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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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More emphasis needs to be given towards employeesn++n++ retirement planning: FICCI-KPMG white paper
Mar 20,2017

In order to embark upon the ambitious journey towards a pensioned society, India would require a systemic approach for designing a coherent pension system. As a measure of the enormity of the challenge that India faces, the 2011 Census showed that only 12 per cent of the Indian working population (i.e. approximately 58 million) were covered under any pension plan. The pension savings of the covered population are also not adequate.

This translates into the challenge of only a very small portion of the Indian working population being protected against old-age income insecurity. Further, the population projections suggest that the elderly residents (people aged 60 and above) will triple from 2010 to 2050 and the number of elderly will reach 331 million in India by 2050. A combination of aging population, weakening of the joint family support system and low pension penetration makes it imperative for policymakers to pay urgent attention to the enormous challenge of providing income security after retirement.

The aspiration of a pensioned society would need greater emphasis on implementing pension reforms. A lot of effort and planning is needed for building sufficient capacity, scalability and support for implementation of such reforms.

For the white paper, KPMG in India again conducted an Employer Pension Plans Survey this year similar to the survey conducted in the year 2015, to have an overview of the pension plans from company representatives from diverse sectors (industrial markets, IT/BPO, automotive, healthcare, financial services, consumer markets, etc.). In all, 167 business entities responded to the survey.

The survey highlights that a majority of the employers are of the view that more emphasis needs to be given towards employeesn++n++ retirement planning. The survey responses indicate that tax benefits are considered as the primary reason to opt for NPS similar to the results of Employer Pension Plans Survey of 2015. A majority of respondents felt that the contribution towards retirement savings should be in the range of 20-30 percent of onen++n++s salary.

n++n++Social security for the old age is an important issue in the public policy discourse of any country. In India, this has been high on the priority list of the government that has taken a series of measures to extend the reach of social security net. FICCI has also identified pensions as a key area for its work and is engaged with all the stakeholders to evolve policies that can help the growth of this sector. The FICCI-KPMG knowledge paper released on the occasion of our Pensions Conference is a good reference tool that provides information on the priorities of the Indian corporate sector with regard to pension planning for employees. We hope that this paper will prove to be a key input in policy discussions in this important arean++n++, said Dr. A Didar Singh, Secretary General, FICCI.

n++n++Given the large gap in pension coverage, both the regulators, EPFO and PFRDA, along with the government and industry need to collaborate and build a comprehensive and sustainable pension system in India. Significant efforts are required for building sufficient institutional capacity for implementing pension reforms in Indian++n++, said Ms. Parizad Sirwalla, Partner and Head, Global Mobility Services, Tax, KPMG in India.

Some of the other important findings of the Employer Pension Plan Survey, 2017 are as follows: n++h

The system of automatic enrolment of employees under the EPF regime is largely prevalent. Around 84 per cent of the respondent companies mandatorily enroll their employees for EPFO membership, irrespective of the salary level n++h

Nearly 55 per cent of the survey respondents confirmed that employees in their organisations are exercising the option of contributing to Voluntary Provident Fund (VPF) n++h

Around 82 per cent of the respondent companies are contributing towards PF on full basic salary of the employees while 13 per cent restrict the same on statutory monthly limit of INR 15,000 n++h

Thirty six per cent of the respondent companies have registered for National Pension System (NPS). Further, almost 33 per cent of organisations that currently do not have NPS, are considering to register for NPS n++h

Tax benefits for employees continue to be the primary motivator (52 per cent of the respondents) for employers to opt or consider NPS in this yearn++n++s survey as well. A large number of respondents (42 per cent) view employee empowerment for pension planning as one of the motivating factors for opting/considering NPS n++h

Further, almost 57 per cent of the respondents stated that there has been an increase in NPS enrolment due to Finance Act, 2016 announcement regarding tax benefits on withdrawal of NPS contributions

Only 29 per cent of the respondents have set up superannuation fund (SAF) for their employees. Of the 94 respondents, which do not have SAF, only 10 organisations have plans to set up an SAF n++h

A large majority of the respondents (around 92 per cent) agree on the importance of tax savings as an important consideration for voluntary contributions to retirement plans.

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V.O.Chidambaranar Port Handles Record Traffic of 36.91 Million Tonnes
Mar 20,2017

V. O. Chidambaranar Port, has crossed the previous financial years traffic of 36.85 million tonnes on 17 March 2017, 14 days ahead of the completion of the current financial year.

The Port has handled a record traffic of 36.91 Million tonnes till 17 March 2017, with an impressive cargo growth at 4.77% as compared with the same period of last financial year. The cargoe that contributed to this record performance includes, Coal to NTPL (64.11 %), Wheat (433.61%), Lime Stone(8.37%), Phosphoric Acid(106.42%), Fertilizers(16.07%), Fertilizer Raw Materials(7.18%), Construction Materials(28.75%), and Containerised cargo(5.02%).

