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Mandatory Quoting of Aadhaar for PAN Applications & Filing Return of Income
Apr 06,2017

Section 139AA of the Income-tax Act, 1961 as introduced by the Finance Act, 2017 provides for mandatory quoting of Aadhaar / Enrolment ID of Aadhaar application form, for filing of return of income and for making an application for allotment of Permanent Account Number with effect from 1st July, 2017.

It is clarified that such mandatory quoting of Aadhaar or Enrolment ID shall apply only to a person who is eligible to obtain Aadhaar number. As per the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016, only a resident individual is entitled to obtain Aadhaar. Resident as per the said Act means an individual who has resided in India for a period or periods amounting in all to one hundred and eighty-two days or more in the twelve months immediately preceding the date of application for enrolment. Accordingly, the requirement to quote Aadhaar as per section 139AA of the Income-tax Act shall not apply to an individual who is not a resident as per the Aadhaar Act, 2016.

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Avanti Feeds jumps 14.7% in four sessions
Apr 06,2017

The stock jumped 14.7% in four sessions to its current price of Rs 822.40 from its close of Rs 717 on 30 March 2017.

Meanwhile, the S&P BSE Sensex was down 120.21 points, or 0.39% to 29,857.06. The S&P BSE Mid-Cap index was down 5.91 points, or 0.04% to 14,249.64.

On the BSE, 18,600 shares were traded in the counter so far as against average daily volume of 12,231 shares in the past one quarter. The stock had hit a high of Rs 836.80 and a low of Rs 815 so far during the day. The stock had hit a record high of Rs 848 yesterday, 5 April 2017. The stock had hit a 52-week low of Rs 390.50 on 6 April 2016.

It had outperformed the market over the past one month till 5 April 2017, advancing 21.16% compared with the Sensexs 3.96% rise. The scrip had also outperformed the market over the past one quarter, jumping 60.76% as against the Sensexs 11.52% rise.

The mid-cap company has an equity capital of Rs 9.08 crore. Face value per share is Re 2.

Avanti Feeds consolidated net profit rose 12.5% to Rs 41.11 crore on 35% rise in net sales to Rs 550.03 crore in Q3 December 2016 over Q3 December 2015.

Avanti Feeds is a leading provider of high quality feed, best technical support to the farmer and caters to the quality standards of global shrimp customers.

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Rattanindia Power declines on profit booking
Apr 06,2017

Meanwhile, the S&P Sensex was down 108.44 points, or 0.36% at 29,865.80. The S&P BSE Small-cap index was down 52.40 points, or 0.35% at 14,732.28.

On the BSE, 5.30 lakh shares were traded on the counter so far as against the average daily volumes of 6.87 lakh shares in the past one quarter. The stock had hit a high of Rs 8.75 and a low of Rs 8.42 so far during the day.

The stock had hit a 52-week high of Rs 12.29 on 7 July 2016 and a 52-week low of Rs 6.32 on 27 December 2016. The stock had outperformed the market over the past one month till 5 April 2017, advancing 22.13% compared with the Sensexs 3.96% rise. The scrip had also outperformed the market over the past one quarter advancing 19.62% as against the Sensexs 11.52% rise.

The small-cap company has equity capital of Rs 2,952.93 crore. Face value per share is Rs 10.

Rattanindia Power had rallied 17.68% in the preceding five trading sessions to settle at Rs 8.72 yesterday, 5 April 2017, from its closing of Rs 7.41 on 28 March 2017.

Rattanindia Power reported net loss of Rs 59.51 crore in Q3 December 2016, as compared with net loss of Rs 4.23 crore in Q3 December 2015. Net sales fell 62.2% to Rs 300.27 crore in Q3 December 2016 over Q3 December 2015.

Rattanindia Power (formerly Indiabulls Power) focuses on developing, constructing, and operating power projects in India.

