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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 Zee Media Corporation gives in-principle approval for acquisition Radio Broadcating business of RBNL
Nov 23,2016

Zee Media Corporation announced that the Board of Directors of the Company at the meeting held on 23 November 2016, has approved in-principle, acquisition of Equity stake by the Company in the Radio Broadcasting business of Reliance Broadcast Network (RBNL), to be transferred by RBNL to Vrushvik Entertainment and Azalia Media Services.

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Bajaj Finance allots equity shares
Nov 23,2016

Bajaj Finance announced that the Allotment Committee of the Board of Directors has, at its meeting held on 23 November 2016, allotted 92,50,000 equity shares of face value of Rs. 2/- each to the promoter, Bajaj Finserv Limited on conversion of warrants issued to them on preferential basis at a price of Rs. 441.20 per warrant. The aforesaid number of warrants and exercise price thereof are as adjusted for sub-division of shares and issue of bonus shares in September 2016.

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Rs. 1032.23 crore have been spent under Indian Leather Development Programme (ILDP) during XIIth Five Year Plan till date
Nov 23,2016

Rs. 1032.23 crore have been spent under Indian Leather Development Programme (ILDP) during XIIth Five Year Plan till date. ILDP aims at augmenting raw material base through modernization and technology up-gradation of leather units, addressing environmental concerns, human resource development, supporting traditional leather artisans, addressing infrastructure constraints and establishing institutional facilities. The breakup of expenditure incurred under ILDP during XIIth five year plan till date is as follows:

(i) Rs.593.98 crore for Human Resource Development for placement linked skill development training and skill upgradation training

(ii) Rs.159.77 crore for Integrated Development of Leather Sector for upgrading/modernizing and / or expansion and setting up a new unit

(iii) Rs. 15.37 crore for providing support for upgradation of two Common Effluent Treatment Plants (CETPs) and one project of Solid waste management

(iv) Rs. 63.08 crore for providing support to artisans for design and product development and market linkages

(v) Rs. 200.00 crore for establishment of two new branches of Footwear Design and Development Institute (FDDI) at Ankleshwar (Gujarat) and Banur (Punjab)

(vi) Rs.0.03 crore for the purpose of engagement of Project Management Consultant (PMC) under Mega Leather Cluster (MLC) sub-scheme under which one MLC at Nellore Andhra Pradesh has been approved.

In addition to assistance under ILDP as mentioned in part (a) and (b) of the answer, the following steps have also been taken up by government to promote Leather Sector in the country.

(i) Rs. 495 Crore has been sanctioned by Department of Commerce for construction of new branches at Guna, Patna, Hyderabad, up-gradation of Chhindwara Branch and Computer Networking Centre of FDDI.

(ii) Rs. 765 Lakh has been sanctioned by Department of Commerce under Market Access Initiative (MAI) scheme and Rs. 297.93 Lakh under Marketing Development Assistance (MDA) scheme for marketing programmes and activities during 2016-17.

(iii) Rs. 57.11 Crores has been sanctioned by Department of Commerce under Assistance to State for Infrastructure Development of Exports (ASIDE) scheme for creation of common infrastructure facilities.

(iv) Various other measures implemented for leather sector include no import duty on hides & skins, semi-processed as well as finished leather, raw and tanned furskins; duty free import of Machinery under Export Promotion Capital Goods (EPCG) scheme; duty free import of notified inputs to the extent of 3% of Free on Board (FOB) value of export in previous year under Duty Free Import Scheme(DFIS); No excise duty on footwear of MRP upto Rs. 500/-, 6% excise on footwear of MRP over Rs. 500 and upto Rs. 1000 and for leather footwear of MRP over Rs. 1000 along with 30% abatement

(v) Permission for 100% Foreign Direct Investment (FDI) under automatic route in leather sector

(vi) MSME units in leather sector are eligible for reduction in interest rates on rupee export credit to the extent of 3% under Interest Equalization Scheme

(vii) Leather products and footwear components are also entitled to 3% scrip under Merchandise Exports from India Scheme (MEIS).

(viii) The export of finished leather and leather products get All Industry Rates of duty drawback.

