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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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ACC gains after Sindri cement grinding unit kicks off commercial production
Oct 24,2016

The announcement was made during market hours today, 24 October 2016.

Meanwhile, the BSE Sensex was up 155.93 points, or 0.56%, to 28,233.11.

On BSE, so far 29,000 shares were traded in the counter, compared with average daily volume of 34,304 shares in the past one quarter. The stock hit a high of Rs 1,584.95 and a low of Rs 1,552 so far during the day. The stock hit a 52-week high of Rs 1,738 on 8 August 2016. The stock hit a 52-week low of Rs 1,173.25 on 29 February 2016. The stock had underperformed the market over the past 30 days till 21 October 2016, falling 6.23% compared with 2.42% decline in the Sensex. The scrip had also underperformed the market in past one quarter, sliding 7.25% as against Sensexs 0.99% rise.

The large-cap company has equity capital of Rs 187.79 crore. Face value per share is Rs 10.

ACC said that the 1.35 million tonnes, Sindri cement grinding unit in Jharkhand, which is a part of the Jamul integrated project, has been commissioned and commercial production has commenced with effect from 22 October 2016. The company said that the two cement grinding units in Jamul and at Sindri totalling 2.45 million tonnes per annum (MTPA) will help strengthen the companys market presence in the Eastern Region.

On a consolidated basis, ACCs net profit fell 28.85% to Rs 81.97 crore on 9.75% decline in net sales to Rs 2472.81 crore in Q3 September 2016 over Q3 September 2015.

ACC is a manufacturer of cement and ready mixed concrete with a countrywide network of factories and sales offices.

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ONGC gains as board to consider bonus issue proposal
Oct 24,2016

The announcement was made during market hours today, 24 October 2016.

Meanwhile, the BSE Sensex was up 157.83 points, or 0.56%, to 28,235.01

On BSE, so far 11.67 lakh shares were traded in the counter, compared with average daily volume of 6.48 lakh shares in the past one quarter. The stock hit a high of Rs 292.40 in intraday trade so far, which is 52-week high for the counter. The stock hit a low of Rs 278.60 so far during the day. The stock hit a 52-week low of Rs 188 on 12 February 2016. The stock had outperformed the market over the past 30 days till 21 October 2016, rising 7.92% compared with 2.42% decline in the Sensex. The scrip also outperformed the market in past one quarter, gaining 25.87% as against Sensexs 0.99% rise.

The large-cap company has equity capital of Rs 4,277.75 crore. Face value per share is Rs 5.

Meanwhile, in its clarification with respect to news titled, Bombay high court asks ONGC to release $20 million to Swiber, ONGC on Saturday, 22 October 2016 said that as per the current status the Bombay High Court decided on 18 October 2016 that parties are trying their best to arrive at an amicable settlement of their disputes. The parties are still trying to finalize the terms of the settlement and directed ONGC to release $11.1 million to the Judicial Manager, subject to a workable mechanism, so that this amount is utilized for the purpose of the project only and to deposit $8.44 million in the court before the next date of hearing on 26 October 2016.

The matter is in the normal execution of contract/project and the amount due and payable towards contract/project execution is to be deposited in the court and there is nothing material in the court decision. ONGC, Offshore Engineering Services had awarded three projects i.e. Daman Development Project, Pipeline Replacement Project-4 and C-26 Cluster Pipeline Project to Swiber Offshore Construction (SOC), Singapore a subsidiary of Swiber Holdings Pte Singapore.

ONGCs net profit declined 21.16% to Rs 4232.54 crore on 21.46% decline in net sales to Rs 17670.37 crore in Q1 June 2016 over Q1 June 2015.

ONGC is Indias largest oil and gas exploration firm by sales.

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Punj Lloyd advances as subsidiary divests three operating solar projects
Oct 24,2016

The announcement was made on Saturday, 22 October 2016.

Meanwhile, the BSE Sensex was up 117.82 points, or 0.42%, to 28,195

On BSE, so far 3.87 lakh shares were traded in the counter, compared with average daily volume of 8.35 lakh shares in the past one quarter. The stock hit a high of Rs 24.25 and a low of Rs 23.70 so far during the day. The stock hit a 52-week high of Rs 31.65 on 5 January 2016. The stock hit a record low of Rs 17.65 on 7 June 2016. The stock had underperformed the market over the past 30 days till 21 October 2016, falling 6.44% compared with 2.42% decline in the Sensex. The scrip, however, outperformed the market in past one quarter, gaining 11.51% as against Sensexs 0.99% rise.

