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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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Industrial & Prudential Invest. Co. to hold AGM
May 08,2017

Industrial & Prudential Invest. Co. announced that the 101th Annual General Meeting (AGM) of the company will be held on 1 August 2017.

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Hindustan Construction Company to hold AGM
May 08,2017

Hindustan Construction Company announced that the 91st Annual General Meeting (AGM) of the company will be held on 6 July 2017.

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The Reserve Bank of India (RBI) has issued new guidelines to quicken stressed asset resolutions
May 08,2017

The Reserve Bank of India (RBI) has issued new guidelines to quicken stressed asset resolutions through the joint lender forums (JLFs) comprising creditors to borrowers who are in default.

The Framework for Revitalising Distressed Assets in the Economy - Guidelines on Joint Lenders Forum (JLF) and Corrective Action Plan (CAP)n++ aims at early identification of stressed assets and timely implementation of a corrective action plan (CAP) to preserve the economic value of stressed assets.

In order to ensure that the CAP is finalised and formulated in an expeditious manner, the Framework specifies various timelines within which lenders have to decide and implement the CAP. The Framework also contains disincentives, in the form of asset classification and accelerated provisioning where lenders fail to adhere to the provisions of the Framework. Despite this, delays have been observed in finalising and implementation of the CAP, leading to delays in resolution of stressed assets in the banking system.

The CAP can also include resolution by way of Flexible Structuring of Project Loans, Change in Ownership under Strategic Debt Restructuring, Scheme for Sustainable Structuring of Stressed Assets (S4A), etc.

Lenders must scrupulously adhere to the timelines prescribed in the Framework for finalising and implementing the CAP. To facilitate timely decision making, it has been decided that, henceforth, the decisions agreed upon by a minimum of 60 percent of creditors by value and 50 percent of creditors by number in the JLF would be considered as the basis for deciding the CAP, and will be binding on all lenders, subject to the exit (by substitution) option available in the Framework. Lenders shall ensure that their representatives in the JLF are equipped with appropriate mandates, and that decisions taken at the JLF are implemented by the lenders within the timelines.

The RBI further stated that:

(i) the stand of the participating banks while voting on the final proposal before the JLF shall be unambiguous and unconditional;

(ii) any bank which does not support the majority decision on the CAP may exit subject to substitution within the stipulated time line, failing which it shall abide the decision of the JLF;

(iii) the bank shall implement the JLF decision without any additional conditionalities; and

(iv) the Boards shall empower their executives to implement the JLF decision without requiring further approval from the Board.

Any non-adherence to these instructions and timelines specified under the Framework shall attract monetary penalties on the concerned banks under the provisions of the Banking Regulation Act 1949.

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G E Shipping sinks after reverse turnaround in Q4
May 08,2017

The result was announced after market hours on Friday, 5 May 2017.

Meanwhile, the S&P Sensex was up 88.42 points, or 0.3% at 29,947.22. The S&P BSE Mid-Cap index was up 97.75 points, or 0.66% at 14,816.23.

On the BSE, 51,000 shares were traded on the counter so far as against the average daily volumes of 59,484 shares in the past one quarter. The stock had hit a high of Rs 419 and a low of Rs 401.35 so far during the day.

The stock had hit a 52-week high of Rs 477 on 21 April 2017 and a 52-week low of Rs 296.60 on 24 June 2016. The stock had outperformed the market over the past 30 days till 5 May 2017, rising 1.05% compared with 0.23% fall in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 9.44% as against Sensexs 5.73% rise.

The mid-cap company has equity capital of Rs 150.78 crore. Face value per share is Rs 10.

Great Eastern Shipping Companys consolidated total income rose 0.29% to Rs 874.57 crore in Q4 March 2017 over Q4 March 2016.

Great Eastern Shipping Company has two main business: shipping and offshore. The shipping business is involved in transportation of crude oil, petroleum products, gas and dry bulk commodities. The offshore business services to the oil companies in carrying out offshore exploration and production activities, through its subsidiary Greatship (India).

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Gokul Agro Resources advances after reporting decent Q4 earnings
May 08,2017

The result was announced after market hours on Friday, 5 May 2017.

Meanwhile, the S&P BSE Sensex was up 131.54 points, or 0.44% at 29,990.34. The S&P BSE Small-cap index was up 106.23 points, 0.69% at 15,462.07.

