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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 Jagjanani Textiles approves change in directorate
Mar 30,2017

The Board of Directors of Jagjanani Textiles at its meeting held on 29 March 2017 has approved the following -

Cessation of the following directors - Narendra Khurana (Independent Director), Ram Niwas Swami (Independent Director) and Shakuntala Vyas (Women Director).

Appointment of the following directors - Rajesh Chinubhai Shah (Independent Director), Shakti Singh Shekhawat (Independent Director) and Kavita Jain (Woman Director).

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Moodys Assigns Baa3 to SBIs USD note drawdown
Mar 30,2017

Moodys Investors Service, (Moodys) has assigned a Baa3 rating to State Bank of Indias (SBI, Baa3 positive, ba1) proposed USD denominated senior unsecured notes, issued under its US$10 billion Medium-Term Note (MTN) program. The drawdown will be carried out from its London branch, and the bonds will be listed on the Singapore Stock Exchange.

The outlook on the ratings, where applicable, is positive.

The senior debt rating is subject to receipt of final documentation, the terms and conditions of which are not expected to change in any material way from the draft documents reviewed by Moodys.

RATINGS RATIONALE

The Baa3 foreign currency senior unsecured MTN debt rating is anchored on SBIs ba1 baseline credit assessment (BCA) and Moodys assessment of the likelihood of a very high level of support from the Indian government (Baa3 positive) in a stressed situation.

SBIs BCA of ba1 is underpinned by the banks solid franchise as Indias largest bank by assets and deposits, as well as its strong core earnings (pre-provisioning profits) profile and stable capital levels. While SBIs underlying asset quality has stabilized, the BCA also takes into consideration residual asset quality issues as a result of delayed recognition, and the associated impact of high credit costs on the banks profits as it devotes resources to rebuilding its provisioning coverage.

The banks final Baa3 rating incorporates a one-notch uplift due to Moodys assumption of the banks very high level of support from the Indian government in a stressed situation. The assumption of high support is based on a combination of its large size and critical role in Indias payment system, representing around 16.3% of system loans and 17.6% of system deposits as of end-March 2016, its nationwide reach, and the governments 60.18% stake in SBI.

What Could Change the Rating - Up

SBIs senior unsecured debt and deposit ratings could be upgraded if the India sovereign rating (Baa3, positive) is upgraded.

What Could Change the Rating - Down

SBIs BCA could face downward pressure if: (1) its NPL ratio increases substantially from current levels; and/or (2) if its core earnings fall and impacts its ability to support an increase in credit costs. Additionally, any indications that support from the Government of India has diminished, or that additional capital requirements may arise beyond the governments budgeted amount, could put the banks ratings under pressure. Any downward changes in the sovereigns ceilings could also affect the banks ratings.

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STFC slips in volatile trade after raising funds
Mar 30,2017

The announcement was made after market hours yesterday, 29 March 2017.

Meanwhile, the S&P Sensex was up 96.90 points, or 0.33% at 29,628.33.

On the BSE, 11,000 shares were traded on the counter so far as against the average daily volumes of 41,013 shares in the past one quarter. The stock was volatile. The stock had hit a high of Rs 1,084.40 and a low of Rs 1,052 so far during the day.

The stock had hit a record high of Rs 1,325 on 1 August 2016 and a 52-week low of Rs 778 on 26 December 2016. The stock had outperformed the market over the past one month till 29 March 2017, advancing 14.29% compared with the Sensexs 2.74% rise. The scrip had also outperformed the market over the past one quarter advancing 27.56% as against the Sensexs 12.01% rise.

The large-cap company has equity capital of Rs 226.88 crore. Face value per share is Rs 10.

Shriram Transport Finance Company (STFC) said that the allotment committee non-convertible debentures (NCDs) of the company has approved and allotted 11,000 Secured Redeemable Rated Listed Non-Convertible Debenture of face value of Rs 10 lakh each, aggregating to Rs 1100 crore on private placement basis.

Shriram Transport Finance Companys net profit fell 7.8% to Rs 345.96 crore on 5.8% increase in total income to Rs 2717.43 crore in Q3 December 2016 over Q3 December 2015.

Shriram Transport Finance Company is one of the leading asset financing non-banking financial companies (NBFC) in India.

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IndusInd Bank nudges higher after action from foreign funds
Mar 30,2017

Meanwhile, the S&P BSE Sensex was up 84.92 points or 0.29% at 29,616.35.

