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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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Total Foodgrains production is estimated at record 275.68 million tonnes
Aug 17,2017

The 4th Advance Estimates of production of major crops for 2016-17 have been released by the Department of Agriculture, Cooperation and Farmers Welfare on 16th August, 2017. The assessment of production of different crops is based on the feedback received from States and validated with information available from other sources. The estimated production of various crops as per the 4th Advance Estimates for 2016-17 vis-n++-vis the comparative estimates for the years 2003-04 onwards (click here).

As per 4th Advance Estimates, the estimated production of major crops during 2016-17 is as under:

n++ Foodgrains - 275.68 million tonnes (record)

n++ Rice - 110.15 million tonnes (record)

n++ Wheat - 98.38 million tonnes (record)

n++ Coarse Cereals - 44.19 million tonnes (record)

n++ Maize - 26.26 million tonnes (record)

n++ Pulses - 22.95 million tonnes (record)

n++ Gram - 9.33 million tonnes

n++ Tur - 4.78 million tonnes (record)

n++ Urad - 2.80 million tonnes (record)

n++ Oilseeds - 32.10 million tonnes

n++ Soyabean - 13.79 million tonnes

n++ Groundnut - 7.56 million tonnes

n++ Rapeseed & Mustard - 7.98 million tonnes

n++ Castorseed - 1.42 million tonnes

n++ Cotton - 33.09 million bales (of 170 kg each)

n++ Sugarcane - 306.72 million tonnes

As a result of very good rainfall during monsoon 2016 and various policy initiatives taken by the Government, the country has witnessed record foodgrain production in the current year. As per Fourth Advance Estimates for 2016-17, total Foodgrain production in the country is estimated at 275.68 million tonnes which is higher by 10.64 million tonnes (4.01%) than the previous record production of Foodgrain of 265.04 million tonnes achieved during 2013-14. The current years production is also higher by 18.67 million tonnes (7.27%) than the previous five years (2011-12 to 2015-16) average production of Foodgrains. The current years production is significantly higher by 24.12 million tonnes (9.59%) than the last years foodgrain production.

Total production of Rice is estimated at record 110.15 million tonnes which is also a new record. This years Rice production is higher by 3.50 million tonnes (3.28%) than previous record production of 106.65 million tonnes achieved during 2013-14. It is also higher by 4.74 million tonnes (4.49%) than the five years average Rice production of 105.42 million tonnes. Production of rice has increased significantly by 5.74 million tonnes (5.50%) than the production of 104.41 million tonnes during 2015-16.

Production of Wheat, estimated at 98.38 million tonnes is also a record. This years wheat production is higher by 2.64% than the previous record production of 95.85 million tonnes achieved during 2013-14. Production of Wheat during 2016-17 is also higher by 5.77 million tonnes (6.23%) than the average wheat production. The current years production is higher by 6.10 million tonnes (6.61%) as compared to Wheat production of 92.29 million tonnes achieved during 2015-16.

Production of Coarse Cereals estimated at a new record level of 44.19 million tonnes is higher than the average production by 2.85 million tonnes (6.88%). It is higher than the previous record production of 43.40 million tonnes achieved during 2010-11 by 0.79 million tonnes (1.82%). Current years production is also higher by 5.67 million tonnes (14.72%) as compared to their production of 38.52 million tonnes achieved during 2015-16.

As a result of significant increase in the area coverage and productivity of all major Pulses, total production of pulses during 2016-17 is estimated at 22.95 million tonnes which is higher by 3.70 million tonnes (19.22%) than the previous record production of 19.25 million tonnes achieved during 2013-14. Production of Pulses during 2016-17 is also higher by 5.32 million tonnes (30.16%) than their Five years average production. Current years production is higher by 6.61 million tonnes (40.41%) than the previous years production of 16.35 million tonnes.

With an increase of 6.85 million tonnes (27.11%) over the previous year, total Oilseeds production in the country is estimated at 32.10 million tonnes. The production of Oilseeds during 2016-17 is also higher by 2.84 million tonnes (9.72%) than the five years average Oilseeds production.

