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Engineers India hardens after large order win
Jan 10,2017

The announcement was made after market hours yesterday, 9 January 2017.

Meanwhile, the S&P BSE Sensex was up 163.31 points, or 0.61%, to 26,889.86

On the BSE, 2.16 lakh shares were traded on the counter so far as against the average daily volumes of 2.73 shares in the past one quarter. The stock had hit a high of Rs 160.65 and a low of Rs 157.50 so far during the day.

The stock hit a 52-week high of Rs 169.90 on 29 December 2016. The stock hit a 52-week low of Rs 71.63 on 17 February 2016.

The large-cap company has equity capital of Rs 336.94 crore. Face value per share is Rs 5.

Engineers India announced that Hindustan Petroleum Corporation (HPCL) has entrusted the project for execution of Vizag refinery modernization project (VRMP) to the company. Engineers India shall execute this project contract under two separate contracts, namely PMC services for major process units and packages under U&O and execution of U&O and PRU revamp on open book estimate (OBE) basis. The total awarded order value is more than Rs 2500 crore with a total project schedule of 43 months for mechanical completion.

Engineers Indias net profit rose 21.4% to Rs 93.75 crore on 24.6% decline in net sales to Rs 338.89 crore in Q2 September 2016 over Q2 September 2015.

State-run Engineers India provides engineering consultancy and engineering, procurement and construction (EPC) services. The Government of India holds 59.37% in Engineers India (as per shareholding pattern as on 30 September 2016).

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Adani Ports & Special Economic Zone to consider terms of proposed foreign currency denominated bonds issue
Jan 10,2017

Adani Ports & Special Economic Zone announced that the Company is contemplating, subject to market conditions, to undertake the issue of foreign currency denominated bonds (the Issue) pursuant to the approval of the Board of Directors of the Company at its meeting held on 02 November 2015 and the approval of shareholders at their meeting held on 09 August 2016 and the pricing, tenure and other terms of the bonds to be issued pursuant to the Issue will be determined by the Finance Committee of the Company on 12 January 2017 or on a later date subject to market conditions and other considerations.

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Adani Ports & Special Economic Zone plans issue of foreign curreny (USD) denominated bonds
Jan 10,2017

Adani Ports & Special Economic Zone announced that pursuant to the powers delegated to the Finance Committee by the Board of Directors of Adani Ports and Special Economic Zone (the Company), the Finance Committee has reviewed and approved the preliminary offering circular in relation to the proposed issuance of foreign currency (US$) denominated bonds (the Notes) by the Company.

The issuance of foreign currency (US$) denominated bonds offering may follow, subject to market conditions.

The Company is rated Baa3 (Negative) by Moodys, BBB- (Stable) by S&P and BBB-(Negative) by Fitch and expects the same ratings for its foreign currency (US$) denominated bonds.

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Bilateral Meeting between Commerce and Industry Minister and H.E. Minister of Economy, Trade and Industry, Japan
Jan 10,2017

Commerce and Industry Minister Smt. Nirmala Sitharaman welcomed the Japanese delegation led by H.E. Hiroshige Seko, Minister, Ministry of Economy Trade and Industry (METI), Japan and recalled that the recent visit of Honble Prime Minister of India to Japan in November, 2016 was very successful in further strengthening the partnership between the two countries. She hoped to look forward for a meaningful discussion with the Japanese delegation in the upcoming Vibrant Gujarat Summit. She stated that the pace of implementation of India- Japan Comprehensive Economic Partnership Agreement (CEPA) has been rather steady and needed to be enhanced with faster pace to tap the huge potential of India- Japan bilateral trade.

H.E. Hiroshige Seko, Minister, Ministry of Economy Trade and Industry, Japan, while welcoming various steps taken by the Govt. of India for Make in India and other initiatives for Indias Growth, said that there is a huge potential for Indo- Japanese Cooperation. He mentioned that 25 Japanese companies are participating in Vibrant Gujarat Summit with great enthusiasm. The Japanese side requested that the issue of Transfer Pricing assessment and other ones as raised by Japan Chambers of Commerce and Industry in India (JCCII)from time to time need to be resolved for attracting greater Japanese Investments in India. The Japanese business delegates briefed about their business presence in India and intimated that they wanted to diversify their business in India in Sectors such as Agriculture, Power, Electronics, Railways, Logistics Sectors, manufacturing of ATMs etc. and wanted to contribute to the development of India.

