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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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US stocks end in a mixed note
May 10,2017

US stocks closed near session lows on Tuesday, 09 May 2017 as the Dow Industrials and S&P 500 finished lower and the tech-heavy Nasdaq carved out a new record while investors sifted through mostly upbeat earnings reports against a backdrop of falling oil prices and remarks from Federal Reserve speakers.

The Dow Jones Industrial Average finished down 36.50 points, or 0.2%, at 20,975.78, about 140 points below its record close from early March. The S&P 500 index closed down 2.46 points, or 0.1%, at 2,396.92 with seven of the 11 main sectors finishing lower, as utilities, energy and materials stocks led decliners, offsetting gains in the consumer discretionary and industrial sectors. The Nasdaq Composite Index rose 17.93 points, or 0.3%, to close at a record 6,120.59.

Shares of Chevron and Cisco Systems were the largest decliners on the average.

This weeks listless trading sessions follow the widely expected victory Sunday by independent centrist Emmanuel Macron in the French presidential election, an outcome that investors appeared to have largely factored in over the previous two weeks.

The Federal Reserve meeting in June is one of the events traders are waiting for to potentially steer the market higher. On Tuesday, several Fed speakers will be closely watched for any hints about the coming policy decision.

As measured by the ICE U.S. Dollar Index, the dollar was up 0.5% at 99.592. A stronger buck makes commodities priced in the currency, like gold, less attractive to buyers using weaker monetary units.

Investors have been increasingly pricing in a U.S. rate increase next month, with fed-funds futures recently showing that markets are pricing in an 88% chance of a rate increase at the Feds mid-June meeting.

On the data front, investors received March JOLTS and March Wholesale Inventories data. The March Job Openings and Labor Turnover Survey showed that job openings increased to 5.743 million from a revised 5.682 million (from 5.743 million) in February.March Wholesale Inventories increased 0.2% (consensus -0.1%). The prior months reading was revised to 0.3% from 0.4%.The market doesnt typically pay much attention to this release since the full business inventories report is usually released a short time later.

The March Job Openings and Labor Turnover Survey showed that job openings increased to 5.743 million from a revised 5.682 million (from 5.743 million) in February. March Wholesale Inventories increased 0.2% (consensus -0.1%). The prior months reading was revised to 0.3% from 0.4%. The market doesnt typically pay much attention to this release since the full business inventories report is usually released a short time later.

Bullion prices ended lower at Comex on tuesday, 09 May 2017. Gold futures dropped on Tuesday to their lowest settlement since mid-March, as strength in the dollar and growing expectations for a U.S. interest-rate hike next month dulled demand for the metal.

June gold fell $11, or 0.9%, to settle at $1,216.10 an ounce, after settling with a meager gain on Monday. The settlement was the lowest in about eight weeks. July silver lost 19.1 cents, or 1.2%, to $16.067 an ouncen++its lowest settlement of the year.

Oil prices closed lower on Tuesday, 09 May 2017 as traders fretted over rising U.S. crude production as OPEC weighs extend its production-cut agreement late this month.

July Brent crude lost 61 cents, or 1.2%, to $48.73 a barrel on the ICE Futures exchange in London. On the New York Mercantile Exchange, June West Texas Intermediate crude fell by 55 cents, or 1.2%, to settle at $45.88 a barrel, after briefly trading as high as $46.78.

In a monthly report Tuesday, the U.S. government raised its forecast on domestic crude output for this year and next, and cut its 2017 price outlook. Last week, prices for WTI and Brent marked their lowest settlements since the Organization of the Petroleum Exporting Countries agreed on Nov. 30 to cut output for six months at the start of this year.

In the bond market, Treasuries settled slightly lower across the board with the benchmark 10-yr yield (2.41%) adding two basis points.

Tomorrow, investors will receive a batch of economic reports, including the MBA Mortgage Applications Index at 7:00 ET, April Import/Export Prices at 8:30 ET, and the April Treasury Budget at 14:00 ET.

