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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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Vaibhav Global provides update on subsidiary - Liquidation Channel
Jan 20,2017

Vaibhav Globals wholly owned subsidiary Liquidation Channel (LC), an interactive, omnichannel retailer focused on the jewelry, beauty, fashion, home decor and lifestyle categories, was rebranded as Shop LC.

In addition to the name change, Shop LC is designing newbroadcast studios, updating television and website content graphics and expanding its corporate headquarters.

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Ruchi Soya spurts on buzz of tieup with Baba Ramdevs Patanjali
Jan 20,2017

Meanwhile, the BSE Sensex was down 92.75 points, or 0.34%, to 27,215.85.

On the BSE, so far 20.26 lakh shares were traded in the counter, compared with average daily volumes of 1.24 lakh shares in the past one quarter. The stock had hit a high of Rs 28.10 and a low of Rs 25.60 so far during the day.

The stock hit a 52-week high of Rs 33.20 on 28 March 2016. The stock hit a 52-week low of Rs 17.75 on 25 May 2016.

According to the report, Baba Ramdevs Patanjali will start branding and marketing the edible oil produced by Ruchi Soya across its 13 facilities, which will ensure guaranteed sales to Ruchi Soya as well as cut its distribution and marketing costs.

This arrangement comes as a massive relief to one of the countrys largest edible oil manufacturers with brands like Ruchi Gold and Mahakosh. Ruchi Soya owes almost Rs 10000 crore to banks, is contesting winding up proceedings initiated by IDFC Bank in Bombay Hight Court, and is yet to secure all 22 lenders approval to enter a joint venture with Adani Wilmar, the report suggested.

Net profit of Ruchi Soya Industries declined 77.92% to Rs 26.75 crore on 9.5% decline in net sales to Rs 4846.07 crore in Q2 September 2016 over Q2 September 2015.

Ruchi Soya Industries is a leading manufacturer and marketer of edible oils, soya food, premium table spread, vanaspati and bakery fats.

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Millennium Online Solutions (India) to consider December quarter results
Jan 20,2017

Millennium Online Solutions ( India ) announced that the meeting of the Board of Directors of the Company will be held on 14 February 2017 inter alia, to transact the following business :

- To approve Un-Audited Financial Results along with Limited Review Report for the quarter ended on 31 December 2016.

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Gokak Textiles to hold EGM
Jan 20,2017

Gokak Textiles announced that the Extra Ordinary General Meeting (EGM) of the Company will be held on 13 February 2017.

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Advani Hotels & Resorts (India) to consider Q3 results and 2nd interim dividend
Jan 20,2017

Advani Hotels & Resorts (India) announced that a meeting of the Board of Directors of the Company will be held on 27 January 2017, inter alia, to consider and approve the Unaudited Financial Results for the Third quarter (Q3) and Nine months ended 31 December 2016 and also to consider the declaration of second interim dividend for F.Y. 2016-17, if any.

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Orient Green Power gains after board OKs exclusive discussions with IL&FS
Jan 20,2017

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

Meanwhile, the BSE Sensex was down 103.75 points, or 0.38%, to 27,204.85.

On the BSE, so far 6.77 lakh shares were traded in the counter, compared with average daily volumes of 89,686 lakh shares in the past one quarter. The stock had hit a high of Rs 11.95 and a low of Rs 11.38 so far during the day.

The stock hit a 52-week high of Rs 15.10 on 2 February 2016. The stock hit a 52-week low of Rs 7.84 on 9 November 2016.

Orient Green Power Company (OGPL) announced that its board approved entering into exclusive discussions with IL&FS Wind Energy to evaluate a potential merger of the wind energy generation businesses of both entities. The resultant merged entity will have 1.2 gigawatt (GW) of operating wind capacity, and will be by far the largest listed renewable energy company in India.

OGPL is in the process of demerging its wind and biomass entities into two separate companies, viz: OGPL (wind) and Bio-bijlee Green Power (biomass) respectively. Subsequent to the demerger, OGPL will have an operating wind capacity of 425 megawatts (MW) in the financial year ending March 2017 (FY 17) with an additional 43 MW under construction which will augment capacity of the combined entity in FY 18. IL&FS Wind has an operating capacity of 775 MW in FY 17. IL&FS is also developing an additional 228 MW which the merged entity will be in a strong position to acquire.

Both companies have entered into a non-binding agreement with an exclusivity period of 90 days. At this stage, the companies would like to clarify that any potential outcome is subject to due diligence, definitive documentation and approvals by regulators, creditors, shareholders and other stake holders.

