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Domestic market can make up job losses for overseas biz for IT: ASSOCHAM
May 24,2017

Indias USD 155 billion IT and Business process management (BPM) industry which is facing heat from the unfolding disruptions in the key markets of the US and Europe and is forced to rationalise its workforce, can create more jobs on net basis if it seriously gets involved in fast expanding domestic market , riding on governments financial inclusion programmes like Jan Dhan Yojana and Aadhar based service delivery models, said ASSOCHAM.

n++It is time our IT and BPM industry bellwethers looked a bit inward now. It is also time to redraw strategy that gives a good look at the home market, which can more than make up , at least in the short to medium term, for the possible dent on jobs in the disruptive overseas markets,n++ a chamber note said, after an interactive brain -storming .

It was brought out of the interactive consultations that there is no point being reactive to what is happening in the main global consuming centres for the IT and BPM industry, which employs about four million young work force in India in over 16,000 small or big companies.

n++A close look at the profile of our exports suggest that close to 60 per cent of the exports are accounted for by the banking-finance-insurance . Now , the kind of data base that is being generated by the Prime Ministers Jan Dhan Yojana and its linkages with the Direct Benefit Transfer (DBT) , can be a delight for different set of analytics , which then can be shaped into products for a whole lot of industries like fast moving consumer goods, automobile, telecom, insurance, agri-inputs and agri products, health and so on,n++ the ASSOCHAM note pointed out.

It said, there was a very strong case for a high level Task Force between the Government and the IT and BPM industry which can put their heads together. n++It would be a win: win for both. For the government, the Prime Ministers flagship progammes , including Digital India, would get expanded manifold , touching the lives of common citizens , delayering corrupt levels of intermediaries. For the IT industry, here is an opportunity , for converting raw data about new entrants into the financial system into value-added analytics. Further expanding on, industries across different verticals would then reach and penetrate into the untapped pyramids.n++

Mapping the potential, ASSOCHAM Secretary General Mr D S Rawat said, if all these steps are taken in a well-coordinated manner, lakhs of new jobs would be created which would far more than make up the possible losses on account of upheavals in the global markets, following emergence of new technologies like artificial intelligence, machine learning along with the changing political landscape in the US and Europe, by far the largest markets for the Indian IT and BPM industry.

After all, with close to 400 million internet users and India being the largest users of the internet, the market is only going to grow for the digital and financial products. For now, the government would be the biggest user of technology while the domestic industry which has won laurels in the rest of the world should start feeding the Indian market, as if they are dealing with global clients. The short to medium term bright outlook is at home, the paper added.

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JB Chemicals drops after posting poor Q4 results
May 24,2017

The result was declared after market hours yesterday, 23 May 2017.

Meanwhile, the S&P BSE Sensex was up 68.45 points, or 0.23%, to 30,433.70. The S&P BSE Small-Cap index was down 18.19 points, or 0.12%, to 14,751.67.

On the BSE, 2,666 shares were traded in the counter so far as against average daily volume of 10,926 shares in the past one quarter. The stock had hit a high of Rs 344.25 and a low of Rs 330.80 so far during the day. The stock had hit a record high of Rs 403.60 on 14 October 2016. The stock had hit a 52-week low of Rs 231 on 24 June 2016.

The stock had underperformed the market over the past one month till 23 May 2017, rising 2.48% compared with Sensexs 3.41% gains. The scrip had also underperformed the market in past one quarter, advancing 3.57% as against Sensexs 5.1% rise.

The small-cap company has an equity capital of Rs 16.96 crore. Face value per share is Rs 2.

JB Chemicals & Pharmaceuticals board recommended a dividend of Re 1 per share for the year ended 31 March 2017 (FY 2017).

Meanwhile, JB Chemicals & Pharmaceuticals board of directors approved the buy-back of up to 12.5 lakh shares, representing 1.47% of total paid up share capital at Rs 400 per share for a total consideration not exceeding Rs 50 crore, through the tender offer route on a proportionate basis.

The buyback price of Rs 400 was at a premium of 16.39% over the closing price of Rs 343.65 yesterday, 23 May 2017.

J B Chemicals & Pharmaceuticals is a pharmaceutical company manufacturing & marketing a diverse range of pharmaceutical formulations, herbal remedies and active pharmaceutical ingredient (API)s.

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V2 Retail announces resignation of CFO
May 24,2017

V2 Retail announced the resignation of Varun Kumar Singh from the post of CFO (Chief Financial Officer) of the company w.e.f 23 May 2017.

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Sterlite Technologies to hold EGM
May 24,2017

Sterlite Technologies announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 23 June 2017 .

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Gujarat Automotive Gears to hold EGM
May 24,2017

Gujarat Automotive Gears announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 23 June 2017 .