Production of Sugarcane is estimated at 306.72 million tonnes which is lower by 41.73 million tonnes (-11.98%) than the last years production of 348.45 million tonnes.

Despite lower area coverage during 2016-17, higher productivity of Cotton has resulted into higher production of 33.09 million bales (of 170 kg each), i.e. an increase of 10.29%, as compared to 30.01 million bales during 2015-16.

Production of Jute & Mesta estimated at 10.60 million bales (of 180 kg each) is marginally higher (0.73%) than their production of 10.52 million bales during the last year.

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AksharChem (India) to hold AGM
Aug 17,2017

AksharChem (India) announced that the Annual General Meeting (AGM) of the company will be held on 14 September 2017.

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AK Spintex to conduct AGM
Aug 17,2017

AK Spintex announced that the Annual General Meeting (AGM) of the company will be held on 29 September 2017.

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Amit Securities to convene AGM
Aug 17,2017

Amit Securities announced that the Annual General Meeting (AGM) of the company will be held on 15 September 2017.

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Aadi Industries to conduct AGM
Aug 17,2017

Aadi Industries announced that the Annual General Meeting (AGM) of the company will be held on 23 September 2017.

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Advent Computer Services AGM scheduled
Aug 17,2017

Advent Computer Services announced that the Annual General Meeting (AGM) of the company will be held on 22 September 2017.

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Alfa Ica (India) schedules AGM
Aug 17,2017

Alfa Ica (India) announced that the Annual General Meeting (AGM) of the company will be held on 9 September 2017.

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Abacus Computers to hold AGM
Aug 17,2017

Abacus Computers announced that the Annual General Meeting (AGM) of the company will be held on 11 September 2017.

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KEN Financial Services to declare Quarterly Result
Aug 17,2017

KEN Financial Services will hold a meeting of the Board of Directors of the Company on 21 August 2017.

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Indian Hotels Company attracts investors on fund raising plan
Aug 17,2017

The announcement was made after market hours yesterday, 16 August 2017.

Meanwhile, the S&P BSE Sensex was up 96.64 points, or 0.3%, to 31,867.53.

On the BSE, 25,758 shares were traded in the counter so far, compared with average daily volume of 1.43 lakh shares in the past one quarter. The stock had hit a high of Rs 134.30 and a low of Rs 126.75 so far during the day. The stock had hit a 52-week high of Rs 145.65 on 18 May 2017. The stock had hit a 52-week low of Rs 88.80 on 21 November 2016.

The stock had outperformed the market over the past one month till 16 August 2017, gaining 1.49% compared with the Sensexs 0.78% decline. The stock had, however, underperformed the market over the past one quarter, declining 12.75% as against the Sensexs 3.89% rise. The scrip had also underperformed the market over the past one year, dropping 1.33% as against the Sensexs 13.21% rise.

The large-cap company has an equity capital of Rs 98.93 crore. Face value per share is Re 1.

On a consolidated basis, Indian Hotels Company reported net loss of Rs 24.96 crore in Q1 June 2017 as compared with net loss of Rs 169.45 crore in Q1 June 2016. Net sales fell 4.2% to Rs 907.30 crore in Q1 June 2017 over Q1 June 2016.

Indian Hotels Company and its subsidiaries, collectively known as Taj Group, are engaged in the business of owning, operating & managing hotels, palaces and resorts. The company is a Tata group company.

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Cabinet approves closure of Andaman & Nicobar Islands Forest and Plantation Development Corporation Limited (ANIFPDCL), Port Blair
Aug 17,2017

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, has approved the closure of Andaman & Nicobar Islands Forest and Plantation Development Corporation Limited (ANIFPDCL), Port Blair, a Central Government Undertaking and discharging the liabilities of all the employees.

The closure will help to stop unproductive loans to ANIFPDCL from Gol and would enable a more productive utilization of assets.

This would be achieved by offering Voluntary Retirement Scheme (VRS) / Voluntary Separation Scheme (VSS) package to willing employees and by retrenchment under Industrial Disputes Act, 1947 of those not opting for VRS/VSS including settlement of other liabilities, if any.

