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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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Fitch: India Oil Merger May Boost Efficiency; Faces Challenges
Feb 08,2017

A proposed merger of Indias state-controlled oil companies could reduce inefficiencies across the sector. It would also create an entity that is better placed to compete globally for resources, and less vulnerable to shifts in oil prices. However, a merger would face significant execution challenges, particularly in terms of managing the integration of employees, addressing overcapacity in the merged entity, and winning the backing for the merger from private shareholders, says Fitch Ratings.

Fitch would expect the merger to give the new entity much stronger bargaining power with suppliers, and greater financial clout to secure oil resources. Most Asian countries have just one national oil company integrated across the value chain. In contrast, there are 18 state-controlled oil companies in India, with at least six that can be considered key players - Oil India Limited, Indian Oil Corporation, Bharat Petroleum Corporation, Hindustan Petroleum Corporation and GAIL (India) (all BBB-/Stable) and ONGC. Proposals to consolidate Indias oil & gas sector have been floated before, but last week the idea was presented in a budget speech for the first time. No details have yet been provided on which companies would be involved, but the aim is to create an integrated public sector oil major.

A merged entity would have opportunities to save on costs and improve operational efficiency. For example, there would be less need for multiple retail outlets in a single area. Transport costs could be reduced by retailers sourcing from the nearest refinery, rather than the ones they own - as is currently the common practice. A merged entity would also be able to share expertise for exploration and acquisition of resources.

The integration of upstream, refining and retail companies would have the additional benefit of spreading the impact of oil prices movements across the various parts of the value chain, which would reduce volatility in cash generation.

However, there will be considerable difficulties involved in merging a number of entities with differing structures, operational systems, and cultures. Political sensitivities are likely to limit job cuts, and personnel-related issues are likely to arise from the need to manage hierarchies and potential overcapacity in the integrated entity. Moreover, all are listed companies, with public shareholding ranging from 51%-70%. That could cause some problems in obtaining approval from the 75% of shareholders that is typically required to approve a merger, particularly if there are concerns over valuation.

There is also a question of how the state will handle the likely decline in competition after a merger. Consumers have benefitted from competition among the state-controlled retail companies, which has supported improvements in service standards. Private companies are increasing their market share from a low base, but could find it even harder to compete with a single large state-controlled company.

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Cipla allots 39691 equity shares
Feb 08,2017

Cipla announced that the Nomination and Remuneration Committee of the Company on 08 February 2017 allotted 39,691 equity shares of Rs. 2/- each pursuant to exercise of the stock options by the option grantees under Employee Stock Option Scheme 2013-A.

Consequently, the issued share capital of the Company stands increased to Rs. 1,61,09,50,272 comprising of 80,54,75,136 equity shares of face value Rs. 2/- each. The paid-up & subscribed share capital of the Company stands increased to Rs. 1,60,89,43,482 comprising of 80,44,71,741 equity shares of face value Rs. 2/- each.

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Titan Company gains after reporting decent Q3 results
Feb 08,2017

The result was announced after market hours yesterday, 7 February 2017.

Meanwhile, the S&P BSE Sensex was down 3.16 points, or 0.01%, to 28,332.

On the BSE, 6.06 lakh shares were traded on the counter so far as against the average daily volumes of 2.96 lakh shares in the past one quarter. The stock had hit a high of Rs 431 and a low of Rs 406.20 so far during the day.

The stock had hit a 52-week high of Rs 445 on 7 September 2016 and a 52-week low of Rs 296.30 on 21 November 2016.

The large-cap company has equity capital of Rs 88.78 crore. Face value per share is Re 1.

Titan Company reported a growth of 14.7% in income in Q3 December 2016 over Q3 December 2015, despite some headwinds on account of demonetization. A good festival and wedding season contributed to growth in retail sales.

Titan Company said that the income from watches business rose 5.1% to Rs 508.26 crore in Q3 December 2016 over Q3 December 2015. Total income from jewellery business rose 15.4% to Rs 3255 crore in Q3 December 2016 over Q3 December 2015. Total income from the eyewear business rose 12.4% to Rs 90.65 crore in Q3 December 2016 over Q3 December 2015. Revenue from other businesses, including precision engineering business spurted 44.5% to Rs 75.97 crore in Q3 December 2016 over Q3 December 2015.

