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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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Deepak Nitrite drops after reporting weak Q3 earnings
Feb 15,2017

The result was announced after market hours yesterday, 14 February 2017.

Meanwhile, the S&P BSE Sensex was down 39.64 points, or 0.14%, to 28,299.67.

On the BSE, 28,000 shares were traded on the counter so far as against the average daily volumes of 59,256 shares in the past one quarter. The stock had hit a high of Rs 102.90 and a low of Rs 97 so far during the day.

The stock had hit a record high of Rs 134.25 on 9 September 2016 and a 52-week low of Rs 57 on 15 February 2016. The stock had outperformed the market over the past one month till 14 February 2017, advancing 4.28% compared with the Sensexs 4.04% rise. The scrip had, however, underperformed the market over the past one quarter advancing 3.75% as against the Sensexs 5.67% rise.

The small-cap company has equity capital of Rs 23.26 crore. Face value per share is Rs 2.

Deepak Nitrite is a multi-division and multi-product company. The companys portfolio is a wide spectrum of products with diverse applications ranging from agrochemicals, rubber, pharmaceuticals, paper, textile, detergent, colourants, and petrochemicals to speciality and fine chemicals.

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MOIL trims gains after declaring strong Q3 outcome
Feb 15,2017

The announcement was made after market hours yesterday, 14 February 2017.

Meanwhile, the S&P BSE Sensex was down 45.95 points or 0.16% at 28,293.36

On the BSE, 1.19 lakh shares were traded on the counter so far as against the average daily volumes of 91,399 shares in the past one quarter. The stock trimmed initial gains in volatile trade. The stock had hit a high of Rs 373.45 and a low of Rs 362.35 so far during the day. The stock had hit a 52-week high of Rs 429 on 12 January 2017 and a 52-week low of Rs 180.30 on 17 February 2016.

The mid-cap company has equity capital of Rs 133.19 crore. Face value per share is Rs 10.

MOIL produces and sells different grades of manganese ore. Government of India currently holds 75.58% stake in MOIL (as per the shareholding pattern as on 31 December 2016).

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Agreement between India and Croatia on Economic Cooperation
Feb 15,2017

Agreement between the Government of the Republic of India and the Government of the Republic of Croatia on Economic Cooperation was signed by Commerce and Industry Minister Smt. Nirmala Sitharaman, Government of India and Ms. Martina Dalic, Deputy Prime Minister and Minister of the Economy, Government of the Republic of Croatia on 14th February, 2017 in Zagreb, Croatia.

India and Croatia had earlier signed an Agreement on Trade and Economic Cooperation in September, 1994 with an aim to promote and develop bilateral trade and economic relations. The present Agreement between India and Croatia would be a step in continuity as the last one expired in November, 2009.

Indias bilateral trade with the Republic of Croatia during 2013-14, 2014-15 and 2015-16 were US$ 148.86 million, US$ 205.04 million and US$ 148.44 million respectively. The bilateral trade during the last three years has remained stable despite global slowdown.

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Ind-Ra: Bonds and Rupee to Witness Measured Weakness in FY18
Feb 15,2017

India Ratings and Research (Ind-Ra) expects overall yield curves to stay elevated. The expectation is against a backdrop of evolving unfavourable global conditions and limited role by the Reserve Bank of India (RBI). However, the agency believes that the banking sectors large appetite for government bonds will anchor interest rates in FY18. The 10-year benchmark government security yield is likely to stay within 6.50%-7.00% in 1HFY18 and 6.40%-7.00% in 2HFY18.

Neutral Monetary Policy Stance: Given the change in the RBIs monetary policy stance and pressure from global rate markets, Ind-Ra expects an extremely limited scope for a reduction in monetary policy rates in FY18. The agency expects a possible room for a 25bp cut during FY18.

Demonetisation: The demonetisation drive and the promotion of digital transactions by the government and the RBI will impact reserve money requirements. Increasing scope and role of digital transaction are likely to reduce the currency in circulation over the coming years. Currency accounts for about 80% of reserve money. Moreover, the banking system was flooded with a liquidity of over INR5 trillion. In such a scenario, the agency does not foresee any open market operation (purchase) in FY18 as per the base case.

