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Gujarat Natural Resources announces resignation of director
Jun 19,2017

Gujarat Natural Resources announced the resignation of Ilesh P. Shah, Non Executive Director of the Company with effect from 16 June 2017.

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Eros International Media partners with Turkish film studios, Pana Films
Jun 19,2017

Eros International Media has announced two Indo-Turkish co-productions with one of the largest Turkish film studios, Pana Films.

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RPP Infra Projects bags order worth Rs 51.2 crore
Jun 19,2017

RPP Infra Projects has bagged order from Tamil Nadu Civil Supplies Corporation for construction of Scientific Storage Godown of 40000 MT Capacity (8 number having 5000 MT capacity each) in TNCSC Campus at Edamanal Village in Sirkali Taluk in Nagapattinam District worth Rs 51.2 crore. The said work is to be completed within 12 months.

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Compuage Infocom receives distribution rights from Targus Asia Pacific
Jun 19,2017

Compuage Infocom announced that it has received rights for distribution of range of accessories of Targus Asia Pacific in India.

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RBI paper on co-origination of loans in making: SS Mundra
Jun 19,2017

The Reserve Bank of India (RBI) is working on a paper on co-origination of loans which can become an important way of catering to the micro, small and medium enterprises (MSMEs), RBI deputy governor, Mr S.S. Mundra said at an ASSOCHAM event.

n++There had been already consultation and discussion with the banking industry because it is something where essentially banking and non-banking lender have to come together. So those consultations were already on, and it is a paper in making. Not that a final view has been taken,n++ said Mr Mundra.

n++The idea is it can be an alliance of only the people who are in the formal lending sector,n++ he said.

He also informed that RBI has been trying to develop a formal co-origination model whereby bank is not financing MFIs (micro finance institutions) and NBFCs (non-banking finance companies) for on-lending to ultimate borrower rather both of them join at each under-writing and loan level thereby sharing the loan amount in agreed percentage.

n++This can bring strength of two sectors together. The MFIs have a better understanding of the ground level, they have the last-mile reach whereas the banks can supplement the resources. Rather than simply going with financing or on-lending, this co-origination can become an important way to cater to MSME sector,n++ further said Mr Mundra.

He suggested the banks that for them to continue with meaningful lending, the one segment which will be very-very important will be MSMEs.

n++For bankers, apart from the market dynamics, the restrictions on their ability to finance large corporates, even the growing competition in the market would make it essential to finance MSMEs and also they should move quickly, relook at their processes and try to become proactive,n++ said Mr Mundra.

He said that it is very important for the lenders be it bankers or the NBFC lenders to understand and appreciate the lifecycle needs of the MSMEs. n++I think putting MSME in one bracket is a big misnomer, they are as different as chalk and cheese. Probably every lender has to think about micro in one particular fashion or may be small and medium there can be another common way of looking at it.n++

Considering that MSME units periodically get in to the cycle of difficulties owing to factors like sudden unexpected demand, he said that it is very important for the banks that products are designed to meet the lifecycle of MSMEs.

Noting the need to supporting the faltering MSMEs he said when we talk about MSMEs we should recognise that failure is the integral part of entrepreneurship. n++This should be recognised, they should be supported in such point of time.n++

He also said that RBI has advised the banks to open more MSME focussed branch offices at MSME clusters which can also act as counselling centers for MSMEs. n++Collaborating with SME association in these clusters can be mutually beneficial for banks and smaller firms.n++

Mr Mundra said that it is imperative to bridge the information asymmetry as large scale ignorance about banking products and practices together with lack of awareness about unfolding economic environment severely ails the MSME entrepreneurs.

n++The borrowers must develop awareness about changing economic dynamics and its impact on their business,n++ he said while adding that MSMEs must not fall in to the lure of quick expansion but should rather look to conserve capital and strengthen their balance sheet.

The RBI deputy governor also said that public sector banks (PSBs) may require capital infusion of over Rs 10,000 from the government than budgeted for the current fiscal on account of higher provisioning for bad loans and haircut on stressed assets.