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Vaibhav Global gets High Court approval for scheme of reduction of capital
Nov 23,2016

Vaibhav Global announced that Honble High Court of Rajasthan on 18 November 2016 has sanctioned the scheme of reduction of capital for setting off losses amounting to Rs 264.27 crore shown in the head Reserves and Surplus of the Company as on 31 March 2015 against the Securities Premium Account amounting to Rs 589.72 crore and thereby leaving a balance amounting to Rs 325.45 crore in the Securities Premium Account.

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Solar Industries descends after muted Q2 outcome
Nov 23,2016

The result was announced during market hours today, 23 November 2016.

Meanwhile, the S&P BSE Sensex was up 91.03 points or 0.35% at 26,051.81

On BSE, so far 1,338 shares were traded in the counter as against average daily volume of 16,292 shares in the past one quarter. The stock hit a high of Rs 682.80 and a low of Rs 651.50 so far during the day. The stock had hit a 52-week high of Rs 759.90 on 14 July 2016. The stock had hit a 52-week low of Rs 570 on 29 February 2016. The stock had outperformed the market over the past 30 days till 22 November 2016, rising 3.45% compared with the 7.87% decline in the Sensex. The scrip also outperformed the market in past one quarter, gaining 6.77% as against Sensexs 7.48% decline.

The mid-cap company has equity capital of Rs 18.10 crore. Face value per share is Rs 2.

Solar Industries India manufactures and exports civilian explosives and detonators.

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Persistent Systems recognised as Leader among BPM Service Providers Q4 2016
Nov 23,2016

Persistent Systems has been recognised as Leader among BPM Service Providers Q4 2016 according to a Forrester Wave Report. The Company has scored highest in the growth rate for process consulting services criterion and the second highest scores for the implementation and delivery models criterion.

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Polyspin Exports announces demise of director
Nov 23,2016

Polyspin Exports announced about the Sudden death of S. Regnganthan, Independent Director of the Company on 21 November 2016.

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Reliance Capital to reduce debt by approx. Rs 1900 crore
Nov 23,2016

Reliance Capital announced value unlocking in the Radio and TV businesses that will reduce its debt by approx. Rs 1,900 crore (US$ 283 million) upon final completion of stake sale transactions.

These transactions form part of Reliance Capitals stated strategy to reduce leverage and exposure in non-core business of media and entertainment.

Reliance Broadcast Network (RBNL), the largest operator of FM channels in India, has signed definitive and binding agreements with Zee Media Corporation (ZMCL) to sell 49% stake in its radio broadcast business.

Simultaneously, Zee Entertainment Enterprises (ZEEL), a separate entity under Zee Group, will acquire 100% stake in the Groups General Entertainment TV business.

The transaction pegs the combined Enterprise value of Radio and TV business at approx. Rs 1,900 crore (US$ 283 million). The entire proceeds from the stake sale would be used to reduce Reliance Capitals debt by approx. Rs 1,900 crore (US$ 283 million) upon final completion of stake sale transactions.

Both these transactions have been approved by the boards of respective companies and are expected to be completed by next year, subject to applicable approvals.

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NIIT gains as global pharma company extends training services contract
Nov 23,2016

The announcement was made during trading hours today, 23 November 2016.

Meanwhile, the BSE Sensex was up 75.69 points, or 0.29%, to 26,036.47

On BSE, so far 1.11 lakh shares were traded in the counter, compared with average daily volume of 2.43 lakh shares in the past one quarter. The stock hit a high of Rs 74 and a low of Rs 71.05 so far during the day. The stock hit a 52-week high of Rs 107.80 on 20 September 2016. The stock hit a 52-week low of Rs 67 on 09 November 2016.

The small-cap company has equity capital of Rs 33.14 crore. Face value per share is Rs 2.

NIIT announced that its current managed training services contract with a global pharmaceutical company headquartered in West London, UK, has been extended for a further 4 years. The client is one of the worlds largest science-led healthcare companies that researches and develops a broad range of innovative products in three primary areas of pharmaceuticals, vaccines and consumer healthcare, NIIT said. With this extension, NIITs Corporate Learning Group will support a major L&D transformation initiative by the client as a strategic partner. NIITs services will focus on the companys strategic transformation objectives of a centralized governance structure, improved delivery and business impact through curriculum optimization, vendor rationalization, and overall reduction in third party costs, the company said. This initiative covers a large, multi-million pound third party training spend for over 100,000 employees, across six business units, in more than 80 countries, it added.

