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Maruti gains after signing MoU with Government of Andhra Pradesh
Jul 01,2016

The announcement was made after market hours yesterday, 30 June 2016.

Meanwhile, the S&P BSE Sensex was up 171.65 points or 0.64% at 27,171.37

On BSE, so far 1,608 shares were traded in the counter as against average daily volume of 80,377 shares in the past one quarter. The stock hit a high of Rs 4,213.50 and a low of Rs 4,192.25 so far during the day. The stock had hit a 52-week low of Rs 3,202.10 on 29 February 2016. The stock had hit a record high of Rs 4,789 on 23 November 2015. The large-cap company has equity capital of Rs 151.04 crore. Face value per share is Rs 5.

Maruti Suzuki India (MSIL) announced that the company has signed a memorandum of understanding (MoU) with Government of Andhra Pradesh, to set up, manage and run Institute of Driving Training and Traffic Research at Venkatachalam village in Darsi, Prakasham district of Hyderabad. The infrastructure spread across 20 acres of land will be provided by the Andhra Pradesh Government, while Maruti Suzuki India will run and manage the institute. The infrastructure is expected to be complete by 2018.

Set up under the public-private-partnership (PPP) model, this will be Maruti Suzuki Indias first Institute of Driving Training and Traffic Research (IDTR) in South India. The company will undertake the training on lines of the other IDTRs including All Gujarat Institute of Driving, Technical Training and Research (AGIDTTR), Vadodara. The company plans to collaborate with the various government departments like Tribal Development Department to promote road safety and driving as an employment opportunity among the tribal youth of Andhra Pradesh. The main focus is to make people employable hence additional training in personality, hygiene, courtesy and communication is imparted to the youth.

Maruti Suzuki Indias net profit declined 11.7% to Rs 1133.60 crore on 12.5% growth in net sales to Rs 14929.50 crore in Q4 March 2016 over Q4 March 2015.

Maruti Suzuki India is Indias biggest car maker in terms of market share. Japanese parent Suzuki Motor Corporation currently holds 56.21% stake in Maruti (as per the shareholding pattern as on 31 March 2016).

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Setco Automotive surges ahead of NSE listing
Jun 30,2016

The announcement was made after market hours yesterday, 29 June 2016.

Meanwhile, the BSE Sensex was up 283.08 points, or 1.06% to 27,023.47

On BSE, so far 10.79 lakh shares were traded in the counter as against an average daily volume of 1.34 lakh shares in the past one quarter. The stock hit a high of Rs 54.60 so far during the day, also its 52-week high. The stock hit a low of Rs 50.70 so for during the day. The stock had hit a 52-week low of Rs 28.10 on 30 March 2016.

The companys equity capital is Rs 26.72 crore. Face value per share is Rs 2.

Setco Automotive said that the National stock Exchange of India (NSE) has granted its Listing permission to list and admit the equity shares of the company on its bourse with efffect from 1 July 2016. The stock shall be traded in the normal market segment (rolling settlement) in compulsory demat for all investors on the National Stock Exchange (NSE).

Secto Automotives net profit jumped 451.85% to Rs 16.39 crore on 34.55% surge in net sales to Rs 175.21 crore in Q4 March 2016 over Q4 March 2015.

Secto Automotive is the largest manufacturer of premium quality Lipe brand clutches for commercial vehicles in India.

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Future Enterprises gains after selling 14% in subsidiary
Jun 30,2016

The announcement was made after market hours yesterday, 29 June 2016.

Meanwhile, the BSE Sensex was up 261.82 points, or 0.98%, to 27,001.67.

On BSE, so far 2.79 lakh shares were traded in the counter, compared with an average volume of 1.83 lakh shares in the past one quarter. The stock hit a high of Rs 26 and a low of Rs 24.95 so far during the day. The stock hit a 52-week high of Rs 28.55 on 26 May 2016. The stock hit a 52-week low of Rs 13.08 on 24 August 2015. The stock had underperformed the market over the past one month till 29 June 2016, falling 6.74% compared with Sensexs 0.27% gains. The stock had, however, outperformed the market in past one quarter, rising 41.27% as against Sensexs 5.52% rise.

