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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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Gold futures stage a late turnaround
Sep 30,2016

Bullion prices ended higher at Comex on Thursday, 29 September 2016. Gold futures staged a turnaround late in Thursdays session, settling higher as a drop in U.S. equities boosted the investment appeal of the precious metal.

December gold rose $2.30, or 0.2%, to end at $1,326 an ounce after tapping earlier lows under $1,320. Prices had tallied losses of roughly 1.6% over the past two trading sessions. Silver for December delivery added 6.7 cents, or 0.4%, to $19.188 an ounce.

Gold futures turned decisively higher in the last hour of Comex trading as losses for major U.S. equity indexes intensified on the back of worries about European banks. The indexes still looked set to end higher for the third quarter. European stock indexes finished mixed, but were also set for broad gains for the quarter.

U.S. stocks fell as Deutsche Banks U.S.listed shares tumbled on news that some hedge funds that clear derivatives through the company had withdrawn some excess cash and options. That helped fuel larger declines for the Dow Jones Industrial Average and S&P 500 and sent investors back to the perceived safety of gold.

But gold prices had spent much of the session trading lower with U.S. and overseas stock markets set to log gains for the quarter and traders looking to comments this week from Federal Reserve officials for clues on the timing and pace of interest-rate increases. Fed remarks so far this week have mostly pointed to a December U.S. rate increase but some disagreement persists.

The ICE U.S. Dollar Index was up 0.2% as markets looked to recent and upcoming commentary from Federal Reserve officials for clues on the pace of interest-rate increases. Higher interest rates can boost the dollar and dull demand for dollar-denominated commodities.

Economic data at Wall Street showed that initial jobless claims rose 3,000 to 254,000 in late September, but remained below 300,000 for 82 straight weeks, pointing to a steadily improving labor market. Meanwhile, revised data suggest that the economys performance in the spring was slightly better than expected, as business investment wasnt nearly as weak as previously reported. The gross domestic product grew a 1.4% pace in the second quarter.

On Thursday, Philadelphia Fed President Patrick Harker said he backs a December rate increase if the economy continues to grow as expected, while Atlanta Fed President Dennis Lockhart said he expects the Fed to be in a position to raise rates soon.

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Ambalal Sarabhai Enterprises to hold AGM
Sep 30,2016

Ambalal Sarabhai Enterprises announced that the 38th Annual General Meeting(AGM) of the company on 29 September 2016.

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Kachchh Minerals to hold AGM
Sep 30,2016

Kachchh Minerals announced that the 35th Annual General Meeting(AGM) of the company on 29 September 2016.

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Alkem Laboratories slips after getting USFDA observations on Daman plant
Sep 30,2016

The announcement was made after market hours yesterday, 29 September 2016.

Meanwhile, the BSE Sensex was up 64.65 points, or 0.23%, to 27,892.18.

On BSE, so far 27,000 shares were traded in the counter, compared with average daily volume of 9,076 shares in the past one quarter. The stock hit a high of Rs 1,765.60 and a low of Rs 1,655 so far during the day. The stock hit a record high of Rs 1,852.95 on 29 September 2016. The stock hit a record low of Rs 1,175 on 2 May 2016. The stock had outperformed the market over the past 30 days till 29 September 2016, rising 16.67% compared with 2.20% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 32.06% as against Sensexs 2.51% rise.

The large-cap company has equity capital of Rs 23.91 crore. Face value per share is Rs 2.

Alkem Laboratories said that US Food and Drug Administration (USFDA) had conducted an inspection at the companys manufacturing facility located at Daman, India from 20 September 2016 to 29 September 2016. In this regard, the company has received the inspection report which contains thirteen 483 observations. The company said it will put together a detailed response with adequate corrective and preventive measures to address the USFDA observations and the same is proposed to be filed within the timeline stipulated by USFDA.

On a consolidated basis, net profit of Alkem Laboratories rose 18.74% to Rs 238.79 crore on 20.34% rise in net sales to Rs 1439.36 crore in Q1 June 2016 over Q1 June 2015.

Alkem Laboratories is a pharmaceutical company with global operations, engaged in the development, manufacture and sale of pharmaceutical and nutraceutical products.

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Minister of Railways Launched and Dedicated Various Services to the Nation
Sep 30,2016

Shri Suresh Prabhakar Prabhu, Minister of Railways, as a part of fulfilment of Budget Announcements 2016-17, launched and dedicated following services to the nation : -

1.Liberalised station to station special freight rates policy

2.Policy providing sub quota of 33 % to women within reserved categories for the allotment in catering units.

