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Cabinet approves the fixation of P&K fertilizers Nutrient-Based Subsidy (NBS) rates for 2017-18
Apr 01,2017

The Cabinet Committee on Economic Affairs (CCEA) Union Cabinet chaired by Prime Minister Narendra Modi has approved the Fixation of Nutrient Based Subsidy (NBS) rates for Phosphatic and Potassic (P&K) fertilizers for the year 2017-18.

Government has been implementing Nutrient Based Subsidy (NBS) Policy for decontrolled P&K fertilizers. Under this policy, the subsidy on Phosphatic and Potassic (P&K) fertilizers is announced by the Government on annual basis for each nutrient i.e., Nitrogen (N), Phosphorous (P), Potash (K) and Sulphur (S) on per kg basis which is converted into subsidy per tonne depending upon the nutrient content in each grade of the fertilizers. These rates are determined taking into account the international and domestic prices of P&K fertilizers, exchange rate, inventory level in the country etc.

The CCEA in its meeting held on 31 March 2017 decided to fix the NBS rates for 2017-18. As compared to 2016-17, the subsidy for the period 2017-18 has decreased from Rs 13.241/kg to 11.997/kg (decrease of Rs 1.244/kg) for P, from Rs 15.470/kg to 12.395/kg (decrease of Rs 3,075/kg) for K whereas the subsidy of N has increased from Rs 15.854/kg to 18.989/kg (an increase of Rs 3.135/kg) and of S from Rs 2.044/kg to 2.240/kg (an increase of Rs 0.196/kg).

During 2016-17, the estimated consumption of P&K fertilizers is 279.8 LMT. Based on the assumption that the consumption of P&K fertilizers during 2017-18 would remain the same, the estimated subsidy requirement at proposed rates would be Rs 19,848.99 crore which is lower than 2016-17 (Rs. 20,688.43 crore) by Rs. 839.44 crore.

This is in continuation with the reforms being undertaken in the fertilizers sector over the past two and a half years including DBT for subsidy payment, neem coating of Urea, reduction in MRP of P&K fertilizers to promote balanced use of nutrients, removal of minimum production criteria for manufacturers of Single Super Phosphate (SSP).

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Yes Bank allots 3.27 crore equity shares
Apr 01,2017

Yes Bank announced that the Capital Raising Committee of the Board of Directors of the Company has finalized the allotment of 3.27 crore shares thus completing the highly successful Qualified Institutions Placement raising Rs 4,906.65 crore (USD 750 million). The allotment of shares was done across a diverse set of investors at Rs.1500 per share.

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Cabinet approves the revised Air Services Agreement with Malaysia
Apr 01,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the revised Air Services Agreement (ASA) with Malaysia.

The revised text of ASA was initialed in 2011. However, due to some diversion on Article 13 i.e. related to remittance of earning, the Agreement could not be signed. During the meeting held in ICAN 2016, Malaysian side agreed to revise the text of said article as suggested by M/o Finance, Govt. of India

Features of the Air Services Agreement

n++ Existing ASA was signed in 1974, hence there is a need to revise, update and modernize the exiting ASA

n++ Text of existing ASA has been replaced with the new text as per latest ICAO template.

n++ Cooperative Marketing Arrangement for 3rd country airlines has been added

n++ Clause on domestic codeshare has been added

n++ The articles on safety and security have been added in the revised ASA

n++ The article related to intermodal services have been added in the revised ASA that will permit air passengers and cargo to move through any intermodal transport from any point in the territory of other party.

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Cabinet approves moving of official amendments to The Companies (Amendment) Bill, 2016
Apr 01,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the proposal to move official amendments to the Companies (Amendment) Bill, 2016. The Bill will be introduced in the Parliament.

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Central Bank of India to convert IPDI capital of Rs 583 crore into equity capital
Apr 01,2017

Central Bank of India announced that Government of India, Ministry of Finance vide letter dated 31 March 2017 conveyed its in principle approval to convert the entire Innovative Perpetual Debt Instruments (IPDI) capital of Rs. 583 crore held by Government of India (GOI) into equity share capital through preferential allotment in favour of GOI, at such conversion rate including premium, as may be determined in accordance with Regulations 76 or 76A of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 as may be applicable read with Regulation 76B of the said Regulations, subject to approval of Reserve Bank of India, Shareholders, Stock Exchanges and other statutory authority(ies), if any including Securities and Exchange Board of India.

Based on the above said approval, Capital Raising Committee of the Board of Directors at their meeting held on 31 March 2017 approved the proposal to extinguish with immediate effect i.e. w.e.f. 31 March 2017, the entire 5830 IPDI of Rs. 10 lakh each aggregating to Rs. 583 crore and decided to credit the capital funds of Rs. 583 crore into Share Application Money Account w.e.f. 31 March 2017.

Accordingly, the aforesaid entire IPDI has been extinguished w.e.f. 31 March 2017 and necessary corporate action to debit the entire 5830 IPDI from accounts in CDSL (ISIN INE483A09237) will be executed in due course of time. Further, all required steps for issuance and allotment of equity shares to President of India (Government of India) will also be taken shortly.

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Bharat Electronics achieves turnover of Rs 8800 crore
Apr 01,2017

Bharat Electronics has ended the year 2016-17 by registering whopping top line figure of about Rs 8800 crore (provisional) - a growth of about 17% over the previous years turnover of Rs 7522 crore.

