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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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Cabinet approves four GST Bills
Mar 20,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the following four GST related bills:

1. The Central Goods and Services Tax Bill 2017 (The CGST Bill)

2. The Integrated Goods and Services Tax Bill 2017 (The IGST Bill)

3. The Union Territory Goods and Services Tax Bill 2017 (The UTGST Bill)

4. The Goods and Services Tax (Compensation to the States) Bill 2017 (The Compensation Bill)

The above four Bills have been earlier approved by the GST Council after thorough, clause by clause, discussion over 12 meetings of the Council held in the last six months.

The CGST Bill makes provisions for levy and collection of tax on intra-state supply of goods or services for both by the Central Government. On the other hand, IGST Bill makes provisions for levy and collection of tax on inter-state supply of goods or services or both by the Central Government.

The UTGST Bill makes provisions for levy on collection of tax on intra-UT supply of goods and services in the Union Territories without legislature. Union Territory GST is akin to States Goods and Services Tax (SGST) which shall be levied and collected by the States/Union Territories on intra-state supply of goods or services or both.

The Compensation Bill provides for compensation to the states for loss of revenue arising on account of implementation of the goods and services tax for a period of five years as per section 18 of the Constitution (One Hundred and First Amendment) Act, 2016.

Background:

The Government is committed to early introduction of GST, one of the biggest reforms, in the country as early as possible. GST Council has decided 1st July as the date of commencement of GST. The Finance Minister in his Budget Speech has mentioned that country-wide outreach efforts will be made to explain the provisions of GST to Trade and Industry.

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ABG Shipyard extends gains
Mar 20,2017

Meanwhile, the S&P Sensex was down 136.98 points or 0.46% at 29,512.01. The BSE Small-Cap index was up 35.85 points or 0.26% at 14,048.48.

On the BSE, 40,000 shares were traded on the counter so far as against the average daily volumes of 63,447 shares in the past one quarter. The stock had opened with an upward gap by surging by the maximum permissible level of 5% and remained locked at that level at Rs so far during the day.

The stock had hit a 52-week high of Rs 74.60 on 22 March 2016 and a record low of Rs 19.95 on 15 March 2017. The stock had underperformed the market over the past one month till 17 March 2017, sliding 17.95% compared with the Sensexs 4.15% rise. The scrip had also underperformed the market over the past one quarter, declining 29.23% as against the Sensexs 11.93% rise.

The small-cap company has equity capital of Rs 99.68 crore. Face value per share is Rs 10.

Shares of ABG Shipyard have risen 15.5% in three trading sessions from its closing of Rs 20.35 on 15 March 2017.

With reference to news report titled, Reliance Defence expresses interest in buying Agreed Assets of ABG Shipyard, ABG Shipyard clarified after market hours on Thursday, 16 March 2017, that lenders have invited expression of interest for acquisition of majority shareholding in ABG Shipyard. Accordingly, few parties have expressed their interest. Information/details will be submitted to the stock exchanges on completion of the process, ABG Shipyard said. The stock had surged by the maximum permissible level of 5% to settle at Rs 22.40 on Friday, 17 March 2017.

ABG Shipyard reported net loss of Rs 1710.68 crore in Q4 March 2016 as against net loss of Rs 374.86 crore in Q4 March 2015. Net sales declined 90.5% to Rs 1.95 crore in Q4 March 2016 over Q4 March 2015.

ABG Shipyard is into shipbuilding and ship repair business.

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Idea Cellular leads losers on BSEs A group
Mar 20,2017

Idea Cellular fell 7.32% at Rs 100. The stock topped the losers in A group. On the BSE, 2.24 crore shares were traded on the counter so far as against the average daily volumes of 23.53 lakh shares in the past two weeks.

Jaiprakash Associates slipped 5.36% at Rs 13.25. The stock was the second biggest loser in A group. On the BSE, 55.77 lakh shares were traded on the counter so far as against the average daily volumes of 58.04 lakh shares in the past two weeks.

Delta Corp declined 5.36% at Rs 161.65. The stock was the third biggest loser in A group. On the BSE, 7.62 lakh shares were traded on the counter so far as against the average daily volumes of 13.73 lakh shares in the past two weeks.

Firstsource Solutions tumbled 3.18% at Rs 41.05. The stock was the fourth biggest loser in A group. On the BSE, 3.05 lakh shares were traded on the counter so far as against the average daily volumes of 4.21 lakh shares in the past two weeks.

Shree Cement slipped 2.69% at Rs 16,000. The stock was the fifth biggest loser in A group. On the BSE, 1,398 shares were traded on the counter so far as against the average daily volumes of 620 shares in the past two weeks.

