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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 Zee Entertainment Enterprises approves in-principle acquisition of 80% stake in Margo Networks
Mar 16,2017

Zee Entertainment Enterprises announced that the Board of Directors at its meeting held on 15 March 2017 has approved in-principle the acquisition of 80% equity stake in a Technology start-up, Margo Networks at a consideration of Rs 75 crore.

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Cabinet apprised of MoUs for cooperation in Youth and Sports Matters with Indonesia and the Kyrgyz Republic
Mar 16,2017

Union Cabinet chaired by the Prime Minister Shri Narendra Modi has been apprised of the Memoranda of Understanding (MoUs) signed between India and:

(i) Indonesia for cooperation in youth and sports matters, and

(ii) Kyrgyz Republic for cooperation in the field of youth development.

The MoUs envisage organizing Youth Exchange Programmes with Indonesia and Kyrgyz Republic, and cooperation in other youth and sports related matters.

International Youth Exchange programmes promote exchange of ideas, values and culture amongst youth and help in developing international perspective among the youth. Further, these Programmes promote peace and understanding, and strengthen friendly relations between countries. Cooperation in other youth and sports-related matters also helps in youth development and sports promotion in partner countries.

The benefits arising from bilateral exchange programmes in the field of Youth and Sports would be equally available to all youth irrespective of their caste, religion and gender.

The selection of youth for participation in youth exchange and other programmes shall be done in an objective and transparent manner and the outcomes of the programmes under the MoUs shall be open for public scrutiny.

Youth exchange and other programmes will help in developing international perspective among the youth and expanding their knowledge and expertise.

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Board of Bharti Airtel decides to undertake sale/ transfer of upto 400 mn Bharti Infratel shares
Mar 16,2017

Bharti Airtel announced that the Board of Directors at its meeting held on 14 March 2017 on the recommendation of the Committee of Directors, decided not to monetize a controlling stake in Bharti Infratel (Infratel) for now. Instead the Board has decided that the Company undertake a sale / transfer of upto 400 million Infratel equity shares owned by the Company which is over and above a controlling stake in Infratel, in such tranche(s), at such time(s) and for such consideration as may be deemed fit to its wholly-owned subsidiary, Nettle Infrastructure Investments (Nettle) and/or to any other potential investor(s) (collectively the Transfer(s)).

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Ducon Infratechnologies to pursue global inorganic strategy
Mar 16,2017

Ducon Infratechnologies announced that the management of the Company has decided to pursue its inorganic strategy for accelerated growth actively. This strategy would not only fastn++]track Ducon Indian++fs organic growth but would also add critical size and capabilities to its current business. The Company is potentially looking at companies predominantly in North America and Europe in similar or relatedmarket sectors and a strong market position.

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Shares of Parmax Pharma get listed
Mar 16,2017

The equity shares of Parmax Pharma (Scrip Code: 540359) are listed effective 16 March 2017 and admitted to dealings on the Exchange in the list of XT Group Securities.

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Japan Jan Factory Output Revised Up
Mar 16,2017

Japans Ministry of Economy, Trade and Industry released revised industrial production data on Wednesday, 15 March 2017, showing industrial production fell a revised 0.4% in January compared to the previous month, an upward revision from the preliminary 0.8% drop reported last month, but it still marked the first drop in six months following a 0.7% gain in December. The Index of Industrial Production (100 in 2010) remained relatively high at 100.2 (revised up from 99.8), with output up a revised 3.7% (vs. a preliminary +3.2%) from a year earlier, the third straight rise.

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HCL Technologies in focus as board to consider buyback
Mar 16,2017

Shares of HCL Technologies will be in focus after the company said that a meeting of the board of directors of the company will be held on Monday, 20 March 2017, to consider, a proposal for buyback of the equity shares of the company. The announcement was made after market hours yesterday, 15 March 2017.

Wipro announced the opening of an Automotive Engineering Center (AEC) in Detroit. The center aims to drive innovation in connected vehicle concepts - design, product engineering, digital customer-vehicle experiences, artificial intelligence, and sensors-driven advanced vehicle data analytics. The announcement was made after market hours yesterday, 15 March 2017.

The Wipros AEC is part of the companys vision to build a global network of delivery centers that offer best-in-class engineering and IT services, augmented by leading-edge automotive domain and digital solutions. The center will serve as a hub to support the automotive engineering and IT requirements of original equipment manufacturers (OEMs) and tier-I suppliers, based in North America.