On the BSE, 5,422 shares were traded on the counter so far as against the average daily volumes of 1.49 lakh shares in the past one quarter. The stock had hit a high of Rs 1,414.95 and a low of Rs 1,399 so far during the day. It had hit a record high of Rs 1,425 on 28 March 2017 and a 52-week low of Rs 912 on 28 March 2016.

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

Macquarie Bank sold 35.32 lakh shares of IndusInd Bank at Rs 1,409.50 in a bulk deal on the BSE on 29 March 2017. Tybourne Equity Master Fund bought 30.07 lakh shares. Goldman Sachs Investments Mauritius I sold 71.38 lakh shares at Rs 1,400.19 per share in a bulk deal on the NSE on 29 March 2017. Tybourne Equity Master Fund bought 42.38 lakh shares at Rs 1,400 a piece. Goldman Sachs Investments Mauritius I controlled 1.61% stake end December 2016.

Meanwhile, IndusInd Bank said it has extended its agreement with Lohia Industries by offering 3-wheeler financing in the e-rickshaw category. Lohia Auto Industries announced that IndusInd Bank would be its preferred financier for financing their electric three wheelers under the e-rickshaw category. This is in addition to the financing of diesel vehicles which the bank already provides.

Through this partnership IndusInd Bank will offer retail vehicle finance at attractive rates of interest to the customers of Lohia Auto, for all Lohia 3-wheeler electronic and diesel models. This partnership will simplify the process for customers to take up three-wheeler by providing loans which are hassle free and competitively priced. The announcement was made after market hours yesterday, 29 March 2017.

The memorandum of understanding (MoU) between IndusInd Bank and Lohia Auto Industries was signed in May 2016 for diesel vehicles and has now been extended to the electronic 3-wheeler segment. Since May 2016, IndusInd Bank has financed close to 7.10 lakh 3-wheeler vehicles as a part of this association.

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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Aurobindo Pharma gets final approval for Abacavir Sulfate and Lamivudine Tablets
Mar 30,2017

Aurobindo Pharma announced that the Company has received final approval from the US Food & Drugs Administration to manufacture Abacavir Sulfate and Lamivudine Tablets, 600 mg/ 300 mg. Aurobindos Abacavir Sulfate and Lamivudine Tablets are the AB rated generic equivalent of VIIV Healthcare Companys Epzicom Tablets. The product is being launched immediately.

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Subros re-opens Manesar Plant
Mar 30,2017

Subros announced that its re-opened its Manesar Plant on 30 March 2017 after the fire incident which took place on 29 May 2016 severely impacting the building, plant & machinery, stocks and other assets.

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Glenmark Pharmaceuticals provides update on advances on its respiratory pipeline
Mar 30,2017

Glenmark Pharmaceuticals announced positive results for GSP 301, an investigational fixed-dose combination of mometasone furoate (25 mcg) and olopatadine hydrochloride (665 mcg) administered twice dailyas a nasal spray being studied for the treatment of seasonal allergic rhinitis. These results are from a recently completed Phase 3 trial assessing the efficacy and safety of GSP 301 combination therapy versus mometasone, olopatadine or placebo.

Data from this trial have not yet been published. Glenmark will be submitting these data for presentation at upcoming scientific meetings and publication in a peer-reviewed journal.

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Shares of Manas Properties get listed
Mar 30,2017

The equity shares of Manas Properties (Scrip Code: 540402) are listed effective 30 March 2017 and admitted to dealings on the Exchange in the list of M Group Securities.

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Shares of Maximus International get listed
Mar 30,2017

The equity shares of Maximus International (Scrip Code: 540401) are listed effective 30 March 2017 and admitted to dealings on the Exchange in the list of M Group Securities.

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Dilip Buildcon receives LoA for three road projects from NHAI
Mar 30,2017

Dilip Buildcon has received Letter of Award from the National Highways Authority of India (Ministry of Road Transport & Highways, Government of India) for three projects in a single stretch in the state of Maharashtra.

1.Four Laning of Mahagaon to Yavatmal section of NH-361 from Km 320.580 to Km 400.575 (Package-II) in the state of Maharashtra under NHDP Phase IV on Hybrid Annuity mode at a Project cost of Rs. 1160.64 crore, having the length of 80.195 Km.

2.Four Laning of Yavatmal to Wardha section of NH-361 from Km 400.575 to Km 465.500 (Package-III) in the state of Maharashtra under NHDP Phase IV on Hybrid Annuity Mode at a Project cost of Rs. 1043.28 crore having length of 64.925Km.

