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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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Som Distilleries & Breweries launches its flagship brand HUNTER
Jun 29,2017

Som Distilleries & Breweries announced the launch of its flagship brand HUNTER in Karnataka.

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Bank of India gets reaffirmation of long term issuer ratings
Jun 29,2017

Bank of India announced that its long term issuer default ratings have been reaffirmed by Fitch Ratings but its viability rating (VR) has been downgraded to B+ from BB-.

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Good gains at Wall Street
Jun 29,2017

A rally by financial and technology stocks on Wednesday, 28 June 2017 helped lift U.S. equity indices with the S&P 500 posting its largest one-day gain in two months while Nasdaq Composite recorded its best day in eight months.

The Dow Jones Industrial Average gained 143.95 points, or 0.7%, to 21,454.61. The Nasdaq Composite Index rose 87.79 points, or 1.4%, to 6,234. The S&P 500 climbed 21.31 points, or 0.9%, to end at 2,440.69. Financials led the gainers, rallying 1.6%, closely tracking rising long-term Treasury yields. Shares of Caterpillar and J.P. Morgan Chase & Co. led the charge, up more than 2%.

All three main indexes erased Tuesdays losses, which came after a delay to a vote on health-care bill, prompting worries about the prospects for President Donald Trumps pro-growth agenda.

Tech stocks were lagging in pre-market action, but then showed signs of life after the European Central Bank said that the market misjudged yesterdays remarks from ECB President Mario Draghi, which were originally deemed as hawkish. Technology stocks, which suffered a pullback in recent sessions, rebounded from lows, with the sector closing 1.4% higher. Despite recent selloffs in technology stocks, the sector remains fairly robust, while some analysts arent concerned about recent weakness.

The yield on 10-year Treasurys was up at 2.22%, having risen to a one-month high in the previous session. Higher long-term borrowing costs mean banks can earn bigger spreads on their loans.

The ICE U.S. dollar, a measure of the U.S. unit against a basket of six major rivals, was off 0.4% at 96.02 as gold prices settled, leaving it down more than 1% for the week. A weaker currency is seen boosting commodities priced in dollars, as it makes them cheaper to users of other currencies.

The boost from a weaker currency was partly offset by gains in the U.S. stock market on Wednesday, which benefited from a rally in financial shares, as well as by rising Treasury yields.

Economic data at Wall Street included May Pending Home Sales, the Advance Report for International Trade in Goods for May, and the weekly MBA Mortgage Applications Index. Pending Home Sales for May declined 0.8% (consensus +0.5%). Todays reading follows a revised 1.7% decrease in April (from -1.3%). The Advance Report for International Trade in Goods for May showed a deficit of $65.9 billion, down from a revised deficit of $67.1 billion for April (from -$67.6 billion). The weekly MBA Mortgage Applications Index declined 6.2% to follow last weeks 0.6% increase.

Crude Oil prices settled higher on Wednesday, 28 June 2017 lifting their tally of consecutive gains to five, as U.S. government data revealed a sizable weekly decline in domestic crude production, although an unexpected rise in supplies kept gains in check.

August West Texas Intermediate crude added 50 cents, or 1.1%, to settle at $44.74 a barrel on the New York Mercantile Exchange, scoring for a fifth-straight session climb. Brent oil for August delivery rose 66 cents, or 1.4%, to $47.31 a barrel on the ICE Futures Europe exchange.

Data from the U.S. Energy Information Administration showed that total domestic crude production fell by 100,000 barrels a day to 9.25 million barrels a day for the week ended 23 June 2017. The EIA reported that domestic crude supplies edged up by 100,000 barrels last week. That defied forecasts for a decline of 3.25 million barrels forecast but came in below the increase of 851,000 barrels reported by the American Petroleum Institute. Report also showed that gasoline stockpiles fell by 900,000 barrels, while distillate stockpiles also decreased by 200,000 barrels last week. Market had forecast a decline of 900,000 barrels for gasoline and a climb of 500,000 barrels for distillates, which include heating oil.

Among stocks under focus, General Mills rose 1.6% after the food company posted fiscal fourth-quarter earnings and sales topped Wall Streets estimates. Monsanto shares gained 1.3% after the agricultural products company reported fiscal third-quarter profit and sales that beat expectations.

Bullion prices ended higher at Comex on Wednesday, 28 June 2017. Prices ended higher on Wednesday as the dollar extended its decline, but strength in U.S. equities and Treasury yields served to cap the metals upside.

Gold for August delivery on Comex rose $2.20, or 0.2%, to settle at $1,249.10 an ounce, while September silver advanced 14 cents, or 0.8%, to $16.791 an ounce.

U.S. Treasuries settled mixed. The 10-yr yield climbed one basis point to 2.22% while the 2-yr yield slipped two basis points to 1.36%.

On Thursday, investors will receive Initial Claims (consensus 241,000) and the third estimate of first quarter GDP (consensus 1.2%). Both reports will be released at 8:30 ET.

