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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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Lanco Infratech announces resignation of Nominee Director
Aug 08,2017

Lanco Infratech announced the resignation of Hiranmoy Biswas as Nominee Director with effect from 30 July 2017, on account of withdrawal of Nominee by IDBI Bank.

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Varun Mercantile appoints CFO
Aug 08,2017

Varun Mercantile announced that the Board of Directors has appointed Anup Shah, as the Chief Financial Officer of the Company with effect from 07 August 2017.

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Phillips Carbon Black drops on profit booking
Aug 08,2017

Meanwhile, the S&P BSE Sensex was down 194 points, or 0.6% at 32,079.67. The S&P BSE Small-Cap index was down 129.84 points, or 0.81% at 15,979.37.

On the BSE, 40,000 shares were traded on the counter so far as against the average daily volumes of 1.05 lakh shares in the past one quarter. The stock had hit a high of Rs 667.90 and a low of Rs 637.45 so far during the day. The stock had hit a record high of Rs 672.80 on 7 August 2017 and a 52-week low of Rs 185.30 on 11 August 2016.

The stock had outperformed the market over the past one month till 7 Aug 2017, advancing 6.81% compared with the Sensexs 2.91% rise. The scrip had also outperformed the market over the past one quarter advancing 53.61% as against the Sensexs 8.09% rise. The scrip had also outperformed the market over the past one year advancing 224.87% as against the Sensexs 14.94% rise.

The small-cap company has equity capital of Rs 34.47 crore. Face value per share is Rs 10.

Shares of Phillips Carbon Black had rallied 13.69% in the preceding seven trading sessions to settle at Rs 661.75 yesterday, 7 August 2017, from its close of Rs 582.05 on 27 July 2017.

Phillips Carbon Blacks net profit spurted 930.8% to Rs 28.14 crore on 21% increase in net sales to Rs 549.98 crore in Q4 March 2017 over Q4 March 2016.

Phillips Carbon Black is engaged in the manufacture and sale of carbon black, which is used by the rubber industry. It operates through two segments: Carbon black and Power.

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Bharti Infratel slips after Bharti Airtel sells stake
Aug 08,2017

Bharti Airtel made the announcement during trading hours today, 8 August 2017. Shares of Bharti Airtel were up 0.07% at Rs 418.

Meanwhile, the S&P BSE Sensex was down 182.95 points, or 0.57% to 32,090.72.

On the BSE, 8.53 crore Bharti Infratel shares were traded in the counter so far, compared with average daily volumes of 1.35 lakh shares in the past one quarter. The stock had hit a high of Rs 389 and a low of Rs 378.50 so far during the day. The stock hit a 52-week high of Rs 439 on 19 July 2017. The stock hit a 52-week low of Rs 283.10 on 31 January 2017.

The stock had underperformed the market over the past one month till 7 August 2017, falling 1.50% compared with 2.91% rise in the Sensex. The scrip had outperformed the market in past one quarter, rising 8.88% as against Sensexs 7.82% rise. The scrip had underperformed the market in past one year, rising 4.39% as against Sensexs 14.52% rise.

The large-cap company has equity capital of Rs 1849.61 crore. Face value per share is Rs 10.

Bharti Airtel via its wholly owned subsidiary, Nettle Infrastructure Investments (Nettle), today, 8 August 2017, announced the successful divestment of 6.75 crore shares of its subsidiary Bharti Infratel through a secondary share sale in the stock market (NSE, BSE). The sale was for a total consideration of over Rs 2570 crore (over $400 million) and was executed at a price of Rs 380.60 per share, representing a discount of 4.35% to Bharti Infratels previous days closing price of Rs 397.90.

Bharti Airtel said it will primarily use the proceeds from this sale to reduce its debt. Following the closure of this transaction, Bharti Airtel and its wholly owned subsidiaries together have an equity holding of 58% in Bharti Infratel, compared with 61.65% held earlier (as on 30 June 2017). The allocation was done to global tower company investors, fund managers and long only funds, including many repeat investors. UBS and J.P. Morgan were joint placement agents for the transaction.

On a consolidated basis, net profit of Bharti Infratel declined 12.21% to Rs 663.90 crore on 9.66% rise in net sales to Rs 1593.40 crore in Q1 June 2017 over Q1 June 2016.

Bharti Infratel is a provider of tower and related infrastructure sharing services.

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Monthly subscriber additions in the telecom industry which showed a declining trend over 1QFY18
Aug 08,2017

India Ratings and Researchs (Ind-Ra) report on Indias telecom sector highlights the trends in the telecom sector with a focus on subscriber additions, subscriber market share, circle wise additions, broadband subscribers, data usage and pricing.