The Port has also created an achievement in container traffic by handling 613,617 TEUs upto 17.03.2017 and crossed the previous financial years record traffic of 611,714 TEUs.

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Indian Bank in focus after board approves fund raising
Mar 20,2017

Indian Bank announced on Saturday, 18 March 2017, that its board approved to raise capital by issuing 4.75 crore equity shares through follow-on issue/rights issue/private placement /qualified institutional placement (QIP)/preferential issue, subject to necessary approval from Reserve Bank of India, Government of India, shareholders of the bank and other regulatory authorities, at appropriate time.

Dena Bank announced after market hours on Friday, 17 March 2017, that it received a communication from Government of India informing capital allocation of Rs 600 crore as part of turnaround linked infusion plan. The board approval for raising of capital of the bank through issue of equity shares to Government of India, LIC of India and GIC of India on preferential basis, is being obtained.

Key IT stocks will in focus after media reports suggested that Cognizant may cut at least 6,000 jobs, which represents 2.3% of its total workforce, as it struggles with growth in an IT environment that is fast shifting towards new digital services. The layoffs are likely to be more this year than the routine annual exercise.

NTPC announced on Sunday, 19 March 2017, that second unit of 660 MW of Mouda Super Thermal Power Station Stage-II (2 X 660 MW) has been commissioned. With this, the commissioned capacity of Mouda Super Thermal Power Station, NTPC and NTPC group has become 2320 MW, 41907 MW and 48873 MW respectively.

NTPC announced on Saturday, 18 March 2017, that first unit of 195 megawatts (MW) of Kanti Thermal Power Station Stage-II (2 X 195 MW) of Kanti Bijlee Utpadan Nigam (a subsidiary of NTPC) is declared on commercial operation from 00:00 Hrs of 18 March 2017. Separately, NTPC announced on Saturday, 18 March 2017, that 25 MW of Bhadla Solar Power Project of NTPC has been commissioned. With this, the installed capacity of Bhadla Solar Power project has become 185 MW and that of NTPCs solar power projects has become 545 MW.

Welspun India announced on Saturday, 18 March 2017, that it has forayed into new technologies in its technical textile business with its needle entangled advance textile plant in Anjar. The plant was inaugurated on 18 March 2017. The Rs 150 crore facility, will have unique capabilities of spun lace and needle punch lines which can manufacture multilayer composites for various applications. This advanced and innovative technology will provide non-woven solutions for high-end industrial applications such as filtration, acoustics, automotive, fire safety, thermal insulation, vibration control, noise control, aero-space, defence and mass transportation. The initial capacity of the manufacturing unit will be 2,400 MT per annum. With this facility, Welspun has also invested in a wide range of finishing technologies which include coating, laminating, dyeing, and printing to provide innovative solutions; all under one roof. Further, Welspun has invested Rs 100 crore to set up a fresh state- of- the-art fully automated cut and sew unit in the made-ups segment with a capacity of 10 mn units per annum. The new initiatives are a testimony of Welspuns commitment in enhancing employment opportunities in the region, particularly for the women workforce.

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Manaksia Coated Metals & Industries announces change in compliance officer
Mar 18,2017

Manaksia Coated Metals & Industries announced that due to resignation of Ritu Agrawal, Company Secretary and Compliance Officer of the Company with effect from close of business hours of 23 February 2017, the Board of Directors of the Company vide Circular Resolution dated 18 March 2017 has appointed Bharat Begwani, Chief Financial Officer (CFO) as Compliance Officer of the Company for the intervening period till the appointment of new Company Secretary.

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JSL Industries announces resignation of company secretary and compliance officer
Mar 18,2017

JSL Industries announced that Bharat Patel has resigned from the post of Company Secretary and Compliance Officer of the Company and his resignation has been accepted by the Company with effect from close of normal office hours on 18 March 2017.

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IRB Infrastructure Developers acquires balance 26% stake in M.V.R. Infrastructure And Tollways
Mar 18,2017

IRB Infrastructure Developers announced that subsequent to NHAI approval, the Company has completed the process of acquisition of remaining 26% stake in M.V.R. Infrastructure And Tollways (MVR) from its earlier Promoters and other shareholders. Hence, MVR has now become wholly owned subsidiary of the Company.

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Mandhana Industries to be renamed as The Mandhana Industries
Mar 18,2017

The Board of Directors of Mandhana Industries has approved, subject to approval of the Members at the ensuing General Meeting, the proposal for rescinding the change in name of the Company from Mandhana Industries to The Mandhana Industries which was approved by the Members at the 32nd Annual General Meeting of the Company held on 30 December 2016.

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Board of Asahi Songwon Colors recommends dividend
Mar 18,2017

Asahi Songwon Colors announced that the Board of Directors of the Company at its meeting held on 18 March 2017, inter alia, have recommended the dividend of Rs 3 per equity Share (i.e. 30%) , subject to the approval of the shareholders.

