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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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Jain Irrigation Systems secures Rs 189.02 crore from IGNP
Mar 08,2017

Jain Irrigation Systems has secured an order worth Rs 189.02 crore for delivering water at farmers field through creation of water infrastructure and making it available to the farmer to deploy using micro irrigation systems in their respective farms. The order is received under IGNP (Indira Gandhi Nahar Project), Rajasthan.

Through this order under IGNP, Jain Irrigation will create a positive impact on the lives of about 15,000 farmers spread across 20 villages of Hanumangarh District in Rajasthan and also take the water use efficiency (WUE) from current 30% to 60% plus level.

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Hero MotoCorp moves higher after announcing interim dividend
Mar 08,2017

The board has fixed 18 March 2017 as record date for payment of interim dividend. The payment of interim dividend will be completed by 5 April 2017. The announcement was made after market hours yesterday, 7 March 2017.

Meanwhile, the S&P BSE Sensex was up 6.41 points or 0.02% at 29,005.97

On the BSE, 2,570 shares were traded on the counter so far as against the average daily volumes of 27,214 shares in the past one quarter. The stock had hit a high of Rs 3,331 and a low of Rs 3,296.60 so far during the day. The stock had hit a record high of Rs 3,739.90 on 8 September 2016 and a 52-week low of Rs 2,754.50 on 22 March 2016.

The large-cap company has equity capital of Rs 39.94 crore. Face value per share is Rs 2.

The Hero MotoCorp stock offers a dividend yield of 1.66% based on its closing price of Rs 3,299.40 on the BSE yesterday, 7 March 2017.

Hero MotoCorp recently reported a 4.75% drop in total two-wheeler sales at 5.24 lakh units in February 2017 over February 2016.

Hero MotoCorps net profit fell 2.7% to Rs 772.05 crore on 12.1% decline in net sales to Rs 6245.90 crore in Q3 December 2016 over Q3 December 2015.

Hero MotoCorp is the worlds largest two-wheeler manufacturer in terms of production capacity. The company has six manufacturing plants, including five in India including Dharuhera, Gurgaon, Haridwar, Neemrana and Halol and one in Colombia.

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Cyient enters into long term agreement with ThyssenKrupp Elevator
Mar 08,2017

Cyient has entered into a long term agreement with ThyssenKrupp Elevator, a global market leader in passenger transportation system, to support its MAX platform. MAX is the worlds first real time, cloud based predictive maintenance solution and a game changer for the elevator industry. Cyients advanced analytics and big data solutions will be integrated into MAX to help deliver predictive maintenance solutions.

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Dishman Pharmaceuticals and Chemicals intimates of fire incident at Bavla facility
Mar 08,2017

Dishman Pharmaceuticals and Chemicals intimates that there was a fire incident at one of the units (Unit No.7) at its Bavla facility on 07 March 2017 late evening and had been brought under control.

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Glenmark Pharmaceuticals gets clearance to move GSP 304 into Phase 2 study
Mar 08,2017

Glenmark Pharmaceuticals announced that the U.S. Food and Drug Administration (FDA) cleared the Companys Investigational New Drug (IND) application to begin a Phase 2 study of GSP 304 (tiotropiumbromide) for administration by nebulization for the long term, once-daily, maintenance treatment of bronchospasm associated with chronic obstructive pulmonary disease (COPD).

Glenmark plans to initiate clinical development with a Phase 2 study of GSP 304, a new orally administered formulation, in subjects with mild to moderate COPD, as determined by the Global Initiative for Chronic Obstructive Lung Disease (GOLD) criteria. The efficacy, pharmacokinetics, and safety profiles of currently available formulations of tiotropium bromide are well established.

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SPML Infra receives orders worth Rs 250 crore
Mar 08,2017

SPML Infra has received orders worth Rs 250 crore for power transmission and distribution projects in West Bengal and Haryana State.