The mid-cap company has an equity capital of Rs 86.39 crore. Face value per share is Rs 2.

Future Enterprises said that on 28 June 2016, company has executed shareholders agreement and share purchase agreement for sale of 14% equity shares (12.75% holding of the company and 1.25% holding of management team) of Future Supply Chain Solutions (FSCSL), a subsidiary of the company, to Griffin Partners. Post sale of 12.75% stake of FSCSL, the company will continue to be the holding company of FSCSL and will hold majority stake of 57.42% in FSCSL.

Future Enterprises had announced on 6 April 2016 that SSG Capital Management Group is investing up to Rs 580 crore to acquire 40% stake of FSCSL from the existing shareholders of the company at a valuation of up to Rs 1450 crore. This will include 14% stake to be acquired from Future Retail and the management team collectively and 26% from another minority shareholder SKC1. FSCSL was incorporated in 2007 and is promoted by Future Retail and is fully IT enabled end to end supply chain and logistic company.

Separately, Future Enterprises announced after market hours yesterday, 29 June 2016 that the Committee of Directors of the company at a meeting held on 29 June 2016, has considered, approved & allotted 750,10.25% secured redeemable non-convertible debentures (NCDs) of Rs 10 lakh each, aggregating to Rs 75 crore, on private placement basis.

Future Enterprises net profit rose 60.3% to Rs 16.53 crore on 75.3% decline in net sales to Rs 676.88 crore in Q4 March 2016 over Q4 March 2015.

Future Enterprises, formerly Future Retail, and is into retail infrastructure after demerging retail business into Bharti Retail.

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L&T gains after announcing price band for subsidiarys IPO
Jun 30,2016

The announcement was made after market hours yesterday, 29 June 2016.

Meanwhile, the S&P BSE Sensex was up 293.68 points or 1.1% at 27,034.07On BSE, so far 1.65 lakh shares were traded in the counter as against average daily volume of 2.02 lakh shares in the past one quarter. The stock hit a high of Rs 1,503.95 and a low of Rs 1,484.75 so far during the day. The stock had hit a 52-week high of Rs 1,886.25 on 17 July 2015. The stock had hit a 52-week low of Rs 1,016.60 on 12 February 2016.

The large-cap company has an equity capital of Rs 186.40 crore. Face value per share is Rs 2.

L&T announced the price band of Rs 705 to Rs 710 per equity share for initial public offer (IPO) of its subsidiary L&T Infotech. A discount of Rs 10 per share will be offered to retail individual bidders. L&T is selling up to 1.75 crore shares of L&T Infotech through the IPO.

Shares of L&T had gained 0.59% to settle at Rs 1,481.80 yesterday, 29 June 2016 after the company said that the Red Herring Prospectus filed by the companys subsidiary L&T Infotech with the Registrar of Companies, Maharashtra, for an offer for sale (OFS) of shares by L&T has been approved on 28 June 2016. The offer of L&T Infotech shares will open for subscription on 11 July 2016 and close on 13 July 2016.

L&Ts consolidated net profit rose 18.6% to Rs 2453.64 crore on 17.6% rise in total income to Rs 33423.78 crore in Q4 March 2016 over Q4 March 2015.

L&T is a major Indian multinational engaged in technology, engineering, construction, manufacturing and financial services. It operates in more than 30 countries worldwide.

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Torrent Pharma gains after acquiring API manufacturing unit
Jun 30,2016

The announcement was made during market hours today, 30 June 2016.

Meanwhile, the S&P BSE Sensex was up 317.27 points or 1.14% at 27045.19.

