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Punjab & Sind Bank announces cessation of director
Jan 30,2017

Punjab & Sind Bank announced that Anita Karnavar Part-Time Non-Official Director on the Board ot Directors of Punjab & Sind Bank appointed by Government of India as per Notification dated 30 January 2014, has ceased to be Director of the Bank on completion of her tenure on 29 January 2017.

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Piramal Enterprises acquires portfolio of intrathecal spasticity and pain management drugs from Mallinckrodt
Jan 30,2017

Piramal Enterprises announced that its wholly owned Critical Care subsidiary in the UK has entered into an agreement to acquire aportfolio of intrathecal spasticity and pain management drugs from Mallinckrodt LLC (Mallinckrodt) in an all cash deal for a consideration of US$ 171 million and up to an additional US$ 32 million payabledepending on financial performance of the acquired assets over the next 3 years.

The portfolio acquired includes Gablofenn++ (baclofen), a severe spasticity management product, which is currently marketed in the United States, and two pain management products, which are currently underdevelopment. Gablofenn++ has also been approved for launch in 8 European markets. Gablofenn++ is the only intrathecal baclofen drug available in vials and pre-filled syringes, which are preferred by users over the competing products available in ampoules. The pain management drugs under development are also for intrathecal administration. In the twelve months ending 30 September 2016, the acquired portfolio generated revenues of US$ 44.6 million.

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Ruchira Papers drops on profit booking
Jan 30,2017

Meanwhile, the S&P BSE Sensex was down 41.94 points or 0.15% at 27,840.52.

On the BSE, 1.17 lakh shares were traded on the counter so far as against the average daily volumes of 40,850 shares in the past one quarter. The stock had hit a high of Rs 142.90 and a low of Rs 125 so far during the day.

The stock had hit a record high of Rs 143.40 on 27 January 2017 and a 52-week low of Rs 51.40 on 29 February 2016. The stock had outperformed the market over the past one month till 27 January 2017, advancing 33.85% compared with the Sensexs 6.37% rise. The scrip had also outperformed the market over the past one quarter, gaining 18.13% as against the Sensexs 0.12% fall.

The small-cap company has equity capital of Rs 22.42 crore. Face value per share is Rs 10.

Shares of Ruchira Papers had rallied 15.45% in preceding four trading sessions to settle at Rs 137.80 on Friday, 27 January 2017, from its close of Rs 119.35 on 20 January 2017.

Ruchira Papers net profit rose 48.25% to Rs 8.05 crore on 13.87% growth in total income from operations to Rs 102.59 crore in Q3 December 2016 over Q3 December 2015. The result was announced during market hours today, 30 January 2017.

Ruchira Papers is a paper manufacturing company.

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PNB Gilts jumps after strong Q3 outcome
Jan 30,2017

The result was announced during market hours today, 30 January 2017.

Meanwhile, the S&P BSE Sensex was down 3.77 points or 0.01% at 27,878.69.

On the BSE, 4.34 lakh shares were traded on the counter so far as against the average daily volumes of 4.91 lakh shares in the past one quarter. The stock had hit a high of Rs 54.60 and a low of Rs 51.65 so far during the day.

The stock had hit a record high of Rs 61.90 on 25 November 2016 and a 52-week low of Rs 21.85 on 12 February 2016. The stock had outperformed the market over the past one month till 27 January 2017, advancing 15.3% compared with the Sensexs 6.37% rise. The scrip had also outperformed the market over the past one quarter, gaining 40.73% as against the Sensexs 0.12% fall.

The small-cap company has equity capital of Rs 180.01 crore. Face value per share is Rs 10.

PNB Gilts, a subsidiary of Punjab National Bank, supports government borrowing program via underwriting of government securities issuances and trade in a gamut of fixed income instruments such as government securities, treasury bills, state development loans, corporate bonds, interest rate swaps and various money market instruments such as certificates of deposits, commercial papers etc.

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Telecom stocks soar as Idea confirms merger talks with Vodafone
Jan 30,2017

Meanwhile, the BSE Sensex was down 9.74 points, or 0.03%, to 27,872.72.

Idea Cellular spurted 24.55% to Rs 96.90 after reports suggested that Vodafone confirmed it is in talks with Idea Cellular for merger. The stock had gained 15.25% in six sessions to settle at Rs 77.80 on 27 January 2017, from a close of Rs 67.50 on 18 January 2017.

Meanwhile, later during the day, Idea also confirmed during market hours today, 30 January 2017, that it has been in preliminary discussion with Vodafone. It added that the fundamental premise of preliminary discussion is based on equal rights between Aditya Birla Group and Vodafone in the combined entity.

Shares of other telecom companies also surged. Bharti Airtel (up 7.36%), Tata Teleservices (Maharashtra) (up 5.6%), MTNL (up 3.09%) and Reliance Communications (up 10.03%) gained.