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MoU signed for a joint India-UK collaborative centre in crop-science
Apr 06,2017

A Memorandum of Understanding has been signed for establishing a joint India-UK collaborative centre in crop-science. Aims and objectives of the centre are:-

n++ Establishment of a Research Centre located in India.

n++ Establishment of a joint fellowship programme in plant sciences to facilitate the exchange of PhD students and Postdoctoral researchers between the partnering UK and Indian institutions.

n++ Integration with continuing DBT-UK activities, such as the DBT-Cambridge Lectureships and the UK-India Virtual Joint Centres in Agricultural Nitrogen.

n++ Capacity building, leadership development and developing robust farmer outreach components.

The aim of the MoU is to develop a long term partnership between India and UK in Plant Sciences. Steps have been initiated and joint activities have commenced which are detailed below:-

n++ Joint Faculty Programme: The Department of Biotechnology in partnership with University of Cambridge, UK have initiated research-oriented lectureship programme at Cambridge University and a partner institute in India. The duration of lectureship is for a fixed term of five year of which three year of this will be in India and two year will be in University of Cambridge. Five applicants have been selected and are working under the joint unestablished post of Lectureship.

n++ Four India-UK Virtual Joint Centres in Agricultural Nitrogen have been established which will eventually integrate into the activities of Joint Plant Science Research Centre.

n++ Workshop Women Agriculture Scientists in Cambridge: This workshop was a direct result of the joint UK-India collaboration programme in crop science. Twenty five scientists in Agriculture were sent to Cambridge for a five day leadership training programme during 4th-10th September 2016.

The Department of Biotechnology is looking to expand global partnership and will be open to signing of such MoU with other countries. Crop science is top priority of the country and negotiations are continuing with countries such as Australia, EU for establishing programmes in Agriculture and Plant Science.

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Edelweiss Financial Services hits 52-week high
Apr 06,2017

The announcement was made during market hours today, 6 April 2017.

Meanwhile, the S&P BSE Sensex was down 108.58 points or 0.36% at 29,860.76.

On the BSE, 4.78 lakh shares were traded in the counter so far as against average daily volume of 25.09 lakh shares in the past one quarter. The stock had hit a high of Rs 175.95, in intraday trade, which is also a 52-week high for the stock. The stock had hit a low of Rs 168.70 so far during the day. The stock had hit a 52-week low of Rs 53.40 on 8 April 2016.

It had outperformed the market over the past one month till 5 April 2017, advancing 25.53% compared with the Sensexs 3.96% rise. The scrip had also outperformed the market over the past one quarter, surging 70.2% as against the Sensexs 11.52% rise.

The large-cap company has equity capital of Rs 83.26 crore. Face value per share is Re 1.

Edelweiss Financial Services announced that The Insurance Regulatory & Development Authority of India (IRDAI) has accepted the registration application form IRDA/R2, for setting up a General Insurance Company in India, filed by Edelweiss General Insurance Company, a wholly owned subsidiary of the company.

This is the second stage of regulatory clearances required for carrying on the business as a general insurance company in India.

Separately, company announced after market hours yesterday, 5 April 2017 that Ecap Equities, a wholly owned subsidiary of the company entered into a share purchase agreement for purchase of 100% stake in Alternative Investment Market Advisors Private Limited (AIMIN) from its existing shareholders. AIMIN will become a wholly owned subsidiary of Ecap and in turn of the company.

AIMIN is a fintech company for fixed income analytics with innovative trade protocols that aids bond markets with efficient price discovery. This acquisition will help grow Edelweisss fixed income advisory business.

On a consolidated basis, Edelweiss Financial Services net profit rose 46.9% to Rs 155.18 crore on 20% growth in net sales to Rs 1612.47 crore in Q3 December 2016 over Q3 December 2015.

Edelweiss Financial Services offers a range of products and services spanning retail finance, debt capital markets, commodities, financial markets, asset management and life insurance.

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Delta Corp leads losers in A group
Apr 06,2017

Delta Corp lost 8.19% to Rs 186 at 13:55 IST. The stock topped the losers in the BSEs A group. On the BSE, 28.89 lakh shares were traded on the counter so far as against the average daily volumes of 17.59 lakh shares in the past two weeks.

Muthoot Finance dropped 4.04% to Rs 380. The stock was the second biggest loser in A group. On the BSE, 35,000 shares were traded on the counter so far as against the average daily volumes of 56,000 shares in the past two weeks.