On BSE, so far 6,114 shares were traded in the counter as against average daily volume of 11,638 shares in the past one quarter. The stock hit a high of Rs 1,373 and a low of Rs 1,351.40 so far during the day. The stock had hit a record high of Rs 1,720 on 1 September 2015. The stock had hit a 52-week low of Rs 1,190 on 12 February 2016. The stock had underperformed the market over the past one month till 29 June 2016, falling 2.14% compared with Sensexs 0.27% gains. The stock had also underperformed the market in past one quarter, rising 0.4% as against Sensexs 5.52% rise.

The large-cap company has equity capital of Rs 84.61 crore. Face value per share is Rs 5.

Torrent Pharma has entered into a binding agreement to acquire the Active Pharmaceutical Ingredients (API) manufacturing unit of Hyderabad-based Glochem Industries along with a few Drug Master Files (DMF) as a going concern on slump sale basis. Torrent Pharma currently has five formulation manufacturing units and with this acquisition it will have 3 API facilities for the regulated markets, in the near future.

The API unit approved by the United States Food & Drug Administration (USFDA) and the European regulatory authorities is a multi-product facility, with a capacity to manufacture Advance Intermediates & Active Pharmaceutical Ingredients (APIs). This will be beneficial in companys growth trajectory. The acquisition will help Torrent Pharma in vertically integrating its Abbreviated New Drug Application (ANDA) filings in the future.

The facility located at JNPC Parawada District, Vizag, currently has three blocks for advance Intermediate manufacturing and four blocks for API manufacturing. The facility also has capabilities for on site development, analytical method development, quality control laboratory and a pilot plant.

Jinesh Shah, Executive Director (operations) at Torrent Pharma said acquisition of the site will further help in backward integration and scale up of Torrents manufacturing capacity to meet the growing demand from the international markets.

Torrent Pharmaceuticals consolidated net profit surged 174.6% to Rs 357 crore on 29.9% rise in net sales to Rs 1473 crore in Q4 March 2016 over Q4 March 2015.

Torrent Pharma is the flagship company of the Torrent Group. The company is engaged in the manufacture of formulations and bulk drugs.

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Volumes jump at Divis Laboratories counter
Jun 30,2016

Divis Laboratories notched up volume of 4.74 lakh shares by 13:45 IST on BSE, a 34.31-fold surge over two-week average daily volume of 14,000 shares. The stock gained 0.02% at Rs 1,108.75.

Gujarat State Fertilizers & Chemicals clocked volume of 11.47 lakh shares, a 9.37-times surge over two-week average daily volume of 1.22 lakh shares. The stock rose 5.97% at Rs 79.90.

Gujarat Narmada Valley Fertilizers & Chemicals saw volume of 9.69 lakh shares, a 6.47-fold surge over two-week average daily volume of 1.5 lakh shares. The stock surged 12.17% at Rs 166.80.

MRF clocked volume of 7,000 shares, a 5.84-fold surge over two-week average daily volume of 1,000 shares. The stock gained 0.08% at Rs 33,400.

Alembic Pharmaceuticals saw volume of 1.22 lakh shares, a 5.63-fold rise over two-week average daily volume of 22,000 shares. The stock galloped 6.04% at Rs 580 after the company announced that it did not receive any Form 483 observations from United States Food & Drug Administration (USFDA) for the companys API facilities-Active Pharmaceutical Ingredients (API) I and API II, both, located at Panelav, Gujarat and the units were successfully inspected by the USFDA between 20 June 2016 and 29 June 2016. The announcement was made during market hours today, 30 June 2016.

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Firstsource Solutions gains as subsidiary makes quarterly repayment on its outstanding debt
Jun 30,2016

The announcement was made during trading hours today, 30 June 2016.