3.Policy giving preference to local domicile holders for commercial licenses at stations.

4.New system of allocating vacant berths after final charting to wayside stations.

5.Launch of the new n++Train at a Glancen++ and new Time Table effective from 1st October 2016.

Speaking on the occasion, Minister of Railways Shri Suresh Prabhakar Prabhu said that the Indian Railways is striving hard to achieve full passengers satisfaction in all respects and todays initiatives are part of our such endeavours. He said that the introduction of new policy providing sub-quota of 33% to women in catering units is a step towards women empowerment and their increased participation in Railways. He said that Railways will continue to introduce such new reformative steps.

Speaking on the occasion, Minister of State for Railways Shri Rajen Gohain said that Indian Railways being the biggest organization of the country has lots of complex projects to implement throughout the country. But overcoming the difficulties and complexities, Railways is implementing its budget announcements in a very promised manner which is a landmark in itself.

Salient Features of the initiatives : -

POLICY PROVIDING SUB QUOTA OF 33 % TO WOMEN WITHIN RESERVED CATEGORIES FOR THE ALLOTMENT IN CATERING UNITS

n++ In compliance of Budget Announcement 2016-17, a Sub Quota of 33% for women in allotment of each of the reserved catering units is being introduced on Indian Railways in order to extend economic empowerment for women.

n++ Current Status of Reservation at Minor Catering Units (Stalls / Trolleys / Khomchas)

n++ A1, A, B, and C Category stations - 25% of the Units are reserved for various categories like SC (6%), ST (4%), BPL (3%), OBC (3%), Minorities (3%), Freedom Fighters (4%) and Physically Challenged persons (2%).

n++ D, E and F Category stations - 49.5% of the Units are reserved for various categories like SC (12%), ST (8%), OBC (20%) and Minorities (9.5%).

n++ 33% sub quota reservation for women shall ensure allotment of minimum 8% stalls to women at A1, A, B & C category station and minimum 17% at D, E and F category station.

n++ There are approximately 8000 Minor Catering Units over Indian Railways.

n++ Under this provision, Railways shall ensure that women participation does not fall below a specific level.

POLICY GIVING PREFERENCE TO LOCAL DOMICILE HOLDERS FOR COMMERCIAL LICENSES AT STATIONS

In compliance of Budget Announcement 2016-17, a process of giving weightage to district Domicile Holders for commercial licenses at stations is being proliferated at all stations over Indian Railways.

n++ The proliferation would help to build local ownership and rural empowerment along with socio - economic development.

n++ The weightage to district domicile holders is being proliferated for allotment of Catering Units at all categories of stations.

n++ The proliferation of weightage to district Domicile Holders at all category of stations will ensure protection of livelihood of the small vendors.

n++ The allotment of Minor Units over Indian Railways will ensure local ownership and will also promote regional / local cuisine, which is always a preferred choice.

n++ The weightage parameter would range from 20% to the local District Domicile holders to 12% to the State Domicile holders in techno-commercial scores.

TRANSFER OF VACANT BERTHS FOR OPTIMAL UTILISATION OF BERTHS

n++ IR is introducing the facility of transfer of berths remaining vacant after second charting at the train originating station to the next and subsequent stations for clearing the waitlisted passengers at such stations.

n++ The PRS system will automatically allot vacant berths available at the originating stations after preparation of second chart to the subsequent stations where waitlisted passengers are available. The passenger will get SMS on his registered mobile indicating the coach and berth number allotted. This will help passengers boarding at road side stations to get confirmed berths. Presently they get their berths confirmed only if confirmed berths from the pooled quota (PQ) allotted to the station are cancelled.

n++ The TTEs will be able to allot vacant berths on board after departure of the train only upto the next station where quota is available for the train. In case no person boards the train at the next station he can further allot/extend the same to the next quota station.

n++ At present about 3 lakh berths per year go unutilised while there may be demand at intermediate stations. This system will help in better utilization of available berths at the time of departure of trains from the originating station and also reduce the discretion available with TTEs in allotting the berths.

