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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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Sundaram Clayton drops after weak Q4 earning
May 04,2017

The result was announced after market hours yesterday, 3 May 2017.

Meanwhile, the S&P BSE Sensex was up 162.63 points or 0.54% at 30,057.43. The S&P BSE Small-Cap index was up 73.40 points or 0.5% at 14,883.61.

On BSE, so far 41 shares were traded in the counter as against average daily volume of 262 shares in the past one quarter. The stock hit a high of Rs 4,189.55 and a low of Rs 4,125.75 so far during the day. The stock had hit a record high of Rs 4,850 on 26 April 2017. The stock had hit a 52-week low of Rs 1,925 on 5 May 2016.

The mid-cap company has equity capital of Rs 10.12 crore. Face value per share is Rs 5.

Sundaram Clayton is one of the largest auto components manufacturing and distribution group in India. The company is a leading supplier of aluminium die castings to automotive and non-automotive sector.

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Cabinet approves signing of MoU between India and Spain on cooperation in the sphere of Civil Aviation
May 04,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the signing of Memorandum of Understanding (MoU) on Cooperation in the sphere of Civil Aviation between India and Spain.

The MoU signifies an important landmark in the civil aviation relations between India and Spain, and has the potential to spur greater trade, investment, tourism and cultural exchanges between the two countries.

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I G Petrochemicals spurts after stellar Q4 report card
May 04,2017

The result was announced after market hours yesterday, 3 May 2017.

Meanwhile, the S&P BSE Sensex was up 161.55 points or 0.54% at 30,056.36. The S&P BSE Small-Cap index was up 90.08 points or 0.58% at 15,521.04.

On BSE, so far 63,000 shares were traded in the counter as against average daily volume of 26,875 shares in the past one quarter. The stock hit a high of Rs 440 in intraday trade so far, which is record high for the counter. The stock had hit a low of Rs 416 so far during the day. The stock had hit a 52-week low of Rs 124.10 on 26 May 2016.

The small-cap company has an equity capital of Rs 30.79 crore. Face value per share is Rs 10.

I G Petrochemicals earnings before interest, taxation, depreciation and amortization (EBITDA) surged 96% to Rs 45.60 crore in Q4 March 2017 over Q4 March 2016. EBITDA margin expanded 490 basis points to 15.8% in Q4 March 2017 from 10.9% in Q4 March 2016 on the back of better recovery processes, operational efficiency and stringent cost control measures.

I G Petrochemicals said that Indias current Phthalic Anhydride (PAN) consumption is about 3.5 lakhs MTPA and is expected to grow at 8% - 9% in future, backed by the thrust of Infrastructure and GDP growth. Being Indias largest PAN manufacturer with more than two decades of experience, the company feels there is a huge growth opportunity for it in the coming years.

The companys board of directors have approved the raising of funds by way of borrowings/equity (including bank loans, external commercial borrowings, qualified institutions placement, preferential allotment or any other permitted mode) for long term working capital requirements, repayment of debt, growth plan, etc. for an aggregate amount not exceeding Rs 150 crore.

I G Petrochemicals is a player in Phthalic Anhydride (PAN) which is used in industries such as flexible PVC, plastics, paints, construction, transportation and marine. It is one of the lowest cost producer of PAN globally.

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Cabinet approves Vijayawada Airport as International Airport
May 04,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for the declaration of Vijayawada Airport as International Airport, as per the provisions of Andhra Pradesh Reorganisation Act, 2014.

The proposal will add to improved connectivity to the State capital. It will provide wider choice of services at competitive costs to the air-travelers and give a boost to domestic/international tourism and socio-economic development of Andhra Pradesh by bringing in international passengers and cargo traffic.

