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9 mineral blocks to be put up for auction soon: Secretary, Mines
Oct 06,2016

A total of 9 mineral blocks put on auction including two from Karnataka iron ore plots with excellent response upto 100% bidding over reserve price, Secretary, Ministry of Mines, Mr Balvinder Kumar said at an ASSOCHAM event.

On the current status of mineral auction, He said, n++a total 9 nine blocks have been put on successfully auction including two from Karnataka iron ore plots and total 7 blocks are being put up to auctions by state government of Karnataka and we expect extremely good response in these seven mineral areasn++, said Mr Kumar while inaugurating an ASSOCHAM conference on India Mining Summit 2016.

The bids for the first iron ore in karnataka were 90% above the reserve price. In the second mine, the bid was almost 100% over reserve price and these are very encouraging results. He further said, the Government will be getting above Rs. 25000 crore by the way of royalties etc over the period of 50 years.

On the issue of aluminium industry minimum import duty hike or minimum import price (MIP), Mr Kumar said, we are examining this matter in great depth and two-three rounds of discussions have taken place with different segments of aluminium industry. So, either we may go for MIP or alternatively to increase the import duty but we want to develop consensus among the different segment of aluminium industry. We are working on it and in next 15 days will take decision on this issue.

Mr Balvinder Kumar, Secretary, Ministry of Mines said, n++we are also examining the both the options of buy back of shares or declaration of special dividend or both optionsn++.

By end of this fiscal year, minimum 40-50 mining leases to be auctioned by various states. 15 category C mines were re-auctioned, earlier cancelled by Supreme Court.

He further said, 250 districts District Mineral Foundation (DMFs) have been set up. They are implementing Pradhan Mantri Khanij Kshetra Kalyan Yojana (PMKKKY) and nearly 2800 crore have already got in these districts by district mineral foundations.

If we see exports, exports have increased tremendously. In 2015-16, it was 5.32 billion tonne; in this fiscal we have already bypassed that figure. Imports have also decreased sharply as against 2015-16 about 7 billion tonnes and now this has reduced to 1.022 billion tonnes. The overall mineral growth this year is about 10.6% in first five months. Iron Ore production has increased by 32% percent.

n++Backward districts to get 200-400 crore every year, the huge amount will be spent on social economic development of these areas and these district area soon see transformation in their overall development scenario and many of these districts are Maoist affectedn++, said Mr. Kumar.

n++SBI Cap consulting private sector participations in exploration of 100 mineral blocks to be explored by the agencies, the notification of this process will be in 2-3 weeks timen++.

n++Agencies to get 10 times of exploration fee if auctionable resources discovered; auctions to start after March 2017n++, said Mr. Kumar.

The Aero-geophysical survey to start in 3rd week of November to complete in 2-3 years, said Mr. Kumar.

He further said that we are also relaxing the guidelines governing exploration process to be easier and simpler.

Mr. Kumar focused on sustainable Mining- the star rating by self certification basis and if they dont get 4 or 5 star rating they will get 2-3 years to comply. By end of November, we will finish first phase of star rating.

To check illegal mining across the country through imaginary from National Remote Sensing Centre (NRSC); We are going to monitor all the mining area through the satellite imaginary. We are also going to launch mobile app where anybody can upload photo of illegal miningn++, said Mr. Kumar.

The automation of mining plan with online web portal giving real-time base data across all states, said Mr. Kumar.

n++The export duty structure on iron ore shall not be changen++. About the pending cases of section 10A2C, there are about 304 cases pending under this category, said Mr. Kumar.

Mining industry is in the phase of recovery where many reforms are taking place. Mining provides direct employment to 2.6 billion people. On real time basis, one can see production of all minerals across states.

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Jaiprakash Power surges ahead of board meet to consider biz rejig
Oct 06,2016

The announcement was made after market hours yesterday, 5 October 2016.

Meanwhile, the S&P BSE Sensex was up 97.94 points or 0.35% at 28,318.92.

On BSE, so far 5.88 lakh shares were traded in the counter as against average daily volume of 5.34 lakh shares in the past one quarter. The stock hit a high of Rs 4.55 and a low of Rs 4.26 so far during the day. The stock had hit a 52-week high of Rs 7.89 on 2 November 2015. The stock had hit a record low of Rs 3.65 on 2 June 2016. The stock had underperformed the market over the past one month till 5 October 2016, sliding 14.99% compared with 1.09% fall in the Sensex. The scrip had also underperformed the market in past one quarter, declining 26.6% as against Sensexs 3.88% rise.

The small-cap company has equity capital of Rs 2938 crore. Face value per share is Rs 10.

