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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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Nalin Lease Finance to hold board meeting
Jul 04,2017

Nalin Lease Finance will hold a meeting of the Board of Directors of the Company on 14 July 2017 to Consider and take on Record the Unaudited Financial Results for the Quarter ended on 30th June, 2017.

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Vinyl Chemicals (I) to hold board meeting
Jul 04,2017

Vinyl Chemicals (I) will hold a meeting of the Board of Directors of the Company on 24 July 2017 Quarterly Results

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Ruchi Soya Industries to hold AGM
Jul 04,2017

Ruchi Soya Industries announced that the th Annual General Meeting(AGM) of the company on 3 July 2017.

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GNA Axles to hold board meeting
Jul 04,2017

GNA Axles will hold a meeting of the Board of Directors of the Company on 19 July 2017 to consider and approve the Un-audited Financial Results of the Company for the Quarter ended 30th June 2017.

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Ganesh Benzoplast to hold board meeting
Jul 04,2017

Ganesh Benzoplast will hold a meeting of the Board of Directors of the Company on 12 July 2017 To do discussion on setting up a LPG (Liquefied Petroleum Gas) terminal by the Company at its Goa Terminal.

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VR Woodart to hold board meeting
Jul 04,2017

VR Woodart will hold a meeting of the Board of Directors of the Company on 4 July 2017.

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Welspun Enterprises jumps after clarification
Jul 04,2017

Meanwhile, the S&P BSE Sensex was up 67.24 points, or 0.22% to 31,288.86.

On the BSE, 1.77 lakh shares were traded in the counter so far, compared with average daily volumes of 3.59 lakh shares in the past one quarter. The stock had hit a high of Rs 114.50 and a low of Rs 109 so far during the day. The stock hit a 52-week high of Rs 122.25 on 28 June 2017. The stock hit a 52-week low of Rs 54 on 22 November 2016.

The stock had outperformed the market over the past one month till 3 July 2017, rising 16.07% compared with 0.17% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 24.51% as against Sensexs 4.38% rise. The scrip had also outperformed the market in past one year, rising 83.31% as against Sensexs 14.45% rise.

The small-cap company has equity capital of Rs 147.29 crore. Face value per share is Rs 10.

Media reports on 3 July 2017 suggested that IT department conducted raids at Welspun Groups Mumbai office since Friday, 30 July 2017.

In its clarification, Welspun Enterprises confirmed during trading hours today, 4 July 2017, that a search under section 132 of the Income Tax Act, 1961 was conducted by income tax authorities at various locations of Welspun Group from 30 June 2017 to 3 July 2017. Welspun extended its full co-operation to the authorities. As the search was in progress, it could not inform the bourses earlier. No material findings have come to the companys notice.

Net profit of Welspun Enterprises rose 276.06% to Rs 17.75 crore on 148.51% rise in net sales to Rs 181.49 crore in Q4 March 2017 over Q4 March 2016.

Welspun Enterprises, formerly Welspun Projects, part of the Welspun Group, is an operating company in the infrastructure business. The company also has investments in oil & gas exploration.

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Power Mech Projects advances after securing orders
Jul 04,2017

The announcement was made during market hours today, 4 July 2017.

On the BSE, 6,055 shares were traded on the counter so far as against the average daily volumes of 13,000 shares in the past two weeks. The stock had hit a high of Rs 611 and a low of Rs 585.50 so far during the day. The stock had hit a 52-week high of Rs 624.50 on 10 May 2017 and a 52-week low of Rs 389.95 on 10 March 2017.

The stock had underperformed the market over the past one month till 3 July 2017, sliding 0.81% compared with the Sensexs 0.17% fall. The scrip had, however, outperformed the market over the past one quarter advancing 6.21% as against the Sensexs 4.38% rise. The scrip had, however, underperformed the market over the past one year advancing 6.92% as against the Sensexs 15.02% rise.