Titan Company said that the expansion of retail chain is 1,333 stores across all its business as on 31 December 2016.

Bhaskar Bhat, Managing Director, Titan Company said that the Q3 December 2016 results have been good for the company. Despite initial headwinds on account of demonetization, the company clocked a growth of over 14% and a profit before tax growth of 21%. The festival season was very good for both its jewellery and watches business. Its effort continues therefore to be one of generating demand, through new product introductions and network expansion while retaining its focus on cost control.

Titan Companys main business lines are watches, jewellery and eyewear.

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Hindusthan Udyog announces resignation of company secretary and compliance officer
Feb 08,2017

Hindusthan Udyog announced that Shikha Bajaj, the Company Secretary and Compliance Officer has resigned from the post with effect from the close of 31 January 2017.

Her resignation was accepted by the Board at its Meeting held on 07 February 2017.

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TBZ sparkles after robust Q3 financial performance
Feb 08,2017

The result was announced after market hours yesterday, 7 February 2017.

Meanwhile, the S&P BSE Sensex was down 7.77 points or 0.03% at 28,327.39

On BSE, so far 87,000 shares were traded in the counter as against average daily volume of 71,416 shares in the past one quarter. The stock hit a high of Rs 73.35 and a low of Rs 71.50 so far during the day. The stock had hit a 52-week high of Rs 91.80 on 30 October 2016. The stock had hit a record low of Rs 47.40 on 1 March 2016.

The small-cap company has equity capital of Rs 66.73 crore. Face value per share is Rs 10.

Tribhovandas Bhimji Zaveri (TBZ)s earnings before interest, taxation, depreciation and amortization (EBITDA) rose 11.86% to Rs 19.15 crore in Q3 December 2016 over Q3 December 2015. EBITDA margin expanded to 3.53% in Q3 December 2016 from 3.45% in Q3 December 2015.

TBZ sells gold and diamond studded jewellery through retail outlets.

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ASSOCHAM seeks fine prints of electoral bond scheme
Feb 08,2017

ASSOCHAM today said the fine prints of the electoral bond scheme for donations to the political parties by businesses and wealthy individuals should aim at maximising clean-up of the system and transparency in political funding.

n++Reducing the political anonymous donations limit to Rs 2,000 from Rs 20,000 per individual may not be fool-proof but is certainly a step forward. Along with this the other big move by the Finance Minister Mr Arun Jaitley to bring in the electoral bonds is an out of box idea. While there is a popular pressure for full transparency and disclosure of names of both the donors and the receivers of the political funds, there is also a merit in the government contention about protecting the identity of the donors as their identification could lead to bigger problems, n++the ASSOCHAM Secretary General Mr D S Rawat said.

He said no industrial house would like to be identified whether it donated to one political party or the other. This way, business houses could be trapped in political rivalry.

The ASSOCHAM said the fine-prints of the electoral bonds scheme should be worked in a manner to make it a credible tool of transparency in the election funding.

Alongside, the n++idea of state funding of elections should also be considered seriouslyn++.the industry which is committed to work for strengthening the Indian democracy would be happy to work with the Election Commission, government, political parties and the civil society to find a common solution to reduce the money power in the electoral process so that well meaning people who do not have financial resources can also come forward and make a qualitative changes in the Indian policy,n++ the chamber said.

It said, the Prime Minister Mr Narendra Modis suggestion of holding simultaneous elections for both the Lok Sabha and the state assemblies should also be considered seriously by all the political parties. n++Besides, exerting a lot of pressure on the administrative machinery of security forces, bureaucracy, teachers, frequent elections in some state or the other lead to enforcing Election Commission Code of Conduct, delaying the developmental schemes. Besides, it also leads to populist competitive politics, that may not always be growth oriented. Some of the schemes may yield immediate political dividend, but could be detrimental for long term gainsn++.

