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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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Stronger rise in new work boosts growth of services activity: Nikkei India Services PMI
Apr 06,2017

The Indian service sector moved further away from the demonetisation-related contractions seen towards the end of 2016 and beginning of 2017. New business and output rose for the second straight month in March, with rates of expansion accelerating in both cases. The improvement in business conditions promoted job creation, while confidence towards the year-ahead outlook for activity was at a four-month high.

The Nikkei India Services Business Activity Index posted above the critical 50.0 level for the second-month running in March, highlighting ongoing growth of output in the sector. Moreover, rising from 50.3 in February to 51.5, the latest figure pointed to a stronger rate of expansion. The average reading over the final quarter of the fiscal year was above that seen in the prior period (from 49.3 to 50.2).

The upturn in manufacturing production also accelerated in March, reaching a five-month high. Subsequently, the seasonally adjusted Nikkei India Composite PMI Output Index increased to 52.3, from 50.7 in February, signalling a quicker rise in private sector activity across the country.

Underpinning the expansion in services activity was a back-to-back rise in new business inflows. As was the case for output, growth of new work also gathered pace in March. Anecdotal evidence highlighted improving demand conditions. At the same time, factory new orders increased at the strongest rate since last October.

In order to cope with higher workloads, service providers hired additional staff. Employment increased only slightly overall, but to the greatest extent since July 2015. Manufacturing jobs also rose in March as firms sought to expand operating capacity.

Services companies indicated that activity is expected to rise over the coming 12 months, with the overall degree of optimism at a four-month high. Almost 24% of panellists signalled positive sentiment, with better marketing campaigns, strengthening demand conditions, plus hopes that the Goods & Services Tax bill will be favourable to businesses, the key factors supporting confidence. Likewise, goods producers were more upbeat towards growth prospects than in February.

Input costs facing services firms rose again in March, thereby stretching the current sequence of inflation to seven months. Despite accelerating to the fastest over this period, the rate of increase was moderate in the context of historical data. The main items reported to be up in price over the month were fuel and food. In contrast to the trend seen in services, purchase cost inflation in the manufacturing industry softened to a four-month low.

Amid reports of the passing on of higher cost burdens to clients, some services companies raised their own selling prices in March. Overall, the rate of charge inflation was slight, having softened since the preceding month. Firms that kept output prices unchanged mentioned efforts to stimulate demand. Similarly, factory gate charges increased at a slower pace and one that was below the long-run series average.

As has been observed on a monthly basis since mid-2016, outstanding business volumes at services firms increased during March. In many cases, panel members blamed the latest rise in unfinished work on delayed payments from clients. That said, the rate of backlog accumulation was only modest and the slowest in nine months. By comparison, work-in-hand at goods producers rose at the weakest pace in three months.

Commenting on the Indian Services PMI survey data, Pollyanna De Lima, economist at IHS Markit, and author of the report, said: Indias private sector economy stayed on an upward trajectory during March, benefiting from an upswing in demand and output. The countrys rapid recovery from the demonetisation-related downturn was accompanied by job creation and softer inflationary pressures.

PMI data indicate faster growth of new business and output across the two monitored sectors, manufacturing and services. The former outperformed the latter with regards to expansion rates again during March.

By historical standards, the increases in new work and activity remain relatively mild, though growth is likely to gather speed as we head into the new financial year. This is shown by firms willingness to hire additional employees and reinforced by stronger confidence towards the 12-month outlook for output.

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Jindal Steel hardens after posting record steel sales in FY 2017
Apr 06,2017

The announcement was made after market hours yesterday, 5 April 2017.

Meanwhile, the S&P BSE Sensex was down 111.71 points or 0.37% at 29,866.31.

On the BSE, 13.12 lakh shares were traded on the counter so far as against the average daily volumes of 23.27 lakh shares in the past one quarter. The stock had hit a high of Rs 131 and a low of Rs 124.55 so far during the day. It had hit a 52-week high of Rs 131.80 on 17 March 2017 and a 52-week low of Rs 57.80 on 24 May 2016.

