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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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Government decides to issue Sovereign Gold Bonds Scheme 2016 -17-Series III
Oct 21,2016

Government of India, in consultation with the Reserve Bank of India (RBI), has decided to issue Sovereign Gold Bonds 2016-17 - Series III. Applications for the bonds will be accepted from October 24, 2016 to November 02, 2016. The Bonds will be issued on November 17, 2016. The Bonds will be sold through banks, Stock Holding Corporation of India Limited (SHCIL), designated post offices and recognised stock exchanges viz., National Stock Exchange of India and Bombay Stock Exchange.

The features of the Bond are given below:

Product name: Sovereign Gold Bond 2016-17 - Series III

Issuance: To be issued by Reserve Bank India on behalf of the Government of India.

Eligibility: The Bonds will be restricted for sale to resident Indian entities including individuals, HUFs, Trusts, Universities and Charitable Institutions.

Denomination: The Bonds will be denominated in multiples of gram(s) of gold with a basic unit of 1 gram.

Tenor: The tenor of the Bond will be for a period of 8 years with exit option from 5th year to be exercised on the interest payment dates.

Minimum size: Minimum permissible investment will be 1 grams of gold.

Maximum limit: The maximum amount subscribed by an entity will not be more than 500 grams per person per fiscal year (April-March). A self-declaration to this effect will be obtained.

Joint holder: In case of joint holding, the investment limit of 500 grams will be applied to the first applicant only.

Issue price: Price of Bond will be fixed in Indian Rupees on the basis of simple average of closing price of gold of 999 purity published by the India Bullion and Jewellers Association Limited for the week (Monday to Friday) preceding the subscription period. The issue price of the Gold Bonds will be ` 50 per gram less than the nominal value.

Payment option: Payment for the Bonds will be through cash payment (upto a maximum of Rs. 20,000) or demand draft or cheque or electronic banking.

Issuance form: Government of India Stock under GS Act, 2006. The investors will be issued a Holding Certificate. The Bonds are eligible for conversion into demat form.

Redemption price:The redemption price will be in Indian Rupees based on previous weeks (Monday-Friday) simple average of closing price of gold of 999 purity published by IBJA.

Sales channel: Bonds will be sold through banks, Stock Holding Corporation of India (SHCIL), designated post offices as may be notified and recognised stock exchanges viz., National Stock Exchange of India and Bombay Stock Exchange, either directly or through agents.

Interest rate: The investors will be compensated at a fixed rate of 2.50 per cent per annum payable semi-annually on the nominal value of investment.

Collateral: Bonds can be used as collateral for loans. The loan-to-value (LTV) ratio is to be set equal to ordinary gold loan mandated by the Reserve Bank from time to time.

KYC Documentation: Know-your-customer (KYC) norms will be the same as that for purchase of physical gold. KYC documents such as Voter ID, Aadhaar card/PAN or TAN /Passport will be required.

Tax treatment: The interest on Gold Bonds shall be taxable as per the provision of Income Tax Act, 1961 (43 of 1961). The capital gains tax arising on redemption of SGB to an individual has been exempted. The indexation benefits will be provided to long term capital gains arising to any person on transfer of bond.

Tradability: Bonds will be tradable on stock exchanges/NDS-OM from a date to be notified by RBI.

SLR eligibility: The Bonds will be eligible for Statutory Liquidity Ratio purposes.

Commission: Commission for distribution of the bond shall be paid at the rate of 1% of the total subscription received by the receiving offices and receiving offices shall share at least 50% of the commission so received with the agents or sub agents for the business procured through them.

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Stovec Industries to hold board meeting
Oct 21,2016

Stovec Industries will hold a meeting of the Board of Directors of the Company on 11 November 2016, to consider, approve and take on record the Unaudited Financial Results of the Company for the quarter ended on 30 September 2016.

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India Home Loans to hold EGM
Oct 21,2016

India Home Loans announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 17 November 2016.

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United Leasing & Industries to hold board meeting
Oct 21,2016

United Leasing & Industries will hold a meeting of the Board of Directors of the Company on 3 November 2016, to consider the standalone unaudited financial results for the quarter and half year ended 30 September 2016.

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Laser Diamonds to hold board meeting
Oct 21,2016

Laser Diamonds will hold a meeting of the Board of Directors of the Company on 26 October 2016.