The Japanese side expressed interest in enhancing co-operation in the area of Intellectual Property Rights (IPR) between India and Japan and intended to train Indian IPR examiners in Japan. They expressed the need for a high level meeting between India and Japan on IPR cooperation. Minister of METI, Japan also extended an invitation to 100 IPR Examiners for training in Japan.

Smt. Sitharaman requested the Japanese side to take steps to increase Indian Exports to Japan in Sesame seeds, Surimi fish and Indian generic drugs. She said that the Japanese Industrial Townships (JITs) in India would be transformational and will bring in significant Japanese investments and further strengthen India- Japan Economic Cooperation. On the Logistics front she mentioned that India plans to build Logistics University wherein the cooperation from Japan would be needed.

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Board of Aqua Pumps Infra Ventures to consider December quarter results
Jan 10,2017

Aqua Pumps Infra Ventures announced that a meeting of the Board of Directors of the Company is to be held on 16 January 2017, to consider the following business:

- To consider and adopt the Un-audited Financial Accounts for the Quarter Ended on 31 December 2016.

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Board of Indo Cotspin to consider December quarter results
Jan 10,2017

Indo Cotspin announced that the meeting of board of directors will be held on 31 January 2017, to consider & adopt the Unaudited financial results for the quarter ended on 31 December 2016.

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Board of Empire Industries to consider December quarter results
Jan 10,2017

Empire Industries announced that a Meeting of the Board of Directors of the Company will be held on 24 January 2017, inter alia, to consider and take on record the Unaudited Financial Results for the Quarter ended 31 December 2016.

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Board of Honda Siel Power Products to consider Q3 and 9M results
Jan 10,2017

Honda Siel Power Products announced that a meeting of the Board of Directors of the Company is scheduled to be held on 10 February 2017, inter alia, to consider and approve unaudited financial results of the Company for the quarter and nine months ended 31 December 2016.

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Engineers India may advance after large order win
Jan 10,2017

Engineers India (EIL) announced that Hindustan Petroleum Corporation (HPCL) has entrusted the project for execution of Vizag Refinery Modernization Project (VRMP) to the company. EIL shall execute this project contract under two separate contracts, namely PMC Services for major process units and packages under U&O and execution of U&O and PRU revamp on open book estimate (OBE) Basis. The total awarded order value is more than Rs 2500 crore with a total project schedule of 43 months for Mechanical Completion. The announcement was made after market hours yesterday, 9 January 2017.

Adani Ports and Special Economic Zone (APSEZ) said that pursuant to the powers delegated to the Finance Committee by the board of directors of the company, the Finance Committee has reviewed and approved the preliminary offering circular in relation to the proposed issuance of foreign currency denominated bonds (notes) in US dollars by the company. The issuance of notes offering may follow, subject to market conditions.

The pricing, tenure and other terms of the bonds to be issued will be determined later. APSEZ is rated Baa3 (Negative) by Moodys, BBB- (Stable) by S&P and BBB-(Negative) by Fitch and expects the same ratings for its notes. The announcement was made before market hours today, 10 January 2017.

Ajanta Pharma announced the receipt of final approval for Duloxetine Hydrochloride Delayed Release Capsules from US FDA. It is a bioequivalent generic version of Cymbalta1 Delayed Release Capsules. The company will be launching the product shortly in 3 strengths, 20 mg, 30 mg and 60 mg strengths capsules. The announcement was made after market hours yesterday, 9 January 2017.

Duloxetine Hydrochloride Delayed Release Capsules is part of an ever growing portfolio of products that Ajanta has developed for the US market. In total, Ajanta has 32 Abbreviated New Drug Application (ANDA) of which it has 17 final ANDA approvals, 2 tentative approvals and 13 ANDAs under review with US FDA.

Shares of Max Ventures and Industries (MaxVIL) will be in focus after the companys board made a preferential offer, to issue common stock to a subsidiary of New York Life Insurance Company. New York Life is the largest mutual life insurance company in the United States and one of the largest life insurers in the world, with more than $500 billion under management. The announcement was made after market hours yesterday, 9 January 2017.

