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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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Cabinet approves acquisition of 11 percent stake in JSC Vankorneft by ONGC Videsh
Oct 05,2016

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, has given its approval to an acquisition by ONGC Videsh (OVL) for 11% stake in JSC Vankorneft from M/s Rosneft Oil Company (Rosneft), the National Oil Company (NOC) of Russian Federation (Russia). Rosneft operates Vankor fields, with Vankorneft, its wholly owned subsidiary.

OVL will be paying an amount of US $ 930 million for acquiring 11% stake in Vankorneft.

The acquisition of stake in Vankorneft will provide 3.2 Million Metric Ton of Oil Equivalent (MMTOE) to OVL by 2017. It will also provide an opportunity to Indian public sector Oil and Gas companies to acquire new technologies from Rosneft. The acquisition is in line the ONGCs stated objective of adding high quality international assets to Indias Exploration and Production (E&P) portfolio and thereby augmenting Indias energy security.

Recently, an Indian Consortium comprising of Oil India (OIL), Indian Oil Corporation (IOCL) and Bharat PetroResources (BPRL) acquired 23.9% stake in Vankorneft at a cost of US $ 2020.35 million which will give them 6.56 MMTOE. Earlier in May 2016, ONGC Videsh (OVL) completed the formalities on acquisition of 15% stake in Vankorneft at a cost of US $ 1.284 billion which gave OVL 4.11 MMTOE.

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Motherson Sumi moves higher on foreign brokerages buy rating
Oct 05,2016

Meanwhile, the S&P BSE Sensex was down 88.66 points or 0.31% at 28,245.89.

On BSE, so far 2.58 lakh shares were traded in the counter as against average daily volume of 2.70 lakh shares in the past one quarter. The stock rose as much as 2.27% at the days high of Rs 335.25 so far during the day. The stock rose 0.21% at the days low of Rs 328.50 so far during the day. The stock had hit a 52-week high of Rs 358.55 on 2 August 2016. The stock had hit a 52-week low of Rs 206.20 on 25 February 2016. The stock had outperformed the market over the past one month till 4 October 2016, gaining 2.21% compared with 0.69% fall in the Sensex. The scrip had also outperformed the market in past one quarter, advancing 13% as against Sensexs 3.87% rise.

The large-cap company has equity capital of Rs 140.35 crore. Face value per share is Rs 1.

The foreign brokerage reportedly said that the passenger vehicle recovery would drive domestic business for Motherson Sumi Systems. The companys strong order book offers visibility on overseas business, it added. Mothersons FY 2019 earnings per share (EPS) estimates are 12% ahead of consensus, it further added. The brokerage sees further value-accretion for the company through acquisitions.

Motherson Sumi Systems consolidated net profit rose 15.8% to Rs 439.36 crore on 16.1% increase in net sales to Rs 10352.33 crore in Q1 June 2016 over Q1 June 2015.

Motherson Sumi Systems is one of the worlds fastest growing specialized automotive component manufacturing company for original equipment manufacturers (OEMs). It is a joint venture between Samvardhana Motherson Group and Sumitomo Wiring Systems (Japan).

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Board of Kama Holdings recommends dividend
Oct 05,2016

Kama Holdings announced that the Board of Directors of the Company at its meeting held on 5 October 2016, inter alia, have recommended the dividend of Rs 15 per equity Share (i.e. 150%) , subject to the approval of the shareholders.

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United Drilling Tools to hold board meeting
Oct 05,2016

United Drilling Tools will hold a meeting of the Board of Directors of the Company on 21 September 2016.

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Cabinet approves amendments to the HIV and AIDS (Prevention and Control) Bill, 2014
Oct 05,2016

The Union Cabinet under the Chairmanship of Prime Minister Shri Narendra Modi has given its approval to introduce official amendments to the HIV and AIDS (Prevention and Control) Bill, 2014.

