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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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Sunil Hitech Engineers withdraws record date for sub-division of equity shares
Oct 26,2016

Sunil Hitech Engineers announced the withdrawal of record date of 28 October 2016 for sub-division of equity shares of the Company having a face value of Rs. 10/- each fully paid-up into 10 (Ten) equity shares of the face value of Re.1/- each fully paid-up.

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P I Industries to pay interim dividend
Oct 26,2016

P I Industries announced that interim dividend of Rs 1.50 per share shall be paid or dispatched on or before 24 November 2016.

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P I Industries fixes record date for interim dividend
Oct 26,2016

P I Industries has fixed 09 November 2016 as the Record Date for the purpose of Payment of Interim Dividend.

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Vedanta fixes record date for interim dividend
Oct 26,2016

Vedanta has fixed 08 November 2016, as the Record Date for the purpose of Payment of Interim Dividend.

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Religare Enterprises provides update on subsidiary - Religare Securities
Oct 26,2016

Religare Enterprises announced that its wholly owned subsidiary -Religare Securities has incorporated a wholly owned subsidiary Company i.e. Religare Business Solutions.

Religare Business Solutions is incorporated to act as an agent/distributor of third party products and services.

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Expect Insolvency and Bankruptcy Law to become operational by end-December 16: Shanktikanta Das
Oct 26,2016

The Union Government expects the entire Insolvency and Bankruptcy Law to become operational by end-December 2016, Economic Affairs Secretary, Mr Shaktikanta Das said at an ASSOCHAM event.

n++We have a definite roadmap to implement the Bankruptcy Law, the Ministry of Corporate Affairs is working on it, the Law Ministry, the Legislative Department have played a very significant role in finalising the legislation and they will continue to have a very significant role in also finalising the regulations,n++ said Mr Das.

Highlighting how a clear roadmap has been drawn up, he informed that Ministry of Corporate Affairs has already published certain draft regulations and have invited comments, other regulations and rules are under preparation and they will be put in the public domain for public consultation.

n++Now it is the responsibility of both government and industry bodies and every category of professionals to develop information utilities, to develop insolvency professionals and take the implementation of this law forward and see that it is fully implemented and the economy and country is able to get its full benefits,n++ said Mr Das.

The DEA (Department of Economic Affairs) secretary also said that Insolvency and Bankruptcy Law creates massive opportunities for new service sector professionals who can manage information utilities and it also opens up lot of opportunities for a new category of professionals, mainly the resolution professionals who have to play a very important role.

n++I think the most critical thing for success of Bankruptcy code will be our ability to create good quality insolvency professionals. This opens up opportunities for professionals from the field of banking, legal professionals, chartered accountants, other finance professionals, people who have experience in management of companies,n++ said Mr Das.

Talking about the Centres determination to implement goods and services tax (GST) from April 1, 2017, he said n++Administratively and whatever preparedness is required, all that is in place and the government is absolutely determined to introduce it (GST) from 1.4.2017, the state governments are also equally committed to introducing it from that date.n++

n++The GST will happen, Bankruptcy Law has happened and both these pieces of legislation together with amendments to the Arbitration Law, SARFESAI, DRT related laws and the Company Law, these have the potential of creating a very vibrant and dynamic economy in India,n++ he added.

n++Our expectation is that the Bankruptcy Law together with the GST will really bring in a lot of dynamism and efficiency in to the Indian economy,n++ he said further.

On the issues pertaining to GST rate structure on which there is lot of discussion going on at the moment, within the GST Council and also in the public domain, Mr Das said, n++We hope and we are quite confident that they will get resolved in the next meeting of GST Council in the 1st week of November. I think in may be one or two more sittings, it should come to a conclusion.n++

n++The rate structure has been prepared based on a very practical basis, the rate has to be necessarily revenue neutral, we cannot have a rate structure where the governments run into huge deficits and consequently both state and Central governments will have to go and borrow the money from market,n++ he elaborated.

n++With higher fiscal deficit if the governments borrow higher amounts from the market and suck out all the liquidity, there is nothing left for the private sector investment in the economy to take place,n++ added DEA secy.

