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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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Tata Steel nudges higher after commencing production at greenfield plant
Feb 28,2017

The announcement was made during market hours today, 28 February 2017.

Meanwhile, the S&P BSE Sensex was down 18.18 points or 0.06% at 28,794.70.

On the BSE, 3 lakh shares were traded on the counter so far as against the average daily volumes of 7.06 lakh shares in the past one quarter. The stock had hit a high of Rs 485.50 and a low of Rs 480.85 so far during the day.

The stock had hit a 52-week high of Rs 495.85 on 21 February 2017 and a 52-week low of Rs 243.40 on 26 February 2016. It had underperformed the market over the past one month till 27 February 2017, gaining 2.47% compared with the Sensexs 3.34% rise. The scrip had, however, outperformed the market over the past one quarter, advancing 17.94% as against the Sensexs 9.49% rise.

The large-cap company has equity capital of Rs 971.22 crore. Face value per share is Rs 10.

Tata Steel said that its recently commissioned ferro-chrome plant at Gopalpur Industrial Park in Ganjam district of Odisha, has achieved a major milestone with the first ever production of ferro-chrome on 25 February 2017, with compliance to all technical parameters. The Rs 542 crore ferro-chrome plant has an installed capacity of 55,000 tonne per annum (TPA).

Besides the plant at Gopalpur, Tata Steel has two other ferro-chrome plants in Odisha viz. a 65,000 TPA plant at Bamnipal in Keonjhar district and the other at Athagarh in Cuttack district of 55,000 TPA capacity under the management of its subsidiary T S Alloys.

On a consolidated basis, Tata Steel reported net profit of Rs 231.90 crore in Q3 December 2016 compared with net loss of Rs 2747.72 crore in Q3 December 2015. Net sales rose 13.4% to Rs 27843.92 crore in Q3 December 2016 over Q3 December 2015.

Tata Steel is the worlds second-most geographically-diversified steel producer, with operations in 26 countries and commercial presence in over 50 countries.

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Ministry of UD to push dense urban growth along mass transit corridors for better living experience
Feb 28,2017

To effectively address the emerging urbanization challenges, the Ministry of Urban Development has come out with a multi-pronged policy framework to promote living close to mass urban transit corridors. This new initiatives seeks to promote Transit Oriented Development (TOD) which enables people to live within walking or cycling distance from transit corridors like the Metros, Monorail and Bus Rapid Transit (BRT) corridors, currently being taken up on a large scale.

The Ministry has formulated a National Transit Oriented Development Policy which will be discussed with the States and Union Territories at a National Workshop on Urban Development to be held next week. This policy seeks to enhance the depth of understanding of States and UTs on TOD as a viable solution to many of the challenges like haphazard urban growth and sprawl, mobility, rapidly rising private vehicles on roads, pollution, housing choices etc.. This new urban design and planning in the form of TOD, is being incentivesed by the Ministry under two more initiatives viz., Metro Policy and Green Urban Mobility Scheme which also will be discussed with States and UTS for taking them on board.

Under TOD, city densification will be promoted along mass transit corridors through vertical construction by substantially enhancing FARs (Floor Area Ratio) backed by promotion of Non-motorised Transport Infrastructure for walking and cycling to transport stations, development of street networks in the influence zone of transit corridors, multi-modal integration, effective first and last mile connectivity through feeder services to enable people access public transit in 5 to 10 minutes from home and work places.

Dense living along transit corridors besides resulting in enhanced living and travel experience, will also improve ridership of mass transit systems. If properly executed, TOD could emerge as a means of financing mass transit project, for which the demand is growing.

TOD promotes integration of land use planning with transportation and infrastructure development to avoid long distance travel in cities through compact development as against the present pattern of unplanned and haphazard urban growth.

Under the new Metro Policy, TOD has been mandatory while under Green Urban Mobility Scheme, TOD has been made an essential reform and is given priority for receiving central assistance.

