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Over 69 million consumers shopped online in 2016: ASSOCHAM-Resurgent study
Jan 10,2017

In 2016, about 69 million consumers purchased online and the number is expected to cross 100 million by 2017 with the rise of digital natives, better infrastructure in terms of logistics, broadband and Internet-ready devices to fuel the demand in e-Commerce, according to an ASSOCHAM-Resurgent India study.

As per the findings of the joint study, Bangalore has left behind all other cities in India shopping online in the year 2016. While Mumbai ranks second, Delhi ranks third in their preference for online shopping.

In other cities like Bangalore, 69% of its population chose to buy daily routine products through e-shopping in 2015-16, which will go to 75% this year for apparel, gift articles, magazines, home tools, toys, jewellery, beauty products & sporting goods categories.

Likewise, Mumbai share was 65% in the last year, which might go up another 70% in this year for electronic gadgets, accessories, apparel, gifts, computer peripherals, movies, hotel booking, home appliances, movie tickets, health & fitness products and apparel gift certificates etc whereas, Delhi, 61% of its population chose to buy daily routine products through e-shopping in 2015-16, which will go to 65-68% by the year end.

The ASSOCHAM- Resurgent India joint study reveals, Indian e-Retail looks even more promising which is Up from $3.59 billion in 2013 to $5.30 billion in 2014 (a phenomenal increase of 48%), by the end of 2018, it is expected to touch $17.52 billion (with growth of 65%). The e-retail sale continues to register an unprecedented growth and increase by leaps and bounds over the 2013-2018 period.

In 2017, mobile commerce will become more important as most of the companies are shifting to m-commerce. Mobile already accounts for 30-35% of e-commerce sales, and its share will jump to 45-50% by 2017, adds the report.

E-commerce is big business and getting bigger every day. Online shopping has been embraced by Indians with close to 25-30 million adults making a purchase via the internet in the last year. The paper said, online shoppers and buyers starting with a base age of 18 are become more involved with ecommerce in their early teens, adds the paper.

In 2016, it showed that a higher amount was being spent on average for popular categories such as apparel by 85 per cent, mobile phones by 68 per cent and cosmetics by 25 per cent, when it comes to online shopping. There was also a significant increase in spending on categories such as watches by 75 per cent and artificial jewellery by 65 per cent. Computer and consumer electronics, along with apparel and accessories, account for the bulk of Indias retail e-commerce sales.

There is a surge in the number of people shopping on mobile across India with tier II and III cities displaying increased dominance. In fact, 50% of our traffic is coming from mobile and a majority of them are first time customers, adds the paper.

The year 2017 will see large scale growth in the Indian e-commerce sector with increased participation from people across the country. This industry will continue to drive more employment opportunities and contribute towards creating more entrepreneurs through the e-commerce marketplace model, noted the study.

As per the joint study, the total retail sales in India will likely to increase from the $717.73 billion during CY 2014 to touch $1,244.58 billion by 2018. The total retail sales is growing at an impressive rate of 15%, registering a double digit growth figure year after year.

Challenges for the e-Commerce

The phenomenal growth of the e-Commerce sector is accompanied by certain challenges:

Absence of e-Commerce laws

Low entry barriers leading to reduced competitive advantages

Rapidly changing business models

Urban phenomenon

Shortage of manpower

Customer loyalty

Opportunities for the e-commerce:

Reduction of money transactions in all sectors.

Improvement of Net banking facilities across the country.

Implementation of demonetization policy.

Government policies on banking and financial sectors.

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Majestic Research Services & Solutions announces change in company secretary
Jan 10,2017

Majestic Research Services & Solutions announced that Sonali Gamne Company Secretary and Compliance Officer of the Company has resigned from her post with effect from 09 January 2017 and has been replaced by Kajal Sudani member of Institute of Company Secretaries of India is appointed as a Company Secretary and Compliance Officer of the Company.

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Ajanta Pharma gains after receiving USFDA approval for Duloxetine
Jan 10,2017

The announcement was made after market hours yesterday, 9 January 2017.

Meanwhile, the S&P BSE Sensex was up 116.87 points or 0.44% at 26,843.42

On the BSE, 5,751 shares were traded on the counter so far as against the average daily volumes of 10,657 shares in the past one quarter. The stock had hit a high of Rs 1,819.75 and a low of Rs 1,793.20 so far during the day.

The stock had hit a record high of Rs 2,150 on 28 October 2016. The stock had hit a 52-week low of Rs 1,103 on 18 January 2016. The stock had underperformed the market over the past 30 days till 9 January 2017, falling 5.23% compared with Sensexs 0.08% fall. The scrip had also underperformed the market in past one quarter, sliding 9.23% as against Sensexs 4.83% decline.