The key highlights of the report include monthly subscriber additions in the telecom industry which showed a declining trend over 1QFY18, after posting high growth during October 2016 to February 2017 on account of Reliance Jio Infocomm Ltds (RJio - IND AAA/Stable) free offerings. RJio gained 9.9% market share between September 2016 and May 2017. Bharti Airtel Limited leads rural subscriber market share, while RJios subscriber base is more urban-centric. Weaker players are losing market share with the competitive play shifting to data from voice. Rural markets are hitherto providing positive net additions to the subscriber base, as against urban markets which have saturated. The overall tele-density in India increased to 93.6% in May 2017 from 83.1% in May 2016.

The proportion of active wireless subscribers was around 86.3% of the total wireless subscriber base in May 2017 (May 2016: 90.6%). The lower industry VLR (visitor location register- measures active subscribers) ratio reflects the multiple sim phenomenon and an increase in dormant subscribers.

Going forward, competitive intensity could increase in rural markets with the launch of low cost Voice over Long-Term Evolution (VoLTE) phones targeted at 2G/first time data users. Jiophone is likely to also accelerate migration from 2G to 4G which will step up the demand for telecom tower sites especially in the unpenetrated areas are housing the larger piece of the target market. The industry data usage has grown rapidly (1000MB per user in the quarter ending March 2017 from 884MB in the quarter ending December 2016) as data tariffs declined. Ind-Ra expects data realisations and average revenue per user levels to continue to remain subdued in view of unlimited voice and data bundled plans.

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FGP announces change in CFO
Aug 08,2017

FGP announced that the Board of Directors of the Company at its meeting held on 08 August 2017 has appointed Rajesh Desai as Chief Financial Officer (CFO) of the Company with effect from 01 November 2017 in place of Abhay Vasant Nerukar who had tendered his resignation from the position of CFO on 30 June 2017.

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Autoline Inds retracts from 52-week high
Aug 08,2017

Meanwhile, the S&P BSE Sensex was down 157.80 points or 0.49% at 32,115.87. The S&P BSE Small-Cap index fell 111.29 points or 0.69% at 15,997.92.

On the BSE, 2.08 lakh shares were traded on the counter so far as against the average daily volumes of 30,687 shares in the past one quarter. The stock had hit a high of Rs 91.50 so far during the day, which is a 52-week high. The stock hit a low of Rs 79.75 so far during the day. The stock had hit a 52-week low of Rs 44 on 22 November 2016.

The stock had outperformed the market over the past one month till 7 August 2017, advancing 60.22% compared with the Sensexs 2.91% rise. The stock had also outperformed the market over the past one quarter, gaining 48.78% as against the Sensexs 8.09% rise. The scrip had also outperformed the market over the past one year, advancing 73.9% as against the Sensexs 14.94% rise.

The small-cap company has equity capital of Rs 16.03 crore. Face value per share is Rs 10.

Shares of Autoline Industries had spurted 44.53% in the preceding six trading sessions to settle at Rs 88.60 yesterday, 7 August 2017, from its closing of Rs 61.30 on 28 July 2017. Lions portion of the rally materialized when the stock zoomed by the maximum permissible level of 20% in a single trading session yesterday, 7 August 2017, after the company said after market hours on Friday, 4 August 2017 that it has entered into an agreement to sell its manufacturing unit in Pimpri, Pune.

Autoline Industries said it will utilise the sale proceeds to settle the debt that has a charge on the Pimpri land holding and reduce overall debt exposure of the company. The activities of the companys Pimpri unit will now shift to its Chakan facility in Pune, it said.

The company believes that the consolidation of facilities will accrue substantial operational efficiency, cost savings, and smoothening of supply chain management by utilizing the available resources in Chakan Unit.

On a consolidated basis, Autoline Industries reported net loss of Rs 2.64 crore in Q4 March 2017 as against net loss of Rs 1.24 crore in Q4 March 2016. Net sales rose 26.1% to Rs 109.22 crore in Q4 March 2017 over Q4 March 2016.

Autoline Industries is an engineering and auto ancillary company, manufacturing sheet metal components, sub-assemblies and assemblies, foot control modules, parking brakes, hinges, cab stay and cab tilt, exhaust systems, tubular structures, fabrications, etc. for large original equipment manufacturers in the automobile industry.

