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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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Board of Zicom Electronic Security Systems appoints director
Apr 17,2017

The Board of Directors of Zicom Electronic Security Systems at its meeting held on 17 April 2017 has appointed Sharada Sundaram as a IDBI Bank Nominee Director of the Company w.e.f. 17 April 2017 pursuant to Section 161 and other applicable provisions of the Companies Act, 2013 read with Rules thereunder and Article 111 of the Articles of Association of the Company.

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Board of Opto Circuits (India) approves change in directorate
Apr 17,2017

Opto Circuits (India) announced that the Board of Directors of the Company at its meeting held on 16 April 2017 has approved the following -

Appointment of Somadas GC, Independent Director as Managing Director with effect from 16 April 2017.

Appointment of Nanjappaiah Madgondapalli Ramu as Additional Director in capacity of Independent Director with effect from 16 April 2017.

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Board of CMI allots 2.50 lakh equity shares
Apr 17,2017

CMI announced that the Board of Directors of the Company at its meeting held on 17 April 2017 has approved allotment of 2,50,000 ( Two Lakh Fifty Thousand) Equity Shares having face value Rs. 10/- (Rupees Ten only) each at a premium of Rs 290/- Per Equity Share to Promoter/Promoter group.

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Board of Chandra Prabhu International approves change in directorate
Apr 17,2017

Chandra Prabhu International announced that the Board of Directors at its meeting held on 17 April 2017 has approved and confirmed -

1.Induction of Gajraj Jain as an Additional Director and his Appointment as Chairman cum Managing Director of the company w.e.f 17 April 2017,subject to shareholders approval at general meeting &

2. Change in Designation of Akash Jain from Managing Director of the company to Joint Managing Director w.e.f 17 April 2017,subject to shareholders approval at general meeting.

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Board of TCI Industries allots preference shares
Apr 17,2017

TCI Industries announced that the Board of Directors of the Company at its meeting held on 17 April 2017 has issued and allotted 1788, 0% Non-Convertible Redeemable Preference Shares (NCRPS) of Face Value of Rs. 100/- (Rupees Hundred only) each at a premium of Rs. 300/- (Rupees Three Hundred only) each to Ved Prakash & Sons HUF belonging to the Promoter & Promoter Group of the Company.

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Suzlon Energy commissions two wind power projects at Gandikota and Jath
Apr 17,2017

Suzlon Energy announced that NALCO has dedicated 100.80 MW of wind power plants to the Nation. Suzlon Energy has installed and commissioned 2 renewable projects of 50.40 MW each for NALCO at Gandikota in Andhra Pradesh and Jath in Maharashtra.

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NHPC announces change in CFO
Apr 17,2017

NHPC announced that Mahesh Kumar Mittal, Director (Finance) has been designated as Chief Financial Officer (CFO) of the Company w.e.f. 17 April 2017 in place of Jayant Kumar, who ceased to be CFO of the Company due to attaining the age of superannuation of 28 February 2017.

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TCI Seaways acquires vessel in West Coast of India
Apr 17,2017

TCI Seaways, a division of Transport Corporation of India has acquired another vessel in the West Coast of India. The ship has a DWT 13760 with nominal capacity of 712 (TEUs) and was acquired in March, 2017.With this new induction, TCI Seaways will now operate 5 coastal ships covering both the eastern and western ports of India.

The new service will be from Mundra to Kochi - Tuticorin and back. It is intended to serve Punjab, UP, NCR, Rajasthan and Gujrat production areas for consumption in South and return cargo from South.

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Asia Pacific Market: Stocks mostly down on geopolitical tensions
Apr 17,2017

Asia Pacific share market closed mostly down in thin trading on Monday, 17 April 2017, as geopolitical tensions in Korea continued to discourage buying. Markets in Australia, New Zealand and Hong Kong were closed for Easter Monday.

Concerns of military conflict between the U.S. and North Korea grew over the past week. On Saturday, North Korea rolled a long-range ballistic missile, among other military equipment, through the streets of Pyongyang to commemorate the birth of the countrys late founder, Kim Il Sung. The next day it unsuccessfully fired a ballistic missile, prompting a senior Trump administration official to warn that North Koreas provocative behavior couldnt continuen++a warning underlined Monday by Vice President Mike Pence, who is visiting the region.

