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Indian Hotels Company attracts investors on fund raising plan
Aug 17,2017

The announcement was made after market hours yesterday, 16 August 2017.

Meanwhile, the S&P BSE Sensex was up 96.64 points, or 0.3%, to 31,867.53.

On the BSE, 25,758 shares were traded in the counter so far, compared with average daily volume of 1.43 lakh shares in the past one quarter. The stock had hit a high of Rs 134.30 and a low of Rs 126.75 so far during the day. The stock had hit a 52-week high of Rs 145.65 on 18 May 2017. The stock had hit a 52-week low of Rs 88.80 on 21 November 2016.

The stock had outperformed the market over the past one month till 16 August 2017, gaining 1.49% compared with the Sensexs 0.78% decline. The stock had, however, underperformed the market over the past one quarter, declining 12.75% as against the Sensexs 3.89% rise. The scrip had also underperformed the market over the past one year, dropping 1.33% as against the Sensexs 13.21% rise.

The large-cap company has an equity capital of Rs 98.93 crore. Face value per share is Re 1.

On a consolidated basis, Indian Hotels Company reported net loss of Rs 24.96 crore in Q1 June 2017 as compared with net loss of Rs 169.45 crore in Q1 June 2016. Net sales fell 4.2% to Rs 907.30 crore in Q1 June 2017 over Q1 June 2016.

Indian Hotels Company and its subsidiaries, collectively known as Taj Group, are engaged in the business of owning, operating & managing hotels, palaces and resorts. The company is a Tata group company.

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Cabinet approves closure of Andaman & Nicobar Islands Forest and Plantation Development Corporation Limited (ANIFPDCL), Port Blair
Aug 17,2017

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, has approved the closure of Andaman & Nicobar Islands Forest and Plantation Development Corporation Limited (ANIFPDCL), Port Blair, a Central Government Undertaking and discharging the liabilities of all the employees.

The closure will help to stop unproductive loans to ANIFPDCL from Gol and would enable a more productive utilization of assets.

This would be achieved by offering Voluntary Retirement Scheme (VRS) / Voluntary Separation Scheme (VSS) package to willing employees and by retrenchment under Industrial Disputes Act, 1947 of those not opting for VRS/VSS including settlement of other liabilities, if any.

At present, there are 836 employees on the rolls of the Corporation.

The closure will be done by infusing funds in the following manner:

n++ Infusion of funds of Rs. 125.72 crore through budgetary support from Gol for funding VSS of all employees on 2007 notional pay scales and for discharging other liabilities.

n++ Write-off of Gol loans of Rs. 186.83 crore given to ANIFPDCL and accrued interest of Rs 185.18 crore with freezing of interest as on 31.03.2017 after closure of the Corporation.

n++ Auction of movable assets (Plant & machinery, electrical equipment, vehicles & office equipment, furniture & fixture, elephant & livestock, plantation & other inventories etc.) of ANIFPDCL through Metal Scrap Trading Corporation Ltd. (MSTC Ltd),

n++ Ministry of Environment Forests and Climate Change (MoEF&CC) will transfer/sale of immovable assets i.e. land and /or buildings of ANIFPDCL through NBCC Ltd.

Background:

The ANIFPDCL, a Government of India Public Sector Undertaking was set up in 1977, with the objective of development and managing forestry plantations in the Islands. The ANIFPDCL has been operating three main projects viz., Forestry Project, Red Oil Palm Project (ROP) and Katchal Rubber Project (KRP). The forestry operations were the main activities of the Corporation and contributed around 75% of the total revenue. Due to suspension of the forestry activities in view of the order dated 10.10,2001 and 07.05.2002 of Supreme Court, the ANIFPDCL has become an overall loss making venture since 2001 onwards. As a result, the ANIFPDCL was not able to pay salary and wages to its employees. In order to ensure disbursement of salary to the employees of tine Corporation, and other statutory payments, the GoI provided financial assistance to the ANIFPDCL in the form of interest bearing loan.

During the last fifteen years, various committees were appointed and professional agencies were engaged by the Ministry from time to time and they have thoroughly examined all possible avenues that could be availed for revival of the forest Corporation, including right sizing the staff. Based on those decisions, several proposals were examined, but none of them fructified. After thorough examination, Government of India decided to close down the Corporation.

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Infosys advances on share buyback plan
Aug 17,2017

The announcement was made after market hours yesterday, 16 August 2017.

Meanwhile, the S&P BSE Sensex was up 18.44 points or 0.06% at 31,789.33.

On the BSE, 41,518 shares were traded on the counter so far as against the average daily volumes of 2.79 lakh shares in the past one quarter. The stock had hit a high of Rs 1,010 and a low of Rs 1,000 so far during the day. The stock had hit a 52-week high of Rs 1,080.70 on 14 October 2016 and a 52-week low of Rs 900.30 on 9 November 2016.