The Ministrys initiative comes in the context of over 300 km of Metro lines being operational in seven cities, another 600 kms of metro line projects under construction in 12 cities and over 500 km projects under consideration. The Ministry has supported BRTS projects in 12 cities which are under different stages of progress and eight more cities are set to take up BRT projects. Mass Rail Transit System of 380 km length is being taken up in Delhi.

Transit Oriented Development will be financed by channelizing a part of increases in property values resulting from investments in transit corridors through Betterment Levies and Value Capture Financing tools. Increased private sector participation will result in economic development and employment generation.

TOD Policy also aims at inclusive development by ensuring mixed neighbourhood development in the form of a range of housing choices including affordable housing and ensuring spaces for street vendors.

States and UTs will be required to incorporate TOD in the Master Plans and Development Plans of cities besides identifying Influence Zones from transit corridors for tapping revenue streams.

TOD is being taken up Ahmedabad, Delhi(kakardooma), Naya Raipur, Nagpur and Navi Mumbai and the Ministry would like this to be expanded to other cities as well.

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Dilip Buildcon gains after completing road project ahead of schedule
Feb 28,2017

The announcement was made before market hours today, 28 February 2017.

Meanwhile, the BSE Sensex was down 7.56 points, or 0.03%, to 28,805.32.

Higher than usual volumes were witnessed on the counter. On the BSE, 55,672 shares were traded in the counter so far, compared with average daily volumes of 36,138 shares in the past one quarter. The stock had hit a high of Rs 312.20 in intraday trade, which is also a record high for the stock. The stock had hit a low of Rs 300 so far during the day. The stock had hit a record low of Rs 178.60 on 9 November 2016.

The stock had outperformed the market over the past one month till 27 February 2017, rising 23.28% compared with the Sensexs 3.34% rise. The scrip had also outperformed the market over the past one quarter, gaining 31.25% as against the Sensexs 9.49% rise.

The mid-cap company has equity capital of Rs 136.77 crore. Face value per share is Rs 10.

Dilip Buildcon announced the successful completion of rehabilitation and up-gradation of Mandla-Pindrai & Salimnabad-Vilayatkalan Major District Road intermediate laning/two laning with paved/hard shoulder in Madhya Pradesh on engineering procurement and construction (EPC) mode. The total project cost is Rs 190.80 crore.

As the company has completed the project 185 days prior to the schedule completion period of the project the company is entitled to receive maximum allowable 3% bonus or Rs 5.72 crore of the project cost from the Madhya Pradesh Road development Corporation.

Dilip Buildcons net profit jumped 151.7% to Rs 108.64 crore on 41.9% rise in net sales to Rs 1388.43 crore in Q3 December 2016 over Q3 December 2015.

Dilip Buildcon is a road-focused engineering procurement construction (EPC) contractor. The company develops infrastructure across the country in diverse areas such as roads & bridges, water sanitation & sewage, irrigation, industrial, commercial & residential buildings.

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Loyal Equipments receives order worth Rs 1.49 crore
Feb 28,2017

Loyal Equipments has received an order from Oil & Natural Gas Corpn worth Rs. 1.49 crore for Supply of Air cooled Tube Bundle for its Mehsana, Gujarat.

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Tata Steel commences production of ferro-chrome at Gopalpur plant
Feb 28,2017

Tata Steel announced that its recently commissioned Ferro-Chrome plant at Gopalpur Industrial Park in Ganjam District of Odisha, has achieved a major milestone with the first ever production of ferro-chrome on 25 February 2017. The 542 crore Ferro-Chrome plant has an installed capacity of 55,000 tonne per annum (TPA). Besides Gopalpur, Tata Steel has two other ferro chrome plants in Odisha - a 65,000 TPA plant at Bamnipal in Keonjhar district and the other at Athagarh in Cuttak district of 55,000 TPA capacity under the management of its subsidiary T S Alloys.

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Board of Welterman International approves change in company secretary and compliance officer
Feb 28,2017

Welterman International announced Nirali Mehta has resigned from the office of Company Secretary & Compliance Officer of the Company w.e.f. 28 February 2017.