He said therefore, the GST rate structure has been worked out in such a manner that the bulk of commodities are under the standard rate which is 18 per cent and the items which are very important and are used by large section of people i.e. common man have been kept at six per cent.

n++It is a very practically worked out formulation, there are couple of issues that are still under deliberation in the GST Council and I am sure it will be resolved,n++ said Mr Das.

Highlighting how GST will contribute in bringing down the rates, he said n++This whole discussion which some people tend to make that GST will lead to increase in prices is a completely misplaced discussion.n++

He elaborated that currently central excise is at 12.5 per cent, state VAT (value added tax) is about 14-14.5 per cent and together they are about 26-27 per cent and in certain goods it is at 30 per cent.

n++In GST the peak rate is much lower than the current rate and the peak rate is only for demerit goods and for certain luxury items, while bulk of items/goods are in the 18 per cent bracket,n++ said the DEA secy.

n++So the GST will bring down the prices, we are trying to make India a low-cost economy through the instrumentality of GST, it will facilitate logistics cost also to go down because the waiting time in the various check-posts by trucks on an average is as much as 48 hours, which makes costs of logistics higher,n++ he added

n++With the GST coming in, check-posts going, our logistics cost will come down, o we are looking at more moderate level of taxes,n++ further said Mr Das.

He also expressed hope of agriculture growth definitely going up to 4.5 per cent on back of good monsoon which will contribute substantially to this years overall economic growth.

n++So we are therefore looking at a growth which will be upwards of 7.6 per cent and hopefully, close to eight per cent, but that we will only know when the year ends,n++ he added.

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Axis Bank will be watched after Q2 results
Oct 26,2016

Axis Banks net profit declined 83.34% to Rs 319.08 crore on 14.14% growth in total income to Rs 13698.77 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 25 October 2016.

Axis Banks net interest income (NII) rose 11% to Rs 4514 crore in Q2 September 2016 over Q2 September 2015. The banks provisions and contingencies jumped 412.28% to Rs 3622.74 crore in Q2 September 2016 over Q2 September 2015.

Axis Banks gross non-performing assets (NPAs) stood at Rs 16378.65 crore as on 30 September 2016 as against Rs 9553.17 crore as on 30 June 2016 and Rs 4451.11 crore as on 30 September 2015. The ratio of gross NPAs to gross advances stood at 4.17% as on 30 September 2016 compared with 2.54% as on 30 June 2016 and 1.38% as on 30 September 2015. The ratio of net NPAs to net advances stood at 2.02% as on 30 September 2016 as against 1.08% as on 30 June 2016 and 0.48% as on 30 September 2015.

HDFC, Hero MotoCorp, Hindustan Unilever, ITC, Cadila Healthcare and Dabur India will declare July-September 2016 quarter results today, 26 October 2016

On a consolidated basis, Bharti Airtels net profit fell 4.9% to Rs 1461 crore on 3.4% rise in total revenues to Rs 24652 crore in Q2 September 2016 over Q2 September 2015. Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 14.5% to Rs 9466 crore in Q2 September 2016 over Q2 September 2015. EBITDA margin was reported at 38.4% in Q2 September 2016, higher than 34.7% Q2 September 2015. The result was announced after market hours yesterday, 25 October 2016.

In a separate announcement, Bharti Airtel announced that the board of directors of the company at its meeting held on 25 October 2016, has authorised a committee of directors to evaluate options for monetization of a significant stake in Bharti Infratel, in accordance with applicable regulations. The final outcome of this exercise will be placed before the board for approval, before any final decision is taken. Bharti Airtel has also requested Bharti Infratel to allow sharing of any information with any prospective buyer, subject to customary confidentiality arrangements. There is no certainty of any transaction until such time the board reviews and approves the final proposal. The announcement was made after market hours yesterday, 25 October 2016.

