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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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Hong Kong Market follows Wall Street rally
Jul 10,2017

The Hong Kong stock market ended higher on Monday, 10 July 2017, as upbeat US and Chinese data buoyed investor sentiment. Sentiment was also aided by a surge in COSCO Shippings and Hong Kongs Orient Overseas International (OOIL) shares after the Chinese shipping giant made a $6.3 billion offer for its smaller rival on Sunday. The Hang Seng index rose 0.6%, to 25,500.06 points, while the China Enterprises Index lost 0.4%, to 10,214.58 points. Turnover increased to HK$80.2 billion from HK$70 billion on Friday.

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China Stocks end softer
Jul 10,2017

The Mainland China equity market finished session lower on Monday, 10 July 2017, amid worries over market liquidity after the securities regulator approved more initial public offerings (IPOs) over the weekend. Markets shrugged off Chinas June inflation data, which were in line with expectations but did little to alter the view that economic growth is cooling after a solid first quarter. Sector performance was mixed on Monday, with energy and coal shares dropping, while consumer shares rose following last weeks correction. The blue-chip CSI300 index fell 0.1%, to 3,653.69 points, while the Shanghai Composite Index slipped 0.2% to 3,212.63 points and the Shenzhen Composite declined 0.66% to end at 1,905.36.

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Nikkei regains 20K level
Jul 10,2017

The Japan share market finished session up on Monday, 10 July 2017, helped by positive lead from the Wall Street on Friday and yen depreciation against greenback on the heels of US jobs data that gave investors further evidence that the U.S. economy is gaining strength. Tokyos benchmark Nikkei 225 index rose 0.76%, or 151.89 points, to close at 20,080.98, while the Topix index of all first-section issues was up 0.52%, or 8.42 points, to end the day at 1,615.48.

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Australia Market ends higher
Jul 10,2017

Australian equity market finished session higher for the first time in four straight session on Monday, 10 July 2017, helped by positive lead from Wall Street Friday after further evidence that the U.S. economy is gaining strength and signs that Chinese inflation is stabilizing. Most of ASX sectors gained with the major financials and consumer stocks leading the across-the-board gains. The benchmark Australian index finished up 0.4%, or 20.83 points, at 5,724.4.

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Board of Stone India approves change in directorate and CFO
Jul 10,2017

The Board of Stone India approved the following change in directorate -

1. Appointment of Ravi Prakash Ganti as the Managing Director & CEO of the Company w.e.f. 10 July, 2017.

2. Release of Debashis Chakravarty from the position of Managing Director & CEO of the Company with immediate effect.

The Board has also designated Binit Kumar Kandoi, Chief Financial Officer, as the Compliance Officer of the Company in terms of the SEBI (LODR) Regulation, 2015.

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Gammon Infrastructure Projects announces demise of Chairman
Jul 10,2017

Gammon Infrastructure Projects announced the sad demise of Chairman on 09 July 2017.

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Board of Onesource Ideas Venture allot 28.50 lakh equity shares on preferential basis
Jul 10,2017

Onesource Ideas Venture announced that the Board of Directors of the Company at its meeting held on 10 July 2017 has transacted the following -

Pursuant to the In-principal Approval received from BSE Limited on 22 June, 2017 and in accordance with the Special Resolution passed by the Company on 26 June,2017, the Board of Directors have allotted 28,50,000 Equity Shares of Rs.10 per share fully paid at a premium of Rs.6/- per share on Preferential basis thereby increasing the Paid up Share Capital of the Company from Rs. 22,50,000/- divided in to 2,25,000 Equity Shares of Rs. 10/- per share to Rs. 3,07,50,000/- divided in to 30,75,000 Equity Shares of Rs. 10/- per share.

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Vedanta announces demise of director
Jul 10,2017

Vedanta announced the sad demise of Naresh Chandra, Non-Executive Independent Director of the Company on 09 July 2017.

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Subex intimates of redemption of FCCBs
Jul 10,2017

Subex announced that outstanding USD 3,600,000 out of the USD 127,721,000 5.70% secured convertible Bonds due 07 July 2017 FCCB III listed on Singapore Exchange Securities Trading have been redeemed.

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Hinduja Global Solutions appoints CEO for its European operations
Jul 10,2017

Hinduja Global Solutions has appointed Adam Foster as Chief Executive Officer for its European operations. To be based out of London in the UK, Foster will work on enhancing the HGS brand and driving growthin the region. He will also be a key member of HGS Global Advisory Board and participate in corporate strategy.

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ICICI Bank allots 82,216 equity shares
Jul 10,2017

ICICI Bank has allotted 82,216 equity shares unders ESOP on 06 July 2017.

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Jaypee Infratech announces resignation of director
Jul 10,2017

Jaypee Infratech announced the resignation of Arun Balakrishnan, Independent Director with effect from 09 July 2017.

