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BEL Issue got over-subscribed by 367 % in Retail Category and 234% in Non-retail Category
Feb 23,2017

The Government of India proposed to disinvest 5% of paid-up equity capital-out of its shareholding of 74.41% in BEL through Offer for Sale (OFS) mechanism. BEL is a Navratna Company under the administrative control of Ministry of Defence and is engaged in manufacturing of the state of the art equipments in the field such as communication, radars, naval systems etc.

The floor price was fixed at Rs 1,498 per shares for the OFS Issue. Issue was opened at the BSE and NSE Stock Exchanges for two days i.e. on 22nd February, 2017 for Institutional Investors and 23rd February, 2017 for Retail Investors.

On 22nd February, 2017, the Issue opened for non-retail investors against the offer size of 89.34 lakh shares. The OFS got an enthusiastic participation from the non-retail investors, which included domestic institutional investors, foreign institutional investors and the Issue was over-subscribed 234% as per data given below (at cut-off price of Rs 1499):-

Client CategoryQuantityValue (in crore)Percentage to Qty. on Offer

n++

Insurance*n++n++n++n++n++n++n++n++n++n++n++n++n++n++n++n++n++n++n++n++n++n++n++ 1,08,63,6131,628.10122%Banks18,22,275273.1020%Mutual Funds34,14,773513.4938%FII32,80,622492.4337%Others (Clients)15,18,905174.0717%Total2,09,00,1883,081.18234%

n++n++

*InsuranceValue

(In crore)

%Private147.8810.86PublicLIC1435111GIC11.23New India Insurance16.98Agriculture Insurance9.50

Today, i.e. 23rd February, 2017, the Issue was opened for retail investors for 20% of the overall offer size, i.e. 22.34 lakh shares with a discount of 5% on the cut-off price. There has been overwhelming response from the retail investors as well, with the Issue being subscribed 367% in the Retail category.

Likely Clearing Price of Retail Investor will be at more than Rs 1565. On this price retail investors shall be entitled to discount of 5% on the cut off price (Rs 1499 which is more than the Institutional Floor Price).

This is one of the highest instances of interest and participation shown by the investors including domestic institutional investors, foreign institutional investors and retail investors in any Issue. The Issue has been over-subscribed by 260%.

The likely receipt to the Government of India from BEL OFS is Rs. 1670 crore (approx.).

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Board of Madhuban Constructions approves voluntary delisting from BSE Institutional Trading Platform
Feb 23,2017

Madhuban Constructions announced that Board of Directors in its Meeting held on 23 February 2017, have considered and approved the following resolutions:

Voluntary Exit of Equity Shares of the Company from Institutional Trading Platform of BSE in terms of the provisions of Chapter XC of SEBI ICDR Regulations, 2009

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Board of Vital Communications accepts resignation of director
Feb 23,2017

Vital Communications announced that a Board of the Directors in its Meeting held on 14 February 2017, approved resignation of Manoj Kumar from the Post of Directorship due to Preoccupancy.

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Ruby Mills gets MPCB permission to resume operations at processing unit in Khalapur
Feb 23,2017

Ruby Mills announced that the Companys processing unit at Village Kharsundi, Taluka Khalapur, has got permission from Maharashtra Pollution Control Board (MPCB) to restart its operations with immediate effect.

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RBL Bank allots 329,301 equity shares
Feb 23,2017

RBL Bank has allotted 329,301 (Three Lac Twenty Nine Thousand Three Hundred & One) equity shares of face value Rs. 10 each on 23 February 2017 under the ESOP Schemes of the Bank.

ITC allots 73,41,950 equity shares
Feb 23,2017

ITC announced that the Company on 23 February 2017 issued and allotted 73,41,950 Ordinary Shares of Rs. 1/- each, upon exercise of 7,34,195 Options by Optionees under the Companys Employee Stock Option Schemes.

Consequently, with effect from February 23, 2017, the Issued and Subscribed Share Capital of the Company stands increased to Rs. 1213,77,65,951/- divided into 1213,77,65,951 Ordinary Shares of Rs. 1/- each.

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State Bank of Mysore to amalgamate with State Bank of India
Feb 23,2017

State Bank of Mysore announced that the Government of India has issued the following Order dated 22 February 2017, under sub-section (2) of Section 35 of the State Bank of India Act, 1955.

Acquisition of State Bank of Mysore Order, 2017

In terms of the said Order, the entire undertaking of State Bank of Mysore (SBM) shall stand transferred to and vested in the State Bank of India from 01 April 2017.

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The Government simplifies maintenance of registers under various Labour Laws
Feb 23,2017

The Government has simplified the maintenance of Labour registers of about 5.85 crore establishments in agriculture and non- agriculture sectors. These registers are related to details of employees, their salaries, loans/recoveries, attendance etc. This exercise will drastically reduce the number of registers being maintained by these establishments from 56 to only 5 by doing away with overlapping/redundant fields. This will help these establishments to save cost and efforts and ensure better compliance of Labour Laws.