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Century Enka gets revision in credit ratings for bank facilities
Aug 08,2017

Century Enka announced that CRISIL has revised the ratings for bank facilities availed by the Company -

Total bank loan facilities rates - Rs 663 crore
Long term rating - CRISIL A+/ Stable (Reaffirmed)
Short term rating - CRISIL A1+ (Upgraded from CRISIL A1)

Rs 150 crore short term debt - CRISIL A1+ (Upgraded from CRISIL A1)

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Sintex Plastics Technology declines on debut
Aug 08,2017

Meanwhile, the S&P BSE Sensex was down 204.35 points, or 0.63% at 32,069.32.

So far the stock hit a high of Rs 136.50 and low of Rs 123.60. On BSE, so far 33.70 lakh shares were traded on the counter.

The equity shares of Sintex Plastics Technology are listed on the exchange in the list of T group (Trade-for-Trade) of securities. The scrip will trade in this segment for 10 trading days.

In September 2016, the board of directors of Sintex Industries approved the composite scheme of arrangement for the demerger of custom moulding business and prefab business from Sintex Industries to Sintex-BAPL and Sintex Infra Projects, respectively.

Both demerged companies are wholly-owned subsidiary of Sintex Plastics Technology. With this demerger plan, Sintex intends to streamline various businesses developed by the Group.

Upon demerger, shareholders of Sintex Industries got one equity share from Sintex Plastics Technology for one share held in company.

The record date for the scheme of demerger was 26 May 2017.

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Board of Tata Steel appoints director
Aug 08,2017

Tata Steel announced that the Board of Directors of the Company has approved the appointment of Saurabh Agrawal as an Additional (Non-Executive) Director. The appointment is effective 10 August 2017.

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Board of Sahyadri Industries approves change in directorate
Aug 08,2017

The Board of Sahyadri Industries vide circular resolution dated 07 August 2017 approved the following change in directorate -

Appointment of Adv. S. B. Malegaonkar (DIN: 07901434) as Non- Executive Director of the Company.

Cessation of S.U Joshi (DIN: 00130591), J. G. Awate (DIN: 00138193), S. Y. Mestry (DIN: 01288571) as Independent Directors of the Company.

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Mahindra & Mahindra announces cessation of director
Aug 08,2017

Mahindra & Mahindra announced that would cease to be a Director of the Company from 8 August, 2017, upon completion of his tenure as an Independent Director as approved by the Shareholders at the 68th Annual General Meeting of the Company held on 8 August, 2014.

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Allahabad Bank allots 5,65,24,678 equity shares to GoI
Aug 08,2017

Allahabad Bank has allotted 5,65,24,678 equity shares of Rs 10 each at an issue price of Rs 73.95 per equity share including premium of Rs 63.95 per equity share to Government of India for cash.

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Outcome of board meeting of Worth Investment & Trading Company
Aug 08,2017

The Board of Worth Investment & Trading Company at its meeting held on 07 August 2017 transacted the following -

The Board accepted the resignation of its present director Suman Pal (DIN No. 06814041) and also appraised time and services devoted by him to the affairs of the company, and also the Board herewith appointed Dhawal Doshi as new Independent Director of the company.

The Board herewith agreed to shift the registered office of the company to 34, C.R.Avenue, 1st Floor, Kolkata - 700012 for the better and smooth functioning of the company.

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Nilkamal slips after weak Q1 results
Aug 08,2017

The result was announced after market hours yesterday, 7 August 2017.

Meanwhile, the S&P BSE Sensex was down 209.28 points, or 0.65% to 32,064.39.

On the BSE, 59,000 shares were traded in the counter so far, compared with average daily volumes of 6,134 shares in the past one quarter. The stock had hit a high of Rs 1,789 and a low of Rs 1,647.10 so far during the day. The stock hit a record high of Rs 2,274.85 on 11 May 2017. The stock hit a 52-week low of Rs 1,150.20 on 11 August 2016.

The stock had underperformed the market over the past one month till 7 August 2017, falling 9.04% compared with 2.91% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 20.14% as against Sensexs 7.82% rise. The scrip had outperformed the market in past one year, rising 45.32% as against Sensexs 14.52% rise.

The small-cap company has equity capital of Rs 14.92 crore. Face value per share is Rs 10.

During Q1 June 2017, Nilkamal achieved growth in its net sales, however the net profit was affected on account of additional spends towards the ongoing advertisement for brand reinforcement, rise in routine expenditure and other one-off, non-recurring operational expenses. Further, June 2017 also saw an impact on the sales volume of the company due to the goods and services tax (GST) being rolled-out with effect from July 2017.

Nilkamal is an industry pioneer in the manufacturing business of moulded furniture and material handling products with diversified product profile across various segments along with a diversified customer base including household customers, industrial customers and retail buyers. It is also having its presence in the retail business of lifestyle furniture, furnishings and accessories under its brand @home & Nilkamal Mattresses.

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