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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 Dishman Pharmaceuticals and Chemicals considers High Court order sanctioning scheme of arrangement and amalgamation
Mar 17,2017

Dishman Pharmaceuticals and Chemicals announced that the Board of Directors of the Company at its meeting held on 17 March 2017 considered and took on record the Order of Honble High Court of Gujarat, sanctioning the Scheme of Arrangement and Amalgamation amongst Dishman Pharmaceuticals and Chemicals, Carbogen Amcis (India) and Dishman Care and their respective Shareholders & Creditors, in which following decisions were also taken by the Board of Directors of the Company:

It was decided to sell Investment made by the Company in its following Associate and group companies to the promoter directors of the Company as part of restructuring process and to consolidate its investment made in entities without any material activities or loss making entities including Dishman Biotech, Bhadra-Raj Holding, Dishman Infrastructure and B R Laboratories.

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Adani Power allots 2,14,78,101 equity shares
Mar 17,2017

Adani Power has allotted 2,14,78,101 equity shares of Rs. 10/- each upon partial conversion of the Convertible Warrants as earlier issued and allotted on preferential basis to Promoter Group Entities.

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Asia Pacific Market: Stocks largely up
Mar 17,2017

Asia Pacific share market closed mostly higher on Friday, 17 March 2017, as risk sentiment improves after the US Federal Reserve raised the benchmark interest rate by 25 basis points, as expected, and signalled a less hawkish stance on future rate rises. The Fed also indicated it would stick to its previous forecast of two additional rate rises for the rest of this year, defying market expectations for more aggressive tightening. MSCIs broadest index of Asia-Pacific shares outside Japan gained 0.4%.

Overnight, Wall Street was subdued following strong gains after the Feds rate decision. The Nasdaq was flat, while the Dow and the S&P 500 posted losses. But European shares were upbeat following the election victory of Dutch Prime Minister Mark Rutte, who defeated anti-immigration, anti-European Union rival Geert Wilders.

Among Asian bourses

Australia Shares close higher on financials

Australian equity market finished higher for fourth straight session, thanks to rise in financial stocks after two of the Big Four banks increased their mortgage rates. At the close, the benchmark S&P/ASX 200 index added 13.80 points, or 0.24%, of 5,799.60, while the broader All Ordinaries index rose 13.30 points, or 0.23%, to 5,840.80. Rising stocks outnumbered declining ones on the Australia Stock Exchange by 592 to 500 and 313 ended unchanged. The S&P/ASX 200 VIX, which measures the implied volatility of S&P/ASX 200 options, was up 7.99% to 9.745.

National Australia Bank raised interest rates on residential investment loans by 25 basis points to 5.80% on Thursday, while Westpac Banking said on Friday it would increase its variable home loan rate for owner occupiers by 3-8 basis points. Westpac Banking closed 1.1% higher, while National Australia Bank ended up 0.5%. Commonwealth Bank of Australia added 0.3% and Australia & New Zealand Banking Group picked up 0.2%.

On the other hand, shares of material and energy sector were down on profit booking. Woodside Petroleum rose 0.6%, while Oil Search and Santos each fell 0.3%, and Origin Energy dropped 2.2%. Energy and mining company BHP Billiton was down 1.1% and Fortescue Metals Group lost 1.9%, while Rio Tinto was up 1.1%.

Department-store retailer Myer jumped 5.1%, rebounding from Thursdays fall with the release of first-half earnings. Supermarket operator Woolworths closed at its lowest in nearly two weeks, while Wesfarmers closed 0.2% down.

Nikkei falls 0.35%

The Japan share market finished lower, on tracking weak lead from Wall Street overnight and on caution ahead of the Group of Twenty gathering of financial ministers and central bankers in Germany. But the markets downside was supported by the dollars stability versus the yen as well as expectations for exchange-traded fund purchases by the Bank of Japan. The 225-issue Nikkei average lost 68.55 points, or 0.35%, to finish at 19,521.59. The Topix index of all first-section issues closed down 6.84 points, or 0.43%, at 1,565.85. Financial markets and government offices will be closed for a national holiday on Monday.

Auto stocks led the declines. Subaru marker Fuji Heavy Industries Ltd. lost 1.8% to Y4,349. Mitsubishi Motors Corp. fell 1.9% to Y706.

Oil companies JX Holdings, Inpex and Japex met with selling on a drop in New York crude oil futures on Thursday.

Drug makers Astellas, Daiichi Sankyo and Shionogi were downbeat after their U.S. peers lost ground in New York overnight.

