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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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Filtron Engineers reports standalone net loss of Rs 0.15 crore in the December 2016 quarter
Feb 21,2017

Net Loss of Filtron Engineers reported to Rs 0.15 crore in the quarter ended December 2016 as against net loss of Rs 0.16 crore during the previous quarter ended December 2015. There were no Sales reported in the quarter ended December 2016 as against Rs 0.06 crore during the previous quarter ended December 2015.

ParticularsQuarter Endedn++Dec. 2016Dec. 2015% Var. Sales00.06 -100 OPM %0-133.33 - PBDT-0.11-0.11 0 PBT-0.15-0.16 6 NP-0.15-0.16 6

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OECD GDP growth slows to 0.4% in fourth quarter of 2016
Feb 21,2017

Real growth of gross domestic product (GDP) in the OECD area decelerated slightly to 0.4% in the fourth quarter of 2016, compared with 0.5% in the previous quarter, according to provisional estimates.

Among Major Seven economies, growth picked up in Germany and France in the fourth quarter of 2016, to 0.4%, compared with 0.1% and 0.2% respectively in the previous quarter, and remained stable in the United Kingdom, at 0.6%. However, growth slowed sharply in the United States (to 0.5%, down from 0.9%) and also, albeit slightly, in Japan and Italy (to 0.2%, compared with 0.3% in the previous quarter).

In the European Union and in the euro area, growth was stable at 0.5% and 0.4%, respectively.

Year-on-year GDP growth for the OECD area was stable at 1.7% for the fourth straight quarter. Among Major Seven economies, the United Kingdom (2.2%) recorded the highest annual growth rate (for the fourth consecutive quarter), while Italy and France registered the lowest (1.1%).

For 2016 as a whole, GDP rose by 1.7% in the OECD area, down from 2.4% in 2015.

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APM Industries jumps after subsidiary bags NBFC license
Feb 21,2017

The announcement was made during trading hours today, 21 February 2017.

Meanwhile, the BSE Sensex was up 104.13 points, or 0.36%, to 28,765.71.

On the BSE, so far 3.17 lakh shares were traded in the counter, compared with average daily volumes of 17,079 shares in the past one quarter. The stock had hit a high of Rs 74.50 and a low of Rs 59 so far during the day.

The stock hit a record high of Rs 76.85 on 10 November 2016. The stock hit a 52-week low of Rs 48.50 on 29 February 2016.

The small-cap company has equity capital of Rs 4.32 crore. Face value per share is Rs 2.

APM Industries announced that the Reserve Bank of lndia (RBI) has granted a non-banking finance company (NBFC) license to the companys wholly-owned subsidiary, APM Finvest.

The board of directors of the company had in their meeting held on 29 January 2016 decided to enter into the business of finance, lending and investment business through a wholly owned subsidiary and hence the company incorporated APM Finvest and applied for the NBFC license.

APM Industries net profit fell 67.5% to Rs 1.78 crore on 29% decline in net sales to Rs 51.78 crore in Q3 December 2016 over Q3 December 2015.

APM Industries is engaged in the manufacture of synthetic blended (polyester, viscose and acrylic) yarn.

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Loyal Equipments receives order from Reliance Industries
Feb 21,2017

Loyal Equipments has received an order from Reliance Industries of worth Rs. 87.00 lakhs for Supply of Tube Bundle for its Jamnagar Plant.

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APM Industries provides update on its subsidiary - APM Finvest
Feb 21,2017

APM Industries announced that the Reserve Bank of India has granted a Non-Banking Finance Company (NBFC) License to the Companys wholly owned subsidiary APM Finvest.

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Board of Sangam Health Care Products approves resignation of directors
Feb 21,2017

Sangam Health Care Products announced that the Board of Directors of the Company at its meeting held on 21 February 2017 has approved the resignation of Venkata Subramanya Sharma Devarkond and Ramana Ganakota with effect from 17 February 2017.

