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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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Jolly Plastic Industries shifts registered office
May 19,2017

Jolly Plastic Industries announced that the the Registered Office of the Company will be shifted from 7, Sidhi Vinayak, Shivshakti Complex, KantaStri Vikas Gruh, Main Road Pujara Plot, Rajkot -360003 (Gujarat) to 407, Sudarshan Commercial Complex , Limda Chowk, Rajkot-360001 Gujarat w.e.f from 01 May 2017.

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Igarashi Motors India plans scheme of amalgamation and bonus issue
May 19,2017

Igarashi Motors India plans for amalgamation of Agile Electric Sub Assembly with the Company and issue of bonus shares post the proposed merger. The proposals would be considered at board meeting on 27 May 2017.

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Vakrangee to launch Vision Statement
May 19,2017

Vakrangee will launch is Vision Statement providing insights and understanding on how the Company plans to shape its future according to its Vision Statement. The event is scheduled for 19 May 2017 on a live Webcast.

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PVR plans issue of NCDs up to Rs 500 crore
May 19,2017

PVR plans to issue NCDs up to Rs 500 crore. The proposal for the same to be considered at board meeting on 30 May 2017.

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The 14th Goods and Services Tax (GST) Council meeting approves GST rates for goods and GST Compensation Cess
May 19,2017

The 14th Goods and Services Tax (GST) Council Meeting, chaired by the Union Minister of Finance Shri Arun Jaitley, was held at Srinagar, Jammu and Kashmir yesterday. The fitment of rates of goods were discussed during the Council meeting. The Council has broadly approved the GST rates for goods at nil rate, 5%, 12%, 18% and 28% to be levied on certain goods. The Council has also broadly approved the rates of GST Compensation Cess to be levied on certain goods.

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Rajesh Exports bags order worth Rs 1140 crore
May 19,2017

Rajesh Exports has secured an order worth Rs 1140 crore from UAE. The order is to be completed by September 2017. With this order, the order book at the consolidated level stands at 36820 crore.

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SBI gains after robust Q4 results
May 19,2017

The result was announced during trading hours today, 19 May 2017.

Meanwhile, the S&P BSE Sensex was down 22.74 points, or 0.07% to 30,412.05.

On the BSE, 18.57 lakh shares were traded in the counter so far, compared with average daily volumes of 19.79 lakh shares in the past one quarter. The stock had hit a high of Rs 310.70 and a low of Rs 302.20 so far during the day.

The stock hit a 52-week high of Rs 309.85 on 19 May 2017. The stock hit a 52-week low of Rs 166.60 on 24 May 2016.

The stock had outperformed the market over the past one month till 18 May 2017, rising 6.60% compared with 3.74% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 12.70% as against Sensexs 6.91% rise.

The large-cap company has equity capital of Rs 810.99 crore. Face value per share is Re 1.

State Bank of Indias (SBI) gross non-performing assets (NPAs) stood at Rs 112342.99 crore as on 31 March 2017 as against Rs 108172.32 crore as on 30 December 2016 and Rs 98172.80 crore as on 31 March 2016.

The ratio of gross NPAs to gross advances stood at 6.90% as on 31 March 2017 as against 7.23% as on 31 December 2016 and 6.50% as on 31 March 2016.

The ratio of net NPAs to net advances stood at 3.71% as on 31 March 2017 as against 4.24% as on 31 December 2016 and 3.81% as on 31 March 2016.

The banks provisions and contingencies fell 10.88% to Rs 11740.09 crore in Q4 March 2017 over Q4 March 2016. Of this, provisions for NPAs fell 9.44% to Rs 10992.92 crore in Q4 March 2017 over Q4 March 2016.

Provision coverage ratio of the bank was at 65.95% as on 31 March 2017.

Government of India holds 61.23% stake in State Bank of India (SBI) (as on 31 March 2017).

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L&T Power secures export orders worth Rs 300 crore
May 19,2017

The Power Business of Larsen & Toubro through its joint venture company L&T MHPS Boilers has secured export orders worth approximately Rs 300 crore from Mitsubishi Hitachi Power Systems, Japan.

The LMB contracts include supply of pressure parts to 2x1000 MW and 1x650 MW power plants in Indonesia and Japan, respectively, for water wall panel, coil, piping and header.

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Board of State Bank of India recommends final dividend
May 19,2017

State Bank of India announced that the Board of Directors of the Company at its meeting held on 19 May 2017, inter alia, have recommended the final dividend of Rs 2.6 per equity Share (i.e. 260%) , subject to the approval of the shareholders.

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Cummins India to pay final dividend
May 19,2017

Cummins India announced that dividend warrants for final dividend (subject to approval of shareholders at the ensuing Annual General Meeting) will be dispatched by 30 August 2017 and the final dividend will be paid on 01 September 2017

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State Bank of India to pay dividend
May 19,2017

State Bank of India announced that dividend of Rs 2.60 per share for FY 2017 will be paid on 06 June 2017.

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Board of Motherson Sumi Systems recommends bonus issue
May 19,2017

The Board of Directors of Motherson Sumi Systems at its meeting held on 19 May 2017 have recommended the issue of Bonus Shares in the ratio of 1 (one) Bonus Shares against the 2 (two) existing shares subject to the approval of the shareholders. Further that Board also recommended a Dividend of Rs. 2/- per equity share (face value of Re. 1/- each) for the financial year ended 31 March 2017 on the expanded share capital (including the proposed Bonus Shares), subject to the approval of the shareholders at Annual General Meeting.

