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Sanguine Media to hold EGM
Mar 09,2017

Sanguine Media announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 7 April 2017 .

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World Bank Approves Support to Vocational Training Across India
Mar 09,2017

The World Bank Board has approved the US$ 125 million Skills Strengthening for Industrial Value Enhancement Operation (STRIVE) aimed at improving the quality of long-term vocational training provided in Industrial Training Institutes (ITIs) and apprenticeships.

STRIVE is a five-year government program which will help improve the performance of ITIs; increase the capacities of state governments to support them; improve teaching and learning; and broaden Apprenticeship Training. This Program will support vocational training in 300 ITIs and 100 industrial clusters and improve state systems in all ITIs across India.

Over 40 percent of those enrolled in ITIs and apprenticeships come from families that live below the poverty line. The STRIVE Program will help broaden the range of training options available to them and create a more conducive learning environment - important for attracting more young women and youth from vulnerable population groups.

n++Expanding and improving formal long-term skills is essential for India to create a globally competitive workforce,n++ said Junaid Ahmad, World Bank Country Director in India. n++This Program will also focus on inclusion, by providing greater opportunities for Indias youth, particularly women and underserved communities.n++

Recent studies estimate the demand for skilled workers at 400 million by 2022, of which 150 million are required in the manufacturing and services sector alone. With over 13,000 institutions across India, ITIs represent the largest network of technical training providers in the country. However, they face a series of challenges in adapting to increasingly dynamic industry demands. The formal apprenticeship system is an important but under-used resource for workplace exposure and relevant on-the-job training.

A striking feature of Indias labor market is the extremely low (31 percent) female labor force participation. More than 50 million of Indias young women are neither studying nor working and they constitute less than 9 percent of the enrollment in most ITIs.

To realize the benefits of a skilled workforce, further efforts are required to harness the full potential of its large youthful population.

The Program will modernize formal apprenticeship training in India and strengthen the role of industry, especially small and medium enterprises (SMEs) in improving and developing needs-based Apprenticeship Programs. It will also help increase quality and relevance as well as financial and administrative autonomy of ITIs; improve states regulatory and monitoring systems for skills development; reduce teachers vacancy rates; facilitate industry training for teachers in ITIs, among others. STRIVE will also invest in introducing state of the art technology-based teaching and learning resources in ITI training, developing online and distance learning modules for technical teachers training and upgrading technical teachers training institutions.

n++Research has shown that youth who undergo some form of formal training tend to earn nearly 18 percent more compared to those with only a grade 10 or a grade 12 education. Beyond the direct benefit for the trainee, the development of a globally competitive manufacturing sector requires a cadre of comprehensively skilled technicians, said Muna Salih Meky, Senior Education Specialist and World Banks Task Team Leader for the Program. n++The Program is also expected to contribute to increased diversity and reduced inequities in the workforce.n++

The credit is from the International Development Association (IDA) - the World Banks concessionary lending arm with a maturity of 25 years, including a 5-year grace period.

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Shree Renuka Sugars sweetens as board approves allotment to SCB
Mar 09,2017

The announcement was made after market hours yesterday, 8 March 2017.

Meanwhile, the S&P BSE Sensex was up 0.19 points or at 28,902.13

On the BSE, 8.19 lakh shares were traded on the counter so far as against the average daily volumes of 7.12 lakh shares in the past one quarter. The stock had hit a high of Rs 15.95 and a low of Rs 15.40 so far during the day. The stock had hit a 52-week high of Rs 19.18 on 15 June 2016 and a 52-week low of Rs 11.47 on 23 December 2016.

The small-cap company has equity capital of Rs 92.88 crore. Face value per share is Rs 1.

Shree Renuka Sugars said that as per the rectification package approved by the Joint Lenders Forum (JLF) under the Corrective Action Plan, the allotment committee of the board of directors of the company has approved the allotment of 1.64 crore equity shares at Rs 16.56 per share to Standard Chartered Bank (SCB), one of the JLF Lenders in lieu of and against the conversion of a part of the loans availed by the company from SCB.

Shree Renuka Sugars reported a net loss of Rs 42 crore in Q3 December 2016, higher than net loss of Rs 24.10 crore in Q3 December 2015. Net sales rose 33.4% to Rs 2041.40 crore in Q3 December 2016 over Q3 December 2015.