These include -
- Rs 250 Crore for Power Transmission & Distribution projects in West Bengal and Haryana. -Rs 106.92 Crore order from West Bengal State Electricity Distribution Company for Rural Electricity Infrastructure Development in Murshidabad
- Rs 89.40 Crore from Power Grid Corporation of India for Extension of 400/220 kV AIS Substation in Malda and other towns of West Bengal
-Rs 48.88 Crore from Haryana Vidhyut Prasran Nigam for 220 kV GIS Substation in Faridabad.

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Hero MotoCorp in focus after announcing interim dividend
Mar 08,2017

Hero MotoCorp announced after market hours yesterday, 7 March 2017, that the board of directors of the company at its meeting held on 7 March 2017, declared interim dividend of Rs 55 per equity share of Rs 2 each for the financial year 2016-2017. The board has fixed 18 March 2017 as record date for payment of interim dividend. The payment of interim dividend will be completed by 5 April 2017.

Infosys announced after market hours yesterday, 7 March 2017, that Algerias The Housing Bank has selected lnfosys Fn++nacle to power its operations. The Housing Bank, one of the most respected banks in the Middle East, and Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys, announced the selection of the Finacle suite of solutions to power the banks operations in Algeria.

The Housing Bank Algeria is one among the 22 private & public banks in the country, and provides its banking operation through a network of 7 branches distributed among cities of Algiers. Finacle is a universal banking solution from EdgeVerve Systems, a wholly owned product subsidiary of Infosys.

Tata Steel will be watched. Tata Steel UK yesterday, 7 March 2017, informed employees it will close the British Steel Pension Scheme to future accrual with effect from 31 March 2017. From 1 April 2017, employees will save for their retirement through a new and competitive defined contribution pension scheme.

Tata Steel UK continues to be deeply engaged with the pension scheme trustee, the trade unions and relevant regulatory and government bodies to identify the best prospects for the future sustainability of its UK operations and a fair and practical outcome for the members of the British Steel Pension Scheme, a press release said. The company believes that finding a structural solution to address the risks from the pension scheme to the viability of the business is a crucial part of its ongoing UK transformation plan. The announcement was made after market hours yesterday, 7 March 2017.

Wockhardt announced that the Health Products Regulatory Authority of Ireland (HPRA) inspected the companys Shendra facility in Aurangabad and has recommended the renewal of certificate based on the general compliance with the principles and guidelines of Good Manufacturing Practice of the Shendra manufacturing unit. The announcement was made after market hours yesterday, 7 March 2017.

Central Bank of India said it successfully raised Rs 500 crore and have allotted 5000 bonds of Rs 10 lakh each. The announcement was made after market hours yesterday, 7 March 2017.

Dilip Buildcon said that the company has acquired 100% equity shares of Bhavya Infra & Systems. By the virtue of the acquisition Bhavya Infra & Systems has become a wholly owned subsidiary of the company. The announcement was made after market hours yesterday, 7 March 2017.

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FM releases the Revised General Financial Rules (GFR) 2017
Mar 08,2017

The Union Finance Minister Shri Arun Jaitley said since this time, the Finance Bill would be passed by the Parliament before the 31st March, 2017, therefore, the different Ministries should be in a stage of readiness as the funds for various schemes would be available with effect from 1st April, 2017. The Finance Minister Shri Jaitley was addressing all the Financial Advisors in the different Central Ministries/Departments after releasing the Revised General Financial Rules (GFRs) - 2017 at the Conference of the Financial Advisors (FAs). The Conference of FAs was organised by the Department of Expenditure, Ministry of Finance, Government of India. The Finance Minister appreciated the role of Financial Advisors in the smooth implementation of Budgeting and Accounting reforms. Shri Jaitley stressed on the challenges lying ahead for the Government as a whole to ensure that expenditure on schemes and projects should start from the beginning of the financial year to leverage the early passing of the Budget. The Finance Minister also applauded the efforts that went into bringing- out the Revised GFRs within a very short span of time to meet the need of the changing environment.

Earlier speaking on the occasion, Shri Ashok Lavasa, Finance Secretary stated that the Revised GFR -2017 aims to provide a framework within which an organization manages its business in a financially prudent manner without compromising its flexibility to deal with varied situations and that the new GFRs 2017 will enable an improved, efficient and effective framework of fiscal management while providing the necessary flexibility to facilitate timely delivery of services.

