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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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Kilburn Engineering secures new orders
Dec 22,2016

Kilburn Engineering has received new orders worth Rs 43.15 crore. These include an order for instrument & utility gas package for offshore platforms of ONGC worth Rs 16.99 crore.

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Titan Company drops after large bulk deal
Dec 22,2016

Meanwhile, the S&P BSE Sensex was down 294.86 points or 1.12% at 25,947.52

Bulk deal boosted volume on the scrip. On the BSE, 1.15 crore shares were traded on the counter so far as against the average daily volumes of 1.44 lakh shares in the past one quarter. The stock had hit a high of Rs 323.05 and a low of Rs 309 so far during the day.

The stock had hit a 52-week low of Rs 296.30 on 21 November 2016. The stock had hit a 52-week high of Rs 445 on 7 September 2016. The stock had outperformed the market over the past 30 days till 21 December 2016, rising 4.09% compared with the 1.08% rise in the Sensex. The scrip, however, underperformed the market in past one quarter, falling 22.94% as against Sensexs 8.80% decline.

The large-cap company has equity capital of Rs 88.78 crore. Face value per share is Re 1.

Titan Companys net profit rose 23.5% to Rs 180.76 crore on 0.86% decline in total income to Rs 2664.09 crore in Q2 September 2016 over Q2 September 2015.

Titan Companys main business lines are watches, jewellery and eyewear.

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Oberoi Realty bucks trend on bargain hunting
Dec 22,2016

Meanwhile, the BSE Sensex was down 286.83 points, or 1.09%, to 25,955.55.

On the BSE, so far 1.41 lakh shares were traded in the counter, compared with average daily volumes of 89,442 shares in the past one quarter. The stock had hit a high of Rs 310 and a low of Rs 302.50 so far during the day.

The stock hit a 52-week high of Rs 377.85 on 3 November 2016. The stock hit a 52-week low of Rs 210.15 on 12 February 2016.

Shares of Oberoi Realty fell 7.52% in three trading sessions to settle at Rs 303.95 yesterday, 21 December 2016, from its close of Rs 328.65 on 16 December 2016.

On a consolidated basis, net profit of Oberoi Realty rose 12.45% to Rs 83.72 crore on 32.62% rise in net sales to Rs 250.85 crore in Q2 September 2016 over Q2 September 2015.

Oberoi Realty is Indias leading real estate development company, headquartered in Mumbai, focused on premium developments in the residential, office space, retail, hospitality and social infrastructure verticals.

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Board of Ishan Dyes & Chemicals to consider bonus issue
Dec 22,2016

Ishan Dyes & Chemicals announced that the meeting of the Board of Directors of the Company will be held on 29 December 2016, inter alia, to consider, discuss, recommend and approve the following:

1. Subject to shareholders approval to increase in Authorized Share Capital of the Company and consequently alteration in the Capital Clause of the Memorandum of Association of the Company.

2. Proposal for Issue of Bonus Equity Shares to the existing Shareholders of the Company.

3. Other related matters including fixing day and date for Extra Ordinary General Meeting of the Shareholders of the Company OR conducting of Postal Ballot.

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Metal shares witness selling pressure
Dec 22,2016

Hindalco Industries (down 4.38%), Vedanta (down 4.27%), National Aluminium Company (down 3.27%), Jindal Steel & Power (down 3.14%), Steel Authority of India (down 3.12%), Tata Steel (down 2.94%), Hindustan Copper (down 2.75%), NMDC (down 2.22%), Hindustan Zinc (down 2.21%), Bhushan Steel (down 2.17%) and JSW Steel (down 1.3%), edged lower.

The S&P BSE Metal index was down 2.83% at 10,015.33. It underperformed the Sensex, which was down 0.94% at 25,996.10.

The S&P BSE Metal index had outperformed the market over the past 30 days till 21 December 2016, rising 2.96% compared with the 1.08% rise in the Sensex. The index had also outperformed the market in past one quarter, rising 4.97% as against Sensexs 8.80% decline.