Among Asian bourses

Japan Stocks snap four-session losing streak

The Japan share market finished session higher after recouping losses late afternoon, snapping four-session losing streak, supported by buying on dips by individual investors. Speculation about the Bank of Japans purchase of exchange-traded funds also helped push up the market. However, market topside was capped amid yens appreciation against the dollar and growing tensions on the Korean peninsula. The 225-issue Nikkei average gained 19.63 points, or 0.11 percent, to end at 18,355.26. The TOPIX index of all First Section issues finished up 6.62 points, or 0.45 percent, at 1,465.69. Rising stocks outnumbered declining ones on the Tokyo Stock Exchange by 2177 to 868 and 289 ended unchanged. The Nikkei Volatility, which measures the implied volatility of Nikkei 225 options, was up 1.23% to 23.03 a new 3-month high.

Movie distributor Toho attracted hefty purchases on its stronger-than-expected group operating profit for the business year that ended in February, announced on Friday. Game-maker Nintendo also went up with investors taking heart from brisk sales of the Nintendo Switch game console.

Among other major winners were utilities, such as Tokyo Electric, Kansai Electric, Tokyo Gas and Osaka Gas, and realtors, including Mitsui Fudosan, Mitsubishi Estate and Sumitomo Realty.

By contrast, the higher yen battered export-oriented issues, namely automakers Toyota and Honda and technology firm Kyocera. Also on the minus side were clothing store chain operator Fast Retailing and mobile phone carrier SoftBank.

China Stocks fall on anti-speculation crackdown

The Mainland China equity market closed lower, as investors dumped stocks across the board after Chinese authorities promised to curb speculation and prevent investor misdeeds, shrugging off better-than-expected GDP data for first quarter. A flurry of economic data released on Monday morning, including better-than-expected economic growth in the first quarter, was largely priced in. Main sectors fell broadly led by real estate stocks. The benchmark Shanghai Composite Index lost 0.8% or 23.9 points to end at 3,222.2. The large-cap CSI300 dropped 0.2% or 6.6 points to 3,479.9. The Shenzhen Component Index closed 0.7% lower to 10,450.9, and the startup board ChiNext index lost 1% to 1,868.3.

Market sentiment worsened over an escalating regulatory crackdown on stock manipulation, despite stronger-than-expected economic data for the first quarter. Over the weekend Chinas top securities regulator, Liu Shiyu, urged stock exchanges to strengthen regulation and severely punish violations. Comments from Mr. Liu add psychological pressure on the market.

The National Bureau of Statistics reported Chinas GDP grew 6.9% in the first quarter, the fastest pace since the third quarter of 2015. The result was up from the 6.8% growth in the previous quarter and well above Chinas annual target of about 6.5% growth.

Shares in recently listed companies tumbled after securities regulators warned of speculative trading in those stocks, while some stocks related to Xiongan New Area also retreated following sharp gains earlier this month.

The Shanghai-listed shares of Baiyin Nonferrous Group and the Shenzhen-listed shares of Zhejiang Meili High Technology, which were listed earlier this year and witnessed big gains, plunged 10% on Monday.

Several Xiongan-related stocks also resumed trading on Monday, but their performances were mixed. Rigging and sling product maker Juli Sling sank by its allowable limit of 10% to 12.41 yuan in Shenzhen. Property developer China Fortune Land Development also lost 10% to 39.95 yuan in Shanghai. However, Beijing-based cement producer and property developer BBMG rose by its 10% limit to 9.1 yuan in Shanghai.

Fourteen Chinese companies were halted from share trading last week, citing the need to evaluate the potential impact from Xiongan, a new special economic zone that Beijing hopes to build in Hebei province, modelled on the Shenzhen Special Economic Zone and the Shanghai Pudong New Area. The Shanghai Stock Exchange also issued a statement warning investors against risks in Xiongan-related stocks.

India stocks drop for third day in a row

Key benchmark indices settled with small losses after a quiet session of trade amid lack of global cues as most world markets remained close for holiday. The barometer index, the S&P BSE Sensex, shed 47.79 points or 0.16% to settle at 29,413.66. The Nifty 50 index fell 11.50 points or 0.13% to settle at 9,139.30. The Sensex and the Nifty, both, hit their lowest closing levels in almost three-weeks. Realty stocks logged steep gains led by Indiabulls Real Estate. Bank and metal stocks dropped.

