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Reliance Capital gains after board approves independent listing of home finance business

Reliance Capital gains after board approves independent listing of home finance business

Sep 14,2016

The announcement was made yesterday, 13 September 2016, when stock market remained closed on account of Bakri Id.

Meanwhile, the S&P BSE Sensex was down 46.19 points or 0.16% at 28,307.35.

On BSE, so far 6.75 lakh shares were traded in the counter as against average daily volume of 5.01 lakh shares in the past one quarter. The stock hit a high of Rs 561.50 and a low of Rs 546.65 so far during the day. The stock had hit a 52-week high of Rs 574 on 9 September 2016. The stock had hit a 52-week low of Rs 303.60 on 12 February 2016. The stock had outperformed the market over the past one month till 12 September 2016, rising 21.96% compared with 0.71% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 32.06% as against Sensexs 6.45% rise.

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

Reliance Capital said the independent listing of Reliance Home Finance (RHF) is expected to unlock substantial value for existing shareholders of Reliance Capital. The listing of Reliance Home Finance will also lead to increased management focus and accelerated growth in the home finance business. As per the proposal, 49% stake in Reliance Home Finance Limited will be allotted to all shareholders of Reliance Capital, in the ratio of one share free of cost in Reliance Home Finance for every one share held in Reliance Capital.

Reliance Capital will hold a 51% stake in Reliance Home Finance, and the company will be adequately capitalised to grow the lending book to over Rs 20000 crore in the next 18 months. The proposal is subject to necessary shareholders and other approvals. Reliance Home Finance, a 100% subsidiary of Reliance Capital, provides a wide range of loan solutions like home loan, LAP, construction finance and affordable housing loans. The company reported an AUM of Rs 8259 crore ($1.2 billion) during the quarter ended 30 June 2016.

Mr. Anmol A. Ambani, Director, Reliance Capital said Prime Minister, Narendra Modi has set a goal of affordable housing for all by 2022. There is presently an estimated shortage of 10 crore residential units in India. To address the needs of this sector, Reliance Home Finance has charted an aggressive growth plan in this space, and aims to increase its book size to over Rs 50000 crore in the next few years.

On a consolidated basis, Reliance Capitals net profit rose 3% to Rs 207 crore on 48.3% growth in total income to Rs 3663 crore in Q1 June 2016 over Q1 June 2015.

Reliance Capital, a part of the Reliance Group, is one of Indias leading private sector financial services companies.

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Cabinet approves hike in MSP for Copra for 2017 season
Mar 23,2017

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, has given its approval for the Minimum Support Price (MSP) for Fair Average Quality (FAQ) of Milling Copra to Rs.6500/- per quintal for 2017 season from Rs. 5950/-per quintal in 2016. The MSP for FAQ of Ball Copra has been increased to Rs.6785/- per quintal for 2017 season from Rs. 6240/- per quintal in 2016.

The MSP of Copra is expected to ensure appropriate minimum prices to the farmers and step up investment in Coconut cultivation and thereby production and productivity in the country.

The approval is based on recommendations of Commission for Agricultural Costs and Prices (CACP). CACP, which is an expert body, takes into account the cost of production, trends in the domestic and international prices of edible oils, overall demand and supply of copra and coconut oil, cost of processing of copra into coconut oil and the likely impact of the recommended MSPs on consumers, while recommending the MSPs.

The National Agricultural Cooperative Marketing Federation of India Limited (NAFED) and National Cooperative Consumer Federation of India Limited (NCCF) would continue to act as Central Nodal Agencies to undertake price support operations at the Minimum Support Prices in the Coconut growing states.

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BASF India moves higher as parent to divest leather chemical biz
Mar 23,2017

The announcement was made during market hours today, 23 March 2017.

Meanwhile, the S&P BSE Sensex was up 109.54 points or 0.38% at 29,277.22. The BSE Mid-Cap index was up 118.39 points or 0.86% at 13,839.84.

On the BSE, 6,056 shares were traded on the counter so far as against the average daily volumes of 2,894 shares in the past two weeks. The stock had hit a high of Rs 1,275 and a low of Rs 1,200 so far during the day.

BASF India said it has received information from its parent company, BASF SE, Germany that globally BASF SE and Stahl have reached an agreement to divest BASFs leather chemical business to Stahl Group, subject to receipt of requisite approvals. The transaction is expected to close in the fourth quarter of 2017.