Shree Renuka Sugars is one of the leading sugar manufacturers in India.

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Tamil Nadu Newsprint drops after announcing production stoppage
Mar 09,2017

The announcement was made after market hours yesterday, 8 March 2017.

Meanwhile, the S&P BSE Sensex, was currently down 6.39 points or 0.02% at 28,895.55

On BSE, so far 28,000 shares were traded in the counter, compared with an average daily volume of 14,892 shares in the past one quarter. The stock hit a high of Rs 340 and low of Rs 327 so far during the trading session. The stock had hit record high of Rs 392.45 on 13 October 2017. The stock hit 52-week low of Rs 198.55 on 16 March 2016.

The small-cap company has equity capital of Rs 69.21 crore. Face value per share is Rs 10.

Tamil Nadu Newsprint & Papers said that due to water shortage, the company has stopped production in Paper Machine II (PM II), in Unit I at Karur, Tamil Nadu from afternoon of 7 March 2017. The other two paper machines are in operation. The production in PM II will be resumed on availability of water.

Tamil Nadu Newsprint & Papers after net profit rose 39.18% to Rs 61.06 crore on 49.29% growth in net sales to Rs 698.85 crore in Q3 December 2016 over Q3 December 2015.

Tamil Nadu Newsprint & Papers (TNPL) manufactures newsprint and printing & writing paper using bagasse, a sugarcane residue, as primary raw material.

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Kotak Bank slips as Uday Kotak pares stake
Mar 09,2017

Meanwhile, the S&P BSE Sensex was down 41.29 points or 0.14% at 28,860.65

On the BSE, 50,15 shares were traded on the counter so far as against the average daily volumes of 6.63 lakh shares in the past one quarter. The stock hit a high of Rs 825.50 and a low of Rs 820.55 so far during the day. The stock had hit a record high of Rs 839.75 yesterday, 8 March 2017. The stock had hit a 52-week low of Rs 631.50 on 15 March 2016.

The large-cap bank has equity capital of Rs 919.93 crore. Face value per share is Rs 5.

Shares of Kotak Mahindra Bank gained 0.88% to settle at Rs 824.50 yesterday, 8 March 2017 after the bank said its board of directors has approved increase in ceiling limit for investment by foreign investors in the equity share capital of the bank to 42% from 40% earlier. The announcement was made during market hours yesterday, 8 March 2017.

Kotak Mahindra Banks net profit rose 38.6% to Rs 879.76 crore on 11.02% growth in total income to Rs 5377.83 crore in Q3 December 2016 over Q3 December 2015.

Kotak Mahindra Bank is one of the leading private sector banks in India.

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Remi Elecktrotechnik receives reaffirmation of ratings for bank facilities
Mar 09,2017

Remi Elecktrotechnik has received reaffirmation in ratings for bank facilities of the company from CARE as under -

Long term (fund based) facilities (Rs 11 crore) - CARE BBB; Stable
Short term (non fund based) facilities (Rs 2.94 crore) - CARE A3+

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IIFL Holdings provides update on scheme of arrangement
Mar 09,2017

IIFL Holdings announced that in reference with the proposed demerger of 5Paisa Digital Undertaking from IIFL Holdings into 5Paisa Capital, the Company has received observation letters from NSE, BSE and SEBI on the draft Scheme dated 02 March 2017. Pursuant to the above, the Company has filed on 07 March 2017 an application with National Company Law Tribunal [NCLT], Mumbai Bench for the approval of the proposed Scheme of Arrangement.

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Shree Renuka Sugars allots 1,64,35,338 equity shares
Mar 09,2017

Shree Renuka Sugars announced that the Allotment Committee of the Board of Directors has, by way of circular resolution dated 8 March 2017, approved the allotment of 1,64,35,338 Equity Shares of face value of Re. 1/- each, at a price of Rs. 16.56 per Equity Share aggregating to Rs. 27,21,69,197.28 to Standard Chartered Bank (SCB), one of the JLF Lenders in lieu of and against the conversion of a part of the loans availed by the Co. from SCB.

