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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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Atlas Cycles (Haryana) to hold board meeting
Jul 20,2017

Atlas Cycles (Haryana) will hold a meeting of the Board of Directors of the Company on 4 August 2017.

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Raj Rayon Industries announces resignation of company secretary
Jul 20,2017

Raj Rayon Industries announced that Deepa Gehni has resigned from the position of Company Secretary and Compliance Officer of the Company with effect from 19 July 2017.

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Rupee sheds tears
Jul 20,2017

Rupee closed lower at 64.4750/4775 per dollar on Thursday (20 July 2017), versus its previous close of 64.3625/3675 per dollar.

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Amrutanjan Health Care gets approval NCLT approval for scheme of amalgamation
Jul 20,2017

Amrutanjan Health Care announced that the scheme of amalgamation of Amrutanjan Pharmaessense with Amrutanjan Health Care was approved by the National Company Law Tribunal, Chennai vide Order dated 17 July 2017.

Further, - form INC-28 has been filed with the Registrar of Companies on 19 July 2017, in pursuant to the above order.

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Draft Guidelines for implementation of Pradhan Mantri Matru Vandana Yojana have been prepared by WCD Ministry
Jul 20,2017

Draft guidelines for implementation of Pradhan Mantri Matru Vandana Yojana (PMMVY) have been prepared by the Ministry. The draft guidelines inter-alia provide Aadhaar linkage, Direct Benefit Transfer of Rs. 5000 in beneficiarys bank/post office account in three instalments at the stage of early registration of pregnancy, after six months of pregnancy on at least one antenatal check-up and registration of child birth & first cycle of immunisation of the child.

The PMMVY is Centrally Sponsored Scheme under which the cost sharing ratio between the Centre and the States & UTs with Legislature is 60:40, for North-Eastern States & three Himalayan States, it is 90:10 and 100% Central assistance for Union Territories without Legislature.

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Board of Pincon Spirit allots convertible warrants
Jul 20,2017

The Board of Pincon Spirit at its meeting held on 20 July 2017 have approved the allotment of 5,706,128 warrants, convertible into equity shares, on preferential basis at issue price of Rs 73 each.

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Asia Pacific Market: Stocks gain as BOJ cuts inflation outlook; ECB awaited
Jul 20,2017

Headline equities on the Asia Pacific market extended its recent bullish momentum on Thursday, 20 July 2017, on tracking an upbeat tone of the Wall Street overnight, after the US stocks surged to new records on stronger corporate earnings, and the Bank of Japans decision earlier Thursday to keep its monetary stimulus program unchanged. But, gains were capped as investors focus shifts towards the ECB policy outcome for further momentum on the regions equities. The MSCI Asia Pacific Index rose for a ninth day in a row, trading at 158.98 compared with the previous close of 158.96. The measure was headed for its longest winning streak since April 2015.

The lead from Wall Street is upbeat as stocks moved mostly higher on Wednesday, allowing all three major averages to reach new record closing highs. The Dow rose 66.02 points or 0.3 percent to 21,640.75, while the NASDAQ added 40.74 points or 0.6 percent to 6,385.04 and the S&P gained 13.22 points or 0.5 percent to 2,473.83.

Over in Japan, the BOJ kept monetary policy steady on Thursday as a two-day meeting concluded. The central bank also cut its inflation forecasts for fiscal years 2017/2018 and 2018/2019.

The ECB meeting later in the global day is expected to lay the groundwork for an autumn policy shift, after President Mario Draghi last month opened the door to tweaks in a speech that was viewed as unexpectedly hawkish. While the ECB is widely expected to stay put on interest rates, markets awaited signs from the central bank about whether it would announce changes to its bond-buying plan in September.

Authorities are expected to prepare the ground for a gradual tapering exercise, which implies slower pace of stimulus rather than reversing course to tighten policy.

Oil prices dipped after hitting a two-week peak on Wednesday on a bigger-than-expected weekly draw in crude and gasoline inventories in the United States. U.S. crude eased less than 0.1 percent to $47.10 a barrel, after jumping 1.6 percent overnight. Global benchmark Brent also lost nearly 0.1 percent to $49.67, holding on to most of Wednesdays 1.8 percent gain.

Among Asian bourses

Australia Market extends gain on 2nd day

Australian equity market finished session higher for straight second session, cheered by a strong rally in bank and energy stocks while record highs on Wall Street further buoyed sentiment. The S&P/ASX 200 rose 29.4 points, or 0.5%, to finish at 5761.5.