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L T Foods commences operations at its rice processing plant in Rotterdam, Netherlands
Jun 29,2017

L T Foods commenced operations its first rice processing plant in Europe at Rotterdam, Netherlands. LT Foods has made an investment of USD 15 million in the plant with initial capacity of 60,000 tonnes and scope for further expansion in the future. The Company plans to make its most popular Daawat brand a household name in Europe using raw material from India. The move will benefit 5000 farmer families in India with brown rice supply increasing from India.

LT Foods plant is the first rice processing plant by any Indian foods brand in Europe. LT Foods plans to expand its geographical footprint in important markets of Europe and UK through this plant by increasing its sales from the current 5,000 tonnes to 60,000 tonnes over the next 3 years.

The Company would be manufacturing a wide range of rice including popular varieties like Basmati, Thai, Jasmine and American rice from the new plant. Rotterdam, which is popularly known as the gateway to Europe will be a critical geographical location as it will give the Company easy access to the whole of Europe and UK for its expansion plans.

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Eris Lifesciences sees a lukewarm debut
Jun 29,2017

Meanwhile, the S&P BSE Sensex was up 186.08 points or 0.6% at 31,024.39. The S&P BSE Mid-Cap index was up 186.08 points or 0.6% at 31,024.39.

Shares of Eris Lifesciences made a debut on the bourses at Rs 612 per share, a premium of 1.49% over its issue price of Rs 603 per share. The stock had hit a high of Rs 627.70 and low of Rs 592.30 so far during the day. On BSE, 6.06 lakh shares were traded on the counter so far.

Eris Lifesciences initial public offering (IPO) had received bids for 5.25 crore shares compared with 1.59 crore shares, data on NSE showed. The IPO was subscribed 3.29 times.

Category wise, the qualified institutional buyers (QIBs) category was subscribed 4.68 times. The non institutional investors (NIIs) category was subscribed 0.45 times. The retail individual investors (RIIs) category was subscribed 3.51 times.

The price band of the IPO was fixed at Rs 600 to Rs 603 per share of face value of Re 1 each. The IPO had opened for subscription on 16 June 2017 and closed on 20 June 2017.

The IPO comprised of an offer for sale of 2.89 crore shares by the selling shareholders comprising the promoters and promoters group Amit Bakshi, Himanshu Shah, Inderjeet Negi, Kaushal Shah, Rajendrakumar Patel, Bhikabhai Shah and Hetal Shah and private equity (PE) investor ChrysCapital.

The objects of the issue were to get the benefits of listing the equity shares on the BSE and the NSE, to enhance visibility and brand image and provide liquidity to the existing shareholders.

Ahead of the bidding, IPO committee of the board of directors had allocated 1.29 crore shares to 37 anchor investors at the higher end of the IPO price band at Rs 603 per share aggregating Rs 779.45 crore.

Eris Lifesciences consolidated net profit rose 81.25% to Rs 242.08 crore on 21.43% rise in net sales to Rs 724.98 crore in the year ended 31 March 2017 (FY 2017) over FY 2016.

Incorporated in 2007, Gujarat-based Eris Lifesciences undertakes research and development (R&D) and manufactures and sells branded pharmaceutical products in select therapeutic areas within the chronic and acute categories of the Indian pharmaceutical market (IPM).

The categories include cardiovascular, anti-diabetics, vitamins, gastroenterology and anti-infectives. The focus is on developing products in the chronic and acute categories that are linked to lifestyle-related disorders.

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Rashtriya Chemicals & Fertilizers announces Offer of Sale up to 2.75 crore equity shares
Jun 29,2017

Rashtriya Chemicals & Fertilizers announced that The President of India (acting through and represented by the Ministry of Chemicals & Fertilizers, Government of India) (the Seller) announced its intention to sell up to 2,75,84,405 equity shares of the Company of face value of Rs 10/- each, representing 5% of the total paid up equity share capital of the Company (the Offer Shares), on 29 June 2017 (for non-Retail Investors) and 30 June 2017 (for Retail Investors and for non-Retail Investors who choose to carry forward their bids).

The Floor Price for the Offer shall be Rs 74.25 per equity share of the Company.

Further upto 5% of the Offer shares (over and above the number of Offer Shares) could be offered to eligible and willing employees of the company at a discount of upto 5% of the Cut-off Price subsequent to completion of the Offer.

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Country Club jumps over 10% in two sessions
Jun 29,2017

Meanwhile, the S&P BSE Sensex was up 228.53 points, or 0.74% to 31,062.85.

On the BSE, 28,000 shares were traded in the counter so far, compared with average daily volumes of 89,925 shares in the past one quarter. The stock had hit a high of Rs 14.39 and a low of Rs 13.87 so far during the day. The stock hit a 52-week high of Rs 17.54 on 7 November 2016. The stock hit a 52-week low of Rs 11.68 on 28 March 2017.