Zee Entertainment Enterprises said that the companys board of directors has approved acquisition of 80% stake in technology startup Margo Networks for Rs 75 crore. The announcement was made after market hours yesterday, 15 March 2017.

Shares of Idea Cellular will be in focus after the company in clarification to reports about Idea to demerge tower business portfolio and sell majority stake in ATC, replied that there was no such proposal to sell majority stake in tower business. The announcement was made after market hours yesterday, 15 March 2017.

Container Corporation of India said that the company has fixed 6 April 2017 as the record date for ascertaining the eligibility of shareholders for issuance of bonus shares in the ratio of 1:4 (one bonus share for every four shares held). The announcement was made after market hours yesterday, 15 March 2017.

Beardsell announced that its board at its meeting held on 15 March 2017, approved 5-for-1 stock split. The board approved issue of bonus shares in the ratio of one equity share of face value of Rs 2 each for every five existing equity shares of Rs 2 each (post stock split). The announcement was made after market hours yesterday, 15 March 2017.

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Board of Maitri Enterprises approves change in company secretary and compliance officer
Mar 15,2017

Maitri Enterprises announced that the Board of Directors of the Company at its meeting held on 15 March 2017 has transacted the following -

Accepted the Resignation of Barkha Deshmukh as a Company Secretary and Compliance officer of the company w.e.f 15 March 2017.

Appointed Dipen Dalal as a Company Secretary and Compliance officer of the company w.e.f 15 March 2017

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Wipro opens Automotive Engineering Center
Mar 15,2017

Wipro announced the opening of an Automotive Engineering Center (AEC) in Detroit. The center will serve as a hub to support the automotive engineering and IT requirements of Original Equipment Manufacturers and tier-1 suppliers, based in North America.

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Master Plan for Expansion of IGI Airport
Mar 15,2017

In compliance with the provisions of Operation, Management and Development Agreement (OMDA), M/s Delhi International Airport Private Limited (DIAL) has reviewed and updated the Master Plan of IGI Airport, New Delhi in 2016 in consultation with the Airports Authority of India, Sovereign agencies providing reserved services at the airport and with other stakeholders.

The total area of IGI Airport demised to DIAL is 4608.90 acres. The land available is sufficient for executing the expansion plan under the Master Plan, 2016.

The updated Master Plan envisages expansion of passenger handling capacity of IGI Airport from existing 62 million passenger per annum (mppa) to 109.3 mppa in a phased manner by way of both Airside and Terminal side developments. The development works include expansion of Terminal 1 and Terminal 3, construction of a new Terminal 4, construction of new runway etc. in three phases starting from 2017 and till 2034. The design, project cost and other details etc. are finalized during the finalization of the Major Development Plan in compliance with the OMDA. The development works under the updated Master Plan are based on traffic triggers, optimum utilization of Capex, induction of new technologies & best industry practices to enhance passenger experience and further improve service levels and maximization of the use of existing assets by improving operational efficiency, maintaining service levels and safety requirements, etc.

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Hindusthan National Glass & Industries gets revision in ratings for bank facilities and NCDs
Mar 15,2017

Hindusthan National Glass & Industries announced that CARE Credit Ratings for the bank facilities and non-convertible debentures of the Company have been reviewed as under -

Long term bank facilities - CARE B+; Stable (Revised from CARE BB)

Short term bank facilities - CARE A4 (Reaffirmed)

Non Convertible Debentures Series III - CARE B+; Stable (Revised from CARE BB)

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Acquisition of Dreamliner by Air India
Mar 15,2017

Air India is procuring all the 27 Dreamliners by October, 2017 as per the contract. Air India has acquired 23 Dreamliners progressively from September, 2012 to 9th January, 2017. The Dreamliners aircraft have experienced technical reliability issues, since induction into Air India fleet. These issues, however, do not affect the safety of the airplane due to the system design and inbuilt system redundancy. Further, system improvements are incorporated as a part of reliability enhancement process and the glitches have significantly reduced.

One B787-8 aircraft will be delivered in July-17, two B-787-8 aircraft in August, 2017 and one B787-8 aircraft will be delivered in October, 2017.

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Asia Pacific Market: Stocks down ahead of Fed rate call
Mar 15,2017

Headline equities of Asia Pacific market closed mixed on Wednesday, 15 March 2017, as wait-and-see mood prevailed prior to the major events, including the U.S. Federal Reserves announcement of its monetary policy decision later on Wednesday following a two-day meeting and the Netherlands hold a general election.