Low Banking Credit Blessing in Disguise: Ind-Ra believes that in the absence of any significant pickup in bank credit, the banking sector will have a large appetite for investment in low-risk interest-bearing government bonds. Moreover, banks can invest a part of existing liquidity surplus in government bonds. The agency believes commercial banks could subscribe to INR3 trillion-INR3.5 trillion worth of government bonds.

High State Borrowings to Affect Corporate Bond Curve: State development bonds (SDLs) are close alternatives to corporate bonds. The agency believes that a sustained increase in SDLs would put pressure on the corporate bond curve.

Rupee to Gradually Weaken: The narrowing differential between global and domestic interest rates will keep the rupee trading with a depreciation bias through FY18. With the US Federal Reserve likely to hike interest rates and major central banks rationalising their policy stances, the rupees gradual depreciation trend is expected to continue through FY18, with the domestic currency edging lower towards INR69.5-70/USD by March 2018.

RBIs Calibrated Intervention Likely to Continue: Ind-Ra believes that while the RBI is unlikely to halt the rupees depreciation, the pace of movement will be calibrated.

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DLF provides update on CCPS sale transaction
Feb 15,2017

DLF announced that the Company had intimated on 08 October 2015 that the Board of Directors of the Company had approved the proposal for promoter group companies namely Rajdhani Investments & Agencies, Buland Consultants and Investments, Sidhant Housing and Development Company (n++CCPS Holdersn++) to sell 15,96,99,999 Cumulative Compulsorily Convertible Preference Shares (n++CCPSn++) of DLF Cyber City Developers (n++DCCDLn++) (which would result in 40% equity shareholding in DCCDL upon conversion of the CCPS) to unrelated third party investor(s) (the n++CCPS Sale Transactionn++) subject to certain conditions.

Since the conclusion of CCPS Sale Transaction may not consummate by 18 March 2017 which being the last date of conversion of CCPS, the CCPS Holders have conveyed to DCCDL and the Company that they are agreeable for extension in conversion of CCPS for one more year i.e., until 18 March 2018 at the existing dividend rate/coupon rate of 0.01% per annum. Accordingly, the Board based on the recommendations of the Audit Committee, accorded its consent for the said extension being the 100% equity shareholder of DCCDL.

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Gitanjali Gems provides update on subsidiary - Gitanjali Infratech
Feb 15,2017

Gitanjali Gems announced that Gitanjali Infratech, a wholly owned subsidiary of the Company has acquired 100% equity shares of Dynamic Infrazone for the purpose of setting up and developing Gems and Jewellery Park in the state of Orissa.

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Inox Wind Infrastructure Services issues NCDs aggregating Rs 195 crore
Feb 15,2017

Inox Wind Infrastructure Services, a wholly owned subsidiary of Inox Wind has issued and allotted rated, unlisted, secured, redeemable, non convertible debentures, aggregating Rs 195 crore. These NCDs have been issued on private placement basis.

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Inox Wind Infrastructure Services issues NCDs aggregating Rs 195 crore
Feb 15,2017

Inox Wind Infrastructure Services, a wholly owned subsidiary of Inox Wind has issued and allotted rated, unlisted, secured, redeemable, non convertible debentures, aggregating Rs 195 crore. These NCDs have been issued on private placement basis.

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Vivimed Labs in pink of health after strong Q3 result
Feb 15,2017

The result was announced after market hours yesterday, 14 February 2017.

Meanwhile, the S&P BSE Sensex was down 21.35 points, or 0.08%, to 28,317.96.

On the BSE, 5.39 lakh shares were traded on the counter so far as against the average daily volumes of 1.49 lakh shares in the past one quarter. The stock had hit a high of Rs 110.50 and a low of Rs 103 so far during the day.

The stock had hit a record high of Rs 121.15 on 4 October 2016 and a 52-week low of Rs 68 on 9 August 2016. The stock had underperformed the market over the past one month till 14 February 2017, declining 4.9% compared with the Sensexs 4.04% rise. The scrip had also underperformed the market over the past one quarter advancing 3.47% as against the Sensexs 5.67% rise.

The small-cap company has equity capital of Rs 16.20 crore. Face value per share is Rs 2.

Vivimed Labs is a niche specialty chemicals and pharmaceuticals company.

