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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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Sadbhav Engg gains after signing EPC contract with unit
Mar 30,2017

The announcement was made after market hours yesterday, 29 March 2017.

Meanwhile, the S&P BSE Sensex was up 125.78 points or 0.43% at 29,657.21. The BSE Mid-Cap index was up 59.41 points or 0.43% at 13,990.01.

On the BSE, 4,400 shares were traded on the counter so far as against the average daily volumes of 78,729 shares in the past one quarter. The stock had hit a high of Rs 311.30 and a low of Rs 305.40 so far during the day. It had hit a 52-week high of Rs 325 on 23 March 2017 and a 52-week low of Rs 220 on 9 November 2016.

The mid-cap company has equity capital of Rs 17.16 crore. Face value per share is Rs 1.

Sadbhav Engineering has signed an engineering, procurement and construction (EPC) agreement with its step down subsidiary Sadbhav Bangalore Highway worth Rs 855 crore for maintenance and repair works during the development and construction period.

The construction work will be carried out on BRT Tiger Reserve Boundary to Bangalore section of NH-209, a length of 170.92 kms.

The defect liability period shall be 24 months from the earlier of the date of issue of the provisional certificate/completion certificate for the complete stretch of the project highway.

Sadbhav Engineerings net profit rose 82.4% to Rs 52.42 crore on 14.8% growth in net sales to Rs 864.83 crore in Q3 December 2016 over Q3 December 2015.

Sadbhav Engineering is a leading Infrastructure company. It currently focuses on infrastructure projects which include construction of roads & highways, bridges, irrigation supporting infrastructure and mining.

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Gujarat far ahead of other States in construction of houses for urban poor
Mar 30,2017

Gujarat is far ahead of other States in construction of affordable houses for urban poor under Pradhan Mantri Awas Yojana (Urban) launched by the Prime Minister Shri Narendra Modi on June 25, 2015. In Gujarat, 25,873 houses have so far been built for the benefit of urban poor accounting for 32% of the total 82,048 such houses built under PMAY(Urban) in 30 States and Union Territories.

Gujarat is followed by Rajasthan with 10,805 houses constructed so far (13.17% of total), Karnataka-10,447 (12.70%), Tamil Nadu- 6,940 (8.00%), Maharashtra-5,506 (6.70%), Uttar Pradesh-3,822 (4.65%), Madhya Pradesh-2,666 (3.%), Bihar-2,409 (2.90%), Jammu & Kashmir-1,986 (2.42%) and Andhra Pradesh -1,650 houses accounting for 2% of the total houses so far built.

City-wise, Ahmadabad led others with construction of 10,183 followed by Jaipur-7,434, Surat-5,216, Rajkot-3,817, Bengaluru-3,428, Vadodara-1,665, Gaya-1,334, Tumkur(Karnataka)-1,286, Chennai-1,279, Gulbaraga(Karnataka)-1,203, Jamnagar(Gujarat)-1,111, Dhanbad-1,156, Visakhapatnam-1,094,Alwar(Rajasthan)-883 and Rai Bareli (UP)-802.

Under PMAY(Urban), beneficiaries belonging to Economically Weaker Sections. Low Income Groups and Middle Income Groups under the components of In-Situ Slum Redevelopment, Affordable Housing in Partnership, Beneficiary Led Construction and Credit Linked Subsidy Scheme.

Central assistance of up to Rs.1.00 lakh is provided for each dwelling unit to be built for the benefit of slum dwellers using land as resource there by slum dwellers getting new pucca houses free of cost. Central assistance of Rs.1.50 lakh per each beneficiary is provided under AHP and BLC components while interest subsidy of 6.50% is extended under CLSS for LIG and interest subsidy of 3% and 4% under recently announced CLSS for Middle Income Groups.

During the last three years, 3.55 lakh affordable houses have been constructed for urban poor including those sanctioned under JNNURM prior to March, 2014.

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Vardhman Special Steels extends gains
Mar 30,2017

Meanwhile, the S&P BSE Sensex was up 69.68 points or 0.24% at 29,601.11. The S&P BSE Small-cap index was up 112.48 points or 0.79% at 14,309.20.

On the BSE, 21,000 shares were traded on the counter so far as against the average daily volumes of 14,981 shares in the past one quarter. The stock had hit a high of Rs 139 and a low of Rs 132.80 so far during the day. It had hit a record high of Rs 141.95 on 29 March 2017 and a 52-week low of Rs 45.30 on 12 April 2016.

