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Indian Oil and GAIL sign MoU for taking equity stake in upcoming Dhamra LNG terminal
Sep 22,2016

Indian Oil Corporation and GAIL (India) signed an MoU with Dhamra LNG Terminal (DLTPL) for taking equity in the 5 MMTPA capacity LNG Receiving, Storage and Regasification Terminal, being put up at Dhamra Port, Odisha. The agreement was signed in New Delhi in the presence of Minister of State (I/C) for Petroleum and Natural Gas Sh Dharmendra Pradhan.

As per the MoU, DLTPL shall be an equal Joint Venture of IndianOil and GAIL on one hand and Adani Group on the other. IndianOil and GAIL would acquire 39% and 11% equity respectively in DLTPL, with the balance 50% being held by Adani group. Going forward, IndianOil and Adani group will each divest 1% of their respective stake to a credible financial institution which will then have 2% stake in the terminal. Apart from equity, IndianOil and GAIL intend to book regasification capacity of 3.0 and 1.5 MMTPA respectively in the terminal.

The development comes in the backdrop of Governments consistent focus on undertaking welfare and growth measures in eastern India so as to bring this hitherto underdeveloped region into the economic mainstream of the country. Prime Minister Shri Narendra Modi has maintained that India cannot develop till the eastern part of India progresses.

Presently, the states in eastern India viz. Odisha, Bihar, Jharkhand and West Bengal are not able to get the benefits of natural gas in sectors like Domestic, Transport, Industries etc., as the region does not have gas infrastructure by way of LNG Terminals and cross-country gas pipeline grid. The LNG Terminal at Dhamra would provide the potential customers in these states a clean and economically viable alternative which will also help in reducing the carbon footprint. This will also provide momentum to the economic growth of this region by attracting new industrial projects.

The LNG Terminal would also meet the gas requirements of three oil refineries of IndianOil situated in Barauni, Haldia and Paradip. The three fertilizers plants at Barauni, Sindri and Gorakhpur which are being revived by Govt. of India will also benefit from this terminal. The natural gas from the terminal would also be supplied to various City Gas Distribution networks coming up in eastern India, which in turn would cater to the requirements of piped gas for households, CNG for automobiles and clean fuel requirements of commercial establishments and industries. It is, therefore, expected that once operational, Dhamra LNG terminal will emerge as a bridge to prosperity for the entire eastern India.

Cabinet Committee on Economic Affairs approved Capital Grant of 40%, amounting to Rs. 5,176 Crores over 5 years, for Jagdishpur-Haldia and Bokaro-Dhamra Pipeline (JHBDPL) project, which is being implemented by GAIL (India) at a total capital outlay of Rs. 12,940 Crores. This is the first time ever that Govt of India has extended Capital Grant to a Natural Gas pipeline project.

The 2,539 km long JHBDPL is expected to be completed by December 2020 and will connect UP, Bihar, Jharkhand, West Bengal and Odisha. The project will also see City Gas Distribution (CGD) networks being set up by GAIL in 7 important towns in eastern India, namely, Varanasi, Patna, Ranchi, Jamshedpur, Kolkata, Bhubaneshwar and Cuttack. The JHBDPL gas pipeline will be used for gas supply to 3 fertilizer plants in eastern India, namely Barauni, Sindri and Gorakhpur.

The Dhamra LNG Terminal project and JHBDPL project, cumulatively, are expected to bring investments to the tune of Rs 51,000 Crores into the economy of eastern India. Of this, about Rs. 13,000 Crores will be spent on JHBDPL pipeline infrastructure; Rs. 6,000 Crores on CGD projects in 7 cities; Rs. 6,000 Crores on Dhamra LNG Terminal and Rs. 26,000 Crores on revival of Gorakhpur, Barauni, Sindri & Talcher fertilizer units.

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Union Bank of India in focus after completing stake acquisition in two joint ventures
Sep 22,2016

Union Bank of India said that it has completed the acquisition of 49% shareholding of Union KBC Asset Management Company and Union KBC Trustee Company from KBC Participations Renta S.A. and its affiliates (KBC Asset Management NV) on 20 September 2016. Accordingly, Union KBC Asset Management Company and Union KBC Trustee Company have become wholly owned subsidiaries of Union Bank of India. The announcement was made after market hours yesterday, 21 September 2016.

Last year, the board of Union Bank of India approved purchase of 49% stake in Union KBC Asset Management and Union KBC Trustee Company from KBC Participations Renta. KBC Participations Renta is a group company of Luxembourg-based KBC Asset Management NV.