By contrast, game maker Nintendo, industrial robot maker Fanuc and camera maker Canon attracted purchases.

Toshiba was also upbeat with investors taking heart from a news report that a consortium, including state-owned Development Bank of Japan and a U.S. investment firm, will be among bidders in an auction of the struggling electronics giants flash memory business.

Nintendo Co. rose 1.7% to Y25,580 following news that the company has decided at least to double its planned production of the Switch console in the year ending March 2018 owing to strong demand.

Toshiba Corp. gained 3.5% to Y190.1 after local media reports that the government-owned Development Bank of Japan is considering taking a stake in the beleaguered companys memory-chip business, which would bolster Toshibas financial footing.

China Stocks drop as yuan borrowing costs surge

The Mainland China equity market ended down, snapping a four-day winning streak, amid tight market liquidity as the cost for mainland Chinese banks to borrow yuan from each other surged after the Chinese central bank tightened interest rates. he benchmark Shanghai Composite Index was down 1% to finish at 3,237.45. The large-cap CSI 300 Index fell 1% to 3,445.81. The Shenzhen Component Index was also 1% lower at 10,515.41. The Nasdaq-style ChiNext retreated 0.8% to 2,029.73.

The overnight Shanghai Interbank Offered Rate (Shibor), a measure of the yuans borrowing cost among commercial banks, jumped 19.2 basis points on Friday to 2.633%. The one-month and one-year Shibor rates also rose 5.57 basis points and 1.94 basis points respectively, reaching 4.2775% and 4.1246%.

The surge in borrowing costs came after the Peoples Bank of China followed the Feds action and raised money market rates on Thursday, a move widely regarded by investors as trying to reduce the interest rate differential between China and the US, stave off capital outflows, and stabilise the exchange rate.

The central bank tried to soothe jitters by saying the interbank rate increase did not point to any change in its monetary policies and was not tantamount to a hike in its benchmark policy rate. But analysts said the rate moves, more of which are expected, will eventually translate into higher borrowing costs for Chinese companies and consumers.

For the day, most sectors lost ground, dragged down by material plays and by banking stocks, as higher borrowing costs typically pressure rate-sensitive sectors such as property and banking. Car makers also weakened broadly, with Great Wall Motor down 3.8% to 12.39 yuan, and SAIC Motor off 2.5% to 24.37 yuan.

Hong Kong Stocks end at 19-month high

The Hong Kong stock market extended their rally, closing at 19-month high, on improved sentiment after the US Federal Reserve raised the benchmark interest rate by 25 basis points, as expected, and signalled a less hawkish stance on future rate rises. The Fed also indicated it would stick to its previous forecast of two additional rate rises for the rest of this year. The Hang Seng Index ticked up 0.1% or 21.65 points to end at 24,309.93, after rising to a 19-month high on Thursday. The Hang Seng China Enterprises Index, or H-shares index, dipped 0.1% or 12.94 points to close at 10,513.52. Turnover increased to HK$121.3 billion, the highest in 19 months, from HK$102.2 billion on Thursday. Twenty-five stocks rose and 17 fell among the 50 blue chips, with eight stocks remaining unchanged. For the week, the Hang Seng Index gained 3.1%.

Casino shares were up amid optimism over improving revenues from gaming and non-gaming operations in Macau. MGM China jumped 5.3% and Wynn Macau added 2.4%. Sands China added 1% to HK$35.10 after announcing a final dividend of HK$1.

Chinese auto makers, which soared earlier on robust fund buying, fell across the board, after Credit Suisse said China passenger vehicle wholesales sales growth decelerated to 6% in the first two weeks of March. Geely Auto (00175) plunged 10% to HK$11.24 and Great Wall Motor (02333) dived 8.9% to HK$8.84 on speculation a sales promotion on sports utility vehicles by the latter would spark a competitive price war in the segment and hit industry profitability. GAC Group (02238) sank 10% to HK$12.36. Dongfeng Motor (00489) pounded 3.4% to HK$8.93. BYD (01211) declined 1.3% to HK$44.4.

Nifty hits record closing high

Key benchmark indices closed with small gains on the final trading session of the week as reports suggesting that the Goods & Services Tax (GST) Council cleared all legislations required for launching GST regime from July supported gains on the bourses. The barometer index, the S&P BSE Sensex, rose 63.14 points or 0.21% to settle at 29,648.99. The Nifty 50 index gained 6.35 points or 0.07% to settle at 9,160.05. The Sensex hit its highest closing level in more than two years.

