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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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Adani Transmission leads gainers in A group
Apr 07,2017

Adani Transmission jumped 7.83% to Rs 81.95 at 14:29 IST. The stock topped the gainers in the BSEs A group. On the BSE, 8.85 lakh shares were traded on the counter so far as against the average daily volumes of 2.74 lakh shares in the past two weeks.

Max Financial Services surged 6.54% to Rs 641.20. The stock was the second biggest gainer in A group. On the BSE, 3.42 lakh shares were traded on the counter so far as against the average daily volumes of 90,000 shares in the past two weeks.

Container Corporation of India gained 6.77% at Rs 1,123. The stock was the third biggest gainer in A group. On the BSE, 4.12 lakh shares were traded on the counter so far as against the average daily volumes of 1.12 lakh shares in the past two weeks.

Edelweiss Financial Services advanced 5.9% at Rs 181.40. The stock was the fourth biggest gainer in A group. On the BSE, 12.09 lakh shares were traded on the counter so far as against the average daily volumes of 51.46 lakh shares in the past two weeks.

ABB India rose 4.97% to Rs 1,365.40. The stock was the fifth biggest gainer in A group. On the BSE, 21,000 shares were traded on the counter so far as against the average daily volumes of 10,000 shares in the past two weeks.

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India and ADB Sign $175 Million Loan Agreement to help improve Solar Transmission System
Apr 07,2017

The Government of India and the Asian Development Bank (ADB) signed a $175 million loan agreement to support construction of high voltage transmission systems to evacuate power generated from new mega solar parks to the interstate grid, and improve reliability of the national grid system.

The loan will be given to the Power Grid Corporation of India Limited (POWERGRID) and will include subprojects in various locations in India. As an innovative feature, the project is designed to adopt the country systems on both safeguards and procurement at the agency level. This will be the ADBs first breakthrough of the country systems application to a specific project.

Mr. Raj Kumar, Joint Secretary (Multilateral Institutions), Department of Economic Affairs, Ministry of Finance signed the agreement on behalf of the Government of India while Mr. Kenichi Yokoyama, Country Director of ADBs India Resident Mission signed for ADB.

Speaking on the occasion, Mr Raj Kumar, Joint Secretary said that by supporting the construction of interstate transmission systems for the mega solar power projects, the project will enable transmission of surplus solar energy from States with surplus power to power-deficit States.

After signing the loan agreement, Mr. Kenichi Yokoyama, Country Director of ADB for India said that the project will support the continued expansion of solar energy in India in line with the Government of Indias objectives, and contribute to climate change by increasing share of clean energy in the power mix besides increasing overall efficiency of the power system. He said that the adoption of POWERGRIDs safeguard and procurement systems will improve its operational flexibility and autonomy, and reduce the transaction costs and time for project preparation and implementation. As laid-out in the ADB Safeguards Policy, country safeguard systems constitute a countrys legal and institutional framework on environment and social safeguards.

In addition to the ADB loan of $175 million, the project includes $50 million co-finance from the Clean Technology Fund (CTF) - a $5.8 billion component of the Climate Investment Funds aimed at providing developing countries resources to expand efforts in utilizing low carbon technologies and transitioning to clean, renewable energy sources.

POWERGRID will make an equity contribution of $135 million equivalent to support the total project cost of $450 million. The $175 million loan will be from ADBs ordinary capital resources (OCR) and will have a 20-year term, an annual interest rate determined in accordance with ADBs London interbank offered rate (LIBOR)-based lending facility. The $50 million CTF loan financing will come with a 40 year term.

The project will improve the capacity and efficiency of interstate transmission networks, particularly in transmitting the electricity generated from the new solar parks to the national grid. Apart from the evacuation of 2,500 megawatts(MW) of power from solar parks in Bhadla, Rajastha, and 700 MW from Banaskantha, Gujarat, POWERGRID is also including two additional subprojects that will increase solar power generation by 4.2 gigawatt and lessen carbon emissions by over 7 million tons every year.

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Alembic Pharma sweetens after getting USFDA nod
Apr 07,2017

The announcement was made during market hours today, 7 April 2017.

Meanwhile, the S&P BSE Sensex was down 66.42 points, or 0.22%, to 29,860.92.

On the BSE, so far 13,000 shares were traded in the counter, compared with average daily volumes of 52,734 shares in the past one quarter. The stock had hit a high of Rs 635 and a low of Rs 610 so far during the day.

