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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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Bharat Seats standalone net profit rises 160.12% in the June 2017 quarter
Jul 20,2017

Net profit of Bharat Seats rose 160.12% to Rs 4.37 crore in the quarter ended June 2017 as against Rs 1.68 crore during the previous quarter ended June 2016. Sales rose 29.03% to Rs 233.01 crore in the quarter ended June 2017 as against Rs 180.59 crore during the previous quarter ended June 2016.

ParticularsQuarter Endedn++Jun. 2017Jun. 2016% Var. Sales233.01180.59 29 OPM %5.154.09 - PBDT11.286.55 72 PBT6.712.41 178 NP4.371.68 160

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Cabinet approves revision of Indian Community Welfare Fund guidelines
Jul 20,2017

The Union Cabinet chaired by Prime Minister Shri Narendra Modi has approved revision of the Indian Community Welfare Fund (ICWF) guidelines.

ICWF, set up in 2009, is aimed at assisting Overseas Indian nationals in times of distress and emergency in the most deserving cases on a means tested basis. The revised guidelines being made broad-based seek to expand the scope of welfare measures that can be extended through the Fund. The guidelines would cover three key areas namely Assisting Overseas Indian nationals in distress situations, Community Welfare activities and Improvement in Consular services. They are expected to provide Indian Missions and Posts abroad greater flexibility in swiftly addressing to requests for assistance by Overseas Indian nationals.

Apart from assisting Indian nationals in distress abroad, ICWF has been a critical support in emergency evacuation of Indian nationals in conflict zones in Libya, Iraq, Yemen, South Sudan and other challenging situations like assistance extended to undocumented Indian workers in the Kingdom of Saudi Arabia during the Nitaqat drive in 2013 and the ongoing Amnesty drive in 2017.

The scale and speed of these evacuations and assistance rendered through the Fund has been universally appreciated. It has also created a sense of confidence among the migrant workers going overseas about the support they can expect from India during critical times.

ICWF stands extended to all Indian Missions and Posts abroad and is primarily funded by levying service charge on various consular services rendered by Indian Missions and Posts abroad.

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Nicco Parks & Resorts schedules board meeting
Jul 20,2017

Nicco Parks & Resorts will hold a meeting of the Board of Directors of the Company on 7 August 2017 Quarterly Results

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Bhagyanagar India to discuss quarterly results
Jul 20,2017

Bhagyanagar India will hold a meeting of the Board of Directors of the Company on 31 July 2017 to consider the Un-Audited Financial Results of the Company for the Quarter ended 30th June, 2017.

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Suprajit Engineering gets revision in credit ratings
Jul 20,2017

Suprajit Engineering announced that ICRA has upgraded the long term rating from ICRA AA- to ICRA AA for bank facilities and short term rating of ICRA A1+ is reaffirmed.

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Godrej Inds advances as subsidiary files for IPO
Jul 20,2017

The announcement was made after market hours yesterday, 19 July 2017.

Meanwhile, the S&P BSE Sensex was up 23.59 points or 0.07% at 31,978.94.

On the BSE, 79,000 shares were traded on the counter so far as against the average daily volumes of 50,943 shares in the past one quarter. The stock had hit a high of Rs 698.80 so far during the day, which is a record high. The stock hit a low of Rs 677.75 so far during the day. The stock had hit a 52-week low of Rs 363.90 on 28 November 2016.

The stock had outperformed the market over the past one month till 19 July 2017, advancing 5.51% compared with the Sensexs 2.06% rise. The stock had also outperformed the market over the past one quarter, gaining 30.06% as against the Sensexs 8.93% rise. The scrip had also outperformed the market over the past one year, surging 60.73% as against the Sensexs 15% rise.

The large-cap company has equity capital of Rs 33.63 crore. Face value per share is Rs 1.

The proposed initial public offer (IPO) of Godrej Agrovet consists of fresh issue of equity shares aggregating up to Rs 300 crore and an offer for sale (OFS) of shares aggregating upto Rs 300 crore and upto 1.23 crore shares by V-Sciences Investments Pte.

On consolidated basis, Godrej Industries reported net profit of Rs 95.23 crore in Q4 March 2017, compared with net loss of Rs 57.03 crore in Q4 March 2016. Net sales rose 6.9% to Rs 1950.84 crore in Q4 March 2017 over Q4 March 2016.

Godrej Industries is a conglomerate with a significant presence in Home and Personal Care, Animal Feeds, Dairy and Agri-products, Poultry, Oil Palm Plantation, Real Estate Development, Oleo-chemicals and Vegetable Oils, both directly and through subsidiaries/associate companies.