In what will create Indias largest telecom company with revenues of over Rs 80000 crore, Vodafone Plc reportedly said that it is in exploratory discussions with the Aditya Birla Groups telecom arm Idea Cellular for a merger.

One of the global brokerage house reportedly believes a potential merger between Vodafone India with Idea Cellular would change the industry order. The combined entity would have 43% revenue share in the market by FY 2019 against 33% of Bharti Airtel and 13% for new entrant, Reliance Jio.

The merged entity will also have the highest spectrum holding across the industry. The surprise postponement of results by telecom operator Idea Cellular also hints at the merger. Idea was supposed to announce Q3 results on 23 January 2017.

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Link BPO promotion scheme with direct tax benefit: ASSOCHAM
Jan 30,2017

Apex industry body ASSOCHAM has suggested the Union Government to link the India business process outsourcing promotion scheme (IBPS) with direct tax benefit.

n++Government should allow assesses to claim depreciation on assets funded by subsidy under the IBPS,n++ highlighted an ASSOCHAM pre-budget recommendation submitted to the Centre.

One reason why the Government did not receive expected response for IBPS which was launched under the Digital India programme, observed the chamber, as the overall benefit under the IBPS scheme will be reduced by 33 per cent as assesses cannot claim depreciation on assets funded by the Government subsidy.

The IBPS offers subsidy of up to 50 per cent of capital expenditure or Rs one lakh per seat, whichever is lower, for setting up BPO units in small towns and villages and to create employment there.

As Government has offered Capital Support: up to 50 per cent of one time capital expenditure incurred, this expenditure will be reduced from the cost of capital assets which will, in turn, reduce depreciation amount as per ICDS VII. n++This will increase the direct tax burden on such assessees.n++

ASSOCHAM has also suggested for setting up a Venture Capital pool initiated and coordinated by a bank/SPV (special purpose vehicle)/PPP (public private partnership) mode to boost availability of capital funds to the electronics sector.

n++A venture capital pool be created and allied tax incentive provided, funds of such pool shall be used by genuine private players through a stringent mechanism,n++ it observed.

It said that while contributors may be offered tax incentives on the dividend, manufactures may be provided with tax exemptions.

The chamber has recommended that weighted deduction of 150-200 per cent of actual cost for finance, energy and logistics cost be allowed on specified components.

n++The costs pertaining to finance, energy and logistics/transportation constitute major portion of the consumer electronics sector, further, these costs are auditable and duly included in the financial statements of a company,n++ said ASSOCHAM.

The chamber recommended that in line with global principles for taxation of software and judicial pronouncements of Honble Supreme Court in the case of customs and service tax, it should be clarified that distribution of copyrighted articles being software forming integral part of the hardware would not fall within the ambit of royalty.

It highlighted that there is currently dispute with respect to taxability of royalty in case of software (being copyrighted article) that forms part of hardware.

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Volumes jump at Gayatri Projects counter
Jan 30,2017

Gayatri Projects clocked volume of 2 lakh shares by 14:24 IST on BSE, a 161.97-times surge over two-week average daily volume of 1,000 shares. The stock fell 0.36% at Rs 642.50.

Mercator notched up volume of 2.37 crore shares, a 77.24-fold surge over two-week average daily volume of 3.07 lakh shares. The stock rose 2.23% at Rs 45.90.

Idea Cellular saw volume of 1.24 crore shares, a 10.02-fold surge over two-week average daily volume of 12.47 lakh shares. The stock jumped 26.29% at Rs 98.25 on reports of possible merger with Vodafone.

Navkar Corporation clocked volume of 6.21 lakh shares, a 7.65-fold surge over two-week average daily volume of 81,000 shares. The stock fell 0.76% at Rs 168.95.

Reliance Defence and Engineering saw volume of 12.21 lakh shares, a 5.57-fold rise over two-week average daily volume of 2.19 lakh shares. The stock surged 5.68% at Rs 60.50 after the company signed a contract with Ministry of Defence (MOD), Government of India for design and construction of fourteen fast patrol vessels (FPVs) for Indian Coast Guard, for an amount of Rs 916 crore.

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Grasim Industries consolidated net profit rises 13.70% in the December 2016 quarter
Jan 30,2017

Net profit of Grasim Industries rose 13.70% to Rs 728.19 crore in the quarter ended December 2016 as against Rs 640.47 crore during the previous quarter ended December 2015. Sales rose 1.05% to Rs 8495.36 crore in the quarter ended December 2016 as against Rs 8406.81 crore during the previous quarter ended December 2015.

