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Smart initiatives of Indian Railways hold potential to raise GDP by 2 per cent: Suresh Prabhu
Jun 08,2017

The smart initiatives undertaken by the Indian Railways during the past two and a half years to increase revenue, especially non-fare revenue, augment capacity and increase operational efficiencies to lower costs in a passenger and business friendly manner has the potential of raising the countrys GDP by 2 percentage points, Union Railway Minister, Mr. Suresh Prabhu, said.

Mr. Prabhu said that to make this significant contribution to GDP a reality, the railways were working towards improving its finances and operational aspects in a transparent manner besides providing a better travel experience to the customers.

Mr. Prabhu said that the Railways had brought out a white paper after his assumption in office as Railway Minister which identified the challenges and helped in creating a strategic plan to address them. Strenuous efforts were now being made to augment the speed of implementation of policies, redressal of customers grievances in real-time and modernization of processes and systems with the help of technology.

For years, there has been a huge gap between the demand and the creation of new infrastructure. The demand for railway infrastructure and amenities has increased exponentially but infrastructure had failed to keep pace. By undertaking smart initiatives aided by the use of technology, the railways were now coming out with new products to serve the diverse range of travelers and projects catering to all classes and categories of travelers.

Mr. Mohd. Jamshed, Member Traffic, Railway Board, pointed out that the immediate smart strategy of the railways was to focus on new products, tariff rationalization and policy reforms for demand stimulation, expansion of the commodity basket, nurturing of customers and adoption of new delivery models to bring down the unit cost of operations.

He said that for a sustainable growth of the railways, the emphasis was on mega capacity development, high speed rail, station development, doubling, multiple lines, terminals, port connectivity projects and setting up of three more Dedicated Freight Corridors.

Dato Sri Judin Abdul Karim, Chairman, Construction Industry Development Board (CIDB) Holdings, Malaysia, gave a detailed account of the state-of-the art infrastructure projects in his country and expressed the desire of Malaysian companies to be a part of the projects being developed in India, particularly station development projects of the Indian Railways. He suggested bundling of projects so that these could be undertaken to achieve economies of scale and create a win-win situation for both countries.

Mr. Nalin Jain, Co-Chair, FICCI National Committee on Infrastructure and President & CEO, GE Transportation - Asia Pacific & China, stated that the real challenge before the Indian Railways was to devise ways to gain share of the traffic from the road sector, enhance productivity and manage capital expenditure for capacity expansion and project implementation.

He said the seeds had been sown for the transformation to smart railways by way of a freight action plan, expansion and modernization plan, electrification of 72% of BG network by 2020, creation of a dedicated safety fund to achieve a zero-accident mission, ICT deployment and keeping in step with Make in India through the PPP mode and FDI.

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Biocon sweetens after fixing record date for bonus issue
Jun 08,2017

The announcement was made after market hours yesterday, 7 June 2017.

Meanwhile, the S&P BSE Sensex was down 21.05 points, or 0.07% to 31,250.23

On the BSE, 19,000 shares were traded in the counter so far, compared with average daily volumes of 79,738 shares in the past one quarter. The stock had hit a high of Rs 1,012.80 and a low of Rs 1,003.55 so far during the day. The stock hit a 52-week high of Rs 1,188 on 25 April 2017. The stock hit a 52-week low of Rs 689 on 19 July 2016.

The large-cap bio-pharmaceutical company has equity capital of Rs 100 crore. Face value per share is Rs 5.

Biocon had declared 2:1 bonus issue (2 bonus shares for every share held) at its board meeting held on 27 April 2017.

On a consolidated basis, net profit of Biocon declined 61.71% to Rs 127.50 crore on 1.53% decline in net sales to Rs 919.20 crore in Q4 March 2017 over Q4 March 2016.

Biocon is Indias largest and fully-integrated, innovation-led biopharmaceutical company.

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Nikki Global Finance to hold board meeting
Jun 08,2017

Nikki Global Finance will hold a meeting of the Board of Directors of the Company on 15 June 2017.

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Rajvir Industries to hold board meeting
Jun 08,2017

Rajvir Industries will hold a meeting of the Board of Directors of the Company on 15 June 2017.

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Meyer Apparel to hold board meeting
Jun 08,2017

Meyer Apparel will hold a meeting of the Board of Directors of the Company on 16 June 2017.

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Cosmo Ferrites announces resignation of director
Jun 08,2017

Cosmo Ferrites announced that Ashok Jaipuria has resigned from the Directorship and consequently ceases to be Director of the Company with effect from 07 June 2017.

