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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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Mahindra & Mahindra provides update on subsidiary - Mahindra Renewables
Feb 16,2017

Mahindra & Mahindra announced that Mahindra Renewables, an indirect subsidiary of the Mahindra & Mahindra, has on 16 February 2017 entered into a Share Purchase Agreement with Mahindra Solar One to acquire 10,000 equity shares of Mahindra Suryaurja held by Mahindra Solar One at a consideration of Re 1.

Mahindra Suryaurja will become a subsidiary of Mahindra Renewables and in turn an indirect subsidiary of Mahindra & Mahindra as and when the share acquisition process is completed.

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Kennametal India announces change in compliance officer
Feb 16,2017

Kennametal India announced that the Company have appointed Thulsidass T V, Company Secretary & Legal Head, as Compliance Officer of the Company pursuant to Regulation 6 of the SEBI (LODR) Regulations, 2015.

Further, with the above appointment, K. V. Suresh Reddy ceased to be the Compliance Officer of the Company with effect from 13 February 2017.

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Indias services export declines 1.7% in December 2016
Feb 16,2017

As per the data released by the Reserve Bank of India, Indias services exports declined 1.7% to US$ 13.80 billion in December 2016 over December 2015. Meanwhile, Indias services imports moved up 15.4% to US$ 8.29 billion in December 2016. Indias services trade surplus narrowed 19.6% to US$ 5.51 billion in December 2016 from US$ 6.85 billion in December 2015.

Indias services trade surplus fell 9.8% to US$ 48.32 billion in April-December 2016 over a year ago, with 12.2% rise in services imports to US$ 71.56 billion. Indias services exports rose mere 2.2% to US$ 119.87 billion in April-December 2016.

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Motilal Oswal Financial Services allots 40,900 equity shares
Feb 16,2017

Motilal Oswal Financial Services allots 40,900 equity shares on exercise of employee stock option to various employees of Companys subsidiaries.

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Indias merchandise export improves 4.3% in January 2017
Feb 16,2017

Indias merchandise exports increased 4.3% to US$ 22.12 billion in January 2017 over a year ago. Meanwhile, merchandise imports moved up 10.7% to US$ 31.96 billion. The trade deficit increased 28.3% to US$ 9.84 billion in January 2017 from US$ 7.67 billion in January 2016.

Oil imports zoomed 61.1% to US$ 8.14 billion, while the non-oil imports was flat at US$ 23.82 billion in January 2017 over January 2016. The share of oil imports in total imports was higher at 25.5% in January 2017, compared with 17.5% in January 2016. Indias basket of crude oil surged 92.6% to US$ 54.08 per barrel in January 2017 over January 2016.

Among the non-oil imports, the major contributors to the overall rise in imports were petroleum, crude & products imports rising 61.1% to US$ 8.14 billion, electronic goods 24.6% to US$ 3.93 billion, coal 47.3% to US$ 1.64 billion, non-ferrous metals 10.3% to US$ 0.80 billion, transport equipment 4.6% to US$ 1.47 billion, vegetable oil 6.1% to US$ 0.82 billion, electrical & non-electrical machinery 1.6% to US$ 2.36 billion and dyeing/tanning/colouring materials 17.5% to US$ 0.18 billion.

The imports also improved for fruits & vegetables by 13.8% to US$ 0.16 billion, cotton raw & waste 130.9% to US$ 0.03 billion, pearls, precious & semi-precious stones 1.1% to US$ 1.55 billion, professional instrument, optical goods 3.4% to US$ 0.30 billion and metaliferrous ores & other minerals 1.7% to US$ 0.59 billion.

On the other hand, the imports have declined for gold by 29.9% to US$ 2.04 billion, fertilisers, crude & manufactured 57.3% to US$ 0.24 billion, iron & steel 18.1% to US$ 1.00 billion, silver 33.1% to US$ 0.20 billion, organic & inorganic chemicals 5.4% to US$ 1.19 billion, wood & wood products 13.7% to US$ 0.36 billion, chemical material & products 10.4% to US$ 0.45 billion and project goods 11.6% to US$ 0.18 billion in January 2017.

On exports front, the petroleum products recorded an increase in exports by 29.0% to US$ 2.69 billion, followed by engineering goods 11.9% to US$ 5.45 billion, iron ore 974.1% to US$ 0.18 billion, marine products 29.3% to US$ 0.40 billion, cotton yarn/fabrics/made-ups, handloom products 9.8% to US$ 0.93 billion, oil meals 180.4% to US$ 0.09 billion, organic & inorganic chemicals 4.8% to US$ 1.21 billion, and rice 10.2% to US$ 0.51 billion.

However, the exports declined for, drugs & pharmaceuticals by 11.6% to US$ 1.27 billion, gems & jewellery 4.5% to US$ 3.00 billion, electronic goods 11.4% to US$ 0.46 billion, meat, dairy & poultry products 15.4% to US$ 0.27 billion, leather & leather products 10.3% to US$ 0.42 billion, plastic & linoleum 7.7% to US$ 0.47 billion, tobacco 39.2% to US$ 0.06 billion, in January 2017.

