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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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Sun Pharmaceutical Industries receives final approval for generic ezetimibe tablets
Jun 13,2017

Sun Pharmaceutical Industries announced that one of its wholly owned subsidiaries has received final approval from US FDA for its Abbreviated New Drug Application (ANDA) for generic version of Zetian++, (ezetimibe) Tablets 10mg.

These generic ezetimibe tablets are therapeutic equivalents of Mercks Zetian++ tablets. As per IMS, ezetimibe tablets had annual sales of approximately US$2.7 billion in the US for the 12 months endedApril 2017.

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Cosmo Films gains on expanding its range of products
Jun 13,2017

The announcement was made after market hours yesterday, 12 June 2017.

Meanwhile, the S&P BSE Sensex was up 86.48 points, or 0.28% to 31,182.18.

On the BSE, 310 shares were traded in the counter so far, compared with average daily volumes of 96,292 shares in the past one quarter. The stock had hit a high of Rs 410 and a low of Rs 414.40 so far during the day. The stock hit a record high of Rs 468.80 on 28 April 2017. The stock hit a 52-week low of Rs 310 on 3 August 2016.

The stock had underperformed the market over the past one month till 12 June 2017, falling 7.48% compared with 3.01% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 13.73% as against Sensexs 5.61% rise. The scrip had also outperformed the market in past one year, rising 20.28% as against Sensexs 17.80% rise.

The small-cap company has equity capital of Rs 19.44 crore. Face value per share is Rs 10.

Cosmo Films said it will now offer an extended range of direct thermal printable (DTP) products. This would include standard DTP films, top coated DTP films, high temperature DTP films and DTP paper.

On a consolidated basis, net profit of Cosmo Films rose 16.76% to Rs 28.15 crore on 13.45% rise in net sales to Rs 438.34 crore in Q4 March 2017 over Q4 March 2016.

Cosmo Films is one of the global leaders and manufacturers of Bi-axially Oriented Polypropylene (BOPP) films used for packaging, labels and lamination applications. The company is the largest exporter of BOPP films from India and is also the largest producer of thermal lamination films in the world with plant cum distribution centres in India, Japan, Korea & the US along with global channel partners in more than fifty countries.

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Indian electronics market expected to reach $400 billion by 2020: study
Jun 13,2017

The demand of electronic products in India is expected to grow at a CAGR (compound annual growth rate) of 41% during 2017-2020 to reach USD 400 billion by 2020, the domestic production which is currently growing at a CAGR of 27% may touch USD 104 billion leaving a huge gap for import to the extent of USD 300 billion, according to the joint study brought out by ASSOCHAM and NEC.

A joint study undertaken by NEC Technologies and ASSOCHAM reveals, India is becoming home to a growing middle class population. Increasing disposable income has led to increased consumer demand for electronics products specially advanced TVs, mobile phones and computers. This surge in demand is huge which shows a positive outlook for the industry.

However, what needs to be addressed to meet governments vision of turning India into a manufacturing hub is the domestic production. Demand for electronic products in India is poised for significant growth in the next few years, driven by a strong economic outlook. The Indian electronics and hardware market grew by 8.6% YoY to reach USD 75 billion in 2015, driven by rising local demand. The worldwide electronics industry was valued at around USD 1.86 trillion in 2015, noted the study.

Electronics industry valued at USD 1.75 trillion is the largest and fastest growing industry in the world, highlighted the study.

Indias total electronics hardware production 2014-15 is estimated at USD 32.46 billion. This represents a share of about 1.5 per cent in world electronic hardware production. The domestic consumption of electronic hardware in 2014-15 was USD 63.6 billion out of which 58% was fulfilled with imports. With demonetization adding to the demand for POS devices and mobile phones, this demand is going to increase manifolds.

The investments in electronic manufacturing which was just INR 11,000 crores in June 2014, has increased exponentially to INR 1,27,880 crores in 2016. This is also due to the Governments efforts to create an enabling policy ecosystem in the sector bringing through initiatives like Make in India and Digital India and providing special focus to schemes like the Modified Special Incentive Package Scheme (M-SIPS) and Electronic Development Fund (EDF).

However, even though there are signs of promising growth, the local production of electronic products has to be increased significantly to meet the domestic demand. The industry suggest the government to focus on both infrastructural as well as at the policy level, increased emphasis has to be provided for increasing the percentage of local component manufacturing in India. Simplifying the complex regulatory structure for making compliance easier for new entrants and developing a participatory approach, where all the stakeholders are involved in the policy making process.

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Axis Bank nudges higher on fund raising proposal
Jun 13,2017

The announcement was made after market hours yesterday, 12 June 2017.

Meanwhile, the S&P BSE Sensex was up 66.61 points or 0.21% at 31,162.31.