Meanwhile, the BSE Sensex was up 163.86 points, or 0.61%, to 26,904.25

On BSE, so far 6.21 lakh shares were traded in the counter as against average daily volume of 6.06 lakh shares in the past one quarter. The stock hit a high of Rs 47 and a low of Rs 45.80 so far during the day. The stock hit a 52-week high of Rs 48.85 on 10 June 2016. The stock hit a 52-week low of Rs 25.15 on 25 August 2015. The stock had outperformed the market over the past 30 days till 29 June 2016, rising 14.47% compared with Sensexs 0.27% gains. The stock had also outperformed the market in past one quarter, rising 35.01% as against Sensexs 5.52% rise.

The small-cap firm has equity capital of Rs 674.42 crore. Face value per share is Rs 10.Firstsource Solutions said that Firstsource Group USA, Inc, a wholly-owned subsidiary of the company, has successfully made its fifth quarterly repayment of $11.25 million on its outstanding debt on 30 June 2016.

Firstsource Solutions consolidated net profit rose 38.53% to Rs 79.67 crore on 6.71% rise in total income to Rs 874.97 crore in Q4 March 2016 over Q3 December 2015.

Firstsource Solutions is a leading global provider of customized Business Process Management (BPM) services to the Healthcare, Telecom & Media and Banking & Financial Services industries. It has operations in India, Philippines, Sri Lanka, UK and US.

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Gayatri Projects gains after securing highway project
Jun 30,2016

The announcement was made during market hours today, 30 June 2016.

Meanwhile, the BSE Sensex was up 174.35 points, or 0.65%, to 26,914.74

On BSE, so far 7,498 shares were traded in the counter, compared with an average volume of 15,244 shares in the past one quarter. The stock hit a high of Rs 649.65 and a low of Rs 622.05 so far during the day. The stock hit a record high of Rs 769.20 on 24 December 2015. The stock hit a 52-week low of Rs 260.80 on 30 June 2015. The stock had outperformed the market over the past 30 days till 29 June 2016, rising 9.77% compared with Sensexs 0.27% gains. The stock had also outperformed the market in past one quarter, rising 18.68% as against Sensexs 5.52% rise.

The small-cap company has an equity capital of Rs 35.45 crore. Face value per share is Rs 10.

Gayatri Projects said that the contract is on an engineering, procurement and construction (EPC) basis, which furthers the managements plan to adopt an asset-light model and reinforces the companys position as one of Indias top highway builders.

Gayatri Projects net profit jumped 78.68% to Rs28.50 crore on 18.78% growth in total income to Rs 668.31 crore in Q4 March 2016 over Q4 March 2015.

Gayatri Projects is a Hyderabad-based infrastructure and construction company with a presence across the segment, and a special focus on road and irrigation projects.

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Alembic Pharma jumps after successful USFDA audit of Panelav API facilities
Jun 30,2016

The announcement was made during market hours today, 30 June 2016.

Meanwhile, the BSE Sensex was up 150.14 points, or 0.56%, to 26,890.79.

High volumes were witnessed on the counter. On BSE, so far 1.13 lakh shares were traded in the counter, compared with an average volume of 27,700 shares in the past one quarter. The stock hit a high of Rs 595 and a low of Rs 547.35 so far during the day. The stock hit a record high of Rs 791.70 on 15 July 2015. The stock hit a 52-week low of Rs 514.35 on 5 February 2016. The stock had outperformed the market over the past one month till 29 June 2016, gaining 0.65% compared with Sensexs 0.33% gains. The stock had, however, underperformed the market in past one quarter, dropping 7.74% as against Sensexs 7.39% rise.

The large-cap company has an equity capital of Rs 37.70 crore. Face value per share is Rs 2.

Alembic Pharmaceuticals announced that it did not receive any Form 483 observations from United States Food & Drug Administration (USFDA) for the companys API facilities-Active Pharmaceutical Ingredients (API) I and API II both located at Panelav, Gujarat and the units were successfully inspected by the USFDA between 20 June 2016 and 29 June 2016.

An FDA Form 483 is issued to a firm at the conclusion of an inspection when an investigator has observed any conditions that in their judgement may constitute violations of the Food Drug and Cosmetic (FD&C) Act and related Acts.

