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Kolte Patil Developers gets NCLT approval for scheme of amalgamation
Mar 27,2017

Kolte Patil Developers announced that the National Company Law Tribunal, Mumbai Bench has approved the scheme of amalgamation of Oilve Realty, Yashowardhan Promoters and Developers, Corolla Realty and Jasmine Hospitality with the Company and their respective sharehoders, vide order dated 09 March 2017.

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Sanction of 101 New Integrated Cold Chain Projects
Mar 27,2017

India is one of the largest food producers in the world and is the second largest producer of fruits and vegetables yet only 2.2% of our fruits and vegetables are processed. India requires affordable cold storages and cold chains at every food producing hub in the country. While existing cold storages are concentrated in few states and roughly 80 to 90% are used for potatoes, India has a long way to go. MoFPI is building National Cold Chain Grid in the country so that all food producing hubs are connected to cold storage and processing industries.

Ministry of Food Processing Industries has been constantly involved in setting up new cold chain infrastructure which has both cold storage and processing facilities. The Ministry had announced sanction of 30 Cold Chain Projects in May, 2015. Today Ministry announces sanction of 101 new integrated Cold Chain Projects spread across the country. These projects are for fruits and vegetables, dairy, fish, meat, marine, poultry, ready to eat/ready to cook sectors.

The Ministry is focusing on creating Cold Chain infrastructure by strategic planning which eventually builds Cold Chain Grid in the entire country. This will help in realizing the vision of Honble Prime Minister for doubling of farmers income. It will also reduce wastage in agri supply chain and will create huge employment opportunities.

The scheme of Cold Chain and Value Addition Infrastructure provides financial assistance up to Rs. 10 crore for entrepreneurs.

These 101 new integrated cold chain projects will leverage total investment of Rs. 3100 crore for creation of modern infrastructure for the food processing sector. The total expected grant-in-aid to be released to these projects is Rs. 838 crore.

The 101 new Cold chain Projects will create additional capacity of 2.76 lakh MT of Cold Storage/Controlled Atmosphere/Frozen Storage, 115 MT per hour of Individual Quick Freezing (IQF) capacity, 56 lakh litres per day of Milk Processing, 210 MT per batch of Blast Freezing and 629 Refrigerated/Insulated vehicles.

These Integrated Cold Chain projects will not only provide a big boost to the growth of food processing infrastructure in the concerned states but also help in providing better prices to farmers and is a step towards doubling of farmers income. The infrastructure will also reduce wastage of perishables, add value to the agricultural produce and create huge employment opportunities especially in rural areas.

Creation of above Cold Chain Infrastructure and other necessary infrastructure would go a long way in further expanding and strengthening required food processing infrastructure in the country which shall create short, consistent and compressed supply chains from producers to processors, retailers and exporters and give major boost to fruits and vegetables processing, milk processing and non-horticulture food processing in the country.

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Hero MotoCorp drops amid volatility
Mar 27,2017

Meanwhile, the S&P BSE Sensex was down 180.11 points or 0.61% at 29,241.29.

On the BSE, 21,000 shares were traded on the counter so far as against the average daily volumes of 44,942 shares in the past one quarter. The stock lost as much as 1.92% at the days low of Rs 3,311.60 so far during the day. The stock rose as much as 0.6% at the days high of Rs 3,397 so far during the day.

The stock had hit a record high of Rs 3,739.90 on 8 September 2016 and a 52-week low of Rs 2,829 on 6 May 2016. It had outperformed the market over the past one month till 24 March 2017, surging 6.28% compared with the Sensexs 1.83% rise. The scrip had, however, underperformed the market over the past one quarter, gaining 11.22% as against the Sensexs 12.98% rise.

The large-cap company has equity capital of Rs 39.94 crore. Face value per share is Rs 2.

Brij Mohan Lal Om Prakash sold 88.78 lakh shares of Hero MotoCorp to Bahadur Chand Investments at Rs 3,375 per share in a bulk deal on the NSE on Friday, 24 March 2017.

Bahadur Chand Investments owned 11.11% and Brij Mohan Lal Om Prakash Partnership controlled 22.88% stake end December 2016.

Hero MotoCorps net profit fell 2.7% to Rs 772.05 crore on 12.1% decline in net sales to Rs 6245.90 crore in Q3 December 2016 over Q3 December 2015.

Hero MotoCorp is the worlds largest two-wheeler manufacturer in terms of production capacity. The company has six manufacturing plants, including five in India including Dharuhera, Gurgaon, Haridwar, Neemrana and Halol and one in Colombia.