Also, the Board of Directors in its Meeting held on 28 February 2017 has appointed Mansi Vyas. who is a qualified Company Secretary, as the Company Secretary & C compliance Officer of the Company w.e.f. 01 March 2017 in terms of Regulation 6(1) of the SEBl (Listing Obligation and Disclosure Requirements) Regulations, 2015 and Regulation 2(1)(c) of the SEBI (Prohibition of Insider Trading) Regulations, 2015.

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Globe Commercials to hold board meeting
Feb 28,2017

Globe Commercials will hold a meeting of the Board of Directors of the Company on 7 March 2017.

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NINtec Systems to hold board meeting
Feb 28,2017

NINtec Systems will hold a meeting of the Board of Directors of the Company on 7 March 2017.

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Bindal Exports to hold board meeting
Feb 28,2017

Bindal Exports will hold a meeting of the Board of Directors of the Company on 4 March 2017.

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Strong growth has raised Indias incomes and reduced poverty, but challenges remain: OECD
Feb 28,2017

The Indian economy is expanding at a fast pace, boosting living standards and reducing poverty nationwide. Further reforms are now necessary to maintain strong growth and ensure that all Indians benefit from it, according to a new report from the OECD.

The latest OECD Economic Survey of India finds that the acceleration of structural reforms and the move toward a rule-based macroeconomic policy framework are sustaining the countrys longstanding rapid economic expansion.

The Survey, presented in New Delhi by OECD Secretary-General Angel Gurrn++a and Indias Secretary Economic Affairs Shaktikanta Das, hails Indias recent growth rates of more than 7% annually as the strongest among G20 countries. It identifies priority areas for future action, including continuing plans to maintain macroeconomic stability and further reduce poverty, additional comprehensive tax reforms and new efforts to boost productivity and reduce disparities between Indias various regions.

India provides a welcome counter-point to a global economy that has been under-performing for years, Angel Gurrn++a said. Reforms are historic and are bearing fruit, growth is strong and other macroeconomic indicators are improving. Maintaining the reform momentum will be critical to boosting investment and creating the quality jobs needed to ensure strong and inclusive growth for future generations, with all segments of society benefitting from it.

The implementation of the landmark GST reform will contribute to making India a more integrated market. By reducing tax cascading, it will boost competitiveness, investment and job creation. The GST reform - designed to be initially revenue-neutral - should be complemented by a reform of income and property taxes, the Survey said.

The Survey points out the need to make income and property taxes more growth-friendly and redistributive. A comprehensive tax reform could help raise revenue to finance much-needed social and physical infrastructure, promote corporate investment, enable more effective redistribution and strengthen the ability of states and municipalities to better respond to local needs, according to the Survey.

The OECD points out that achieving strong and balanced regional development will also be key to promoting inclusive growth. Inequality in income and in access to core public services between states and between rural and urban areas is currently large across India, while rural poverty is pervasive. Continuing efforts to improve universal access to core public services is essential.

Recent changes in Indias federalism model have given states more freedom and incentives to modernise regulations and tailor public policies to local circumstances. Ranking states on the ease of doing business is opening a new era of structural reforms at the state level and will help unleash Indias growth potential. Further benchmarking among states and strengthening the sharing of best practices, particularly on labour regulations and land laws, could add to the reform momentum.

Raising living standards in poorer states will require increasing productivity in the agricultural sector. With employment expected to gradually shift away from the agricultural sector, urbanisation will gather pace. Thus, better urban infrastructure will be needed to fully exploit cities potential for job creation, productivity gains and improving the quality of life.

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Board of Pennar Industries passes resolution for voluntary delisting from MSE
Feb 28,2017

Pennar Industries announced that the Board of Directors of the Company at its meeting held on 28 February 2017 has passed a resolution with respect to voluntary delisting of the Company from Metropolitan Stock Exchange of India (MSE).

However, the equity shares of the Company shall continue to be listed on BSE and National Stock Exchange of India, both having nationwide trading terminals.