The stock had outperformed the market over the past one month till 16 August 2017, gaining 0.49% compared with the Sensexs 0.78% decline. The stock had, however, underperformed the market over the past one quarter, gaining 2.12% as against the Sensexs 3.89% rise. The scrip had also underperformed the market over the past one year, dropping 7.06% as against the Sensexs 13.21% rise.

The large-cap company has equity capital of Rs 1148.47 crore. Face value per share is Rs 5.

Infosys consolidated net profit fell 3.3% to Rs 3483 crore on 0.2% decline in revenue to Rs 17078 crore in Q1 June 2017 over Q4 March 2017.

Infosys is a global leader in technology services and consulting.

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Shares of SMS Lifesciences India get listed
Aug 17,2017

The equity shares of SMS Lifesciences India (Scrip Code: 540679) are listed effective 17 August 2017 and admitted to dealings on the Exchange in the list of T Group Securities.

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Infosys proposes buyback of equity shares
Aug 17,2017

Infosys announced that the Board of Directors of the Company will consider a proposal for buyback of equity shares of the Company at its meeting to be held on 19 August 2017.

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Phoenix Lamps gets NCLT approval for Scheme of Amalgamation
Aug 17,2017

Phoenix Lamps announced that the Honble National Company Law Tribunal (NCLT), Bengaluru Bench has approved the scheme of amalgamation of Phoenix Lamps with its holding Company, Suprajit Engineering on 11 August 2017.

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Cabinet approves Scheme of Budgetary Support under GST Regime to the eligible units located in States of J&K, Uttarakhand, HP, Sikkim
Aug 17,2017

The Cabinet Committee on Economic Affairs chaired by the Prime Minister Shri Narendra Modi has given its approval to the Scheme of providing Budgetary Support under Goods and Service Tax Regime for the eligible industrial units located in State of Jammu & Kashmir, Uttarakhand, Himachal Pradesh and North Eastern States including Sikkim. Budgetary support of Rs. 27,413 crore for the said Scheme has been approved for the period from 1.7.2017 till 31.03.2027 for such industrial units located in aforesaid States which availed the benefit of Central Excise exemption prior to coming into force of GST regime.

The Government of India was implementing North East Industrial and Investment Promotion Policy (NEIIPP), 2007 for North Eastern States including Sikkim and Package for Special Category States for Jammu & Kashmir, Uttarakhand and Himachal Pradesh to promote industrialization. One of the benefits of the NEIIPP, 2007 and Package for Special Category States was excise duty exemption for first 10 years after commencement of commercial production.

Upon repeal of the Central Excise duty laws, the Government has decided to pay a budgetary support equal to the central share of the cash component of CGST and IGST paid by the affected eligible industrial units. The support shall be available for the residual period (ten years from the date of the commercial production) in the States of North Eastern region and Himalayan States. DIPP will notify the Scheme, including detailed operational guidelines for implementation of the scheme within 6 weeks.

It is estimated that total number of 4284 eligible units located in the State(s) of Jammu & Kashmir, Uttarakhand, Himachal Pradesh and North Eastern States including Sikkim will benefit from the above scheme.

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Infosys may gain on share buyback plan
Aug 17,2017

Infosys announced that the board of directors of the company will consider a proposal for buyback of equity shares at its meeting to be held on 19 August 2017. The announcement was made after market hours yesterday, 16 August 2017.

Shoppers Stop said that with effect from yesterday, 16 August 2017, the company has closed Shoppers Stop store at Shyamala Towers - Chennai, due to lower than expected businesses and its low profitability. During the last financial year, sales from this store was 0.35% of the turnover of the company. With this closure, the company has now 79 Shoppers Stop (including six airport stores) stores under its operations. The announcement was made after market hours yesterday, 16 August 2017.

Indian Hotels Company scheduled a board meeting on 21 August 2017 for considering various fund raising options. The announcement was made after market hours yesterday, 16 August 2017.

Yes Bank with effect from 1st September 2017 has revised its savings account interest rate slabs for resident & non-resident customers. The new slabs were: 5% per annum for savings balances less than Rs 1 Lakh, 6% (unchanged) for balances of Rs 1 lakh to less than Rs 1 crore and 6.25% per annum for balances above Rs 1 crore. The announcement was made after market hours yesterday, 16 August 2017.

Piramal Enterprises said that Decision Resources Inc. wholly owned subsidiary of Piramal Enterprises in USA has acquired 100% of common and preferred stock of Context Matters Inc. The closing date of acquisition is 16 August 2017. Context Matters is a health economics data and technology company delivering global market access insights to the life sciences industry. The announcement was made after market hours yesterday, 16 August 2017.

United Bank of India said that it has reduced deposit rates for deposit upto Rs 1 crore from 6.25% to 6.1% per annum. Deposit rate for more than Rs 1 crore has been reduced from 4.5% to 4.35% and amount upto Rs 50 lakh has been revised downwards from 4% to 3.5% effective 18 August 2017. The announcement was made after market hours yesterday, 16 August 2017.

