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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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Starlog Enterprises to conduct board meeting
Jul 21,2017

Starlog Enterprises will hold a meeting of the Board of Directors of the Company on 11 August 2017.

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Karur Vysya Bank to declare Quarterly Result
Jul 21,2017

Karur Vysya Bank will hold a meeting of the Board of Directors of the Company on 28 July 2017.

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Kingfa Science & Technology (India) to table results
Jul 21,2017

Kingfa Science & Technology (India) will hold a meeting of the Board of Directors of the Company on 31 July 2017.

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Shah Foods announces board meeting date
Jul 21,2017

Shah Foods will hold a meeting of the Board of Directors of the Company on 5 August 2017.

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Nucleus Software declines after weak Q1 earnings
Jul 21,2017

The result was announced after market hours yesterday, 20 July 2017.

Meanwhile, the S&P BSE Sensex was up 122.01 points, or 0.38% at 32,026.41. The S&P BSE Small-Cap index was up 52.06 points, or 0.33% at 16,051.94.

On the BSE, 3,664 shares were traded on the counter so far as against the average daily volumes of 18,199 shares in the past one quarter. The stock had hit a high of Rs 302.05 and a low of Rs 293.65 so far during the day. The stock had hit a 52-week high of Rs 343.90 on 22 May 2017 and a 52-week low of Rs 171 on 29 September 2016.

The stock had underperformed the market over the past one month till 20 July 2017, declining 9.3% compared with the Sensexs 1.94% rise. The scrip had, however, outperformed the market over the past one quarter advancing 13.25% as against the Sensexs 8.44% rise. The scrip had also outperformed the market over the past one year advancing 44.97% as against the Sensexs 14.29% rise.

The small-cap company has equity capital of Rs 32.38 crore. Face value per share is Rs 10.

Nucleus Software Exports is the leading provider of lending and transaction banking products to the global financial services industry.

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South India Paper revitalizes after settlement with workers
Jul 21,2017

The announcement was made after market hours yesterday, 20 July 2017.

Meanwhile, the S&P BSE Sensex was up 108.22 points, or 0.34%, to 32,012.62. The S&P BSE Small-Cap index was up 55.17 points, or 0.34%, to 16,055.05.

On the BSE, 2,502 shares were traded in the counter so far, compared with average daily volume of 4,301 shares in the past one quarter. The stock was locked at a high of Rs 100.80 in intraday trade. The stock had hit a low of Rs 100 so far during the day. The stock had hit a record high of Rs 165.60 on 28 July 2016. The stock had hit a 52-week low of Rs 90.25 on 28 June 2017.

The stock had underperformed the market over the past one month till 20 July 2017, falling 4% compared with Sensexs 1.94% rise. The scrip had also underperformed the market in past one quarter, dropping 19.16% as against Sensexs 8.44% rise. The scrip had, however, outperformed the market in past one year, declining 32.28% as against Sensexs 14.29% rise.

The small-cap company has equity capital of Rs 15 crore. Face value per share is Rs 10.

South India Paper Mills workers union have agreed to call off the strike at the companys paper mill at Chikkayanachatra, Nanjangud, before the Labour Commissioner, Govt of Karnataka, Bangalore.

On 20 March 2017, the company had informed about the commencement of indefinite strike at the paper mill from 20 March 2017.

South India Paper Mills net profit fell 57.6% to Rs 2.36 crore on 17% drop in net sales to Rs 43.69 crore in Q4 March 2017 over Q4 March 2016.

South India Paper Mills is a paper manufacturing company.

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Balaji Telefilms jumps after boards nod for preferential issue to RIL
Jul 21,2017

The announcement was made after market hours yesterday, 20 July 2017.

Meanwhile, the S&P BSE Sensex was up 119.98 points or 0.38% at 32,024.38. The S&P BSE Small-Cap index rose 54.65 points or 0.34% at 16,054.53.

On the BSE, 6.54 lakh shares were traded on the counter so far as against the average daily volumes of 1.57 lakh shares in the past one quarter. The stock had hit a high of Rs 203 so far during the day, which is a 52-week high. The stock hit a low of Rs 191 so far during the day. The stock had hit a 52-week low of Rs 73.85 on 22 November 2016.