Alembic Pharmaceuticals consolidated net profit rose 29.6% to Rs 91.18 crore on 24.7% rise in net sales to Rs 625.55 crore in Q4 March 2016 over Q4 March 2015.

Alembic Pharmaceuticals is a vertically integrated research and development pharmaceutical company. It manufactures and markets generic pharmaceutical products all over the world.

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Sagar Cements gains after boards approval for acquisition of grinding unit in AP
Jun 30,2016

The announcement was made after market hours yesterday, 29 June 2016.

Meanwhile, the S&P BSE Sensex was up 169.69 points or 0.63% at 26,910.28.

On BSE, so far 16,019 shares were traded in the counter as against average daily volume of 16,401 shares in the past one quarter. The stock hit a high of Rs 710 and a low of Rs 681 so far during the day. The stock had hit a record high of Rs 719 on 28 June 2016. The stock had hit a 52-week low of Rs 305.10 on 25 August 2015. The stock had outperformed the market over the past one month till 29 June 2016, gaining 15.63% compared with Sensexs 0.33% gains. The stock had also outperformed the market in past one quarter, advancing 78% as against Sensexs 7.39% rise.

The mid-cap company has equity capital of Rs 17.39 crore. Face value per share is Rs 10.

Sagar Cements said that the companys board of directors at its meeting held yesterday, 29 June 2016 accorded its in principle approval for the acquisition of the entire assets in the grinding unit of 1.81 lakh tons per annum capacity in Bayyavaram, Vizag district, Andhra Pradesh, owned by Toshali Cements, Hyderabad, at a cost of around Rs 60 crore (including transaction cost). The transaction which is expected to be completed by 30 September 2016, is subject to successful completion of due diligence and obtaining of other approvals as may be required by the company to commence its grinding operations in the unit. Post acquisition, the company proposes to increase the capacity of the unit to 3 lakh tons per annum by optimizing the equipment already available with the company by infusion of funds to the extent of around Rs 6 crore. The acquisition of the assets will enable the company to save logistics cost and to introduce slag cement to cater markets in Visakhapatnam, Vizianagaram, Srikakulam and parts of Orissa.

Sagar Cements net profit fell 29.9% to Rs 15.21 crore on 16% decline in net sales to Rs 152.11 crore in Q4 March 2016 over Q4 March 2015.

Sagar Cements is engaged in manufacturing of cement.

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Majesco gains after announcing strategic partnership with iSIGN
Jun 30,2016

The announcement was made after market hours yesterday, 29 June 2016.

Meanwhile, the S&P BSE Sensex was up 193.31 points or 0.72% at 26,933.70

On BSE, so far 21,000 shares were traded in the counter as against average daily volume of 28,892 shares in the past one quarter. The stock hit a high of Rs 549.45 and a low of Rs 537.20 so far during the day. The stock had hit a record high of Rs 789 on 12 January 2016. The stock had hit a record low of Rs 288.60 on 10 September 2015. The stock had underperformed the market over the past 30 days till 29 June 2016, falling 6.55% compared with Sensexs 0.27% gains. The stock had also underperformed the market in past one quarter, sliding 6.97% as against Sensexs 5.52% rise.

The small-cap company has equity capital of Rs 11.59 crore. Face value per share is Rs 5.

Majesco and iSign Solutions Inc. (iSIGN), announced that iSIGN has joined Majescos partner ecosystem. Through this strategic partnership, Majesco will use iSIGNs electronic signature solution to deliver Majescos solutions to its insurance customers. iSIGN is a provider of digital transaction management software enabling fully digital (paperless) business processes. iSIGNs solutions encompass a wide array of functionality and services, including electronic signatures, simple-to-complex workflow management and various options for biometric authentication.

Majesco reported consolidated net loss of Rs 1.97 crore in Q4 March 2016 compared with net profit of Rs 7.92 crore in Q3 December 2015. Total income rose 12.38% to Rs 223.81 crore in Q4 March 2016 over Q3 December 2015.