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Marathon Nextgen Realty advances as board approves share buyback plan
Mar 20,2017

The announcement was made after market hours on Friday, 17 March 2017. The buyback price of Rs 275 per share, was at a premium of 6.83% to Fridays, 17 March 2017 closing price of Rs 257.40.

Meanwhile, the S&P Sensex was down 131.81 points, 0.44% at 29,517.18. The S&P Small-cap index was up 37.16 points or 0.27% at 14,049.79, outperforming the Sensex.

High volumes were witnessed on the counter. On the BSE, 17,000 shares were traded on the counter so far as against the average daily volumes of 6,068 shares in the past one quarter. The stock had hit a high of Rs 265 and a low of Rs 255 so far during the day.

The stock had hit a 52-week high of Rs 297 on 12 August 2016 and a 52-week low of Rs 135 on 5 April 2016. The stock had outperformed the market over the past one month till 17 March 2017, advancing 22.11% compared with the Sensexs 4.15% rise. The scrip had also outperformed the market over the past one quarter advancing 20.7% as against the Sensexs 11.93% rise.

The small-cap company has equity capital of Rs 28.44 crore. Face value per share is Rs 10.

Marathon Nextgen Realty announced that the board of directors at its meeting held on Friday, 17 March 2017, approved a proposal to buyback up to 54.37 lakh equity shares of the company amounting to Rs 149.52 crore being 19.12% of the total paid-up equity share capital, at Rs 275 per share.

The buyback is proposed to be made from the shareholders of the company on a proportionate basis under the tender offer route using the stock exchange mechanism.

The buy-back is subject to approval of the members by means of a special resolution through postal ballot. The public announcement setting out the process, timelines and other requisite details will be released in due course in accordance with the buyback regulations.

Marathon Nextgen Realtys net profit declined 22.2% to Rs 25.16 crore on 36.4% decline in net sales to Rs 53.81 crore in Q3 December 2016 over Q3 December 2015.

Marathon Nextgen Realty is engaged in real estate development business.

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Board of APM Industries approves demerger of finance and investment business to subsidiary
Mar 20,2017

APM Industries announced that the Board of Directors of the Company at its meeting held on 20 March 2017 has considered and approved the demerger/ hiving off of the finance and investment business and assets of the Company to the wholly owned subsidiary- APM Finvest, through a scheme of arrangement.

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Glenmark Pharmaceuticals receives tentative approval for Fingolimod Capsules
Mar 20,2017

Glenmark Pharmaceuticals has been granted tentative approval by the United States Food & Drug Administration (USFDA) for Fingolimod Capsules, 0.5 Mg, the generic version of Gilenyan++ Capsules of NovartisPharmaceuticals Corp.

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Hindalco Industries intimates on proposed amalgamation of Idea Cellular and Vodafone Group
Mar 20,2017

Hindalco Industries holds 6.34% and is classified as a promoter of Idea Cellular. The Board of Idea Cellular on 20 March 2017 approved the amalgamation of Vodafone India and its subsidiary, Vodafone Mobile Services with Idea Cellular subject to requisite approvals.

Upon the amalgamation becoming effective, the entire business of Vodafone India and Vodafone Mobile Services will vest in Idea. The shareholders of Vodafone will own 45.1% of Idea after transferring a stake of 4.9% to some or all the existing promoters of Idea and/or their affiliates for Rs 38.74 billion in cash concurrent to the completion of amalgamation. The promoters of Idea will hold 26% of Idea and the balance 28.9% will be held by public.

In connection with the proposed merger, the Board of the Company has approved the execution of an Implementation Agreement amongst Idea and the promoters of Idea, Vodafone India, Vodafone Mobile Services, Vodafone and Vodafone International Holdings BV.

In addition to the Implementation Agreement, the Board of the Company also approved the execution of Shareholders Agreement amongst Idea, Promoters of Idea, Vodafone and Vodafone International Holdings BV which will be effective only up on the amalgamation becoming effective.

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Indian Bank declines on profit taking
Mar 20,2017

Meanwhile, the S&P Sensex was down 143.27 points or 0.48% at 29,505.72.

On the BSE, 15,000 shares were traded on the counter so far as against the average daily volumes of 74,685 shares in the past one quarter. The stock had hit a high of Rs 286.35 and a low of Rs 275.05 so far during the day.

The stock had hit a 52-week high of Rs 310 on 9 February 2017 and a 52-week low of Rs 84.80 on 12 May 2016. The stock had underperformed the market over the past one month till 17 March 2017, sliding 2.16% compared with the Sensexs 4.15% rise. The scrip had, however, outperformed the market over the past one quarter, surging 21.68% as against the Sensexs 11.93% rise.

The large-cap bank has equity capital of Rs 480.29 crore. Face value per share is Rs 10.