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Board of Venkys (India) recommends final dividend
May 24,2017

Venkys (India) announced that the Board of Directors of the Company at its meeting held on 22 May 2017, inter alia, have recommended the final dividend of Rs 6 per equity Share (i.e. 60%) , subject to the approval of the shareholders.

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Board of Thirumalai Chemicals recommends final dividend
May 24,2017

Thirumalai Chemicals announced that the Board of Directors of the Company at its meeting held on 20 May 2017, inter alia, have recommended the final dividend of Rs 18.75 per equity Share (i.e. 187.5%) , subject to the approval of the shareholders.

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Board of Zuari Global recommends final dividend
May 24,2017

Zuari Global announced that the Board of Directors of the Company at its meeting held on 19 May 2017, inter alia, have recommended the final dividend of Rs 1 per equity Share (i.e. 10%) , subject to the approval of the shareholders.

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Board of Zuari Agro Chemicals recommends final dividend
May 24,2017

Zuari Agro Chemicals announced that the Board of Directors of the Company at its meeting held on 19 May 2017, inter alia, have recommended the final dividend of Rs 1 per equity Share (i.e. 10%) , subject to the approval of the shareholders.

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Software Procurement Policy-Digital India
May 24,2017

The Digital India foot print is expanding day by day. It has been the consistent focus of Shri Narendra Modi Government, to improve Digital Governance as it is critical for faster delivery and effective monitoring of services.

The transformation happening under the overall Digital India initiative is creating huge opportunities for involvement of industry/private sector, mainly providers of IT/IT enabled systems and services. However, various concerns have been raised from time to time by the industry relating to their engagements (and contracts) with government funded projects. These issues include terms of payments, acceptance criteria, service level agreement and change management etc.

It is the consistent representation of NASSCOM, as also the major System Integrators like TCS, Wipro, Tech Mahindra, IBM etc, for the need of a model RFP to guide all the organizations across governments, so that all variations, vagaries and uncertainties may be avoided. Based on intensive deliberations with the industry and other stakeholders, this model RFP has been formulated.

The major features of Model RFP provides for,

1. Level playing field, to all stakeholders by defining appropriate pre-qualification and technical evaluation criterion.

2. Aligning legal terms and conditions with the requirements of the IT Industry

n++ Template for scope of work and service level agreements

n++ Change request mechanisms

n++ Dispute resolution

n++ Standard contractual terms & conditions

n++ Standardization of Intellectual property rights

n++ Capping the liability, penalty and liquidated damages

3. Making payment terms, objective and easier, for industry and Government Department

n++ Guidance on simplifying payment related conditions

n++ Incorporating the Exchange rate variations

4. Converging Government schemes like Make in India / Preference for Domestically Manufactured Electronic Goods (PMA), provisions for Start-ups and MSMEs

5. Leveraging latest technologies like cloud, mobiles, etc.

6. Aligned with the General Financial Rule 2017

7. Adherence to the latest standards

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Tata Motors jumps after posting Q4 results
May 24,2017

The result was declared after market hours yesterday, 23 May 2017.

Meanwhile, the BSE Sensex was up 35.28 points, or 0.12%, to 30,400.53.

On the BSE, 2.31 lakh shares were traded in the counter so far, compared with average daily volumes of 5.44 lakh shares in the past one quarter. The stock had hit a high of Rs 472.95 and a low of Rs 466.15 so far during the day. The stock had hit a 52-week high of Rs 598.60 on 7 September 2016. The stock had hit a 52-week low of Rs 380.55 on 23 May 2016.

Tata Motors consolidated net profit fell 16.79% to Rs 4336 crore on 2.86% fall in revenues to Rs 77272 crore in Q4 March 2017 over Q4 March 2016. Consolidated profit and revenue in Q4 was lower due to translation impact from Pound to Indian Rupee.

Consolidated profit before tax shed 12.26% to Rs 5166 crore in Q4 March 2017 over Q4 March 2016. This broadly reflects strong retail sales in Jaguar Land Rover business on continued strong demand for the product and also higher wholesale volumes partially offset by overall higher marketing expenses and higher depreciation and amortization, company said.

Tata Motors is a market leader in commercial vehicles in India. The companys British luxury unit Jaguar Land Rover (JLR) sells premium luxury cars.

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Board of GPT Infraprojects approves fund raising up to Rs 100 crore and bonus issue
May 24,2017

GPT Infraprojects announced that the Board of Directors (Board) of the Company at their meeting held on 23 May 2017, inter alia, has approved the following:

- The Board has recommended Shareholders for Passing the following Resolutions through Postal ballot:-

a) For raising of funds by way of issue of equity shares and/or other securities up to Rs. 100 crore;

b) For Issue of Bonus Shares by capitalization of Security Premium Account in the proportion of 1 (one) equity share of Rs. 10/- for every 1 (one) equity shares of Rs. 10/- each held by the Members on Record date;

c) To create security on whole or substantially the whole of the assets of the Company and the whole or substantially the whole of the undertaking or undertakings of the Company for securing any loans under section 180 (1)(a) of Companies Act, 2013; and

d) To make investments and loan(s) up to Rs. 75 crores under section 186 of the Companies Act, 2013.

