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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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From the banks of Rupnarayan to the shores of Ganga : Integrated cargo transport along multiple waterways begins
May 06,2017

MV V. V. Giri, a vessel of the Inland Waterways Authority of India (IWAI) began a landmark pilot movement on April 23rd 2017 from Kolaghat in East Midnapore district of West Bengal to Bhagalpur in Bihar with a cement consignment of 240 tonnes. The vessels journey commenced from Kolaghat on Rupnarayan river (National Waterway- 86) to reach Bhagalpur via river Ganga (NW-1). This marks the beginning of an integrated cargo movement involving two different NWs - NW-86 and NW-1. Rupnarayan river (NW-86) connects with river Ganga (NW-1) at Geokhali near Haldia. On its return trip, the vessel will bring fly ash/pet coke.

A private cement company has committed a consignment of 1.20 lakh tonnes of cement per annum from its plant at Salboni in East Midnapore district in West Bengal to various destinations on river Ganga (NW-1) in the states of Jharkhand and Bihar.

Earlier this year, an IWAI vessel MV Zakir Hussain had transported 350 tonnes of cement consignment from Haldia to Patna. The Government of India plans to make cargo movement on NW-1 (Ganga river) a regular feature.

Many prominent cement companies have also shown interest in transporting their cargo through river NW-1 which the IWAI is developing under the Jal Marg Vikas Project (JMVP), with technical and financial assistance of the World Bank at an estimated cost of Rs. 5369 crore. The project would enable commercial navigation of vessels with capacity of 1500-2,000 tonnes.

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Indian Overseas Bank appoints MD and CEO
May 06,2017

Indian Overseas Bank announced the appointment of R Subramaniakumar, Executive Director of the Bank as MD & CEO with effect from 05 May 2017 and till 30 June 2019.

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CBDT seeks stakeholders comments/suggestions on Draft Rules relating to valuation of unquoted equity share for purposes of Section 56 & Section 50CA
May 06,2017

The Finance Act, 2017 inserted clause (x) in sub-section (2) of Section 56 of the Income-tax Act 1961(the Act) so as to widen the scope of taxability of receipt of sum of money or property without/inadequate consideration. Under the said clause read with Rule 11UA of the Income-tax Rules, 1962( the Rules) if a person receives jewellery or artistic work or shares and securities for no / inadequate consideration, the fair market value(FMV) of the same is taken into account for computing taxable income under the said clause. Similarly, for immovable property, the stamp duty value is taken into consideration for determining taxability under the same section. However when these assets are received as underlying assets of unquoted equity shares of company, the book value (and not the FMV / stamp duty value) is taken into consideration for determining the value of such shares.

Further, the Finance Act, 2017 inserted new Section 50CA in the Act with effect from 1st April, 2018 to provide that where consideration for transfer of unquoted equity share of a company is less than the FMV of such share determined in accordance with the prescribed manner, the FMV shall be deemed to be the full value of consideration for the purposes of computing income under the head Capital gains.

In view of this, it is proposed to amend the Rules to prescribe the method of valuation of unquoted equity share for the purpose of clause(x) of sub-section (2) of section 56 and section 50CA of the Act by taking into account the FMV of jewellery, artistic work, shares & securities and stamp duty value in case of immovable property and book value for the rest of the assets.

In order to have wider consultation in this matter, the draft of proposed Amendment of Rules under the Income-tax Rules, 1962 to prescribe the method of valuation of unquoted shares for the purpose of clause(x) of sub-section (2) of Section 56 and Section 50CA of the Act has been uploaded on the website www.incometaxindia.gov.in.

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Bank of Baroda keeps MCLR rates unchanged
May 06,2017

Bank of Baroda has reviewed Marginal Cost of Funds Based Lending Rates (MCLR) applicable from 07 May 2017 at the existing levels, as follows -

Overnight - 8.10%
One month - 8.15%
Three months - 8.20%
Six months - 8.30%
One year - 8.35%
Three year - 8.50%
Five year - 8.65%

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Board of MRF recommends final dividend
May 06,2017

MRF announced that the Board of Directors of the Company at its meeting held on 4 May 2017, inter alia, have recommended the final dividend of Rs 54 per equity Share (i.e. 540%) , subject to the approval of the shareholders.

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Bank of Maharashtra to hold AGM
May 06,2017

Bank of Maharashtra announced that the 14th Annual General Meeting (AGM) of the company will be held on 16 June 2017.

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Centre of Excellence (CoE) on IT for Industry 4.0
May 06,2017

National Productivity Council had submitted a proposal to Asian Productivity Organization (APO) for establishment of Centre of Excellence on IT for Industry 4.0(CoE: IT for I4.0).

In this context, in the Governing Body Meeting of APO in Tehran on 10th April, 2017, one of the agenda items was to grant approval of the proposal submitted by NPC on n++CoE on IT for I4.0n++. As a part of recognition of IT capacity of India, NPC proposal has been approved by GB of APO.

In this scenario, the Centre of Excellence (CoE) can be very effective in coordination with various stakeholders, collection of information, development of knowledge & dissemination of knowledge/information, facilitation in capacity building of industries, support start-ups etc. linking design to customer. The result is the n++smart factoryn++, which is characterized by versatility, resource efficiency and ergonomic design as well as its direct integration with business partners.

This will ensure a number of benefits such as; Creation of roadmap for implementation of Industry 4.0 especially for MSMEs, transfer of knowledge and expertise from other 19 Member countries, one stop destination on IT for Industry 4.0 for Indian industries especially for MSMEs, capacity building, support to start-ups, etc. The total cost component of CoE will be around Rs. 4.15 Crore for a period of five years. NPCs share in the total cost will be around Rs.1.05 Crore and that of APO will be Rs. 3.10 Crore.

