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Labour ministry likely to amalgamate and simplify 4 labour course : Bandaru Dattatreya
Jul 07,2017

Union Labour and Employment Minister Mr. Bandaru Dattatreya today said, out of 44 labour laws, we are going to amalgamate, simplify and rationalise into four labour course at an ASSOCHAM event.

The government plans to create 65 million jobs by 2026, said Mr. Bandaru Dattatreya, Minister for Labour and Employment. He further said, the government recognises the importance of skilling the workforce, has allocated Rs. 16,000 crore for skilling.

Mr. Dattatreya further said that Industry should focus more on social security of employees to increase productivity.

Mr Girish Shankar, Secretary, Ministry of Heavy Industries & Public Enterprises said, there is a huge gap, which the auto industry must address to ensure Make in India is really creating and developing in India. The Original Equipment Manufacturer (OEM) need to make substantial investments in engineering R&D for designing and developing in India, so that India graduates to a truly Auto Engineering hub rather than continue to be a place to manufacture to prints only.

We request the auto majors to consider this seriously and fast enough. Also, suggest to us as to how to support this through an appropriate policy framework. We are already working towards this direction, said Mr. Shankar.

Secretary, Ministry of Heavy Industries & Public Enterprises said, Department of heavy industries being the administrative ministry for the automotive industry has onus of leading and steering the policy alignment for the industry to meet the expectations towards Green Mobility in India.

We have finalised the net automotive mission plan (AMP) 2016-2026. AMP 2026 is, as was the case for the previous one, a combined effort of the government of India and the industry to chart a growth path that we jointly seek to achieve. It also seeks to define the trajectory of evolution of the automotive ecosystem in India including the glide path of specific regulations and policies that govern a wide range of parameters that affect the industry.

As an outcome of the AMP 2026 we are planning that the Indian Automotive industry will grow 3.5-4 times in value from its current output of around Rs. 4,64,000 crore in 2015 to about Rs. 16,16,000- 18,89,500 crore by 2026 considering an average GDP growth ranging between 5.8% to 7.5% during the period.

The Auto industry generates demand for the rest of the manufacturing sector. Being the leading sector for overall economic growth, this sector is the driving engine for the Make in India programme, targeting an annual production of RS. 16 to 19 lakh crore in terms of its size and establish itself firmly on the global stage. By 2026 India could stand first in the world in production and sale of small cars two wheelers, three wheelers and buses, third in passenger vehicle and heavy trucks all adding up to 12% of GDP.

Exports of the automotive vehicles which was at the level of Rs 62,500 crores in 2015, is targeted to go up to between Rs. 2,23,300 crores by 2026. Besides it would also be a key player in skill India programme targeting an additional 65 million jobs said Mr. Shankar.

The government of India plans to introduce a new Green Urban Transport Scheme with a central assistance of about Rs. 25,000 crores aimed at boosting the growth of urban transport along low carbon path for substantial reduction in pollution and providing a framework for funding urban mobility projects at National , State and City level with minimum recourse to budgetary allocation support by encouraging innovative financing projects.

Mr R S Kalsi, Chairman, Auto Council ASSOCHAM, thanked the government for being considerate to the needs of industry and cited n++path breaking efforts in highway development, progressive regulations and tax reformsn++ as major positives.

Mr Kalsi assured that the industry was fully committed to n++Greening Indian++ and that the increase in taxation on hybrid cars under GST has n++surprised automobile manufacturers as well as the component industryn++. He drew attention to the National Electric Mobility Mission Plan 2020, and said in response to the governments call, industry had invested in hybrid technologies and was now planning to n++step up investment and bring newer productsn++.

Emphasising the close connection between electric and hybrid technology, Mr Kalsi said key components such as electric motor and lithium ion battery are common to both these clean technologies. Encouraging hybrid technology now, which is relatively less expensive and does not require charging infrastructure, will lead to localization of parts and reduction in cost, thus helping build the eco system for electric mobility in India.

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Epic Energy to hold board meeting
Jul 07,2017

Epic Energy will hold a meeting of the Board of Directors of the Company on 13 July 2017 Shifting of the Registered Office within the local limit from 119, Patilwadi, Office No. 1 to 3,Near Rabale Railway Station, Rabale (West), Navi Mumbai-400701 to Office No. 1,Ground Floor, SUNSHINE WILLOWS, Plot No. 18, Sector-8, Ghansoli, Navi Mumbai,400701, Maharashtra.