The stock had outperformed the market over the past one month till 20 July 2017, advancing 30.48% compared with the Sensexs 1.94% rise. The stock had also outperformed the market over the past one quarter, gaining 84.8% as against the Sensexs 8.44% rise. The scrip had also outperformed the market over the past one year, surging 98.88% as against the Sensexs 14.29% rise.

The small-cap company has equity capital of Rs 15.19 crore. Face value per share is Rs 2.

Balaji Telefilms reported consolidated net profit of Rs 0.31 crore in Q4 March 2017, compared with net loss of Rs 16.01 crore in Q4 March 2016. Net sales rose 13.6% to Rs 94.52 crore in Q4 March 2017 over Q4 March 2016.

Balaji Telefilms is engaged in the production of television content. The company operates through two segments: commissioned programmes and feature films.

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Modipon schedules board meeting
Jul 21,2017

Modipon will hold a meeting of the Board of Directors of the Company on 20 July 2017.

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Board of Menon Bearings recommends dividend
Jul 21,2017

Menon Bearings announced that the Board of Directors of the Company at its meeting held on 20 July 2017, inter alia, have recommended the dividend of Rs 0.75 per equity Share (i.e. 75%) , subject to the approval of the shareholders.

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IFCI intimates of merger of Jaipur Office with Delhi Office (Zonal)
Jul 21,2017

IFCI announced that all businesses of Jaipur Regional Office will be transferred and merged with Delhi Office (Zonal) for business development and monitoring of existing cases with effect from 01 October 2017 onwards at -

IFCI
IFCI Towers, 61, Nehru Place, New Delhi - 110019.

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Inox Wind gets revision in ratings for bank facilities
Jul 21,2017

Inox Wind announced that CRISIL has reviewed its ratings on bank facilities of the Company as under -

Total Bank Loan Facilities Rated-Rs.3938 crore
Long -Term Rating-CRISIL AA- (Placed on Rating Watch with Negative Implications)
Short-Term Rating-CRISIL A1+ (Placed on Rating Watch with Negative Implications)

The rating action follows the initiation of insolvency proceedings against the Company in National Company Law Tribunal (NCLT), Chandigarh Bench in the matter of Jeena & Co. V/s Inox Wind. The Company has filed an appeal against the orders of NCLT before the National Company Law Appellate Tribunal (NCLAT) and the next hearing is scheduled for disposal on 24 July, 2017. CRISIL will take a final rating view after considering the final order of NCLAT.

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Board of Reliance Industries approves acquisition of 24.92% stake in Balaji Telefilms
Jul 21,2017

The Board of Directors of Reliance Industries at its meeting held on 20 July 2017 has considered and approved an investment in Balaji Telefilms (n++BTLn++), to acquire 2.52 crore equity shares constituting 24.92 % of BTLs equity, through subscription to preferential issue of shares by BTL to RIL for cash consideration of Rs 164 per equity share amounting to an investment of Rs. 413.28 crore.

This investment in content production (including digital content) is in line with RILs commitment to invest and grow in telecom digital and media businesses.

BTL has launched a new digital platform, ALTBalaji (n++ALTn++), in April 2017, which has garnered over 3 million downloads and subscribers from over75 countries since its launch.

The transaction is subject to BTLs shareholder approval and regulatory compliances and other conditions precedent and is expected to be completed in 45 to 60 days.

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Wipro surges after boards nod for share buyback
Jul 21,2017

Meanwhile, the S&P BSE Sensex was up 61.30 points or 0.19% at 31,965.70.

On the BSE, 7.06 lakh shares were traded on the counter so far as against the average daily volumes of 2.42 lakh shares in the past one quarter. The stock had hit a high of Rs 291 so far during the day, which is a 52-week high. The stock hit a low of Rs 280 so far during the day. The stock had hit a 52-week low of Rs 205 on 9 November 2016.

The stock had outperformed the market over the past one month till 20 July 2017, advancing 5.88% compared with the Sensexs 1.94% rise. The stock had, however, underperformed the market over the past one quarter, gaining 7.6% as against the Sensexs 8.44% rise. The scrip had also underperformed the market over the past one year, sliding 0.11% as against the Sensexs 14.29% rise.

