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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 Mukand approves scheme of arrangement and amalgamation
Mar 28,2017

The Board of Mukand at its meeting held on 27 March 2017 considered and approved, after recommendation of the Audit Committee of the Company, a scheme of arrangement and amalgamation amongst the Company, Whiteleaf Multiventures (Proposed Name: Whiteleaf Heavy Machinery) (Whiteleaf) and Avista Diam & Gold (Proposed Name: Technosys Industrial Machinery) (Avista) and their respective shareholders and creditors under the provisions of Sections 230 to 232 and other applicable provisions of the Companies Act, 2013 (Scheme) as detailed below:

1.1. Slump exchange of industrial machinery business of the Company (Transferred Undertaking) to Whiteleaf on a going concern basis (Slump Exchange);
1.2. Amalgamation of Whiteleaf (post Slump Exchange) with Avista in accordance with Section 2(1B) of the Income Tax Act, 1961 (Amalgamation).

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Indiabulls Wholesale Services renamed as SORIL Holdings and Ventures
Mar 28,2017

Indiabulls Wholesale Services announced that pursuant to issuance of the fresh certificate of incorporation, dated 27 March 2017, by the Registrar of Companies, NCT of Delhi & Haryana (ROC), the name of company stands changed to SORIL Holdings and Ventures with effect from 27 March 2017.

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Board of Canara Bank approves allotment of 5,42,99,105 equity shares
Mar 28,2017

Canara Bank announced that the Sub-Committee of the Board of Directors for Rights Issue has passed a circular resolution dated 27 March 2017 for allotment of Rights Issue of 5,42,99,105 equity shares aggregating Rs 1123.99 crore.

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Outcome of board meeting of Span Divergent
Mar 28,2017

The Board of Directors of Span Divergent has considered and approved providing corporate guarantee and security on behalf of Dryfruit Factory LLP, a subsidiary of the Company in favour of Bank/ Financial institution for money to be borrowed by Dryfruit Factory LLP.

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Accelya Kale Solutions wins Service Provider of the Year award
Mar 28,2017

Accelya has been awarded as the Service Provider of the Year at the 2017 Air Transport News Awards ceremony hosted in Ekali, Greece on 25 March 2017. Accelya has been recognised three times in the past four years at ATN awards.

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KPIT gains as promoters hike stake
Mar 28,2017

The announcement was made after market hours yesterday, 27 March 2017.

Meanwhile, the S&P Sensex was up 174.80 points, or 0.6% at 29,412.63. The S&P BSE Small-cap index was up 108.97 points, or 0.77% at 14,180.25.

On the BSE, 42,000 shares were traded on the counter so far as against the average daily volumes of 1.33 lakh shares in the past one quarter. The stock had hit a high of Rs 133.30 and a low of Rs 130.85 so far during the day.

The stock had hit a 52-week high of Rs 196.60 on 21 June 2016 and a 52-week low of Rs 121.30 on 22 November 2016. The stock had underperformed the market over the past one month till 27 March 2017, declining 6.5% compared with the Sensexs 1.47% rise. The scrip had also underperformed the market over the past one quarter declining 2.98% as against the Sensexs 11.53% rise.

The small-cap company has equity capital of Rs 39.50 crore. Face value per share is Rs 2.

KPIT Technologies said that the promoters of the company have purchased 43.75 lakh shares of KPIT through Proficient Finstock LLP (Proficient) taking the total promoter holding in the company to 18.94%. To fund the transaction, Proficicent has additionally pledged 1.20 crore shares of the company taking the total pledged shares of Proficient 1.43 crore (50% of Proficient holding).

KPIT Technologies consolidated net profit rose 30.97% to Rs 73.58 crore on 0.07% increase in net sales to Rs 830.08 crore in Q3 December 2016 over Q2 September 2016.

KPIT Technologies is a global technology company focused on providing technology solutions and expertise to automotive and transportation companies, government bodies, manufacturing, energy and utilities companies.

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Pincon Spirit increases its captive logistics infrastructure
Mar 28,2017

Pincon Spirit announced that it has acquired 100 goods transport vehicles from Tata Motors for increasing its captive logistics infrastructure. With the ongoing implementation of West Bengal State Beverages Corporation in FY 2018, Pincon Spirit by adding on to the captive logistics infrastructure has equipped itself for catering to transportation of much greater volume of goods and also for cost curtailment in transportation which shall add on to incremental bottom line.

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Ind-Ra: Refinancing Risk of Real Estate Developers Seen Rising in FY18
Mar 28,2017

Falling sales have dimmed hopes of cash-strapped real estate developers for refinancing their debt obligations in FY18, says India Ratings and Research (India Ratings). The real estate sector has mainly relied on refinancing to meet its debt servicing obligations, given the negative cash flows. Such refinancing has provided a cushion for developers to hold prices despite slowing sales, and the high prices will further delay recovery in sales and cash flows. Ind-Ra believes sales are unlikely to revive in FY18 and refinancing will increasingly become difficult.

India Ratings had highlighted that real estate developers have been less reliant on bank credit and the growth in banking credit to the commercial real estate sector slowed down in FY17, with a growth of mere 0.4% since the start of the fiscal till 20 January 2017. The report had also highlighted that significant interest had been observed from non-banking finance companies and private equity investors for refinancing debt in the last three years.

Ind Ra notes that, finances of real estate developers continue to remain stretched due to elevated inventory and debt. India Ratings estimates that debt levels will further rise given the negative operating cash flows.