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Rajasthan Petro Synthetics to hold board meeting
Mar 18,2017

Rajasthan Petro Synthetics will hold a meeting of the Board of Directors of the Company on 27 March 2017, to consider appointment of Company Secretary-cum- Compliance Officer (KMP) of the Company.

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Board of Ajanta Pharma recommends dividend
Mar 18,2017

Ajanta Pharma announced that the Board of Directors of the Company at its meeting held on 18 March 2017, inter alia, have recommended the dividend of Rs 7 per equity Share (i.e. 350%) , subject to the approval of the shareholders.

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Aryaman Financial Services to hold board meeting
Mar 18,2017

Aryaman Financial Services will hold a meeting of the Board of Directors of the Company on 21 March 2017, to consider allotment of 7,07,000 Equity Shares on preferential basis.

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Agarwal Industrial Corporation to hold board meeting
Mar 18,2017

Agarwal Industrial Corporation will hold a meeting of the Board of Directors of the Company on 22 March 2017, to consider and approve allotment of 5,00,000 fully convertible warrants into equity shares to the persons other than promoter and promoter group of the Company on preferential basis pursuant to Chapter VII of SEBI (ICDR)Regulations 2009, as amended and in accordance with all applicable laws and regulations.

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Board of Indiabulls Ventures recommends dividend
Mar 18,2017

Indiabulls Ventures announced that the Board of Directors of the Company at its meeting held on 17 March 2017, inter alia, have recommended the dividend of Rs 1 per equity Share (i.e. 50%) , subject to the approval of the shareholders.

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Food inflation in India comparatively lower in the last six months as compared to the global food inflation based on the Food Price Index of FAO
Mar 18,2017

Food inflation as measured by the Consumer Food Price Index (CFPI) in India was comparatively lower in the last six months as compared to the global food inflation based on the Food Price Index of Food and Agriculture Organization (FAO) (Table 1). Table 1: Food inflation based on FAO Food Price Index and CFPI (in per cent)Sep-16Oct-16Nov-16Dec-16Jan-17Feb-17FAO Food Price Index10.18.810.811.016.917.2CFPI4.03.32.01.40.62.0Source: Food and Agriculture Organization and Central Statistics Office.

Overall supply of food items has been comfortable. As per the second advance estimates (2nd AE) of production of food grains 2016-17 released by Department of Agriculture, Cooperation and Farmers Welfare, the production of total food grains is estimated to increase to 271.98 Million Tonnes in 2016-17 as compared to 253.16 Million Tonnes in 2015-16 (2nd AE). Pulses production is estimated to increase to 22.14 Million Tonnes in 2016-17 as compared to 17.33 Million Tonnes in 2015-16 (2nd AE).

As per the Macroeconomic Impact of Demonetisation- A Preliminary Assessment of the Reserve Bank of India (RBI), the impact of demonetisation on inflation in the near-term stemmed mainly from moderation in food inflation, especially perishables, as inflation excluding food and fuel remained broadly unaffected. The Government has taken a number of measures to control inflation, especially food inflation. The steps taken, inter alia, include, (i) increased budgetary allocation for Price Stabilization Fund in the budget 2017-18 to check volatility of prices of essential commodities, in particular, of pulses; (ii) created buffer stock of pulses through domestic procurement and imports; (iii) announced higher Minimum Support Prices so as to incentivize production; (iv) issued advisory to States/UTs to take strict action against hoarding and black marketing under the Essential Commodities Act 1955 and the Prevention of Black-marketing and Maintenance of Supplies of Essential Commodities Act, 1980; (v) imposed 20 per cent duty on export of sugar; and (vi) reduced import duty on potatoes, wheat and palm oil.

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GOI signatory of CbC MCAA pertaining to tax coopertion
Mar 18,2017

The Government is a signatory of Multilateral Competent Authority Agreement for automatic exchange of Country-by-Country Reporting (CbC MCAA) pertaining to tax cooperation to enable automatic sharing of Country-by-Country information

The Multilateral Competent Authority Agreement (MCAA) for automatic exchange of Country-by-Country (CbC) Reports has been developed by the Organisation of Economic Cooperation and Development (OECD) to facilitate amongst countries the automatic exchange of CbC Reports filed by Multinational Enterprises (MNEs). The MCAA has been developed to take forward the commitment of G-20 and OECD member countries, under the Base Erosion and Profit Shifting (BEPS) Project, to usher in a completely new Transfer Pricing documentation regime. The CbC Report is expected to provide countries with vital information to help them assess transfer pricing risks and select cases for audit. Detailed audit of such high-risk cases would help prevent profit shifting by MNEs through the transfer pricing mechanism. India signed the MCAA for CbC on 12/05/2016 and shall exchange CbC Reports from 2018.

As per the information available, 57 countries have signed the MCAA for CbC till date. Some of the recent signatories are Russian Federation, Mauritius, Indonesia and Gabon.

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