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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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Depression over northwest & adjoining northeast Bay of Bengal intensified into deep depression and crossed Bangladesh coast
Jun 12,2017

The depression over northwest & adjoining northeast Bay of Bengal moved north-northeastwards with a speed of about 30 kmph in past six hours, intensified into a deep depression and crossed Bangladesh coast near Khepupara between 0430 and 0530 hours IST of today, 12th June 2017. It lay centered near Latitude 22.5n++N and Longitude 90.5n++E over south Bangladesh & neighbourhood about 60 km northeast of Khepupara (Bangladesh) and 170 km south-southwest of Agartala. The system is very likely to continue to move north-northeastwards and weaken into a depression during next 12 hours.

Warning:

(i) Heavy Rainfall warning: Rainfall at most places with heavy to very heavy rainfall at a few places is very likely to occur over Assam & Meghalaya, Nagaland, Manipur, Mizoram and Tripura during next 24 hours and heavy rainfall at isolated places during subsequent 24 hours. Rainfall at most places with heavy rainfall at isolated places is also very likely to occur over coastal districts of north Odisha and West Bengal during next 24 hours.

(ii) Wind warning: Squally winds speed reaching 50-60 kmph gusting to 70 kmph would prevail along & off north Odisha and West Bengal coast during next 12 hours. Strong winds of order 30-40 kmph gusting to 50 kmph would prevail over Assam & Meghalaya, Nagaland, Manipur, Mizoram and Tripura during next 48 hours.

(iii) Sea condition: Sea condition would be very rough along & off north Odisha and West Bengal coasts during next 12 hours.

(iv) Fishermen Warning: Fishermen along & off north Odisha and West Bengal coasts are advised not to venture into sea during the same period.

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Videocon Inds slumps about 73% in 16 sessions
Jun 12,2017

Meanwhile, the S&P BSE Sensex was down 140.35 points, or 0.45% to 31,121.71.

On the BSE, 1.11 lakh shares were traded in the counter so far, compared with average daily volumes of 34,706 shares in the past one quarter. The stock opened with an downward gap of 5% at Rs 27.15 and remained stuck at that level so far, which is also its 52-week low level. The stock hit a 52-week high of Rs 114.90 on 6 October 2016.

The stock had underperformed the market over the past one month till 9 June 2017, falling 71.46% compared with 3.34% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 72.27% as against Sensexs 8% rise. The scrip had also underperformed the market in past one year, falling 72.61% as against Sensexs 17.37% rise.

The small-cap company has equity capital of Rs 334.46 crore. Face value per share is Rs 10.

Shares of Videocon Industries have fallen 72.97% in the preceding 16 trading sessions from its close of Rs 100.45 on 19 May 2017.

The recent sell-off in the stock has been triggered by media reports of escalating debt woes of the company. As per reports, Central Bank of India declared the company as a non-performing asset (NPA) in Q1 June 2017. Central Bank of India has one of the highest exposures to Videocon at Rs 2700 crore, reports added. Other banks are likely to soon follow suit in declaring the account as a bad loan or an NPA.

Dena Bank had recently announced that it had classified Videocons loan amounting to Rs 520 crore as a NPA. This has resulted into some negative publicity of the company and, accordingly, impacted its stock price, the company recently clarified to the bourses on 23 May 2017.

Videocon Industries reported net loss of Rs 547.73 crore in Q4 March 2017 as against net loss of Rs 189.59 crore in Q4 March 2016. Net sales declined 28.26% to Rs 1985.85 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours on 26 May 2017.

Videocon Industries operates in four segments: consumer electronics and home appliances, crude oil and natural gas, telecommunications and power.

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JSW Steel drops on profit booking
Jun 12,2017

Meanwhile, the S&P BSE Sensex was down 190.92 points, or 0.61% at 31,071.14.