The Stahl Group is a leading company in process chemicals for leather products & performance coatings. The Stahl Group in future would be held by Wendel Group, Clariant and BASF.

Under the arrangement, BASF India would supply leather chemical products from its manufacturing facilities to Stahl Group under a mid to long-term supply agreement.

BASF India reported net loss of Rs 47.22 crore in Q3 December 2016, compared with net loss of Rs 119.24 crore in Q3 December 2015. Total income from operations rose 0.03% to Rs 1217.84 crore in Q3 December 2016 over Q3 December 2015.

BASF India is engaged in providing chemicals, plastics, performance products and crop protection products.

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Deepening and Widening of Mumbai Harbour Channel and JN Port Channel (Phase-II)
Mar 23,2017

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi has approved fresh estimates of the project Deepening and Widening of Mumbai Harbour Channel and JN Port Channel (Phase-II). The cost of the project will be Rs.2029 crore excluding the Service Tax. The entire project cost will be funded through internal resources of JN Port Trust (JNPT) with market borrowing, if necessary.

The project includes the existing channel to be widened from presently 370 m to 450 m for straight reach, channel to be extended from existing 33.5 Kms to 35.5 Kms. The draft of the channel will be increased from existing 14 m draft to 15 m draft. The estimated quantity to be dredged to the tune of 35.03 million cu.mtr. including 1.73 million cu.mtr. rock dredging.

The work is likely to be implemented by inviting global tenders and to be completed within 2 years after its award.

The present total capacity of the JNPT for container handling is 5 million TEUs (Twenty feet Equivalent Unit). After the 4th Terminal becomes operational, this capacity will be enhanced to 9.8 million TEUs. Considering the expansion of the container vessel sizes on the main trade routes, it is anticipated that vessels of more than 8,000-12,000 TEU size will call the JN Port.

After completion, JNPT will attain capacity for handling additional traffic throughput of 1.67 million TEUs. The enhanced capability would help in handling larger vessels upto 12,500 TEUs besides economic benefits like saving in Vessel waiting time and savings on account of transshipment. The ultimate benefit to users will be in terms of lower unit cost, direct and indirect tax benefits in addition to reduction in vessel traffic congestion at JNPT. This would add to the competitiveness of Indias EXIM trade.

Background:

Over the years, the size of container ships is progressively becoming larger as it is much more economical to operate large ships and the cost of operation gets cheaper as much as by 40% for the larger ships. With increase in container cargo volume and increase in capacity of container carrying vessels fleet worldwide, JN Port has decided to handle new generation container vessels with wider beam and deeper drafts. The new generation bigger size vessels need deeper channel depth to navigate and accordingly deepening and widening of the channel further from 14.0 to 15.0 m draft with vessel capacity of 12,500 TEU is envisaged.

At present, JN Port is handling vessels having a draft of 14 m that is 6,000 TEUs capacity by taking advantage of tidal window.

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Measures to provide 24x7 Affordable and Environment Friendly Power For All by 2019
Mar 23,2017

Ministry of Power has taken several measures to provide 24X7 affordable and environment friendly Power for All by 2019. The measures inter-alia, include the following:-

i. Electrification of 18,452 un-electrified villages (as on 1/4/2015): As on 20/03/2017, 12,661 villages have been electrified.

ii. Preparation of state specific action plans for 24X7 Power for All, covering adequacy of generation, transmission capacity and distribution system: 24X7 Power for All documents have been signed with 35 States/UTs.

iii. Launching of scheme called Deendayal Upadhyaya Gram Jyoti Yojana (DDUGJY) for rural areas: The scheme provides for (a) separation of agriculture and non-agriculture feeders; (b) strengthening and augmentation of sub-transmission and distribution infrastructure in rural areas including metering at distribution transformers, feeders and consumers end; and (c) rural electrification.

iv. Launching of Integrated Power Development Scheme (IPDS) for urban areas: The scheme provides for (a) strengthening of sub-transmission and distribution networks in urban areas; (b) metering of distribution transformers/feeders/consumers in urban areas; and (c) IT enablement of distribution sector and strengthening of distribution network.

v. Operationalization of Power System Development Fund (PSDF): PSDF shall be utilized for the project proposed by distribution utilities for (a) creating necessary transmission system of strategic importance; (b) installation of shunt capacitors etc. for improvement of voltage profile in the grid; (c) installation of standard and special protection schemes; and (d) Renovation and Modernisation of transmission and distribution systems for relieving congestion; etc.

