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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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Four Sectoral Computer Emergency Response Teams to mitigate Cyber Security Threats in Power Systems
Mar 20,2017

Government of India, in line with National Cyber Security Policy 2013, has created sectoral Computer Emergency Response Teams (CERTs) to mitigate cyber security threats in power systems.

Government of India through Ministry of Electronics & Information Technology(MeitY) and National Critical Information Infrastructure Protection Centre (NCIIPC) has taken several steps to make power utilities and key stakeholders aware to take precautions against cyber threats.

For cyber security in power systems, four Sectoral CERTs, CERT (Transmission), CERT (Thermal), CERT (Hydro) and CERT (Distribution) have also been formed to coordinate with power utilities. The relevant stakeholders of Smart Grid have been advised to identify critical infrastructure and use end to end encryption for data security.

All utilities have been asked to identify a nodal senior executive as its Chief Information Security Officer (CISO) to lead the process of strengthening organizational systems with respect to cyber security and implement an Information Security Management System as recommended by rules framed under the Information Technology (IT) Act 2008.

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White Organic Agro to hold board meeting
Mar 20,2017

White Organic Agro will hold a meeting of the Board of Directors of the Company on 23 March 2017, to consider, review and discuss the future progress of the business and expansion plans of the Company.

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Neelkanth Rockminerals to hold board meeting
Mar 20,2017

Neelkanth Rockminerals will hold a meeting of the Board of Directors of the Company on 27 March 2017.

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Gallantt Ispat to hold board meeting
Mar 20,2017

Gallantt Ispat will hold a meeting of the Board of Directors of the Company on 23 March 2017 Scheme of Arrangement for Amalgamation

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HDFC Bank to hold board meeting
Mar 20,2017

HDFC Bank will hold a meeting of the Board of Directors of the Company on 21 April 2017, to inter-alia consider the audited financial results for the quarter and year ending 31st March, 2017 along with the consolidated accounts for the year ending 31st March, 2017 and recommendation of dividend, if any.

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Board of Global Education recommends dividend
Mar 20,2017

Global Education 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 1.5 per equity Share (i.e. 15%) , subject to the approval of the shareholders.

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Firstsource Solutions allots 428,925 equity shares
Mar 20,2017

Firstsource Solutions has allotted 428,925 Equity shares of Rs.10/- each bearing distinctive numbers 680,786,638 to 681,215,562 on 15 March 2017, under Employee Stock Option Scheme 2003 of the Company. Consequent to the said allotment, the paid up capital of the Company has increased to Rs. 6,812,155,620 consisting of 681,215,562 Equity shares of Rs.10/- each.

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Future Lifestyle Fashions allots 7634 equity shares
Mar 20,2017

Future Lifestyle Fashions announced that the Nomination and Remuneration Committee of the Company vide its circular resolution dated 20 March 2017, has approved the Allotment of 7,634 Equity Shares of Rs.2/- each to eligible employee(s) under the FLFL Employee Stock Option Scheme 2013 (FLFL ESOS - 2013) of the Company.

Post allotment, the Paid-up Share Capital of the Company stands increased from Rs.38,00,11,644/- divided into 19,00,05,822 Equity Shares of Rs.2/- each to Rs.38,00,26,912/- divided into 19,00,13,456 Equity Shares of Rs.2/- each.

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Lakshmi Vilas Bank provides business update
Mar 20,2017

Lakshmi Vilas Bank has its existing Lakshmi Mahila Power account is revamped, re-branded and launched as LVB Stree Account with enhanced features and benefits along with special insurance coverage, with effect from 20 March 2017.

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Wipro positioned as Leader for Managed Workplace Services, North America
Mar 20,2017

Wipro has been positioned as a Leader in Gartners Magic Quadrant for Managed Workplace Services, North America.

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Mahindra Lifespace Developers fixes record date for rights issue
Mar 20,2017

Mahindra Lifespace Developers has fixed 31 March 2017 as record date for rights issue.

