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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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Board of Page Industries recommends dividend
May 29,2017

Page Industries announced that the Board of Directors of the Company at its meeting held on 25 May 2017, inter alia, have recommended the dividend of Rs 26 per equity Share (i.e. 260%) , subject to the approval of the shareholders.

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Board of Redington India recommends final dividend
May 29,2017

Redington India announced that the Board of Directors of the Company at its meeting held on 25 May 2017, inter alia, have recommended the final dividend of Rs 2.3 per equity Share (i.e. 115%) , subject to the approval of the shareholders.

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Board of South India Paper Mills recommends final dividend
May 29,2017

South India Paper Mills announced that the Board of Directors of the Company at its meeting held on 25 May 2017, inter alia, have recommended the final dividend of Rs 1.5 per equity Share (i.e. 15%) , subject to the approval of the shareholders.

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Developed states not adding to skill sets; face big gaps: Study
May 29,2017

The most economically developed states are not adequately adding to skill sets, which may result in the severe shortages of skilled manpower in the coming years, with Maharashtra leading the table followed by Tamil Nadu, according to an ASSOCHAM-Thought Arbitrage Paper.

Other states which lack in creating skilled manpower include Haryana, Gujarat, Kerala, Himachal Pradesh and Punjab, said the paper.

By 2022, the biggest deficit in supply of skilled labour force is expected to be faced by Maharashtra, with the number pegged at 48.9 lakh persons, according to the paper. Tamil Nadu comes close second with shortage of 46.3 lakh.

These two states together account for more than 70 per cent of the skills deficit in these seven states (mapped by the paper) with highest per capita NSDP and large skill gaps. Haryana and Gujarat are expected to face shortage of approximately 13 lakhs and 11 lakhs persons respectively by 2022. Kerala, Himachal Pradesh. and Punjab are likely to witness skills shortage of about five lakhs each by 2022,, it said.

In terms of verticals, construction, building and real estate would have incremental human resource requirement of 31 million in the next five years, while retail sector would need about 17 million additional work force. Other sectors generating employment opportunities through skill up- gradation include beauty and wellness (10 million), transportation and logistics (12 million), furniture and furnishing (7.2 million) and handloom, handicrafts (6 million). Textiles and clothing would require additional 6.3 million people and tourism and hospitality 6.5 million.

Our mapping of the skills shortages suggest that committing resources to training and skill upgradation would serve the twin purpose of employment creation as also helping the industries to grow in a cost effective manner, said ASSOCHAM Secretary General Mr D S Rawat.

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Eimco Elecon (India) receives reaffirmation of ratings for bank facilities
May 29,2017

Eimco Elecon (India) announced that CRISIL has reaffirmed the ratings for bank facilities of the Company aggregating Rs 81 crore as under -

Long term ratings - CRISIL A+/ Stable
Short term ratings - CRISIL A1+

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Tech Mahindra slumps after dismal Q4 results
May 29,2017

The result was announced after market hours on Friday, 26 May 2017.

The stock had gained 4.23% in four sessions to settle at Rs 429.35 on 26 May 2017 from a close of Rs 411.90 on 22 May 2017 ahead of the Q4 results.

Meanwhile, the S&P BSE Sensex was down 16.32 points or 0.05% at 31,011.89.

Huge volumes were witnessed on the counter. On the BSE, 13.01 lakh shares were traded in the counter so far as against average daily volume of 4.31 lakh shares in the past one quarter. The stock had hit a low of Rs 357.60 in intraday trade, which is a 52-week low for the stock. The stock had hit a high of Rs 395 so far during the day. The stock had hit a 52-week high of Rs 563.75 on 30 May 2016.

The stock had underperformed the market over the past one month till 26 May 2017, rising 0.3% compared with 2.97% rise in the Sensex. The scrip had also underperformed the market in past one quarter, declining 14.68% as against Sensexs 7.39% gains.

The large-cap company has equity capital of Rs 487.29 crore. Face value per share is Rs 5.

Tech Mahindras board of directors recommended a dividend of Rs 9 per share for the year ended 31 March 2017 (FY 2017).

Managing Director and CEO CP Gurnani said that the IT industry is going through a paradigm shift amid changing demand pattern from the clients, technological changes and requirement for significant skill enhancement.The company has responded to these changes proactively by reimagining the business, imbibing a culture of innovation, encouraging reskilling and retraining workforce wherever necessary, he added.

Tech Mahindra is a specialist in digital transformation, consulting and business re-engineering solutions.

