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Cabinet approves doubling of solar power capacity addition target
Feb 22,2017

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister, Narendra Modi, has approved the enhancement of capacity from 20,000 MW to 40,000 MW of the Scheme for Development of Solar Parks and Ultra Mega Solar Power Projects. The enhanced capacity would ensure setting up of at least 50 solar parks each with a capacity of 500 MW and above in various parts of the country. Smaller parks in Himalayan and other hilly States where contiguous land may be difficult to acquire in view of the difficult terrain, will also be considered under the scheme. The capacity of the solar park scheme has been enhanced after considering the demand for additional solar parks from the States.

The Solar Parks and Ultra Mega Solar Power Projects will be set up by 2019-20 with Central Government financial support of Rs 8100 crore. The total capacity when operational will generate 64 billion units of electricity per year which will lead to abatement of around 55 million tonnes of CO2 per year over its life cycle.

It would also contribute to long term energy security of the country and promote ecologically sustainable growth by reduction in carbon emissions and carbon footprint, as well as generate large direct & indirect employment opportunities in solar and allied industries like glass, metals, heavy industrial equipment etc. The solar parks will also provide productive use of abundant uncultivable lands which in turn facilitate development of the surrounding areas.

All the States and UTs are eligible for benefits under the scheme. The State Government will first nominate the Solar Power Park Developer (SPPD) and also identify the land for the proposed solar park. It will then send a proposal to MNRE for approval along with the name of the SPPD. The SPPD will then be sanctioned a grant of upto Rs 25 Lakh for preparing a Detailed Project Report (DPR) of the Solar Park. Thereafter, Central Financial Assistance (CFA) of up to Rs 20 lakhs/MW or 30 percent of the project cost including Grid-connectivity cost, whichever is lower, will be released as per the milestones prescribed in the scheme. Solar Energy Corporation India (SECI) will administer the scheme under the direction of MNRE. The approved grant will be released by SECI.

The solar parks will be developed in collaboration with State Governments/UTs. The State Governments/UTs are required to select the SPPD for developing and maintaining the solar parks.

Ministry of New and Renewable Energy (MNRE) is already implementing a scheme for development of at least 25 solar parks with an aggregate capacity of 20,000 MW, which was launched in December 2014. As on date, 34 solar parks of aggregate capacity 20,000 MW have been approved which are at various stages of development.

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Tokyo Plast International approves resignation of company secretary
Feb 22,2017

Tokyo Plast International announced that the Board of Directors of the Company at its meeting held on 22 February 2017, considered and approved the resignation of Parul Gupta from the post of Company Secretary & Compliance officer w.e.f. 01 March 2017.

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Bodhtree Consulting receives order worth Rs 9.41 crore
Feb 22,2017

Bodhtree Consulting has received the purchase order worth Rs 9.41 crore for supply of additional bio-metrics OFAMOS Devices for Digital Mission Mode Project from Medical Council of India on 21 February 2017.

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Cabinet approves signing of an Agreement between India and Poland on cooperation in the field of agriculture and allied sectors
Feb 22,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for signing of an Agreement between India and Poland on cooperation in the field of agriculture and allied sectors.

The agreement covers various activities in the field of agriculture and allied sector including exchange of information on the current situation in agriculture, the phytosanitary conditions of crops, threats posed by harmful organisms and the threats posed by animal infectious diseases. It also covers the participation in fairs, exhibitions, seminars and conferences related to agriculture and agri-food processing; undertaking and developing joint economic initiatives including the support or agrifood trade between the states of the Contracting Parties.

The Agreement provides for constitution of a Joint Wording Group (JWG) comprising of representatives from both countries. The JWG will prepare plans of cooperation and to provide solutions to the problems arising during the implementation of the Agreement.

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Recent rally in Titan halts on profit booking
Feb 22,2017

Meanwhile, the S&P BSE Sensex was up 105.36 points or 0.37% at 28,866.95.

On the BSE, 1.20 lakh shares were traded on the counter so far as against the average daily volumes of 2.81 lakh shares in the past one quarter. The stock had hit a high of Rs 457.50 and a low of Rs 439.25 so far during the day.

The stock had hit a record high of Rs 459 on 21 February 2017 and a 52-week low of Rs 296.30 on 21 November 2016. The stock had outperformed the market over the past one month till 21 February 2017, advancing 26.77% compared with the Sensexs 6.39% rise. The scrip had also outperformed the market over the past one quarter, gaining 50.36% as against the Sensexs 11.63% rise.