Metal and mining stocks fell after reports China, which produces half the worlds steel, churned out a record quantity in March as mills benefited from healthy margins, setting the scene for a subsequent decline in prices. Vedanta (down 3.2%), Steel Authority of India (Sail) (down 0.89%), National Aluminium Company (down 0.28%), Hindustan Zinc (down 0.89%), Jindal Steel & Power (down 0.9%), Hindalco Industries (down 1.06%), Tata Steel (down 0.42%), NMDC (down 1.35%), Hindustan Copper (down 0.15%) edged lower. JSW Steel (up 1.73%) rose.

L&T rose 0.14% after the company said that its construction L&T Construction has won orders worth Rs 2694 crore across various business segments. The announcement was made during market hours today, 17 April 2017.

Dr Reddys Laboratories gained 0.72% after the company announced that the audit of its API Srikakulam plant in Andhra Pradesh by the US Food and Drug Administration (USFDA) was completed on Friday, 14 April 2017, with no observations. The announcement was made on Friday, 14 April 2017.

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China Stocks fall on anti-speculation crackdown
Apr 17,2017

The Mainland China equity market closed lower on Monday, 17 April 2017, as investors dumped stocks across the board after Chinese authorities promised to curb speculation and prevent investor misdeeds, shrugging off better-than-expected GDP data for first quarter. A flurry of economic data released on Monday morning, including better-than-expected economic growth in the first quarter, was largely priced in. Main sectors fell broadly led by real estate stocks. The benchmark Shanghai Composite Index lost 0.8% or 23.9 points to end at 3,222.2. The large-cap CSI300 dropped 0.2% or 6.6 points to 3,479.9. The Shenzhen Component Index closed 0.7% lower to 10,450.9, and the startup board ChiNext index lost 1% to 1,868.3.

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WPI inflation eases to 5.7% in March 2016, rebounds to 3.7% in 2016-17
Apr 17,2017

The Wholesale Price Index (WPI)-based inflation dipped to 5.7% in March 2017 from 39-month high of 6.55% in February 2017, while snapping consistent rise for last three straight months. The WPI inflation dipped in March driven by fall in inflation for all three major sub-groups - primary articles, fuel and power group as well as manufactured products group in March 2017.

Inflation of primary articles declined to 4.6% in March 2017 from 5% in February 2017. The inflation for fuel items eased to 18.2% in March 2017 from 21.0% in February 2017. The inflation for manufactured products fell to 3% in March 2017 from 3.7% in February 2017.

The WPI inflation has turned positive at 3.7% in financial year 2016-17 from sub-zero level of (-) 2.5% in 2015-16. The primary articles inflation surged to 4.8% in 2016-17 from 0.3% in 2015-16, while that for fuel products rebounded to 5.6% from (-) 11.7%. The inflation for manufactured products also bounced to 2.6% in 2016-17 from (-) 1.1% in 2015-16.

As per major commodity group-wise, inflation declined for foodgrains, milk, egg, meat & fish, spices, oilseeds, raw rubber, flowers, metallic mineral, crude petroleum, mineral oils, grain mill products, sugar, edible oils, tea and coffee products, wine, fertilizers, grey cement, ferrous metal, and metal products in March 2017. On the other hand, inflation of vegetables, fruits, fibres, oil cakes, textiles, paper products, rubber and plastic products, chemical products, and transport equipment and parts increased in March 2017.

Inflation of food items (food articles and food products) declined to 4.4% in March 2017 from 4.8% in February 2017 level. Meanwhile, inflation of non-food items (all commodities excluding food items) also eased to 6.3% in March 2017 from 7.3% in February 2017.

Core inflation (manufactured products excluding foods products) declined to 2.1% in March 2017 from 2.4% in February 2017.

The contribution of primary articles to the overall inflation, at 5.7%, was 131 basis points (bps) in March 2017 compared with 142 bps to 6.55% in February 2017. The contribution of fuel product group was 266 bps against 303 bps in February 2017, while that of manufactured products was lower at 170 bps compared with 209 bps.

The contribution of food items (food articles and food products) to inflation fell to 137 bps in 5.7% in March 2017 compared with 152 bps to 6.55% in February 2017. Meanwhile, the contribution of non-food items (all commodities excluding food items) was 432 bps in March 2017 compared with 501 bps in February 2017.

As per the revised data, the inflation figure for January 2017 was revised up to 5.5% compared with 5.3% reported provisionally.