Subject to MaxVIL shareholder approval, a subsidiary of New York Life Insurance Company will acquire a 22.51% equity stake in MaxVIL at an offer price of Rs 78 per share aggregating to Rs 121 crore on a diluted basis and will be entitled to one nominee director to the Board of MaxVIL. The board of MaxVIL also proposed an allotment of share warrants to the promoter group equivalent to 4.76% of the post-issue share capital of the company on a fully diluted basis assuming full conversion of the warrants. These share warrants will be issued at Rs 78 per warrant aggregating to Rs 26.9 crore and will be convertible into equivalent equity shares within 18 months, taking the shareholding of the promoter group in MaxVIL to around 38.02% on fully diluted basis.

Shares of IndusInd Bank will be watched as the bank is scheduled to announce Q3 December 2016 earnings today, 10 January 2017.

Voltamp Transformers said that working at the companys Savli factory situated at Vadadala, Vadodara, Gujarat has resumed from 7 January 2017 and the production activities at the companys Savli factory are normal at present. The announcement was made after market hours yesterday, 9 January 2017.

Future Consumer said that a meeting of the board of directors of the company is scheduled to be held on 12 January 2017, to consider and approve issue of non-convertible debentures on private placement basis or otherwise. The announcement was made after market hours yesterday, 9 January 2017.

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To ensure implementation of GST by 1 April 2017, CBEC has initiated process of migration of its existing Central Excise/Service Tax assesses to GST
Jan 09,2017

Central Board of Excise & Customs (CBEC) has initiated the process of migration of its existing Central Excise/Service Tax assesses to GST with effect from 9th January, 2017.

As part of its efforts to ensure implementation of GST by 1st April, 2017, CBEC has taken steps to ensure that its existing taxpayers are migrated to GST in a simple, user-friendly and smooth manner. Once the existing registered Taxpayers (both Central Excise as well as Service Tax) login to CBECs Web Portal www.aces.gov.in, a facility will be given in a secure manner to access the provisional login ID and password given by Goods and Services Tax Network (GSTN). Thereafter, using the same, they can log in to GST Portal (www.gst.gov.in) to fill the required fields and submit scanned documents.

However, if they have already initiated the process of migration to GST as a VAT assesse under STATE COMMERCIAL TAX department, no further action is necessary. PAN is mandatory for migration to GST. Hence, if the existing Central Excise/Service Tax Registration Code does not have PAN, then PAN has to be obtained from Income Tax Department and the Registration details have to be updated in the ACES Portal www.aces.gov.in

CBEC has made available a 24x7 HELPDESK (TOLL-FREE NO 1800-1200-232, EMAIL: cbecmitra.helpdesk@icegate.gov.in) for the purpose of assisting existing Central Excise/Service Tax assesses. GSTN also has a Help Desk number: 0124-4688999 and GSTN email address is: help@gst.gov.in A Step-by-Step Taxpayers User guide for Migration is available at www.aces.gov.in and at www.cbec.gov.in

CBEC is also sending Emails/recorded telephonic messages to all registered Central Excise/Service Tax assesses requesting them to migrate to GST. Outreach programmes such as Awareness Workshops/ Training for Central Excise/Service Tax assesses are being organized all over India at the Commissionerates and Divisional offices of CBEC.

All existing Central Excise/Service Tax assesses are requested to migrate as early as possible, latest by 31st January, 2017.

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Tamil Nadu becomes 21st State to join UDAY
Jan 09,2017

Union Minister of State (IC) for Power, Coal, New & Renewable Energy and Mines, Shri Piyush Goyal presided over the signing of the Memorandum of Understanding (MOU) under the Ujwal DISCOM Assurance Yojana (UDAY) Scheme with the Government of Tamil Nadu and its Discom TANGEDCO, for operational and financial turnaround of the DISCOM. The signing ceremony was held in the august presence of the Shri P. Thangamani, Minister for Electricity, Prohibition & Excise, Government of Tamil Nadu.