vi. Launching of Ujwal Discom Assurance Yojana (UDAY): The scheme has been launched for operational and financial turnaround of Discoms.

vii. Measures initiated for reducing the generation cost of coal based power projects:

(a) Increasing supply of domestic coal;

(b) Coal usage flexibility

(c) Rationalization of coal linkages

viii 56,232.6 MW generation capacity have been added during the period 2014-17 (as on 28.02.2017).

ix. Increase in electricity generation from 967 BU (Billion Unit) in 2013-14 to 1048 BU in 2014-15 and 1107 BU in 2015-16, resulting in lowest ever energy deficit of 2.1% in 2015-16. During the current year 2016-17 (upto February 2017), electricity generation has been 1057.746 BU. Energy deficit has further reduced to 0.7% during the period April-February, 2017 which is the lowest ever.

x. 73,798 ckm transmission lines and 1,89,948 MVA sub-station capacity added during 2014 to February, 2017. 87% increase in transmission capacity to South India from 3450 MW in April- 2014-February, 2017 to 6450 MW.

xi. Implementation of Green Energy Corridor for transmission of renewable energy.

xii. Unnat Jyoti by Affordable LEDs for All (UJALA) to replace 77 crore incandescent bulbs with LED bulbs. This will result in estimated avoided capacity generation of 20,000 MW and save 100 billion kWh per year by March, 2019. As on date, 21.8 crore LED bulbs have been distributed. In addition, over 5.36 lakh energy efficient fans and 13.37 lakh LED tube lights have been distributed.

xiii Street Lighting National Programme (SLNP) is being implemented to replace 1.4 crore conventional street lights by LED street lights. The replacement will result in avoided capacity generation of 1500 MW and save 9 billion kWh per year by March, 2019. As on date, over 18.3 lakh LED Street lights have been replaced across the country.

The Minister further stated that the funding pattern for the new schemes initiated by the Government is as under:

i. DDUGJY & IPDS: Government of India Grant - 60% (85% in case of Special Category States; Utility/State contribution - 10% (5% in case of Special Category States); loan from banks/financial institutions - 30% (10% in case of Special Category States) - Additional grant from GoI on achievement of prescribed milestones - 50% of the loan component.

ii. PSDF: Subject to availability of funds and admissibility, the quantum of grant towards project cost ranges from 75% to 100% for non Special Category States. The projects from North-East and other hill States, namely, J&K, Sikkim, Himachal Pradesh and Uttarakhand are eligible for grant upto 100%.

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Cabinet approves abolition of cesses and surcharges for GST implementation
Mar 23,2017

Cabinet approves Amendment of in the Customs and Excise Act, relating to abolition of cesses and surcharges on various goods and services to facilitate implementation of GST Regime. Union Cabinet chaired by the Prime Minister Narendra Modi has approved the following proposals:

i. Amendment to the Customs Act, 1962;

ii. Amendments to the Customs Tariff Act, 1975;

iii. Amendment to the Central Excise Act, 1944;

iv. Repeal of the Central Excise Tariff Act, 1985; and

v. Amendment or repeal of the provisions relating to Acts under which cesses are levied.

The above proposals will result in the following benefits:

i. Insertion of Sections 108A and 108B in the Customs Act, 1962 seeks to provide for furnishing of information relating to import/export of goods by specified persons to enable analysis and detection of cases of unter/over-valuation in imports and exports, misuse of export promotion schemes including the Drawback Scheme and violations of the provisions of the Customs Act and various other laws under which Customs officials have been authorized to effectively implement these laws; and

ii. Amendments or repeal of various provisions of other Acts which will no longer be relevant consequent upon roll out of GST will result in cleansing of the irrelevant portions from the Statute Book and reduce multiplicity of taxes.

