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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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Incessant Technologies to acquire 55% interest in Rule Tek LLC
May 31,2017

Incessant Technologies, an NIIT Technologies company announced that it has signed a definitive agreement to acquire 55% interest in Rule Tek LLC, a BPM architecture services company with a track record of successful implementation for Fortune 500 companies.

This transaction will enable Incessant to strengthen its Digital Integration capabilities, expand its footprint in the high opportunity North America market, and add near shore capabilities to its existing delivery model.

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Shares of Yug Decor get listed
May 31,2017

The equity shares of Yug Decor (Scrip Code: 540550) are listed effective 31 May 2017 and admitted to dealings on the Exchange in the list of M Group Securities.

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Cox & Kings flies high after board approves demerger of forex biz
May 31,2017

The announcement was made after market hours yesterday, 30 May 2017.

Meanwhile, the S&P BSE Sensex was up 8.65 points, or 0.03%, to 31,168.05. Meanwhile, the S&P BSE Mid-Cap index was up 142.26 points, or 0.95%, to 15,066.30.

On the BSE, 23,334 shares were traded in the counter so far, compared with average daily volumes of 21,000 shares in the past two weeks. The stock had hit a high of Rs 227 and a low of Rs 218.50 so far during the day. The stock had hit a 52-week high of Rs 242.50 on 15 May 2017. The stock had hit a 52-week low of Rs 146.20 on 31 May 2016.

The stock had underperformed the market over the past one month till 30 May 2017, sliding 4.04% compared with 4.15% gains in the Sensex. The scrip had, however, outperformed the market in past one quarter, gaining 13.64% as against Sensexs 8.41% gains. The scrip had also outperformed the market in past one year, gaining 46.02% as against Sensexs 16.59% gains.

The mid-cap company has equity capital of Rs 88.28 crore. Face value per share is Rs 5.

Cox & Kings said that its board approved the demerger of its foreign exchange division into a separate financial services company to be named Cox & Kings Financial Service (CKFSL). The demerger is effective 1 April 2017, and is subject to High Court and other regulatory approvals.

Whilst the tours & travels and foreign exchange (Forex) businesses are complementary in nature, the businesses operate quite distinctly from each other. The forex business has 125 licenses across India to provide foreign exchange to captive customers as well as to third-party customers.

The working capital needs of the forex business are quite different from those of the tours & Travels business. With a view to enable the Forex business to capitalize on growth opportunities in an independent manner it has been decided to demerge the business into a separate company, company said.

The demerged entity has the potential to grow substantially as a standalone business with separate financing and operations and focused leadership and management attention. The opportunities as well as risks and competitive environment within the forex business are distinct and the business is capable of attracting its own set of investors and strategic partners, lenders and other stakeholders.

It is proposed that the forex business of the company be demerged and transferred to the resulting company, a wholly-owned subsidiary company of the company, so as to maximize value for all the stakeholders of the company.

In consideration of the demerger, equity shares of the resulting company shall be issued to the equity shareholders of the company, on the agreed terms and conditions as set out in the draft scheme.

CKFSL is also in the process of applying for a license to operate as a non-banking finance company (NBFC) and will add multiple product lines to its suite of offerings over time, including holiday finance, overseas student finance etc. aimed primarily at the travel and tourism sector.

With the number of outbound travellers from India due to touch 50 million by 2020 (as per UNWTO) from approximately 21 million currently, there is a substantial and unique opportunity for the newly minted company to grow rapidly at high rates of profitability.

The stock had risen 2.5% to Rs 217.50 yesterday, 30 May 2017, after the company after market hours on 29 May 2017, had announced narrowing down losses in Q4. Cox & Kings reported consolidated net loss of Rs 3.65 crore in Q4 March 2017 compared with net loss of Rs 308.12 crore in Q4 March 2016. Net sales fell 14.1% to Rs 1159.02 crore in Q4 March 2017 over Q4 March 2016.

Cox & Kings is a leading leisure and education travel group. C&K operates in three key verticals: leisure, education and hybrid hotels.

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Ind-Ra: NHAI Releases INR9.8 Billion Under Arbitration Scheme, Road Developers Face Hurdles in Providing Guarantees
May 31,2017

The pace of release of arbitration claims for infrastructure developers has gained limited traction, due to the inability of road developers/project companies to provide bank guarantees, says India Ratings and Research (Ind-Ra). Ind-Ra notes that in the last six months since introduction of the arbitration scheme INR9.8 billion funds have been released compared to INR26.3 billion claims made to National Highways Authority of India (NHAI; IND AAA/Stable).

Due to the financial difficulties faced by many developers in the sector, Ind-Ra believes that banks are wary of taking exposure in the form of bank guarantees, without adequate margins/collateral. The governments initiative to release 75% of locked amount in arbitration awards has thus had a limited impact on the liquidity of developers except a few road developers.