The small-cap company has equity capital of Rs 66.42 crore. Face value per share is Rs 2.

Punj Lloyd said that the companys wholly owned subsidiary Punj Lloyd Infrastructure (PLIL) has executed definitive agreements with India Infrastructure Fund II (a Sebi registered category 1 alternative investment fund represented by its investment manager IDFC Alternatives) to divest three operating solar projects aggregating to 45 megawatts (MW) located in Punjab and Rajasthan subject to customary approvals and other conditions precedent.

As per the transaction, PLIL will divest its entire shareholding in its subsidiaries that hold the three projects. Punj Lloyd Solar Power (PLSPL) owns and operates a 5 MW solar power project selling power under a 25-year power purchase agreement with NTPC Vidyut Vyapar Nigam. PL Surya Urja (PLSUL) owns and operate a 20 MW solar power project selling power under a 25-year power purchase agreement with Punjab State Power Corporation and PL Sunshine (PLSL) owns and operate a 20 MW solar power project selling power under a 25-year power purchase agreement with Punjab State Power Corporation. The transaction is expected to be completed once customary closing conditions and approvals are obtained, Punj Lloyd said.

Punj Lloyd reported net loss of Rs 211.39 crore in Q1 June 2016, lower than net loss of Rs 581.84 crore in Q1 June 2015. Total income rose 45.5% to Rs 1010.17 crore in Q1 June 2016 over Q1 June 2015.

Punj Lloyd is a diversified international conglomerate offering engineering procurement construction (EPC) services in energy and infrastructure along with engineering and manufacturing capabilities in the defence sector.

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Supreme Industries fixes record date for interim dividend
Oct 24,2016

Supreme Industries has fixed 08 November 2016 as the Record Date for the purpose of ascertaining the eligibility of the shareholders for payment of interim dividend.

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Akzo Nobel India slips on profit booking after declaring Q2 result
Oct 24,2016

The result was announced after market hours on Friday, 21 October 2016.

Meanwhile, the BSE Sensex was up 123.93 points, or 0.44%, to 28,201.11

On BSE, so far 1,811 shares were traded in the counter, compared with an average volume of 1,785 shares in the past one quarter. The stock hit a high of Rs 1,710 and a low of Rs 1,667.70 so far during the day. The stock hit a record high of Rs 1,740 on 31 August 2016. The stock hit a 52-week low of Rs 1,204 on 12 February 2016. The stock had outperformed the market over the past 30 days till 21 October 2016, rising 2.95% compared with 2.42% decline in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 11.41% as against Sensexs 0.99% rise.

The mid-cap paints and coatings maker has an equity capital of Rs 46.66 crore. Face value per share is Rs 10.

Shares of Akzo Nobel India saw pre-result upmove, gaining 3.34% in the preceding five trading sessions to settle at Rs 1,693.55 on 21 October 2016, from its close of Rs 1,638.75 on 14 October 2016.

Akzo Nobel Indias operating profit rose 28% to Rs 56 crore in Q2 September 2016 over Q2 September 2015.

Jayakumar Krishnaswamy, Managing Director, AkzoNobel India said that the company robust performance in Q2 September 2016 has been driven by innovation through growing brands, strong cost management and focus on sustainable operations. The company has also broken ground on its new powder coatings plant in Mumbai. The new facility will complement the companys existing plant in Bangalore, doubling its installed capacity, Krishnaswamy said.

Akzo Nobel India manufactures and markets a wide range of coatings covering decorative, powder, marine & protective, automotive & aerospace, coil & specialty plastics.

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Smart Manufacturing to improve quality of jobs : Amitabh Kant, CEO, NITI Aayog
Oct 24,2016

n++Smart manufacturing practices will increase productivity and the quality of employment opportunitiesn++ said Amitabh Kant, CEO, NITI Aayog. Kant observed that Indian manufacturing sector has to adopt advanced technologies to survive in a highly competitive environment.

Kant highlighted that n++productivity and efficiency are critical for the growth of Indian industry. Industry needs to produce high quality products at a competitive price to withstand the global competition. n++Manufacturing unit shop floors are now as fashionable and automated as any other industry and consumers are now directly influencing the shop floors. Collecting and processing data coupled with cutting edge technologies will enable shopfloors to respond to the rapidly changing consumer demands, according to him.

