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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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Banas Finance fixes record date for Consolidation
Aug 14,2017

Banas Finance has fixed 30 August 2017 as the Record Date for the purpose of Consolidation of face value of equity share of Company.

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Import of Vegetable Oils July 2017 - Up by 34%
Aug 14,2017

As per the data complied by Solvent Extractors Association of India import of vegetable oils during July 2017 is reported at 1,524,724 tons compared to 1,140,685 tons in July 2016 i.e. up by 34%, consisting of 1,489,137 tons of edible oils and 35,587 tons of non-edible oils. The overall import of vegetable oils during first nine months of current oil year 2016-17, Nov.16 to July 17 is reported at 11,388,296 tons compared to 10,903,728 tons last year i.e. up by 4%.

Current Situation : Currently, Soybean, Rapeseed & Groundnut being sold below MSP and prices have dropped between 20% to 30% below last year level. The current prices is the lowest in the last five years and farmers are totally discouraged to sow the oilseeds and reflected in switching over from oilseeds cultivation to other crops. The area under oilseeds reduced by over 17.0 lakh hectre in current kharif season and reported at 154.29 lakh hectre against 171.15 lakh hectre last year. With a view to ensure farmers do not loose interest in oilseeds cultivation and receive remunerative price for his produce during harvesting, Indian Government raised the import duty on Crude Palm Oil to 15% from 7.5%, Degummed Soybean Oil to 17.5% from 12.5% and RBD Palmolein to 25% from 15% w.e.f. 11th August, 2017.

Stock Position at Port & in Pipeline :- The stock of edible oils as on 1st August, 2017 at various ports is estimated at 883,000 tons (CPO 270,000 tons, RBD Palmolein 140,000 tons, Degummed Soybean Oil 300,000 tons, Crude Sunflower Oil 170,000 tons and 3,000 tons of Rapeseed (Canola) Oil) and about 1,590,000 tons in pipelines. Total stock at ports and in pipelines increased to 2,473,000 tons from 2,278,000 tons in July, 2017. Indias monthly requirement is about 17.50 lakh tons and operate at 30 days stock against which currently holding stock over 24.73 lakh tons equal to 42 days requirements.

Import of Refined & Crude Oil Ratio:- During Nov.16 - July 17, Import of refined oil (RBD Palmolein) has sharply increased to 2,197,455 tons from 1,984,069 tons in the same period of last year, Also Import of crude oil increased to 8,903,640 tons from 8,803,813 tons during the same period of last year.

Import of Palm & Soft Oil Ratio:- During Nov.16 - July 17, Palm Oil import has increased to 6,741,678 tons from 6,175,524 tons during the same period of last year, overall share of palm oil products increased to 61% from 57%, thanks to larger import of RBD Palmolein. Soft Oils import reduced to 4,359,417 tons from 4,612,358 tons last year, however, within soft oils, import of sunflower oil has sharply increased at the cost of soybean oil.

Average Prices and Rupee depreciation :- Since April16 and onwards landed price of RBD Palmolein has remained same or lower than CPO, encouraging larger import of RBD Palmolein at the cost of CPO. The spread between palm oil and soft oil reduced encouraging larger import of soft oils. Importers continues to make larger import purchases of Sunflower oil, taking advantage of attractive price vis-n++-vis Soya oil. Also, strengthening of rupee in the last 6 months supported the import of vegetable oils.

Import of Non-edible Oils - Sharp rise in RBD Palm Stearin :- Import of Non-edible oils during Nov..16 - July 17 is reported at 287,201 tons compared to 115,846 tons during the same period last year. P.F.A.D., P.K.F.A.D., C.P.S. & RBD Palm Stearin are the major import of non-edible oils.

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Rupee reverts
Aug 14,2017

Rupee edged higher to close at 64.2225/2300 per dollar on Monday (14 August 2017), versus its previous close of 64.2525/2550 per dollar.

The currency market will be closed for trading on Tuesday (15th August 2017) on account of Independence Day. The trading will resume on 16th August 2017.