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Board of Sahyog Multibase recommends final dividend
Jun 08,2017

Sahyog Multibase announced that the Board of Directors of the Company at its meeting held on 3 June 2017, inter alia, have recommended the final dividend of Rs 0.01 per equity Share (i.e. 1%) , subject to the approval of the shareholders.

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Tata Power Company gets revision in credit ratings for LT debt and NCDs
Jun 08,2017

Tata Power Company has received revision in credit ratings for Long Term Debt and NCDs from various credit ratings agencies as under -

ICRA - AA/ Negative (Revised from AA-/Stable)
CRISIL - AA-/Stable (Reaffirmed)
CARE - AA/ Stable (Reaffirmed)
India Ratings - AA/ Stable (Reaffirmed)
Moodys - Ba3/ Negative (Reaffirmed)
S&P - B+/ Stable (Reaffirmed)

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Reliance Power announces change in company secretary and compliance officer
Jun 08,2017

Reliance Power announced that Ramaswami Kalidas, Company Secretary and Compliance Officer has superannuated from the services of the Company with effect from 07 June 2017. The Board of Directors have appointed Murli Manohar Purohit as Company Secretary and Compliance Officer of the Company with effect from 08 June 2017.

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Cyient gains on qualifying as supplier to UTC Aerospace
Jun 08,2017

The announcement was made after market hours yesterday, 7 June 2017.

Meanwhile, the S&P BSE Sensex was up 31.46 points, or 0.10% to 31,302.74.

On the BSE, 9,273 shares were traded in the counter so far, compared with average daily volumes of 27,730 shares in the past one quarter. The stock had hit a high of Rs 549.95 and a low of Rs 531.60 so far during the day. The stock hit a 52-week high of Rs 564.40 on 3 May 2017. The stock hit a 52-week low of Rs 416.05 on 9 November 2016.

The stock had underperformed the market over the past one month till 7 June 2017, falling 1.33% compared with 4.47% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 12.69% as against Sensexs 8.10% rise. The scrip had underperformed the market in past one year, rising 6.09% as against Sensexs 15.73% rise.

The mid-cap company has equity capital of Rs 56.28 crore. Face value per share is Rs 5.

Cyient announced that its subsidiary, Cyient DLM, has been qualified as an approved product supplier to UTC Aerospace Systems. This expands Cyients 15 years relationship with United Technologies Corporation (UTC) as a valued engineering service provider. Cyient and UTC also extended the master terms agreement through 2020, enabling Cyient to provide technical services to UTC company-wide. With the qualification of DLM, the portfolio of offerings to UTC now includes both services and product development.

Carrier International (Mauritius), a subsidiary of UTC, executed a trade yesterday, 7 June 2017, to divest a portion of its equity shareholding in Cyient. UTC first invested in Cyient in 2002 when the company was establishing itself as a global engineering services company. Since that time, Cyient has grown considerably and remains a trusted service provider to UTC with over 1,600 engineers engaged on UTC projects worldwide.

As per the bulk deal data on NSE, Carrier International (Mauritius) sold 16 lakh shares of Cyient at Rs 496.08 per share. As on 31 March 2017, Carrier International (Mauritius) held 1.52 crore shares, or 13.58% equity, in Cyient.

On a consolidated basis, net profit of Cyient rose 15.81% to Rs 78.40 crore on 14.48% rise in net sales to Rs 933.90 crore in Q4 March 2017 over Q4 March 2016.

Cyient provides engineering, manufacturing, geospatial, network and operations management services to global industry leaders.

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Bodhtree Consulting enters into strategic relation with Stratfit Fitness Technologies
Jun 08,2017

Bodhtree Consulting has announced its strategic relationship with Stratfit Fitness Technologies, a company promoted by Daniel Mackee, USA based celebrity trainer and Olympic certified coach. The relationship includes exclusive marketing rights, technology collaboration and an investment through ICD.

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Housing Development Finance Corporation provides update on subsidiary - HDFC Life
Jun 08,2017

Housing Development Finance Corporation has received from communications from HDFC Standard Life Insurance Company, a material non listed subsidiary of the Corporation, containing an update on the proposed merger of Max Life Insurance Company and Max Financial Services into HDFC Life through a composite scheme of arrangement.

In reference to the above composite scheme of amalgamation and arrangement, and according to its earlier communication on 12 November 2016 informing the decision of the IRDAI and the intent of the companies to make further representations to the Insurance Regulatory & Development Authority of India.

Further, to the representation made to the IRDAI , the Authority has on 07 June 2017, reaffirmed its original position regarding section 35 of the insurance Act, 1938. HDFC Life and Max Life are committed to the merger and are evaluating various options.

