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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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Lancor Holding provides update on scheme of amalgamation
Mar 03,2017

Lancor Holding announced that the Honble Madras High Court has approved the Scheme of Amalgamation of Lancor Guduvancherry Developments (LGDL - Transferor - 1) and Lancor Sriperumbudur Developments (LSDL - Transferor - 2) with Lancor Holdings (LHL - Transferee) vide order dated 03 January 2017. Subsequently the company received the certified true copy of the order on 13 February 2017.

Further, Lancor Holdings (Transferee) filed the aforesaid Court order through appropriate e-forms with the Registrar of Companies (ROC), Chennai on 28 February 2017.

Consequently, the abovementioned companies viz., Lancor Guduvancherry Developments (LGDL) and Lancor Sriperumbudur Developments (LSDL) stand merged with Lancor Holdings w.e.f. 28 February 2017.

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Lancor Holding provides update on scheme of amalgamation
Mar 03,2017

Lancor Holding announced that the Honble Madras High Court has approved the Scheme of Amalgamation of Lancor Guduvancherry Developments (LGDL - Transferor - 1) and Lancor Sriperumbudur Developments (LSDL - Transferor - 2) with Lancor Holdings (LHL - Transferee) vide order dated 03 January 2017. Subsequently the company received the certified true copy of the order on 13 February 2017.

Further, Lancor Holdings (Transferee) filed the aforesaid Court order through appropriate e-forms with the Registrar of Companies (ROC), Chennai on 28 February 2017.

Consequently, the abovementioned companies viz., Lancor Guduvancherry Developments (LGDL) and Lancor Sriperumbudur Developments (LSDL) stand merged with Lancor Holdings w.e.f. 28 February 2017.

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Board of Sadhbhav Engineering approves change in directorate
Mar 03,2017

Sadhbhav Engineering announced that the Board of Directors of the Company at its meeting held on 03 March 2017 has transacted the following -

Conferred the Honorary title of Chairman Emeritus to Vishnubhai M Patel.

The Board has appointed Shashin V Patel, Non Executive Director as Chairman of the Company due to resignation of Vishnubhai Patel on health grounds.

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Board of SRS Finance accepts resignation of director
Mar 03,2017

SRS Finance announced that the Board of Directors of the Company in its meeting held on 03 March 2017 has accepted the resignation of Naveen Tanyal, Non Executive Director from the directorship of the Company with effect from 03 March 2017.

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Shreyas Intermediates announces resignation of director
Mar 03,2017

Shreyas Intermediates announced that Ramchandra Dhondu Ghanekar has resigned from the office of Whole-time Director of the Company with effect from 3 March 2017 due to his pre-occupation.

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Board of Sadbhav Infrastructure Project approves change in directorate
Mar 03,2017

Sadbhav Infrastructure Project announced that the Board of Directors of the Company at its meeting held on 03 March 2017 has transacted the following -

Conferred the Honorary title of Chairman Emeritus to Vishnubhai M Patel.

The Board has appointed Shashin V Patel, Non Executive Director as Chairman of the Company due to resignation of Vishnubhai Patel on health grounds.

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Board of Sahyog Multibase appoints director
Mar 03,2017

Sahyog Multibase announced that at the meeting of the Board of Directors of the Company held on 3 March 2017 interalia, Vishesh Gupta was appointed as an Additional Director of the Company w.e.f. 03 March 2017.

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Ind Bank Housing announces change in registered office
Mar 03,2017

Ind Bank Housing has shifted its registered office from 01 March 2017 to 3rd Floor, 480, Anna Salai, Nandanam, Chennai 600035.

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Punjab National Bank raises Rs 1500 crore
Mar 03,2017

Punjab National Bank has raised Rs 1500 crore Additional Tier-1 (Basel III Compliant) Capital Bonds at a coupon rate of 8.95% p.a., payable semi-annually on private placement basis on 03 March 2017.

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Jubilant FoodWorks extends Thursdays gains
Mar 03,2017

Meanwhile, the S&P BSE Sensex was down 15.44 points or 0.05% at 28,824.35.

On the BSE, 82,000 shares were traded on the counter so far as against the average daily volumes of 60,242 shares in the past one quarter. The stock had hit a high of Rs 1,060.20 and a low of Rs 1,025.50 so far during the day.

The stock had hit a 52-week high of Rs 1,347.65 on 27 April 2016 and a 52-week low of Rs 761 on 26 December 2016. It had outperformed the market over the past one month till 2 March 2017, gaining 12.3% compared with the Sensexs 2.17% rise. The scrip had also outperformed the market over the past one quarter, advancing 18.52% as against the Sensexs 9.95% rise.

The mid-cap company has equity capital of Rs 65.95 crore. Face value per share is Rs 10.

Shares of Jubilant FoodWorks have risen 5.05% in two trading sessions from its closing price of Rs 1,003.20 on 1 March 2017, on reports a foreign brokerage has upgraded its rating on the stock to buy with a target price of Rs 1,228. The stock had risen 3.24% to settle at Rs 1,035.75 yesterday, 2 March 2017.

Jubilant FoodWorks net profit fell 31.9% to Rs 19.97 crore on 3.9% growth in net sales to Rs 658.76 crore in Q3 December 2016 over Q3 December 2015.