Union Bank of India and KBC Asset Management NV had formed two joint ventures - Union KBC Asset Management Company and Union KBC Trustee Company - in 2009 with 51% and 49% holding, respectively.

HDFC announced that the company intends to raise Rs 1340 crore from issue of non-convertible debentures on private placement basis. The debentures will carry a coupon rate of 7.67% per annum and will have a tenor of 1 year 2 months. The announcement was made after market hours yesterday, 21 September 2016.

Mahindra & Mahindra (M&M) announced the proactive inspection of a fluid hose on all New Generation Scorpio & NuvoSport vehicles, manufactured till June 2016, respectively. This is in keeping with the companys customer centric approach, the company said. The inspection and subsequent rectification will be carried out free of cost for all New Generation Scorpio & NuvoSport customers, who will be individually contacted by the company. As an endeavor to ensure a hassle free experience for its customers, the company is proactively carrying out this activity, it said. This action is also in compliance with SIAMs voluntary code on vehicle recall, M&M said. The announcement was made after market hours yesterday, 21 September 2016.

Syngene International, Asias leading Contract Research Organization, and Strand Life Sciences, announced that they have completed a deal through which Syngene has purchased assets of Strand Life Sciences related to systems biology, Heptox and pharma bioinformatics services. This includes target dossier business and rights to NGS data analytics and Sarchitect platforms, supported by a strong scientific team. Financial details of the deal were not disclosed.

This deal gives Syngene access to Strands patented Virtual Liver model and the NGS analytics platform. The Virtual Liver model is able to predict the toxic effect of different drugs or chemicals on the liver (both rat and human) using information from laboratory based experiments prior to actual testing on live animals or humans. Strand NGS is an integrated platform that provides analysis, management and visualization tools for next-generation sequencing data. The announcement was made after market hours yesterday, 21 September 2016.

Godrej Properties announced that it has acquired a land parcel measuring approximately 12 acres off Sarjapur Road in South Bangalore. Godrej Properties plans to develop a residential housing project of approximately 92,900 square meters (approximately one million square feet). This project will be developed in partnership with Godrej Residential Investment Program II. The announcement was made after market hours yesterday, 21 September 2016.

IDBI bank has sold 6.75 lakh shares constituting 1.5% of the paid up capital of National Stock Exchange of India (NSE) to TIMF Holdings on 21 September 2016. The announcement was made after market hours yesterday, 21 September 2016.

Raymond said that Ring Plus Aqua (RPAL), an unlisted subsidiary of Raymond, has entered into a share purchase agreement with Neel Metals Products to transfer by way of sale its entire equity share holding of 1.04 crore equity shares in its 50:50 joint venture company namely, Rose Engineered Products India (ROSE). Consequent to said transaction ROSE ceases to be an Associate of RPAL and Raymond. The enterprise value of ROSE was arrived at Rs. 20.19 crore. The announcement was made after market hours yesterday, 21 September 2016.

Gujarat Narmada Valley Fertilisers and Chemicals (GNFC) entered into a joint venture with Santosh Agrochem LLP to set up about 345 MTPD purified wet lime project in a phased manner at Bharuch to be implemented through a joint venture company in the name of Calciwell Chemtech at an estimated cost of Rs 50 crore. The announcement was made after market hours yesterday, 21 September 2016.

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MHA sanctions additional 10,000 SPOs for J&K
Sep 22,2016

Union Ministry of Home Affairs (MHA) has sanctioned the engagement of additional 10,000 Special Police Officers (SPOs) in the Police Department of Jammu and Kashmir.

The orders have been implemented with immediate effect and the additional numbers is over and above the existing strength of the SPOs. The additional SPOs will be utilized especially for the security related requirements. The reimbursement of expenditure to the State Government by the Centre in respect of 10,000 SPOs will be as per existing approved Security Related Expenditure (SRE) Guidelines.

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Nasdaq closes at record high after US stocks rally
Sep 22,2016

U.S. stocks rallied on Wednesday, 21 September 2016 with the Nasdaq Composite closing at a record, after the Federal Reserve opted to keep interest rates unchanged as it sought further evidence of economic strength. The broader U.S. equity market traded tentatively higher Wednesday after the FOMC decision but caught fire later in the day after Yellens 2 p.m. Eastern news conference was digested.

The Dow Jones Industrial Average rose 163.74 points, or 0.9%, to end at 18,293.70. The Nasdaq Composite Index climbed 53.83 points, or 1%, to finish at a record close of 5,295.18. The S&P 500 index added 23.36 points, or 1.1%, to close at 2,163.12, aided by a 2.1% jump in the S&P 500s energy sector.