On the BSE, 10,000 shares were traded on the counter so far as against the average daily volumes of 2.24 lakh shares in the past two weeks. The stock had hit a high of Rs 512.25 and a low of Rs 509.20 so far during the day. The stock had hit a 52-week high of Rs 638 on 7 September 2016 and a 52-week low of Rs 424.60 on 10 January 2017.

The stock had underperformed the market over the past one month till 12 June 2017, advancing 0.96% compared with the Sensexs 3.01% rise. The stock had also underperformed the market over the past one quarter, sliding 1.58% as against the Sensexs 7.43% rise. The scrip had also underperformed the market over the past one year, declining 6.26% as against the Sensexs 16.74% rise.

The large-cap bank has equity capital of Rs 479.36 crore. Face value per share is Rs 2.

Axis Bank said it proposes to raise funds by issuing unsecured redeemable non-convertible subordinated debentures, Basel-III Compliant Tier 2 debentures aggregating to Rs 5000 crore. The board of directors of the bank will consider the proposal to issue and allot the aforesaid securities through circular resolution.

Axis Banks net profit fell 43.1% to Rs 1225.10 crore on 4.3% growth in total income to Rs 14181.31 crore in Q4 March 2017 over Q4 March 2016.

Axis Bank is one of the biggest private sector banks in India.

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TCS in focus on collaboration with Intel Corp
Jun 13,2017

TCS announced a new collaboration with Intel Corporation to build a future ready reference architecture for the internet of things (IoT), cloud, network, 5G, AI and data center infrastructure management, helping to meet rapidly evolving digital transformation requirements of global markets. The announcement was made after market hours yesterday, 12 June 2017.

TCS and Intel are also investing in Centre of Excellence (CoE) in the US and India, which will be hubs for next generation datacenter technologies, IoT and cloud-ready network architectures to support customers.

Wipro said that in view of market activity in the companys shares on Monday, 12 June 2017, the New York Stock Exchange (NYSE) has contacted the company in accordance with its usual practice. The company felt that it was important to clarify to the market that the payable date and ex-dividend date for its ADR (American Depository Receipts) bonus issue, or stock dividend, are yet to be determined, Wipro said.

At NYSE, for ADR stock dividends or bonus issue, the ex-dividend date is set as the first business day after the stock dividend is paid, which is also after the record date. Therefore NYSE has not yet declared an ex-dividend date for Wipros ADR program. Once the payable date is declared NYSE will announce the ex-dividend date for the ADR, Wipro clarified. The announcement was made after market hours yesterday, 12 June 2017.

Axis Bank said it proposes to raise funds by issuing unsecured redeemable non-convertible subordinated debentures, Basel-III Compliant Tier 2 debentures aggregating to Rs 5000 crore. The board of the bank will consider the proposal to issue and allot the aforesaid securities through circular resolution. The announcement was made after market hours yesterday, 12 June 2017.

Shriram Transport Finance Company announced that the allotment committee-non convertible debentures (NCDs) of the company approved and allotted 5,500 secured, redeemable, rated, listed NCDs of face value of Rs 10 lakh each, aggregating to Rs 550 crore on private placement basis. The announcement was made after market hours yesterday, 12 June 2017.

Cosmo Films announced expansion of its range of direct thermal printable products. The company would now offer an extended range of direct thermal printable (DTP) products. This would include standard DTP films, top coated DTP films, high temperature DTP films and DTP paper. The announcement was made after market hours yesterday, 12 June 2017.

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Board of Sai Baba Investment and Commercial Enterprises approves stock split
Jun 12,2017

Sai Baba Investment and Commercial Enterprises announced that the Board of Directors of the Company at their meeting held on 12 June 2017 have approved Sub-division (Stock Split) of each Equity Share having nominal value of Rs. 10/- each into 10 Equity Shares of nominal value of Rs. 1/- each subject to the approval of members of the Company at the ensuing Extraordinary General Meeting of the Company.

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Kamanwala Housing Construction announces resignation of director
Jun 12,2017

Kamanwala Housing Construction announces the resignation of Satish Chandra Gupta from the Board of the Company.

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Tech Mahindra allots 82,440 equity shares
Jun 12,2017

Tech Mahindra has allotted 82,440 equity shares of Rs 5 each under ESOP on 12 June 2017.

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Mahindra & Mahindra Financial Services allots NCDs aggregating Rs 250 crore
Jun 12,2017

Mahindra & Mahindra Financial Services has allotted Secured Redeemable Non-Convertible Debentures (NCDs) of the face value of Rs. 10,00,000 each, at par, aggregating to Rs. 250 crore on 12 June 2017.

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Jeevan Scientific Technology intimates of successful USFDA audit
Jun 12,2017

Jeevan Scientific Technology announced that the USFDA conducted an un-announced audit of its corporate and clinical pharmacology centre facilities. The purpose of this audit was to review the BA/BE studies. The auditor started the review on 05 June 2017 and completed on 08 June 2017. No 483 observations were issued.

