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Direct Tax Collections up to February, 2017 show growth of 10.7%
Mar 10,2017

The Direct Tax collections up to February, 2017 continue to show a steady growth trend. The collection net of refunds stands at Rs. 6.17 lakh crore, which is 10.7 % more than the net collections for the corresponding period last year. This collection is 72.9 % of the total Budget Estimates for Direct Taxes for Financial Year 2016-17.

As regards the growth rates for Corporate Income Tax (CIT) and Personal Income Tax (PIT), in terms of gross revenue collections, the growth rate under CIT is 11.9% while that under PIT (including STT) is 20.8 %. However, after adjusting for refunds, the net growth in CIT collections is 2.6 % while that in PIT collections is 19.5 %. Refunds amounting to Rs.1.48 lakh crore have been issued during April 2016- February 2017, which is 40.2% higher than the refunds issued during the corresponding period last year.

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Net Indirect Tax collection upto February 2017 stood at Rs 7.72 lakh crore, 22.2% more than the corresponding period last year
Mar 10,2017

Indirect Taxes

The figures for indirect tax collections (Central Excise, Service Tax and Customs) up to February 2017 show that net revenue collections are at Rs 7.72 lakh crore, which is 22.2% more than the net collections for the corresponding period last year. Till February 2017, about 90.9% of the Revised Estimates (RE) of indirect taxes for Financial Year 2016-17 has been achieved.

As regards Central Excise, net tax collections stood at Rs. 3.45 lakh crore during April-February, 2016-17 as compared to Rs.2.53 lakh crore during the corresponding period in the previous Financial Year, thereby registering a growth of 36.2%.

Net Tax collections on account of Service Tax during April-February, 2016-17 stood at Rs. 2.21 lakh crore as compared to Rs.1.83 lakh crore during the corresponding period in the previous Financial Year, thereby registering a growth of 20.8%.

Net Tax collections on account of Customs during April-February 2016-17 stood at Rs. 2.05 lakh crore as compared to Rs. 1.94 lakh crore during the same period in the previous Financial Year, thereby registering a growth of 5.2%.

During February 2017, the net indirect tax grew at the rate of 8.4% compared to corresponding month last year. The growth rate in net collection for Customs, Central Excise and Service Tax was 10.9%, 7.4% and 7.6% respectively during the month of February 2017, compared to the corresponding month last year.

Direct Taxes

The figures for Direct Tax collections up to February, 2017 show that net collections are at Rs. 6.17 lakh crore which is 10.7% more than the net collections for the corresponding period last year. This collection is 72.9% of the total Budget Estimates of Direct Taxes for F.Y. 2016-17.

As regards the growth rates for Corporate Income Tax (CIT) and Personal Income Tax (PIT), in terms of gross revenue collections, the growth rate under CIT is 11.9% while that under PIT (including STT) is 20.8%. However, after adjusting for refunds, the net growth in CIT collections is 2.6% while that in PIT collections is 19.5%. Refunds amounting to Rs.1.48 lakh crore have been issued during April 2016-February 2017, which is 40.2% higher than the refunds issued during the corresponding period last year.

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Volumes jump at Balkrishna Industries counter
Mar 10,2017

Balkrishna Industries clocked volume of 2.41 crore shares by 13:36 IST on BSE, a 1615.19-times surge over two-week average daily volume of 15,000 shares. The stock rose 1.98% to Rs 1,335.

Mahindra Holidays & Resorts India notched up volume of 68.34 lakh shares, a 1342.90-fold surge over two-week average daily volume of 5,000 shares. The stock fell 2.01% to Rs 419.30.

Edelweiss Financial Services saw volume of 8.21 crore shares, a 266.04-fold surge over two-week average daily volume of 3.09 lakh shares. The stock rose 2.98% to Rs 138.10.

Mukand clocked volume of 7.25 lakh shares, a 14.56-fold surge over two-week average daily volume of 50,000 shares. The stock rose 11.80% to Rs 76.75.

Bombay Rayon Fashions saw volume of 10.50 lakh shares, a 14.02-fold rise over two-week average daily volume of 75,000 shares. The stock fell 0.89% to Rs 156.

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Ind-Ra: Stable Input Prices, Fiscal Incentives to Support Textile and Cotton in FY18
Mar 10,2017

India Ratings and Research (Ind-Ra) has maintained a stable outlook for cotton textiles for FY18. However, the agency has revised its cotton outlook to stable for FY18 from negative for FY17. In addition, the agency has revised its outlook for synthetic textiles to stable for FY18 from negative for FY17. The stable textile outlook is in view of stable input prices, healthy capacity utilisation and steady domestic demand scenario in FY18 and support emanating through fiscal incentives and implementation of Goods and Services Tax (GST) that will improve the textile industrys export competitiveness. Moreover, the USs exit from the Trans-Pacific Partnership is likely to realign textile trade and investments towards the Indian subcontinent that were diverted to Vietnam over FY16-FY17.

