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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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Quick Heal Technologies provides product update
Dec 13,2016

Seqrite, the Enterprise Security Solutions brand by Quick Heal Technologies announced that its Endpoint Security (EPS) solution has received a high score of 17.5/18 in AV-TEST Institutes (independent security testing labs) September-October 2016 results.

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Wockhardt continues with GMP status for Kadaiya manufacturing unit
Dec 13,2016

Wockhardt announced that UK MHRA has since confirmed that the Companys manufacturing unit at Kadaiya, Daman complies with the principles and guidelines of Good Manufacturing Practices. In view of this, the approval status of the said unit continues.

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Power Grid Corporation of India provides project update
Dec 13,2016

Power Grid Corporation of India announced that POWERGRID Warora Transmission, a wholly owned subsidiary of Power Grid Corporation of India, secured though Tariff Based Competitive Bidding (TBCB), has successfully completed the element - LILO of existing Seoni-Bina 765kV S/C line at Gadarwara STPP and declared the same for Commercial Operation on 30 November 2016.

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RBL Bank gets rating assigned for Certificate of Deposit programme
Dec 13,2016

RBL Bank announced that ICRA, vide its letter dated 13 December 2016 has assigned the rating of n++[ICRA] A1+n++ (pronounced as ICRA A One Plus) to Certificate of Deposits programme of the Bank for an enhanced amount of Rs. 3000 crore.

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Cera Sanitaryware gets reaffirmation in rating for ST debt
Dec 13,2016

Cera Sanitaryware has received reaffirmation of CRISIL A1+ rating on the Rs 30 crore short term debt (including commercial paper) from CRISIL.

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Jindal Steel & Power provides update on subsidiary - Jindal Power
Dec 13,2016

Jindal Steel & Power announced that Jindal Power, a subsidiary of Jindal Steel & Power, has successfully obtained Commercial date of Operation (COD) in respect of 4th and last unit of 4*600 MW Power Plant at Tamnar w.e.f. 12 December 2016.

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Sterlite Technologies allots equity shares
Dec 13,2016

Sterlite Technologies announced that the Allotment Committee of the Board of Directors of the Company in its meeting held on 13 December 2016 has allotted 320908 equity shares to those grantees who had exercised their options under the Companys Employee Stock Option Scheme - 2010.

Further, the aforesaid shares will rank pari passu with the existing shares of the Company in all respects. Post allotment, the share capital of the Company has increased to 39,82,01,956 shares.

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Anubhav Infrastructure to consider migration to main board of BSE
Dec 13,2016

Anubhav Infrastructure announced that the meeting of the Board of Directors of the Company is scheduled to be held on 16 December 2016, inter-alia, to transact the following matters:-

1. To migrate the Company from BSE SME Segment to the Main Board of BSE and to obtain the approval for the same through Postal Ballot Process.

2. To appoint Scrutinizer for Postal Ballot Process for the aforesaid matters.

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Sai Capital to consider dematerialization of equity shares
Dec 13,2016

Sai Capital announced that a Meeting of the Board of Directors of the Company is scheduled to be held on 24 December 2016, inter alia, to consider and approve, the dematerialization of Equity Shares of the Company.

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Power Grid Corporation of India reschedules meeting to consider Bonds issue
Dec 13,2016

Power Grid Corporation of India announced that a meeting of Committee of Directors for Bonds planned for 14 December 2016, has been rescheduled for 16 December 2016 to consider issue of Secured, Redeemable, Non-Convertible, Non-Cumulative, Taxable Bonds (Debenture) under private placement.

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Board of Time Technoplast approves preferential issue of equity shares
Dec 13,2016

Time Technoplast announced that the Board of Directors of the Company at its meeting held on 13 December 2016 approved proposed fund raising by issue of 16,029,000 equity shares of Re 1 each on a preferential basis for cash at a price of Rs 93.58 per share aggregating to Rs 149.99 crore to non-promoter (Investor).

The Board of Directors has decided to convene an EGM on 07 January 2016 for seeking approval of the shareholders of the Company for issuance of equity shares on preferential basis.

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Board of Veronica Production to consider change in FV of equity share
Dec 13,2016

Veronica Production announced that the Meeting of Board of Directors of the Company will be held on 02 January 2017, inter alia, to consider the change the face value of the Equity shares of the Company.

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Board of Halder Venture to consider change in directorate
Dec 13,2016

Halder Venture announced that a meeting of the Board of Directors of the Company will be held on 20 December 2016, inter alia, to discuss the change in composition of Board of Directors.

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CPI inflation dips to 24-months low of 3.6% in November 2016
Dec 13,2016

The all-India general CPI inflation dipped to 24-months low of 3.63% in November 2016 (new base 2012=100), compared with 4.20% in October 2016. The corresponding provisional inflation rate for rural area was 4.13% and urban area 3.05% in November 2016 as against 4.78% and 3.54% in October 2016. The core CPI inflation was nearly flat 4.90% in November 2016 from 4.86% in October 2016.

