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GIC Housing Finance standalone net profit rises 29.94% in the March 2017 quarter
Apr 27,2017

Net profit of GIC Housing Finance rose 29.94% to Rs 46.61 crore in the quarter ended March 2017 as against Rs 35.87 crore during the previous quarter ended March 2016. Sales rose 14.12% to Rs 266.02 crore in the quarter ended March 2017 as against Rs 233.10 crore during the previous quarter ended March 2016.

For the full year,net profit rose 18.66% to Rs 147.73 crore in the year ended March 2017 as against Rs 124.50 crore during the previous year ended March 2016. Sales rose 14.38% to Rs 1000.21 crore in the year ended March 2017 as against Rs 874.44 crore during the previous year ended March 2016.

ParticularsQuarter EndedYear Endedn++Mar. 2017Mar. 2016% Var.Mar. 2017Mar. 2016% Var. Sales266.02233.10 14 1000.21874.44 14 OPM %89.4290.27 -89.5590.64 - PBDT71.6255.21 30 227.80191.93 19 PBT71.4154.98 30 227.10191.11 19 NP46.6135.87 30 147.73124.50 19

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KPIT Technologies standalone net profit declines 58.36% in the March 2017 quarter
Apr 27,2017

Net profit of KPIT Technologies declined 58.36% to Rs 28.39 crore in the quarter ended March 2017 as against Rs 68.18 crore during the previous quarter ended March 2016. Sales declined 1.74% to Rs 321.07 crore in the quarter ended March 2017 as against Rs 326.74 crore during the previous quarter ended March 2016.

For the full year,net profit declined 16.68% to Rs 169.29 crore in the year ended March 2017 as against Rs 203.17 crore during the previous year ended March 2016. Sales rose 4.57% to Rs 1319.56 crore in the year ended March 2017 as against Rs 1261.86 crore during the previous year ended March 2016.

ParticularsQuarter EndedYear Endedn++Mar. 2017Mar. 2016% Var.Mar. 2017Mar. 2016% Var. Sales321.07326.74 -2 1319.561261.86 5 OPM %14.5324.23 -19.8523.04 - PBDT47.5281.69 -42 269.38307.75 -12 PBT27.1666.42 -59 198.24249.38 -21 NP28.3968.18 -58 169.29203.17 -17

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ASSOCHAM advocates MAT exemption for sick companies under debt restructuring
Apr 27,2017

Apex Industry body ASSOCHAM has advocated continuation of the exemption from MAT (Minimum Alternative Tax) by the insertion of a suitable substitution of or addition to the Income Tax Act in respect of the restructuring under the insolvency & banking code 2016.

In a note submitted to the Chairman CBDT (Central Board of Direct Taxes) Mr. Sushil Chandra, ASSOCHAM has stated that in the absence of a provision for exemption from MAT for such a company, any Resolution Plan for revival of the Company whether under IBC or (Section 230) of Companies Act shall become unworkable and unviable due to the huge and immediate cash flow required to meet the corporate tax liability payable immediately under MAT and the company would hardly be in a situation requiring debt restructuring.

The intent of the legislature in introducing the new Insolvency & Bankruptcy Code, 2016 was clearly to provide an effective mechanism for time bound resolution of indebtedness issues for financially distressed companies which have been adequately highlighted when government taxes were given lower priority during liquidation waterfall mechanism.

Therefore, under the provisions of the IBC, 2016, a Company must obtain approval of its Resolution Plan from NCLT under Section 31 of the IBC within 180 days, extendable by further 90 days maximum, failing which the liquidation process shall be initiated.

ASSOCHAM feels, a resolution plan in most such cases shall always involve sacrifices from all stakeholders - promoters, creditors etc. The sacrifice from the creditors by way of waiver of certain loans and/or interest shall therefore result in notional profits appearing in the books of accounts of such distressed companies. Unless otherwise exempted, such distressed companies may fail in their Resolution Plan simply due to the high tax liability that shall accrue upon them on account of MAT while continuing to be under turnaround process and stressed for liquidity.

ASSOCHAM has suggested that addition of the amount of profits of a company with negative net-worth pertaining to the reduction in debt by its creditors for the Assessment Year commencing on and from be Assessment Year in which the Adjudicating Authority i.e. NCLT approves a Resolution Plan under section 31 of Insolvency & Bankruptcy Code, 2016 and ending with the Assessment Year during which the entire Net Worth of the Company becomes equal to or exceeds the accumulated losses.

The amount of profits of a Company with negative net-worth pertaining to the reduction in debt by its creditors for the Assessment Year commencing on and from the Assessment Year in which the Adjudicating Authority i.e. NCLT approves the Scheme for Compromise and/ or Rearrangement with the creditors is sanctioned by NCLT under section 230 of the Companies Act, and ending with the Assessment Year during which the entire Net Worth of the Company becomes equal to or exceeds the accumulated losses.