Jaiprakash Power Ventures scheduled a board meeting today, 6 October 2016, to consider the recommendations of Committee of Directors (for restructuring) regarding proposals of restructuring including divestment of one or more units and review the progress made in the reduction of companys debt.

Jaiprakash Power Ventures reported net loss of Rs 196.16 crore in Q1 June 2016 compared with net profit of Rs 66.96 crore in Q1 June 2015. Net sales declined 37.8% to Rs 750.41 crore in Q1 June 2016 over Q1 June 2015.

Jaiprakash Power Ventures is a power company and a part of Infrastructure conglomerate - Jaypee Group. The company plans, develops, implements and operates power projects in India.

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TRIL jumps after signing JV pact with Chinese firm
Oct 06,2016

The announcement was made after market hours yesterday, 5 October 2016.

Meanwhile, the BSE Sensex was up 103.15 points, or 0.37%, to 28,324.13.

On BSE, so far 16,000 shares were traded in the counter, compared with average daily volume of 6,403 shares in the past one quarter. The stock hit a high of Rs 364.40 and a low of Rs 342 so far during the day. The stock hit a 52-week high of Rs 387.90 on 27 May 2016. The stock hit a 52-week low of Rs 167 on 26 October 2015. The stock had outperformed the market over the past 30 days till 5 October 2016, sliding 1.91% compared with 2.61% decline in the Sensex. The scrip had, however, underperformed the market in past one quarter, falling 3.95% as against Sensexs 3.75% rise.

The small-cap company has equity capital of Rs 13.26 crore. Face value per share is Rs 10.

Transformers & Rectifiers (India) (TRIL) announced that it has entered into a joint venture agreement with Jiangsu Jingke Smart Electric Company (Jingke), a company incorporated under laws of Peoples Republic of China (PRC) for purpose of starting the business of manufacturing and marketing of GIS/HGIS/TGIS systems and products for 220 kilovolt (kV) and below and distribution products of 40.5 kV and below in India. TRIL will hold majority of 60% of share of joint venture and balance will be held by Jingke. The company neither has any interest in Jingke nor fall within related party transactions.

TRIL is leading manufacturer of transformers and reactors upto 765 kV. The utilities find increasing usage of GIS as space becomes restriction and technology is getting advanced. This is logical foray for a TRIL for diversification in transmission & distribution (T&D) Segment.

TRIL reported net profit of Rs 0.75 crore in Q1 June 2016 as against net loss of Rs 12.49 crore in Q1 June 2015. Net sales rose 174.11% to Rs 158.52 crore in Q1 June 2016 over Q1 June 2015.

TRIL manufactures a wide range of transformers for the domestic and the international market.

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Need to link Cross Subsidy Charges to avoid states losses: ASSOCHAM
Oct 06,2016

To reduce states discoms burgeoning losses, the Industry body ASSOCHAM has suggested linking of Cross Subsidy Charges (CSS) with aggregate technical and commercial (AT&C) losses faced by them.

In a note submitted to the Chief Minister of Haryana, Mr. Manohar Lal Khattar by The Associated Chambers of Commerce and Industry of India (ASSOCHAM) says that n++will ensure that as states reduce their losses, additional charges levied on industry will correspondingly decreasen++.

The Associated Chamber of Commerce and Industry of India (ASSOCHAM) feels this will provide a level playing field and a fair window for private sector to operate at lower but reasonable operating cost.

The industry body lamented that the concept if CSS is higher than the Average Cost of Supply and Average Revenue realization (ACS-ARR) gap of any State, then the State has a public interest in levying CSS as a sign of protectionism.

Concept of open access to absorb excess generation of power was brought by the Government of India with a view to ensure higher operating efficiencies which shall cut down T&D losses. However, power tariffs paid by industry have increased sharply across States owing to a rise in the levy of cross subsidy surcharges (CSS) almost to an extent of 30-600%. In the State of Haryana, the CSS charges increased sharply from Rs. 930 MWh to Rs. 1570 per MWh.

The National Tariff Policy (NTP) had suggested capping the CSS at 20% of tariff. The NTP also introduced additional surcharge for consumers who shift to other sources apart from State Discoms. This is clear deviation from the fundamental principal of open access, which is one of the most important amendments suggested by the Electricity Act. While the Government of India has given the option of procurement of power through open access, the States have been levying various charges, restricting the concept and success of open access policy.

CSS is levied by state power distribution companies (discoms) to recover cost of supply. This comes at a time when most states have signed up for the Union governments Ujwal Discom Assurance Yojana (UDAY) schedule that aims to reduce losses and improve efficiency.

According to market estimates the gap between the average cost of supply (ACS) and the average revenue realization (ARR) of state-owned discoms is around 27 per cent, and around 35 per cent in big states such as UP and Rajasthan.