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Lakshmi Vilas Bank slips ex-dividend
Jul 07,2017

Meanwhile, the S&P BSE Sensex was down 43.74 points, or 0.14% to 31,325.60.

On the BSE, 60,000 shares were traded in the counter so far, compared with average daily volumes of 2.08 lakh shares in the past one quarter. The stock had hit a high of Rs 204.30 and a low of Rs 201.55 so far during the day. The stock hit a record high of Rs 209.80 on 6 July 2017. The stock hit a 52-week low of Rs 101.60 on 7 July 2016.

The stock had outperformed the market over the past one month till 6 July 2017, rising 9.67% compared with 0.31% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 22.72% as against Sensexs 5.60% rise. The scrip had also outperformed the market in past one year, rising 94.81% as against Sensexs 15.32% rise.

The mid-cap company has equity capital of Rs 191.81 crore. Face value per share is Rs 10.

Before turning ex-dividend, the stock offered a dividend yield of 1.32% based on the closing price of Rs 204.75 yesterday, 6 July 2017.

Net profit of Lakshmi Vilas Bank rose 6.30% to Rs 52.16 on 14% rise in operating income to Rs 864.99 crore in Q4 March 2017 over Q4 March 2016.

Lakshmi Vilas Bank is a full-fledged commercial bank. Its operations are spread over a network of 504 branches (plus 7 extension counters) with pan-India presence, supervised by 11 regional offices.

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Equitas Holdings allots 200580 equity shares
Jul 07,2017

The Board of Directors of Equitas Holdings at its meeting held on 06 July 2017 has approved allotment of 2,00,580 equity shares of Rs.10/- each to the option grantees who have exercised their options vide Resolution by Circulation dated 05 July 2017.

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Board of Rubra Medicaments approves change in directorate
Jul 07,2017

Rubra Medicaments announced that Gopal Marathe has tendered his resignation with immediate effect from the office as director due to preoccupation. The Board of Directors in their meeting held on 07 July 2017 has appointed Sneha Thakur as Independent Director of the Company.

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US stocks end in the red
Jul 07,2017

U.S. stocks closed lower on Thursday, 06 July 2017. The major averages were bearish from the jump on Thursday, quickly turning their opening losses into sizable declines within the first few minutes of action. However, the bears reclaimed control in the afternoon, sending the benchmark index, and its peers, to a fresh session low. A round of economic data, including readings on private-sector payrolls and weekly layoffs, did little to soothe worries about the expected muted pace of the Federal Reserves policy plans.

The Dow Jones Industrial Average dropped 158.13 points, or 0.7%, to close at 21,320. The S&P 500 dropped 22.79 points, or 0.9%, to finish at 2,409.75 with all 11 sectors ending in negative territory. Telecoms and real-estate shares led the declines. The Nasdaq Composite Index fell 61.39 points, or 1%, to close at 6,089.46.

General Electric and Intel led the pack of Dow decliners.

Minutes from the ECB released Thursday indicated that it discussed abandoning a vow to accelerate its QE program and worried about expressing confidence in the eurozone economy.

The ICE U.S. Dollar Index which gauges the buck against a basket of six rival currencies, was off 0.5%, with the slide in greenback underpinned by strengthening in the euro up 0.6% against the dollar. The euro represents the biggest component in the dollar gauge. A weaker dollar tends to make commodities priced in the currency more attractive to buyers using other monetary units.

On the data front, a read on private-sector jobs and weekly layoffs came in slightly weaker than expected, but likely not weak enough to change the pace of interest-rate increases. Private-sector employers added a seasonally-adjusted 153,000 jobs during the month, below the 180,000 that a consensus of economists had forecast. Meanwhile, initial jobless claims in the period running from June 25 to July 1 increased 4,000 to a seasonally adjusted 248,000, while the Institute for Supply Managements nonmanufacturing index rose to 57.4% in June from 56.9% in May.