The stock hit a 52-week high of Rs 709.30 on 23 March 2017. The stock hit a 52-week low of Rs 515.55 on 18 April 2016. The stock had underperformed the market over the past one month till 6 April 2017, rising 2.72% compared with the Sensexs 3.55% rise. The scrip also underperformed the market over the past one quarter, rising 2.2% as against the Sensexs 11.84% advance.

The large-cap company has equity capital of Rs 37.70 crore. Face value per share is Rs 2.

Alembic Pharmaceuticals said that the company has received approval from the US Food & Drug Administration (USFDA) for its abbreviated new drug application (ANDA) for Fluoxetine Hydrochloride tablets, 10 mg and 20 mg. The approved ANDA is therapeutically equivalent to the reference listed drug product Prozac Tablets, 10 mg and 20 mg, of Eli Lilly and Company.

Fluoxetine Hydrochloride Tablets are indicated for the treatment of Major Depressive Disorder and Obsessive Compulsive Disorder in adult and pediatric patients. Fluoxetine Tablets are also indicated for the treatment of binge eating and vomiting behaviour in moderate to severe Bulimia Nersova and acute treatment of Panic Disorder, in adult patients.

Fluoxetine Hydrochloride Tablets have an estimated market size of $120 million for 12 months ended December 2015, according to IMS. Alembic Pharma now has a total of 53 ANDA approvals from the USFDA.

On a consolidated basis, net profit of Alembic Pharmaceuticals declined 67.81% to Rs 86.55 crore on 15.9% decline in net sales to Rs 769.86 crore in Q3 December 2016 over Q3 December 2015.

Alembic Pharmaceuticals, a vertically integrated research and development pharmaceutical company, manufactures and markets generic pharmaceutical products all over the world.

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Export of Oilmeals Increased to 18.7 lakh Tons during FY17
Apr 07,2017

The Solvent Extractors Association of India has compiled the export data for export of oilmeals for the month of March 2017 as well as for the financial year 2016-17 (April-March). The export of oilmeals during March 2017 has increased and reported at 150,773 tons compared to 106,122 tons in March 2016 i.e. up by 42%. The total export of oilmeals during April 2016 to March 2017 in terms of quantity is reported at 1,865,757 tons compared to 1,529,115 tons during the same period of last year i.e. up by 22`%. In term of value the total earning is Rs. 3,178 crores compared to 2,600 crores in 2015-16, up by 22%.

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Adani Transmission surges 28.59% in four sessions
Apr 07,2017

The stock has jumped 28.59% in four sessions to its current ruling price of Rs 82.75, from its close of Rs 64.35 on 31 March 2017.

Meanwhile, the S&P BSE Sensex was down 60.86 points or 0.20% at 29,866.48. The S&P BSE Mid-Cap index was up 89.61 points or 0.61% at 14,840.58.

High volumes were witnessed on the counter. On the BSE, 8.3 lakh shares were traded in the counter so far as against average daily volume of 1.83 lakh shares in the past one quarter. The stock had hit a high of Rs 83.25 in intraday trade, which is also a record high for the stock. The stock had hit a low of Rs 74.65 so far during the day. The stock had hit a 52-week low of Rs 28.35 on 20 May 2016.

The stock had outperformed the market over the past one month till 6 April 2017, gaining 21.41% compared with Sensexs 3.03% gains. The scrip had also outperformed the market in past one quarter, jumping 32.87% as against Sensexs 11.84% rise.

The mid-cap company has equity capital of Rs 1099.81 crore. Face value per share is Rs 10.

Adani Transmission (ATL) had jumped 6.06% to Rs 68.25 on 3 April 2017 after the company said that it has received the 3 letter of intents from RVPN (Rajasthan Rajya Vidyut Prasaran Nigam Limited) to construct, own, operate and maintain three transmission projects in the state of Rajasthan. The projects namely Hadoti Transmission Company (PPP-8), Barmer Transmission Company (PPP 9), and Thar Transmission Company (PPP-10) collectively have approximately 350 circuit kilometers (ckt kms) of lines and 16 substations with transformation capacity of approx. 600 MVA at voltage level of 132/220 KV. The announcement was made during market hours on 3 April 2017.

With these projects, ATL will strengthen its existent significant presence in Rajasthan with 2 operational transmission projects (i.e. Aravali & Maru transmission company) and Suratgarh Bikaner project, which is under construction, it had said.