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

Shares of Titan Company had surged 10.87% in four trading sessions to settle at Rs 457.25 yesterday, 21 February 2017, from its close of Rs 412.40 on 15 February 2017.

Titan Companys net profit rose 13.1% to Rs 255.75 crore on 13.9% growth in net sales to Rs 3871.34 crore in Q3 December 2016 over Q3 December 2015.

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

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Radico Khaitan slips on profit booking
Feb 22,2017

Meanwhile, the BSE Sensex was up 79.60 points, or 0.28%, to 28,841.19.

On the BSE, so far 78,000 shares were traded in the counter, compared with average daily volumes of 1.11 lakh shares in the past one quarter. The stock had hit a high of Rs 138 and a low of Rs 132.55 so far during the day.

The stock hit a 52-week high of Rs 151 on 1 November 2016. The stock hit a 52-week low of Rs 84 on 24 May 2016. The stock had outperformed the market over the past 30 days till 21 February 2017, rising 16.82% compared with the 6.06% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 13.28% as against Sensexs 10.40% rise.

The small-cap company has equity capital of Rs 26.61 crore. Face value per share is Rs 2.

Shares of Radico Khaitan rose 5.87% in two trading sessions to settle at Rs 136.10 yesterday, 21 February 2017, from its close of Rs 128.55 on 17 February 2017.

The stock rallied yesterday, 21 February 2017, after media reports suggested that Bacardi India was in preliminary talks to buy stake in the company. Radico Khaitan, however, clarified to the bourses during trading hours yesterday, 21 February 2017, that the news item was factually incorrect and the company was not aware of any information that had not been announced to the stock exchanges, which could explain the movement in the trading of the companys shares. The stock pared intraday gains and ended higher by 1.68% at Rs 136.10 yesterday, 21 February 2017.

Net profit of Radico Khaitan declined 22.35% to Rs 19.70 crore on 3.40% rise in net sales to Rs 405.89 crore in Q3 December 2016 over Q3 December 2015.

Radico Khaitan is one of the largest players in the Indian spirits industry. Radico Khaitan operates three distilleries and one joint venture with total capacity of 150 million litres. It also has 33 bottling units spread across the country.

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Tata Elxsi partners with NOS
Feb 22,2017

Tata Elxsi has announced that it has partnered with NOS to accelerate RDK deployment by leveraging Tata Elxsis deep expertise and off-the-shelf solutions for RDK rollout.

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Cox & Kings gets revision in credit ratings
Feb 22,2017

Cox & Kings announced that Credit Analysis & Research (CARE), the Rating Agency, has reaffirmed and enhanced the Commercial Paper issue carved out of sanctioned working capital limit of the Company from the existing Rs. 1082 crore to Rs. 1122 crore. The Rating has been reaffirmed as CARE A1+ (A One Plus). Instruments with this rating indicate very strong capacity for timely payment of financial obligations and carry lowest credit risk.

CARE has also reaffirmed and enhanced the long term bank facilities of the Company from existing Rs. 1206 crore to Rs. 1246 crore. The Rating has been reaffirmed as CARE AA (Double A). Instruments with this rating indicate high safety for timely servicing of debt obligations and carry very low credit risk.

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Royal Orchid Hotels fixes record date for interim dividend
Feb 22,2017

Royal Orchid Hotels has fixed 03 March 2017 as the Record Date for the purpose of Payment of Interim Dividend.

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Minda Industries to form JV with Katolec Corporation, Japan
Feb 22,2017

Minda Industries announced that the Company on 22 February 2017 has signed the Joint Venture Agreement with Katolec Corporation, Japan to manufacture the products including high end electronics like Printed Circuit Boards (PCB) and Box Build Assemblies. The Joint Venture Company is proposed to be set in Pune, Maharashtra.

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SPS Finquest announces resignation of director
Feb 22,2017

SPS Finquest announced that Hitesh Shah has resigned as an Independent Director of the Company from 20 February 2017. His resignation letter dated 20 February 2017 received on 22 February 2017.

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Cabinet approves signing of Air Services Agreement between India and Greece
Feb 22,2017

Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the signing of Air Services Agreement (ASA) between India and Greece.

The Agreement has the potential to spur greater trade, investment, tourism and cultural exchange between the two countries bringing it in tune with the developments in the civil aviation sector. It will provide enabling environment for enhanced and seamless connectivity while providing commercial opportunities to the carriers of both the sides ensuring greater safety and security.

