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Board of Sheetal Diamonds to consider December quarter results
Jan 30,2017

Sheetal Diamonds announced that a meeting of the Board of Directors of the Company is scheduled to be held on 07 February 2017, inter alia, to consider and approve the Un-Audited financial results for the Quarter ended 30 December 2016.

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Jindal Steel & Power secured long term coal linkage for its sponge iron units
Jan 30,2017

Jindal Steel & Power has secured long term coal linkage of a total quantity of 0.5 million tonnes per annum for the next 5 years in the recently concluded coal linkage auction under Sponge Iron sub-sector, conducted by Coal India. This sourcing of coal will help the Company to secure fuel requirements and smooth operations of Companys Sponge Iron Units.

The Company had earlier secured 1.18 million tonnes of linkage capacity in Captive Power Plant (CPP) sub-sector and with this linkage in Sponge Iron sub-sector, the total coal linkage capacity of the Company will be 1.68 million tonnes per annum.

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GMR Infrastructure provides update on development of Kakinada SEZ
Jan 30,2017

GMR Infrastructure announced that its subsidiary - Kakinada SEZ has signed a series of MoUs with firms interested in setting upof manufacturing units in Kakinada SEZ during the CII Partnership Summit 2017 held on 27th and 28th January at Visakhapatnam, AP.

GMR Group is developing a world-class Industrial Zone - Kakinada SEZ, spread over 8500 acres and an all-weather, multi-cargo, deep water port, with an estimated phase 1 capacity of 16 Million Tonnes.

Kakinada is often referred to as the n++Houston of Indian++ owing to the existence of Hydro-Carbon reserves and the Oil & Gas infrastructure. Acknowledging the advantage of Kakinada SEZ which is the largest industrial area with port connectivity in this region, Indian Oil & Gas PSU majors are joining together to set up a cracker unit, with a proposedinvestment of Rs.40,000 crore in 2000 acres of GMRs Kakinada SEZ. MoU has been signed for this investment in Kakinada SEZ, among GAIL, HPCL and Government of Andhra Pradesh, during the CII Partnership Summit, Visakhapatnam, AP.

MoUs were signed by KSEZ with 5 companies which include Oil Country Tubular, Kamineni Steel & Power, United Seamless Tubular, Deepak Phenolics and DCM Shriram for setting up manufacturing facilities with a total investment of Rs.7,000 crore spread over 550 acres at Kakinada SEZ, Kakinada, AP.

These MoUs would be followed up with technical and commercial discussions for lease of land in Kakinada SEZ to the above mentioned firms over the following months.

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National MSME Policy to be formulated for the First Time in India
Jan 30,2017

Dr.Prabhat Kumar, former Cabinet Secretary and Chairman One Member Committee for formulating National MSME Policy today presented its report to Shri Kalraj Mishra, Union Minister for Micro, Small and Medium Enterprises. The One Member Committee under the chairmanship of Dr. Prabhat Kumar was constituted by the Ministry of MSME on 31 December 2015 to help in formulating National MSME Policy. The country does not have an MSME policy till date.

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Clarifications on implementation of GAAR provisions under the Income Tax Act, 1961
Jan 30,2017

The General Anti Avoidance Rule (GAAR) provisions shall be effective from the Assessment Year 2018-19 onwards, i.e. Financial Year 2017-18 onwards. The necessary procedures for application of GAAR and conditions under which it shall not apply, have been enumerated in Rules 10U to 10UC of the Income-tax Rules, 1962.The provisions of General Anti Avoidance Rule (GAAR) are contained in Chapter X-A of the Income Tax Act, 1961.

Stakeholders and industry associations had requested for clarifications on implementation of GAAR provisions and a Working Group was constituted by Central Board of Direct Taxes (CBDT) to examine the issues raised. Accordingly, CBDT has issued the clarifications on implementation of GAAR provisions today.

Amongst others, it has been clarified that if the jurisdiction of FPI is finalized based on non-tax commercial considerations and the main purpose of the arrangement is not to obtain tax benefit, GAAR will not apply. GAAR will not interplay with the right of the taxpayer to select or choose method of implementing a transaction. Further, grandfathering as per IT Rules will be available to compulsorily convertible instruments, bonus issuances or split / consolidation of holdings in respect of investments made prior to 1st April 2017 in the hands of same investor. It has also been clarified that adoption of anti-abuse rules in tax treaties may not be sufficient to address all tax avoidance strategies and the same are required to be tackled through domestic anti-avoidance rules. However, if a case of avoidance is sufficiently addressed by Limitation of Benefits (LoB) provisions in the tax treaty, there shall not be an occasion to invoke GAAR.

