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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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CG Power & Industrial Solutions schedules board meeting
Jul 26,2017

CG Power & Industrial Solutions will hold a meeting of the Board of Directors of the Company on 11 August 2017.

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Bharat Gears to convene board meeting
Jul 26,2017

Bharat Gears will hold a meeting of the Board of Directors of the Company on 9 August 2017.

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Khaitan Chemicals & Fertilizers to discuss results
Jul 26,2017

Khaitan Chemicals & Fertilizers will hold a meeting of the Board of Directors of the Company on 22 August 2017.

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Chemfab Alkalis to declare Quarterly Result
Jul 26,2017

Chemfab Alkalis will hold a meeting of the Board of Directors of the Company on 27 July 2017.

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Oil Country Tubular to announce Quarterly Result
Jul 26,2017

Oil Country Tubular will hold a meeting of the Board of Directors of the Company on 10 August 2017.

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Bharti Airtel drops after reporting dismal Q1 results
Jul 26,2017

The result was announced after market hours yesterday, 25 July 2017.

Meanwhile, the S&P BSE Sensex was up 69.20 points, or 0.21% to 32,297.47.

On the BSE, 1.31 lakh shares were traded in the counter so far, compared with average daily volumes of 3.71 lakh shares in the past one quarter. The stock had hit a high of Rs 430 and a low of Rs 421.65 so far during the day. The stock had hit a 52-week high of Rs 431 yesterday, 25 July 2017. The stock had hit a 52-week low of Rs 283.95 on 9 November 2016.

The stock gained 16.86% over the past one month till 25 July 2017, outperforming the Sensexs 3.5% rise. The scrip had underperformed the market in past one quarter, rising 20.74% as against Sensexs 7.63% rise. The scrip had also outperformed the market in past one year, gaining 15.47% as against Sensexs 14.71% rise.

The large-cap company has equity capital of Rs 1998.70 crore. Face value per share is Rs 5.

Bharti Airtels revenue in Q1 June 2017 dropped primarily due to decline of mobile revenues in India. In addition, currency devaluation in Nigeria had an impact on revenue growth of 2.6%.

EBITDA (earnings before interest, taxes, depreciation and amortization) margin for Q1 June 2017 dropped to 35.6% as compared to 37.5% in Q1 June 2016.

As on 30 June 2017, the company had 37.99 crore customers, an increase of 6.2% (10.2% underlying) as compared to 35.78 crore in the corresponding quarter last year.

Bharti Airtel is a leading global telecommunications company with operations in 17 countries across Asia and Africa.

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Praj Industries-Gevo joint development agreement enters commercialization phase
Jul 26,2017

At the BIO World Congress on Industrial Biotechnology taking place in Montreal, Canada, Praj Industries (Praj) and Gevo, Inc. (Gevo) unveiled a new commercial opportunity in renewable bioproducts, jointly announcing that Gevos proprietary isobutanol technology will now be available for licensing to processors of sugar cane juice and molasses. This follows on the back of Prajs development work, adapting Gevos technology to sugar cane and molasses feedstocks.

In the first phase of development, Praj worked with Gevos technology using sugar cane and molasses feedstocks, undertaking test-runs in order to develop a process design package that will now be offered for commercialization to cane juice and molasses-based ethanol plants, aslicensees of Gevos isobutanol technology. Licensing is expected to be focused on Praj plants located in India, South America and South East Asia, with initial capacity targeted to come online in the 2019/2020 timeframe.

In the next phase of commercialization, Praj is working to adapt Gevos technology to Prajs 2nd Generation bio-refineries enabling the production of isobutanol from lignocellulosic biomass.

Isobutanol has several direct applications as a gasoline blendstock or as a specialty chemical solvent, or it can be used as an intermediate which can be further converted into other chemical products or hydrocarbons such as Gevos alcohol-to-jet fuel (ATJ) and isooctane.

Isooctane and renewable gasoline made from cane juice and molasses based isobutanol are expected to be very low in carbon content, offering new approaches to markets where low carbon fuels are valued, such as California and other geographies.

Gevo is expected to be the primary off-taker, marketer and initial distributor for isobutanol produced from the plants built by Praj that use Gevos isobutanol technology.

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GST Council forms a Selection Committee under the Chairmanship of Cabinet Secretary
Jul 26,2017

The GST Council has formed a Selection Committee under the Chairmanship of Cabinet Secretary to identify and recommend eligible persons for appointment as the Chairman and Members of the National Anti-profiteering Authority under GST. The National Anti-profiteering Authority is tasked with ensuring the full benefits of a reduction in tax on supply of goods or services flow to the consumers.