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Max India provides update on composite scheme of amalgamation and arrangement
Jun 08,2017

Max India announced that in reference to the Composite Scheme of Amalgamation and Arrangement filed with Stock Exchanges involving Max Life Insurance Company (Max Life), Max Financial Services, HDFC Standard Life Insurance Company (HDFC Life) and Max India (the Company) and its earlier communication dated 12 November 2016 informing about the decision of IRDAI and the intent of the companies to make further representations to IRDAI.

Further to the representations made to Insurance Regulatory & Development Authority of India (Authority), the Authority has on 07 June 2017, reaffirmed its original position regarding Section 35 of the Insurance Act, 1938. HDFC Life and Max Life remain committed to the merger and are evaluating various options.

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Cabinet approves taking over of Dr. B. Borooah Cancer Institute, Guwahati by Department of Atomic Energy
Jun 08,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the following:

(i) Taking over Dr. B. Borooah Cancer Institute, Guwahati by Department of Atomic Energy (DAE) and bringing it under the administrative control of Tata Memorial Centre, an Aided institution of DAE;

(ii) Augmentation of additional manpower of 166 posts in medical, paramedical and support positions.

The decision comes in the wake of the increasing instances of cancer, limited cancer treatment facilities and the need for a hospital support to carry out further research in North Eastern Region.

The approximate non-recurring expenditure for strengthening of institute is estimated at Rs. 150 crore and annual recurring expenditure is estimated at Rs. 45- 50 crore.

Background:

Borooah Cancer Institute was established in 1974 in Guwahati with the aim and objective of investigation, diagnosis and treatment of cancer in the North Eastern region of India by a voluntary organization. Government of Assam took over the institute with all its assets and liabilities in 1986 and entered into a tripartite agreement with the Department of Atomic Energy (DAE) and North Eastern Council for management of the institute. The institute is presently a 209 bedded hospital with 8 bedded ICU.

Tata Memorial hospital under DAE is a premier research institution in the field of cancer research and treatment. TMC under the aegis of DAE has been extending financial and technical support to the institute since 1989. Chief Minister of Assam in October 2013 had proposed that DAE should take over the institute to develop it as a center for excellence for cancer treatment, education and research for the entire North East.

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Infosys in focus after clarification
Jun 08,2017

Infosys clarified after market hours yesterday, 7 June 2017, that the news reports on pricing cuts seen by the IT industry being attributed to the Infosys chief operating officer (COO) are incorrect. His comments have been misrepresented. The comments made in the media interview refer to cost take out efforts by clients towards reducing their program investments in the run side of business, to reinvest them in newer technologies or the change side of business. Cost take outs by clients do not necessarily translate into an impact on vendor pricing. There are enough levers available to meet the client demand on cost take-outs without necessarily impacting the pricing. Infosys commentary on pricing is no different from what it had shared with the market earlier. Infosys reiterated that it is not seeing anything new on pricing. This has also been clarified in the webcast of the Morgan Stanley India Summit, the company said.

The clarification was issued after a media report quoted Infosys COO Pravin Rao saying that the companys clients were asking for 20-30% cut in prices for projects.

Reliance Capital announced after market hours yesterday, 7 June 2017, that the board of Reliance Nippon Life Asset Management (RNAM) has approved the plans to list the equity shares of RNAM, subject to necessary regulatory and corporate approvals. RNAM is the asset manager to Reliance Mutual Fund and will be the first among the top 3 players in the asset management company (AMC) industry to list its shares on exchanges. Discussions with merchant bankers, lawyers and auditors for IPO process would be initiated soon. The percentage of dilution, which shall be subject to regulatory norms, is yet to be decided, the company said in a statement.

RNAM is a subsidiary of Reliance Capital (RCL), with Nippon Life Insurance Company as its strategic partner. RCL holds 51% of the total issued and paid-up equity share capital of RNAM.

Cyient announced after market hours yesterday, 7 June 2017, that its subsidiary, Cyient DLM, has been qualified as an approved product supplier to UTC Aerospace Systems. This expands Cyients 15 years relationship with United Technologies Corporation (UTC) as a valued engineering service provider. Cyient and UTC also extended the master terms agreement through 2020, enabling Cyient to provide technical services to UTC company-wide. With the qualification of DLM, the portfolio of offerings to UTC now includes both services and product development.

Endurance Technologies announced after market hours yesterday, 7 June 2017, that it has planned expansion of its annual installed capacity for manufacture of aluminium die casting (high pressure) and machining components/parts at its plant in Chennai. The company said it will expand its annual installed capacity to 12250 M. tonnes from 8161 M. tonnes. It requires an investment of about Rs 9.12 crore.

Biocon announced after market hours yesterday, 7 June 2017, that it has fixed 17 June 2017 as the record date to determine the eligible shareholders entitled to receive the bonus equity shares.

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