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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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Ashok Leyland to hold board meeting
Jul 07,2017

Ashok Leyland will hold a meeting of the Board of Directors of the Company on 21 July 2017 to inter alia consider and approve the standalone unaudited financial results of the Company for the quarter and three months ended June 30, 2017.

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TTML soars on reports of likely merger with Airtel
Jul 07,2017

Meanwhile, the S&P BSE Sensex was up 26.05 points, or 0.08% to 31,395.39.

On the BSE, 35,000 shares were traded in the counter so far, compared with average daily volumes of 8.14 lakh shares in the past one quarter. The stock had hit a high of Rs 689.45 and a low of Rs 670.30 so far during the day. The stock hit a 52-week high of Rs 10.48 on 2 March 2017. The stock hit a 52-week low of Rs 5.42 on 30 September 2016.

The stock had outperformed the market over the past one month till 6 July 2017, rising 10.93% compared with 0.31% rise in the Sensex. The scrip had underperformed the market in past one quarter, falling 2.14% as against Sensexs 5.60% rise. The scrip had also underperformed the market in past one year, rising 1.53% as against Sensexs 15.32% rise.

The small-cap company has equity capital of Rs 1954.93 crore. Face value per share is Rs 10.

According to reports, Tata Group and Bharti Enterprises have held exploratory talks to evaluate a mega alliance involving their telecom, overseas cable & enterprise services, and direct-to-home TV businesses.

Discussions between both sides have revolved around a possible merger between Tata Teleservices, Tata Sky and Tata Communications with the Sunil Mittal-owned Bharti Airtel, which includes its wholly-owned DTH arm, reports added.

Telecom major Bharti Airtel was up 0.94% at Rs 385. Tata Communications was down 0.63% at Rs 671.40.

Tata Teleservices (Maharashtra) reported net loss of Rs 1365.57 crore in Q4 March 2017 as against net loss of Rs 21.98 crore in Q4 March 2016. Net sales declined 18.60% to Rs 596.53 crore in Q4 March 2017 over Q4 March 2016.

Tata Teleservices (Maharashtra) (TTML) spearheads the Tata groups presence in the telephony sector in the telecom circles of Maharashtra (including Mumbai). The company offers integrated telecom solutions to its customers across wireline and wireless networks on GSM, CDMA & 3G platforms.

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Electrotherm (India) to hold board meeting
Jul 07,2017

Electrotherm (India) will hold a meeting of the Board of Directors of the Company on 13 July 2017 to consider and approve to raise funds in the form of equity and/or convertible securities by way of qualified institutional placement (QIP) / Preferential Allotment/ FCCB/GDR/ Right Issue/ FPO

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Volumes jump at Varun Beverages counter
Jul 07,2017

Varun Beverages clocked volume of 8.23 lakh shares by 13:51 IST on BSE, a 196.43-times surge over two-week average daily volume of 4,000 shares. The stock rose 3.35% to Rs 542.60.

Indian Hotels Company notched up volume of 14.21 lakh shares, a 75.13-fold surge over two-week average daily volume of 19,000 shares. The stock rose 0.94% to Rs 128.30.

Kirloskar Oil Engines saw volume of 2.05 lakh shares, a 42.99-fold surge over two-week average daily volume of 5,000 shares. The stock shed 0.83% to Rs 393.15.

Solar Industries India clocked volume of 3.73 lakh shares, a 31.71-fold surge over two-week average daily volume of 12,000 shares. The stock rose 3.84% to Rs 853.50.

Vinyl Chemicals (India) saw volume of 5.81 lakh shares, a 31.58-fold rise over two-week average daily volume of 18,000 shares. The stock jumped 16% to Rs 89.90.

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TVS Motor Company to hold board meeting
Jul 07,2017

TVS Motor Company will hold a meeting of the Board of Directors of the Company on 11 August 2017 for consideration of unaudited (limited reviewed) financial results for the quarter ended 30th June 2017

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Choice International to hold board meeting
Jul 07,2017

Choice International will hold a meeting of the Board of Directors of the Company on 15 July 2017 for the quarter ended June 30, 2017

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Colinz Laboratories to hold board meeting
Jul 07,2017

Colinz Laboratories will hold a meeting of the Board of Directors of the Company on 29 July 2017 to consider, approve and take on record Un-audited Financial Results of the Company for the quarter ended 30th June, 2017, to approve draft notice of forthcoming Annual General Meeting

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Gini Silk Mills to hold board meeting
Jul 07,2017

Gini Silk Mills will hold a meeting of the Board of Directors of the Company on 12 July 2017 To adopt the Notice for convening Annual General Meeting for the financial year 2017, to recommend the Appointment of New Statutory Auditors of the Company

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Marico to hold AGM
Jul 07,2017

Marico announced that the 29th Annual General Meeting(AGM) of the company on 1 August 2017.

