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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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Board of Thirumalai Chemicals approves plant upgradation projects
Oct 20,2016

Thirumalai Chemicals announced that the Board of Directors of the Company at its meeting held on 19 October 2016 has transacted the following -

The Company informed that the upgrading of its fine chemicals and food ingredients units is nearing completion. This will add about 40% capacity by Q4 of the current year in these divisions.

Approved the upgrading of its Phthalic Anhydride Plants with newer technology, to be completed by FY18. A further project to expand its fine chemicals capacities by a further 40% has also been approved by the Board to be completed in FY18. All these projects will be funded internally.

The company has indicated that its wholly owned subsidiary in Malaysia, OOSB has completed its Maleic Anhydride expansion to 45000 tons and is planning further expansions of its Maleic Anhydride Unit. OOSB will also build a food ingredients and fine chemicals plant based on TCL Indias technology.

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Millitoons Entertainment plans major foray into hospitality industry
Oct 20,2016

Millitoons Entertainment announced that the Company has major plans to foray the hospitality industry and has entered into an agreement to acquire 9 companies which own well established hotels in the United States for a total cost of USD 73.25 million (Rs 491 crore).

The Company plans to finance the acquisitions by debt continuation in the books of the respective companies with US banking institutions to the tune of USD 61.25 million (Rs 410 crore) and balance USD 12 million (Rs 81 crore) shall be paid by the Company to acquire 100% stake in the 9 companies.

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Railway stations and surrounding areas to be redeveloped under Smart City Plans
Oct 20,2016

In a major initiative, railway stations and adjoining areas will be redeveloped on Smart City lines for enhancing passenger amenities, easy access to stations, enabling optimal utilization of land at railway stations, as a part of Smart City development.

A Memorandum of Understanding (MoU) was signed today in this regard by the Ministries of Urban Development and Railways in the presence of Shri M.Venkaiah Naidu and Shri Suresh Prabhu. Dr.Sameer Sharma, Mission Director, Smart City Mission and Shri Rajiv Chaudhary, Advisor, Ministry of Railways signed the MoU.

Both the Ministers lauded the joint initiative as a historic landmark that brings synergy in development of smart cities since there cant be a smart city without a smart railway station. Shri M.Venkaiah Naidu said on the occasion that this convergence based city development will result in qualitative improvement in city life. He suggested involvement of local people in redevelopment plans.

Shri Naidu suggested that to begin with 10 cities could be taken up for the proposed redevelopment with the involvement of National Buildings Construction Corporation(NBCC) which has successfully executed redevelopment projects on self-financing basis. These cities are : Sarai Rohilla (Delhi), Bhubaneswwar, Lucknow, Varnasi, Jaipur, Kota, Thane, Margao(Goa), Tirupati and Puducherry. This was agreed to by Railway Minister.

Minister of Railways Shri Suresh Prabhu said that railway stations have been the core of city development and have become congested over time and their redevelopment offers immense opportunities for changing city landscape. Stating that redevelopment work of Habibganj railway station has already been awarded and plans for Anand Vihar (Delhi), Surat, Bijwasan and Gandhinagar are in advanced stage. He said that several countries like Germany, France, Japan, South Korea, UK and Belgium have showed interest in redevelopment and a Round Table of domestic and overseas bankers will be organized next week to discuss financing of these redevelopment projects.

To be implemented first in the 100 cities included in the Smart City Mission, redevelopment of railway stations will be undertaken in AMRUT (Atal Mission for Rejuvenation and Urban Transformation) and HRIDAY (Heritage Infrastructure Development and Augmentation Yojana) cities extending the scope of the MoU to over 500 cities.

Railway station and the adjoining area in each of these cities will be redeveloped on the lines of Area Based Development provided in the Smart City Mission Guidelines. Average cost of redevelopment of identified area of about 500 acres in the Smart City Plans of 60 cities approved so far comes to about Rs.1,500 cr. The proposed redevelopment involving railway stations envisages improving passenger amenities, easy access to stations, integrated public transport hub, waiting halls and other amenities for passengers, development of residential and commercial spaces, land scaping etc.

The joint initiative of the Ministries of Urban Development and Railways widens the smart city development to one more area in each of the mission cities with each city required to select one area under respective Smart City Plans in the first phase.