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Foseco India declines after weak Q1 results
Apr 27,2017

The result was announced after market hours yesterday, 26 April 2017.

Meanwhile, the S&P BSE Sensex was down 74.82 points or 0.25% at 30,058.53. The S&P BSE Small-Cap index was up 11.07 points or 0.07% at 15,293.73.

On the BSE, 797 shares were traded on the counter so far as against the average daily volumes of 518 shares in the past one quarter. The stock had hit a high of Rs 1,405 and a low of Rs 1,360 so far during the day.

The stock had hit a 52-week high of Rs 1,570 on 20 October 2016 and a 52-week low of Rs 1,233 on 22 December 2016. It had outperformed the market over the past one month till 26 April 2017, advancing 6.94% compared with the Sensexs 2.42% rise. The scrip had also outperformed the market over the past one quarter, gaining 10% as against the Sensexs 8.75% rise.

The small-cap company has equity capital of Rs 6.39 crore. Face value per share is Rs 10.

Foseco India offers the widest range of solutions for producing casting of the highest standards in terms of quality, surface finish, soundness, integrity and dimensional tolerance.

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GIC Housing Finance hits record high after good Q4 results
Apr 27,2017

The result was announced after market hours yesterday, 26 April 2017.

Meanwhile, the S&P BSE Sensex was down 58.41 points, or 0.19%, to 30,074.94. The S&P BSE Small-Cap index was up 12.05 points, or 0.08%, to 15,294.71.

On the BSE, 34,616 shares were traded in the counter so far, compared with an average volume of 44,387 shares in the past one quarter. The stock had hit a high of Rs 524.90 in intraday trade so far, which is record high for the counter. The stock had hit a low of Rs 509.80 so far during the day. The stock had hit a 52-week low of Rs 250 on 24 May 2016.

The stock had outperformed the market over the past one month till 26 April 2017, surging 40.57% compared with the Sensexs 2.42% rise. The scrip had also outperformed the market over the past one quarter, jumping 71.77% as against the Sensexs 8.75% rise.

The small-cap company has an equity capital of Rs 53.85 crore. Face value per share is Rs 10.

GIC Housing Finances board recommended a dividend of Rs 5 per share for the year ended 31 March 2017.

The companys board has also approved the increase in the borrowing powers of the company from Rs 10000 crore to 12500 crore. The board revised the limit of raising funds by issue of redeemable non-convertible debentures (NCDs)/bonds through private placement basis upto Rs 800 crore. The board also approved for related party transactions of upto Rs 1000 crore.

GIC Housing Finance provides housing loans to both individuals and corporations.

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Government revamps jobs on compassionate ground for Gramin Dak Sevaks
Apr 27,2017

Department of Posts has revamped the existing compassionate engagement scheme offered to the dependent family members of Gramin Dak Sevak. A GDS who dies in harness, the dependents of such GDS will benefit from a liberalized and time bound procedure for engagement on compassionate grounds. Henceforth, any death of a Gramin Dak Sevak while on engagement would be compensated by a compassionate engagement to a dependent family member irrespective of the circumstances or indigence. Upper age limit of the applicant could also be relaxed wherever found to be necessary. Thus the new scheme of compassionate engagement will provide greater relief to the members of the family of the deceased GDS who belong to weaker and poorer sections of the society and are thrown into penury and hardship.

The ambit of dependent family member has also been expanded to include:

n++Married son living with parents and dependent for livelihood on the GDS on the date of death of the GDS

n++Divorced daughter wholly dependent on the GDS at the time of death of the GDS

n++Daughter in law of the deceased GDS who is wholly dependent on the GDS, if the only son of the GDS is pre deceased.

This expansion of definition of family members aims to bring greater relief to women in our society who are subjected to difficult circumstances in the unfortunate event of demise of their spouse/parent.

The present system of relative merit points to ascertain the degree of indigence has been dispensed with. Keeping in view the unique and distinct service conditions, socio economic aspects and to relieve the family from financial destitution, the time consuming process of consideration by Circle Relaxation Committee has been done away with. Henceforth, a request received for compassionate engagement would be considered and decided within three months from the date of receipt of the application.

Further to ensure least displacement, it has been decided that to the extent possible, compassionate engagement would be offered to the dependent of the deceased GDS, to a GDS post near the place where the family of the deceased normally resides.

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Strong Q4 earnings boost Tata Sponge Iron
Apr 27,2017

The result was announced after market hours yesterday, 26 April 2017.