Meanwhile, copper price edged lower in the global commodities markets. High Grade Copper for March 2017 delivery was currently down 0.78% at $2.4775 per pound on the COMEX.

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Board of Inditalia Refcon to consider December quarter results
Dec 22,2016

Inditalia Refcon announced that the Board Meeting of the Company for approval of Financial results and Investor Grievance Report for the Quarter ended 31 December 2016 shall be held on 02 January 2017.

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Volumes jump at Centrum Capital counter
Dec 22,2016

Centrum Capital clocked volume of 2.22 crore shares by 14:22 IST on BSE, a 1050.36-times surge over two-week average daily volume of 21,000 shares. The stock jumped 8.99% to Rs 29.10.

United Breweries notched up volume of 12.06 lakh shares, a 133.76-fold surge over two-week average daily volume of 9,000 shares. The stock lost 3.06% to Rs 758.

Titan Company saw volume of 1.15 crore shares, a 107.34-fold surge over two-week average daily volume of 1.08 lakh shares. The stock dropped 2.4% to Rs 311.40.

Shriram Transport Finance Company clocked volume of 25.55 lakh shares, a 70.90-fold surge over two-week average daily volume of 36,000 shares. The stock fell 2.14% to Rs 792.

Jaiprakash Power Ventures saw volume of 1.69 crore shares, a 57.56-fold rise over two-week average daily volume of 2.95 lakh shares. The stock declined 2.29% to Rs 3.84.

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HCL Technologies recognised as Leader for Internet of Things Services
Dec 22,2016

HCL Technologies announced that Everest Group named IoT WoRKSTM by HCL among leaders for IoT services in its recent report titled n++Internet of Things Services - PEAK MatrixTM Assessment and Market Trendsn++.

16 IoT services providers were analyzed for this study, and the assessment was based on Everest Groups annual RFI process for the calendar year 2016, interaction with IoT service providers, client reference checks, and assessment of the IoT services market

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Coal India announces change in directorate
Dec 22,2016

Coal India announced that Ministry of Coal vide office order dated 19 December 2016 has appointed C. K. Dey, Director(Finance), CIL on the Board of CMPDIL one of the Subsidiary companies of Coal India and Shekhar Saran, Director (Tech.), CIL (Addl. charge) on the Board of BCCL one of the Subsidiary companies of Coal India as a part time Director with immediate effect and until further orders vice N. Kumar, Ex-Director(Tech.), CIL.

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Agenda for board meeting of Arnav Corporation
Dec 22,2016

Arnav Corporation announced that the meeting of the Board of Directors of the Company is scheduled to be held on 03 January 2017, inter alia, to transact the following business :

1. Appointment of New Director on the Board of the Company;

2. Shift Registered Office of the Company within the local municipal limit;

3. To consider, expansion into Broadcasting Industry.

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The Phoenix Mills gains as unit enters into non-binding term sheet with CPPIB
Dec 22,2016

The announcement was made during trading hours today, 22 December 2016.

Meanwhile, the BSE Sensex was down 286.26 points, or 1.09%, to 25,956.12.

On the BSE, so far 9,981 shares were traded in the counter, compared with average daily volumes of 2,544 shares in the past one quarter. The stock had hit a high of Rs 391.65 and a low of Rs 370 so far during the day.

The stock hit a 52-week high of Rs 445 on 8 September 2016. The stock hit a 52-week low of Rs 238.30 on 29 February 2016.

The Phoenix Mills said that its wholly-owned subsidiary, Island Star Mall Developers (ISML), on 22 December 2016, entered into a non-binding term sheet with Canada Pension Plan Investment Board (CPPIB). Under the agreement, CPPIB can acquire up to 49% of the post issue paid-up equity share capital of ISML over a period of three years.

If the transaction is consummated in its entirety, then The Phoenix Mills shareholding in ISML will reduced to 51% of the paid-up equity capital on a fully diluted basis. The funds so raised by ISML will be utilized for business development and growth purposes.