Background:

Declaration of an airport as International Airport depends upon traffic potential and demand from airlines for operation of international flights. Further, availability of Ground Lighting Facilities, Instrument Landing System for operation of aircrafts at night, adequate runway length to cater to medium capacity long-range aircraft or equivalent type of aircraft, availability of Customs, Immigration, Health and Animal & Plant Quarantine Services are also required for international operations.

The declaration of Vijayawada Airport as International has been taken up in accordance with the provisions of Andhra Pradesh Reorganisation Act, 2014 and keeping in view the passenger traffic growth, demands from airlines and Andhra Pradesh Government. Airports Authority of India has undertaken upgradation of requisite infrastructure and facilities for international operations.

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Board of V-Mart Retail approves change in CFO
May 04,2017

V-Mart Retail announced that the Board of Directors of the Company at its meeting held on 03 May 2017 has appointed Anand Agarwal as Chief Financial Officer (CFO) and Key Managerial Personnel (KMP) of the Company with effect from 05 June 2017 consequent upon resignation of Deepak Sharma, the present CFO with effect from 06 May 2017.

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Board of I G Petrochemicals approves fund raising up to Rs 150 crore
May 04,2017

The Board of Directors of I G Petrochemicals have approved the raising of funds by way of borrowings/equity (including bank loans, external commercial borrowings, qualified institutions placement, preferential allotment or any other permitted mode) for long term working capitalrequirements, repayment of debt, growth plan, etc. for an aggregate amount not exceeding Rs. 150 crore.

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Cabinet approves transfer of land and building belonging to Department of Posts at Thrissur (Trichur) in Kerala to Thrissur Municipal Corporation
May 04,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved transfer of 16.5 cents of land and building belonging to Department of Posts at Thrissur in Kerala to Thrissur Municipal Corporation for widening of Pattalam Road, in public interest on the principle of land in exchange of land.

The Department of Posts will get an equal area of land of 16.5 cents which is about 200 metres away from the existing Thrissur Central Post Office. The Thrissur Municipal Corporation will also construct a Post Office having a built up area of 3500 sq.feet, as per the specifications of Department of Posts including compound wall with two gates at their own cost. This proposal of the Thrissur Municipal Corporation related to widening of the existing Pattalam road, to have accident-free movement of traffic, will benefit people of the area.

The proposal under consideration will benefit the people in the locality to travel freely without any traffic block and within a short time through the Pattalam Road in front of the existing Thrissur Central Post Office.

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V-Mart Retail scales record high after blockbuster Q4 outcome
May 04,2017

The result was announced after market hours yesterday, 3 May 2017.

Meanwhile, the S&P BSE Sensex was up 141.48 points or 0.47% at 30,036.28. The S&P BSE Small-Cap index was up 65.12 points or 0.42% at 15496.08.

On the BSE, 9,040 shares were traded on the counter so far as against the average daily volumes of 19,186 shares in the past one quarter. The stock hit a high of Rs 1,059.10 in intraday trade so far, which is record high for the counter. The stock had hit a low of Rs 967 so far during the day. The stock had hit a 52-week low of Rs 425 on 24 June 2016.

The small-cap company has equity capital of Rs 18.07 crore. Face value per share is Rs 10.

V-Mart Retail is a hypermarket format retail chain based in New Delhi. It is a multi-brand family retail store offering apparels, general merchandise and kirana.

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Cabinet approves MoU signed in 2011 and Renewal of MoU between the ICAI and Higher Colleges of Technology, United Arab Emirates
May 04,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its ex-post facto approval for the Memorandum of Understanding (MoU) signed in 2011 and Renewal of MoU between the Institute of Chartered Accountants, of India (ICAI) and Higher Colleges of Technology (HCT), United Arab Emirates.

