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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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Board of Steel City Securities recommends dividend
Mar 14,2017

Steel City Securities announced that the Board of Directors of the Company at its meeting held on 10 March 2017, inter alia, have recommended the dividend of Rs 1 per equity Share (i.e. 10%) , subject to the approval of the shareholders.

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Rupee rises sharply
Mar 14,2017

Rupee closed sharply higher at 66.95/9550 per dollar on Tuesday (14 March 2017), versus its previous close of 66.9275/9300 per dollar.

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14.66 lakh tonnes of pulses procured towards building the buffer stock
Mar 14,2017

As per the Working Group Report on Foodgrains-Balancing Demand & Supply During 12th FYP of Niti Aayog the projected demand for pulses during 2016-17 is estimated to be around 24.61 million tonnes while the estimated production of pulses is 22.14 million tonnes, thereby implying higher demand than domestic production.

The Government has approved creation of buffer upto 20 lakh tonnes of pulses. As on 08 March 2017, around 14.66 lakh tonnes of pulses have been procured or contracted for imports towards building the buffer. The Government has contracted imports of 4.06 lakh tonnes of pulses towards building the buffer stock. The prices of pulses fluctuates daily as well as over season. While approving the bid for imports, Price Stabilization Fund Management Committee (PSFMC), inter alia, compares offer rate with prevailing domestic rate and bids are generally approved for import when the rate offered are lower than prevailing domestic prices of that pulses.

Government has approved engaging a professional Buffer Stock Management Agency (BSMA) for efficient management of the buffer stock including procurement, storage, maintenance and liquidation of the stock as per Government directives from time to time. The agency for designing and managing the bid process has been selected. Contract for appointment is being finalized.

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Venture Capital Fund Scheme for SC Entrepreneurs
Mar 14,2017

Under the Venture Capital Fund Scheme for SC Entrepreneurs, proposal of 64 SC entrepreneurs from 17 States have been sanctioned so far. The State-wise details of the entrepreneurs of the last three years is given below.

Government has launched Credit Enhancement Guarantee Scheme for Scheduled Castes with a view to support Banks and Financial Institutions who will be providing financial assistance to SC entrepreneurs and facilitate economic and inclusive development of SC entrepreneurs. Stand-up India Scheme to promote entrepreneurship among SC/ST and women. The SC/ST Hub to provide professional support to Scheduled Caste and Scheduled Tribe entrepreneurs to effectively participate in public procurement policy. Besides, the National Scheduled Castes Finance and Development Corporation (NSFDC) implements various credit based schemes for business ventures of SC beneficiaries.

Venture Capital Fund Scheme For SC Entrepreneurs

STATES / UTsNumber of Beneficiaries2014-152015-162016-17Punjab 111Gujarat120Maharashtra01210Delhi NCR041Telangana075Andhra Pradesh020Uttar Pradesh020Uttarakhand001Tamil Nadu031Karnataka011Pondicherry010West Bengal010Assam-North East010Haryana011Chattisgarh001Himachal Pradesh001Rajasthan001TOTAL23824

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Tata Teleservices (Maharashtra) announces total subscriber numbers
Mar 14,2017

Tata Teleservices (Maharashtra) reported total subscriber numbers at 90,29,394 as on 28 February 2017. These include 76,55,370 mobile subscribers, 5,50,622 FWT subscribers and 8,23,402 wireline subscribers.

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Marsons provides business update
Mar 14,2017

Marsons has secured an order from Government of Assam. Further, Marsons has bagged significant orders from various large scale EPC contracts for IPDS and DDUGJY projects in Bihar and Orissa.

The order book is in excess of Rs 150 crore and the Company plans to expedite execution and ramp up production at all of its facilities, both direct and franchise.

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The headline inflation outcome in the near term will depend on how food price dynamics evolve-RBI
Mar 14,2017

The impact of demonetisation on inflation in the near-term stemmed mainly from moderation in food inflation, especially perishables, as inflation excluding food and fuel remained broadly unaffected. With demand expected to recover from the latter part of Q4 of 2016-17, inflation risks to CPI excluding food and fuel and headline inflation are, therefore, tilted to the upside, , said RBI in its recent report.

The RBI further stated, with a weight of 46 per cent, the sharp fall in food inflation by about 240 bps during November 2016 - January 2017 pulled down the headline CPI inflation by around 100 bps to 3.2 per cent in January 2017, the lowest inflation reading since the publication of the all India CPI inflation series. Inflation excluding vegetables, which was at 5.0 per cent in October 2016, moderated marginally to 4.8 per cent in November 2016 and remained unchanged at that level in December 2016 before moderating to 4.5 per cent in January 2017. The moderate softening in CPI excluding vegetables suggests the larger role of vegetables sub-group in the observed sharp decline in inflation in recent months. Moreover, inflation in CPI excluding food (which is about 54 per cent of CPI basket) edged up from 4.6 in November to 4.7 per cent in December 2016 and further to 4.9 per cent in January 2017.