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SMS Pharmaceuticals fixes record date for scheme of arrangement
Jun 12,2017

SMS Pharmaceuticals has fixed 23 June 2017 as record date for purpose of determining of entitlement for allotment of equity shares as per the scheme of arrangement between SMS Pharmaceuticals (Demerged Company) and SMS Life Sciences India and their respective shareholders and creditors.

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Bodhtree Consulting plans sub-division of equity shares
Jun 12,2017

Bodhtree Consulting plans sub-division of equity shares of the Company. The Board of the Company will consider the proposal on 15 June 2017.

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Jain Studios announces change in company secretary
Jun 12,2017

Jain Studios have appointed Deepanshu Arora as Company Secretary and Compliance Officer of the Company in place of Satyendu Pattnaik with effect from 12 June, 2017.

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Board of Sequel e-Routers approves change in directorate
Jun 12,2017

Sequel e-Routers has appointed Manek Painter as Additional Independent Non Executive Director and accepted the resignation of Sunil Kumar Gandhi as Director of the Company with effect from 12 June 2017 at the board meeting held on 12 June 2017.

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Asia Pacific Market: Shares lose ground ahead of central bank meetings
Jun 12,2017

Asia Pacific share market closed down on Monday, 12 June 2017, hit by following a slide in U.S. market late last week. Investor sentiment was also damped on caution ahead of the central bank meetings in US, England and Japan.

On Wall Street the blue-chip Dow Jones Industrial Average finished 0.4% higher on Friday but the S&P 500 fell 0.1% and the Nasdaq Composite slid 1. 8% after tech giants such as Apple, Amazon and Google Parent Alphabet all lost at least 3%.

Central banks were also in focus, with the Federal Reserve expected to release its decision on interest rates later this week. The Bank of England and Bank of Japan policy meetings later in the week were also likely to be closely watched.

In energy news, oil prices rose slightly after finishing last week down by around 4%. Brent crude rose 0.25% to trade at $48.27 a barrel and U.S. West Texas International crude added 0.22% to trade at $45.93.

Among Asian bourses

Nikkei ends in negative territory

The Japan share market finished session in negative territory, as investors were in a risk adverse mode ahead of a two-day Federal Reserve meeting that begins on Wednesday. Investor sentiment was also damped by weaker-than-expected Japanese machinery order data for April, released by the Cabinet Office just before the opening bell. Electrical appliance, information and communication, and precision instrument-linked issues comprised those that declined the most by the close of play. The Nikkei 225 average shed 104.68 points, or 0.52%, to close at 19,908.58. The Topix, including all first-section issues, ended down 0.11 point, or 0.01%, at 1,591.55. Trading volume on the main section on Monday came to 1,785.76 million shares, down from Fridays volume of 2,263.87 million shares. The turnover on the first trading day of the week totaled 2,313.2 billion yen.

Japans core private-sector machinery orders fell a seasonally adjusted 3.1% in April from the previous month, dragged down by a sharp drop in finance and insurance, as well as construction, the government said on Monday.

Shares of exporters chiefly technology companies took a hit following similar declines on Wall Street. Market heavyweight SoftBank fell 2.6% to 9,228 yen, while chip-making devices maker Tokyo Electron dropped 3% to 16,395 yen. Apple supplier Murata Manufacturing fell 2.56% to 15,595 yen and display maker Sharp sank 3.2% to 390 yen.

Bank shares fell, with Mitsubishi UFJ Financial down 0.19% at 733.3 yen and Sumitomo Mitsui falling 0.25% to 4,256 yen.

Toshiba jumped 9.4% to 329.1 yen after news reports said US-based Western Digital was raising its bid to purchase the struggling Japanese groups prized semiconductor business.

Chinese restaurant chain Totenko soared 38% at one point after Tokyos Ueno zoo said its giant panda gave birth for the first time in five years. It closed at 224 yen, up 6.66%. Totenkos main outlet is near the zoo, with a rare baby panda expected to boost the number of visitors to the area.

China Stocks fall on economy concerns

The Mainland China equity market closed lower, hit by a sell-off in high-tech issues following a slide in U.S. peers late last week. Investor sentiment was also damped by worried that tighter credit will drag on corporate profitability and economic growth in coming months. The Shanghai Composite Index fell 0.6%, or 18.52 points, to 3,139.88 while the CSI 300 n++ which tracks the large caps listed in Shanghai and Shenzhen n++ inched down 0.1%, or 1.78 points, to 3,574.39. The Shenzhen Composite Index lost 1.1%, or 20.41 points, to 1,836.76 while the Nasdaq style ChiNext shed 1.2%, or 20.58 points, to 1,775.55.