The renewal of the MoU with the HCT, UAE is on the following terms:-

1. ICAI will provide technical assistance to HCT by reviewing the current curriculum of HCT related to accounting and finance;

2. ICAI will recommend introduction of new/revised courses and modules that will facilitate HCT students to write ICAIs Technical professional Examination with aim to acquire membership of ICAI;

3. ICAI will provide technical assistance in holding ICAIs professional examination for qualified HCT students;

4. ICAI will collaborate to provide seminars and workshops for HCT students and faculty;

5. ICAI will provide specialized relevant Adjunct faculty on mutually agreeable basis;

6. ICAI will provide certification courses for HCT students;

7. HCT will provide facilities to hold ICAIs professional and technical exams;

8. HCT and ICAI will encourage faculty and student exchange programmes;

9. HCT and ICAI will collaborate to hold professional development and technical events, seminars and conferences at various HCTs colleges in UAE. HCT will provide venue for such events and will encourage its students and faculty member to attend these events;

10. HCT and ICAI will collaborate to offer short professional courses in the domain of accounting, finance and audit in UAE via HCTs Centre of Excellence for applied Research and Training (CERT).

The proposal seeks to advance the goals on equity, public accountability and innovation.

Background:

The ICAI is a statutory body established by an Act of Parliament of India namely The Chartered Accountants Act, 1949 to regulate the profession of Chartered Accountancy in India. HCT UAE is a community of more than 23,000 students and 2,000 staff based on 17 modern, technology-enhanced campuses in Abu Dhabi, Al Ain, Dubai, Fujairah, Madinat Zayed, Ras Al Khaimah, Ruwais and Sharjah, making it the largest higher education institution in the United Arab Emirates (UAE). HCT is dedicated to the delivery of technical and professional programs of the highest quality to the students within context of sincere respect for all beliefs and values and has the vision to be an internationally recognized and accredited provider of technical and professional tertiary education. The mission of HCT is to be a key education fundamental pillar on which a modern nation is built.

The ICAI has considered renewal of the MoU between ICAI and HCT, UAE to work together in strengthening the Accounting, Financial and Audit knowledge base within UAE through this MoU. The MoU with HCT was signed on 4th January, 2011 for a period of 5 years.

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Kaya allots 4050 equity shares
May 04,2017

Kaya has allotted 4050 equity shares of face value of Rs. 10/- each have been issued and allotted under the Kaya Limited Employees Stock Option Scheme 2014 (KME) by the authorized Nomination and Remuneration Committee of the Board of Directors at its meeting held on 03 May 2017. Consequently, the issued, subscribed and paid up capital of the Company stands increased to 13026614 equity shares of face value of Rs. 10 each.

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Cabinet approves Policy for providing preference to domestically manufactured iron & steel products in government procurement
May 04,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the policy for providing preference to domestically manufactured iron & steel products on Government procurement

This policy seeks to accomplish the PMs vision of Make in India with objective of nation building and encourage domestic manufacturing.

The policy mandates to provide preference to Domestically Manufactured Iron & Steel Products (DM1&SP), in Government Procurement. The policy is applicable on all government tenders where price bid is yet to be opened,

DMI&SP policy provides a minimum value addition of 15% in notified steel products which are covered under preferential procurement. In order to provide flexibility, Ministry of Steel may review specified steel products and the minimum value addition criterion.

While implementing who shall provide the policy, it poses trust on each domestic manufacturer who shall provide self-certification to the procuring Government agency declaring that the iron & steel products are domestically manufactured in terms of the domestic value addition prescribed. It shall not normally be the responsibility of procuring agency to verify the correctness of the claim. In few cases, the onus of demonstrating the correctness-of the same shall be on the bidder when asked to do so.

In case any manufacturer is aggrieved, a grievance redressal committee set up under the Ministry op Steel shall dispose of the complaint in a time bound manner, in four weeks

There are provisions in the policy for waivers to all such procurements, where specific grades of steel are not manufactured in the country, or the quantities as per the demand of the project cannot be met through domestic sources.

The policy is envisaged to promote growth and development of domestic steel Industry and reduce the inclination to use, low quality low cost imported steel in Government funded projects. It shall be the responsibility of every Government Agency to ensure implementation of the policy.