3.Four Laning of Wardha-Butibori Section of NH-361 from km 465.500 to km 524.690 (design length 59.190 km) under NH (O) in the State of Maharashtra on Hybrid Annuity Modeat a Project cost of Rs. 1065.51 crore.

Completion period for all projects: 30 Months

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Alkem Lab moves higher after receiving EIR for facility
Mar 30,2017

The announcement was made after market hours yesterday, 29 March 2017.

Meanwhile, the S&P BSE Sensex was up 85.40 points or 0.29% at 29,616.83.

On the BSE, 1,248 shares were traded on the counter so far as against the average daily volumes of 9,467 shares in the past one quarter. The stock had hit a high of Rs 2,195 and a low of Rs 2,165 so far during the day. It had hit a record high of Rs 2,225 on 28 March 2017 and a 52-week low of Rs 1,175 on 2 May 2016.

The large-cap company has equity capital of Rs 23.91 crore. Face value per share is Rs 2.

Alkem Laboratories said that the United States Food and Drug Administration (USFDA) has issued an Establishment Inspection Report (EIR) for the companys active pharmaceutical ingredient (API) manufacturing facility located at Ankaleshwar, which was inspected in December 2016.

The inspection has now been closed by the USFDA. In response to the Form 483 issued by the USFDA, the company had submitted a detailed corrective and preventive action (CAPA) plan to the regulator within the stipulated timelines. The USFDA has reviewed the CAPA and has found them acceptable.

Alkem Laboratories consolidated net profit rose 24.9% to Rs 233.40 crore on 15% growth in net sales to Rs 1462.23 crore in Q3 December 2016 over Q3 December 2015.

Alkem Laboratories is a pharmaceutical company with global operations, engaged in the development, manufacture and sale of pharmaceutical and nutraceutical products.

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Mixed finish for US stocks
Mar 30,2017

US stocks closed at a mixed mode on Wednesday, 29 March 2017. Nasdaq closed higher for a fourth straight session on Wednesday, while the Dow industrials finished lower, as stock investors digested mixed economic data and a drop in U.S. gasoline inventories bolstered the energy sector.

The Dow Jones Industrial Average fell 42.18 points, or 0.2%, to close at 20,659.32, for its ninth losing session in the past 10. The Nasdaq Composite climbed 22.41 points, or 0.4%, to finish at 5,897.55. Meanwhile, the S&P 500 index finished up 2.56 points, or 0.1%, at 2,361.13.

Energy was the days largest gainer, with the sector closing up 1.2% following bigger-than-expected declines in gasoline and distillate stockpiles in the latest week, a positive sign for demand.

Shares of UnitedHealth Group and Travelers were the largest decliners. Only five of the S&P 500s 11 primary sectors finished in the green. Financials, which have been big gainers in recent months, led decliners.

Crude oil prices rallied on Wednesday, 29 March 2017 settling at their highest level in roughly three weeks after data from the Energy Information Administration showed a weekly rise in U.S. crude inventories that was below some market forecasts, along with bigger-than-expected declines in gasoline and distillate stockpiles. Disruptions to crude output in Libya, as well as hopes for a six-month extension to the production cut agreement, led by the Organization of the Petroleum Exporting Countries, added further support to oil prices.

May West Texas Intermediate crude rose $1.14, or 2.4%, to settle at $49.51 a barrel on the New York Mercantile Exchange. The contract settled at its highest level since 9 March. May Brent gained $1.09, or 2.1%, to $52.42 a barrel.

The EIA reported that crude inventories rose by 900,000 barrels to a weekly record 534 million barrels for the week ended March 24. But that rise was less than half the 1.9 million-barrel climb posted by the American Petroleum Institute late Tuesday.Market had forecast a climb of 300,000 barrels, while others expected an even larger increase. The EIA also said gasoline supplies dropped 3.7 million barrels, while distillate stockpiles fell 2.5 million barrels last week. Market had forecast a fall of 2.1 million for gasoline and decline of 1.1 million for distillates.

The ICE U.S. Dollar Index rose 0.3% to trade above 100.

On the data front, todays economic releases were limited to February Pending Home Sales and the weekly MBA Mortgage Applications Index. Pending Home Sales for February rose 5.5% while the consensus expected an increase of 2.4%. Todays reading follows an unrevised 2.8% drop in January. Separately, the weekly MBA Mortgage Applications Index decreased 0.8% to follow last weeks 2.7% decline.

Bullion prices ended lower at Comex on Wednesday, 29 March 2017. Gold futures fell on Wednesday for a second straight session, adding to their decline from the one-month high they hit at the start of the week as the U.S. dollar strengthened on the back of Brexit-induced weakness in the euro.