As per NHAI data, HCC has been the biggest beneficiary receiving INR3.80 billion (out of total claims of INR10.8 billion) while the balance claims are pending due to absence of BGs or opening of Escrow Accounts. Other notable beneficiaries who received full claims are namely, IRB Infrastructure Developers Ltd (IND A-/Rating Watch Positive) - INR2.70 billion, Shapoorji Palonji -INR1.41 billion, Atlanta Infra Assets Ltd INR1.18 billion. Companies which submitted claims (in the absence of BGs) but have not received any funds are Oriental Structure Engineers Pvt Ltd and its group companies (claimed INR2.83 billion), IL&FS Engineering and construction company ltd (claimed INR1.54 billion) and Reliance Infrastructure Group (claimed INR1.33 billion).

Ind-Ra notes that non-submission of bank guarantees (BGs) despite reminders from NHAI and non-opening of Arbitral Award Escrow Account (escrow account) are the key deterrent to the success of the scheme initiated by the Cabinet Committee on Economic Affairs. The scheme was approved on 31 August 2016, and the NHAI started accepting claims under the scheme on 7 December 2016.

In its effort to revive the ailing construction sector, the arbitral scheme had been approved and put forward by NITI Aayog and the NHAI started accepting claims. As per the scheme, NHAI would release 75% of the arbitration award amount to an escrow account against margin free BGs, in those cases where the award is further challenged by NHAI. To ensure receipt of funds (from NHAI) under this scheme, concessionaire/contractor needs to furnish BG equivalent to 75% of arbitration award along with interest amount for one year. Ind-Ra believes that speedy settlement of arbitration claims would have provided much needed relief to the infrastructure developers in dire need of funds, deservingly in this case.

NHAI has pending arbitration awards amounting to INR220 billion as on 31st March 2015. As per NHAI, 65 claims amounting to INR26.3 billion have been submitted by road developers and funds for 19 cases amounting to INR9.8 billion have been released/settled against margin free BGs as of 26 May 2017. Data from NHAI website suggests that out of 47 claims yet to be settled, 45 claims are pending on account of non-receipt of BGs and non-opening of Escrow Account and two claims have been submitted with improper BGs.

As per the scheme, on opening the designated escrow account and receipt of bank guarantee from the concessionaire, NHAI shall deposit 75% of the arbitration amount. The claims so received shall be appropriated in the following order: a) debt service payments; b) all payments relating to construction/completion of the said project; c) all payments relating to construction of other projects of NHAI under execution by the developer; and d) balance, if any, in accordance with the instructions of the developer after receiving the prior written approval of the lenders representative and NHAI.

The Confederation of Indian Industry has highlighted that arbitration claims are the key reasons behind burgeoning debt of construction companies, accounting for around 150% of the debt and average time taken for resolution of such claims is seven years. Ind-Ra believes that NHAIs latest proposal to set up a conciliation committee of independent experts is a positive development for the sector against the back drop of increase in stressed assets and poor response to the arbitration scheme by the highway developers.

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Volumes jump at Zensar Technologies counter
May 31,2017

Zensar Technologies clocked volume of 1 lakh shares by 12:30 IST on BSE, a 93.31-times surge over two-week average daily volume of 1,000 shares. The stock rose 1.42% to Rs 885.

Ashok Leyland notched up volume of 1.23 crore shares, a 8.92-fold surge over two-week average daily volume of 13.86 lakh shares. The stock rose 2.03% at Rs 95.40 after a large bulk deal of 1.07 crore shares was executed on the scrip at Rs 93.80 per share in opening trade on BSE.

Jindal Poly Films saw volume of 1.59 lakh shares, a 6.59-fold surge over two-week average daily volume of 24,000 shares. The stock jumped 15.65% at Rs 400.95.

Kwality clocked volume of 5.19 lakh shares, a 5.17-fold surge over two-week average daily volume of 1.01 lakh shares. The stock galloped 13.08% at Rs 153.05.

Glaxosmithkline Consumer Healthcare saw volume of 10,000 shares, a 4.34-fold rise over two-week average daily volume of 2,000 shares. The stock declined 0.46% at Rs 5,300.

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Anubhav Industrial Resources standalone net profit declines 56.52% in the March 2017 quarter
May 31,2017

Net profit of Anubhav Industrial Resources declined 56.52% to Rs 0.10 crore in the quarter ended March 2017 as against Rs 0.23 crore during the previous quarter ended March 2016. There were no Sales reported in the quarter ended March 2017 as against Rs 0.20 crore during the previous quarter ended March 2016.

For the full year,net profit rose 40.00% to Rs 0.07 crore in the year ended March 2017 as against Rs 0.05 crore during the previous year ended March 2016. There were no Sales reported in the year ended March 2017 as against Rs 0.36 crore during the previous year ended March 2016.