Boeing, Caterpillar and Chevron led the way higher.

Participants mulled over the latest policy statement from the FOMC and commentary from Fed Chair Janet Yellen. The FOMC opted to leave the target range for the fed funds rate unchanged at 0.25% to 0.50%. However, three committee members dissented, indicating that they supported an interest rate hike at the September meeting. Additionally, the committee lowered rate hike expectations going forward, estimating one rate hike in 2016, two to three in 2017, and three in 2018.

The policy-setting Federal Open Market Committee, in a 7-to-3 vote, opted to keep rates steady in what Chairwoman Janet Yellen described as a n++new normaln++ as central banks elsewhere around the globe embark upon quantitative-easing measures. Yellen also said she is n++pleased withn++ the health of the economy. The decision to keep rates unchanged was widely expected.

Earlier Wednesday, Japans central bank took an unexpected step, launching a 10-year interest rate target to step up its fight against deflation. Against the yen, the dollar dropped about 1.2%. The Bank of Japan also said it would continue quantitative easing until inflation n++exceedsn++ 2%, effectively strengthening its commitment to continue aggressive easing.

Among stocks under focus, FedEx Corp. jumped 6.9% after the package-delivery giants adjusted earnings and revenue topped forecasts. That is even as the company cut its outlook to help integrate its TNT Express NV acquisition. Separately, Microsoft Corp.late Tuesday said it would increase its quarterly dividend by 8% over the previous quarter, and it approved a share buyback program of up to $40 billion.

Bullion prices ended substantially higher at Comex on 21 September 2016. Gold futures settled higher on Wednesday, scoring a third straight advance, then extended its gain after the Federal Reserve left interest rates unchanged, but signaled that a rate increase was likely before the years end. Prices had spent most of the trading session in the green amid volatile currency moves, including a weaker dollar, even in the wake of the Bank of Japans aggressive steps to fight deflation announced earlier Wednesday.

Ahead of the Fed announcement, December gold rose $13.20, or 1%, to settle at $1,331.40 an ounce. December silver climbed 49.1 cents, or 2.6%, to settle at $19.768 an ounce.

Crude oil futures ended higher on Wednesday, 21 September 2016 after U.S. government data revealed a drop in crude inventories, marking the third such unexpected weekly decline in a row. Expectations swaying back toward the likelihood of an output deal among major oil producers next week also delivered a shot in the arm for the Fed. Futures received an added boost following a widely expected decision by the Federal Reserve decided to keep interest rates steady.

November West Texas Intermediate crude which had been up about 2.8% just before the Fed announcement, settled up $1.29, or 2.9%, at $45.34 a barrel on the New York Mercantile Exchange. Brent crude for November delivery however, was last up 10 cents at $46.93 a barrel in electronic trading on Londons ICE Futures exchange.

The U.S. Energy Information Administration reported Wednesday that domestic crude supplies fell by 6.2 million barrels in the week ended 16 September 2016. A 2.8 million-barrel climb was expected. The EIA has now reported unexpected supply declines for three weeks in a row. Gasoline supplies fell by 3.2 million barrels, while distillate stockpiles rose by 2.2 million barrels. Total domestic crude production, meanwhile, edged up by 19,000 barrels a day to 8.512 million barrels a day.

The economic report of the day at Wall Street showed that the MBA Mortgage Index indicated that mortgage applications declined 7.3% in the week ending September 17. This followed a 4.2% gain in the prior week.

Treasuries ended on a mixed note with the long end of the curve outperforming. The yield on the 2-yr note finished flat (0.77%) while the yield on the 10-yr note declined four basis points (1.65%).

Todays participation was roughly in-line with the recent average as more than 873 million shares changed hands on the NYSE floor.

Tomorrows economic data will include weekly initial claims (consensus 262k) and the FHFA Housing Price Index for July, which will cross the wires at 8:30 ET and 9:00 ET, respectively. Separately, Existing Home Sales for August (consensus 5.50 million) will be released at 10:00 ET.

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Bright day for precious metals
Sep 22,2016

Bullion prices ended substantially higher at Comex on 21 September 2016. Gold futures settled higher on Wednesday, scoring a third straight advance, then extended its gain after the Federal Reserve left interest rates unchanged, but signaled that a rate increase was likely before the years end. Prices had spent most of the trading session in the green amid volatile currency moves, including a weaker dollar, even in the wake of the Bank of Japans aggressive steps to fight deflation announced earlier Wednesday.