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AksharChem (India) to hold board meeting
Oct 21,2016

AksharChem (India) will hold a meeting of the Board of Directors of the Company on 7 November 2016, to consider, approve and take on record Un-audited Financial Results for the quarter and half year ended 30 September 2016.

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Manraj Housing Finance to hold board meeting
Oct 21,2016

Manraj Housing Finance will hold a meeting of the Board of Directors of the Company on 29 October 2016.

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Nirlon to hold board meeting
Oct 21,2016

Nirlon will hold a meeting of the Board of Directors of the Company on 11 November 2016.

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Wipro gains after signing agreement to acquire Appirio
Oct 21,2016

The announcement was made after market hours yesterday, 20 October 2016.

Meanwhile, the S&P BSE Sensex was down 89.74 points or 0.32% to 28,040.10

On BSE, so far 39,000 shares were traded in the counter, compared with average daily volume of 2.79 lakh shares in the past one quarter. The stock hit a high of Rs 504.30 and a low of Rs 493.90 so far during the day. The stock hit a 52-week high of Rs 606.75 on 20 April 2016. The stock hit a 52-week low of Rs 470 on 29 September 2016.

The large-cap company has equity capital of Rs 486.16 crore. Face value per share is Rs 2.

Wipro said that the acquisition is subject to customary closing conditions and regulatory approvals and is expected to be closed in Q3 December 2016. Appirio is a global services company that helps customers create next-generation Worker and Customer Experience using the latest cloud technologies.

Once completed, Wipros acquisition of Appirio will create one of the worlds largest cloud transformation practices, a game changer in todays as-a-service and digital economy. Appirio also brings to Wipro, Topcoder, a leading crowdsourcing marketplace connecting over a million designers, developers and data scientists around the world with customers. Wipro will consolidate its existing cloud applications practices of Salesforce and Workday under the Appirio brand and structure.

Wipro announces its Q2 September 2016 results today, 21 October 2016. On consolidated basis, Wipros net profit fell 8.32% to Rs 2051.90 crore on 0.32% decline in net sales to Rs 13697.60 crore in Q1 June 2016 over Q4 March 2016.

Wipro is a leading information technology, consulting and business process services company that delivers solutions to enable its clients do business better.

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Jindal Hotels to hold board meeting
Oct 21,2016

Jindal Hotels will hold a meeting of the Board of Directors of the Company on 25 October 2016.

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Board of Foseco India recommends dividend
Oct 21,2016

Foseco India announced that the Board of Directors of the Company at its meeting held on 20 October 2016, inter alia, have recommended the dividend of Rs 6 per equity Share (i.e. 60%) , subject to the approval of the shareholders.

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RIL slips after announcing poor Q2 result
Oct 21,2016

The result was announced after market hours yesterday, 20 October 2016.

Meanwhile, the BSE Sensex was down 83.28 points, or 0.3%, to 28,046.56

On BSE, so far 66,000 shares were traded in the counter, compared with average daily volume of 4.24 lakh shares in the past one quarter. The stock hit a high of Rs 1,099 and a low of Rs 1,070.75 so far during the day. The stock hit a 52-week high of Rs 1,128.90 on 26 September 2016. The stock hit a 52-week low of Rs 888.50 on 12 February 2016.

The large-cap company has equity capital of Rs 3243.25 crore. Face value per share is Rs 10.

Reliance Industries (RIL) said its turnover increased primarily on account of increase in volumes in refining, petrochemical and retail businesses. RILs consolidated profit before depreciation, interest, and taxes (PBDIT) rose 24.8% to Rs 13551 crore in Q2 September 2016 over Q2 September 2015.

RILs net profit rose 17.91% to Rs 7704 crore on 0.64% increase in total income to Rs 66624 crore in Q2 September 2016 over Q2 September 2015. Gross Refining Margins (GRM) stood at $10.10 per barrel in Q2 September 2016, a tad lower than $10.60 per barrel in Q2 September 2015.

RILs revenue from the refining and marketing segment decreased by 0.4% to Rs 60527 crore in Q2 September 2016 over Q2 September 2015. Segment earnings before interest and taxes (EBIT) rose 9.7% to Rs 5975 crore in Q2 September 2016 over Q2 September 2015, aided by stronger volumes and yield shifts to capture higher margins.

Revenue from the petrochemicals segment increased by 5.6% to Rs 22422 crore in Q2 September 2016 over Q2 September 2015, primarily due to increase in volumes of fiber intermediates and polyester products.