The stock had outperformed the market over the past one month till 28 June 2017, rising 3.45% compared with 1.04% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 13.94% as against Sensexs 4% rise. The scrip had also outperformed the market in past one year, rising 11.46% as against Sensexs 15.31% rise.

The small-cap company has equity capital of Rs 32.69 crore. Face value per share is Rs 2.

The board of Country Club Hospitality & Holidays approved to sell, liquidate, transfer or lease back off or dispose such assets of the company which add limited value to the operations and profitability of the company, for the purpose of reduction of debt of the company. The proposal is subject to the approval of shareholders through postal ballot.

The announcement was made after market hours on Tuesday, 27 June 2017. Shares of Country Club Hospitality & Holidays jumped 8.74% to Rs 13.81. The stock has risen 10.24% in two sessions from its close of Rs 12.70 on 27 June 2017.

Country Club Hospitality & Holidays reported net loss of Rs 2.24 crore in Q4 March 2017 as compared with net profit of Rs 0.91 crore in Q4 March 2016. Net sales fell 19.16% to Rs 66.56 crore in Q4 March 2017 over Q4 March 2016.

Country Club Hospitality & Holidays offers leisure hospitality membership services in India.

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Bhilwara Tex-Fin to hold board meeting
Jun 29,2017

Bhilwara Tex-Fin will hold a meeting of the Board of Directors of the Company on 3 July 2017.

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Excel Crop Care to hold AGM
Jun 29,2017

Excel Crop Care announced that the 53rd Annual General Meeting (AGM) of the company will be held on 24 July 2017.

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Jyoti Resins and Adhesives to hold board meeting
Jun 29,2017

Jyoti Resins and Adhesives will hold a meeting of the Board of Directors of the Company on 8 July 2017.

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Beryl Securities to hold board meeting
Jun 29,2017

Beryl Securities will hold a meeting of the Board of Directors of the Company on 7 July 2017.

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Kirloskar Brothers to hold board meeting
Jun 29,2017

Kirloskar Brothers will hold a meeting of the Board of Directors of the Company on 27 July 2017.

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Nalco shines after govt plans to expand capacity
Jun 29,2017

The Ministry of Mines made the announcement after market hours yesterday, 28 June 2017.

Meanwhile, the S&P BSE Sensex was up 186.08 points or 0.6% at 31,024.39.

On the BSE, 6,591 shares were traded on the counter so far as against the average daily volumes of 3.3 lakh shares in the past one quarter. The stock had hit a high of Rs 65.45 and a low of Rs 64.60 so far during the day. The stock had hit a 52-week high of Rs 79.85 on 7 March 2017 and a 52-week low of Rs 41.25 on 28 June 2016.

The stock has gained 6.08% in three sessions to its ruling price from a close of Rs 61.60 on 23 June 2017.

The stock had underperformed the market over the past one month till 28 June 2017, falling 5.42% compared with 0.62% fall in the Sensex. The scrip had also underperformed the market in past one quarter, dropping 12.58% as against Sensexs 4.84% gains. The scrip, however, outperformed the market in past one year, gaining 55.29% as against Sensexs 16.25% gains.

The large-cap company has equity capital of Rs 966.46 crore. Face value per share is Rs 5.

The Ministry of Mines in order to clear any misleading information clarified that National Aluminum Company (Nalco) is a prestigious Navratna Central Public Sector Enterprise and the central government appreciates its role in the progress of the country as well as Odisha.

The central government is making all possible efforts to improve and further expand the capacity of the company so that it becomes a major producer of aluminum in India as well as at global level.

The Ministry of Mines is facilitating the company for enhancing its production capacity of alumina refinery by setting up of 1 million tonnes per annum (MTPA) alumina refinery (Stream-5), Damanjodi under phase-3 expansion of M&R unit at an estimated cost of Rs 5540 crore.

To augment the bauxite reserves of the company, the central government has recently extended the reservation of Potangi mines in favour of the company for further 5 years.

The clarification was issued yesterday, 28 June 2017 after a news item appearing in some section of the press that Government of India is trying to privatise the company through buyback and offer for sale (OFS). Due to such news items, Nalco is facing agitation by its workers.

Nalcos net profit increased 25.4% to Rs 268.37 crore on 28.3% rise in net sales to Rs 2423.26 crore in Q4 March 2017 over Q4 March 2016.

State-run Nalco has integrated and diversified operations in mining, metal and power. The GoI held 74.58% stake in Nalco as per the shareholding pattern as on 31 March 2017.

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Shantai Industries to hold board meeting
Jun 29,2017

Shantai Industries will hold a meeting of the Board of Directors of the Company on 4 July 2017.

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Betala Global Securities to hold board meeting
Jun 29,2017

Betala Global Securities will hold a meeting of the Board of Directors of the Company on 5 July 2017.

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