Majesco enables insurance business transformation for about 150 insurance customers worldwide by providing solutions which include software, consulting and services.

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L T Foods gains after incorporating subsidiary in UK
Jun 30,2016

The announcement was made after market hours yesterday, 29 June 2016.

Meanwhile, the BSE Sensex was up 197.71 points, or 0.74%, to 26,938.10.

Higher volumes were witnessed on the counter. On BSE, so far 18,486 shares were traded in the counter, compared with an average volume of 4,749 shares in the past one quarter. The stock hit a high of Rs 257.20 and a low of Rs 248 so far during the day. The stock hit a record high of Rs 314.40 on 24 November 2015. The stock hit a 52-week low of Rs 144 on 25 August 2015. The stock had underperformed the market over the past one month till 29 June 2016, falling 2.51% compared with Sensexs 0.33% gains. The stock had, however, outperformed the market in past one quarter, advancing 9.22% as against Sensexs 7.39% rise.

The small-cap company has an equity capital of Rs 26.66 crore. Face value per share is Rs 10.

L T Foods added that it is evaluating the option to set up a facility in Europe to more effectively service customers in International markets.

On a consolidated basis, net profit of L T Foods fell 74.4% to Rs 5.55 crore on 14% rise in net sales to Rs 805.13 crore in Q4 March 2016 over Q4 March 2015.

L T Foods offers branded basmati rice, value-added staples and organic food. L T Foods operations include contract farming, procurement, storage, processing, packaging and distribution. It is also engaged in research and development to add value to rice and rice food products.

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Metal and mining stocks rise as Cabinet approves National Mineral Exploration Policy
Jun 30,2016

JSW Steel (up 0.17%), Bhushan Steel (up 5.24%), Vedanta (up 1.38%), Hindalco Industries (up 1.5%), Hindustan Zinc (up 1.78%), Jindal Steel & Power (up 0.17%), Tata Steel (up 1.47%), Steel Authority of India (Sail) (up 1.6%), National Aluminum Company (up 0.59%) and NMDC (up 1.18%) gained. Hindustan Copper fell 1.01%.

Meanwhile, the S&P BSE Metal index was up 72.23 points or 0.86% at 8,446.25. It outperformed the Sensex which was up 200.67 points or 0.75% at 26,941.06

The BSE Metal index index had outperformed the market over the past 30 days till 29 June 2016, rising 5.33% compared with Sensexs 0.27% gains. The index had also outperformed the market in past one quarter, advancing 11.05% as against Sensexs 5.52% rise.

The National Mineral Exploration Policy (NMEP) primarily aims at accelerating the exploration activity in the country through enhanced participation of the private sector.

Meanwhile, copper prices rose in global commodities markets. High Grade Copper for September 2016 delivery was currently up 0.39% at $2.1945 per pound on the COMEX.

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Auto stocks advance post Cabinets approval for 7th Pay Commissions recommendations
Jun 30,2016

The announcement by the Government was made during market hours yesterday, 29 June 2016.

Meanwhile, the BSE Sensex was up 243.34 points, or 0.91%, to 26,983.73.

Hero MotoCorp (up 2.15%), Tata Motors (up 2.94%), Maruti Suzuki (India) (up 0.82%), Escorts (up 0.88%), TVS Motor Company (up 3.67%), Bajaj Auto (up 1.56%), Mahindra & Mahindra (up 0.8%), Ashok Leyland (up 0.66%) and Eicher Motors (up 0.72%) edged higher.

Investors are betting that increase in salaries and payment of arrears to government employees due to the implementation of the 7th Pay Commission recommendations will boost consumer spending and lift demand for two-wheelers and passenger vehicles.

The BSE Auto index had outperformed the market over the past 30 days till 29 June 2016, rising 4.06% compared with Sensexs 0.33% gains. The index had also outperformed the market in past one quarter, advancing 9.84% as against Sensexs 7.39% rise.

