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Board of Apple Finance to consider Q3 results
Jan 18,2017

Apple Finance announced that the Companys Board of Directors will meet on 14 February 2017, inter alia, to consider and approve the standalone unaudited financial results for the third quarter ended 31 December 31, 2016.

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United Credit to announce Q3 and 9M results
Jan 18,2017

United Credit announced that the Board of Directors will take on record the Unaudited Financial Results for the quarter and nine months ended 31 December 2016, at its meeting to be held on 11 February 2017.

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Board of Gayatri Tissue & Papers approves change in directorate
Jan 18,2017

Gayatri Tissue & Papers announced that the Board of Directors of the Company at their meeting held on 18 January 2017 has approved the following:

1. Resignation of V.L. Moorthy as Director of the Company due to personal reasons.

2. Appointment of J. N. Karamchetti as an Independent Director of the Company replacing Dr. V.L. Moorthy subject to the approval of the Shareholders in the general meeting of the Company.

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Board of Mirc Electronics to consider Q3 and 9M results
Jan 18,2017

Mirc Electronics announced that a meeting of Board of Directors of the Company will be held on 13 February 2017, inter alia, to consider and approve the Unaudited standalone financial results of the Company for the third quarter and nine months ended 31 December 2016.

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Cabinet approves MOU between India and United Arab Emirates for cooperation in the field of Small and Medium Enterprises and Innovation
Jan 18,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for signing the Memorandum of Understanding between India and United Arab Emirates for cooperation in the field of Small and Medium Enterprises and Innovation.

The MoU would benefit Indian SMEs and lead to equitables and inclusive development. The exposure to best practices in SME sector abroad would provide an opportunity to Indian SMEs to improve upon them and innovate further. It would also provide to Indian SME sector an opportunity to have a mutually beneficial relation with SME sector of the United Arab Emirates and to explore their markets.

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Board of Ventura Textiles to consider preferential issue of warrants
Jan 18,2017

Ventura Textiles announced that the Meeting of the Board of Directors of the Company is scheduled to be held on 25 January 2017, inter alia, to consider and approve preferential issue of convertible securities (warrants) subject to the members approval and other necessary permissions, sanctions under Section 62 and other applicable provisions, if any, of the Companies Act, 2013, read with the rules made thereunder, along with applicable SEBI Regulations and other laws.

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Gujarat Credit Corporation to announce Q3 results
Jan 18,2017

Gujarat Credit Corporation announced that a meeting of the Board of Directors of the Company will be held on 31 January 2017, to approve the Unaudited Financial Results for the 3rd Quarter ended on 31 December 2016.

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GCCL Infrastructure & Projects to announce Q3 results
Jan 18,2017

GCCL Infrastructure & Projects announced that a meeting of the Board of Directors of the Company will be held on 31 January 2017, to approve the Unaudited Financial Results for the 3rd Quarter ended on 31 December 2016.

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Cabinet gives approval to the package for supporting MSEs - Augmentation of Corpus of CGTMSE
Jan 18,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given ex-post facto approval to the package for supporting Micro and Small Enterprises (MSEs) - Augmentation of the Corpus of Credit Guarantee Trust Fund for Micro and Small Enterprises (CGTMSE).

The proposal entails the following:

(i) Augmentation of the corpus of the Trust from Rs. 2,500 crore to Rs. 7,500 crore, to be fully funded by the GoI;

(ii) To increase coverage of the loans covered under the credit guarantee scheme from Rs. 1 crore to Rs. 2 crore;

(iii) To increase coverage of the credit guarantee scheme for loans being extended to micro and small enterprises by NBFCs also. This would enable the Trust to enhance the quantum

The measures would result in the following benefits:

a. Lowering the level of leverage;

b. Improving sustainability of the Fund;

c. Enable the Trust to enhance the quantum of credit guarantee to larger number of MSEs;

d. Improving financial management; and

e. Limit the unfunded contingent liabilities.

Augmentation of the corpus would facilitate larger flow of credit to MSEs. This in turn, would lead to increased output and employment and thereby promote equity and inclusiveness.

As the scheme provides credit without collateral and third-party guarantee, the start-ups would be encouraged to set up enterprises based on innovation and new ideas.

Every operation is online and therefore, the system ensures public accountability.

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Board of Pondy Oxides & Chemicals to consider December quarter results
Jan 18,2017

Pondy Oxides & Chemicals announced that the Meeting of the Board of Directors of the Company on 08 February 2017, inter alia, to consider the following subjects:

- To consider and adopt the unaudited financial results of the Company for the quarter ended 31 December 2016.

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Rose Merc to consider Q3 and 9M results
Jan 18,2017

Rose Merc announced that a meeting of the Board of Directors of the Company is scheduled to be held on 27 January 2017, inter alia, to consider, approve & take on record the Unaudited Financial Results of the Company for the quarter and nine months ended on 31 December 2016.

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Cabinet approves the repealing of the obsolete and redundant laws
Jan 18,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for introduction of the Repealing and Amending Bill, 2017 to repeal 105 Acts.

Background:

The two Member Committee constituted by the PMO, the Law Commission of India and the Legislative Department identified 1824 redundant and obsolete Central Acts for repeal. After careful examination and consultation with various Ministries/Departments in the Government of India, four Acts have been enacted to repeal 1175 Central Acts (during the period May, 2014 to August, 2016) by Parliament which are -

i) The Repealing and Amending Act, 2015 (17 of 2015) repealing 35 Acts; The Repealing and Amending (Second) Act, 2015 (19 of 2015) repealing 90 Acts;

ii) The Appropriation Acts (Repeal) Act, 2016 (22 of 2016) repealing 756;

iii) Appropriation Acts including Appropriation (Railways) Acts;

iv) The Repealing and Amending Act, 2016 (23 of 2016) repealing 294 Acts.