Tech shares dropped sharply, following a sell-off on Wall Street on Friday triggered by concerns about Apples new iPhones and a cautious Goldman Sachs report about the sector.

Shares of small-cap companies dropped on concern about a glut of stock supply after the China Securities Regulatory Commission backtracked from slowing approvals of new share sales. The regulator gave the nod to eight companies to sell initial public offering shares last Friday, compared with four a week earlier and seven the week before that. Nanjing Aolian AE&EA, a maker of car electronics equipment tumbled by the 10% daily limit to 21.02 yuan and Jiangsu Leili Motor slumped 9.9% to 87.28 yuan.

Hong Kong Stocks end lower

The Hong Kong stock market finished session down, hit by a sell-off in technology giant Tencent following a slide in U.S. peers late last week. Sentiment was also hurt by worries that tighter credit in China could slow growth in the worlds second-biggest economy. The Hang Seng Index dropped 1.2%, or 322.25 points, to 25,708.04, retreating for a second day after hitting a near two-year high on Thursday. The Hang Seng China Enterprises index fell 1%, or 106.32 points, to 10,485.85. Turnover decreased to HK$87.6 billion from HK$117 billion on Friday.

Hong Kong-listed tech shares dropped sharply, following a sell-off on Friday in technology stocks on Wall Street that was triggered by concerns about Apples new iPhones and a cautious Goldman Sachs report about the sector. Technology giant Tencent lost 2.5% to HK$270.6.

Handset components maker AAC Technologies (02018) declined 3.8% to HK$95.75. Sunny Optical (02382) slipped 2% to HK$64.45 despite it reported a 87% growth of handset camera shipments in May.

Tongda Group fell 5.4% to HK$2.11, snapping a two-day gain after it bought back 10.46 million shares for HK$21.63 million last week.

Automakers were mixed. Great Wall Motor (02333) soared 21% to HK$11.02 after Credit Suisses rating and target price upgrades. Geely Automobile (00175) sank 4% to HK$14.84. Brilliance China Automotive (01114) fell 3.2% to HK$14.52. GAC Group (02238) dipped 1.6% to HK$13.7.

Property counters were lower ahead of the FOMOCs rate decision meetings on Tuesday and Wednesday. New World Development (00017) dipped 2.2% to HK$10.46. Sun Hung Kai Properties (00016) fell 1.9% to HK$119.2. Sino Land (00083) fell 1.3% to HK$13.4. Henderson Land Development (00012) slipped 0.9% to HK$45.6. Cheung Kong Property (01113) inched down 0.4% to HK$60.8.

Sensex hits more than two-week closing low

Trading for the week began on a dull note as the key benchmark indices registered modest losses on negative global cues. The barometer index, the S&P BSE Sensex, shed 166.36 points or 0.53% to settle at 31,095.70. The Nifty 50 index dropped 51.85 points or 0.54% to settle at 9,616.40. The Sensex hit more than two-week closing low. The Nifty hit almost two-week low.

Investors exercised caution ahead of release of key domestic economic data on inflation and industrial production today, 12 June 2017 and political and economic events this week in the United States and Europe.

Domestic stocks had kick-started trading for the week on a dull note in opening trade on negative global cues. Key indices extended initial fall and hit fresh intraday low in morning trade. Stocks languished in the negative terrain later during the session.

Index heavyweight Reliance Industries (RIL) dropped 1.15%. RIL announced the successful and flawless commissioning of the last crystallization train (Train 3) of the Para-xylene (PX) complex at Jamnagar. This plant is built with state-of-the-art crystallization technology from BP which is highly energy efficient. With the commissioning of this plant, RILs PX capacity has more than doubled making it worlds second largest producer of PX with about 11% of global production. Pursuant to installation and mechanical completion of the entire PX complex in the previous quarter, Reliance Industries (RIL) commissioned the second phase of PX comprising of second crystallization train (train 2), trans-alkylation and aromatic extraction units at Jamnagar in Gujarat in April 2017. Train 3, which was at an advanced stage of commissioning, has now been successfully started. The announcement was made after market hours on Friday, 9 June 2017.

Oriental Bank of Commerce (OBC) shed 4.21%. The bank said it has revised the marginal cost of funds based lending rate (MCLR) for different tenors with effect from 12 June 2017. The banks MCLR for overnight loans will be 8.1%, the rate for one month will be 8.2% and for three months it will be 8.25%. The MCLR on 6-month loans will be 8.35% and for one-year loans the rate will be 8.5%, the bank said. The announcement was made after market hours on Friday, 9 June 2017. The Finance Minister Arun Jaitley was quoted as saying that he discussed non-performing assets (NPA) resolution, finances of banks, review of financial inclusion with heads of public sector banks in a meeting today, 12 June 2017. Jaitley reportedly said that there is a challenge with regard to credit growth.

Markets in Australia, Malaysia and the Philippines were closed today for public holidays.

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