On the BSE, 2.30 lakh shares were traded on the counter so far as against the average daily volumes of 9.09 lakh shares in the past one quarter. The stock had hit a high of Rs 201.80 and a low of Rs 198.10 so far during the day. The stock had hit a record high of Rs 209.35 on 17 May 2017 and a 52-week low of Rs 133.20 on 24 June 2016.

The stock had outperformed the market over the past one month till 9 June 2017, advancing 4.93% compared with the Sensexs 4.44% rise. The scrip had also outperformed the market over the past one quarter gaining 14.31% as against the Sensexs 8.06% rise. The scrip had also outperformed the market over the past one year advancing 42.66% as against the Sensexs 16.81% rise.

The large-cap company has equity capital of Rs 241.72 crore. Face value per share is Rs 1.

JSW Steel had rallied 6.06% in the preceding four trading sessions to settle at Rs 202.05 on Friday, 9 June 2017, from its closing of Rs 190.50 on 5 June 2017.

JSW Steels consolidated net profit spurted 235.4% to Rs 1008.58 crore on 57.1% increase in net sales to Rs 16287.30 crore in Q4 March 2017 over Q4 March 2016.

JSW Steel is the leading integrated steel company in India.

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Board of Florence Investech approves scheme of arrangement
Jun 12,2017

Florence Investech announced that the Board of Directors of the Company at its meeting held on 12 June 2017 has approved a Scheme of Arrangement between Florence Investech (Florence), BMF Investments (BMF), J.K. Fenner (India) (FIL) and Bengal & Assam Company (the Transferee Company) and their respective shareholders pursuant to the provisions of Sections 230 of the Companies Act, 2013 for (a) amalgamation of Florence and BMF (Transferor Companies) with the Transferee Company with effect from 1April, 2017 (Appointed Date) and (b) exchange of shares of FIL for shares of the Transferee Company at the option of shareholders of FIL.

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Neo Corp International appoints company secretary and compliance officer
Jun 12,2017

Neo Corp International has appointed Manali Goyal (ACS 45736)as the Company Secretary and Compliance Officer of the Company with effect from 1 June 2017 in the Board Meeting held on 30 May 2017.

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Council of Scientific & Industrial Research (CSIR) signs Agreement with the Metal Industries Development Institute (MIDI), Ethiopia
Jun 12,2017

Keeping in line with Prime Minister Modis stress on stronger and long-term cooperation between African countries and India for mutual benefits in the areas of agriculture, women empowerment, rural development, infrastructure etc., while addressing the annual meeting of African Development Bank at Gujarat recently, the Council of Scientific and Industrial Research (CSIR) has entered into an agreement with the Metal Industries Development Institute (MIDI), Ethiopia to implement a twinning programme. The same is aimed at R&D capacity building of MIDI. CSIR has clinched this multi-million US dollar assignment through a process where many international organisations were considered. The twinning is one of the largest programs (in terms of contractual amount) between a CSIR institute and a foreign entity. It should also facilitate CSIRs future collaborations with African Organizations.

Dr. Girish Sahni on the occasion said that the knowledgebase of CSIR in the identified areas could be of immense importance for leveraging the technology capacity of African countries. He invited the industry to join hands with CSIR and its counterparts in respective African countries to deploy the technology for benefitting the masses in the region.

The agreement was signed by the Director of National Metallurgical Laboratory, Jamshedpur (CSIR-NML) on behalf of the participating CSIR Laboratories, and the Director General of Metals Industry Development Institute (MIDI), Addis Ababa, Ethiopia. CSIR will enhance the capacity and capability of MIDI under the twinning arrangement and thereby enable it to contribute more efficiently towards the development of Metals and Engineering sectors in Ethiopia and thus enhance their competitiveness. The MIDI will be positioned to emerge as a globally competitive center of excellence in the field of Metals and Engineering, through the twinning programme.

