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Cabinet approves Memorandum of Understanding (MoU) on Renewable Energy between India and Portugal
Mar 07,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its ex-post facto approval for signing of a Memorandum of Understanding (MoU) on Renewable Energy between India and Portugal. The MoU was signed on 6th January, 2017 in New Delhi.

The MoU will help in strengthening bilateral cooperation between the two countries.

Both sides aim to establish the basis for a cooperative institutional relationship to encourage and promote technical bilateral cooperation on new and renewable issues on the basis of mutual benefit equality and reciprocity. The MoU envisages constitution of a Joint Working Group which can co-opt other members from Scientific Institutions, Research Centers, Universities, or any other entity, as and when considered essential.

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Arfin India surges after new order win
Mar 07,2017

The announcement was made after market hours yesterday, 6 March 2017.

Meanwhile, the S&P BSE Sensex was up 5.12 points or 0.02% at 29,053.31

On the BSE, 860 shares were traded on the counter so far as against the average daily volumes of 1,640 shares in the past one quarter. The stock had hit a high of Rs 519.90 and a low of Rs 500 so far during the day. The stock had hit a record high of Rs 565 on 9 February 2017. The stock had hit a 52-week low of Rs 96.70 on 18 April 2016.

The small-cap company has equity capital of Rs 4.05 crore. Face value per share is Rs 10.

Arfin Indias net profit rose 114.47% to Rs 3.26 crore on 53.6% growth in net sales to Rs 88.38 crore in Q3 December 2016 over Q3 December 2015.

Arfin India is engaged in manufacturing aluminum products. The company forayed itself as in the aluminum recycling and ferro alloys segment in the year 2001. It is a registered member of the Aluminum Association of India, BIR (Bureau of International Recycling) and MRAI (Metal Recycling Association of India).

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Cabinet approves Food Cash Credit to Punjab for food procurement operations - Resolution for settlement of Legacy Accounts (upto crop season 2014-15)
Mar 07,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its ex-post facto approval for settlement of Legacy Food Cash Credit Accounts (upto crop season 2014-15) of Punjab Government for food procurement operations. This proposal of Department of Expenditure was approved by Prime Minister under Rule 12 of (Transaction of Business) Rules, 1961 on 02.01.2017.

Early settlement of legacy issues will help the banks in disbursement of food credit in the larger interest of numerous farmers of the State and uninterrupted continuity in food procurement operations to ensure food security for the nation. Settlement of outstanding Cash Credit Limits (CCL) account by availing term loan by the Punjab Government would entail savings in terms of interest payment. This will create additional resource enabling Punjab Government to undertake capital expenditure.

The Legacy Cash Credit Accounts (upto crop season 2014-15) for food procurement operations by the Punjab Government shall be settled as under:

a) The outstanding amount in Cash Credit Accounts of Government of Punjab pertaining to season upto Kharif Marketing Season 2014-15 amounting to approx. Rs. 31,000 crore shall be converted into a term loan. It will be repayable in half yearly instalments over a period of 20 years with the option for pre-payment. The terms and conditions of the loan shall be as prescribed by the RBI and the lending banks.

b) The exact amount of the loan shall be the outstanding amount as on 31.03.2015, which is not secured by stocks of food grains. The consortium of banks led by SBI has to finalise the amount in consultation with all stakeholders including Department of Food & Public Distributions, Punjab Government and RBI.

c) The 14th Finance Commission has prescribed the Fiscal Roadmap for each State for its award period 2015-20 and anchored Fiscal Deficit of all States to an annual limit of 3% of States Gross State Domestic Product (GSDP). The above term loan proposed to be extended to Punjab Government in current financial year 2016-17 will not be counted in the fiscal deficit limit of Punjab Government in 2016-17.

d) After the conversion of legacy accounts in long term loan, the State Govt. of Punjab may issue bonds for the purpose of paying back the long term loan only. This will be subject to the approval of consortium of Banks and RBI. The Gol consent will be issued for swapping of loan in the same year of issue of bonds.

e) Punjab Government shall enter into a tripartite agreement with Gol and RBI irrevocably authorizing the Gol to deduct, in case Punjab Government fails to make any payment towards principal or interest of the Term Loan on due dates, such defaulted amount from the States share in central taxes and pay the same to SBI consortium.

f) This will be one-time measure to settle the outstanding amount in legacy accounts upto 2014-15. Punjab Government shall provide adequate annual budget provision to close CCL gaps on a regular basis to avoid future accumulation of CCL gaps over the years. It will also make efforts to reduce its subsidy bill to service the repayment of term loan from its own resources.