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Cabinet approves revalidation of permission to raise EBRs of Rs. 660 crore as Government of India Bonds by IWAI in 2017-18
Jul 20,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the Revalidation of permission to raise Extra Budgetary Resource (EBRs) of Rs. 660 crore as Government of India Bonds by Inland Waterways Authority of India (IWAI) in 2017-18.

The proceeds from the bonds will be utilized by IWAI for development and maintenance of National Waterways (NWs) under National Waterways Act, 2016 (effective from 12.4.2016). Funds received through issue of bonds will be used exclusively for capital expenditure to improve infrastructure funding.

Modalities

The investment to be undertaken for development of NWs on identified projects in 2017-18 is estimated to be approximately Rs. 2412.50 crore. The World Bank has sanctioned a loan of USD 375 million for Jal Marg Vikas Project (JMVP) on 12.04.2017. During 2017-18, out of estimated expenditure of Rs.1715 crore for JMVP, it is expected that the World Bank would remit a loan amount of Rs. 857.50 crore. Accordingly, the total requirement of funds in 2017-18 is Rs. 2412.50 crore. During the year 2016-17, IWAI was allocated a sum of Rs. 296.60 crore for creation of capital assets which has been reduced to Rs.228 crore in BE, 2017-18. Raising bonds is intended to bridge this gap.

The principal and interest in respect of the EBRs worth Rs. 660 crore shall be financed by the Government of India by making suitable budgetary provisions in the Demand of the Ministry of Shipping to meet the bond servicing requirements as and when the need arises. The interest payment will be on semi-annual basis and the principal on maturity.

The whole exercise would be undertaken by IWAI through appointment of lead managers and coordination with SEBI. Funds will be released in 02 tranches keeping the size to get attractive yield from the borrowers. Borrowing in the last quarter of the year 2017-18, especially during the last two months of the year 2017-18 would be avoided.

Background:

Gross budgetary support from the Government of India and external financial support for funding development and maintenance of 106 new National Waterways under National Waterway Act, 2016, is grossly inadequate. There is, therefore, dire need for revalidation of permission to raise EBRs of balance amount of Rs 660 crore (Rs. 1000 cr - Rs. 340 crore raised and utilized during 2016-17).

In his budget speech, 2016-17, the Honble Finance Minister announced as under:

To augment infrastructure funding further, Government will permit mobilization of additional finances to the extent of Rs. 31.300 crore by NHAI, RFC, REG, IREDA, NABARD and IWAI through raising bonds during 2016-17.

In accordance with this announcement, IWAI was allowed to issue infrastructure bonds worth Rs.1000 crore for the first time during 2016-17. As it was their maiden effort, they could succeed to raise Rs.340 crore on 01.03.2017 through e-bidding for development of inland waterways and shipping infrastructure during 2016-17 at coupon rate of 7.9 per cent.

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AksharChem (India) allots 8,89,690 Equity Shares
Jul 20,2017

AksharChem (India) announced that the QIP Committee of the board of directors of the Company has, at its meeting held on 20 July 2017, approved the QIP and allotment of 8,89,690 Equity Shares to eligible qualified institutional buyers at the issue price of Rs. 776.00 per Equity Share, aggregating to approximately Rs. 69,03,99,440/-

Pursuant to the allotment of Equity Shares in the QIP, the paid-up equity share capital of the Company stands increased to Rs. 8,20,25,900/- comprising 82,02,590 equity shares of face value of Rs. 10 each.

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Kotak Mahindra Bank reaches zenith after good Q1 results
Jul 20,2017

The result was announced during market hours today, 20 July 2017.

Meanwhile, the S&P BSE Sensex was up 44.45 points, or 0.14% to 32,002.47.

On the BSE, 3.86 lakh shares were traded in the counter so far, compared with average daily volumes of 4.3 lakh shares in the past one quarter. The stock had hit a high of Rs 1,019.40 so far during the day, which is also a record high for the counter. The stock had hit a low of Rs 1,000 so far during the day. The stock hit a 52-week low of Rs 692.40 on 4 January 2017.

The stock had underperformed the market over the past one month till 19 July 2017, gaining 0.47% compared with Sensexs 2.06% rise. The scrip had, however, outperformed the market in past one quarter, rising 13.72% as against Sensexs 8.93% rise. The scrip had also outperformed the market in past one year, gaining 27.94% as against Sensexs 15% rise.

The large-cap bank has equity capital of Rs 951.78 crore. Face value per share is Rs 5.

The banks gross non-performing assets (NPAs) rose to Rs 3726.62 crore as on 30 June 2017 as against Rs 3578.61 crore as on 31 March 2017 and Rs 3058.81 crore as on 30 June 2016.

The ratio of gross NPAs to gross advances stood at 2.58% as on 30 June 2017 as against 2.59% as on 31 March 2017 and 2.5% as on 30 June 2016.