On the BSE, 80,000 shares were traded on the counter so far as against the average daily volumes of 1.58 lakh shares in the past one quarter. The stock had hit a high of Rs 32.40 and a low of Rs 30.70 so far during the day.

The stock had hit a record high of Rs 34.40 on 8 March 2017 and a 52-week low of Rs 10.02 on 5 May 2016. The stock had outperformed the market over the past one month till 5 May 2017, advancing 11.18% compared with the Sensexs 0.39% fall. The scrip had also outperformed the market over the past one quarter advancing 42.47% as against the Sensexs 5.73% rise.

The small-cap company has equity capital of Rs 26.38 crore. Face value per share is Rs 2.

Gokul Agro Resources is a FMCG company with manufacturing and processing facilities for various kinds of edible and non-edible oils and meals.

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Eicher Motors hits record high after good Q4 results
May 08,2017

The result was announced after market hours on Friday, 5 May 2017.

Meanwhile, the S&P BSE Sensex was up 130.58 points, or 0.44% to 29,989.38.

On the BSE, 2,968 shares were traded in the counter so far, compared with average daily volumes of 4,523 shares in the past one quarter. The stock had hit a high of Rs 26,999 so far during the day, which is also a record high for the counter. The stock had hit a low of Rs 26,173.25 so far during the day. The stock hit a 52-week low of Rs 18,006 on 24 June 2016.

The stock had outperformed the market over the past one month till 5 May 2017, rising 1.12% compared with 0.23% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 10.50% as against Sensexs 5.73% rise.

The large-cap company has equity capital of Rs 27.21 crore. Face value per share is Rs 10.

Eicher Motors consolidated EBITDA (earnings before interest, taxes, depreciation and amortization) rose 30.9% to Rs 585 crore in Q4 March 2017 over Q4 March 2016.

Royal Enfield posted its best ever performance in Q4 March 2017. In this quarter, Royal Enfield sold 178,345 motorcycles, registering its best ever quarterly sales and posting a growth of 20.8% over 147,618 motorcycles sold in the same period last year. Royal Enfield also posted its highest ever quarterly income from operations at Rs 1888 crore (net of excise duty) for Q4 March 2017, a growth of 23.2% over the corresponding period last year.

Eicher Motors is a leading player in the Indian automotive space. Eicher Motors owns the iconic Royal Enfield motorcycle business, which leads the premium motorcycle segment in India. The companys joint venture with the Volvo group, VE Commercial Vehicles, designs, manufactures and markets trucks and buses. The companys joint venture with US-based Polaris Industries Inc launched the Multix, a new 3-in-1 vehicle purpose built for the independent businessman in June 2015.

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CARE Ratings Debt Quality Index (CDQI) witnessed a significant improvement and increased above 90 in April 2017
May 08,2017

The CARE Ratings Debt Quality Index (CDQI) had exhibited stability, though with an upward bias, in the few months of FY17. The index, has, however, largely followed a declining trend during the second half of FY17. In April 2017, the index witnessed a significant improvement and increased above 90, influenced primarily by higher share of AAA issuers.

CARE Ratings Debt Quality Index (CDQI) denotes the quality of debt that can be interpreted over time and juxtaposed with other developments in the financial sector. The CDQI captures, on a scale of 100 (index value for the base year FY12), whether the quality of debt is improving or declining. Intuitively an upward movement indicates improvement in quality of debt benchmarked against the base year. As it is contemporary with minimum time lags, the health of the debt and credit markets is encapsulated on a near-real-time basis. The dataset comprises of 1,579 companies from the CAREs portfolio of 2,980 companies as of March 2012. The dataset is revisited at regular intervals and is replaced suitably with a new set of companies with a similar rating and an approximate volume of outstanding debt rated in case if an entity ceases to have a rating coverage. Currently, the volume of debt of the sample companies stands at Rs.30.65 lakh crore in April 2017.

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Sadbhav Infrastructure Project provides update on road project in Karnataka
May 08,2017

Sadbhav Infrastructure Project announced that its wholly owned subsidiary - Sadbhav Bangalore Highway has achieved Financial Close within the timelines stipulated in accordance with the Concession Agreement dated 08 December 2016.

Salient features of the Financial Close are as under -

Bid Project Cost - Rs 1008 crore
Rupee Term loan - Rs 484 crore
Payment during construction period from NHAI - Rs 403 crore
Companys contribution - Rs 121 crore
Rupee term loan tenure (from appointed date) - 16 years
Interest rate linked to 1-year MCLR of respective banks - 9.25% p.a.