The cumulative CPI inflation rose to 5.03% in April-November 2016 compared with 4.69% in April-November 2015.

Among the CPI components, inflation of food and beverages declined to 2.56% in November 2016 from 3.71% in October 2016 contributing to the fall in CPI inflation. Within the food items, the inflation eased for vegetables to (-) 10.29%, pulses and products 0.23%, oils and fats 2.70%, spices 6.48% and meat and fish 5.83%. The inflation also eased for prepared meals, snacks, sweets etc 5.82%, sugar and confectionery to 22.40% and non-alcoholic beverages 3.70%. On the other hand, inflation moved up for milk and products 4.57% and Cereals and products 4.86% in November 2016.

The inflation for housing eased to 5.04%, while that for miscellaneous items inched up to 4.83% in November 2016. Within the miscellaneous items, the inflation for Transport and communication rose to 3.77%, and Personal care and effects 7.73%, while eased for Household goods and services to 4.21% and Health 4.55% in November 2016.

The inflation for clothing and footwear was flat at 4.98% in November 2016, while the CPI inflation of fuel and light eased to 2.80% in November 2016.

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Asia Pacific Market: Stocks edge higher ahead of Fed meeting
Dec 13,2016

Asia Pacific share market ended marginally higher on Tuesday, 13 December 2016, as investors look ahead to a Federal Reserve policy meeting that is expected to see US borrowing costs increase.

The two-day Federal Open Market Committee meeting will kick off later in the global trading day, when U.S. central bankers will decide whether to raise interest rates. The US central bank is widely expected to raise interest rates on Wednesday for the first time this year and only the second time since the global financial crisis.

Rate rises by the Federal Reserve typically spook emerging markets, as investors tend to pull out their money and repatriate it to the U.S. in search of higher yields.

Among Asian bourses

Australia Stocks muted ahead of Fed meeting

Australian share market closed slight down, as investors elected to book recent profit on caution ahead of a two-day US Federal Reserve meeting, in which the central bank is expected to raise its reference interest rate and may also give markets a glimpse of its plans for the coming year. Investors will also be looking to for Chinas industrial output data for November due later in the day. Commodity firms and financials made up more than two-thirds of the losses on the index, offsetting gains from real estate and healthcare shares. At the closing bell, the benchmark S&P/ASX 200 index declined 17.80 points, or 0.32%, to 5545, while the broader All Ordinaries index dropped 18.40 points, or 0.33%, to close at 5600.70.

Mining stocks were down, pressured by falls in commodity prices. Rio Tinto lost 2.5% to A$61.25 and BHP Billiton 0.8% to A$26.12. Fortescue lost 6% to A$6.43.

Financial stocks slipped, with the Big Four banks leading losses on tracking their US peers and ending a five-session streak of gains. Among major banks, Westpac declined 1.2% to A$31.92, Commonwealth Bank of Australia 0.7% to A$80.38, National Australia Bank 0.3% to A$29.61, and Australia & New Zealand Banking Group 0.1% to A$29.78.

Defensive stocks including healthcare and consumers counters saw gains, with retail giants Wesfarmers and Woolworths adding 1.3% and 0.4%, respectively. Medical device marker ResMed Inc added 0.6%, while CSL climbed 2.3%.

Energy stocks also gained after oil prices hit an 18-month high after Opec and some non-members agreed to cut output. Woodside Petroleum rose 0.5% to A$31.65, Santos added 0.4% to A$4.54 and Oil Search jumped 0.8% to A$7.21.

Nikkei hits fresh one-year high

The Japan share market closed at fresh one-year high after erasing early losses, thanks to investors strong buying appetite on bets that the Federal Reserve will raise rates this week and provide a steer on future monetary policy in the wake of Republican Donald Trumps election win last month. The 225-issue Nikkei average rose 95.49 points, or 0.50 percent, to end at 19,250.52, marking its highest closing level since Dec. 17, 2015. The Topix index of all first-section issues finished up 8.82 points, or 0.58 percent, at 1,540.25.

Higher oil prices helped lift oil distributors JX Holdings, Idemitsu and Showa Shell. Kao attracted buying as investors welcomed the daily goods makers medium-term business plan released on Monday. NTT was also buoyant a day after announcing a plan to buy back own shares. Other major winners included drug maker Astellas, power firm Tepco Holdings and clothing store chain operator Fast Retailing.

Japanese electronics giants Sony, Panasonic and Sanyo were fined a total of 166 million euros ($176 million) by EU regulators on Monday for colluding on prices for rechargeable batteries. However, Sony and Panasonic ended up as they shrugged off the fine.

By contrast, financial issues that had led the market rally, such as mega-bank groups Mitsubishi UFJ, Mizuho and Sumitomo Mitsui, insurer Dai-ichi Life and brokerage firm Nomura, met with profit-taking after their U.S. peers fell in New York trading overnight. Brewer Asahi Group plunged following news reports that it agreed to pay nearly $8 billion for AB InBevs beer operations in five Eastern European countries. Major electronics parts maker Nidec fell after US-based research firm Muddy Waters said it was short-selling the firm.