The stable cotton outlook is in view of an increase in acreage, a rise in supply in 1QFY18 (due to demonetisation) and a decline in global inventory assisting with a balanced supply. Ind-Ra expects operating profitability levels of Indian cotton ginners and exporters to moderate in FY18. Liquidity position of small players was acutely affected due to a surge in cotton prices in 1HFY17, followed by a challenging operating environment in 2HFY17 due to demonetisation.

Ind-Ra expects cotton acreage to increase 10%-15% to nearly 120 million hectares in FY18, leading to increased production. Ind-Ra projects a domestic stock-to-use ratio of nearly 13% for cotton marketing year (MY) 17-18 (MY16-17: 15.3%, MY15-16: 13.8%). The expectation is in view of continued auction of Chinese reserves and global cotton processing countries (excluding China) holding about six months of inventory.

A unified tax structure in the form of GST is likely to create a level playing field for the cotton and polyester industries, and promote enhanced sponsor interest towards the polyester chain. Ind-Ra opines that textile companies would be able to deleverage their balance sheets in FY18 in the absence of major investments due to adequate capacities and pending uncertainty over the GST tax rates. The next round of investment cycle is expected from FY19. Ind-Ra expects an improvement in the credit profiles of textile companies, including raw cotton players, driven by lower cotton inventories, limited capital investments and reduced borrowing costs.

OUTLOOK SENSITIVITIES

Textile

Positive: Favourable trade agreements with the US and Europe leading to a significant increase in Indias exports and a higher-than-expected domestic demand would be positive for the sector outlook.

Negative: Any or combination of the following factors could lead to revision of the sector outlook to negative:

- Slowdown in demand emanating from weak domestic spending in or protectionist trade policies by the US or Europe leading to underutilisation of capacities

- High volatility in input prices adversely impacting contribution margins

Cotton

Increased Domestic Consumption: A substantial increase in domestic mill cotton consumption, driven by a rise in demand for Indian textiles on account of higher domestic consumption and/or exports will lead to a revision in sector outlook to positive.

Higher-than-Expected Global Production: A substantial increase in global cotton production leading to a high stock-to-use ratio than FY15 and/or increased cotton prices on account of GST leading to a higher-than-expected shift from cotton to man-made fibres will lead to a revision in sector outlook to negative.

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Outcome of board meeting of Akme Star Housing Finance
Mar 10,2017

Akme Star Housing Finance announced that the Board of Directors of the Company at its meeting held on 10 March 2017 has considered the following:

1. Allotment of Bonus Shares pursuant to Bonus issue to the Shareholders as on the Record Date i.e. 08 March 2017.

2. To open its Corporate Office at 94/D, Kurla Kamgar Nagar Co-operative Housing Society, S.G. Barve MArg, Kurla (East), Mumbai-400024 for expansion of Business Activities.

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IndusInd Bank allots 15,725 equity shares
Mar 10,2017

IndusInd Bank has allotted 15,725 (Fifteen Thousand Seven Hundred Twenty Five) equity shares of Rs. 10/- (Rupees Ten Only) each on 10 March 2017 to those grantees who had exercised their option under the Companys Employee Stock Option Scheme. The said shares will rank pari-passu with the existing shares of the Company in all respect.

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Godrej Industries gains as Godrej Agrovet reportedly kicks off IPO process
Mar 10,2017

Meanwhile, the S&P BSE Sensex was up 44.55 points, or 0.15%, to 28,973.68

On BSE, so far 35,000 shares were traded in the counter, compared with an average volume of 29,253 shares in the past one quarter. The stock hit a high of Rs 497.70 and low of Rs 482 so far during the day. The stock hit a 52-week high of Rs 524.90 on 15 February 2017. The stock hit a 52-week low of Rs 320 on 09 March 2016.

The large-cap company has an equity capital of Rs 33.61 crore. Face value per share is Re 1.

Godrej Agrovet has reportedly hired an investment bank and is in the process of hiring two more investment banks to manage an initial public offering (IPO) through which it plans to raise as much as $200 million. Godrej Agrovet is in businesses such as agri-inputs, animal feeds, palm oil manufacturing, dairy and poultry. Godrej Industries owns 60.8% in Godrej Agrovet.

Godrej Industries consolidated net profit fell 15.17% to Rs 89.95 crore on 34.37% rise in total income to Rs 2230.70 crore in Q3 December 2016 over Q3 December 2015.

Godrej Industries is a conglomerate with a significant presence in Home and Personal Care, Animal Feeds, Dairy and Agri-products, Poultry, Oil Palm Plantation, Real Estate Development, Oleo-chemicals and Vegetable Oils, both directly and through subsidiaries/associate companies.

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Garbi Finvest to hold board meeting
Mar 10,2017

Garbi Finvest will hold a meeting of the Board of Directors of the Company on 10 March 2017.

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South Eastern Coalfields to hold board meeting
Mar 10,2017

South Eastern Coalfields will hold a meeting of the Board of Directors of the Company on 10 March 2017.

