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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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Just Dial gains after reporting rise in profitability in Q3
Jan 30,2017

The result was announced on Saturday, 28 January 2017.

Meanwhile, the S&P BSE Sensex was up 17.93 points or 0.06% at 27,900.39.

On the BSE, 79,789 shares were traded on the counter so far as against the average daily volumes of 1.81 lakh shares in the past one quarter. The stock had hit a high of Rs 391 and a low of Rs 373.60 so far during the day.

The stock had hit a 52-week high of Rs 903 on 20 April 2016 and a record low of Rs 318.20 on 27 December 2016. It had outperformed the market over the past one month till 27 January 2017, gaining 14.49% compared with the Sensexs 6.37% rise. The scrip had, however, underperformed the market over the past one quarter declining 12.47% as against the Sensexs 0.12% fall.

The small-cap company has equity capital of Rs 70.57 crore. Face value per share is Rs 10.

Just Dial is a leading local search engine in India.

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Water level of 91 major Reservoirs of the Country goes down by Two Per cent
Jan 30,2017

The Water storage available in 91 major reservoirs of the country for the week ending on 25 January 2017 was 80.597 BCM, which is 51% of total storage capacity of these reservoirs. This was 127% of the storage of corresponding period of last year and 100% of storage of average of last ten years.

The total storage capacity of these 91 reservoirs is 157.799 BCM which is about 62% of the total storage capacity of 253.388 BCM which is estimated to have been created in the country. 37 Reservoirs out of these 91 have hydropower benefit with installed capacity of more than 60 MW.

REGION WISE STORAGE STATUS:-

NORTHERN REGION

The northern region includes States of Himachal Pradesh, Punjab and Rajasthan. There are 6 reservoirs under CWC monitoring having total live storage capacity of 18.01 BCM. As per Reservoir Storage Bulletin dated 25 January 2017, the total live storage available in these reservoirs is 7.02 BCM which is 39% of total live storage capacity of these reservoirs. The storage during corresponding period of last year was 46% and average storage of last ten years during corresponding period was 47% of live storage capacity of these reservoirs. Thus, storage during current year is less than the corresponding period of last year and is also less than the average storage of last ten years during the corresponding period.

EASTERN REGION

The Eastern region includes States of Jharkhand, Odisha, West Bengal and Tripura. There are 15 reservoirs under CWC monitoring having total live storage capacity of 18.83 BCM. As per Reservoir Storage Bulletin dated 25 January 2017, the total live storage available in these reservoirs is 13.73 BCM which is 73% of total live storage capacity of these reservoirs. The storage during corresponding period of last year was 54% and average storage of last ten years during corresponding period was 61% of live storage capacity of these reservoirs. Thus, storage during current year is better than the corresponding period of last year and is also better than the average storage of last ten years during the corresponding period.

WESTERN REGION

The Western region includes States of Gujarat and Maharashtra. There are 27 reservoirs under CWC monitoring having total live storage capacity of 27.07 BCM. As per Reservoir Storage Bulletin dated 25 January 2017, the total live storage available in these reservoirs is 17.25 BCM which is 64% of total live storage capacity of these reservoirs. The storage during corresponding period of last year was 36% and average storage of last ten years during corresponding period was 60% of live storage capacity of these reservoirs. Thus, storage during current year is better than the storage of last year and is also better than the average storage of last ten years during the corresponding period.

CENTRAL REGION

The Central region includes States of Uttar Pradesh, Uttarakhand, Madhya Pradesh and Chhattisgarh. There are 12 reservoirs under CWC monitoring having total live storage capacity of 42.30 BCM. As per Reservoir Storage Bulletin dated 25 January 2017, the total live storage available in these reservoirs is 27.67 BCM which is 65% of total live storage capacity of these reservoirs. The storage during corresponding period of last year was 50% and average storage of last ten years during corresponding period was 46% of live storage capacity of these reservoirs. Thus, storage during current year is better than the storage of last year and is also better than the average storage of last ten years during the corresponding period.