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India Ratings Assigns IL&FS Transportation Investment Trust a Long Term Senior Debt Rating of Provisional IND AA+; Outlook Stable
May 10,2017

India Ratings and Research (Ind-Ra) has assigned IL&FS Transportation Investment Trusts (IL&FS Transportation InvIT) long-term senior debt rating of Provisional IND AA+. The Outlook is Stable. The rating reflects the combined credit quality of the underlying assets but does not reflect the ratings of the debt of individual special purpose vehicles (SPVs). Also, this is not a rating of the units of IL&FS Transportation InvIT.

Ind-Ra expects significant deleveraging (43% of INR25.78 billion debt on 31 December 2016) of operational road projects, resulting in improved coverage metrics and favourable gearing. The rating also reflects the sponsors strong track record in the highway sector. Post issuance, both Hazaribagh Ranchi Expressway Ltd (HREL) and Sikar Bikaner Highway Ltd (SBHL) shall become zero-external debt companies, while Jharkhand Road Project Implementation Co Ltd (JRPICL) and North Karnataka Expressway Ltd (NKEL) will have an external debt of INR12.50 billion and INR1.99 billion, respectively.

The overall operational track record of the projects, stable cash flows (more than 90% of revenue in the form of annuities) and highly fungible cash flows of the InvIT structure bolsters the overall credit profile. The InvITs cash flow shows considerable resilience to stress cases reflecting an adequate cushion for timely debt servicing in potential downside scenarios. The debt infused by the InvIT in the SPVs shall be subordinated to the external debt, and the InvIT shall not have a right to call an event of default under any project documents and/or any financial documents until the external debt is fully paid-off.

The rating is provisional since the proposed borrowing in the underlying assets are planned to be raised through bond issuances and the documents relating to the same are being finalised. The final rating is contingent upon the receipt of final documents conforming to the information already received. The documents include all financing and transaction documents including the legal opinion on the validity of transaction and structure, and an opinion related to taxation.

INVIT PROFILE

The sponsor, IL&FS Transportation Networks Limiteds (ITNL, IND A/Negative) has floated an InvIT and shall hive-off four operational SPVs namely, JRPICL, HREL, SBHL and NKEL under the said trust.

Subscription to InvITs units will be raised through private placement. Proceeds from subscription will be used to prepay a portion of existing bank loans and promoter subordinated debt. Post the issuance, ITNL shall hold 26% of units in InvIT for an initial period of three years.

INVIT OVERVIEW

IL&FS Transportation InvIT was established under Indian Trusts Act 1882 by signing Indenture of Trust dated 13 October 2016 with the trustee (Vistra ITCL (India) Ltd). The trustee would monitor InvITs operations in relation to its investment objectives and compliance with applicable regulations. InvIT received the certificate of registration as an Infrastructure Investment Trust on 7 December 2016 under the Securities and Exchange Board of India (Infrastructure Investment Trust) Regulations 2014 (InvIT regulations). As required by InvIT regulations, the InvIT appointed IIML Asset Advisors Limited (IAAL) as an investment manager and ITNL as a project manager. The InvIT would receive principal and interest payments on debt lent to the portfolio assets apart from the dividends from the SPVs.

The InvIT shall provide guarantees for shortfall in termination payments for meeting any contingent liabilities currently outstanding in the books of JRPICL. The project manager shall provide undertaking for any cost overruns for operation and maintenance (O&M) including major maintenance. Although the SPVs shall continue to have separate escrow accounts, the structure of IL&FS Transportation InvIT would ensure that any debt service shortfall in JRPICL would be bridged by the surplus cash flow in any other entity. Distribution to unit holders from InvIT shall happen on or after July each year only after fulfilling the external debt obligations of JRPICL. SBHL shall make payments to the InvIT every quarter, while HREL and JRPICL will make payments semi-annually and annually, respectively. There will be no external debt other than existing external debt in NKEL and the proposed borrowings at JRIPCL.

KEY RATING DRIVERS

Strong Coverage Metrics: The significant deleveraging, which is visible in the projected coverage metrics with the base case, projects a healthy debt service metrics. The external debt holders of JRPICL shall have a charge on the distribution accounts of HREL, SBHL and NKEL. Ind-Ra assumes that JRPICL shall maintain cash reserve equivalent to one quarters peak debt service and NKEL shall maintain debt service reserve of INR400 million; each of these shall be available through the tenor of their respective proposed non-convertible debentures.