On a consolidated basis, net profit of NIIT rose 3.85% to Rs 21.60 crore on 9.5% rise in net sales to Rs 298.40 crore in Q2 September 2016 over Q2 September 2015.

NIIT, a global leader in skills and talent development, offers multi-disciplinary learning management and training delivery solutions to corporations, institutions, and individuals in over 40 countries. NIIT has three main lines of business across the globe-corporate learning group, skills and careers group, and school learning group.

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Reliance Capital firms up on debt reduction plan
Nov 23,2016

The announcement was made during trading hours today, 23 November 2016.

Meanwhile, the BSE Sensex was up 86.49 points, or 0.33%, to 26,047.27.

On BSE, so far 5.90 lakh shares were traded in the counter, compared with average daily volume of 5.97 lakh shares in the past one quarter. The stock hit a high of Rs 444.80 and a low of Rs 420.15 so far during the day. The stock hit a 52-week high of Rs 595.70 on 23 September 2016. The stock hit a 52-week low of Rs 303.60 on 12 February 2016. The stock had underperformed the market over the past 30 days till 22 November 2016, falling 23.28% compared with the 7.87% decline in the Sensex. The scrip had also underperformed the market in past one quarter, falling 13.95% as against Sensexs 7.48% decline.

The large-cap company has equity capital of Rs 252.63 crore. Face value per share is Rs 10.

Reliance Capital announced value unlocking in the radio and TV businesses that will reduce its debt by approximately Rs 1900 crore upon final completion of stake sale transactions These transactions form part of Reliance Capitals stated strategy to reduce leverage and exposure in non-core business of media and entertainment.

Reliance Broadcast Network (RBNL), the largest operator of FM channels in India, has signed definitive and binding agreements with Zee Media Corporation (ZMCL) to sell 49% stake in its radio broadcast business. RBNL runs the largest network of FM Radio channels in India under the brand name of 92.7 Big FM that reaches out to 45 cities, 1200 towns and over 200 million people. The company shall be transferring the 45 operational and 14 new channels into two special purpose vehicles (SPVs) respectively and ZMCL shall acquire 49% stake in each of these two SPVs. Both companies shall also have a call/put option for the balance 51% stake in both the SPVs after the stipulated lock-in period.

Simultaneously, Zee Entertainment Enterprises (ZEEL), a separate entity under Zee Group, will acquire 100% stake in the Reliance Groups general entertainment TV business. The General Entertainment TV broadcasting business currently comprises of two channels - Big Magic and Big Ganga. Big Magic is a Comedy channel catering to Hindi speaking markets while Big Ganga is a leading Bhojpuri entertainment channel catering to audience in Bihar, Jharkhand and Purvanchal. Both these channels would be merged into ZEEL as part of this transaction.

The transaction pegs the combined enterprise value of radio and TV business at approximately Rs 1900 crore. The entire proceeds from the stake sale would be used to reduce Reliance Capitals debt by approximately Rs 1900 crore upon final completion of stake sale transactions. Both these transactions have been approved by the boards of respective companies and are expected to be completed by next year, subject to applicable approvals.

On a consolidated basis, net profit of Reliance Capital rose 1.20% to Rs 253 crore on 111.89% rise in net sales to Rs 4846 crore in Q2 September 2016 over Q2 September 2015.

Reliance Capital, a part of Anil Ambani led Reliance Group, is one of Indias leading private sector financial services companies. It ranks amongst the top private sector financial services and banking groups, in terms of net worth. Reliance Capital has interests in asset management and mutual funds; life and general insurance; commercial and home finance; stock broking; wealth management services; distribution of financial products; asset reconstruction; proprietary investments and other activities in financial services.

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TVS Motor Company launches mobile application - IRIDE
Nov 23,2016

TVS Motor Company announced the launch of IRIDE, an intelligent, intuitive automobile post sales and service smartphone application to enhance the riding experience for customers. IRIDE monitors the ride parameters of the vehicle during transit which helps customers plan and improve the riding experience, while keeping them safe.

