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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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Bharti Infratel to hold board meeting
Mar 17,2017

Bharti Infratel will hold a meeting of the Board of Directors of the Company on 22 March 2017, to consider and declare an Interim Dividend for the Financial Year 2016-17.

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Redex Protech to hold board meeting
Mar 17,2017

Redex Protech will hold a meeting of the Board of Directors of the Company on 24 March 2017, for appointment of Auditor to fill casual vacancy, & Sale of substantial undertaking.

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Board of Sandesh recommends dividend
Mar 17,2017

Sandesh announced that the Board of Directors of the Company at its meeting held on 16 March 2017, inter alia, have recommended the dividend of Rs 5 per equity Share (i.e. 50%) , subject to the approval of the shareholders.

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Majesco allots 21814 equity shares
Mar 17,2017

Majesco announced that Investor Grievances and Stakeholder Relationship Committee on 17 March 2017 has allotted 21814 Equity Shares of Rs. 5/- each (Face Value) to employees who exercised their vested options under the Companys Employee Stock Option Schemes. The said shares will rank pari- passu with the existing shares of the Company in all respects.

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Polytex India to hold board meeting
Mar 17,2017

Polytex India will hold a meeting of the Board of Directors of the Company on 25 March 2017, to consider and approve the appointment of Mr. Ruchil Gandhi- Company Secretary & Compliance officer of the Company w.e.f. 25.03.2017, to Consider and approve the cessation of Mr. Paresh Kariya as Compliance Officer, and to Consider the Appointment of the Secretarial Auditor

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Westlife Development to hold board meeting
Mar 17,2017

Westlife Development will hold a meeting of the Board of Directors of the Company on 24 March 2017.

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USG Tech Solutions to hold board meeting
Mar 17,2017

USG Tech Solutions will hold a meeting of the Board of Directors of the Company on 22 March 2017, to inter alia, consider and approve the following business(s): To Remove Mr. Prem Sharma from office of CFO, to appoint Ms. Geeta as CFO of the Company, & to Take Approval of Related Party Transaction with RIS PTY LTD (wholly owned subsidiary) for Financial Year 2017-18 Discuss any other business with the permission of Chairman.

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APL Apollo Tubes provides update on subsidiary - Blue Ocean Projects
Mar 17,2017

APL Apollo Tubes announced that Blue Ocean Projects, a wholly owned subsidiary of the Company, had allotted 4240 equity shares on 17 March 2017 to APL Apollo Tubes, on right issue basis.

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Kaya allots 14127 equity shares
Mar 17,2017

Kaya announced that 14127 equity shares of face value of Rs. 10/- each have been issued and allotted under the Kaya Limited Employees Stock Option Scheme 2014 (Scheme) by the authorized Nomination and Remuneration Committee of the Board of Directors through a Circular Resolution passed on 17 March 2017. Consequently, the issued, subscribed and paid up capital of the Company stands increased to 13022564 equity shares of face value of Rs. 10 each.

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Board of Dishman Pharmaceuticals and Chemicals considers High Court order sanctioning scheme of arrangement and amalgamation
Mar 17,2017

Dishman Pharmaceuticals and Chemicals announced that the Board of Directors of the Company at its meeting held on 17 March 2017 considered and took on record the Order of Honble High Court of Gujarat, sanctioning the Scheme of Arrangement and Amalgamation amongst Dishman Pharmaceuticals and Chemicals, Carbogen Amcis (India) and Dishman Care and their respective Shareholders & Creditors, in which following decisions were also taken by the Board of Directors of the Company:

It was decided to sell Investment made by the Company in its following Associate and group companies to the promoter directors of the Company as part of restructuring process and to consolidate its investment made in entities without any material activities or loss making entities including Dishman Biotech, Bhadra-Raj Holding, Dishman Infrastructure and B R Laboratories.

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Adani Power allots 2,14,78,101 equity shares
Mar 17,2017

Adani Power has allotted 2,14,78,101 equity shares of Rs. 10/- each upon partial conversion of the Convertible Warrants as earlier issued and allotted on preferential basis to Promoter Group Entities.

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Asia Pacific Market: Stocks largely up
Mar 17,2017

Asia Pacific share market closed mostly higher on Friday, 17 March 2017, as risk sentiment improves after the US Federal Reserve raised the benchmark interest rate by 25 basis points, as expected, and signalled a less hawkish stance on future rate rises. The Fed also indicated it would stick to its previous forecast of two additional rate rises for the rest of this year, defying market expectations for more aggressive tightening. MSCIs broadest index of Asia-Pacific shares outside Japan gained 0.4%.

Overnight, Wall Street was subdued following strong gains after the Feds rate decision. The Nasdaq was flat, while the Dow and the S&P 500 posted losses. But European shares were upbeat following the election victory of Dutch Prime Minister Mark Rutte, who defeated anti-immigration, anti-European Union rival Geert Wilders.