Just Dial fell 3.37% at Rs 536.60. The stock was the third biggest loser in A group. On the BSE, 1.66 lakh shares were traded on the counter so far as against the average daily volumes of 2.50 lakh shares in the past two weeks.

Gujarat Pipavav Port declined 3.12% to Rs 166.30. The stock was the fourth biggest loser in A group. On the BSE, 56,000 shares were traded on the counter so far as against the average daily volumes of 54,000 shares in the past two weeks.

Hindalco Industries slipped 3.15% to Rs 191.95. The stock was the fifth biggest loser in A group. On the BSE, 5.35 lakh shares were traded on the counter so far as against the average daily volumes of 7.63 lakh shares in the past two weeks.

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Government allows import of only 5 lakh MT of raw sugar at zero duty through open general license: Shri Ram Vilas Paswan
Apr 06,2017

Shri Ram Vilas Paswan, Union Minister for Consumer Affairs, Food & Public Distribution said that in order to address regional production gaps and also to maintain domestic prices at reasonable levels, it has been decided by the Government to allow import of a restricted quantity of only 5 lakh MT of raw sugar at zero duty through open general license. The import shall be done with zonal quantity restrictions and will be open for only millers/refiners having their own refining capacity.

Shri Paswan further said that considering the quantity of sugar available as opening stocks and the production in the current sugar season, it is estimated that there is adequate quantity of sugar available in the country for domestic consumption.

The scheme shall be operated by the Directorate General of Foreign Trade as per their rules and regulations.

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Department of Commerce achieves 99.45% of final plan expenditure and 100% implementation of PFMS and DBT
Apr 06,2017

During the Financial Year 2016-17, Department of Commerce has expended Rs. 2454.58 Crore under Plan Schemes which works out of 99.45% of the final plan allocation. This achievement is the highest in last 5 Financial Years. In the year 2012-13 DoC has made 98.02% of expenditure under Plan Schemes, and expenditure was 96.86% in 2013-14, 96.50% in 2014-15 and 98.54% in 2015-16.

1. Public Finance Management System(PFMS)

As per the direction of Ministry of Finance & O/o CGA, PFMS which is Public Finance Management System was to be extended to all offices under control of Department of Commerce all over India. PFMS was also to be implemented in all autonomous Bodies, PSUs and other Trade Promotion offices under Department of Commerce.

In the Year 2016-17 Department of Commerce has achieved 100% implementation of PFMS in all its autonomous bodies, PSUs and Trade Promotion bodies all over India by 31st March,2017. This enables Just-in-Time release of funds to these organizations thereby preventing unnecessary parking of funds.

2. Direct Benefit Transfer(DBT)

Cabinet Secretariat has instructed that all Grants-in-Aids (GIA) and Subsides being given to beneficiaries, should be disbursed electronically through the Direct Benefit Transfer mode. As approved by Secretary, Commerce in August,2016. Seven Organizations namely: - Tea Board, Coffee Board, Spices Board, Rubber Board, Tobacco Board, APEDA and MPEDA were selected for DBT implementation in DoC by 31st March,2017.

DBT was successfully implemented in all these organizations by 31st March,2017. All the beneficiaries under these schemes, have been linked with AADHAR in most cases. Department of Commerce has thus achieved the target of 100% in DBT implementation by the stipulated timeline of 31st March,2017.

These achievements were possible due to constant monitoring and appraisal by the Department at the highest level throughout the year.

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Volumes jump at Navkar Corporation counter
Apr 06,2017

Navkar Corporation clocked volume of 2.75 lakh shares by 12:40 IST on BSE, a 32.02-times surge over two-week average daily volume of 9,000 shares. The stock jumped 12.84% to Rs 204.35.

Mastek notched up volume of 3.21 lakh shares, a 9.65-fold surge over two-week average daily volume of 33,000 shares. The stock surged 12.13% to Rs 201.10.

Container Corporation of India saw volume of 4.83 lakh shares, a 8.09-fold surge over two-week average daily volume of 60,000 shares. The stock rose 3.45% to Rs 1,047.