Shares of financial sector rallied for a second straight day, following a report by the prudential regulator that set out a target on capital that marked only a moderate increase from current levels and gave the lenders until 2020 to adopt the changes. The Australian Prudential Regulation Authority (APRA) said on Wednesday that banks would be required to raise common equity Tier 1 ratio, a key gauge of a lenders strength, to at least 10.5% by January 2020. Worries the capital benchmark might prove more onerous had weighed on bank shares in recent weeks, and the regulators report sparked a shift in sentiment as that weight was removed and after several investment banks lifted their target prices for the banks shares. Australia & New Zealand Banking again led the major banks, gaining 2.9%. Westpac Banking strengthened by 2.4%, National Australia Bank added 1.6% and Commonwealth Bank of Australia rose 0.9%.

Energy stocks were also buoyant after crude oil prices climbed during the U.S. session overnight as a larger-than-anticipated decline in crude inventories there supported the view the oversupplied global market is rebalancing. Among energy stocks, Woodside Petroleum was up 0.7% after it released its second-quarter production numbers and Santos jumped 8.3% after its own quarterly result showed improved production as well as progress cutting debt and reducing production costs.

Nikkei gains on BoJ easy monetary policy

The Japan share market finished session higher, with investor sentiment staying bright after record highs on Wall Street overnight. Meanwhile, gains were further aided by prospects of strong corporate profits and expectations that the Bank of Japan will stick to its loose policy path for some time. Also supporting the mood was data early in the day which showed Japans exports rose for a seventh straight month in June, led by shipments of cars and electronics. The benchmark Nikkei 225 index rose 0.62%, or 123.73 points, to 20,144.59 while the Topix index of all first-section issues gained 0.69%, or 11.14 points, at 1,633.01.

Investors were relieved after the BoJ decided to maintain its ultra-loose monetary policy at a time when their counterparts in other major economies from the Americas to Europe consider ending the era of cheap cash. The BoJ slashed its annual inflation forecast and once again delayed its timetable for hitting a two% target, spawning speculation that it will stick to its loose policy path for some time.

As expected, the Bank of Japan kept monetary policy steady earlier in the day and pushed back again the timing for achieving its 2% inflation target, reinforcing expectations it will lag well behind major global central banks in dialling back its massive stimulus programme.

Shares of exporters were higher, due to yen weakening against greenback which boosts exporters profitability. The dollar climbed to 112.12 yen on Thursday from 111.84 yen in New York on Wednesday. Nissan Motors gained 1.01% to 1,140 yen and Sony rose 0.82% to 4,534 yen. Construction contractor Obayashi rose 1.49% to 1,360 yen and Taisei climbed 1.03% to 1,075 yen.

Oil-related shares rose after crude oil futures jumped almost 2% to six-week highs following a U.S. report showing a bigger weekly draw than forecast in crude and gasoline stocks, along with a surprise drop in distillate inventories. Shares of Inpex rose 1% and Japan Petroleum added 1.4%.

China Stocks up on repo injection

The Mainland China equity market finished higher for straight third session, with sentiment supported by Chinese central banks injection of funds into the banking system and expectations of robust first-half corporate earnings. Most sectors gained, led by real estate and consumers stocks, as investors expanded their search for blue-chips still attractively priced. The blue-chip CSI300 index rose 0.5%, to 3,747.88 points, while the Shanghai Composite Index added 0.4% to 3,244.86 points.

The Peoples Bank of China injected CNY40 billion in seven-day reverse repos and CNY20 billion in 14-day reverse repos via open-market operations on Thursday. This resulted in a net injection of CNY60 billion for the day, as no reverse repos mature on Thursday. This is the first time that the PBOC made net injection for four straight trading days since June 13 - June 19, when the PBOC made net injections for five consecutive trading days. The benchmark seven-day repo average was last at 2.7080%, compared with 2.8327% on Wednesday.

Shares of High-tech startups, especially new materials producers, remained a highlight as attracted funds from mainland investors. Graphene firm Baotailong New Materials Co jumped 9.96% to 8.28 yuan, while Longi Green Energy Technology Co gained 4.6% to 19.78 yuan.

Hong Kong Stocks climb 0.3%

The Hong Kong stock market finished session higher for ninth straight session, its longest winning streak since April 2015, as record high closing of Wall Street overnight cheered investors sentiments. The benchmark Hang Seng index ended up 0.3%, or 68.05 points at 26,740.21, its highest level since June, 2015. The Hang Seng China Enterprises Index, that tracks the performance of China companies listed in Hong Kong, was 0.1%, or 13.69 points, lower at 10,846.83. Turnover decreased slightly to HK$90.5 billion from HK$91 billion on Wednesday.