Bullion prices ended higher at Comex on Thursday, 06 July 2017 at Comex. Gold prices ended higher on Thursday for a second straight session, as the dollar slumped and global equities took a turn lower amid signals that an era of easy-money policies adopted by central banks during the financial crisis may be nearing an end. Thursdays action in metals appeared to be largely driven by the jitters around the more hawkish stance from global central banks, which were sending yields higher, and driving weakness in the dollar.

August gold rose $1.60, or 0.1%, to settle at $1,223.30 an ounce, after settling higher on Wednesday. September silver also added 8.7 cents, or 0.6%, to $15.983 an ounce.

Crude oil prices finished modestly higher on Thursday, 06 July 2017, a day after their worst loss in a month, as U.S. government data revealed that domestic supplies of crude registered their largest fall in five weeks. The Energy Information Administration data, however, also showed a rise in total U.S. crude production, on the heels of a fall the previous weekn++prompting oil prices to pare much of the days earlier gains and to settle off the sessions best levels.

August West Texas Intermediate crude tacked on 39 cents, or 0.9%, to settle at $45.52 a barrel on the New York Mercantile Exchange, well below the sessions high of $46.53. On Wednesday, the contract settled $1.94, or 4.1%, lower, posting its first loss in nine sessions and its biggest dollar and percentage drop since 7 June 2017.

The U.S. Energy Information Administration report released Thursday showed that domestic crude supplies dropped by 6.3 million barrels for the week ended 30 June 2017. Supply data were released a day late because of Tuesdays Independence Day holiday. The decreasen++the largest since the 6.4 million-barrel drop reported by the EIA for the week ended May 26n++topped forecasts for a decline of 1.6 million barrels. Gasoline stockpiles also fell by 3.7 million barrels, while distillate stockpiles decreased by 1.9 million barrels last week. Market had forecast a fall of 1 million barrels for gasoline, but expected a rise of 500,000 barrels for distillates, including heating oil.

On Friday, investors will receive the Employment Situation Report for June, which the consensus expects will show the addition of 173,000 nonfarm payrolls. The report will be released at 8:30 ET.

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Navin Fluorine inches up after approval for sale of unit
Jul 07,2017

The announcement was made after market hours yesterday, 6 July 2017.

Meanwhile, the S&P BSE Sensex was down 36.29 points or 0.12% at 31,333.05

On BSE, so far 429 shares were traded in the counter as against average daily volume of 12,166 shares in the past one quarter. The stock hit a high of Rs 3,087 and a low of Rs 3,050.10 so far during the day. The stock had hit a 52-week high of Rs 3,250 on 5 April 2017. The stock had hit a 52-week low of Rs 1,968 on 7 July 2016.

The small-cap company has equity capital of Rs 9.85 crore. Face value per share is Rs 10.

It may be recalled that Navin Fluorine Internationals board of directors at its meeting held on 28 April 2017 decided that the facility relating to manufacture and sale of specialty fluorochemicals set up at Dahej will be transferred to the joint venture company Convergence Chemicals.

Navin Fluorine Internationals net profit fell 6.73% to Rs 29.38 crore on 5.79% rise in net sales to Rs 200.53 crore in Q4 March 2017 over Q4 March 2016.

Navin Fluorine International is the largest integrated specialty fluorochemical company in India.

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Direct Tax Collections up to June, 2017 for F.Y. 2017-2018 stood at Rs 1.42 Lakh crore registering a Growth of 14.8%
Jul 07,2017

The provisional figures for Direct Tax collections up to June, 2017 show that net collections are at Rs 1.42 lakh crore which is 14.8% higher than the net collections for the corresponding period of last year. Net direct tax collections represent 14.5% of the total Budget Estimates of direct taxes for FY 2017-18 (Rs 9.8 lakh crore).

While the gross collection under Corporate Income Tax (CIT) grew at 4.8%, the growth under Personal Income Tax (PIT) including Securities Transaction Tax (STT) is 12.9%. However, after adjusting for refunds, the net growth in CIT collections is 22.4% while that in PIT is 8.5%. Refunds amounting to Rs.55,520 crore have been issued during April to June, 2017, which is 5.2% lower than the refunds issued during corresponding period of F.Y. 2016-17.