Coming close on the heels of the launch of TVS Motor Companys Road-side Assistance Program, IRIDE is equipped with in-built features broadly bracketed under Ride, Safety, and Social.

The prime focus of IRIDE is to provide vehicle assistance in emergency, a better ride experience and service facility coupled with some fun features to share on the social platforms. It is also a two-way interaction forum as customers can provide real time feedback of the application.

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Board of Siemens recommends final dividend
Nov 23,2016

Siemens announced that the Board of Directors of the Company at its meeting held on 23 November 2016, inter alia, has taken the following decisions:

- Recommended a final dividend of Rs. 6 /- per Equity Share of Rs. 2 each (300%) for the Financial Year ended September 30, 2016, which together with the Special Dividend (Interim Dividend) of Rs. 27.50 per Equity Share paid in August 2016, aggregates to a dividend of Rs. 33.50/- per Equity Share for FY 2015-16. [Previous Year: Rs. 10/- per Equity Share (including a special dividend of Rs. 4/- per share)].

The final dividend, as recommended by the BoD, if declared at the ensuing Annual General Meeting (AGM) of the Company, would commence from 13 February 2017.

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Airtel Payments Bank rolls out its banking services in Rajasthan
Nov 23,2016

Bharti Airtel announced that its subsidiary, Airtel Payments Bank has rolled out a pilot of its banking services in Rajasthan. The pilot is aimed at testing systems and processes ahead of a full scale pan Indian launch.

With this, Airtel Bank becomes the first payments bank in the country to go LIVE. Customers in towns and villages across Rajasthan will now be able to open bank accounts at Airtel retail outlets, which will also act as Airtel banking points and offer a range of basic, convenient banking services. Airtel Bank will commence the pilot with banking points at 10,000 Airtel retail outlets.

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D B Corp allots equity shares
Nov 23,2016

D B Corp announced that on 22 November 2016, the Compensation Committee of the Board of Directors of the Company has allotted 12,711 shares of Rs. 10/- each on exercise of 12,711 stock options under DBCL-ESOS- 2008, DBCL-ESOS- 2010 and DBCL-ESOS- 2011 -Tranche 2 and Tranche 3 Schemes, to its employees covered under the scheme.

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Vedanta jumps over 10% in two sessions
Nov 23,2016

The announcement was made during market hours yesterday, 22 November 2016. Shares of Vedanta rose 4.90% to Rs 206.70 on that day. The stock has risen 10.05% in two trading sessions from its close of Rs 197.05 on 21 November 2016.

Meanwhile, the BSE Sensex was up 120.31 points, or 0.46%, to 26,081.09.

On BSE, so far 14.29 lakh shares were traded in the counter, compared with average daily volume of 11.39 lakh shares in the past one quarter. The stock hit a high of Rs 217.75 and a low of Rs 208.60 so far during the day. The stock hit a 52-week high of Rs 233.65 on 10 November 2016. The stock hit a 52-week low of Rs 58.10 on 12 February 2016. The stock had outperformed the market over the past 30 days till 22 November 2016, rising 2.17% compared with the 7.87% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 17.51% as against Sensexs 7.48% decline.

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

Vedanta announced that it has received boards approval to raise Rs 300 crore through issue of 3,000 secured redeemable non-cumulative non-convertible debentures (NCDs) of face value of Rs 10 lakh each. The tenure of the NCDs is three years and five months from the date of allotment, while date of maturity is 22 April 2020. Crisil has assigned AA-/Stable rating to the said instrument.

In a separate announcement yesterday, 22 November 2016, the company said that the board has approved the appointment of chief financial officer Arjun Kumar GR as a whole-time director of the company and Bhumika Sood as company secretary. The appointments reflect the focus of Vedanta towards empowering its professionals and developing in-house talent, said, Tom Albanese, CEO, Vedanta.

On a consolidated basis, Vedantas net profit rose 17.14% to Rs 1252.13 crore on 4.13% decline in net sales to Rs 15665.64 crore in Q2 September 2016 over Q2 September 2015.

Vedanta is a diversified natural resources company, whose 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 and Ireland.

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