The large-cap company has equity capital of Rs 973.28 crore. Face value per share is Rs 2.

Wipros consolidated net profit fell 8.13% to Rs 2082.60 crore on 3.09% fall in net sales to Rs 13626.10 crore in Q1 June 2017 over Q4 March 2017. The result was announced after market hours yesterday, 20 July 2017. The results are as per International Financial Reporting Standards (IFRS).

The companys consolidated revenue from IT services segment in dollar terms rose 0.9% to $1,971.7 million in Q1 June 2017 over Q4 March 2017.

Jatin Dalal, Chief Financial Officer of Wipro said that the impact on operating margins by rupee appreciation and salary increases was partially offset by strong business efficiencies. The company continues to sustain robust cash generation.

Wipro expects revenue from IT Services business to be in the range of $1,962 million to $2,001 million in Q2 September 2017.

Wipros board of directors approved a buyback proposal of up to 34.37 crore shares (representing 7.06% of total paid-up equity capital) from the shareholders of the company on a proportionate basis by way of a tender offer at Rs 320 per equity share for an aggregate amount not exceeding Rs 11000 crore. Promoters have indicated their intention to participate in the proposed buyback.

Wipro is a leading information technology, consulting and business process services company that delivers solutions to enable its clients do business better.

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Future Consumer announces resignation of CEO
Jul 21,2017

Future Consumer announced that Devendra Chawla- Chief Executive Officer of the Company has tendered his resignation from the services of the Company.The same shall come into effect from closing of the business hours of 31 July 2017. Sadashiv Nayak, a member of strategic business team at Future Group shall support this role in the interim.

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Adequate availability of cotton is ensured through domestic production
Jul 21,2017

Government reviews the cotton availability position from time to time. Adequate availability of cotton is ensured through domestic production and textile mills are able to source their requirement of cotton from the domestic market. In this regard, Government of India had directed Cotton Corporation of India Ltd. to sell its stock of cotton (cotton season 2015-16), purchased under MSP, to Spinning Mills in the Micro Small Medium Enterprise (MSME) category to contain fluctuation in cotton prices.

There is no shortage of cotton/yarn in the country.

The details of policy initiatives/schemes/incentives/subsidies/working capital/interest subvention that are being provided to the domestic manufacturers/exporters are as under:

i) The Government has been implementing various policy initiatives and schemes like Technology Upgradation Fund Scheme (TUFS), Schemes for the development of the Power-loom Sector, Schemes for Technical Textiles, Scheme for Integrated Textile Parks (SITP) and Scheme for Integrated Textile Processing Development (IPDS) to enable the textile industry, including the small industries, to upgrade and make them competitive.

ii) The Government has also launched a Rs. 6000 crore Scheme for Production and Employment Linked Support for Garmenting Units (SPELSGU) under ATUFS to incentivize production and employment generation in the garmenting Sector. These initiatives and schemes will help in the development of the downstream value added segments which in turn will create increased demand for yarn and thereby lead to increased production of yarn.

iii) Government has introduced special packages for apparel and made-ups sector in June, 2016 and December, 2016 respectively which include schemes like Amended Technology Upgradation Fund Scheme (ATUFS), Pradhan Mantri Paridhan Rojgar Protsahan Yojna (PMPRPY) and Scheme of Rebate of State Levies (RoSL) on export of garments. Besides, with a view to modernize textile industry, increase production and global competitiveness schemes such as Schemes for Technical textiles, Scheme for Integrated Textile Parks (SITP) and Integrated Skill Development Scheme are also being run by the Government.

iv) MEIS Scheme under new Foreign Trade Policy 2015-20

v) Restoring Interest rate subvention for pre and post shipment credit for the textile sector

vi) Expanding the scope of Merchandise Export from India Scheme (MEIS) since 29.10.2015 to 110 new tariff lines and increasing rates or country coverage or both for 2,228 existing tariff lines.

vii) Increased Duty Drawback rates for some textile articles

viii) Market Access Initiative (MAI) and Market Development Assistance (MDA) Scheme

ix) Duty Free import of trimmings, embellishments and other specified items under Export Performance Certificate Entitlement Scheme

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