On a consolidated basis, Orient Green Power Company reported net profit of Rs 82.88 crore in Q2 September 2016 as against net loss of Rs 21.32 crore in Q2 September 2015. Net sales rose 11.62% to Rs 154.81 crore in Q2 September 2016 over Q2 September 2015.

Orient Green Power Company an independent operator and developer of renewable energy power plants in India. Currently, the companys portfolio includes biomass, biogas, wind energy and small hydroelectric projects at various stages of development.

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Greaves Cotton gains after twin bulk deals
Jan 20,2017

A bulk deal of 2.83 lakh shares was executed on the scrip at Rs 133 per share at 10:15 IST on BSE. Another bulk deal of 3 lakh shares was executed on the scrip at Rs 132.70 per share at 10:18 IST on BSE.

Meanwhile, the S&P BSE Sensex was down 111.37 points, or 0.41%, to 27,200.82

Bulk deal boosted volume on the scrip. On BSE, so far 6.10 lakh shares were traded in the counter, compared with an average volume of 74,051 shares in the past one quarter. The stock hit a high of Rs 133.50 and a low of Rs 130.50 so far during the day. The stock hit a 52-week high of Rs 150.35 on 13 July 2016. The stock hit a 52-week low of Rs 114.20 on 29 February 2016.

The mid-cap company has an equity capital of Rs 48.84 crore. Face value per share is Rs 2.

Greaves Cottons net profit fell 6.65% to Rs 51.25 crore on 3.66% rise in net sales to Rs 438.42 crore in Q2 September 2016 over Q2 September 2015.

Greaves Cotton is one of the leading engineering companies in India with core competencies in diesel/petrol engines, farm equipment and gensets. The company sustains its leadership through seven manufacturing units which produces world class products backed by superior R&D, comprehensive marketing and service/parts network.

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Motherson Sumi gains after buying Finlands PKC Group
Jan 20,2017

The announcement was made during trading hours today, 20 January 2017.

Meanwhile, the BSE Sensex was down 106.76 points, or 0.39%, to 27,201.84.

On the BSE, so far 3.14 lakh shares were traded in the counter, compared with average daily volumes of 2.62 lakh shares in the past one quarter. The stock had hit a high of Rs 338.10 and a low of Rs 321 so far during the day.

The stock hit a 52-week high of Rs 358.55 on 2 August 2016. The stock hit a 52-week low of Rs 206.20 on 25 February 2016.

Motherson Sumi Systems announed that its board approved a proposal to make a voluntary, recommended public tender offer to acquire all the issued and outstanding shares and option rights in PKC Group (PKC) having its headquartered in Helsinki, Finland and currently listed on the Nasdaq Helsinki stock exchange. The acquisition will be made through a wholly owned subsidiary of the company, to be setup for the purpose.

The board has also approved for signing of combination agreement between the company and PKC for the proposed transaction. Accordingly, combination agreement has been executed by the company.

PKC shareholders are being offered a cash consideration of 23.55 euros for each share/options in PKC representing an aggregate equity purchase price of approximately 571 million euros in an open tender offer. The transaction is expected to be completed by end of March 2017.

PKC is a global tier 1 supplier of wiring harness and associated components to original equipment manufacturers (OEMs) in the heavy & medium duty commercial vehicles and locomotive segments across North America, Europe, Brazil and China.

On a consolidated basis, Motherson Sumi Systems net profit rose 26.17% to Rs 479.85 crore on 14.96% growth in net sales to Rs 10018.09 crore in Q2 September 2016 over Q2 September 2015.

Motherson Sumi Systems is one of the worlds fastest growing specialized automotive component manufacturing company for original equipment manufacturers (OEMs). It is a joint venture between Samvardhana Motherson Group and Sumitomo Wiring Systems (Japan).

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Mahindra & Mahindra acquires stake in Turkey based Hisarlar
Jan 20,2017

Mahindra & Mahindra announced that pursuant to Board of Directors approval, the Company has signed a share subscription agreement for subscribing upto 75.1% of the share capital of Hisarlar Makina Sanayi ve Ticaret Anonim Sirketi (Hisarlar), Turkey.

Hisarlar is a leading player in industrial cabinets and agriculture machinery market with revenue of 208 million Turkish Lira for the FY ended 31 December 2015.

The transaction is expected to close by April 2017. The association will help in growing the farm equipment business in Turkey and Europe.

