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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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Environment Ministry Issues Notification, Provides Six-Months Window to Get Environmental Clearance to Deal With Cases of Violation
Mar 17,2017

The Ministry of Environment, Forest and Climate Change (MoEF&CC) has provided a six months window, as a one-time opportunity to the units, which have not obtained prior environmental clearance to apply for the same. Ministry of Environment, Forest and Climate Change (MoEF&CC) and State Environment Impact Assessment Authorities (SEIAAs) have been receiving proposals under the Environmental Impact Assessment (EIA) Notification, 2006 for grant of Terms of Reference (ToR) & Environmental Clearance (EC) for projects which have started the work on site, expanded the production beyond the limit of environmental clearance or changed the product mix without obtaining prior EC.

The Ministry had issued Office Memoranda (OM) dated 12 December 2012 and 27 June 2013 and laid down a process for grant of EC to such cases of violation. However, High Court of Jharkhand had passed an order dated the 28 November 2014, declaring some of the provisions of said OM dated 12 December 2012 void and had further held that action for alleged violation would be an independent and separate activity. Subsequently the above two O.Ms were quashed by the NGT vide order dated 7th July, 2015, mainly on the ground that the Environment Impact Assessment Notification, 2006 provides for prior environmental clearance, so no procedure can be laid through O.Ms for post environment clearance. It was cited that O.M. cannot amend a notification, which is a subordinate legislation.

In view of the above, the Ministry issued the notification vide S.O 804 (E) dated 14 March 2017 to bring such projects and activities in compliance with the environmental laws at the earliest point of time, rather than leaving them unregulated and unchecked. As such units are more polluting if they are not brought under the environment compliance regime, but the process for such violators has to be stringent and punitive.

The salient features of notification are as follows:

n++ This is a one-time opportunity for six months to apply for environmental clearance to units which are in violation on date of the notification i.e. 14 March 2017.

n++ The States / SPCBs will take action under Section 19 of the E (P) Act, 1986 for violation.

n++ All the cases of violation, irrespective of category, will be appraised as category n++An++ projects by respective sector Expert Appraisal Committee (EAC) at Central level. So, violation cases can only be appraised at the level of Ministry.

n++ The EAC will first examine the proposal with an angle that the project or activity is a permissible activity at the site on which it has come up. If it is not then the recommendation of EAC will be for closure.

n++ Respective EAC will prescribe the specific ToR for assessment of ecological damage, Remediation Plan and Natural and Community Resource Augmentation Plan (NCRAP) in addition to general ToR required under EIA Notification, 2006 for undertaking EIA/EMP.

n++ The idea is to take away the economic benefit (if any) derived by the company due to violation and pay for the remediation of damage caused due to violation.

n++ The plan shall be prepared as an independent chapter in the EIA report by the accredited consultants. The collection and analysis of data for assessment of ecological damage shall be done by an environmental laboratory duly notified under E(P) Act, 1986 / accredited by NABL/CSIR.

n++ The EAC shall stipulate the implementation of EMP, comprising remediation plan and NCRAP corresponding to the ecological damage assessed and economic benefit derived due to violation as a specific condition of EC.

n++ The project proponent will also be required to submit a bank guarantee equivalent to the amount of remediation plan and NCRAP with the SPCB.

n++ No consent to operate or occupancy certificate will be issued till the project is granted the EC.

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Current Northeast Budget around Rs 50,000 Cr: Dr Jitendra Singh
Mar 17,2017

Union Minister of State (Independent Charge) for Development of North Eastern Region (DoNER), MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy and Space, Dr Jitendra Singh said that the current budget for Northeast for 2017-18 is around Rs. 50,000 crore which is significantly higher than that in earlier years and is also an indication of high priority that the Modi Government accords to the development of that region.

Dr Jitendra singh said that the 10 % contribution from budget of the each of the 56 non-exempted Union Ministries earmarked for Northeast, amounts in total to over Rs. 43,000 crore which was earlier around Rs. 33,000 crore.

In addition, he said, the Railway budget for Northeast is to the tune of Rs. 5,500 crore, the budget for special roads scheme for Northeast is Rs. 150 crore and the budget for BTC, KAATC & DHATC amounts to about 120 crore. The DoNER Ministry budget, per se, for 2017-18 is also increased up to Rs. 279.45 crore, he added.

Dr Jitendra Singh said, both the pace of the various projects as well as the percentage expenditure of the allocated funds has shown significant rise during the last 3 years, as a result of certain pro-active steps taken by the DoNER Ministry under the leadership of Prime Minister Shri Narendra Modi. For example, he said, the process of submission of approval of DPRs has been expedited using the help of modern technology and portals. Similarly, he said, the services of Space Centre in Shillong are being solicited for appropriate and accurate preparation of Utilization Certificates without wasting time. Result of this, he said, is that while in April 2016, the amount of around Rs. 1158 crore was pending on account of delayed Utilization Certificates but, as on February 2017, the same pending amount got reduced to Rs. 206.5 crore.

