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KPIT Technologies forms strategic partnership with German Automotive Engineering Services Company
Dec 01,2016

KPIT Technologies announced that it has completed agreement for a strategic partnership in a Germany headquartered Automotive Engineering Services Company, MicroFuzzy. The fixed consideration will be Euro 9.3 million. The total consideration will include variable consideration, which is based on achievement of certain financial parameters over the next 4 years.

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Cabinet approves the negotiating position adopted by the Government at the Meeting of Parties to the Montreal Protocol of the Vienna Convention
Dec 01,2016

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its ex-post facto approval to the negotiating position adopted by the Government of India at the recent Meeting of Parties (MoP) to the Montreal Protocol of the Vienna Convention for Protection of Ozone Layer that took place during 6-14 October, 2016, in Kigali, Rwanda.

The negotiations at Kigali were aimed at including Hydrofluoro Carbons (HFCs) in the list of chemicals under the Montreal Protocol with a view to regulate their production and consumption and phase them down over a period of time with financial assistance from the Multilateral Fund created under the Montreal Protocol. HFCs are not ozone depleting but global warming substance and if controlled, can contribute substantially to limiting the global temperature and advance actions for addressing climate change.

The Cabinet also approved the proposal of the Ministry of Environment, Forest and Climate Change to argue for adoption of an appropriate baseline years from out of 3 options within a range of 2024 to 2030 with freeze in a subsequent year. The Cabinet approved the flexibility of using any of the options within this range with a combination of the features of the proposed options in consultation with the Government. During negotiations held at Kigali India successfully negotiated the baseline years and freeze years which will allow sufficient room for the growth of the concerned sectors using refrigerants being manufactured domestically thus ensuring unhindered growth with least additional cost and maximum climate benefits.

It was agreed at Kigali that there would be two set of baselines or peak years for developing countries and India will have baseline years of 2024, 2025, 2026. This decision gives additional HCFC allowance of 65% that will be added to the Indian baseline consumption and production. The freeze year for India will be 2028, with a condition that there will be a technology review in 2024/2025 and, if the growth in the sectors using refrigerants is above certain agreed threshold, India can defer its freeze up to 2030. On the other hand, developed countries will reduce production and consumption of HFCs by 70% in 2029. As per the decisions taken in Kigali, India will complete its phase down in 4 steps from 2032 onwards with cumulative reduction of 10% in 2032, 20% in 2037, 30% in 2042 and 85% in 2047.

The Kigali amendments to the Montreal Protocol will also, for the first time, incentivise improvement in energy efficiency in case of use of new refrigerant and technology. Funding for R&D and servicing sector in developing countries has also been included in the agreed solutions on finance.

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Maruti Suzuki India gains after good sales in November
Dec 01,2016

The announcement was made during trading hours today, 1 December 2016.

Meanwhile, the BSE Sensex was up 35.15 points, or 0.13%, to 26,687.96.

On BSE, so far 55,000 shares were traded in the counter, compared with average daily volume of 65,570 shares in the past one quarter. The stock hit a high of Rs 5,308 and a low of Rs 5,205 so far during the day. The stock hit a record high of Rs 5,972 on 1 November 2016. The stock hit a 52-week low of Rs 3,202.10 on 29 February 2016. The stock had underperformed the market over the past 30 days till 30 November 2016, falling 10.46% compared with the 4.39% decline in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 4.06% as against Sensexs 6.23% decline.

The large-cap company has equity capital of Rs 151.04 crore. Face value per share is Rs 5.

Maruti Suzuki Indias (Maruti) domestic sales rose 14.2% to 1.26 lakh units in November 2016 over November 2015. Exports fell 9.8% to 9,225 units in November 2016 over November 2015.

Maruti Suzuki Indias net profit rose 60.2% to Rs 2398 crore on 29.5% growth in net sales to Rs 17594.60 crore in Q2 September 2016 over Q2 September 2015.

Maruti Suzuki India is Indias biggest car maker in terms of market share. Japanese parent Suzuki Motor Corporation currently holds 56.21% stake in Maruti (as per the shareholding pattern as on 30 September 2016).