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Colgate-Palmolive (India) to hold AGM
Jul 07,2017

Colgate-Palmolive (India) announced that the 76th Annual General Meeting(AGM) of the company on 3 August 2017.

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RBL Bank drops after announcing fresh issue of shares
Jul 07,2017

The announcement was made during market hours today, 7 July 2017.

Meanwhile, the S&P BSE Sensex was down 25 points or 0.08% at 31,344.34

On BSE, so far 5.56 lakh shares were traded in the counter as against average daily volume of 2.83 lakh shares in the past one quarter. The stock hit a high of Rs 524.50 and a low of Rs 508.90 so far during the day. The stock had hit a record high of Rs 600 on 3 May 2017. The stock had hit a record low of Rs 273.70 on 31 August 2016.

The large-cap bank has equity capital of Rs 376.72 crore. Face value per share is Rs 10.

RBL Bank said that the banks board has approved the proposal to issue 3.26 crore equity shares on preferential basis to the one or more investors at Rs 515 per equity share totalling to Rs 1680 crore. The investors include ABG Capital, CDC Group PLC, Global IVY Ventures LLP, HDFC Standard Life Insurance Company, ICICI Lombard General Insurance Company, LTR Focus Fund, Multiples Private Equity Fund II LLP, Plenty CI Fund I, Plenty Private Equity Find I and Steadview Capital Mauritius.

The purpose of this capital raise is to augment the banks tier 1 capital for supporting the future organic growth of business as well as enabling the bank to capitalize on inorganic opportunities and for other general corporate purposes, RBL Bank.

RBL Banks net profit rose 54.59% to Rs 130.13 crore on 35.17% growth in total income to Rs 1222.87 crore in Q4 March 2017 over Q4 March 2016.

RBL Bank is a private sector bank. It currently services over two million customers through a network of 237 branches and 375 ATMs spread across 16 Indian states and Union Territories.

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Ministry of Railways reforms recruitment process through induction of digital technology
Jul 07,2017

Ministry of Railways reformed its recruitment process through induction of digital technology in a big way. This has brought transparency & efficiency.

Railway Recruitment Boards (RRBs) have conducted the worlds largest computer based test for about 92 lakh candidates. This examination was conducted in 351 cities across India, including remote areas like North East, Kashmir Valley, Lakshadweep & Andaman Islands.

Pursuing PMs vision of Digital India, 2nd stage written test and 3rd stage Aptitude (Psycho) test for Assistant Station Masters and Typing Skill Test for Ministerial posts have also been conducted in Computer based manner for 45,989 candidates across India.

Computer based Test for Aptitude (Psycho) Test and Typing Skill Test is another major initiative as it has been attempted for the first time in history. Due to this land mark digital transformation, both these tests could be completed in one day each, whereas in conventional mode these would have taken about 2 months time. This has resulted in substantial saving of time and resources.

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FSSAI addressing industrys concerns over notified standards for food supplements & nutraceuticals: CEO
Jul 07,2017

The Food Safety and Standards Authority of India (FSSAI) is in the process of addressing concerns raised by the industry on new standards for eight categories of products, including health supplements and nutraceuticals notified last year, its CEO (chief executive officer), Mr Pawan Agarwal said at an ASSOCHAM event.

n++I am taking this opportunity to reassure the industry here that if there are concerns with the standards we have released, we are still open to changing those standards, making provisions to address the concerns that you have,n++ said Mr Agarwal.

n++We have received 5-6 representations, of course it has to go through a process, we are in the process of doing so,n++ he said.

n++These standards will come into force for compliance from January 1, 2018 so we have a little time at hand before these come into compliance and hopefully we will be able to iron out those differences and concerns which will be addressed within the next 5-6 months that we have,n++ added Mr Agarwal.

He said that the standards of nutraceuticals were released by FSSAI a few months ago after very prolonged deliberations in the FSSAI by the scientific panel, scientific committee and then the authority.

n++There are associated standards and regulations, and the key amongst them being labelling regulations, claim regulations for which again the draft will soon be available on our website and we will be very happy to get feedback from the industry on those drafts,n++ he said.

He said that these are also quite contentious issues considering that consumers interest for any regulator is primary. n++I think that is non-negotiable. So any food supplement manufacturer giving any kinds of claims, has to be extra cautious and as a regulator we have to ensure that those claims are substantiated with evidence.n++

Mr Agarwal also apprehended that industry might have reservations regarding claims regulations which will soon be put in place. n++There may be some concerns from the sector, I am pre-warning you.n++

On the labelling, he said there may not be too many issues. He however added that FSSAI has been getting reports from the field that increasingly large number of spurious products are available in the market today.

n++The challenge with the food supplements is that there is no robust framework for testing of food supplements products. There are also issue about good manufacturing practices around food supplements and nutraceuticals sectors,n++ said the FSSAI chief.