The Conference also deliberated upon the various challenges and opportunities before the Financial Advisors and their key role in the implementation of the Schemes of the Government and providing innovative solutions in the changed environment in public financial management. Conference of Financial Advisors is a forum through which the Finance Secretary & Secretary (Expenditure), Ministry of Finance holds detailed deliberations with all the Financial Advisors posted in various Ministries/Departments.

The GFRs are rules and orders dealing with matters involving public finances. General Financial Rules were issued for the first time in 1947 bringing together in one place all existing orders and instructions pertaining to financial matters. These have subsequently been modified and issued as GFRs 1963 and GFRs 2005.

In the last few years, the Government has made many innovative changes in the way it conducts its business. Reforms in the Government Budgeting like removal of distinction in non-plan and plan expenditure, merger of Railway Budget with General Budget, focusing on outcomes through an improved Outcome Budget document, all needed to be reflected in the GFRs. Increased focus on Public Finance Management System (PFMS), reliance on the Direct Benefit Transfer (DBT) Scheme to ensure efficient delivery of entitlements, introduction of new e-sites like Central Public Procurement Portal, Government e-Marketing (GeM) Portal, Non-Tax Revenue Portal have also necessitated revision of the existing GFRs to keep them in tune with the changing business environment. The objective was to make the GFRs facilitate efficiency while following principles of accountability and procedures of financial discipline and administrative due diligence. New rules on non-tax revenues, user charges, e-receipts portal have been added in addition to the manner in which Autonomous Bodies are run.

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Larsen & Toubro Infotech named a Top 15 Sourcing Service Provider
Mar 07,2017

Larsen & Toubro Infotech announced that it has been named a Top 15 Sourcing Standout by Information Services Group, a leading global technology research and advisory firm. LTI is listed among the Breakthrough 15 for the Americas region based on annual contract value won over the last 12 months, according to the 4Q 2016 Global ISG index.

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Genesys International Corporation allots 160700 equity shares
Mar 07,2017

Genesys International Corporation announced that the Compensation Committee at its meeting held on 07 March 2017 has approved the allotment of 1,60,700 equity shares of face value of Rs. 5.00 each pursuant to the exercise of the stock options by the eligible employees of the company under the Genesys ESOP Scheme -2010. Consequently, post-allotment the paid-up capital of the company shall stand increased to Rs. 15,30,41,060 divided into 3,06,08,212 Equity Shares of face value of Rs. 5.00 each. These shares shall rank pari passu with the existing equity shares of the Company in all respects.

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Clarification by PFRDA on transfer of amount from Recognized Provident Fund & Superannuation Fund to National Pension Scheme (NPS)
Mar 07,2017

In the budget of 2016-17, the Government had announced that the subscribers from recognised Provident Funds and Superannuation Funds would be able to transfer their corpus from these funds to National Pension System (NPS) without any tax implication.

With the NPS gaining momentum vis-n++-vis other retirement products and a number of queries being raised on the transfer of amounts from recognised Provident/Superannuation Funds to NPS, Pension Fund Regulatory and Development Authority (PFRDA) has clarified the process through a circular dated 06.03.2017.

Accordingly, in case the subscriber is interested to get his/her recognised Provident Fund/Superannuation Fund transferred to NPS, he/she needs to follow the below mentioned process:

1. The subscriber should have an active NPS Tier I account which can be opened either through the employer (where NPS is implemented) or through the Points-of-Presence (POPs) or online through eNPS on the NPS Trust website www.npstrust.org.in

2. The subscriber presently under Government/Private Sector employment should approach the recognised Provident Fund/Superannuation Fund Trust through the current employer by giving request for transfer to his/her NPS account.

3. The Recognised Provident Fund/Superannuation Fund Trust may initiate transfer of the Fund as per the provisions of the Trust Deed read with the provisions of the Income Tax Act, 1961.