Bharti Infratel, Indias leading telecom tower infrastructure provider, is a significant subsidiary of Bharti Airtel. Bharti Airtel has, in the past, divested stakes in Bharti Infratel to a clutch of private equity investors led by Temasek, KKR and other high quality investors in 2008. This was followed by an initial public offering (IPO) in the year 2012 and block sales in the stock market in 2014 and 2015. As on date Airtel holds 71.96% stake in Bharti Infratel.

Asian Paints after market hours yesterday, 25 October 2016 said that its board of directors approved the scheme of amalgamation of Asian Paints (International) Limited, Mauritius, wholly owned subsidiary of the company with Asian Paints. The scheme will come into effect subject to the approval from the stock exchanges, Bombay High Court and such other statutory authorities as may be required in India and Mauritius. It may be noted that the proposed scheme has been reviewed and recommended for approval by the Audit Committee of the Board of the company at its meeting held on 24 October 2016.

State Bank of India said that it has issued and allotted 25,000 AT1 Basel III compliant non- convertible, perpetual, subordinated, unsecured debt instrument in the nature of debenture, of face value Rs 10 lakh each at par through private placement bearing coupon at 8.39% per annum payable annually with call option after 5 years or any coupon payment date thereafter aggregating to Rs 2500 crore in third tranche. The announcement was made after market hours yesterday, 25 October 2016.

Reliance Industries (RIL) through its overseas wholly-owned subsidiaries have signed facilities agreements for availing term loan facilities for an aggregate amount of $573 million (equivalent to approximately Rs 3828 crore) for part financing the construction cost of six very large ethane carriers (VLECs) (the Facilities). RIL group had ordered six state-of-the-art VLECs, which will be the largest Ethane vessels ever built in the world. The announcement was made after market hours yesterday, 25 October 2016.

The Facilities with door to door tenor of 12 year comprise of a Korea Trade Insurance Corporation (K-sure) insured tranche of $286.50 million and a commercial tranche of $286.50 million. The Facilities shall be secured by collateral of respective VLECs. The said VLECs are financed at a debt to equity ratio of 80:20. The Facilities were oversubscribed by two times and saw participation from seven banks in K-sure covered tranche and six banks in the commercial tranche. This reflects the strong credit standing of RIL in the international financial markets.

VLECs would transport Ethane from United States of America to Dahej terminal in India, which will be used for feeding RILs crackers at Dahej, Hazira and Nagothane, to ensure consistent supply of Ethane at competitive prices.

IDFC Banks net profit galloped 550.27% to Rs 387.76 crore on 2615.82% growth in total income to Rs 2493.13 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 25 October 2016. The bank commenced its banking operations on 1 October 2015. Accordingly, the results for Q2 September 2016 are not comparable with corresponding previous quarter.

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Ministry of Agriculture & Farmers Welfare Going to Initiate Integrated Farming on 100 KVKs
Oct 25,2016

The Union Minister of Agriculture and Farmers Welfare, Shri Radha Mohan Singh said that the Krishi Vigyan Kendra (KVK) set up throughout the country play very important role to enhance the income of the farmers and promote agriculture. The Union Minister of Agriculture and Farmers Welfare appealed KVKs and state level agriculture officials that they should work with the farmers in very much closed affinity. They were called for to extend their contribution to the farmers for enhancing their income. Shri Radha Mohan Singh added that Ministry of Agriculture and Farmers Welfare is going to initiate integrated farming on 100 KVKs very shortly. The farmers living in the district after having observed them can adopt to increase their income.

The Union Minister addressed the scientists of 12 Krishi Vigyan Kendras, State Level Agriculture Officer, Livestock, Fisheries, and Horticulture Officers as well as beneficiary farmers. This was for the first time that the Union Minister of Agriculture and Farmers Welfare had a direct dialogue with KVK Officers as well as beneficiary farmers through video conferencing.

