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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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J Johnson Controls-Hitachi Air Condition. India to pay dividend
Jun 14,2017

Johnson Controls-Hitachi Air Condition. India announced that dividend will be paid on or after 25 August 2017.

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Balaji Telefilms advances as units service streams on Amazons device
Jun 14,2017

The announcement was made at the fag end of the market hours yesterday, 13 June 2017. On that day, the stock had risen 9.97% to settle at Rs 148.90.

Meanwhile, the S&P BSE Sensex was down 15.94 points, or 0.05% at 31,087.55. The S&P BSE Small-Cap index was down 4.84 points, or 0.03% at 15,513.09.

High volumes were witnessed on the counter. On the BSE, 3.46 lakh shares were traded on the counter so far as against the average daily volumes of 1.57 lakh shares in the past two weeks. The stock had hit a high of Rs 158.75 so far during the day, which is also its 52-week high. The stock hit a low of Rs 144.45 so far during the day. The stock had hit a 52-week low of Rs 73.85 on 22 November 2016.

Balaji Telefilms said that ALTBalaji, the exclusive and original content subscription service offered by the companys subsidiary ALT Digital Media Entertainment, is now available on Fire TV Stick, Amazons internet streaming device with voice remote recently launched in India. ALTBalaji will be providing a special introductory offer on their yearly subscription packs to Fire Tv users worldwide and will be jointly marketing the service to its audience.

Balaji Telefilms reported consolidated net profit of Rs 0.31 crore in Q4 March 2017, compared with net loss of Rs 16.01 crore in Q4 March 2016. Net sales rose 13.6% to Rs 94.52 crore in Q4 March 2017 over Q4 March 2016.

Balaji Telefilms is engaged in the production of television content. The company operates through two segments: commissioned programmes and feature films.

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Jindal Worldwide spurts over 20% in two sessions
Jun 14,2017

Meanwhile, the S&P BSE Sensex was down 24.79 points, or 0.08% to 31,078.70.

On the BSE, 42,000 shares were traded in the counter so far, compared with average daily volumes of 25,160 shares in the past one quarter. The stock had hit a high of Rs 523 so far during the day, which is also a record high for the counter. The stock had hit a low of Rs 445 so far during the day. The stock hit a 52-week low of Rs 142.50 on 21 June 2016.

The stock had outperformed the market over the past one month till 13 June 2017, rising 9.92% compared with 2.58% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 67.67% as against Sensexs 5.80% rise. The scrip had also outperformed the market in past one year, rising 198.86% as against Sensexs 17.84% rise.

The small-cap company has equity capital of Rs 20.05 crore. Face value per share is Rs 10.

Shares of Jindal Worldwide rose 5.05% to Rs 447.25 yesterday, 13 June 2017. The stock has risen 20.33% in two trading sessions from its close of Rs 425.75 on 12 June 2017.

Net profit of Jindal Worldwide rose 106.5% to Rs 23.97 crore on 26.8% rise in net sales to Rs 368.02 crore in Q4 March 2017 over Q4 March 2016.

Jindal Worldwide is the leader in Indian textile Industries and is operating in Indian contingent as well as having its international collaboration and clients in north and South America to Europe, Africa and Middle-East Asia.

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Inox Wind gets reaffirmation of credit ratings for bank facilities
Jun 14,2017

Inox Wind announced that CRISIL has reaffirmed the CRISIL AA- rating for the Companys Long Term Bank Facilities and CRISIL A1+ rating for Short Term Bank Facilities.

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Board of Gowra Leasing & Finance recommends final dividend
Jun 14,2017

Gowra Leasing & Finance announced that the Board of Directors of the Company at its meeting held on 29 May 2017, inter alia, have recommended the final dividend of Rs 1 per equity Share (i.e. 10%) , subject to the approval of the shareholders.

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Board of Carnation Industries recommends final dividend
Jun 14,2017

Carnation Industries announced that the Board of Directors of the Company at its meeting held on 26 May 2017, inter alia, have recommended the final dividend of Rs 0.4 per equity Share (i.e. 4%) , subject to the approval of the shareholders.

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Board of Jindal Drilling & Industries recommends final dividend
Jun 14,2017

Jindal Drilling & Industries announced that the Board of Directors of the Company at its meeting held on 26 May 2017, inter alia, have recommended the final dividend of Rs 0.5 per equity Share (i.e. 10%) , subject to the approval of the shareholders.

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Hotel Leela Venture to hold AGM
Jun 14,2017

Hotel Leela Venture announced that the 36th Annual General Meeting(AGM) of the company on 18 September 2017.