It had underperformed the market over the past one month till 5 April 2017, falling 1.51% compared with the Sensexs 3.96% rise. The scrip had, however, outperformed the market over the past one quarter, gaining 64.96% as against the Sensexs 11.52% rise.

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

Jindal Steel and Power (JSPL) has grown impressively despite the challenging times faced by the global steel Industry for a larger part of the financial year ended 31 March 2017 (FY 2017). JSPL clocked production and sales of over 4.8 million tonnes in FY 2017.

JSPLs consolidated steel production rose 12.3% at 1.3 million tonnes in Q4 March 2017 over Q3 December 2016. JSPLs consolidated steel sales rose 11.2% at 1.34 million tonnes in Q4 March 2017 over Q3 December 2016.

Jindal Shadeed Oman clocked highest ever production and sales, by recording an over 20% rise in production to over 1.33 million tonnes and over 17% rise in sales of over 1.31 million tonnes in FY 2017.

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 28.1% to Rs 5296.80 crore in Q3 December 2016 over Q3 December 2015.

JSPL is one of the Indias leading integrated steel manufacturers, having significant presence in steel, power generation and infrastructure segments and catering to a large part of Indias domestic energy and infrastructure requirement.

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PFC Consulting transfers Kohima-Mariani Transmission to Kalpataru Power Transmission
Apr 06,2017

PFC Consulting (a wholly owned subsidiary of Power Finance Corporation) has transferred Kohima-Mariani Transmission, its wholly owned subsidiary Company established for development of Independent Transmission Project North Eastern Region Strengthening Schenme (NERSS-VI) to Kalpataru Power Transmission on 31 March 2017.

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Brahmaputra Infrastructure receives LoA worth Rs 44.80 crore from Govt. of Assam
Apr 06,2017

Brahmaputra Infrastructure has received a letter of award of work for execution of the construction of residential complex at Rehabari, Guwahati for the contract price of Rs 44.80 crore from the Govt. of Assam.

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Cabinet approves Collaboration Agreement to support the Belmont Forum Secretariat
Apr 06,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for signing of the Collaborative Agreement with French National Research Agency (ANR), France for supporting the Belmont Forum Secretariat from January, 2015 to December, 2017 at a total estimated expenditure of Euro 40,000. The Cabinet also approved continued financial support to Belmont Forum Secretariat beyond 2017.

The Belmont Forum, created in 2009, is a high level group of the worlds major and emerging funders of global environmental change research and international science councils. It provides an opportunity to identify study and deliver international environmental research priorities, for the society, in an accelerated way through transn++national research collaboration between natural and social scientists and alignment of international resources.

India is a member of Belmont Forum, besides Australia, Brazil, Canada, European Commission, France, Germany, Japan, Netherland, South Africa, UK and USA etc. Ministry of Earth Science (MoES), represents India in the Belmont Forum since 2012.

In order to coordinate the activities of the Belmont, a Secretariat is hosted by one of the Belmont forum member on rotational basis. ANR, France is hosting the Secretariat from January, 2015 to December, 2017. Expenditure for hosting the Secretariat will be borne by Belmont Forum member countries in kind or cash contribution.

Impact:

The Agreement will help to maintain a certain degree of continuity in the operations of the Forum and also help in smooth coordination of the activities of Belmont Forum. As India is already participating in 4 Collaborative Research Actions (CRAs) and Secretariat will be coordinating the activities of Belmont Forum, Indian scientific community will ultimately benefit from this agreement.

Background:

Since the inception of Belmont Forum in 2009, its operations were being handled by a part-time secretariat associated with the respective Chairs of the Belmont Forum. As the Co-chairs are rotational, the Secretariat also rotates and some time co-chairs are from different Continents with different time zone. In order to maintain a certain degree of continuity in the operations of the Forum, establishment of a Full-time Secretariat was agreed upon by Belmont Forum members, on rotational basis. ANR, France has agreed to host the Secretariat from January, 2015 to December, 2017.

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Grasim Industries allots 25,080 equity shares
Apr 06,2017

Grasim Industries has allotted 25,080 equity shares of Rs 2 each of the Company under ESOSs. Consequent to the above allotment, the equity share capital of the Company stands increased to 46,68,62,190 equity shares of Rs 2 each aggregating to Rs 93.37 crore.

