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Cabinet approves ratification of the Paris Agreement
Sep 28,2016

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval to ratify the Paris Agreement (on Climate Change) on 2nd October 2016, the day of Gandhi Jayanti.

Paris Agreement was adopted by 185 nations last year on 12th December 2015 and India signed the Paris Agreement in New York early this year on 22nd April 2016. A total of 191 countries have signed to the Paris Agreement so far. As per the provisions of the Paris Agreement, the treaty will come into force as and when 55 countries contributing to 55 % of total global emission ratify the agreement. So far, 61 countries have deposited their instruments of ratification, acceptance or approval accounting in total for 47.79% of the total global greenhouse gas emissions.

Indias decision to ratify the agreement will take the number of cumulative level of emission of countries that have ratified the agreement so far to 51.89%. With the gathering momentum and willingness expressed by several other countries to ratify the agreement before the end of this year, it is expected that the Agreement will enter into force soon and give a thrust to the global actions to address climate change.

With its decision to ratify the Agreement, India will be one of the key countries that will be instrumental in bringing the Paris Agreement into force. Given the critical role that India played in securing international consensus on Paris Agreement, todays decision will further underline Indias responsive leadership in the community of nations committed to global cause of environmental protection and climate justice.

While agreeing to ratify the Paris Agreement, the Cabinet has also decided that India should declare that India will treat its national laws, its development agenda, availability of means of implementation, its assessment of global commitment to combating climate change, and predictable and affordable access to cleaner source of energy as the context in which the Agreement is being ratified.

Paris Agreement pertains to post-2020 climate actions. In the pre-2020 period, developed countries are to act as per Kyoto Protocol and some developing countries have taken voluntary pledges.

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Hong Kong Market recovers ground
Sep 28,2016

The Hong Kong stock market recovered earlier lost ground to close slightly higher on Wednesday, 28 September 2016, with gambling companies and a supplier to Apple Inc. leading the advance. The Hang Seng Index ended up 0.2% or 47.75 points to 23,619.65 after falling as much as 0.9%, while the Hang Seng China Enterprises index dropped 0.27% or 26.72 points to 9,719.84. Turnover decreased to HK$61.6 billion from HK$64.7 billion on Tuesday.

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China Stocks soft ahead of long holiday
Sep 28,2016

Mainland China stock market ended softer in thin trading on Wednesday, 28 September 2016, as investors risk appetite continued to wane ahead of the week-long National Day holiday that starts on Oct 1. Reflecting lower risk apatite, trading turnover in Shanghai has shrunk, while outstanding margin financing hit its lowest in 1-1/2 months. The CSI300 index of the largest listed companies in Shanghai and Shenzhen erased 0.3%, to 3,230.89 points, while the Shanghai Composite Index dropped 0.34% to 2987.86 points.

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Japan Market falls on ex-dividend impact, stronger yen
Sep 28,2016

The Japan share market declined the most in two-and-a-half weeks on Wednesday, 28 September 2016, as more than half the companies on the benchmark traded without the right to the next dividend, a biannual event in Japan. Total 30 out of 33 TSE industry group declined, with Securities & Commodities Futures, mining, Banks, Financial Business, Marine Transportation, and Oil & Coal Products issues being major losers. The 225-issue Nikkei Stock Average ended lower 218.53 points, or 1.31%, at 16,465.40. The broader Topix index of all First Section issues on the Tokyo Stock Exchange finished 18.45 points, or 1.37%, lower at 1,330.77.

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Australia Stocks hold gains
Sep 28,2016

Australian share market finished almost flat after trimming early gains on Wednesday, 28 September 2016, as strength in utilities and consumer staples issues were offset losses in energy and resources counters. At close of trade, the benchmark S&P/ASX 200 index rose 6.50 points, or 0.12%, to 5,412.40, while the broader All Ordinaries index was up 6.50 points, or 0.12%, to 5,500.20. Falling stocks outnumbered advancing ones on the Australia Stock Exchange by 533 to 512 and 355 ended unchanged. The S&P/ASX 200 VIX, which measures the implied volatility of S&P/ASX 200 options, was up 3.55% to 13.899.

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Cabinet approves acquisition of 29.9 percent stake in LLC Taas-Yuryakh Neftegazodobycha and 23.9 percent stake in JSC Vankorneft by Indian Consortium
Sep 28,2016

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, has given its approval to an Indian Consortium comprising Oil India (OIL), Indian Oil Corporation (IOCL) and Bharat Petro Resources (BPRL) for acquiring 23.9 percent stake in JSC Vankorneft and 29.9 percent stake in LLC Taas-Yuryakh from M/s Rosneft Oil Company (Rosneft), the National Oil Company (NOC) of Russian Federation (Russia). Rosneft operates Vankor and Tass-Yuryakh fields and are its wholly owned subsidiaries.