Shares of Indian Bank had risen 6.28% in the preceding four trading sessions to settle at Rs 283.20 on Friday, 17 March 2017, from its closing of Rs 266.45 on 10 March 2017.

Meanwhile, Indian Bank announced on Saturday, 18 March 2017, that its board approved to raise capital by issuing 4.75 crore equity shares through follow-on issue/rights issue/private placement /qualified institutional placement (QIP)/preferential issue, subject to necessary approval from Reserve Bank of India, Government of India, shareholders of the bank and other regulatory authorities, at appropriate time.

Net profit of Indian Bank rose 670.4% to Rs 373.48 crore on 2.5% growth in total income to Rs 4557.25 crore in Q3 December 2016 over Q3 December 2015.

Government of India currently holds 82.1% stake in Indian Bank (as on 31 December 2016).

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Larsen & Toubro Infotech partners with Scandinavian Energy Company - OKQ8 Scandinavia
Mar 20,2017

Larsen & Toubro Infotech announced the signing of a multi-year strategic partnership with OKQ8 Scandinavia, one of Scandinavias largest energy companies. As part of the deal, LTI will provide Application Development and Maintenance Services (ADMS) and also help OKQ8 Scandinavia transform its IT systems and business processes.

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Intellect Design Arena allots 503,500 shares
Mar 20,2017

Intellect Design Arena announced that the Members of the Stakeholders Relationship Committee of the Company vide its Circular Resolution dated 18 March 2017 has approved the allotment of 503,500 shares to Fourteen (14) associates under ASOP 2011 Scheme, the allotment of 23,000 shares to Five (5) associates under ISOP 2015 Scheme.

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Indiabulls Real Estate gains on plan to raise Rs 100 crore through NCDs
Mar 20,2017

The announcement was made after market hours on Friday, 17 March 2017.

Meanwhile, the S&P BSE Sensex was down 147.53 points, or 0.50% to 29,501.46.

On the BSE, 3.83 lakh shares were traded in the counter so far, compared with average daily volumes of 8.67 lakh shares in the past one quarter. The stock had hit a high of Rs 83.65 and a low of Rs 81.65 so far during the day.

The stock hit a 52-week high of Rs 105.25 on 30 May 2016. The stock hit a 52-week low of Rs 51.80 on 18 March 2016.

The stock had outperformed the market over the past one month till 17 March 2017, rising 7.16% compared with 4.76% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 17.74% as against Sensexs 11.93% rise.

The mid-cap company has equity capital of Rs 98.33 crore. Face value per share is Rs 2.

Indiabulls Real Estate said it proposes to issue secured, redeemable, non-convertible debentures (NCD) of face value Rs 10 lakh each, aggregating Rs 100 crore, on a private placement basis. The NCD issue with tenor of 13 months will open on 22 March 2017, the company said in a notice. The company had received shareholders approval for the same in September 2016 through a special resolution at its annual general meeting then.

On a consolidated basis, Indiabulls Real Estates net profit fell 13.7% to Rs 58.58 crore on 58.8% decline in net sales to Rs 291.21 crore in Q3 December 2016 over Q3 December 2015.

Indiabulls Real Estate is a real estate development company with development projects spread across office and commercial complexes, premium residential developments, mega townships, retail spaces, hotel and resorts, special economic zones and infrastructure development.

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Moodys: IFRS 9 adoption to result in modest capital impact for most banks
Mar 20,2017

Most Moodys-rated banks reporting under International Financial Reporting Standards (IFRS) anticipate a decrease of up to 50 basis points (bps) in their core capital ratios when the new expected credit loss rules under IFRS 9 come into effect next year, according to a survey conducted by the rating agency. The accounting change, on its own, will not affect Moodys credit assessment of most banks. However, unexpected large capital reductions may cause a reassessment of bank capital adequacy.

The capital impact on adoption of IFRS 9 for most of our rated banks should be modest, with their capital buffers likely able to absorb the effect; only 13% of responding banks believe that their CET1 ratio could fall by more than 50 basis points, says Upaasna Laungani, CPA, Vice President -- Senior Accounting Analyst at Moodys.

About 39% of banks surveyed expect a decrease of less than 10 bps in their Common Equity Tier 1 (CET1) ratios on adoption, while 48% expect a decrease of 10-50 bps. Reflecting this, the survey revealed that banks do not expect to significantly adjust their business profiles, although many stated that they plan to adjust loan pricing to reflect the upfront reduction in capital.

Regional differences in capital impact were revealed by the survey, with some banks in the Middle East & Africa forecasting that the impact could be over 100 basis points -- a full percentage point -- on their CET1 ratios.