Out of the aforesaid 1824 Acts, 227 Acts (including Appropriation Acts enacted by Parliament for the States under Presidents Rule) are identified to be repealed by State Governments have been requested to take necessary action to repeal them.

A list of remaining 422 Central Acts was circulated among all the Ministries/ Departments for their comments on repeal of Acts pertaining to their respective Ministries/Departments. Till date, 73 Ministries/Departments including Legislative Department have given their comments whereby they have agreed to repeal 105 Acts and disagreed to repeal about 139 Acts. On the basis of the comments/concurrence received from the Ministries/Departments, 105 Acts have been identified for repeal by this Department.

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Board of Dalmia Bharat Sugar & Industries to consider December quarter results
Jan 18,2017

Dalmia Bharat Sugar & Industries announced that at the meeting of the Board of Directors of the Company to be held on 30 January 2017, inter alia, the Board will consider and approve the Unaudited Financial Results of the Company for the quarter ended on 31 December 2016.

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Board of Dalmia Bharat Sugar & Industries to consider December quarter results
Jan 18,2017

Dalmia Bharat Sugar & Industries announced that at the meeting of the Board of Directors of the Company to be held on 30 January 2017, inter alia, the Board will consider and approve the Unaudited Financial Results of the Company for the quarter ended on 31 December 2016.

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Cabinet approves the exclusion of States from the investments of National Small Savings Fund from 1 April 2016
Jan 18,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval to exclude State Governments States/UTs (with Legislature) except Arunachal Pradesh, Delhi, Kerala and Madhya Pradesh from National Small Savings Fund (NSSF) investments from 01.04.2016. It also approved providing a one-time loan of Rs. 45,000 crore from NSSF to Food Corporation of India (FCI) to meet its food subsidy requirements.

The details are as under:-

a) Exclusion of States/UTs (with Legislature) excepting Arunachal Pradesh, Kerala, Madhya Pradesh and Delhi from NSSF Investments. Arunachal Pradesh shall be given loans to the tune of 100% of NSSF collections within its territory, whereas Delhi, Kerala and Madhya Pradesh shall be provided 50% of collections.

b) Servicing of interest and principal of debt extended to FCI through the budget line of Department of Food and Public Distribution. The repayment obligation of the FCI in respect of NSSF Loans would be treated as the first charge on the food subsidy released to the Food Corporation of India. In addition, FCI shall reduce the amount of its current Cash Credit Limit with the banking consortium to the extent of the NSSF loan amount.

c) NSSF in the future shall, with the approval of Finance Minister, invest on items the expenditure of which is ultimately borne by Government of India and the repayment of principal and interest thereto would be borne from the Union budget.

The States except Arunachal Pradesh, Delhi, Kerala and Madhya Pradesh shall be excluded from NSSF investments from 01.04.2016. A legally binding agreement will be signed between FCI, Department of Food and Public Distribution and Ministry of Finance on behalf of NSSF on the modalities for repayment of interest rate and principal and the restructuring of FCI debt will be made possible within 2-5 years.

Once states are excluded from NSSF investments, the investible funds of NSSF with Gol will increase. Increased availability of the NSSF loan to Gol may reduce the Gols market borrowings. The States will however, see an increase in market borrowings. Any increase in yields due to an increased demand for loanable funds in the market from Centre and States combined would be marginal. The reduction of FCIs borrowing cost equivalent to the extent of the interest differential will be reflected in the Gols savings on the Food Subsidy Bill.

Implementing the decision to exclude states from NSSF investments and extending the loan will entail no additional cost. Instead a reduction in the food subsidy bill of the Gol is anticipated.

Arunachal Pradesh, Delhi, Kerala and Madhya Pradesh will continue availing of NSSF loans, 26 other States and Puducherry who are eligible to borrow from the market have preferred to stop taking loans from the NSSF.

Background:

The Fourteenth Finance Commission (FFC) recommended that State Governments be excluded from the investment operations of the NSSF. The NSSF loans come at an extra cost to the State Government as the market rates are considerably lower. The Union Cabinet in its meeting held on 22nd February, 2015, accepted that this recommendation will be examined in due course in consultation with various stake holders. Barring Arunachal Pradesh, Delhi, Kerala and Madhya Pradesh, the other State Governments/UTs expressed a desire to be excluded from NSSF investments. The involvement of States which are excluded from operations of National Small Savings Fund with effect from 1.4.2016 would be limited solely to discharging the outstanding NSSF debt obligations as on 31.3.2016 (FFC Recommendation). The loan contracted by States till 31.3.2016, from the National Small Savings Fund will stand completely repaid by the Financial Year 2038-39.

NSSF shall extend a part of its collections to Food Corporation of India (FCI) to meet its food subsidy requirement. This will help the FCI reduce its interest cost. FCI presently takes working capital loans through Cash Credit Limit (CCL) at an interest rate of 10.01% and Short Term Loan (STL) at a weighted average interest rate of 9.40%, whereas the NSSF currently charges 8.8% p.a interest on its loans. This savings on interest rate outgo will reduce the food subsidy burden of the Government of India.

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