He informed that amalgamation of 9 systems - robotics, big data, 3D printing, analytics, additive manufacturing, automation, electronic system, design, IOTs will lead to Smart manufacturing 4.0. Globally, countries are looking at manufacturing sector for driving their GDP, Europe will be investing over 40 billion Euros in the next 5 years in manufacturing industry. He urged industry to focus on quality and productivity as essential pre-requisites for increasing exports.

Kant stressed on the need for MSMEs to be interconnected and technically agile to be globally competitive and support the Indian industry. Productivity, cost, employment, after sales services, logistics and others facets of production are now integrated on real time basis with adoption of smart technology.

To shape the transformation, NITI Aayog has also introduced robotic technologies in the incubation centers / labs in 500 schools to promote smart manufacturing.

Anshu Prakash, Additional Secretary, Department of Heavy Industry emphasized that Smart manufacturing is a dynamic process which will happen over a period of time and Government is willing to provide enabling eco-system. Upgradation of skills and news skill sets are critical for manpower to adopt smart manufacturing.Prakash informed about an umbrella Capital Goods Scheme to be announced soon. The new scheme includes technology development fund and is also incentivizing smart manufacturing.

Sumit Sawhney, Country Chief Executive Officer & MD, Renault Operations in India focused on smart thinking and smart mindset for promoting innovation in manufacturing. He illustrated the small car n++KWIDn++ segment has been made lean and smart with smart thinking and processes. He concluded that n++Think Smart - Think Innovativen++ is key to manufacturing and automation will create more jobs in future.

Dilip Sawhney, Summit Chair & MD, Rockwell Automation India mentioned that the Summit is not just a one-off initiative of CII and is aligned with a broader objective of CII Mission Smart Manufacturing programme which aims at promoting smart manufacturing across the Indian manufacturing industry. CII Mission Smart Manufacturing creates a framework at firm level to embrace smart manufacturing technologies. In addition, as per the study conducted by CII to identify Champion Manufacturing industries which have a potential to drive the double digit growth in manufacturing sector, Technology is identified as one of the key drivers.

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JSW Energy signs MoU with Swaziland Electricity Company
Oct 24,2016

JSW Energy has signed a binding MoU with Swaziland Electricity Company and the Government of the Kingdom of Swaziland to set up a thermal power plant and related activities in the Kingdom of Swaziland.

The MoU provides for setting up a thermal power plant and undertaking of mining activities pursuant to execution of definitive agreements - a long term Power Purchase Agreement to be guaranteed by the Kingdom of Swaziland and fuel supply agreement from captive coal resources; and facilitation of other consents and approvals including associated infrastructure facilities to support coal mining, power generation, evacuation and allied activities.

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KSS intimatess of opening of new BJewelz retail store in Jhasi, Uttar Pradesh
Oct 24,2016

KSS announced that Birla Jewels (wholly owned subsidiary of KSS), has inaugurated opening of new retail store at Jhansi, Uttar Pradesh on 23 October 2016. It provides services to equip a jewellery retail outlet through franchisees to successfully run exclusive jewellery retail business under the banner of BJewelz, a brand owned by Birla Jewels.

The Company is currently focussing on the launch of BJewelz retail outlet through franchisee model and down the years is planning to open approx. 500 retail store across the length and the breadth of the country.

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ACC provides update on Jamul Integrated Project
Oct 24,2016

ACC announced that the 1.35 million tonnes, Sindri Cement Grinding Unit in Jharkhand, which is a part of the Jamul Integrated Project, has also been commissioned and commercial production has commenced with effect from 22 October 2016. The Company expects that the two Cement Grinding Units in Jamul and at Sindri totalling 2.45 M.T p.a. will help strengthen the Companys market presence in the Eastern Region.

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Nitin Spinners conferred with two awards
Oct 24,2016

Nitin Spinners has been awarded followings by The Cotton Textiles Export Promotion Council:-

1. Bronze Trophy for the third Highest Exports of Cotton Yarn Counts 50s and below under category II for achieving exports turnover of Rs. 434 crore during the F.Y. 2015-16.

2. Bronze Plaque for the Third Highest Exports of Grey Fabrics under Category I for achieving exports turnover of Rs. 50 crore during the F.Y. 2015-16.

Dinesh Nolkha, Managing Director of the Company received awards from Commissioner of Textiles at a function held in Mumbai on 21 October 2016.

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Persistent Systems slips after muted Q2 outcome
Oct 24,2016

The result was announced on Saturday, 22 October 2016.

