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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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Escorts announces tractors sales performance
Jun 01,2017

Escorts announced that Agri Machinery Segment (EAM) in May 2017 sold 6,770 tractors in domestic market growth of 29% against 5,252 tractors in May 2016.

Export for the month of May 2017 at 116 tractors up by 47% against 79 tractors in May 2016.

Total (Domestic + Exports) tractor sales in May 2017 at 6,886 tractors up by 29% against 5,331 tractors in May 2016.

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Indian Oil Corporation changes directorate
Jun 01,2017

Indian Oil Corporation has announced Sanjiv Singh, Director (Refineries) has been appointed as the Chairman of the Company and has assumed charge with effect from 1st June 2017 on account of superannuation of the incumbent Chairman B Ashok on 31st May 2017.

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Sharda Motor hits record high after strong Q4 results
Jun 01,2017

Meanwhile, the S&P BSE Sensex was up 20.11 points, or 0.06% at 31,165.91. The S&P BSE Small-Cap index was up 125.56 points, or 0.83% at 15,205.77.

High volumes were traded on the counter. On the BSE, 14,000 shares were traded on the counter so far as against the average daily volumes of 1,990 shares in the past one quarter. The stock had hit a high of Rs 2,408 so far during the day, which is also its record high. The stock had hit a low of Rs 2,220 so far during the day.

The stock had hit a 52-week low of Rs 801.05 on 24 June 2016. The stock had outperformed the market over the past one month till 31 May 2017, advancing 11.98% compared with the Sensexs 4.1% rise. The scrip had also outperformed the market over the past one quarter advancing 58.14% as against the Sensexs 8.36% rise.

The small-cap company has equity capital of Rs 5.95 crore. Face value per share is Rs 10.

Shares of Sharda Motor Industries company have rallied 28.14% in the two trading sessions from its close of Rs 1,787.45 on 30 May 2017, after the company after market hours on Tuesday, 30 May 2017 reported strong Q4 March 2017 results. The stock had surged 20% to settle at Rs 2,144.90 yesterday, 31 May 2017.

Sharda Motor Industries net profit spurted 131.79% to Rs 19.47 crore on 14.71% increase in total revenue to Rs 291.11 crore in Q4 March 2017 over Q4 March 2016.

Sharda Motor Industries operates in the automotive industry. The company is one of the leading manufacturers of exhaust systems, suspension systems, seat trim and seat frames.

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Dena Bank to hold AGM
Jun 01,2017

Dena Bank announced that the 21st Annual General Meeting of the bank will be held on 27 June 2017.

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Combination of push & pull factors can help India become global hub for electronics manufacturing: P.P. Chaudhary
Jun 01,2017

A combination of push and pull factors like minimum professional charges, low manufacturing costs together with huge population and vast geographical area can work in favour of India and help it become global hub for electrical and electronics manufacturing sector, Union Minister, Mr P.P. Chaudhary said at an ASSOCHAM event.

n++Two push and pull factors are working in favour of India and the complete ecosystem has been generated, the pull factor is looking at the 1.25 billion population and the vast area as such every company intends to invest in this country,n++ said Mr Chaudhary.

n++The push factor is that all across the globe, while per hour professional and engineering charges come to more than $3.5 but in India it is less than even $1,n++ added Mr Chaudhary.

n++So this is a place where these two factors, pull and push can work in favour of India and above all, the overall cost for creating the manufacturing hub here is much less than in other parts of the world,n++ he said further.

The Union Minister also stressed upon the need for India to promote research and development to stay ahead and keep abreast of technology in this digital age.

n++There is a need for developing a commercially viable research ecosystem funded by the government, industry and academia to promote the next wave of electronic technology in the country and innovations in our journey to becoming a developed nation,n++ said Mr Chaudhary.

He said considering that demand for electronic hardware in India is projected to increase from $45 billion in 2009 to $400 billion by 2020 it represents huge opportunity for making investments and attaining huge growth in electronics manufacturing sector.

Ministry of Electronics and IT has initiated various schemes like MSIPS, EMCs, ITIR, EDF and others to attract global companies to set up their manufacturing base in India.

n++The inherent objective of these policies and schemes is to bring about a fundamental shift in the nature of foreign investments coming to the country rather than being just a low-cost manufacturing destination,n++ said Mr Chaudhary.

n++India is acknowledged as a true partner which adds significant value in production cycle of these products,n++ he added.

He informed that the Union Government has also amended its general financial rules and made special provision for its digital procurement platform, government e-market place to give a boost to the start-ups and for local manufacturing of goods and services in the country.