Consequent to the above allotment, the paid-up share capital of the Company stands increased from Rs.92,88,11,242 divided into 92,88,11,242 equity shares having face value Re.1/- each to Rs.94,52,46,580 divided into 94,52,46,580 equity shares having face value of Re.1/- each.

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Fitch: Indian Banks Risk Skipping Coupons, Despite Forbearance
Mar 09,2017

Some Indian banks remain at risk of skipping coupon payments on capital instruments over the next couple of years; despite measures by the Reserve Bank of India (RBI) to ease pressures, and injections of government capital into state banks, says Fitch Ratings. Mid-sized state banks are the most at risk of breaching capital triggers.

Distributable reserves at small- to mid-sized state banks were down by one third in 9M17 compared with financial year 2015 (FY15, to March 2015), reflecting persistent losses and weak internal capital generation. Five state-owned banks suffered losses that were equivalent to more than 30% of distributable reserves in 9M17 alone. The RBIs recent decision to allow banks to make additional Tier 1 (AT1) coupon payments from statutory reserves may have helped mitigate short-term coupon-deferral risks, but state banks reserves are likely to continue falling.

The RBI has made several regulatory adjustments in the last few years to avoid potential damage to sentiment in the domestic market for capital instruments. These changes have been applied to the sector as a whole and are not unique to India, but their timing suggests the RBI has felt pressure to provide headroom to state banks.

Some banks are also at risk of missing coupon payments on capital instruments as a result of breaching minimum capital requirements. Fitchs analysis indicates that the total capital adequacy ratio (CAR) of 12 banks was at or below the 11.5% minimum that will be a prerequisite for payment of coupons on both legacy and Basel III AT1 capital instruments by FYE19. There were also 11 banks with CET1 ratios at or below the 8% minimum that will be required to make coupon payments on AT1 instruments by FYE19.

We estimate that banks require around USD90bn in new capital by FYE19 to meet Basel III standards - state banks account for around 80% of that. State banks are constrained in raising new equity due to heavy discounts on valuations while limited market depth remains a hurdle to issuing capital instruments domestically. Banks which are capable of tapping overseas markets have been reluctant to do so due to pricing concerns. This leaves state banks largely reliant on the government for recapitalisation. The USD10.4bn that the government has earmarked for capital injections into state banks is unlikely to be enough to support balance-sheet growth.

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AksharChem (India) director resigns
Mar 09,2017

The Board of Directors of AksharChem (India) has accepted the resignation of Jayprakash M. Patel as Independent Director of the Company with effect from 07 March 2017 by passing a resolution by circulation.

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Indiabulls Housing Finance allots NCDs aggregating Rs 495 crore
Mar 09,2017

Indiabulls Housing Finance has allotted its second tranche of 495 Secured, Redeemable, Non-Convertible Debentures of face value Rs. 10 lakh each (NCDs) aggregating Rs.495 crores on private placement basis on 08 March 2017.

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Dilip Buildcon provides update on SPV - DBL Hata Dargawon Tollways
Mar 09,2017

Dilip Buildcon announced that DBL Hata Dargawon Tollways (a SPV of the Company) has received the provisional Completion certificate as declaration of Commercial Operation Date (COD) for the Project of Hatta -Fathepura - Rajpura - Silapuri - Banjna - Darguwa ( Km 0+000 to Km 64+230) at State Highway No. 48 on BOT (Toll + Annuity) basis and the project cost 74.25 crore.

Further as per the said certificate, the said project is completed 400 days prior to the schedule Completion date and in lieu of the earlier completion of the Project, Company is entitled to received maximum Bonus amount Rs. 15,38,63,013/- from the Madhya Pradesh Road Development Corporation and provisionally declared fit for entry into Commercial operation dated 06 March 2017.

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IL&FS Transportation Networks gets provisional completion certificate for tunnel project on NH-1A in Jammu & Kashmir
Mar 09,2017

IL&FS Transportation Networks announced that the construction of the longest tunnel in the South East Asian region comprising of construction of four laning of Chenani to Nashri sections of NH-1A including 9 km long tunnel with parallel escape tunnel in the state of Jammu & Kashmir (project) awarded on 03 May 2010 by the National Highways Authority of India has been completed. The provisional completion certificate has been issued effective 08 March 2017.