With the completion of all the ongoing projects and acquisition of Reliance Infrastructures operational transmission assets along with these three projects, the network of ATL is expected to surpass 11000 ckt kms, ATL had added.

Adani Transmissions consolidated net profit jumped 32.8% to Rs 99.28 crore on 38.5% rise in net sales to Rs 729.22 crore in Q3 December 2016 over Q3 December 2015.

Adani Transmission is into power transmission business and is a part of business conglomerate Adani Group.

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Allied Computers International (Asia) announced change in registered office
Apr 07,2017

Allied Computers International (Asia) announced that Registered Office of the Company has been changed to Shop No. 11, Building No. 2,Happy Home CHS Ltd., Shanti Park, Near Malaika Appliances, Mira Road (E), Mumbai, Thane - 401107, Maharashtra.

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Board of La Opala RG appoints director
Apr 07,2017

The Board of Directors of La Opala RG has appointed Subir Bose(DIN 00048451) as an Independent Non-Executive Director of the company at their meeting held on 07 April 2017, subject to the approval of the shareholders at the forthcoming Annual General Meeting.

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Alembic Pharmaceuticals receives ANDA approval for Fluoxetine Hydrochloride Tablets
Apr 07,2017

Alembic Pharmaceuticals announced that the Company has received approval from the USFDA for its Abbreviated New Drug Application for Fluoxetine Hydrochloride Tablets, 10 mg and 20 mg. The approved ANDA is therapeutically equivalent to the reference listed drug product (RLD) Prozac Tablets, 10 mg and 20 mg, of Eli Lilly and Company.

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Larsen & Toubro allots 3,05,464 equity shares
Apr 07,2017

Larsen & Toubro has allotted 3,05,464 (Three Lakh Five Thousand Four Hundred Sixty Four) shares today to those grantees who had exercised their options under the Companys Employee Stock Ownership / Option Schemes. The said shares will rank pari-passu with the existing shares of the Company in all respects.

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Ontic Finserve fixes record date for consolidation of equity shares
Apr 07,2017

Ontic Finserve has fixed 17 April 2017 as a Record Date for the purpose of consolidation of equity shares of the Company from Rs. 1/- each into Rs. 10/- each.

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Ind-Ra: UP Farm Debt Waiver - Not a Long-Term Solution to Agrarian Distress, to Pressurise State Finances
Apr 07,2017

The debt waiver announced by the Uttar Pradesh (UP) government for the small and marginal farmers is not the long-term answer to any agrarian crisis, says India Ratings & Research (Ind-Ra). While the solution to the agrarian crisis facing the country is not an easy one, providing a debt waiver to farmers will only provide short-term relief to distressed farmers, but will also lead to a bad credit culture, besides exerting pressure on state finances.

The UP cabinet has waived agriculture loans up to INR100,000 of 21.5 million small and marginal farmers of the state. This is expected to cost the state exchequers INR307.29 billion. In addition the cabinet has also approved a write-off of INR56.30 billion of non-performing assets of 0.7 million farmers. Ind-Ra estimates that the direct impact of the debt waiver on the state exchequer to be around INR363.59 billion, which is around 2.6% of UPs gross state domestic product (GSDP).

Despite being under pressure, the finances of the government of UP (GoUP) are in relatively better shape than it was a decade ago. The state has been generating revenue surplus from FY07 onwards. It had shown revenue surplus of INR223.94 billion in FY15, INR183.68 billion in FY16 (revised estimate, RE) and INR282.01 billion in FY17 (budget estimate, BE). Also the fiscal deficit/GSDP of the state (excluding UDAY scheme) in FY16 (RE) and FY17 (BE) was lower than the 14th Finance Commissions prescribed limit of 3%. The state spends a significant part of its expenditure on the power sector (both revenue and capital). As UP was the first state to join UDAY and has also raised bonds from the market for financing the losses of the power sector, Ind-Ra believes this will provide some fiscal space for the government to absorb the expenditure arising out of the farm debt waiver. However, Ind-Ra would await the GoUPs FY18 budget to ascertain the fiscal position of the state.

Ind-Ra had highlighted the negative implication that debt waivers have on credit culture. The debt waiver announced can significantly impact the credit culture among the agriculture communities in other states. More importantly demand for debt waiver may also come in from other states as well. The waivers may mask the delinquencies for the time being. Nevertheless, it carries the risk of significantly impairing asset quality going forward. The unintended outcome of this could be reduced availability of credit to the farmers from banks, forcing them to resort to the unorganised lending sector.