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Cabinet approves modifications in the 7th CPC recommendations on pay and pensionary benefits
May 04,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi approved important proposals relating to modifications in the 7th CPC (Central Pay Commission) recommendations on pay and pensionary benefits in the course of their implementation. Earlier, in June, 2016, the Cabinet had approved implementation of the recommendations with an additional financial outgo of Rs 84,933 crore for 2016-17 (including arrears for 2 months of 2015-16).

The benefit of the proposed modifications will be available with effect from 1st January, 2016, i.e., the date of implementation of 7th CPC recommendations. With the increase approved by the Cabinet, the annual pension bill alone of the Central Government is likely to be Rs.1,76,071 crore. Some of the important decisions of the Cabinet are mentioned below:

1. Revision of pension of pre - 2016 pensioners and family pensioners

The Cabinet approved modifications in the recommendations of the 7th CPC relating to the method of revision of pension of pre-2016 pensioners and family pensioners based on suggestions made by the Committee chaired by Secretary (Pensions) constituted with the approval of the Cabinet. The modified formulation of pension revision approved by the Cabinet will entail an additional benefit to the pensioners and an additional expenditure of approximately Rs.5031 crore for 2016-17 over and above the expenditure already incurred in revision of pension as per the second formulation based on fitment factor. It will benefit over 55 lakh pre-2016 civil and defence pensioners and family pensioners.

While approving the implementation of the 7th CPC recommendations on 29th June, 2016, the Cabinet had approved the changed method of pension revision recommended by the 7th CPC for pre-2016 pensioners, comprising of two alternative formulations, subject to the feasibility of the first formulation which was to be examined by the Committee.

In terms of the Cabinet decision, pensions of pre-2016 pensioners were revised as per the second formulation multiplying existing pension by a fitment factor of 2.57, though the pensioners were to be given the option of choosing the more beneficial of the two formulations as per the 7th CPC recommendations.

In order to provide the more beneficial option to the pensioners, Cabinet has accepted the recommendations of the Committee, which has suggested revision of pension based on information contained in the Pension Payment Order (PPO) issued to every pensioner. The revised procedure of fixation of notional pay is more scientific, rational and implementable in all the cases. The Committee reached its findings based on an analysis of hundreds of live pension cases. The modified formulation will be beneficial to more pensioners than the first formulation recommended by the 7th CPC, which was not found to be feasible to implement on account of non-availability of records in a large number of cases and was also found to be prone to several anomalies.

2. Disability Pension for Defence Pensioners

The Cabinet also approved the retention of percentage-based regime of disability pension implemented post 6th CPC, which the 7th CPC had recommended to be replaced by a slab-based system.

The issue of disability pension was referred to the National Anomaly Committee by the Ministry of Defence on account of the representation received from the Defence Forces to retain the slab-based system, as it would have resulted in reduction in the amount of disability pension for existing pensioners and a reduction in the amount of disability pension for future retirees when compared to percentage-based disability pension.

The decision which will benefit existing and future Defence pensioners would entail an additional expenditure of approximately Rs. 130 crore per annum.

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Cabinet approves cooperation between Indian and Japan on Railway Safety
May 04,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its ex-post facto approval to the signing the Memorandum of Cooperation (MoC) with Japan on Railway Safety. The MoC has already been signed in February, 2017.

The signing of MoC will enable cooperation in the following areas:

i. Track Safety (e.g. rail welding, rail inspection, track circuit etc.) ii. Latest technology related to railway track safety (automatic inspection technology etc.)

ii. Rolling stock safety (e.g. maintenance etc.)

iii. Any other relevant railway safety matter jointly determined by both the sides within the scope of this MoC with consideration for major railway accident preventions based on the analysis of accident causes.