Meanwhile, the S&P BSE Sensex was down 36.95 points or 0.12% at 30,096.40. The S&P BSE Small-Cap index was up 17.40 points or 0.11% at 15,300.06.

On the BSE, 1.11 lakh shares were traded on the counter so far as against the average daily volumes of 85,704 shares in the past one quarter. The stock was volatile. It surged as much as 4.56% at the days high of Rs 871.85 so far during the day. It rose 0.59% at the days low of Rs 838.80 so far during the day.

The stock had hit a 52-week high of Rs 900 on 11 April 2017 and a 52-week low of Rs 474.95 on 9 November 2016. It had outperformed the market over the past one month till 26 April 2017, advancing 22.69% compared with the Sensexs 2.42% rise. The scrip had also outperformed the market over the past one quarter, gaining 34.17% as against the Sensexs 8.75% rise.

The small-cap company has equity capital of Rs 15.40 crore. Face value per share is Rs 10.

Tata Sponge Iron is a sponge iron manufacturer. Tata Steel is the promoter of Tata Sponge Iron. Tata Steel owned 54.5% stake in the company end March 2017.

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TCS ranks #1 for customer satisfaction in whole of Europe
Apr 27,2017

Tata Consultant Services has been named number one for customer satisfaction in the Europes largest report of IT service providers by Whitelane Research. This is the fourth year in a row that TCS has achieved the highest level of customer satisfaction, leading the way for customer centricity in an evolving, fast paced digital economy.

With a satisfaction score of 79% in 2016, TCS occupied first place in the rankings for the whole of Europe. The Company also topped the ranking in the majority countries including UK, Netherlands, Germany, Austria, Switzerland and the Nordics, while also leading the way for the financial services sector.

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Jubilant Lifesciences drops after NGTs order
Apr 27,2017

Jubilant Lifesciences and Jubilant Industries separately made announcements in this regard before market hours today, 27 April 2017.

Meanwhile, the S&P BSE Sensex was down 37.72 points or 0.11% at 30,100.58.

On the BSE, 56,744 shares were traded on the counter so far as against the average daily volumes of 1.06 lakh shares in the past one quarter. The stock had hit a high of Rs 778 and a low of Rs 761 so far during the day.

The stock had hit a record high of Rs 879.10 on 12 April 2017 and a 52-week low of Rs 294.20 on 24 June 2016.

The stock had underperformed the market over the past one month till 26 April 2017, rising 0.17% compared with the Sensexs 2.42% rise. The scrip had, however, outperformed the market over the past one quarter, gaining 10.4% as against the Sensexs 8.75% rise.

The large-cap company has equity capital of Rs 15.93 crore. Face value per share is Rs 1.

Jubilant Lifesciences said that the National Green Tribunal (NGT) in a hearing on 26 April 2017, in a case relating to the pollution of the river Ganga and drainage canals leading into the river Ganga, has, by way of an oral pronouncement, ordered 13 industrial units situated in Gajraula near the river Bagad to immediately cease operations.

The order of the NGT applies to the companys units in Gajraula. The units belong to Jubilant Agri & Consumer Products (JACPL), Jubilant Industries wholly owned material subsidiary.

A committee has been set up by the NGT to inspect amongst other things, the discharge of effluents by the affected industrial units and to provide a report. Each industry has been given an opportunity to respond to the report with an action plan to resolve any deficits identified by the committee, in order to resume operations, within a week of submission of the report.

While a written order of the NGT is awaited, JACPL will comply with the oral order of the NGT and will file its response to the report as submitted by the committee, along with an action plan to resolve deficits identified by the committee, if any, before the NGT shortly.

JACPL is environmentally conscious and as a good corporate citizen, is taking all necessary steps in this regard. JACPL operates its manufacturing facilities in Gajraula with zero liquid discharge and in compliance with all applicable laws and it is confident of meeting any requirements that the NGT may prescribe and resuming operations of its industrial units at Gajraula at the earliest, it added.

Meanwhile, shares of Jubilant Industries dropped 1.32% to Rs 314.50.

Jubilant Life Sciences consolidated net profit fell 2.6% to Rs 119.78 crore on 8.7% rise in net sales to Rs 1438.81 crore in Q3 December 2016 over Q3 December 2015.

Jubilant Life Sciences is an integrated global pharmaceutical and life sciences company engaged in pharmaceuticals, life science ingredients and drug discovery solutions. The pharmaceuticals segment, through its wholly owned subsidiary Jubilant Pharma, is engaged in manufacture and supply of APIs, solid dosage formulations, radiopharmaceuticals, allergy therapy products and contract manufacturing of sterile and non-sterile products through 6 USFDA approved manufacturing facilities in India, USA and Canada.