Besides, he also said that RBI has no plans to issue second list of additional loan defaulters any time soon for bankers to start bankruptcy proceedings.

On farm loan waiver, he said that RBIs stand has been articulated several times including in the last monetary policy statement. n++As far as implementation and other parts are concerned I do not think we need to work as an agency for that.n++

In terms of the consolidation plans of the government, Mr Mundra said that nothing has so far has come to the regulator.

Earlier, in his speech he said that MSME sector will continue to remain relevant even in a scenario where more automation and artificial intelligence comes into picture as it involves local production for local consumption and services are generated locally for local requirement.

Highlighting the need to focus on work creation instead of job creation, he said, n++For all policymakers I would like to mention that whenever any policy is formed, it should be judged on one very important criteria that this policy will be instrumental in creating how many new jobs in the country.n++

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Monnet Ispat tumbles 25% in four sessions
Jun 19,2017

Meanwhile, the S&P BSE Sensex was up 152.20 points or 0.49% at 31,208.60. The S&P BSE Small-Cap index rose 17.71 points or 0.11% at 15,684.95.

On the BSE, 3.30 lakh shares were traded on the counter so far as against the average daily volumes of 1.11 lakh shares in the past one quarter. The stock had hit a high of Rs 34 and a low of Rs 27.50 so far during the day. The stock had hit a 52-week high of Rs 44.50 on 17 May 2017 and a 52-week low of Rs 19.25 on 9 December 2016.

The stock had underperformed the market over the past one month till 16 June 2017, sliding 21.22% compared with the Sensexs 1.55% rise. The stock had also underperformed the market over the past one quarter, declining 1.01% as against the Sensexs 4.97% rise. The scrip had, however, outperformed the market over the past one year, advancing 45.55% as against the Sensexs 17.08% rise.

The small-cap company has equity capital of Rs 200.77 crore. Face value per share is Rs 10.

Shares of Monnet Ispat & Energy have declined 25.09% in four trading sessions to its ruling market price, from its closing of Rs 38.45 on 13 June 2017 on media reports that the company has filed for bankruptcy.

Meanwhile, Monnet Ispat in a clarification issued to the stock exchanges after market hours on Friday, 16 June 2017 with regard to aforesaid media reports said that it has not filed for bankruptcy. The reference of Monnet Ispat & Energy in the article is with reference to Gupta Coal, which has filed for bankruptcy and also supplied coal to Monnet Ispat & Energy at some point of time, the company said.

Therefore, the provisions of Regulation 30 of Listing Regulations, 2015 do not apply on the company, with respect to the aforesaid news item, Monnet Ispat said.

Monnet Ispat & Energy reported net loss of Rs 459.52 crore in Q4 March 2017, higher than net loss of Rs 438.65 crore in Q4 March 2016. Net sales declined 6.7% to Rs 348.27 crore in Q4 March 2017 over Q4 March 2016.

Monnet Ispat & Energy operates in two segments viz. power and steel.

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Jindal Steel & Power secures 0.51 MTPA coal linkages for captive power plants
Jun 19,2017

Jindal Steel & Power has secured coal linkages of over 0.51 MTPA in the recently concluded coal linkages auction under Captive Power Sub-Sector. The coal linkages, secured for 5-year duration, will provide steady supply of fuel to captive power plants run by the Company for its steelmaking operations.

Since 2016, Jindal Steel & Power has secured coal linkages of close to 2.3 MTPA under various sub-sectors for 5 year timeframe.