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FPIs extends selling
Aug 14,2017

Foreign portfolio investors (FPIs) sold stocks worth a net Rs 1831.84 crore from the secondary equity markets yesterday, 11 August 2017, compared with net outflow of Rs 1117.12 crore on 10 August 2017. On 10 August 2017, the Sensex lost 317.74 points or 1.01% to settle at 31,213.59, its lowest closing level since 4 July 2017.

The net outflow of Rs 1831.84 crore on 11 August 2017 was a result of gross purchases of Rs 4131.85 crore and gross sales of Rs 5963.69 crore.

There was a net inflow of Rs 2.41 crore into the category primary market & others on 11 August 2017.

FPIs have sold stocks worth a net Rs 4678.57 crore into the secondary equity markets in August 2017 (till 11 August 2017). They have bought stocks worth a net Rs 4199.62 crore from the secondary equity markets in July 2017.

FPIs have purchased shares worth a net Rs 38065.04 crore from the secondary equity markets in calendar year 2017 so far (till 11 August 2017). They had purchased shares worth a net Rs 12094.42 crore from the secondary equity markets in calendar year 2016.

FPIs have bought stocks worth a net Rs 785.43 crore into the category primary market & others in August 2017 (till 11 August 2017). They have bought stocks worth a net Rs 972.54 crore from the category primary market & others in July 2017.

FPIs have purchased shares worth a net Rs 16556.83 crore from the category primary markets & others in calendar year 2017 so far (till 11 August 2017). The net inflow from FPIs into the category primary markets & others had totaled Rs 8471.76 crore in calendar year 2016.

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Launch of GeMSamvad: The GeM -Industry forum
Aug 14,2017

An MoU was signed today between Government eMarketplace (GeM) SPV and the Confederation of Indian Industry (CII). Smt S Radha Chauhan, CEO GeM and Sh Chandrajit Banerjee, DG, CII singed the MoU on behalf of GeM SPV and CII respectively.

This MoU between GeM and CII is aimed at establishing GeM Samvaad- a participative and collaborative approach with the industry for promoting Indian industry and entrepreneurship. As part of this initiative GeM & the Indian industry shall work together to:

n++ Create GeM related awareness and onboard industry members from across the country.

n++ Create a GeM-Industry Forum for collaboration with the Indian Industry for, seeking inputs on the technical specifications of products and SLAs of services to be procured by the Government agencies, improving the quality of products/services procured especially from the MSMEs, organize annual Public Procurement Convention of all stakeholders and set up GeM Resource Centres at CII Regional Offices

The Honble Minister congratulated GeM and CII for having taken this path-breaking initiative, that will go a long way in promoting the Indian industry and entrepreneurs from across the country.

MoUs on similar lines shall also be signed in the future with other Industry associations.

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ECGC pays dividend of Rs. 72.50 Cr.
Aug 14,2017

Commerce and Industry Minister Smt. Nirmala Sitharaman acknowledged on behalf of Government of India a dividend of Rs. 72.50 Cr from ECGC Limited for the year 2016-17. ECGC has a made a profit before tax of Rs. 407 Cr after settling claims to exporter and banks for Rs. 865 Cr. Gross premium income declined by 4% despite the introduction of average discount of 17% to exporters with effect from April 2017. The net worth of the company rose to Rs. 3619 Cr and the investment amount were Rs. 8025 Cr.

ECGC offers 20 products and services 12,000 covers to exporters and offers 11 products to Banks covering 23,600 accounts. The total risk value underwritten by ECGC during the year was Rs. 2,65,000 Cr. which is around 15% of total merchandise exports in 2016-17. It is noteworthy to observe that the customer base of ECGC consists of 85% of MSMEs. ECGC also has a database of around 4,00,000 overseas buyers of which 1,20,000 buyers are active with overall limit of Rs. 1,25,000 Cr.