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Bharat Electronics moves higher after setting record date for stock-split proposal
Mar 07,2017

The announcement was made after market hours yesterday, 6 March 2017.

Meanwhile, the S&P BSE Sensex was up 17.27 points or 0.06% at 29,065.46

On the BSE, 3,287 shares were traded on the counter so far as against the average daily volumes of 50,375 shares in the past one quarter. The stock had hit a high of Rs 1,540 and a low of Rs 1,525 so far during the day. The stock had hit a record high of Rs 1,624.30 on 30 January 2017 and a 52-week low of Rs 1,046.15 on 16 March 2016.

The large-cap company has equity capital of Rs 223.36 crore. Face value per share is Rs 10.

Bharat Electronics net profit rose 33.3% to Rs 373.54 crore on 32.9% growth in net sales to Rs 2091.47 crore in Q3 December 2016 over Q3 December 2015.

Bharat Electronics was established at Bangalore, India, by the Government of India under the Ministry of Defence in 1954 to meet the specialised electronic needs of the Indian defence services. Over the years, it has grown into a multi-product, multi-technology, multi-unit company servicing the needs of customers in diverse fields in India and abroad.

The Government of India held 74.41% stake in Bharat Electronics (as per the shareholding pattern as on 31 December 2016).

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Cabinet approves signing of the Definitive Agreement on Oil Storage and Management between ISPRL and ADNOC of UAE
Mar 07,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its ex-post facto approval for signing of the Definitive Agreement on Oil Storage and Management between Indian Strategic Petroleum Reserve (ISPRL) and Abu Dhabi National Oil Company (ADNOC) of UAE.

According to the Agreement, the ADNOC will fill up 0.81 MMT or 5,860,000 million barrels of crude oil at ISPRL storage facility at Mangalore, Karnataka.

Out of the crude stored, some part will be used for commercial purpose of ADNOC, while a major part will be purely for strategic purposes. The signing of the Agreement will augment Indias energy security.

India and UAE are strategic partners. The investment by ADNOC is a major investment from UAE under the High Level Task Force on Investment (HLTFI) and the first investment by UAE in India in the energy sector.  

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Crompton Greaves completes sale of its B2B Automation Business
Mar 07,2017

Crompton Greaves announced that the Company along with its subsidiary, CG International BV has completed the sale its B2B Automation Business, comprising of ZIV Aplicaciones y Tecnologia, S.L. (Spain), its subsidiaries along with related automation businesses of UK, Ireland, France and India to Alfanar Electric Systems Co., Saudi Arabia on 06 March 2017.

Upon completion of sale, ZIV Automation India, the wholly owned subsidiary housing the India Automation Business will cease to a subsidiary of the Company and will be a wholly owned subsidiary of ZIV Aplicaciones y Tecnologia, S.L, Spain.

The proceeds of the sale will be used to retire substantial portion of the Companys international debts.

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Cabinet approves Cadre Review of Central Engineering Service (Roads) Group n++ of the Ministry of Road Transport and Highways
Mar 07,2017

Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the Cadre Review of Central Engineering Service(CES)(Roads) of the Ministry of Road Transport and Highways. The proposal will be implemented immediately.

CES(Roads) Cadre strength will be revised as under:-

(i) Increase the number of posts of CES(Roads) at:

a. HAG level- 02

b. SAG level- 05

c. JTS level- 36

(ii) Decrease in the number of posts at the STS level - 28

(iii) Recruitment against 86 posts as Special Reserve at entry level (JTS) for Deputation purpose only outside the cadre strength in addition to the normal vacancies arise in the JTS level in the cadre

The CES(Roads) Cadre was constituted in the year 1959. The first allocation of Group A Technical post was fixed at 189 in 1976. The last Cadre review of the service was carried out in the year 1987.

Vacant posts of Mechanical Cadre will be utilized for filling up the same by Civil Engineers thereby merging the Mechanical Cadre with the Civil Cadre in a phased manner so that this shall not have any adverse impact on the present incumbents.

There is an additional expenditure of Rs. 1.8 crores per annum approximately involved in the above Cadre Review proposal. As regards the special reserve for deputation, there will be no financial liability.

