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Government realizes Rs.21,432.38 crore, by end-November 2016, through CPSEs disinvestment receipts
Jan 03,2017

Following are the major reform measures, policy initiatives and achievements of the Department of Investment and Public Asset Management (DIPAM), Ministry of Finance:

A. Disinvestment Target and Achievements during 2016-17

The disinvestment target for the Current Financial Year 2016-17 has been estimated at Rs.56,500 crore comprising Rs.36,000 crore from disinvestment of CPSEs and Rs.20,500 crore from strategic disinvestment.

During the current financial year 2016-17, the Government has so far realized Rs.23528.73 crore, which include Rs.21,432.38 crore through minority stake sale in 14 CPSEs and Rs. 2096.35 crore through strategic disinvestment. The total realization of Rs. 21,432.38 crore, by end-November 2016 through CPSEs disinvestment receipts, constitutes around 59.53 per cent of the Budgeted Target of Rs. 36,000 crore (CPSEs disinvestment).

B. Reform Measures and Policy Initiatives:

(a) Steps taken to accelerate the disinvestment process:

The Department has taken following measures to accelerate the disinvestment process:

(i) Replacing annual plan with rolling plans.

(ii) Creating a pipeline of proposals for CPSEs to take advantage of better market condition without any loss of time.

(iii) Fast tracking of approval process.

(iv) Disinvestment programme made more inclusive by following an approach to reserve 20 per cent of shares on PSUs-OFS transactions for retail investors on a case to case basis.

(v) Based on the suggestion made by the Department, SEBI has reduced the notice period for an OFS transaction from T-2 to T-1 (T being the transaction day). This will help in minimizing the possibility of price hammering between the notice day and the transaction day and suitably protecting the interest of retail investors by providing them sufficient time to participate in the OFS transaction.

(b) Restructuring and re-naming the Department to comprehensively manage the Governments investment in PSUs as DIPAM

(i) The Union Finance Minister has underlined the need for adopting a comprehensive approach to efficiently manage its investment in CPSEs as highlighted in Para 89 of his Budget Speech of 2016-17 as below:

n++We will adopt a comprehensive approach for efficient management of Government investment in CPSEs by addressing issues such as capital restructuring, dividend, bonus shares, etc. The Department of Disinvestment is being re-named as the Department of Investment and Public Asset Management (DIPAM)n++

(ii) In the light of the announcement made, the Department has been re-named as Department of Investment and Public Asset Management (DIPAM) which is in line with focus of the Government on management of its investment in Central Public Sector Enterprises (CPSEs) for accelerating economic development as well as augmenting the Government resources for higher expenditure. It also underlines the Governments recognition of its investment in CPSEs as an important asset for accelerating economic growth and commitment to efficient use of its resources to achieve a better return on its investment in CPSEs.

(iii) As announced in the Budget, guidelines on n++Capital Restructuring of CPSEsn++ have also been issued by this Department on 27th May, 2016. These guidelines supersede all previously issued guidelines by various Ministries/Departments from time to time and comprehensively deal with the inter-related issues on payment of dividend, buy back of shares, issue of bonus shares and splitting of shares. The focus of these guidelines is on optimum utilization of funds by CPSEs/Government to spur economic growth.

C. The major achievements/highlights in respect of disinvestment of CPSEs are as under:

(i) NHPC OFS

CCEA in its meeting held on 10.09.2014 approved 11.36 per cent disinvestment in NHPC out of GoI shareholding of 85.96% per cent, through an OFS. The OFS took place on 27.04.2016 & 28.04.2016. The Government realised an amount of Rs.2,716.55 crore.

(ii) MOIL Buyback

The Alternative Mechanism in its meeting held on 07.06.2016 approved participation of Government in Buyback of shares by MOIL. The MOIL buyback offer opened on 19.09.2016 and closed on 30.09.2016. The Government realised an amount of Rs.793.87 crore.

(iii) NMDC Buyback

The Alternative Mechanism in its meeting held on 07.06.2016 approved participation of Government in Buyback of shares by NMDC. The NMDC buyback offer opened on 19.09.2016 and closed on 30.09.2016. The Government realised an amount of Rs.7,519.15 crore.

(iv) BEL Buyback

The Alternative Mechanism in its meeting held on 05.08.2016 approved participation of Government in Buyback of shares by BEL. The BEL buyback offer opened on 06.10.2016 and closed on 21.10.2016. The Government realised an amount of Rs.1,802.60 crore.

(v) NTPC Employee OFS -

NTPC Employee OFS was opened on 27.06.2016 and closed on 05.07.2016. The Government realised an amount of Rs.203.78 crore.