Meanwhile, the BSE Sensex was up 100.52 points, or 0.36%, to 28,177.70.

On BSE, so far 7,515 shares were traded in the counter, compared with average daily volume of 10,276 shares in the past one quarter. The stock hit a high of Rs 679.80 and a low of Rs 656 so far during the day. The stock hit a 52-week high of Rs 796.75 on 21 March 2016. The stock hit a 52-week low of Rs 501.10 on 28 September 2016. The stock had outperformed the market over the past 30 days till 21 October 2016, rising 12.54% compared with 2.42% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 3.06% as against Sensexs 0.99% rise.

The mid-cap company has equity capital of Rs 80 crore. Face value per share is Rs 10.

On a consolidated basis, Persistent Systems earnings before interest, taxes, depreciation and Amortization (EBITDA) rose 4.8% to Rs 110.77 crore in Q2 September 2016 over Q1 June 2016.

Dr. Anand Deshpande, chairman and managing director, Persistent Systems said that the company believes that its strategy of enhanced focus on IP-driven and digital business will result in continued growth of the company as its responds to changing market conditions.

Persistent Systems builds software that drives the business of our customers; serving software product companies and enterprises with software at the core of their digital transformation.

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INR550bn OMOs to Keep Liquidity Balanced during 2HFY17
Oct 24,2016

India Ratings and Research (Ind-Ra), according to base case scenario, expects another INR550bn of durable liquidity needs to be infused through open market operation (OMO) purchases in 2HFY17, over and above INR1.05trn in 1HFY17. Ind-Ras base case scenario is built on RBIs stated objective of neutral liquidity, which ensures minimal shortages as well as minimal surpluses. Hence, any preference towards considerable excess in liquidity will be adjusted through durable liquidity creation or OMO purchases. Similarly, surge in Fx flows may not necessitate permanent sterilization in the near-term.

BoP, CIC Surprises or Change in Reserve Bank of India (RBI) Strategy could lead to Higher OMOs: Since INR1trillion of OMOs has already been conducted during 1HFY17, necessity of similar amount of OMO in 2HFY17 will only be limited to certain conditions. Higher than expected INR550bn amount of OMO purchase in 2HFY17 would be contingent upon i) subdued net forex flows, or lower than estimated17.4bn BoP surplus ii) sharp rise in currency in circulation (CIC) against tepid growth in nominal variables iii) RBI continuing to maintain high surplus liquidity in the interbank market against the stated strategy for neutral liquidity.

Healthy BoP Surplus will be Major Contributor to Reserve Money Creation: Ind-Ra, after financing of the current account deficit (CAD), expects the capital inflows to add nearly USD17.4bn (INR1.18trn) to the forex reserve in FY17. These accretions take into account the FCNR (B) redemptions. According to the latest BoP data available, USD7bn had been added to the forex reserves till August 2016.

Rise in CIC to Remain Limited: Growth rate in CIC for the current year is likely to be restricted by multiple factors; such as drive against declaration of unaccounted wealth which could bring back large amount of cash into the system. An increase of 13%yoy RM as against similar growth in FY16 (13% yoy as on 18th March 2016) could reduce large (another INR1trn) requirement for OMO.

RBI to Keep Adequate Interbank Liquidity: Ind-Ras prognosis suggests that the urge for maintaining high surplus in the systemic liquidity will reduce after FCNR (B) redemption is over by November. Further, there may be legitimate reasons to retain the appetite for OMO purchase in the next fiscal ahead of limited room for the incremental rating action. This will support policy makers to maintain an accommodative strategy in sync with the RBIs accommodative stance. Otherwise absence of rate action or OMO purchase may exert undue pressure on yields during FY18, limiting the efficacy of RBIs accommodative monetary policy transmission.

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Vishvprabha Trading to hold board meeting
Oct 24,2016

Vishvprabha Trading will hold a meeting of the Board of Directors of the Company on 8 November 2016 un-audited Financial results of the Company for the 2nd quarter ended on September 30, 2016.

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Mrugesh Trading to hold board meeting
Oct 24,2016

Mrugesh Trading will hold a meeting of the Board of Directors of the Company on 8 November 2016 to consider and take on record the un-audited Financial results of the Company for the 2nd quarter ended on September 30, 2016.

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Texel Industries to hold board meeting
Oct 24,2016

Texel Industries will hold a meeting of the Board of Directors of the Company on 7 November 2016 to consider and approve Un-Audited Financial Results for the quarter ended September 30, 2016.

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