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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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Atlanta and its subsidiary - Atlanta Infra Assets receives Rs 314.78 crore
Apr 10,2017

Atlanta and its subsidiary, Atlanta Infra Assets has received part of its Arbitration Award Money amounting to Rs 196.90 crore and Rs 117.88 crore respectively totalling to Rs 314.78 crore. The receipts are utilised for repaying future debt obligations and augmentation of working capital requirements.

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Bhagyanagar India appoints company secretary and compliance officer
Apr 10,2017

Bhagyanagar India announced that Badarish H Chimalgi has been appointed as Company Secretary and Compliance Officer of the Company with effect from 10 April 2017.

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HDFC Bank proposes to raise Rs 50000 crore in next 12 months
Apr 10,2017

HDFC Bank proposes to raise funds by issuing Perpetual Debt Instruments (part of Additional Tier I Capital), Tier II Capital Bonds and Senior Long Term Infrastructure Bonds up to a total amount of Rs. 50,000 crore in the period of next twelve months through private placement mode.

The Board of Directors of the Bank would consider this proposal at its ensuing Board meeting to be held on 21 April 2017.

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Goodluck India proposes new manufacturing facility in Bhachau, Gujarat
Apr 10,2017

Goodluck India announced that the Company is coming up with new manufacturing facility for its existing line of business eg. Steel tubes, pipes, precision tubes etc. at its land situated at Village: SikraTaluka-Bhachau (Kachchh),Gujarat.

The companys existing manufacturing capacity is 2,30,000 MTPA and presently running at optimal capacity utilization The proposed manufacturing facility of approx 72000 MTPA will add in the companys total production capacity.

The proposed manufacturing facility is coming up at companys already owned land in Gujarat with the total investment of 74 crore which will met by debt and internal accruals/promoters contribution. The Plant is expected to be commissioned by April 2018.

The location of proposed facility is within proximity of two ports i.e. Kandla Sea Port and Mundra Sea Port and strategically very suitable to the proposed project as it will reduce freight cost for exports to a significant extent and will give an edge over the competitors. Beside that proposed location for the project is well equipped with all the basic amenities and infrastructure facilities for the industry.

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Board of Vishal Fabrics approves allotment of equity shares on rights basis
Apr 10,2017

Vishal Fabrics announced that the Board of Directors of the Company at its meeting held on 07 April 2017 have passed resolution for allotment of 87,82,667 equity shares aggregating to Rs 87.82 crore on rights basis.

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FPIs turn net sellers
Apr 10,2017

Foreign portfolio investors (FPIs) sold stocks worth a net Rs 251.83 crore into the secondary equity markets on 7 April 2017, compared with net inflow of Rs 276.44 crore on 6 April 2017. On that day, the Sensex declined 220.73 points or 0.74% to settle at 29,706.61.

The net outflow of Rs 251.83 crore on 7 April 2017 was a result of gross purchases of Rs 5089.45 crore and gross sales of Rs 5341.28 crore.

There was a net inflow of Rs 110.09 crore into the category primary market & others on 7 April 2017, which was a result of gross purchases of Rs 110.09 crore and nil gross sales.

FPIs had bought stocks worth a net Rs 853.45 crore in April 2017 (till 7 April 2017). FPIs had bought stocks worth a net Rs 29480.37 crore in March 2017.

FPIs have purchased shares worth a net Rs 37340.92 crore from the secondary equity markets in calendar year 2017 (till 7 April 2017). They had purchased shares worth a net Rs 12094.42 crore from the secondary equity markets in calendar year 2016.

There was a net inflow of Rs 4000.27 crore from FPIs into the category primary market & others in April 2017 so far (till 7 April 2017). FPIs had bought stocks worth a net Rs 1425.63 crore from the category primary market & others in March 2017.

FPIs have purchased shares worth a net Rs 7144.38 crore from the category primary markets & others in calendar year 2017 so far (till 7 April 2017). The net inflow from FPIs in the category primary markets & others had totaled Rs 8471.76 crore in calendar year 2016.

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Outcome of board meeting of Globus Spirits
Apr 10,2017

Globus Spirits announced that the Board of Directors of the company at its meeting held on 10 April 2017 transacted the following -

Considered and approved the resignation of Rajesh Sehgal as Director of the Company with effect from 10 April 2017.

Approved the appointment of Richard Andrew Cornish Piliero (being nominee of Templeton Strategic Emerging Markets Fund IV, LDC) as an Additional Director of the company.

Board has approved the incorporation of a company in UK with an initial investment of 50 GBP by way of subscription of 50 equity share of 1 GBP each fully paid up in 50% partnership with Gapuma Group.