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CSL Finance gets reaffirmation of ratings for enhanced bank facilities
Apr 06,2017

CSL Finance announced that CARE Ratings has reviewed the enhanced bank facilities of the Company and have reaffirmed their ratings of CARE BBB; Stable.

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Cabinet apprised of the MoU with Ferrovie Dello Stato Italiane S.P.A. of Italy on Technical Cooperation in the Rail Sector
Apr 06,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has been apprised of the Memorandum of Understanding (MoU) signed with Ferrovie Dello Stato Italiane S.P.A. of the Republic of Italy on 31st January, 2017 on technical cooperation in railway sector.

The MoU will provide a platform to Indian Railways to interact and share the latest developments and knowledge in the railway sector to promote safety, efficiency and sustainability. The MoU will also facilitate exchange of information, experts meetings, seminars, technical visits and implementation of jointly agreed cooperation, projects.

The objective of this MoU is to develop technical cooperation activities in the railway sector to promote safety, efficiency and sustainability, to their mutual benefit. It will enable technical cooperation in the following areas:-

a. Safety audit of Indian Railways and measures required for enhancing safety in train operation;

b. Assessment and certification of advanced technology based safety products and systems to Safety Integrity Level 4 (SIL4);

c. Training and competency development with focus on safety including in areas of advanced signaling and train control systems;

d. Modern trends in Maintenance and diagnostic;

e. Any other area jointly identified by the participants.

Background:

The Ferrovie Dello Stato Italiane Group (FS Group) is an industrial holding managing the Italian Railways sector through its companies focused on railway related businesses, the main ones are: Trenitalia - rail transport Rete Ferroviaria Italiana - railway infrastructure manager, Italferr - engineering company, Italcerifer - notified body certifying railway systems and components. The FS group is fully owned by Government and is under Ministry of Treasury, Italy.

Ministry of Railways have signed MQUs for technical cooperation with the Rail sector with various foreign Governments and National Railways. The identified areas of cooperation include high speed corridors, speed raising of existing routes, development of world class stations, heavy haul operations and modernization of rail infrastructure, etc. The cooperation is achieved through exchange of Information on developments in areas of railways, technology & operations, knowledge sharing, technical visits, training & seminars and workshops in areas of mutual interest.

The MoUs provide a platform for Indian Railways to interact and share the latest developments and knowledge in the railway sector. The MoUs facilitate exchange of technical experts, reports and technical documents, training and seminars/workshops focusing on specific technology areas and other interactions for knowledge sharing.

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Deal with CPPIB energises Phoenix Mills
Apr 06,2017

The announcement was made after market hours yesterday, 5 April 2017.

Meanwhile, the S&P BSE Sensex was down 57.09 points, or 0.19%, to 29,917.15. The S&P BSE Mid-Cap index was down 36.48 points, or 0.26%, to 14,219.07

On the BSE, so far 12,000 shares were traded in the counter, compared with average daily volumes of 28,908 shares in the past one quarter. The stock had hit a high of Rs 438.10 and a low of Rs 423.85 so far during the day.

The stock hit a 52-week high of Rs 445 on 8 September 2016. The stock hit a 52-week low of Rs 285.05 on 15 November 2016. The stock had outperformed the market over the past 30 days till 5 April 2017, rising 10.01% compared with the 3.36% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, gaining 9.85% as against Sensexs 11.52% gain.

The mid-cap company has equity capital of Rs 30.61 crore. Face value per share is Rs 2.

Phoenix Mills and Canada Pension Plan Investment Board (CPPIB) announced participation in a strategic investment platform Island Star Mall Developers (ISMDPL) to develop, own and operate retail-led mixed-use developments across the country. CPPIB will initially own 30% in Island Star Mall with an equity commitment of approximately Rs 724 crore. CPPIB plans to invest a total of approximately Rs 1600 crore in multiple tranches, to own up to 49% stake in the platform. Pre-money enterprise value of ISMDPL is pegged at about Rs 2200 crore.