Among Asian bourses

Australia Shares close higher on financials

Australian equity market finished higher for fourth straight session, thanks to rise in financial stocks after two of the Big Four banks increased their mortgage rates. At the close, the benchmark S&P/ASX 200 index added 13.80 points, or 0.24%, of 5,799.60, while the broader All Ordinaries index rose 13.30 points, or 0.23%, to 5,840.80. Rising stocks outnumbered declining ones on the Australia Stock Exchange by 592 to 500 and 313 ended unchanged. The S&P/ASX 200 VIX, which measures the implied volatility of S&P/ASX 200 options, was up 7.99% to 9.745.

National Australia Bank raised interest rates on residential investment loans by 25 basis points to 5.80% on Thursday, while Westpac Banking said on Friday it would increase its variable home loan rate for owner occupiers by 3-8 basis points. Westpac Banking closed 1.1% higher, while National Australia Bank ended up 0.5%. Commonwealth Bank of Australia added 0.3% and Australia & New Zealand Banking Group picked up 0.2%.

On the other hand, shares of material and energy sector were down on profit booking. Woodside Petroleum rose 0.6%, while Oil Search and Santos each fell 0.3%, and Origin Energy dropped 2.2%. Energy and mining company BHP Billiton was down 1.1% and Fortescue Metals Group lost 1.9%, while Rio Tinto was up 1.1%.

Department-store retailer Myer jumped 5.1%, rebounding from Thursdays fall with the release of first-half earnings. Supermarket operator Woolworths closed at its lowest in nearly two weeks, while Wesfarmers closed 0.2% down.

Nikkei falls 0.35%

The Japan share market finished lower, on tracking weak lead from Wall Street overnight and on caution ahead of the Group of Twenty gathering of financial ministers and central bankers in Germany. But the markets downside was supported by the dollars stability versus the yen as well as expectations for exchange-traded fund purchases by the Bank of Japan. The 225-issue Nikkei average lost 68.55 points, or 0.35%, to finish at 19,521.59. The Topix index of all first-section issues closed down 6.84 points, or 0.43%, at 1,565.85. Financial markets and government offices will be closed for a national holiday on Monday.

Auto stocks led the declines. Subaru marker Fuji Heavy Industries Ltd. lost 1.8% to Y4,349. Mitsubishi Motors Corp. fell 1.9% to Y706.

Oil companies JX Holdings, Inpex and Japex met with selling on a drop in New York crude oil futures on Thursday.

Drug makers Astellas, Daiichi Sankyo and Shionogi were downbeat after their U.S. peers lost ground in New York overnight.

By contrast, game maker Nintendo, industrial robot maker Fanuc and camera maker Canon attracted purchases.

Toshiba was also upbeat with investors taking heart from a news report that a consortium, including state-owned Development Bank of Japan and a U.S. investment firm, will be among bidders in an auction of the struggling electronics giants flash memory business.

Nintendo Co. rose 1.7% to Y25,580 following news that the company has decided at least to double its planned production of the Switch console in the year ending March 2018 owing to strong demand.

Toshiba Corp. gained 3.5% to Y190.1 after local media reports that the government-owned Development Bank of Japan is considering taking a stake in the beleaguered companys memory-chip business, which would bolster Toshibas financial footing.

China Stocks drop as yuan borrowing costs surge

The Mainland China equity market ended down, snapping a four-day winning streak, amid tight market liquidity as the cost for mainland Chinese banks to borrow yuan from each other surged after the Chinese central bank tightened interest rates. he benchmark Shanghai Composite Index was down 1% to finish at 3,237.45. The large-cap CSI 300 Index fell 1% to 3,445.81. The Shenzhen Component Index was also 1% lower at 10,515.41. The Nasdaq-style ChiNext retreated 0.8% to 2,029.73.

The overnight Shanghai Interbank Offered Rate (Shibor), a measure of the yuans borrowing cost among commercial banks, jumped 19.2 basis points on Friday to 2.633%. The one-month and one-year Shibor rates also rose 5.57 basis points and 1.94 basis points respectively, reaching 4.2775% and 4.1246%.

The surge in borrowing costs came after the Peoples Bank of China followed the Feds action and raised money market rates on Thursday, a move widely regarded by investors as trying to reduce the interest rate differential between China and the US, stave off capital outflows, and stabilise the exchange rate.

The central bank tried to soothe jitters by saying the interbank rate increase did not point to any change in its monetary policies and was not tantamount to a hike in its benchmark policy rate. But analysts said the rate moves, more of which are expected, will eventually translate into higher borrowing costs for Chinese companies and consumers.