The ratio of net NPAs to net advances stood at 1.25% as on 30 June 2017 as against 1.26% as on 31 March 2017 and 1.21% as on 30 June 2016.

The banks provisions and contingencies rose 13.49% to Rs 203.74 crore in Q1 June 2017 over Q1 June 2016.

The bank has total exposure of Rs 236 crore to 4 of 12 accounts identified by the Reserve Bank of India (RBI) for insolvency proceedings.

All the four accounts were inherited from ING Vysya Bank after merger with the bank on 1 April 2015. Kotak Mahindra Bank on its own had no exposure to any of the 12 accounts. The bank said that the provision is well in excess of RBI stipulation.

Net Interest Margin (NIM) was at 4.5% in Q1 June 2017 up from 4.4% in Q1 June 2016.

Kotak Mahindra Bank is one of the leading private sector banks in India.

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N R Agarwal Industries provides operations update
Jul 20,2017

N R Agarwal Industries announced that normal operations have begun in Unit II of the Company. However, due to technical reasons, operations at Unit III of the Company shall commence from 01 August 2017.

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Board of Mangalam Organics accepts resignation of director
Jul 20,2017

The Board of Mangalam Organics at its meeting held on 19 July 2017 has accepted the resignation of Rajkumar Saraf as the Director of the Company.

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Atlas Cycles (Haryana) proposes sub-division of equity shares
Jul 20,2017

Atlas Cycles (Haryana) has proposed to undertake sub-division of equity shares. The Board of the Company will consider the proposal on 04 August 2017.

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Jubilant Industries drops after reverse turnaround in Q1
Jul 20,2017

The result was announced after market hours yesterday, 19 July 2017.

Meanwhile, the S&P BSE Sensex up 25.80 points, or 0.08% at 31,981.15. The S&P BSE Small-Cap index was up 58.96 points, or 0.37% at 16,033.53.

On the BSE, 6,149 shares were traded on the counter so far as against the average daily volumes of 10,789 shares in the past one quarter. The stock had hit a high of Rs 275 and a low of Rs 262.85 so far during the day. The stock had hit a record high of Rs 418 on 2 February 2017 and a 52-week low of Rs 155 on 3 August 2016.

The stock had outperformed the market over the past one month till 19 July 2017, advancing 11.39% compared with the Sensexs 2.06% rise. The scrip had, however, underperformed the market over the past one quarter sliding 11.43% as against the Sensexs 8.93% rise. The scrip had, however, outperformed the market over the past one year advancing 72.48% as against the Sensexs 15% rise.

The small-cap company has equity capital of Rs 11.93 crore. Face value per share is Rs 10.

Jubilant Industries consolidated net sales fell 8.6% to Rs 111.17 crore in Q1 June 2017 over Q1 June 2016.

Jubilant Industries is engaged in the business of manufacturing of agri products and performance Polymers.

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Mastek hits 52-week high
Jul 20,2017

Meanwhile, the S&P BSE Sensex was up 20.25 points or 0.06% at 31,975.60. The S&P BSE Small-Cap index rose 53.85 points or 0.34% at 16,028.42.

On the BSE, 5.18 lakh shares were traded on the counter so far as against the average daily volumes of 1.15 lakh shares in the past one quarter. The stock had hit a high of Rs 397.50 so far during the day, which is a 52-week high. The stock hit a low of Rs 366.50 so far during the day. The stock had hit a 52-week low of Rs 108.65 on 30 September 2016.

The stock had outperformed the market over the past one month till 19 July 2017, advancing 29.09% compared with the Sensexs 2.06% rise. The stock had also outperformed the market over the past one quarter, surging 59.64% as against the Sensexs 8.93% rise. The scrip had also outperformed the market over the past one year, spurting 169.67% as against the Sensexs 15% rise.

The small-cap company has equity capital of Rs 11.69 crore. Face value per share is Rs 5.

Shares of Mastek have rallied 27.42% in two trading sessions to its ruling market price, from its close of Rs 299 on 18 July 2017 after the company announced strong Q1 June 2017 results during market hours yesterday, 19 July 2017. The stock had rallied by the maximum permissible level of 20% to settle at Rs 358.80 yesterday, 19 July 2017.

Masteks consolidated net profit rose 39.88% to Rs 14.66 crore on 2.51% growth in total revenue to Rs 188 crore in Q1 June 2017 over Q4 March 2017.

Mastek is a publicly held leading IT player with global operations providing enterprise solutions to government, retail and financial services organizations worldwide.

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SKM Egg Products Export (India) to convene board meeting
Jul 20,2017

SKM Egg Products Export (India) will hold a meeting of the Board of Directors of the Company on 9 August 2017.

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