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Cabinet approves MoU between India and the United Nations Entity of Gender Equality and Empowerment of Women (UN-Women)
Mar 07,2017

Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the signing of Memorandum of Understanding (MoU) between India and the United Nations Entity of Gender Equality and the Empowerment of Women (UN-Women).

The proposal seeks to provide technical support to the Ministry of Panchayati Raj in strengthening capacities of governance institutions including Panchayati Raj Institutions(PRIs) to better leverage opportunities created for gender equality through legislation, policies and programmes.

Ministry of Panchayati Raj (MoPR) and UN-Women have worked in collaboration with each other to promote participation of women in Panchayati Raj Institutions (PRIs), to focus on building capacities of Elected Women Representatives to empower them and enhance their effectiveness. Given the past gains, the two parties will now work together towards participatory design of governance processes and effective implementation of laws, policies and programmes to promote gender responsive governance. The parties agree that engendering the initiatives of MoPR, including capacity development efforts, will be of mutual benefit, and will further their shared mission of good governance, gender equality and womens empowerment. In the long run, it will enable an improvement in the status of rural women in India, as well as contribute to meeting Indias commitment to the Convention to Eliminate All Forms of Discrimination Against Women (CEDAW), the Beijing Platform for Action and the Sustainable Development Goals.

The proposed MoU will facilitate the achievement of time-bound results in the implementation of specific activities identified jointly by MoPR and UN Women within the broader framework for cooperation under the United Nations Development Assistance Framework ((UNDAF). This MoU would thus facilitate operationalizing this important partnership.

Activities under this MoU will be implemented at the district and sub-district level in six States i.e. Andhra Pradesh, Telengana, Odisha, Karnataka, Rajasthan and Madhya Pradesh.

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Cabinet gives ex-post facto approval to the MoU between India and the United Arab Emirates in the field of providing Energy Efficiency Services
Mar 07,2017

Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its ex-post facto approval to the Memorandum of Understanding (MoU) between the National Productivity Council, an autonomous body under the Department of Industrial Policy & Promotion, Ministry of Commerce & Industry, and Al Etihad Energy Services UAE, to provide various services in the field of energy management and conservation.

Under the MoU, the NPC will provide the following services:

1. Energy Assessment Services

2. Training & Certification of Energy Auditors

3. Demand Side Management.

Meanwhile, Al Etihad ES will provide the following services to all the relevant projects on a case by case basis:

i) Customer Support with UAE Government and Private owned organizations in the United Arab Emirates

ii) All local support for Field Auditing Professionals in the UAE

iii) All local support for Training & Certification of Energy Auditors in UAE

iv) All support related to Demand Side Management of industries based in UAE

The MoU will enable NPC avail high value opportunities such as energy building and develop institutional mechanism in area of energy efficiency in Dubai and other Gulf Cooperation Council, (GCC) member countries. It will provide recognition and exposure to further build NPCs capacities and competencies in rapidly changing international business scenario. MoU will be a precedent for engagements with other International collaboration partners and will enhance NPCs visibility in arena. The MoU will help promote NPC in GCC member countries and will generate business for NPC in the area of energy.

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PNC Infratech in focus after being declared as lowest bidder for highway project
Mar 07,2017

PNC Infratech was declared the L1 (lowest) bidder for NHAI project of six laning Chitradurga - Davanagere including Chitradurga bypass, design chainage km 0.000 to km 20.700 and Km 208.000 to km 260 of NH 48 (Old NH-4) in the state of Karnataka under NHDP V, to be executed on Hybrid Annuity Mode for a bid project cost of Rs 1434 crore. Four firms participated in the bidding and the price bids were opened on 6 March 2017, with PNCs bid being the lowest (L1). This is the second hybrid annuity project won by PNC having construction period of 2 n++ years and operation period of 15 years.

Bharat Electronics has fixed 17 March 2017 as record date for its 10-for-1 stock-split proposal. The announcement was made after market hours yesterday, 6 March 2017.

Tech Mahindra said it will buy US-based healthcare provider CJS Solutions Group for an enterprise value of $110 million. The deal includes an upfront cash payment of $89.5 million to buy an 84.7% stake in CJS with the remaining 15.3% to be acquired over three years, the company said in a press release. The transaction is expected to close before the end of April 2017. The announcement was made after market hours yesterday, 6 March 2017.

