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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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NIIT announces change in CEO
Apr 07,2017

NIIT announced the resignation of Rahul Keshav Patwardhan from the position of CEO of the Company with effect from 31 July 2017. The Board has accepted his resignation at its meeting held on 07 April 2017. Further the Board of Directors has approved the appointment of Sapnesh Lalla as CEO Designate of the Company from 07 April 2017 and as Chief Executive Officer of the Company with effect from 01 August 2017

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Rachana Capital & Securities reviews MCLR rates
Apr 07,2017

Bank of Maharashtra has reviewed the MCLR rates with effect from 07 April 2017 as under -

Overnight - 8.55%
One month - 8.70%
Three month - 8.70%
Six months - 8.75%
One year - 8.75%

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Rachana Capital & Securities announces resignation of company secretary and compliance officer
Apr 07,2017

Rachana Capital & Securities announced that Asmita Sanjaykumar Purohit has resigned as Company Secretary & Compliance Officer of the Company with effect from 10 April 2017 (after closure of the office hours).

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Board of G M Breweries recommends final dividend
Apr 07,2017

G M Breweries announced that the Board of Directors of the Company at its meeting held on 6 April 2017, inter alia, have recommended the final dividend of Rs 3 per equity Share (i.e. 30%) , subject to the approval of the shareholders.

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Star Ferro & Cement to hold board meeting
Apr 07,2017

Star Ferro & Cement will hold a meeting of the Board of Directors of the Company on 8 April 2017, to consider issue and allot shares by Star Cement Limited (Transferee Company) to the Shareholders of Star Ferro and Cement Limited (Transferor Company) pursuant to the Scheme of Amalgamation of Star Ferro and Cement Limited with Star Cement Limited.

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Atlas Cycles (Haryana) announces resignation of director
Apr 07,2017

Atlas Cycles (Haryana) announced that Veena Buber has ceased to be the Director of the Company with effect from 01 April 2017 as she tendered her resignation via Letter dated 01 April 2017 from the post of Non Executive Woman Director of the Company and the Board of Directors has taken note of her resignation in their meeting held on 04 April 2017 and accepted the same with effect from 01 April 2017.

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SMS Pharma in pink of health after hiking stake in VKT Pharma
Apr 07,2017

The announcement was made after market hours yesterday, 6 April 2017.

Meanwhile, the BSE Sensex was down 216.62 points, or 0.72%, to 29,710.72. Meanwhile, the BSE Small-Cap index was down 65.58 points, or 0.44%, to 14,685.39.

On BSE, so far 84,000 shares were traded in the counter, compared with an average volume of 11,669 shares in the past one quarter. The stock hit a high of Rs 93.90 and a low of Rs 88 so far during the day. The stock hit a 52-week high of Rs 115 on 6 October 2016. The stock hit a 52-week low of Rs 78 on 21 November 2016.

The stock had underperformed the market over the past one month till 6 April 2017, rising 0.86% compared with the Sensexs 3.55% rise. The scrip also underperformed the market over the past one quarter, sliding 7.3% as against the Sensexs 11.84% advance.

The small-cap company has an equity capital of Rs 8.47 crore. Face value per share is Re 1.

SMS Pharmaceuticals said that the company has further invested Rs 2.7 crore by subscribing 1.20 lakh equity shares at Rs 225 per share. After the present acquisition, the total holding of the company in VKT Pharma stood at 41.08%, SMS Pharmaceuticals said.

Net profit of SMS Pharmaceuticals rose 18.33% to Rs 13.04 crore on 16.82% rise in net sales to Rs 167.98 crore in Q3 December 2016 over Q3 December 2015.

SMS Pharmaceuticals is a global player in active pharmaceutical ingredient (API) manufacturing.

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More than Rs. 1.37 Lakh Crore of tax evasion has been detected (Income Tax 69434; Customs 11405; Central Excise 13952; Service Tax 42727) among others
Apr 07,2017

Concerted & co-ordinated actions of Law Enforcement Agencies (LEAs) under the Department of Revenue have achieved phenomenal success in fighting the menace of black money during the last three years.

The period has witnessed unprecedented enforcement actions in direct & indirect taxes. While 23064 searches / surveys have been conducted (Income Tax 17525; Customs 2509; Central Excise 1913; Service Tax 1120); more than Rs. 1.37 lakh crore of tax evasion has been detected (Income Tax 69434; Customs 11405; Central Excise 13952; Service Tax 42727). Simultaneously, criminal prosecutions were launched in 2814 cases (Income Tax 1966; Customs 526; Central Excise 293; Service Tax 29) and 3893 persons were placed under arrest. (Customs 3782; Central Excise 47; Service Tax 64)

The Enforcement Directorate intensified its anti money laundering actions by registering 519 cases and conducting 396 searches. Arrests were made in 79 cases and properties worth Rs.14,933 crore were attached.