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Chandni Textiles Engineering Industries undertakes expansion of manufacturing capacity
Jun 12,2017

Chandni Textiles Engineering Industries announced that the Company is expanding its capacity to manufacture Plastic Moulded Fruit & Vegetable crates from the present average of 7.50 lakh crates per annum to average 22.50 lakh crates per annum.

For this, the Company has placed order for 2 injection moulding machines of 580 ton capacity each and has also paid advance to the machinery manufacturer and expects the delivery of the machines shortly.

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Outcome of board meeting of Prism Medico & Pharmacy
Jun 12,2017

Prism Medico & Pharmacy announced that the Board of Directors of the company at its meeting held on 12 June 2017 has approved the resignation of Uma Pareek from post of Independent Director of the Company. The Board also approved the change in registered office from State of Maharashtra to the State of Punjab and to change the main objects of the Company.

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ITI contributes for ISRO GSLV MkIII launch
Jun 12,2017

ITI contributed to the manufacturing of electronic assembly for ISROs GSLV MkIII, one of the prestigious missions of ISRO launched on 05 June 2017 to take a giant leap for India as a global space power.

The electronic packages fabricated at ITI Palakkad were successfully flown in the GSLV MkIII. The packages of 12 nos. of Data Processing Units (DPU) V3L and 22 nos. of Remote Mount Safe Arm (RMSA) were used in the manufacturing of Indias first development flight.

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Siti Networks slips on profit taking
Jun 12,2017

Meanwhile, the S&P BSE Sensex was down 190.81 points or 0.61% at 31,071.25. The S&P BSE Small-Cap index declined 72.29 points or 0.46% at 15,476.88.

On the BSE, 48,000 shares were traded on the counter so far as against the average daily volumes of 11.47 lakh shares in the past one quarter. The stock had hit a high of Rs 30.60 and a low of Rs 29.80 so far during the day. The stock had hit a 52-week high of Rs 41.35 on 20 December 2016 and a 52-week low of Rs 26.15 on 7 June 2017.

The stock had underperformed the market over the past one month till 9 June 2017, sliding 3.74% compared with the Sensexs 4.44% rise. The stock had also underperformed the market over the past one quarter, declining 17.73% as against the Sensexs 8.06% rise. The scrip had also underperformed the market over the past one year, declining 18.17% as against the Sensexs 16.81% rise.

The small-cap company has equity capital of Rs 87.21 crore. Face value per share is Rs 1.

Shares of Siti Networks had rallied 15.11% in the preceding three trading sessions to settle at Rs 30.85 on Friday, 9 June 2017, from its closing of Rs 26.80 on 6 June 2017.

Among recent developments, promoter entity Essel International offloaded 1.70 crore shares of Siti Networks to another promoter entity Digital Satellite Holdings at Rs 28.35 per share in a bulk deal on the BSE on Friday, 9 June 2017.

Essel International held 5.39% and Digital Satellite Holdings owned 8.18% stake in Siti Networks end March 2017.

On a consolidated basis, Siti Networks reported net loss of Rs 64.92 crore in Q4 March 2017, higher than net loss of Rs 1.47 crore in Q4 March 2016. Net sales fell 4% to Rs 325.52 crore in Q4 March 2017 over Q4 March 2016.

Siti Networks is one of Indias largest multi system operators (MSO). The company provides its cable services in Indias 250 plus cities and the adjoining areas.

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Prakash Industries secures additional coal linkages for captive power plant
Jun 12,2017

Prakash Industries announced that in the recent coal linkage auction conducted by Coal India for captive power plant sector, the Company has secured additional coal linkages of a total quantity of 5.43 lakh tonnes per annum for the next 5 years. The Company is going to sign the Fuel Supply Agreement in the coming weeks and expects the supplies to commence next month.

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Zicom Electronic spurts on bargain hunting
Jun 12,2017

Meanwhile, the S&P BSE Sensex was down 192.75 points, or 0.62% to 31,069.31.

