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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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Sagar Cements to hold EGM
Oct 28,2016

Sagar Cements announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 23 November 2016 .

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ANS Industries to hold board meeting
Oct 28,2016

ANS Industries will hold a meeting of the Board of Directors of the Company on 10 November 2016 to consider and approval of the Unaudited Financial Results (Provisional) for the Second Quarter ended on September 30, 2016.

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HSIL to hold board meeting
Oct 28,2016

HSIL will hold a meeting of the Board of Directors of the Company on 7 November 2016 Un-audited Financial Results together with Segment wise Revenue, Results & Capital employed along with Statement of Assets and Liabilities for the second quarter and half year ended September 30, 2016.

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Bosch to hold board meeting
Oct 28,2016

Bosch will hold a meeting of the Board of Directors of the Company on 9 November 2016 to consider and approve the unaudited Standalone financial results for the 2nd Quarter ended September 30, 2016 (Q2).

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Prashant India to hold board meeting
Oct 28,2016

Prashant India will hold a meeting of the Board of Directors of the Company on 11 November 2016 to consider and approve the quarterly unaudited financial results of the Company for the quarter ended September 30, 2016.

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Yash Trading & Finance to hold board meeting
Oct 28,2016

Yash Trading & Finance will hold a meeting of the Board of Directors of the Company on 4 November 2016 to consider and approve the Un-audited financial results along with Limited Review Report of the Company for the quarter and half year ended September 30, 2016.

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NMDC gains after signing tripartite pact with MP Govt
Oct 28,2016

The announcement was made after market hours yesterday, 27 October 2016.

Meanwhile, the BSE Sensex was down 49.71 points, or 0.18%, to 27,866.19.

On BSE, so far 82,000 shares were traded in the counter, compared with average daily volume of 3.47 lakh shares in the past one quarter. The stock hit a high of Rs 126.45 so far during the day, which is also a 52-week high for the counter. The stock hit a low of Rs 123.70 so far during the day. The stock hit a 52-week low of Rs 75.20 on 12 February 2016. The stock had outperformed the market over the past 30 days till 27 October 2016, rising 12.24% compared with 1.33% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 23.05% as against Sensexs 0.48% decline.

The large-cap company has equity capital of Rs 316.39 crore. Face value per share is Re 1.

NMDC said that it has signed a tripartite memorandum of understanding (MOU) with Government of Madhya Pradesh and Madhya Pradesh State Mining Corporation (MPSMCL) for geological & geophysical exploration of various minerals in Madhya Pradesh. NMDC had made intentions to invest during the global investors summit held in October 2016 for exploration for different minerals in various districts of Madhya Pradesh over an area of approximately 7,200 square kilometers. As per the MOU, on successful establishment of mineral blocks through this proposed exploration, NMDC would be forming a joint venture with MPSMCL with equity 51:49 (NMDC-MPSMCL) for mining of such blocks.

Net profit of NMDC declined 29.9% to Rs 711.34 crore on 4.7% decline in net sales to Rs 1720.65 crore in Q1 June 2016 over Q1 June 2015.

NMDC is Indias largest public sector iron ore producer. As per the shareholding pattern, Government of India (GoI) holds 74.943% stake in NMDC as on 14 October 2016.

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Tata Steel acheives major production milestone of One million tons of Hot Metal
Oct 28,2016

Tata Steel has recently achieved a major milestone of production of One million tons of Hot Metal in the new greenfield steel plant in Kalinganagar, Odisha in less than six months of formal commissioning of the facilities. Similar ramp up in production has been achieved in the steel making facilities in Kalinganagar and in the last month, the combined monthly sale of Tata Steel Jamshedpur and Kalinganagar cross One million tons for the first time.

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Cabinet approves Cadre Review of Indian Posts & Telecommunications Accounts and Finance Service Group n++An++
Oct 28,2016

The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has approved the first Cadre Review of Indian Posts & Telecommunications Accounts and Finance Service (IP&TAFS) with the following salient features:

(a) Reduction of the total strength of the cadre from 420 to 376.

(b) Creation of one Apex level post of Controller General of Communication Accounts (CGCA).

(c) Creation of one additional HAG+ level post taking the grade strength to 2.

(d) Creation of two additional HAG level posts taking the grade strength from 6 to 8.

(e) Creation of 18 additional SAG level posts taking the grade strength from 37 to 55.

(f) Reduction in JAG level posts from 111 to 90.

(g) Reduction in STS level posts from 198 to 86.

(h) Creation of 21 JTS level posts taking the grade strength from 67 to 88.

(i) Creation of 46 Posts to be operated as Reserves

Background:

Indian Posts & Telecommunications Accounts and Finance Service Group An++ was constituted in 1972 and caters to the Department of Telecommunications (DoT) and the Department of Posts (DoP).

In Department of Telecommunications, the IP&TAFS performs the functions of assessment and collection of license fee/ spectrum usage charges, spectrum auction, USO scheme monitoring and subsidy management, exchequer control, budgeting, accounting, pension disbursement, internal audit and finance advice. In the Department of Posts, the IP&TAFS is entrusted with the functions of finance advice, budgeting, tariff and costing, accounting and internal audit.

There has been a paradigm shift in the role of Department of Telecommunications as well as the Department of Posts in recent years. In the Telecom sector, the role of the Department of Telecommunications has transformed from primarily being a Service provider, Regulator and Policy maker into the present structure whereby the Department is primarily responsible for Policy making, Licensing and Universal Service Obligation. Receipts from Department of Telecommunications, primarily License Fee, Spectrum Usage Charges and Spectrum Auction Value constitute one of the largest source of non-tax revenue for the Government of India.

