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Veeram Ornaments CFO resigns
Aug 16,2017

Veeram Ornaments announced that Mr.Chirag Champaklal Valani, Chief Financial Officer of the Company has resigned from the position of Chief Financial Officer w.e.f 16th August 2017.

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Cabinet approves MoU between India and Sweden on IPRs
Aug 16,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi today has given its approval to the Memorandum of Understanding (MoU) between India and Sweden on cooperation in the field of Intellectual Property (IPRs). The MoU establishes a wide ranging and flexible mechanism through which both countries can exchange best practices and work together on training programs and technical exchanges to raise awareness on IPRs and better protect intellectual property rights. Impact: The MoU will enable India to exchange experiences in the innovation and IP ecosystems that will substantially benefit entrepreneurs, investors and businesses on both sides. The exchange of best practices between the two countries will lead to improved protection and awareness about Indias range of Intellectual creations which are as diverse as its-people. It will be a landmark step forward in Indias journey towards becoming a major player in global Innovation and will further the objectives of National IPR Policy, 2016. Features: A Joint Coordination Committee (JCC) with members from both sides will be formed to decide cooperation activities to be taken under the MoU in following areas: a) Exchange of best practices, experiences and knowledge on IP awareness among the public, businesses and educational institutions of both countries;b) Collaboration in training programmes, exchange of experts, technical exchanges and outreach activities;c) Exchange and dissemination of best practices, experiences and knowledge on IP with the industry, universities, R & D organisations and Small and Medium Enterprises (SMEs) through participation in programs and events in the matter, organized singly or jointly by the Parties;

d) Exchange of information and best practices for disposal of applications for patents, trademarks, industrial designs, copyrights and Geographical Indications, as also the protection, enforcement and use of IP rights;

e) Cooperation in the development of automation and implementation of modernization projects, new documentation and information systems in IP and procedures for management of IP;

f) Cooperation to understand how Traditional Knowledge is protected; and the exchange of best practices, including traditional knowledge related databases and awareness raising of existing IP systems;

g) Exchange of information and best practices regarding Intellectual Property law infringements in the digital environment, especially regarding Copyright issues; and

h) Other cooperation activities as may he decided by the Parties with mutual understanding.

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Setco Automotive Company Secretary resigns
Aug 16,2017

Setco Automotive announced that Mr. Bhautesh Shah, Company Secretary and Compliance Officer of the company has resigned with effect from close of working hours on August 14, 2017.

Mr. Vinay Shahane, Chief Financial Officer of the Company shall also act as the Compliance Officer of the Company.

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7.4% growth in Foreign Tourist arrivals in July 2017 over July 2016
Aug 16,2017

The following are the important highlights regarding Foreign Tourist Arrivals (FTAs) & also FTAs on e-Tourist Visa from tourism during the month of July, 2017.

Foreign Tourist Arrivals (FTAs):

n++ The number of FTAs in July, 2017 were 7.88 lakh as compared to FTAs of 7.34 lakh in July, 2016 and 6.28 lakh in July, 2015.

n++ The growth rate in FTAs in July, 2017 over July, 2016 is 7.4% compared to 16.8% in July, 2016 over July, 2015.

n++ FTAs during the period January- July 2017 were 56.74 lakh with a growth of 15.7%, as compared to the FTAs of 49.03 lakh with a growth of 9.6% in January- July 2016 over January- July 2015.

n++ The percentage share of Foreign Tourist Arrivals (FTAs) in India during July 2017 among the top 15 source countries was highest from Bangladesh (20.12%) followed by USA (16.26%), UK (10.88%), France (3.01%), Malaysia (2.81%), Canada (2.66%), Sri Lanka (2.56%), China (2.32%), Oman (2.27%), Germany (2.21%), Australia (2.17%), Japan (2.10%), Nepal (1.84%), UAE (1.82%) and Singapore (1.69%).

n++ The percentage share of Foreign Tourist Arrivals (FTAs) in India during July 2017 among the top 15 ports was highest at Delhi Airport (25.95%) followed by Mumbai Airport (16.63%), Haridaspur Land Check Post (10.92%), Chennai Airport (9.09%), Bengaluru Airport (6.78%), Cochin Airport (5.39%), Hyderabad Airport (5.07%),Kolkata Airport (4.23%),Gede Rail Land Check Post (2.78%), Trivandrum Airport (1.81%), Ahmedabad Airport (1.72%), Ghojadanga Land Check Post (1.54%), Tiruchirapalli Airport (1.37%), Amritsar Airport (0.97%) and Calicut Airport (0.73%).