SOUTHERN REGION

The Southern region includes States of Andhra Pradesh, Telangana, AP&TG(Two combined projects in both states) Karnataka, Kerala and Tamil Nadu. There are 31 reservoirs under CWC monitoring having total live storage capacity of 51.59 BCM. As per Reservoir Storage Bulletin dated 25 January 2017, the total live storage available in these reservoirs is 14.93 BCM which is 29% of total live storage capacity of these reservoirs. The storage during corresponding period of last year was 27% and average storage of last ten years during corresponding period was 49% of live storage capacity of these reservoirs. Thus, storage during current year is better than the corresponding period of last year but is less than the average storage of last ten years during the corresponding period.

States having better storage than last year for corresponding period are Punjab, Rajasthan, Jharkhand, Odisha, West Bengal, Gujarat, Maharashtra, Uttar Pradesh, Madhya Pradesh, Chhattisgarh, AP&TG (Two combined projects in both states) and Telangana. States having equal storage than last year for corresponding period are Uttarakhand and Karnataka. States having lesser storage than last year for corresponding period are Himachal Pradesh, Tripura, Andhra Pradesh, Kerala and Tamil Nadu.

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Bharat Electronics hits record high after strong Q3 earnings, stock split
Jan 30,2017

The result was announced after market hours on Friday, 27 January 2017.

Meanwhile, the S&P BSE Sensex was down 5.79 points or 0.02% at 27,876.67.

On the BSE, 43,000 shares were traded on the counter so far as against the average daily volumes of 40,232 shares in the past one quarter. The stock had hit a high of Rs 1,604.95 so far during the day, which is a record high. The stock hit a low of Rs 1,580 so far during the day.

The stock had hit a 52-week low of Rs 1,009 on 1 March 2016. The stock had outperformed the market over the past one month till 27 January 2017, advancing 12.45% compared with the Sensexs 6.37% rise. The scrip had also outperformed the market over the past one quarter, gaining 22.37% as against the Sensexs 0.12% fall.

The large-cap company has equity capital of Rs 223.36 crore. Face value per share is Rs 10.

Bharat Electronics board at its meeting held on 27 January 2017, approved 10-for-1 stock split. The board also approved interim dividend of Rs 3 per share for FY 2017.

Bharat Electronics was established at Bangalore, India, by the Government of India under the Ministry of Defence in 1954 to meet the specialised electronic needs of the Indian defence services. Over the years, it has grown into a multi-product, multi-technology, multi-unit company servicing the needs of customers in diverse fields in India and abroad.

The Government of India held 74.41% stake in Bharat Electronics (as per the shareholding pattern as on 31 December 2016).

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Thyrocare Technologies fixes record date for interim dividend
Jan 30,2017

Thyrocare Technologies has fixed 09 February 2017 as the Record Date for the purpose of Payment of Interim Dividend.

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Board of Virat Industries to consider December quarter results
Jan 30,2017

Virat Industries announced that the meeting of the Board of Directors of the Company will be held on 09 February 2017, to consider and take on record the Un-audited Financial Results for the quarter ended on 31 December 2016.

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Board of Hinduja Global Solutions to consider Q3 and 9M results
Jan 30,2017

Hinduja Global Solutions announced that a Meeting of the Board of Directors of the Company will be held on 08 February 2017, inter alia, to consider and approve Unaudited Financial Results (Standalone and Consolidated) of the Company for the quarter and nine months ended 31 December 2016.

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L&T builds on good Q3 results
Jan 30,2017

The result was announced on Saturday, 28 January 2017.

Meanwhile, the S&P BSE Sensex was down 13.22 points or 0.05% at 27,869.24.

On the BSE, 20,000 shares were traded on the counter so far as against the average daily volumes of 1.01 lakh shares in the past two weeks. The stock had hit high of Rs 1,466.50 and low of Rs 1,444 so far during the day.

The large-cap company has equity capital of Rs 186.54 crore. Face value per share is Rs 2.

