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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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Glenmark Pharmaceuticals gets clearance to move GSP 304 into Phase 2 study
Mar 08,2017

Glenmark Pharmaceuticals announced that the U.S. Food and Drug Administration (FDA) cleared the Companys Investigational New Drug (IND) application to begin a Phase 2 study of GSP 304 (tiotropiumbromide) for administration by nebulization for the long term, once-daily, maintenance treatment of bronchospasm associated with chronic obstructive pulmonary disease (COPD).

Glenmark plans to initiate clinical development with a Phase 2 study of GSP 304, a new orally administered formulation, in subjects with mild to moderate COPD, as determined by the Global Initiative for Chronic Obstructive Lung Disease (GOLD) criteria. The efficacy, pharmacokinetics, and safety profiles of currently available formulations of tiotropium bromide are well established.

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SPML Infra receives orders worth Rs 250 crore
Mar 08,2017

SPML Infra has received orders worth Rs 250 crore for power transmission and distribution projects in West Bengal and Haryana State.

These include -
- Rs 250 Crore for Power Transmission & Distribution projects in West Bengal and Haryana. -Rs 106.92 Crore order from West Bengal State Electricity Distribution Company for Rural Electricity Infrastructure Development in Murshidabad
- Rs 89.40 Crore from Power Grid Corporation of India for Extension of 400/220 kV AIS Substation in Malda and other towns of West Bengal
-Rs 48.88 Crore from Haryana Vidhyut Prasran Nigam for 220 kV GIS Substation in Faridabad.

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Hero MotoCorp in focus after announcing interim dividend
Mar 08,2017

Hero MotoCorp announced after market hours yesterday, 7 March 2017, that the board of directors of the company at its meeting held on 7 March 2017, declared interim dividend of Rs 55 per equity share of Rs 2 each for the financial year 2016-2017. The board has fixed 18 March 2017 as record date for payment of interim dividend. The payment of interim dividend will be completed by 5 April 2017.

Infosys announced after market hours yesterday, 7 March 2017, that Algerias The Housing Bank has selected lnfosys Fn++nacle to power its operations. The Housing Bank, one of the most respected banks in the Middle East, and Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys, announced the selection of the Finacle suite of solutions to power the banks operations in Algeria.

The Housing Bank Algeria is one among the 22 private & public banks in the country, and provides its banking operation through a network of 7 branches distributed among cities of Algiers. Finacle is a universal banking solution from EdgeVerve Systems, a wholly owned product subsidiary of Infosys.

Tata Steel will be watched. Tata Steel UK yesterday, 7 March 2017, informed employees it will close the British Steel Pension Scheme to future accrual with effect from 31 March 2017. From 1 April 2017, employees will save for their retirement through a new and competitive defined contribution pension scheme.

Tata Steel UK continues to be deeply engaged with the pension scheme trustee, the trade unions and relevant regulatory and government bodies to identify the best prospects for the future sustainability of its UK operations and a fair and practical outcome for the members of the British Steel Pension Scheme, a press release said. The company believes that finding a structural solution to address the risks from the pension scheme to the viability of the business is a crucial part of its ongoing UK transformation plan. The announcement was made after market hours yesterday, 7 March 2017.

Wockhardt announced that the Health Products Regulatory Authority of Ireland (HPRA) inspected the companys Shendra facility in Aurangabad and has recommended the renewal of certificate based on the general compliance with the principles and guidelines of Good Manufacturing Practice of the Shendra manufacturing unit. The announcement was made after market hours yesterday, 7 March 2017.

Central Bank of India said it successfully raised Rs 500 crore and have allotted 5000 bonds of Rs 10 lakh each. The announcement was made after market hours yesterday, 7 March 2017.

Dilip Buildcon said that the company has acquired 100% equity shares of Bhavya Infra & Systems. By the virtue of the acquisition Bhavya Infra & Systems has become a wholly owned subsidiary of the company. The announcement was made after market hours yesterday, 7 March 2017.

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FM releases the Revised General Financial Rules (GFR) 2017
Mar 08,2017

The Union Finance Minister Shri Arun Jaitley said since this time, the Finance Bill would be passed by the Parliament before the 31st March, 2017, therefore, the different Ministries should be in a stage of readiness as the funds for various schemes would be available with effect from 1st April, 2017. The Finance Minister Shri Jaitley was addressing all the Financial Advisors in the different Central Ministries/Departments after releasing the Revised General Financial Rules (GFRs) - 2017 at the Conference of the Financial Advisors (FAs). The Conference of FAs was organised by the Department of Expenditure, Ministry of Finance, Government of India. The Finance Minister appreciated the role of Financial Advisors in the smooth implementation of Budgeting and Accounting reforms. Shri Jaitley stressed on the challenges lying ahead for the Government as a whole to ensure that expenditure on schemes and projects should start from the beginning of the financial year to leverage the early passing of the Budget. The Finance Minister also applauded the efforts that went into bringing- out the Revised GFRs within a very short span of time to meet the need of the changing environment.