The Benami prohibition law which remained in-operative for last 28 years was made operational through a comprehensive amendment with effect from November, 2016. More than 245 benami transactions have already been identified. Provisional attachments of properties worth Rs.55 crore have already been made in 124 cases.

Relevant laws and rules have been streamlined & tightened, plugging the loopholes and strengthening the penal provisions. Effective steps were taken to track & curb cash transactions through various means like penalising cash transaction of more than Rs.2 lakh; limiting allowable cash expense up-to Rs.10000 only; making Aadhaar mandatory for obtaining PAN & filing of income tax returns; making PAN mandatory for cash deposits above Rs.50,000; compulsory linking of PAN with bank accounts; prohibiting cash of Rs.20,000 or more in transfer of immovable property by imposition of a penalty of an equal amount and mandatory reporting of cash deposits above Rs.2.5 lakh in savings accounts and Rs.12.5 lakh in current account during 9 November to 30 December 2016.

Crackdown against thousands of shell companies engaged in nefarious activities was effected through enforcement actions (searches, surveys, arrests, prosecutions) by the LEAs (IT/ED/MCA/SFIO/CBI). During the last three financial years (2013-14 to 2015-16), Income Tax investigations led to detection of more than 1155 shell companies / entities used as conduits by over 22,000 beneficiaries. The amount involved in non-genuine transactions of such beneficiaries was more than Rs. 13,300 crore. The Ministry of Corporate Affairs has issued more than a lakh notices for striking off names of defunct / non-compliant companies. A High powered group has been set-up for co-ordinating and monitoring the actions taken by departments concerned with the objective of eliminating the conduits of black money generation and application.

The relentless crusade against black money will get further intensified in the coming days making the tax evaders & money launderers realise that they have to pay a heavy cost for their deviant behaviour.

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Cadila Healthcare moves up after facility clears USFDA inspection
Apr 07,2017

The announcement was made during market hours today, 7 April 2017.

Meanwhile, the S&P BSE Sensex was down 199.81 points or 0.67% at 29,727.53.

Higher than normal volumes were witnessed on the counter. On the BSE, 9.26 lakh shares were traded on the counter so far as against the average daily volumes of 1.3 lakh shares in the past one quarter. The stock had hit a high of Rs 466.10 in intraday trade, which is also a record high for the stock. The stock hit a low of Rs 447.50 so far during the day. The stock had hit a 52-week low of Rs 305 on 12 April 2016.

The stock had underperformed the market over the past one month till 6 April 2017, gaining 2.18% compared with Sensexs 3.03% gains. The scrip had, however, outperformed the market in past one quarter, advancing 18.14% as against Sensexs 11.84% rise.

The large-cap company has equity capital of Rs 102.37 crore. Face value per share is Re 1.

Cadila Healthcare announced that United States Food & Drug Administration (USFDA) issued no observation (483) after inspecting companys Topical manufacturing facility in Changodar near Ahmedabad from 3 April to 7 April 2017.

The company has filed 17 products with the USFDA from this manufacturing facility, it added.

Cadila Healthcares consolidated net profit fell 34.6% to Rs 281.60 crore on 0.8% decline in net sales to Rs 2249.60 crore in Q3 December 2016 over Q3 December 2015.

Cadila Healthcare is an innovative, global pharmaceutical company that discovers, develops, manufactures and markets a broad range of healthcare therapies.

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Unitech declines on profit booking
Apr 07,2017

Meanwhile, the S&P Sensex was down 138.85 points, or 0.46% at 29,788.49. The S&P BSE Small-cap index was up 45.05 points, 0.31% at 14,796.02.

On the BSE, 34.06 lakh shares were traded on the counter so far as against the average daily volumes of 73.21 lakh shares in the past one quarter. The stock had hit a high of Rs 5.95 and a low of Rs 5.80 so far during the day.

The stock had hit a 52-week high of Rs 9.05 on 18 July 2016 and a 52-week low of Rs 3.69 on 24 May 2016. The stock had underperformed the market over the past one month till 6 April 2017, declining 1.31% compared with the Sensexs 3.03% rise. The scrip had, however, outperformed the market over the past one quarter advancing 30.17% as against the Sensexs 11.84% rise.

The small-cap company has equity capital of Rs 523.26 crore. Face Value per share is Rs 2.

