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Board of Prestige Estates Projects approves acquisition of additional stake in Villaland Developers
Dec 08,2016

Prestige Estates Projects announced that the Board of Directors of the Company at its meeting held on 07 December 2016 has approved acquisition of additional stake of 20% in Villaland Developers LLP. Subsequent to the acquisition, the Companys overall stake in the LLP stands at 80%.

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Tata Steel UK reaches agreement with the trade unions
Dec 08,2016

Tata Steel UK reached an agreement with trade unions on a number of proposals that would structurally reduce risks and help secure a more sustainable future for its UK business.

The company will next week start consultation with its employees on a proposal to close the British Steel Pension Scheme to future accrual. Employees would be offered a competitive defined contribution scheme.

The proposal on pensions and other changes in the employment terms are part of the ongoing transformation plan that the business is undertaking. As part of the agreement all parties will work towards making Tata Steel UK a sustainable business.

The company and trade unions have also agreed on the principle that subject to the structural de-risking and de-linking of the British Steel Pension Scheme fund from the business, Tata Steel UK will continue the existing blast furnace configuration in Port Talbot until 2021. Further, based on achieving the necessary financial performance and cash flows as per the transformation plan of the UK business, the company will continue to invest across the UK sites to enhance the competitive position of Tata Steel UK in the European steel industry. The company has also offered an employment pact until 2021 which supports employees throughfuture changes by investing in their skills to support further plant upgrades, automation and other digital initiatives.

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Cabinet approves Pune Metro Rail Project Phase - 1
Dec 08,2016

The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi has approved the development of Pune Metro Rail Project Phase - 1. The Pune Metro Rail Corridor will be covering a length of 31.254 km comprising with two corridors i.e. Corridor-1 {Pimpri Chinchwad Municipal Corporation (PCMC) to Swargate} covering length of 16.589 km (11.57 km elevated and 5.019 km underground) and Corriodor-2 (Vanaz to Ramwadi) covering 14.665 km (fully elevated).

The total completion cost of the metro rail corridor will be Rs.11,420 crore. The population of approximately 50 lakh of Pune Metropolitan Area will be benefitted through this metro corridor.

The project is scheduled to be completed in five years from the date of start of work as per the Detailed Project Report (DPR).

The approved alignments are expected to provide the much needed connectivity to the commuters and would traverse through some of the densest and traffic congested routes in the Pune Metropolitan Area. It will considerably reduce the traffic congestion and will bring in fast, comfortable, safe, pollution-free and affordable mass transportation system in the city, which in turn will contribute to further development and prosperity of the area. Development and prosperity of Pune Metropolitan Area will also contribute to the prosperity and development of the nation.

The Project will be implemented by Maharashtra Metro Rail Corporation (MAHA-METRO), which will be a 50:50 jointly owned company of Government of India and Government of Maharashtra. Project will be covered under the legal framework of the Metro Railways (Construction of Works) Act, 1978; the Metro Railways (Operation and Maintenance) Act, 2002; and the Railways Act, 1989, as amended from time to time.

The existing Nagpur Metro Rail Corporation Limited (NMRCL) which is a joint Special Purpose Vehicle (SPV) of Government of India (GoI) and Government of Maharashtra (GoM), would be reconstituted into Maharashtra Metro Rail Corporation Limited (MAHA-METRO) for implementation of all metro projects including Pune Metro Rail Project Phase-1 in the State of Maharashtra outside Mumbai Metropolitan Region. The project will benefit from experience and learnings from other Metro Rail projects in Delhi, Bengaluru, Chennai, Kochi, Nagpur etc.

Background:

Pune Metropolitan Area includes Pune Municipal Corporation (PMC), Pimpri Chinchwad Municipal Corporation (PCMC). Both the cantonment areas namely Pune and Khadki have witnessed rapid growth of population. The population of Pune Urban Agglomeration was 4.99 million as per 2011 census compared to 3.57 million in 2001 census. This is further projected to increase to 6.90 million in 2021 and 7.73 million in 2031.

Rapid industrialization and intense commercial developments in the past decades have resulted in steep rise in travel demand, putting Punes transport infrastructure to stress. With the projected increase in the areas population, strengthening and augmenting the existing transport infrastructure has assumed urgency. With the growing economy and inadequate public transport services, the passengers will shift to private modes, which is already evident from the high vehicle ownership trend in the region. This would not only aggravate the congestion on streets but also increase the air pollution. Hence, Metro Rail System has become essential.

