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Government has allowed 100% FDI for trading including through e-commerce, in respect of food products manufactured or produced in India
Jan 02,2017

The Ministry of Food Processing Industriesis implementing a number of Central Sector Schemes for promotion and development of food processing sector in the country since 12th Plan.

The major achievements of the Ministry during 2016 are as under:-

Government has allowed 100% FDI for trading including through e-commerce, in respect of food products manufactured or produced in India. 100% FDI is already permitted in manufacturing of food products through automatic route. This will provide impetus to the foreign investment in food processing sector, benefit farmers immensely and will create vast employment opportunities.

The following additional fiscal concessions have been granted for boosting the investment in the food processing sector :

(a) Reduction in Excise Duty on Refrigerated Containers from 12.5% to 6%.

(b) Reduction in Basic Custom Duty on Refrigerated Containers from 10% to 5%.

(c) 5% Basic Customs Duty as presently available under project imports for cold storage, cold room also extended for Cold Chain including pre-cooling unit, pack house, sorting and grading lines and ripening chambers.

Under the Scheme of Mega Food Parks:

(a) The Indus Mega Food Park, Khargone (Madhya Pradesh); Jharkhand Mega Food Park Ranchi (Jharkhand), and Jangipur Bengal Mega Food Park, Murshidabad(West Bengal) were made operational and inaugurated.

(b) Foundation Stone of Punjab Agro Industries Corporation (PAIC) Mega Food Park Project in Ludhiana was laid.

(c) As such, 8 Mega Food Parks have been made operational so far.

(d) A Mega Food Park is likely to benefit about 25000-30000 farmers apart from creating employment for 5000-6000 persons, especially in rural areas.

(e) The Mega Food Park projects at Satara (Maharashtra), Ajmer (Rajasthan), Rayagada (Odisha) and Agartala (Tripura) are at advanced stage for operationalisation by the end of current financial year.

(f) NABARD has sanctioned term loan of Rs. 427.69 Crore to 10 Mega Food Park projects and 2 processing units under Food Processing Fund of Rs. 2000 Crore and out of this an amount of Rs. 81.10 Crore has been disbursed. The Ministry has notified 157 designated food parks in different States for the purpose of availing affordable credit from special fund with NABARD.

Under the Scheme of Integrated Cold Chain and Value Addition Infrastructure:

(a) 20 projects have been operationalised in 2016. With their operationalisation, Ministry has created an additional capacity of 0.63 lakh metric tonnes of cold storage, 15 metric tonnes per hour of individual Quick Freezing (IQF), 10.65 lakh litres per day of Milk of processing/ storage and 99 reefer vans during 2016.

(b) During last two and half years, 54 Integrated Cold Chain projects have been made operational taking the total number of Cold Chain projects to 91. The Ministry has so far assisted 135 Cold Chain projects having a capacity of 3.67 lakh metric tones of cold storage, 94.29 metric tones per hour of individual Quick Freezing (IQF) 37.93 lakh litres per day of Milk processing/ storage and 549 reefer vans.

(c) The guidelines of Scheme have been revised on the basis of feedback and experience of this Ministry to make them investor friendly.

(d) On an average, each cold chain project benefits to around 500 farmers in fruits and vegetables sector and around 5000 farmers in dairy sector and creates employment for 100 persons.

Ministry has invited EOIs to fill up vacant slots of Mega Food parks and Cold Chain projects. The Ministry has received 54 proposals against 8 vacant slots of Mega Food Parks and 308 proposals for 100 Cold Chain projects which stand testimony to the increasing interest of the investors in this sector.

Under the Scheme of Setting up/ Modernization of Abattoirs, one project at Panji (Goa) has been operationalised.

During the year, 10 Food Testing Labs have been completed.

FSSAI has simplified product approval:

(a) approved a large number of new Additives harmonized with the International Codex Standards.

(b) notified an amendment to the regulations as a result of which non-standardized food products called proprietary foods (except novel food and nutra-ceuticals) that use ingredients and additives approved in the regulations will no longer require product approval. This has provided considerable relief to the industry.

