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Reliance Capital gains after board approves independent listing of home finance business

Reliance Capital gains after board approves independent listing of home finance business

Sep 14,2016

The announcement was made yesterday, 13 September 2016, when stock market remained closed on account of Bakri Id.

Meanwhile, the S&P BSE Sensex was down 46.19 points or 0.16% at 28,307.35.

On BSE, so far 6.75 lakh shares were traded in the counter as against average daily volume of 5.01 lakh shares in the past one quarter. The stock hit a high of Rs 561.50 and a low of Rs 546.65 so far during the day. The stock had hit a 52-week high of Rs 574 on 9 September 2016. The stock had hit a 52-week low of Rs 303.60 on 12 February 2016. The stock had outperformed the market over the past one month till 12 September 2016, rising 21.96% compared with 0.71% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 32.06% as against Sensexs 6.45% rise.

The large-cap company has equity capital of Rs 252.63 crore. Face value per share is Rs 10.

Reliance Capital said the independent listing of Reliance Home Finance (RHF) is expected to unlock substantial value for existing shareholders of Reliance Capital. The listing of Reliance Home Finance will also lead to increased management focus and accelerated growth in the home finance business. As per the proposal, 49% stake in Reliance Home Finance Limited will be allotted to all shareholders of Reliance Capital, in the ratio of one share free of cost in Reliance Home Finance for every one share held in Reliance Capital.

Reliance Capital will hold a 51% stake in Reliance Home Finance, and the company will be adequately capitalised to grow the lending book to over Rs 20000 crore in the next 18 months. The proposal is subject to necessary shareholders and other approvals. Reliance Home Finance, a 100% subsidiary of Reliance Capital, provides a wide range of loan solutions like home loan, LAP, construction finance and affordable housing loans. The company reported an AUM of Rs 8259 crore ($1.2 billion) during the quarter ended 30 June 2016.

Mr. Anmol A. Ambani, Director, Reliance Capital said Prime Minister, Narendra Modi has set a goal of affordable housing for all by 2022. There is presently an estimated shortage of 10 crore residential units in India. To address the needs of this sector, Reliance Home Finance has charted an aggressive growth plan in this space, and aims to increase its book size to over Rs 50000 crore in the next few years.

On a consolidated basis, Reliance Capitals net profit rose 3% to Rs 207 crore on 48.3% growth in total income to Rs 3663 crore in Q1 June 2016 over Q1 June 2015.

Reliance Capital, a part of the Reliance Group, is one of Indias leading private sector financial services companies.

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Board of Nagarjuna Agrichem recommends final dividend
Jun 07,2017

Nagarjuna Agrichem announced that the Board of Directors of the Company at its meeting held on 27 May 2017, inter alia, have recommended the final dividend of Rs 0.125 per equity Share (i.e. 12.5%) , subject to the approval of the shareholders.

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Board of Jindal Hotels recommends final dividend
Jun 07,2017

Jindal Hotels announced that the Board of Directors of the Company at its meeting held on 23 May 2017, inter alia, have recommended the final dividend of Rs 0.8 per equity Share (i.e. 8%) , subject to the approval of the shareholders.

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Jindal Hotels to hold AGM
Jun 07,2017

Jindal Hotels announced that the 32th Annual General Meeting(AGM) of the company on 12 September 2017.

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Cabinet approves MoU between India and Mali for standardization and conformity assessment
Jun 07,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its ex-post facto approval to the Memorandum of Understanding (MoU) between Bureau of Indian Standards (BIS), India and Direction Nationale De Industries (MLINDI), Republic of Mali on Standardization and Conformity Assessment.

The MoU aims to facilitate closer cooperation and provide a mechanism by which India and Mali can work together towards the common aim of strengthening standardization and conformity assessment activities in order to facilitate sharing of expertise and mutual trade.

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Banks rise after RBI policy
Jun 07,2017

The announcement of central banks policy decision was made during market hours today, 6 April 2017.

Meanwhile, the S&P BSE Bankex was up 0.41% to 26,637.24. It outperformed the S&P BSE Sensex, which was up 0.11% to 31,226.04.