Going forward, unfavourable base effects in February could push inflation up. The base effect remains neutral in March 2017. There is a considerable uncertainty as to how vegetables prices will pan out over the coming months. Given that recent vegetables price declines have also been influenced by demonetisation induced distress sales in addition to seasonal factors, it is possible that with significant remonetisation having taken place, there could be some reversal in vegetables prices in March and beyond. Thus, with inflation excluding food and fuel remaining sticky, the headline inflation outcome in the near term will depend on how food price dynamics evolve.

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Rajesh Exports secures an order worth Rs 783 crore
Mar 14,2017

Rajesh Exports has secured an order worth Rs 783 crore for supply of designer range of gold and diamond studded jewellery and medallions from UAE. The said order is to be completed by July 2017. With this current order, order book at consolidated level stands at Rs 37241 crore which is to be executed by June 2017.

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Dr Reddys Laboratories allots 8973 equity shares
Mar 14,2017

Dr Reddys Laboratories announced that the Nomination, Governance & Compensation committee of the Board of Directors of the Company has allotted 8,973 equity shares of Rs.5/- each of the Company, fully paid up, on March 12, 2017, to Employees on exercise of their Stock Options as per the following details: a)7,870 equity shares of Rs. 5/- each pursuant to Dr. Reddys Employees Stock Option Scheme, 2002. b)1,103 equity shares of Rs. 5/- each underlying 1,103 ADRs pursuant to Dr. Reddys Employees ADR Stock Option Scheme, 2007.

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Rajesh Exports sparkles after export order win
Mar 14,2017

The announcement was made during market hours today, 14 March 2017.

Meanwhile, the S&P BSE Sensex was up 489.93 points or 1.69% at 29,436.16

On the BSE, 74,000 shares were traded on the counter so far as against the average daily volumes of 67,189 shares in the past one quarter. The stock had hit a high of Rs 556 and a low of Rs 544.40 so far during the day.

The stock had hit a 52-week high of Rs 692.25 on 10 March 2016 and a 52-week low of Rs 422.50 on 24 June 2016. The stock had outperformed the market over the past 30 days till 10 March 2017, rising 8.96% compared with the 2.18% rise in the Sensex. The scrip also outperformed the market in past one quarter, gaining 19.06% as against Sensexs 8.22% gain.

The large-cap company has equity capital of Rs 29.53 crore. Face value per share is Re 1.

Rajesh Exports said that the latest export order is to be completed by July 2017. The new order will be executed at the companys manufacturing facility at Bangalore which is the worlds largest gold manufacturing facility with an installed capacity to process 250 tons of jewellery & gold products per annum.

With this current order, the companys order book at the consolidated level stands at Rs 37241 crore which is to be executed by June 2017, Rajesh Exports said.

Rajesh Exports consolidated net profit rose 10.4% to Rs 334.16 crore on 29.44% growth in net sales to Rs 64486.23 crore in Q3 December 2016 over Q3 December 2015.

Rajesh Exports is largest refiner of gold in the world. It processes 35% of gold produced in the world. It has a presence across the value chain of gold from mining till its own retail brand.

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Suyog Telematics gets assigned MSE credit ratings
Mar 14,2017

Suyog Telematics has received NSIC - CRISIL Rating: CRISIL MSE 1 via rating report dated 10 March 2017. This indicates Highest creditworthiness in relation to other Micro & Small Enterprises.

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Sutlej Textiles and Industries provides update on expansion project
Mar 14,2017

Sutlej Textiles and Industries announced that Rajasthan Textile Mills (RTM), an Unit of the Company, has since completed its expansion project for setting up of 35,280 spindles as per schedule, and those are being commercially commissioned w.e.f 15 March 2017.

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India Innovation Growth Programme (IIGP) 2.0 launched to support Industrial and Social Innovations
Mar 14,2017

Strengthening its commitment to foster innovation and entrepreneurship, the Department of Science and Technology launched the India Innovation Growth Programme 2.0 on 11 March 2017. The programme has been running since 2007 with the support of Lockheed Martin Corporation and has supported close to 500 innovators, start-ups, creating an economic value of approx. US$ 900 million. The programme has been administered by the Indo-US Science and Technology Forum and implemented by the Federation of Indian Chambers of Commerce and Industry (FICCI). Through a wide outreach campaign undertaken by FICCI over the last 10 years, spreading over 100 cities across India, the Programme has received and evaluated over 7000 ideas so far. In addition to building entrepreneurs, more than 50 incubation managers from India have been trained in the US on global best practices on incubation and commercialization and this has been possible.

