avoidance Agreement (DTAA), applications for bilateral Advance Pricing Agreement (APA) involving international transactions with Associated Enterprises in Korea for the APA period beginning Fiscal Year 2017-18 can be filed along with request for rollback provision in prescribed form. Such requests for rollback provision shall be processed in accordance with the provisions of Income Tax Act i.e. section 92CC(9A) of the Income Tax Act 1961, and the applicable Income Tax rules in this regard. Inclusion of rollback provision in such bilateral APAs would also be subject to the applicable regulations in Korea. The CBDT has issued the present clarification in response to the queries received from taxpayers regarding availability of rollback provision in respect of bilateral APA applications for APA period beginning F.Y 2017-18.

The existing DTAA between India and Korea was signed on 19th July, 1985 and was notified on 26th September 1986. A revised DTAA between India and Korea for the Avoidance of Double Taxation and the Prevention of Fiscal evasion with respect to taxes on income was signed on 18th May 2015 and entered into force on 12th September 2016. Amongst other changes, the revised DTAA incorporates para 2 in Article 9 (Associated Enterprises). Article 9(2) of the revised India-Korea DTAA provides recourse to the taxpayers of both countries to apply for Mutual Agreement Procedure (MAP) in transfer pricing disputes as well as apply for Bilateral APAs for APA period beginning F.Y. 2017-18.

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Rupa & Company hits 52-week high after large bulk deal
Mar 17,2017

Meanwhile, the S&P BSE Sensex was up 67.98 points, or 0.23% to 29,653.83

Bulk deal boosted volume on the scrip. On the BSE, 17.78 lakh shares were traded in the counter so far, compared with average daily volumes of 5,418 shares in the past one quarter. The stock had hit a low of Rs 295 so far during the day. The stock hit a 52-week low of Rs 244 on 10 January 2017.

The stock had outperformed the market over the past one month till 16 March 2017, rising 18.13% compared with 5.08% rise in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 14.6% as against Sensexs 11.69% rise.

The small-cap company has equity capital of Rs 7.95 crore. Face value per share is Re 1.

Net profit of Rupa & Company rose 20.65% to Rs 17 crore on 7.5% decline in net sales to Rs 208.57 crore in Q3 December 2016 over Q3 December 2015.

Rupa & Company is a leading undergarments manufacturer and a leading hosiery and knitwear company in India.

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GMR Infra corrects on profit booking
Mar 17,2017

Meanwhile, the S&P BSE Sensex was up 71.86 points, or 0.24% to 29,657.71.

On the BSE, 9.50 lakh shares were traded in the counter so far, compared with average daily volumes of 18.81 lakh shares in the past one quarter. The stock had hit a high of Rs 17.40 so far during the day, which is also a 52-week high for the counter. The stock had hit a low of Rs 16.50 so far during the day. 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 16 March 2017, rising 25% compared with 5.08% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 46.88% as against Sensexs 11.69% rise.

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

Shares of GMR Infrastructure rose 8.18% in three trading sessions to settle at Rs 17.20 yesterday, 16 March 2017, from its close of Rs 15.90 on 10 March 2017.

Meanwhile, GMR Infrastructure announced after market hours yesterday, 16 March 2017, that Delhi International Airport, a GMR led consortium, has signed a land license agreement with Airbus for setting up Indias first full flight simulator at the Aerocity ‐ Terminal District of Indira Gandhi International (IGI) Airport. On the 1.11 acre of land, the France based company will set up Indias first full flight simulator to address the growing demand of trained pilots and aircraft maintenance engineers. Airbus will also establish its India Headquarter within the same development.

The land license agreement was signed today between DIAL and Airbus India for a period till 31st March, 2036. DIAL has received the initial security deposit and ADC and will also receive an annual license fee from this license Airbus India had decided to open its full flight training centre at Delhi Aerocity ‐ Terminal district keeping in mind the growing requirements of its customers as Delhi is a key base for most of the airlines ‐ Air India, Indigo and Vistara, the company said in a statement.

GMR Infrastructure reported net loss of Rs 381.93 crore in Q3 December 2016 as against net profit of Rs 40.01 crore in Q3 December 2015. Net sales rose 250.45% to Rs 85.58 crore in Q3 December 2016 over Q3 December 2015.