Merchandise exports in rupees increased 5.6% to Rs 150560 crore, while imports moved up 12.1% to Rs 217557 crore in January 2017 over January 2016. The trade deficit widened to Rs 66997 crore in January 2017 compared with Rs 51566 crore in January 2016.

Indias merchandise exports rose 1.2% to US$ 220.92 billion, while merchandise imports fell 5.5% to US$ 307.31 billion in April-January 2017. The decline in imports was driven by a 5.7% plunge in oil imports to US$ 69.06 billion. Indias merchandise trade deficit declined to US$ 86.39 billion in April-January 2017 from US$ 107.08 billion in April-January 2016.

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Biocon intimates of acceptance of Biologics License Application for proposed biosimilar Pegfilgrastim
Feb 16,2017

Mylan and Biocon announced that USFDA has accepted Mylans Biologics License Application (BLA) for MYL-1401H, a proposed biosimilar to Neulasta (pegfilgrastim) for filing through the 351(k) pathway.

The proposed biosimilar to Neulasta is used to reduce the duration of neutropenia (low count of neutrophilis, a type of white blood cells) and the incidence of fever associated with neutropenia in adult patients treated with chemotherapy on certain types of cancer.

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Lupin gets ANDA approval for Hydrocodone Bitartrate and Homatropine Methylbromide Oral Solution (Syrup)
Feb 16,2017

Lupin has received USFDA approval for ANDA Hydrocodone Bitartrate and Homatropine Methylbromide Oral Solution (Syrup), 5 mg/1.5 mg per 5 ml, Generic of Hycodann++ Oral Solution, 5 mg/1.5 mg per 5 mL, of Endo Pharmaceuticals, Inc.

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Lupin gets ANDA approval for Hydrocodone Bitartrate and Homatropine Methylbromide Oral Solution (Syrup)
Feb 16,2017

Lupin has received USFDA approval for ANDA Hydrocodone Bitartrate and Homatropine Methylbromide Oral Solution (Syrup), 5 mg/1.5 mg per 5 ml, Generic of Hycodann++ Oral Solution, 5 mg/1.5 mg per 5 mL, of Endo Pharmaceuticals, Inc.

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Adani Power allots 2,74,09,956 equity shares
Feb 16,2017

Adani Power announced that the convertible warrant holders, to whom the warrants were allotted in the month of May, 2016 on preferential basis, have exercised their rights for conversion and applied for conversion of part of the warrants into equity shares. Consequently, Management Committee of the Board of Directors of the Company at its meeting held on 16 February 2017 has made allotment of total 2,74,09,956 Equity Shares of the face value of Rs. 10/- each (with a premium of Rs. 22.54 per equity share) to the said convertible warrant holders.

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Adani Power allots 2,74,09,956 equity shares
Feb 16,2017

Adani Power announced that the convertible warrant holders, to whom the warrants were allotted in the month of May, 2016 on preferential basis, have exercised their rights for conversion and applied for conversion of part of the warrants into equity shares. Consequently, Management Committee of the Board of Directors of the Company at its meeting held on 16 February 2017 has made allotment of total 2,74,09,956 Equity Shares of the face value of Rs. 10/- each (with a premium of Rs. 22.54 per equity share) to the said convertible warrant holders.

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HMT appoints director
Feb 16,2017

HMT announced that Ravindra Singh, has been appointed as Non-Official Independent Director on the Board of the Company with effect from 02 February 2017 vide Presidential Order dated 02 February 2017 and in terms of Article 77(1) of the Articles of Association of the Company.

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HMT appoints director
Feb 16,2017

HMT announced that Ravindra Singh, has been appointed as Non-Official Independent Director on the Board of the Company with effect from 02 February 2017 vide Presidential Order dated 02 February 2017 and in terms of Article 77(1) of the Articles of Association of the Company.

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Lupin receives final approval for Moxifloxacin Hydrochloride Tablets
Feb 16,2017

Lupin announced that the Company has received final USFDA approval for ANDA Moxifloxacin Hydrochloride Tablets, 400 mg. Generic of Avloxn++ Tablets of Bayer Healthcare Pharmaceuticals, Inc.

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Lupin receives final approval for Moxifloxacin Hydrochloride Tablets
Feb 16,2017

Lupin announced that the Company has received final USFDA approval for ANDA Moxifloxacin Hydrochloride Tablets, 400 mg. Generic of Avloxn++ Tablets of Bayer Healthcare Pharmaceuticals, Inc.

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OFS Technologies announces change in corporate office
Feb 16,2017

OFS Technologies announced that the corporate office address of the Company hereby shifted from No.5, Second Floor, Software Technology Park of India, Rajiv Gandhi Salai, Taramani, Chennai - 600113, Tamilnadu to Unit No.2, 4th Floor, Pinnacle Building, Ascendas International Tech park, Taramani Road, Taramani, Chennai - 600113, Tamilnadu with effect from 16 February 2017.

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