It has been clarified that if at the time of sanctioning an arrangement, the Court has explicitly and adequately considered the tax implications, GAAR will not apply to such an arrangement. It has also been clarified that GAAR will not apply if an arrangement is held as permissible by the Authority for Advance Rulings. Further, it has been clarified that if an arrangement has been held to be permissible in one year by the PCIT/CIT/Approving Panel and the facts and circumstances remain the same, GAAR will not be invoked for that arrangement in a subsequent year.

The proposal to apply GAAR will be vetted first by the Principal Commissioner of Income Tax / Commissioner of Income Tax and at the second stage by an Approving Panel headed by a judge of High Court. The stakeholders have been assured that adequate procedural safeguards are in place to ensure that GAAR is invoked in a uniform, fair and rational manner.

Government is committed to provide certainty and clarity in tax rules. Further clarifications, if any, on doubts of stakeholders regarding GAAR implementation, will also be provided.

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L&T may gain after reporting good Q3 results
Jan 30,2017

L&Ts consolidated net profit rose 39% to Rs 972 crore on 1.4% growth in gross revenue to Rs 26287 crore in Q3 December 2016 over Q3 December 2015. The result was announced on Saturday, 28 January 2017.

The companys international revenue at Rs 9590 crore constituted 36% of the total revenue in Q3 December 2016. L&T garnered fresh orders worth Rs 34885 crore at the group level in Q3 December 2016, amid subdued business environment. Consolidated order book of the group stood at Rs 2.58 lakh crore as on 31 December 2016, higher by 1.4% on a year-on-year (yoy) basis.

With regard to future business outlook, L&T said the companys focus would be on selective pursuit of opportunities, working capital reduction, cost optimization through supply chain efficiencies and productivity enhancement through digitalization initiatives. Aided by these initiatives, the company is hopeful of a satisfactory performance given the current business environment.

L&Ts board of directors at its meeting held on 28 January 2017, approved a scheme of amalgamation between the company and its wholly-owned subsidiary Spectrum Infotech, subject to necessary approvals. Spectrum Infotech is engaged in the defence business.

Maruti Suzuki India (Maruti) announced a price increase ranging from Rs 1,500 to Rs 8,014 (ex-showroom Delhi) across models. These new prices were effective from 27 January 2017. The hike in car prices is because of increase in commodity, transportation and administrative costs, Maruti said. The announcement was made after market hours on Friday, 27 January 2017.

Tech Mahindra and HDFC will announce Q3 results today, 30 January 2017.

Bharat Electronics net profit rose 33.34% to Rs 373.54 crore on 30.9% growth in total income to Rs 2268.90 crore in Q3 December 2016 over Q3 December 2015. The result was announced after market hours on Friday, 27 January 2017.

Bharat Electronics board at its meeting held on 27 January 2017, approved 10-for-1 stock split. The board also approved interim dividend of Rs 3 per share for FY 2017.

Jindal Steel & Power announced that it has secured long term coal linkage of a total quantity of 0.5 million tonnes per annum for the next 5 years in the recently concluded coal linkage auction under sponge iron sub-sector, conducted by Coal India. This sourcing of coal will help the company to secure fuel requirements and smooth operations of companys sponge iron units.

The company had earlier secured 1.18 million tonnes of linkage capacity in captive power plant (CPP) sub-sector and with this linkage in sponge iron sub-sector, the total coal linkage capacity of the company will be 1.68 million tonnes per annum. The announcement was made before market hours today, 30 January 2017.

GMR Infrastructure announced that Kakinada SEZ (KSEZ), a subsidiary of the company has signed a series of memorandum of understandings (MoUs) with firms interested in setting up of manufacturing units in Kakinada SEZ during the CII Partnership Summit 2017 held on 27th and 28th January at Visakhapatnam, AP.

GMR Group is developing a world-class Industrial Zone - Kakinada SEZ, spread over 8500 acres and an all-weather, multi-cargo, deep water port, with an estimated phase 1 capacity of 16 million tonnes.

Acknowledging the advantage of Kakinada SEZ which is the largest industrial area with port connectivity in this region, Indian Oil & Gas PSU majors are joining together to set up a cracker unit, with a proposed investment of Rs 40000 crore in 2000 acres of GMRs Kakinada SEZ. MoU has been signed for this investment in Kakinada SEZ, among GAIL, HPCL and Government of Andhra Pradesh, during the CII Partnership Summit, Visakhapatnam, AP.