Foreign Tourist Arrivals on e-Tourist Visa:

n++ During the month of July, 2017 total of 1.19 lakh tourist arrived on e-Tourist Visa as compared to 0.68 lakh during the month of July 2016 registering a growth of 73.3%.

n++ During January-July 2017, a total of 8.36 lakh tourist arrived on e-Tourist Visa as compared to 5.40 lakh during January-July 2016, registering a growth of 54.7%.

n++ The percentage shares of top 15 source countries availing e- Tourist Visa facilities during July, 2017 were as follows:

UK (12.9%), USA (12.0%), UAE (7.2%), France (6.4%), Oman (6.1%), China (5.4%), Spain (4.3%), Korea (Rep.of) (3.9%), Germany (3.1%), Australia (3.1%), Canada (3.1%), Italy (2.4%), Singapore (2.3%), Netherlands (2.2%) and Thailand (1.8%).

n++ The percentage shares of top 15 ports in tourist arrivals on e-Tourist Visa during July, 2017 were as follows:

New Delhi Airport (41.0%), Mumbai Airport (20.6%), Chennai Airport (9.5%), Bengaluru Airport (7.8%), Kochi Airport (6.6%), Hyderabad Airport (5.1%), Kolkata Airport (2.2%), Ahmadabad Airport (1.4%), Trivandrum Airport (1.4%), Calicut Airport (1.2%), Amritsar Airport (1.1%), Tirchy Airport (0.8%), Dabolim (Goa) Airport (0.4%), Jaipur Airport (0.3%) and Pune Airport(0.3%).

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Healthfore Technologies outcome of board meeting
Aug 16,2017

The Board of Healthfore Technologies at the meeting held on 16th August 2017, has approved the shifting the Registered Office of the Company to Prius Platinum, Ground Floor, D3, District Centre, Saket, New Delhi with effectv from 21 August 2017 and Conversion of existing debts by issuance of Redeemable Optionally Convertible Debentures to an extent of Rs.310 Crores on private placement basis, subject to the approval of the shareholders.

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Bedmutha Industries director resigns
Aug 16,2017

Mrs. Vinita Vedmutha an Whole-Time Director of the Company has resigned from her position with effect from 14th August 2017.

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Indian Toners & Developers director expires
Aug 16,2017

Indian Toners & Developers has announced that Mr. Vikram Prakash, an Non-executive Independent Director of the Company has expired vide their letter dated 16.08.2017.

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Cabinet approves completion of balance works of North Koel Reservoir Project
Aug 16,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval to the proposal to complete the balance works of the North Koel Reservoir Project in Jharkhand and Bihar at an estimated expenditure of Rs.1622.27 crore to be incurred during three financial years from the start of the project.

The Cabinet also approved storage of water in dam restricted at lower level than envisaged earlier to reduce the submergence and to protect Betla National Park and Palamau Tiger Reserve.

The project is situated on North Koel river which is a tributary of Sone river finally joining the river Ganga. The North Koel Reservoir is located in the most backward tribal areas in Palamau and Garhwa districts of Jharkhand State. The construction was originally started in the year 1972 and continued till 1993 when it was stopped by the Forest Department, Govt. of Bihar. Since then, the work on dam is at a standstill. The major components of project are: 67.86 m high and 343.33 m long concrete dam called Mandal dam originally intended to store 1160 million cubic metre (MCM) water; 819.6 m long barrage at Mohammadganj, 96 km downstream of the dam; and two canals originating from left and right banks of Mohammadganj Barrage with distributaries system for irrigation. With the new lowered elevation level (EL) of 341 metre, the Mandal dam will now have storage of 190 MCM. The project aims to provide irrigation to 111,521 hectares of land annually in the most backward and drought prone areas of Palamu & Garhwa districts in Jharkhand and Aurangabad & Gaya districts in Bihar. The unfinished project as on date is providing irrigation to 71,720 hectares and completion of this project will provide additional irrigation benefit to the extent of 39,801 hectares. The irrigation potential through this Project in the two States would be as follows:

Total irrigation potential: 1,11, 521 hectares

Irrigation potential in Bihar: 91,917 hectares

Irrigation potential in Jharkhand: 19,604 hectares

The total cost of the project as assessed on date is Rs 2391.36 crore. An expenditure amounting to Rs. 769.09 crore has been incurred on the project till date. The Union Cabinet has approved the proposal for completing the balance of the North-Koel reservoir project in Jharkhand & Bihar at an estimated cost of Rs 1622.27 crore during three financial years.

The common components amounting to Rs.1013.11 crore of balance works would be funded by the Central Government as a grant from PMKSY Fund. This would include cost of Net Present Value (NPV) and Compensatory Afforestation (CA) which comes to Rs.607 crore and Rs.43 crore respectively. The Central Government will also fund 60% of the cost of balance works amounting to Rs.365.5 crore (Bihar Rs.318.64 crore and Jharkhand Rs.46.86 crore) from Long Term Irrigation Fund (LTIF) under PMKSY as grant from the States of Bihar and Jharkhand. The States of Bihar and Jharkhand will arrange 40% of remaining cost of balance works amounting to Rs.243.66 crore (Bihar 212.43 crore and Jharkhand 31.23 crore) as loan from LTIF through NABARD at the rate which is not subsidised and is related to market borrowing cost with no interest subvention.

The Cabinet also approved execution of balance works of the project on turnkey basis by M/S WAPCOS Ltd., a CPSU under MoWR, RD & GR as Project Management Consultant (PMC). The execution of the project will be monitored by an Empowered Committee of Government of India headed by CEO NITI Aayog.

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Elegant Marbles & Grani Industries Company Secretary resigns
Aug 16,2017

Elegant Marbles & Grani Industries has announced that Ms. Heena Ajay Joshi, Company Secretary (KMP) and Compliance Officer of the Company have resigned from the said position with effect from the closing hours of 16th August 2017.

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Cabinet approves raising Extra Budgetary Resources upto Rs. 9020 crore for Long Term Irrigation Fund during the year 2017-18
Aug 16,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for raising Extra Budgetary Resources (EBR) of upto Rs. 9020 crore as per the requirement during 2017-18 by NABARD through issuance of Bonds for ensuring lending rate of 6% per annum (pa) in respect of borrowings for implementation of Accelerated Irrigation Benefits Programme (AIBP) works of 99 ongoing prioritized irrigation projects along with their command area development (CAD) works under PMKSY.

A large number of major and medium irrigation projects taken up under Accelerated Irrigation Benefit Programme (AIBP) were languishing mainly due to inadequate provision of funds. During 2016-17, 99 ongoing projects under PMKSY- AIBP were identified for completion in phases by December-2019. To cater to the large fund requirement and ensure completion of these projects, the Union Finance Minister, during his Budget speech 2016-17, announced creation of dedicated Long Term Irrigation Fund (LTIF) in NABARD with an initial corpus of Rs. 20,000 crore for funding of Central and State share for the identified ongoing projects under PMKSY (AIBP and CAD).

To make the loan from NABARD attractive for states, it was decided that the rate of interest may be kept around 6% by providing requisite cost free funds to NABARD every year during 2016-17 to 2019-20 on which interest cost would be borne by Govt. of India.

During the year 2016-17, NABARD disbursed aggregate amount of Rs. 9086.02 crore under LTIF, out of which Rs. 2414.16 crore was released for Polavaram project (without EBR component) and balance Rs. 6671.86 crore was released to identified projects using EBR. Further, an amount of Rs. 924.9 crore was disbursed as Central Assistance (CA) through budgetary provision. During 2016-17, overall an amount of Rs 2187 crore was raised by NABARD in the form of Government of India fully serviced bond as EBR.

During 2017-18, it is estimated that an amount of Rs 29,000 Crore may be required through LTIF, for which EBR of Rs 9020 cr would be required.