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Jain Irrigation Systems gets revision in credit ratings
Jun 19,2017

Jain Irrigation Systems announced that CARE has revised the credit ratings of the Company as follows -

Long term bank facilities (term loan Rs 537.67 crore) - CARE A- ; Stable (Revised from CARE BBB+; Stable)

Long term bank facilities (fund based Rs 1550 crore) - CARE A- ; Stable (Revised from CARE BBB+; Stable)

Short term bank facilities (non fund based Rs 1735 crore) - CARE A2 (Revised from CARE A3+)

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Relaxation in return filing procedure for first two months of GST implementation
Jun 19,2017

With the objective of ensuring smooth rollout of GST and taking into account the concerns expressed by the trade and industry regarding filing of the returns in GST regime, it has been decided that, for the first two months of GST implementation, the tax would be payable based on a simple return (Form GSTR-3B) containing summary of outward and inward supplies which will be submitted before 20th of the succeeding month. However, the invoice-wise details in regular GSTR - 1 would have to be filed for the month of July and August, 2017 as per the timelines given below -
       MonthGSTR - 3BGSTR - 1GSTR - 2 (auto populated from GSTR-1)July, 201720th August 1st - 5th September*6th - 10th SeptemberAugust, 201720th September16th - 20th September21st  - 25th September

* Facility for uploading of outward supplies for July, 2017 will be available from 15th July, 2017.

No late fees and penalty would be levied for the interim period. This is intended to provide a sense of comfort to the taxpayers and give them an elbow room to attune themselves with the requirements of the changed system. This not only underlines the governments commitment towards ensuring that all the stakeholders are on board but also provides an opportunity to the taxpayers to be ready for this historic reform.

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L&T gets stronger after winning orders
Jun 19,2017

The announcement was made before market hours today, 19 June 2017.

Meanwhile, the S&P BSE Sensex was up 136.26 points, or 0.44%, to 31,192.66.

On the BSE, 16,212 shares were traded in the counter so far, compared with average daily volume of 1.96 lakh shares in the past one quarter. The stock had hit a high of Rs 1,752 and a low of Rs 1,732.05 so far during the day. The stock had hit a 52-week high of Rs 1,834 on 30 May 2017. The stock had hit a 52-week low of Rs 1,295.30 on 9 November 2016.

The stock had underperformed the market over the past one month till 16 June 2017, falling 1.06% compared with 1.55% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, gaining 10.1% as against Sensexs 4.97% gains. The scrip had also outperformed the market in past one year, gaining 15.75% as against Sensexs 17.08% gains.

The large-cap engineering & construction major has equity capital of Rs 186.68 crore. Face value per share is Rs 2.

Separately, the company on Saturday, 17 June 2017, clarified that it has not cancelled any corporate action. As informed earlier, dividend of Rs 21 per share will be paid on 24 August 2017 and bonus issue of 1:2 will be credited on or before 28 July 2017, record date of which was fixed as 14 July 2017. Both the corporate action is subject to approval of the shareholders.

The company issued the clarification after shareholders who are clients of ICICI Direct.com received emails from it about cancellation of dividend corporate action of L&T.

L&Ts consolidated net profit rose 28.1% to Rs 3180.41 crore on 12% increase in net sales to Rs 36827.99 crore in Q4 March 2017 over Q4 March 2016.

L&T is a major Indian multinational engaged in technology, engineering, construction, manufacturing and financial services.

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Zydus Cadila receives final approval for Eletriptan Hydrobromide Tablets
Jun 19,2017

Zydus Cadila has received the final approval from the USFDA to market Eletriptan Hydrobromide Tablets, 20 mg (base) and 40 mg (base). The drug which is used in treatment of migraine, will be produced at the groups formulations manufacturing facility at the Pharma SEZ in Ahmedabad.

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Tata Communications wins five awards
Jun 19,2017

Tata Communications received top honors at the 2017 Frost & Sullivan India Digital Transformation Awards, with four awards in the Enterprise Telecom Services category and one award in the Enterprise Infrastructure category. Tata Communications took centerstage at the awards ceremony and received four Service Provider of the Year awards for: (1) Enterprise Data (2) Hosted Contact Center (3) Enterprise Telecom - Large Enterprise Segment, and (4) Third Party Datacenter. It also won NewProduct/Service Innovation Award for IoT - a new award category this year.