The HIV and AIDS Bill, 2014 has been drafted to safeguard the rights of people living with HIV and affected by HIV. The provisions of the Bill seek to address HIV-related discrimination, strengthen the existing programme by bringing in legal accountability and establish formal mechanisms for inquiring into complaints and redressing grievances. The Bill seeks to prevent and control the spread of HIV and AIDS, prohibits discrimination against persons with HIV and AIDS, provides for informed consent and confidentiality with regard to their treatment, places obligations on establishments to safeguard rights of persons living with HIV arid create mechanisms for redressing complaints. The Bill also aims to enhance access to health care services by ensuring informed consent and confidentiality for HIV-related testing, treatment and clinical research.

The Bill lists various grounds on which discrimination against HIV positive persons and those living with them is prohibited. These include the denial, termination, discontinuation or unfair treatment with regard to:

(i) employment,

(ii) educational establishments,

(iii) health care services,

(iv) residing or renting property,

(v) standing for public or private office, and

(vi) provision of insurance (unless based on actuarial studies). The requirement for HIV testing as a pre-requisite for obtaining employment or accessing health care or education is also prohibited.

Every HIV infected or affected person below the age of 18 years has the right to reside in a shared household and enjoy the facilities of the household. The Bill also prohibits any individual from publishing information or advocating feelings of hatred against HIV positive persons and those living with them. The Bill also provides for Guardianship for minors. A person between the age of 12 to 18 years who has sufficient maturity in understanding and managing the affairs of his HIV or AIDS affected family shall be competent to act as a guardian of another sibling below 18 years of age to be applicable in the matters relating to admission to educational establishments, operating bank accounts, managing property, care and treatment, amongst others.

The Bill requires that No person shall be compelled to disclose his HIV status except with his informed consent, and if required by a court order. Establishments keeping records of information of HIV positive persons shall adopt data protection measures. According to the Bill, the Central and State governments shall take measures to:

(i) prevent the spread of HIV or AIDS,

(ii) provide anti-retroviral therapy and infection management for persons with HIV or AIDS,

(iii) facilitate their access to welfare schemes especially for women and children,

(iv) formulate HIV or AIDS education communication programmes that are age appropriate, gender sensitive, and non-stigmatizing, and

(v) lay guidelines for the care and treatment of children with HIV or AIDS. Every person in the care and custody of the state shall have right to HIV prevention, testing, treatment and counseling services. The Bill suggest that cases relating to HIV positive persons shall be disposed off by the court on a priority basis and duly ensuring the confidentiality.

There are no financial implications of the Bill. Most of the activities are being already undertaken or can be integrated within the existing systems of various Ministries under training, communication and data management, etc. The Bill makes provision for appointment of an ombudsman by State Governments to inquire into complaints related to the violation of the Act and penal actions in case of non-compliance. The Ombudsman need not be a separate entity, but any existing State Government functionary can be deputed or given additional charge.

There are approximately 21 lakh persons estimated to be living with HIV in India. Even though the prevalence of HIV is decreasing over the last decade, the Bill would provide essential support to National AIDS Control Programme in arresting new infections and thereby achieving the target of Ending the epidemic by 2030 according to Sustainable Development Goals.

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Alembic Pharma gains after getting EIR from USFDA for Panelav facility
Oct 05,2016

The announcement was made during trading hours today, 5 October 2016.

Meanwhile, the BSE Sensex was down 116.07 points, or 0.41%, to 28,218.48.

On BSE, so far 35,000 shares were traded in the counter, compared with average daily volume of 16,922 shares in the past one quarter. The stock hit a high of Rs 699.50 and a low of Rs 665 so far during the day. The stock hit a 52-week high of Rs 747 on 7 October 2015. The stock hit a 52-week low of Rs 514.35 on 5 February 2016. The stock had outperformed the market over the past 30 days till 4 October 2016, rising 6.28% compared with 0.69% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 14.41% as against Sensexs 4.30% rise.

The large-cap company has equity capital of Rs 37.70 crore. Face value per share is Rs 2.

Alembic Pharmaceuticals said that its formulation facility located at Panelav in Gujarat has received Establishment Inspection Report (EIR) from US Food & Drug Administration (USFDA) for the inspection carried out by them in March 2016.