Highlighting that availability of skilled manpower is another pre-requisite for developing robust manufacturing ecosystem in the country, Mr Chaudhary said, n++Under the Digital India programme, my Ministry has initiated a scheme for skill development in ESDM sector which shall cover all the state and UTs of the country in order to facilitate creation of an ecosystem for development of ESDM.n++

The Minister further said that the government is ensuring time-bound and mission mode implementation of various programmes and initiatives like - Digital India, Make in India, Swachh Bharat, Start-Up India, Stand-Up India, Jan-Dhan Yojana and others at an unprecedented scale and speed.

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Eicher Motors announces sales figures
Jun 01,2017

Eicher Motors announced sales volumes for the month of May 2017.

Total sales for May 2017 stood at 60696 units compared to 48604 units in February 2016. Year-to-date, total sales were 112172 units compared to 86476 units in the corresponding period of previous year. Of the total sales, units exported stood at 2049 in May 2017 compared to 1372 in May 2016.

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D S Kulkarni Developers get ratings revised
Jun 01,2017

D S Kulkarni Developers has received revised credit ratings from CARE ratings. Its Long Term Bank Facilities are rated CARE D, Fixed Deposits at CARE C (FD) Negative and Secured Redeemable Non-Convertible Debentures at CARE C Negative as the Company suffers from slow down phase in its real estate business.

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Bharat Gears advances after availing term loan
Jun 01,2017

The announcement was made after market hours yesterday, 31 May 2017.

Meanwhile, the S&P BSE Sensex was up 44.11 points, or 0.14%, to 31,189.91. The S&P BSE Small-Cap index was up 132.81 points, or 0.88%, to 15,213.02.

Higher than usual volumes were witnessed on the counter. On the BSE, 25,992 shares were traded in the counter so far, compared with an average volume of 11,177 shares in the past one quarter.

The stock had hit a high of Rs 137 and a low of Rs 132.50 so far during the day. The stock had hit a record high of Rs 170.75 on 6 October 2016. The stock had hit a 52-week low of Rs 74.50 on 2 June 2016.

The stock has jumped 13.87% in five sessions to its ruling price of Rs 133.35 from a close of Rs 117.10 on 25 May 2017.

The stock had outperformed the market over the past one month till 31 May 2017, rising 4.43% compared with 4.1% gains in the Sensex. The scrip had outperformed the market in past one quarter, gaining 17.9% as against Sensexs 8.36% gains. The scrip had also outperformed the market in past one year, gaining 72.19% as against Sensexs 16.79% gains.

The small-cap company has an equity capital of Rs 7.82 crore. Face value per share is Rs 10.

Bharat Gears said that the finance committee of board of directors of the company approved the proposal to avail a term loan of Rs 110 crore from KKR India Financial Services for repaying some of the existing term debts, working capital requirements and capital expenditure, among others.

Bharat Gears net profit rose 96.3% to Rs 2.1 crore on 7.7% rise in net sales to Rs 107.33 crore in Q4 March 2017 over Q4 March 2016.

Bharat Gears is a supplier of automotive gears and heat treatment furnaces. The company manufactures a wide range of ring gears and pinions, transmission gears and shafts, differential gears, gear boxes for the automotive industry.

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Board of Bengal & Assam Company recommends final dividend
Jun 01,2017

Bengal & Assam Company announced that the Board of Directors of the Company at its meeting held on 29 May 2017, inter alia, have recommended the final dividend of Rs 10 per equity Share (i.e. 100%) , subject to the approval of the shareholders.

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Board of Compucom Software recommends final dividend
Jun 01,2017

Compucom Software announced that the Board of Directors of the Company at its meeting held on 29 May 2017, inter alia, have recommended the final dividend of Rs 0.1 per equity Share (i.e. 5%) , subject to the approval of the shareholders.

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RDB Realty & Infrastructure to hold board meeting
Jun 01,2017

RDB Realty & Infrastructure will hold a meeting of the Board of Directors of the Company on 6 June 2017.

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Venlon Enterprises to hold board meeting
Jun 01,2017

Venlon Enterprises will hold a meeting of the Board of Directors of the Company on 31 July 2017.

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Brahmaputra Infrastructure to hold board meeting
Jun 01,2017

Brahmaputra Infrastructure will hold a meeting of the Board of Directors of the Company on 10 June 2017.

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Sustained increase in new orders underpin output growth: Nikkei India Manufacturing PMI
Jun 01,2017

The Indian manufacturing sector stayed in expansion mode in May as a further upturn in new business supported output growth. That said, rates of increase eased in both cases. Spending patterns varied, with employment down but quantities of purchases up from April. Meanwhile, input costs rose at the slowest rate since last September, whereas charge inflation accelerated. With regards to future performance, goods producers were at their most optimistic in six months.