At present, there are 836 employees on the rolls of the Corporation.

The closure will be done by infusing funds in the following manner:

n++ Infusion of funds of Rs. 125.72 crore through budgetary support from Gol for funding VSS of all employees on 2007 notional pay scales and for discharging other liabilities.

n++ Write-off of Gol loans of Rs. 186.83 crore given to ANIFPDCL and accrued interest of Rs 185.18 crore with freezing of interest as on 31.03.2017 after closure of the Corporation.

n++ Auction of movable assets (Plant & machinery, electrical equipment, vehicles & office equipment, furniture & fixture, elephant & livestock, plantation & other inventories etc.) of ANIFPDCL through Metal Scrap Trading Corporation Ltd. (MSTC Ltd),

n++ Ministry of Environment Forests and Climate Change (MoEF&CC) will transfer/sale of immovable assets i.e. land and /or buildings of ANIFPDCL through NBCC Ltd.

Background:

The ANIFPDCL, a Government of India Public Sector Undertaking was set up in 1977, with the objective of development and managing forestry plantations in the Islands. The ANIFPDCL has been operating three main projects viz., Forestry Project, Red Oil Palm Project (ROP) and Katchal Rubber Project (KRP). The forestry operations were the main activities of the Corporation and contributed around 75% of the total revenue. Due to suspension of the forestry activities in view of the order dated 10.10,2001 and 07.05.2002 of Supreme Court, the ANIFPDCL has become an overall loss making venture since 2001 onwards. As a result, the ANIFPDCL was not able to pay salary and wages to its employees. In order to ensure disbursement of salary to the employees of tine Corporation, and other statutory payments, the GoI provided financial assistance to the ANIFPDCL in the form of interest bearing loan.

During the last fifteen years, various committees were appointed and professional agencies were engaged by the Ministry from time to time and they have thoroughly examined all possible avenues that could be availed for revival of the forest Corporation, including right sizing the staff. Based on those decisions, several proposals were examined, but none of them fructified. After thorough examination, Government of India decided to close down the Corporation.

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Infosys advances on share buyback plan
Aug 17,2017

The announcement was made after market hours yesterday, 16 August 2017.

Meanwhile, the S&P BSE Sensex was up 18.44 points or 0.06% at 31,789.33.

On the BSE, 41,518 shares were traded on the counter so far as against the average daily volumes of 2.79 lakh shares in the past one quarter. The stock had hit a high of Rs 1,010 and a low of Rs 1,000 so far during the day. The stock had hit a 52-week high of Rs 1,080.70 on 14 October 2016 and a 52-week low of Rs 900.30 on 9 November 2016.

The stock had outperformed the market over the past one month till 16 August 2017, gaining 0.49% compared with the Sensexs 0.78% decline. The stock had, however, underperformed the market over the past one quarter, gaining 2.12% as against the Sensexs 3.89% rise. The scrip had also underperformed the market over the past one year, dropping 7.06% as against the Sensexs 13.21% rise.

The large-cap company has equity capital of Rs 1148.47 crore. Face value per share is Rs 5.

Infosys consolidated net profit fell 3.3% to Rs 3483 crore on 0.2% decline in revenue to Rs 17078 crore in Q1 June 2017 over Q4 March 2017.

Infosys is a global leader in technology services and consulting.

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Shares of SMS Lifesciences India get listed
Aug 17,2017

The equity shares of SMS Lifesciences India (Scrip Code: 540679) are listed effective 17 August 2017 and admitted to dealings on the Exchange in the list of T Group Securities.

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Infosys proposes buyback of equity shares
Aug 17,2017

Infosys announced that the Board of Directors of the Company will consider a proposal for buyback of equity shares of the Company at its meeting to be held on 19 August 2017.

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Phoenix Lamps gets NCLT approval for Scheme of Amalgamation
Aug 17,2017

Phoenix Lamps announced that the Honble National Company Law Tribunal (NCLT), Bengaluru Bench has approved the scheme of amalgamation of Phoenix Lamps with its holding Company, Suprajit Engineering on 11 August 2017.

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