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Sadbhav Infrastructure rises after winning road project
Mar 27,2017

The announcement was made during market hours today, 27 March 2017.

Meanwhile, the S&P BSE Sensex was down 170.18 points, or 0.58% to 29,251.22. The S&P BSE Mid-Cap index was down 39.62 points or 0.29% to 13,809.56.

On the BSE, 9,832 shares were traded in the counter so far, compared with average daily volumes of 10,002 shares in the past one quarter. The stock had hit a high of Rs 103.90 and a low of Rs 99.50 so far during the day. The stock had hit a record high of Rs 120.40 on 22 September 2016. The stock had hit a 52-week low of Rs 81.05 on 9 November 2016.

The stock had outperformed the market over the past one month till 24 March 2017, rising 9.01% compared with the 1.83% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, rising 8.31% as against Sensexs 12.98% gains.

The mid-cap company has equity capital of Rs 352.23 crore. Face value per share is Rs 10.

Sadbhav Infrastructure said that the project is for six laning of greenfield proposed Udaipur bypass at Kaya village on hybrid annuity mode, package-IV under the National Highways Development Project (NHDP) Phase V in the state of Rajasthan.

The length of the project is 23.88 kilometers and construction period is 730 days from the appointed date. The operation period is 15 years from the commercial operation date (COD).

On a consolidated basis, Sadbhav Infrastructure Projects reported net loss of Rs 66.35 crore in Q3 December 2016 as against net loss of Rs 139.51 crore in Q3 December 2015. Net sales declined 36% to Rs 322.14 crore in Q3 December 2016 over Q3 December 2015.

Sadbhav Infrastructure Project is into development, operation and maintenance of road infrastructure assets. It undertakes turnkey contractual works and other than civil construction of the projects.

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More than 2 dozen companies want collaboration with India Post Payments Bank
Mar 27,2017

Government has said that there are many companies who have approached the Department of Posts for collaboration with India Post Payments Bank. While the Department is in various stages of discussions with them, decision on formal partnerships will be taken after carefully evaluating the entire value proposition that they propose for the common man. The India Post Payments Bank had launched its two branches in Raipur (Chhattisgarh) and Ranchi (Jharkhand) on 30/01/2017 with basic products and banking services in partnership with Punjab National Bank.

Shri Sinha also said that the Payments Banks are different from regular Banks in the following fundamental ways as per RBI guidelines for Licensing of Payments Banks:

(i) Payment Banks are not allowed to undertake lending activities directly. It can accept demand deposits only that is savings and current accounts and will initially be restricted to holding a maximum balance of Rs. 100,000(Rupees one lakh only) per individual customer.

(ii) Payment Banks cannot accept Non Resident Indian (NRI) deposits.

(iii) The Payment Banks cannot set up subsidiaries to undertake non banking financial services activities.

A list of companies interested in partnering with India Post Payments Bank is:

List companies keen to partner with India Post Payments Bank.

1

YES Bank

2

Union Bank

3

Punjab National Bank

4

IDBI Bank (Industrial Developmentn++Bankn++of India)

5

SBI (State Bank of India)

6

Axis

7

Bank of Baroda

8

IDFC Bank (Industrial development finance company)

9

Deutshe Bank

10

Barclays Bank

11

Citibank

12

NABARD (National Bank For Agriculture & Rural Development)

13

HSBC (Hongkong and Shanghai Banking Corporation)

14

MICRO SAVE

15

Allahabad Bank

16

Indian Overseas Bank

17

Dena Bank

18

FIA (Financial Inclusion)

19

Kotak Mahindra Bank

20

United Bank of India

21

HDFC Life (Housing Development Finance Corporation)

22

Royal Sundaram

23

PNB Metlife (Punjab National Bank)

24

ICICI Lombard (n++Industrial Credit and Investment Corporation of India Bank)

25

ICICI Prudential (n++Industrial Credit and Investment Corporation of India Bank)

26

Bajaj Allianz Life

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ADB Steps Up Anticorruption Efforts to Enhance Asias Development
Mar 27,2017

The Asian Development Bank (ADB) is stepping up its anticorruption and integrity efforts, and has approved an update to its Anticorruption Policy. This is on top of other reforms and policies to be implemented over the next 12 months to improve the institutions support to developing member countries (DMCs) to address issues such as tax integrity, according to ADBs Office of Anticorruption and Integritys (OAI) 2016 Annual Report.

n++ADB is not only about financing development projects for Asia and the Pacific. We are also about fighting corruption and making sure that our member countries and other development partners adhere to the same principle of integrity,n++ said Clare Wee, Head, OAI. n++We, at ADB, are committed to redoubling our anticorruption efforts to better assist the regions pursuit of a more sustainable and inclusive development.n++

The 2016 report discusses some of the efforts ADB n++ through OAI n++ is planning to implement this year including a $2 million technical assistance to DMCs to counter money laundering and financing of terrorism, as well as technical support not only to tackle tax integrity issues but also to promote domestic resource mobilization. OAI will also prepare new tax guidelines for ADBs non-sovereign operations.