A web-based on-line system has been operationalised for processing claims for release of grants-in-aid under the Schemes of Mega Food Parks and the Integrated Cold Chain and Value Addition Infrastructure.

The National Institute of Food Technology, Entrepreneurship and Management (NIFTEM) at Kundli, Sonepat, Haryana and Indian Institute of Crop Processing Technology (IICPT) at Thanjavur, Tamil Nadu are being developed by the Government as the Centres of Excellence. The pass-outs of these institutes have got 100% placements.

The Ministry is also taking steps to implement a new scheme namely Scheme for Agro-Marine produce Processing and Development of Agro-clusters (SAMPADA) for overall development of food processing sector, for providing enabling infrastructure, expanding processing and preservation capacities, controlled temperature logistics and backward and forward linkages, with an allocation of Rs.6000 Crore for a period co-terminus with 14th Finance Commission.

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Punjab National Bank drops after reducing MCLR
Jan 02,2017

The announcement was made on Sunday, 1 January 2017.

Meanwhile, the S&P BSE Sensex was down 116.55 points or 0.44% at 26,509.91.

On the BSE, 5.1 lakh shares were traded in the counter so far as against average daily volume of 11.91 lakh shares in the past one quarter. The stock had hit a high of Rs 117.45 and a low of Rs 113.30 so far during the day. The stock had hit a 52-week high of Rs 164.30 on 11 November 2016. The stock had hit a 52-week low of Rs 69.40 on 17 February 2016.

The stock had underperformed the market over the past one month till 30 December 2016, sliding 16.35% compared with 0.1% drop in the Sensex. The scrip had also underperformed the market in past one quarter, dropping 17.81% as against Sensexs 4.45% fall.

The large-cap public sector bank has equity capital of Rs 425.59 crore. Face value per share is Rs 2.

Punjab National Bank has reduced marginal cost of funds based lending rate (MCLR) for overnight loans to 8.2% from 8.9%. The rate for one month is reduced to 8.25% from 8.95% and for three months it is reduced to 8.35% from 9.05%.

The MCLR on 6-month loans will be 8.4% from earlier 9.1% and for one-year loans the rate will be 8.45% from 9.15%, the bank said. MCLR on three-year loans was reduced to 8.6% from 9.3% and for five-year loans the rate will be 8.75% from 9.45% earlier.

All rupee loans sanctioned and credit limits renewed with effect from 1 April 2016 are priced with reference to the Marginal Cost of Funds based Lending Rate (MCLR) which is the internal benchmark of the concerned bank. Actual lending rates are determined by adding the components of spread to the MCLR.

Punjab National Bank (PNB)s net profit declined 11.5% to Rs 549.36 crore on 3.8% growth in total income to Rs 14218.27 crore in Q2 September 2016 over Q2 September 2015.

The Government of India held 65.01% stake in PNB (as per the shareholding pattern as on 30 September 2016).

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L&T inches up after securing Pune smart city project
Jan 02,2017

The announcement was made during market hours today, 2 January 2017.

Meanwhile, the BSE Sensex was down 140.09 points or 0.53% at 26,486.37.

On the BSE, 21,000 shares were traded on the counter so far as against the average daily volumes of 2.31 lakh shares in the past one quarter. The stock had hit a high of Rs 1,360 and a low of Rs 1,350 so far during the day.

The stock hit a 52-week high of Rs 1,615 on 27 July 2016 and a 52-week low of Rs 1,016.60 on 12 February 2016. It had underperformed the market over the past one month till 30 December 2016, declining 2.4% compared with the Sensexs 0.1% fall. The scrip had also underperformed the market over the past one quarter sliding 5.75% as against the Sensexs 4.45% fall.

The large-cap company has equity capital of Rs 186.54 crore. Face value per share is Rs 2.