MoUs were signed by KSEZ with 5 companies which include Oil Country Tubular, Kamineni Steel & Power, United Seamless Tubular, Deepak Phenolics and DCM Shriram for setting up manufacturing facilities with a total investment of Rs 7000 crore spread over 550 acres at Kakinada SEZ Ltd., Kakinada, AP. The announcement was made on Sunday, 29 January 2017.

Apollo Tyres announced that the board of directors of the company at its upcoming meeting to be held on 1 February 2017, proposes to consider and recommend to the shareholders of the company for their approval, further capital raising by the company by way of issuance of equity shares, non-convertible debt instruments along with warrants and/or convertible securities other than warrants through a qualified institutions placement in accordance with applicable laws and subject to receipt of necessary approvals. The announcement was made on Sunday, 29 January 2017.

Gokaldas Exports announced that the company has entered in to a memorandum of understanding with Government of Andhra Pradesh on 27 January 2017, for setting up of 4 apparel manufacturing units over a period of next 3 years in Chittoor district involving an investment of approximately up to Rs 200 crore which is likely to generate approximately 5,000 new jobs.

The investment is however subject to such terms and conditions as requested and sought by the company including appropriate infrastructural support and relevant incentives and subsidies being made available to the company with the Government of Andhra Pradesh. The announcement was made on Saturday, 28 January 2017.

APL Apollo Tubes consolidated net profit fell 3.22% to Rs 30 crore on 26.3% rise in net sales to Rs 946 crore in Q3 December 2016 over Q3 December 2015. The announcement was made on Saturday, 28 January 2017.

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NEC and Ministry of Textiles sign MoU to harness the hidden potential of Cane & Bamboo of NER
Jan 30,2017

The North Eastern Council (NEC) and the Development Commissioner (Handicrafts), Ministry of Textiles signed a Memorandum of Understanding (MoU)in Shillong today, to harness the hidden potential of Cane and Bamboo of North Eastern Region. The MoU was signed by the Secretary, NEC Shri Ram Muivah and Development Commissioner(Handicrafts) Shri Alok Kumar.

The MoU provides a push for the integrated and inclusive development of Cane & Bamboo Sector of North East Region by way of skilled manpower, technology dissemination, marketing support and institutional support required for the holistic development of Bamboo which can coordinate a mission to mobilise masses and promote Bamboo sector as a whole throughout the country.

The NEC and the Development Commissioner (Handicrafts) will promote Cane and Bamboo Technology Centre (CBTC), Assam and the Bamboo & Cane Development Institute (BCDI), Tripura, as the Centres of Excellence not only in the North East Region, but also in South East Asia.

As per the MoU, the CBTC will be transformed into a Regional Centre of Excellence and the BCDI will be converted as a separate entity under the name Indian Institute of Bamboo Technology (IIBT). CBTC and BCDI will collaborate for Institutional support for bamboo sector and will generate awareness and cultivating knowledge base among the masses about possibilities of sustainable utilisation of the raw materials cultivated by the sector.

CBTC and BCDI will serve as a platform for generating and exchanging the knowledge base on the product development in Cane and Bamboo through the Discipline of Product Design and Innovation. The collective knowledge base of the sector would be documented and made available through library resources, multimedia, publications and online resources. The Discipline of Bamboo and Cane product Innovation will help in defining the criteria for Industry standards and certification in terms of Quality and protecting the geographical rights for traditional innovations.

To establish the presence of bamboo and cane as an economically strong industry, education will be imparted at various levels; to Craftsmen and Entrepreneurs, Designers, Farmers, Technologists and Marketing and Management professionals. Training programmes on subjects such as Entrepreneurship development among the artisan community with inputs in product innovation and design will also be provided in order to contribute in the up gradation of the socio economic status of the cane and bamboo industry in the region and at a national level. Inputs in business management and entrepreneurship development will also be a part of the curriculum. The knowledge base developed from such exercises will be fed into the educational programmes like

a) PG Diploma in Bamboo Cultivation & Resource Utilization

b) B.Tech Course in Cane & Bamboo Technology

c) Ph.D/Research Program

d) Establishing satellite Centres in the other NER states

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APL Apollo Tubes standalone net profit rises 169.71% in the December 2016 quarter
Jan 28,2017

Net profit of APL Apollo Tubes rose 169.71% to Rs 10.06 crore in the quarter ended December 2016 as against Rs 3.73 crore during the previous quarter ended December 2015. Sales declined 10.15% to Rs 730.64 crore in the quarter ended December 2016 as against Rs 813.22 crore during the previous quarter ended December 2015.

