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Like tax for like products-Federation of Biscuit Manufacturers of India (FBMI)
Apr 04,2017

Federation of Biscuit Manufacturers of India (FBMI), representing Rs.27,000 crores, organized biscuit Industry, is proud to be a part of the ONE NATION, ONE MARKET initiative, to be achieved through GST. FBMI, affiliated to PHD Chamber of Commerce and Industry has been supporting various initiatives of the government for more than 60 years. It has contributed to the nations goals of achieving food safety, food fortification and wastage reduction.

FBMI is fully supportive of the mammoth efforts of the Government in transforming the current indirect tax regime through GST, through participative and consensus-building process.

With 93% of the food basket comprising basic food, which is proposed to be exempt or taxed at lower GST rate, taxing the remaining 7% that comprises processed food items at higher GST rate will not be in the interest of fairness and simplicity, the basic goals of GST.

Biscuits are an affordable and nutritious food item for all ages and socio-economic segments, consumed by 85% of all households and across all income segments in India. Commensurate with the growth in the aspiring middle class, there has been an increase in the consumption of all types of biscuits. More varieties are now available and being bought across all income segments. Given this, the tax system should not distort or interfere with the different products being introduced in the market, nor with the choices among them.

Differentiating between different varieties will create complexity and classification disputes

FBMI does not endorse differentiation in GST rates within biscuits, as all varities of biscuits, such as cookies, creams, crackers and glucose, are available at the same price points.

Any distortion in the rates within competing products in this sector will create artificial layers. It will encourage spurious products to the detriment of the consumers. Moreover, it will make GST complex to administer and difficult to comply with by the traders, kirana stores etc. involved in the sale of these products. There is a predominance of the SMEs at the retail level and they will are ill-equipped to handle multiple rates within a sector or industry. GST provides the right opportunity to correct these anomalies, by providing a simple uniform lower GST rate on all biscuits, instead of price based taxation.

Further, discrimination of food products, on the basis of their being branded or un-branded, premium or non-premium, will not only be against the principles of efficiency and equity, but will also lead to classification disputes and complex record-keeping and compliance system.

Hence, FBMI, in a representation to the Government, has requested for a fair, simple, equitable and neutral GST regime. This will be in line with the other good policy initiatives being taken by the government, such as ease of doing business and a liberal FDI policy, to attract new investors in the food processing sector in India and encourage existing businesses to expand.

FBMI is of the view that GST regime can reach its optimum efficiency in tax collection, by expansion of tax base within biscuit industry at lower merit rate and not by taxing a section of the consumers at higher rates at the cost of others.

A higher GST rate, even for a segment of biscuits, would impact demand in the entire value chain. It would result in cutting down on procurement of raw materials by biscuit manufacturers, that would adversely impact farmers across India. Lower demand will also negatively impact investments, exports and employment in the food industry.

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Release of a record 3.25 Cr LPG connections in FY 2016-17
Apr 04,2017

Oil Marketing Companies (OMCs) have released 3.25 crore new LPG connections during FY 2016-17. This is the highest ever number of LPG connections released in a financial year so far in the LPG history of the country. The connections released includes 2 crore connections released under Pradhan Mantri Ujjwala Yojana (PMUY), which was launched on 1st May 2016 by Honble Prime Minister and 1.25 crore connections to new consumers other than PMUY beneficiaries. Under PMUY, women of BPL families especially residing in rural areas have been given LPG connections.

This increase in connections has resulted in a jump in the LPG coverage and as on 01.04.2017, the national LPG coverage is estimated to be 72.8% with 19.88 crore active consumers.

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Colgate-Palmolive (India) revises record date for 3rd interim dividend
Apr 03,2017

Colgate-Palmolive (India) has revised the record date for payment of 3rd interim dividend from 07 April 2017 to 11 April 2017.

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Ujaas Energy receives work order from MPUVN
Apr 03,2017

Ujaas Energy has received work order from Madhya Pradesh Urja Vikas Nigam (MPUVN) for erection, installation, completion and commissioning of Grid Connected Rooftop SPV Power Plants of aggregating capacity of 425 kwp in Madhya Pradesh.

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SEAMEC announces cessation of director
Apr 03,2017

SEAMEC announced that tenure of Captain C.J. Rodricks, as Managing Director ended on close of business hours on 31 March 2017.

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Elantas Beck India fixes record date for dividend
Apr 03,2017

Elantas Beck India has fixed 10 May 2017 as record date for payment of dividend.

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A record 47,350 kms of PMGSY road constructed in 2016-17
Apr 03,2017

A record 47,350 kms. of PMGSY road was constructed during 2016-17. This is the highest construction of PMGSY roads in a single year, in the last 7 years. While, 25,316 kms. of PMGSY roads were constructed in 2013-14, road construction in 2014-15 was 36,337 kms and in 2015-16, it was 36,449 kms.

A release issued by the Ministry of Rural Development states that during the period 2011-14, the average rate of construction of PMGSY roads was 73 kms. per day, which increased to 100 km per day during 2014-15 and 2015-16. For the year 2016-17, a record of 130 kms. per day has been achieved, which is the highest average annual construction rate, in the last 7 years.

