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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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ITC allots 43,09,540 ordinary shares
Feb 14,2017

ITC announced that the Company on 14 February 2017 issued and allotted 43,09,540 Ordinary Shares of Rs. 1/- each, upon exercise of 4,30,954 Options by Optionees under the Companys Employee Stock Option Schemes.

Consequently, the Issued and Subscribed Share Capital of the Company stands increased to Rs. 1213,04,24,001/- divided into 1213,04,24,001 Ordinary Shares of Rs. 1/- each.

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Strides Shasun allots 4311 equity shares
Feb 14,2017

Strides Shasun has allotted 4,311 fully paid equity shares of Rs.10/-each under the Strides Arcolab ESOP 2015 Scheme of the Company on 11 February 2017.

Consequent to the allotment, the paid up equity share capital of the Company has increased from Rs. 893,686,950/- consisting of 89,368,695 equity shares of Rs. 10/- each to Rs. 893,730,060/- consisting of 89,373,006 equity shares of Rs. 10/- each.

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Aditya Birla Fashion & Retail allots 1,13,269 equity shares
Feb 14,2017

Aditya Birla Fashion & Retail announced that pursuant to the Composite Scheme of Arrangement amongst the Company, Aditya Birla Nuvo (ABNL), Madura Garments Lifestyle Retail Company and their respective shareholders and creditors, the Company has allotted 1,13,269 Equity Shares of Rs. 10/- each (said Shares), to Non-resident (Repatriable) Shareholders of ABNL, under Lot 7, on 14 February 2017.

The said Shares rank pari passu in all respects with the existing Equity Shares of the Company.

Consequent to the above allotment, the Paid-up Equity Share Capital of the Company has increased from Rs. 7,70,38,71,210 (i.e. 77,03,87,121 Fully Paid-up Equity Shares of Rs. 10/- each) to Rs. 7,70,50,03,900 (i.e. 77,05,00,390 Fully Paid-up Equity Shares of Rs. 10/- each).

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Vippy Spinpro appoints CFO
Feb 14,2017

Vippy Spinpro announced that Hassan Ali has been appointed and assumed office as the new Chief Financial Officer of the Company with effect from 15 February 2017.

Further the Company has accepted resignation of Deepa Mekal, from Directorship of the Company w.e.f. 15 February 2017.

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India Gelatine & Chemicals provides update on its application to GPCB for CC&A
Feb 14,2017

India Gelatine & Chemicals announced that Vapi, where the plant of the Company is located is no longer classified as critically polluted area under the new Comprehensive Environmental Pollution Index (CEPI) since 25 November 2016.

Based on this event, the Company has applied on 13 December 2016 to Gujarat Pollution Control Board (GPCB) for obtaining the Consolidated Consent & Authorization (CC&A) aimed at enhancement of production capacity of Gelatine.

The Regional Office of Gujarat Pollution Control Board (GPCB) has also conducted an inspection of the Companys plant on 24 January 2017 & the approval of Consolidated Consent & Authorization (CC&A) is expected in due course.

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Sambandam Spinning Mills director resigns
Feb 14,2017

Sambandam Spinning Mills announced that Independent Director of the Company, P.S. Ananthanarayanan had tendered his resignation from the Board of the Company with effect from 11 February 2017.

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National Steel & Agro Industries receives credit ratings
Feb 14,2017

National Steel & Agro Industries announced that India Rating & Research has assigned the following credit ratings -

Long term loan - IND BBB-/ Stable
Fund based working capital limit - IND BBB-/ Stable
Non fund based working capital limit - IND A3
Proposed fund based working capital limit - Provisional IND BBB-/ Stable

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Electrosteel Steels appoints company secretary
Feb 14,2017

Electrosteel Steels announced that Binaya Kumar Dash, a Member of The Institute of Company Secretaries of India has been appointed as Company Secretary & Compliance Officer of the Company with effect from 14 February 2017 pursuant of Section 203 of the Companies Act, 2013 and Rules made thereunder and Regulation 6 of SEBI (Listing Obligation And Disclosure Requirements) Regulations, 2015.

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Sagar Cements allots 24 lakh equity shares
Feb 14,2017

Sagar Cements announced that in respect of the Companys QIP Offering, the Securities Allotment Committee of the Board of Directors of the Company at its meeting held on 14 February 2017 has issued and allotted 24,00,000 Equity shares of Rs.10/- each to eligible qualified institutional buyers at the issue price of Rs 720.00 per equity share (including a premium of Rs 710.00 per equity share) constituting a discount of 0.43% to the floor price of Rs 723.10 per share aggregating to Rs 172.80 crore.

Pursuant to the said allotment of the Equity Shares in the QIP Offering, the paid-up equity share capital of the Company stands increased to INR 2,040.00 lakhs comprising of 2,04,00,000 equity shares of face value of INR 10 each.

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Housing Development Finance Corporation establishes MTN Programme
Feb 14,2017

Housing Development Finance Corporation announced that the Corporation has, on 14 February 2017, established a Medium Term Note Programme (n++MTN Programmen++) for an amount of up to USD 750 million, in order to enable the Corporation to issue debt instruments in the international capital markets subject to regulatory approvals.