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Power Purchase Agreement for Rewa Ultra Mega Solar Power Project signed
Apr 17,2017

Union Minister of State (IC) for Power, Coal, New & Renewable Energy and Mines, Shri Piyush Goyal, presided over the signing of Power Purchase Agreements (PPA) between Delhi Metro Railways Corporation (DMRC) & Madhya Pradesh Power Management Company (MPPMC) with Rewa Ultra Mega Solar Limited, the implementing agency for the worlds largest singlen++site solar power project, the Rewa Ultra Mega Solar Power Project (UMSPP, 750MW) in Bhopal today. Other dignitaries present on the occasion were Union Minister for Urban Development, Housing & Urban Poverty Alleviation and Information & Broadcasting, Shri M. Venkaiah Naidu and Shri Shivraj Singh Chouhan, Chief Minister of Madhya Pradesh.

Addressing the gathering, Shri Naidu said that Madhya Pradesh is a special state having huge resource base that is being harnessed under Shri Chouhans leadership. Taking a huge step towards realizing Prime Minister Shri Narendra Modis vision of 24x7 Affordable, Quality Power for All, Madhya Pradesh has successfully brought down the rate of solar power to Rs. 3.30/ unit, which is a huge revolution in its own right, Shri Naidu noted. The Minister said that seven cities in the State qualified as smart cities in the first round comprising a total of 20 cities. This has been made possible only through peoples active participation and the dynamic leadership in the State, Shri Naidu said.

In his address, Shri Chouhan said that the Madhya Pradesh government has set 3 guiding principles of its performance - equitable growth, social empowerment and sustainable development. The Chief Minister noted that a decade ago even water, electricity and roads used to be challenges in the State but now due to the dynamic development model being implemented, the year on year agricultural growth will touch 25% this year and milestones like the cheapest solar power in the country are being achieved in Rewa. Madhya Pradesh has become the leading state in renewable energy sector in India, the Chief Minister said.

Congratulating Shri Chouhan on his unrelenting efforts in the direction of achieving the unprecedented scaling up of the renewable energy sector in the State, Shri Piyush Goyal informed that the Rewa UMSPP had achieved historic results with a record low first year tariff of Rs 2.97 per unit of electricity and a levelised tariff of Rs 3.30 over the term of 25 years, in the marathon online auction, which lasted 33 hours between biggest of the Global solar companies. The Rewa UMSPP becomes the first power project to conduct interstate sale of solar power to Delhi Metro. There would be huge savings to the Delhi Metro because of per unit cost of power reducing from over Rs. 4.50 to Rs. 3.30, Shri Goyal informed.

Shri Goyal also mentioned that with Prime Minister Narendra Modis leadership and cooperation of all Chief Ministers of various States, in the last 3 years, renewable energy has seen a growth of over 370 %. As compared to 2,600 MW of installed solar power capacity in 2014, today in India there is a total of 12,200 MW of installed solar power capacity and the country would achieve the 20,000MW solar power capacity target 5 years ahead of schedule by the end of 2017, the Minister noted.

Shri Goyal appreciated the proactive way in which the Madhya Pradesh Government provided financial guarantees to make the Rewa PPAs viable. The Minister further informed that the Rewa PPA has been accepted by the central government as a standard model for all other state governments to emulate and achieve lowest electricity tariff rates through competitive bidding.

Listing out the factors responsible for the success of the Rewa UMSPP, Shri Goyal included partnership of all stakeholders; outcome-oriented decisive leadership; root cause analysis of causes of failure on previous bids; time-bound execution; innovative financial model like partnering with International Finance Corporation (IFC); focus on transparency and technology including green energy corridor for evacuation of solar power; assigning responsibility and fixing accountability of implementation at each step.

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Japan Stocks snap four-session losing streak
Apr 17,2017

The Japan share market finished session higher after recouping losses late afternoon on Monday, 17 April 2017, snapping four-session losing streak, supported by buying on dips by individual investors. Speculation about the Bank of Japans purchase of exchange-traded funds also helped push up the market. However, market topside was capped amid yens appreciation against the dollar and growing tensions on the Korean peninsula. The 225-issue Nikkei average gained 19.63 points, or 0.11 percent, to end at 18,355.26. The TOPIX index of all First Section issues finished up 6.62 points, or 0.45 percent, at 1,465.69. Rising stocks outnumbered declining ones on the Tokyo Stock Exchange by 2177 to 868 and 289 ended unchanged. The Nikkei Volatility, which measures the implied volatility of Nikkei 225 options, was up 1.23% to 23.03 a new 3-month high.

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Board of Orient Paper & Industries recommends dividend
Apr 17,2017

Orient Paper & Industries announced that the Board of Directors of the Company at its meeting held on 17 April 2017, inter alia, have recommended the dividend of Rs 0.5 per equity Share (i.e. 50%) , subject to the approval of the shareholders.