LIBERALISED STATION TO STATION SPECIAL FREIGHT RATES POLICY

n++ Section 32 of the Railways Act, 1989 empowers railway administration to quote Station to Station Rate (STS) in respect of carriage of various commodities.

n++ Railway Board used to issue guidelines to Zonal Railways for implementation of STS rates. Last guidelines on this subject were issued by Board in 2002, which were in operation till 2006. In November 2015, Zonal Railways were advised to exercise power vested with them to quote STS rates as per the Railways Act, 1989.

n++ On request from Zonal Railways and to enable them to garner more traffic from road and other modes, broad guidelines are being issued to Zonal Railways for finalising STS rates.

n++ Salient features of the proposed policy are as under:

n++ Existing as well as new traffic shall be eligible.

n++ Concession shall be granted up to a maximum of 30% on the incremental traffic over and above the benchmark NTKM. Benchmark NTKM is defined as average NTKMs of corresponding periods of previous 24 months.

n++ Concession shall be in the form of percentage discount over the Normal Tariff Rate (NTR). It should be ensured that the concessional freight should not be less than the NTR of Class 100.

n++ Concession shall be admissible to Block rake, two/multi point rake, Mini Rake etc.

n++ Concession may be granted for retention of traffic also up to maximum of 15%. In case of container traffic, STS discount upto maximum of 15% shall be given to commodities charged at Container Class Rate (CCR).

n++ STS scheme will be applicable for all terminals namely goods sheds, sidings, ports, CRTs, PFTOs etc.

n++ To avail STS, Rail users shall be required to apply to the DRM with details, who shall forward the same for approval of GM through CCM, COM and FA&CAO. If Railway administration approves grant of concession under STS, an agreement shall be executed between Railway and customer.

n++ The agreement shall be done for a maximum period of three years at a time and for not less than one year. Any change in freight rate (excluding imposition of any surcharge) shall not be applicable on the customer during the currency of the agreement or for one year, whichever is less.

n++ Commodities excluded from STS are -

o All commodities with classification below Class-100.

o All commodities under Main Commodity Head n++Coal & Coken++

o Iron ore (all types)

o Military traffic, POL and RMC

n++ Targeted customer: Food grain, Cement, Clinker, Dolomite, Limestone, Steel companies, Fly ash, etc.

n++ Expected additional l

Sintex Industries gains after announcing composite scheme of arrangement
Sep 30,2016

The announcement was made after market hours yesterday, 29 September 2016.

Meanwhile, the BSE Sensex was down 23.44 points, or 0.08%, to 27,804.09.

On BSE, so far 8.11 lakh shares were traded in the counter, compared with average daily volume of 9.09 lakh shares in the past one quarter. The stock hit a high of Rs 78.50 and a low of Rs 74.70 so far during the day. The stock hit a 52-week high of Rs 106.45 on 15 October 2015. The stock hit a 52-week low of Rs 62.36 on 12 February 2016. The stock had underperformed the market over the past 30 days till 29 September 2016, falling 2.67% compared with 2.20% decline in the Sensex. The scrip had also underperformed the market in past one quarter, falling 11.36% as against Sensexs 2.51% rise.

The mid-cap company has equity capital of Rs 52.34 crore. Face value per share is Re 1.

Sintex Industries said that its board approved the composite scheme of arrangement for the demerger of the custom moulding business and the prefab business from Sintex Industries to Sintex-BAPL and Sintex Infra Projects, respectively, each a wholly owned subsidiary of Sintex Plastics Technology. The proposed arrangement will streamline various businesses developed by the group, thereby creating focused leadership and management attention. The scheme also involves issuance of equity shares of Sintex Plastics Technology to the equity shareholders of Sintex Industries such that shareholders of Sintex Industries will effectively get one equity share of Sintex Plastics Technology upon demergers against one equity share held in Sintex Industries and listing of these equity shares of Sintex Plastics Technology on the BSE and the NSE. The transaction is expected to unlock value of shareholders by separating various businesses in different entities.

Sintex Industries consolidated net profit rose 11.45% to Rs 76.03 crore on 16.48% growth in net sales to Rs 1695.25 crore in Q1 June 2016 over Q1 June 2015.

Sintex Industries is a dominant player in the plastics and textile business segments.

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Manpasand Beverages announces closure of QIP issue
Sep 30,2016

Manpasand Beverages announced the outcome of the meeting of QIP committee held on 29 September 2016 -

Declared the closure of QIP on 30 September 2016.

Determined and approved the floor price of Rs 705 per equity share for issuance of 70,92,198 equity shares, to be allotted to eligible QIBs.

Approving and adopting the QIP placement document.

