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White Organic Agro to hold board meeting
Mar 20,2017

White Organic Agro will hold a meeting of the Board of Directors of the Company on 23 March 2017, to consider, review and discuss the future progress of the business and expansion plans of the Company.

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Gallantt Ispat to hold board meeting
Mar 20,2017

Gallantt Ispat will hold a meeting of the Board of Directors of the Company on 23 March 2017 Scheme of Arrangement for Amalgamation

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Neelkanth Rockminerals to hold board meeting
Mar 20,2017

Neelkanth Rockminerals will hold a meeting of the Board of Directors of the Company on 27 March 2017.

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Board of Global Education recommends dividend
Mar 20,2017

Global Education announced that the Board of Directors of the Company at its meeting held on 16 March 2017, inter alia, have recommended the dividend of Rs 1.5 per equity Share (i.e. 15%) , subject to the approval of the shareholders.

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Firstsource Solutions allots 428,925 equity shares
Mar 20,2017

Firstsource Solutions has allotted 428,925 Equity shares of Rs.10/- each bearing distinctive numbers 680,786,638 to 681,215,562 on 15 March 2017, under Employee Stock Option Scheme 2003 of the Company. Consequent to the said allotment, the paid up capital of the Company has increased to Rs. 6,812,155,620 consisting of 681,215,562 Equity shares of Rs.10/- each.

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Future Lifestyle Fashions allots 7634 equity shares
Mar 20,2017

Future Lifestyle Fashions announced that the Nomination and Remuneration Committee of the Company vide its circular resolution dated 20 March 2017, has approved the Allotment of 7,634 Equity Shares of Rs.2/- each to eligible employee(s) under the FLFL Employee Stock Option Scheme 2013 (FLFL ESOS - 2013) of the Company.

Post allotment, the Paid-up Share Capital of the Company stands increased from Rs.38,00,11,644/- divided into 19,00,05,822 Equity Shares of Rs.2/- each to Rs.38,00,26,912/- divided into 19,00,13,456 Equity Shares of Rs.2/- each.

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Lakshmi Vilas Bank provides business update
Mar 20,2017

Lakshmi Vilas Bank has its existing Lakshmi Mahila Power account is revamped, re-branded and launched as LVB Stree Account with enhanced features and benefits along with special insurance coverage, with effect from 20 March 2017.

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Wipro positioned as Leader for Managed Workplace Services, North America
Mar 20,2017

Wipro has been positioned as a Leader in Gartners Magic Quadrant for Managed Workplace Services, North America.

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Mahindra Lifespace Developers fixes record date for rights issue
Mar 20,2017

Mahindra Lifespace Developers has fixed 31 March 2017 as record date for rights issue.

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Chinese investment undermake in India
Mar 20,2017

Chinese companies have shown significant interest to invest in India in a wide range of sectors since the launch of Make in India campaign. As per data maintained by DIPP/RBI, between April,2000 and December,2016, cumulative FDI inflows from China were INR 9,933.87 crores. Of the cumulative FDI equity inflows, 77.9% have been received since 2014 as detailed below :-

2014-2015: INR 3,066.24 Crores

2015-2016: INR 2,975.14 Crores

2016-2017(till December,2016): INR 1,696.96 Crores

An MoU between the Ministry of Commerce of the Peoples Republic of China and Ministry of Commerce & Industry of India has been signed on cooperation on Industrial Parks in India on 30th June,2014 in Beijing.

Pursuant thereto, Joint Working Group (JWG) of the Indian side was constituted on 16th July,2014 to act as the nodal point to identify and agree upon the detailed modalities for implementing cooperation under the said agreement, and to periodically review progress. Three JWG meetings have so far been held. The last meeting of JWG was held on 2 November 2016 at Beijing, China. It was decided during the meeting that both sides will encourage all stakeholders to expedite the implementation for which all necessary facilitation would be provided.

Following MoUs have so far been signed between Indian State Government Agencies and Chinese Investors for development of Industrial Parks in States :-

a. MoU between Maharashtra Industrial Development Corporation (MIDC), Govt. of Maharashtra and Beiqi Foton Motors, China for Auto Industrial Park in Pune;

b. MoU between Industrial Extension Bureau (iNDEXTb), Govt. of Gujarat and China Development Bank Corporation (CDB), China for supporting the setting up of Industrial Parks in Gujarat;

c. MoU between Industrial Extension Bureau (iNDEXTb), Govt. of Gujarat and China Small and Medium Enterprises (Chengdu) Investment (CSME) to set up multi-purpose Chinese Industrial Park in Gujarat;

d. MoU between HSIIDC, Govt. of Haryana and Dalian Wanda Group for development of an integrated Entertainment Park-cum-Industrial township in Haryana;

e. MoU between HSIIDC, Govt. of Haryana and China Fortune Land Development (CFLD) for development of an Industrial Park in Haryana.