The acquisition of stake in Vankorneft will provide 6.56 Million Metric Ton of Oil Equivalent (MMTOE) and 29.9 percent stake in Taas-Yuryakh will provide 0.5 MMTOE initially and 1.5 MMTOE by 2019. The acquisition is in line with Indias stated objective of adding high quality international assets to its Exploration & Production portfolio and thereby augmenting Indias energy security. The Consortium will be paying US $ 2020.35 million for acquiring stake in Vankorneft and US $ 1242 million for acquiring stake in Taas-Yuryakh. Earlier in May 2016 ONGC Videsh (OVL) completed the formalities of acquiring15% stake in Vankorneft at the cost of US $ 1.284 billion which gave OVL 4.11 MMTOE.

The acquisition will add 8.06 MMTOE to Indias overseas oil and gas asset. It will also provide an opportunity to Indian public sector Oil and Gas companies to absorb newer technologies with Rosneft and British Petroleum (BP). BP acquired 20% stake in Taas-Yuryakh from Rosneft last year.

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Tata Global Beverages gains after Tata Starbucks registers good revenue
Sep 28,2016

The announcement was made after market hours yesterday, 27 September 2016.

Meanwhile, the BSE Sensex was up 73.59 points, or 0.26%, to 28,297.29.

On BSE, so far 6.43 lakh shares were traded in the counter, compared with average daily volume of 2.76 lakh shares in the past one quarter. The stock hit a high of Rs 148.90 and a low of Rs 145.65 so far during the day. The stock hit a 52-week high of Rs 149.80 on 6 January 2016. The stock hit a 52-week low of Rs 100.10 on 12 February 2016. The stock had outperformed the market over the past 30 days till 27 September 2016, rising 4.14% compared with 1.15% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 11.52% as against Sensexs 5.55% rise.

The mid-cap company has equity capital of Rs 63.11 crore. Face value per share is Re 1.

In an an investor presentation, Tata Global Beverages (TGBL) said the growth in Tata Starbucks revenue was led by good in-store performance and expansion of number of stores.

Commenting on leveraging on relationship with Starbucks beyond the Indian market, TGBL said it is looking for supply agreements for other international markets of its Himalayan mineral water brand, which is now available at Starbucks outlets in Singapore.

Tata Starbucks is the 50:50 joint venture (JV) between TGBL and US-based Starbucks Coffee International Inc. The JV operates 84 stores in leading metros such as Delhi, Mumbai, Banagalore, Pune, Hyderabad and Chennai after opening the first store in 2012 in Mumbai.

On a consolidated basis, net profit of Tata Global Beverages rose 51.95% to Rs 119.52 crore on 3.84% rise in net sales to Rs 1711.48 crore in Q1 June 2016 over Q1 June 2015.

Tata Global Beverages focusses on branded natural beverages n++ tea, coffee and water. Tata Global Beverages is the 2nd largest player in branded tea in the world. It has a strong portfolio of brands, including Tata Tea, Tetley, Jemča, Vitax, Eight OClock Coffee, Himalayan, Grand Coffee and Joekels.

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Volumes jump at Unichem Laboratories counter
Sep 28,2016

Unichem Laboratories clocked volume of 2.58 lakh shares by 15: 15 IST on BSE, a 17.17-times surge over two-week average daily volume of 15,000 shares. The stock rose 2.79% to Rs 273.05.

Apcotex Industries notched up volume of 6.52 lakh shares, a 12.37-fold surge over two-week average daily volume of 53,000 shares. The stock gained 5.07% to Rs 397.05.

Venus Remedies saw volume of 5.12 lakh shares, a 12.09-fold surge over two-week average daily volume of 42,000 shares. The stock rose 20% to Rs 120.05.

Balaji Telefilms clocked volume of 6.60 lakh shares, a 10.23-fold surge over two-week average daily volume of 65,000 shares. The stock jumped 9.26% to Rs 98.50.

Sonata Software saw volume of 4 lakh shares, a 10.14-fold rise over two-week average daily volume of 39,000 shares. The stock rose 5.2% to Rs 164.95.

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Cabinet approves financial assistance to retired employees of Bharat Pumps and Compressors, Allahabad
Sep 28,2016

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi has approved the proposal of Department of Heavy Industry for providing financial assistance amounting to Rs. 111.59 crore as Non-Plan loan to Bharat Pumps and Compressors Limited, Allahabad.

The CCEA also accorded in principle approval for strategic disinvestment of the company.

The statutory dues such as provident fund and gratuity of retired employees will be discharged and the outstanding dues of CISF will be cleared. It will motivate the employees and improve the performance of the Company. This will put an end to further legal complications and penal action against the Company.

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Cabinet approves Administrative and Financial Sanction towards the implementation of the Project SAKSHAM
Sep 28,2016

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi has approved Project SAKSHAM, a New Indirect Tax Network (Systems Integration) of the Central Board of Excise and Customs (CBEC).

The total project cost involved is Rs.2256 crore which will be incurred over a period of seven years.

It will help in:

n++ implementation of Goods and Services Tax (GST),

n++ extension of the Indian Customs Single Window Interface for Facilitating Trade (SWIFT) and

n++ other taxpayer-friendly initiatives under Digital India and Ease of Doing Business of Central Board of Excise and Customs.