When constituted by the GST Council, the National Anti-profiteering Authority shall be responsible for applying anti-profiteering measures in the event of a reduction in rate of GST on supply of goods or services or, if the benefit of input tax credit is not passed on to the recipients by way of commensurate reduction in prices. The National Anti-profiteering Authority shall be headed by a senior officer of the level of a Secretary to the Government of India and shall have four technical members from the Centre and/or the States.

The already notified Rules on Anti-profiteering measures provide that applications seeking to invoke anti-profiteering measures shall be examined by a Standing Committee. However, if the application relates to a local matter which the business is located in only one state, it shall be first examined by a State level Screening Committee. The Standing Committee is empowered to refer cases requiring detailed enquiry to Director General of Safeguards, CBEC who shall give his recommendation for consideration of the National Anti-profiteering Authority.

In the event the National Anti-profiteering Authority confirms the necessity of applying anti-profiteering measures, it has the power to order the business concerned to reduce its prices or return the undue benefit availed alongwith interest to the recipient of the goods or services. If the undue benefit cannot be passed on to the recipient, it can be ordered to be deposited in the Consumer Welfare Fund. In extreme cases the National Anti-profiteering Authority can impose a penalty on the defaulting business entity and even order the cancellation of its registration under GST.

The constitution of the National Anti-profiteering Authority is expected to bolster consumer confidence and ensure all stakeholders reap the intended benefits of GST.

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Navin Fluorine advances after good Q1 result
Jul 26,2017

The result was announced after market hours yesterday, 25 July 2017.

Meanwhile, the S&P BSE Sensex was up 50.11 points or 0.16% at 32,278.38. The S&P BSE Mid-Cap index rose 63.91 points or 0.42% at 15,376.51.

On the BSE, 14,000 shares were traded on the counter so far as against the average daily volumes of 13,143 shares in the past one quarter. The stock had hit a high of Rs 670 and a low of Rs 635.20 so far during the day. The stock had hit a 52-week high of Rs 686.80 on 13 July 2017 and a 52-week low of Rs 431 on 8 August 2016.

The mid-cap company has equity capital of Rs 9.85 crore. Face value per share is Rs 2.

Navin Fluorine International is the largest integrated specialty fluorochemical company in India.

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Pidilite Industries drops after poor Q1 result
Jul 26,2017

The result was announced after market hours yesterday, 25 July 2017.

Meanwhile, the S&P BSE Sensex was up 72.36 points or 0.22% at 32,300.63

On the BSE, 14,000 shares were traded on the counter so far as against the average daily volumes of 51,272 shares in the past one quarter. The stock had hit a high of Rs 818.60 and a low of Rs 797.55 so far during the day. The stock had hit a record high of Rs 837.10 on 23 June 2017 and a 52-week low of Rs 568.75 on 26 December 2016.

The large-cap company has equity capital of Rs 51.27 crore. Face value per share is Re 1.

Pidilite Industries consolidated earnings before interest, taxation, depreciation and amortization (EBITDA) before non operating income fell 19% to Rs 306 crore in Q1 June 2017 over Q1 June 2016.

Commenting on the results, Pidilite Industries Managing Director Bharat Puri said that performance in Q1 June 2017 was impacted by the short term challenges of transition to GST largely as a result of destocking by customers in June as well as an upward trend in some key raw material prices.

Pidilite Industries is a leading manufacturer of adhesives and sealants, construction chemicals, craftsmen products, DIY (Do-It-Yourself) products and polymer emulsions in India.

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Under the GST regime the applicable tax rate on economy class passenger tickets has been reduced from 6% to 5%
Jul 26,2017

Under the GST regime the applicable tax rate on economy class passenger tickets has been reduced from 6% to 5% (non-creditable for goods), while the tax rate on business class has been increased from 9% to 12% with input tax creditable for both goods and services procured by airlines. Petroleum products including ATF are presently outside the purview of GST.

With a view to reducing the overall tax burden on the consumer, the Goods and Services Tax (GST) regime amalgamates a large number of Central and State taxes into a single tax and allows set-off of prior stage taxes thereby mitigating the ill-effects of cascading taxes on prices across all sectors including civil aviation.

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Allow all state-run vehicles to move on ethanol based clean fuel: ASSOCHAM plea to Yogi Adityanath
Jul 26,2017

Apex industry body ASSOCHAM has urged the Uttar Pradesh chief minister, Yogi Adityanath to allow all state-run buses to move on from oil-based fuel (petrol, diesel) to alternative and environment-friendly fuel like ethanol.

n++Uttar Pradesh (UP) is Indias largest producer of ethanol for blending with petrol after Maharashtra, as such the state should promote use of cleaner-burning fuel from sugarcane as the move would result in twin benefits of reducing dependence on crude oil imports and carbon-emissions,n++ said ASSOCHAM national secretary general, Mr D.S. Rawat.