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Tata Steel in focus after its UK unit reaches agreement with trade unions
Dec 08,2016

Tata Steel will be in focus. Tata Steel UK yesterday, 7 December 2016, reached an agreement with trade unions on a number of proposals that would structurally reduce risks and help secure a more sustainable future for its UK business.

The company will next week start consultation with its employees on a proposal to close the British Steel pension scheme to future accrual. Employees would be offered a competitive defined contribution scheme.

The proposal on pensions and other changes in the employment terms are part of the ongoing transformation plan that the business is undertaking. As part of agreement all parties will work towards making Tata Steel UK a sustainable business.

The company and trade unions have also agreed on the principle that subject to the structural de-risking and de-linking of the British Steel Pension Scheme fund from the business, Tata Steel UK will continue the existing blast furnace configuration in Port Talbot until 2021. Further, based on achieving the necessary financial performance and cash flows as per the transformation plan of the UK business, the company will continue to invest across the UK sites to enhance the competitive position of Tata Steel UK in the European steel industry. The company has also offered an employment pact until 2021 which supports employees through future changes by investing in their skills to support further plant upgrades, automation and other digital initiatives.

Tata Steel is the UKs largest steel manufacturer. It supplies almost 50% of UK carmakers steel requirements, including body panels and chassis, and a range of advanced steels for the UK construction industry which help to reduce buildings energy use.

Separately, Tata Steel also announced that its subsidiary, TM International Logistics (TMILL) has divested entire stake in its wholly owned step down subsidiary TM Harbour Services (TMHSPL) to Adani Ports and Special Economic Zone (APSEZ) for a total consideration of Rs 106 crore in an all cash deal.

TKM Global GmbH, Germany and International Shipping and Logistics FZE, Dubai, subsidiaries of TMILL, hold 74.18% and 25.82% equity shares in TMHSPL respectively. TMHSPL with an annual turnover of about Rs 29 crore is engaged in the business of providing Tug Services at Dhamra Port and owns 3 tug boats.

BPCL, Indian Oil Corporation and HPCL have separately informed that they signed a consortium agreement on 7 December 2016 to carry out pre-project activities for setting up of a West Coast Refinery & Petrochemical project of approximately 60 million metric tonne per annum (MMTPA) capacity in Maharashtra through a joint venture company. The announcement was made after market hours yesterday, 7 December 2016.

Indusind Bank announced that its board pf directors passed issuance of senior unsecured redeemable non-convertible long term bonds in the nature of debentures of face value of Rs 10 lakh each aggregating Rs 1500 crore on private placement basis. The announcement was made after market hours yesterday, 7 December 2016.

Prestige Estates Projects consolidated net profit fell 58.23% to Rs 64.51 crore on 29.4% fall in total income to Rs 1173.52 crore in Q2 September 2016 over Q2 September 2015. The announcement was made after market hours yesterday, 7 December 2016.

Tata Power Company announced that post Central Electricity Regulatory Commissions (CERC) order dated 21 February 2014 wherein CERC granted compensatory tariff to Coastal Gujarat Power (CGPL), the procurers had approached Appellate Tribunal for Electricity (APTEL) against the same.

APTEL, while setting aside the order of CERC, ruled that the promulgation of Indonesian regulation is a Force Majeure Event and remanded the matter to CERC to assess the impact of Force Majeure Event on Mundra UMPP of CGPL and give such relief as may be admissible under the PPA.

CERC, in its order dated 6 December 2016 has given a mechanism for assessing the relief under Force Majeure. The arrears for the past period shall be paid in six equal monthly instalments by the procurers in proportion to their share in the contracted capacity, from the date the CERC order is permitted to be implemented by the Supreme Court.

CGPL shall accordingly work out the relief for the past as well as the future period based on the mechanism specified by the CERC and shall bill the same on a monthly basis, which shall be trued up annually.

Further, adjustments for mining profits corresponding to the quantity of coal supplied to Mundra UMPP from the mines in which Tata Power has a stake shall be carried out at the time of annual reconciliation as the principles specified in the order. The order is being studied and the exact benefit would be worked out after detailed reading of the order. The announcement was made after market hours yesterday, 7 December 2016.