Revenues for organized retail business grew by 63% to Rs 8079 crore in Q2 September 2016 over Q2 September 2015. The increase in turnover was led by growth in digital, fashion & lifestyle and petroleum products. During the quarter, Reliance Retail added 59 stores across various store concepts and strengthened its distribution network for consumer electronics. As on 30th September 2016, Reliance Retail operated 3,442 stores across 679 cities with an area of over 13 million square feet.

Commenting on the results, Mukesh D. Ambani, chairman and managing director, RIL said that the company has achieved outstanding second quarter results with strong refining business performance and record petrochemicals segment earnings. Refining business sustained high profitability in a tough environment highlighting the companys exceptional refining assets, dynamic response to market trends and robust operations. Petrochemicals segment gained significantly from higher volumes, integration and supportive product margins. RILs projects in the hydrocarbon chain are at advanced stages of mechanical completion and precommissioning activities. These projects will further strengthen the companys position as a leading operator in the energy and materials businesses. RIL is delighted and humbled by the enthusiastic adoption of Jio by India. Jio is built to empower every Indian with the power of data.

RILs outstanding debt as on 30 September 2016 was Rs 189132 crore compared to Rs 180388 crore as on 31 March 2016.

Cash and cash equivalents as on 30 September 2016 were at Rs 82533 crore compared to Rs 89966 crore as on 31 March 2016. These were in bank deposits, mutual funds, CDs and Government Bonds and other marketable securities.

Separately, RIL announced after market hours yesterday, 20 October 2016 that Reliance Jio Infocomm (RJIL) has received communication from Telecom Regulatory Authority of India (TRAI) stating that the tariff plans offered by it are fully compliant with regulatory norms of IUC compliance, non-predatory and non-discriminatory. This clearly establishes the fact that all the tariffs offered by RJIL are in compliance with the prevailing regulations, RJIL said.

RIL is a diversified firm having presence in oil exploration, petrochemicals, retail and telecom sectors.

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Outcome of board meeting of Zylog Systems
Oct 21,2016

Zylog Systems announced that the Board of Directors of the Company at its meeting held on 20 October 2016 transacted the following -

Approved to hold AGM on 17 November 2016.

The Board has decided to initiate Forensic Audit to ascertain the financial and legal status of the Companys subsidiaries and branches outside India namely USA, UK and Singapore.

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Shares of Purple Entertainment get listed
Oct 21,2016

The equity shares of Purple Entertainment (Scrip Code: 540159) are listed effective 21 October 2016 and admitted to dealings on the Exchange in the list of XT Group Securities.

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Domestic manufacturing sector must gear up to face challenges from China & Robotics technology: Anant Geete
Oct 21,2016

The public and private enterprises in Indias manufacturing sector must provide quality products at an affordable cost thereby obtaining economies of scale to face challenges posed by China together with latest technologies of automation and robotics, Union Minister for Heavy Industries and Public Enterprises, Mr Anant Geete said at an ASSOCHAM event.

n++The era of globalisation has led to cut-throat competition across the world thereby making it a challenge for our manufacturing sector to survive, we need to face up to these global challenges else we might get isolated,n++ said Mr Geete while inaugurating an ASSOCHAM International Conference on Industry 4.0: Smart Manufacturing.

He said that though the government felt that pushing the industrial sector will lead to create more job opportunities but the upcoming robotics technology might lead to significant job losses.

He also said that Indias manufacturing sector has been reeling under distress during the course of past few years due to various reasons.

Highlighting how the government came to the rescue of domestic steel industry by fixing the minimum import price for steel as China was supplying finished products at the cost at which domestic industry gets raw material, he said, n++This is how China has been destabilising the domestic steel sector and more or less a similar situation is there in the entire manufacturing sector.n++

n++We need to compete with China which has spread across the world, we need to accept this challenge,n++ added Mr Geete.

The Minister said that the Prime Minister under the aegis of the governments ambitious Make in India, program has invited global investors and industrialists to come and set up their manufacturing units here in India.

n++But our first priority should be to save our domestic industry including both private and public sector enterprises as they will play the most significant role in development of programs like Make in India,n++ said Mr Geete.

He also assured the industry representatives that the government stands together with them as it will also automatically push various government programs of Make in India, Digital India, Start-up India and others.

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