Further note that the establishment of the MTN Programme is only an enabling step and presently, no instruments are being issued by the Corporation. Appropriate intimations will be provided to the Stock Exchanges as and when the Corporation issues any instruments pursuant to the Programme.

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PC Jeweller allots 37,600 equity shares
Feb 14,2017

PC Jeweller announced that the Board of Directors of the Company at its meeting held on 14 February 2017 allotted 37,600 equity shares having face value of Rs. 10/- each to those eligible employees of the Company, who have exercised their stock options under the Companys Employee Stock Option Plan - 2011. The Allottees also include Ramesh Kumar Sharma, Executive Director & Chief Operating Officer of the Company. The new shares rank pari - passu in all respects with the existing equity shares of the Company.

Consequent to this allotment the paid-up share capital of the Company has increased to Rs. 179,13,76,000/- divided into 17,91,37,600 equity shares of Rs. 10/- each.

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Vedavaag Systems provides update on acquisition of Synaptic System
Feb 14,2017

Vedavaag Systems announced that the formalities of acquisition of Synaptic System have been completed (the acquisition of which was earlier announced in board meeting dated 12 August 2016) a software development and implementation Company specialized in ERP for PACs (Primary Agricultural Societies).

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MOIL fixes record date for interim dividend
Feb 14,2017

MOIL has fixed 24 February 2017 as the Record Date for the purpose of Payment of Interim Dividend and date of payment of Interim Dividend for the financial year 2016-17 shall be 10 March 2017.

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Greaves Cotton to pay interim dividend
Feb 14,2017

Greaves Cotton announced that interim dividend will be paid on or before 08 March 2017.

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Asia Pacific Market: Stocks down ahead of Yellen testimony
Feb 14,2017

Asia Pacific share market closed mostly lower on Tuesday, 14 February 2017, as investors turned cautious ahead of US Federal Reserve chair Janet Yellens congressional testimony that could give clues on the pace of interest rate hikes.

Strong corporate earnings and expectations for business-friendly policies from Washington have propelled markets higher. But that momentum wavered as worries over possible moves on trade and currency by President Donald Trumps administration resurfaced.

Investors also were also cautious ahead of Fed Chair Yellens semiannual testimony before the members of Congress. Yellen on Tuesday will present the US central banks semi-annual report on monetary policy and economy in testimony to the Senate Banking Committee, followed by the semi-annual monetary testimony before the House Financial Committee on Wednesday. Investors were watching how forceful the Federal Reserve chief would be in keeping alive the prospect of a interest rate hike in March when she testifies to Congress later on Tuesday. A trend of rising rates would weigh on the rate-sensitive property shares but benefit the financial sector.

Among Asian bourses

Nikkei falls 1.1% on strong yen; Toshiba tumbles

The Japan share market settled down, as risk sentiment weighed down by yen ascent against the dollar and worries over corporate earnings results after Toshiba announcing it had requested a delay in filing its earnings report. At the close, the Nikkei Stock Average declined 220.17 points, or 1.13%, to 19,238.98. The Topix index of all first-section issues closed down 15.08 points, or 0.97%, at 1539.12. Falling stocks outnumbered advancing ones on the Tokyo Stock Exchange by 1782 to 1245 and 309 ended unchanged. The Nikkei Volatility, which measures the implied volatility of Nikkei 225 options, was down 4.10% to 17.77 a new 1-month low.

Toshiba shares fell 8% to Y229.8 after the Japanese tech giant postponed the announcement of its financial results for the April-December period, which was due today. Toshiba not reporting the results would expose the company to a greater risk of possible delisting. In December, the Japanese company had warned of a possible multi-million dollar devaluation of its assets linked to the purchase of American construction company CB&I Stone & Webster by Westinghouse Electric, the Japanese groups nuclear power unit in the US, the previous year. Although the company said the exact size of the write-down will depend on the accounting review, which will be completed in the first quarter of 2017 (April-June), local media has pegged the losses at over 700 billion yen ($6.12 billion). The incident has led to the resignation of Toshiba Chairman Shigenori Shiga, according to media reports. The tech giant had announced that it will review operations in the nuclear sector and split its flash memory business to raise third-party funding in order to offset its losses.

Nikon Corp. fell 15% to Y1,608 after the camera maker projected a deeper loss for the fiscal year ending in March. Its net-loss forecast increased 50% to Y9 billion ($79 million) amid slower demand for digital-camera-related products and bigger restructuring costs.

Minebea Mitsumi Inc. jumped 17% to Y1,414 after the bearings maker raised its profit views and announced a share buyback program.

Australian Market snaps five day winning streak

Australian equity market ended lower, snapping five day winning streak, as investors elected to book recent profit. ASX sectoral performance was mixed, with earnings worries dragged on consumer and healthcare stocks. At the closing bell, the benchmark S&P/ASX 200 index was off 0.1%, or 5.50 points, at 5,755.2, while the broader All Ordinaries index shed 2 points, or 0.03%, to close at 5810.90.