Under the IIGP 2.0, Tata Trusts have come on board to support and scale social innovations. IIGP 2.0, will have two separate challenges viz. University Challenge and the Open Innovation Challenge to support innovations across industrial and social sectors. The program shall provide funding, capacity building, mentoring, incubation and business development support to the innovators, helping them scale their ventures to the next level. Speaking on the IIGP 2.0 launch, Pankaj Patel, President, FICCI stated n++FICCI is proud to have been a partner of the India Innovation Growth Programme since its inception in 2007. With over 500 innovations supported, the exemplary work undertaken is noteworthy. Inclusion of new partners is a welcome addition as the programme grows from strength to strength. We remain committed to building on the tremendous success of the last decade in fostering and accelerating Indian technological innovations into the global marketplace.n++

Dr. Didar Singh, Secretary General, FICCI said n++Over the last 10 years, the India Innovation Growth Programme has grown to be one of Indias foremost technology acceleration platforms. FICCI strives to provide an entire ecosystem to the startups through diversified programs such as the IIGP, XLr8AP, Google digital unlocked certification program to meet the varied needs of startups in India. We work closely with innovators through various phases, from ideation to commercialization. Moving into the next decade, we remain confident of the continued growth & success of the IIGP in its new avatar.n++ Several of the IIGP innovators have been further scaled through the XLr8AP Program of Government of Andhra Pradesh, FICCI and University of Texas. An IIGP awardee, Sameer Panda has invented a tyre with burst-preventive puncture-curative technology and stated that the Xlr8 program with his commercialization strategy and is soon planning to set up a manufacturing unit in Renigunta.

A number of high impact social enterprises selected under the IIGP have also been supported under the Millennium Alliance Program being implemented by FICCI. One such enterprise is Aakar innovations who has developed a ~100% compostable menstrual hygiene solution providing affordable pads to adolescent girls and women. This is done using a unique low cost, low electricity consuming machine that produces 12002400pads/8-10 hrs through community participation from 12-16 women(no specific skills required) as production workforce. FICCI is now supporting Aakar to scale this technology to Kenya and Uganda.

With support from the Department of Science and Technology, FICCI recently announced an Indo - Rwanda Innovation Growth Program. The Program will deploy 20 demonstrated and validated Indian technologies and innovations over a period of two years. The joint programs/ventures created with Rwandan partners will deliver at least 20 sustainable social enterprises that will stimulate economic impact development in Rwanda.

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NLC India fixes record date for interim dividend
Mar 14,2017

NLC India has fixed 28 March 2017 as record date for payment of interim dividend for FY 2016-17, if declared by the board of directors of the company at its meeting held on 20 March 2017.

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Steel Strips Wheels gains after bagging export order
Mar 14,2017

The announcement was made during trading hours today, 14 March 2017.

Meanwhile, the S&P BSE Sensex was up 512.46 points, or 1.77% to 29,458.69.

On the BSE, 9,322 shares were traded in the counter so far, compared with average daily volumes of 4,924 shares in the past one quarter. The stock had hit a high of Rs 722.80 and a low of Rs 695 so far during the day. The stock hit a record high of Rs 775 on 14 October 2016. The stock hit a 52-week low of Rs 323.10 on 16 March 2016.

The stock had underperformed the market over the past one month till 10 March 2017, rising 0.33% compared with 2.18% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 14.72% as against Sensexs 8.22% rise.

The small-cap company has equity capital of Rs 15.53 crore. Face value per share is Rs 10.

Steel Strips Wheels (SSWL) said it bagged a repeat export order for supplying caravan steel wheels to EU trailer market. Total order covers supplies of approximately 25,000 wheels in five months from April 2017. Orders comprise of mix of 13-inch steel wheels to be supplied from SSWLs Chennai plant. This order further augments SSWLs strong presence in the extremely competitive EU caravan steel wheels market, the company said in a statement.

Net profit of Steel Strips Wheels declined 11.80% to Rs 13.68 crore on 19.20% rise in net sales to Rs 335.17 crore in Q3 December 2016 over Q3 December 2015.

Steel Strips Wheels designs and manufactures automotive steel wheels and is among the leading supplier to Indian and global automobile manufacturers.

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