Cigarette maker ITC jumped 4.85% to Rs 281.20 on media report that a foreign brokerage has maintained a buy rating on ITC with a 12-month target price of Rs 325. According to reports, the foreign brokerage stated that the Goods & Services Tax (GST) tax structure is likely to be a revenue-neutral outcome which comes as a big relief for ITC.

Meanwhile, several food and drink multinationals and trade groups reportedly met in recent weeks to discuss how to lobby more effectively against Indian proposals for higher taxes and stricter labelling rules on fatty or sugary foods. Prime Minister Narendra Modis administration has begun to look closely at policy proposals under discussion since at least 2015, raising concerns over the possible impact on the $57 billion sector.

Sun Pharmaceutical Industries declined 0.59%. The company announced that one of the indirect subsidiaries of the company namely, Taro Pharmaceuticals Inc. (Canada) has entered into an agreement to acquire all of the issued and outstanding shares of Thallion Pharmaceuticals Inc., a Canadian pharmaceutical corporation. The announcement was made during market hours today, 17 March 2017.

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Jayshree Chemicals announces cessation of director
Mar 17,2017

Jayshree Chemicals announced that Binaya Kumar Mishra has ceased to be a Director of the Company with effect from 16 March 2017.

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Hong Kong Stocks end at 19-month high
Mar 17,2017

The Hong Kong stock market extended their rally, closing at 19-month high on Friday, 17 March 2017, on improved sentiment after the US Federal Reserve raised the benchmark interest rate by 25 basis points, as expected, and signalled a less hawkish stance on future rate rises. The Fed also indicated it would stick to its previous forecast of two additional rate rises for the rest of this year. The Hang Seng Index ticked up 0.1% or 21.65 points to end at 24,309.93, after rising to a 19-month high on Thursday. The Hang Seng China Enterprises Index, or H-shares index, dipped 0.1% or 12.94 points to close at 10,513.52. Turnover increased to HK$121.3 billion, the highest in 19 months, from HK$102.2 billion on Thursday. Twenty-five stocks rose and 17 fell among the 50 blue chips, with eight stocks remaining unchanged. For the week, the Hang Seng Index gained 3.1%.

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Board of ABC Bearings approves sale of entire 2.5% stake in NSK-ABC Bearings
Mar 17,2017

ABC Bearings announced that the Board of Directors of the Company at its meeting held on 16 March 2017 has granted its approval for the sale of its entire 2.5% equity stake in NSK-ABC Bearings.

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Rupee consolidates
Mar 17,2017

Rupee closed slightly lower at 65.4550/4650 per dollar on Friday (17 March 2017), versus its previous close of 65.4075/4175 per dollar.

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China Stocks drop as yuan borrowing costs surge
Mar 17,2017

The Mainland China equity market ended down on Friday, 17 March 2017, snapping a four-day winning streak, amid tight market liquidity as the cost for mainland Chinese banks to borrow yuan from each other surged after the Chinese central bank tightened interest rates. he benchmark Shanghai Composite Index was down 1% to finish at 3,237.45. The large-cap CSI 300 Index fell 1% to 3,445.81. The Shenzhen Component Index was also 1% lower at 10,515.41. The Nasdaq-style ChiNext retreated 0.8% to 2,029.73.

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Nikkei falls 0.35%
Mar 17,2017

The Japan share market finished lower on Friday, 17 March 2017, on tracking weak lead from Wall Street overnight and on caution ahead of the Group of Twenty gathering of financial ministers and central bankers in Germany. But the markets downside was supported by the dollars stability versus the yen as well as expectations for exchange-traded fund purchases by the Bank of Japan. The 225-issue Nikkei average lost 68.55 points, or 0.35%, to finish at 19,521.59. The Topix index of all first-section issues closed down 6.84 points, or 0.43%, at 1,565.85. Financial markets and government offices will be closed for a national holiday on Monday.

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Australia Shares close higher on financials
Mar 17,2017

Australian equity market finished higher for fourth straight session on Friday, 17 March 2017, thanks to rise in financial stocks after two of the Big Four banks increased their mortgage rates. At the close, the benchmark S&P/ASX 200 index added 13.80 points, or 0.24%, of 5,799.60, while the broader All Ordinaries index rose 13.30 points, or 0.23%, to 5,840.80. Rising stocks outnumbered declining ones on the Australia Stock Exchange by 592 to 500 and 313 ended unchanged. The S&P/ASX 200 VIX, which measures the implied volatility of S&P/ASX 200 options, was up 7.99% to 9.745.