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Borosil Glass Works advances on bargain hunting
Mar 10,2017

Meanwhile, the S&P BSE Sensex was up 35.16 points, 0.12% to Rs 28,964.29.

On the BSE, 1,462 shares were traded on the counter so far as against the average daily volumes of 2,910 shares in the past one quarter. The stock had hit a high of Rs 6,300 and a low of Rs 6,166 so far during the day.

The stock had hit a record high of Rs 8,702.60 on 25 October 2016 and a 52-week low of Rs 2,541 on 21 March 2016.

The small-cap company has equity capital of Rs 2.31 crore. Face value per share is Rs 10.

Shares of Borosil Glass Works declined 10.31% in the preceding eight trading sessions to settle at Rs 6,155.10 yesterday, 9 March 2017, from its close of Rs 6,862.85 on 27 February 2017.

Borosil Glass Works net profit spurted 754.4% to Rs 97.06 crore on 12.3% increase in net sales to Rs 71.93 crore in Q3 December 2016 over Q3 December 2015.

Borosil Glass Works manufactures scientific ware items and consumer ware items.

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K E C International secures various orders
Mar 10,2017

K E C International has secured orders worth Rs 1943 crore under various segments as detailed below -

Transmission & distribution business - Rs 1408 crore
Cables business - Rs 85 crore
Solar business - Rs 450 crore

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Allocations for women by different Ministries/Departments has increased to Rs. 90,624.76 crores in 2016-17 under Gender Budgeting
Mar 10,2017

In order to mainstream gender across sectors and all levels of governance, Government of India, has adopted Gender Budgeting as a tool in 2004-05. Ministry of Women and Child Development has been consistently promoting gender budgeting across the country as a pathway to ensure gender mainstreaming at all levels and stages of the budgetary process. Gender Budget Statement was introduced as a part of the Union Budget in 2005-06. To facilitate integration of gender analysis in policies, programmes and schemes, the Ministry of Finance in consultation with the Ministry of Women and Child Development had issued a Gender Budget Charter on 8th March, 2007 outlining the composition and functions of the Gender Budgeting Cells (GBCs). The most important milestone in this regard has been the institutionalization of the progress through formation of GBCs in various Ministries and Departments. As of now, 57 Central Ministries /Departments have set up GBCs. Another important progress made in the Gender Budgeting system is inclusion of a column on gender impact in the Expenditure Finance Committee (EFC) document with effect from 1st April, 2014 for inclusion of womens concerns at the planning stage and inclusion of a gender perspective in the Outcome Budget Process. The magnitude of Gender Budget as reflected in the GB Statement shows allocations made for women by different Ministries/Departments has increased from Rs. 14,378.68 crores in 2005-06 to Rs. 90,624.76 crores in 2016-17.

Funds are released to Central/ State Govt./Autonomous institutions for carrying out the training programmes for enhancing gender sensitivity and gender expertise, training of the Gender Budgeting Cells for mainstreaming gender concerns across levels of governance. Government autonomous institutions both at the national level and state level have been supported by the Ministry to develop in-house GB expertise and have started imparting training to various other stakeholders. To support the training programmes in a structured and sustained way the Ministry is in the process of designating nodal centres at the state level. 20 states have already designated their nodal centre and at the Central level, National Institute of Financial Management Faridabad has been designated as the nodal centre by the Ministry for undertaking gender budgeting activities.

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Yes Bank allots 1,31,300 equity shares
Mar 10,2017

Yes Bank has allotted 1,31,300 (One Lakh Thirty One Thousand and Three Hundred) equity shares of face value of Rs 10/- each on March 10, 2017 under the JESOP IV, JESOP V, PESOP I and PESOP II - 2010. The paid up share capital of the Bank has accordingly been increased from Rs 423,64,35,130/- consisting of 42,36,43,513 equity shares of Rs 10/- each to Rs 423,77,48,130/- consisting of 42,37,74,813 equity shares of Rs 10/- each.

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Aurobindo Pharma allots 6,97,823 equity shares
Mar 10,2017

Aurobindo Pharma announced that the Nomination and Remuneration/Compensation Committee of the Company on 9 March 2017 has allotted 6,97,823 equity shares of Re.1/- each under ESOP Scheme of the Company.

Consequent to the allotment, the paid up share capital of the Company has increased from 58,51,69,586 Equity Shares of Re.1/- each to 58,58,67,409 Equity Shares of Re.1/- each. Please find enclosed the details as required under Regulation 10(c) of SEBI (Share Based Employee benefits) Regulations, 2014.

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Rane Holdings to set up wholly owned subsidiary in Germany
Mar 10,2017

Rane Holdings announced that the Strategy and lnvestment Committee of the Board of Directors of the Company, had at their meeting held on 09 March 2017, inter-alia, approved the setting up of a Wholly Owned Subsidiary (WOS) in Germany under the name and style of Rane Holdings Europe GmbH (WOS) through acquisition of 100 % equity shares of a newly incorporated company for this purpose.

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