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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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Sintex Industries surges ex-demerger
May 25,2017

Meanwhile, the S&P BSE Sensex was up 159.25 points or 0.53% at 30,460.89.

On the BSE, 3.46 crore shares were traded on the counter so far as against the average daily volumes of 12.15 lakh shares in the past one quarter. The stock had hit a high of Rs 34.50 and a low of Rs 17.75 so far during the day.

The record date for the demerger of plastics division of Sintex Industries is tomorrow, 26 May 2017.

Sintex Industries board, in September 2016, had approved a composite scheme of arrangement for the demerger of the custom moulding business and the prefab business from Sintex Industries to Sintex-BAPL and Sintex Infra Projects, respectively, each a wholly owned subsidiary of Sintex Plastics Technology (SPTL).

SPTL is expected to start trading on the stock exchanges in next 10-15 days, reports suggested.

Meanwhile, Credit Suisse (Singapore) sold 32.91 lakh shares of Sintex Industries at Rs 104.13 per share in a bulk deal on the NSE yesterday, 24 May 2017. On the same day, Merrill Lynch Markets Singapore Pte offloaded 30.17 lakh shares of the company at Rs 105.11.

Sintex Industries consolidated net profit fell 78.7% to Rs 49.54 crore on 132.7% growth in net sales to Rs 661.40 crore in Q4 March 2017 over Q4 March 2016.

Sintex Industries is engaged in spinning, weaving and finishing of textiles.

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Jain Irrigation spurts after posting good Q4 results
May 25,2017

The result was announced after market hours yesterday, 24 May 2017.

The stock had dropped 13.08% in six sessions to settle at Rs 86.05 yesterday, 24 May 2017 from a close of Rs 99 on 16 May 2017 ahead of the results.

Meanwhile, the S&P BSE Sensex was up 162.39 points, or 0.54% to 30466.97. The S&P BSE Mid-Cap index was up 91.27 points, or 0.65% to 14,128.97.

Higher than usual volumes were witnessed on the counter. On the BSE, 10.92 lakh shares were traded in the counter so far, compared with average daily volumes of 7.38 lakh shares in the past one quarter. The stock had hit a high of Rs 93.55 and a low of Rs 88.75 so far during the day. The stock had hit a 52-week high of Rs 119.80 on 25 April 2017. The stock had hit a 52-week low of Rs 62.50 on 24 May 2016.

The stock had underperformed the market over the past one month till 24 May 2017, dropping 22.48% compared with 2.18% rise in the Sensex. The scrip had also underperformed the market in past one quarter, declining 8.16% as against Sensexs 4.88% rise.

The mid-cap company has equity capital of Rs 92.03 crore. Face value per share is Rs 2.

Jain Irrigation Systems said that revenue growth was seen by registering positive growth in all the business divisions.

The company said that the board of directors of the company recommended dividend of Rs 0.75 per share for the year ended 31 March 2017 (FY 2017).

The companys total order book stands at Rs 2107 crore.

Jain Irrigation Systems is engaged in manufacturing of micro irrigation systems, PVC pipes, HDPE pipes, plastic sheets, agro processed products, renewable energy solutions, tissue culture plants, financial services and other agricultural inputs.

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Orient Tradelink appoints company secretary
May 25,2017

Orient Tradelink announced the appointment of Rajender Kumar as Company Secretary of the Company with effect from 09 May 2017.

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Cabinet approves Fair and Remunerative Price payable by sugar mills for 2017-18 sugar season
May 25,2017

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, has given its approval for fixing the Fair and Remunerative Price (FRP) of sugarcane at Rs. 255/- per quintal (qt) for sugar season 2017-18 linked to a basic recovery rate of 9.5% subject to a premium of Rs. 2.68 per qtl for every 0.1% point increase in recovery above that level. The approved FRP reflects an increase of 10.87% over the FRP of sugar season 2016-17. The FRP so approved shall be applicable for purchase of sugarcane from the farmers in the sugar season 2017-18 by the sugar mills. The move is a reflection of the Governments pro-farmer initiatives, keeping in mind the interest of sugarcane farmers and importance of the sugar industry.

Details

The sugar industry is an important agro-based industry that impacts the livelihood of about 50 million sugarcane farmers and around 5 lakh workers directly employed in sugar mills, apart from those employed in various ancillary activities including farm labour and transporters. This decision has been taken to provide appropriate price to the farmers for their cane.

FRP of sugarcane has been determined on the basis of recommendations of Commission for Agricultural Costs and Prices (CACP) and after consultation with State Governments and other stake-holders. Recommended FRP has been arrived at by taking into account various factors such as cost of production, overall demand-supply situation, domestic and international prices, inter-crop price parity, terms of trade prices of primary by-products, and likely impact of FRP on general price level and resource use efficiency.