The small-cap company has equity capital of Rs 14.71 crore. Face value per share is Rs 10.

Power Mech Projects said that its subsidiaries/ joint ventures (JVs) of the company have received a letter of intent/work orders worth Rs 624 crore.

GTA Power Mech Nigeria, 50% joint venture of Power Mech Projects has received an order for composite work tender unit - v for Dangote Oil Refining Company, Lagos, Nigeria for a total contract worth Rs 491 crore.

Mas Power Mech Arabia LLC, 51% subsidiary of Power Mech Projects has received an order for installation works of HRSG, CENTER LINE for 1800MW ALBA PS5 CCPP, Kingdom of Bahrain, for a total contract price of approximately worth around Rs 133 crore.

Power Mech Projects net profit fell 18.6% to Rs 16 crore on 11.5% decrease in net sales to Rs 343.90 crore in Q4 March 2017 over Q4 March 2016.

Power Mech Projects operates as an engineering and construction company, which provides erection, testing and commissioning (ETC), civil and operation and maintenance services for power projects.

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Ministry of Railways sanctioned New BG line between Jeypore & Navarangpur in Odisha
Jul 04,2017

As per the announcement of Budget 2016-17, Ministry of Railways sanctioned New BG line between Jeypore & Navarangpur  in Odisha. The length of the new BG line is 38 Kms. The cost of the project is 747.91 Crores. The project will be completed in 3 years. The project shall be implemented on Cost-sharing basis (50% by Ministry of Railways under GBS and 50% by State Govt. of Odisha)

The Project is important for connecting Navarangpur District of Western Odisha, with Jeypore, an existing Station on Kottavalasa- Kirandul line. This line will provide connectivity to important towns viz. Koraput, Jeypore, Jagdalpur, Dantewada. Further, the line is useful for connecting Navarangpur to Junagarh/Kalahandi District and result in short lead to many other places of Odisha, Chhattisgarh & Andhra Pradesh.

Further,  State Govt. of Odisha will be bearing entire cost of land and 50%   of the construction cost of the project.

The salient features of new BG line is as under:

Construction of New Broad Gauge Railway Line between Jeypore & Navarangpur (38 Km)

Name of the Project

New B.G. Railway Line between Jeypore & Navarangpur.

Length

38 Km

Cost

Rs 747.91 Crores.

Completion Cost

Rs 791.47 crore

Completion Period

3 years

Mode of funding

Cost-sharing basis (50% by Ministry of Railways under GBS and 50% by State Govt. of Odisha)

States/Districts served

Odisha / Koraput and Navarangpur

Background

The Project is important for connecting Navarangpur District of Western Odisha, with Jeypore, an existing Station on Kottavalasa- Kirandul line. This line will provide connectivity to important towns viz. Koraput, Jeypore, Jagdalpur, Dantewada. Further, the line is useful for connecting Navarangpur to Junagarh/Kalahanidi District and result in short lead to many other places of Odisha, Chhattisgarh & Andhra Pradesh.

Further,  State Govt. of Odisha will be bearing entire cost of land and 50%  of the construction cost of the project.

Outcome

Once implemented, this important rail line will connect Navarangpur District of Western Odisha, not connected with railway line, with Jeypore, the existing station on Kottavalasa- Kirandul line, thus connecting other important towns viz. Koraput, Jeypore, Jagdalpur, Dantewada.  This line will also connect Navarangpur with Junagarh/Kalahandi District and result in short lead to many other places of Odisha, Chhattisgarh & Andhra Pradesh.  Besides freight  traffic viz. Maize, Rice, fertilizer, cement, wheat, POL etc. is expected from various villages en-route.

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Hero MotoCorp decelerates after bulk deal
Jul 04,2017

Meanwhile, the S&P BSE Sensex was up 48.92 points, or 0.16% to 31,270.54

Bulk deal boosted volume on the scrip. On the BSE, 20.53 lakh shares were traded in the counter so far, compared with average daily volumes of 21,088 shares in the past one quarter. The stock had hit a high of Rs 3,800 and a low of Rs 3,685 so far during the day. The stock hit a record high of Rs 3,880.85 on 5 June 2017. The stock hit a 52-week low of Rs 2,844.40 on 17 November 2016.