The northbound quota balance of the Shanghai-HK Connect program was RMB13.19 billion, surpassing the daily allowed quota of RMB13 billion. It means sell trade value was larger than buy order value. The southbound quota balance was RMB9.16 billion, accounting for 87.2% of the daily allowed quota of RMB10.5 billion. As for the Shenzhen-HK Connect, the northbound quota balance was RMB12.603 billion, accounting for 96.9% of the daily allowed quota of RMB13 billion. The southbound quota balance was RMB9.579 billion, accounting for 91.2% of the daily allowed quota of RMB10.5 billion.

Money is leaving the mainland in search of shelter in Hong Kong following recent share price declines among start-ups and other young technology companies. In just eight trading sessions through Wednesday, Hong Kongs market value increased by a whopping HK$1.32 trillion (US$169 billion) to HK$29.8 trillion. During these eight sessions, southbound flows to Hong Kong recorded by the official Stock Connect schemes amounted to 19 billion yuan (US$2.81 billion). Analysts expect southbound inflows to further increase in the second half of the year, with internet and financial stocks to receive a particular boost.

Energy and industrial shares were among the top gainers, with China Merchants Port Holdings among the top advancers with a 4% rise.

Tencent edged down 0.3% to HK$297 after touching HK$300 on news that it may invest in state-owned enterprise.

HKEX rose 4% to HK$221.4 ahead of its northbound roadshow scheduled this week to lure more high-tech firms to list in Hong Kong. In addition, it was reported that HKEXs London Metal Exchange plans to lower its transaction fee.

Sunac China (01918) soared 14% to HK$19.64 after it has agreed to acquire from Dalian Wanda Commercial Properties a 91% stake in 13 cultural and tourism projects for RMB43.8 billion. Meanwhile, Guangzhou R&F (02777) also signed an agreement to acquire 77 hotels from Wanda for RMB19.9 billion. The stock surged 6.8% to HK$13.8.

Indian stocks register small decline

Key benchmark indices ended with small losses in volatile session of trade. The barometer index, the S&P BSE Sensex, fell 50.95 points or 0.16% to settle at 31,904.40. The Nifty 50 index fell 26.30 points or 0.27% to settle at 9,873.30. The Sensex ended below the psychologically important 32,000 mark after crossing that level in early trade.

Kotak Mahindra Bank fell 1.44%. The banks net profit rose 23.01% to Rs 912.73 crore on 8.64% growth in total income to Rs 5562.66 crore in Q1 June 2017 over Q1 June 2016. The result was announced during market hours today, 20 July 2017. The banks gross non-performing assets (NPAs) rose to Rs 3726.62 crore as on 30 June 2017 as against Rs 3578.61 crore as on 31 March 2017 and Rs 3058.81 crore as on 30 June 2016. The ratio of gross NPAs to gross advances stood at 2.58% as on 30 June 2017 as against 2.59% as on 31 March 2017 and 2.5% as on 30 June 2016. The ratio of net NPAs to net advances stood at 1.25% as on 30 June 2017 as against 1.26% as on 31 March 2017 and 1.21% as on 30 June 2016. The banks provisions and contingencies rose 13.49% to Rs 203.74 crore in Q1 June 2017 over Q1 June 2016. The bank has total exposure of Rs 236 crore to 4 of 12 accounts identified by the Reserve Bank of India (RBI) for insolvency proceedings. All the four accounts were inherited from ING Vysya Bank after merger with the bank on 1 April 2015. Kotak Mahindra Bank on its own had no exposure to any of the 12 accounts. The bank said that the provision is well in excess of RBI stipulation.

Karnataka Bank rose 0.79%. The bank said that it is targeting a farm credit of Rs 6800 crore during 2017-18. Mahabaleshwara MS, Managing Director and Chief Executive Officer of the bank, said that timely extension of farm credit, technical counselling, marketing input to farmers to reap maximum benefit and thereby ensuring timely renewal shall be focused by agri business managers to have a commercially viable agri portfolio which is remunerative to both the bank and farmers. The announcement was made after market hours yesterday, 19 July 2017.

Canara Bank lost 5.09% after the banks gross and net bad loans ratio grew as on 30 June 2017, compared with the period ended 31 March 2017 and 30 June 2016. The result was announced after market hours yesterday, 19 July 2017. Canara Banks net profit rose 9.9% to Rs 251.60 crore on 4.4% growth in total income to Rs 12304.10 crore in Q1 June 2017 over Q1 June 2016. The banks gross non-performing assets (NPAs) stood at Rs 37657.76 crore as on 30 June 2017 as against Rs 34202.04 crore as on 31 March 2017 and Rs 32334.07 crore as on 30 June 2016. The ratio of gross NPAs to gross advances stood at 10.56% as on 30 June 2017 as against 9.63% as on 31 March 2017 and 9.71% as on 30 June 2016. The ratio of net NPAs to net advances stood at 7.09% as on 30 June 2017 as against 6.33% as on 31 March 2017 and 6.69% as on 30 June 2016. The banks provisions and contingencies surged 47.6% to Rs 2203.78 crore in Q1 June 2017 over Q1 June 2016.