Coal Indias board of directors yesterday, 6 March 2017, approved payment of interim dividend of Rs 18.75 per share for the year ending 31 March 2017 (FY 2017). The record date for the interim dividend is 15 March 2017. The announcement was made after market hours yesterday, 6 March 2017.

Arfin India said it bagged an order worth around Rs 107 crore from JSW Steel for supplying its three units located at Bellary, Dolvi and Salem for the financial year 2017-2018. The announcement was made after market hours yesterday, 6 March 2017.

Central Bank of India said that ICRA has revised its rating on banks bonds. ICRA has revised the banks lower tier II bonds - credit rating to [ICRA]A+ (outlook : negative) from [ICRA]AA- (outlook : negative). The rating on upper tier II bonds - credit rating was revised to [ICRA]A (outlook : negative) from [ICRA]A+ (outlook : negative). The rating downgrade factors the continuing deterioration in asset quality, poor financial results for past three quarters upto Q3 December 2016 wherein the bank had to make large provision towards NPAs, and their effect on capital adequacy ratio. The announcement was made after market hours yesterday, 6 March 2017.

Cairn India said it has appointed senior oil & gas advisors, Melody Meyer and Atul Gupta. These senior leaders bring on board more than 70 years of combined experience across oil & gas conglomerates such as Chevron, Petrofina and Burren Energy, across geographies as diverse as Middle East, Central Asia and Alaska. They will provide strategic direction and delivery focus to Cairn India, as the company embarks upon its growth journey of contributing to 50% of Indias overall crude production, through 5 billion barrels of oil equivalent reserves and growing and sustaining production at 300,000 barrels of oil and oil equivalent per day. The announcement was made after market hours yesterday, 6 March 2017.

Mangalore Chemicals & Fertilizers said it has completed the reassessed capacity of urea production for the financial year 2016-2017, as fixed by the Department of Fertilizers (DoF), Government of India. The company is also carrying out annual maintenance of its plants. In view of this, the company has shutdown its ammonia, urea and ABC plants from 3 March 2017. The company will inform once it resumes operations of these plants. The announcement was made after market hours yesterday, 6 March 2017.

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Outcome of board meeting of Sical Logistics
Mar 06,2017

The Board of Directors of Sical Logistics at its meeting held on 06 March 2017 considered the proposal to provide corporate guarantee to one of the bankers on behalf of the companys subsidiary, Sical Multimodal and Rail Transport for the fund to be raised by them by way of issue of NCDs to an extent of Rs 100 crore and to seek the approval of the shareholders of the same.

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Board of Sword-Edge Commercials considers change in registered office
Mar 06,2017

Sword-Edge Commercials announced that the Board of Directors of the company at its meeting held on 06 March 2017 considered shifting of registered office of the company from PLOT NO. 71, MIDC, CROSS ROAD, C, OPPOSITE SEEPZ GATE NO. 2, ANDHERI (EAST), MUMBAI 400093 IN to OFFICE No. 5, ANUBHAV APARTMENT, PLOT NUMBER 62 & 31, ZAVER ROAD, NEXT TO MUMBAI DISTRICT BANK, MULUND (W), MUMBAI 400080, India with immediate effect.

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Intense Technologies allots 4,27,977 equity shares
Mar 06,2017

Intense Technologies announced that on the recommendation of Nomination and Remuneration Committee, the Board in its meeting held on 6 March, 2017 allotted 4,27,977 equity shares of Rs. 2/- each pursuant to exercise of stock options under the Companys Intense ESOP Scheme A 2009.

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Board of Concrete Credit accepts resignation of director
Mar 06,2017

The Board of Directors of Concrete Credit at its meeting held on 06 March 2017 has approved the resignation of Moumita Majumder from directorship of the Company with effect from 06 March 2017.

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Board of Jindal Poly Films approves investment of Rs 350 crore in capacity expansion
Mar 06,2017

Jindal Poly Films announced that the Board of Directors has considered and approved inter-alia the following matters, in its meeting held on 06 March 2017 -

Expansion plans for Companys India operation by way of investment of Rs. 350 crores in: A. Polyester Line - H, (PET). B. C.P. Plant for manufacturing of Polyester Chips to be used for internal consumption to manufacture BOPET Film. After commencement of Line, the combined capacity of BOPET films will be totalling to 1, 82, 000 TPA.

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