The large-cap company has equity capital of Rs 17.60 crore. Face value per share is Rs 2.

Ajanta Pharma announced the receipt of final approval for Duloxetine Hydrochloride Delayed Release Capsules from US Food and Drug Administration (US FDA). It is a bioequivalent generic version of Cymbalta1 Delayed Release Capsules. The company will be launching the product shortly in 3 strengths, 20 mg, 30 mg and 60 mg strengths capsules.

Duloxetine Hydrochloride Delayed Release Capsules is part of an ever growing portfolio of products that Ajanta has developed for the US market. In total, Ajanta has 32 Abbreviated New Drug Application (ANDA) of which it has 17 final ANDA approvals, 2 tentative approvals and 13 ANDAs under review with US FDA.

On a consolidated basis, net profit of Ajanta Pharma rose 119.55% to Rs 130.66 crore on 14.57% rise in net sales to Rs 502.38 crore in Q2 September 2016 over Q2 September 2015.

Ajanta Pharma is a specialty pharmaceutical formulation company with global headquarters in Mumbai. The company is engaged in developing, manufacturing and marketing of quality finished dosages across 30 plus countries.

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Shree Rama Newsprint allots equity shares
Jan 10,2017

Shree Rama Newsprint announced that Securities Allotment Committee of the Board of Directors of the Company in its meeting held on 09 January 2017, has allotted 2,91,72,900 equity shares of Rs. 10/- each to ICICI Bank subject to locking for a period of one year from trading approval on conversion of 2,91,72,900 optionally convertible debentures (OCD) of Rs. 10/- each to ICICI Bank.

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NIIT Technologies announces key appointments for its Digital Services and Platform solutions
Jan 10,2017

NIIT Technologies announced the appointment of Joel Lindsey as the global head of Digital Services and Adrian Morgan as the head of NIIT Insurance Technologies, the specialised insurance technology arm of NIIT Technologies providing services around its industry leading platforms.

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Engineers India hardens after large order win
Jan 10,2017

The announcement was made after market hours yesterday, 9 January 2017.

Meanwhile, the S&P BSE Sensex was up 163.31 points, or 0.61%, to 26,889.86

On the BSE, 2.16 lakh shares were traded on the counter so far as against the average daily volumes of 2.73 shares in the past one quarter. The stock had hit a high of Rs 160.65 and a low of Rs 157.50 so far during the day.

The stock hit a 52-week high of Rs 169.90 on 29 December 2016. The stock hit a 52-week low of Rs 71.63 on 17 February 2016.

The large-cap company has equity capital of Rs 336.94 crore. Face value per share is Rs 5.

Engineers India announced that Hindustan Petroleum Corporation (HPCL) has entrusted the project for execution of Vizag refinery modernization project (VRMP) to the company. Engineers India shall execute this project contract under two separate contracts, namely PMC services for major process units and packages under U&O and execution of U&O and PRU revamp on open book estimate (OBE) basis. The total awarded order value is more than Rs 2500 crore with a total project schedule of 43 months for mechanical completion.

Engineers Indias net profit rose 21.4% to Rs 93.75 crore on 24.6% decline in net sales to Rs 338.89 crore in Q2 September 2016 over Q2 September 2015.

State-run Engineers India provides engineering consultancy and engineering, procurement and construction (EPC) services. The Government of India holds 59.37% in Engineers India (as per shareholding pattern as on 30 September 2016).

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Adani Ports & Special Economic Zone to consider terms of proposed foreign currency denominated bonds issue
Jan 10,2017

Adani Ports & Special Economic Zone announced that the Company is contemplating, subject to market conditions, to undertake the issue of foreign currency denominated bonds (the Issue) pursuant to the approval of the Board of Directors of the Company at its meeting held on 02 November 2015 and the approval of shareholders at their meeting held on 09 August 2016 and the pricing, tenure and other terms of the bonds to be issued pursuant to the Issue will be determined by the Finance Committee of the Company on 12 January 2017 or on a later date subject to market conditions and other considerations.

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Adani Ports & Special Economic Zone plans issue of foreign curreny (USD) denominated bonds
Jan 10,2017

Adani Ports & Special Economic Zone announced that pursuant to the powers delegated to the Finance Committee by the Board of Directors of Adani Ports and Special Economic Zone (the Company), the Finance Committee has reviewed and approved the preliminary offering circular in relation to the proposed issuance of foreign currency (US$) denominated bonds (the Notes) by the Company.

The issuance of foreign currency (US$) denominated bonds offering may follow, subject to market conditions.