For the day, most sectors lost ground, dragged down by material plays and by banking stocks, as higher borrowing costs typically pressure rate-sensitive sectors such as property and banking. Car makers also weakened broadly, with Great Wall Motor down 3.8% to 12.39 yuan, and SAIC Motor off 2.5% to 24.37 yuan.

Hong Kong Stocks end at 19-month high

The Hong Kong stock market extended their rally, closing at 19-month high, on improved sentiment after the US Federal Reserve raised the benchmark interest rate by 25 basis points, as expected, and signalled a less hawkish stance on future rate rises. The Fed also indicated it would stick to its previous forecast of two additional rate rises for the rest of this year. The Hang Seng Index ticked up 0.1% or 21.65 points to end at 24,309.93, after rising to a 19-month high on Thursday. The Hang Seng China Enterprises Index, or H-shares index, dipped 0.1% or 12.94 points to close at 10,513.52. Turnover increased to HK$121.3 billion, the highest in 19 months, from HK$102.2 billion on Thursday. Twenty-five stocks rose and 17 fell among the 50 blue chips, with eight stocks remaining unchanged. For the week, the Hang Seng Index gained 3.1%.

Casino shares were up amid optimism over improving revenues from gaming and non-gaming operations in Macau. MGM China jumped 5.3% and Wynn Macau added 2.4%. Sands China added 1% to HK$35.10 after announcing a final dividend of HK$1.

Chinese auto makers, which soared earlier on robust fund buying, fell across the board, after Credit Suisse said China passenger vehicle wholesales sales growth decelerated to 6% in the first two weeks of March. Geely Auto (00175) plunged 10% to HK$11.24 and Great Wall Motor (02333) dived 8.9% to HK$8.84 on speculation a sales promotion on sports utility vehicles by the latter would spark a competitive price war in the segment and hit industry profitability. GAC Group (02238) sank 10% to HK$12.36. Dongfeng Motor (00489) pounded 3.4% to HK$8.93. BYD (01211) declined 1.3% to HK$44.4.

Nifty hits record closing high

Key benchmark indices closed with small gains on the final trading session of the week as reports suggesting that the Goods & Services Tax (GST) Council cleared all legislations required for launching GST regime from July supported gains on the bourses. The barometer index, the S&P BSE Sensex, rose 63.14 points or 0.21% to settle at 29,648.99. The Nifty 50 index gained 6.35 points or 0.07% to settle at 9,160.05. The Sensex hit its highest closing level in more than two years.

Cigarette maker ITC jumped 4.85% to Rs 281.20 on media report that a foreign brokerage has maintained a buy rating on ITC with a 12-month target price of Rs 325. According to reports, the foreign brokerage stated that the Goods & Services Tax (GST) tax structure is likely to be a revenue-neutral outcome which comes as a big relief for ITC.

Meanwhile, several food and drink multinationals and trade groups reportedly met in recent weeks to discuss how to lobby more effectively against Indian proposals for higher taxes and stricter labelling rules on fatty or sugary foods. Prime Minister Narendra Modis administration has begun to look closely at policy proposals under discussion since at least 2015, raising concerns over the possible impact on the $57 billion sector.

Sun Pharmaceutical Industries declined 0.59%. The company announced that one of the indirect subsidiaries of the company namely, Taro Pharmaceuticals Inc. (Canada) has entered into an agreement to acquire all of the issued and outstanding shares of Thallion Pharmaceuticals Inc., a Canadian pharmaceutical corporation. The announcement was made during market hours today, 17 March 2017.

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Jayshree Chemicals announces cessation of director
Mar 17,2017

Jayshree Chemicals announced that Binaya Kumar Mishra has ceased to be a Director of the Company with effect from 16 March 2017.

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Hong Kong Stocks end at 19-month high
Mar 17,2017

The Hong Kong stock market extended their rally, closing at 19-month high on Friday, 17 March 2017, on improved sentiment after the US Federal Reserve raised the benchmark interest rate by 25 basis points, as expected, and signalled a less hawkish stance on future rate rises. The Fed also indicated it would stick to its previous forecast of two additional rate rises for the rest of this year. The Hang Seng Index ticked up 0.1% or 21.65 points to end at 24,309.93, after rising to a 19-month high on Thursday. The Hang Seng China Enterprises Index, or H-shares index, dipped 0.1% or 12.94 points to close at 10,513.52. Turnover increased to HK$121.3 billion, the highest in 19 months, from HK$102.2 billion on Thursday. Twenty-five stocks rose and 17 fell among the 50 blue chips, with eight stocks remaining unchanged. For the week, the Hang Seng Index gained 3.1%.

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Board of ABC Bearings approves sale of entire 2.5% stake in NSK-ABC Bearings
Mar 17,2017

ABC Bearings announced that the Board of Directors of the Company at its meeting held on 16 March 2017 has granted its approval for the sale of its entire 2.5% equity stake in NSK-ABC Bearings.

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