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Nation-wide training programme launched for Elected Women representatives (EWRs) of Panchayats
Apr 17,2017

A comprehensive module for capacity building of Elected Women Representatives (EWRs) of Panchayats and a training program for Trainers of women panchayat leaders across the country was launched by the Ministry of Women and Child Development in collaboration with the Ministry of Panchayati Raj. The training program seeks to empower EWRs of panchayats by enhancing their capacity, capability and skill in governance and administration of villages.

Addressing the select women trainers/women sarpanches of Jharkhand at the video conference today, Smt Maneka Sanjay Gandhi said that inspite of 33% reservation for women in the panchayat bodies, the EWRs continue to remain ineffective since they do not have appropriate knowledge and skill to administer the village, and the show continues to be run by their husbands.

These women representatives will have to be trained in order to ensure that they take up the responsibility of all the tasks entrusted upon them on being elected, Smt Maneka Gandhi said. The Minister explained that it is due to this reason, the WCD Ministry has initiated this countrywide program of training the women sarpanches and other women representatives at the grassroots level in various areas like engineering (building of roads, drains, latrines etc.), finance, social development, education, health, and environment among others. Similarly, several new schemes have been launched by the Prime Minister , Shri Narendra Modi which bring benefit to the common man especially those in distress and the under privileged. The women sarpanches can be helpful in taking these schemes to the people at the grassroots level, the Minister said. These schemes include Fasal Beema Yojana, Pradhanmantri Awas Yojana, Suraksha Bima Yojana, Sukanya Samridhi Yojana, maternity benefits schemes among others. Apart from this, the training programme will help to raise these women to the next level of leadership , said Smt Maneka Gandhi.

The WCD Minister said that safety of women, education of the girl child, health of women, creation of assets under MGNREGA, immunization and ensuring nutrition through lakhs of Anganwadis of the country have become important issues at the grassroots level in which the women sarpanches can play a pivotal role in effective delivery. The Minster suggested that the women sarpanches should form a whatsapp group and share their good practices as well as assist one another in finding solutions to common problems.

Speaking on the occasion, the Union Minister for Panchayati Raj, Rural Development and Drinking Water and Sanitation, Shri Narendra Singh Tomar said that under the 14th Finance Commission, the Panchayats will get Rs 2 Lakh crore in 5 years as against the earlier amount of Rs 30,000 crore for the overall development of the villages. He underlined the need for greater accountability, honesty and transparency in the execution of the developmental projects like building of roads, drainage system, toilets, farm ponds and dwelling units which he hoped will be ensured by the newly trained women representatives.

Shri Tomar laid stress on advance planning by the Gram Panchayats to free their villages from scourges of poverty and malnutrition. He said that women Sarpanches can form groups in the villages to spread social awareness on schemes like Swachh Bharat Abhiyan, Pradhan Mantri Aawas Yojana, Immunisation, school enrolment, various insurance schemes for farmers and common man, benefits for pregnant women and BHIM App for cashless transaction. The training programme will lead to the empowerment of Women Sarpanches for the overall development of their villages and the country, explained the Panchayati Raj Minister.

The Chairperson, National Commission for Women, Smt Lalitha Kumaramangalam said that the training program will be closely monitored to ensure proper learning by the sarpanches and EWRs. Smt Lalitha Kumaramangalam also expressed hope that the EWRs will emerge as future leaders of the country.

In the first phase, 40 master trainers of Jharkhand will be trained at the State institute of Rural Development, Ranchi. In the second phase, approximately 3000 EWRs will be trained by these master trainers in the three districts of Simdega, Pakur and Chatra of Jharkhand.

Starting with Jharkhand, similar training programs will be organised in different states throughout the country with the help of National Institute of Rural Development, State Institutes of Rural Development and Panchayati Raj Departments of the States to train EWRs throughout the county. There are currently around 13 lakhs EWRs in panchayats across the nation.

The module has been prepared by the National Commission for Women of the WCD Ministry in collaboration with TISS. The module contains training guidelines, timeline, implementation guidelines, training schedules and monitoring and evaluation. The training will be participatory with group discussions, brainstorming lectures, demonstrations, field visits, case studies, games, exercise, role play, small workshops and individual assignments. The module discusses various topics like What is an ideal Panchayat, composition of the Gram Panchayat, development schemes and programmes, resources of panchayats and their utilization, laws for protection of the vulnerable sections among others.

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