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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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Garware Polyester to hold board meeting
May 15,2017

Garware Polyester will hold a meeting of the Board of Directors of the Company on 25 May 2017, to approve the audited Financial Results of the Company for the fourth quarter and year ended 31 March 2017 and to recommend dividend on equity shares of the Company.

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AVI Photochem to hold board meeting
May 15,2017

AVI Photochem will hold a meeting of the Board of Directors of the Company on 30 May 2017.

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Board of Makers Laboratories recommends final dividend
May 15,2017

Makers Laboratories announced that the Board of Directors of the Company at its meeting held on 11 May 2017, inter alia, have recommended the final dividend of Rs 1 per equity Share (i.e. 10%) , subject to the approval of the shareholders.

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Board of Phoenix Mills recommends final dividend
May 15,2017

Phoenix Mills announced that the Board of Directors of the Company at its meeting held on 10 May 2017, inter alia, have recommended the final dividend of Rs 2.4 per equity Share (i.e. 120%) , subject to the approval of the shareholders.

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Rane Holdings to hold board meeting
May 15,2017

Rane Holdings will hold a meeting of the Board of Directors of the Company on 26 May 2017, to consider and if thought fit, to recommend final dividend for the financial year 2016-17 and to fix record date thereof.

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GMR Infra gains on divestment of Indonesian coal mining entities
May 15,2017

The announcement was made after market hours on Friday, 12 May 2017.

Meanwhile, the S&P BSE Sensex was up 124.02 points, or 0.41% to 30,312.17.

On the BSE, 3.64 lakh shares were traded in the counter so far, compared with average daily volumes of 23.54 lakh shares in the past one quarter. The stock had hit a high of Rs 17.05 and a low of Rs 16.70 so far during the day. The stock hit a 52-week high of Rs 18.60 on 24 April 2017. The stock hit a 52-week low of Rs 10.25 on 9 November 2016.

The stock had outperformed the market over the past one month till 12 May 2017, rising 6.75% compared with 2.47% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 12.93% as against Sensexs 6.54% rise.

The large-cap company has equity capital of Rs 603.59 crore. Face value per share is Re 1.

GMR Energy Netherlands BV, and GMR Infrastructure Overseas, subsidiaries of GMR Infrastructure, entered into conditional share purchase agreement (CSPA) with PT Golden Energy Mines Tbk, Indonesia for selling 100% equity shareholding. The company will also sell mandatorily convertible bonds (MCBs) in PT Dwikarya Sejati Utama (PT DSO), PT Duta Surana Internusa (PT DSI), PT Unsoco (PT UNS) and PT Barasentosa Lestari (PT BSL). This agreement is subject to the parties securing various statutory approvals.

GMR Infrastructure reported net loss of Rs 381.93 crore in Q3 December 2016 as against net profit of Rs 40.01 crore in Q3 December 2015. Net sales rose 250.45% to Rs 85.58 crore in Q3 December 2016 over Q3 December 2015.

GMR Group is a leading global infrastructure conglomerate with interests in airport, energy, transportation and urban infrastructure.

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Huhtamaki PPL declines after weak Q1 results
May 15,2017

The result was announced after market hours on Friday, 12 May 2017.

Meanwhile, the S&P BSE Sensex was up 132.66 points or 0.44% at 30,320.81. The BSE Small-Cap index was up 115.36 points or 0.74% at 15,644.19.

On the BSE, 2,213 shares were traded on the counter so far as against the average daily volumes of 8,598 shares in the past one quarter. The stock had hit a high of Rs 269 and a low of Rs 250.25 so far during the day.

The stock had hit a 52-week high of Rs 327 on 8 August 2016 and a 52-week low of Rs 227 on 29 March 2017. It had underperformed the market over the past one month till 12 May 2017, advancing 1.51% compared with the Sensexs 1.84% rise. The scrip had, however, outperformed the market over the past one quarter, gaining 11.47% as against the Sensexs 6.54% rise.