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Cabinet approves of proposal to establish a Fund of Fund for Start-ups (FFS)
Mar 23,2017

The Union Cabinet chaired by the Prime Minister Narendra Modi has approved the following proposals with regard to the Fund of Funds of Start-ups (FFS) which was established in June, last year with a corpus of Rs 1000 crore.

i. Alternate Investment Funds (AIFs) supported by FFS shall invest at least twice the amount of contribution received from FFS in Start-ups qualifying as per the Gazette Notification G.S.R.180 (E) dt. 17/02/2016. Further, if the amount committed for a Start-up in whole has not been released before a Start-up ceases to be so, the balance funding can continue thereafter.

ii. It was also decided that operating expenses for carrying out due diligence, legal and technical appraisal, convening meeting of Venture Capital Investment Committee, etc. would be met out of the FFS to the extent of 0.50% of the commitments made to AIFs and outstanding. This will be debited to the fund at the beginning of each half year; i.e. April 1 and October 1.

The Union Cabinet in its meeting held on 22/06/2016 had approved the proposal to establish a Fund of Funds for Start-ups (FFS) with a total corpus of Rs 10000 crore, with contribution spread over the 14th & 15th Finance Commission cycles based on progress of implementation and availability of funds. It was decided that the FFS shall contribute to the corpus of Alternative Investment Funds (AIFs) for investing in equity and equity linked instruments of various start-ups at early stage, seed stage and growth stages.

The FFS is being managed and operated by Small Industries Development Bank of India (SIDBI). FFS contributes to SEBI registered Alternative Investment Funds (AIFs) that may go up to a maximum of 35% of the corpus of the AIF concerned.

The Cabinet on 22.06.2016 had decided that the corpus of Fund of Funds along with counterpart funds raised by the AIFs in which FFS takes equity would be invested entirely in Start-ups. It has been pointed out to the Department during its interactions with various stakeholders that investors in the AIFs would prefer that the portfolio of AIFs is adequately diversified to manage the investment risks appropriately and if the entire pool of funds of the AIF is invested in Start-ups, it poses unacceptable risks to the investors of such AIFs.

The other issues raised by stakeholders were that the process of funding of Start-ups by AIFs is long drawn which starts from pitching by a Start-up, commitment by the AIF and then release of funds in tranches. Thus it is possible that before release of the final instalment the turnover of the Start-up crosses Rs 25 crore but it still needs funds to meet its growth requirements. Besides, Start-ups need access to funds through various stages of their life cycle, viz. early stage, seed stage and growth stage.

It was also pointed out to the Department by SIDBI that the present provisions dont provide for SIDBI to get compensated for activities done post sanction to AIFs.

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Sunil Hitech Engineers jumps after winning road project
Mar 23,2017

The announcement was made during trading hours today, 23 March 2017.

Meanwhile, the S&P BSE Sensex was up 105.01 points, or 0.36% to 29,272.69.

On the BSE, 8.66 lakh shares were traded in the counter so far, compared with average daily volumes of 5.27 lakh shares in the past two weeks. The stock had hit a high of Rs 12.14 and a low of Rs 11 so far during the day.

The stock hit a 52-week high of Rs 23.43 on 20 October 2016. The stock hit a 52-week low of Rs 7.75 on 24 June 2016.

Sunil Hitech Engineers has recently been mandated through a letter of award (LoA) from National Highways Authority of India (NHAI) to construct and widen the existing 2-lane Bodhre to Dhule road section of NH-211 to four/six lane configuration in Maharashtra for a bid project cost of Rs 982 crore on hybrid annuity model (HAM). The construction of the 67.2 km road also include 2 new road under bridges (ROBs), 6 underpasses, 4 major bridges, 26 minor bridges and 2 new bypasses. The company will be signing the concession agreement soon. The construction period is 2.5 years.

Net profit of Sunil Hitech Engineers rose 2.51% to Rs 13.07 crore on 8.85% rise in net sales to Rs 530.81 crore in Q3 December 2016 over Q3 December 2015.

Sunil Hitech Engineers is a well established player in engineering procurement construction (EPC) and construction of road & bridges, building works of institutions, hospitals and housing projects, cross country pipeline, civil & mechanical works of power and steel plants, cooling towers, chimneys, etc. and also in renewable energy sector.

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Gufic Biosciences hits record high
Mar 23,2017

The announcement was made after market hours yesterday 22 March 2017.

Meanwhile, the S&P Sensex was up 114.23 points, or 0.39% at 29,281.91. The S&P BSE Small-cap index was up 136.31 points, or 0.98% at 14,038.23.

High volumes were witnessed on the counter. On the BSE, 7.03 lakh shares were traded on the counter so far as against the average daily volumes of 95,769 shares in the past one quarter. The stock had hit a high of Rs 69 so far during the day, which is also a record high for the stock. The stock had hit a low of Rs 60.50 so far during the day.