During the last 3 years, in order to support the sugarcane farmers and to ensure that their dues are paid by the sugar mills, the Government of India introduced schemes such as SEFASU; Soft Loan, Incentive for Raw Sugar Export and Production Subsidy. Through these interventions, the funds made available to the mills were utilized for payment of the cane price arrears of the farmers. Direct credit into the farmers bank accounts of their dues was also mandated.

As a consequence, clearance of cane price arrears of farmers reached 99.33% for 2014-15 sugar season and 98.5% for 2015-16 sugar season. Cane price arrears for the current sugar season 2016-17 is the lowest as compared to last five years of the corresponding period.

In order to address the current sugar seasons shortfall in production and any possible adverse price sentiment, the Government has allowed import of only 5 lakh MT of raw sugar at zero duty. However, to protect the Indian farmers, import quantity has been restricted along with zonal restrictions so as to make it available only in actually deficient areas and safeguard the interest of cane farmers.

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TCS partners with Nexperia
May 25,2017

Tata Consultancy Services announced that newly formed Nexperia B.V. , a global leader in discrete components in the semiconductor industry, has partnered with TCS to transform its applications and infrastructure services.

Nexperia, which recently spun off from NXP, selected TCS to enhance its digital core through its end to end enterprise application stack hosted on the TCS Cloud.

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GE T&D India advances after reporting strong Q4 results
May 25,2017

The result was announced after market hours yesterday, 24 May 2017.

Meanwhile, the S&P BSE Sensex was up 184.77 points, or 0.61% at 30,486.41. The S&P BSE Mid-Cap index was up 91.58 points, 0.65% at 14,129.28.

On the BSE, 13,000 shares were traded on the counter so far as against the average daily volumes of 30,995 shares in the past one quarter. The stock had hit a high of Rs 357.95 and a low of Rs 345.05 so far during the day.

The stock had hit a 52-week high of Rs 384 on 17 May 2017 and hit a 52-week low of Rs 277.05 on 7 March 2017. The stock had underperformed the market over the past one month till 24 May 2017, gaining 0.98% compared with the Sensexs 2.18% rise. The scrip had, however, outperformed the market over the past one quarter advancing 12.59% as against the Sensexs 4.88% rise.

The mid-cap company has equity capital of Rs 51.21 crore. Face value per share is Rs 2.

GE T&D Indias board recommended a dividend of Rs 1.80 per share for the year ended March 2017.

GE T&D India is engaged in offering switchgear of all types, control panels, power transformers, electrical substation projects and services.

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Board of Century Plyboards (India) recommends final dividend
May 25,2017

Century Plyboards (India) 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 per equity Share (i.e. 100%) , subject to the approval of the shareholders.

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Bombay Cycle & Motor Agency to pay dividend
May 25,2017

Bombay Cycle & Motor Agency announced that dividend, if approved will be paid on or before 28 August 2017.

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Board of Vascon Engineering approves appointment of director
May 25,2017

The Board of Directors of Vascon Engineering approved appointment of Amit Parsuramka as Additional Director of the Company with effect from 24 May 2017.

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Modison Metals to hold AGM
May 25,2017

Modison Metals announced that the 34th Annual General Meeting (AGM) of the company will be held on 25 July 2017.

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Jayatma Spinners to hold board meeting
May 25,2017

Jayatma Spinners will hold a meeting of the Board of Directors of the Company on 30 May 2017, to consider and approve audited financial results of the Company for the quarter and financial year ended on 31st March, 2017.

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S&T Corporation to hold board meeting
May 25,2017

S&T Corporation will hold a meeting of the Board of Directors of the Company on 30 May 2017, to consider Unaudited Financial Results for the quarter ended 31 March 2017.

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Northern Project to hold board meeting
May 25,2017

Northern Project will hold a meeting of the Board of Directors of the Company on 30 May 2017, to consider and take on record the Audited Financial Results of the Company for the Quarter and Year ended 31st March 2017.

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Master Chemicals to hold board meeting
May 25,2017

Master Chemicals will hold a meeting of the Board of Directors of the Company on 29 May 2017, to consider and approve the Audited Financial Results of the Company for the Quarter and period ended on 31.03.2017.

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Rama Paper Mills to hold board meeting
May 25,2017

Rama Paper Mills will hold a meeting of the Board of Directors of the Company on 30 May 2017, to consider and approve the Audited Financial Results for the Quarter and Financial Year ended as on 31st March, 2017, and any other matter as permitted by the Chair.

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