The large-cap two-wheeler major has equity capital of Rs 39.94 crore. Face value per share is Rs 2.

Shares of Hero MotoCorp rose 2.17% to settle at Rs 3,777 yesterday, 3 July 2017 after the company reported 14% rise in sales to 6.24 lakh units in June 2017 over June 2016. Hero MotoCorp has clocked such robust volumes in the month of June on account of strong growth in both motorcycles and scooters.

The company has passed on the benefit of GST to its customers with a reduction in the prices of models across its product portfolio in most of the states from 1 July 2017, Hero MotoCorp said. The quantum of reduction ranges from Rs 400 to Rs 1800 on mass-selling models. The actual benefit varies from state to state, depending on the pre and post-GST rates. Some of the premium segment models see a reduction of up to Rs 4000 in certain markets. In one or two states, such as Haryana, where the pre-GST rates were lower than the post-GST rate, the prices of a few models have gone up marginally, the company said.

Hero MotoCorps net profit fell 13.87% to Rs 717.75 crore on 7.86% decline in net sales to Rs 6915.20 crore in Q4 March 2017 over Q4 March 2016.

Hero MotoCorp is the worlds largest manufacturer of two-wheelers.

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Exide Industries to hold board meeting
Jul 04,2017

Exide Industries will hold a meeting of the Board of Directors of the Company on 27 July 2017 to consider and approve the unaudited financial results of the Company for the quarter ended 30th June, 2017.

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ABB India to hold board meeting
Jul 04,2017

ABB India will hold a meeting of the Board of Directors of the Company on 20 July 2017.

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Welcure Drugs & Pharmaceuticals to hold board meeting
Jul 04,2017

Welcure Drugs & Pharmaceuticals will hold a meeting of the Board of Directors of the Company on 24 July 2017 to consider and approve the un-audited financial results for quarter ended on 30.06.2017

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Assistive devices and rehabilitation aids for physically challenged persons have been kept at the concessional 5% GST rate
Jul 04,2017

Assistive devices and rehabilitation aids for physically challenged persons, listed below, have been kept at the concessional 5% GST rate:

1) Braille writers and braille writing instruments;

2) Handwriting equipment like Braille Frames, Slates, Writing Guides, Script Writing Guides, Styli, Braille Erasers

3) Canes, Electronic aids like the Sonic Guide;

4) Optical, Environmental Sensors;

5) Arithmetic aids like the Taylor Frame (arithmetic and algebra types), Cubarythm, Speaking or Braille calculator;

6) Geometrical aids like Combined Graph and Mathematical Demonstration Board, Braille Protractors, Scales, Compasses and Spar Wheels;

7) Electronic measuring equipment such as Calipers, Micrometers, Comparators, Gauges, Gauge Block Levels, Rules, Rulers and Yardsticks

8) Drafting, Drawing Aids, Tactile Displays;

9) Specially adapted Clocks and Watches;

10) Orthopaedic appliances falling under heading No.90.21 of the First Schedule;

11) Wheel Chairs falling under heading No.87.13 of the First Schedule;

12) Artificial electronic larynx and spares thereof;

13) Artificial electronic ear (Cochlear implant);

14) Talking books (in the form of cassettes, discs or other sound reproductions) and large-print books, braille embossers, talking calculators, talking thermometers;

15) Equipment for the mechanical or the computerized production of braille and recorded material such as braille computer terminals and displays, electronic braille, transfer and pressing machines and stereo typing machines;

16) Braille Paper;

17) All tangible appliances including articles, instruments, apparatus, specially designed for use by the blind;

18) Aids for improving mobility of the blind such as electronic orientation and obstacle detecting appliance and white canes;

19) Technical aids for education, rehabilitation, vocational training and employment of the blind such as Braille typewriters, braille watches, teaching and learning aids, games and other instruments and vocational aids specifically adapted for use of the blind;

20) Assistive listening devices, audiometers;

21) External catheters, special jelly cushions to prevent bed sores, stair lift, urine collection bags;

22) Instruments and implants for severely physically handicapped patients and joints replacement and spinal instruments and implants including bone cement.