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Chinese investment undermake in India
Mar 20,2017

Chinese companies have shown significant interest to invest in India in a wide range of sectors since the launch of Make in India campaign. As per data maintained by DIPP/RBI, between April,2000 and December,2016, cumulative FDI inflows from China were INR 9,933.87 crores. Of the cumulative FDI equity inflows, 77.9% have been received since 2014 as detailed below :-

2014-2015: INR 3,066.24 Crores

2015-2016: INR 2,975.14 Crores

2016-2017(till December,2016): INR 1,696.96 Crores

An MoU between the Ministry of Commerce of the Peoples Republic of China and Ministry of Commerce & Industry of India has been signed on cooperation on Industrial Parks in India on 30th June,2014 in Beijing.

Pursuant thereto, Joint Working Group (JWG) of the Indian side was constituted on 16th July,2014 to act as the nodal point to identify and agree upon the detailed modalities for implementing cooperation under the said agreement, and to periodically review progress. Three JWG meetings have so far been held. The last meeting of JWG was held on 2 November 2016 at Beijing, China. It was decided during the meeting that both sides will encourage all stakeholders to expedite the implementation for which all necessary facilitation would be provided.

Following MoUs have so far been signed between Indian State Government Agencies and Chinese Investors for development of Industrial Parks in States :-

a. MoU between Maharashtra Industrial Development Corporation (MIDC), Govt. of Maharashtra and Beiqi Foton Motors, China for Auto Industrial Park in Pune;

b. MoU between Industrial Extension Bureau (iNDEXTb), Govt. of Gujarat and China Development Bank Corporation (CDB), China for supporting the setting up of Industrial Parks in Gujarat;

c. MoU between Industrial Extension Bureau (iNDEXTb), Govt. of Gujarat and China Small and Medium Enterprises (Chengdu) Investment (CSME) to set up multi-purpose Chinese Industrial Park in Gujarat;

d. MoU between HSIIDC, Govt. of Haryana and Dalian Wanda Group for development of an integrated Entertainment Park-cum-Industrial township in Haryana;

e. MoU between HSIIDC, Govt. of Haryana and China Fortune Land Development (CFLD) for development of an Industrial Park in Haryana.

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Mahindra Lifespace turns volatile after fixing record date for rights issue
Mar 20,2017

The announcement was made during market hours today, 20 March 2017.

Meanwhile, the S&P Sensex was down 131.95 points or 0.45% at 29,517.04. The BSE Small-Cap index was up 41.10 points or 0.29% at 14,053.73.

On the BSE, 14,000 shares were traded on the counter so far as against the average daily volumes of 21,722 shares in the past one quarter. The stock was volatile. The stock had hit a high of Rs 385.80 and a low of Rs 368 so far during the day.

The stock had hit a 52-week high of Rs 495.85 on 26 April 2016 and a 52-week low of Rs 342 on 16 February 2017. The stock had outperformed the market over the past one month till 17 March 2017, advancing 8.96% compared with the Sensexs 4.15% rise. The scrip had, however, underperformed the market over the past one quarter, rising 3.97% as against the Sensexs 11.93% rise.

The small-cap company has equity capital of Rs 41.05 crore. Face value per share is Rs 10.

Mahindra Lifespace Developers has fixed 31 March 2017 as record date for determining the shareholders eligible to apply for the rights issue of shares. The company intends to issue up to 1.02 crore shares at Rs 292 per share for an amount up to Rs 300 crore in the ratio of 1:4.

On a consolidated basis, Mahindra Lifespace Developers net profit rose 48% to Rs 35.22 crore on 9.8% growth in net sales to Rs 213.08 crore in Q3 December 2016 over Q3 December 2015.

Mahindra Lifespace Developers is the real estate development business of the Mahindra Group.

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Ramky Infra spurts over 30% in four trading sessions
Mar 20,2017

Meanwhile, the S&P BSE Sensex was down 151.88 points, or 0.51% to 29,497.11. The S&P BSE Small-Cap index was up 46.21 points, or 0.33% to 14,058.84.