The letter of intent for the Pune smart city project was handed over by the Municipal Commissioner of Pune, Kunal Kumar to representatives of L&T Constructions Smart World & Communication Business Unit, which will be executing the project. This unit offers end-to-end solutions comprising security solutions, communication network and telecom infrastructure and smart infrastructure as a master systems integrator in collaboration with other businesses within the L&T Group.

The Pune smart city project includes a revenue monetization model, the countrys first in smart cities domain.

On a consolidated basis, L&Ts net profit jumped 84.3% to Rs 1434.63 crore on 8.5% growth in net sales to Rs 24923.98 crore in Q2 September 2016 over Q2 September 2015.

L&T is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services with $16 billion in revenue. L&T Construction is a brand of L&T.

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Natco Pharma launches generic VELPANAT in Nepal
Jan 02,2017

Natco Pharma has launched the first generic version of Sofosbuvir 400mg/Velpatasvir 100mg fixed dose combination in Nepal. Sofosbuvir 400mg/Velpatasvir 100mg fixed dose combination is sold by Gilead Sciences, Inc., under brand name Epclusan++.

Epclusan++ is the first all-oral, pan-genotypic, single tablet regimen for the treatment of adults with genotype 1-6 chronic hepatitis C virus (HCV) infection. Epclusa is also the first single tablet regimen approved for the treatment of patients with HCV genotype 2 and 3, without the need for Ribavirin.

Natco will market Sofosbuvir 400mg/Velpatasvir 100mg under the brand name VELPANATn++. Natco priced its generic medicine of VELPANAT at an MRP of Rs 25,000/- equivalent for a bottle of 28 tablets in Nepal. Natco has signed a non-exclusive licensing agreement with Gilead Sciences, Inc., to manufacture and sell generic versions of its chronic hepatitis C medicines in 101 developing countries.

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Nikkei India Manufacturing PMI eases below 50 mark
Jan 02,2017

PMI data for December indicated that the rupee demonetization took a toll on manufacturing performance. Companies saw new work and output dip for the first time in 2016. In turn, quantities of purchases were scaled back and employment lowered. Meanwhile, input costs increased at a quicker rate, whereas output charge inflation eased.

The headline seasonally adjusted Nikkei India Manufacturing Purchasing Managers IndexTM (PMITM) recorded below the crucial 50.0 threshold for the first time in 2016 during December. Down from 52.3 in November to 49.6, the latest reading was indicative of a marginal deterioration in the health of the sector. Nevertheless, the average over the October-December quarter (52.1) was broadly in line with that seen in the July-September period (52.2).

Four of the five sub-components of the PMI edged below 50.0, while average delivery times lengthened further. At the sector level, operating conditions deteriorated in both the consumer and intermediate goods categories.

Panel members widely blamed the withdrawal of high-value rupee notes for the downturn, as cash shortages in the economy reportedly resulted in fewer levels of new orders received. Concurrently, manufacturers lowered output accordingly. Rates of contraction in new work and production were marginal overall, but in both cases the reductions were the first in 2016. Businesses also highlighted challenging conditions in external markets, with a fall in new business from abroad ending a six-month sequence of growth.

Cash shortages and lower workplace activity resulted in job shedding and falling buying levels during December. Payroll numbers decreased only marginally, however, as the vast majority of panellists signalled unchanged workforces. A similar trend was seen with regards to quantities of purchases.

Higher prices paid for a range of raw materials led average cost burdens to increase for the fifteenth straight month in December, with the rate of inflation picking up since November. On the other hand, output charges rose at the slowest pace since August.

Both pre- and post-production stocks decreased during December. The former saw the first monthly drop in 13 months, while inventories of finished goods declined for the eighteenth month running (albeit to the least extent in this sequence).

Finally, cash flow issues reportedly impaired manufacturers ability to work on outstanding business. Backlogs rose for the seventh consecutive month, but at the slowest rate in this sequence.