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Board of Hindustan Composites approves stock split and bonus issue
Apr 10,2017

Hindustan Composites announced that the Board of Directors of the Company at its meeting held on 10 April 2017, inter alia, considered the following matters:

1)Sub-division of existing 1 equity share having face value of Rs. 10/- each fully paid-up into 2 equity shares having F.V. of Rs. 5/- each,

2)Increase in Authorized Share Capital of the Company from Rs. 6 crore to Rs. 8 crore divided into 1.6 crore equity shares of Rs. 5/- each and subsequent alteration of Capital Clause of Memorandum of Association to give effect to the sub-division of shares and increase in the authorized share capital,

3)Issue of bonus shares in proportion of 1:2 (Post split face value per equity share),

4)Decided to seek shareholders approval through Postal Ballot Process for the proposed sub-division of shares, increase in authorized share capital, subsequent alteration of Capital Clause of MOA of the Company and issue of bonus shares.

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National Manufacturing Competitiveness Programme to enhance the global competitiveness of manufacturing MSMEs
Apr 10,2017

The main objective of the National Manufacturing Competitiveness Programme (NMCP) is to enhance the global competitiveness of manufacturing Micro, Small and Medium Enterprises (MSMEs) by intervening through following components:


i)          Lean Manufacturing Competitiveness Scheme,

ii)        Design Clinic Scheme,

iii)     Technology & Quality Up-gradation support for MSMEs (TEQUP),

iv)      Promotion of ICT in manufacturing Sector,

v)        Building Awareness on Intellectual Property Rights (IPR),

vi)    Entrepreneurial & Management Development of SMEs through incubators,

vii)  Enabling Manufacturing Sector to be Competitive through Quality Management Standards (QMS) and Quality Technology Tools QTT (This component has been subsumed under ZED certification scheme).

The achievements under the programme are visible from the improvement in the demand offtake from the MSMEs which is showing an increasing trend. This is reflective of the realization of the benefits by MSMEs under the scheme after implementation of various NMCP components. The figures during the last three year are given below:

Year

Actual Utilization
(Rs. in crore)

2014-15

31.90

2015-16

36.37

2016-17

47.13 (upto Dec, 2016)

The Ministry of Micro, Small and Medium Enterprises (MSME)  implements various schemes and programmes for promotion of MSME in all the States of India, viz., Credit Guarantee Scheme, Credit Linked Capital Subsidy Scheme, National Manufacturing Competitiveness Programme (NMCP), Cluster Development Programme, Marketing Development Assistance, International Cooperation Scheme and Prime Ministers Employment Generation Programme, etc. The budgetary allocations and utilization in respect of the Ministry of Micro, Small and Medium Enterprises (MSME) for implementation of various schemes / programmes for promotion and development of MSMEs for last three years is as under:

(Rupees in crore)

YearsAllocation (BE)Utilization2014-153327.002389.902015-162612.512440.562016-173000.002015.33 (upto Dec, 2016)

As per the data compiled by the Reserve Bank of India (RBI) from the Scheduled Commercial Banks, the position regarding number of sick Micro, Small and Medium Enterprises (MSMEs) in the country at the end of March, 2013, March, 2014, March, 2015 and March, 2016 is as under:

At the end ofNumber of sick MSMEsMarch, 20132,22,204March, 20144,68,399March, 20155,37,269March, 20164,86,291

The Government has organised 78 nos. of Awareness campaign on Intellectual Property Rights (IPR) during the year 2016-17 under IPR scheme.

The Ministry of MSME has implemented Enabling Manufacturing Sector to be Competitive through Quality Management Standards (QMS) and Quality Technology Tools (QTT) to improve the Quality of the products in the MSME sector and inculcate the quality consciousness in enterprises in this sector. The QMS/QTT scheme has since been subsumed / merged with Zero Defect Zero Effect (ZED) Certification Scheme w.e.f. 18th October, 2016. Under the scheme 27,755 MSEs were assisted with an expenditure of Rs. 10.35 crore till date.

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InterGlobe Aviation takes off on high volume
Apr 10,2017

Meanwhile, the S&P BSE Sensex was down 130.87 points or 0.44% at 29,575.74.

Bulk deal boosted volume on the scrip. On the BSE, 3.60 lakh shares were traded on the counter so far as against the average daily volumes of 43,709 shares in the past one quarter. The stock had hit a high of Rs 1,097.50 and a low of Rs 1,031 so far during the day.

The stock had hit a 52-week high of Rs 1,095.40 on 5 May 2016 and a 52-week low of Rs 702 on 11 February 2016. The stock had outperformed the market over the past one month till 7 April 2017, rising 18.7% compared with 2.69% rise in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 23.71% as against Sensexs 11.01% rise.

The large-cap company has equity capital of Rs 361.47 crore. Face value per share is Rs 10.

InterGlobe Aviations net profit fell 25.1% to Rs 487.26 crore on 16.76% growth in total income to Rs 5158.43 crore in Q3 December 2016 over Q3 December 2015.

InterGlobe Aviation is the operator of low cost passenger airline IndiGo.

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Foreign brokerage upgrade boosts Welspun India
Apr 10,2017

Meanwhile, the S&P BSE Sensex was down 117.28 points, or 0.39%, to 29,589.33. The S&P BSE Mid-Cap was up 80.74 points, or 0.57%, to 14,313.90.