ParticularsQuarter Endedn++Dec. 2016Dec. 2015% Var. Sales730.64813.22 -10 OPM %4.892.72 - PBDT22.2310.22 118 PBT16.195.84 177 NP10.063.73 170

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Pratik Panels reports standalone net loss of Rs 0.04 crore in the December 2016 quarter
Jan 28,2017

Net loss of Pratik Panels reported to Rs 0.04 crore in the quarter ended December 2016 as against net profit of Rs 0.82 crore during the previous quarter ended December 2015. There were no Sales reported in the quarter ended December 2016 and during the previous quarter ended December 2015.

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Techno Forge reports standalone net loss of Rs 1.43 crore in the December 2016 quarter
Jan 28,2017

Net Loss of Techno Forge reported to Rs 1.43 crore in the quarter ended December 2016 as against net loss of Rs 0.64 crore during the previous quarter ended December 2015. Sales declined 52.14% to Rs 1.23 crore in the quarter ended December 2016 as against Rs 2.57 crore during the previous quarter ended December 2015.

ParticularsQuarter Endedn++Dec. 2016Dec. 2015% Var. Sales1.232.57 -52 OPM %-35.77-12.84 - PBDT-1.11-0.86 -29 PBT-1.43-1.19 -20 NP-1.43-0.64 -123

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Vardhman Acrylics standalone net profit declines 44.95% in the December 2016 quarter
Jan 28,2017

Net profit of Vardhman Acrylics declined 44.95% to Rs 6.05 crore in the quarter ended December 2016 as against Rs 10.99 crore during the previous quarter ended December 2015. Sales declined 39.87% to Rs 71.27 crore in the quarter ended December 2016 as against Rs 118.53 crore during the previous quarter ended December 2015.

ParticularsQuarter Endedn++Dec. 2016Dec. 2015% Var. Sales71.27118.53 -40 OPM %13.7214.86 - PBDT9.7017.57 -45 PBT8.5916.42 -48 NP6.0510.99 -45

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APL Apollo Tubes consolidated net profit declines 5.07% in the December 2016 quarter
Jan 28,2017

Net profit of APL Apollo Tubes declined 5.07% to Rs 29.56 crore in the quarter ended December 2016 as against Rs 31.14 crore during the previous quarter ended December 2015. Sales rose 21.16% to Rs 1115.84 crore in the quarter ended December 2016 as against Rs 920.97 crore during the previous quarter ended December 2015.

ParticularsQuarter Endedn++Dec. 2016Dec. 2015% Var. Sales1115.84920.97 21 OPM %6.977.67 - PBDT58.5054.79 7 PBT47.5246.63 2 NP29.5631.14 -5

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Thirumalai Chemicals consolidated net profit rises 248.77% in the December 2016 quarter
Jan 28,2017

Net profit of Thirumalai Chemicals rose 248.77% to Rs 15.59 crore in the quarter ended December 2016 as against Rs 4.47 crore during the previous quarter ended December 2015. Sales rose 21.19% to Rs 246.37 crore in the quarter ended December 2016 as against Rs 203.29 crore during the previous quarter ended December 2015.

ParticularsQuarter Endedn++Dec. 2016Dec. 2015% Var. Sales246.37203.29 21 OPM %15.937.20 - PBDT36.2411.42 217 PBT27.005.16 423 NP15.594.47 249

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IFB Agro Industries standalone net profit rises 15.85% in the December 2016 quarter
Jan 28,2017

Net profit of IFB Agro Industries rose 15.85% to Rs 9.43 crore in the quarter ended December 2016 as against Rs 8.14 crore during the previous quarter ended December 2015. Sales rose 31.63% to Rs 191.12 crore in the quarter ended December 2016 as against Rs 145.19 crore during the previous quarter ended December 2015.

ParticularsQuarter Endedn++Dec. 2016Dec. 2015% Var. Sales191.12145.19 32 OPM %6.809.88 - PBDT14.4714.70 -2 PBT9.447.62 24 NP9.438.14 16

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Thirumalai Chemicals standalone net profit rises 730.88% in the December 2016 quarter
Jan 28,2017

Net profit of Thirumalai Chemicals rose 730.88% to Rs 18.03 crore in the quarter ended December 2016 as against Rs 2.17 crore during the previous quarter ended December 2015. Sales rose 31.72% to Rs 214.67 crore in the quarter ended December 2016 as against Rs 162.97 crore during the previous quarter ended December 2015.

ParticularsQuarter Endedn++Dec. 2016Dec. 2015% Var. Sales214.67162.97 32 OPM %16.554.98 - PBDT34.466.28 449 PBT29.263.57 720 NP18.032.17 731

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