L&Ts international revenue at Rs 9590 crore constituted 36% of the total revenue in Q3 December 2016. L&T garnered fresh orders worth Rs 34885 crore at the group level in Q3 December 2016, amid subdued business environment. Consolidated order book of the group stood at Rs 2.58 lakh crore as on 31 December 2016, higher by 1.4% on a year-on-year (yoy) basis.

With regard to future business outlook, L&T said the companys focus would be on selective pursuit of opportunities, working capital reduction, cost optimization through supply chain efficiencies and productivity enhancement through digitalization initiatives. Aided by these initiatives, the company is hopeful of a satisfactory performance given the current business environment.

L&Ts board of directors at its meeting held on 28 January 2017, approved a scheme of amalgamation between the company and its wholly-owned subsidiary Spectrum Infotech, subject to necessary approvals. Spectrum Infotech is engaged in the defence business.

L&T is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services.

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Mercantile Ventures intimates of its new subsidiaries
Jan 30,2017

Mercantile Ventures announced that Armenian Ventures (Formerly known as Armenian Investments), Eka Enterprises (Formerly known as Success Investments) and Unmaj Enterprises (Formerly known as Windsor Investments) has become the Companys subsidiaries with effect from 27 January 2017 consequent to allotment of equity shares.

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Shares of Dhanvarsha Finvest get listed
Jan 30,2017

The equity shares of Dhanvarsha Finvest (Scrip Code: 540268) are listed effective 30 January 2017 and admitted to dealings on the Exchange in the list of XT Group Securities.

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Board of Sheetal Diamonds to consider December quarter results
Jan 30,2017

Sheetal Diamonds announced that a meeting of the Board of Directors of the Company is scheduled to be held on 07 February 2017, inter alia, to consider and approve the Un-Audited financial results for the Quarter ended 30 December 2016.

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Jindal Steel & Power secured long term coal linkage for its sponge iron units
Jan 30,2017

Jindal Steel & Power has secured long term coal linkage of a total quantity of 0.5 million tonnes per annum for the next 5 years in the recently concluded coal linkage auction under Sponge Iron sub-sector, conducted by Coal India. This sourcing of coal will help the Company to secure fuel requirements and smooth operations of Companys Sponge Iron Units.

The Company had earlier secured 1.18 million tonnes of linkage capacity in Captive Power Plant (CPP) sub-sector and with this linkage in Sponge Iron sub-sector, the total coal linkage capacity of the Company will be 1.68 million tonnes per annum.

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GMR Infrastructure provides update on development of Kakinada SEZ
Jan 30,2017

GMR Infrastructure announced that its subsidiary - Kakinada SEZ has signed a series of MoUs with firms interested in setting upof manufacturing units in Kakinada SEZ during the CII Partnership Summit 2017 held on 27th and 28th January at Visakhapatnam, AP.

GMR Group is developing a world-class Industrial Zone - Kakinada SEZ, spread over 8500 acres and an all-weather, multi-cargo, deep water port, with an estimated phase 1 capacity of 16 Million Tonnes.

Kakinada is often referred to as the n++Houston of Indian++ owing to the existence of Hydro-Carbon reserves and the Oil & Gas infrastructure. Acknowledging the advantage of Kakinada SEZ which is the largest industrial area with port connectivity in this region, Indian Oil & Gas PSU majors are joining together to set up a cracker unit, with a proposedinvestment of Rs.40,000 crore in 2000 acres of GMRs Kakinada SEZ. MoU has been signed for this investment in Kakinada SEZ, among GAIL, HPCL and Government of Andhra Pradesh, during the CII Partnership Summit, Visakhapatnam, AP.

MoUs were signed by KSEZ with 5 companies which include Oil Country Tubular, Kamineni Steel & Power, United Seamless Tubular, Deepak Phenolics and DCM Shriram for setting up manufacturing facilities with a total investment of Rs.7,000 crore spread over 550 acres at Kakinada SEZ, Kakinada, AP.

These MoUs would be followed up with technical and commercial discussions for lease of land in Kakinada SEZ to the above mentioned firms over the following months.