Dr Jitendra Singh appreciated some of the State Governments like Assam and Sikkim which had expedited the pace of various development projects. He said, in order to simplify procedures, he had suggested to the State Governments to constitute their own State Level Empowered Committee (SLEC) to finalize and approve the DPR and send them directly to the concerned Ministry with the Ministry of DoNER functioning as facilitator or adjunct so that the timeline of the process gets shortened.

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ABG Shipyard hits the roof as lenders initiate bid process
Mar 17,2017

Meanwhile, the S&P BSE Sensex was up 135.64 points, or 0.46% to 29,721.49.

On the BSE, 18,000 shares were traded in the counter so far, compared with average daily volumes of 62,392 shares in the past one quarter. The stock opened with an upward gap of 5% at Rs 22.40 and remained stuck at that level so far. The stock hit a 52-week high of Rs 74.60 on 22 March 2016. The stock hit a record low of Rs 19.95 on 15 March 2017.

The stock had underperformed the market over the past one month till 16 March 2017, falling 20.48% compared with 5.08% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 32.54% as against Sensexs 11.69% rise.

The small-cap company has equity capital of Rs 99.68 crore. Face value per share is Rs 10.

With reference to news report titled, Reliance Defence expresses interest in buying Agreed Assets of ABG Shipyard, ABG Shipyard clarified after market hours after market hours yesterday, 16 March 2017, that lenders have invited expression of interest for acquisition of majority shareholding in ABG Shipyard. Accordingly, few parties have expressed their interest. Information/details will be submitted to the Stock Exchanges on completion of the process. The company does not have any information which is required to be disclosed to stock exchanges in terms of SEBI (LODR) Regulations, 2015, it said in a statement.

ABG Shipyard reported net loss of Rs 1710.68 crore in Q4 March 2016 as against net loss of Rs 374.86 crore in Q4 March 2015. Net sales declined 90.50% to Rs 1.95 crore in Q4 March 2016 over Q4 March 2015.

ABG Shipyard is into shipbuilding and ship repair business.

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A2Z Infra Engineering allots 1,39,37,206 equity shares
Mar 17,2017

A2Z Infra Engineering has allotted 1,39,37,206 (One Crore Thirty Nine Lakh Thirty Seven thousand Two Hundred Six) equity shares having face value of Rs 10/- each to warrants holders, consequent upon the conversion of warrants.

Consequent to the said conversion, the issued and paid up share capital of the Company shall stand at Rs 144,94,94,690/-divided into 14,49,49,469 Equity Shares of Rs. 10/- each.

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Polaris Consulting & Services allots 510,150 equity shares
Mar 17,2017

Polaris Consulting & Services has allotted 510,150 equity shares of Rs 5 each under ASOP 2011 scheme.

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Shares of Music Broadcast get listed
Mar 17,2017

The equity shares of Music Broadcast (Scrip Code: 540366) are listed effective 17 March 2017 and admitted to dealings on the Exchange in the list of B Group Securities.

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Shares of Leading Leasing Finance & Investment Company get listed
Mar 17,2017

The equity shares of Leading Leasing Finance & Investment Company (Scrip Code: 540360) are listed effective 17 March 2017 and admitted to dealings on the Exchange in the list of XT Group Securities.

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Shares of Dwekam Industries get listed
Mar 17,2017

The equity shares of Dwekam Industries (Scrip Code: 540361) are listed effective 17 March 2017 and admitted to dealings on the Exchange in the list of XT Group Securities.

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Lupin in spotlight after launching generic contraceptive pill in US
Mar 17,2017

Lupin announced the launch of Mibelas 24 Fe (Norethindrone Acetate and Ethinyl Estradiol Chewable Tablets, 1mg/0.02mg and Ferrous Fumarate Tablets, 75mg) having received an approval from the United States Food and Drug Administration (FDA) earlier. The announcement was made after market hours yesterday, 16 March 2017.

Lupins Mibelas 24 Fe is the AB rated generic equivalent of Allergan Pharmaceuticals Internationals Minastrin 24 Fe Tablets. It is indicated for use by females of reproductive age to prevent pregnancy. Minastrin 24 Fe chewable tablets had US sales of $360.5 million as per IMS MAT December 2016.

Shoppers Stop announced that it has opened its Shoppers Stop store at Nucleus Mall, Ranchi. With this, the company has now 80 Shoppers Stop (including six airport stores) stores under its operations. The announcement was made after market hours yesterday, 16 March 2017.