. A wait-and-see mood weighed on stock markets globally ahead of key events, including the U.S. Federal Reserves monetary policy decision later on Wednesday after a two-day meeting. Speculation has grown that Fed officials could accelerate the pace of rate increases because President Donald Trumps possible tax cuts and infrastructure projects could overheat the economy. A faster pace of interest-rate increases could cool U.S. economic activity and weigh on stock markets globally. A rate increase is widely expected this time, but market participants are trying to understand how quickly Fed officials are planning to raise rates further.

Market sentiment tilted toward risk aversion somewhat after the latest opinion polls ahead of the Netherlands general election, scheduled for Wednesday, suggested an increase in support for the right-wing Party for Freedom (PVV).

The price of oil dropped as much as 2.7% Tuesday after OPEC data showed Saudi Arabia raised its production to more than 10 million barrels a day.

Among Asian bourses

Australia Stocks edge higher

Australian equity market finished marginal higher after recouping early losses late afternoon, thanks to gains in the material and resources stocks. At the close, the S&P/ASX 200 index ended the session up 0.3%, or 14.86 points, at 5,774.

Shares of material sector performed strongly, led by BHP Billiton and Fortescue Metals Group, which rose 1.5% and 5.7%, respectively, as iron ore futures in China surged more than five%, after steel prices rose to a three-year high on hopes for strong demand.

Real estate stocks also ended higher with GPT Group gaining 3.1% and Viva Energy Reit closing 5% higher.

Nikkei falls 0.16%

The Japan share market finished lower on tracking sluggish lead from overseas equities overnight and on cautious ahead of the Federal Reserves interest-rate decision due later in the day. But the markets downside was limited thanks partly to expectations for exchange-traded fund purchases by the Bank of Japan. Tokyos Nikkei 225 index slipped 0.16%, or 32.12 points, to end the day at 19,577.38, while the Topix index of all first-section issues was down 0.23%, or 3.59 points, at 1,571.31.

Mining, oil and coal products were the worst-performing sectors among 33 Topix subindexes amid renewed selling in crude oil. Oil explorer Inpex lost 1.4% to 1,106.0 yen. Oil distributor JX Holdings dropped 1.7% to Y547.8. Steel makers JFE Holdings and Nippon Steel & Sumitomo Metal, as well as Sumitomo Chemical and Mitsubishi Chemical Holdings, were downbeat, tracking the weak performance of their U.S. peers on the New York market overnight.

Toshiba tumbled 12% to Y189.5 after Chief Executive Satoshi Tsunakawa said late Tuesday the company is considering a bankruptcy filing for its troubled U.S. nuclear affiliate. Also, the Tokyo Stock Exchange placed Toshiba shares under special supervision, a heightened warning to investors that the stock could be delisted.

Kyushu Electric Power dropped 8.0% to Y1,147 after the company said it would issue convertible bonds, raising concerns about possible dilution.

China Stocks end roughly flat

Headline equities of the Mainland China market ended little higher, as market activity was quiet ahead of key events including a U.S. monetary policy decision and Premier Li Keqiangs press conference at the end of Chinas annual parliamentary meeting. Sector performance was mixed, with transportation and material shares rising, while real estate and banking shares lost ground. The blue-chip CSI300 index rose 0.2%, to 3,463.64 points, while the Shanghai Composite Index added 0.1% to 3,241.76 points.

Traders said there were few surprises from Premier Li Keqiangs news conference at the end of the annual meeting of Chinas parliament. Li offered reassurances about Chinas economy, saying forecasts of a hard landing should stop. While acknowledging the economy faces internal and external risks, he said the country has many policy tools to cope with them. He also stressed that Beijing does not want to see a trade war with the United States and urged talks between both sides to achieve common ground.

The indexes have been trapped in a narrow range over the past month, with investors conflicted by signs of economic strength and lingering doubts over whether the recovery, bolstered mainly by government stimulus, is sustainable.

Sector performance was mixed. Gains were led by infrastructure and material shares, which gained support from the continued strength of commodities, while financial plays lost ground.

Hong Kong Stocks down

The Hong Kong stock market closed slight lower, weighed down by tracking sluggish overseas equities overnight and on caution ahead of key events including a U.S. monetary policy decision. But, loses were capped after Chinese Premier Li Keqiang told a news conference that Beijing does not want to see a trade war with the U.S., and reiterated its stance that relations between the two countries hinge on adherence to the One China policy. Sector performance was mixed, with energy shares leading the decline as lower oil prices dragged down the sector. At the close, the Hang Seng Index finished down 0.2% or 35.1 points at 23,792.85. The Hang Seng China Enterprises Index, or the H-shares index, retreated 0.4% or 42.4 points to 10,272.83. Turnover increased slightly to HK$73.2 billion from HK$72 billion on Tuesday. Sixteen stocks rose and 32 fell among the 50 blue chips, with two stocks remaining unchanged.