Unitech had rallied 19.13% in the preceding two trading sessions to settle at Rs 6.04 yesterday, 6 April 2017, from its closing of Rs 5.07 on 3 April 2017.

Unitech reported consolidated net loss of Rs 17.13 crore in Q3 December 2016, as compared with net loss of Rs 12.26 crore in Q3 December 2015. Net sales rose 2.9% to Rs 401.60 crore in Q3 December 2016 over Q3 December 2015.

Unitech is one of Indias leading real estate player. It has a diversified product mix in real estate comprising of commercial complexes, IT/ITes parks, special economic zones (SEZs), integrated residential developments, schools, hotels, malls, golf courses and amusement parks.

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L&T gathers pace after commissioning gas turbines
Apr 07,2017

The announcement was made during market hours today, 7 April 2017.

Meanwhile, the S&P BSE Sensex was down 54.39 points or 0.18% at 29,875.37.

Higher than usual volumes were traded on the counter. On the BSE, 3.69 lakh shares were traded on the counter so far as against the average daily volumes of 1.5 lakh shares in the past one quarter. The stock had hit a high of Rs 1,719.45 in intraday trade, which is also 52-week high for the stock. The stock had hit a low of Rs 1,670 so far during the day. The stock had hit a 52-week low of Rs 1,177 on 7 April 2016.

The stock had outperformed the market over the past one month till 6 April 2017, gaining 13.53% compared with Sensexs 3.03% gains. The scrip had also outperformed the market in past one quarter, advancing 20.95% as against Sensexs 11.84% rise.

The large-cap company has equity capital of Rs 186.59 crore. Face value per share is Rs 2.

L&T said that the first 150 megawatts (MW) gas turbine for Bangladesh Power Development Board (BPDB)s 225 MW combined cycle (dual fuel) power plant at Sikalbaha in Chittagong district was synchronised with the national grid on 25 March 2017.

The second 280 MW gas turbine for North West Power Generation Co (NWPGCL) combined cycle power plant of 360 MW capacity development project at Bheramara in Kushtia district was synchronised with the grid on 31 March 2017.

Both these power plants are being executed by gas based power projects business unit of L&T Power based in Baroda, India. L&T Power is also executing an engineering, procurement and construction subcontract for another 400 MW gas based power plant at Bibiyana in Sylhet district, Bangladesh. It will be ready for commissioning in 2018-19.

L&Ts consolidated net profit rose 38.9% to Rs 972.47 crore on 1.7% growth in net sales to Rs 26018.15 crore in Q3 December 2016 over Q3 December 2015.

L&T is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services.

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Adani Transmission leads gainers in A group
Apr 07,2017

Adani Transmission jumped 7.83% to Rs 81.95 at 14:29 IST. The stock topped the gainers in the BSEs A group. On the BSE, 8.85 lakh shares were traded on the counter so far as against the average daily volumes of 2.74 lakh shares in the past two weeks.

Max Financial Services surged 6.54% to Rs 641.20. The stock was the second biggest gainer in A group. On the BSE, 3.42 lakh shares were traded on the counter so far as against the average daily volumes of 90,000 shares in the past two weeks.

Container Corporation of India gained 6.77% at Rs 1,123. The stock was the third biggest gainer in A group. On the BSE, 4.12 lakh shares were traded on the counter so far as against the average daily volumes of 1.12 lakh shares in the past two weeks.

Edelweiss Financial Services advanced 5.9% at Rs 181.40. The stock was the fourth biggest gainer in A group. On the BSE, 12.09 lakh shares were traded on the counter so far as against the average daily volumes of 51.46 lakh shares in the past two weeks.

ABB India rose 4.97% to Rs 1,365.40. The stock was the fifth biggest gainer in A group. On the BSE, 21,000 shares were traded on the counter so far as against the average daily volumes of 10,000 shares in the past two weeks.

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India and ADB Sign $175 Million Loan Agreement to help improve Solar Transmission System
Apr 07,2017

The Government of India and the Asian Development Bank (ADB) signed a $175 million loan agreement to support construction of high voltage transmission systems to evacuate power generated from new mega solar parks to the interstate grid, and improve reliability of the national grid system.

The loan will be given to the Power Grid Corporation of India Limited (POWERGRID) and will include subprojects in various locations in India. As an innovative feature, the project is designed to adopt the country systems on both safeguards and procurement at the agency level. This will be the ADBs first breakthrough of the country systems application to a specific project.

Mr. Raj Kumar, Joint Secretary (Multilateral Institutions), Department of Economic Affairs, Ministry of Finance signed the agreement on behalf of the Government of India while Mr. Kenichi Yokoyama, Country Director of ADBs India Resident Mission signed for ADB.