Nocil announced that its board at a meeting held on 16 March 2017, approved expansion of capacities of rubber chemicals and their intermediates at the companys plants situated at Navi Mumbai and Dahej. The total capital expenditure envisaged is about Rs 170 crore. The expansion project is likely to be commissioned by the end of Q2 of FY 2019. The capital expenditure will be financed largely through internal accruals. The announcement was made after market hours yesterday, 16 March 2017.

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Music Broadcast to list today
Mar 17,2017

Music Broadcast debuts on the secondary equity market today, 17 March 2017. The company priced the initial public offer (IPO) at Rs 333 per share, the top end of the Rs 324 - Rs 333 price band. The IPO of Music Broadcast ended with strong response from investors. The IPO received bids for 41.58 crore shares compared with 1.04 crore shares on offer. The IPO was subscribed 39.67 times. The issue opened for bidding on 6 March 2017. It closed on 8 March 2017. Music Broadcast, promoted by Jagran Prakashan, operates radio stations under the brand Radio City.

Lupin announced the launch of Mibelas 24 Fe (Norethindrone Acetate and Ethinyl Estradiol Chewable Tablets, 1mg/0.02mg and Ferrous Fumarate Tablets, 75mg) having received an approval from the United States Food and Drug Administration (FDA) earlier. Lupins Mibelas 24 Fe is the AB rated generic equivalent of Allergan Pharmaceuticals Internationals Minastrin 24 Fe Tablets. It is indicated for use by females of reproductive age to prevent pregnancy. Minastrin 24 Fe chewable tablets had US sales of $360.5 million as per IMS MAT December 2016. The announcement was made after market hours yesterday, 16 March 2017.

Reliance Infrastructure announced that its board has approved raising upto Rs 2000 crore by issuing equity shares/other securities convertible into equity shares through qualified institutional placement (QIP), subject to approval of the shareholders of the company. The funds raised from the proposed QIP would be utilized for capitalising on business opportunities in the defence sector, for reduction of debt and for general corporate purposes. The board has also approved the postal ballot notice seeking approval of the shareholders of the company for the said QIP. The announcement was made after market hours yesterday, 16 March 2017.

Shoppers Stop announced that it has opened its Shoppers Stop store at Nucleus Mall, Ranchi. With this, the company has now 80 Shoppers Stop (including six airport stores) stores under its operations. The announcement was made after market hours yesterday, 16 March 2017.

Nocil announced that its board at a meeting held on 16 March 2017, approved expansion of capacities of rubber chemicals and their intermediates at the companys plants situated at Navi Mumbai and Dahej. The total capital expenditure envisaged is about Rs 170 crore. The expansion project is likely to be commissioned by the end of Q2 of FY 2019. The capital expenditure will be financed largely through internal accruals. The announcement was made after market hours yesterday, 16 March 2017.

ABG Shipyard will be in focus. With reference to news report titled, Reliance Defence expresses interest in buying Agreed Assests of ABG Shipyard, ABG Shipyard clarified after market hours after market hours yesterday, 16 March 2017, that lenders have invited expression of interest for acquisition of majority shareholding in ABG Shipyard. Accordingly, few parties have expressed their interest. Information/details will be submitted to the Stock Exchanges on completion of the process. The company does not have any information which is required to be disclosed to stock exchanges in terms of SEBI (LODR) Regulations, 2015, it said in a statement.

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Board of AGC Networks accepts resignation of director
Mar 16,2017

The Board of AGC Networks at its meeting held on 16 March, 2017 inter-alia noted and accepted the resignation dated 16 March, 2017 tendered by Dr. Sujaya Banerjee from the designation of Non-Executive Non-Independent Director of the Company with immediate effect.

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Board of Spice Mobility approves sale of Kimaan Exports to Spice Digital
Mar 16,2017

Spice Mobility announced that the Board of Directors of the Company at its meeting held on 16 March 2017 has approved the sale of entire stake in Kimaan Exports, a wholly owned subsidiary, to Spice Digital, another subsidiary of the Company. Consequent to this, Kimaan Exports will cease to be a wholly owned subsidiary of the Company and become step down subsidiary of the Company

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Cipla allots 38,333 equity shares
Mar 16,2017

Cipla has allotted 38,333 equity shares of Rs 2 each under ESOS 2013-A. Consequently, the issued share capital has increased to 80,55,13,469 equity shares of Rs 2 each. The paid up share capital has increased to 80,45,10,074 equity shares of Rs 2 each.

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Axis Bank reviews MCLR rates
Mar 16,2017

Axis Bank has reviewed and decided to keep the MCLRs of the Bank unchanged. This will be effective from 18 March 2017.

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Marico commences commercial production at its 2nd plant in Guwahati
Mar 16,2017

Marico announced that the Companys new plant situated in Guwahati, Assam set up to manufacture value added personal care products has successfully commenced its commercial production on 16 March 2017.

This is the second plant of the Company in Guwahati which is now operational. The first plant, manufacturing value added hair oils commenced operations on 27 May 2016.

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