On the BSE, 2.02 lakh shares were traded in the counter so far, compared with average daily volumes of 35,427 shares in the past one quarter. The stock had hit a high of Rs 32.85 and a low of Rs 27 so far during the day. The stock hit a 52-week high of Rs 52.60 on 31 August 2016. The stock hit a 52-week low of Rs 23.10 on 1 June 2017.

The stock had underperformed the market over the past one month till 9 June 2017, falling 26.44% compared with 3.34% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 30.19% as against Sensexs 8% rise. The scrip had also underperformed the market in past one year, falling 41.83% as against Sensexs 17.37% rise.

The small-cap company has equity capital of Rs 41.22 crore. Face value per share is Rs 10.

Shares of Zicom Electronic Security Systems fell 17.35% in five trading sessions to settle at Rs 27.40 on Friday, 9 June 2017, from its close of Rs 33.15 on 2 June 2017.

On a consolidated basis, Zicom Electronic Security Systems reported net loss of Rs 191.34 crore in Q4 March 2017 as against net loss of Rs 42.61 crore in Q4 March 2016. Net sales declined 70.10% to Rs 77.61 crore in Q4 March 2017 over Q4 March 2016.

Zicom Electronic Security Systems makes security surveillance products like CCTV surveillance system, access control system, fire alarm system, multi-apartment video door phones, video door phones, intruder alarm system, fingerprint locks, and Remote Managed Services (RAM).

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ASSOCHAMs six point growth agenda for State - Study
Jun 12,2017

Apex industry body ASSOCHAM has submitted a six-point innovative five-year-development agenda to the Chief Minister Uttar Pradesh Yogi Adityanath to serve as a quick guide to the areas needing interventions to help new government focuses its energies for growth of the state.

The Action Agenda was jointly prepared by ASSOCHAM and Thought Arbitrage Research Institute (TARI).

The study has recommended a slew of measures for making Uttar Pradesh a vibrant economy with a focus on skill development, agriculture, horticulture, handicraft, handloom, leather and leather products.

Suggesting an economic road map for the next five years to the Yogi Adityanath Government, the study noted that the net migration of people in the age-group of 20-29 years was found to be 58,34,000 between 2001-11 up from 29,55,000 in 1991-2001. The net migration is more than double that of the next state in the pan-India list - Bihar. Besides, it is not always that only illiterate and labour class migrate; often highly skilled talents are also lost to migration.

Monitoring and management centres of the State Skill Development Mission should be set up at district level. Focus of skilling programme should be on high growth areas such as agriculture, building and constructions, handloom and handicraft, food processing, healthcare, leather and unorganised sector - beauty culture, security guards, facility management etc, adds the paper.

District-specific policies for skilling and livelihood generation in migration-hit regions should be formulated. Focus of skilling should be on trades in which they gain employment outside the state construction, (ii) organised retail, (iii)transportation (drivers) to help them gain competitive advantage, highlighted the study.

Economic growth of Uttar Pradesh is critical for India since it is the most populous state as well as home to the most number of poor - 17% of the total population and 22% of the total poor (Census 2011). An economically stronger Uttar Pradesh with its huge market can be an engine of growth for rest of the country.

The states economic growth (GSDP) has been, for most of the time in the past decade, lower than the national average. This lower growth has been accompanied with a higher population growth. Its decadal growth in population between 1991 and 2001 was 25.8%, as against the national average of 21.3% and that between 2001 and 2011, it was 20.9% against the national average of 17.64%, noted the study.

If we look at the sectoral composition of GSDP, it is the services sector which drives the growth and contributes about 60% to the total income. This is followed by agriculture and allied activities, contributing more than 20%. The industries contribute the least, reflecting poor industrial activities in the state.

There is, therefore, a need to rework the states strategies towards improving public investment and encourage private participation in agriculture and allied activities. Not only is there need to catch up with the higher productivity level of Punjab, Haryana, Maharashtra and Tamil Nadu in food grains by providing improved seeds, training farmers to adopt modern and scientific practices, but there is also a need to pay attention to neglected crops like sugar, maize, groundnut, fruits and vegetables in terms of availability of improved seeds and marketing facilities. Promoting bio-technology and genetic engineering could help. Since farming is rain-dependent, the priority should be to develop community-based surface water irrigation.