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Cabinet approves signing of new Air Services Agreement between India and Serbia
Mar 31,2017

The Union Cabinet chaired by the Prime Minister Narendra Modi has given its approval for updation of the existing Air Services Agreement (ASA) between India and Serbia which was signed on 31 January 2003. The updation is as per latest International Civil Aviation Organization (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.

The essential features of the new Air Services Agreement are as follows:

(i) The open sky has been formalized with Serbia as per National Civil Aviation Policy. Now the Indian carriers can operate to any points in Serbia from points in India. Whereas the carriers of Serbia can establish direct operation to 4 Metros - New Delhi, Mumbai and 2 more points to be specified later. Apart from this through routing flexibility any intermediate and beyond point can also be served by the designated carriers of both sides.

(ii) The designated airlines shall be entitled to exercise domestic code share operation to any four (4) additional points in the territory of the other Party over and above the points specified in route schedule, These 4 points may be specified at any time.

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

(iv) It will not only provide direct connectivity but also connectivity through 3rd country carriers, which may also be viable for Indian carriers.

(v) Both countries shall be entitled to designate one or more airline. In earlier arrangement only maximum of two airlines of could be designated by each side.

The new updated and liberalized Air Services Agreement between India and the Serbia has the potential to spur greater trade, investment, tourism and cultural exchange between the two countries bringing it in tune with die 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. As of now there is no connectivity between the two nations and the revised agreement may lead to establishing connectivity between the two countries.

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Nila Infrastructures secured contract worth Rs 131.67 crore
Mar 31,2017

Nila Infrastructures has secured contract worth Rs 131.67 crore. The Company has entered into an agreement for construction and implementation of a slum rehabilitation project with Vivyan Infraprojects.

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Metalyst Forgings allots 64 lakh equity shares
Mar 31,2017

Metalyst Forgings announced that the Allotment Committee of Board of Directors of the Company in their meeting held 31 March 2017 has allotted 40,00,000 Equity Shares of face value of Rs. 10/- each, at a price of Rs. 100/- per share including premium of Rs. 90/- per Equity Share, aggregating to Rs. 40 crore to the Promoter group Company i.e. Amtek Auto by way of preferential allotment.

Further, the Company has also allotted 24,00,000 Convertible Warrants, each convertible into, or exchangeable for, one Equity Share of face value of Rs. 10/- each, at a price (including the Warrant subscription price and warrant exercise price) of Rs. 100/- each aggregating to Rs. 24 crore to the Promoter group Company i.e. Amtek Auto by way of preferential allotment.

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Ujaas Energy gets ratings assigned for bank loan facilities
Mar 31,2017

Ujaas Energy announced that CRISIL has assigned CRISIL A- /Stable rating for long term bank loan facilities reflecting adequate degree of safety regarding timely servicing of financial obligations and CRISIL A2+ rating for the short-term bank loan facilities reflecting strong degree of safety regarding timely payment of financial obligations. Further the previous rating was CARE A3+ rating for Short term bank loan facilities and CARE BBB rating for the long-term bank loan facilities.

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IIFL Holdings provides update on subsidiaries
Mar 31,2017

IIFL Holdings provides update -

1.India Infoline Finance (IIFL), the NBFC Subsidiary, made following additional investments during March 2017: a. Infused an additional equity capital of Rs.160 crore in its 100% housing finance Subsidiary i.e. India Infoline Housing Finance; b. Infused additional equity capital of Rs. 50 crore in Samasta Microfinance. With the above, IIFL Finances shareholding in Samasta, a Subsidiary, stands increased to 95.23%.

2. IIFL Wealth Management, a subsidiary of the Company transferred its shareholding (71%) in India Alternatives Investment Advisors Private to its Private shareholders. IIFLW would continue to distribute India Alts AIF products to its Clients.

3.The following Independent Directors of the Company have been appointed as Independent Director on the Material Subsidiaries: a. Nilesh Vikamsey on the Board of IIFL, the NBFC Subsidiary of the Company; Dr. S. Narayan on the Board of IIFL Wealth Finance, a step down subsidiary of the Company.

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Rural Electrification Corporation intimates of sale of NER II Transmission
Mar 31,2017

Rural Electrification Corporation announced that as per the approval of Ministry of Power, 50000 equity shares of NER II Transmission held by REC Transmission Projects Company (a wholly owned subsidiary of Rural Electrification Corporation) and its nominees, have been transferred along with all assets and liabilities of NER II Transmission to Sterlite Gride4 on 31 March 2017.

Hence, the above project specific SPV is not subsidiary of REC Transmission Projects Company.

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ICICI Bank allots 61,460 equity shares
Mar 31,2017

ICICI Bank has allotted 61,460 equity shares of face value of Rs. 2/- each on 30 March 2017 under the Employees Stock Option Scheme, 2000.

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Axis Bank enters into agreement with GUS Holdings B.V.
Mar 31,2017

Axis Bank has signed an agreement with GUS Holdings B.V. for sale of 1,40,00,000 equity shares (10% of total outstanding shares) of face value of Rs 10 per share of Experian Credit Information Company of India (Experian India), to GUS Holding B.V. at Rs 45.7 per share, resulting in a total cash transaction of Rs 64 crore. The transaction is subject to requisite regulatory approvals, including from Reserve Bank of India.

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Phoenix Mills hikes stake in ODPL
Mar 31,2017

Phoenix Mills has further acquired 0.80% equity stake of Vistra on 30 March 2017 and 5.27% equity stake from IIRF on 31 March 2017 in its subsidiary, Offbeat Developers (ODPL). Subsequent to the above acquisition, the shareholding of the Company in ODPL has increased from 77.52% to 83.59%.

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