On a consolidated basis, net profit of Alembic Pharmaceuticals rose 44.64% to Rs 103.75 crore on 25% rise in net sales to Rs 727.02 crore in Q1 June 2016 over Q1 June 2015.

Alembic Pharmaceuticals is a pharmaceutical company in India. The company is vertically integrated with the ability to develop, manufacture and market pharmaceutical products, pharmaceutical substances and Intermediates.

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Cabinet accords permission to HLL Lifecare, to sub-lease 330.10 acres of Government land at Tamil Nadu for setting up Medipark
Oct 05,2016

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval to M/s. HLL Lifecare, a Mini Ratna PSU under Ministry of Health & Family Welfare to sub- lease 330.10 acres of land at. Chengalpattu, located in the outskirts of Chennai, to setup a medical devices manufacturing park (Medipark) through a special purpose Vehicle. The shareholding of HLL in the project would be above 50%.

The Medipark project will be the first manufacturing cluster in the medical technology sector in the country, envisaged to boost the local manufacturing of hi-end products at a significantly lower cost, resulting in affordable healthcare delivery, particular in diagnostic services to a large section of people. The proposed Medipark would contribute to the development of medical devices and technology sector and allied disciplines in the country, which is still at a nascent stage besides generating employment and give a boost to the governments Make in India Campaign.

Medipark will be developed in phases, spread over seven years for completion. In the first phase, physical infrastructure will be developed and plots will be leased from third year onwards. Knowledge management center will be developed in the second phase, with grants and assistance from departments, which funds similar initiatives. HLL will sublease the land to investors, through a transparent bidding process to investors desirous to set up manufacturing units for Medical equipment and devices. In the initial phase, the land cost to the qualifying entrepreneurs from Medical Device and Equipment, Manufacturing Industry will be at a subsidized rate so as to attract others and the rate will go up gradually as the demand picks up. Thus the Medipark project will play an important role in enhancing quality health care delivery in India.

The project will reduce the dependence on imports and create a strong base for the growth of indigenous and domestic industry by providing access to state of art infrastructure and technology. The domestic manufacturing of medical devices and equipment shall not only usher in a regime of assured and affordable health care delivery but also deepen and strengthen the penetration of quality health care services.

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Jagran Prakashan jumps after courts nod for demerger of radio biz
Oct 05,2016

The announcement was made after market hours yesterday, 4 October 2016.

Meanwhile, the S&P BSE Sensex was down 74.43 points or 0.26% at 28,260.12.

On BSE, so far 1.02 lakh shares were traded in the counter as against average daily volume of 38,522 shares in the past one quarter. The stock hit a high of Rs 210.90 and a low of Rs 201.10 so far during the day. The stock had hit a record high of Rs 213 on 8 September 2016. The stock had hit a 52-week low of Rs 138 on 30 October 2015. The stock had outperformed the market over the past one month till 4 October 2016, sliding 0.33% compared with 0.69% fall in the Sensex. The scrip had also outperformed the market in past one quarter, advancing 9.11% as against Sensexs 3.87% rise.

The mid-cap company has equity capital of Rs 65.38 crore. Face value per share is Rs 2.

Jagran Prakashan said that the High Court of Judicature at Allahabad approved the amalgamation of Crystal Sound & Music (Crystal) and Spectrum Broadcast Holdings (Spectrum) with the company and the demerger of radio business undertaking of Shri Puran Multimedia (SPML) into Music Broadcast (MBL). The scheme is pending for approval from High Court of Judicature at Mumbai and other requisite approvals. The scheme shall be effective from the date of filing of certified/authenticated copies of orders of the High Courts with the Registrar of Companies Uttar Pradesh and Registrar of Companies at Mumbai, as applicable.

Jagran Prakashans net profit rose 5.4% to Rs 73.64 crore on 8.9% growth in net sales to Rs 462.70 crore in Q1 June 2016 over Q1 June 2015.

Jagran Prakashan is a leading media and communications group with interests spanning across newspapers, radio, magazines, outdoor advertising, promotional marketing & event management, and digital businesses. The Group publishes 12 newspaper brands with over 100 editions and 250 plus sub-editions from 36 different printing facilities across 15 states in 5 different languages.