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Mahindra Lifespace turns volatile after fixing record date for rights issue
Mar 20,2017

The announcement was made during market hours today, 20 March 2017.

Meanwhile, the S&P Sensex was down 131.95 points or 0.45% at 29,517.04. The BSE Small-Cap index was up 41.10 points or 0.29% at 14,053.73.

On the BSE, 14,000 shares were traded on the counter so far as against the average daily volumes of 21,722 shares in the past one quarter. The stock was volatile. The stock had hit a high of Rs 385.80 and a low of Rs 368 so far during the day.

The stock had hit a 52-week high of Rs 495.85 on 26 April 2016 and a 52-week low of Rs 342 on 16 February 2017. The stock had outperformed the market over the past one month till 17 March 2017, advancing 8.96% compared with the Sensexs 4.15% rise. The scrip had, however, underperformed the market over the past one quarter, rising 3.97% as against the Sensexs 11.93% rise.

The small-cap company has equity capital of Rs 41.05 crore. Face value per share is Rs 10.

Mahindra Lifespace Developers has fixed 31 March 2017 as record date for determining the shareholders eligible to apply for the rights issue of shares. The company intends to issue up to 1.02 crore shares at Rs 292 per share for an amount up to Rs 300 crore in the ratio of 1:4.

On a consolidated basis, Mahindra Lifespace Developers net profit rose 48% to Rs 35.22 crore on 9.8% growth in net sales to Rs 213.08 crore in Q3 December 2016 over Q3 December 2015.

Mahindra Lifespace Developers is the real estate development business of the Mahindra Group.

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Ramky Infra spurts over 30% in four trading sessions
Mar 20,2017

Meanwhile, the S&P BSE Sensex was down 151.88 points, or 0.51% to 29,497.11. The S&P BSE Small-Cap index was up 46.21 points, or 0.33% to 14,058.84.

On the BSE, 4.35 lakh shares were traded in the counter so far, compared with average daily volumes of 15,780 shares in the past one quarter. The stock had hit a high of Rs 106.70 so far during the day, which is also 52-week high for the counter. The stock had hit a low of Rs 88.65 so far during the day. The stock hit a 52-week low of Rs 51.80 on 18 November 2016.

The stock had outperformed the market over the past one month till 17 March 2017, rising 11.05% compared with 4.76% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 36.53% as against Sensexs 11.93% rise.

The small-cap company has equity capital of Rs 57.20 crore. Face value per share is Rs 10.

Shares of Ramky Infrastructure have risen 33.13% in four trading sessions from its close of Rs 80.15 on 14 March 2017.

Ramky Infrastructure reported net profit of Rs 27.63 crore in Q3 December 2016 as against net loss of Rs 10.43 crore in Q3 December 2015. Net sales rose 9.20% to Rs 373.25 crore in Q3 December 2016 over Q3 December 2015.

Ramky Infrastructure is an integrated construction, infrastructure development and management company in India.

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The Union Cabinet chaired by the Prime Minister Shri Narendra Modi approves the four Goods and Services Tax (GST) related bills
Mar 20,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi approved the following four Goods and Services Tax (GST) related bills:

1. The Central Goods and Services Tax Bill 2017 (The CGST Bill)

2. The Integrated Goods and Services Tax Bill 2017 (The IGST Bill)

3. The Union Territory Goods and Services Tax Bill 2017 (The UTGST Bill)

4. The Goods and Services Tax (Compensation to the States) Bill 2017 (The Compensation Bill)

The passage of these four GST related bills will pave the way for the biggest reform in the area of Indirect Taxes in the history of independent India. The Union Government has taken up the implementation of GST with utmost priority and has passed the legislations on a fast track basis as it was pending for over a decade. With the Cabinet approval of these four bills, the GST regime in India is in the final stages of culmination and the GST law will most likely be implemented from 01st July, 2017. The above four Bills have been earlier approved by the GST Council after thorough, clause by clause, discussion over 12 meetings of the Council held in the last six months.