The MoC would provide a platform for Indian Railways to interact and share the latest development and knowledge in the railway sector. The cooperation under this MoC will involve:

a. Dispatch of experts

b. Training of core staff in Japan

c. Sharing of information and best practices

d. Facilitating the participation of other institutions, organization and ministries, including contribution of National Traffic Safety and Environmental Laboratory of Japan to Research Design and Standards Organisation, Ministry of Railway, Government of India (RDSO), subject to their respective national laws and regulations where appropriate and possible.

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Cabinet approves MoU on Urea manufacturing Plant in Malaysia
May 04,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its ex-post facto approval to the signing of Memorandum of Understanding with Malaysia on development of a Urea and Ammonia manufacturing plant in Malaysia with off take to India and/or off take of existing surplus Urea from Malaysia to India.

The project is expected to cost US$ 2.1 billion with capacity to produce 2.4 million tonnes of Urea and 1.35 million tonnes of Ammonia per annum and dedicated supplying to Indian market.

The signing of MoU will ensure consistent supply of Urea and Ammonia to cater the need of the country at a lower price, if agreed to by both the participants.

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ICICI Bank in focus after announcing Q3 result
May 04,2017

ICICI Banks net profit jumped 188.5% to Rs 2024.64 crore on 10.8% decline in total income to Rs 16585.76 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 3 May 2017.

Infosys will be watched. Infosys Finacle, part of EdgeVerve Systems, a wholly owned subsidiary of Infosys and The Commercial Bank, Qatars first private bank, along with its subsidiary and associates (Group) announced the successful completion of a pilot on the first ever cloud-based blockchain network to process international remittances. The announcement was made at the fag end of market hours yesterday, 3 May 2017.

Reliance Industries (RIL) will be in focus. Reliance Corporate IT Park (RCITPL) - a subsidiary of RIL announced that it has signed a memorandum of understanding (MoU) with SAP SE to launch SARAL GST solution for taxpayers in the GST regime.

The offering will enable taxpayers to be GST compliant and smoothly access the Governments GST System, once GST is rolled out from 1 July 2017. SARAL GST will leverage the expertise of RCITPL as GST Suvidha Provider (GSP) and SAP as Application Service Provider (ASP). The announcement was made after market hours yesterday, 3 May 2017.

HDFC, Godrej Properties, Emami, Exide Industries, MRF, L&T Finance Holdings, Oberoi Realty and Wockhardt among others will declare their quarterly earnings today, 4 May 2017.

Brigade Enterprises said that the company has raised Rs 500 crore after issuing 2.19 crore shares to qualified institutional buyers at Rs 227.50 per share. The announcement was made after market hours yesterday, 3 May 2017.

Bombay Burmah Trading Corporation announced that it has issued commercial paper for an aggregate amount of Rs 50 crore on 3 May 2017 for 86 days. The announcement was made after market hours yesterday, 3 May 2017.

Time Technoplast launched its highly technical and innovative MOX film (Multi layer Multi axis Oriented Cross Laminated Film) under the brand Techpaulin effective 1 April 2017. The product has taken off and received very well in the market. The company has appointed over 27 distributors/dealers in the state of Kerala, Andhra Pradesh, Karnataka, Telangana and Maharashtra in the initial phase and the process of appointing distributors and dealers in other states is in progress. Civil contractors for government projects are one of the biggest users of this product for variety of applications. The announcement was made after market hours yesterday, 3 May 2017.

Arvind said that companys board meeting will be held on 11 May 2017 to consider fund raising options available to the company by way of issue of non-convertible debentures upto Rs 500 crore on a private placement basis subject to approval of shareholders. The announcement was made after market hours yesterday, 3 May 2017.

V-Mart Retails net profit jumped 941.67% to Rs 5 crore on 40.72% rise in total income to Rs 252.58 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 3 May 2017.

IG Petrochemicals net profit rose 134.31% to Rs 28.07 crore on 34.19% rise in total income to Rs 289.90 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 3 May 2017.

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