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Cabinet approves transfer of two acres of Indian Agricultural Institute land to Veterinary Council of India
Oct 05,2016

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the proposal for transfer two acres of land from the Indian Agricultural Research Institute (IARI), New Delhi to the Veterinary Council of India (VCI) on lease basis for a period of 99 years at a total lease rent of Rs.8,01,278/- @ Rs. 1 per sq. meter per year.

The VCI will expand its activities related to upgradation of skill of in-service Veterinary professionals by conducting short courses on latest update in research areas of Animal Sciences. After establishing the facilities, VCI will start additional activities and benefits passed to rural population in the country which will spur economic growth and employment generation in the country.

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Cabinet approves Memorandum of Understanding with the African Asian Rural Development Organization in the field of rural development
Oct 05,2016

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval to the signing of a Memorandum of Understanding (MoU) between India and the African Asian Rural Development Organization (AARDO) for capacity building programmes in the field of rural development.

The MoU for the triennium 2015 - 2017 is being signed under which capacity building programmes for AARDO member countries will be organized every year during the triennium at various Institutions of Excellence in India such as National Institute of Rural Development & Panchayati Raj (NIRD & PR), institutions governed by the Indian Council of Agricultural Research (ICAR), Indian Institute of Management (IIM) and others. The duration of each training programme shall be of two to three weeks. The Post Graduate Diploma in Rural Development Management Course at NIRD & PR under this scheme is for one year.

Background:

The AARDO, which has its headquarters in New Delhi, is an autonomous, inter-Governmental organization established in 1962 with the objective of promoting cooperation among the countries of the African - Asian Region in the direction of eradicating thirst, hunger, illiteracy, disease and poverty in the region. India is one of the Founder Members of the Organization and is the largest contributor in terms of membership contribution of US$ 141,100 apart from contributing by way of providing 70 fully paid training scholarships for Human Resource Development Programme under the Indian Technical & Economic Cooperation Programme (ITEC) to the Organization. India has also provided a building for housing the AARDO Secretariat in Delhi and considerable financial assistance is given to AARDO for maintenance of the building. AARDO currently has 31 countries of the African - Asian Region under its fold.

Since the year 2009, India is continuing to provide an Additional Contribution of US$ 600,000 to AARDO for each triennium 2009-2011 to expand its scale and scope of the Capacity Building Programmes of AARDO for the benefit of Member Countries

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Bombay Burmah Trading Corp gains after board approves raising funds
Oct 05,2016

Meanwhile, the BSE Sensex was down 33.69 points, or 0.12%, to 28,300.86.

On BSE, so far 2.49 lakh shares were traded in the counter, compared with average daily volume of 59,692 shares in the past one quarter. The stock hit a high of Rs 673.40 so far during the day, which is also a record high for the counter. The stock hit a low of Rs 617.80 so far during the day. The stock hit a 52-week low of Rs 311 on 12 February 2016. The stock had outperformed the market over the past 30 days till 4 October 2016, rising 23.26% compared with 0.69% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 49.96% as against Sensexs 4.30% rise.

The mid-cap company has equity capital of Rs 13.95 crore. Face value per share is Rs 2.

Bombay Burmah Trading Corporation announced that its board approved the proposal for raising funds upto Rs 250 crore through issue of commercial paper/secured, redeemable, non- convertible debentures (NCDs). The board entrusted the functions of deciding on the issue date, denomination, terms and conditions of issue etc. to a committee formed for the purpose.

Bombay Burmah Trading Corporation reported net loss of Rs 3.67 crore in Q1 June 2016 as against net loss of Rs 1.22 crore in Q1 June 2015. Net sales declined 3.3% to Rs 63.38 crore in Q1 June 2016 over Q1 June 2015.

Bombay Burmah Trading Corporation has diversified its interests into tea, coffee, other plantation products, biscuit and dairy products, auto electric and white goods parts, weighing products, horticulture and landscaping services, healthcare products (viz.) dental, orthopaedic and opthalmic products.