Ahead of the Fed announcement, December gold rose $13.20, or 1%, to settle at $1,331.40 an ounce. December silver climbed 49.1 cents, or 2.6%, to settle at $19.768 an ounce.

Participants mulled over the latest policy statement from the FOMC and commentary from Fed Chair Janet Yellen. The FOMC opted to leave the target range for the fed funds rate unchanged at 0.25% to 0.50%. However, three committee members dissented, indicating that they supported an interest rate hike at the September meeting. Additionally, the committee lowered rate hike expectations going forward, estimating one rate hike in 2016, two to three in 2017, and three in 2018.

Higher U.S. rates are seen as dollar-supportive. That could undermine pricing for gold priced in greenbacks. Conversely, gold tends to gain when the dollar dips. And a rising-rate climate at the Fed can also dull the appeal of gold, which doesnt offer a yield.

Earlier Wednesday, Japans central bank took an unexpected step, launching a 10-year interest rate target to step up its fight against deflation. Against the yen, the dollar dropped about 1.2%. The Bank of Japan also said it would continue quantitative easing until inflation n++exceedsn++ 2%, effectively strengthening its commitment to continue aggressive easing.

The economic report of the day at Wall Street showed that the MBA Mortgage Index indicated that mortgage applications declined 7.3% in the week ending September 17. This followed a 4.2% gain in the prior week.

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Indias current account deficit narrows to US$ 0.3 billion in Q1FY2017
Sep 21,2016

Indias current account deficit (CAD) narrowed to US$ 0.3 billion (0.1% of GDP) in Q1 of 2016-17, significantly lower than US$ 6.1 billion (1.2% of GDP) in Q1 of 2015-16. The contraction in the CAD was primarily on account of a lower trade deficit (US$ 23.8 billion) than in Q1 of last year (US$ 34.2 billion) and in the preceding quarter (US$ 24.8 billion). On a BoP basis, merchandise imports declined sharply (by 11.5%) against merchandise exports (which declined by 2.1%), leading to a lower trade deficit in Q1 of 2016-17.

Net services receipts declined on a y-o-y basis, largely due to a fall in net earnings on account of travel, financial services and other business services.

Net payment on account of primary income (dividend, interest and profit) increased marginally in Q1 of 2016-17 from its level a year ago.

Private transfer receipts, mainly representing remittances by Indians employed overseas, amounted to US$ 15.2 billion, declining from their level in the preceding quarter as well as from a year ago.

Net foreign direct investment moderated to US$ 4.1 billion in Q1 of 2016-17 from US$ 10.0 billion in Q1 of 2015-16 and US$ 8.8 billion in the preceding quarter i.e. Q4 of 2015-16.

On the other hand, portfolio investment, recorded a net inflow of US$ 2.1 billion in Q1 of 2016-17 as against a marginal outflow in the corresponding period of last year and an outflow of US$ 1.5 billion in the preceding quarter, primarily reflecting net inflow in the equity component.

Accretion to non-resident Indian (NRI) deposits at US$ 1.4 billion moderated in Q1 of 2016-17 from their level in Q1 last year as well as in the preceding quarter.

Higher repayments under external commercial borrowings led to a net outflow under loans to India in Q1 of 2016-17 as against net borrowings in the same period last year.

Foreign exchange reserves (on a BoP basis) increased by US$ 7.0 billion in Q1 of 2016-17 as compared with an accretion of US$ 11.4 billion in Q1 of 2015-16 and US$ 3.3 billion in the preceding quarter.

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Rupee continues to slip
Sep 21,2016

Rupee closed lower on Wednesday (21 September 2016) at 67.0150/0250 per dollar, versus its previous close of 67.0050/0150 per dollar.

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Gujarat Narmada Valley Fertilisers & Chemicals signs JV agreement with Santosh Agrochem LLP
Sep 21,2016

Gujarat Narmada Valley Fertilisers & Chemicals has signed a joint venture agreement with Santosh Agrochem LLP for setting up of about 345 MTPD Purified Wet Lime Project in a phased manner at Bharuch to be implemented through a JV company in the name of Calciwell Chemtech at an estimated cost of Rs 50 crore.

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Push for Aquaculture as India targets marine products exports worth $5.6 bn in 2016-17
Sep 21,2016

Marine product exports from India are projected to increase nearly 20% to USD 5.6 billion in 2016-17, particularly with strides in aquaculture diversification, quality control, value addition and improved production infrastructuren++ all of which will be demonstrated at the upcoming biennial India International Seafood Show (IISS) in Vishakhapatnam.