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Avenue Supermarts retreats after scaling record high
May 08,2017

The result was announced after market hours on Friday, 5 May 2017.

Meanwhile, the S&P BSE Sensex was up 94.11 points or 0.32% at 29,952.91.

On the BSE, 2.97 lakh shares were traded in the counter so far, compared with average daily volumes of 3.50 lakh shares in the past two weeks. The stock hit a high of Rs 825.10 in intraday trade so far, which is a record high for the counter. The stock had hit a low of Rs 783.10 so far during the day. The stock hit a record low of Rs 558.75 on 21 March 2017. The stock had outperformed the market over the past 30 days till 5 May 2017, rising 21.79% compared with 0.23% fall in the Sensex.

The large-cap company has equity capital of Rs 624.08 crore. Face value per share is Rs 10.

Avenue Supermarts net profit rose 47.45% to Rs 96.67 crore on 40.58% surge in net sales to Rs 3110.64 crore in Q4 March 2017 over Q4 March 2016. The companys earnings before interest, taxation, depreciation and amortization (EBITDA) rose 41% to Rs 217 crore in Q4 March 2017 over Q4 March 2016. EBITDA margin improved to 6.95% in Q4 March 2017 from 6.93% in Q4 March 2016.

Avenue Supermarts said that the company follows Everyday low cost - Everyday low price (EDLC-EDLP) strategy which aims at using operational and distribution efficiency and thereby delivering value for money to customers by selling products at competitive prices.

Commenting on the financial performance of the company Neville Noronha, CEO and Managing Director, Avenue Supermarts said that delivering great value and being consistently relevant to consumers is the companys most important long term objective.

Shares of Avenue Supermarts had gained 9.8% in the preceding four trading sessions to settle at Rs 808.65 on 5 May 2017, from its close of Rs 736.50 on 28 April 2017.

Shares of Avenue Supermarts had debuted at Rs 604.40 on BSE, a premium of 102.14% to the initial public offer (IPO) price of Rs 299 per share on 21 March 2017. The stock had settled at Rs 640.75 on that day, a premium of 114.29% over its IPO price.

The IPO of Avenue Supermarts closed with strong response from investors. The IPO received bids for 464.08 crore shares compared with 4.43 crore shares on offer. The IPO was subscribed 104.59 times. The issue opened for bidding on 8 March 2017 and closed on 10 March 2017.

Avenue Supermarts is a Mumbai-based company, which owns and operates DMart stores. D-Mart is an emerging national supermarket chain that offers customers a range of home and personal products under one roof. The company offers a wide range of products with a focus on Foods, Non-Foods (FMCG) and General Merchandise & Apparel product categories. As of 31 March 2017, the company had 131 stores with Retail Business Area of 4.1 million sq.ft.across Maharashtra, Gujarat, Andhra Pradesh, Karnataka, Telangana, Tamilnadu, Madhya Pradesh, Rajasthan, NCR and Chhattisgarh.

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ACC, Ambuja Cements jump on merger plan
May 08,2017

Meanwhile, the S&P BSE Sensex was up 87.74 points, or 0.29% to 29,946.54.

ACC rose 5.30% to Rs 1,743. On the BSE, 35,000 shares were traded in the counter so far, compared with average daily volumes of 26,674 shares in the past one quarter. The stock had hit a high of Rs 1,753.85 and a low of Rs 1,680.35 so far during the day.

Ambuja Cements rose 9.64% to Rs 270.05. On the BSE, 12.49 lakh shares were traded in the counter so far, compared with average daily volumes of 1.61 lakh shares in the past one quarter. The stock had hit a high of Rs 270.50 and a low of Rs 258.10 so far during the day.

ACC and Ambuja Cements announced that their respective boards have agreed to start the evaluation of a potential merger between the two companies with a view to combine the strengths of both businesses. A special committee of directors, comprising largely of independent directors, has been constituted to commence the evaluation, ACC and Ambuja Cements said in separate statements after market hours on Friday, 5 May 2017.

No decision to merge has been taken and the board will decide on a merger upon receiving a recommendation from the special committee and the audit committee, the ACC statement said. ACC and Ambuja are both a part of conglomerate LafargeHolcim Group.