On the BSE, 4.35 lakh shares were traded in the counter so far, compared with average daily volumes of 15,780 shares in the past one quarter. The stock had hit a high of Rs 106.70 so far during the day, which is also 52-week high for the counter. The stock had hit a low of Rs 88.65 so far during the day. The stock hit a 52-week low of Rs 51.80 on 18 November 2016.

The stock had outperformed the market over the past one month till 17 March 2017, rising 11.05% compared with 4.76% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 36.53% as against Sensexs 11.93% rise.

The small-cap company has equity capital of Rs 57.20 crore. Face value per share is Rs 10.

Shares of Ramky Infrastructure have risen 33.13% in four trading sessions from its close of Rs 80.15 on 14 March 2017.

Ramky Infrastructure reported net profit of Rs 27.63 crore in Q3 December 2016 as against net loss of Rs 10.43 crore in Q3 December 2015. Net sales rose 9.20% to Rs 373.25 crore in Q3 December 2016 over Q3 December 2015.

Ramky Infrastructure is an integrated construction, infrastructure development and management company in India.

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The Union Cabinet chaired by the Prime Minister Shri Narendra Modi approves the four Goods and Services Tax (GST) related bills
Mar 20,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi approved the following four Goods and Services Tax (GST) related bills:

1. The Central Goods and Services Tax Bill 2017 (The CGST Bill)

2. The Integrated Goods and Services Tax Bill 2017 (The IGST Bill)

3. The Union Territory Goods and Services Tax Bill 2017 (The UTGST Bill)

4. The Goods and Services Tax (Compensation to the States) Bill 2017 (The Compensation Bill)

The passage of these four GST related bills will pave the way for the biggest reform in the area of Indirect Taxes in the history of independent India. The Union Government has taken up the implementation of GST with utmost priority and has passed the legislations on a fast track basis as it was pending for over a decade. With the Cabinet approval of these four bills, the GST regime in India is in the final stages of culmination and the GST law will most likely be implemented from 01st July, 2017. The above four Bills have been earlier approved by the GST Council after thorough, clause by clause, discussion over 12 meetings of the Council held in the last six months.

By amalgamating a large number of Central and State taxes into a single tax, it would mitigate cascading or double taxation in a major way and pave the way for a common national market. The Goods and Services Tax will thus help in the realization of the objective of n++One Nation, One Taxn++ and improve the Ease of Doing Business climate in the country. It will also indirectly benefit the common man by reducing the tax burden especially on the daily consumer items of the common man.

Introduction of GST would also make Indian products competitive in the domestic and international markets. Studies show that this would have a boosting impact on economic growth. It is expected that the implementation of the Goods and Services Tax law will lead to an increase in Gross Domestic Product (GDP) of the country by 1-2%. This in turn will lead to the creation of more employment and increase in productivity.

The GST regime will bring in more transparency and efficiency with the minimization of human interface in the tax administration in the country. The GST regime is also likely to lead to a reduction in tax evasion as a result of the computerization of the taxation process. This tax, because of its transparent and self-policing character, would be easier to administer. This will in turn lead to increase in revenue collection for the Centre and the States.

The CGST Bill makes provisions for levy and collection of tax on intra-state supply of goods or services for both by the Central Government. On the other hand, IGST Bill makes provisions for levy and collection of tax on inter-state supply of goods or services or both by the Central Government. The UTGST Bill makes provisions for levy on collection of tax on intra-UT supply of goods and services in the Union Territories without legislature. Union Territory GST is akin to States Goods and Services Tax (SGST) which shall be levied and collected by the States/Union Territories on intra-state supply of goods or services or both. The Compensation Bill provides for compensation to the states for loss of revenue arising on account of implementation of the goods and services tax for a period of five years as per section 18 of the Constitution (One Hundred and First Amendment) Act, 2016.

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