The BSE Bankex had underperformed the market over the past one month till 6 June 2017, rising 2.50% compared with 4.23% rise in the Sensex. The index had, however, outperformed the market in past one quarter, rising 12.55% as against Sensexs 7.92% rise. The index had also outperformed the market in past one year, rising 29.18% as against Sensexs 15.48% rise.

Among public sector banks, Punjab & Sind Bank (up 1.67%), United Bank of India (up 1.01%), Central Bank of India (up 1%), Corporation Bank (up 0.9%), Punjab National Bank (up 0.54%), State Bank of India (up 0.52%), Dena Bank (up 0.45%), Bank of Baroda (up 0.29%), Allahabad Bank (up 0.21%), Bank of India (up 0.11%), Indian Bank (up 0.03%), Union Bank of India (up 0.03%) and Canara Bank (up 0.01%), edged higher. IDBI Bank (down 0.08%), Andhra Bank (down 0.26%), Bank of Maharashtra (down 0.5%), Vijaya Bank (down 0.75%) and Syndicate Bank (down 1.53%), edged lower.

Among private sector banks, City Union Bank (up 1.65%), ICICI Bank (up 1.43%), Federal Bank (up 0.53%), IndusInd Bank (up 0.23%), RBL Bank (up 0.10%), Kotak Mahindra Bank (up 0.09%) and Axis Bank (up 0.03%), edged higher. HDFC Bank (down 0.15%) and Yes Bank (down 1.05%), edged lower.

On the basis of an assessment of the current and evolving macroeconomic situation at its meeting today, 7 June 2017, the Monetary Policy Committee (MPC) decided to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.25%. Consequently, the reverse repo rate under the LAF remains at 6%, and the marginal standing facility (MSF) rate and the Bank Rate at 6.50%.

The decision of the MPC is consistent with a neutral stance of monetary policy in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4% within a band of +/- 2%, while supporting growth, RBI said in a statement.

The next meeting of the MPC is scheduled on 1 and 2 August 2017.

Meanwhile, in a separate statement, the RBI said that as per the existing roadmap, commercial banks have to reach the minimum Liquidity Coverage Ratio (LCR) of 100% on 1 January 2019. Government securities held by banks in excess of the minimum SLR requirement, Facility to Avail Liquidity for Liquidity Coverage Ratio (FALLCR) and Marginal Standing Facility (MSF) are included in the stock of High Quality Liquid Assets (HQLAs).

In order to give greater flexibility to banks to comply with the LCR requirement in an efficient manner, the RBI has decided to reduce the SLR from 20.5% of Net Demand and Time Liabilities (NDTL) to 20% of NDTL with effect from the fortnight beginning 24 June 2017. The other prescriptions in respect of FALLCR and MSF carve out from SLR for LCR purposes remain unchanged, RBI said.

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Dredging Corporation of India appoints director
Jun 07,2017

Dredging Corporation of India announced the appointment of Dr. Pradeep Kumar, IAS JS & Financial advisor (JS & FA), Ministry of Shipping as Part-time Official Director on the Board of the Company vice Sanjeev Ranjan, IAS, Additional Secretary and Financial Advisor (AS & FA) from the date of issue of the letter or until further orders.

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RBI maintains status quo, lowers projections for inflation
Jun 07,2017

The Monetary Policy Committee (MPC), Reserve Bank of India in its Second Bi-Monthly Monetary Policy Statement, 2017-18 kept the key policy rates unchanged same as in the first Bi-Monthly Monetary Policy Statement, 2017-18. The policy repo rate under the liquidity adjustment facility (LAF) kept unchanged at 6.25%. Consequently, the reverse repo rate under the LAF remains at 6.0%, and the marginal standing facility (MSF) rate and the Bank Rate at 6.50%. The decision of the MPC is consistent with a neutral stance of monetary policy in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4 per cent within a band of +/- 2 per cent, while supporting growth. The Reserve Bank of India has decided to reduce the Statutory Liquidity Ratio (SLR) of commercial banks, primary (urban) co-operative banks (UCBs), state co-operative banks and central co-operative banks from 20.5% of their Net Demand and Time Liabilities (NDTL) to 20% from the fortnight commencing 24 June 2017.