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India Motor Parts & Accessories to consider Q3 and 9M results
Jan 20,2017

India Motor Parts & Accessories announced that a meeting of the Board of Directors of Company will be held on 27 January 2017 inter-alia to consider and take on record the Un-Audited Financial Results of the Company for the quarter and nine months ended 31 December 2016.

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Granules India to consider Q3 results and 3rd interim dividend
Jan 20,2017

Granules India announced that the meeting of the Board of Directors of the Company is scheduled to be held on 28 January 2017, inter alia, to consider and approve the Un-audited Financial Results for the third quarter ended 31 December 2016 and the payment of third interim dividend for the FY 2016-17, if any.

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Kirloskar Pneumatic hits record high after strong Q3 results
Jan 20,2017

Meanwhile, the S&P BSE Sensex was down 118.31 points or 0.43% at 27,190.29.

On the BSE, 23,000 shares were traded on the counter so far as against the average daily volumes of 2,440 shares in the past one quarter. The stock had hit a high of Rs 1,028 so far during the day, which is also its record high. The stock hit a low of Rs 905 so far during the day.

The stock had hit a 52-week low of Rs 622 on 15 February 2016. The stock had outperformed the market over the past one month till 19 January 2017, advancing 22.26% compared with the Sensexs 3.54% rise. The scrip had also outperformed the market over the past one quarter declining 0.27% as against the Sensexs 2.41% fall.

The small-cap company has equity capital of Rs 12.84 crore. Face value per share is Rs 10.

Shares of Kirloskar Pneumatic Company have rallied 30.73% in two trading sessions from its close of Rs 732.80 on 18 January 2017, after the company during market hours yesterday, 19 January 2017 reported strong Q3 December 2016 results. The stock had surged 17.92% to settle at Rs 864.10 yesterday, 19 January 2017.

Kirloskar Pneumatic Companys net profit jumped 288.9% to Rs 20.03 crore on 21.4% rise in net sales to Rs 123.91 crore in Q3 December 2016 over Q3 December 2015.

Kirloskar Pneumatic Company started its operations with the manufacture of air compressors and pneumatic tools. New product lines were then added, including air conditioning and refrigeration systems, marine HVACR, process gas systems and hydraulic power transmission machinery.

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Disa India announces change in directorate
Jan 20,2017

Disa India announced that the Companys Promoters Group, namely Norican Group, has made certain announcements regarding restructuring of the positions of some of its Country Heads and other Senior Executives of the Group arising out of which, Viraj Naidu, the Managing Director of DSA India will relocate to a global position.

In view of the above, the Company will shortly initiate the search process to identify a suitable candidate to replace Viraj Naidu in due course of time. Naidu will relocate after the replacement has joined the Company.

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Board of Nitesh Estates to consider December quarter results
Jan 20,2017

Nitesh Estates announced that a meeting of the Board of Directors of the Company is scheduled to be held on 09 February 2017, inter alia, to consider and approve the unaudited financial results of the Company for the quarter ended 31 December 2016.

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MEP Infrastructure Developers subsidiary gets project finance
Jan 20,2017

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

Meanwhile, the BSE Sensex was down 84.25 points, or 0.31%, to 27,224.35

On the BSE, so far 36,000 shares were traded in the counter, compared with average daily volumes of 42,291 shares in the past one quarter. The stock had hit a high of Rs 43.60 and a low of Rs 41.75 so far during the day.

The stock hit a 52-week high of Rs 50 on 23 September 2016. The stock hit a 52-week low of Rs 34 on 10 November 2016.

The small-cap company has equity capital of Rs 162.57 crore. Face value per share is Rs 10.

MEP Infrastructure Developers said that the companys subsidiary MEP SANJOSE Arawali Kante Road has achieved the financial closure as per the concession agreement executed with the Ministry of Road Transport and Highways dated 28 June 2016. This is for the rehabilitation and up-gradation of National Highway 66 to four lane with paved shoulder in Maharashtra under NHDP IV on hybrid annuity mode by tying up of project finance of Rs 266.84 crore.

On a consolidated basis, MEP Infrastructure Developers reported net profit of Rs 62.42 crore in Q2 September 2016 as compared with net loss of Rs 11.23 crore in Q2 September 2015. Total income rose 22.2% to Rs 570.13 crore in Q2 September 2016 over Q2 September 2015.

MEP Infrastructure Developers is one of the leading infrastructure operator and toll management company.

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