The Indian real estate market is currently grappling with a double whammy, one from the cash shortage caused by the impact of demonetisation and the second by the imminent introduction of the Real Estate Regulator (RERA). This, along with the increasing refinancing risk, would shake-up the sector, with developers with high leverage losing out. The sector also needs to undergo a structural change in the way it does business and move towards a model where projects are completed before sale. Such a structure would favour real estate companies having better access to funding. Larger players with access to multiple funding sources, such as NBFCs, PE funds and FDI in addition to banks are likely to have an advantage. This could lead to consolidation, which may be in the form of land sales or joint development of land with larger organised and well-funded developers.

This will usher in a new phase for the sector which is overcrowded with plenty of players with weak financials. We are likely to witness a series of joint developments and joint ventures between landowners and financially weak small developers with bigger, better-funded, better-organised players or weaker developers getting taken over by well-funded larger players, and struggling developers cashing in their land banks by selling them to players with stronger balance sheets and appetite for growth.

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IndusInd Bank hits record high
Mar 28,2017

Meanwhile, the S&P BSE Sensex was up 186.54 points or 0.64% at 29,423.69.

On the BSE, 38,000 shares were traded on the counter so far as against the average daily volumes of 89,173 shares in the past one quarter. The stock had hit a high of Rs 1,425 so far during the day, which is a record high. The stock hit a low of Rs 1,406.35 so far during the day.

The stock had hit a 52-week low of Rs 912 on 28 March 2016. It had outperformed the market over the past one month till 27 March 2017, advancing 6.23% compared with the Sensexs 1.47% rise. The scrip had also outperformed the market over the past one quarter, gaining 31.85% as against the Sensexs 11.53% rise.

The large-cap bank has equity capital of Rs 598.15 crore. Face value per share is Rs 10.

The target price of Rs 1,680 provides an upside of 19.8% over the stocks closing price of Rs 1,402.30 yesterday, 27 March 2017.

IndusInd Banks net profit rose 29.2% to Rs 750.64 crore on 22.9% growth in total income to Rs 4716.13 crore in Q3 December 2016 over Q3 December 2015.

IndusInd Bank is a leading private sector bank in India.

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Suven Life Sciences secures product patent
Mar 28,2017

Suven Life Sciences has secured a product patent from New Zealand corresponding to the New Chemical Entities (NCEs) for the treatment of disorders associated with Neurodegenerative diseases and the Patent is valid through 2033.

The granted claims of the patents are from the mechanism of action include the class of selective 5HT4 compounds and are being developed as therapeutic agents and are useful in the treatment of cognitive impairment associated with neurodegenerative disorders likeAlzheimers disease, Attention deficient hyperactivity disorder (ADHD), Huntingtons disease, Major Depressive disorder (MDD), Parkinson and Schizophrenia.

With these new patents, Suven has a total of twenty six (26) granted patents from New Zealand.

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Cairn India provides update on scheme of arrangement
Mar 28,2017

Cairn India announced that the Company has received all the required approvals in relation to the scheme of arrangement between Vedanta and Cairn India and their respective shareholders and creditors, save and except the approval of Reserve Bank of India for issuance of Redeemable Preference Shares to the Non- Resident shareholders of Cairn India. The scheme will be made effective upon receipt of approval of Reserve Bank of India.

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ICICI Bank allots 96,225 equity shares
Mar 28,2017

ICICI Bank has allotted 96,225 equity shares of face value of Rs. 2/- each on 27 March 2017 under the Employees Stock Option Scheme, 2000.

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NTPC moves up after board accords investment approval
Mar 28,2017

The announcement was made during market hours today, 28 March 2017.

Meanwhile, the BSE Sensex was up 173.80 points, or 0.60%, to 29,412.47.

On the BSE, 29,400 shares were traded in the counter so far, compared with average daily volumes of 4.32 lakh shares in the past one quarter. The stock had hit a high of Rs 165.35 and a low of Rs 164.35 so far during the day.

The stock had hit a 52-week high of Rs 177.80 on 27 January 2017. The stock had hit a 52-week low of Rs 125.05 on 7 April 2016. The stock had underperformed the market over the past one month till 27 March 2017, sliding 0.97% compared with the Sensexs 1.47% rise. The scrip had also underperformed the market over the past one quarter, gaining 2.19% as against the Sensexs 11.53% rise.

The large-cap company has equity capital of Rs 8245.46 crore. Face value per share is Rs 10.

NTPCs net profit fell 7.5% to Rs 2468.72 crore on 11.1% rise in net sales to Rs 19287.47 crore in Q3 December 2016 over Q3 December 2015.

NTPC, Indias largest power company, has presence in the entire value chain of power generation business. The government of India held 69.75% stake in the firm as per the shareholding pattern as on 31 December 2016.

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NBCC (India) launches e-auction for sale of commercial spaces in Nauroji Nagar, New Delhi
Mar 28,2017

NBCC (India) on behalf of Ministry of Urban Development (MoUD), GOI has launched sale of Commercial/Office spaces on freehold basis at Nauroji Nagar, New Delhi. The sale shall be opened to all through e-auction. The revenue generated from the sale will be utilized for redevelopment of Government colonies in Delhi.

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Colgate-Palmolive (India) fixes record date for 3rd interim dividend
Mar 28,2017

Colgate-Palmolive (India) has fixed 07 April 2017 as the Record Date for the purpose of Payment of Third Interim Dividend.

The said interim dividend declared by the Board at their Meeting held on 27 March 2017 will be paid on 21 April 2017.

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