The MoU proposes two Joint Venture options for speedy redevelopment of railway station centred areas. The first being between the Railways and the Special Purpose Vehicle (SPV) formed for execution of Smart City Plans, with equal share in equity. In the second model, National Buildings Construction Corporation (NBCC) can be roped in with equal share among the three. NBCC can design, develop and execute the redevelopment plans on self-financing basis.

While the Ministry of Railways takes the responsibility of forming Joint Ventures, the Ministry of Urban Development will work with the States and Urban Local Bodies for integrating railway station redevelopment as part of smart city development plans.

MoU states that Both railway station redevelopment and Smart City concepts are part of holistic development of respective city. Redevelopment of railway station and its suburbs as part of Smart City Plans leads to an integrated public transport hub around railway station and encourage Transit Oriented Development.n++

The validity of the MoU is five years to begin with and can be extended with the consent of both the Ministries.

Smart City Plans of some cities have already included area based development surrounding railway stations. These include; Bhubaneswar, Thane and Solapur (Maharashtra), Kakinada (Andhra Pradesh), Ahmedabad, Ajmer, Hubli-Dharwad (Karnataka).

Smart City Plans of some other cities may potentially impact city railway station and allied services. These include; Jaipur, Kochi, Jabalpur, Visakhapatnam, Indore, Pune, Bhopal, Chennai etc.

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NBCC (India) in focus as government to dilute stake through OFS
Oct 20,2016

NBCC (India) announced after market hours yesterday, 19 October 2016, that the government proposes to sell up to 9 crore equity shares, or 15% equity, of NBCC (India) through offer for sale (OFS) through a separate, designated window on the stock exchanges. The OFS will open on 20 October 2016 for non-retail investors and on 21 October 2016 for retail investors and non-retail investors who choose to carry forward their un-allotted bids. The floor price for the OFS shall be Rs 246.50 per equity share. The OFS floor price is at 2.57% discount to the stocks previous closing price of Rs 253 on BSE. As on 30 June 2016, the government held 90% stake in NBCC (India).

Reliance Industries and Yes Bank will declare its Q2 September 2016 results today, 20 October 2016.

Hindustan Zincs net profit fell 15.41% to Rs 1901.87 crore on 10.51% decline in total income to Rs 4647.62 crore in Q2 September 2016 over Q2 September 2015. Earnings before interest, taxes, depreciation and amortization (EBITDA) fell 6% to Rs 2077 crore in Q2 September 2016 over Q2 September 2015.

The company said its revenues decreased during the quarter on account of lower volumes, partly offset by higher zinc & silver prices and rupee depreciation. Net profit decreased during the quarter due to higher depreciation and lower investment income on account of smaller corpus despite higher mark to market gains. The result was announced after market hours yesterday, 19 October 2016.

Bharti Airtel after market hours yesterday, 19 October 2016, announced an offer for all customers purchasing a new 4G mobile handset. Airtel is offering 10 GB 4G/3G data on a recharge of Rs 249 along with any new 4G handset. 1 GB data will be instantly credited to the customers account and the additional 9 GB data can be claimed by the customer through MyAirtel App. The data will be valid for 28 days. Users can avail a maximum of 3 recharges within 90 days, on the offer.

The special offer, which was introduced in Gujarat and Madhya Pradesh & Chhattisgarh last week, has now been extended across India and is available across all brands of 4G handsets. Airtel 4G is currently available in 18 circles across India. In non 4G circles, 3G data will be available to customers with their 4G devices. Pack Prices may vary from circle to circle. Offer on 4G handsets only and can be availed within 30 days of purchase of the handset.

RBL Banks net profit rose 34.3% to Rs 89.89 crore on 37.91% rise in total income to Rs 1071.04 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 19 October 2016.

Bayer CropSciences net profit rose 2.12% to Rs 159.10 crore on 8.22% rise in total income to Rs 1118.10 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 19 October 2016.

Tata Coffees consolidated net profit rose 61.89% to Rs 44.65 crore on 7.19% fall in total income to Rs 375.76 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 19 October 2016.

Quess Corps consolidated net profit increased 65.86% to Rs 30.12 crore on 27.27% rise in total income to Rs 1023.38 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 19 October 2016.