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Govt. should increase cyber security spending to match growing threat landscape: ASSOCHAM-PwC paper
Feb 15,2017

The government should sharply increase spending on cyber security to a level that matches the changing threat landscape, noted a paper jointly conducted by ASSOCHAM-PwC.

n++The government should allocate adequate budget for cyber security related initiatives such as capacity building, training of the workforce, implementing awareness programmes, and promoting research and development,n++ according to paper titled Recommendations - Cyber & network security, jointly conducted by ASSOCHAM and consulting firm PricewaterhouseCoopers (PwC).

It also suggested the industry to make budgets to expand efforts to attract and retain qualified cyber professionals.

n++It is important to take proactive measures rather than reactive methods as building safe environments will always be the best line of defence against rising cybercrime,n++ suggested the paper.

It said that government should look at developing comprehensive and mature security policies to ensure that emerging technologies such as cloud and Smart Cities are protected from cyber threats and risks, and help create a dynamic digital economy.

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State Trading Corporation of India appoints directors
Feb 15,2017

State Trading Corporation of India announced that Ministry of Commerce & Industry vide its office order dated 27 January 2017 has conveyed the appointment of Mohan Lal Pareek and Dr. Amitabh Rajan as part time non-official Directors (Additional/Independent Director) on the Board of STC.

Further, Mohan Lal Pareek and Dr. Amitabh Rajan have been appointed as part time non-official on the Board of STC w.e.f. 14 February 2017.

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State Trading Corporation of India appoints directors
Feb 15,2017

State Trading Corporation of India announced that Ministry of Commerce & Industry vide its office order dated 27 January 2017 has conveyed the appointment of Mohan Lal Pareek and Dr. Amitabh Rajan as part time non-official Directors (Additional/Independent Director) on the Board of STC.

Further, Mohan Lal Pareek and Dr. Amitabh Rajan have been appointed as part time non-official on the Board of STC w.e.f. 14 February 2017.

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Wipro gains after powering Japans in-car Digital TV market
Feb 15,2017

The announcement was made before trading hours today, 15 February 2017.

Meanwhile, the BSE Sensex was down 21.15 points, or 0.07%, to 28,318.16.

On the BSE, so far 5,281 shares were traded in the counter, compared with average daily volumes of 1.11 lakh shares in the past one quarter. The stock had hit a high of Rs 478.70 and a low of Rs 474.50 so far during the day.

The stock hit a 52-week high of Rs 606.75 on 20 April 2016. The stock hit a 52-week low of Rs 410 on 9 November 2016.

The large-cap company has equity capital of Rs 486.18 crore. Face value per share is Rs 2.

Wipro announced that its Digital-TV (DTV) Middleware Solution, which facilitates In-Car TV reception systems, has been customized for the Japanese automotive market. Wipros DTV Middleware offering provides a turnkey solution for global Original Equipment Manufacturers (OEMs) of automotive infotainment systems to enable broadcast TV reception within vehicles. Wipros DTV Middleware Solution provides a robust, flexible and proven platform that allows device manufacturers to enable broadcast TV reception and related interactive services in automotive infotainment systems. Wipros In-Car DTV Middleware solution adds value to automotive OEM companies by supporting a range of features such as Antenna Diversity, Background Scans, Service Presets, One Touch Support, and Error concealments. These features facilitate the seamless consumption of premium entertainment content for in-car viewers.

Wipros consolidated net profit rose 2.04% to Rs 2109.40 crore on 0.93% decline in net sales to Rs 13764.50 crore in Q3 December 2016 over Q2 September 2016.

Wipro is a leading information technology, consulting and business process services company that delivers solutions to enable its clients do business better.

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Jagsonpal Pharmaceuticals announces resignation of director
Feb 15,2017

Jagsonpal Pharmaceuticals announced that Dr. Surinder Kumar Goyal, Director has resigned from Directorship of the Company w.e.f. 14 February 2017, his resignation has been approved by the Board of Directors in their meeting held on 14 February 2017.

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Entertainment Network (India) commences broadcast from Shillong radio station
Feb 15,2017

Entertainment Network (India) announced that the Company has on 15 February 2017 commenced broadcast from its radio station at Shillong (91.1 FM) - acquired under Phase 3 auctions held last financial year.

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