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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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TVS Srichakra to convene board meeting
Jul 25,2017

TVS Srichakra will hold a meeting of the Board of Directors of the Company on 12 August 2017.

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Jindal Saw to discuss results
Jul 25,2017

Jindal Saw will hold a meeting of the Board of Directors of the Company on 3 August 2017.

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MPIL Corporation to announce Quarterly Result
Jul 25,2017

MPIL Corporation will hold a meeting of the Board of Directors of the Company on 11 August 2017.

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Cochin Minerals & Rutile schedules AGM
Jul 25,2017

Cochin Minerals & Rutile announced that the Annual General Meeting (AGM) of the company will be held on 29 August 2017.

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Sonata Software announces board meeting date
Jul 25,2017

Sonata Software will hold a meeting of the Board of Directors of the Company on 14 August 2017.

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MFS Intercorp to announce Quarterly Result
Jul 25,2017

MFS Intercorp will hold a meeting of the Board of Directors of the Company on 1 August 2017.

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Sun Techno Overseas to conduct board meeting
Jul 25,2017

Sun Techno Overseas will hold a meeting of the Board of Directors of the Company on 1 August 2017.

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Sword-Edge Commercials to discuss results
Jul 25,2017

Sword-Edge Commercials will hold a meeting of the Board of Directors of the Company on 1 August 2017.

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ZEE drops after announcing Q1 results
Jul 25,2017

Meanwhile, the S&P BSE Sensex was up 30.76 points, or 0.09% to 32,275.37.

On the BSE, 68,144 shares were traded in the counter so far, compared with average daily volumes of 1.29 lakh shares in the past one quarter. The stock had hit a high of Rs 558.90 and a low of Rs 537.30 so far during the day. The stock had hit a 52-week high of Rs 588.80 on 3 October 2016. The stock had hit a 52-week low of Rs 428.50 on 23 December 2016.

The stock had outperformed the market over the past one month till 24 July 2017, rising 8.12% compared with 3.56% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, rising 4.95% as against Sensexs 8.73% rise. The scrip had, however, outperformed the market in past one year, rising 18.08% as against Sensexs 15.98% rise.

The large-cap company has equity capital of Rs 96.04 crore. Face value per share is Re 1.

Zee Entertainment Enterprises (ZEE) consolidated net profit rose 16% to Rs 251.6 crore on 2% decline in operating revenue to Rs 1540.3 crore in Q1 June 2017 over Q1 June 2016.

Punit Goenka, Managing Director & Chief Executive Officer, ZEEL, commented, that it was yet another satisfying quarter with a strong financial and operating performance. During the quarter, the company recovered from the impact of demonetization and the growth in the first two months was strong. However, the momentum was disrupted in June in the run-up to GST implementation.

The advertisers reduced ad spends on existing brands and launched fewer products as distribution chain was not fully prepared for seamless transition to the new regime. Despite the challenge, domestic ad revenue grew by 7%. Notwithstanding the short-term impact, the company believes that GST will aid the advertising spends in the long-run.

The domestic subscription revenue, adjusted for the sale of sports business, grew by 14.5%. While there is still uncertainty regarding the implementation of the new tariff regulation due to pending litigations, the company is confident of driving the subscription business on the back of the strong competitive positions of channels in the key genres, he added.

Meanwhile, the companys board approved a composite scheme of arrangement and amalgamation between the company and certain domestic wholly-owned subsidiaries which includes demerger of Digital Media and Entertainment Business undertaking from Zee Digital Convergence, vesting with the company. Demerger of Advertisement Sales Media Business undertaking from Zee Unimedia, vesting with the company.

Demerger of Online Media Business undertaking from India Webportal Private, vesting with the company and amalgamation of Sarthak Entertainment with the company, with effect from appointed date of 1 April 2017. Since the corporate restructuring involves the company and its wholly owned subsidiaries, the scheme does not provide for any consideration for the demerger/merger proposed in the scheme.

The audit committee of the board of directors of the company approved appointment of Bharat Kedia as Chief Financial Officer of the company with effect from 1 August 2017, in place of Mihir Modi, who will be moving to a new role in the company.

Zee Entertainment Enterprises is one of Indias leading television media and entertainment companies. The company and its affiliate companies have leading presence across the media value chain including television broadcasting, cable distribution, direct-to-home satellite services, digital media and print media amongst others.

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Wendt (India) drops after weak Q1 earnings
Jul 25,2017

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

Meanwhile, the S&P BSE Sensex was up 12.61 points or 0.04% at 32,258.48. The S&P BSE Small-Cap index was up 1.57 points, or 0.01% to 16,037.33.

On the BSE, 488 shares were traded on the counter so far as against the average daily volumes of 621 shares in the past one quarter. The stock had hit a high of Rs 2,604 and a low of Rs 2,451 so far during the day. The stock had hit a 52-week high of Rs 2,809.85 on 20 July 2017 and a 52-week low of Rs 1,666 on 26 December 2016.

The small-cap company has equity capital of Rs 2 crore. Face value per share is Rs 10.

Wendt (India) is a manufacturer of super abrasives, grinding, honing and special purpose machines and components.

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Just Dial advances as board approves buyback proposal
Jul 25,2017

Meanwhile, the S&P BSE Sensex was up 8.56 points, or 0.03% to 32,254.43. The S&P BSE Small-Cap index was off 11.55 points, or 0.07% to 16,024.21.

On the BSE, 4.71 lakh shares were traded in the counter so far, compared with average daily volumes of 2.13 lakh shares in the past one quarter. The stock had hit a high of Rs 372.90 and a low of Rs 364 so far during the day. The stock hit a 52-week high of Rs 619.45 on 17 March 2017. The stock hit a 52-week low of Rs 318.20 on 27 December 2016.