Commenting on the Indian Manufacturing PMI survey data, Pollyanna De Lima, Economist at IHS Markit and author of the report, said: Having held its ground in November following the unexpected withdrawal of 500 and 1,000 bank notes from circulation, Indias manufacturing industry slid into contraction at the end of 2016. Shortages of money in the economy steered output and new orders in the wrong direction, thereby interrupting a continuous sequence of growth that had been seen throughout 2016. Cash flow issues among firms also led to reductions in purchasing activity and employment.

As the survey showed only a mild decline in manufacturing production in the last month of the year, the average reading for the Oct-Dec quarter remained in growth terrain, thereby suggesting a positive contribution from the sector to overall GDP in Q3 FY16/17. With the window for exchanging notes having closed at the end of December, January data will be key in showing whether the sector will see a quick rebound.

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US stocks end 2016 on a lower note
Jan 02,2017

US stocks spent the final session of the year in a steady retreat on Friday, 30 December 2016. U.S. stocks fell in the final trading day of the year on Friday as investors took profits on some of 2016s high flying sectors, although major indexes posted strong annual gains and the Dow closed out its best year since 2013.

The days losses were broad, with all but two of the 11 primary S&P 500 sectors ending lower. However, trading volume was light, as is typical for the final trading week of the year.

The Dow Jones Industrial Average dropped 57.18 points to 19,762.60, a decline of 0.3%. The S&P 500 fell 10.43 points, or 0.5%, to 2,238.83. The Nasdaq Composite Index fell 48.97 points to 5,383.12, a drop of 0.9%.

The Nasdaq was pressured by a drop in technology shares, which was the weakest sector on the day though it outperformed the broader market over the year.

Friday marks not only the final trading day of the year, but also of the week, the month, and the quarter.

Dow gained 13.4% for the year 2016. The S&P 500 2016 gain stood at 9.5%. The Nasdaq underperformed, trimming this years advance to 7.5%.

Bullion prices ended lower at Comex on Friday, 30 December 2016. Gold futures moved in and out of positive territory on Friday, risking a fifth straight session gain, but still on track to snap what had been the longest weekly losing streak in more than 12 years.

Gold futures for February delivery fell $1.00, or 0.1%, to $1,157.10 an ounce, but had earlier traded up to $1,164.

Gold futures fell on Friday but snapped what had been the longest weekly losing streak in more than 12 years with a 1.5% weekly gain. Gold logged a 9% gain for all of 2016, owed to its early-year move. Gold is off more than 15% from its 2016 best, which was the settle high of $1,364.90 hit 6 July 2016. March silver was down 15 cents, or 0.9%, at $16.08 an ounce after trading at its highest in about two weeks. For the month, silver fell a roughly 2%. Silver gained 17% for the year.

Crude oil futures saw modest losses in the final trading session of 2016 on Friday, 30 December 2016 but scored the biggest yearly rise since 2009.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in February fell 5 cents, or 0.1%, to close at $53.72 a barrel. On a most-active basis, the U.S. benchmark futures contract saw a nearly 45% calendar-year rise and a more-than-8% jump in December 2016. The rise has been fueled in part by expectations members of the Organization of the Petroleum Exporting Countries and other major producers will abide by an agreement to curb output. The annual rise was the largest in 7 years.

Fridays pullback brought the S&P 500 back into the middle of its post-election range with nine out of eleven sectors finishing in the red. Heavily-weighted technology and consumer discretionary spent the day at the bottom of the leaderboard, dragging most other sectors down.

The U.S. Dollar Index shed 0.4% to lock in its second consecutive decline, but still ended the year just below a 14-year high.

Market participants got an early taste of the strong dollars impact on Friday on the manufacturing sector as the December Chicago PMI declined to 54.6 from 57.6 in November. The drop was paced by New Orders, which fell to 56.5 from 63.2 in November.

The bulk of the day saw below-average trading volume, but there was a surge of activity into the close, likely associated with end-of-month and end-of-quarter flows from large investors. As a result, more than a billion shares changed hands at the NYSE floor.