ADB will ensure that it retains a respectful work environment through a newly established Respectful Workplace Unit, which will include mandatory anticorruption and respect at work training for all staff.

These efforts will ride on the back of a successful anticorruption and integrity drive from ADB through both enforcement and prevention strategies in 2016. According to OAIs 2016 Annual Report, 98 firms and 40 individuals were debarred for integrity violations on top of cross-debarment for 86 firms and 47 individuals last year. Nine firms and one individual, meanwhile, were conditionally non-debarred, 18 firms and 9 individuals reprimanded, and 16 firms and 13 individuals cautioned.

OAI conducted seven proactive reviews n++ or Project Procurement-Related Reviews (PPRR) n++ of ongoing ADB-financed projects in 2016 with a value of $1.8 billion. PPRRs identify noncompliance issues, irregularities and integrity concerns, with project procurement, disbursements, and delivery of project outputs.

The OAI 2016 Annual Report also includes a special feature on tax integrity and development, outlining ADBs leading role in responding to issues like tax secrecy, tax evasion, and aggressive tax planning. Among other steps, OAI will report on its tax integrity activities to ADBs Board of Directors in 2018, and every 3 years thereafter. This will ensure that ADB remains in line with international developments in this issue.

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KEC International drops on profit booking
Mar 27,2017

The stock had surged 21.18% to Rs 208.50 on 24 March 2017 in five sessions, from a close of Rs 172.05 on 17 March 2017.

Meanwhile, the S&P BSE Sensex was down 142.61 points or 0.48% at 29,278.23. The S&P BSE Mid-Cap index was down 24 points or 0.17% at 13,825.18.

High volumes were witnessed on the counter. On the BSE, 1.87 lakh shares were traded on the counter so far as against the average daily volumes of 93,218 shares in the past one quarter. The stock had hit a high of Rs 208 and a low of Rs 193.30 so far during the day. The stock had hit a record high of Rs 213.40 on Friday, 24 March 2017 and a 52-week low of Rs 111.20 on 9 November 2016.

The stock had outperformed the market over the past one month till 24 March 2017, rising 25.94% compared with the 1.83% rise in the Sensex. The scrip had also outperformed the market in past one quarter, jumping 54.85% as against Sensexs 12.98% gains.

The mid-cap company has equity capital of Rs 51.42 crore. Face value per share is Rs 2.

On a consolidated basis, KEC Internationals net profit surged 139% to Rs 62.60 crore on 7.5% fall in net sales to Rs 1882.44 crore in Q3 December 2016 over Q3 December 2015.

KEC International is a global infrastructure engineering, procurement and construction (EPC) major. It has presence in the verticals of power transmission and distribution, cables, railways, water and renewables. It is a RPG group company.

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DRL inches up after pact with Integra LifeSciences
Mar 27,2017

The announcement was made during market hours today, 27 March 2017.

Meanwhile, the S&P BSE Sensex was down 132.74 points or 0.45% at 29,288.66.

On the BSE, 15,000 shares were traded on the counter so far as against the average daily volumes of 42,436 shares in the past one quarter. The stock had hit a high of Rs 2,649.40 and a low of Rs 2,617.95 so far during the day.

The stock had hit a 52-week high of Rs 3,689 on 20 July 2016 and a 52-week low of Rs 2,560 on 22 March 2017. It had underperformed the market over the past one month till 24 March 2017, sliding 9.24% compared with the Sensexs 1.83% rise. The scrip had also underperformed the market over the past one quarter, declining 12.65% as against the Sensexs 12.98% rise.

The large-cap company has equity capital of Rs 82.87 crore. Face value per share is Rs 5.

Dr Reddys Laboratories (DRL) and Integra LifeSciences Holdings Corporation, a leading global medical technology company, announced that they have entered into an exclusive distribution agreement. Under the agreement, DRL will market and distribute DuraGen Plus and Suturable DuraGen Dural Regeneration Matrices for use in patients in India.