As per the status reported by the states and Central Water Commission during various review meeting, 18 projects have been completed/almost completed. Irrigation potential utilization is expected to be more than 14 lakh hectares during 2016-17 from all the 99 projects. During 2017-18, 33 more projects are likely to be completed. The completion of the identified irrigation projects will generate immediate wage and other employment opportunities in good measure during the construction phase. More importantly, on completion of the projects, the utilization of irrigation potential of about 76 lakh hectares will transform the agriculture scenario of the region resulting in generation of substantially more employment opportunities through increase in cropping intensity, change in cropping pattern, agro processing and other ancillary activities.

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Aditya Birla Fashion and Retail allots equity shares
Aug 16,2017

Aditya Birla Fashion and Retail pursuant to the Composite Scheme of Arrangement amongst the Company, Aditya Birla Nuvo Limited (ABNL), Madura Garments Lifestyle Retail Company Limited and their respective shareholders and creditors has allotted 28,501 Equity Shares of Rs. 10/- each (said Shares), to Non-resident (Repatriable) Shareholders of ABNL, under Lot 9, on August 16, 2017.

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Larsen & Toubro signs definitive agreement
Aug 16,2017

Larsen & Toubro has entered into a definitive agreement on 16th August 2017 for the divestment of its entire stake in L&T Cutting Tools Limited, a wholly-owned subsidiary, with IMC International Metalworking Companies B.V, a company owned by Berkshire Hathaway Inc.

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Cabinet approves creation of 7 posts of Principal Director and 36 posts of Director on regular basis in the Armed Forces Headquarters Civil Service
Aug 16,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for 7 posts of Principal Director and 36 posts of Director on regular basis in the Armed Forces Headquarters (AFHQ) Civil Service, Ministry of Defence as part of restructuring .

Creation of regular posts in the AFHQ Civil Service will alleviate stagnation the cadre. It will be in the interest of better cadre management and bring improvement in the efficiency of the service. This would be an innovative measure entailing no additional cost but would bring benefits from the perspective of cadre management and enable its better utilisation.

Creation of regular posts in the place of n++in situn++ promotions will ensure more transparency in cadre management. Assigning of higher responsibilities on regular posts will result in greater productivity and accountability with respect to AFHQ CS officers.

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FPIs continue selling
Aug 16,2017

Foreign portfolio investors (FPIs) sold stocks worth a net Rs 1524.56 crore into the secondary equity markets on 14 August 2017, compared with net outflow of Rs 1831.84 crore on 11 August 2017. The stock market was shut yesterday, 15 August 2017 on account of Independence Day Holiday. On 14 August 2017, the Sensex gained 235.44 points or 0.75% to settle at 31,449.03, its highest closing level since 10 August 2017.

The net outflow of Rs 1524.56 crore on 14 August 2017 was a result of gross purchases of Rs 3287.96 crore and gross sales of Rs 4812.52 crore.

There was a net inflow of Rs 0.75 crore into the category primary market & others on 14 August 2017, which was a result of gross purchases of Rs 0.85 crore and gross sales of Rs 0.10 crore.

FPIs have sold stocks worth a net Rs 6203.13 crore into the secondary equity markets in August 2017 so far (till 14 August 2017). They had bought stocks worth a net Rs 4199.62 crore from the secondary equity markets in July 2017.

FPIs have purchased shares worth a net Rs 36540.48 crore from the secondary equity markets in calendar year 2017 so far (till 14 August 2017). They had purchased shares worth a net Rs 12094.42 crore from the secondary equity markets in calendar year 2016.

FPIs have bought stocks worth a net Rs 786.18 crore from the category primary market & others in August 2017 so far (till 14 August 2017). They had bought stocks worth a net Rs 972.54 crore from the category primary market & others in July 2017.

FPIs have purchased shares worth a net Rs 16557.58 crore from the category primary markets & others in calendar year 2017 so far (till 14 August 2017). The net inflow from FPIs into the category primary markets & others had totaled Rs 8471.76 crore in calendar year 2016.

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Rajputana Investment and Finance fixes record date
Aug 16,2017

Rajputana Investment and Finance has fixed 29 August 2017 as the Record Date for the purpose of taking record of eligible shareholders who are entitled for receipt of Bonus Shares.

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