Limited Revenue Risk: The rating gains strength from the guaranteed semi-annual annuity payment from the government of Jharkhand (GoJ), for all the five projects of JRPICL, a first of its kind arrangement seen for state annuity road projects. Total annuity for the five stretches is INR3,581 million. The GoJ has assured annuity payment (semi-annual) either through its own budgetary provisions or any other appropriate funding mechanism. A strong annuity payment mechanism commencing from submission of invoice at least one month before the due date to the Independent Consultant up to the receipt of the annuity payment from the GoJ, including the involvement of the main sponsor although barely seen in the state concession projects, lends structural strength to the project. As on 31 March 2017, JRPICL received 34 of the expected 150 annuities for all the five projects. The average delay in receiving annuities is around five days.

The rating also reflects NKEL and HRELs low revenue-risk profile, where annuities are secured through an escrow account of fixed, semi-annual annuity streams under a concession agreement from a highly rated counterparty, the National Highways Authority of India (NHAI, IND AAA/Stable). As on 31 March 2017, NKEL and HREL received 24 and eight semi-annual annuities, respectively. SBHLs revenue is partially (40%) linked to the Wholesale Price Index other than a fixed annual escalation of 3% which mitigates price risk.

Completion Risk Mitigated: There is minimal implementation risk since all the projects are operational and have an established track record of annuity receipts. JRPICL shall upfront create a construction reserve of about INR100 million. The amount available in the reserve (post expenditure for completing the project) can be distributed to the sponsors only on receiving one full annuity payment for Chaibasa Kandra-Chowka project or receipt of the GoJ annuity letter, whichever is later.

Established Sponsor Group Track Record: The sponsors have a strong experience in the construction and operation of toll roads and annuity road projects with 30 projects at various stages of implementation. Maintaining the project stretches and collecting annuity are the responsibilities of Jharkhand Accelerated Road Development Company Limited. Ind-Ras analysis assumes the execution of a fixed price O&M agreement and incorporation of base case estimates, prior to the issuance. Contractual clauses include a stipulation in the term sheet requiring any overrun therein will be met by the O&M contractor. The contractor shall provide undertaking if the GoJ reduces the annuity in accordance with the concession agreement due to a shortfall in the performance of the former.

Future Acquisitions Shall Hold Key: The investment manager intends to develop and expand IL&FS Transportation InvITs portfolio of projects by capitalising on opportunities proposed to be provided by the sponsor to selectively undertake strategic acquisitions of both completed road assets and assets under advanced stages of

Precious metals lose lustre
May 10,2017

Bullion prices ended lower at Comex on Tuesday, 09 May 2017. Gold futures dropped on Tuesday to their lowest settlement since mid-March, as strength in the dollar and growing expectations for a U.S. interest-rate hike next month dulled demand for the metal.

June gold fell $11, or 0.9%, to settle at $1,216.10 an ounce, after settling with a meager gain on Monday. The settlement was the lowest in about eight weeks.

July silver lost 19.1 cents, or 1.2%, to $16.067 an ouncen++its lowest settlement of the year.

As measured by the ICE U.S. Dollar Index, the dollar was up 0.5% at 99.592. A stronger buck makes commodities priced in the currency, like gold, less attractive to buyers using weaker monetary units.

Investors have been increasingly pricing in a U.S. rate increase next month, with fed-funds futures recently showing that markets are pricing in an 88% chance of a rate increase at the Feds mid-June meeting.

On the data front, investors received March JOLTS and March Wholesale Inventories data. The March Job Openings and Labor Turnover Survey showed that job openings increased to 5.743 million from a revised 5.682 million (from 5.743 million) in February.March Wholesale Inventories increased 0.2% (consensus -0.1%). The prior months reading was revised to 0.3% from 0.4%.The market doesnt typically pay much attention to this release since the full business inventories report is usually released a short time later.

The March Job Openings and Labor Turnover Survey showed that job openings increased to 5.743 million from a revised 5.682 million (from 5.743 million) in February. March Wholesale Inventories increased 0.2% (consensus -0.1%). The prior months reading was revised to 0.3% from 0.4%. The market doesnt typically pay much attention to this release since the full business inventories report is usually released a short time later.