The implementation strategy for the project will be to ensure readiness of CBECs IT systems by April, 1, 2017, when GST is to be introduced. The upgrade of the IT systems will be carried out while keeping the existing Tax-payer services running.

All Taxpayers/lmporters/Exporters/Dealers under various indirect tax laws administered by CBEC- presently about 36 lakhs, likely to go up to over 65 lakhs after introduction of GST.

CBECs IT systems need to integrate with the Goods & Services Tax Network (GSTN) for processing of registration, payment and returns data sent by GSTN systems to CBEC, as well as act as a front-end for other modules like Audit, Appeal, Investigation. There is no overlap in the GST-related systems of CBEC and GSTN.

This IT infrastructure is also urgently required for continuation of CBECs e-Services in Customs, Central Excise & Service Tax, implementation of taxn++payer services such as scanned document upload facility, extension of Indian Customs Single Window Interface for Facilitating Trade (SWIFT) initiative and integration with Government initiatives such as E-Nivesh, E-Taal, e-Sign.

Background:

Introduction of GST will result in a several-fold increase in the number of taxpayers and resultant document load on the system. CBECs current IT system was set up in 2008. It cannot cater to the increased load under GST without an immediate upgrade of its IT Infrastructure. Further, CBEC has implemented the Indian Customs Single Window Interface for Facilitating Trade (SWIFT) and is integrating other partner agencies involved in Customs clearance in order to make the process simple and fast. The Customs EDI system which is currently operational at about 140 locations in India has to be extended to many more locations with improved response time and better service delivery. Taxpayers have to be given a facility for Upload of Digitally Signed Scanned Documents in order to reduce the physical interface with tax authorities and to increase the speed of clearance. CBEC also aims to introduce mobile services for taxpayers and departmental users to increase the outreach of its services.

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MRF spurts on fresh buying
Sep 28,2016

Meanwhile, the BSE Sensex was up 90.32 points, or 0.32%, to 28,314.02.

On BSE, so far 7,868 shares were traded in the counter, compared with average daily volume of 1,702 shares in the past one quarter. The stock hit a high of Rs 50,000 so far during the day, which is also a record high for the counter. The stock hit a low of Rs 46,701 so far during the day. The stock hit a 52-week low of Rs 30,464.25 on 24 June 2016. The stock had outperformed the market over the past 30 days till 27 September 2016, rising 24.29% compared with 1.15% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 39.63% as against Sensexs 5.55% rise.

The large-cap tyre maker has equity capital of Rs 4.24 crore. Face value per share is Rs 10.

Net profit of MRF rose 2.4% to Rs 490.93 crore on 0.3% rise in net sales to Rs 3462.94 crore in Q1 June 2016 over Q1 June 2015.

MRF manufactures the largest range of tyres in India and exports to various countries worldwide.

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Cabinet approves Productivity Linked Bonus to railway employees
Sep 28,2016

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi, has given its approval to pay Productivity Linked Bonus (PLB) equivalent to 78 days wages to eligible non-gazetted railway employees (excluding RPF/RPSF personnel) for the financial year 2015-16. The approval entails a financial implication of approximately Rs.2090.96 crore.

Payment of PLB would result in motivating a large number of railway employees to improve the performance of the Railways and enhance the productivity levels further besides maintaining industrial peace.

The payment of this Bonus to eligible Railway Employees will be made before Dussehra/Puja holidays.

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NIIT ties up with University of Danang, Vietnam
Sep 28,2016

NIIT and University of Danang have entered into a strategic tie up wherein NIIT will facilitate its state its state of the art Inside Model in the University. This is the first ever NIIT Inside Model in Vietnam designed for the students of University of Danang.

NIIT Inside Model is a unique curriculum integration model for co-operation with universities and colleges in Vietnam where NIIT programs will be embedded in University/ College IT curriculum.

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Prerna Infrabuild announces change in registered office
Sep 28,2016

Prerna Infrabuild announced that the registered office of the Company has been changed as under:

Old Address: 6th Floor, Doctor House, C G Road, Ahmedabad - 380006

New Address: PRERNA, Survey No. 820/1, In Lane of Panchvati Auto, Opp. Ananddham Derasar, S.G. Road, Ahmedabad-380058.

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Arrow Greentech gets patent for Destructive Irreversible Security Packaging Film
Sep 28,2016

Arrow Greentech has received one more United States Patent Office (USPTO) Patent grant titled Self Destructive Irreversible Security Packaging Film Patent No. 9421575 from the United States Patent Office.

The invention relates to a self-destructive irreversible security packaging water soluble film and method for manufacturing the same. The water soluble packaging film is embedded with various security elements, and this security feature will get destroyed irreversibly upon final usage as the whole package along with its contents, one the package is dissolved in water. This process of self destruction will control the duplication of package or alteration of the product inside the package. This invention will help in brand protection of many multinational and transnational Agro-Chemical companies, FMCG companies and cosmetic industry.

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