The small-cap company has equity capital of Rs 69.55 crore. Face value per share is Rs 10.

Just Dials board of directors approved the proposal to buyback shares from its shareholders/beneficial owners other than those who are promoters, members of the promoter group and persons in control, from the open market through stock exchanges mechanism for a total amount not exceeding Rs 83.91 crore, and at a price not exceeding Rs 700 per share.

The maximum buyback size represents 9.998% of the aggregate of the companys share capital and free reserves based on the standalone audited financial statements of the company as at 31 March 2017. The announcement was made after market hours yesterday, 24 July 2017.

Just Dials net profit fell 1.98% to Rs 38.16 crore on 5.71% increase in total income to Rs 216.65 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours yesterday, 24 July 2017.

Just Dial is a leading local search engine in India.

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The Ministry of Tourism has launched Swadesh Darshan Scheme in 2014-15 for integrated development of Theme-Based tourist Circuits in the country
Jul 25,2017

The Ministry of Tourism has launched Swadesh Darshan Scheme in 2014-15 for integrated development of Theme-Based tourist Circuits in the country. Coastal Circuit which includes inter-alia beach destinations has been identified as one of thirteen thematic circuits for development under this scheme. The Ministry of Tourism promotes India as a holistic destination as part of its on-going activities by releasing advertising campaigns in various media under the Incredible India brand-line, through its website, production of publicity and promotional material and through promotional activities undertaken by the overseas India

Cleanliness and maintenance of beaches is the responsibility of the respective State Governments/ UT administrations. However, Ministry extends Central Financial Assistance under the Swadesh Darshan scheme for Beach Cleaning Equipment as one of the admissible components to promote cleanliness of beaches.

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Ambuja Cements builds gains after good Q2 result
Jul 25,2017

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

Meanwhile, the S&P BSE Sensex was up 32.61 points or 0.1% at 32,278.48.

On the BSE, 82,000 shares were traded on the counter so far as against the average daily volumes of 3.13 lakh shares in the past one quarter. The stock had hit a high of Rs 275 and a low of Rs 271 so far during the day. The stock had hit a 52-week high of Rs 282 on 31 August 2016 and a 52-week low of Rs 191 on 22 November 2016.

The large-cap company has equity capital of Rs 397.13 crore. Face value per share is Rs 2.

Consolidated operating earnings before interest, taxation, depreciation and amortization (EBITDA) rose 20.79% to Rs 1290 crore in Q2 June 2017 over Q2 June 2016.

Consolidated cement sales volumes rose 7.58% to 12.78 million tonnes in Q2 June 2017 over Q2 June 2016.

In its outlook, Ambuja Cements said that the Governments focus on infrastructure, backed by a good monsoon, should help in spurring economic growth in the second half of the year. The company said it was well prepared for the implementation of the new Goods and Services Tax (GST) with effect from 1 July 2017. The resulting simplification of the tax structure will make it easier to do business and benefit the overall economy in the long run.

Ambuja Cements is engaged in manufacturing and marketing cement and clinker for both domestic and exports. The company sells cement under the Ambuja Cement brand.

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Welspun Enterprises announces new infra projects and plans to apply for NBFC license
Jul 25,2017

Welspun Enterprises announced its plans to expand its operations in infrastructure and to apply for NBFC (Non-Banking Financial Company) licence.

In the infrastructure space, WEL has agreed to acquire 49% stake in two NHAI Hybrid Annuity Model (HAM) projects from MBL Group, subject to necessary approvals and statutory compliances. WEL will be the sponsor to these two projects, thus expanding its HAM project portfolio to three projects.

The two projects are:
a. 4-Laning of Chutmalpur-Ganeshpur section of NH-72A & Roorkee-Chutmalpur-Gagalheri section of NH-73
b. 4-Laning of Gagalheri-Saharanpur-Yamunanagar (UP/Haryana Border) section of NH-73

The consideration for the stake purchase is Rs. 23 crore. The Company has the option to acquire the remaining 51% stake in these projects as and when the regulator (NHAI) permits. The consideration for the purchase of the remaining stake is fixed at Rs. 24.5 crore.

As per the Hybrid Annuity Model (HAM), the projects will have 40% financial support from NHAI. The debt component is estimated to be 48% of the project cost; and as sponsor, the balance will be funded by WEL (apart from the equity of MBL). WEL is in the process of completingdocumentations for financial closure and appointed date is expected to be announced by NHAI by the end of the month. The EPC contract of both projects will be executed by WEL.

Apart from this, as announced on 19 July 2017, WEL has emerged as the lowest bidder for the Aunta-Simaria HAM project from NHAI at the bid price of Rs. 1045 crore.

The Board of Directors of WEL has approved the proposal of its subsidiary, namely Welspun Financial Services (WFSL), to apply to RBI for NBFC licence. WEL will be holding 60% stake in the subsidiary. The remaining 40% will be held by the Welspun promoter group.

WEL would initially subscribe to 60% of the equity share capital of WFSL, up to an amount of Rs. 2 crore. The Board has given in-principle approval for maximum investment up to Rs.350 crore in the venture, from the Companys cash reserve. A Board delegated committee would be constituted to evaluate and take day-to-day decisions. The specific investment proposal and the business plan would be approved by the Board on obtaining NBFC License, post on-boarding the team. TheMemorandum of Association is being suitably altered for this purpose.

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Wipro forms partnership with Hewlett Packard Enterprise
Jul 25,2017

Wipro announced a partnership with Hewlett Packard Enterprise (HPE) to offer IT infrastructure solutions in a consumption based or pay per use business model for enterprises. This model for IT infrastructure procurement and provisioning will be offered to both Wipro and HPEs customers, globally.

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