GMR Group is a leading global infrastructure conglomerate with interests in Airport, Energy, Transportation and Urban Infrastructure.

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GIPCO inches up after commissioning Kuchhdi wind farm
Mar 17,2017

The announcement was made after market hours yesterday, 16 March 2017.

Meanwhile, the S&P BSE Sensex was up 98.49 points or 0.33% to 29,684.34

On the BSE, 13,000 shares were traded on the counter so far as against the average daily volumes of 35,812 shares in the past one quarter. The stock had hit a high of Rs 102.55 and a low of Rs 101 so far during the day. The stock had hit a 52-week high of Rs 116.50 on 31 March 2017. The stock had hit a 52-week low of Rs 75.90 on 16 March 2016.

The stock had underperformed the market over the past one month till 16 March 2017, falling 4.67% compared with 5.08% rise in the Sensex. The scrip had also underperformed the market in past one quarter, rising 2.54% as against Sensexs 11.69% rise.

The small-cap power generation firm has equity capital of Rs 151.25 crore. Face value per share is Rs 10.

Gujarat Industries Power Company (GIPCO) said that that company has commissioned 21 megawatts (MW) wind turbine generators (WTGs) at the Kuchhdi wind farm site, Gujarat for which Certificate of Commissioning has been issued by Gujarat Energy Development Agency(GEDA).

Gujarat Industries Power Companys net profit rose 26.81% to Rs 41.29 crore on 11.11% fall in total income to Rs 310.11 crore in Q3 December 2016 over Q3 December 2015.

Gujarat Industries Power Company is engaged in the business of electrical power generation.

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US stocks end mostly lower
Mar 17,2017

U.S. stocks retreated on Thursday, 16 March 2017 to close lower, giving back some of the previous days Federal Reserve-inspired gains as a fall for health-care and utilities stocks pushed the market into negative territory.

The Dow Jones Industrial Average declined 15.55 points, or less than 0.1%, to finish at 20,934.55. The Nasdaq Composite Index turned positive in the final minutes of trading, and finished up 0.71 points at 5,900.76. The S&P 500 index SPX, -0.16% finished down 3.88 points, or 0.2%, at 2,381.38.

Utilities led losing sectors. The financials, tech, consumer-discretionary and consumer staples sectors finished fractionally higher out of the broad-market benchmarks 11 sectors.

Shares of DuPont declined 1.1%, Chevron Corp. shares slid 0.9%, and Merck & Co.shares fell 0.8%.

The Fed on Wednesday, as expected, lifted its benchmark interest rate by 25 basis points to a range of 0.75% to 1%. It also stuck to its forecast for just two more rate hikes this year, even as some economists thought the central bank would signal it was ready to pick up the pace of rate hikes. Higher interest rates tend to boost the dollar. Stock markets rallied on Wednesday after the Federal Reserve raised interest rates by a quarter-point. The central banks anticipated path of future rate increases was seen as less hawkish than expected by market participants, giving a boost to equities.

The ICE Dollar Index fell 0.3% on Thursday, building on a roughly 1.2% slump from Wednesday.

Among economic data expected on Thursday, weekly jobless claims fell by 2,000 to 241,000 in mid-March, as layoffs remained near the lowest level in decades, in line with expectations. Separately, the Federal Reserve Bank of Philadelphias monthly index on regional manufacturers fell to 32.8 in March from 43.3 in Februaryn++the highest reading in 33 years.

News from Washington did little to encourage the notion that tax reform will be a quick and easy process; President Trumps proposed budget was met with resistance and three House Republicans voted against the GOP health care bill in a committee vote, casting doubt on the legislations chances on the floor of the House.

Bullion metals jumped across the board on Thursday, 16 March 2017 with gold prices notching their highest finish in two weeks, on the heels of the dollars decline, which came after the U.S. Federal Reserve raised interest rates, but struck a less hawkish tone than expected.

April gold rallied $26.40, or 2.2%, to settle at $1,227.10 an ounce, with prices ending at their highest level since March 2. The metal scored its biggest one-day percentage gain since June of last year. That is when the U.K. announced its decision to exit from the European Union. Silver jumped 40.7 cents, or 2.4%, to finish at $17.33 an ounce, marking its highest dally percentage gain since January.