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Nucleus Software advances as after fixing record date for buyback of shares
Jun 19,2017

The announcement was made after market hours on Friday, 16 June 2017.

Meanwhile, the S&P BSE Sensex was up 127.59 points, or 0.41% at 31,183.99. The S&P BSE Small-cap index was up 13.43 points, or 0.09% at 15,680.67.

On the BSE, 14,000 shares were traded on the counter so far as against the average daily volumes of 22,814 shares in the past one quarter. The stock had hit a high of Rs 342 and a low of Rs 335.95 so far during the day. The stock had hit a 52-week high of Rs 343.90 on 22 May 2017 and a 52-week low of Rs 171 on 29 September 2016.

The stock had underperformed the market over the past one month till 16 June 2017, sliding 0.15% compared with the Sensexs 1.55% rise. The scrip had, however, outperformed the market over the past one quarter advancing 32.3% as against the Sensexs 4.97% rise. The scrip had also outperformed the market over the past one year advancing 63.17% as against the Sensexs 17.08% rise.

The small-cap company has equity capital of Rs 32.38 crore. Face value per share is Rs 10.

Nucleus Software Exports said that the buyback committee of the board at its meeting held on Friday, 16 June 2017 has fixed 30 June 2017 as the record date for the buyback of equity shares. The board has approved buyback of upto 33.43 lakh equity shares representing upto 10.32% of the total paid-up equity share capital of the company. The buyback price is Rs 350 per share for an aggregate amount not exceeding Rs 117 crore which is 24.83% of the paid-up equity share capital and free reserves of the company for the financial year ended 31 March 2017.

Nucleus Software Exports consolidated net profit rose 39.82% to Rs 22.26 crore on 0.59% increase in net sales to Rs 93.69 crore in Q4 March 2017 over Q3 December 2016.

Nucleus Software Exports is the leading provider of lending and transaction banking products to the global financial services industry.

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Nucleus Software advances after fixing record date for buyback of shares
Jun 19,2017

The announcement was made after market hours on Friday, 16 June 2017.

Meanwhile, the S&P BSE Sensex was up 127.59 points, or 0.41% at 31,183.99. The S&P BSE Small-cap index was up 13.43 points, or 0.09% at 15,680.67.

On the BSE, 14,000 shares were traded on the counter so far as against the average daily volumes of 22,814 shares in the past one quarter. The stock had hit a high of Rs 342 and a low of Rs 335.95 so far during the day. The stock had hit a 52-week high of Rs 343.90 on 22 May 2017 and a 52-week low of Rs 171 on 29 September 2016.

The stock had underperformed the market over the past one month till 16 June 2017, sliding 0.15% compared with the Sensexs 1.55% rise. The scrip had, however, outperformed the market over the past one quarter advancing 32.3% as against the Sensexs 4.97% rise. The scrip had also outperformed the market over the past one year advancing 63.17% as against the Sensexs 17.08% rise.

The small-cap company has equity capital of Rs 32.38 crore. Face value per share is Rs 10.

Nucleus Software Exports said that the buyback committee of the board at its meeting held on Friday, 16 June 2017 has fixed 30 June 2017 as the record date for the buyback of equity shares. The board has approved buyback of upto 33.43 lakh equity shares representing upto 10.32% of the total paid-up equity share capital of the company. The buyback price is Rs 350 per share for an aggregate amount not exceeding Rs 117 crore which is 24.83% of the paid-up equity share capital and free reserves of the company for the financial year ended 31 March 2017.

Nucleus Software Exports consolidated net profit rose 39.82% to Rs 22.26 crore on 0.59% increase in net sales to Rs 93.69 crore in Q4 March 2017 over Q3 December 2016.

Nucleus Software Exports is the leading provider of lending and transaction banking products to the global financial services industry.

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IMP Powers wins Valued Customer Award 2016-17
Jun 19,2017

IMP Powers has been awarded the Valued Customer Award from CPRI (Central Power Research Institute) for the year 2016-17 under Testing and Certification category.

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