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Larsen & Toubro Infotech appoints director
May 19,2017

Larsen & Toubro Infotech has appointed Sudip Banerjee as Non-Executive Independent Director for a period of 5 years with effect from 20 May 2017.

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Volumes jump at Blue Dart Express counter
May 19,2017

Blue Dart Express clocked volume of 36,000 shares by 14:15 IST on BSE, a 55.39-times surge over two-week average daily volume of 1,000 shares. The stock declined 0.47% to Rs 4,311.

Indoco Remedies notched up volume of 4.05 lakh shares, a 31.22-fold surge over two-week average daily volume of 13,000 shares. The stock declined 2.11% to Rs 206.85.

BASF India saw volume of 52,000 shares, a 24.46-fold surge over two-week average daily volume of 2,000 shares. The stock dropped 1.13% to Rs 1,347.60.

Take Solutions clocked volume of 7.47 lakh shares, a 21.17-fold surge over two-week average daily volume of 35,000 shares. The stock shed 2.13% to Rs 131.20.

Rushil Dn++cor saw volume of 2.64 lakh shares, a 21.01-fold rise over two-week average daily volume of 13,000 shares. The stock gained 2.75% to Rs 727.95.

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Lypsa Gems & Jewellery bags order worth Rs 22.4 crore
May 19,2017

Lypsa Gems & Jewellery has secured an order for supply loose diamonds and diamond studded Jewellery worth Rs.22.4 crore.

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Hindustan Unilever to pay final dividend
May 19,2017

Hindustan Unilever announced that final dividend, subject to the approval of shareholders, will be paid to the shareholders on or after 05 July 2017.

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Board of Shakti Pumps (India) appoints director
May 19,2017

The Board of Directors of Shakti Pumps (India) at its meeting held on 19 May 2017 has approved the appointment of Pramod Kumar Bhawsar as an Additional Independent Director. The Board has recommended final Dividend @ 20% i. e Rs.2/- per Equity Shares of Rs. 10/- each for the Financial Year ended 31 March 2017.

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Motherson Sumi Systems gains after decent Q4 results
May 19,2017

The result was announced during trading hours today, 19 May 2017.

Meanwhile, the S&P BSE Sensex was down 37.99 points, or 0.12% to 30,396.80.

On the BSE, 2.48 lakh shares were traded in the counter so far, compared with average daily volumes of 2.20 lakh shares in the past one quarter. The stock had hit a high of Rs 419.70 and a low of Rs 402 so far during the day. The stock hit a record high of Rs 421 on 16 May 2017. The stock hit a 52-week low of Rs 255.40 on 24 May 2016.

The stock had outperformed the market over the past one month till 18 May 2017, rising 9.28% compared with 3.74% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 16.72% as against Sensexs 6.91% rise.

The large-cap company has equity capital of Rs 140.35 crore. Face value per share is Re 1.

Motherson Sumi Systems consolidated EBITDA (earnings before interest, taxes, depreciation and amortization) rose 25% to Rs 1,241 crore in Q4 March 2017 over Q4 March 2016.

On a consolidated basis, Motherson Sumi Systems net profit rose 20% to Rs 1554 crore on 15% increase in revenue to Rs 41985 crore in the year ended March 2017 over the year ended March 2016. Consolidated EBITDA rose 21% to Rs 4285 in the year ended March 2017 over the year ended March 2016.

The company said its total order book stood at Rs 94900 crore as on 31 March 2017.

Meanwhile, the company said that its board has recommended issuing 1 bonus shares against the 2 existing shares, subject to the approval of the shareholders.

Motherson Sumi Systems (MSSL) is one of the worlds fastest growing specialised automotive component manufacturing company for OEMs (original equipment manufactures).

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Merchandise Exports from India Scheme being re-designed to make exports GSTcompliant
May 19,2017

The Merchandise Exports from India Scheme (MEIS) is being redesigned to make exports from India GST-compliant and the issue of working capital requirements under the new tax regime is being deliberated upon by the government, said Mr. Neeraj Prasad, Additional Commissioner, GST Cell, Central Board of Excise and Customs (CBEC).

He said that the GST regime would help build competitive advantage by leveraging supply chain. While manufacturing and trading activities at present times have a strong taxation orientation and the cost of logistics is high vis-a-vis the mature markets, adoption of GST will reduce the cost of production and distribution. It will also pave the way for the transfer of consignments directly from plant to the wholesaler and retailer, thereby eliminating the inventory cost in many supply chain operations.

Mr. Prasad said that technology in logistics, such as the use of advanced telematics, real-time vehicle tracking and route planning are likely to help manage and execute operations in a efficient and seamless manner and added that implementation of GST will finally set the ball rolling for the emergence of the hub and spoke model in the Indian transportation sector.

He said that job work under GST would encourage lean manufacturing even as the switchover to GST for the largely unorganized logistics sector would be challenging as the interplay of technology will intensify. GST, he said, would lead to re-alignment in the main verticals of supply chain and would bring down the dominating unorganised factor in the logistics business.

As regards the implications for State finances, Mr. Prasad said that the RBI in its latest report on state finances mentions that the introduction of the GST is likely to have an enduring impact on state finances as GST would lead to revenue expansion which would also possibly result in augmenting the shareable pool leading to greater transfer of resources from the Centre to the states. Furthermore, the Federal Reserve of USA, in a recent research paper states that the welfare enhancement through GST has the potential to expand the GDP by 3-4 percentage points.