(vi) NHPC Employee OFS

NHPC Employee OFS was opened on 04.11.2016 and closed on 11.11.2016. The Government realised an amount of Rs.21.27 crore.

(vii) DCIL Employee OFS

DCIL Employee OFS was opened on 31.10.2016 and closed on 15.11.2016. The Government realised an amount of Rs.0.93 crore.

(viii) NALCO OFS

CCEA in its meeting held on 19/02/2015 approved disinvestment of 10 per cent paid up equity of National Aluminium (NALCO) out of Government of Indias shareholding of 80.93 per cent through Offer for Sale (OFS). The Legal Advisers and Merchant Bankers have been appointed and non deal road shows are being conducted.

(ix) Buyback of shares by NALCO

Board of NALCO in its meeting held on 25th May, 2016 recommended buyback of fully paid equity shares not exceeding 64,43,09,628 (of face value Rs. 5 each) at price of Rs. 44/- per share. Government of India also participated in said buyback. On this account, GoI received an amount of Rs. 2831.71 crore and its share holding came down to 74.57 per cent, from 80.93 per cent prior to buyback.

(x) HCL OFS

CCEA in its meeting held on 13/05/2015 had approved disinvestment of 15 per cent paid-up equity of Hindustan Copper (HCL) out of Government of Indias shareholding of 89.95 per cent through Offer for Sale (OFS). In first tranche, disinvestment of 7 per cent paid-up equity capital of HCL through OFS method was held on 29/09/2016 & 30/09/2016. A total number of 6,47,65,260 equity shares were offered for sale at floor price of Rs. 62/- per share. The issue was over-subscribed and GoI received an amount of Rs. 399.93 crores as disinvestment proceeds from the said transaction.

(xi) Buyback of shares by CIL

The Board of Coal India in its meeting held on 11th July, 2016 recommended buyback of fully paid equity shares not exceeding 10,89,55,223 ( Face value Rs. 10) at Rs. 335/- per equity share. GoI participated in said buyback. On this account, Government of India received an amount of Rs. 2638.24 crore. Post buyback, the GoI shareholding in CIL has slightly increased to 79.78 per cent from 79.65 per cent prior to buyback.

(xii) CONCOR Employees OFS

Government has received an amount of Rs. 9.34 crore on account of transfer of shares to the employees of CONCOR held in September, 2016 post OFS of the Company.

(xiii) IOCL Employees OFS

Government has received an amount of Rs. 262 crore on account of transfer of shares to the employees of IOCL held in May, 2016 post OFS of the Company.

(xiv) NBCC OFS

OFS of 15 per cent Government of India shareholding in NBCC was launched on 20th October, and completed on 21st October, 2016. The OFSs sale proceeds was Rs. 2201.14 crore.

(xv) Disinvestment of SUUTI holdings

1,48,23,702 shares of Larsen & Toubro (1.62 per

Panacea Biotec spurts on increased availability of Cilamin 250 capsules
Jan 03,2017

The announcement was made during market hours today, 3 January 2017.

Meanwhile, the S&P BSE Sensex was up 70.27 points or 0.26% at 26,665.72.

On the BSE, 16,000 shares were traded on the counter so far as against the average daily volumes of 15,120 shares in the past one quarter. The stock had hit a high of Rs 128 and a low of Rs 118.55 so far during the day.

The stock had hit a 52-week high of Rs 155 on 25 July 2016 and a 52-week low of Rs 83.90 on 12 February 2016. It had outperformed the market over the past one month till 2 January 2017, advancing 2.07% compared with the Sensexs 1.39% rise. The scrip had also outperformed the market over the past one quarter surging 6.72% as against the Sensexs 4.56% fall.

The small-cap company has equity capital of Rs 6.13 crore. Face value per share is Rs 1.

Panacea Biotec now has improved supply of Cilamin 250 capsules which has been made available in the retail market. Cilamin 250 capsules are used for treatment of Wilsons disease, Rheumatoid Arthritis and other conditions. The company had been witnessing short supply of these capsules in the market during the last few months due to non-availability of raw material D-Penicillamine in India.

On 9 December 2016, the company had released limited quantities of Cilamin 250 capsule to select stockiest all over India. Now, additional quantity of the same has been made available starting from 2 January 2017 at different stockiest all over India.

Panacea Biotec said it is in regular touch with Department of Pharmaceuticals, NPPA and Drug Controller General of India for facilitating regular supplies of Cilamin 250 capsules in the market.

Panacea Biotec reported net loss of Rs 11.84 crore in Q2 September 2016, lower than net loss of Rs 17 crore in Q2 September 2015. Net sales declined 18.3% to Rs 131.56 crore in Q2 September 2016 over Q2 September 2015.