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Board of Sungold Capital accepts resignation of director and CFO
May 29,2017

Sungold Capital announced that the Board of Directors at its meeting held on 28 May 2017 has accepted the resignation of Neha Shah as Independent Director with immediate effect. The Board also accepted the resignation of Ushik Gala as CFO with effect from 01 June 2017. The Board has redesignated Bhumika Sidhpura as Company Secretary, Compliance Officer and CFO with effect from 01 June 2016.

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Board of Lotus Eye Care Hospital approves change in directorate
May 29,2017

Lotus Eye Care Hospital announced that the Board of Directors of the Company at its meeting held on 27 May 2017 has appointed P.R. Rangaswami (DIN:00151640) as an Alternate Director (Non- Executive Non - Independent) to Kavetha Sundaramoorthy (DIN: 02050806) with immediate effect.

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813 crore person days of job generated in last 3 years in Rural Schemes-Tomar
May 29,2017

The Ministry of Rural Development has created employment opportunities of more than 813 crore person days during the last three years (2014-17) in the schemes of MGNREGA, Pradhan Mantri AawasYojna, Grameen (PMAY-G) and in Pradhan Mantri Gram Sadak Yojna (PMGSY). Briefing the media here, Union Minister for Rural Development, Drinking Water & Sanitation and Panchayati Raj, Shri Narendra Singh Tomar said that during the last three years while 636.78 crore person days were generated under MGNEREGA, about 78 crore person days under PMGSY and 99 crore person days under PMAY. Apart from this, under Deen Dayal Upadhyay-Grameen Kaushal Yojana (DDY-GKY), 86,120 candidates were trained in the year 2014-15 and 54,196 got jobs. Similarly, in 2015-16, about one lakh thirty-five thousand candidates were placed after the skill training, while in 2016-17, the number of candidates getting placement is 84,900.

Shri Tomar said that in the current year, the Ministry of Rural Development proposes to train 5 lakh candidates with an assured placement of over 70 percent of these youth in Wage and Self Help employment programmes. He said that Rural Self Employment Training Institute (RSETIs) trained 4 lakh rural youth in 2016-17 for Self Employment.

Shri Tomar said that under MGNREGA during FY 2016-17, more than 1.23 crore assets have been geo tagged and placed in public domain and about 96% of wage payments were electronically credited into the accounts of the workers through DBT system. So far, 8.73 crore Aadhar number of workers have been seeded in NREGASoft (MIS) and 4.73 have been enabled for Aadhar Based Payment with their consent. He added that Job Card verification/updation was taken on priority basis during FY 2016-17 and more than 1 crore Job Cards have been deleted after verification.

On the subject of PMAY-G, Shri Tomar said that in line with the governments stated objective of n++Housing for Alln++ by 2022, the Government intends to provide houses to 1 crore poor people by 2019 in rural areas. A total of 34.82 lakh houses have been constructed during 2014-15 to 2015-16, against a target of 45.98 lakh houses under the erstwhile scheme of Indira Awaas Yojana (IAY). During 2016-17, a total of 32.14 lakh houses have been completed with an expenditure of Rs. 16,074 crore under the revamped scheme PMAY-G.

On PMGSY, the Minister said that the pace of construction of road has reached a record of 130 kms. per day, which is the highest average annual construction rate, in the last 7 years, with a record 47,447 kms of PMGSY roads constructed during 2016-17 thereby connecting 11,641 habitations, which implies providing connectivity of an average of 32 habitations every day, the highest ever in the last 7 years. He said, during 2016-17, n++Road Connectivity project in LWE Affected Areasn++ has been launched for construction of all-weather roads in 9 LWE states in 44 worst affected LWE districts and adjoining districts with estimated cost of Rs 11,725 crore. This would be completed by March, 2020.

Dwelling on the issues of drinking water and sanitation, Shri Tomar said that providing safe drinking water is one of the top most priority of the government and the Government is committed to providing tap water on a sustained basis in every household by 2030 as per the United Nations Sustainable Development Goals for which Rs 23,000 crore of central fund will be required annually till the target is achieved. The Minister said that the dream of Har Ghar Jal cannot be realized without the involvement of the citizens. Referring to the launch of National Water Quality Sub Mission on Arsenic and Fluoride to provide safe drinking water to about 28,000 affected habitations in the country by March 2021 with an outlay of Rs 25,000 crore, he said that there will be no discrimination of funds against any state to address the twin challenges of drinking water and sanitation. He said that sanitation coverage has increased from 42 percent 2014 to 64 percent in the current year and more that 4 crore toilets were constructed.