Gold for April delivery on Comex fell $1.90, or 0.2%, to settle at $1,253.70 an ounce. It settled Monday at a one-month high, then lost a dime on Tuesday. June gold which is also among the most-active contracts, ended at $1,256.80, down $2, or 0.2%. May silver finished flat at $18.252 an ounce.

In the Treasury market, U.S. sovereign debt settled with a modest gain for the second time this week. The benchmark 10-yr yield closed four basis points lower at 2.38%.

Tomorrow, investors will receive the third estimate of fourth quarter GDP (consensus 2.0%) and Initial Claims (consensus 245,000) at 8:30 ET.

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L&T HydroCarbon Engineering bags orders worth Rs 4000 cr
Mar 30,2017

L&T HydroCarbon Engineering, a wholly owned subsidiary of Larsen & Toubro, has bagged orders totalling close to Rs 4000 crore in the International market.

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Precious metals end mostly lower
Mar 30,2017

Bullion prices ended lower at Comex on Wednesday, 29 March 2017. Gold futures fell on Wednesday for a second straight session, adding to their decline from the one-month high they hit at the start of the week as the U.S. dollar strengthened on the back of Brexit-induced weakness in the euro.

Gold for April delivery on Comex fell $1.90, or 0.2%, to settle at $1,253.70 an ounce. It settled Monday at a one-month high, then lost a dime on Tuesday. June gold which is also among the most-active contracts, ended at $1,256.80, down $2, or 0.2%.

May silver finished flat at $18.252 an ounce.

The ICE U.S. Dollar Index rose 0.3% to trade above 100. U.S. equities saw mixed trading after the Dow industrials on Tuesday snapped an eight-day losing streak.

The yellow metal fell on Wednesday as the U.K. government letter formally starting the Brexit process was delivered to the European Council, kicking off two years of negotiations.

On the data front, todays economic releases were limited to February Pending Home Sales and the weekly MBA Mortgage Applications Index. Pending Home Sales for February rose 5.5% while the consensus expected an increase of 2.4%. Todays reading follows an unrevised 2.8% drop in January. Separately, the weekly MBA Mortgage Applications Index decreased 0.8% to follow last weeks 2.7% decline.

Metals traders will continue to eye U.S. economic data for hints on the pace and timing of interest-rate hikes by the Federal Reserve. With a rate hike earlier this month, the Fed penciled in two more hikes for 2017.

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RIL inches up after completing stake sale in GAPCO
Mar 30,2017

The announcement was made after market hours yesterday, 29 March 2017.

Meanwhile, the S&P BSE Sensex was up 70.06 points or 0.24% at 29,601.49.

On the BSE, 19,000 shares were traded on the counter so far as against the average daily volumes of 1.97 crore shares in the past one quarter. The stock had hit a high of Rs 1,266.20 and a low of Rs 1,254.05 so far during the day. It had hit a 52-week high of Rs 1,326.75 on 7 March 2017 and a 52-week low of Rs 925.70 on 23 May 2016.

The large-cap company has equity capital of Rs 3251.28 crore. Face value per share is Rs 10.

Pursuant to the sale agreements signed by Reliance Exploration & Production DMCC (REPDMCC), an indirect wholly owned subsidiary of Reliance Industries (RIL) and TOTAL, for the sale of the entire 76% interest held by REPDMCC in the Mauritius-incorporated Gulf Africa Petroleum Corporation (GAPCO), REPDMCC, TOTAL and GAPCO have obtained requisite regulatory approvals, consents and successfully completed the sale transaction.

GAPCO is a holding company with operating subsidiaries in Tanzania, Kenya and Uganda which are primarily engaged in petroleum product import, and trading, storage, distribution, marketing, supply and transportation of oil products in East Africa.

Since the acquisition of 76% equity interest in GAPCO by REPDMCC in 2007, GAPCO has significantly grown and is one of leading petroleum marketing company in East Africa owning retail outlets as well as onshore and offshore terminals.

REPDMCCs sale of its interest in GAPCO is pan of a joint transaction, wherein REPDMCC as well as the minority shareholder have sold their entire respective holdings in GAPCO for cash.

RILs consolidated net profit rose 3.6% to Rs 7506 crore on 17.6% growth in net sales to Rs 79408 crore in Q3 December 2016 over Q3 December 2015.

Reliance Industries (RIL) is Indias largest private sector company. RILs activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and telecommunications.

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