The Marine Products Export Development Authority (MPEDA), the broad fisheries sector coordinating agency under the Ministry of Commerce, expects the industry will reverse the decline from last fiscal when total seafood exports stood at 945,892 MT worth US$ 4.7 billion.

IISS 2016, the 20th edition of one of the oldest and largest seafood events in Asia which will be on from September 23-25, is focusing on Safe and Sustainable Indian Aquaculture to highlight the technological advances and sustainable practices followed in capture & culture fisheries in India, to ensure quality of seafood produced for both domestic and export market.

The USA and South East Asia are the major importers of Indian seafood and frozen shrimp continued to be the major export item last year, followed by frozen fish.

Small and marginal farmers in India, who contribute to the bulk of coastal aquaculture are organising to stave off competition from countries such as Thailand and Vietnam by boosting production and adopting global standard marketing strategies such as certification, traceability and eco-labelling.

n++Aquaculture is a very significant area for marine exports as far as India is concerned and our efforts are geared towards greater technology inputs and product diversification in this area,n++ said Dr A Jayathilak, MPEDA Chairman, n++Our higher target for exports this year is in part due to increased production of globally in-demand seafood produce such as Whiteleg Shrimp and Black Tiger Shrimp, and diversification of aquaculture species particularly of Mangrove Crab and Tilapia.n++

The MPEDA is actively supporting shrimp culture through cluster farming approach. More than 10,000 farmers have been organized into aquasocieties that implements Better Management Practices. The aquasocieties also help the farmers access credit, quality seeds, feeds and other inputs, reducing the burden of diseases and improving product quality.

While Aquaculture will be in the spotlight at the IISS 2016, the show will also focus on new technologies, production infrastructure and value-added products. The MPEDA says increasing export of value added exports to about half of the total quantity is a key component of the marine products export plan of India.

IISS 2016, organised by the MPEDA in partnership with the Seafood Exporters Association of India (SEAI) at the Port Trust Diamond Jubilee stadium in Vishakhapatnam, will also be a major platform for business interactions. It is expected to pave the way for foreign direct investment in India and contribute significantly to the Make in India programme.

The event will see participation from countries including USA, United Kingdom, Spain, Belgium, Finland, Sweden, Japan, Vietnam, The Netherlands, Thailand, Vietnam, Taiwan, Germany and China.

International and domestic exhibitors will showcase their products and services to a potential global market and explore leads and partnerships. Of the 290 stalls booked at the exhibition, more than 70 are from foreign companies.

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Mahindra & Mahindra gets ratings for NCDs and other debt instruments
Sep 21,2016

Mahindra & Mahindra announced that CRISIL has assigned its CRISIL AAA/Stable rating to the Rs. 475 crore non-convertible debentures of Mahindra & Mahindra while reaffirming the existing instruments and facilities at CRISIL AAA/Stable/CRISIL A1+.

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Scanpoint Geomatics gets extension to hold AGM
Sep 21,2016

Scanpoint Geomatics announced that the Company had made an application to Registrar of Companies, Gujarat (RoC) u/s 96 of the Companies Act, 2013 to grant extension of time to hold Annual General Meeting for the year ended 31 March 2016.

RoC has approved the application and grated extension of time up to 2 months i.e. up to 30 November 2016. A copy of the said order is enclosed.

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Titan Company announces resignation of nominee director
Sep 21,2016

Titan Company announced that pursuant to intimation by Tamilnadu Industrial Development Corporation (TIDCO), K. Gnanadesikan, nominee of TIDCO has resigned from the Board of Directors of Titan Company.

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Heritage Foods commissions 2nd wind power plant of 2.1 MW
Sep 21,2016

Heritage Foods has commissioned 2nd wind power plant 2.1 MW capacity at Vajrakarur, Ananthapur District, Andhra Pradesh on 20 September 2016 for captive consumption.

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Suryavanshi Spinning Mills announces resignation of director
Sep 21,2016

Suryavanshi Spinning Mills announced that R. Surender Reddy, Independent Director has resigned from Directorship of the Company with effect from 19 September 2016 due to his other preoccupations.

Consequent to his resignation to the directorship of the Company, R. Surender Reddy also ceases to be the member of Audit committee and Nomination and Remuneration committee of the company with effect from 19 September 2016.

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SEAMEC provides business update
Sep 21,2016

SEAMEC has entered into a Charter Party with Sanat Gostar Kish Co for Charter Hire of the Companys vessel SEAMEC Princess for working in Persian Gulf for a period of 50 days with option for extension thereafter by mutual agreement.

The Charter commenced with effect from 11 September 2016.

The Total value of the Contract is US $ 1,100,000.

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