Oil prices finished with a modest loss on Thursday, 16 March 2017, a day after a big rally, as rising output from the U.S. remained a threat to efforts by other major producers to rebalance the market. Still, prices continued to find some support following data on Wednesday showing the drop in U.S. crude supply in 10 weeks, as well as weaker dollar in the wake of the Federal Reserves less-hawkish-than-expected rate announcement.

West Texas Intermediate crude oil for April delivery edged down by 11 cents, or 0.2%, to settle at $48.75 a barrel after rallying by 2.4% on Wednesday. May Brent crude shed 7 cents, or 0.1%, to $51.74 a barrel on the ICE Futures exchange in London.

On Friday, investors will receive February Industrial Production (consensus 0.2%) at 9:15 ET, while February Leading Indicators (consensus 0.5%) and the University of Michigan Sentiment Index for March (consensus 96.8) will cross the wires at 10:00 ET.

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Surplus Coal availability has resulted in Declining of Coal Imports: Shri Piyush Goyal
Mar 17,2017

Union Minister of State (I/C) for Coal, Power, New & Renewable Energy and Mines, Shri Piyush Goyal, said that the total coal imports have been consistently reducing over the last three years. In 2016-17, as on 31 December 2016, the figure has reduced to 144.87 MT as compared to 146.12 MT for the same period in 2015-16. Further, the total coal imports in 2015-16 was 199.9 MT as compared to 217.8 MT in 2014-15.

In the power sector, the coal being imported for blending with domestic coal has been decreasing. The quantity of coal imported by the power utilities in 2015-16 decreased to 37.1 MT from 48.5 MT in 2014-15.

In 2016-17, up to 31 January 2017, the power utilities have imported 16.6 MT coal as against import of 31.6 MT during the same period in 2015-16. For 2016-17, estimated coal demand on provisional basis has been assessed to be 884.87 MT, of which respective demand of steel, cement and captive power including fertilizer sector, has been assessed to be 56.62 MT, 34.37 MT & 91.11 MT respectively.

In 2016-17, there has been decline of coal stocks at pitheads of CIL as well as at Power Plants, as shown below:

 Year /Coal Stocks

(MT)

2014-152015-162016-17
(as on 05.03.17)
Pit Head (CIL)53.4757.6456.33Thermal Power Plants26.1038.8726.48

Shri Goyal further informed that to enhance production from the coal mines and introduce the state of the art technology along with global best practices, 39 projects (9 projects post 2014) with Surface miners, Powered Support Long Wall (PSLW) and Continuous Miner (CMs) have been sanctioned and implemented in CIL as an ongoing process till now.

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VA Tech Wabag declines on profit booking
Mar 17,2017

Meanwhile, the S&P Sensex was up 99.54 points or 0.34% at 29,685.39. The S&P mid-cap index was down 52.93 points or 0.38% at 13,859.42.

On the BSE, 26,000 shares were traded on the counter so far as against the average daily volumes of 15,310 shares in the past one quarter. The stock had hit a high of Rs 617 and a low of Rs 587 so far during the day.

The stock had hit a 52-week high of Rs 644 on 9 June 2016 and a 52-week low of Rs 449.95 on 23 December 2016. The stock had outperformed the market over the past one month till 16 March 2017, advancing 25.45% compared with the Sensexs 4.54% rise. The scrip had also outperformed the market over the past one quarter advancing 32.11% as against the Sensexs 11.69% rise.

The mid-cap company has equity capital of Rs 10.91 crore. Face value per share is Rs 2.

VA Tech Wabag had rallied 11.16% in the preceding four trading sessions to settle at Rs 620.50 yesterday, 16 March 2017, from its closing of Rs 558.20 on 9 March 2017.

VA Tech Wabag reported consolidated net loss of Rs 2.56 crore in Q3 December 2016, as compared with net profit of Rs 19.22 crore in Q3 December 2015. Net sales rose 16.9% to Rs 713.02 crore in Q3 December 2016 over Q3 December 2015.

VA Tech Wabag is a leading multinational company specialized in water and waste water management.

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Persistent Systems to hold board meeting
Mar 17,2017

Persistent Systems will hold a meeting of the Board of Directors of the Company on 24 April 2017.