Panacea Biotec is one of Indias leading research based biotechnology companies with established research, manufacturing and marketing capabilities.

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Havells India gets reaffirmation of credit ratings
Jan 03,2017

Havells India announced that ICRA has reaffirmed the long-term rating at [ICRA] AA+ (pronounced as ICRA double A plus) and short-term rating at [ICRA] A1+ (pronounced as ICRA A one plus) for the Line of Credit of Havells India.

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Jaypee Infratech announces resignation of director
Jan 03,2017

Jaypee Infratech announced that the Board of Directors has accepted the resignation submitted by Sachin Gaur, due to some personal reasons, from the office of Director/Whole-time Director and CFO of the Company w.e.f. 31 December 2016 through resolution by circulation.

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Suven Life gets healthy after securing two product patents
Jan 03,2017

The announcement was made during market hours today, 3 January 2017.

Meanwhile, the BSE Sensex was up 38.94 points, or 0.15%, to 26,634.39.

On the BSE, 27,878 shares were traded in the counter so far, compared with average daily volume of 64,034 shares in the past one quarter. The stock had hit a high of Rs 179.50 and a low of Rs 171 so far during the day. The stock had hit a 52-week high of Rs 269.40 on 5 January 2016. The stock had hit a 52-week low of Rs 144.35 on 19 February 2016.

The stock had underperformed the market over the past one month till 2 January 2017, falling 3.86% compared with Sensexs 1.39% rise. The scrip had also underperformed the market in past one quarter, dropping 13.57% as against Sensexs 4.56% decline.

The small-cap company has equity capital of Rs 12.73 crore. Face value per share is Re 1.

Suven Life Sciences announced the grant of one product patent from Eurasia and one product patent from Norway corresponding to the new chemical entities (NCEs) for the treatment of disorders associated with neurodegenerative diseases and these patents are valid through 2032 and 2025 respectively.

The granted claims of the patents are from the mechanism of action include the class of selective H3 Inverse agonist compounds and 5HT6 compounds and are being developed as therapeutic agents and are useful in the treatment of cognitive impairment associated with neurodegenerative disorders like Alzheimers disease, Attention deficient hyperactivity disorder (ADHD), Huntingtons disease, Major Depressive disorder (MDD), Parkinson and Schizophrenia.

Suven Life Sciences net profit rose 5.2% to Rs 26.56 crore on 1.2% decline in net sales to Rs 115.55 crore in Q2 September 2016 over Q2 September 2015.

Suven Life Sciences is a biopharmaceutical company specializing in drug discovery and developmental activities in central nervous system disorders and contract research and manufacturing services (CRAMS).

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Hisar Spinning Mills announces change in directorate
Jan 03,2017

Hisar Spinning Mills announced about the details of changes in the Board of Directors w.e.f. 29 December 2016:

1. Appointment of Mithlesh Kumar Gupta, Sudesh Kumar Garg and Sandeep Suri, as Additional Directors (Independent &Non-Executive) and Shri Nikhil Goel, as Additional Director (Non-Independent &Non-Executive) on the Board of Directors of the Company.

2. Resignation of Gopal Krishan, Managing Director, Tirloki Nath Goel & Vikas Gupta, Independent & Non-Executive directors.

3. Appointment of Anurag Gupta as the Managing Director of the Company for a period of five years.

4. Appointment of Navin Kansal as the Chief Executive Officer of the Company.

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Canara Bank announces cessation of director
Jan 03,2017

Canara Bank announced that the term of Officer Director G V Manimaran was completed on 02 January 2017 and has ceased to be the Director of the Board of the Bank.

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Balrampur Chini Mills gains after setting record date for share buyback plan
Jan 03,2017

The announcement was made after market hours yesterday, 2 January 2017.

Meanwhile, the S&P BSE Sensex was up 69.55 points or 0.26% at 26,665

On the BSE, 4.20 lakh shares were traded on the counter so far as against the average daily volumes of 2 lakh shares in the past one quarter. The stock had hit a high of Rs 137.90 and a low of Rs 132.50 so far during the day.

The stock had hit a 52-week high of Rs 138 on 1 August 2016 and a 52-week low of Rs 70.15 on 1 January 2016. The stock had outperformed the market over the past one month till 2 January 2017, advancing 9.95% compared with the Sensexs 1.39% rise. The scrip had also outperformed the market over the past one quarter advancing 20.97% as against the Sensexs 4.56% fall.

The mid-cap company has equity capital of Rs 24.50 crore. Face value per share is Re 1.