Motorcycle maker Bajaj Auto fell 0.22% to Rs 2,818.65 amid intraday volatility after the company announced Q1 June 2017 results during market hours today, 20 July 2017. Bajaj Autos consolidated net profit fell 19.52% to Rs 836.74 crore on 2.8% decline in total income to Rs 6177.66 crore in Q1 June 2017 over Q1 June 2016. The entire benefit on reduction in effective tax rates post GST has been passed on to the customers. This has resulted in a reduction in ex-showroom price of motorcycles, which were dependent on the Brand-State, varying from a low of Rs 200 to a high of Rs 6,500 per motorcycle.

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Board of Force Motors appoints director
Jul 20,2017

Force Motors announced that the Board of Directors of the Company at its meeting held on 20 July 2017 has appointed Yeshwant Deosthalee as Additional Director (category - Independent Director) with effect from 20 July 2017.

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Sri Adhikari Brothers Television Network appoints company secretary
Jul 20,2017

Sri Adhikari Brothers Television Network announced that the Board of Directors of the Company at their meeting held on 20 July 2017 have appointed Shilpa Jain as Company Secretary & Compliance Officer of the Company with effect from 20 July 2017.

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Adequate Supply of Coal to Power Sector
Jul 20,2017

During the period April, 2016 to December, 2016, the coal based power generation grew by 6.18 per cent to 674.492 Billion Units over the same period in the previous year. Dispatch of coal and coal products to power sector from Coal India Limited (CIL) sources in October, 2016 was 31.91 Million Tonnes (MT) as against 34.50 MT in October, 2015. This was due to more than adequate availability of coal in stock at power plants and better quality of coal resulting in improvement of Station Heat Rate and reduction in coal consumption per unit of power, despite higher generation.

The target of coal production for CIL for 2017-18 has been as 600 MT. The coal production of CIL have been 462.422 MT, 494.238 MT, 538.754 MT and 554.14 MT in the years 2013-14, 2014-15, 2015-16 & 2016-17 respectively. There is a continuous annual growth in coal production by CIL, the Minister added.

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Hong Kong Stocks climb 0.3%
Jul 20,2017

The Hong Kong stock market finished session higher for ninth straight session on Thursday, 20 July 2017,its longest winning streak since April 2015, as record high closing of Wall Street overnight cheered investors sentiments. The benchmark Hang Seng index ended up 0.3%, or 68.05 points at 26,740.21, its highest level since June, 2015. The Hang Seng China Enterprises Index, that tracks the performance of China companies listed in Hong Kong, was 0.1%, or 13.69 points, lower at 10,846.83. Turnover decreased slightly to HK$90.5 billion from HK$91 billion on Wednesday.

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China Stocks up on repo injection
Jul 20,2017

The Mainland China equity market finished higher for straight third session on Thursday, 20 July 2017, with sentiment supported by Chinese central banks injection of funds into the banking system and expectations of robust first-half corporate earnings. Most sectors gained, led by real estate and consumers stocks, as investors expanded their search for blue-chips still attractively priced. The blue-chip CSI300 index rose 0.5%, to 3,747.88 points, while the Shanghai Composite Index added 0.4% to 3,244.86 points.

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Nikkei gains on BoJ easy monetary policy
Jul 20,2017

The Japan share market finished session higher on Thursday, 20 July 2017, with investor sentiment staying bright after record highs on Wall Street overnight. Meanwhile, gains were further aided by prospects of strong corporate profits and expectations that the Bank of Japan will stick to its loose policy path for some time. Also supporting the mood was data early in the day which showed Japans exports rose for a seventh straight month in June, led by shipments of cars and electronics. The benchmark Nikkei 225 index rose 0.62%, or 123.73 points, to 20,144.59 while the Topix index of all first-section issues gained 0.69%, or 11.14 points, at 1,633.01.

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Australia Market extends gain on Thursday
Jul 20,2017

Australian equity market finished session higher for straight second session on Thursday, 20 July 2017, cheered by a strong rally in bank and energy stocks while record highs on Wall Street further buoyed sentiment. The S&P/ASX 200 rose 29.4 points, or 0.5%, to finish at 5761.5.

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Board of Pratibha Industries appoints company secretary
Jul 20,2017

Pratibha Industries announced that the Board of Directors has appointed Bhavna Shah as Company Secretary and Compliance Officer in their Meeting held on 20 July 2017.

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