China Market ekes out gain

Mainland China stock market closed marginally higher after recouping initial losses, thanks to better-than expected November retail sales and factory output data which encouraged bargain-hunting after the previous sessions slump. Most sectors rallied, led by consumer and energy shares, while banks and infrastructure stocks lagged. The Shanghai Composite Index rose 0.07% to 3,155.04, while the Shenzhen Composite Index, which tracks stocks on Chinas second exchange, added 0.33% to 1,975.88. The ChiNext Index, which tracks Chinas NASDAQ-style board of growth enterprises, jumped 0.03% to close at 1,985.04 points.

On Monday, China stocks suffered their biggest drop since June to hit a one-month low. Investors were rattled by fresh regulatory curbs on insurers stock investments, and worries about incoming US president Donald Trumps China policy. The selloff continued early Tuesday morning, but sentiment improved after the release of stronger-than-expected factory output and retail sales figures.

Chinas retail sales growth picked up to 10.8 percent year-on-year in November, the highest since December 2015, the National Bureau of Statistics said on Tuesday. In the same month, industrial output rose by 6.2 percent year-on-year, up from 6.1 percent in October. Urban fixed-asset investment growth was 8.3 percent in the first 11 months, unchanged from the January-October period, while private investment growth increased by 3.1 percent in the first 11 months, up from 2.9 percent in the first 10 months.

Hong Kong Market closes marginally higher

The Hong Kong stock market finished firmer, after the Dow closed at record highs for six straight days overnight. But gains were limited on caution ahead of the Federal Reserve two-day policy board meeting which concludes on Wednesday, where interest rates will likely increase for the second time in a decade. The Hang Seng Index ended up 0.06%, or 13.68 points, to 22,446.70, while the Hang Seng China Enterprises index rose 0.21%, or 20.63 points, to 9,719.94.

Shares of energy companies continued upward rally after crude oil prices rose to 18-month high on Monday. PetroChina (00857) soared 5.3% to HK$5.76. Sinopec (00386) edged up 0.9% to HK$5.662. The company plans a 50% pipeline stake for RMB22.8bn. The buyers include China Life (02628), which inched up 0.5% to HK$21.5.

Property counters were softer ahead of the US FOMCs rate meetings. Link REIT (00823) slipped 1.8% to HK$52.65. Sino Land (00083) declined 1.2% to HK$11.92.

HSBC (00005) slipped 1% to HK$63.9. The global bank yesterday bought back GBP52.8 million worth of shares in London market. It was the largest repurchase deal since it announced the move. The bank also spent 90% of its repurchase fund.

Utilities players were mixed after reports two HK power companies reported their tariff adjustment proposals to the Legislative Council. Insiders said HK Electric (02638) plans to cut tariff by 1% while CLP (00002) may freeze its tariff. HK Electric inched up 0.2% to HK$6.75. CLP softened 0.4% to HK$73.45.

Malaysian Markets Ends Higher

Stock market in Malaysia finished higher, but gains were modest as investors were jittery and cautious in the lead-up to the two-day US Federal Open Market Committee (FOMC) meeting, beginning tomorrow, where US bankers will decide whether to raise interest rates. The market was closed on Monday for the Maulidur Rasul holiday. At the local close, the FTSE Bursa Malaysia KLCI (FBM KLCI) finished at 1,645.28, up 3.86 points, from 1,641.42 on Friday. After opening 10.03 points higher at 1,651.45, the index moved between 1,641.93 and 1,651.45 throughout the day. The market traded within a range of 9.52 points between an intra-day high of 1651.45 and a low of 1641.93 during the session.

The Malaysian ringgit closed easier against the US dollar today on lack of buying interest as investors braced for the outcome of the US Federal Reserve policy meeting on increasing interest rates. At the local close, the ringgit was traded at 4.4340/4390 against the US dollar from 4.4215/4255 on Friday.

Indian Market ends with decent gains

Key benchmark indices registered modest gains. The barometer index, the S&P BSE Sensex, rose 182.58 points or 0.69% to settle at 26,697.82. The Nifty 50 index rose 51 points or 0.62% to settle at 8,221.80. Both the Sensex and the Nifty almost hovered in positive terrain throughout the trading session after initial volatility. The two key indices extended intraday gains towards the later part of the trading session.

Axis Bank rose 1.74% after the bank announced that it proposes to raise funds by issuing non-convertible debentures aggregating to Rs 3500 crore. The board of directors of the bank will consider the proposal to issue and allot the above securities through circular resolution. The announcement was made after market hours yesterday, 12 December 2016.

Yes Bank rose 1.17%. The bank during market hours today, 13 December 2016 said it has partnered with Grofers, the on-demand e-commerce mobile and web application. With this partnership, Grofers customers will be able to get currency notes delivered to their doorstep along with their grocery order for up to Rs 2,000 through Yes Banks PoS machines.

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