Approving the issue of 70,92,198 equity shares to QIBs.

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Somany Ceramics issue commercial paper aggregating Rs 25 cr
Sep 30,2016

Somany Ceramics has issued Commercial paper of Rs. 25.00 Crore value dated 29 September 2016 having maturity on 09 December 2016.

The aforesaid issuance of commercial paper is to reduce high interest bearing cash credit limits and in turn reducing cost of borrowing.

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Indian Bank announces cessation of Executive Director
Sep 30,2016

Indian Bank announced that in exercise of the powers conferred by clause (a) of sub-section (3) of Section 9 of the Banking Companies (Acquisition & Transfer of Undertakings} Act, 1970 / 1980, read with sub-clause (1) of Clause 3 and sub-clause (1) of clause 8 of the Nationalized Banks (Management and Miscellaneous Provisions) Scheme, 1970 / 1980, the Central Government has, vide Notification dated September 29, 2016, appointed R Subramania Kumar, Executive Director, Indian Bank as Executive Director, Indian Overseas Bank with effect from his taking over the charge of the post in Indian Overseas Bank and upto 21 January 2019 or until further orders, whichever is earlier.

Accordingly, R Subramania Kumar has been relieved from 29 September 2016 for taking over the charge of the post in Indian Overseas Bank.

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Westlife Development provides business update
Sep 30,2016

Westlife Development has opened its first restaurant in Vijaywada, Andhra Pradesh on 29 September 2016. The Company also announced the launch of its second restaurant after Nellore in the State of Andhra Pradesh.

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Government Decides to Raise EPFO Investment in ETF from 5 Per Cent to 10 Per Cent
Sep 30,2016

The Government has decided to raise the Employees Provident Fund ( EPF) investment in Exchange Traded Funds from present 5 per cent to 10 per cent. Announcing this Shri Bandaru Dattatreya, the Minister of State(IC) for Labour and Employment said that the decision has been taken considering the good returns in ETF investment.

As per earlier decision EPFO is currently investing 5 per cent of the total accretion in Exchange Traders Fund (ETF). Accordingly, for the last one year, the EPFO has invested 6,577 crore in ETF for the financial year 2015-16. This investment has yielded a good return of 13.24 per cent. The past performance of the last six months from April, 2016 to August, 2016 shows gradual appreciation in the returns from 0.37 per cent in March, 2016 to 13.24 in August, 2016 per cent. Five per cent EPF has been invested in NIFTY 50 and SENSEX.

The pattern of investment prescribed by the Ministry of Finance has given guidelines for investment in equity from 5 per cent to 15 per cent.

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HCL Technologies in spotlight after partnership with IBM
Sep 30,2016

HCL Technologies and IBM said that the companies have entered a 15-year partnership for automation and development & operations (DevOps) solutions. The announcement was made after market hours yesterday, 29 September 2016.

Tata Steel said that the committee of directors approved raising Rs 1000 crore by issuing 10,000 non-convertible debentures (NCDs) on private placement basis. Each NCD carries a face value of Rs 10 lakh. NCD hold a tenure of 10 years. The announcement was made after market hours yesterday, 29 September 2016.

NHPC said that a wind power purchase agreement (PPA) has been signed amongst Rajasthan Government, NHPC and INOX on 28 September 2016 for 50 megawatts (MW) wind power project in Jaisalmer, Rajasthan. As per the PPA, Rajasthan Government will purchase the power generated from the project. The announcement was made after market hours yesterday, 29 September 2016.

Alkem Laboratories said that USFDA had conducted an inspection at the companys manufacturing facility located at Daman, India from 20 September 2016 to 29 September 2016. In this regard, the company has received the inspection report which contains thirteen 483 observations. The company shall put together a detailed response with adequate corrective and preventive measures to address the USFDA Observations and the same is proposed to be filed within the timeline stipulated by USFDA. The announcement was made after market hours yesterday, 29 September 2016.

Corporation Bank announced lending rates based on marginal cost of funds to be effective from 1 October 2016. The banks Marginal Cost of Funds based Lending Rate (MCLR) for overnight loans will be 9.05%, for one month will be 9.15% and for three months will be 9.30%. The MCLR on 6-month loans will be 9.40% and for one-year loans the rate would be 9.50%, the bank said. The announcement was made after market hours yesterday, 29 September 2016.