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National MSME Policy to be formulated for the First Time in India
Jan 30,2017

Dr.Prabhat Kumar, former Cabinet Secretary and Chairman One Member Committee for formulating National MSME Policy today presented its report to Shri Kalraj Mishra, Union Minister for Micro, Small and Medium Enterprises. The One Member Committee under the chairmanship of Dr. Prabhat Kumar was constituted by the Ministry of MSME on 31 December 2015 to help in formulating National MSME Policy. The country does not have an MSME policy till date.

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Clarifications on implementation of GAAR provisions under the Income Tax Act, 1961
Jan 30,2017

The General Anti Avoidance Rule (GAAR) provisions shall be effective from the Assessment Year 2018-19 onwards, i.e. Financial Year 2017-18 onwards. The necessary procedures for application of GAAR and conditions under which it shall not apply, have been enumerated in Rules 10U to 10UC of the Income-tax Rules, 1962.The provisions of General Anti Avoidance Rule (GAAR) are contained in Chapter X-A of the Income Tax Act, 1961.

Stakeholders and industry associations had requested for clarifications on implementation of GAAR provisions and a Working Group was constituted by Central Board of Direct Taxes (CBDT) to examine the issues raised. Accordingly, CBDT has issued the clarifications on implementation of GAAR provisions today.

Amongst others, it has been clarified that if the jurisdiction of FPI is finalized based on non-tax commercial considerations and the main purpose of the arrangement is not to obtain tax benefit, GAAR will not apply. GAAR will not interplay with the right of the taxpayer to select or choose method of implementing a transaction. Further, grandfathering as per IT Rules will be available to compulsorily convertible instruments, bonus issuances or split / consolidation of holdings in respect of investments made prior to 1st April 2017 in the hands of same investor. It has also been clarified that adoption of anti-abuse rules in tax treaties may not be sufficient to address all tax avoidance strategies and the same are required to be tackled through domestic anti-avoidance rules. However, if a case of avoidance is sufficiently addressed by Limitation of Benefits (LoB) provisions in the tax treaty, there shall not be an occasion to invoke GAAR.

It has been clarified that if at the time of sanctioning an arrangement, the Court has explicitly and adequately considered the tax implications, GAAR will not apply to such an arrangement. It has also been clarified that GAAR will not apply if an arrangement is held as permissible by the Authority for Advance Rulings. Further, it has been clarified that if an arrangement has been held to be permissible in one year by the PCIT/CIT/Approving Panel and the facts and circumstances remain the same, GAAR will not be invoked for that arrangement in a subsequent year.

The proposal to apply GAAR will be vetted first by the Principal Commissioner of Income Tax / Commissioner of Income Tax and at the second stage by an Approving Panel headed by a judge of High Court. The stakeholders have been assured that adequate procedural safeguards are in place to ensure that GAAR is invoked in a uniform, fair and rational manner.

Government is committed to provide certainty and clarity in tax rules. Further clarifications, if any, on doubts of stakeholders regarding GAAR implementation, will also be provided.

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L&T may gain after reporting good Q3 results
Jan 30,2017

L&Ts consolidated net profit rose 39% to Rs 972 crore on 1.4% growth in gross revenue to Rs 26287 crore in Q3 December 2016 over Q3 December 2015. The result was announced on Saturday, 28 January 2017.

The companys international revenue at Rs 9590 crore constituted 36% of the total revenue in Q3 December 2016. L&T garnered fresh orders worth Rs 34885 crore at the group level in Q3 December 2016, amid subdued business environment. Consolidated order book of the group stood at Rs 2.58 lakh crore as on 31 December 2016, higher by 1.4% on a year-on-year (yoy) basis.

With regard to future business outlook, L&T said the companys focus would be on selective pursuit of opportunities, working capital reduction, cost optimization through supply chain efficiencies and productivity enhancement through digitalization initiatives. Aided by these initiatives, the company is hopeful of a satisfactory performance given the current business environment.

L&Ts board of directors at its meeting held on 28 January 2017, approved a scheme of amalgamation between the company and its wholly-owned subsidiary Spectrum Infotech, subject to necessary approvals. Spectrum Infotech is engaged in the defence business.