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Board of Noida Toll Bridge Company approves shifting of registered office
Dec 01,2016

Noida Toll Bridge Company announced that the Board of Directors of the Company have on 30 November 2016 accorded accorded their approval for shifting the Registered Office of the Company from the State of Uttar Pradesh to the National Capital Territory of Delhi and for amendment to the Memorandum of Association of the Company accordingly.

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Punj Lloyd slips after reporting net loss in Q2
Dec 01,2016

The result was announced after market hours yesterday, 30 November 2016.

Meanwhile, the S&P BSE Sensex was up 7.68 points or 0.03% at 26,660.49.

On the BSE, 1.22 lakh shares were traded on the counter so far as against the average daily volumes of 7.91 lakh shares in the past one quarter. The stock had hit a high of Rs 20.50 and a low of Rs 19.80 so far during the day. The stock had hit a 52-week high of Rs 31.65 on 5 January 2016. The stock had hit a record low of Rs 16.90 on 9 November 2016. The stock had underperformed the market over the past one month till 30 November 2016, declining 10.07% compared with the Sensexs 4.57% fall. The scrip had, however, outperformed the market in past one quarter, sliding 0.96% as against the Sensexs 5.96% fall.

The small-cap company has equity capital of Rs 66.42 crore. Face value per share is Rs 2.

The companys net sales declined 1.3% to Rs 990.57 crore in Q2 September 2016 over Q2 September 2015. Earnings before interest, taxation, depreciation and amortization (EBITDA) fell 58.33% to Rs 25 crore in Q2 September 2016 over Q2 September 2015.

Atul Punj, Chairman - Punj Lloyd said, the quarter under review saw some acceleration in execution across all the companys projects. A key development during the quarter was the Cabinets decision on payment of arbitration awards by the government agencies to engineering, procurement and construction (EPC) companies. This is a significant positive for the industry and will go a long way towards reducing debt and infusing money into the business, enabling timely project execution. In line with the managements strategy of exiting non-core businesses, Punj Lloyd is under the process of exiting/divesting in some special purpose vehicles (SPVs) under Punj Lloyd Infrastructure (PLIL), a wholly owned subsidiary of the company, Atul Punj said.

Punj Lloyd is a diversified international conglomerate offering EPC services in energy and infrastructure along with engineering and manufacturing capabilities in the defence sector.

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Cabinet approves liberalization, simplification and rationalization of Visa regime in India
Dec 01,2016

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for liberalization, simplification and rationalization of the existing visa regime in India, and incremental changes in the visa policy decided by the Ministry of Home Affairs in consultation with various stakeholders and with approval of the Home Minister.

The approval will facilitate entry of foreigners for tourism, business and medical purposes. This is expected to stimulate economic growth, increase earnings from export of services like tourism, medical value travel and travel on account of business and to make Skill India, Digital India, Make in India and other such flagship initiatives of the Government successful.

This will also considerably ease the travel of foreigners to India for the above-mentioned legitimate purposes.

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Ganesha Ecosphere provides update on investor- MCAP India Fund
Dec 01,2016

Ganesha Ecosphere announced that its investor, MCAP India Fund, on account of its investment in the Company has been voted as the winner of the Sustainability and Operational Excellence Challenge organised by Financial Times and EMPEA (Emerging Markets Private Equity Association) at EMPEA-FT Sustainable Investing in Emerging Markets Leadership Summit held in London on 25 October 2016.

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Cantabil Retail India announces resignation of director
Dec 01,2016

Cantabil Retail India announced that Anil Bansal, Whole-Time Director of the Company, has tendered his resignation with effect from close of business hours of 30 November 2016.

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Wipro enters into agreement to sell its EcoEnergy division
Dec 01,2016

Wipro announced that it has signed an agreement to sell its EcoEnergy division to Chubb Alba Control Systems, an indirect subsidiary of United Technologies Corporation for a consideration of USD 70 million. The sale is expected to close in early 2017.

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Reliance Communications gets revision in family rating and senior secured Notes rating
Dec 01,2016

Reliance Communications announced that Moodys Investors Service, Inc. (Moody), International rating agency, has revised Companys corporate family rating and senior secured Notes rating from Ba3 to B1.