The small-cap company has equity capital of Rs 18.56 crore. Face value per share is Rs 10.

Shares of Vardhman Special Steels have rallied 15.23% in two trading sessions from its closing of Rs 119.10 on 28 March 2017, after the company announced after market hours on 28 March 2017 that it has fixed 10 April 2017 as the record date for rights issue. The stock had rallied 12.55% to settle at Rs 134.05 yesterday, 29 March 2017.

The rights issue is in the ratio 2:3 i.e. two equity shares for every three held. Total issue size is Rs 67.85 crore and issue price is Rs 50 per equity share.

Vardhman Special Steels net profit rose 16.7% to Rs 3.70 crore on 5.5% increase in net sales to Rs 172.13 crore in Q3 December 2016 over Q3 December 2015.

Vardhman Special Steels is a producer of special and alloy steels, catering to diverse requirements of hot rolled bars for engineering, automotive, tractor, bearing and allied industries.

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Centre to build 1 crore houses under PMAY-G by 2019
Mar 30,2017

The Government today said that it has approved the construction of 1 crore houses with the financial implication of Rs. 81,975 crore for the period 2016-17 to 2018-19. As per provisional figures of Socio Economic and Caste Census (SECC) 2011, approximately 4 crore rural households face housing deprivation. After accounting for the houses that were constructed under Indira Aawas Yojana, IAY and State sponsored housing schemes since 2011, it has been estimated that 2.95 crore more houses, with an anticipated variation of n++ 10%, would need to be constructed to achieve the objective of Housing For All by the year 2022.

In the first phase (from 2016-17 to 2018-19) one crore houses are targeted for construction under Pradhan Mantri Aawas Yojana-Grameen, PMAY-G. Targets for the remaining period (till 2022) will be decided after verification and finalisation of permanent wait lists, based on SECC 2011 data by all States/UTs. To provide technical support in achieving the targets of n++Housing for Alln++ a National Technical Support Agency (NTSA) for Rural Housing shall be set up at the national level.

To achieve the objective of Housing for All various features have been incorporated into the scheme architecture of PMAY-G, some of which are as below:

(i) Availability of sufficient financial resources both in the form of budgetary support and borrowing from NABARD to meet the expenditure for construction of houses.

(ii) Electronic transfer of assistance under Direct Benefit Transfer (DBT) to resolve problems of delayed payments and expedite completion.

(iii) Comprehensive online monitoring through the scheme MIS-AwaasSoft.

(iv) Inspection and Geo tagging of houses, through the mobile app- AwaasApp by beneficiaries to reduce delays.

(v) Increasing number of trained rural masons through Training, Assessment and Certification.

(vi) Setting up of Programme Management Unit (PMUs) at state and sub state level to review progress on a daily basis, provide requisite technical support and facilitation and plug gaps in implementation using administrative funds available under the scheme.

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Fitch: Indian Telcos Tower Sales are Credit Positive
Mar 30,2017

Indian telcos plans to sell tower assets or stakes in tower subsidiaries should provide headroom to allow data-related capex with less strain on companies credit metrics, Fitch Ratings says. Bharti Airtel Limited (BBB-/Stable) announced yesterday that it has sold a 10.3% stake in its tower subsidiary, Bharti Infratel for USD952 million to KKR and Canada Pension Investment Board. Bharti will retain a 61.7% stake in Infratel.

We expect Infratels stake sale will benefit Bhartis March 2017 FFO-adjusted net leverage, which we forecast to be around 1.8x-2.0x (FY16: 1.8x; excluding USD5bn in deferred spectrum costs) - slightly below the threshold above which we may consider negative rating action. Bharti will use the proceeds to pay down some debt and to fund its USD235 million 2,300MHz spectrum acquisition from Tikona Digital in five Indian telecom coverage areas, or circles. Bharti had earlier acquired 43MHz of 1800MHz spectrum from Telenor India in seven circles to enhance its 4G spectrum portfolio.

Vodafone India and Idea Cellular, which are merging, also intend to sell Ideas 11% stake and Vodafone Indias 42% stake in Indias largest independent tower company, Indus Towers, which is a joint venture between Bharti, Vodafone India and Idea.