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IDBI Bank gains after board OKs divesting non-core investments
Feb 21,2017

The announcement was made during trading hours today, 21 February 2017.

Meanwhile, the BSE Sensex was up 44.56 points, or 0.16%, to 28,706.14.

On the BSE, so far 7.35 lakh shares were traded in the counter, compared with average daily volumes of 4.39 lakh shares in the past one quarter. The stock had hit a high of Rs 83.55 and a low of Rs 81.70 so far during the day.

The stock hit a 52-week high of Rs 86.50 on 6 February 2017. The stock hit a 52-week low of Rs 54.70 on 24 February 2016.

The large-cap state-run bank has equity capital of Rs 2058.82 crore. Face value per share is Rs 10.

IDBI Bank announced that its board at the meeting held today, 21 February 2017, has approved, in-principle, the proposal to divest some of its non-core investments.

The divestment is subject to compliance with all applicable laws and regulations and subject to final approval to be obtained for each transaction by delegated authority.

IDBI Bank reported net loss of Rs 2254.96 crore in Q3 December 2017, higher than net loss of Rs 2183.68 crore in Q3 December 2016. Total income fell 3.5% to Rs 7104.21 crore in Q3 December 2016 over Q3 December 2015.

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Board of IDBI Bank approves in-principle divestment of non-core investments
Feb 21,2017

IDBI Bank announced that the Board of Directors of the Bank at its Meeting held on 21 February 2017 has approved in-principle, the proposal to divest some of its non-core investments subject to compliance with all applicable laws and regulations and subject to final approval to be obtained for each transaction by Delegated Authority.

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Board of IDBI Bank approves in-principle proposal for divestment of non-core investments
Feb 21,2017

IDBI Bank announced that the Board of Directors of the Bank at its Meeting held on 21 February 2017 has approved in-principle, the proposal to divest some of its non-core investments subject to compliance with all applicable laws and regulations and subject to final approval to be obtained for each transaction by Delegated Authority.

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JSPL spurts over 15% in two sessions
Feb 21,2017

Meanwhile, the BSE Sensex was almost flat at 28,661.85.

On the BSE, so far 64.46 lakh shares were traded in the counter, compared with average daily volumes of 15.34 lakh shares in the past one quarter. The stock hit a high of Rs 110.20 so far during the day, which is also a 52-week high for the counter. The stock hit a low of Rs 101 so far during the day. The stock hit a 52-week low of Rs 51.80 on 29 February 2016.

The mid-cap company has equity capital of Rs 91.50 crore. Face value per share is Re 1.

Shares of Jindal Steel and Power (JSPL) spurted 7.80% to settle at Rs 100.20 yesterday, 20 February 2017, on reports a domestic brokerage has upgraded its rating on the stock to buy from sell and also revised target price upward to Rs 125 from Rs 60 earlier.

The stock has risen 15.70% in two sessions from its close of Rs 92.95 on 17 February 2017.

According to reports, the brokerage house said JSPLs steel operations can engineer a financial turnaround over next 1-2 years by commissioning of 3.2 million tonne per annum blast furnace at Angul operations. Steady margins from improved steel markets can deliver strong earnings growth over the financial year ending March 2018-2019. It added that improvement in power earnings is contingent on better demand. Cash flows and debt serviceability can improve materially starting second half of financial year 2017-18, according to the research firm.

Meanwhile, yesterday, 20 February 2017, a media report suggested that JSPL will commission the blast furnace at its greenfield Odisha plant next month, three years after a Supreme Court order striking down a linked coal mine had stalled the progress of the estimated Rs 35,000-crore project. The move is part of JSPLs strategy to sweat its existing assets and reduce debt in the next few years. The sale of noncore assets is key to raising finances that would help the company retire debt. Out of total debt of Rs 45,600 crore, JSPLs standalone debt is Rs 22,500 crore, while Jindal Power has loans of Rs 8,500 crore on its balance sheet. Additionally, JSPLs global ventures have Rs 14,200 crore to repay, report added.