Shri Tomar said that under the 14th Finance Commission, Centre will be releasing more than 2 lakh crore rupees to Gram Panchayats for 5 years to undertake physical and social infrastructure projects in the villages. The Minister said that earlier about Rs 30,000 crore was allocated to the Panchayats in the 13th Finance commission, wherein Panchayats found it difficult to execute developmental projects in a holistic fashion. So far, Rs 51,234 crore were allocated to the states and 44 lakh panchayat functionaries were provided training.

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Jindal Steel & Power completes Integrated Steel Plant at Angul
May 29,2017

Jindal Steel & Power has dedicated its 6 MTPA IntegratedSteel Plant at Angul to the Nation.

JSPLs Integrated Steel Plant at Angul will provide direct employmentopportunities to over 30,000 people and indirect employment to over 1 lakh individuals. The completion of Integrated Steel Plant spread over 3500 acres at Angul, with an investment of Rs. 33,000 crore, ramps up JSPLs Iron & steel making capacities significantly.

The Integrated Steel Plant at Angul comprises of:
-Indias Largest 4 MTPA Blast Furnace
- Indias Largest 4 MTPA Sinter Plant, and a 2 MTPA Coke Oven
- Worlds First 2 MTPA Direct Reduced Iron (DRI) Plant based on CoalGasification Process (CGP)
- Worlds Largest Coal Gasification Plant for Steelmaking
- A 3 MTPA Steel Melting Shop (SMS)
- Worlds Largest 1.5 MTPA Bar Mill
- Indias most advanced 1.2 MTPA Plate Mill, capable of producingplates upto 5 Meter width
- Worlds Fastest 2.3 MTPA Billet Castor, (capacity speed 3.6 Meters /Minute)
- A 810 MW Captive Power Plant

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EID Parry (India) allots 1074861 equity shares
May 29,2017

The Committee of the Board of Directors of EID Parry (India) at its Meeting held on 28 May 2017 has allotted 1074861 Equity Shares of face value of Re.1/ each fully paid up to the equity shareholders of Parrys Sugar Industries. In terms of the Scheme, the shareholders of Parrys Sugar Industries have been allotted 2 equity shares of face value of Re.1 each of the Company for every 13 equity shares of face value of Rs.10 each held by them in Parrys Sugar Industries as on the Record date of 26 March 2017.

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Board of Omaxe has recommended final dividend on preference shares
May 29,2017

Omaxe announced that the Board of Directors of the Company at its meeting held on 28 May 2017, inter alia, has considered and recommended the final dividend of 0.1% on 25,00,00,000 0.1% Non-Cumulative, Non-Convertible, Redeemable Preference Shares of face value of Rs.10/- each and Re. 0.70 per share (7%) on 18,29,00,540 Equity Shares of Rs. 10/- each.

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Finolex Inds scales record high after strong Q4 outcome
May 29,2017

The result was announced after market hours on Friday, 26 May 2017.

Meanwhile, the S&P BSE Sensex was up 109.13 points, or 0.35%, to 31,137.34. The S&P BSE Mid-Cap index was off 29.54 points, or 0.2%, to 14,490.36.

On BSE, so far 9,163 shares were traded in the counter, compared with average daily volume of 28,498 shares in the past one quarter. The stock hit a high of Rs 624 in intraday trade so far, which is 52-week high for the counter. The stock hit a low of Rs 606 so far during the day. The stock hit a 52-week low of Rs 384.95 on 27 May 2016.

The mid-cap company has equity capital of Rs 124.10 crore. Face value per share is Rs 10.

Finolex Industries earnings before interest, taxation, depreciation and amortization (EBITDA) rose 54.4% to Rs 178.50 crore in Q4 March 2017 over Q4 March 2016. EBIDTA margin expanded to 17.56% in Q4 March 2017 from 12.48% in Q4 March 2016.

Finolex Industries said that the company has benefited from lower crude prices which have positively affected the raw material costs and aided better margins. Government initiaties as well as demand from agri and non-agri segments should push up growth in PVC pipe segment, Finolex Industries said.

Finolex Industries is Indias leading manufacturer of PVC-U pipes and fittings and the second largest manufacturer of PVC Resin.

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Jaypee Infratech appoints company secretary
May 29,2017

Jaypee Infratech has appointed Mohinder Paul Kharbanda as Company Secretary and Compliance Officers with effect from 01 June 2017.

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Board of Phoenix Lamps appoints CFO and Company Secretary
May 29,2017

The Board of Directors of Phoenix Lamps at its board meeting held on 27 May 2017 has appointed the following -

Appointed Medappa Gowda.J as Chief Financial Officer of the Company.

Appointed Gourish Hegde as Company Secretary & Compliance Officer of the Company.

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