PNC Infratechs consolidated net profit rose 22.72% to Rs 27 crore on 25.41% fall in income to Rs 499 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 7 December 2016.

GMR Infrastructure reported net loss of Rs 700.34 crore in Q2 September 2016 compared with net loss of Rs 7.41 crore in Q2 September 2015. Total income rose 13.19% to Rs 331.22 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 7 December 2016.

Gujarat Ambuja Exports announced that the meeting of board of directors of the company will be held on 13 December 2016, to consider the proposal for buy back of the fully paid-up equity shares of the company. The announcement was made after market hours yesterday, 7 December 2016.

Crompton Greaves reported consolidated net loss of Rs 10.41 crore in Q2 September 2016 compared with net profit of Rs 10.58 crore in Q2 September 2015. Total income rose 6.78% to Rs 1545.19 crore in Q2 September 2016 over Q2 September 2015. The announcement was made after market hours yesterday, 7 December 2016.

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Board of Gradiente Infotainment approves change in directorate
Dec 07,2016

Gradiente Infotainment announced that the Board of Directors of the Company at its meeting held on 07 December 2016, inter alia, were approved the following:

1. Appointment of Syed Fareeduddin as an additional director in independent category. Syed Fareeduddin is President & Head of Operations of Ceran International Energy, Germany.

2. Appointment of Sanidhya Saxena as an additional director in independent category.

3. Appointment of Balachandar Mallicarjunan as an additional director in independent category.

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CIL Nova Petrochemicals allots equity shares
Dec 07,2016

CIL Nova Petrochemicals announced that the Management Committee of Directors on 07 December 2016 approved the allotment of 1,35,50,000 equity shares of Rs 10 each at a price of Rs 14.50 issued on rights basis.

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IndusInd Bank to allot Bonds aggregating Rs 1500 crore
Dec 07,2016

IndusInd Bank announced that the Board of Directors of the bank have passed a resolution for issuance of Senior Unsecured Redeemable Non-Convertible Long Term Bonds in the nature of Debentures of face value of Rs 10 lakh, for cash, aggregating Rs 1500 crore on private placement basis.

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eClerx Services merges two of its US based subsidiaries
Dec 07,2016

eClerx Services announced that Agilyst Inc. USA, step down subsidiary of the Company, having its registered office at 1880 John F Kennedy Blvd, Suite 400, Philadelphia, PA 19103, USA, has been merged into eClerx LLC, USA, wholly owned subsidiary of the Company, having its registered office at 286 Madison Avenue, 14th Floor, New York, NY 10017, USA. The merger aims at administrative convenience and maintaining lean corporate structure.

The said merger was approved by the relevant State Authorities under applicable US laws and is effective from 01 January 2017.

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Board of Gujarat Ambuja Exports to consider Buyback of shares
Dec 07,2016

Gujarat Ambuja Exports announced that the Meeting of Board of Directors of the Company will be held on 13 December 2016, inter alia, to consider the proposal for Buy Back of the fully paid-up equity shares of the Company.

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Global air freight demand up 8.2% in October 2016
Dec 07,2016

The International Air Transport Association (IATA) released data for global air freight markets in October 2016 showing that demand, measured in freight tonne kilometers (FTKs), rose 8.2% year-on-year in October. This was the fastest pace of growth seen in 18 months. Freight capacity, measured in available freight tonne kilometers (AFTKs), increased 3.6% over the same period.

Global air freight markets look set to end 2016 on a high note. Demand is growing at its fastest pace in 18 months. It remains to be seen how long this growth trend will endure after the year-end peak period and we still face headwinds from weak global trade. But there are some encouraging signs. The peak has been stronger than expected. And purchasing managers are reporting a pick-up in new export orders. So we will enter 2017 propelled by some much-needed positive momentum, said Alexandre de Juniac, IATAs Director General and CEO.

Some one-off factors are likely impacting Octobers positive results: (1) there is potential modal shift to air cargo following the collapse of the Hanjin Shipping Company in August and (2) there could be some last minute reliance on air transport as companies exercised caution in ordering as a result of weak market conditions earlier in the year.