Mr. Rajeev Agarwal, Senior Vice President (Outreach & Cpacity Building), Goods and Services Tax Network (GSTN), made a presentation on GST IT strategy. The mandate of GSTN, he said was to build the GST IT System to provide shared IT infrastructure and services to Central and State Governments, tax-payers and other stakeholders for implementation of GST; develop Common Registration, Return Filing and e-Payment services running on a Common GST Portal; integrate Common GST Portal with existing tax administration systems of Centre and States and build efficient and convenient interfaces for tax payers.

Sharing the GST Status Update, Mr. Harsh Mariwala, Chairman FICCIs Task Force on GST & Chairman, Marico Ltd, said that FICCI will be conducting three-day workshops on GST compliance for industry. FICCI, he said, would conduct training sessions for trade and industry starting from the first week of June. He added that FICCI has submitted compliances issues for the consideration of the government in some of the key sectors such as banking, financial, insurance, textiles, exports, ITes, transport and logistics.

Mr. Mariwala said that the Finance Minister was treating rates on a mechanical basis, which was a positive sign for industry as it meant current excise and VAT rates were being considered for fixing the tax slabs in GST. The GST Councils meeting, which is scheduled for the next two days, would primarily discuss the tax rates and exemptions under GST. He added that there would be disruptions in the implementation phase of GST and industry should prepare for it.

He said that FICCI was playing the role of a facilitator and disseminating information via various forums such as seminars about GST and helping industry to cope up with compliance issues. He added that the third series of interactive sessions on GST with KPMG was in the offing. Also, FICCI was releasing a monthly report on GST updates, which was being circulated among industry members.

Alluding to the issues, challenges, concerns and opportunities in the new tax regime, Mr. Sachin Menon, Co-Chairman, FICCIs Task Force on GST, said that the pre-requisites for smooth transition to GST were maintenance of level of inventory at each location and whether pricing of transition stock necessitate any change; co-relate closing inventory with excise invoices or other invoices and determine the extent of eligible credit; carry forward of credit allowed of tax reported in last return and ensure all invoices for goods and services received before appointed dates are accounted for in the last return; rejig of business processes - advance receipts, debit/credit notes, raising of PO, customers/vendor communication; devise strategy for pricing and promotional/incentive schemes across value chain (depot, distributor, dealer and retailer); and quick implementation of IT changes and IT to ensure smooth compliance process.

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Board of Capital First approves issue of NCDs aggregating Rs 100 crore
May 19,2017

Capital First announced that the the Debenture Committee constituted by the Board of Directors of the Company at its meeting held on 19 May 2017, has inter - alia approved an issue of Rated, Listed, Secured, Redeemable, Non-Convertible Debentures of Rs 100 crore plus Green Shoe Option of Rs 300 crore on private placement basis.

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D B Corp allots 15,421 shares
May 19,2017

D B Corp has allotted 15,421 shares of Rs. 10/- each on exercise of 15,421 stock options under DBCL-ESOS- 2010 and DBCL-ESOS- 2011 - Tranches 3, 4 and 5 Schemes to its employees covered under the scheme. The new equity shares rank pari passu in all respects with the existing capital. The issued and paid up capital has increased to 18,39,22,500 shares of Rs 10 each.

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Board of Munjal Showa approves change in directorate
May 19,2017

Munjal Showa announced that the Board of Directors of the Company at its meeting held on 19 May 2017 approved the appointment of Teruyoshi Sato as an Additional Director of the Company and accepted the resignation received from Masanao Matsui from the post of directorship.

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Central Bank of India plans to raise equity capital up to Rs 6500 crore
May 19,2017

Central Bank of India plans to raise equity capital upto Rs 6500 crore during FY 2017-18 through various modes such as preferential issue, QIP, rights issue, FPO etc subject to approval of Govt. of India, Reserve Bank of India and other statutory authorities. The Board of Directors of the Bank will consider the proposal for approval of shareholders at its meeting on 23 May 2017.

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Vardhman Polytex announces resignation of director
May 19,2017

Vardhman Polytex announced that Rakhi Oswal, Non- Executive Director of the Company, due to personal reasons, has resigned from the Board of the Company with effect from 15 May 2017.

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Jolly Plastic Industries shifts registered office
May 19,2017

Jolly Plastic Industries announced that the the Registered Office of the Company will be shifted from 7, Sidhi Vinayak, Shivshakti Complex, KantaStri Vikas Gruh, Main Road Pujara Plot, Rajkot -360003 (Gujarat) to 407, Sudarshan Commercial Complex , Limda Chowk, Rajkot-360001 Gujarat w.e.f from 01 May 2017.

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Igarashi Motors India plans scheme of amalgamation and bonus issue
May 19,2017

Igarashi Motors India plans for amalgamation of Agile Electric Sub Assembly with the Company and issue of bonus shares post the proposed merger. The proposals would be considered at board meeting on 27 May 2017.

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Vakrangee to launch Vision Statement
May 19,2017

Vakrangee will launch is Vision Statement providing insights and understanding on how the Company plans to shape its future according to its Vision Statement. The event is scheduled for 19 May 2017 on a live Webcast.

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