Majesco, USA, (Majesco) the Insurance arm and a subsidiary of Majesco announced about the tier one customer expanding its strategic partnership with Majesco to provide additional services including development, testing and business analysis for their multi-year modernization program. The announcement was made after market hours yesterday, 16 August 2017.

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Cabinet approves creation of one post of Director and three non-teaching posts for NIT, Andhra Pradesh
Aug 16,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval to the creation of one post of Director with basic pay of Rs. 75,000 + a special allowance of Rs,5000/- and three non-teaching posts (Registrar, Librarian and Principal Students Activity & Sports (SAS) Officer) with Grade Pay of Rs.10,000/- for National institute of Technology (NIT), Andhra Pradesh.

Background:

NITs are Institutions of National Importance known to be among the best teaching Institutions in the field of engineering and technology which have made a remarkable presence with their high quality technical education. The job opportunities will be for the post of Director and three Non Faculty posts i.e. Registrar, Librarian and Principal Students Activity & Sports (SAS) Officer. They will be responsible for running of NIT Andhra Pradesh which will produce high quality, technical manpower which will fuel entrepreneurship and generation of job opportunities throughout the country.

Consequent upon the assent of the President of India on 1st March, 2014 to the bifurcation of the State of Andhra Pradesh, the Ministry of Human Resource Development (HRD) has established NIT at the successor State of Andhra Pradesh as per Schedule 13 (Education) of the Andhra Pradesh Reorganization Act, 2014.

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IDBI Bank allots equity shares
Aug 16,2017

IDBI Bank has allotted 247492510 equity shares to Govt. of India and 51322131 equity shares to Life Insurance Corporation of India at a price of Rs. 76.77 per share (inclusive of premium of Rs. 66.77 per share) through Preferential Issue.

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Shervani Industrial Syndicate fixes record date for buyback
Aug 16,2017

Shervani Industrial Syndicate has fixed 1st September 2017 as the Record Date for the purpose of Buy Back.

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Strides Shasun grants stock options
Aug 16,2017

Strides Shasun on 14th August 2017 has granted 100,000 options to an eligible employee of the Company under the Strides Shasun ESOP 2016 scheme at Rs 656.10 per option.

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Orosil Smiths India fixes record date
Aug 16,2017

Orosil Smiths India has fixed 28 August 2017 as the Record Date for the purpose of sub-division of Equity Shares.

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Kwality allots equity shares
Aug 16,2017

Kwality has allotted 69,400 Equity Shares of the face value of Re 1/- each under Kwality Employee Stock Option Plan 2014.

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Cochin Shipyard completes a landmark IPO; Raises funds for its expansion projects
Aug 16,2017

Cochin Shipyard under the Ministry of Shipping was listed in Bombay Stock Exchange and National Stock Exchange on 11 August 2017. The company has raised Rs 1442crores from the IPO which has been a combination of fresh issue and offer for sale in the ratio of 2:1. The IPO was oversubscribed by over 75 times with more than Rs 1.11 lakh crore being raised against the offer of Rs 1442crores.

The Issue also saw a strong interest from retail segment with over 20 lakh applications , the highest in the last decade. The QIB portion was over subscribed by over 63 times and the HNI portion was over subscribed by 287 times. After listing the shares in the exchange, they opened at 20% increase despits the markets being low. The company undertook very detailed roadshows in India, Far East, Europe and US. Overall there was very positive market sentiments, towards the IPO.

The proceeds of the fresh issue part of the IPO, totaling approximately Rs 961crores will be used by CSL for part funding two expansion projects costing Rs 2800 crores. The projects are - a dry dock at the Cochin Shipyard premises to accommodate bigger ships for building and repair and a ship repair facility in the adjacent Cochin Port Trust premises by setting up of a ship lift and transfer system.

Cochin Shipyard was incorporated in the year 1972 as the first green field shipyard of India. As on date Cochin Shipyard Limited is the largest public sector shipyard in India in terms of dock capacity. CSL caters to clients engaged in the Defence sector in India and clients engaged in the commercial sector worldwide for Shipbuilding and Ship Repair. In addition to shipbuilding and ship repair, CSL also offers marine engineering training.

The company has exported around 45 ships to overseas customers and has the pride of building the first Indigenous Aircraft Carrier for the Indian Navy. The companys diversified business profile and presence in multi maritime segments have resulted in strong financial fundamentals. The companys turnover for FY 2017 was Rs 2059 crores as against a turnover of Rs 1404 crores for the FY 2012.The Profit After Tax for the FY 2017 was Rs 322 crores as against a PAT of Rs 172 crores for FY 2012. The Networth of the company as on March 2017 was Rs 2031 crores as against Rs 1051 crores at end of FY 2012.

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