Such a sale would help reduce the debt at the Vodafone India-Idea combined entity. With a sale - and assuming opex and capex synergies - we estimate the combined entitys net debt/EBITDA should improve to around 3.0x-3.2x (pro forma 4.4x) with net debt of USD16.1 billion. Idea and Vodafone India intend to contribute about USD7.9 billion and USD8.2 billion of debt, respectively, to the combined entity. For the 12 months ending December 2016, the combined entity, on a pro forma basis, generated revenue of USD12.2 billion or 40% revenue market share - and USD3.6 billion in EBITDA.

Reliance Communications Limited (Rcom, B+/Rating Watch Negative) is in the process of selling 51% of its tower business - Reliance Infratel Ltd (Infratel) - for USD1.6 billion, and intends to use the proceeds to pay down debt. However, the sale will not be sufficient to ease Rcoms financial stress, given its high indebtedness and plan to merge its wireless operations with Aircel Limited; we do not foresee FFO-adjusted net leverage reducing to below 4.5x for the foreseeable future.

We continue to have a negative outlook on the Indian telecom sector as competition will continue to remain high, and consolidation is not likely to return any pricing power to the operators in the near term. The entry of Reliance Jio, a subsidiary of Reliance Industries Limited (RIL, BBB-/Stable), has accelerated industry consolidation. The ongoing consolidation is likely to leave four larger operators - Bharti, Jio, the combination of Vodafone India and Idea, and the combined Rcom and Aircel Limited.

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Berger Paints rises after commencing production at plant
Mar 30,2017

The announcement was made after market hours yesterday, 29 March 2017.

Meanwhile, the S&P BSE Sensex was up 33.92 points or 0.11% at 29,565.35.

On the BSE, 52,000 shares were traded on the counter so far as against the average daily volumes of 2.93 lakh shares in the past one quarter. The stock had hit a high of Rs 239 and a low of Rs 235.20 so far during the day. It had hit a record high of Rs 276.80 on 12 September 2016 and a 52-week low of Rs 164.29 on 28 March 2016.

The large-cap company has equity capital of Rs 97.10 crore. Face value per share is Rs 1.

The British Paints Division of Berger Paints India has commenced commercial production of its paint and putty plant at Nalbari, Assam on 29 March 2017. The plant has a capacity of 6,600 KL/MT per annum of solvent and water based paints and 7,200 MT per annum of putty and distemper.

On consolidated basis, Berger Paints Indias net profit fell 2% to Rs 109.12 crore on 5.2% growth in net sales to Rs 1170.20 crore in Q3 December 2016 over Q3 December 2015.

Berger Paints India manufactures and markets a range of decorative and industrial paint products and has operations throughout India.

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Ambika Cotton Mills director resigns
Mar 30,2017

Ambika Cotton Mills announced that Soundararaja perumal, Independent Director, has resigned from the Directorship of the Company with effect from 27 March 2017 on account of his pre-occupation with other works.

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Board of Vedanta recommends dividend
Mar 30,2017

Vedanta announced that the Board of Directors of the Company at its meeting held on 30 March 2017, inter alia, have recommended the dividend of Rs 17.7 per equity Share (i.e. 1770%) , subject to the approval of the shareholders.

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Vedanta fixes record date for 2nd interim dividend for FY 2017
Mar 30,2017

Vedanta has fixed 12 April 2017 as record date for payment of second interim dividend for FY 2017.

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Vedanta appoints director
Mar 30,2017

Vedanta has appointed K Venkataramanan as an Additional Director and Non-Executive Independent Director (Additional Director) on the Board of the Company for a period of 3 years w.e.f. 01 April 2017 to hold office till the ensuing Annual General Meeting of the Company.

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Indiabulls Real Estate leads gainers in A group
Mar 30,2017

Indiabulls Real Estate jumped 8.48% to Rs 87 at 13:36 IST. The stock topped the gainers in the BSEs A group. On the BSE, 16.38 lakh shares were traded on the counter so far as against the average daily volumes of 6.09 lakh shares in the past two weeks.

Prestige Estates Projects surged 5.83% at Rs 214.05. The stock was second biggest gainer in A group. On the BSE, 1.18 lakh shares were traded on the counter so far as against the average daily volumes of 27,000 shares in the past two weeks.

Unitech advanced 5.52% to Rs 5.73. The stock was third biggest gainer in A group. On the BSE, 49.13 lakh shares were traded on the counter so far as against the average daily volumes of 37.29 lakh shares in the past two weeks.