M. V. Ramana, Executive Vice President and Head of Emerging Markets & India Business, DRL said, the company is delighted to partner with Integra LifeSciences. With the launch of DuraGen, it looks forward to building its presence in the segment of regenerative technologies and making a difference to the lives of patients undergoing neurosurgery.

Dr Reddys Laboratories consolidated net profit fell 15.9% to Rs 492.30 crore on 6.6% fall in net sales to Rs 3706.50 crore in Q3 December 2016 over Q3 December 2015.

Dr Reddys Laboratories is an integrated global pharmaceutical company.

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Board of Asian Oilfield Services approves preferential allotment of 12.50 lakh shares
Mar 27,2017

Asian Oilfield Services announced that the Board of Directors of the Company at its meeting held on 27 March 2017 has approved the allotment of 12.50 lakh equity shares of the Company at an issue price of Rs 165 (including a premium of Rs 155 per share) on preferential basis.

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State Trading Corporation of India appoints director
Mar 27,2017

State Trading Corporation of India announced that Bharathi Magdum, has been appointed as part-time non-official Director on the Board of STC w.e.f. 24 March 2017.

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730 million Internet users are anticipated in the country by 2020-NASSCOM
Mar 27,2017

Government has said that due to fast adoption of digital technology, it is expected that number of internet users will increase in the country. As per information received from Telecom Regulatory Authority of India (TRAI), there were 391.50 million Internet subscribers as on 31 December 2016.

The National Telecom Policy-2012 envisages 600 million broadband connections by the year 2020 at minimum 2 Mbps download speed. Further, as per National Association of Software & Services Companies (NASSCOM) -Akamai report launched on 17.08.2016 regarding n++The Future of Internet in Indian++, 730 million Internet users are anticipated in the country by 2020.

Government has allocated 965 Megahertz spectrum through auction in October 2016 to various telecom service providers for access services. This will enable the telecom service providers to roll-out 3G and 4G services which will facilitate proliferation of high speed internet facility.

Further, for provision of broadband facility in rural areas, BharatNet project is also being implemented to provide 100 Mbps broadband connectivity to all Gram Panchayats (approx. 2.5 lakh) in the country by using an optimal mix of underground fibre, fibre over power lines, radio and satellite media.

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Larsen & Toubro wins orders worth Rs 2490 crore
Mar 27,2017

Larsen & Toubro announced that the Buildings and Factories segment of its construction arm has won orders worth Rs 2490 crore.

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Dr. Reddys Laboratories and Integra LifeSciences enter into agreement
Mar 27,2017

Dr. Reddys Laboratories and Integra LifeSciences Holdings Corporation announced that they have entered into an agreement to market and distribute DuraGen Plusn++ and Suturable DuraGenn++ Dural Regeneration in India.

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KEC International leads losers in A group
Mar 27,2017

KEC International tumbled 6.19% to Rs 195.60 at 13:45 IST on profit booking. The stock topped the losers in the BSEs A group. On the BSE, 1.86 lakh shares were traded on the counter so far as against the average daily volumes of 1.75 lakh shares in the past two weeks. The stock had surged 21.18% to Rs 208.50 on 24 March 2017 in five sessions, from a close of Rs 172.05 on 17 March 2017.

JSW Steel skidded 4.34% at Rs 178.75. The stock was second biggest loser in A group. On the BSE, 1.1 crore shares were traded on the counter so far as against the average daily volumes of 4.36 lakh shares in the past two weeks.

Jindal Steel & Power dropped 3.76% to Rs 115.25. The stock was third biggest loser in A group. On the BSE, 14.21 lakh shares were traded on the counter so far as against the average daily volumes of 18.14 lakh shares in the past two weeks.

Ajanta Pharma slipped 3.37% at Rs 1,765.80. The stock was fourth biggest loser in A group. On the BSE, 9,307 shares were traded on the counter so far as against the average daily volumes of 12,000 shares in the past two weeks.

Idea Cellular fell 3.36% to Rs 87.80. The stock was fifth biggest loser in A group. On the BSE, 18.55 lakh shares were traded on the counter so far as against the average daily volumes of 75.29 lakh shares in the past two weeks.

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Sadbhav Infrastructure Projects declared L1 for NHAI road project
Mar 27,2017

Sadbhav Infrastructure Projects has been declared L1 HAM Project by NHAI on 27 March, 2017. The project involves Six Lane of greenfield proposed Udaipur bypass [connection between NH-76 at existing km 118+500 at Debri to NH-8 km 287+400 at Kaya Village (Udaipur bypass length 23.883)] on Hybrid Annuity Mode, Package-IV under NHDP Phase V in the state of Rajasthan.

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