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L&T inches up as subsidiary signs pact with Shell Global Solutions
Feb 28,2017

The announcement was made during market hours today, 28 February 2017.

Meanwhile, the S&P BSE Sensex was down 17.36 points or 0.06% at 28,795.52.

On the BSE, 40,000 shares were traded on the counter so far as against the average daily volumes of 1.06 lakh shares in the past one quarter. The stock was volatile. The stock rose as much as 1.27% at the days high of Rs 1,487 so far during the day. The stock hit a low of Rs 1,468.20 so far during the day.

The stock had hit a 52-week high of Rs 1,615 on 27 July 2016 and a 52-week low of Rs 1,055.10 on 29 February 2016. It had underperformed the market over the past one month till 27 February 2017, gaining 1.99% compared with the Sensexs 3.34% rise. The scrip had also underperformed the market over the past one quarter, advancing 7.2% as against the Sensexs 9.49% rise.

The large-cap company has equity capital of Rs 186.59 crore. Face value per share is Rs 2.

L&Ts wholly-owned subsidiary L&T Hydrocarbon Engineering (LTHE) has signed an Enterprise Framework Agreement (EFA) with Shell Global Solutions International B.V., for providing engineering, procurement and construction management (EPCM) services for Shell projects in the Middle East, South East Asia and India.

The EFA is for a period of five years. For any agreements resulting from the EFA, LTHE will leverage on its core strengths of engineering and project management to deliver projects for Shell. LTHEs engineering office in india, will be its High Vaiue Engineering Centre.

L&Ts consolidated net profit rose 38.9% to Rs 972.47 crore on 1.7% growth in net sales to Rs 26018.15 crore in Q3 December 2016 over Q3 December 2015.

L&T is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services.

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Federal Bank provides update on its banking operations
Feb 28,2017

Federal Bank announced that in view of the nationwide strike on 28 February 2017, called by various Trade Unions raising various demands where Workmen Employees Union, Staff Union and Officers Association of the Bank under the banner of UFBU are also participating, regular functioning of the branches of the Bank might be affected on that day. However, the Banks ATMs and digital channels will function to meet customer needs.

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Federal Bank announces cessation of director
Feb 28,2017

Federal Bank announced that Sudhir M Joshi, senior Director of the Bank, whose contributions to the overall growth of the Bank has been taken on record by the Board, retires from the Directorship of the Bank w.e.f. 28 February 2017 on attaining 70 years of age, in accordance with the regulatory requirements including that of RBI regulations.

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Escorts scales record high
Feb 28,2017

Meanwhile, the BSE Sensex was down 16.74 points, or 0.06%, to 28,796.14.

On the BSE, 1.8 lakh shares were traded in the counter so far, compared with average daily volumes of 2.42 lakh shares in the past one quarter. The stock had hit a high of Rs 463.95 in intraday trade, which is also a record high for the counter. The stock had hit a low of Rs 455 so far during the day. The stock had hit a 52-week low of Rs 121.65 on 29 February 2016.

The stock had outperformed the market over the past one month till 27 February 2017, rising 22.45% compared with the Sensexs 3.34% rise. The scrip had also outperformed the market over the past one quarter, gaining 46.68% as against the Sensexs 9.49% rise.

The mid-cap company has equity capital of Rs 122.58 crore. Face value per share is Rs 10.

Shares of Escorts jumped 18.51% in nine sessions, from a close of Rs 382.20 on 13 February 2017, to a close of Rs 452.95 yesterday, 27 February 2017. Shares of Escorts have witnessed a steady rise ever since it reported good Q3 results on 9 February 2017. Escorts net profit rose 11.2% to Rs 22.71 crore on 22.8% rise in net sales to Rs 1089.91 crore in Q3 December 2016 over Q3 December 2015.

Escorts is one of Indias leading engineering conglomerates. The company has diversified business interests catering to agri-machinery, construction & material handling equipment, railway equipment and auto components.

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