The project is on annuity basis with concession period of 20 years including construction period of 1825 days. The company will be receiving Annuity of Rs 635 crore annually for a period of 15 years which will shall be paid in semi-annual instalment of Rs 317.52 crore.

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Kotak Mahindra Bank in focus as Uday Kotak pares stake
Mar 09,2017

Shares of Kotak Mahindra Bank will be in focus after Canadian pensions funds Canada Pension Plan Investment Board (CPPIB) and Caisse De Depot ET Placement DU Quebec (CDPQ) have bought 1.5% stake in the bank from Uday Kotak, its executive vice-chairman and managing director. CPPIB bought 92 lakh shares at Rs 817 per share in a bulk deal on BSE yesterday, 8 March 2017. CDPQ bought 1.84 crore shares at Rs 817 per share in a bulk deal on BSE yesterday, 8 March 2017. Uday Suresh Kotak sold 2.76 crore shares at Rs 817 per share in a bulk deal on BSE yesterday, 8 March 2017. Uday Kotak held 33.3% stake in Kotak Mahindra Bank (as per the shareholding pattern as on 31 December 2016).

Wipro announced after market hours yesterday, 8 March 2017, that it has become a member of the LoRa Alliance, one of the fastest growing Internet of Things (loT) alliances with over 400 members. This membership will help Wipro accelerate its Internet of Things (IoT) solution deployments, using Low Power Wide Area Networks (LPWAN) technology for customers across industry sectors such as energy, utilities, natural resources, smart cities, ports, and logistics.

Shares of Welspun Enterprises will be in focus after the company said that Welspun Energy has completed sale of entire investment of the company i.e. 6.04 crore equity shares representing 15.49% in the paid up equity share capital of Welspun Energy at a consideration of Rs 285.80 crore. Further consideration is contingent upon occurrence of certain future events. The announcement was made after market hours yesterday, 8 March 2017.

Shares of Shree Renuka Sugars will be in focus after the company said that as per the rectification package approved by the Joint Lenders Forum (JLF) under the Corrective Action Plan, the allotment committee of the board of directors of the company has approved the allotment of 1.64 crore equity shares at Rs 16.56 per share to Standard Chartered Bank (SCB), one of the JLF Lenders in lieu of and against the conversion of a part of the loans availed by the company from SCB. The announcement was made after market hours yesterday, 8 March 2017.

Tamil Nadu Newsprint & Papers said that due to water shortage, the company has stopped production in Paper Machine II (PM II), in Unit I (Karur) from 7 March 2017 afternoon. The other two paper machines are in operation. The production in PM II will be resumed on availability of water. The announcement was made after market hours yesterday, 8 March 2017.

Bharat Financial Inclusion will be watched. With reference to news item captioned, n++Bharat Fin Close to merger deal with IndusInd Bank and merger ratio decided to be 10:7, Bharat Financial Inclusion clarified after market hours yesterday, 8 March 2017, that the news item is merely market speculation. As informed earlier, the company has been exploring various options from time to time and will make an announcement in accordance with the relevant regulations as and when a transaction, if any, is approved by the board.

Bombay Burmah Trading Corporation announced after market hours yesterday, 8 March 2017, that a meeting of the finance committee of the board of directors of the corporation will be held on 14 March 2017, to consider the proposal for issue of secured, listed, redeemable, non-convertible debentures (NCDs) upto Rs 150 crore for cash, at par, to be issued on private placement basis and to be listed on the wholesale debt market segment of the BSE.

MTNL will be watched. With reference to news item captioned, BSNL, MTNL merger plan back on discussion table, clarified after market hours yesterday, 8 March 2017, that the company was not aware of any such news. As and when any such direction/proposal comes from the Department of Telecommunications (DoT), the company will inform the stock exchanges accordingly.

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Gujarat Petrosynthese provides update on subsidiary - GPL Finance and Investment
Mar 08,2017

Gujarat Petrosynthese announced that its subsidiary - GPL Finance and Investments has sold off its entire holding of its investment in the equity shares expect for its promoter holding in Southern Magnesium and Chemicals in the open market as on 06 March 2017.

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