The healthcare care sector was pressured by a sharp 3.6% fall in Cochlear as its record half year profit was eclipsed by concerns over sales in China. The firm said the number of implants for young children it sold under Beijings national tender scheme fell 35.3% compared to the previous year and cut its full-year outlook for those units.

The consumer non-cyclical sector was pressured by 4.7% plunge in Treasury Wine Estates, as wine company offered a muted outlook after a strong half year result.

Materials stocks closed mixed after trimming initial gains inspired by rally in iron ore and base material prices. Chinas iron ore futures rose on Tuesday to their highest in more than three years, while copper held on to solid overnight gains amid supply concerns and ahead of testimony from US Federal Reserve Chair Janet Yellen later in the day. Iron ore miner Fortescue Metals rose 2.6%, hitting its highest in more than six years. Rio Tinto tacked on 0.3%, its highest close in nearly 3 years. BHP Billiton, however, ended the day 0.9% lower.

China Equities close flat

Mainland China stock market settled near flat line, as stronger-than-expected inflation data reinforced speculation of a shift by Beijing to a more tighter policy stance. Most sectors edged lower, while gains were led by material shares. At the close, the blue-chip CSI300 index, which tracks large companies in Shanghai or Shenzhen, edged down 0.01% to close at 3,435.80. The Shanghai Composite Index added 0.03% to close at 3,217.93. The Shenzhen Composite Index, which tracks stocks on Chinas second exchange, shed 0.02% to 1964.32. The ChiNext Index, which tracks Chinas NASDAQ-style board of growth enterprises, dropped 0.22% to 1,909.40 points.

Chinas consumer inflation rate in January grew the most since May 2014 compared with the previous year, and its producer price index rose the fastest since August 2011, both beating market expectations and adding to signs of economic recovery. Market expert expects higher inflationary impulse would reinforce a recent shift by authorities to tighter policy stance, which is unfavourable for equities. Any signs that demand-led inflation might peak also presents hurdles to riskier assets because of the negative implications for wider growth.

Major insurance stocks slid, with China Life shedding 1%, as insurance sectors premium income growth is expected to slow in 2017 on tighter regulations.

Steel makers advanced, with Xinyu Iron & Steel up 5.2% to 4.46 yuan, and Maanshan Iron & Steel gaining 4.5% to 3.49 yuan.

Shares of Leshi Internet rose 3.7%, as Jia Yueting, founder and controlling shareholder of the company proposed awarding 20 new shares for every 10 shares held by all investors.

Hong Kong Stocks take breather

The Hong Kong stock market settled marginally lower after fluctuating between a tight range, as investors took a breather after a four-day rally lifted the benchmark index to a four-month closing high on the previous day. The Hang Seng Index was down 0.03% or 7.97 points to close at 23,703.01. The Hang Seng China Enterprises index, or the H-share index, shed 0.03% or 3.40 points to 10,254.44. Turnover decreased to HK$85.5 billion from HK$90.8 billion on Monday.

Shares of casino companies advanced after Citi Research maintained its GGR forecast for January at 10% growth to MOP21.5 billion. Also, several investment banks, including JP Morgan and UBS, forecast Macaus gaming revenues will continue to increase in February. Galaxy Entertainment (00027) jumped 7% to HK$37.85. Sands China (01928) shot up 5% to HK$33.1. Melco International (00200) andMGM China (02282) also soared 5% and 6% to HK$12.32 and HK$14.92.

Shares of Apples supplier juped after Apples shares hit new closing high overnight on Goldman Sachss upgrade, based on strong iPhone sales forecast in 2017. Handset components manufacturers AAC Tech (02018) and Sunny Optical (02382) gained 1% and 4% to HK$86.2 and HK$50.9. Cowell (01415) surged 17% to HK$2.7.

Geely Auto (00175) continued its rally on the news of blue-chip index inclusion. It added 2% to HK$10.98 as BofA Merrill Lynch upgraded the stock to buy.

Hong Kongs main free-to-air terrestrial television broadcaster TVB leapt 9.2% to HK$33.15. The company announced on Monday evening that it had raised the offer price to HK$35.075 per share in its share buyback plan, compared with the previous offer of HK$30.5 on January 24.

Indian market snaps three-day gains

Indian benchmark indices settled with small declines on sell-off in auto and pharma stocks amid muted global cues. The barometer index, the S&P BSE Sensex, fell 12.31 points or 0.04% to settle at 28,339.31. The Nifty 50 index shed 12.75 points or 0.14% to settle at 8,792.30.

Sun Pharmaceutical Industries shares slipped 0.06% after consolidated net profit fell 4.72% to Rs 1471.82 crore on 10.13% rise in total income to Rs 8034.81 crore in Q3 December 2016 over Q3 December 2015.

Shares of Yes Bank rose 0.33%. The bank ramped up its existing portfolio of debit cards with the launch of new debit card variants. The bank has also strengthened its focus on Rupay cards and has introduced two cards on the platform offering superior features and benefits.

Shares of Hindalco Industries rose 1.3% after the company yesterday reported a standalone net profit at Rs 320.56 crore for the quarter ended December 31, 2016.

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