Adani Ports and Special Economic Zone (APSEZ) gained 4.66% at Rs 19.10. The stock was fourth biggest gainer in A group. On the BSE, 4.04 lakh shares were traded on the counter so far as against the average daily volumes of 5.80 lakh shares in the past two weeks.

Suzlon Energy rose 5.56% to Rs 2,110.15. The stock was fifth biggest gainer in A group. On the BSE, 78.23 lakh shares were traded on the counter so far as against the average daily volumes of 1.31 crore shares in the past two weeks.

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Dilip Buildcon provides update on Tuljapur - Ausa road project
Mar 30,2017

Dilip Buildcon announced that the Concessionary Company DBL Tuljapur Ausa Highways (SPV) has been incorporated for the Road Project of four laning Tuljapur - Ausa (including Tuliapur Bypass) Road Project Section of NH-361 from Km 0.000 to km 55.835 under NHDP Phase IV on Hybrid Annuity Mode in the State of Maharashtra at bid Project cost of Rs. 911.07 crore (the Project).

Shrem Infraventure (the Investor) will invest 49% of the Equity Share Capital in the SPV and that the Company will hold the remaining 51% stake in said SPV. Further, that on completion of two years from the Commercial Operation date of the said Project, the Investor will acquire 100% stake of the SPV i.e. 51% stake held by Dilip Buildcon will also be acquired by the Investor and the Company will hand over the Project to the Investor for operation.

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Sudal Industries to expand production capacity at Nashik
Mar 30,2017

Sudal Industries is planning to expand its production capacity at its existing unit located at Nashik and is also planning to setup a unit in Nardana, Dhule worth Rs. 250 crore.

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JM Financial provides update on subsidiary - JM Financial Investment Managers
Mar 30,2017

JM Financial announced that its subsidiary, JM Financial Investment Managers has executed the share purchase agreement to acquire equity shares of Spandana Sphoorty Financial (Spandana) through a secondary purchase in two tranches representing 16.26% of its current outstanding total equity shares. On a fully diluted basis, the said acquisition would result in the holding of 6.41% in Spandana post the preferential issue and exercise of the warrants/ESOPs by the promoters/employees of Spandana as per the other agreements executed by Spandana.

Spandana is engaged in the business of microfinance providing small ticket unsecured loans largely to women of low income households in rural and urban areas, with average loan tenure of one to two years.

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Govt asks industry to work for July 1 roll out of GST: Finance Secretary Mr Ashok Lavasa
Mar 30,2017

India Inc should work for the July 1 roll out of the Goods and Services Tax , which would take the country into very exciting phase of tax administration, Finance Secretary Mr Ashok Lavasa said at an ASSOCHAM Managing Committee meeting.

Mr Lavasa said We should all work towards July 1, if it gets achieved. He said along with the government, the industry should organise training sessions for the trade and industry for the roll out of the new tax reforms.

The Chamber President Mr Sandeep Jajodia informed the Finance Secretary that the ASSOCHAM has already held over 55 conferences in different parts of the country on GST.

Dwelling on a host of issues, the Finance Secretary also allayed concerns that the fear of vigilance probes is coming in the way of the banks resolving the problem of the non-performing assets (NPAs). The honest bank officers have nothing to worry about and the existing laws provide them ample scope for finding a way out of the bad debt problem, Mr. Lavasa.

n++I dont know whether there can be a law which can make people fearless. If you take honest decisions you dont have to fear three n++s or 10 n++, Mr Lavasa said in response to concerns from the industry leaders that senior bankers are not willing to show courage in reaching settlements with the troubled units as they have a lurking fear of Central Vigilance Commission, CBI or CAG .

The Finance Secretary said If you take honest decisions you dont have to fear. Financing documents and rules of the game provide scope to sit with the banks in the interest of investment.

He said efforts are on to save projects which have run into rough weather because of events beyond control of individuals or industries. The problem of the NPAs of the banks is restricted to a few sectors but it has to be resolved.

The Finance Secretary said the focus of the government is to efficiently spend increased outlays on public and infrastructure projects , including MNREGA which is run with greater efficiency or Direct Benefit Transfer (DBT) schemes. As much as Rs 34,000 crore has been saved so far by implementing DBT in 78 schemes. Things like Aadhar seeding and inter-linkage of different schemes has helped plug the pilferages and bogus claimants.

The ASSOCHAM President said there was a need for expeditious capital spending on public sector and infrastructure projects including roads, highways and railways.

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