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Karnataka Bank signs MoU with Birla Sun Life AMC
Sep 29,2016

Karnataka Bank signed a Memorandum of Understanding with Birla Sun Life Asset Management Company for distribution of mutual fund products on 27 September 2016.

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JNPT Now Harnessing Solar Power
Sep 29,2016

Indias largest container port, Jawaharlal Nehru Port Trust (JNPT) will now harness solar energy and reduce its dependency on conventional electricity from the grid. JNPT is installing solar power plant on several rooftops in its township and commercial premises.

This green initiative by JNPT is part of its push towards becoming the most sustainable energy generation port organisation in India. Rooftop solar plants allows the use of roof of buildings, an area which is otherwise not usable, for sustainable energy generation also ensuring financial savings. With this new initiative, JNPT is expected to get a payback on its investment on rooftop solar within 2.5 years due to its high cost of grid electricity (around Rs. 14 per unit).

This 822 KWp of solar rooftop capacity is being installed at an expense of Rs 4.5 crore, supported by a 15% subsidy from SECI (part of Ministry of New and Renewable Energy). The 822 KWp project once commissioned will generate around 9.9 lakh units of electricity thereby saving around Rs.1.08 crore of electricity expense for JNPT in the first year. Out of this 411 KWp is commissioned at Rooftop solar installation at JNPT premises i.e. Hospital- 234 KW, St. Mary School- 45.6 KW, IES School- 36 KW in the township and Port User Building (PUB)- 96 KW.

The renewable energy of 234 KW generated from Rooftop solar installation at hospital has capacity of 25,350 KWh per month and is contributing 80% of approximate present consumption. The total 411 KWp will generate around 4.95 lakh units of electricity in year 1 contributing to 40% of approximate present consumption of these 4 premises, thereby saving around Rs. 0.54 crore of electricity expense for JNPT in the first year.

This is a small but a significant step in the Central governments widespread initiative to promote solar energy in our country and will contribute to the governments ambitious target of having 1,00,000 MW of solar capacity installed in India by 2022.

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India climbs steadily in the Global Competitiveness Index; Improves its ranking by 16 places for the second year in a row
Sep 29,2016

The Union Finance Minister Shri Arun Jaitley said that in an extremely positive development, data released today by the World Economic Forum (WEF) shows that Indias ranking in the Global Competitiveness Index (GCI) has improved by 16 places for the second year in a row. According to the latest ranking, he said that India is placed 39th among 138 countries, ahead of BRICS countries other than China which is ranked 28th.

The Finance Minister Shri Jaitley further said that the Indias rank has steadily improved from 71 in 2014-15 to 55 in 2015-16 and to 39 in the latest report. With this improvement in its ranking, India has covered a long distance and is well on its way to emerge as a major player in the global economy, he added.

The Global Competitiveness Index released by the World Economic Forum is one of the major studies which indicates how a country scores in the scale of global competitiveness. The Index is calculated by aggregating indicators across 12 pillars which again are clubbed together in three broad sub-indices, namely basic requirements, efficiency enhancers and innovation and sophistication factors. The report covers both business and social indicators which, directly or indirectly, impacts the competitiveness of the country in the global arena.

The landmark improvement in the Global Competitiveness rankings India is in consequence of the structural reforms and policy initiatives taken by GOI in the last two years and should be viewed as an encouragement to us to continue with the agenda of reforms which would further streamline economic decision making and help us move up on the index of global competitiveness.

The 12 pillars underlying GCI include Institutions, Infrastructure, Macroeconomic environment, health and primary education, higher education and training, goods market efficiency, labour market efficiency, financial market development, technological readiness, market size, business sophistication and innovation. Indias competitiveness has improved this year across the board, in particular in goods market efficiency, business sophistication and innovation. The macroeconomic environment also improved due to better monetary and fiscal policies and lower oil prices.

The Report analyses how Indias competitiveness score had stagnated between 2007 and 2014 till the new government took office and undertook a range of reforms including opening the economy to foreign investors and international Improvements in infrastructure which were small and faltering during most of the past decade, actually picked up after 2014 when the government increased public investment and speeded up the approval procedures. Similarly, the institutional environment deteriorated until 2014, as mounting governance scandals and inefficiencies led to a loss of trust in public administration but this trend was reversed in 2014. Macroeconomic conditions also followed a similar path and the country was able to keep a lid on inflation and reduce both the current account and fiscal deficits. India also ranks 8th in the strength of investor protection. There is however no room for complacency and Government will continue to focus on areas which need improvement. In the coming months and years, significant improvement in goods market efficiency may be expected from the implementation of the Goods and Services Tax which will reduce fragmentation of the domestic market.

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ICICI Prudential Life Insurance Company to list today
Sep 29,2016

ICICI Prudential Life Insurance Company debuts on the secondary equity market today, 29 September 2016. The company had priced the initial public offer (IPO) at the top end of the Rs 300 to Rs 334 price band. The bidding for the IPO concluded on 21 September 2016. The issue received bids for 138.77 crore shares and it was subscribed 10.48 times.

Hindustan Copper said the government will sell a 7% stake in the company through a two-day offer for sale (OFS) beginning today, 29 September 2016. The government has set a floor price of Rs 62 per share, a 5.12% discount to Wednesdays closing share price. The secondary market transaction, comprising 6.47 crore shares, will help the government raise Rs 401.54 crore. The governments stake will decline to 82.95% following the sale. The government holds an 89.95% stake in the copper producing company as on 30 June 2016. The announcement was made after market hours yesterday, 28 September 2016.