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Hexware Technologies expands presence in Europe region
Oct 05,2016

Hexware Technologies expanded its delivery presence in the European region by announcing the opening of its latest Global Delivery Centre (GDC) in Bucharest, Romania. This is in addition to the London and Tver (Russia) GDCs that Hexaware already uses to service its European and Global clients.

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Cabinet approves MoU between India and European Union on water cooperation
Oct 05,2016

The Union Cabinet under the Chairmanship of Prime Minister Shri Narendra Modi has given its approval for the signing of MoU between India and European Union in the field of water resources.

The MoU envisages strengthening the technological, scientific and management capabilities of India and the European Union in the field of water management on the basis of equality, reciprocity and mutual benefit. It provides technical exchange on water issues, including on integrated water resource management plans within river basins and through study visits.

The MoU aims to identify key environmental issues and approaches to sustainable development where exchange of experiences and cooperation could be mutually beneficial to strengthen and further develop cooperation between India and the European Union in the field of water management. It envisions a more sustainable management of water resources in India with an objective of tackling the challenges posed by water management in the context of growing population, competing water demands and a changing climate. A Joint Working Group shall be formed to monitor the activities to be carried out in fulfillment of the MoU.

Background

The Ministry of Water Resources, River Development and Ganga Rejuvenation has been envisaging bilateral cooperation with other countries in water resources development and management through sharing of policy and technical expertise, conducting of training courses, workshops, scientific and technical symposia, exchange of experts and study tours. Keeping in view the success of the European Union in distribution of water resources, water pricing, water use efficiency by encouraging the changes in agricultural practices necessary to protect water resources and quality, such as switching to less water-demanding crops, etc., it has been decided to have an agreement with Israel to benefit from their experience and expertise. The EU States have adopted water pricing policies to provide adequate incentives for users to use water resources efficiently thereby contributing to environmental objectives.

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Vedanta moves north on reports of contemplating revival of Malco
Oct 05,2016

Meanwhile, the S&P BSE Sensex was down 27.66 points or 0.1% at 28,306.89.

On BSE, so far 8.79 lakh shares were traded in the counter as against average daily volume of 14.25 lakh shares in the past one quarter. The stock hit a high of Rs 191.15 so far during the day, which is a 52-week high for the counter. The stock hit a low of Rs 188.05 so far during the day. The stock had hit a 52-week low of Rs 58.10 on 12 February 2016. The stock had outperformed the market over the past one month till 4 October 2016, surging 8.71% compared with 0.69% fall in the Sensex. The scrip had also outperformed the market in past one quarter, advancing 34.98% as against Sensexs 3.87% rise.

The large-cap company has equity capital of Rs 296.47 crore. Face value per share is Rs 1.

While ruling out any aluminium production, the company is discussing internally if The Madras Aluminium Company (Malco) unit in Tamil Nadu could be used for recycling purposes, reports suggested. Malco used to be a major aluminium producer, encompassing mining, refining and smelting. Currently, it is only into power generation, reports stated.

Separately, media reports suggested that Vedanta expects that Goa will export around 20 million tonnes of iron ore in the current fiscal. Goa produces low grade iron ore which is exported to China. After removal of the mining ban by the Supreme Court in 2014, the state is allowed to mine 20 million tonnes, with the highest share of 5.5 million tonnes going to Vedanta, reports suggested.

Vedantas consolidated net profit fell 27% to Rs 615.02 crore on 15.2% decline in net sales to Rs 14364.01 crore in Q1 June 2016 over Q1 June 2015.

Vedanta is a diversified natural resources company. Its business primarily involves producing oil & gas, zinc - lead-silver, copper, iron ore, aluminium and commercial power. The company has a presence across India, South Africa, Namibia, Australia, Ireland, Liberia and Sri Lanka.

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Ashoka Buildcon provides update on KRDCL projects
Oct 05,2016

Ashoka Buildcon announced that the Company has received Letter from Karnataka Road Development Corporation regarding declaration of achievement of financial closure and appointed date as 03 October 2016 for the two road projects in the State of Karnataka. These projects will be executed by Ashoka Bagewadi Suandatti Road and Ashoka Hungund Talikot Road, wholly owned subsidiaries of the Company.

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