Jubilant FoodWorks is part of Jubilant Bhartia group and Indias largest food service company with a network of Dominos Pizza restaurants pan India. The company & its subsidiary have the exclusive rights to develop and operate Dominos Pizza brand in India, Sri Lanka, Bangladesh and Nepal. The company also has exclusive rights for developing and operating Dunkin Donuts restaurants for India.

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Zenotech Lab gains after board approves winding up of Nigerian subsidiary
Mar 03,2017

The announcement was made after market hours yesterday, 2 March 2017.

Meanwhile, the BSE Sensex was down 15.38 points, or 0.05%, to 28,824.41.

On the BSE, 3,473 shares were traded in the counter so far, compared with an average volume of 9,422 shares in the past one quarter. The stock had hit a high of Rs 39.40 and a low of Rs 38.25 so far during the day. The stock had hit a 52-week high of Rs 51.80 on 15 June 2016. The stock had hit a 52-week low of Rs 31.50 on 30 March 2016.

It had underperformed the market over the past one month till 2 March 2017, falling 10.21% compared with the Sensexs 2.17% rise. The scrip had also underperformed the market over the past one quarter, dropping 3.77% as against the Sensexs 9.95% rise.

The small-cap pharma company has an equity capital of Rs 34.43 crore. Face value per share is Rs 10.

Zenotech Laboratories reported net loss of Rs 5.25 crore in Q3 December 2016 compared with net loss of Rs 4.75 crore in Q3 December 2015.

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Intense Technologies to hold board meeting
Mar 03,2017

Intense Technologies will hold a meeting of the Board of Directors of the Company on 6 March 2017, for allotment of shares pursuant to exercise of stock options under the Companys Intense ESOP Scheme A 2009.

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Dynacons Systems & Solutions to hold EGM
Mar 03,2017

Dynacons Systems & Solutions announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 29 March 2017 .

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Structural Changes Required to Reboot Real Estate Sector in FY18
Mar 03,2017

India Ratings and Research (Ind-Ra) has maintained a negative outlook on the real estate sector for FY18, based on the expectation of a continued slump in the sale of residential units. This will result in continued negative cash flows and a further increase in already-high debt levels, resulting in weakening of the sectors credit profile.

The sale of residential units has been falling since FY14 due to the continued high prices of residential units making them unaffordable to end-users and the significant delays in the completion of under construction projects (sometimes by even more than three years), thus impacting consumer confidence in the sector. The sale of units to individuals who purchase residential units for investment purposes is also likely to be severely curtailed by the demonetisation exercise, the implementation of the Prohibition of Benami Transactions Act and the proposal to restrict set-off of loss on rented properties against other income heads introduced in the union budget 2017-2018.

The continued fall in sales is likely to curtail liquidity, which will be further impacted by the likely implementation of the Real Estate (Regulation and Development) Act, 2016 during 1HFY18. While the sector has largely relied on refinancing to meet its debt servicing obligations, Ind-Ra believes refinancing will increasingly become difficult with revival in sales unlikely.

Ind-Ra believes that the sector needs to undergo a structural change in the way it does business to revive itself and move towards a model of unit sales post completion of projects. Such a structure would favour large organised real estate companies having better access to institutional funding and lead to consolidation in the sector. However, a single window system for time-bound approvals is imperative for the success of any such structural changes in the system and for the sectors long-term survival and growth.

OUTLOOK SENSITIVITIES

Improvement in Demand: A price correction and the consequent revival in consumer demand, resulting in a positive free cash flow and a reduction in debt levels could result in a stable outlook for the sector.

Asset Monetisation: Sale of land and commercial property assets, leading to a substantial reduction in debt levels could be a positive driver for issuer ratings.

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Bharti Infratel jumps on reports of brokerage upgrade
Mar 03,2017

Meanwhile, the S&P BSE Sensex was down 28.67 points or 0.1% at 28,811.12.

On the BSE, 6.03 lakh shares were traded on the counter so far as against the average daily volumes of 2.28 lakh shares in the past one quarter. The stock had hit a high of Rs 310 and a low of Rs 293 so far during the day.

The stock had hit a 52-week high of Rs 412.55 on 28 July 2016 and a 52-week low of Rs 283.10 on 28 February 2017. It had underperformed the market over the past one month till 2 March 2017, sliding 0.79% compared with the Sensexs 2.17% rise. The scrip had also underperformed the market over the past one quarter, declining 24.9% as against the Sensexs 9.95% rise.

The large-cap company has equity capital of Rs 1849.61 crore. Face value per share is Rs 10.

The foreign brokerage reportedly feels that with recent sharp correction in Bharti Infratel stock, risks related to tenancy impact due to likely Vodafone-Idea merger are overdone now. These merger & acquisition (M&A) deals in telecom space would be a positive catalyst for Bharti Infratels growth and strengthen its position in the tower space in India, as per the brokerages view.

Shares of Bharti Infratel declined 10.1% at its closing price of Rs 289.90 yesterday, 2 March 2017, from its closing of Rs 322.40 on 15 February 2017.

On a consolidated basis, Bharti Infratels net profit rose 25.3% to Rs 620.40 crore on 9.6% growth in net sales to Rs 1530 crore in Q3 December 2016 over Q3 December 2015.

Bharti Infratel is one of the leading providers of tower and related infrastructure. It deploys, owns and manages telecom towers and communication structures, for various mobile operators.

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