Sintex Industries said that its board approved the composite scheme of arrangement for the demerger of the custom moulding business and the prefab business from Sintex Industries to Sintex-BAPL and Sintex Infra Projects, respectively, each a wholly owned subsidiary of Sintex Plastics Technology. The proposed arrangement will streamline various businesses developed by the group, thereby creating focused leadership and management attention. The scheme also involves issuance of equity shares of Sintex Plastics Technology to the equity shareholders of Sintex Industries such that shareholders of Sintex Industries will effectively get one equity share of Sintex Plastics Technology upon demergers against one equity share held in Sintex Industries and listing of these equity shares of Sintex Plastics Technology on the BSE and the NSE. The transaction is expected to unlock value of shareholders by separating various businesses in different entities. The announcement was made after market hours yesterday, 29 September 2016.

Seamec said that it has entered into an agreement with HAL Offshore (HAL) for deployment of vessel Seamec II along with provision of services of remotely operated vehicle (ROV), the contract commenced with effect from 28 September 2016. As intimated, the total contract value for the period of 3 years will be $33.44 million approximately. The announcement was made after market hours yesterday, 29 September 2016.

Bharat Financial Inclusion said that the capital raising committee of the company has approved allotment of 97.40 lakh equity shares to eligible qualified institutional buyers at the issue price of Rs 770 per equity share, aggregating to Rs 749.99 crore pursuant to the offer. The announcement was made after market hours yesterday, 29 September 2016.

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Board of Ramgopal Polytex decides to withdraw application for voluntary delisting from NSE
Sep 29,2016

Ramgopal Polytex announced that the Board of Directors, through resolution by circulation passed on 29 September 2016, have approved to withdraw the Application of Voluntary Delisting from National Stock Exchange of India (NSE). Further the Board of Directors has also decided to make an Application for Revocation of Suspension of trading of its Equity Shares from the National Stock Exchange of India (NSE).

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Athena Global Technologies announces resignation of company secretary and compliance officer
Sep 29,2016

Athena Global Technologies Ltd has informed BSE that Mr. K Bhaskara Teja has resigned as Company Secretary Cum Compliance officer of the Company.

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Monetary Policy Committee constitution under the Reserve Bank of India Act, 1934 notified
Sep 29,2016

The Reserve Bank of India Act, 1934 (RBI Act) has been amended by the Finance Act, 2016, to provide for a statutory and institutionalised framework for a Monetary Policy Committee, for maintaining price stability, while keeping in mind the objective of growth. The Monetary Policy Committee would be entrusted with the task of fixing the benchmark policy rate (repo rate) required to contain inflation within the specified target level. A Committee-based approach for determining the Monetary Policy will add lot of value and transparency to monetary policy decisions. The meetings of the Monetary Policy Committee shall be held at least 4 times a year and it shall publish its decisions after each such meeting.

The provisions of the RBI Act relating to Monetary Policy have been brought into force through a Notification in the Gazette of India Extraordinary on 27.6.2016. The factors constituting failure to meet inflation target under the Monetary Policy Committee Framework have also been notified in the Gazette on 27.6.2016. The Government, in consultation with RBI, has notified the inflation target in the Gazette of India Extraordinary dated 5th August 2016 for the period beginning from the date of publication of this notification and ending on the March 31, 2021, as under:-

Inflation Target: Four per cent.

Upper tolerance level: Six per cent.

Lower tolerance level: Two per cent.

As per the provisions of the RBI Act, out of the six Members of Monetary Policy Committee, three Members will be from the RBI and the other three Members of MPC will be appointed by the Central Government. In exercise of the powers conferred by section 45ZB of the Reserve Bank of India Act, 1934, the Central Government has accordingly constituted, through a Gazette Notification dated 29th Sept 2016, the Monetary Policy Committee of RBI, with the following composition, namely:-

(a) The Governor of the Bankn++Chairperson, ex officio;

(b) Deputy Governor of the Bank, in charge of Monetary Policyn++Member, ex officio;

(c) One officer of the Bank to be nominated by the Central Boardn++Member, ex officio;

(d) Shri Chetan Ghate, Professor, Indian Statistical Institute (ISI) n++Member

(e) Professor Pami Dua, Director, Delhi School of Economics (DSE) n++ Member

(f) Dr. Ravindra H. Dholakia, Professor, Indian Institute of Management (IIM), Ahmedabadn++ Member

The Members of the Monetary Policy Committee appointed by the Central Government shall hold office for a period of four years, with immediate effect or until further orders, whichever is earlier.

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