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Enhanced Per Capita Investment, capacities of cities driving urban transformation, Says UD Minister
Jun 14,2017

More than threefold increase in investments, Per Capita spending, Central Assistance and substantially enhanced capacities of city governments under the new urban missions launched during the last three years is driving the much needed urban transformation in the country, said Shri M.Venkaiah Naidu, Minister of Urban Development and Housing and Urban Poverty Alleviation.

Shri Naidu said that a rule based framework has been introduced to ensure objective selection of cities and allocation of central funds without any discretion and discrimination and the same has been followed in getting unauthorized occupants of government houses evicted.

The Minister said that a major course correction has been launched during the last three years to improve urban infrastructure and quality of life in cities in an environment of inclusive, sustainable and accelerated urban development. Giving an account of the positive outcomes of the initiatives of the Government that are driving urban transformation, Shri Naidu said:

-Per Capita Investment of Rs.15,475 has so far been approved during 2014-17 under new urban missions for a five year period which is 315% of Rs.4,918 approved for the earlier ten years. A total investment of Rs.4,13,475 cr has so far been approved for improving basic urban infrastructure which is 350% of Rs.1,18,034 approved under JNNURM;

-A total of 6,737 projects have so far been approved which is 215% of 3,138 projects cleared under JNNURM, reflecting substantially enhanced capacities of city governments for project formulation and implementation through deployment of professional staff and through intensive handholding;

-748 cities have formulated the much desired Master Plans, 172 cities have reported over 90% Property Tax Collection during the last three years;

-In an indication of the new language of governance and resource mobilization, 322 AMRUT and smart cities have acquired Credit Ratings of which 147 have got investment grade while 163 cities in 18 States and UTs have initiated measures for mobilizing resources through Value Capture Financing tools;

-For the first time in the country, 500 AMRUT cities and 60 smart cities identified so far are pursuing five year comprehensive action plans for infrastructure development as against ad hoc approval of projects in the past;

-In an illustration of area and outcome based urban development approach introduced, under Atal Mission for Rejuvenation and Urban Transformation (AMRUT), provision of water taps to 1.39 crore urban households besides expansion of sewerage networks by 31% to 62%, 111 cycling and walkway projects and development of 1,921 new parks and green spaces in mission cities is being taken up.

Shri Naidu said that with cities now moving forward on the path of well thought out course of infrastructure development, City Liveability Index will be launched on the 23 of this month at the National Workshop on Urban Transformation in New Delhi. The next batch of smart cities also will be announced that day, he informed.

The Minister said that the Ministry of Environment, Forests and Climate Change yesterday issued a notification doing away with the need for a separate Environmental Clearence from that Ministry for construction and building projects up to 1,50,000 sq.metres in Delhi. Such approvals, will henceforth, will be issued by DDA, NDMC and the three MCDs in their jurisdiction.

Stressing on the need for inclusive and sustainable urban development to ensure access for the poor and the vulnerable to urban spaces, Shri Naidu said construction of 20,25, 573 affordable houses for urban poor has been approved in a short time as against only 12,40,904 sanctioned under JNNURM. He stated that new guidelines will soon be issued to enable private investments in affordable housing even on private lands under Affordable Housing in Partnership component of PMAY(Urban) under which only public sector partnership is allowed so far.

Shri Naidu said public transport is being promoted in a big way to address the issues of climate change and pollution and the Metro network in the country is set to double over the next two years from the present 346 kms with 353 kms of metro lines becoming operational.

Expressing concern over unauthorized occupation of government houses, Shri Naidu informed that 2,843 such houses were got vacated during these three years by acting tough as per rules including 411 higher type accommodation occupied by former MPs and Ministers. A total of 95 unauthorised occupants lost their cases in various courts reflecting on the challenging task faced in their eviction. Still, another 190 cases are pending in courts including 80 in the High Court and 110 in District Courts but the long hand of law will reach them, said Shri Naidu.

Cities with new found confidence, awareness, enthusiasm and competitive spirit are driving urban transformation with is crucial for Transformation of India, Shri Naidu said.

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Bank stocks witness mixed trend
Jun 14,2017

Meanwhile, the S&P BSE Sensex was down 11.11 points or 0.04% at 31,092.38. The S&P BSE Bankex index declined 34.30 points or 0.13% at 26,508.62.

Among public sector banks, Union Bank of India (down 1.13%), Bank of India (down 0.76%), Indian Bank (down 0.55%), Punjab National Bank (down 0.1%) and State Bank of India (down 0.02%) edged lower. Central Bank of India (up 1.06%), Bank of Baroda (up 1.09%), IDBI Bank (up 0.44%) and Syndicate Bank (up 0.19%) edged higher.