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CESC jumps on bargain hunting
May 19,2017

Meanwhile, the S&P BSE Sensex was up 54.09 points, or 0.18% to 30,488.88.

On the BSE, 4.27 lakh shares were traded in the counter so far, compared with average daily volumes of 51,624 shares in the past one quarter. The stock had hit a high of Rs 885 and a low of Rs 850 so far during the day. The stock hit a record high of Rs 1,001.85 on 16 May 2017. The stock hit a 52-week low of Rs 531.35 on 2 June 2016.

The stock had underperformed the market over the past one month till 18 May 2017, falling 6.96% compared with 3.74% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 3.49% as against Sensexs 6.91% rise.

The large-cap company has equity capital of Rs 132.56 crore. Face value per share is Rs 10.

Shares of CESC fell 15.68% in three trading sessions to settle at Rs 829.80 yesterday, 18 May 2017, from its close of Rs 984.15 on 15 May 2017.

The stock slumped 15.10% in a single trading session to settle at Rs 829.80 yesterday, 18 May 2017, after the company announced its restructuring plan. The announcement was made during trading hours yesterday, 18 May 2017.

The restructuring scheme includes amalgamation of CESC Infrastructure, Spencers Retail and Music World Retail with CESC; demerger of power generation undertaking to Haldia Energy; demerger of retail undertaking I (as defined in the scheme) of the company and retail undertaking 2 (as defined in the scheme) of Spencers Retail to RP-SG Retail. Further, the scheme includes demerger of IT undertaking of the company to RP-SG Business Process Services.

As per the scheme, Spen Liq will be amalgamated with RP-SG Business Process Services and New Rising Promoters will be amalgamated with Crescent Power.

The scheme includes reduction and cancellation of the existing share capital of Haldia Energy, RP-SG Retail and RP-SG Business Process Services. Further, it includes reduction of the face value of the equity share of CESC from Rs 10 per share to Rs 5 per share and subsequent consolidation of two equity shares of the company of Rs 5 each into one equity share of Rs 10 each.

The equity shares of Haldia Energy, RP-SG Retail and RP-SG Business Process Services will be listed on Calcutta Stock Exchange, BSE, and National Stock Exchange of India, post effectiveness of the scheme. The shareholders of the company will get shares in these listed companies in the same proportion as their holding in the company.

Post restructuring, in addition to the IT undertaking, the RP-SG Business Process Services will house various other ventures of the group, inter alia, property, entertainment and fast moving consumer goods business. As part of this alignment investments in/by Guiltfree Industries and Apricot Foods will also be held by RP-SG Business Process Services.

Meanwhile, the company announced its Q4 March 2017 results during trading hours yesterday, 18 May 2017. CESCs net profit rose 0.7% to Rs 295 crore on 6.7% increase in net sales to Rs 1572 crore in Q4 March 2017 over Q4 March 2016.

CESC is a fully-integrated electrical utility company. The companys other business segments include power, organized retailing, property development and business process outsourcing.

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GMDC leads gainers on BSEs A group
May 19,2017

Gujarat Mineral Development Corporation (GMDC) rose 5.20% at Rs 133.60. The stock topped the gainers in A group. On the BSE, 8.23 lakh shares were traded on the counter so far as against the average daily volumes of 2.73 lakh shares in the past two weeks.

CESC rose 4.71% at Rs 868.85. The stock was the second biggest gainer in A group. On the BSE, 4.05 lakh shares were traded on the counter so far as against the average daily volumes of 96,000 shares in the past two weeks.

ITC rose 4.32% at Rs 290.05. The stock was the third biggest gainer in A group. On the BSE, 16.15 lakh shares were traded on the counter so far as against the average daily volumes of 5.86 lakh shares in the past two weeks.

Colgate-Palmolive (India) rose 3.90% at Rs 1,017.55. The stock was the fourth biggest gainer in A group. On the BSE, 64,000 shares were traded on the counter so far as against the average daily volumes of 24,000 shares in the past two weeks.

Suzlon Energy rose 3.25% at Rs 20.65. The stock was the fifth biggest gainer in A group. On the BSE, 1.06 crore shares were traded on the counter so far as against the average daily volumes of 77.50 lakh shares in the past two weeks.

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HUDCO makes a strong debut
May 19,2017

The stock debuted at Rs 73.45, a premium of 22.42% to the initial public offer (IPO) price. So far the stock hit a high of Rs 77.80 and low of Rs 70.55. On BSE, so far 2.06 crore shares were traded on the counter.

Housing and Urban Development Corporation (HUDCO) had priced the initial public offer (IPO) at the top end of the Rs 56 to Rs 60 per share price band for the IPO. The IPO closed on 11 May 2016. It received bids for 1622.93 crore shares. The IPO was subscribed 79.53 times. The qualified institutional buyers (QIBs) category was subscribed 55.45 times. The non institutional investors category was subscribed 330.36 times. The retail individual investors (RIIs) category was subscribed 10.79 times.

HUDCOs IPO comprised of offer for sale (OFS) of up to 20.41 crore equity shares by the promoter, the Government of India (GoI). The entire proceeds from the OFS will be paid to GoI. Post-IPO, the promoters stake reduced to 89.8% from 100%.

HUDCOs net profit stood at Rs 496.29 crore on revenue from operations of Rs 2613.02 crore in nine months ended 31 December 2016.

HUDCO is a wholly owned public sector undertaking (PSU) company, providing loans for housing and urban infrastructure projects in India. The company is conferred with the status of Miniratna (Category-I Public Sector Enterprise) having more than 46 years of experience. The company has a pan-India presence with 21 regional offices and 11 development offices.

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