The National Electricity Policy (NEP) allows states to subsidies a section of consumers. It also has provisions for levying additional charges on consumers capable of paying higher rates to make up for the ACS-APR gap.

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UFO Moviez India provides update on scheme of arrangement
Oct 06,2016

UFO Moviez India announced that the Company has filed an application of Scheme of Arrangement between UFO Moviez India (Transferee Company) and Southern Digital Screenz India, V N Films, Edridge and UFO International (collectively Transferor Companies) with the High Court of Judicature at Bombay.

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Oil India gains after company led consortium completes two acquisitions in Russia
Oct 06,2016

The announcement was made after market hours yesterday, 5 October 2016.

Meanwhile, the S&P BSE Sensex was up 20.29 points or 0.07% at 28,241.27.

On BSE, so far 2,874 shares were traded in the counter as against average daily volume of 86,479 shares in the past one quarter. The stock hit a high of Rs 416.60 and a low of Rs 412.80 so far during the day. The stock had hit a 52-week high of Rs 466.70 on 9 October 2015. The stock had hit a record low of Rs 300.50 on 1 March 2016. The stock had outperformed the market over the past one month till 5 October 2016, advancing 6.53% compared with 1.09% fall in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 10.09% as against Sensexs 3.88% rise.

The large-cap company has equity capital of Rs 601.14 crore. Face value per share is Rs 10.

The Indian consortium led by Oil India including Indian Oil Corporation (IOCL) and Bharat PetroResources (BPRL), a 100% subsidiary of BPCL have successfully completed two landmark acquisitions of producing upstream assets in Russia. The consortium acquired 29.9% stake in LLC Taas-Yuryakh Neftegazodobycha (Taas Yuryakh) and 23.9% stake in JSC Vankorneft (Vankorneft) from Rosneft Oil Company, the national oil company of Russia.

Shares of IOCL were up 1.88% at Rs 627.50. The company announced after market hours yesterday, 5 October 2016 that it has fixed 19 October 2016 as the record date for 1:1 bonus issue.

BPCL was up 0.93% at Rs 654.10.

Oil Indias net profit fell 33.5% to Rs 494.41 crore on 22.4% decline in net sales to Rs 2133.31 crore in Q1 June 2016 over Q1 June 2015.

The Government of India held 67.64% stake in Oil India as per the shareholding pattern as on 30 June 2016.

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Ram Info wins e-Suvidha project from Government of Uttar Pradesh
Oct 06,2016

Ram Info announced that the Company has been awarded for providing and operation of total solution based package comprising of Hardware, Software Connectivity for deployment, customization and Successful Replication, Implementation and diversification of Citizen Centric Services/Public utility Interface through e-Suvidha project, Government of Uttar Pradesh.

The above project was awarded to the Company in consortium of United Telecoms. The project is awarded based on the per transaction fee which estimated about Rs. 8 to 9 crore per annum (excluding applicable service Tax).

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Board of UCO Bank approves proposal to issue shares to LIC
Oct 06,2016

UCO Bank announced that Board of directors of the Bank approved the proposal for issue of 7,17,00,000 equity shares of Rs.10/- each on preferential basis to Life Insurance Corporation of India at an issue price to be determined in accordance with SEBI ICDR Regulations, 2009

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Oil India signs Memorandum of Understanding with University of Houston
Oct 06,2016

Oil India (OIL), an Upstream Oil & Gas PSU, with intent of augmenting its reserves base and maximising recovery from its aging oilfields, has entered into a Memorandum of Understanding with the University of Houston (USA), one of the leading universities on oil and gas of the world. The MoU was signed today in presence of Sh. Dharmendra Pradhan, Minister of State (I/C), Petroleum & Natural Gas.

The MoU, amongst others, is focused to collaborate in the fields of Improved Oil Recovery & Enhanced Oil Recovery for production enhancement from matured fields, seismic interpretation & reservoir characterisation studies, improvement of drilling and well intervention practices and unconventional hydrocarbon studies. It is envisaged that the collaboration will help OIL to further consolidate and upgrade the various initiatives the Company has undertaken to improve production and contribute significantly to the energy security of the country. This will also contribute towards national obligation as set by Honble Prime Minister to reduce import dependency of oil and gas by 10% by 2022.

Located in the energy capital of the United States of America, home to the leading Oil & Gas operating companies and service providers, the University of Houston is a premier institute, involved in the quest of academic and translational excellence in the field of Oil & Gas through its outstanding faculty and research staff and has established well documented partnership with leading edge academia and industry subject matter experts.