An amount of Rs. 58,783 crore has been received as Advance Tax up to 30th June, 2017 reflecting a growth of 11.9% over the Advance Tax payments of the corresponding period of last year. The growth in Corporate Advance Tax is at 8.1% and that in Personal Advance Tax is at 40.3%.

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International Combustion (India) to hold AGM
Jul 07,2017

International Combustion (India) announced that the th Annual General Meeting(AGM) of the company on 20 September 2017.

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IDFC Bank gains after clarification
Jul 07,2017

Meanwhile, the S&P BSE Sensex was down 34.94 points, or 0.11% to 31,334.40.

On the BSE, 12.45 lakh shares were traded in the counter so far, compared with average daily volumes of 12 lakh shares in the past one quarter. The stock had hit a high of Rs 66 and a low of Rs 64.50 so far during the day. The stock hit a record high of Rs 83.45 on 28 September 2016. The stock hit a 52-week low of Rs 46.30 on 7 July 2016.

The stock had outperformed the market over the past one month till 6 July 2017, rising 7.46% compared with 0.31% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 4.88% as against Sensexs 5.60% rise. The scrip had also outperformed the market in past one year, rising 33.65% as against Sensexs 15.32% rise.

The large-cap company has equity capital of Rs 3,401 crore. Face value per share is Rs 10.

Media reports suggested that Shriram Transport Finance, Shriram City Union Finance will merge with IDFC Bank; and Shriram Capitals Life, General insurance business will merge with IDFC.

IDFC Bank clarified after market hours yesterday, 6 July 2017, that it keeps evaluating opportunities from time to time and should anything concrete fructify, it will inform the exchanges as appropriate. At this point, there is nothing that can be disclosed. Under the circumstances, it is unable to confirm or deny the news reports. Meanwhile, it cannot comment on the market speculations.

Net profit of IDFC Bank rose 6.60% to Rs 175.95 crore on 16.7% rise in operating income to Rs 2279.65 crore in Q4 March 2017 over Q4 March 2016.

IDFC Bank, a subsidiary of IDFC, is a universal bank, offering financial solutions through its nationwide branches, internet and mobile.

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Bharat Forge gains after signing pact with Israeli firm
Jul 07,2017

The announcement was made after market hours yesterday, 6 July 2017.

Meanwhile, the S&P BSE Sensex was down 45.26 points, or 0.14% to 31,324.08.

On the BSE, 19,000 shares were traded in the counter so far, compared with average daily volumes of 67,136 shares in the past one quarter. The stock had hit a high of Rs 1,130.25 and a low of Rs 1,115.05 so far during the day. The stock hit a 52-week high of Rs 1,220.45 on 8 June 2017. The stock hit a 52-week low of Rs 716.70 on 4 August 2016.

The stock had underperformed the market over the past one month till 6 July 2017, falling 8.48% compared with 0.31% rise in the Sensex. The scrip had outperformed the market in past one quarter, rising 3.83% as against Sensexs 5.60% rise. The scrip had also outperformed the market in past one year, rising 49.21% as against Sensexs 15.32% rise.

The large-cap company has equity capital of Rs 46.56 crore. Face value per share is Rs 2.

Bharat Forge announced that its subsidiary, Kalyani Strategic Systems and Israel Aerospace Industries have signed a new memorandum of understanding (MoU) addressed to expand the joint venture that the companies are establishing. The new MoU covers the establishment of a maintenance center for selected advanced air defence systems at Hyderabad in Telengana. The two companies have also agreed on expanding their joint operations for development, manufacturing and marketing of precise ammunition systems. In February 2017, Israel Aerospace Industries has inked an MoU with Kalyani Strategic Systems (KSSL) on establishing a joint venture that will develop, build, market and manufacture selected Air Defence Systems and light-weight special purpose munitions, in accordance with the Indian Governments Make in India policy.

Net profit of Bharat Forge rose 25.32% to Rs 207.50 crore on 11.31% rise in net sales to Rs 1125.66 crore in Q4 March 2017 over Q4 March 2016.

Bharat Forge is a technology driven global leader in metal forming having transcontinental presence across ten manufacturing locations, serving several sectors including automotive, power, oil and gas, construction & mining, rail, marine and aerospace.