Earlier speaking on the occasion, Shri Ashok Lavasa, Finance Secretary stated that the Revised GFR -2017 aims to provide a framework within which an organization manages its business in a financially prudent manner without compromising its flexibility to deal with varied situations and that the new GFRs 2017 will enable an improved, efficient and effective framework of fiscal management while providing the necessary flexibility to facilitate timely delivery of services.

The Conference also deliberated upon the various challenges and opportunities before the Financial Advisors and their key role in the implementation of the Schemes of the Government and providing innovative solutions in the changed environment in public financial management. Conference of Financial Advisors is a forum through which the Finance Secretary & Secretary (Expenditure), Ministry of Finance holds detailed deliberations with all the Financial Advisors posted in various Ministries/Departments.

The GFRs are rules and orders dealing with matters involving public finances. General Financial Rules were issued for the first time in 1947 bringing together in one place all existing orders and instructions pertaining to financial matters. These have subsequently been modified and issued as GFRs 1963 and GFRs 2005.

In the last few years, the Government has made many innovative changes in the way it conducts its business. Reforms in the Government Budgeting like removal of distinction in non-plan and plan expenditure, merger of Railway Budget with General Budget, focusing on outcomes through an improved Outcome Budget document, all needed to be reflected in the GFRs. Increased focus on Public Finance Management System (PFMS), reliance on the Direct Benefit Transfer (DBT) Scheme to ensure efficient delivery of entitlements, introduction of new e-sites like Central Public Procurement Portal, Government e-Marketing (GeM) Portal, Non-Tax Revenue Portal have also necessitated revision of the existing GFRs to keep them in tune with the changing business environment. The objective was to make the GFRs facilitate efficiency while following principles of accountability and procedures of financial discipline and administrative due diligence. New rules on non-tax revenues, user charges, e-receipts portal have been added in addition to the manner in which Autonomous Bodies are run.

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Larsen & Toubro Infotech named a Top 15 Sourcing Service Provider
Mar 07,2017

Larsen & Toubro Infotech announced that it has been named a Top 15 Sourcing Standout by Information Services Group, a leading global technology research and advisory firm. LTI is listed among the Breakthrough 15 for the Americas region based on annual contract value won over the last 12 months, according to the 4Q 2016 Global ISG index.

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Genesys International Corporation allots 160700 equity shares
Mar 07,2017

Genesys International Corporation announced that the Compensation Committee at its meeting held on 07 March 2017 has approved the allotment of 1,60,700 equity shares of face value of Rs. 5.00 each pursuant to the exercise of the stock options by the eligible employees of the company under the Genesys ESOP Scheme -2010. Consequently, post-allotment the paid-up capital of the company shall stand increased to Rs. 15,30,41,060 divided into 3,06,08,212 Equity Shares of face value of Rs. 5.00 each. These shares shall rank pari passu with the existing equity shares of the Company in all respects.

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Clarification by PFRDA on transfer of amount from Recognized Provident Fund & Superannuation Fund to National Pension Scheme (NPS)
Mar 07,2017

In the budget of 2016-17, the Government had announced that the subscribers from recognised Provident Funds and Superannuation Funds would be able to transfer their corpus from these funds to National Pension System (NPS) without any tax implication.

With the NPS gaining momentum vis-n++-vis other retirement products and a number of queries being raised on the transfer of amounts from recognised Provident/Superannuation Funds to NPS, Pension Fund Regulatory and Development Authority (PFRDA) has clarified the process through a circular dated 06.03.2017.

Accordingly, in case the subscriber is interested to get his/her recognised Provident Fund/Superannuation Fund transferred to NPS, he/she needs to follow the below mentioned process:

1. The subscriber should have an active NPS Tier I account which can be opened either through the employer (where NPS is implemented) or through the Points-of-Presence (POPs) or online through eNPS on the NPS Trust website www.npstrust.org.in

2. The subscriber presently under Government/Private Sector employment should approach the recognised Provident Fund/Superannuation Fund Trust through the current employer by giving request for transfer to his/her NPS account.

3. The Recognised Provident Fund/Superannuation Fund Trust may initiate transfer of the Fund as per the provisions of the Trust Deed read with the provisions of the Income Tax Act, 1961.

4. The Recognised Provident fund/Superannuation Fund may issue the cheque/draft in the name of:

a) In case of Government employee: Nodal Office Name (PAO or CDDO Name) Employee Name PRAN (12 Digit No.)

b) In case of subscriber presently under Private Sector including All Citizen Model: POP (Name of the POP) Collection Account-NPS TrustSubscriber NamePRAN (12 Digit No.)

5. In case of Government or Private Sector employee, the employee should request the recognised Provident Fund/Superannuation Fund to issue a letter to his present employer mentioning that the amount is being transferred from the recognised Provident Fund/Superannuation Fund to be credited in the NPS Tier I account of the employee which would be recorded by the present employer or POP as the case may be, while uploading the amount.

It may be noted here that as per the provisions of the Income Tax Act, 1961 the amount so transferred from recognised Provident Fund/Superannuation Fund to NPS is not treated as income of the current year and hence not taxable. Further, the transferred recognised Provident Fund/Superannuation Fund will not be treated as contribution of the current year by employee/employer and accordingly the subscriber would not make Income Tax claim of contribution for this transferred amount.