The release further added that 11,614 habitations were provided connectivity by construction of 47,350 kms. of PMGSY roads during 2016-17 (an average of 32 habitations being provided connectivity every day). In terms of number of habitations connected with PMGSY roads, 11,606 is highest ever in the last 7 years.

With a view to reduce the n++carbon footprintn++ of rural roads, reduce environmental pollution, increase the working season and bring cost effectiveness, PMGSY is aggressively encouraging use of n++Green Technologiesn++ and non-conventional materials like waste plastic, cold mix, geo-textiles, fly-ash, iron and copper slag etc. in rural roads. 4,113.13 kms. of PMGSY roads were constructed using n++Greenn++ technologies, in 2016-17. This is substantially higher than 2,634.02 kms. achieved during 2014-2016 and 806.93 kms. achieved during 2000-2014.

To ensure quality assurance, the field inspections of PMGSY works by National Quality Monitors (NQMs) were increased. 2016-17, witnessed a record no. of 7,597 NQM inspections compared to 6,516 inspections in 2015-16, 5,226 inspections in 2014-15 and 2,977 inspections in 2013-14. Out of 7,597 works inspected only 8.21% works were found to be of n++Unsatisfactoryn++ quality in 2015-16.

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Aroni Commercials fixes record date for scheme of arrangement
Apr 03,2017

Aroni Commercials has fixed 14 April 2017 as the Record date for determining the list of the equity shareholders of Aroni Commercials to whom the equity of the Saraswati Commercial (India) will be issued as per terms of Scheme of Amalgamation of Aroni Commercials with Saraswati Commercial (India) and their respective shareholders and creditors.

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Board of Saraswati Commercial (India) take on record NCLT approval for scheme of amalgamation
Apr 03,2017

Saraswati Commercial (India) announced that the Board of Directors at its meeting held on 03 April 2017

01. Take on record the Order received from NCLT Sanctioning the scheme of Amalgamation between Aroni Commercials with Saraswati Commercial (India) and its effects;

02. Fixing the record date as 14 April, 2017, for determining the list of the equity shareholders of Aroni Commercials to whom the equity of the Saraswati Commercial (India) will be issued as per terms of Scheme of Amalgamation.

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Board of Aroni Commercials takes on record NCLT approval for scheme of amalgamation
Apr 03,2017

Aroni Commercials announced that the Board of Directors at its meeting held on 03 April 2017 has considered and approved the following:

01. Take on record the Order received from NCLT Sanctioning the scheme of Amalgamation between Aroni Commercials with Saraswati Commercial (India) and its effects;

02. Fixing the record date as 14 April 2017, for determining the list of the equity shareholders of Aroni Commercials to whom the equity of the Saraswati Commercial (India) will be issued as per terms of Scheme of Amalgamation.

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Rupees Closes Lower
Apr 03,2017

Rupee closed lower at 65.0600/0700 per dollar on Monday (03 April 2017), versus its previous close of 64.8450/8550 per dollar.

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Cox & Kings and State Bank of India enter into distribution alliance
Apr 03,2017

State Bank of India announced pilot launch of a distribution alliance with Cox & Kings for sale of travel prepaid cards in India. This partnership will help marketing of Travel prepaid card available in eight currencies (US Dollar, GBP, Euro, Singapore Dollars, Japanese Yen, Canadian Dollars, Australian Dollars and Saudi Riyadh) and will currently target the corporate customers of the bank.

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Adani Transmission receives LoI for three transmission projects
Apr 03,2017

Adani Transmission has received three LOIs from RVPN (Rajasthan Rajya Vidyut Prasaran Nigam Limited) to construct, own, operate and maintain three transmission projects in the state of Rajasthan. The projects namely Hadoti Transmission Company Limited (PPP-8), Barmer Transmission Company Limited (PPP 9), and Thar Transmission Company Limited (PPP-10) collectively have approximately 350 Ckt kms of lines and 16 substations with transformation capacity of approx. 600 MVA at voltage level of 132/220 KV.

These assets were awarded through a Tariff Based Competitive BiddingProcess. With these Projects, ATL will strengthen its existent significantpresence in Rajasthan with 2 operational transmission projects (i.e. Aravali & Maru transmission company Ltd) and Suratgarh Bikaner project, which is under construction.

With completion of all ongoing projects and acquisition of Reliance InfrasOPERATIONAL Transmission Assets along with these three projects, thenetwork of ATL is expected to surpass 11000 ckt kms.

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Asian Paints indirect subsidiary - Berger International acquires CPLPL, Sri Lanka
Apr 03,2017

Asian Paints announced that its indirect subsidiary, Berger International, Singapore has completed the transaction of acquisition of CPLPL, Sri Lanka for a consideration of LKR 9050 million (approx. Rs 386.75 crore).

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ICRA announces closure of buyback of equity shares
Apr 03,2017

ICRA has bought back 96,720 equity shares at an average price of Rs 4135.54 per equity share. Accordingly, the Company has deployed Rs 39.99 crore, which represents 99.97% of the Maximum Buyback Size. Consequently, ICRA announced the closure of buyback with effect from 03 April 2017.

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