Among private sector banks, Yes Bank (down 1.9%), Kotak Mahindra Bank (down 0.58%), Axis Bank (down 0.5%), HDFC Bank (down 0.45%) and IndusInd Bank (down 0.23%) edged lower. ICICI Bank (up 0.48%) and RBL Bank (up 0.01%) edged higher.

The Reserve Bank of India (RBI) in a press release yesterday, 13 June 2017 said that it has identified 12 accounts totaling about 25% of the current gross non-performing assets (NPAs) of the banking system (as of 31 March 2016) to speed up the NPA resolution process.

The central bank, based on the recommendations of the Internal Advisory Committee (IAC), will accordingly be issuing directions to banks to file for insolvency proceedings under the Insolvency and Bankruptcy Code, 2016 (IBC) in respect of the identified accounts. Such cases will be accorded priority by the National Company Law Tribunal (NCLT), the central bank said.

The details of the resolution framework in regard to the other non-performing accounts will be released in the coming days, RBI said.

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Greaves Cotton jumps after technology tie-up with US-based firm
Jun 14,2017

The announcement was made after market hours yesterday, 13 June 2017.

Meanwhile, the S&P BSE Sensex was down 20.51 points, or 0.07% to 31,082.98.

On the BSE, 60,000 shares were traded in the counter so far, compared with average daily volumes of 50,265 shares in the past one quarter. The stock had hit a high of Rs 164.65 and a low of Rs 160 so far during the day. The stock hit a record high of Rs 178 on 4 May 2017. The stock hit a 52-week low of Rs 115.20 on 26 December 2016.

The stock had underperformed the market over the past one month till 13 June 2017, rising 0.58% compared with 2.58% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 5.02% as against Sensexs 5.80% rise. The scrip had also underperformed the market in past one year, rising 13.87% as against Sensexs 17.84% rise.

The mid-cap company has equity capital of Rs 48.84 crore. Face value per share is Rs 2.

Greaves Cotton and US-based Pinnacle Engines Inc announced a technology partnership for the launch of a revolutionary Opposed Piston Petrol/CNG lean burn BS VI-compIiant engine for 3-wheelers in India.

As per the agreement, Pinnacle will grant license to Greaves Cotton for manufacturing and selling 3-wheel Pinnacle Engines and 2 Wheel (110 CC) Pinnacle Engines. Greaves Cotton has agreed for $7.5 million milestone-linked payment and 5% royalty to Pinnacle Engines.

This move is seen as an important milestone for Greaves to establish itself as a leading fuel agnostic powertrain solutions & services company. This also allows Greaves access to export markets with large 3-wheeler population. With this advanced horizontal opposed piston design engines, Greaves aims to offer BS VI compliant high power and fuel efficiency engines with lower maintenance cost that results in higher savings to the end customer. This partnership enables Greaves, currently the market leader in the 3-Wheeler diesel engine space, to enter the larger 3-wheeler petrol/CNG space, with a powerful customer value proposition.

The partnership leverages strengths on both sides, provides opportunities to enter new markets and customer segments. The innovative technology offering from Pinnacle Engines, coupled with the vast experience of Greaves in world class manufacturing, will create a superior value package for the end customer in the Indian and overseas markets. The agreement between the two companies was signed in California, US.

Pinnacle Engines is a US-based mobility technologies company. A pioneer in the field of Opposed Piston Engine architecture, utilizing a proprietary hardware design and electronic control, Pinnacles unique lean-burn four stroke engine is protected by over 170 patents. The technology is now ready to be taken into the Indian 3-wheeler market, providing a highly differentiated customer value proposition.

Net profit of Greaves Cotton rose 19.13% to Rs 46.77 crore on 3.40% decline in net sales to Rs 390.73 crore in Q4 March 2017 over Q4 March 2016.

Greaves Cotton is one of the leading engineering companies in India with core competencies in diesel/ petrol engines, farm equipment and Gensets. The company sustains its leadership through six manufacturing units which produce world class products backed by comprehensive spares and service through its 3500 plus service outlets across India.

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Board of Kanpur Plastipack recommends final dividend
Jun 14,2017

Kanpur Plastipack announced that the Board of Directors of the Company at its meeting held on 29 May 2017, inter alia, have recommended the final dividend of Rs 1.8 per equity Share (i.e. 18%) , subject to the approval of the shareholders.

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Larsen & Toubro to hold AGM
Jun 14,2017

Larsen & Toubro announced that the th Annual General Meeting(AGM) of the company on 22 August 2017.

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Bajaj Auto to pay dividend
Jun 14,2017

Bajaj Auto announced that dividend, if approved at the AGM, will be credited on 24 - 25 July 2017.

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Bajaj Finserv to pay dividend
Jun 14,2017

Bajaj Finserv announced that dividend, if declared at the AGM, will be dispatched between 24 July to 25 July 2017.

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