Maruti Suzuki India (Maruti) announced a price increase ranging from Rs 1,500 to Rs 8,014 (ex-showroom Delhi) across models. These new prices were effective from 27 January 2017. The hike in car prices is because of increase in commodity, transportation and administrative costs, Maruti said. The announcement was made after market hours on Friday, 27 January 2017.

Tech Mahindra and HDFC will announce Q3 results today, 30 January 2017.

Bharat Electronics net profit rose 33.34% to Rs 373.54 crore on 30.9% growth in total income to Rs 2268.90 crore in Q3 December 2016 over Q3 December 2015. The result was announced after market hours on Friday, 27 January 2017.

Bharat Electronics board at its meeting held on 27 January 2017, approved 10-for-1 stock split. The board also approved interim dividend of Rs 3 per share for FY 2017.

Jindal Steel & Power announced that it has secured long term coal linkage of a total quantity of 0.5 million tonnes per annum for the next 5 years in the recently concluded coal linkage auction under sponge iron sub-sector, conducted by Coal India. This sourcing of coal will help the company to secure fuel requirements and smooth operations of companys sponge iron units.

The company had earlier secured 1.18 million tonnes of linkage capacity in captive power plant (CPP) sub-sector and with this linkage in sponge iron sub-sector, the total coal linkage capacity of the company will be 1.68 million tonnes per annum. The announcement was made before market hours today, 30 January 2017.

GMR Infrastructure announced that Kakinada SEZ (KSEZ), a subsidiary of the company has signed a series of memorandum of understandings (MoUs) with firms interested in setting up of manufacturing units in Kakinada SEZ during the CII Partnership Summit 2017 held on 27th and 28th January at Visakhapatnam, AP.

GMR Group is developing a world-class Industrial Zone - Kakinada SEZ, spread over 8500 acres and an all-weather, multi-cargo, deep water port, with an estimated phase 1 capacity of 16 million tonnes.

Acknowledging the advantage of Kakinada SEZ which is the largest industrial area with port connectivity in this region, Indian Oil & Gas PSU majors are joining together to set up a cracker unit, with a proposed investment of Rs 40000 crore in 2000 acres of GMRs Kakinada SEZ. MoU has been signed for this investment in Kakinada SEZ, among GAIL, HPCL and Government of Andhra Pradesh, during the CII Partnership Summit, Visakhapatnam, AP.

MoUs were signed by KSEZ with 5 companies which include Oil Country Tubular, Kamineni Steel & Power, United Seamless Tubular, Deepak Phenolics and DCM Shriram for setting up manufacturing facilities with a total investment of Rs 7000 crore spread over 550 acres at Kakinada SEZ Ltd., Kakinada, AP. The announcement was made on Sunday, 29 January 2017.

Apollo Tyres announced that the board of directors of the company at its upcoming meeting to be held on 1 February 2017, proposes to consider and recommend to the shareholders of the company for their approval, further capital raising by the company by way of issuance of equity shares, non-convertible debt instruments along with warrants and/or convertible securities other than warrants through a qualified institutions placement in accordance with applicable laws and subject to receipt of necessary approvals. The announcement was made on Sunday, 29 January 2017.

Gokaldas Exports announced that the company has entered in to a memorandum of understanding with Government of Andhra Pradesh on 27 January 2017, for setting up of 4 apparel manufacturing units over a period of next 3 years in Chittoor district involving an investment of approximately up to Rs 200 crore which is likely to generate approximately 5,000 new jobs.

The investment is however subject to such terms and conditions as requested and sought by the company including appropriate infrastructural support and relevant incentives and subsidies being made available to the company with the Government of Andhra Pradesh. The announcement was made on Saturday, 28 January 2017.

APL Apollo Tubes consolidated net profit fell 3.22% to Rs 30 crore on 26.3% rise in net sales to Rs 946 crore in Q3 December 2016 over Q3 December 2015. The announcement was made on Saturday, 28 January 2017.

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