Treasuries ended the abbreviated session on a higher note. The 10-yr yield slipped three basis points to 2.44%, ending 20 basis points below its mid-December high.

Bond and equity markets will be closed on Monday and Tuesdays economic data will be limited to the 10:00 ET release of November Construction Spending (consensus 0.5%) and December ISM Index (consensus 53.6).

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Lupin receives final approval for Cevimeline Hydrochloride Capsules
Jan 02,2017

Lupin has received final approval for its Cevimeline Hydrochloride Capsules, 30 mg from the United States Food and Drug Administration to market a generic version of Daiichi Sanyo Incs Evoxacn++ Capsules, 30 mg. Lupin shall commence promoting the product shortly.

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Rasoi announces resignation of director
Jan 02,2017

Rasoi announced that Shashi Mody, Director of the Company, has tendered her resignation from the Directorship of the Company due to personal reasons w.e.f. the close of working hours of 31 December 2016.

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Outcome of board meeting of Syncom Healthcare
Jan 02,2017

The Board of Directors of Syncom Healthcare at their meeting held on 31 December 2016 transacted the following -

The Company appointed Ajay Shankarlal Bankda as Additional Director fo the Company with effect from 31 December 2016 and designated him as Managing Director cum Chairman of the company. The Board has decided to hold EGM on 30 January 2017. The Board also decided to initiate the process of de-registration of its subsidiary in UAE i.e. Syncom Healthcare International FZE.

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Hotel bookings for New Years Eve celebrations down by up to 5%: ASSOCHAM
Jan 02,2017

Demonetisation and the consequent cash crunch seems to have some impact on New Years Eve celebrations as bookings received by star-rated hotels in metros have registered a decline of about 5-7 per cent, noted a quick survey undertaken by ASSOCHAM Social Development Foundation.

n++Besides, many hotels have not revised rates of New Year packages and have in fact lowered the rates by about 2-3 per cent and are bundling various offers, promotions, deals and discounts on services in one package at a bargain price,n++ according to the fortnight long survey carried out by ASSOCHAM Social Development Foundation.

The survey also highlighted that while many party-goers are hoping to get some good discounts at star properties, most others plan to celebrate the New Years Eve at house parties with friends and family or at their home.

The ASSOCHAM Social Development Foundation had interacted with about 50 star-rated hotels in Ahmedabad, Bengaluru, Chennai, Delhi-NCR, Hyderabad, Indore, Jaipur, Kolkata, Lucknow and Mumbai during the course of past midnight to ascertain how top hotels in metros are gearing up for annual New Years Eve parties.

Simultaneously, the chamber representatives also interacted with about 250 youngsters to gauge how people in urban centres are planning to bid farewell to 2016 whereby most said they plan to usher in the New Year in a cost-effective way by opting to party indoors.

n++New Years Eve is the perfect occasion for especially the youth to unwind and soak in the festivities with their friends and family, though with ever-growing per-capita incomes people do not mind indulging in some extravagance but cash crunch in wake of demonetisation seems to an impact on their plans this time,n++ said Mr D.S. Rawat, secretary general of ASSOCHAM while releasing the findings of the chambers survey.

n++Star-rated hotels to seems to be reeling under some impact of the Centres bold move of demonetisation, more so as this is really the best season for hotel industry but are being forced to scale down their New Years Eve activities as they are not able to draw many people,n++ he said.

Many of the participants with moderate budget, said they though New Year celebrations in star hotels has always been a expensive affair but demonetisation has certainly dented their plans in this regard.

Some even said they were shying away from splurging the much-needed cash on new outfits, food and drinks which used to be a sort of norm.

While those with bigger budgets said they were hoping to get some good deals/discounts as many hotels are likely to do away with usual price-hikes in entry fees and drinks costs.

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KDDL provides update on subsidiary - Ethos
Jan 02,2017

KDDL announced that CRISIL has assigned the credit rating of Ethos , a subsidiary of KDDL for a Long Term Bank Loan facilities as CRISIL BBB-/Stable for Short Term Bank Loan facilities as CRISIL A3 and for Fixed Deposits programme as FA-/Stable(re-affirmed).