By amalgamating a large number of Central and State taxes into a single tax, it would mitigate cascading or double taxation in a major way and pave the way for a common national market. The Goods and Services Tax will thus help in the realization of the objective of n++One Nation, One Taxn++ and improve the Ease of Doing Business climate in the country. It will also indirectly benefit the common man by reducing the tax burden especially on the daily consumer items of the common man.

Introduction of GST would also make Indian products competitive in the domestic and international markets. Studies show that this would have a boosting impact on economic growth. It is expected that the implementation of the Goods and Services Tax law will lead to an increase in Gross Domestic Product (GDP) of the country by 1-2%. This in turn will lead to the creation of more employment and increase in productivity.

The GST regime will bring in more transparency and efficiency with the minimization of human interface in the tax administration in the country. The GST regime is also likely to lead to a reduction in tax evasion as a result of the computerization of the taxation process. This tax, because of its transparent and self-policing character, would be easier to administer. This will in turn lead to increase in revenue collection for the Centre and the States.

The CGST Bill makes provisions for levy and collection of tax on intra-state supply of goods or services for both by the Central Government. On the other hand, IGST Bill makes provisions for levy and collection of tax on inter-state supply of goods or services or both by the Central Government. The UTGST Bill makes provisions for levy on collection of tax on intra-UT supply of goods and services in the Union Territories without legislature. Union Territory GST is akin to States Goods and Services Tax (SGST) which shall be levied and collected by the States/Union Territories on intra-state supply of goods or services or both. The Compensation Bill provides for compensation to the states for loss of revenue arising on account of implementation of the goods and services tax for a period of five years as per section 18 of the Constitution (One Hundred and First Amendment) Act, 2016.

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Bodal Chemicals advances after boards nod for investment in S P S Processors
Mar 20,2017

The announcement was made during market hours today, 20 March 2017.

Meanwhile, the S&P Sensex was down 145.97 points or 0.49% at 29,503.02. The BSE Small-Cap index was up 39.31 points or 0.28% at 14,051.94.

On the BSE, 3.09 lakh shares were traded on the counter so far as against the average daily volumes of 1.38 lakh shares in the past one quarter. The stock had hit a high of Rs 141.90 and a low of Rs 137.80 so far during the day.

The stock had hit a record high of Rs 155 on 6 October 2016 and a 52-week low of Rs 61.05 on 17 March 2016. The stock had outperformed the market over the past one month till 17 March 2017, advancing 4.29% compared with the Sensexs 4.15% rise. The scrip had, however, underperformed the market over the past one quarter, rising 5.81% as against the Sensexs 11.93% rise.

The small-cap company has equity capital of Rs 21.82 crore. Face value per share is Rs 2.

S P S Processors is a company engaged in manufacturing of dye intermediates. Bodal Chemicals (BCL) will hold 70% equity stake in S P S Processors after this investment. BCL will also provide unsecured loan of about Rs 45 crore to S P S Processors to make it debt free company by retiring its existing total debt and also for expansion of its manufacturing capacities.

S P S Processors has manufacturing plant located at Kosi, Uttar Pradesh, with operational capacity to produce 250 tons per month (TPM) of H-Acid, a key dye intermediate. The plant is a zero discharge unit and only about one and half year old.

S P S Processors also has all necessary permissions to manufacture Vinyl Sulphone (VS-another key dye intermediate) as well as dyestuff, at the same plant. The board approved a plan to build a 350-TPM VS plant at the cost of about Rs 10 crore. As most of the basic infrastructure is ready at the existing plant of S P S Processors, the BCL management expects new VS plant to be operational by second quarter of FY 2O18.

This investment will help BCL to increase its manufacturing capacity of dyes intermediates by 25% and consolidate its position in the local & global markets of dye intermediates and dyestuff. This transaction will be entirely funded through internal accruals and is targeted to close before 31 March 2017 .

This acquisition is not a related party transaction and the promoters/promoter group/group companies do not have any interest in S P S Processors.

Bodal Chemicals net profit rose 54.3% to Rs 31.56 crore on 36% rise in net sales to Rs 272.24 crore in Q3 December 2016 over Q3 December 2015.

Bodal Chemicals is engaged in manufacturing of acid, direct and reactive dyestuffs and dye intermediates for textile, leather, plastics and papermaking applications.

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Idea Cellular tumbles as details of Vodafone merger disappoint investors
Mar 20,2017

The announcement was made before trading hours today, 20 March 2017.