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15.33 lakh tonnes of pulses procured towards building the buffer stock
Mar 17,2017

The pulses procured and imported by the designated agencies are stored in their own godowns as well as godowns hired from CWC/SWC/Private parties. The storage capacity available with FCI, CWC, SWC and other state agencies along with private warehouses available in the country are adequate for storing the buffer stock of pulses.

As on 14.03.2017, Government has created a buffer of around 15.33 lakh tonnes of pulses including 4.01 lakh tonnes contracted for imports.  The variety-wise, State-wise stock available is given below in table.

A)    Pulses Procured Domestically

Stock of Buffer Available-State-wise and Variety-wise of Domestic Pulses As on 14.03.2017 in MTs

 S.No.

State

Tur

Moong

Urad

Chana

Masur

1

Madhya Pradesh

60090.94

28809.73

9233.53

374.61

7941.51

2

Maharashtra

270800.85

15446.92

7275.36

1126.31

0.00

3

Andhra Pradesh

582.95

702.30

3665.60

156.10

0.00

4

Telangana

175087.24

72.70

3381.41

0.00

0.00

5

Karnataka

163220.17

2105.75

5050.65

0.85

0.00

6

Gujarat

67273.00

1422.45

77.44

0.00

0.00

7

Rajasthan

0.00

19254.22

189428.97

10101.45

254.49

8

Uttar Pradesh

0.00

22729.92

0.00

0.00

382.29

9

Tamil Nadu

0.00

118.54

0.00

0.00

0.00

10

Haryana

0.00

0.00

1069.35

0.00

0.00

11

Bihar

0.00

0.00

0.00

0.00

16.20

 

Total

737055.15

90662.53

219182.31

11759.32

8594.49

B)    Imported pulses

Stock of Imported Pulses of MMTC and STC  As on 16.03.2017 in MTsStateTurUradDesi Chick peas (Chana)Red Lentils (Masur)Tamil Nadu2845322353Maharashtra2661516922283842472Andhra Pradesh453741690038000Gujarat453783148440301West Bengal9888Total1458203927551222130661

1840 Public authorities aligned with the RTI Online Portal: Dr Jitendra Singh
Mar 17,2017

The Union Minister of State (Independent Charge) for Development of North Eastern Region (DoNER), MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy and Space, Dr Jitendra Singh briefed the media on RTI Online Portal.

Dr Jitendra Singh expressed happiness that 1840 Public authorities are aligned with the RTI Online Portal till date. He said that this portal is in line with the Prime Minister Shri Narendra Modis vision of Digital India. The emphasis of the Government has always been on transparency and good governance, he added. He said that the government is persuading the states to implement the RTI Online portal. He said that it is really appreciable to persuade large number of departments to adopt this portal. The Minister also said that RTI online portal will curb delays in responding to the RTIs.

The Secretary, DoPT Shri B. P. Sharma said that RTI Online Portal (https://rtionline.gov.in) was launched in August, 2013, making it convenient for citizens to file RTI requests and First Appeals through on-line. The portal is now bilingual (Hindi & English) and can be operated through online payment of RTI fee and additional payments through SBI gateway. He informed that out of the five Action Points selected by Niti Aayog, all the Public Authorities registered with the Central Information Commission (CIC) will have to be aligned by 30.06.2017. Shri B. P Sharma said that from only 477 Public Authorities (PAs) aligned as on 01 April 2016, 1363 more PAs have been aligned with the portal as on 17 March 2017, taking the total to 1840. Moreover, 198 Public Authorities under Delhi Government have adopted DoPTs RTI web portal. This way the total PAs aligned with RTI portal becomes 2038. The remaining PAs including those from UTs of Puducherry and Chandigarh will be aligned with DoPTs RTI online Portal by 30.04.2017. Majority of the aligned Public Authorities are under the D/o of Heavy Industry, Financial Services, Ministries of Railways, Power, Steel and Health & Family Welfare etc.

During 2015-16, 175 High Commissions and Consulate General of India (CGI) abroad were also aligned with the RTI Portal. For taking forward this initiative, CICs on-line web portal launched in November, 2016 has been integrated with DoPTs RTI on-line portal in order to provide a single window to citizens for filing RTI Request, First Appeal and Second Appeal. Moreover, the RTI Online Portal with minor customization has been implemented in Maharashtra while work is under process in some other States/UTs. As close to 90% internet usage is through mobile, Mobile App for RTI is planned to be rolled out in near future. For awareness creation, a new audio spot along with the existing spot are being aired on All India Radio w.e.f. 1st March, 2017 in Hindi & 10 regional languages. New building of CIC is under construction and provision of providing Video Conferencing facility for disposal of 2nd appeals/complaints is there so that personal appearances may be dispensed with in most cases.