ParticularsQuarter EndedYear Endedn++Mar. 2017Mar. 2016% Var.Mar. 2017Mar. 2016% Var. Sales00.20 -100 00.36 -100 OPM %095.00 -016.67 - PBDT0.100.25 -60 0.100.12 -17 PBT0.100.25 -60 0.100.09 11 NP0.100.23 -57 0.070.05 40

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Emerald Leasing Finance And Investment Co reports standalone net profit of Rs 0.01 crore in the March 2017 quarter
May 31,2017

Net profit of Emerald Leasing Finance And Investment Co reported to Rs 0.01 crore in the quarter ended March 2017 as against net loss of Rs 0.01 crore during the previous quarter ended March 2016. Sales rose 145.45% to Rs 0.27 crore in the quarter ended March 2017 as against Rs 0.11 crore during the previous quarter ended March 2016.

For the full year,net profit declined 25.00% to Rs 0.06 crore in the year ended March 2017 as against Rs 0.08 crore during the previous year ended March 2016. Sales declined 23.88% to Rs 0.51 crore in the year ended March 2017 as against Rs 0.67 crore during the previous year ended March 2016.

ParticularsQuarter EndedYear Endedn++Mar. 2017Mar. 2016% Var.Mar. 2017Mar. 2016% Var. Sales0.270.11 145 0.510.67 -24 OPM %3.70-9.09 -17.6517.91 - PBDT0.01-0.01 LP 0.090.12 -25 PBT0.01-0.01 LP 0.090.12 -25 NP0.01-0.01 LP 0.060.08 -25

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Fraser and Company reports standalone nil net profit/loss in the March 2017 quarter
May 31,2017

Fraser and Company reported no net profit/loss in the quarter ended March 2017 as against net loss of Rs 0.06 crore during the previous quarter ended March 2016. Sales rose 100.00% to Rs 0.14 crore in the quarter ended March 2017 as against Rs 0.07 crore during the previous quarter ended March 2016.

For the full year,net loss reported to Rs 0.04 crore in the year ended March 2017 as against net profit of Rs 0.04 crore during the previous year ended March 2016. Sales declined 43.48% to Rs 0.26 crore in the year ended March 2017 as against Rs 0.46 crore during the previous year ended March 2016.

ParticularsQuarter EndedYear Endedn++Mar. 2017Mar. 2016% Var.Mar. 2017Mar. 2016% Var. Sales0.140.07 100 0.260.46 -43 OPM %014.29 --15.3823.91 - PBDT00.01 -100 -0.040.11 PL PBT00.01 -100 -0.040.11 PL NP0-0.06 100 -0.040.04 PL

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Talwalkars Better value Fitness standalone net profit rises 12.07% in the March 2017 quarter
May 31,2017

Net profit of Talwalkars Better value Fitness rose 12.07% to Rs 23.03 crore in the quarter ended March 2017 as against Rs 20.55 crore during the previous quarter ended March 2016. Sales rose 11.01% to Rs 82.04 crore in the quarter ended March 2017 as against Rs 73.90 crore during the previous quarter ended March 2016.

For the full year,net profit rose 15.58% to Rs 61.71 crore in the year ended March 2017 as against Rs 53.39 crore during the previous year ended March 2016. Sales rose 12.17% to Rs 257.12 crore in the year ended March 2017 as against Rs 229.22 crore during the previous year ended March 2016.

ParticularsQuarter EndedYear Endedn++Mar. 2017Mar. 2016% Var.Mar. 2017Mar. 2016% Var. Sales82.0473.90 11 257.12229.22 12 OPM %70.9974.07 -61.8261.84 - PBDT54.0550.08 8 141.39126.16 12 PBT40.1438.83 3 95.9082.60 16 NP23.0320.55 12 61.7153.39 16

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Dhunseri Investments standalone net profit rises 20.00% in the March 2017 quarter
May 31,2017

Net profit of Dhunseri Investments rose 20.00% to Rs 0.60 crore in the quarter ended March 2017 as against Rs 0.50 crore during the previous quarter ended March 2016. Sales declined 90.75% to Rs 0.59 crore in the quarter ended March 2017 as against Rs 6.38 crore during the previous quarter ended March 2016.

For the full year,net profit declined 25.35% to Rs 12.84 crore in the year ended March 2017 as against Rs 17.20 crore during the previous year ended March 2016. Sales declined 54.60% to Rs 14.57 crore in the year ended March 2017 as against Rs 32.09 crore during the previous year ended March 2016.