Under various Central Labour Acts, there is a requirement of maintenance of registers depending upon the threshold of the number of employees by the establishments in agriculture and non-agriculture sectors. As per the Sixth Economic Census of Central Statistical Office conducted during 2013-2014, India has about 5.85 Crore establishments in agricultural and non-agricultural sectors combined. Out of this, 4.54 Crore establishments are in non-agricultural sector. While reviewing the requirement of filing various returns / registers/forms provided under 9 Central Acts, there were several overlapping/ redundant fields that could be rationalized.

An intention notification was issued on 4th November, 2016 for reducing the number of registers/data fields and the same was widely circulated to concerned Ministries / Departments, State Govts., other stakeholders besides placing the same in public domain. In effect, all previous registers envisaged under various Acts / Rules have been omitted and replaced with only 5 common Registers. Such an exercise has reduced number of data fields in 5 registers to only 144 from the then existing 933 fields in 56 registers.

Ministry of Labour & Employment has also simultaneously undertaken to develop a software for these 5 common Registers. After development of the software, the same will be put on the Shram Suvidha Portal of the Ministry of Labour and Employment for free download with an aim to facilitate maintenance of those registers in a digitized form.

The Labour Laws under which these registers are maintained include:

(i) The Building and Other Construction Workers (Regulation of Employment and Conditions of Service) Act, 1996

(ii) The Contract Labour (Regulation and Abolition) Act, 1970

(iii) The Equal Remuneration Act, 1976

(iv) The Inter-State Migrant Workmen (Regulation of Employment and Conditions of Service) Act, 1979

(v) The Mines Act, 1952

(vi) The Minimum Wages Act, 1948

(vii) The Payment of Wages Act, 1936

(viii) The Sales Promotion Employees (Conditions of Service) Act, 1976

(ix) The Working Journalists and Other Newspaper Employees (Conditions of Service) Act, 1955

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Dena Bank intimates of bank strike
Feb 23,2017

Dena Bank announced that The Indian Banks Association, vide their letter dated 13 February 2017 informed that the members of all the constituent unions of United Forum of Bank Unions (UFBU) have give a call of one day All India strike 28 February 2017 in support of their various demands and issues.

If the strike materializes, a section of the Banks employees belonging to the above said Unions/ Associations may participate in the proposed strike on the said date, in which case, the normal functioning of the branches / offices of the Bank may get affected during the day.

The Bank is taking all the necessary steps in terms of the existing guidelines for smooth functioning of Banks branches / offices to deal with the strike.

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Gayatri Projects completes construction of 1320 MW thermal Power plant
Feb 23,2017

Gayatri Projects has announced that Sembcorp Gayatri Power, its second thermal power plant has completed construction of its second 660-megawatt unit, marking the creation of 2,640 MW power complex.

The first unit of the 660 megawatts was completed in November 2016. The power plant, located in Krishnapatnam in Andhra Pradeshs SPSR Nellore District, India, utilises supercritical technology that allows for enhanced efficiency and reduced emissions.

Sembcorp Gayatri Power is a joint venture between Sembcorp Utilities a subsidiary of SembCorp Industries and NCC Infrastructure Holdings, which is promoted by NCC and Gayatri Energy Ventures a wholly-owned subsidiary of Gayatri Projects.

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Shreyas Shipping & Logistics provides business update
Feb 23,2017

Shreyas Shipping & Logistics announced that the Company has on 23 February 2017 taken the delivery of the vessel M. V. SSL DELHI (2500 Teus).

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Mold-Tek Technologies allots 2,86,232 equity shares
Feb 23,2017

Mold-Tek Technologies announced that the Board of Directors of the Company has on 23 February 2017, allotted 2,86,232 equity shares of Rs. 2/- each pursuant to exercise of options.

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Dick Enterprises becomes subsidiary of Mercantile Ventures
Feb 23,2017

Mercantile Ventures announced that Dick Enterprises (Formerly known as Dick Financial Services) has become the Companys subsidiary with effect from 22 February 2017 consequent to allotment of equity shares.

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State Bank of Travancore to amalgamate with State Bank of India
Feb 23,2017

State Bank of Travancore announced that the Government of India has issued the following Order dated 22 February 2017, under sub-section (2) of Section 35 of the State Bank of India Act, 1955.

1. Acquisition of State Bank of Travancore Order, 2017

In terms of the said Order, the entire undertaking of State Bank of Travancore shall stand transferred to and vested in State Bank of India from 01 April 2017.

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Quick Heal Technologies collaborates with India Computer Emergency Response Team
Feb 23,2017

Quick Heal Technologies will be collaborating with Indian Computer Emergency Response Team, also referred as CERT-In for its Cyber Swachhta Kendra. CERT-In will be providing Quick Heals Bot Removal tool for cost to its users. The indigenously developed tool will continuously monitor the threat landscape for new bots and prevent them from damaging the users device by creating an antidote for every bot.

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