Ceat announced of a rollout a new breed of Puncture Safe tyres for the two wheeler market. This new range will offer a technology to consumers that will allow tyres to resist punctures with no loss of air pressure and allow a hassle free and safe ride. This new range is currently available only in the states of Andhra Pradesh and Telangana and the company proposes to roll out the Puncture Safe tyre range in the other markets in a phased manner. The announcement was made after market hours yesterday, 19 October 2016.

Rashtriya Chemicals and Fertilizers (RCF) has issued commercial paper for Rs 150 crore on 19 October 2016, in favour of ICICI Bank, having maturity date as 30 December 2016. The announcement was made after market hours yesterday, 19 October 2016.

Suzlon Group announced a joint venture with the Unisun Energy Group for the development and construction of a 15 megawatts (MW) Solar PV Project located at Bhainsa, Adilabad District, Telangana. The announcement was made after market hours yesterday, 19 October 2016.

According to the contract signed between Suzlon Group and the Unisun Energy Group on 22 August 2016, the Unisun Energy Group shall acquire a 49% stake in Vayudoot Solarfarms, a special purpose vehicle (SPV) set-up by Suzlon for executing this project. Unisun Energy has the option to acquire the balance of the 51% stake in the SPV in the future in accordance with the relevant rules and regulations. The off-taker of the Vayudoot project will be the Telangana State Northern Power Distribution Company Limited (TSNPDCL). Suzlon will be responsible for project commissioning and to provide comprehensive operation and maintenance services for a period of 25 years. The project is expected to be commissioned in the financial year 2017 (FY17).

Suzlon won solar projects of 210 MW in Telangana through a competitive bidding process and the PPAs for the same were signed in February, 2016. These include one project of 100 MW, one of 50 MW and four projects of 15 MW each.

NCC will be watched. The NCC-BGR Consortium, which was formed between NCC and BGR Mining & Infra (BGR), has been awarded the Pachhwara North Coal Block Mine Developer and Operator Project (MDO Project) by the West Bengal Power Development Corporation (WBPDCL). The Pachhwara North Coal Block is located in the Pakur District of Jharkhand State and was allocated by the Ministry of Coal, Government of India, to the WBPDCL and the coal extracted is for use for their power plants in West Bengal. The announcement was made after market hours yesterday, 19 October 2016.

The project has coal reserves of nearly 400 million tons and over burden of 1650 million cubic meters. The rate of mining fee per ton of coal is about Rs 890 including taxes. The total duration of the Project is about 30 years and will be extended for further period until the coal reserves are exhausted. The peak rated capacity of the mine is 15 million tons per annum (to be achieved by the 6th year of commencement of operation). The value of the project including taxes is estimated to be Rs 35000 crore (approximately) over a period of 30 years and the annual revenue at rated capacity is about Rs 1335 crore. These values are however valued at the current prices. Further, the contract provides for escalation of mining fees etc and therefore the yearly turnover may vary in line with the escalation of the input prices.

Tata Communications announced the successful completion of the India data centre joint venture transaction with ST Telemedia, a strategic global investor focused on communications, media and technology sectors. The announcement was made after market hours yesterday, 19 October 2016. In May 2016, the parties announced their entry into definitive agreements whereby ST Telemedia, through its wholly-owned subsidiary, ST Telemedia Global Data Centres (STT GDC), agreed to acquire a 74% majority stake in Tata Communications data centre business in India and Singapore. The transaction for STT GDCs acquisition of the majority stake in the India data centre business has been completed and is estimated at 100% enterprise value of Rs 3140 crore. Tata Communications remains a significant shareholder. The transaction for the Singapore data centre joint venture is expected to close shortly. The strategic partnership provides both companies with the opportunity to further grow their data centre businesses, offering advanced managed data centre services that enable digital transformation for customers.

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Australia Market gains on Tatts-Tabcorp merger
Oct 19,2016

Australian share market extended gains into a second session on Wednesday, 19 October 2016, with sentiments boosted up by Tatts-Tabcorp merger deal and Chinese government data that showed the Chinese economy grew in line with expectations for the July-September quarter. At the closing bell, the benchmark S&P/ASX 200 index advanced 24.60 points, or 0.45%, to 5,435.40, while the broader All Ordinaries index was up 26.40 points, or 0.48%, to 5,518.40. Rising stocks outnumbered declining ones on the Australia Stock Exchange by 650 to 401 and 293 ended unchanged. The S&P/ASX 200 VIX, which measures the implied volatility of S&P/ASX 200 options, was down 5.20% to 13.274.