The Minister observed that ECGC, the Export Credit Agency (ECA) has been ground breaker in the field of export credit insurance in India and in its diamond jubilee year, the role of the institution has become more relevant in the times of heightened volatility and instability with global risks hampering severely the international trade and financial system. ECGCs coverage to Chemicals and Pharmaceuticals exports and Agricultural commodities increased by 15% while the actual exports grew by around 4% to 5%. In support of the diversification of exports destinations by way of Focus schemes, it is observed that ECGCs cover to Africa grew by 15% even though the exports did not reflect a similar trend. Thus, it may be inferred that exporters do shy away from risky markets and with the support of ECGC could expand their business in the very same market.

ECGC has been a pioneer in providing cover to banks who lend to exporters. This ensures that export opportunities are not lost for want of adequate and timely finance. This systemic role of ECGC over 60 years was followed by ECAs in other countries including the West, post financial meltdown in 2007/08. This portfolio was responsible for ECGC bagging the Excellence Award 2017 as BEST ECA (Export Credit Agency) amongst 15 nominations from various countries and finally out of a shortlist consisting of also Euler Hermes, Germany and UKEF, UK. Trade & Forfaiting Review (TFR) mentioned that ECGC also headed the popular vote in the hotly contested category of ECAs in the award initiative which has been in vogue for last two decades.

As regards, Medium and long Term export sector, ECGC manages the National Export Insurance Account (NEIA) trust of GOI, which provides insurance support to overseas projects and other contracts. In all 76 contracts with a value of Rs. 35000 Cr was being executed in 29 countries under this scheme during last year.

ECGC also contributes in the international stage as a member of management committee of Berne Union, an association of over 70 ECAs from various countries. ECGC represents India in the BRICS ECAs forum and in the G-12 meetings. Discussions in the International Working Group (IWG) forum are also supported by the relevant inputs from ECGC, gained from other international fora on export credit, insurance and guarantee.

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Adani Transmission acquires SPV Hadoti Power Transmission Service Limited
Aug 14,2017

Adani Transmission on 14 August 2017 has completed its acquisition of 100% Equity Share Capital of SPV Hadoti Power Transmission Service Limited from Rajasthan Rajya Vidyut Prasaran Nigam Limited.

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Kashiram Jain and Company Company Secretary resigns
Aug 14,2017

Kashiram Jain and Company announced that Ms. Shalini Jain Company Secretary of the Company has resigned from the post of Company Secretary and the same has been approved by the Board on 14th August 2017.

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Narendra Investments (Delhi) fixes record date for dividend
Aug 14,2017

Narendra Investments (Delhi) has fixed 21 September 2017 as the Record Date for the purpose of payment of Dividend.

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Hindustan Unilever CFO resigns
Aug 14,2017

Hindustan Unilever has announced Mr. P.B. Balaji Executive Director, Finance and IT and CFO has tendered his resignation.

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TCI Finance appoints CFO
Aug 14,2017

TCI Finance has appointed r. Ramesh Sivaraman as Chief Financial Officer (CFO) of the Company with effect from 14 August 2017.

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Apollo Hospitals Enterprise changes directorate
Aug 14,2017

Apollo Hospitals Enterprise approved the appointment of Shri. BVR Mohan Reddy as an Additional Director with effect from 14th August 2017 to hold office as an Independent Director of the Company and approved the resignation of Mr. Habibullah Badsha, Mr. Raj Kumar Menon, and Mr. Rafeeque Ahamed from their directorship.

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SRS directorate changes
Aug 14,2017

SRS announced that Sh. Sunil Jindal is re-designated from Managing Director to Whole-Time Director with immediate effect, resignation of Sh. Jitender Kumar Garg as Non-Executive Director w.e.f. 14th August 2017.

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H.P.Cotton Textile Mills appoints CEO
Aug 14,2017

H.P.Cotton Textile Mills announced that based on the recommendation of Nomination and Remuneration Committee of the Board of Directors of the Company Mr. RaghavKumar Agarwal has been promoted as the Chief Executive Officer (CEO) from Chief Co-Ordinating Officer (CCO) of the Company w.e.f 14th August 2017.

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Tata Power appoints Director
Aug 14,2017

Tata Power has appointed Mr. Hemant Bhargava as LIC Nominee Director w.e.f. 24th August 2017.

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