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Mineral Production during January 2017 was 5.3% higher as compared to January 2016
Mar 17,2017

The index of mineral production of mining and quarrying sector for the month of January (new Series 2004-05=100) 2017 at 146.1, was 5.3% higher as compared to January 2016. The cumulative growth for the period April- January 2016-17 over the corresponding period of previous year has been (+) 1.4 percent.

The total value of mineral production (excluding atomic & minor minerals) in the country during January 2017 was Rs. 22775 crore. The contribution of Coal was the highest at Rs. 9535 crore (42%). Next in the order of importance were: Petroleum (crude) Rs. 5591 crore, Iron ore Rs. 2657 crore, Natural gas (utilized) Rs. 2192 crore, Lignite Rs.901 crore and Limestone Rs. 587 crore. These six minerals together contributed about 94% of the total value of mineral production in January 2017.

Production level of important minerals in January 2017 were: Coal 652 lakh tonnes, Lignite 51 lakh tonnes, Natural gas (utilized) 2650 million cu. m., Petroleum (crude) 31 lakh tonnes, Bauxite 2248 thousand tonnes, Chromite 259 thousand tonnes, Copper conc. 13 thousand tonnes, Gold 139 kg., Iron ore 186 lakh tonnes, Lead conc. 28 thousand tonnes, Manganese ore 221 thousand tonnes, Zinc conc. 168 thousand tonnes, Apatite &Phosphorite 75 thousand tonnes, Limestone 269 lakh tonnes, Magnesite 22 thousand tonnes and Diamond 3670 carat.

The production of important minerals showing positive growth during January 2017 over January 2016 include: Zinc conc. (87.0%), Lead conc. (36.7%), Gold (35.0%), Diamond (31.8%), Iron ore (26.5%), Bauxite (22.4%), Manganese ore (21.4%), Lignite (19.1%), Natural gas (utilized) (11.3%), Copper conc. (8.8%), Coal (3.7%) Petroleum (crude) (1.3%) and Magnesite (0.1%). The production of other important minerals showing negative growth are: Chromite [(-) 17.2%], Apatite &Phosphorite [(-) 14.8%] and Limestone [(-) 3.6%].

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Board of V-Guard Industries allots 12,13,29,846 bonus shares
Mar 17,2017

V-Guard Industries announced that the Board of Directors at its meeting held on 17 March 2017 has allotted 12,13,29,846 bonus shares having face value of Re 1 to the shareholders of the Company who held shares as on the record date of 16 March 2017.

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Vakrangee moves higher after announcing tie up with Aditya Birla Health Insurance Company
Mar 17,2017

The announcement was made during market hours today, 17 March 2017.

Meanwhile, the S&P BSE Sensex was up 38.19 points or 0.13% at 29,624.04

On BSE, so far 75,000 shares were traded in the counter as against average daily volume of 2.24 lakh shares in the past one quarter. The stock hit a high of Rs 320.45 and a low of Rs 316.60 so far during the day.

The large-cap company has equity capital of Rs 52.92 crore. Face value per share is Rs 1.

Vakrangee is one of the Indias largest network of technology driven last-mile retail points-of sale and this tie up with Aditya Birla Health Insurance Company is going to be a win-win affair for all stakeholders. While Aditya Birla Health Insurance will be able to expand its distribution network in more than 29,000 Vakrangee Kendra outlets, Vakrangee will have added range of quality product to offer through its vast distribution network.

Citizens, especially in un-served and underserved areas, will be able to access quality Health Insurance products and services offered/to be offered by Aditya Birla Health Insurance. Aditya Birla Health Insurance Company is a joint venture between Aditya Birla Group, and MMI Holdings (MMI).

On a consolidated basis, Vakrangees net profit rose 27.87% to Rs 131.55 crore on 19.54% growth in net sales to Rs 978.86 crore in Q3 December 2016 over Q3 December 2015.

Vakrangee is the unique technology driven company focused on building Indias largest network of last-mile retail touch points to deliver real-time banking, insurance, e-governance, ecommerce and logistics services to the unserved rural, semi-urban and urban markets. These retail touch points are called as Vakrangee Kendra which act as the one-stop shop for availing various services and products.

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