He said that FSSAI has set up a technical panel with representatives from food supplement companies to put together the framework for goods manufacturing practices (GMPs) for nutraceuticals and food supplements.

n++We do hope that it will bring greater clarity to have a more robust ecosystem for manufacturing, processing and distribution of food supplements in the country,n++ said Mr Agarwal.

He further said that though there are many companies that import food supplements and while the FSSAI intends to provide them a level-playing field but considering the Make in India, campaign of the government, their focus is on promoting much of processing and manufacturing within India.

The FSSAI chief also said that it is imperative for both the industry and government to work together to provide a more robust framework for growth of food supplement and nutraceuticals sector in India.

In his address at the ASSOCHAM conference, Mr J.P. Meena, secretary, Ministry of Food Processing Industries (MoFPI) stressed upon the need to make the food supplements and nutraceuticals affordable as about 43 per cent children across India remain malnourished while the sector mainly caters to the middle and upper-middle class consumers.

Noting the various challenges being faced by the sector like the need to gain public confidence and questions raised as to whether the claims being made the manufacturers are evidence-based, Mr Meena said, n++Attempts are being made to remove these constraints but I think the industry has to walk a lot of distance to make it a popular product, more so when health awareness is on the rise about processed foods, the traceability will become paramount.n++

He said that the only way to ensure traceability is to develop backward linkages. n++The present practice of sourcing raw material from here and there, I think will have to come over and get into organised cultivation of plants required for nutraceuticals.n++

Mr Meena also informed that MoFPI has particularly being focusing on making farmers/growers partners in the growth story of food processing sector.

n++Unless the benefits to some extent are passed on to the farmers, I see that the future of industry will not be very stable and we may not be able to face challenges which will emerge in the future on account of health concerns,n++ he said.

n++Sooner or later traceability is going to be an issue and everybody who is there in the food business may be required to have certification on this issue and there lies actually the tie-up with the farmers,n++ he added.

He also informed that with regards to capacity expansion and creating new capacities, MoFPI has come out with a new scheme, Kisan Sampada, whereby government will be investing Rs 6,000 crore over next three years which should bring an investment of about Rs 35,000 crore in the food processing sector as a whole.

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Shriram City Union Finance biggest loser on BSEs A group
Jul 07,2017

Shriram City Union Finance slipped 4.37% at Rs 2,409.95. The stock topped the losers in A group. On the BSE, 3,276 shares were traded on the counter so far as against the average daily volumes of 419 shares in the past two weeks.

Intellect Design Arena declined 4.87% at Rs 122. The stock was the second biggest loser in A group. On the BSE, 1.13 lakh shares were traded on the counter so far as against the average daily volumes of 86,000 shares in the past two weeks.

Edelweiss Financial Services fell 2.74% at Rs 193.45. The stock was the third biggest loser in A group. On the BSE, 10.34 lakh shares were traded on the counter so far as against the average daily volumes of 2.48 lakh shares in the past two weeks.

Bharti Infratel skid 2.43% at Rs 404.90. The stock was the fourth biggest loser in A group. On the BSE, 23,000 shares were traded on the counter so far as against the average daily volumes of 91,000 shares in the past two weeks.

Page Industries tumbled 1.83% at Rs 17,070. The stock was the fifth biggest loser in A group. On the BSE, 181 shares were traded on the counter so far as against the average daily volumes of 1,183 shares in the past two weeks.

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Tea stocks sizzle on hopes of firm prices
Jul 07,2017

Assam Company (India) (up 7.54%), Jay Shree Tea & Industries (up 4.74%), Warren Tea (up 2.41%), McLeod Russel India (up 4.23%), Goodricke Group (up 3.24%), Diana Tea (up 0.67%), James Warren Tea (up 2.05%), Rossel India (up 2.76%), Dhunseri Tea & Industries (up 0.8%), Andrew Yule & Company (up 3.59%) and Tata Global Beverages (up 2.02%) edged higher.

Meanwhile, the S&P BSE Sensex was down 39.19 points, or 0.12% to 31,330.15

As per reports, initial indicators showed that average auction prices for Darjeeling tea in the first week of June rose to Rs 360.66/kg in 2017 from Rs 346.6/kg in 2016. Leaf plucking and processing activities have been suspended since the second week of June, following the political strife in the region.

A research report indicated that the current political unrest in Darjeeling is likely to impact the production and exports of the premium tea.

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