The states industrial sector is driven by the small and medium scale industries - contributing about 60% of total manufacturing output and significant employment (about 60 lakhs). The states strategy of setting up industrial clusters has produced rich dividend and should be continued. However, poor marketing linkages and skill level are lingering concerns which needs to be addressed. Common skilling centres for a group of product cluster in modern design, production management, sales and marketing, inventory management and soft skills would help.

The state should also focus on the development of integrated industrial towns (NIMZs) in Auraiya and Jhansi,setting up of Dadri-Noida-Ghaziabad Investment Region, IT Investment Region (ITIR) along Agra-Lucknow expressway and mega food park in Jagdishpur - all are either proposed or cleared. More such projects could be taken up.

Finance is a major concern, especially for SSIs and MSMEs, since long term loans are not available in the existing financing channels. There is a need to revive the erstwhile state industrial development corporations. FDI inflows have been meagre, in comparison to states like Maharashtra, Haryana, Karnataka and Gujarat. It is important that the state studies the FDI policies of those states and tweaks its own policies accordingly and take steps to improve ease of doing business to attract more investment.

The services sector has been doing well and driving the states growth but there is a greater potential to grow, especially in education and health services, given the poor state of affairs in these areas. The budget allocations need to at least double to catch up with the rest of India in terms of coverage. Low literacy base, high drop out of students, poor student-teacher ratio and lack of adequate higher education institutions should be addressed by roping in private and voluntary sectors.

Tourism is another area in which growth prospects are high but require significant investments. Encouraging private sector to build hotels, recreation facilities and development of civic facilities in existing tourist destinations and developing new tourist centres to attract tourists to religious and historical places and wildlife sanctuaries/parks could pay rich dividend.

Infrastructure has emerged as a major constraint for growth. The states power shortage was highest in India in 2015-16 (12.5%). The per capita consumption of power is nearly half the national average. The state needs to revisit its 2009 energy policy to bring greater participation of the private sector, improve transmission and distribution through modernisation and cut in AT&C loss (about 50%). Efforts should also be made to complete the ongoing projects since about 68% of all power sector investment are under implementation stage.

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Videocon Industries leads losers in BSEs A group
Jun 12,2017

Videocon Industries declined 4.9% at Rs 27.15 at 13:35 IST. The stock topped the losers in A group. On the BSE, 1.08 lakh shares were traded on the counter so far as against the average daily volumes of 33,000 shares in the past two weeks.

Bharat Financial Inclusion fell 4.17% at Rs 700.85. The stock was the second biggest loser in A group. On the BSE, 2.69 lakh shares were traded on the counter so far as against the average daily volumes of 1.71 lakh shares in the past two weeks.

Tata Communications skid 3.59% at Rs 739. The stock was the third biggest loser in A group. On the BSE, 98,000 shares were traded on the counter so far as against the average daily volumes of 1.67 lakh shares in the past two weeks.

Natco Pharma was down 3.57% at Rs 1,034.05. The stock was the fourth biggest loser in A group. On the BSE, 30,000 shares were traded on the counter so far as against the average daily volumes of 51,000 shares in the past two weeks.

Union Bank of India lost 3.35% at Rs 153.10. The stock was the fifth biggest loser in A group. On the BSE, 2.86 lakh shares were traded on the counter so far as against the average daily volumes of 4.33 lakh shares in the past two weeks.

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Strides Shasun allots 50,000 equity shares
Jun 12,2017

Strides Shasun has allotted 50,000 equity shares under ESOP on 10 June 2017. With this allotment, the paid up equity share capital has increased to Rs 89.47 crore consisting of 89,473,006 equity shares of Rs 10 each.

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