Similarly, the bundle of services offered by Department of Posts has undergone a quantitative and qualitative change and the Department has ventured into areas of retailing, banking, insurance, digitizing operations etc. Further, the audit mechanism in both the Departments needs to be strengthened.

These facts coupled with the stagnation in various grades of the service necessitated a review of the structure of IP&TAFS.

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Tata Steel announces equity partnership with Government of Quebec
Oct 28,2016

Tata Steel Minerals Canada together with its parent companies signed definitive agreements for concluding investments of C$ 125 million and C$ 50 million as Debt with Government of Quebecs investment entities, Resources Quebec and Investment Quebec respectively, totalling C$ 175 million.

The investment will result in an 18% equity stake for Resources Quebec in Tata Steel Minerals Canada in line with the carrying value of the investment in Canadian iron ore assets for Tata Steel. Consequently, the shareholdings of Tata Steel and New Millennium will be adjusted to 77.68% and 4.32% respectively.

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Shree Pushkar Chemicals & Fertilizers gets upgradation in credit ratings
Oct 28,2016

Shree Pushkar Chemicals & Fertilizers announced that the ICRA has upgraded their Credit Ratings for Debt Instrument in Short term Ratings from [ICRA] A2+] to [ICRA] A1] and in long term Ratings from [ICRA] A- (Stable)] to [ICRA] A (Stable).

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Board of Sasken Communication Technologies approves buyback of equity shares
Oct 28,2016

Sasken Communication Technologies announced that the Board of Directors of the Company at its meeting held on 27 October 2016 from 4.30 p.m. to 8.30 p.m., inter alia, has unanimously approved the Buy-back of fully paid up Equity Shares by the Company having face value of Rs.10 each (Equity Share) up to 28,24,544 Equity Shares (representing 15.94% of the total paid-up equity share capital of the Company) at a maximum price of Rs.425 (Maximum Buy-back Price) per Equity Share payable in cash for a total consideration not exceeding Rs.12,0.04 crore excluding transaction costs viz. fees, brokerage, applicable taxes such as securities transaction tax, service tax, stamp duty, etc., (Transaction Costs) (hereinafter referred to as Maximum Buy-back Size), which is within the limit of 25% of the total paid-up equity capital and free reserves (including securities premium account) as per the audited accounts of the Company for the financial year ended 31 March 2016, (standalone basis) from all the equity shareholders / beneficial owners of Equity Shares of the Company, as on the record date, on a proportionate basis through the Tender Offer route using stock exchange mechanism as prescribed under Securities and Exchange Board of India (Buy Back of Securities) Regulations, 1998 as amended (Buy-back Regulations) and the Companies Act, 2013 (Act) and rules made thereunder (Buy-back), subject to the approval of the shareholders of the Company by way of a special resolution through Postal Ballot and all other applicable statutory approvals. The approval of the members will be sought to authorise the Board of Directors to fix the final Buy-back Price at which the Buy-back will be made at the time of making Public Announcement.

The Public Announcement setting out the process, timelines and other requisite details will be released in due course in accordance with the Buy-back Regulations.

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Tech Mahindra jumps after Q2 results
Oct 28,2016

The result was announced after market hours yesterday, 27 October 2016.

Meanwhile, the BSE Sensex was down 69.89 points, or 0.25%, to 27,846.01.

On BSE, so far 1.26 lakh shares were traded in the counter, compared with average daily volume of 2.93 lakh shares in the past one quarter. The stock hit a high of Rs 443 and a low of Rs 427 so far during the day. The stock hit a 52-week high of Rs 569 on 4 November 2015. The stock hit a 52-week low of Rs 405.10 on 17 October 2016. The stock had underperformed the market over the past 30 days till 27 October 2016, falling 5.83% compared with 1.33% decline in the Sensex. The scrip had also underperformed the market in past one quarter, falling 14.77% as against Sensexs 0.48% decline.

The large-cap company has equity capital of Rs 486.02 crore. Face value per share is Rs 5.

In dollar terms, the companys consolidated net profit declined 13.4% to $96.5 million on 6.1% growth in revenue to $1.072 billion in Q2 September 2016 over Q1 June 2016. Revenue in constant currency terms rose 5% in Q2 September 2016 over Q1 June 2016.

Vineet Nayyar, Vice Chairman, Tech Mahindra said that the companys performance during the quarter indicates that its early investments in new technologies and capabilities are starting to show result.

C P Gurnani, Managing Director & CEO, Tech Mahindra said that overall, it was a very good quarter with the growth well-supported by its key communications and enterprises businesses. The company had some marquee wins which align very well with its strategy of catering to the connected world, he said.

Tech Mahindra is a specialist in digital transformation, consulting and business re-engineering solutions.

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Outcome of Board Meeting of Sasken Communication Technologies
Oct 28,2016

Sasken Communication Technologies announced that the Board of Directors of the Company at its meeting held on 27 October 2016 have approved the following -

Approved buyback of shares upto 2824544 equity shares (representing 15.94% of the total paid up share capital) at a maximum price of Rs 425 per equity share and total consideration not exceeding Rs 120,04 crore.

The board approved the change in company name to Sasken Technologies subject to approval of shareholders and other regulatory authorities.

The board has decided to exit from ConnectM Technology Solutions, the joint venture company by divesting its holding of 46.29%.

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Sasken Communication Technologies to pay interim dividend
Oct 28,2016

Sasken Communication Technologies announced that dividend of Rs 2.50 per share will be paid on and from 09 November 2016.

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