ISML owns and operates a retail mall in Bangalore known as Phoenix Marketcity. ISML recorded revenues of Rs 164.30 crore and profit after tax of Rs 37.10 crore in financial year ended 31 March 2016.

Earlier this week, The Phoenix Mills entered into a share purchase agreement for acquisition of the entire 15.18% stake in its subsidiary Offbeat Developers (ODPL) held by Vistra ITCL (India) and IIRF Holdings X. Further, the company has entered into a share purchase agreement to acquire Eder Rivers entire 4.98% stake in ODPL. Subsequent to the completion of both the aforesaid transactions, the shareholding of The Phoenix Mills in ODPL will increase from 74.48% to 94.64%. The announcement was made after market hours on Monday, 19 December 2016.

On a consolidated basis, net profit of Phoenix Mills rose 41.98% to Rs 54.28 crore on 16.22% rise in net sales to Rs 491.08 crore in Q2 September 2016 over Q2 September 2015.

The Phoenix Mills focuses on real estate development and entertainment.

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Board of Prism Medico & Pharmacy approves change in company secretary
Dec 22,2016

Prism Medico & Pharmacy announced that the Board of Directors of the Company at its meeting held on 22 December 2016 approved -

Resignation of Vikas Aggarwal from post of Company Secretary of the Company.

Appointment of Barkha Jain as Company Secretary of the Company.

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Pradeep Metals announces appointment of CFO
Dec 22,2016

Pradeep Metals announced that subsequent to the appointment of Rakesh Agarwal as the Chief Financial Officer of the Company, Dilip Dalvi (Dy. CFO) is relieved from his responsibility as KMP, however, he continues to be in the services of the Company as Dy. CFO reporting to Rakesh Agarwal (CFO) of the Company.

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Vedanta leads losers on BSEs A group
Dec 22,2016

Vedanta fell 4.38% at Rs 216.15. The stock topped the losers in A group. On the BSE, 5.72 lakh shares were traded on the counter so far as against the average daily volumes of 8.73 lakh shares in the past two weeks.

Unitech slipped 5.12% at Rs 4.08. The stock was the second biggest loser in A group. On the BSE, 36.67 lakh shares were traded on the counter so far as against the average daily volumes of 29.75 lakh shares in the past two weeks.

Cairn India skid 4.27% at Rs 242.05. The stock was the third biggest loser in A group. On the BSE, 51,000 shares were traded on the counter so far as against the average daily volumes of 2.13 lakh shares in the past two weeks.

IIFL Holdings declined 3.69% at Rs 256. The stock was the fourth biggest loser in A group. On the BSE, 4,909 shares were traded on the counter so far as against the average daily volumes of 11,000 shares in the past two weeks.

Alok Industries fell 3.88% at Rs 3.22. The stock was the fifth biggest loser in A group. On the BSE, 9.83 lakh shares were traded on the counter so far as against the average daily volumes of 25.67 lakh shares in the past two weeks.

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Nitesh Estates slips after redeeming NCDs
Dec 22,2016

The announcement was made after market hours yesterday, 21 December 2016.

Meanwhile, the BSE Sensex was down 261.45 points, or 1%, to 25,980.93.

On the BSE, so far 2,698 shares were traded in the counter, compared with average daily volumes of 47,456 shares in the past one quarter. The stock had hit a high of Rs 9.94 and a low of Rs 9.71 so far during the day.

The stock hit a 52-week high of Rs 16.35 on 6 January 2016. The stock hit a 52-week low of Rs 9.45 on 20 December 2016.

Nitesh Estates said it redeemed 700 non-convertible debentures (unlisted NCD) out of 1,250 non-convertible debentures held by IDFC for the aggregate value of Rs 70 crore.

On a consolidated basis, Nitesh Estates reported net loss of Rs 27.68 crore in Q2 September 2016 as against net loss of Rs 14.32 crore in Q2 September 2015. Net sales rose 34.29% to Rs 65.95 crore in Q2 September 2016 over Q2 September 2015.

Nitesh Estates is a first generation real estate company headquartered in Bangalore. The company is focused on homes, hotels, shopping malls and office buildings.

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