Speaking on the occasion, Mr Raj Kumar, Joint Secretary said that by supporting the construction of interstate transmission systems for the mega solar power projects, the project will enable transmission of surplus solar energy from States with surplus power to power-deficit States.

After signing the loan agreement, Mr. Kenichi Yokoyama, Country Director of ADB for India said that the project will support the continued expansion of solar energy in India in line with the Government of Indias objectives, and contribute to climate change by increasing share of clean energy in the power mix besides increasing overall efficiency of the power system. He said that the adoption of POWERGRIDs safeguard and procurement systems will improve its operational flexibility and autonomy, and reduce the transaction costs and time for project preparation and implementation. As laid-out in the ADB Safeguards Policy, country safeguard systems constitute a countrys legal and institutional framework on environment and social safeguards.

In addition to the ADB loan of $175 million, the project includes $50 million co-finance from the Clean Technology Fund (CTF) - a $5.8 billion component of the Climate Investment Funds aimed at providing developing countries resources to expand efforts in utilizing low carbon technologies and transitioning to clean, renewable energy sources.

POWERGRID will make an equity contribution of $135 million equivalent to support the total project cost of $450 million. The $175 million loan will be from ADBs ordinary capital resources (OCR) and will have a 20-year term, an annual interest rate determined in accordance with ADBs London interbank offered rate (LIBOR)-based lending facility. The $50 million CTF loan financing will come with a 40 year term.

The project will improve the capacity and efficiency of interstate transmission networks, particularly in transmitting the electricity generated from the new solar parks to the national grid. Apart from the evacuation of 2,500 megawatts(MW) of power from solar parks in Bhadla, Rajastha, and 700 MW from Banaskantha, Gujarat, POWERGRID is also including two additional subprojects that will increase solar power generation by 4.2 gigawatt and lessen carbon emissions by over 7 million tons every year.

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Alembic Pharma sweetens after getting USFDA nod
Apr 07,2017

The announcement was made during market hours today, 7 April 2017.

Meanwhile, the S&P BSE Sensex was down 66.42 points, or 0.22%, to 29,860.92.

On the BSE, so far 13,000 shares were traded in the counter, compared with average daily volumes of 52,734 shares in the past one quarter. The stock had hit a high of Rs 635 and a low of Rs 610 so far during the day.

The stock hit a 52-week high of Rs 709.30 on 23 March 2017. The stock hit a 52-week low of Rs 515.55 on 18 April 2016. The stock had underperformed the market over the past one month till 6 April 2017, rising 2.72% compared with the Sensexs 3.55% rise. The scrip also underperformed the market over the past one quarter, rising 2.2% as against the Sensexs 11.84% advance.

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

Alembic Pharmaceuticals said that the company has received approval from the US Food & Drug Administration (USFDA) for its abbreviated new drug application (ANDA) for Fluoxetine Hydrochloride tablets, 10 mg and 20 mg. The approved ANDA is therapeutically equivalent to the reference listed drug product Prozac Tablets, 10 mg and 20 mg, of Eli Lilly and Company.

Fluoxetine Hydrochloride Tablets are indicated for the treatment of Major Depressive Disorder and Obsessive Compulsive Disorder in adult and pediatric patients. Fluoxetine Tablets are also indicated for the treatment of binge eating and vomiting behaviour in moderate to severe Bulimia Nersova and acute treatment of Panic Disorder, in adult patients.

Fluoxetine Hydrochloride Tablets have an estimated market size of $120 million for 12 months ended December 2015, according to IMS. Alembic Pharma now has a total of 53 ANDA approvals from the USFDA.

On a consolidated basis, net profit of Alembic Pharmaceuticals declined 67.81% to Rs 86.55 crore on 15.9% decline in net sales to Rs 769.86 crore in Q3 December 2016 over Q3 December 2015.

Alembic Pharmaceuticals, a vertically integrated research and development pharmaceutical company, manufactures and markets generic pharmaceutical products all over the world.

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Export of Oilmeals Increased to 18.7 lakh Tons during FY17
Apr 07,2017

The Solvent Extractors Association of India has compiled the export data for export of oilmeals for the month of March 2017 as well as for the financial year 2016-17 (April-March). The export of oilmeals during March 2017 has increased and reported at 150,773 tons compared to 106,122 tons in March 2016 i.e. up by 42%. The total export of oilmeals during April 2016 to March 2017 in terms of quantity is reported at 1,865,757 tons compared to 1,529,115 tons during the same period of last year i.e. up by 22`%. In term of value the total earning is Rs. 3,178 crores compared to 2,600 crores in 2015-16, up by 22%.

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