The Company is rated Baa3 (Negative) by Moodys, BBB- (Stable) by S&P and BBB-(Negative) by Fitch and expects the same ratings for its foreign currency (US$) denominated bonds.

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Bilateral Meeting between Commerce and Industry Minister and H.E. Minister of Economy, Trade and Industry, Japan
Jan 10,2017

Commerce and Industry Minister Smt. Nirmala Sitharaman welcomed the Japanese delegation led by H.E. Hiroshige Seko, Minister, Ministry of Economy Trade and Industry (METI), Japan and recalled that the recent visit of Honble Prime Minister of India to Japan in November, 2016 was very successful in further strengthening the partnership between the two countries. She hoped to look forward for a meaningful discussion with the Japanese delegation in the upcoming Vibrant Gujarat Summit. She stated that the pace of implementation of India- Japan Comprehensive Economic Partnership Agreement (CEPA) has been rather steady and needed to be enhanced with faster pace to tap the huge potential of India- Japan bilateral trade.

H.E. Hiroshige Seko, Minister, Ministry of Economy Trade and Industry, Japan, while welcoming various steps taken by the Govt. of India for Make in India and other initiatives for Indias Growth, said that there is a huge potential for Indo- Japanese Cooperation. He mentioned that 25 Japanese companies are participating in Vibrant Gujarat Summit with great enthusiasm. The Japanese side requested that the issue of Transfer Pricing assessment and other ones as raised by Japan Chambers of Commerce and Industry in India (JCCII)from time to time need to be resolved for attracting greater Japanese Investments in India. The Japanese business delegates briefed about their business presence in India and intimated that they wanted to diversify their business in India in Sectors such as Agriculture, Power, Electronics, Railways, Logistics Sectors, manufacturing of ATMs etc. and wanted to contribute to the development of India.

The Japanese side expressed interest in enhancing co-operation in the area of Intellectual Property Rights (IPR) between India and Japan and intended to train Indian IPR examiners in Japan. They expressed the need for a high level meeting between India and Japan on IPR cooperation. Minister of METI, Japan also extended an invitation to 100 IPR Examiners for training in Japan.

Smt. Sitharaman requested the Japanese side to take steps to increase Indian Exports to Japan in Sesame seeds, Surimi fish and Indian generic drugs. She said that the Japanese Industrial Townships (JITs) in India would be transformational and will bring in significant Japanese investments and further strengthen India- Japan Economic Cooperation. On the Logistics front she mentioned that India plans to build Logistics University wherein the cooperation from Japan would be needed.

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Board of Aqua Pumps Infra Ventures to consider December quarter results
Jan 10,2017

Aqua Pumps Infra Ventures announced that a meeting of the Board of Directors of the Company is to be held on 16 January 2017, to consider the following business:

- To consider and adopt the Un-audited Financial Accounts for the Quarter Ended on 31 December 2016.

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Board of Indo Cotspin to consider December quarter results
Jan 10,2017

Indo Cotspin announced that the meeting of board of directors will be held on 31 January 2017, to consider & adopt the Unaudited financial results for the quarter ended on 31 December 2016.

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Board of Empire Industries to consider December quarter results
Jan 10,2017

Empire Industries announced that a Meeting of the Board of Directors of the Company will be held on 24 January 2017, inter alia, to consider and take on record the Unaudited Financial Results for the Quarter ended 31 December 2016.

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Board of Honda Siel Power Products to consider Q3 and 9M results
Jan 10,2017

Honda Siel Power Products announced that a meeting of the Board of Directors of the Company is scheduled to be held on 10 February 2017, inter alia, to consider and approve unaudited financial results of the Company for the quarter and nine months ended 31 December 2016.

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Engineers India may advance after large order win
Jan 10,2017

Engineers India (EIL) announced that Hindustan Petroleum Corporation (HPCL) has entrusted the project for execution of Vizag Refinery Modernization Project (VRMP) to the company. EIL shall execute this project contract under two separate contracts, namely PMC Services for major process units and packages under U&O and execution of U&O and PRU revamp on open book estimate (OBE) Basis. The total awarded order value is more than Rs 2500 crore with a total project schedule of 43 months for Mechanical Completion. The announcement was made after market hours yesterday, 9 January 2017.

Adani Ports and Special Economic Zone (APSEZ) said that pursuant to the powers delegated to the Finance Committee by the board of directors of the company, the Finance Committee has reviewed and approved the preliminary offering circular in relation to the proposed issuance of foreign currency denominated bonds (notes) in US dollars by the company. The issuance of notes offering may follow, subject to market conditions.