The essential features of the ASA are as follows:

i. Both countries shall be entitled to designate one or more airline.

ii. The designated airlines of either country shall have the right to establish offices in the territory of the other country for the promotion end sale of air services.

iii. The designated airlines of the two countries shall have fair and equal opportunity to operate the agreed services on specified routes.

iv. The designated Airline of each party can enter into cooperative marketing arrangements with the designated carriers of same party, other party and third country,

v. As per the Route Schedule, the Indian carriers can operate to Athens, Thessaloniki, HerakIion and any 3 points to be specified later in Greece from points in India, whereas the carriers of Hellenic Republic can establish direct operation to 6 metros viz. New Delhi, Mumbai, Bengaluru, Kolkata, Hyderabad and Chennal. Any points shall be available as intermediate and beyond point for the designated carriers of India as well as the designated carriers of Greece.

At present there is no ASA between India and Greece. The delegations of two sides met in New Delhi on 6-7th September, 2016 and finalized the text of ASA. The agreement is as per latest International Civil Aviation Organisation (ICAO) template keeping in view the latest developments in civil aviation sector and with an objective to improve the air connectivity between the two countries.

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Disa India gains after parent announces acquisition
Feb 22,2017

The announcement was made after market hours yesterday, 21 February 2017.

Meanwhile, the BSE Sensex was up 84.22 points, or 0.29%, to 28,845.81.

On the BSE, so far 364 shares were traded in the counter, compared with average daily volumes of 99 shares in the past one quarter. The stock had hit a high of Rs 4,900 and a low of Rs 4,800 so far during the day.

The stock hit a 52-week high of Rs 5,209 on 14 February 2017. The stock hit a 52-week low of Rs 3,555 on 30 March 2016. The stock had outperformed the market over the past 30 days till 21 February 2017, rising 10.23% compared with the 6.06% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 15.48% as against Sensexs 10.40% rise.

The small-cap company has equity capital of Rs 1.45 crore. Face value per share is Rs 10.

Disa India announced that its parent company that Norican Global A/S, Denmark (the ultimate holding company of Disa india) has entered into an agreement with Auctus Fund lll GmbH & Co. KG to purchase 100% of Auctuss shares in Light Metal Casting Solutions Group (LMCS). LMCS is a group of leading capital equipment manufacturers and service providers for the light metal casting industry, processing aluminium, magnesium and zinc alloys with major operations in Germany, Italy, Poland, China and the US.

Net profit of Disa India rose 52.6% to Rs 10.68 crore on 56.3% rise in net sales to Rs 81.73 crore in Q3 December 2016 over Q3 December 2015.

Disa India develops and manufactures a complete range of metal casting production solutions for the ferrous and non-ferrous foundry industries.

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Cabinet approves MoU between India and Australia for promotion and development of cooperation in civil aviation security
Feb 22,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for signing of a Memorandum of Understanding (MoU) between India and Australia for promotion and development of cooperation in civil aviation security.

The MoU will provide an opportunity to Indian aviation security authorities to share the expertise of their Australian counterparts and enhance the overall aviation security environment in India.

The MoU will provide compliance of international obligation as well as enhance promotion in the area of security cooperation between the two countries.

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Reliance Industries leads gainers in A group
Feb 22,2017

Reliance Industries jumped 9.58% to Rs 1,192.50 at 13:45 IST after the company said that Reliance Jio Infocomm has breached the 100 million customer mark in 170 days. The stock topped the gainers in the BSEs A group. On the BSE, 24.85 lakh shares were traded on the counter so far as against the average daily volumes of 2.18 lakh shares in the past two weeks.

Godrej Properties surged 4.2% at Rs 370.60. The stock was second biggest gainer in A group. On the BSE, 64,000 shares were traded on the counter so far as against the average daily volumes of 15,000 shares in the past two weeks.

Rajesh Exports advanced 3.59% to Rs 518.25. The stock was third biggest gainer in A group. On the BSE, 1.38 lakh shares were traded on the counter so far as against the average daily volumes of 49,000 shares in the past two weeks.

Jammu & Kashmir Bank gained 3.53% at Rs 74.75. The stock was fourth biggest gainer in A group. On the BSE, 2.23 lakh shares were traded on the counter so far as against the average daily volumes of 1.04 lakh shares in the past two weeks.

Axis Bank rose 3.46% to Rs 522.05. The stock was fifth biggest gainer in A group. On the BSE, 8.57 lakh shares were traded on the counter so far as against the average daily volumes of 4.96 lakh shares in the past two weeks.

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