The stock had hit a 52-week low of Rs 33.30 on 29 September 2016. The stock had outperformed the market over the past one month till 22 March 2017, rising 7.29% compared with 1.05% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, rising 11.64% as against Sensexs 12.27% rise.

The small-cap company has equity capital of Rs 7.74 crore. Face value per share is Re 1.

Gufic Biosciences said that a meeting of the board of directors of the company is scheduled to be held on 3 April 2017, to consider amalgamation of Gufic Lifesciences with the company.

Gufic Biosciences net profit rose 28.1% to Rs 3.10 crore on 15.9% increase in sales to Rs 64.97 crore in Q3 December 2016 over Q3 December 2015.

Gufic Biosciences is engaged in the manufacture of pharmaceuticals, medicinal chemicals and botanical products.

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Cabinet approves proposal for Amendments to the NABARD Act 1981
Mar 23,2017

Union Cabinet chaired by the Prime Minister Narendra Modi has approved the following proposals:

(a) Amendments to National Bank for Agriculture and Rural Development Act, 1981 as proposed in the draft Bill with such changes of drafting and of consequential nature, as may be considered necessary by Legislative Department. The Amendments, include provisions that enable Central Government to increase the authorized capital of NABARD from Rs 5000 crore to Rs 30000 crore and to increase it beyond Rs 30000 crore in consultation with RBI, as deemed necessary from time to time.

(b) Transfer of 0.4 per cent. equity of RBI in NABARD amounting to Rs. 20 crores to the Government of India.

The proposed amendments in NABARD Act, include, certain other amendments including changes in long title and certain Sections to bring Medium Enterprises and Handlooms in NABARDs mandate.

The proposed increase in the authorized capital would enable NABARD to respond to the commitments it has undertaken, particularly in respect of the Long Term Irrigation Fund and the recent Cabinet decision regarding on-lending to cooperative banks. Further, it will enable NABARD to augment its business and enhance its activities which would facilitate promotion of integrated rural development and securing prosperity of rural areas including generation of more employment.

The transfer of entire shareholding in NABARD held by RBI to the Central Government will remove the conflict in RBIs role as banking regulator and shareholder in NABARD.

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Cabinet approves Policy for the Grant of Extension to the Production Sharing Contracts signed by GOI awarding Pre-NELP Exploration Blocks
Mar 23,2017

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi has approved a policy for grant of extension to the Production Sharing Contracts (PSC) signed by Government of India awarding Pre-NELP Exploration Blocks to enable and facilitate investment to extract the remaining reserves.

This policy will enable the contractors to extract not only the remaining reserves but also plan to extract additional reserves by implementing new technologies. In certain fields, additional recovery of hydrocarbons can be obtained through Enhanced Oil Recovery / Improved Oil Recovery (EOR/IOR) Projects and as such the production would extend beyond the current duration of PSC. In the year 2016-17 (upto Feb., 2017), the production from these oil & gas blocks, allotted in Pre- NELP regime, is around 55 million barrel of oil and 965 MMSCM of natural gas. The recoverable reserve from these blocks is estimated to be more than 426 million barrel of oil equivalent. During the extension period, contractors are expected to make an additional investment of more than USD 5430 million.

The policy will give boost to accelerate and supplement indigenous production of hydrocarbon from existing blocks and act as a progressive step towards achieving the target of 10% reduction in import of crude oil by 2022. Among others, it includes oil and gas blocks in the State of Rajasthan that account for about half of the countrys onland production of crude oil. Extension of these oil blocks will be major stepping stone in sustaining and enhancing onland production.

The Government share of Profit Petroleum during the extended period of contract would be 10% higher for these fields, thus bringing additional revenues to Government.

In addition, the policy brings out detailed guidelines regarding grant of extension, criterion for evaluation of request, time frame for consideration of request, duration of extension etc. The extension of these contracts is expected to bring extra investments in the fields and would generate both direct and indirect employment. The policy aims at bringing out clear terms of extension in fair and transparent manner so that the resources can be expeditiously exploited in the interest of energy security of the country besides improving the investment climate.

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Axiscades Engg firms up after board OKs investment in units
Mar 23,2017

The announcement was made after market hours yesterday, 22 March 2017.

Meanwhile, the S&P BSE Sensex was up 117.62 points, or 0.40% to 29,285.30.