Moody stated that while the expected reduction in debt achieved from proposed two deleveraging transactions will be credit positive, it will take 6-9 months for both transactions to close. Moreover, this is a material shift with respect to business focus, scale and growth strategy - key factors that affect the credit profile of the company and credit risk for bondholders.

Post restructuring, the Company will transform from Indias 4th largest wireless telecommunications operator into a company focused on the B2B segment and providing retail and wholesale data connectivity, as well as internet networks and services. The Company will also lease its submarine cable infrastructure - owned and operated by its 100% owned subsidiary, GCX and metropolitan city networks.

At the same time, the Company will retain a 50% interest in the wireless MergerCo. The Company will also benefit from a 49% economic upside interest in the TowerCo subject to certain performance conditions.

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Wipro inches up after announcing divestment of EcoEnergy division
Dec 01,2016

The announcement was made after market hours yesterday, 30 November 2016.

Meanwhile, the S&P BSE Sensex was up 58.01 points or 0.22% at 26,710.82.

On the BSE, 4,489 shares were traded on the counter so far as against the average daily volumes of 1.55 lakh shares in the past one quarter. The stock had hit a high of Rs 469.10 and a low of Rs 466 so far during the day. The stock had hit a 52-week high of Rs 606.75 on 20 April 2016. The stock had hit a 52-week low of Rs 410 on 9 November 2016. The stock had outperformed the market over the past one month till 30 November 2016, advancing 0.02% compared with the Sensexs 4.57% fall. The scrip had also outperformed the market in past one quarter, sliding 4.91% as against the Sensexs 5.96% fall.

The large-cap IT company has equity capital of Rs 486.17 crore. Face value per share is Rs 2.

The buyer is Chubb Alba Control Systems (Chubb Alba), an indirect subsidiary of United Technologies Corporation (UTC). The sale is expected to be closed in early 2017, subject to requisite approvals. Wipro EcoEnergy contributed Rs 67.64 crore (0.1%) to Wipros revenue in FY 2016.

Wipro has been sharpening focus on its core IT business. Since business carried out by the EcoEnergy division is not core and strategic to overall IT business of the company, it has been decided to divest the business.

Wipros consolidated net profit rose 0.9% to Rs 2070.40 crore on 1.45% rise in net sales to Rs 13896.80 crore in Q2 September 2016 over Q1 June 2016.

Wipro is a leading information technology, consulting and business process services company that delivers solutions to enable its clients do business better.

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Cabinet approves closure of Kota Unit of Instrumentation and Transfer of its Palakkad Unit to Government of Kerala
Dec 01,2016

The Union Cabinet, chaired by the Prime Minister, Shri Narendra Modi has approved closure of Kota Unit of Instrumentation and transfer of Palakkad Unit of Instrumentation to Government of Kerala.

In this connection, the Cabinet has approved attractive VRS/VSS package at 2007 notional pay scales to employees of Kota Unit of Instrumentation Ltd. including the payment of pending salary, statutory dues etc., which amounts to approximately Rs.438 crore.

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State Bank of Travancore revises MCLR rates
Dec 01,2016

State Bank of Travancore has revised the Marginal Cost of Funds based Lending Rate with effect from 01 December 2016 -

Overnight - 8.85%
1 month - 9.05%
3 months - 9.15%
6 months - 9.30%
1 year - 9.45%
2 years - 9.50%
3 years - 9.60%

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RBL Bank to open international financial services centre Banking Unit
Dec 01,2016

RBL Bank announced that the Bank has received in-principle approval of the Reserve Bank of India (RBI) on 30 November 2016 for opening of international financial services centre Banking Unit at Gujarat International Finance Tech-City (GIFT), Gujarat.

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RBL Bank to open international financial services centre Banking Unit
Dec 01,2016

RBL Bank announced that the Bank has received in-principle approval of the Reserve Bank of India (RBI) on 30 November 2016 for opening of international financial services centre Banking Unit at Gujarat International Finance Tech-City (GIFT), Gujarat.

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