On a consolidated basis, Ambuja Cements net profit rose 38.04% to Rs 396.96 crore on 6.83% growth in net sales to Rs 5631.90 crore in Q1 March 2017 over Q1 March 2016.

On a consolidated basis, ACCs net profit fell 8.91% to Rs 211.06 crore on 7.90% rise in net sales to Rs 3099.66 crore in Q1 March 2017 over Q1 March 2016.

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Need for centralized repository for cybercrime: ASSOCHAM-EY study
May 08,2017

A centralized database of cybercriminals should be maintained to keep a check and discourage cybercriminals from engaging in spurious activities in cyberspace, according to a recent ASSOCHAM-Mahindra EY joint study.

There is a need to establish a centralized repository for cybersecurity standards, best practices and guidelines, which can be used by law enforcement agency for preventing and investigating cybercrime, noted the conducted by The Associated Chambers of Commerce and Industry of India (ASSOCHAM) jointly with EY.

A dedicated national governing unit may be established in India, which will be the central agency for all state government cybercrime agencies to coordinate, integrate and share information related to cybercrime. Such a central agency will be responsible for driving all the cybercrime prevention initiatives, such as collaboration with private sectors, and training and awareness across the country.

The Government should provide well defined citizen awareness programs aimed at preventing cybercrime as a proactive mitigation. This has to be achieved through multiple media, such as print, radio and web to ensure faster and maximum reachability with local and national languages. Cybercrime awareness shall be introduced in academics in the early stages of education as a mandate for all the state and central, and public and private schools, adds the study.

Releasing the joint study, Mr. D S Rawat, Secretary General ASSOCHAM said, Mechanisms shall be established for independent monitoring of awareness program at regular intervals to evaluate the number of people/regions covered. Awareness material shall be updated regularly to cover up-to-date information.

In order to increase the rate of reporting cybercrime, it is important to have provisions for online reporting of the crime. Using this system, an online cybercrime complaint can be made by the victims of cybercrime. They will gain access to a convenient and easy-to-use reporting mechanism that alerts law enforcement authorities of suspected criminal or civil violations. Also, it will provide a central repository for reference to law enforcement and regulatory agencies at the national, state and local level.

A centralized database of cybercriminals should be maintained so that the criminals released from jails may be monitored. Such checks will discourage cybercriminals from engaging in spurious activities in cyberspace. Many countries, such as the USA and Australia have maintained a central repository of cybercriminals, noted the joint study.

It will be beneficial to have collaborations with International Cyber Security Protection Alliance, such as the Australian Cyber Security Centre (ACSC), National Crime Agencys National Cyber Crime Unit (NCCU) and the UKs CEOP. This will help in not only adopting the best practices by other countries for prevention of cybercrime, but also in increasing the capability, knowledge, training, skills, capacity and expertise of cyber security task forces. Additionally, it will help to reduce the harm caused to businesses, customers and citizens due to international cyberattacks.

India should be actively engaged as part of the international cybercrime associations centered on Asia/Europe and America to seek help and contribute for international cybercrime issues, said Mr. RAwat.

Skilled law enforcement personnel are the need of the hour, considering the highly technical and advanced nature of cybercrime being reported. To gear up to speed in containing and preventing cybercrime, there is a need to engage more cybercrime investigation professionals such personnel may be deployed at state level with access to dedicated laboratories for analysis at each state. Such teams also need to be part of the police team investigating cybercrimes. There should be a special recruitment for personnel to man cyber cells at every police station.

There is a need to increase the number of cybercrime cells and laboratories in the states and provide requisite manpower, training and infrastructure to them. Initiatives to setup the cybercrime cells and laboratories in states where these do not exist, and also upgrade and strengthen the existing cybercrime cells is required to cope up with the rapid cybercrimes.

In addition to the existing mechanisms, a strategy needs to be documented, which states the vision, objective and approach for cybercrime prevention in India. A definite cybercrime prevention program may originate as a specific recommendation of such a document.

The strategy and execution of cybersecurity needs to be developed with clear vision for addressing challenges related with cybercrime in the short term and mid-term with possible review mechanism to a long-term approach in this domain. The global practices from mature law enforcement organizations, such as the Federal Bureau of Investigation (FBI) and Interpol need to be leveraged and adopted as per their feasibility as part of the Indian cybercrime strategy.