The small-cap company has equity capital of Rs 15.10 crore. Face value per share is Rs 2.

Huhtamaki PPL is engaged in the manufacturing of primary consumer packaging and labelling materials. It is one of the manufacturers of finished flexible packaging in the larger Africa - India - Asia Pacific region excluding Japan.

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Ind-Swift appoints director
May 15,2017

Ind-Swift announced that the Company has appointed Dr Jatender Kumar Kakkar as an Independent Director of the Company.

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CSL Constructing Four Passenger-cum-Cargo Vessels for A&N Island under Make in India Initiative
May 15,2017

Cochin Shipyard (CSL) is constructing four passenger-cum - cargo vessels for Andaman & Nicobar Administration under the Make in India initiative of Government of India. As per orders placed by the A&N Administration, two of these vessels will have a capacity of 500 persons-cum-150 tonne cargo and the remaining two will have a capacity of 1200 persons-cum-1000 tonne cargo.

These vessels will have state of the art facilities for passengers and comply with latest international/national rules and regulations. They will be fitted with diesel electric propulsion plants driving two azimuth thrusters for good manoeuvrability.

The smaller vessels of 500 passenger capacity will be ocean going for all weather operation, and be employed in Northern and Southern group of A&N Islands or for inter island service They will also be capable of making occasional voyages between mainland and islands. The construction of these vessels is on.

The construction of the larger set of vessels with 1200 passenger capacity will start in June, 2017. These vessels will ply between mainland and the islands and will also be capable of making international voyages.

The construction of these vessels is going on in full swing and the progress is being closely monitored by a committee with members from Cochin Shipyard, Shipping Corporation of India and Andaman and Nicobar Administration with the Joint Secretary, Ministry of Shipping as Chairman of the Committee. All efforts are being made to put the vessels into service ahead of their scheduled delivery year of 2020.

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Board of Jammu and Kashmir Bank approves raising capital up to Rs 1000 cr
May 15,2017

The Board of Directors of Jammu and Kashmir Bank at its meeting held on 13 May 2017 has approved raising of Capital subject to a maximum of Rs.1000 crore and Regulatory approvals, wherever, required including Shareholding approval for the same by way of Special Resolution at the ensuing AGM of the Bank.

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Jindal Stainless advances after turnaround in Q4
May 15,2017

The result was announced after market hours on Friday, 12 May 2017.

Meanwhile, the S&P BSE Sensex was up 120.72 points, or 0.4% at 30,308.87. The S&P BSE Mid-cap index was up 140.82 points, 0.95% at 14,995.27.

On the BSE, 2.40 lakh shares were traded on the counter so far as against the average daily volumes of 3.47 lakh shares in the past one quarter. The stock had hit a high of Rs 83.45 and a low of Rs 80.55 so far during the day.

The stock had hit a 52-week high of Rs 84 on 10 April 2017 and a 52-week low of Rs 14.20 on 2 June 2016. The stock had underperformed the market over the past one month till 12 May 2017, sliding 0.32% compared with the Sensexs 1.84% rise. The scrip had, however, outperformed the market over the past one quarter advancing 52.13% as against the Sensexs 6.54% rise.

The mid-cap company has equity capital of Rs 79.89 crore. Face value per share is Rs 2.

Jindal Stainless net sales rose 23.7% to Rs 2301.39 crore in Q4 March 2017 over Q4 March 2016.

Jindal Stainless earnings before interest, tax, depreciation and amortization (EBITDA) increased by 117% to Rs 313 crore in Q4 March 2017 over Q4 March 2016.

Jindal Stainless is engaged in manufacturing of stainless steel.

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J K Cement spurts after strong Q4 results
May 15,2017

The result was announced on Saturday, 13 May 2017.

Meanwhile, the S&P BSE Sensex was up 134.33 points, or 0.44% to 30,322.48.

On the BSE, 33,000 shares were traded in the counter so far, compared with average daily volumes of 9,197 shares in the past one quarter. The stock had hit a high of Rs 1,194.20 so far during the day, which is also a record high for the counter. The stock had hit a low of Rs 1,100 so far during the day. The stock hit a 52-week low of Rs 573.75 on 2 June 2016.