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi approved the implementation of the recommendations of 7th Central Pay Commission (CPC) on pay and pensionary benefits. It will come into effect from 1 January 2016.

The Cabinet has decided that arrears of pay and pensionary benefits will be paid during the current financial year ending 31 March 2017 (FY 2017) itself, unlike in the past when parts of arrears were paid in the next financial year. The recommendations will benefit over 1 crore employees. This includes over 47 lakh central government employees and 53 lakh pensioners, of which 14 lakh employees and 18 lakh pensioners are from the defence forces. As estimated by the 7th CPC, the additional financial impact on account of implementation of all its recommendations in FY 2017 will be Rs 1.02 lakh crore. There will be an additional implication of Rs 12133 crore on account of payments of arrears of pay and pension for two months of FY 2016.

The present system of Pay Bands and Grade Pay has been dispensed with and a new Pay Matrix as recommended by the Commission has been approved. The status of the employee, hitherto determined by grade pay, will now be determined by the level in the Pay Matrix. Separate Pay Matrices have been drawn up for Civilians, Defence Personnel and for Military Nursing Service. The principle and rationale behind these matrices are the same.

All existing levels have been subsumed in the new structure; no new levels have been introduced nor has any level been dispensed with. Index of Rationalisation has been approved for arriving at minimum pay in each Level of the Pay Matrix depending upon the increasing role, responsibility and accountability at each step in the hierarchy. The minimum pay has been increased from Rs 7000 to Rs 18000 per month. Starting salary of a newly recruited employee at lowest level will now be Rs 18000 whereas for a freshly recruited Class I officer, it will be Rs 56100.

For the purpose of revision of pay and pension, a fitment factor of 2.57 will be applied across all Levels in the Pay Matrices. Rate of increment has been retained at 3%. This will benefit the employees in future on account of higher basic pay as the annual increments that they earn in future will be 2.57 times than at present.

The Cabinet approved further improvements in the Defence Pay Matrix by enhancing Index of Rationalisation for Level 13A (Brigadier) and providing for additional stages in Level 12A (Lieutenant Colonel), 13 (Colonel) and 13A (Brigadier) in order to bring parity with Combined Armed Police Forces (CAPF) counterparts at the maximum of the respective Levels. Gratuity ceiling enhanced from Rs 10 to 20 lakh. The ceiling on gratuity will increase by 25% whenever dearness allowance (DA) rises by 50%. Rates of Military Service Pay revised from Rs 1000, 2000, 4200 & 6000 to 3600, 5200, 10800 & 15500 respectively for various categories of Defence Forces personnel.

The Cabinet also approved the recommendation of the Commission to enhance the ceiling of House Building Advance from Rs 7.50 lakh to 25 lakh. The Cabinet also decided not to accept the steep hike in monthly contribution towards Central Government Employees Group Insurance Scheme (CGEGIS) recommended by the Commission. The existing rates of monthly contribution will continue. This will increase the take home salary of employees at lower levels by Rs 1470.

The general recommendations of the Commission on pension and related benefits have been approved by the Cabinet. Both the options recommended by the Commission as regards pension revision have been accepted subject to feasibility of their implementation. The Cabinet also decided to constitute two separate Committees to suggest measures for streamlining the implementation of National Pension System (NPS) and to look into anomalies likely to arise out of implementation of the Commissions Report.

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Realty stocks extend gains
Jun 30,2016

The announcement was made during market hours yesterday, 29 June 2016.

Meanwhile, the BSE Sensex was up 236.35 points, or 0.88%, to 26,976.74.

Unitech (up 1.11%), Sobha (up 1.68%), Housing Development and Infrastructure (HDIL) (up 1.96%), D B Realty (up 2.06%), Indiabulls Real Estate (up 1.41%), Godrej Properties (up 0.85%), Phoenix Mills (up 0.03%), Prestige Estates Projects (up 0.71%), and Oberoi Realty (up 1.15%), edged higher.