Cybercrime, it is imperative that efforts and resources are dedicated to operationalize a nations cybersecurity strategy. If such initiatives are driven from the highest level of the government, it ensures that all stakeholders are interested and engaged in contributing to the success of any initiatives or programs. Such commitment, though it is an important enabler, is not sufficient to guarantee the success of any initiative or program. Monitoring and review mechanisms are essential to analyze and assess progress as well as consider measures for re-calibration and course correction as may be required.

It is important to define milestones and operationalize the strategy as per the desired impact of initiatives, which are being undertaken. A sample road map basis impact of initiatives is presented below. While several initiatives may commence in parallel, the graph presents a view of their impact on the overall ecosystem for combating cybercrime.

Spread awareness on cybercrime prevention since the cybercriminals are constantly inventing new ways to attack and are in search of potential victims. In fact, some of the most recent attacks on critical infrastructure of a few countries were perpetuated and successfully executed due to the low awareness level of most users, through phishing and social engineering methods.

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Dalmia Bharat Sugar declines after weak Q4 results
May 08,2017

The result was announced after market hours on Friday, 5 May 2017.

Meanwhile, the S&P BSE Sensex was up 101.57 points, or 0.34% at 29,960.37. The S&P BSE Small-cap index was up 95.05 points, 0.62% at 15,450.89.

On the BSE, 83,000 shares were traded on the counter so far as against the average daily volumes of 82,896 shares in the past one quarter. The stock had hit a high of Rs 174.55 and a low of Rs 167 so far during the day.

The stock had hit a 52-week high of Rs 202.20 on 31 January 2017 and a 52-week low of Rs 84.40 on 24 May 2016. The stock had outperformed the market over the past one month till 5 May 2017, advancing 7.83% compared with the Sensexs 0.39% fall. The scrip had, however, underperformed the market over the past one quarter declining 3.3% as against the Sensexs 5.73% rise.

The small-cap company has equity capital of Rs 16.19 crore. Face value per share is Rs 2.

Dalmia Bharat Sugar & Industries is engaged in sugar manufacturing. The plants are located at Ramgarh, Jawaharpur and Nigohi in Uttar Pradesh.

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Caplin Point receives EIR for its sterile injectable plant at Gummidipoondi, TN
May 08,2017

Caplin Point has received the Establishment Inspection Report from USFDA for the inspection carried out during 21 October - 27 October, 2016 at its sterile injectable plant at Gummidipoondi, Tamil Nadu.

The facility, capable of manufacturing liquid injectables in vials, ampoules, lyophilized vials and ophthalmic dosages, is approved by EU-GMP and ANVISA-Brasil.

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Mishka Exim appoints company secretary and compliance officer
May 08,2017

Mishka Exim announced that the Board of Directors of the Company at its meeting held on 06 May 2017 has appointed Ranjana Kumari as a Company Secretary & Compliance Officer with immediate effect.

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IL&FS Transportation gains after subsidiary refinances debt
May 08,2017

The announcement was made before trading hours today, 8 May 2017.

Meanwhile, the S&P BSE Sensex was up 84.27 points, or 0.28% to 29,943.07.

On the BSE, 7,576 shares were traded in the counter so far, compared with average daily volumes of 1.26 lakh shares in the past one quarter. The stock had hit a high of Rs 113.50 and a low of Rs 111.90 so far during the day. The stock hit a 52-week high of Rs 124.80 on 12 January 2017. The stock hit a 52-week low of Rs 65.85 on 19 August 2016.

The stock had underperformed the market over the past one month till 5 May 2017, falling 3.07% compared with 0.23% decline in the Sensex. The scrip had also underperformed the market in past one quarter, rising 0.18% as against Sensexs 5.73% rise.

The mid-cap company has equity capital of Rs 328.96 crore. Face value per share is Rs 10.

Jharkhand Road Projects Implementation Company, a subsidiary of IL&FS Transportation Networks has refinanced its debt of Rs 1730 crore availed for development five road stretches in Jharkhand by issuing non-convertible debentures at a weighted average coupon of 9.45% per annum, resulting in reduction of interest cost by approximately 205 basis points.

IL&FS Transportation Networks reported net profit of Rs 55.66 crore in Q3 December 2016 as against net loss of Rs 19.42 crore in Q3 December 2015. Net sales dropped 23.8% to Rs 763 crore in Q3 December 2016 over Q3 December 2015.

IL&FS Transportation Networks is a BOT (build, operate and transfer) road assets owner in India.

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