Describing the signing of MoU as historic, the Petroleum & Natural Gas Minister Sh. Dharmendra Pradhan said this small event will lay huge impact in exploration sector. He said innovation, scientific temperament and institutional hand-holding is the way forward for the growth of oil and gas sector. He said that India is third largest energy consuming country in the world but is import dependent for crude oil. The Minister said that India is an aspirational society, bound to grow and move very fast. The import centric mechanism cant help meet our challenges. He said an ecosystem has to be created so that innovations, improvements and reforms are ushered in. Sh. Pradhan said if there is willpower, good strategy and innovative technology, a good ecosystem can be created which will help in better oil recovery from the fields. He said there is no dearth of intellectual talent or good institutions in the country but these need to be harnessed and supported for the countrys growth.

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Oil India in spotlight after company led consortium completes two acquisitions in Russia
Oct 06,2016

Oil India announced that the company led Indian consortium successfully completed two landmark acquisitions in Russia. The Indian consortium led by Oil India including Indian Oil Corporation (IOCL) and Bharat PetroResources (BPRL), a 100% subsidiary of BPCL have successfully completed two landmark acquisitions of producing upstream assets in Russia. The consortium acquired 29.9% stake in LLC Taas-Yuryakh Neftegazodobycha (Taas Yuryakh) and 23.9% stake in JSC Vankorneft (Vankorneft) from Rosneft Oil Company, the national oil company of Russia.

IOCL announced that the company has fixed 19 October 2016 as the record date for 1:1 bonus issue. The announcement was made after market hours yesterday, 5 October 2016.

Power Grid Corporation of India (PGCIL) announced that POWERGRID Unchahar Transmission, a wholly owned subsidiary of the company has successfully completed the project comprising the element Unchahar-Fatehpur 400 kV D/c line and declared commercial operation on 1 October 2016. The announcement was made after market hours yesterday, 5 October 2016.

Bajaj Finance announced that debenture allotment committee of the company has at a meeting on 4 October 2016, allotted 3,650 partly paid unsecured redeemable non-convertible debentures of face value of Rs 10 lakh each along with remittance of Rs 124.10 crore, on private placement basis. The remittance of Rs 124.10 crore was the first tranche of Rs 3.4 lakh of the issue price per debenture. The announcement was made after market hours yesterday, 5 October 2016.

Transformers and Rectifiers (India) (TRIL) announced that it has entered into a joint venture agreement with Jiangsu Jingke Smart Electric Company (Jingke), a company incorporated under laws of Peoples Republic of China (PRC) for purpose of starting the business of manufacturing and marketing of GIS/HGIS/TGIS systems and products for 220kV and below and distribution products of 40.5 kV and below in India. TRIL will hold majority of 60% of share of joint venture and balance will be held by Jingke. The company neither has any interest in Jingke nor fall within related party transactions. The announcement was made after market hours yesterday, 5 October 2016.

TRIL is leading manufacturer of transformers and reactors upto 765 kV. The utilities find increasing usage of GIS as space becomes restriction and technology is getting advanced. This is logical foray for a TRIL for diversification in transmission & distribution (T&D) Segment.

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Board of Phillips Carbon Black approves scheme of amalgamation
Oct 05,2016

Phillips Carbon Black announced that the Board of Director of the Company at its meeting held on 05 October 2016 has approved the scheme of amalgamation of Philips Carbon Black and Goodluck Dealcom, a wholly owned subsidiary of the company.

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Syndicate Bank announcess revision in MCLR
Oct 05,2016

Syndicate Bank has revised the MCLR of the Bank with effect from 07 October 2016 as under-

Overnight MCLR - 9.30%
One month MCLR - 9.35%
Three month MCLR - 9.35%
Six month MCLR - 9.40%
One year MCLR - 9.45%.

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Power Grid Corporation of India intimates of completion of Unchahar Transmission project
Oct 05,2016

Power Grid Corporation of India announced that POWERGRID Unchahar Transmission, a wholly owned subsidiary of Power Grid Corporation of India, secured though Tariff Based Competitive Bidding (TBCB), has successfully completed the project comprising the element Unchahar-Fatehpur 400 kV D/c line and declared commercial operation on 01 October 2016.

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Petronet LNG announces change in directorate
Oct 05,2016

Petronet LNG announced that Dr. T Natarajan has been appointed as Nominee Director of Gujarat Maritime Board (GMB) w.e.f. 21 September 2016 and D. Rajkumar has been appointed as Nominee Director of Bharat Petroleum Corporation(BPCL) w.e.f. 05 October 2016 in place of S. varadarajan who has been superannuated from the services of BPCL w.e.f. 30 September 2016.

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Gammon India announces resignation of director
Oct 05,2016

Gammon India announced that Jagdish C. Sheth, Independent Director, has resigned as Director from the Companys Board with effect from 05 October 2016.

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