Remaining above the no-change mark of 50.0 in May, the headline Nikkei India Manufacturing Purchasing Managers IndexTM (PMITM) signalled a further improvement in operating conditions. That said, the PMI was down from 52.5 in April to a three-month low of 51.6.

May data pointed to softer expansions in both new orders and production. Incoming new work rose at the weakest pace since February, with slowdowns evident in the consumer and intermediate goods categories. Capital goods producers, meanwhile, recorded a contraction in order books. Output growth across the manufacturing sector as a whole was at a three-month low.

Businesses further increased their purchasing activity during May. Moreover the upturn in buying levels was more pronounced than in April. Subsequently, stocks of purchases rose, with the pace of accumulation the quickest in the current three-month sequence of growth.

On the other hand, holdings of finished goods decreased in May as companies sought to fulfil orders from stocks. The rate of depletion was sharp, and the most pronounced since August 2015. Quicker reductions in post-production inventories were seen in each of the three monitored market groups.

International demand for Indian-manufactured goods deteriorated in May, as signalled by a decline in new export orders. The contraction was only slight, but ended a three-month sequence of growth.

Amid reports of the non-replacement of voluntary leavers and shortages of suitable labour, manufacturing jobs in India decreased in May. The fall in staff numbers was centred on the intermediate goods category, with marginal growth noted elsewhere.

Concurrently, outstanding business volumes rose again, marking a one-year sequence of accumulation. Despite accelerating since April, the pace of expansion in backlogs was modest.

Cost burdens facing Indian goods producers continued to rise in May, with chemicals, metals, paper and plastics all reported to be up in price. The rate of inflation softened to the slowest in eight months, however, and was below the long-run series average. In contrast, factory gate charges increased at a slightly quicker pace than in April.

Business confidence improved in May, with firms expecting new product launches, machinery acquisitions and marketing campaigns to support output growth in the year ahead. Moreover, the degree of optimism climbed to a six-month high.

Commenting on the Indian Manufacturing PMI survey data, Pollyanna De Lima, Economist at IHS Markit and author of the report, said: The upturn in the Indian manufacturing sector took a step back in May, with softer demand causing slower expansions in output and the amount of new work received by firms. Moreover, there was a renewed decline in new export orders.

Echoing a more positive tone, the PMI dataset highlighted a stronger increase in businesses input purchasing, while optimism reached a six-month peak. Additionally, cost inflationary pressures cooled.

With inflation under control and manufacturing growth below par, we may see the RBI changing neutral monetary policy stance to accommodative in coming months in order to support the economy.

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Kolte-Patil gains after providing update on project in Pune
Jun 01,2017

The company made the announcement after market hours yesterday, 31 May 2017.

Meanwhile, the S&P BSE Sensex was up 21.44 points or 0.07% at 31,167.24. The S&P BSE Small-Cap index was up 114.21 points, or 0.76% at 15,194.42.

On BSE, so far 8,869 shares were traded in the counter, compared with an average volume of 1.20 lakh shares in the past one quarter. The stock hit a high of Rs 181.80 and a low of Rs 179.50 so far during the day. The stock had hit a 52-week high of Rs 204 on 26 April 2017. The stock hit a 52-week low of Rs 78.75 on 27 December 2016.

The stock had underperformed the market over the past one month till 31 May 2017, falling 5.02% compared with 4.1% gains in the Sensex. The scrip had, however, outperformed the market in past one quarter, gaining 65.25% as against Sensexs 8.36% gains. The scrip had also outperformed the market in past one year, gaining 39.63% as against Sensexs 16.79% gains.

The small-cap company has an equity capital of Rs 75.77 crore. Face value per share is Rs 10.

Kolte-Patil Developers said that the company has completed Phase I of its Three Jewels Project. Phase I has a saleable area of 0.73 million square feet and comprises 812 apartments with a mix of 1, 2 and 2.5 BHKs and 40 shops. The project is located on a 15 acre land parcel located within Pune city limits, in the prime Katraj-Kondwa area of South Pune.

Phase II of the project comprises 754 apartments spread over 0.75 million square feet, and is currently underway, Kolte-Patil Developers said. The project has received a good response and appreciation from the home seekers in Pune and nearby cities from the western Maharashtra region, the company said.

On a consolidated basis, Kolte-Patil Developerss net profit rose 65.01% to Rs 29.80 crore on 60.91% rise in total revenue to Rs 336.78 crore in Q4 March 2017 over Q4 March 2016.

Kolte-Patil Developers is a real estate company with dominant presence in Pune residential market. The company has executed projects in multiple segments - standalone residential buildings and integrated townships.

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