Meanwhile, the S&P BSE Sensex was down 136 points, or 0.46% to 29,512.99.

On the BSE, 2.45 crore shares were traded in the counter so far, compared with average daily volumes of 48.33 lakh shares in the past one quarter. The stock had hit a high of Rs 123.75 and a low of Rs 92 so far during the day.

The stock hit a 52-week high of Rs 128.05 on 28 April 2016. The stock hit a 52-week low of Rs 66 on 9 November 2016.

The stock had underperformed the market over the past one month till 17 March 2017, rising 0.09% compared with 4.76% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 41.60% as against Sensexs 11.93% rise.

The large-cap company has equity capital of Rs 3603.50 crore. Face value per share is Rs 10.

The board of directors of Idea Cellular at its meeting held today, 20 March 2017, have approved the scheme of amalgamation of Vodafone India (VIL) and its wholly owned subsidiary Vodafone Mobile Services (VMSL) with the company subject to receipt of necessary approvals of shareholders, creditors, Sebi, stock exchanges, the Competition Commission of India, the Department of Telecommunications (DoT), the Foreign Investment Promotion Board, the Reserve Bank of India and other governmental authorities and third parties (as may be required).

Upon the amalgamation becoming effective, the entire business of VIL and VMSL (excluding VILs investment in Indus Towers, its international network assets and information technology platforms) will vest in Idea Cellular. The agreement contemplates the completion of the proposed amalgamation within a period of 24 months.

Vodafone India has a net worth of Rs 12855 crore and a turnover of Rs 5025 crore. Vodafone Mobile Services has a net worth of Rs 3737 crore and turnover of Rs 40378 crore. Idea Cellular has a net worth Rs 24296 crore and turnover of Rs 36000 crore.

All the entities forming part of the amalgamation are engaged in the business of cellular mobile telecommunication services pursuant to licences granted to them by the DoT. The board of directors of Idea Cellular believes that the proposed amalgamation will result in creation of largest Indian telecom operator with widest mobile network in the country and pan India 3G/4G footprint. It will provide sufficient spectrum to complete with major operators in the market while offering innovative and attractively priced mobile service to customers. The amalgamation will acceleration of expansion of wireless broadband networks across India to deliver the Government of Indias Digital Indian++ mission. It will create substantial cost and capex synergies creating value for shareholders; and leverage the customers affinity for both the existing brands.

On the scheme of amalgamation of VMSL with Idea Cellular becoming effective, Idea Cellular will issue an aggregate number of its equity shares to VIL equal to 47% of the post issue paid-up capital of Idea Cellular on a fully diluted basis. Immediately thereafter, on the amalgamation of VIL with Idea Cellular, the shares issued to VIL pursuant to the amalgamation of VMSL with Idea Cellular shall stand cancelled and, post such cancellation, Idea Cellular shall issue an aggregate number of equity shares of Idea Cellular (credited as fully paid-up) equal to 50% of the post issue paid up capital of Idea Cellular to the shareholder of VIL (Vodafone).

Vodafone will own 45.1% of the combined company after transferring a stake of approximately 4.9% to the promoters of Idea/their affiliates (together promoters of Idea) for Rs 3874 crore in cash concurrent with the completion of the amalgamation. The promoters of Idea will hold 26% of the company and the balance will be held by the public.

The promoters of Idea Cellular have the right to acquire up to a 9.5% additional stake from Vodafone under an agreed mechanism with a view to equalising the shareholdings over time. If Vodafone and the promoters of Idea do not have equal shareholding by the expiry of the 4th year from completion of the amalgamation, Vodafone is obliged to reduce its holding in order to equalise its ownership with that of the promoters of Idea over the following 5 year period. Until equalisation is achieved, the additional shares held by Vodafone will be restricted and votes will be exercised jointly under the terms of the Shareholders Agreement.

The shareholders agreement will become effective only upon the scheme of amalgamation becoming effective. None of the above including the scheme of amalgamation, the entry into the shareholders agreement and the entry into the implementation agreement is a related party transaction.

On consolidated basis, Idea Cellular reported a net loss of Rs 383.88 crore in Q3 December 2016 compared with net profit of Rs 659.36 crore in Q3 December 2015. Net sales declined 3.7% to Rs 8660.74 crore in Q3 December 2016 over Q3 December 2015.

Idea Cellular is one of the leading telecom operators in India.

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