The life science ingredients segment, is engaged in specialty intermediates, nutritional products and life science chemicals through 5 manufacturing facilities in India. The drug discovery solutions segment, provides proprietary in-house innovation & collaborative research and partnership for out-licensing through 3 world class research centres in India and USA.

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Onward Technologies announces cessation of director
Apr 27,2017

Onward Technologies announced that Arun Meghani, Director (Non Executive) of the Company would be retiring from the Board. The same shall be effective from 27 April 2017.

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Wipro allots 16,263 equity shares
Apr 27,2017

Wipro has allotted 16,263 equity shares under ADS Restricted Stock Unit Plan 2004, 32,718 equity shares under Restricted Stock Unit Plan 2007 and 59,000 equity shares under Restricted Stock Unit Plan 2005 to the employees on 26 April 2017 pursuant to exercise of ESOPs.

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Supreme Petrochem hits record high
Apr 27,2017

The result was announced after market hours yesterday, 26 April 2017.

Meanwhile, the S&P BSE Sensex was down 35.45 points or 0.12% at 30,097.90. The S&P BSE Mid-Cap index was up 39.82 points or 0.27% at 14,802.55.

On the BSE, 2.12 lakh shares were traded on the counter so far as against the average daily volumes of 22,015 shares in the past one quarter. The stock had hit a high of Rs 447.20 so far during the day, which is a record high. The stock hit a low of Rs 412.80 so far during the day.

The stock had hit a 52-week low of Rs 141.10 on 25 April 2016. It had outperformed the market over the past one month till 26 April 2017, advancing 31.14% compared with the Sensexs 2.42% rise. The scrip had also outperformed the market over the past one quarter, gaining 66.07% as against the Sensexs 8.75% rise.

The mid-cap company has equity capital of Rs 96.50 crore. Face value per share is Rs 10.

Supreme Petrochem manufactures styrene monomer and polystyrene.

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Dr Reddys Laboratories launches Ezetimibe and Simvastatin Tablets
Apr 27,2017

Dr Reddys Laboratories announced that it has launched Ezetimibe and Simvastatin Tablets 10mg/10 mg, 10mg/20 mg, 10mg/40mg and 10mg/80mg a therapeutic equivalent generic version of Vytorin Tablets in the United States market, approved by the USFDA.

Dr Reddys Ezetimibe and Simvastatin Tablets 10mg/10 mg, 10mg/20 mg, 10mg/40mg and 10mg/80mg, are available in bottle count sizes of 30,90 and 1000.

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Indian Institute of Corporate Affairs (IICA) and National Skill Development Corporation (NSDC) to forge collaboration on skills and CSR
Apr 27,2017

Shri Manish Kumar, Managing Director & CEO, National Skill Development Corporation (NSDC), while on an invited visited to the Indian Institute of Corporate Affairs (IICA), mentioned the n++areas of synergyn++ and n++common groundsn++ that both the organisations can identify for working together. He further said that the two organisations can collaborate in areas including but not limited to MSME, Corporate Governance, CSR, Business Innovation, E Governance and Corporate Communication. He also gave a detailed account of NSDCs mandate as well as delivery mechanisms. The present visit was aimed at exploring synergy and partnership between the two institutions, which in turn, would lead to effective collaborative work.

Shri Sunil Arora, DG & CEO, IICA reiterated the possibility of both the organisations working together covering several domains. Highlighting the need for a close coordination and regular interaction, Shri Arora suggested that teams from both organisations should work towards closing a MoU within a specified period of time. He further articulated that areas of CSR, skill, entrepreneurship, innovation, MSMEs provided ample opportunity to both the organizations to bring together mutual synergies and contribute to policy priorities of the Government.

Indian Institute of Corporate Affairs (IICA) is an autonomous organisation working under the aegis of the Ministry of Corporate Affairs. Set up as the premier organisation that aims at providing astute and credible intellectual leadership in corporate regulation, governance and running sustainable businesses, IICA is a capacity development and service delivery institute. The institute works through a network of Schools and Centres based in its campus at Manesar in Haryana.

The National Skill Development Corporation, (NSDC) is a unique Public Private Partnership in India, working under the Ministry of Skill Development & Entrepreneurship. It aims to promote skill development by catalysing creation of large, quality, for-profit vocational institutions. NSDC provides funding to build scalable, for-profit vocational training initiatives. Its mandate is also to enable support systems such as quality assurance, information systems and train the trainer academies either directly or through partnerships.

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Shipping Corporation of India takes delivery of secondhand Suezmax tanker
Apr 27,2017

Shipping Corporation of India has taken physical delivery of a secondhand Suezmax tanker of 158,710 DWT capacity - m.t. Desh Abhimaan (81,084 GT) on the 26 April 2017.

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