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Natco Pharma launches generic version of cancer drug POMALYSTn++
May 10,2017

Natco Pharma has launched a generic version of pomalidomide 1 mg, 2 mg, and 4 mg capsules in India. Pomalidomide is sold by Celgene Inc., in the USA, under the brand name POMALYSTn++.

Pomalidomide is a thalidomide analogue indicated, in combination with dexamethasone, for patients with multiple myeloma (a type of blood cancer) who have received at least two prior therapies including lenalidomide and a proteasome inhibitor and have demonstrated disease progression on or within 60 days of completion of the last therapy.

Natco will market generic pomalidomide capsules under its brand name POMALID in India. Natco priced its generic medicine of POMALID 1 mg, 2 mg, and 4 mg capsules at an MRP of Rs 5000/-, Rs 10,000/-, and Rs 20,000/- respectively for a monthly pack of 21 capsules.

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IDBI Bank slips after RBI action
May 10,2017

The announcement was made after market hours yesterday, 9 May 2017.

Meanwhile, the S&P BSE Sensex was up 239.74 points, or 0.80% to 30,172.99.

On the BSE, 3.44 lakh shares were traded in the counter so far, compared with average daily volumes of 5.53 lakh shares in the past one quarter. The stock had hit a high of Rs 80.85 and a low of Rs 79.10 so far during the day. The stock hit a 52-week high of Rs 86.50 on 6 February 2017. The stock hit a 52-week low of Rs 62.95 on 9 November 2016.

The stock had outperformed the market over the past one month till 9 May 2017, rising 9.05% compared with 1.21% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, falling 0.85% as against Sensexs 5.81% rise.

The large-cap company has equity capital of Rs 2058.82 crore. Face value per share is Rs 10.

The Reserve Bank of India (RBI), vide their letter dated 5 May 2017, initiated prompt corrective action for IDBI Bank in view of high net non-performing assets (NPA) and negative return on assets (ROA). This action will not have any material impact on the performance of the bank and will contribute to improving the internal controls of the bank and improvement in its activities, IDBI Bank said in a statement.

IDBI Bank reported net loss of Rs 2254.96 crore in Q3 December 2017, higher than net loss of Rs 2183.68 crore in Q3 December 2016. Operating income fell 3.5% to Rs 7104.21 crore in Q3 December 2016 over Q3 December 2015.

Government of India holds 73.98% stake in IDBI Bank (as on 31 March 2017).

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Lakhotia Polyesters (India) to hold board meeting
May 10,2017

Lakhotia Polyesters (India) will hold a meeting of the Board of Directors of the Company on 20 May 2017.

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Rosekamal Textiles to hold board meeting
May 10,2017

Rosekamal Textiles will hold a meeting of the Board of Directors of the Company on 29 May 2017.

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JJ Exporters to hold board meeting
May 10,2017

JJ Exporters will hold a meeting of the Board of Directors of the Company on 29 May 2017.

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Bentley Commercial Enterprises to hold board meeting
May 10,2017

Bentley Commercial Enterprises will hold a meeting of the Board of Directors of the Company on 19 May 2017.

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Lypsa Gems & Jewellery to hold board meeting
May 10,2017

Lypsa Gems & Jewellery will hold a meeting of the Board of Directors of the Company on 22 May 2017.

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Jindal Stainless announces resignation of director
May 10,2017

Jindal Stainless announced that Ishani Chattopadhyay, Director has resigned from the Board with effect from 09 May 2017.

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Precision Containeurs to hold board meeting
May 10,2017

Precision Containeurs will hold a meeting of the Board of Directors of the Company on 8 May 2017.

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Capricorn Systems Global Solutions to hold board meeting
May 10,2017

Capricorn Systems Global Solutions will hold a meeting of the Board of Directors of the Company on 29 May 2017.

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Dollex Industries to hold board meeting
May 10,2017

Dollex Industries will hold a meeting of the Board of Directors of the Company on 29 May 2017.

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Bijlee Textiles to hold board meeting
May 10,2017

Bijlee Textiles will hold a meeting of the Board of Directors of the Company on 29 May 2017.

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