Reacting to this media report, JSPL clarified to the bourses after market hours yesterday, 20 February 2017, that the company is not aware of any information that has not been announced to the stock exchanges, which could explain the movement in the trading of the companys shares.

On a consolidated basis, JSPL reported net loss of Rs 407.44 crore in Q3 December 2016 as against net loss of Rs 573.48 crore in Q3 December 2015. Net sales rose 28.15% to Rs 5296.80 crore in Q3 December 2016 over Q3 December 2015.

Jindal Steel and Power (JSPL) is one of Indias leading integrated steel manufacturers, significantly present in steel, power generation and Infrastructure segments and catering to a large part of Indias domestic energy and infrastructure requirement.

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NIIT provides update on its subsidiary - MindChampion Learning Systems
Feb 21,2017

NIITs wholly owned subsidiary, MindChampion Learning Systems (its K-12 school learning initiative), has unveiled Nguru MathPlus - a unique solution designed for fostering mathematical skills using colour, shapes and real-life examples. The program has been designed for students of class 1 to class 8, keeping in mind the guidelines of the National Curriculum Framework (NCF 2005) developed by NCERT.

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Board of EID Parry (India) recommends dividend
Feb 21,2017

EID Parry (India) announced that the Board of Directors of the Company at its meeting held on 21 February 2017, inter alia, have recommended the dividend of Rs 4 per equity Share (i.e. 400%) , subject to the approval of the shareholders.

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Britannia slips amid intraday volatility
Feb 21,2017

Meanwhile, the S&P BSE Sensex was down 12.71 points or 0.04% at 28,648.87.

On the BSE, 6,064 shares were traded on the counter so far as against the average daily volumes of 15,858 shares in the past one quarter. The stock fell as much as 1.09% at the days low of Rs 3,218 so far during the day. The stock rose as much as 0.52% at the days high of Rs 3,270.50 so far during the day.

The stock had hit a record high of Rs 3,575 on 15 September 2016 and a 52-week low of Rs 2,523.15 on 29 March 2016. The stock had underperformed the market over the past one month till 20 February 2017, advancing 5.58% compared with the Sensexs 6.02% rise. The scrip had, however, outperformed the market over the past one quarter, gaining 12.11% as against the Sensexs 9.6% rise.

The large-cap company has equity capital of Rs 24 crore. Face value per share is Rs 2.

With regard to recent media report titled Britannia Regains Taste for Tie-ups, May Bake a JV with Greeces Chipita, Britannia in its clarification to the exchanges said it has signed a non-binding memorandum of understanding (MoU) with Chipita, a Greek company for exploring certain business opportunities.

Britannia said it is in advance stage of discussion with Chipita to finalize definitive agreements inter alia includes joint venture agreement. The company will inform the stock exchange once the partnership is established and agreements are signed, it added. The clarification was issued during market hours today, 21 February 2017.

Britannia Industries consolidated net profit rose 4.6% to Rs 220.49 crore on 5.6% growth in net sales to Rs 2264.78 crore in Q3 December 2016 over Q3 December 2015.

Britannia Industries makes biscuits, bread, rusk, cakes and dairy products like cheese, butter and milk.

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Faze Three to hold board meeting
Feb 21,2017

Faze Three will hold a meeting of the Board of Directors of the Company on 23 February 2017, to consider Fund raising/ Capital raising through various means including issue of convertible securities and/ or warrants/ debt instruments on Preferential basis to Promoter and/ or Promoter Group of the Company as well as Non-Promoter Group (Investors) as per the provisions of the Companies Act, 2013 and/ or SEBI Regulations wherever applicable.

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Board of Ambuja Cements recommends final dividend
Feb 21,2017

Ambuja Cements announced that the Board of Directors of the Company at its meeting held on 20 February 2017, inter alia, have recommended the final dividend of Rs 1.2 per equity Share (i.e. 60%) , subject to the approval of the shareholders.

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