4. The Recognised Provident fund/Superannuation Fund may issue the cheque/draft in the name of:

a) In case of Government employee: Nodal Office Name (PAO or CDDO Name) Employee Name PRAN (12 Digit No.)

b) In case of subscriber presently under Private Sector including All Citizen Model: POP (Name of the POP) Collection Account-NPS TrustSubscriber NamePRAN (12 Digit No.)

5. In case of Government or Private Sector employee, the employee should request the recognised Provident Fund/Superannuation Fund to issue a letter to his present employer mentioning that the amount is being transferred from the recognised Provident Fund/Superannuation Fund to be credited in the NPS Tier I account of the employee which would be recorded by the present employer or POP as the case may be, while uploading the amount.

It may be noted here that as per the provisions of the Income Tax Act, 1961 the amount so transferred from recognised Provident Fund/Superannuation Fund to NPS is not treated as income of the current year and hence not taxable. Further, the transferred recognised Provident Fund/Superannuation Fund will not be treated as contribution of the current year by employee/employer and accordingly the subscriber would not make Income Tax claim of contribution for this transferred amount.

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Wockhart provides update on HPRA inspection of Shendra manufacturing unit
Mar 07,2017

Wockhart announced that the Health Products Regulatory Authority of Ireland (HPRA) has inspected the Companys Shendra, Aurangabad facility and have recommended the renewal of certificate based on the general compliance with the principles and guidelines of Good Manufacturing Practice of the said Shendra manufacturing unit.

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Central Bank of India raises Rs 500 crore
Mar 07,2017

Central Bank of India has successfully raised Rs 500 crore and have allotted 5000 Tier 2 Bonds (Series II) of Rs 10 lakh each.

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No one to be deprived of benefits for lack of Aadhaar
Mar 07,2017

Government has said that no one will be deprived of the benefits for lack of Aadhaar. In a statement issued today, the Government has reiterated that till Aadhaar number is assigned to any individual, the benefit will continue to be given based on alternate means of identification. It also directed the departments to provide Aadhaar enrolment facilities to their beneficiaries under Regulation 12 of Aadhaar (Enrolment and Update) Regulations 2016.

Considering the usefulness of Aadhaar in curbing leakages and bringing transparency in delivery system, the Government has recently issued orders to use Aadhaar in several other welfare schemes funded from the Consolidated Fund of India. While these orders require beneficiaries of these programs to give their Aadhaar number, it has also been ensured that no one is deprived of the benefits for want of Aadhaar.

In case of Mid Day Meal scheme and under the Integrated Child Development Scheme, the schools and Anganwadis have been asked to collect the Aadhaar number of the children beneficiaries and in case a child does not have Aadhaar, the school or ICDS functionary will be required to provide enrolment facilities to a child and till Aadhaar number is assigned, the benefits will be continue.

Aadhaar has been given to more than 112 Crore people. With such wide and extensive coverage, Aadhaar has become an important tool of transformation, good governance and empowerment of people. It ensures that the benefits reach only the deserving and entitled individuals and are not cornered away by fake persons and middlemen. Various studies and survey had earlier pointed out massive leakages in welfare schemes. During the last two and half years, Aadhaar has helped in direct delivery of benefits to crores of people through the Direct Benefit Transfer (DBT) in schemes such as LPG subsidy under Pahal, Scholarships, MNREGA, and Pensions. In the Public Distribution System, Aadhaar is also ensuring that the food grains are received only by the genuine beneficiaries and not diverted by any middle man or unscrupulous elements. It has, thus, saved huge sums of public money which otherwise was being siphoned away by middlemen. The total savings because of plugging of leakages due to Aadhaar during the last two and half years in just a few schemes where Aadhaar has been implemented amount to more than Rs 49,000 Crore.

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Godrej Consumer Products launches New HIT Gel Stick
Mar 07,2017

Godrej Consumer Products has introduced New HIT Gel Stick, an industry first cockroach solution in a transparent gel format with a brush applicator that is safe for Kitchen and hands yet 3X more powerful priced at Rs 30.

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