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Vaibhav Global extends post-result upmove
Feb 08,2017

Meanwhile, the S&P BSE Sensex was up 3.23 points or 0.01% at 28,338.39

On BSE, so far 1.12 lakh shares were traded in the counter as against average daily volume of 1,703 shares in the past one quarter. The stock hit a high of Rs 389 and a low of Rs 321 so far during the day. The stock had hit a 52-week high of Rs 390.50 on 9 March 2016. The stock had hit a 52-week low of Rs 236 on 23 May 2016.

The small-cap company has equity capital of Rs 32.54 crore. Face value per share is Rs 10.

Vaibhav Globals consolidated net profit surged 91.9% to Rs 22.28 crore on 14.6% rise in total income to Rs 409.21 crore in Q3 December 2016 over Q3 December 2015. The result was announced after market hours yesterday, 7 February 2017. The stock rose 1.6% to settle at Rs 327.20 yesterday, 7 February 2017.

Vaibhav Global is an electronic retailer of discount fashion jewelry and lifestyle accessories.

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Board of Satia Industries approves merger of T.C. Spinners
Feb 08,2017

Satia Industries announced that the Board of Directors of the Company at its meeting held on 07 February 2017 has approved the merger of T.C Spinners with Satia Industries.

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The Government is not thinking to hike service tax if GST roll out is delayed
Feb 08,2017

The Government is not thinking to hike service tax if GST roll out is delayed. The Government is taking steps to expedite the GST and to take the concerns of the States on board.

Goods and Services Tax Council (GST Council) has been constituted on 15 September 2016 under Article 279A of the Constitution. The GST Council consists of the Union Finance Minister, the Union Minister of State in charge of Revenue or Finance and the Minister in charge of Finance or Taxation or any other Minister nominated by each State Government. The GST Council is presently deliberating on various issues entrusted to it. The GST Council has held nine meetings so far and has made recommendations with respect to thresholds, tax rates, GST Rules, treatment of existing tax incentives, Draft GST Compensation Law and Model GST Law for implementation of GST. All the decisions taken by the Council so far have been based on consensus. The Government is making concerted efforts in the form of IT readiness, rigorous consultations, workshops and training sessions for the industry and traders, and all other stake holders involved.

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Outcome of board meeting of Euro Asia Exports
Feb 08,2017

Euro Asia Exports announced that the Board of Directors of the Company at its meeting held on 07 February 2017 transacted the following -

The Board has appointed Shweta Gupta as an Additional Director of the Company with effect from 20 January 2017.

The Board has taken note of resignation of Kapil Mendiratta from the post of Company Secretary with effect from 12 January 2017.

The Board has approved change in registered office to Plot No. 3-A, 1st Floor, BLK-X, Loha Mandi, Naraina Industrial Area, New Delhi - 110028.

The Board approved opening of corporate office of the Company at D-50 Sushant Lok II, Sector-56, Gurgaon, Haryana - 122002.

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Cressanda Solutions to hold board meeting
Feb 08,2017

Cressanda Solutions will hold a meeting of the Board of Directors of the Company on 13 February 2017, to consider and approve the Un Audited Financial Results for the quarter ended December 31, 2017.

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Flexituff International to hold board meeting
Feb 08,2017

Flexituff International will hold a meeting of the Board of Directors of the Company on 14 February 2017, to consider and approve Unaudited Standalone Financial Results for the quarter & period ended on 31 December 2016.

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Anil to hold board meeting
Feb 08,2017

Anil will hold a meeting of the Board of Directors of the Company on 14 February 2017, to consider un-audited financial results for the quarter ended on 31 December 2016

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CHPL Industries to hold board meeting
Feb 08,2017

CHPL Industries will hold a meeting of the Board of Directors of the Company on 14 February 2017, to consider and take on record the Un-audited Financial Results of the Company for the quarter ended 31 December 2016.

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Innocorp to hold board meeting
Feb 08,2017

Innocorp will hold a meeting of the Board of Directors of the Company on 13 February 2017, to consider the Un-Audited Financial Results for the Third Quarter ended 31 December 2016

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