ParticularsQuarter EndedYear Endedn++Mar. 2017Mar. 2016% Var.Mar. 2017Mar. 2016% Var. Sales0.596.38 -91 14.5732.09 -55 OPM %77.971.72 -92.4558.65 - PBDT0.470.11 327 13.4818.83 -28 PBT0.440.08 450 13.3518.69 -29 NP0.600.50 20 12.8417.20 -25

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Innovassynth Investments reports standalone net loss of Rs 0.07 crore in the March 2017 quarter
May 31,2017

Net Loss of Innovassynth Investments reported to Rs 0.07 crore in the quarter ended March 2017 as against net loss of Rs 0.06 crore during the previous quarter ended March 2016. There were no Sales reported in the quarter ended March 2017 and during the previous quarter ended March 2016.

For the full year,net loss reported to Rs 0.34 crore in the year ended March 2017 as against net loss of Rs 0.32 crore during the previous year ended March 2016. There were no Sales reported in the year ended March 2017 and during the previous year ended March 2016.

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Shriram EPC reports standalone net loss of Rs 65.49 crore in the March 2017 quarter
May 31,2017

Net Loss of Shriram EPC reported to Rs 65.49 crore in the quarter ended March 2017 as against net loss of Rs 198.28 crore during the previous quarter ended March 2016. Sales rose 51.59% to Rs 211.80 crore in the quarter ended March 2017 as against Rs 139.72 crore during the previous quarter ended March 2016.

For the full year,net loss reported to Rs 231.74 crore in the year ended March 2017 as against net loss of Rs 244.03 crore during the previous year ended March 2016. Sales declined 5.10% to Rs 519.69 crore in the year ended March 2017 as against Rs 547.60 crore during the previous year ended March 2016.

ParticularsQuarter EndedYear Endedn++Mar. 2017Mar. 2016% Var.Mar. 2017Mar. 2016% Var. Sales211.80139.72 52 519.69547.60 -5 OPM %-10.31-35.53 -2.825.18 - PBDT-63.99-89.59 29 -221.59-130.37 -70 PBT-65.49-91.13 28 -227.66-136.88 -66 NP-65.49-198.28 67 -231.74-244.03 5

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Ayoki Merchantile reports standalone net loss of Rs 0.04 crore in the March 2017 quarter
May 31,2017

Net Loss of Ayoki Merchantile reported to Rs 0.04 crore in the quarter ended March 2017 as against net loss of Rs 0.01 crore during the previous quarter ended March 2016. There were no Sales reported in the quarter ended March 2017 and during the previous quarter ended March 2016.

For the full year,net loss reported to Rs 0.09 crore in the year ended March 2017 as against net loss of Rs 0.04 crore during the previous year ended March 2016. There were no Sales reported in the year ended March 2017 and during the previous year ended March 2016.

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Unisys Software and Holding Industries reports standalone net loss of Rs 0.88 crore in the March 2017 quarter
May 31,2017

Net Loss of Unisys Software and Holding Industries reported to Rs 0.88 crore in the quarter ended March 2017 as against net loss of Rs 2.59 crore during the previous quarter ended March 2016. Sales declined 8.27% to Rs 122.75 crore in the quarter ended March 2017 as against Rs 133.82 crore during the previous quarter ended March 2016.

For the full year,net profit declined 11.11% to Rs 0.08 crore in the year ended March 2017 as against Rs 0.09 crore during the previous year ended March 2016. Sales rose 11.61% to Rs 510.93 crore in the year ended March 2017 as against Rs 457.79 crore during the previous year ended March 2016.

ParticularsQuarter EndedYear Endedn++Mar. 2017Mar. 2016% Var.Mar. 2017Mar. 2016% Var. Sales122.75133.82 -8 510.93457.79 12 OPM %-0.64-2.53 -0.070.12 - PBDT-0.78-2.47 68 0.340.43 -21 PBT-0.83-2.55 67 0.140.13 8 NP-0.88-2.59 66 0.080.09 -11

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SGN Telecoms reports standalone net loss of Rs 0.27 crore in the March 2017 quarter
May 31,2017

Net Loss of SGN Telecoms reported to Rs 0.27 crore in the quarter ended March 2017 as against net loss of Rs 0.09 crore during the previous quarter ended March 2016. Sales rose 10250.00% to Rs 2.07 crore in the quarter ended March 2017 as against Rs 0.02 crore during the previous quarter ended March 2016.

For the full year,net loss reported to Rs 0.15 crore in the year ended March 2017 as against net loss of Rs 0.10 crore during the previous year ended March 2016. Sales rose 350.00% to Rs 0.09 crore in the year ended March 2017 as against Rs 0.02 crore during the previous year ended March 2016.

ParticularsQuarter EndedYear Endedn++Mar. 2017Mar. 2016% Var.Mar. 2017Mar. 2016% Var. Sales2.070.02 10250 0.090.02 350 OPM %-11.11-200.00 --111.11-250.00 - PBDT-0.23-0.05 -360 -0.11-0.06 -83 PBT-0.27-0.09 -200 -0.15-0.10 -50 NP-0.27-0.09 -200 -0.15-0.10 -50

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