ParticularsQuarter Endedn++Dec. 2016Dec. 2015% Var. Sales8495.368406.81 1 OPM %20.1519.46 - PBDT1767.871620.63 9 PBT1317.861153.30 14 NP728.19640.47 14

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Godrej Consumer Products standalone net profit rises 19.33% in the December 2016 quarter
Jan 30,2017

Net profit of Godrej Consumer Products rose 19.33% to Rs 231.40 crore in the quarter ended December 2016 as against Rs 193.91 crore during the previous quarter ended December 2015. Sales declined 0.24% to Rs 1179.82 crore in the quarter ended December 2016 as against Rs 1182.61 crore during the previous quarter ended December 2015.

ParticularsQuarter Endedn++Dec. 2016Dec. 2015% Var. Sales1179.821182.61 0 OPM %26.1022.62 - PBDT314.76266.79 18 PBT300.41255.42 18 NP231.40193.91 19

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Parsharti Investment reports standalone net profit of Rs 0.01 crore in the December 2016 quarter
Jan 30,2017

Net profit of Parsharti Investment reported to Rs 0.01 crore in the quarter ended December 2016 as against net loss of Rs 0.02 crore during the previous quarter ended December 2015. Sales declined 80.95% to Rs 0.04 crore in the quarter ended December 2016 as against Rs 0.21 crore during the previous quarter ended December 2015.

ParticularsQuarter Endedn++Dec. 2016Dec. 2015% Var. Sales0.040.21 -81 OPM %-125.00-9.52 - PBDT0.01-0.02 LP PBT0.01-0.02 LP NP0.01-0.02 LP

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Bajaj Finance standalone net profit rises 36.04% in the December 2016 quarter
Jan 30,2017

Net profit of Bajaj Finance rose 36.04% to Rs 555.65 crore in the quarter ended December 2016 as against Rs 408.46 crore during the previous quarter ended December 2015. Sales rose 28.17% to Rs 2527.11 crore in the quarter ended December 2016 as against Rs 1971.71 crore during the previous quarter ended December 2015.

ParticularsQuarter Endedn++Dec. 2016Dec. 2015% Var. Sales2527.111971.71 28 OPM %72.0570.06 - PBDT867.72640.28 36 PBT850.00625.19 36 NP555.65408.46 36

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Crest Ventures reports standalone net profit of Rs 1.97 crore in the December 2016 quarter
Jan 30,2017

Net profit of Crest Ventures reported to Rs 1.97 crore in the quarter ended December 2016 as against net loss of Rs 1.59 crore during the previous quarter ended December 2015. Sales rose 44.48% to Rs 4.58 crore in the quarter ended December 2016 as against Rs 3.17 crore during the previous quarter ended December 2015.

ParticularsQuarter Endedn++Dec. 2016Dec. 2015% Var. Sales4.583.17 44 OPM %57.21-1.26 - PBDT2.08-1.94 LP PBT1.95-2.29 LP NP1.97-1.59 LP

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Housing Development Finance Corporation consolidated net profit rises 12.80% in the December 2016 quarter
Jan 30,2017

Net profit of Housing Development Finance Corporation rose 12.80% to Rs 2728.66 crore in the quarter ended December 2016 as against Rs 2419.00 crore during the previous quarter ended December 2015. Sales rose 19.50% to Rs 14284.36 crore in the quarter ended December 2016 as against Rs 11953.59 crore during the previous quarter ended December 2015.

ParticularsQuarter Endedn++Dec. 2016Dec. 2015% Var. Sales14284.3611953.59 19 OPM %59.9963.71 - PBDT3032.972564.86 18 PBT3005.742546.17 18 NP2728.662419.00 13

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Housing Development Finance Corporation standalone net profit rises 11.88% in the December 2016 quarter
Jan 30,2017

Net profit of Housing Development Finance Corporation rose 11.88% to Rs 1701.21 crore in the quarter ended December 2016 as against Rs 1520.51 crore during the previous quarter ended December 2015. Sales rose 11.95% to Rs 8137.18 crore in the quarter ended December 2016 as against Rs 7268.44 crore during the previous quarter ended December 2015.

ParticularsQuarter Endedn++Dec. 2016Dec. 2015% Var. Sales8137.187268.44 12 OPM %96.1096.50 - PBDT2545.402204.19 15 PBT2531.212190.51 16 NP1701.211520.51 12

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Grasim Industries standalone net profit rises 21.87% in the December 2016 quarter
Jan 30,2017

Net profit of Grasim Industries rose 21.87% to Rs 331.35 crore in the quarter ended December 2016 as against Rs 271.88 crore during the previous quarter ended December 2015. Sales rose 8.32% to Rs 2494.71 crore in the quarter ended December 2016 as against Rs 2303.18 crore during the previous quarter ended December 2015.

ParticularsQuarter Endedn++Dec. 2016Dec. 2015% Var. Sales2494.712303.18 8 OPM %21.7619.99 - PBDT587.44456.22 29 PBT476.83332.97 43 NP331.35271.88 22

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