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Board of Videocon Industries approves extension of current financial year by 3 months
Jan 02,2017

Videocon Industries announced that the Board of directors of the Company have accorded their approval to extend the current financial year by a period of 3 (Three) months, in terms of the requirements of Section 2(41) of the companies Act, 2013 and the Rules made there under.

As such, the current accounting year shall be a period of 15 (Fifteen) months beginning on 01 January 2016 and ending on 31 March 2017. The subsequent financial years, as such, shall begin on 1st April and will end on the following 31st March every year.

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Mahanagar Gas gains after launching CNG-fueled two-wheelers
Jan 02,2017

The announcement was made yesterday, 1 January 2017.

Meanwhile, the S&P BSE Sensex was down 131.43 points or 0.49% at 26,495.03.

On the BSE, 22,000 shares were traded on the counter so far as against the average daily volumes of 60,640 shares in the past one quarter. The stock had hit a high of Rs 814 and a low of Rs 789.40 so far during the day.

The stock had hit a record high of Rs 899 on 28 November 2016 and a record low of Rs 493.20 on 13 July 2016. It had outperformed the market over the past one month till 30 December 2016, advancing 2.01% compared with the Sensexs 0.1% fall. The scrip had also outperformed the market over the past one quarter gaining 18.94% as against the Sensexs 4.45% fall.

The mid-cap company has equity capital of Rs 98.78 crore. Face value per share is Rs 10.

Mahanagar Gas said that the company in association with Eco Fuel (Indian Partners of Lovato, Italy) launched CNG fueled two-wheelers thus enabling them to run on safe and economical fuel, further contributing to a pollution free environment.

Commenting on the development, Union Minister of State (Independent Charge) for Petroleum and Natural Gas Dharmendra Pradhan said that the launch of CNG fueled two wheelers will give an opportunity to more than 36 lakhs two wheelers running in the Mumbai Metropolitan Region (MMR) to opt for this eco-friendly fuel. In the last few years CNG powered vehicles have grown in MMR at a compound annual growth rate (CAGR) of over 70% given the fuel economics and eco-friendly nature of CNG.

The CNG kit for two wheelers comprises of two CNG cylinders of 1.2 kg each, which can run up to 120 to 130 km per kg at an approximate cost of Rs 0.60 per km per single fill and is expected to be substantially economical as compared to a similar petrol run vehicle at the current level of prices as per the kit manufacturer. In the initial phase, the scooters shall be retrofitted with a CNG kit manufactured by Lovato.

Presently two kit manufacturers namely ITUK & Lovato have got two-wheeler CNG kits approved by ARAI, Pune and ICAT Gurgaon respectively. Lovato has got approval for 18 scooter models of various original equipment manufacturers (OEMs) present in the market. Considering the huge potential of this segment other kit manufacturers are also planning to launch their two-wheeler kits, Mahanagar Gas said.

Mahanagar Gas net profit rose 40.9% to Rs 102.24 crore on 3.5% decline in net sales to Rs 518.05 crore in Q2 September 2016 over Q2 September 2015.

Mahanagar Gas (MGL) is one of Indias leading natural gas distribution companies. MGL is a joint venture between GAIL (India) and BGAPH (a subsidiary of Royal Dutch Shell Plc).

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Outcome of board meeting of Vaksons Automobiles
Jan 02,2017

Vaksons Automobiles announced that the Board of Directors of the Company at its meeting held on 31 December 2016 decided to authorise Satender Kumar Jain, Whole Time Director to apply for the GST registration of the Company and to do all such acts, things, deeds as may be necessary to give effect to the said purpose. The Board also reviewed the operations of the company.

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Central Bank of India announces cessation of director
Jan 02,2017

Central Bank of India announced that Raj Kumar Goyal has retired from the position of the Executive Director of the Bank w.e.f. close of working hours on 31 December 2016 on attaining superannuation.

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