Oil majors were all weaker because of falling oil prices. CNOOC (00883) fell 1% to HK$8.81. PetroChina (00857) was down 0.5% to HK$5.66. Sinopec (00386) declined 0.7% to HK$5.81.

Property counters were lower despite analysts believe that HK banks will not follow suit the Feds rate hike this time. CK Property (01113) softened 0.2% to HK$51.6. Henderson Land (00012) slipped 0.6% to HK$45.55. Sino Land (00083) dipped 0.5% to HK$13.04. But Wheelock (00020) soared 5.2% to HK$60.2, while Wharf (00004) put on 1.6% to HK$68.7.

Hong Kong Exchanges & Clearing (00388) added 1.4% to HK$194.7 after Premier Li said at a press conference that China will allow overseas funds to buy onshore bonds in transactions carried out in Hong Kong.

Indian Market close with small losses

Key benchmark indices settled with small losses after a range-bound and lacklustre session of trade. The barometer index, the S&P BSE Sensex, lost 44.52 points or 0.15% to settle at 29,398.11. The Nifty 50 index shed 2.20 points or 0.02% to settle at 9,084.80. Investors maintained caution ahead of the Federal Reserves outcome of the policy meet later in the day. Profit booking materialised after domestic bourses posted strong gains in the previous session, which saw Nifty hitting record high. The domestic data showing rise in consumer inflation in February also weighed on sentiment.

Stocks of public sector banks gained. Stocks of private sector banks were mixed. IT stocks declined as rupee strengthened against the dollar.Tata Power Company rose after Tata Power Solar, wholly owned subsidiary of the company announced a significant expansion and modernisation of its cell and module manufacturing facility in Bengaluru. Bharat Heavy Electricals edged higher after the company said that it has commenced commercial operation of its first 800 megawatts supercritical thermal power plant in Raichur.

JSW Steel inched up after the company said its crude steel production rose 25% to 12.65 lakh tonnes in February 2017 over February 2016. Reliance Communications advanced after the company said it received approval of the Securities and Exchange Board of India (Sebi), BSE and National Stock Exchange of India (NSE) for the proposed scheme of arrangement for demerger of the wireless division of the company into Aircel and Dishnet Wireless.

The all-India general CPI inflation increased to 3.65% in February 2017, compared with 3.17% in January 2017. The corresponding provisional inflation rate for rural area was 3.67% and urban area was 3.55% in February 2017 as against 3.36% and 2.9% in January 2017. The core CPI inflation rose to 5% in January 2017 from 4.83% in December 2016. The data was announced after market hours yesterday, 14 March 2017.

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Hong Kong Stocks down on Wednesday
Mar 15,2017

The Hong Kong stock market closed slight lower on Wednesday, 15 March 2017, weighed down by tracking sluggish overseas equities overnight and on caution ahead of key events including a U.S. monetary policy decision. But, loses were capped after Chinese Premier Li Keqiang told a news conference that Beijing does not want to see a trade war with the U.S., and reiterated its stance that relations between the two countries hinge on adherence to the One China policy. Sector performance was mixed, with energy shares leading the decline as lower oil prices dragged down the sector. At the close, the Hang Seng Index finished down 0.2 per cent or 35.1 points at 23,792.85. The Hang Seng China Enterprises Index, or the H-shares index, retreated 0.4 per cent or 42.4 points to 10,272.83. Turnover increased slightly to HK$73.2 billion from HK$72 billion on Tuesday. Sixteen stocks rose and 32 fell among the 50 blue chips, with two stocks remaining unchanged.

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China Stocks end roughly flat on Wednesday
Mar 15,2017

Headline equities of the Mainland China market ended little higher on Wednesday, 15 March 2017, as market activity was quiet ahead of key events including a U.S. monetary policy decision and Premier Li Keqiangs press conference at the end of Chinas annual parliamentary meeting. Sector performance was mixed, with transportation and material shares rising, while real estate and banking shares lost ground. The blue-chip CSI300 index rose 0.2%, to 3,463.64 points, while the Shanghai Composite Index added 0.1% to 3,241.76 points.

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