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Japan Market extends gain on yen easing
Oct 19,2016

The Japan share market inclined for third consecutive session on Wednesday, 19 October 2016, on the back of Chinese economic data that confirmed the economy had stabilized. Sentiment was also buoyed by Wall Street advancing overnight on solid corporate earnings. Total 21 out of 33 TSE sectoral issues advanced, with Fishery, Agriculture & Forestry, Retail Trade, Real Estate, and Securities & Commodities Futures issues being major gainers, whereas Mining, Insurance, Marine Transportation, and Nonferrous Metals issues being major losers. The 225-issue Nikkei average gained 35.30 points, or 0.21%, to close at 16,998.91. The Topix index of all first-section issues ended up 0.63 points, or 0.05%, at 1,357.20.

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China Stocks surge on pleasing new loan data
Oct 19,2016

Mainland China stock market finished the session mixed on Wednesday, 19 October 2016, due to watering expectations for monetary easing after data showed Chinas economy grew as expected in the third quarter. Most sectors were basically flat, with infrastructure stocks leading the gains. The CSI300 index of the largest listed companies in Shanghai and Shenzhen fell 0.15%, to 3,316.24 points, while the Shanghai Composite Index inclined 0.03% to 3084.72 points.

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NCC led consortium awarded Pachhwara North Coal Block MDO Project
Oct 19,2016

The NCC-BGR Consortium which has been formed between NCC and BGR Mining & Infra has been awarded the Pachhwara North Coal Block Mine Developer and Operator Project (MDO Project) by the West Bengal Power Development Corporation.

This project comprises of activities relating to mine development, excavation of over burden and coal and transportation of the coal upto the railway siding situated at Pakur and loading of coal into the railway wagons etc. The project has coal reserves of nearly 400 million tons and over burden of 1650 million cubic meters. The total duration of the project is about 30 years and will be extended for a further period until the coal reserves are exhausted. The value of the project including taxes is estimated to be Rs 35000 crores over a period of 30 years and the annual revenue at rated capacity is about Rs 1335 crore.

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Hong Kong Stocks bounce 1.55%
Oct 19,2016

The Hong Kong stock market closed down on Wednesday, 19 October 2016, on Chinas third-quarter economic data, which came in roughly as expected. The Hang Seng Index declined 0.38% or 89.42 points to 23,304.97, while the Hang Seng China Enterprises Index shed 0.81% or 78.98 points to 9,641.22. Turnover reduced to HK$54.5 billion from HK$59.9 billion on Tuesday.

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Just Dial announces resignation of CTO
Oct 19,2016

Just Dial announced that R. V. Raman, Chief Technology Officer of the Company has resigned from the Company with effect from 19 October 2016.

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DCM incorporates subsidiary - DCM Nouvelle
Oct 19,2016

DCM has incorporated a wholly owned subsidiary DCM Nouvelle on 17 October 2016.

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ASM Technologies to pay interim dividend for FY 2016-17
Oct 19,2016

ASM Technologies announced that interim dividend of Rs 2.50 per share for FY 2016-17 shall be paid on or before 07 November 2016.

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Thirumalai Chemicals appoints director
Oct 19,2016

Thirumalai Chemicals announced that Arun Ramanathan has been appointed on 19 October 2016 as an Additional Director on the Board of the Company.

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Info Edge (India) fixes record date for interim dividend
Oct 19,2016

Info Edge (India) has fixed 07 November 2016 as the Record Date for the purpose of Payment of Interim Dividend.

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Cabinet Secretary reviews availability and prices of essential commodities
Oct 19,2016

Cabinet Secretary, Shri PK Sinha today reviewed availability and the prices of essential commodities at a high-level meeting with Secretaries of Consumer Affairs, Agriculture, Food & Public Distribution, Commerce, Expenditure and others. It was observed that the recent measures taken by the Central Government have helped containing prices of most of the pulses, which are showing declining trends, and other essential commodities except Chana and Sugar. Cabinet Secretary directed Department of Consumer Affairs to consider all options to check the prices of both the commodities. He said that distribution of the Chana dal and other pulses should be taken up through postal network.

Consumer Affairs Secretary was also asked to pursue states to impose stock limits and to carry dehoarding drives to ensure availability of all the essential commodities during ongoing festival season. The meeting also reviewed distribution of pulses to the State Government from the buffer stock

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