This was the only region, however, in which Moodys heard that the effect could be this large. While more than half of banks in Europe (58%) believe a decrease of 10 to 50 basis points is more likely, more than half of banks in the Asia-Pacific region (53%) and responding banks in Canada and Lating America believe the impact will be less than 10 basis points.

In terms of loan types, banks believe that residential mortgage and consumer loans will see the greatest increase in loan-loss reserves on adoption of IFRS 9. For most other types, though, reserves on the balance sheet will increase by about 10%, according to the survey.

While almost 70% of banks believe provision expenses will be more volatile from period to period under IFRS 9, most banks (62%) believe that the application of the IFRS 9 impairment model will result in better credit risk management.

With the effective date less than a year away, about half of banks are still in the early stages of implementation, with 8% of banks yet to start implementation.

Moodys surveyed all of its rated banks that report under IFRS, receiving responses from 185.

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Zuari Agro Chemicals temporarily shuts down urea/ammonia plants
Mar 20,2017

Zuari Agro Chemicals announced that Urea/Ammonia Plants of the Company have been shut down for annual maintenance from 19 March 2017.

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Rupa & Company drops on profit booking
Mar 20,2017

Meanwhile, the S&P Sensex was down 148.98 points, 0.5% at 29,500.01. The S&P Small-cap index was up 22.84 points or 0.16% at 14,035.47.

On the BSE, 48,000 shares were traded on the counter so far as against the average daily volumes of 40,408 shares in the past one quarter. The stock had hit a high of Rs 338.50 and a low of Rs 321.60 so far during the day.

The stock had hit a 52-week high of Rs 351.90 on 17 March 2017 and a 52-week low of Rs 244 on 10 January 2017. The stock had outperformed the market over the past one month till 17 March 2017, advancing 34.34% compared with the Sensexs 4.15% rise. The scrip had also outperformed the market over the past one quarter advancing 33.08% as against the Sensexs 11.93% rise.

The small-cap company has equity capital of Rs 7.95 crore. Face value per share is Rs 1.

Rupa & Company had rallied 25.69% in the preceding four trading sessions to settle at Rs 340.55 on Friday, 17 March 2017, from its closing of Rs 270.95 on 10 March 2017, triggered by the company announcing that Oban Fashions, one of the companys subsidiaries, concluded a deal with the US-based Fruit of the Loom Inc, a unit of Warren Buffets Berkshire Hathaway Co., to manufacture and sell products in India under the US companys brands.

Fruit of the Loom sells a wide range of underwear and casual wear in the US and Europe. The announcement was made after market hours on 14 March 2017.

The stock had jumped 16.13% to Rs 340.55 in a single session on 17 March 2017, after a bulk deal of 15.07 lakh shares was executed on the scrip at Rs 306.65 per share on BSE.

Rupa & Companys net profit rose 20.7% to Rs 17 crore on 7.5% decline in net sales to Rs 208.57 crore in Q3 December 2016 over Q3 December 2015.

Rupa & Company is a leading undergarments manufacturer and a leading hosiery and knitwear company in India.

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Jindal Poly Films corrects on profit booking
Mar 20,2017

Meanwhile, the S&P BSE Sensex was down 136.05 points, or 0.46% to 29,512.94.

On the BSE, 65,000 shares were traded in the counter so far, compared with average daily volumes of 31,533 shares in the past one quarter. The stock had hit a high of Rs 448.05 and a low of Rs 427 so far during the day.

The stock hit a 52-week high of Rs 538.75 on 11 May 2016. The stock hit a 52-week low of Rs 300 on 27 December 2016.

The stock had outperformed the market over the past one month till 17 March 2017, rising 33.88% compared with 4.76% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 26.88% as against Sensexs 11.93% rise.

The small-cap company has equity capital of Rs 43.79 crore. Face value per share is Rs 10.

Shares of Jindal Poly Films rose 36.30% in six trading sessions to settle at Rs 438 on Friday, 17 March 2017, from its close of Rs 321.35 on 8 March 2017.

Jindal Poly Films announced on 6 March 2017 that its board of directors approved expansion plans for companys India operation by investment of Rs 350 crore. Investment will be made in polyester line - H, (PET) and C.P. plant for manufacturing of polyester chips to be used for internal consumption to manufacture BOPET (biaxially-oriented polyethylene terephthalate) film. After the commencement of line, the combined capacity of BOPET films will be totaling to 1,82,000 tonnes per annum.

Jindal Poly Films consolidated net profit fell 27.4% to Rs 38.49 crore on 7.8% drop in net sales to Rs 1520.55 crore in Q3 December 2016 over Q3 December 2015.

Jindal Poly Films is engaged in diverse business activities including manufacturing of polyester film, polypropylene film, steel pipes and photographic products.

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