MPC further stated, that if the configurations evident in April are sustained, then absent policy interventions, headline inflation is projected in the range of 2.0-3.5 per cent in the first half of the year and 3.5-4.5 per cent in the second half. Meanwhile, the implementation of the GST is not expected to have a material impact on overall inflation.

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Cabinet approves transfer of 4.64 hectares of land belonging to IISWC Research Centre at Vasad, Gujarat to National Highways Authority of India
Jun 07,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the proposal for transfer of 4.64 hectares (46384 Sq. meters) of land belonging to the Indian Institute of Soil & Water Conservation (IISWC) Research Centre at Vasad, District Anand, Gujarat under the Indian Council of Agricultural Research to the National Highways Authority of India (NHAI) on payment of compensation amounting to Rs. 12.67 crore for extension and six laning of Ahmedabad - Vadodara Highway on NH-8.

The NH-8 is an important highway connecting Vadodara and Ahmedabad. The transfer of land to the NHAl for construction of extension and six laning of Ahmedabad - Vadodara section of NH-8 is likely to benefit the region leading to enhanced opportunities for: growth and development in terms of infrastructure, transport, communication, employment generation etc. The decision is also part of the Governments plans to boost infrastructure in key sectors for accelerating the pace of growth.

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Board of Bambino Agro Industries recommends final dividend
Jun 07,2017

Bambino Agro Industries announced that the Board of Directors of the Company at its meeting held on 23 May 2017, inter alia, have recommended the final dividend of Rs 1.6 per equity Share (i.e. 16%) , subject to the approval of the shareholders.

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Board of DCM Shriram Industries recommends final dividend
Jun 07,2017

DCM Shriram Industries announced that the Board of Directors of the Company at its meeting held on 23 May 2017, inter alia, have recommended the final dividend of Rs 6.5 per equity Share (i.e. 65%) , subject to the approval of the shareholders.

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IT stocks witness selling pressure
Jun 07,2017

Hexaware Technologies (down 6%), TCS (down 4.17%), Infosys (down 3.28%), Tech Mahindra (down 3.23%), MindTree (down 3.21%), Wipro (down 3.06%), HCL Technologies (down 1.28%), MphasiS (down 1.22%) and Oracle Financial Services Software (down 0.01%), edged lower. Persistent Systems was up 1.91%.

The S&P BSE IT index was down 2.82% at 10,226.11. It underperformed the Sensex, which was down 0.01% at 31,188.92.

The S&P BSE IT index had outperformed the market over the past one month till 6 June 2017, rising 6.53% compared with 4.23% rise in the Sensex. The index had, however, underperformed the market in past one quarter, rising 1.12% as against Sensexs 7.92% rise. The index had also underperformed the market in past one year, falling 9.65% as against Sensexs 15.48% rise.

Infosys chief operating officer Pravin Rao was quoted by the media as saying that clients are likely to slash their IT spend sharply. He said that clients are looking at cutting costs, something that would dent revenues for Indias $150-billion IT industry.

As more deals come up for renewal, clients are asking for 20-30% cost take-out, explained Rao. Even if a company has been successful in execution, clients are asking for a reduction in costs by 20-30% for the same projects due to commoditisation, he reportedly said.

Meanwhile, IT majors like Wipro, Infosys, Cognizant and Tech Mahindra have reportedly initiated annual performance reviews, a process that weeds out bottom performers or non-performers. This has compounded fears that thousands of employees in the sector could be shown the door over the next few weeks, reports added.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 64.41, compared with its close of 64.4275 during the previous trading session.

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Cabinet approves Agreement between India and Somalia on transfer of sentenced persons
Jun 07,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for signing and subsequent ratification of the Agreement on Transfer of sentenced persons between India and Somalia.

Signing the Agreement with Somalia shall facilitate the Indian prisoners imprisoned in Somalia or vice-versa to be near to their families, for serving remaining part of their sentence and shall facilitate their social rehabilitation.

The Government of India has signed bilateral Agreements on Transfer of Sentenced Persons with United Kingdom, Mauritius, Bulgaria, France, Egypt, Sri Lanka, Cambodia, South Korea, Saudi Arabia, Iran, Bangladesh, Brazil, Israel, Bosnia & Herzegovina, UAE, Italy, Turkey, Maldives, Thailand, Russian Federation, Kuwait, Vietnam, Australia, Hong Kong, Qatar, Mongolia, Kazakhstan, Bahrain and Estonia.