The stock had outperformed the market over the past one month till 12 May 2017, rising 14.72% compared with 2.47% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 28.45% as against Sensexs 6.54% rise.

The mid-cap company has equity capital of Rs 69.93 crore. Face value per share is Rs 10.

J K Cements net profit rose 151.21% to Rs 259.58 crore on 5.18% rise in net sales to Rs 3703.55 crore in the year ended March 2017 over the year ended March 2016.

Meanwhile, the company said that its board decided to raise upto Rs 500 crore by issuing secured/irredeemable non-convertible debentures in one of more series/tranches on private placement basis at an interest rate that will be determined by the prevailing money market conditions at the time of borrowing subject to the approval of the shareholders.

The board also decided to expand the wall putty production capacity from existing 2 lakh MT per annum to 4 lakh MT per annum at J K White, Katni.

Further, the board took note of increase in clinker production capacity by 3.30 lakh tons per annum in Rajasthan grey cement plants by cooler modification and de-bottlenecking/up-gradations with the total cost of approximately Rs 50 crore. With this the overall grey cement clinker capacity of Rajasthan plants stands increase to 54.45 lakh tons per annum.

J K Cement has over four decades of experience in cement manufacturing.

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Meyer Apparel announces resignation of director
May 15,2017

Meyer Apparel announced the resignation of Ajay Srivastava, Vice Chairman and Non Executive Director with effect from 27 April 2017.

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Avanti Feeds to pay dividend
May 15,2017

Avanti Feeds announced that dividend Warrants will be dispatched to the Members on or before 31 August 2017.

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Historic low Tariff of Rs. 2.44 per unit discovered in Bhadla Phase-III Solar Park in auction by SECI
May 15,2017

History is created today, as the record low tariffs achieved in the auction concluded on 09.05.2017 for Bhadla Phase-IV Solar Park, Rajasthan has been broken, with even lower tariff of Rs. 2.44 per unit discovered in the auction carried out by Solar Energy Corporation of India (SECI) for 500 MW capacity in Bhadla Phase-III Solar Park, Rajasthan. The park is being set up by M/s Saurya Urja Company of Rajasthan, a joint venture between the Govt. of Rajasthan and M/s IL&FS Energy Development Company Limited. This tariff is fixed for 25 years with no escalation and the bidders have sought no VGF from the Government. The winners are M/s ACME Solar Holdings Pvt. Ltd. (200 MW) at a tariff of Rs. 2.44 per unit and M/s SBG Cleantech One Ltd. (300 MW), quoting a tariff of Rs. 2.45 per unit.

The entire solar power will be consumed in the State of Rajasthan and power sale agreement with the State Distribution Companies is already tied up. The developers are responsible to connect to the pooling sub-station of solar park. The developers will be paying solar park charges of Rs.45.2 lakh per megawatt towards land, connectivity (from pooling substation to state network) and other infrastructural facilities. The projects are likely to be completed in about 12-13 months.

The earlier lowest tariff of Rs. 2.62 per kWh, was discovered recently in the auction conducted by SECI for 250 MW Bhadla Phase-IV Solar Park in Rajasthan.

It is understood that this fall in solar tariffs is the result of combination of various factors, most important being the decision of the Government of India to cover solar power by SECI under the ambit of Tripartite Agreement for payment security against defaults by State distribution companies. Other factors contributing are about 7-8% higher yield in Rajasthan due to better solar radiation conditions, drop in module prices in International market, and strengthening of Indian rupee against US dollar.

For the present bid, the bids were submitted by 24 bidders for a capacity of 5500 MW which is 11 times of the bid capacity. Bid received overwhelming global response including developers from Finland, France, Saudi Arabia, Singapore and Japan. This became possible only due to constant endeavor at SECI to streamline the bidding process with highest level of transparency and integrity under the guidance of Ministry of New and Renewable Energy.

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