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Sunteck Realty plans sub-division of equity shares
May 24,2017

Sunteck Realty plans to undertake sub-division of equity shares of the Company. The Board of Directors will consider the proposal for the same on 08 June 2017.

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Employment prospects in Indias IT Sector: Robust Outlook
May 24,2017

It is asserted that the employment potential and prospects in the IT and related sectors are robust and promising. Some of the reports to the contrary in the media space are highly exaggerated and unfounded.

Indian IT sector employment prospects, both in the near and long-term are expected to be broadly positive and encouraging for the future. India IT companies currently serve two thirds of the fortune 500 companies and have created 40 lakhs direct jobs in India

To present an objective and realistic potential of the employment scenario, the Ministry apart from its own feedback, has taken note of projections by NASSCOM, the principal Industry body, as well as of other well-known independent organizations and consultants working in this field.

NASSCOM has confirmed that the industry continues to be a net hirer and reports that:

n++ 2.5-3 million new jobs will be created by 2025.

n++ In FY 2017, the industry added 1,70,000 new jobs. NASSCOM has already publicly contradicted reports of large scale layoff

n++ IT industry added 600,000 in last three years and today, boasts of a total employee base of 3.9 million.

TeamLease analysis for 2017-18 reports that IT sector hiring sentiments is positive and is up by 4% in October 2016 to March 2017, compared to the previous six-month period.

The TeamLease analyses also indicates that e-commerce and technology startup sector hiring sentiments has increased by 2%, with projected 14.94% job growth. (This is despite recent challenges in these sectors.)

Recruitment and staffing firm Randstad projects (in December 2016), a cumulative growth rate of 9% in the IT / ITeS job market.

The Indian technology startup sector will offer strong and growing employment prospects to Indian IT professionals. According to NASSCOM, in 2016, Indian technology startups employed 95,000 to 100,000 IT professionals, across more than 4,750 startups (including ecommerce and hyperlocals).

Indias domestic IT market offers strong prospects for industry growth (consequently employment), even if global markets were to face challenges.

n++ Indias total software product market grew at 9.5% in FY2017 to reach USD 7 billion. (Exports grew 7.8% to reach USD 2.3 billion.) In comparison, the domestic market grew much faster, at 10.4%, reaching USD 4.8 billion.

n++ Indias overall domestic IT/BPM sector is expected to grow at 8.5% from USD 35 billion in 2016 to an anticipated USD 37 billion in 2017.

Other shining sectors of employment in the overall of IT Industry under Digital India, include, the following:

n++ CSC has generated 10lakhs local level employment by way of village level entrepreneurs.

n++ Total employment in IT/ITES Industry employees is 4 millions as direct employment and 1.3 Crores as indirect employment.

n++ State-owned Software Technology Park of India (STPI) has generated 50% of the employment generated by the Indian IT/ITES industry. It is to be noted that out of 56 STPI centres, 48 are located in tier-ii and tier-iii location, benefitting the qualified youth of such locations.

n++ To further promote the job creation, MeitY has come up with India BPO promotion scheme with an aim to provide employment to 1.45 lakh persons, mostly in the small towns. More than 48 thousand BPO seats in 2017-18 year. It is a matter of assurance that BPO through tendering has been finalized and is in its process of being set up in towns like Imphal, Guwahati, Siliguri, Patna, Muzaffarpur, Samastipur, Gazipur, Unnao, Amravati etc

n++ To encourage Northeastern part of India, MeitY has a separate Northeast BPO promotion scheme with 5000 seats and having employment potential of 15000 persons. This would go a long way to help the employment scene in northeast region of India.

n++ In Mobile phone manufacturing, 72 new mobile manufacturing units started only in last 30 months. It has created 1 lakh direct and 3 lakh indirect jobs in India. All major brands like Apple, Samsung etc. in the ICT sector are manufacturing or ready to manufacture in India.

The emerging and promising digital economy in the country is going create a very powerful potential for job creations.

The Govt is encouraging greater stress on cyber security and this will lead to greater focus on innovation, research and thus significant potential for job creation.

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Board of Tata Investment Corporation approves equity participation in JV
May 24,2017

The Board of Directors of Tata Investment Corporation at its meeting held on 23 May 2017 have approved an equity participation of up to one per cent into a joint venture between Voltas, Koc Holdings A.S. (holding company of Arcelik A.S.), Ardutch B. V ( a wholly owned subsidiary of Arcelik A.S.) and Tata Investment Corporation. The proposed JVC to be incorporated would be engaged in the business of refrigerators, washing machines, microwaves and other white goods/ domestic appliances in India.

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