On BSE, so far 4.48 lakh shares were traded in the counter, compared with average daily volume of 3.12 lakh shares in the past one quarter. The stock hit a high of Rs 91.10 and a low of Rs 86.75 so far during the day. The stock hit a record high of Rs 119.90 on 14 June 2016. The stock hit a 52-week low of Rs 46.35 on 30 August 2016.

The stock had underperformed the market over the past one month till 7 April 2017, falling 1.69% compared with 2.69% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, gaining 20.46% as against Sensexs 11.01% rise.

The mid-cap company has equity capital of Rs 100.47 crore. Face value per share is Re 1.

The foreign brokerage reportedly expects 15% revenue growth in the year ending 31 March 2019 (FY 2019) and over 20% growth in earnings per share (EPS). The new flooring capacity will also be operational in FY 2020 and can add 8-9% to FY 2020 revenue growth, the foreign brokerage reportedly said in a research report.

Welspun Indias consolidated net profit fell 16.2% to Rs 149.38 crore on 1.2% rise in net sales to Rs 1306.77 crore in Q3 December 2016 over Q3 December 2015

Welspun India is the leading home fashions supplier in the USA and amongst the top 3 global manufacturers of bed and bath linen.

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Liquor stocks slide after MP govt mulls ban
Apr 10,2017

Radico Khaitan (down 6.98%), United Spirits (down 5.29%), Associated Alcohols & Breweries (down 5%), Pioneer Distilleries (down 4.9%), Tilaknagar Industries (down 4.06%), G M Breweries (down 3.94%), United Breweries (down 3.5%) and Empee Distilleries (down 1.17%), edged lower. Khoday India was up 1.64%.

Meanwhile, the S&P BSE Sensex was down 126.05 points, or 0.42% at 29,580.56.

Madhya Pradesh is reportedly headed towards total prohibition with Chief Minister Shivraj Singh Chouhan announcing that all liquor shops would be closed across the state in a phased manner.

Alcohol prohibition will be implemented in the entire state by closing all liquor shops in a phased manner, Chouhan announced on Sunday, 9 April 2017, while addressing a programme at village Neemkhera (Heerapur) of Narsinghpur district. In the first phase, the state government closed all the shops falling within a radius of five kilometers from the banks of river Narmada on either side. In the next phase, the liquor shops would not be allowed to open in residential localities, near educational institutes or religious places, he reportedly said.

According to reports, a de-addiction drive would also be launched in the state.

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Supreme Infrastructure India provides update on Panvel Indapur Road BOT Project
Apr 10,2017

Supreme Infrastructure India announced that the Company has achieved the desired milestone of NHAI being completion of fifty percent of the EPC work in the Panvel Indapur Road BOT Project as per the independent engineer of NHAI.

Last four months have seen a progress of around seven percent on ground. Having achieved the milestone, the balance EPC work would be loan financed by NHAI for which all the required formalities in this regard is completed. NHAI has already granted the extension in the concession period by three years. The Company is executing the EPC work and the balance EPC work of approx. Rs. 559 crore would be executed by the Company and it is expected to achieve full completion of the project by March 2018.

The Company has completed construction of one way flyover at Mankoli Junction on NH-3 Thane - Nashik road. The flyover was inaugurated by Hon. Chief Minister of Maharashtra, Devendra Fadnavis on 8 April 2017.

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Uttam Sugar Mills temporarily stops manufacturing operations at Barkatpur unit
Apr 10,2017

Uttam Sugar Mills announced that the Company has received communication from the Central Pollution Control Board to close down the manufacturing operations of the Distillery Division situated at Barkatpur unit till the compliance of its directions. Accordingly, the Company has temporarily stopped the manufacturing operations to comply the directions given by the CPCB.

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Sterling Tools spurts after bulk deal
Apr 10,2017

Meanwhile, the S&P BSE Sensex was down 56.36 points, or 0.19% to 29,650.25

Bulk deal boosted volume on the scrip. On BSE, so far 3.44 lakh shares were traded in the counter as against an average daily volume of 5,565 shares in the past one quarter. The stock hit a high of Rs 235 in intraday trade so far, which is record high for the counter. The stock hit a low of Rs 220.60 so far during the day. The stock had hit a 52-week low of Rs 86.20 on 2 June 2016.

The stock had outperformed the market over the past one month till 7 April 2017, surging 6.14% compared with 2.69% rise in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 16.69% as against Sensexs 11.01% rise.

The small-cap companys equity capital is Rs 6.84 crore. Face value per share is Rs 2.

Sterling Tools net profit rose 85.69% to Rs 12.59 crore on 1.32% rise in total income to Rs 87.28 crore in Q3 December 2016 over Q3 December 2015.

Sterling Tools is engaged in the manufacturing and marketing of high tensile cold forged fasteners. Over the years, it has become one of the leading OEM suppliers in India with a client base that spans leading automotive companies in India, Europe and USA.

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