On the BSE, 7,824 shares were traded in the counter so far, compared with average daily volumes of 20,000 shares in the past two weeks. The stock had hit a high of Rs 156.80 and a low of Rs 153.05 so far during the day.

The stock hit a 52-week high of Rs 305.50 on 22 April 2016. The stock hit a 52-week low of Rs 133.50 on 22 November 2016.

The board of Axiscades Engineering Technologies in its meeting held 21 March 2017, has given its approval for making further investment in its wholly owned subsidiaries. As per the approval, the company will increase the equity of AXISCADES GmbH by 1.25 lakh euros in one or more tranches. Further, it will invest Rs 15 crore in AXISCADES Aerospace & Technologies.

On a consolidated basis, net profit of AXISCADES Engineering Technologies declined 73.50% to Rs 1.99 crore on 13.61% rise in net sales to Rs 109.71 crore in Q3 December 2016 over Q3 December 2015.

AXISCADES is a technology solutions provider, catering to the futuristic needs of aerospace, defense, heavy engineering, automotive and industrial production sectors.

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Servalakshmi Paper director resigns
Mar 23,2017

Servalakshmi Paper announced that V.S.Pattabiraman has resigned as an Independent Director of the Company with effect from 08 March 2017.

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Board of CHD Chemicals approves allotment of 49 lakh warrants
Mar 23,2017

CHD Chemicals announced that the Board of Directors at its meeting held on 23 March 2017 approved the allotment of 49,00,000 convertible warrants at a price of Rs 10 each on preferential basis to the promoters and non promoters upon the receipt of minimum subscription amount as per Regulation 77 of SEBI ICDR Regulation.

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Emami Infra extends Wednesdays sharp rally
Mar 23,2017

Meanwhile, the S&P BSE Sensex was up 117.25 points or 0.4% at 29,284.93. The BSE Small-Cap index was up 138.87 points or 1% at 14,040.79.

On the BSE, 2.56 lakh shares were traded on the counter so far as against the average daily volumes of 16,000 shares in the past two weeks. The stock had hit a high of Rs 82.95 and a low of Rs 78 so far during the day.

Shares of Emami Infrastructure have rallied 25.95% two trading sessions from its closing of Rs 62.60 on 21 March 2017, after the company during market hours yesterday, 22 March 2017 said it has tied-up with Sheth Corp to launch flagship residential project in Mumbai. The stock surged by the 20% upper circuit level to settle at Rs 75.10 yesterday, 22 March 2017.

Emami Group announced that it has pumped Rs 350 crore to join hands with Sheth Corp for 50% partnership in Mulund project.

Sheth Group is a leading developer in the luxury & mid-housing segment of real estate, with a global footprint.

Emami Infrastructure reported net loss of Rs 0.17 crore in Q3 December 2016 as against net loss of Rs 0.71 crore in Q3 December 2015. The company reported total income from operations of Rs 0.24 crore in Q3 December 2016. It did not report any top line for Q3 December 2015.

Emami Infrastructures primary business is development of residential, commercial and retail properties through its subsidiaries and associates.

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Cabinet approves closure/winding up of CREDA HPCL Biofuel Ltd (CHBL) and IndianOil - CREDA Biofuels Ltd. (ICBL)
Mar 23,2017

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi has approved closure/winding up of CREDA HPCL Biofuel (CHBL) and IndianOil - Chhattisgarh Renewable Energy Development Agency (CREDA) Biofuels (ICBL).

All Office assets of CHBL/ICBL have been disposed of. No manpower exits on the rolls of CHBL/ICBL. There is no financial outgo from Government of India and lands have been returned to CREDA. All liabilities have also been settled. Closure of CHBL and ICBL would result in saving unfruitful expenditure on statutory compliance.

Background:

Joint Ventures (JV) between CREDA HPCL Biofuel Ltd (CHBL) and IndianOil-CREDA Biofuels Limited (ICBL) were formed for carrying out energy crop (Jatropha) plantation and production of bio-diesel in 2008 and 2009 respectively. The CREDA, an arm of Chhattisgarh, had provided wasteland to CHBL and ICBL through Land Use Agreement for plantation of Jatropha. Due to various constraints such as very poor seed yield, limited availability of wasteland, high plantation maintenance cost etc. the project became unviable and Jatropha plantation activities were discontinued.

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