Kalpataru Power Transmission clocked volume of 2.05 lakh shares, a 7.1-fold surge over two-week average daily volume of 29,000 shares. The stock gained 0.17% to Rs 325.55.

Zuari Agro Chemicals saw volume of 1.6 lakh shares, a 3.72-fold rise over two-week average daily volume of 43,000 shares. The stock galloped 7.69% to Rs 408.

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REC advances after bulk deal
Apr 06,2017

Meanwhile, the BSE Sensex was down 107.71 points, or 0.36%, to 29,866.53

Bulk deal boosted volume on the scrip. On the BSE, so far 13.93 lakh shares were traded in the counter, compared with average daily volumes of 6.99 lakh shares in the past one quarter. The stock hit a high of Rs 186.45 so far during the day, which is also a 52-week high for the counter. The stock hit a low of Rs 182.50 so far during the day. The stock hit a 52-week low of Rs 76.40 on 24 May 2016.

The large-cap company has equity capital of Rs 1974.92 crore. Face value per share is Rs 10.

Rural Electrification Corporations (REC) net profit rose 28.1% to Rs 1754.40 crore on 1.32% decline in total income to Rs 5957.75 crore in Q3 December 2016 over Q3 December 2015.

REC, a Navratna Central Public Sector Enterprise under Ministry of Power, provides financial assistance to state electricity boards, state government departments and rural electric co-operatives for rural electrification projects.

The Government of India holds 60.637% stake in the company, as per the shareholding pattern as at 31 December 2016.

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Cabinet approves extension of implementation of Crime and Criminal Tracking Network and Systems Project by one year
Apr 06,2017

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi has approved the proposal of the Ministry of Home Affairs for extension of the implementation phase of the Crime and Criminals Tracking Network and Systems (CCTNS) Project for another year beyond 31st March 2017.

The extension would help in achieving the remaining objectives of the project comprehensively. The maintenance phase of the Project will continue till 2022 as approved earlier. With a total outlay of Rs. 2000 crore, a sum of Rs. 1550 crore, which was the total allocation to the project so far, has been spent till 2016-17.

The Inter-operable Criminal Justice System (ICJS) aims to integrate the CCTNS project with the e-courts and e-prisons databases in the first instance and with the other pillars of the criminal justice system - Forensics, Prosecution, Juvenile homes and a nationwide Fingerprint data base of criminals in a phased manner. The integration will be achieved by providing access to the Judiciary, Police and Prisons through a desktop dashboard to facilitate expeditious and informed decisions and aid investigations.

Impact of the CCTNS Project will lead to:

i. Citizen portals in all states and Centre that will facilitate transparency and speed in police service delivery, online registration of complaints and reporting and search of missing persons and stolen goods in self-service mode.

ii. Pan-India search on complete National Crime and Criminal database that is accessible to the Investigating Officers throughout the country.

iii. Search facility will be available to Police in regional languages for improved inter-state tracking of criminal movement.

iv. Reliable network connectivity to all Police Stations in the country.

v. National level crime analytics that will be published at, increased frequency to help policy and law makers in taking data backed timely actions and in making appropriate policy interventions.

vi. Integration with various e-Governance projects such as Aadhaar, National Population Register, Vaahan Project of the Ministry of Surface Transport, Passport Seva and National Emergency Response System Project thus increasing the synergies and benefit accrued from these individual systems. It will expedite various kinds of police verification requests and investigation.

vii. Advanced features such as biometric based identification, trend and pattern analytics etc. that will be incorporated to enhance hi-tech investigation capability.

viii. ICJS that will be available to all pillars of the criminal justice system helping improve its service delivery.

Achievements under CCTNS Project:

In the last one year following significant outcomes have been achieved by the Project:

n++ More than 83% Police Stations in the country are entering 100% FIRs through CCTNS software.

n++ 120 lakhs FIR have been entered in CCTNS system till date. Legacy Crime records since 2004 have also been migrated to the CCTNS database. In all around seven crore records are now available in the national crime database.

n++ 31 States/UTs have launched their portals which provide various services like registration of complaints, verification of criminal antecedents/litigation of individuals/property, obtaining NOC from police for events for law and order clearance, search of missing person search, matching unidentified dead bodies, Vehicle related enquiries, antecedent verification for issue of passport etc.

n++ The ICJS dashboard has been implemented by integrating CCTNS with e-Courts and e-prisons and has been launched on a trial basis with select central investigation agencies. v n++ Software for Prosecutions and Forensics has been developed and is currently being rolled out in Bihar, Telangana and Puducherry.