Structural market shifts are also likely underpinning a portion of the stronger performance. This includes strong growth in cross-border e-commerce and pharmaceutical flows. Preparation for the increasing popularity of sales events such as Black Friday and Cyber Monday may also have contributed to the increased demand peak.

The drivers of stronger growth are sending a major signal for change to the air cargo industry. Whether it is e-commerce or the trade in pharmaceuticals, shippers are demanding more than current paper processes can support. The shift to e-freight is more critical than ever, said de Juniac

Regional Performance

Airlines in all regions except Latin America reported an increase in year-on-year demand in October. However results continued to vary considerably.

Asia-Pacific airlines saw demand in freight volumes both from the Within Asia air cargo market as well as on routes to and from the region increase in October 2016 compared to the same period last year. Regional demand increased 7.8% and capacity grew by 3.9%. International freight volumes expanded 8.0% in October, contributing to an annualized increase, in seasonally adjusted terms, of 15% since March 2016.

North American carriers freight volumes expanded 3.7% in October 2016 compared to the same period last year, and capacity increased by just 0.1%. International freight volumes increased by 7.2% in October - their fastest pace since the disruption at US seaports in February last year. Seasonally-adjusted freight volumes are back to the levels reached since the post-global financial crisis bounce-back in 2010. US exports continue to suffer from the strength of the US dollar which has kept the US export market under pressure.

European airlines posted the largest increase in freight demand of all regions in October, 13.4% year on year. Capacity increased 5.9%. Octobers positive performance corresponds with the sustained increase in export orders in Germany over the last few months and the ongoing weakness in the Euro. International freight demand grew by 13.2% year-on-year in October - the fastest pace since April 2011 - and the upward trend in seasonally-adjusted traffic was very strong.

Middle Eastern carriers saw air freight demand increase by 9.2% in October 2016 year-on-year, marking an improvement over the last few months performance. However seasonally-adjusted growth has slowed, predominantly due to weak freight volumes between the Middle East and Asia, and the Middle East and North America. Capacity in the region increased by 4.2%.

Latin American airlines experienced a demand contraction of 0.1% in October 2016, compared to the same period last year, while capacity decreased by 1.8%. International freight volumes grew by 0.2%. In seasonally-adjusted terms this is an improvement over the last few months. The region continues to be blighted by weak economic and political conditions, particularly in the regions largest economy, Brazil.

African carriers freight demand increased by 7.4% in October 2016 compared to the same month last year. However, capacity surged by 24.7% on the back of long-haul expansion, in particular by Ethiopian Airlines. International freight demand for African airlines slowed in October, but still remained robust at 7.7% year-on-year.

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Tata Steel intimates of divestment of Harbour Services
Dec 07,2016

Tata Steel announced that its subsidiary, TM International Logistics has divested entire stake in its wholly owned step down subsidiary TM Harbour Services. The stake has been divested to Adani Ports & Special Economic Zone.

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Tata Steel intimates of divestment of TM Harbour Services
Dec 07,2016

Tata Steel announced that its subsidiary, TM International Logistics has divested entire stake in its wholly owned step down subsidiary TM Harbour Services. The stake has been divested to Adani Ports & Special Economic Zone for a total consideration of Rs 106 crore in an all cash deal.

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Rudraksh Cap-Tech announces change in website
Dec 07,2016

Rudraksh Cap-Tech announced that the domain name of website of the company was changed from www.rudrakshcap-tech.com to www.aexanderstampsandcoin.com pursuant to certificate of change of name as received from Ministry of Corporate affairs.

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Phoenix Mills to hike stake in Alliance Spaces
Dec 07,2016

Phoenix Mills announced that its subsidiary, Phoenix Hospitality Company has 57.99% stake holding in Alliance Spaces. Hence, Alliance Spaces is an indirect subsidiary of the Company and the Company has an effective shareholding of 33.01%.

On 06 December 2016, the Company has entered into a share purchase agreement for acquisition of 20.01% stake holding in K2A Hospitality, an equity shareholder of Alliance Spaces.

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Monnet Ispat & Energy Director resigns
Dec 07,2016

Monnet Ispat & Energy announced that the Company has on 07 December 2016 received a letter from Amit Dixit, Independent Director of the Company, tendering-his resignation from the Board of Directors of the Company w.e.f. 06 December 2016.

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