Corporation Bank said that the securities allotment committee of the board of the bank at its meeting held on 28 September 2016 allotted 12.45 crore equity shares at an issue price of Rs 40.78 per share to Government of India on a preferential basis. Consequently, Government of India holding gets increased from 67.20% to 70.76%. The announcement was made after market hours yesterday, 28 September 2016.

Manappuram Finance said that financial resources and management committee of board of directors of the company allotted 1500 secured redeemable non-convertible debentures by way of private placement, having face value of Rs 10 lakh each aggregating to Rs 150 crore on 27 September 2016. The announcement was made after market hours yesterday, 28 September 2016.

Pidilite Industries announced its sales and distribution tie-up with WD-40 Company. In India, WD-40 Company has joined with Pidilite Industries to distribute and sell WD-40 Multi-Use Product. WD-40 Multi-Use Product is a multi-purpose maintenance product with more than 2000 uses. It protects metal from rust and corrosion, penetrates stuck parts, displaces moisture, lubricates moving parts, and removes grease and grime from most surfaces. The announcement was made after market hours yesterday, 28 September 2016.

Oil India, Indian Oil Corporation and BPCL will be in focus. The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Narendra Modi, yesterday, 28 September 2016 gave its approval to an Indian consortium comprising Oil India (OIL), Indian Oil Corporation (IOCL) and Bharat Petro Resources (BPRL), a subsidiary of BPCL for acquiring 23.9% stake in JSC Vankorneft and 29.9% stake in LLC Taas-Yuryakh from 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% 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 $2.02 billion for acquiring stake in Vankorneft and $1.2 billion for acquiring stake in Taas-Yuryakh. Earlier in May 2016 ONGC Videsh (OVL) completed the formalities of acquiring 15% stake in Vankorneft at the cost of $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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Indiabulls Ventures announces appointment of director
Sep 28,2016

Indiabulls Ventures announced that subject to receipt of necessary approvals, Amiteshwar Choudhary has been appointed as a Director, designated as Whole-time Director of the Company, effective from 28 September 2016, for a period of five years.

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CHD Developers gets ratings assigned for FD programme and LT facilities
Sep 28,2016

CHD Developers announced that the Company is in receipt of credit rating for its Fixed Deposit Programme and long term facilities.

Credit Analysis & Research has assigned the following credit rating.

1. CARE BBB (FD) for the fixed Deposit Programme of the Company.

2. CARE BBB for the long term facilities of Company amounting to Rs. 128.57 crore.

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PC Jeweller to open new showroom in Gorakhpur, Uttar Pradesh
Sep 28,2016

PC Jeweller announced that the Company is opening its new showroom on 02 October 2016, at Gorakhpur (U.P), at the following address:

Zahid Building, Golgarh, Gorakhpur (U.P)

After this the Company will have total 66 showrooms located across 53 cities in India.

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IndusInd Bank to exercise call option for redemtion of Tier II Bonds - Series VIII
Sep 28,2016

IndusInd Bank has decided to exercise call option for redemption of Tier II Bonds - Series VIII prior to maturity. The said bonds were issued by the Bank on 31 March 2006 on private placement basis and the maturity date of the bonds is 30 March 2021.

The Record Date for the purpose of payment of redemption proceeds on the Bonds is fixed as 17 October 2016 and the date of redemption / repayment is 01 November 2016.

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Grasim Industries fixes record date for stock split
Sep 28,2016

Grasim Industries has fixed 08 October 2016 as the Record Date for the purpose of sub-division of each Equity Share of the Company having a face value of Rs.10 each fully paid-up into 5 (Five) Equity Shares of the face value of Rs. 2 each fully paid-up.

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R Systems International fixes record date for buyback fo shares
Sep 28,2016

R Systems International has fixed Record Date as 30 September 2016 for the purpose of Buyback of Equity Shares of the Company.

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Pact Industries fixes record date for stock split
Sep 28,2016

Pact Industries has fixed 13 October 2016 as the Record Date for the purpose of Sub-Division / Stock Split of Rs. 10/- per share of the Company into shares of Re. 1/- each.

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Kama Holdings fixes record date for interim dividend
Sep 28,2016

Kama Holdings has fixed 17 October 2016 as the Record Date for the purpose of payment of Interim Dividend.

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Ester Industries intimates of dissolution of Ester International (USA)
Sep 28,2016

Ester Industries announced that Ester International (USA), a wholly owned subsidiary of the Company, has been dissolved voluntarily. Ester International (USA) was not in operation for last several years.

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Shree Ganesh Jewellery House (I) announces resignation of CFO
Sep 28,2016

Shree Ganesh Jewellery House (I) announced that the Chief Financial Officer (CFO) of the Company Ashok Prakash Sahni has resigned from his post w.e.f. close of business hours of 20 September 2019 due to medical reasons.

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Manappuram Finance allots NCDs aggregating Rs 150 crore
Sep 28,2016

Manappuram Finance announced that Financial Resources and Management committee of Board of Directors of the Company allotted 1500 Secured Redeemable Non-Convertible Debentures by way of Private Placement, having face value of Rs. 10,00,000/- each aggregating to Rs. 150 crore (One Hundred and Fifty Crores only) on 27 September 2016.

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