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Amarnath Securities to hold board meeting
Mar 17,2017

Amarnath Securities will hold a meeting of the Board of Directors of the Company on 27 March 2017, to consider the appointment of Mr. Hitesh Ruke (DIN. 07752179) as Whole-Time Director of the Company with immediate effect, & to consider the appointment of Mrs. Dia Wadhwani (DIN. 07752120) as Independent Director of the Company with immediate effect.

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Kilpest India to hold board meeting
Mar 17,2017

Kilpest India will hold a meeting of the Board of Directors of the Company on 21 March 2017, to consider and approve the investment in the equity capital of its subsidiary company i.e. M/S. 3B BLACKBIO BIOTECH INDIA LTD, for meeting its growth objectives, financial obligations and to increase equity stake in our Biotech subsidiary company.

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Sharanam Infraproject & Trading to hold board meeting
Mar 17,2017

Sharanam Infraproject & Trading will hold a meeting of the Board of Directors of the Company on 23 March 2017, to appoint Ms. Shivangi Gajjar as a Company Secretary cum Compliance Officer of the Company. 2. Any other business with the permission of the Chair.

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Board of AksharChem (India) recommends dividend
Mar 17,2017

AksharChem (India) announced that the Board of Directors of the Company at its meeting held on 16 March 2017, inter alia, have recommended the dividend of Rs 3.5 per equity Share (i.e. 35%) , subject to the approval of the shareholders.

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Board of Sakthi Finance recommends dividend
Mar 17,2017

Sakthi Finance announced that the Board of Directors of the Company at its meeting held on 16 March 2017, inter alia, have recommended the dividend of Rs 10 per equity Share (i.e. 100%) , subject to the approval of the shareholders.

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Bullions jump higher
Mar 17,2017

Bullion metals jumped across the board on Thursday, 16 March 2017 with gold prices notching their highest finish in two weeks, on the heels of the dollars decline, which came after the U.S. Federal Reserve raised interest rates, but struck a less hawkish tone than expected.

April gold rallied $26.40, or 2.2%, to settle at $1,227.10 an ounce, with prices ending at their highest level since March 2. The metal scored its biggest one-day percentage gain since June of last year. That is when the U.K. announced its decision to exit from the European Union.

Silver jumped 40.7 cents, or 2.4%, to finish at $17.33 an ounce, marking its highest dally percentage gain since January.

The Fed on Wednesday, as expected, lifted its benchmark interest rate by 25 basis points to a range of 0.75% to 1%. It also stuck to its forecast for just two more rate hikes this year, even as some economists thought the central bank would signal it was ready to pick up the pace of rate hikes. Higher interest rates tend to boost the dollar.

Gold prices got a lift as the dollar weakened against most currency rivals following the Feds hint a measured pace of monetary tightening. The ICE Dollar Index fell 0.3%, building on a roughly 1.2% slump from Wednesday.

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Aditya Birla Nuvo slips after announcing plant shut down
Mar 17,2017

The announcement was made after market hours yesterday, 16 March 2017.

Meanwhile, the S&P BSE Sensex was up 116.20 points, or 0.39%, to 29,702.05

On BSE, so far 2,226 shares were traded in the counter, compared with average daily volume of 1.25 lakh shares in the past one quarter. The stock hit a high of Rs 1,530 and a low of Rs 1,513.40 so far during the day. The stock hit a record high of Rs 1,664 on 9 August 2016. The stock hit a 52-week low of Rs 758.75 on 16 March 2016.

The stock had underperformed the market over the past one month till 16 March 2017, rising 5.03% compared with 5.08% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, gaining 27.98% as against Sensexs 11.69% rise.

The large-cap company has equity capital of Rs 130.25 crore. Face value per share is Rs 10.

Aditya Birla Nuvo said that the shut down is from 17 March 2017 and the plants are expected to resume operations from 10 April 2017. During this period, various annual maintenance jobs shall be carried out at the plants.

On a consolidated basis, Aditya Birla Nuvos net profit declined 35.15% to Rs 206.23 crore on 10.41% rise in net sales to Rs 3262.58 crore in Q3 December 2016 over Q3 December 2015.

Aditya Birla Nuvo is a business conglomerate. It commands leadership position across its financial services, telecom, linen and manufacturing businesses.

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