Tamil Nadu would derive an overall net benefit of approximately Rs. 11,000 crores through UDAY, by way of savings in interest cost, reduction in AT&C and transmission losses, interventions in energy efficiency, coal reforms etc. The state also signed 24X7 Power For All document on the occasion. With Tamil Nadu joining the cause, 92% of countrys Discom debt has been covered under UDAY

By signing the MOU under UDAY, the State Government is taking over 75% of debt of Rs. 30,420 crores of TANGEDCO. The scheme also provides for the balance debt to be re-priced or issued as State guaranteed Discom bonds, at coupon rates around 3-4% less than the average existing interest rate. The State would have savings of about Rs.950 cr. in annual interest cost through reduction of debt and through reduced interest rates on the balance debt.

UDAY lays stress on improving operational efficiencies of the DISCOMs. Tamil Nadu and TANGEDCO have committed to bring about operational efficiency through compulsory feeder and distribution transformer metering, consumer indexing & GIS mapping of losses, upgrade/change transformers, meters etc., smart metering of high-end consumers, reduction in transmission losses and increased power supplies in areas with reduced AT&C losses. The reduction in AT&C losses and transmission losses to 13.5% and 3.7% respectively is likely to bring additional revenue of around Rs. 1,601 crores to TANGEDCO.

Demand Side interventions in UDAY such as usage of energy-efficient LED bulbs, agricultural pumps, fans & air-conditioners and efficient industrial equipment through PAT (Perform, Achieve and Trade) would help in reducing peak load, flatten load curve and thus help in reducing energy consumption in Tamil Nadu. The gain is expected to be around Rs. 2,304 crores.

The Central government would also provide incentives to the State Government and the Discom for improving the power infrastructure in the State and for lowering the cost of power. The State would get additional/priority funding through the Central schemes such as Deen Dayal Upadhyay Gram Jyoti Yojana (DDUGJY), Integrated Power Development Scheme (IPDS), Power Sector Development Fund (PSDF) or such other schemes of the Ministries of Power and New & Renewable Energy, if they meet the operational milestones outlined in the scheme.

The State shall also be supported through additional coal at notified prices and in case of availability through higher capacity utilization, low cost power from NTPC and other CPSUs. Other benefits such as coal swapping, coal rationalization, correction in coal grade slippage, availability of 100% washed coal would help the state to further reduce the cost of power.

The State would gain around Rs. 4,320 crores due to these coal reforms. With the financial turnaround through financial and operational efficiencies, TANGEDCOs rating would improve, which would help in raising cheaper funds for its future capital investment requirement. This is expected to provide interest cost saving of around Rs. 60 crores for TANGEDCO in 3 years.

The ultimate benefit of signing the MOU would go to the people of Tamil Nadu. Higher demand for power from DISCOMs would mean higher Plant Load Factor (PLF) of generating units and therefore, lesser cost per unit of electricity thereby benefitting consumers. Availability of 24x7 power for all would increase the economic activity and improve employment opportunities in the State.

UDAY was launched by the Government of India on 20th November, 2015 to ensure a permanent and sustainable solution to the debt-ridden Distribution utilities to achieve financial stability and growth, now has 21 States in the Club after Tamil Nadu coming on board.

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Aarey Drugs & Pharmaceuticals to consider December quarter results
Jan 09,2017

Aarey Drugs & Pharmaceuticals announced that the meeting of the Board of Directors of the Company is to be held on 18 January 2017, to consider the unaudited financial results for the quarter ended 31 December 2016.

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Outcome of board meeting of Manaksia Coated Metals & Industries
Jan 09,2017

Manaksia Coated Metals & Industries announced that the Board of Directors of the Company in its meeting held on 09 January 2017, has granted in-principle approval for Incorporation of a Wholly Owned Subsidiary Company in India. Further updates in this regard will be intimated from time to time.

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D-Link India to consider Q3 and 9M results
Jan 09,2017

D-Link India announced that the Meeting of the Board of Directors of the Company will be held on 21 January 2017, to consider and approve the Unaudited Financial Results for the quarter and nine months ended 31 December 2016.

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Zee Media Corporation to announce Q3 results
Jan 09,2017

Zee Media Corporation announced that a meeting of the Board of Directors of the Company will be held on 03 February 2017, inter alia, to consider and approve the Un-audited Financial results of the Company for the 3rd quarter of financial year 2016-17 and nine months ended on 31 December 2016.

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