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Infosys to opens Technology and Innovation Hub in North Carolina
Jul 07,2017

Infosys announced that it will open its next Technology and Innovation Hub in North Carolina and hire 2,000 American workers in the state by 2021.

This investment reinforces Infosys commitment, announced in May 2017, to open four Technology and Innovation Hubs in the US and hire 10,000 American technology workers over the next two years. The announcement of the new hub in North Carolina, marks the second key milestone in Infosys strategy to help drive American innovation and create the next-generation of American innovators. The company plansto hire the first 500 of these 2,000 North Carolina workers by the end of two years, with the remainder to be hired in the state by 2021. The first hub, announced in Indiana, will hire 2,000 American workers by 2021and help boost Indianas economy.

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L&T Technology Services wins award for Quality Excellence in Planning, Processes & Systems
Jul 07,2017

L&T Technology Services announced that it has been awarded the World Quality Congress award for Quality Excellence in Planning, Processes & Systems, 2017.

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Glenmark Pharmaceuticals receives ANDA approval for Amlodipine and Olmesartan Medoxomil Tablets
Jul 07,2017

Glenmark Pharmaceuticals has been granted final approval by the United States Food & Drug Administration (U.S. FDA) for Amlodipine and Olmesartan Medoxomil Tablets, 5 mg/20 mg, 5 mg/40 mg, 10 mg/20 mg, and 10 mg/40 mg, the generic version of Azorn++ Tablets, 5 mg/20 mg, 5 mg/40 mg, 10 mg/20 mg, and 10 mg/40 mg, of Daiichi Sankyo, Inc.

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Tata Motors will be watched after commercial vehicles price cut
Jul 07,2017

Tata Motors announced price reduction in commercial vehicles (cargo) in the range of 0.3% to 4.21% and in commercial vehicles (passenger transportation) in the range of 0.6% to 8.2% post GST to pass on the benefits to its customers. The announcement was made after market hours yesterday, 6 July 2017.

HPCL announced that it has raised fixed rate senior unsecured notes aggregating to $500 million. The notes will bear interest of 4% per annum payable semi-annually commencing on 12 January 2018. The company intends to use all of the proceeds to fund capital expenditures for its ongoing and future domestic projects in accordance with the ECB guidelines of India. The announcement was made after market hours yesterday, 6 July 2017.

Shares of Lakshmi Vilas Bank turn ex-dividend today, 7 July 2017, for dividend of Rs 2.70 per share for the year ended March 2017.

Bharat Forge announced that its subsidiary, Kalyani Strategic Systems and Israel Aerospace Industries have signed a new memorandum of understanding (MoU) addressed to expand the joint venture that the companies are establishing. The new MoU covers the establishment of a maintenance center for selected advanced air defence systems at Hyderabad in Telengana. The two companies have also agreed on expanding their joint operations for development, manufacturing and marketing of precise ammunition systems. In February 2017, Israel Aerospace Industries has inked an MoU with Kalyani Strategic Systems (KSSL) on establishing a joint venture that will develop, build, market and manufacture selected Air Defence Systems and light-weight special purpose munitions, in accordance with the Indian Governments Make in India policy. The announcement was made after market hours yesterday, 6 July 2017.

Navin Fluorine International said its shareholders approved sale of unit located at Dahej in Gujarat. The announcement was made after market hours yesterday, 6 July 2017.

IDFC Bank will be watched after it refused to comment or deny reports of merger with Shriram group companies. Media reports suggested that Shriram Transport Finance, Shriram City Union Finance will merge with IDFC Bank; and Shriram Capitals Life, General insurance business will merge with IDFC.

IDFC Bank clarified after market hours yesterday, 6 July 2017, that it keeps evaluating opportunities from time to time and should anything concrete fructify, it will inform the exchanges as appropriate. At this point, there is nothing that can be disclosed. Under the circumstances, it is unable to confirm or deny the news reports. Meanwhile, it cannot comment on the market speculations.

Techno Electric & Engineering Company said that its board approved the scheme of amalgamation of the company with Simran Wind Project, a wholly-owned subsidiary of the company. The scheme will come into effect on receipt of necessary approvals for the same, including approval of the stock exchanges and such other statutory authorities as may be required. The announcement was made after market hours yesterday, 6 July 2017.

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