The Minister addressed the experts of Krishi Vigyan Kendra situated in Andhra Pradesh, Dadra and Nagar Haveli, Daman and Diu, Goa, Karnataka, Karela, Lakshyadweep, Maharashtra, Orissa, Puducherry, Tamil Nadu and Telangana and the State and District level Agriculture Development Officers as well as progressive farmers. The Union Minister of Agriculture and Farmers in the first half of the hour put up his outlook to the farmers and thereafter in a span of half an hour responded their queries.

Shri Radha Mohan said to the KVKs officers that the farmers require quality seeds, planting materials as well as fertilizers to increase the productivity of their crops. Therefore, the officers must help them through and through. The Minister of Agriculture also mentioned on this eve about the diseases of the animals and their vaccination. Shri Singh added that officers must continue to check the diseases of the animals. The Minister further added that after having put a check on the diseases of the animals, the income of the farmers will increase. The Union Minister of Agriculture briefed farmers about agriculture projects and agriculture strategies of the government. Shri Singh said to the officers that they must be dedicated from the bottom of their heart for the fulfillment of these projects.

On this juncture the Minister of Agriculture and Farmers Welfare appealed the farmers to adopt fisheries so as to double their income. Shri reiterated the state and district level fisheries officers that they should take necessary steps to celebrate the World Fishery Day on 21st November and give support to the farmers in every walk of their agricultural need. The Union Minister further added that on 5th December the World Soil Health Day is celebrated. Therefore, the states are required to prepare themselves for the celebration. The Minister said that the farmers should get the Soil Health Card made and in this respect they should negotiate with the nearby agriculture officers.

The Minister of Agriculture and Farmers Welfare said to the farmers that they should not put the paddy harvesting after weeds but they should utilize this stuff to convert it into bio-fertilizer. Later on the farmers put up their queries before the Union Minister and called for the solution of their problems.

Shri Radha Mohan Singh briefed the farmers that for their welfare 645 Krishi Vigyan Kendras have been reconstituted throughout the country. The government is going to take the initiative for opening 106 new KVKs in all newly created and larger districts of the country. Shri Singh reiterated that now in every district of the country is comprised of KVK which will be dedicated for the benefit of the farmers and will sort out the problems.

The first phase of the video conferencing comprised of three phases completed on 19th October, 2016. The Minister of Agriculture and Farmers Welfare addressed the Officers of Krishi Vigyan Kendras and as well as farmers of 12 states from Northern India. The third and final phase of video conferencing will be held on 28th October in which the KVK Officers of Hill States and farmers thereof will have a mutual dialogue with the Union Minister.

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MoU signed between MoUD and NBCC (India) & CPWD
Oct 25,2016

A Memorandum of Understanding was signed between Ministry of Urban Development (MoUD) and National Buildings Construction Corporation (India) and Central Public Works Department (CPWD) for redevelopment of seven General Pool Residential Accommodation (GPRA) colonies.

During the occasion, the Secretary, Ministry of Urban Development, Shri Rajiv Gauba said that it is a path breaking initiative and MoUD along with NBCC and CPWD will be redeveloping the seven GPRA colonies. He said that, earlier also, Motibagh and Kidwai Nagar (East) had been redeveloped on similar lines, but this initiative is much bigger and significant. It is self-sustainable project, he added.

The NBCC will redevelop Sarojini Nagar, Netaji Nagar, Nauroji Nagar and CPWD will redevelop Kasturba Nagar, Thyagraj Nagar, Srinivaspuri and Mohammadpur. The Union Cabinet had approved the project on 05 July 2016.

The total estimated cost of the project is Rs. 32,835 crores including maintenance and operation costs for 30 years. The cost of works assigned to NBCC would be Rs. 24,682 crores and to CPWD would be Rs. 7,793 crores. The project shall be implemented on self-financing basis by sale of commercial Built up Area (BUA) of 8.07 lakh sqm. constructed in Nauroji Nagar and parts of Sarojini Nagar by NBCC as a part of the project.

Under the Project, the existing housing stock of 12,970, would be replaced by approx. 25,667 dwelling units, with supporting social infrastructure facilities. The construction of the project will be completed in five years, in a phased manner.