As part of taking the agenda forward, NPC has signed an Memorandum of Understanding (MOU) with National Small Industries Corporation (NSIC), under Ministry of Micro, Small & Medium Enterprises (MSME), Govt. of India on 20th April 2017, to carry forward the demonstration activities of CoE with various technologies such as artificial intelligence, robotics, 3D printing, sensors etc.

The approved CoE is proposed to be launched formally in the second week of June 2017. There will be participation from the various Industries, Industry Associations, and Experts. A detailed roadmap will be prepared to take forward the activities of CoE.

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Outcome of board meeting of Fredun Pharmaceuticals
May 05,2017

Fredun Pharmaceuticals announced that the Board of Directors of the Company at its meeting held on 05 May 2017 has approved the following -

Increase the authorised capital of the Company by Rs 4 crore to Rs 10 crore.

The Board decided subject to consent of shareholders to issue equity shares under the preferential allotment to preferential shareholders as consideration for redemption of preference shares and also other investors.

To convert Promoters loan to equity.

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Board of Kaycee Industries approves scheme of arrangement
May 05,2017

Kaycee Industries announced that the Board of Directors at its meeting held on 05 May 2017 has considered and approved the demerger of its specified undertaking comprising of property leasing business along with all related operations, employees, assets, liabilities, etc. into RDJ Constructions (wholly owned subsidiary of Company) under a Scheme of Arrangement under section 230 to 232 read with section 66 and section 52 of the Companies Act, 2013.

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Board of Ontic Finserve approves change in company secretary
May 05,2017

Ontic Finserve announced that the Board of Directors of the Company at its meeting held on 05 May 2017 approved the following -

1) To accept the Resignation of Binny Omprakash Porwal as Company Secretary & Compliance officer of the Company w.e.f 30 April 2017.

2) To take note of Appointment of Dipesh Hasmukhbhai Solanki (ACS- 42076) as a Company Secretary & Compliance officer of the Company w.e.f 05 May 2017.

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Board of Spenta International appoints company secretary cum compliance officer
May 05,2017

Spenta International announced that the Board of Directors at its meeting held on 05 May 2017 has appointed Prasad Chavan as a Company Secretary cum Compliance Officer with effect from 05 May 2017.

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Board of Indian Bank accords in-principle approval for issue of LT bonds
May 05,2017

Indian Bank announced that the Board of Directors of the Company in its meeting held on 05 May 2017, accorded in-principle approval for issue of Long Term Bonds for financing of Infrastructure and Affordable Housing upto an amount of Rs.5,000 crore. The Board will consider specific approval for the same at the time of actual floating of the Bonds.

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Board of ACC decides to commence evaluation of potential merger between ACC and Ambuja Cements
May 05,2017

The Board of Directors of ACC at its meeting held on 05 May 2017 has decided to commence an evaluation of a potential merger between the company and Ambuja Cements with a view to combine the strengths of both businesses so as to benefit all stakesholders.

A special Committee of Directors, of which majority are Independent Directors, has been constituted to commence the evaluation.

No decision to merge has been taken and the ACC Board will decide on a merger based on the recommendation of the Special Committee and the Audit Committee.

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Ministry of Civil Aviation Issues Draft CAR on Handling of unruly and disruptive passengers
May 05,2017

The Minister for Civil Aviation Shri Ashok Gajapathi Raju and MoS Shri Jayant Singh briefed media today with regard to handling of unruly passengers. They informed that the Civil Aviation Requirement (CAR) on n++Handling of unruly/disruptive passengersn++ is being revised to enhance the safety and security of passengers, crew as well as airlines. During the press conference the Secretary for Civil Aviation Shri R.N. Choubey gave details of the draft CAR.

Main features of the proposed CAR are as follows:

a) Three levels of unruly behaviors defined viz. Level 1 - disruptive behavior, Level 2 - physically abusive behavior and Level 3 - Life- threatening behavior.

b) The Airlines will maintain a database of such passengers which will form a National No-fly List of unruly/disruptive passengers. Individuals identified by MHA as national security threats will also form part of the National No-Fly List. Such names will be forwarded to the individuals by the airlines indicating the reasons for inclusion of their names in the National NO-Fly List.

c) For passengers indicated in the National No-Fly List, airlines will have option to bar the unruly passenger from taking flights to/form/within India for a period ranging from 03 months to a maximum of two years depending upon level of unruly behavior. For every subsequent offence, the person will be banned for twice the period of previous ban.

d) Provides for two tiers of complaint handling mechanism in such cases, viz. initial inquiry at airlines level by an internal committee headed by a retired Distict & Sessions Judge and an appeal at Govt. headed by Retired Judge of a High Court of India

The Secretary informed that other Airlines as well as International Airlines were free to take cognizance of No Fly List and extend ban to the concerned individual or group of individuals. However individuals in No Fly List identified by security agencies would have no right to appeal.

The Secretary informed the media that after placing the draft on public domain and getting responses and suggestions, the Ministry is confident that the matter would be finalized by the end of June, 2017.

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MPS Infotecnics enters into MoU with QzIP Blockchain Technology
May 05,2017

MPS Infotecnics announced that the Company has entered into MOU with QzIP Blockchain Technology LLP (Qzip.in) (hereinafter referred to as QzIP), whereby QzIP will proivde the knowhow and the requisite software artictural elements for Blockchaim Technology integeration, into the MPA e-commerce platform upon a commercial basis.

Further, the company is creating a white labelled e-commerce platform which can be used by retailers for hosting their business e-commerce sites, under their respective branding. Also the company will be the first company in India which will be providing e-commerce platform based on Blockchain Technology.

The MoU is for a period of 12 months from the effective date i.e. 04 May 2017 untill & unless extended for a further period based on mutual terms.

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