Most of the inputs and raw materials for manufacture of these assistive devices/equipments attract 18% GST. The concessional 5% GST rate on these devices/equipments would enable their domestic manufacturers to avail Input Tax Credit of GST paid on their inputs and raw materials. Further, the GST law provides for refund of accumulated Input Tax Credit, in cases, where the GST rate of output supply is lower than the GST rate on inputs used for their manufacture. Therefore, 5% GST rate on these devices/equipments would enable their domestic manufacturers to claim refund of any accumulated Input Tax Credit. That being so, the 5% concessional GST rate on these devices/equipment would result in reduction of the cost of domestically manufactured goods, as compared to the pre-GST regime.

As against that, if these devices/equipments are exempted from GST, then while imports of such devices/equipments would be zero rated, domestically manufactured such devices/equipments will continue to bear the burden of input taxes, increasing their cost and resulting in negative protection for the domestic value addition.

In fact, the 5% concessional GST rate on such devices/equipments will result in a win-win situation for both the users of such devices, the disabled persons, as well as the domestic manufacturers of such goods. It is for this reason that the Council has kept these items in 5% rate slab.

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ITC slides on profit booking
Jul 04,2017

Meanwhile, the S&P BSE Sensex was up 46.39 points, or 0.15% to 31,268.01.

On the BSE, 4.24 lakh shares were traded in the counter so far, compared with average daily volumes of 10.57 lakh shares in the past one quarter. The stock had hit a high of Rs 344 and a low of Rs 337.05 so far during the day. The stock hit a record high of Rs 353.20 on 3 July 2017. The stock hit a 52-week low of Rs 222.05 on 26 December 2016.

The stock had outperformed the market over the past one month till 3 July 2017, rising 7.25% compared with 0.17% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 21.51% as against Sensexs 4.38% rise. The scrip had also outperformed the market in past one year, rising 39.80% as against Sensexs 14.45% rise.

The large-cap company has equity capital of Rs 1215.22 crore. Face value per share is Re 1.

Shares of ITC rose 11.08% in three trading sessions to settle at Rs 342.30 yesterday, 3 July 2017, from its close of Rs 308.15 on 28 June 2017.

The stock rose 5.70% to settle at Rs 342.30 yesterday, 3 July 2017, on reports that taxation for cigarettes under the good and services tax (GST) regime is around 5-6% lower compared to the previous tax structure.

Under the GST regime, cigarettes have been put in the highest tax slab of 28%. The tax savings in the GST regime is mainly on account of removal of multi-layer tax regime. Earlier value added tax (VAT) was levied on excise duty, while GST now will not be applicable on cess. The GST came into force from 1 July 2017.

As per a foreign brokerage, the return of predictability in taxation could drive volume growth and opportunity to launch a lower-priced cigarette to drive growth in the organized industry. The brokerage firm has maintained a buy rating for the ITC stock and increased its target price to Rs 390 a share.

Another foreign broking firm said the ITC stock remains its top pick in the consumer sector and it maintained outperform and increased its target price to Rs 385 a share.

ITCs net profit rose 12.1% to Rs 2669.47 crore on 14% growth in net sales to Rs 11125.54 crore in Q4 March 2017 over Q4 March 2016.

ITC is a diversified company, with presence in cigarettes, hotels, paperboards & specialty papers, packaging, agri-business, packaged foods & confectionery, information technology, branded apparel, personal care, stationery and other FMCG products. ITC is a market leader in cigarettes.

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