Background:

Originally approved in 2009, the Project aims to:

a) deliver various web based police related services to citizens.

b) facilitate a pan-India search of crime and criminal records of individuals through a national database.

c) generate crime and criminal reports at the state and central level to inform policy interventions and

d) computerise police processes.

In 2015, an additional objective of establishing a basic platform for an Inter-operable Criminal Justice System (ICJS) was added to the Project.

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Cyber Media (India) allots 13 lakh equity shares
Apr 06,2017

Cyber Media (India) has allotted 10,40,000 Equity Shares and 2,60,000 Equity Shares of face value of Rs. 10 each to Pradeep Gupta and Dhaval Gupta,respectively on preferntial basis. Post the above allotment, the paid up equity share capital of the Company would stand at Rs. 12,86,72,420/- consisting of 1,28,67,242 equity shares of Rs. 10 each.

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Rodium Realty provides update on its mixed-use project XPoint
Apr 06,2017

Rodium Realty announced that it has received a Full Commencement Certificate from Ground (pt.)+ Stilt (pt.) + 1st to 3rd podium + 4th to 19th + 20th (pt.) upper floor for its mixed-use project XPoint situated at S.V. Road, Kandivali (West), Mumbai.

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Maximus International incorporates subsidiary in UAE
Apr 06,2017

Maximus International has completed its process to set up its wholly owned subsidiary in UAE in the name and style of Maximus Global FZE in Hamriyah Free Zone, Hamriyah, UAE which is a strategic place of business/ trading in petrochemical products, lubricants etc and that the said WOS has received incorporation certificate on 02 April 2017.

The said WOS has plans, amongst others, to obtain distributorship from the suppliers which are located in UAE for their products in the UAE as well as Middle East.

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Sunil Hitech Engineers jumps after winning road projects
Apr 06,2017

The announcement was made during market hours today, 6 April 2017.

Meanwhile, the S&P BSE Sensex was down 133.31 points, or 0.44% to 29,840.93. The S&P BSE Small-Cap index was down 51.96 points, or 0.35% to 14732.72, outperforming the Sensex.

On the BSE, 7.53 lakh shares were traded in the counter so far, compared with average daily volumes of 5.21 lakh shares in the past two weeks. The stock had hit a high of Rs 12.68 and a low of Rs 11.82 so far during the day.

The stock had hit a record high of Rs 23.43 on 20 October 2016. The stock had hit a 52-week low of Rs 7.75 on 24 June 2016. It had outperformed the market over the past one month till 5 April 2017, advancing 7.54% compared with the Sensexs 3.96% rise. The scrip had, however, underperformed the market over the past one quarter, falling 3.7% as against the Sensexs 11.52% rise.

The small-cap company has equity capital of Rs 37.80 crore. Face value per share is Rs 1.

Sunil Hitech Engineers said that the company has received letter of award in regards to the projects and will be signing the engineering, procurement and construction (EPC) agreement soon.

All the aforesaid projects have been won in joint venture with other companies and Sunil Hitech Engineers will be executing 100% of the work, the company added.

The stock has jumped 9.2% in five sessions to its current price of Rs 12.57 from a close of Rs 11.51 on 29 March 2017.

Net profit of Sunil Hitech Engineers rose 2.5% to Rs 13.07 crore on 8.9% rise in net sales to Rs 530.81 crore in Q3 December 2016 over Q3 December 2015.

Sunil Hitech Engineers is a well established player in engineering procurement construction (EPC) and construction of road & bridges, building works of institutions, hospitals and housing projects, cross country pipeline, civil & mechanical works of power and steel plants, cooling towers, chimneys, etc. and also in renewable energy sector.

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