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Digital Payments increase by a whopping 55 per cent in 2016-17
Jul 10,2017

The RBI data shows that the volume of digital payments has recorded a CAGR of 28 per cent during the five year period ending 2015-16. In contrast, the increase has been a whopping 55 per cent in 2016-17, according to an analysis and evaluation of the current digital payments landscape in the country as captured by NITI Aayog. Further, the value of overall payments was around 13 to 14 times of GDP during the five-year period. In contrast, the outstanding stock of currency in circulation, which hovered around 12% of GDP during 2011-12 to 2015-16, declined to 8.8% during 2016-17, reflecting the impact of demonetisation partially offset by the ongoing re-monetisation process. This trend was shared by Mr. Ratan P Watal, Principal Advisor, NITI Aayog and Former Finance Secretary.

Mr. Watal said that the retail payments segment accounted for as much as 98 to 99% of total volumes. Of this, the share of paper clearing which formed over half the total volume in 2011-12, steadily dropped to 16% in 2015 -16 and further to 11% in 2016-17 with a corresponding increase in the combined share of electronic clearing and cards.

He said that these figures are truly reflective of the fact that India today stands at the cusp of a digital payments revolution through rapid penetration of digital payments infrastructure across the length and breadth of the country. Due to innovations in digital payment technologies and increasing consumer satisfaction, the growth trends in digital payments are positive and will continue to dominate the payments landscape in India. This dispels the doubts raised by some commentators regarding the growth of Digital Payments, subsequent to demonetization.

Mr. Watal said that for instance, in an article published in the Indian Express it was claimed that the surge in digital payments, post demonetization was temporary as cash was not readily available. Once cash was available, the surge in Digital Payments tapered off. RBI data was used to substantiate this hypothesis.

He said that it is to be noted that that this data was based on RBI figures capturing just a few select payment system indicators only and includes Card transactions of only 4 major banks and PPI transaction of only 8 major non-bank entities for goods and services only. The data therefore referred to a subset of the entire spectrum of Digital Payments. Hence the conclusion that was drawn may not have given the true picture.

Mr. Watal said that NITI Aayogs analysis based on a more comprehensive analysis of digital payments growth drivers, the growth in Digital payments in 2016-17 was 55% in volume terms and 24.2% in value terms. In April 2017, there has been again a significant growth in digital payments as compared to April 2016. These findings run counter to what was projected in the article that I referred to. The content of the handbook is about this viewpoint.

He said that NITI Aayogs analysis dispels all doubts in the mind of keen observers of Digital Payments that the growth trajectory of Digital payments in the country continues unabated. Demonetization helped to push the graph of Digital mode of transactions upwards. The substance of this initiative of the Government is that technology will ultimately drive consumer behavior in switching from n++cash to card.n++ And now the new GST code will add to this momentum too.

The handbook recommends that the digital payments data should be disseminated at a disaggregated level. Currently data on digital payments is available only at an aggregate level, thus making it difficult to analyze the growth and effectiveness of individual digital payment technologies. We have proposed a classification for disaggregation - according to service provider, payment instruments, payment destination, user, value, area, etc. The NITI Aayog is working with the RBI towards data dissemination is such a metric format. Going forward, this is indeed a challenge but this will be extremely useful in policy making and analysis, Mr. Watal added.

Speaking about the governments plan to reach 25 billion digital transactions by March 2018, Mr. A.P. Hota, Managing Director & CEO, National Payments Corporation of India, said that it was necessary that banks issue debit cards to their un-carded customers; enhancement of acceptance infrastructure i.e. deployment of POS, mPOS, Aadhaar Pay, QR code, Micro ATM; all customers to be enabled for internet banking; all customers to be enabled for mobile banking; Aadhaar seeding should be mandatory; dis-incentivize cash base transactions and incentivize electronic transactions and creating awareness about digital payments.

Mr. Virat Bhatia, Chairman, FICCI Committee on ICT & Digital Economy and President-IEA, South Asia, AT&T Communication Services India Pvt Ltd., said that Indias digital payment system has been evolving robustly, spurred by developments in information and communication technology. There are three trends that are shaping the future of the digital payment space in India. First, is the rapid growth of the more nimble Fintech players that are working to deliver services in a manner never seen before. Second, the experience of customers in other industries be it e-commerce, healthcare, education or transportation is improving at such a fast pace that they are now expecting similar delivery and interface even in the payment industry. Third, is the push government is giving to digital economy in the country and which itself is inducing a change in consumer behaviour and making customers ask for more convenience for their payments.

Mr. Sudhakar Ramasubramanian, Co-Chairman, FICCI Committee on Fintech & MD and CEO, Aditya Birla Idea Payments Bank Ltd., said that though people had bank accounts, they still engaged in cash transactions but demonetization accelerated the pace of digital payments. The government, industry and stakeholders for the first time had come together for the same cause. With some standardization in the systems, he added that technology and available solutions could help in creating the last mile connectivity and bringing customers on board digital payments.

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Sirhind Steel to hold AGM
Jul 10,2017

Sirhind Steel announced that the 40th Annual General Meeting (AGM) of the company will be held on 11 August 2017.

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Bansal Roofing Products to hold AGM
Jul 10,2017

Bansal Roofing Products announced that the 9th Annual General Meeting (AGM) of the company will be held on 18 August 2017.

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