Realty shares extended previous sessions gains on expectations that demand for new homes will rise as a result of the increase in salaries and payment of arrears to government employees due to the implementation of the 7th Pay Commission recommendations.

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi approved the implementation of the recommendations of 7th Central Pay Commission (CPC) on pay and pensionary benefits. It will come into effect from 1 January 2016.

The Cabinet has decided that arrears of pay and pensionary benefits will be paid during the current financial year ending 31 March 2017 (FY 2017) itself, unlike in the past when parts of arrears were paid in the next financial year. The recommendations will benefit over 1 crore employees. This includes over 47 lakh central government employees and 53 lakh pensioners, of which 14 lakh employees and 18 lakh pensioners are from the defence forces. As estimated by the 7th CPC, the additional financial impact on account of implementation of all its recommendations in FY 2017 will be Rs 1.02 lakh crore. There will be an additional implication of Rs 12133 crore on account of payments of arrears of pay and pension for two months of FY 2016.

The present system of Pay Bands and Grade Pay has been dispensed with and a new Pay Matrix as recommended by the Commission has been approved. The status of the employee, hitherto determined by grade pay, will now be determined by the level in the Pay Matrix. Separate Pay Matrices have been drawn up for Civilians, Defence Personnel and for Military Nursing Service. The principle and rationale behind these matrices are the same.

All existing levels have been subsumed in the new structure; no new levels have been introduced nor has any level been dispensed with. Index of Rationalisation has been approved for arriving at minimum pay in each Level of the Pay Matrix depending upon the increasing role, responsibility and accountability at each step in the hierarchy. The minimum pay has been increased from Rs 7000 to Rs 18000 per month. Starting salary of a newly recruited employee at lowest level will now be Rs 18000 whereas for a freshly recruited Class I officer, it will be Rs 56100.

For the purpose of revision of pay and pension, a fitment factor of 2.57 will be applied across all Levels in the Pay Matrices. Rate of increment has been retained at 3%. This will benefit the employees in future on account of higher basic pay as the annual increments that they earn in future will be 2.57 times than at present.

The Cabinet approved further improvements in the Defence Pay Matrix by enhancing Index of Rationalisation for Level 13A (Brigadier) and providing for additional stages in Level 12A (Lieutenant Colonel), 13 (Colonel) and 13A (Brigadier) in order to bring parity with Combined Armed Police Forces (CAPF) counterparts at the maximum of the respective Levels. Gratuity ceiling enhanced from Rs 10 to 20 lakh. The ceiling on gratuity will increase by 25% whenever dearness allowance (DA) rises by 50%. Rates of Military Service Pay revised from Rs 1000, 2000, 4200 & 6000 to 3600, 5200, 10800 & 15500 respectively for various categories of Defence Forces personnel.

The Cabinet also approved the recommendation of the Commission to enhance the ceiling of House Building Advance from Rs 7.50 lakh to 25 lakh. The Cabinet also decided not to accept the steep hike in monthly contribution towards Central Government Employees Group Insurance Scheme (CGEGIS) recommended by the Commission. The existing rates of monthly contribution will continue. This will increase the take home salary of employees at lower levels by Rs 1470. However, considering the need for social security of employees, the Cabinet has asked Ministry of Finance to work out a customized group insurance scheme for Central Government Employees with low premium and high risk cover.

The general recommendations of the Commission on pension and related benefits have been approved by the Cabinet. Both the options recommended by the Commission as regards pension revision have been accepted subject to feasibility of their implementation. The Cabinet also decided to constitute two separate Committees to suggest measures for streamlining the implementation of National Pension System (NPS) and to look into anomalies likely to arise out of implementation of the Commissions Report.

The BSE Realty index had outperformed the market over the past 30 days till 29 June 2016, rising 5.18% compared with Sensexs 0.33% gains. The index had also outperformed the market in past one quarter, advancing 26.88% as against Sensexs 7.39% rise.

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