Second generation (2G) ethanol can be made using all types of agricultural residues like bagasse (cane-waste), rice and wheat straw, bamboo, cotton stalk, corn stover, wood chips and others.

Even the Union Road Transport, Highways and Shipping Minister, Mr Nitin Gadkari had talked about a similar idea to the UP chief minister.

n++I had proposed to the UP chief minister to promote use of ethanol as an alternate fuel in all types of bus services in the state, be it within cities or regional transport from district to district as UP leads India in ethanol production,n++ Mr Gadkari had said at an ASSOCHAM conference, India on cusp of logistics revolution, held in New Delhi on July 13.

ASSOCHAM has also urged the UP chief minister to accord priority towards improving the condition and use of public transport to discourage people from using their own vehicles as that would help reduce traffic/congestion on roads, reduce the number of road accidents and considerably bring down rising pollution levels across state.

n++Even the union government is laying thrust upon use of electric vehicles and green fuel like ethanol and is vigorously working towards promoting use of cost-effective, import-substitute, pollution-free and indigenous technology,n++ said Mr Rawat.

n++Such an initiative would not only help reduce pollution but will in-turn promote industrial development, bring down logistics costs, generate employment, increase economic growth and boost exports,n++ he added.

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Axis Bank, Bharti Airtel to react to poor Q1 results
Jul 26,2017

Bharti Airtels consolidated net profit fell 58.4% to Rs 617.70 crore on 14% decline in net sales to Rs 21958.10 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours yesterday, 25 July 2017.

Axis Banks net profit fell 16.1% to Rs 1305.60 crore on 1.4% growth in total income to Rs 14052.30 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours yesterday, 25 July 2017.

Hero MotoCorps net profit rose 3.5% to Rs 914.04 crore on 7.7% increase in net sales to Rs 7971.58 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours yesterday, 25 July 2017.

The companys EBITDA (earnings before interest, taxes, depreciation and amortization) rose 5.35% to Rs 1295.90 crore in Q1 June 2017 over Q1 June 2016.

Cipla and the product development partnership Medicines for Malaria Venture (MMV) announced the launch of 100 mg Artesunate Rectocaps/Rectal Artesunate Suppositories (RAS), a life-saving, pre-referral intervention for the management of severe malaria in young children. The announcement was made after market hours yesterday, 25 July 2017.

Initially developed by the World Health Organizations (WHO) Tropical Diseases Research programme, RAS 100 mg manufactured by Cipla was recently added to the Global Fund Expert Review Panels list of quality-assured medicines, while the process of WHO prequalification of this medicine moves through its final stages. This authorization makes it the first quality-assured RAS product.

Ciplas RAS product contains 100 mg of Artesunate and is indicated in children from 6 months to 6 years. It was developed with the support of MMV (with UNITAID financing) and will now soon be available in four sub-Saharan countries.

HDFC and Yes Bank are among the prominent companies that will be announcing their June quarter earnings today, 26 July 2017.

Pidilite Industries consolidated net profit fell 16.77% to Rs 226.51 crore on 2.58% decline in net sales to Rs 1528.92 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours yesterday, 25 July 2017.

National Fertilizers after market hours yesterday, 25 July 2017 said that the government will divest upto 7.35 crore shares or 15% stake in the company by way of offer for sale (OFS). The floor price for the OFS is Rs 72.80 per share. The OFS will remain open today, 26 July 2017 for non-retail investors and tomorrow, 27 July 2017 for retail investors and for non-retail investors who choose to carry forward their bids through the separate window provided for the purpose on the stock exchanges.

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Loyal Equipments proposes bonus issue
Jul 25,2017

Loyal Equipments announced plans to issue bonus shares. The Board of the Company will consider the proposal on 01 August 2017.

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Syndicate Bank receives revision in credit ratings
Jul 25,2017

Syndicate Bank has received revision in credit ratings from credit ratings agencies as under -

India Ratings has reaffirmed the rating of Additional Tier I bonds of the Bank at AA and Tier II bonds at AA+ while revising the outlook from Stable to Negative.

Moodys has affirmed the Banks local and foreign currency bank deposit ratings at Baa3/Prime-3. Moody has also affirmed senior unsecured medium term note (MTN) program at (P)Baa3 and senior unsecured debt rating at Baa3. The outlook wherever applicable has been changed from Positive to Stable

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