ISMDPL owns Phoenix MarketCity Bangalore, a mall which opened in 2011, with gross leasable area of 1 million sq. ft. The funds will be used for acquiring and developing both greenfield assets on newly purchased land banks, as well as existing operating retail assets. Phoenix Mills will manage all development and operational assets in ISMDPL.

On a consolidated basis, Phoenix Millss net profit fell 6.86% to Rs 44.54 crore on 11.72% decline in net sales to Rs 436.69 crore in Q3 December 2016 over Q3 December 2015.

Phoenix Mills focuses on real estate development and entertainment.

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Power Grid Corporation of India enters into loan agreement with Asian Development Bank
Apr 06,2017

Power Grid Corporation of India has entered into loan agreement with Asian Development Bank on 05 April 2017 for an amount of USD 225 million (including USD 50 million as Clean Technology Fund) for part of its transmission projects associated with Solar Power Parks.

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Capital First allots NCDs aggregating Rs 500 crore
Apr 06,2017

Capital First announced that the Debenture Committee vide Resolution passed by Circulation on 05 April 2017 has inter - alia approved allotment of 5000 NCDs having Face Value of Rs. 10,00,000 each. The said NCDs shall be listed on National Stock Exchange of India

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Cabinet approves closure of Mahatma Gandhi Pravasi Suraksha Yojana
Apr 06,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved closure of the Mahatma Gandhi Pravasi Suraksha Yojana (MGPSY) which was set up in 2012 to address the social security-related issues of the Emigration Check Required (ECR)-category workers going abroad for employment to ECR countries.

The subscription under the MGPSY was very low and no new subscription was received for more than a year. Closure of the scheme will, therefore, obviate the avoidable recurring administrative and record-keeping expenditure.

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Reliance Defence beefs up after plans to approve rights issue
Apr 06,2017

The announcement was made after market hours yesterday, 5 April 2017.

Meanwhile, the S&P BSE Sensex was down 86.22 points, or 0.29%, to 29,888.02. The S&P BSE Mid-Cap index was down 19.05 points or 0.13% to 14,236.50.

On the BSE, 3.56 lakh shares were traded in the counter so far, compared with average daily volumes of 6.55 lakh shares in the past one quarter. The stock had hit a high of Rs 69.50 and a low of Rs 66.80 so far during the day.

The stock had hit a 52-week high of Rs 72.85 on 1 August 2016. The stock had hit a 52-week low of Rs 48.40 on 22 November 2016. It had outperformed the market over the past one month till 5 April 2017, advancing 11.54% compared with the Sensexs 3.96% rise. The scrip had also outperformed the market over the past one quarter, gaining 20.32% as against the Sensexs 11.52% rise.

The mid-cap company has equity capital of Rs 736.21 crore. Face value per share is Rs 10.

Reliance Defence said that the rights issue was earlier approved at the board meeting held on 22 April 2016.

The companys board will also announce companys Q4 results on 11 April 2017.

Reliance Defence & Engineering reported net loss of Rs 132.71 crore in Q3 December 2016 as against net loss of Rs 293.60 crore in Q3 December 2015. Net sales rose 142.8% to Rs 120.94 crore in Q3 December 2016 over Q3 December 2015.

Reliance Defence and Engineering (RDEL) has a large ship building/repair infrastructure in India. It has one of the largest dry dock in the world.

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Amrapali Fincap announces resignation of company secretary and compliance officer
Apr 06,2017

Amrapali Fincap announced that Chinmay Methiwala has resigned from the post of Company Secretary and Compliance officer of the Company w.e.f. 05 April 2017.

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HDFC Bank grants 1,68,65,850 equity stock options
Apr 06,2017

HDFC Bank has granted 1,68,65,850 equity stock options of the face value of Rs. 2/- (options) each to the eligible employees of the Bank at the grant price of Rs. 1433.20

Under the current Scheme, 7,01,600 options are being granted to Aditya Puri, Managing Director, 3,19,000 options to Paresh Sukthankar, Deputy Managing Director and 2,32,000 options to Kaizad Bharucha, Executive Director, all subject to the approval of the Reserve Bank of India. The options were granted under the Scheme titled ESOS 27 in terms of SEBI (Share Based Employee Benefits) Regulations, 2014.

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