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Wockhart provides update on HPRA inspection of Shendra manufacturing unit
Mar 07,2017

Wockhart announced that the Health Products Regulatory Authority of Ireland (HPRA) has inspected the Companys Shendra, Aurangabad facility and have recommended the renewal of certificate based on the general compliance with the principles and guidelines of Good Manufacturing Practice of the said Shendra manufacturing unit.

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Central Bank of India raises Rs 500 crore
Mar 07,2017

Central Bank of India has successfully raised Rs 500 crore and have allotted 5000 Tier 2 Bonds (Series II) of Rs 10 lakh each.

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No one to be deprived of benefits for lack of Aadhaar
Mar 07,2017

Government has said that no one will be deprived of the benefits for lack of Aadhaar. In a statement issued today, the Government has reiterated that till Aadhaar number is assigned to any individual, the benefit will continue to be given based on alternate means of identification. It also directed the departments to provide Aadhaar enrolment facilities to their beneficiaries under Regulation 12 of Aadhaar (Enrolment and Update) Regulations 2016.

Considering the usefulness of Aadhaar in curbing leakages and bringing transparency in delivery system, the Government has recently issued orders to use Aadhaar in several other welfare schemes funded from the Consolidated Fund of India. While these orders require beneficiaries of these programs to give their Aadhaar number, it has also been ensured that no one is deprived of the benefits for want of Aadhaar.

In case of Mid Day Meal scheme and under the Integrated Child Development Scheme, the schools and Anganwadis have been asked to collect the Aadhaar number of the children beneficiaries and in case a child does not have Aadhaar, the school or ICDS functionary will be required to provide enrolment facilities to a child and till Aadhaar number is assigned, the benefits will be continue.

Aadhaar has been given to more than 112 Crore people. With such wide and extensive coverage, Aadhaar has become an important tool of transformation, good governance and empowerment of people. It ensures that the benefits reach only the deserving and entitled individuals and are not cornered away by fake persons and middlemen. Various studies and survey had earlier pointed out massive leakages in welfare schemes. During the last two and half years, Aadhaar has helped in direct delivery of benefits to crores of people through the Direct Benefit Transfer (DBT) in schemes such as LPG subsidy under Pahal, Scholarships, MNREGA, and Pensions. In the Public Distribution System, Aadhaar is also ensuring that the food grains are received only by the genuine beneficiaries and not diverted by any middle man or unscrupulous elements. It has, thus, saved huge sums of public money which otherwise was being siphoned away by middlemen. The total savings because of plugging of leakages due to Aadhaar during the last two and half years in just a few schemes where Aadhaar has been implemented amount to more than Rs 49,000 Crore.

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Godrej Consumer Products launches New HIT Gel Stick
Mar 07,2017

Godrej Consumer Products has introduced New HIT Gel Stick, an industry first cockroach solution in a transparent gel format with a brush applicator that is safe for Kitchen and hands yet 3X more powerful priced at Rs 30.

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Indiabulls Ventures allots 2,46,50,000 Equity shares
Mar 07,2017

Indiabulls Ventures (formerly Indiabulls Securities) (the Company) has issued and allotted an aggregate 2,46,50,000 Equity shares of face value Rs. 2/- each, to promoter group entities, upon exercise/conversion of equivalent number of warrants, which were allotted pursuant to and in terms of shareholders approval dated 15 July 2016. Consequent to the said allotment, the paid-up Equity Share Capital of the Company stands increased to Rs. 63,79,13,840 divided into 31,89,56,920 equity shares of face value Rs. 2/- each.

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Infosys partners with The Housing Bank
Mar 07,2017

The Housing Bank and Infosys Finacle, part of EdgeVerve Systems, a wholly owned subsidiary of Infosys announced the selection of Finacle Suite of solutions to power the Banks operations in Algeria. The Bank has chosen to deploy the Finacle Core Banking, Trade Finance and Internet Banking solutions and will also deploy the Finacle Islamic Banking Solution for its Shariah banking product. The Finacle Analytics solution will enable the bank to offer targeted and customised offering to its customers. With Finacle, the Housing Bank Algeria will not only achieve a significant jump in operational efficiencies, but will also accelerate growth, manage scale and drive innovation.

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Oasis Tradelink announces resignation of company secretary
Mar 07,2017

Oasis Tradelink announced that meeting of Board of directors of the Company held on 23 February 2017 and in that meeting Nidhi Jain, Company Secretary and Compliance Officer of the Company has resigned from the Position of Company Secretary cum compliance officer. The board has approved her resignation with immediate effect.

Further the Company has informed that, Snehalbhai Bharatbhai Patel, Whole-time Director is appointed as the compliance officer, for the interim period, till the appointment of a qualified company Secretary.

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DCB Bank allots 43,000 equity shares
Mar 07,2017

DCB Bank has allotted 43,000 equity shares of Rs.10/- each on March 07, 2017, pursuant to the terms of the Employee Stock Option Plan (ESOP) of the Bank. Post this allotment, Banks issued and paid up share capital has increased to 285,158,403 shares of Rs.10/- each.

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