Background:

Prior to 2004, there was no domestic legislation under which foreign prisoners could be transferred to the country of their origin to serve the remaining part of their sentence, nor was there a provision for the transfer of prisoners of Indian origin convicted by a foreign court to serve their sentence in India. The transfer of such prisoners to their own native countries shall facilitate their social rehabilitation.

Hence the Repatriation of Prisoners Act, 2003 was enacted for achieving the above purpose. For achieving the objectives of the Act, a treaty/agreement is required to be signed with countries having mutual interest with us on this matter. The said treaty/agreement is required to be notified in the Official Gazette.

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Tata Elxsi corrects on profit booking
Jun 07,2017

Meanwhile, the S&P BSE Sensex was up 19.91 points, or 0.06% to 31,210.47.

On the BSE, 1.30 lakh shares were traded in the counter so far, compared with average daily volumes of 54,250 shares in the past one quarter. The stock had hit a high of Rs 1,562.20 and a low of Rs 1,481 so far during the day. The stock hit a 52-week high of Rs 1,827 on 9 June 2016. The stock hit a 52-week low of Rs 1,021.65 on 21 November 2016.

The stock had underperformed the market over the past one month till 6 June 2017, rising 0.72% compared with 4.23% rise in the Sensex. The scrip had also underperformed the market in past one quarter, rising 6.53% as against Sensexs 7.92% rise. The scrip had also underperformed the market in past one year, falling 14.64% as against Sensexs 15.48% rise.

The mid-cap company has equity capital of Rs 31.14 crore. Face value per share is Rs 10.

Shares of Tata Elxsi rose 13.41% in two trading sessions to settle at Rs 1,540.50 yesterday, 6 June 2017, from its close of Rs 1,358.40 on 2 June 2017.

Recent gain in the stock price was triggered by the companys driverless car platform being selected by leading original equipment manufacturer. Tata Elxsi announced the licensing of its advanced autonomous vehicle middleware platform AUTONOMAI to one of the worlds top 5 automotive OEMs (original equipment manufacturers) for their driverless car R&D (research and development).

The Autonomai platform provides carmakers and Tier 1 automotive suppliers with a comprehensive and modular solution covering perception, GNC (guidance navigation control) and drive-by-wire systems, to quickly build, test and deploy autonomous vehicles.

This solution supports sensor fusion with a variety of sensors from cameras to radar and lidar, and leverages sophisticated artificial intelligence (AI) and deep learning based algorithms to deliver the complex use-case scenarios expected of driverless cars.

Autonomai also allows rapid region specific adaptation through its pre-integrated validation datasets and AI & deep learning capabilities.

Net profit of Tata Elxsi rose 8.3% to Rs 44.50 crore on 10.92% rise in net sales to Rs 326.05 crore in Q4 March 2017 over Q4 March 2016.

Tata Elxsi is a global design and technology services company, headquartered in Bangalore.

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Cabinet approves Signing of MoU between Securities and Exchange Board of India and European Securities and Markets Authority
Jun 07,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval to the Securities and Exchange Board of India (SEBI) for entering into a Memorandum of Understanding (MoU) with European Securities and Markets Authority (ESMA) in relation to Mutual Co-operation.

The MoU is likely to establish cooperation arrangements as a precondition for ESMA to recognize Central Counter Parties (CCPs) established in India and supervised by the Securities and Exchange Board of India to provide clearing services to clearing members or trading venues established in the European Union and to provide ESMA with adequate tools to monitor the on-going compliance by the Covered CCPs with the Recognition Conditions.

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Board of Hester Biosciences approves investment in subsidiary
Jun 07,2017

Hester Biosciences announced that the Companys Board of Directors have decided and approved to make an investment in its wholly owned subsidiary Company namely Hester Biosciences Africa, incorporated in the Tanzania, Africa, to the extent of USD 3 million. The main business of the wholly owned subsidiary Company will be of Manufacturing and Trading of Veterinary Vaccines and Health Products.

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