Balrampur Chini Mills said that the buyback committee of the board of directors at its meeting held yesterday, 2 January 2017 has fixed 13 January 2017 as the record date for the buyback of equity shares. The companys board had on 15 November 2016 approved buyback of upto 1 crore equity shares representing upto 4.08% of the total paid-up share capital of the company. The buyback price is Rs 175 per share payable in cash for an aggregate amount of upto Rs 175 crore. The buyback will be on a proportionate basis through the tender offer route.

Balrampur Chini Mills reported net profit of Rs 106 crore in Q2 September 2016, as compared to net loss of Rs 13.59 crore in Q2 September 2015. Net sales rose 77.1% to Rs 887.48 crore in Q2 September 2016 over Q2 September 2015.

Balrampur Chini Mills is one of the largest integrated sugar manufacturing companies in India. Its allied business consists of manufacturing and marketing of ethyl alcohol and ethanol, generation and selling of power. The company has sugar 10 factories located in UP having an aggregate crushing capacity of 76,500 tons per day.

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Kotak Mahindra Bank announces Q3 and 9M results
Jan 03,2017

Kotak Mahindra Bank announced that a meeting of the Board of Directors of the Bank will be held on 25 January 2017 to consider and take on record the unaudited financial results, standalone and consolidated, for the quarter and nine months ended 31 December 2016 (Q3).

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Union Bank of India announces cessation of CFO
Jan 03,2017

Union Bank of India announced that Vivekanand H. Kamath, Chief Financial Officer has superannuated on 31 December 2016.

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Sejal Glass provides financial and business update
Jan 03,2017

Sejal Glass has paid debt of Rs 650 crore in its books and is in process of becoming almost debt free. The Company has taken the following steps -

- Reducing fixed costs and started converting it into variable costs.
- Improve production efficiencies
- change sales policy to secured payment terms.

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White Diamond Industries launches new medines and nutritional prodcuts
Jan 03,2017

White Diamond Industries announced the launch of the following medicinal and nutritional products - Durva Powder, Rasayan Capsule, Thyrocare Capsule, Gokharu Capsule and Powder, Sitopaladi Powder, Gaumutra - Gomutra and Organic Honey.

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Titan jumps after impressive business update in Q3
Jan 03,2017

The company issued the business update after market hours yesterday, 2 January 2017.

Meanwhile, the S&P BSE Sensex was up 37.63 points or 0.14% at 26,633.08.

On the BSE, 1.34 lakh shares were traded on the counter so far as against the average daily volumes of 3.25 lakh shares in the past one quarter. The stock had hit a high of Rs 351.55 and a low of Rs 339 so far during the day.

The stock had hit a 52-week high of Rs 445 on 7 September 2016 and a 52-week low of Rs 296.30 on 21 November 2016. It had outperformed the market over the past one month till 2 January 2017, surging 6.47% compared with the Sensexs 1.39% rise. The scrip had, however, underperformed the market over the past one quarter declining 15.82% as against the Sensexs 4.56% fall.

The large-cap company has equity capital of Rs 88.78 crore. Face value per share is Rs 1.

Titan said it had one of its best festive seasons in the last few years with both Tanishq and Watches performing well above expectations.

Titan said that post the announcement of demonetization on 8 November 2016, all consumer facing businesses of the company witnessed a drastic slowdown for a few days after which recovery was clearly visible in modern retail and dedicated retail channels.

While the sale in these channels has recovered to pre-demonetisation levels, the sale in the trade channel in Watches (the multi brand outlets) has taken a hit and is yet to recover as most transactions in these outlets have been on cash basis, the company said.

The company is in the process of introducing multiple modes of electronic payment in all its stores, including UPI, E-wallets etc in order to provide customers with a plethora of payment options.

The company will continue the thrust on all its growth levers and introduce well designed products and collections to attract customers, Titan said. It also plans to continue with store expansions and investment plans in order to capitalize on the opportunities for growth and expansion.

Titan Companys net profit rose 23.5% to Rs 180.76 crore on 0.7% decline in net sales to Rs 2636.44 crore in Q2 September 2016 over Q2 September 2015.

Titan Companys main business lines are watches, jewellery and eyewear.

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Suven Life Sciences secures two product patents
Jan 03,2017

Suven Life Sciences has been granted one (1) product patent from Eurasia (025136) and one (1) product patent from Norway (339034) corresponding to the New Chemical Entities (NCEs) for the treatment of disorders associated with Neurodegenerative diseases and these Patents are valid through 2032 and 2025 respectively.

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Bhilwara Technical Textiles Board to review Q3 and 9M results
Jan 03,2017

Bhilwara Technical Textiles announced that a meeting of the Board of Directors of the Company is scheduled to be held on 20 January 2017, to consider and approve the unaudited financial results of the Company for the quarter and Nine Months ended the 31 December 2016.

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