The pricing, tenure and other terms of the bonds to be issued will be determined later. APSEZ is rated Baa3 (Negative) by Moodys, BBB- (Stable) by S&P and BBB-(Negative) by Fitch and expects the same ratings for its notes. The announcement was made before market hours today, 10 January 2017.

Ajanta Pharma announced the receipt of final approval for Duloxetine Hydrochloride Delayed Release Capsules from US FDA. It is a bioequivalent generic version of Cymbalta1 Delayed Release Capsules. The company will be launching the product shortly in 3 strengths, 20 mg, 30 mg and 60 mg strengths capsules. The announcement was made after market hours yesterday, 9 January 2017.

Duloxetine Hydrochloride Delayed Release Capsules is part of an ever growing portfolio of products that Ajanta has developed for the US market. In total, Ajanta has 32 Abbreviated New Drug Application (ANDA) of which it has 17 final ANDA approvals, 2 tentative approvals and 13 ANDAs under review with US FDA.

Shares of Max Ventures and Industries (MaxVIL) will be in focus after the companys board made a preferential offer, to issue common stock to a subsidiary of New York Life Insurance Company. New York Life is the largest mutual life insurance company in the United States and one of the largest life insurers in the world, with more than $500 billion under management. The announcement was made after market hours yesterday, 9 January 2017.

Subject to MaxVIL shareholder approval, a subsidiary of New York Life Insurance Company will acquire a 22.51% equity stake in MaxVIL at an offer price of Rs 78 per share aggregating to Rs 121 crore on a diluted basis and will be entitled to one nominee director to the Board of MaxVIL. The board of MaxVIL also proposed an allotment of share warrants to the promoter group equivalent to 4.76% of the post-issue share capital of the company on a fully diluted basis assuming full conversion of the warrants. These share warrants will be issued at Rs 78 per warrant aggregating to Rs 26.9 crore and will be convertible into equivalent equity shares within 18 months, taking the shareholding of the promoter group in MaxVIL to around 38.02% on fully diluted basis.

Shares of IndusInd Bank will be watched as the bank is scheduled to announce Q3 December 2016 earnings today, 10 January 2017.

Voltamp Transformers said that working at the companys Savli factory situated at Vadadala, Vadodara, Gujarat has resumed from 7 January 2017 and the production activities at the companys Savli factory are normal at present. The announcement was made after market hours yesterday, 9 January 2017.

Future Consumer said that a meeting of the board of directors of the company is scheduled to be held on 12 January 2017, to consider and approve issue of non-convertible debentures on private placement basis or otherwise. The announcement was made after market hours yesterday, 9 January 2017.

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To ensure implementation of GST by 1 April 2017, CBEC has initiated process of migration of its existing Central Excise/Service Tax assesses to GST
Jan 09,2017

Central Board of Excise & Customs (CBEC) has initiated the process of migration of its existing Central Excise/Service Tax assesses to GST with effect from 9th January, 2017.

As part of its efforts to ensure implementation of GST by 1st April, 2017, CBEC has taken steps to ensure that its existing taxpayers are migrated to GST in a simple, user-friendly and smooth manner. Once the existing registered Taxpayers (both Central Excise as well as Service Tax) login to CBECs Web Portal www.aces.gov.in, a facility will be given in a secure manner to access the provisional login ID and password given by Goods and Services Tax Network (GSTN). Thereafter, using the same, they can log in to GST Portal (www.gst.gov.in) to fill the required fields and submit scanned documents.

However, if they have already initiated the process of migration to GST as a VAT assesse under STATE COMMERCIAL TAX department, no further action is necessary. PAN is mandatory for migration to GST. Hence, if the existing Central Excise/Service Tax Registration Code does not have PAN, then PAN has to be obtained from Income Tax Department and the Registration details have to be updated in the ACES Portal www.aces.gov.in

CBEC has made available a 24x7 HELPDESK (TOLL-FREE NO 1800-1200-232, EMAIL: cbecmitra.helpdesk@icegate.gov.in) for the purpose of assisting existing Central Excise/Service Tax assesses. GSTN also has a Help Desk number: 0124-4688999 and GSTN email address is: help@gst.gov.in A Step-by-Step Taxpayers User guide for Migration is available at www.aces.gov.in and at www.cbec.gov.in

CBEC is also sending Emails/recorded telephonic messages to all registered Central Excise/Service Tax assesses requesting them to migrate to GST. Outreach programmes such as Awareness Workshops/ Training for Central Excise/Service Tax assesses are being organized all over India at the Commissionerates and Divisional offices of CBEC.

All existing Central Excise/Service Tax assesses are requested to migrate as early as possible, latest by 31st January, 2017.

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