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NTPC commissions Unit#1 of 660 MW of Solapur Super Thermal Power
Apr 07,2017

NTPC announced that Unit#1 of 660 MW of Solapur Super Thermal Power Project has been commissioned. With this, the commissioned capacity of NTPC and NTPC Group has become 44194 MW and 51410 MW respectively.

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Large bulk deal boosts Sobha
Apr 07,2017

Meanwhile, the S&P BSE Sensex was down 66.61 points or 0.22% at 29,860.73. The BSE Mid-Cap index was up 51.63 points or 0.36% at 14,328.17.

Bulk deal boosted volume on the scrip. On the BSE, 44.87 lakh shares were traded on the counter so far as against the average daily volumes of 41,524 shares in the past one quarter. The stock had hit a high of Rs 415 and a low of Rs 401 so far during the day.

The stock had hit a 52-week high of Rs 417 on 6 April 2017 and a 52-week low of Rs 224.05 on 22 November 2016. The stock had outperformed the market over the past one month till 6 April 2017, advancing 27.36% compared with the Sensexs 3.55% rise. The scrip also outperformed the market over the past one quarter, surging 51.59% as against the Sensexs 11.84% advance.

The mid-cap company has equity capital of Rs 96.30 crore. Face value per share is Rs 10.

On a consolidated basis, net profit of Sobha rose 7.95% to Rs 39.40 crore on 24.37% growth in net sales to Rs 540 crore in Q3 December 2016 over Q3 December 2015.

Sobha Group is one of the largest real estate organisations in India and the Middle East. It has presence in 24 cities and 13 states across India and throughout the Middle East.

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Volumes jump at Nath Bio-Genes (India) counter
Apr 07,2017

Nath Bio-Genes (India) clocked volume of 22.05 lakh shares by 12:45 IST on BSE, a 65.41-times surge over two-week average daily volume of 34,000 shares. The stock was locked at 20% upper circuit at Rs 189.70.

Sobha notched up volume of 44.82 lakh shares, a 40.4-fold surge over two-week average daily volume of 1.11 lakh shares. The stock rose 1.55% to Rs 409.40.

Laurus Labs saw volume of 5.8 lakh shares, a 31.11-fold surge over two-week average daily volume of 19,000 shares. The stock rose 0.2% to Rs 519.

BGR Energy clocked volume of 8 lakh shares, a 13.38-fold surge over two-week average daily volume of 60,000 shares. The stock jumped 17.4% to Rs 179.80.

Dhanlaxmi Bank saw volume of 38.81 lakh shares, a 13.05-fold rise over two-week average daily volume of 2.97 lakh shares. The stock hit 20% upper circuit at Rs 38.20.

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Indiabulls Ventures zooms 56.07% in ten sessions
Apr 07,2017

Meanwhile, the S&P BSE Sensex was down 66.04 points, or 0.22% at 29,861.30. The S&P BSE Small-cap index was up 61.33 points, 0.42% at 14,812.30.

High volumes were witnessed on the counter. On the BSE, 32.86 lakh shares were traded on the counter so far as against the average daily volumes of 10.07 lakh shares in the past one quarter. The stock had hit a high of Rs 70.70 so far during the day, which is also its 52-week high. The stock hit a low of Rs 68.20 so far during the day.

The stock had hit a 52-week low of Rs 13.40 on 6 April 2016. The stock had outperformed the market over the past one month till 6 April 2017, advancing 87.08% compared with the Sensexs 3.03% rise. The scrip had also outperformed the market over the past one quarter advancing 210.37% as against the Sensexs 11.84% rise.

The small-cap company has equity capital of Rs 64.04 crore. Face Value per share is Rs 2.

Shares of Indiabulls Ventures zoomed 56.07% in ten trading sessions to its current ruling price of Rs 70.70, from a close of Rs 45.30 on 23 March 2017.

Indiabulls Ventures consolidated net profit fell 54.1% to Rs 10.59 crore on 9.6% decline in total income to Rs 96.93 crore in Q3 December 2016 over Q3 December 2015.

Indiabulls Ventures (Formerly Indiabulls Securities) is one of Indias leading capital markets companies providing securities broking and advisory services. Indiabulls Ventures also provides depository services, equity research services to its clients and offers commodities trading through a separate company. These services are provided both through on-line and off-line distribution channels.

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