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L&T Finance Holdings consolidated net profit rises 15.16% in the September 2016 quarter
Oct 25,2016

Net profit of L&T Finance Holdings rose 15.16% to Rs 248.06 crore in the quarter ended September 2016 as against Rs 215.41 crore during the previous quarter ended September 2015. Sales rose 16.40% to Rs 2087.55 crore in the quarter ended September 2016 as against Rs 1793.38 crore during the previous quarter ended September 2015.

ParticularsQuarter Endedn++Sep. 2016Sep. 2015% Var. Sales2087.551793.38 16 OPM %69.5972.01 - PBDT353.44337.95 5 PBT335.44317.25 6 NP248.06215.41 15

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Meghmani Organics consolidated net profit rises 0.56% in the September 2016 quarter
Oct 25,2016

Net profit of Meghmani Organics rose 0.56% to Rs 25.17 crore in the quarter ended September 2016 as against Rs 25.03 crore during the previous quarter ended September 2015. Sales rose 7.64% to Rs 382.10 crore in the quarter ended September 2016 as against Rs 354.99 crore during the previous quarter ended September 2015.

ParticularsQuarter Endedn++Sep. 2016Sep. 2015% Var. Sales382.10354.99 8 OPM %20.8019.59 - PBDT67.6062.14 9 PBT43.6542.87 2 NP25.1725.03 1

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Hexaware Technologies consolidated net profit declines 0.15% in the September 2016 quarter
Oct 25,2016

Net profit of Hexaware Technologies declined 0.15% to Rs 111.44 crore in the quarter ended September 2016 as against Rs 111.61 crore during the previous quarter ended September 2015. Sales rose 10.48% to Rs 904.15 crore in the quarter ended September 2016 as against Rs 818.39 crore during the previous quarter ended September 2015.

ParticularsQuarter Endedn++Sep. 2016Sep. 2015% Var. Sales904.15818.39 10 OPM %17.4317.85 - PBDT164.28155.80 5 PBT150.11143.73 4 NP111.44111.61 0

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Welspun Corp reports consolidated net loss of Rs 33.64 crore in the September 2016 quarter
Oct 25,2016

Net loss of Welspun Corp reported to Rs 33.64 crore in the quarter ended September 2016 as against net profit of Rs 88.15 crore during the previous quarter ended September 2015. Sales declined 44.61% to Rs 1153.06 crore in the quarter ended September 2016 as against Rs 2081.68 crore during the previous quarter ended September 2015.

ParticularsQuarter Endedn++Sep. 2016Sep. 2015% Var. Sales1153.062081.68 -45 OPM %6.0012.06 - PBDT55.45215.75 -74 PBT-42.14117.12 PL NP-33.6488.15 PL

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IDFC Bank standalone net profit rises 550.17% in the September 2016 quarter
Oct 25,2016

Net profit of IDFC Bank rose 550.17% to Rs 387.76 crore in the quarter ended September 2016 as against Rs 59.64 crore during the previous quarter ended September 2015. Total Operating Income rose 4612.67% to Rs 2083.00 crore in the quarter ended September 2016 as against Rs 44.20 crore during the previous quarter ended September 2015.

ParticularsQuarter Endedn++Sep. 2016Sep. 2015% Var. Total Operating Income2083.0044.20 4613 OPM %84.9698.67 - PBDT592.3691.22 549 PBT559.9891.22 514 NP387.7659.64 550

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Dynemic Products standalone net profit rises 134.62% in the September 2016 quarter
Oct 25,2016

Net profit of Dynemic Products rose 134.62% to Rs 3.05 crore in the quarter ended September 2016 as against Rs 1.30 crore during the previous quarter ended September 2015. Sales rose 21.83% to Rs 35.38 crore in the quarter ended September 2016 as against Rs 29.04 crore during the previous quarter ended September 2015.

ParticularsQuarter Endedn++Sep. 2016Sep. 2015% Var. Sales35.3829.04 22 OPM %16.5111.54 - PBDT5.572.81 98 PBT4.782.01 138 NP3.051.30 135

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