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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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Gujarat Gas advances after good Q1 results
Aug 11,2017

The result was announced after market hours yesterday, 10 August 2017.

Meanwhile, the S&P BSE Sensex was down 298.05 points, or 0.95% at 31,233.28.

On the BSE, 1,653 shares were traded on the counter so far as against the average daily volumes of 3,240 shares in the past one quarter. The stock had hit a high of Rs 778 and a low of Rs 752 so far during the day. The stock had hit a record high of Rs 880 on 18 April 2017 and a 52-week low of Rs 487.10 on 9 November 2016.

The stock had underperformed the market over the past one month till 10 Aug 2017, declining 1.23% compared with the Sensexs 0.58% fall. The scrip had also underperformed the market over the past one quarter declining 4.34% as against the Sensexs 4.24% rise. The scrip had, however, outperformed the market over the past one year advancing 21.28% as against the Sensexs 13.52% rise.

The large-cap company has equity capital of Rs 137.68 crore. Face value per share is Rs 10.

Gujarat Gas is a city gas distribution company.

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MOIL jumps after board recommends bonus shares
Aug 11,2017

The announcement was made after market hours yesterday, 10 August 2017.

Meanwhile, the S&P BSE Sensex was down 292.60 points, or 0.93% to 31,238.73.

On the BSE, 40,000 shares were traded in the counter so far, compared with average daily volumes of 26,975 shares in the past one quarter. The stock had hit a high of Rs 345.95 and a low of Rs 335.45 so far during the day. The stock hit a 52-week high of Rs 429 on 12 January 2017. The stock hit a 52-week low of Rs 239.25 on 29 September 2016.

The stock had outperformed the market over the past one month till 10 August 2017, rising 2.85% compared with 0.86% decline in the Sensex. The scrip had underperformed the market in past one quarter, rising 0.50% as against Sensexs 4.45% rise. The scrip had outperformed the market in past one year, rising 35.52% as against Sensexs 13.18% rise.

The mid-cap company has equity capital of Rs 133.19 crore. Face value per share is Rs 10.

MOIL after market hours yesterday, 10 August 2017, announced that its net profit surged 107.3% to Rs 97.73 crore on 82.7% increase in net sales to Rs 339.40 crore in Q1 June 2017 over Q1 June 2016.

MOIL produces and sells different grades of manganese ore. It operates 10 mines, six located in the Nagpur and Bhandara districts of Maharashtra and four in the Balaghat district of Madhya Pradesh.

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BGR Energy Systems gets upgradation in credit ratings
Aug 11,2017

BGR Energy Systems has received revision in credit ratings from Brickwork Rating India as under -

Fund based long term - BWR A-/ Stable (Upgraded from BWR BBB+/ Stable)

Non fund based short term - BWR A2+ (Upgraded from BWR A2)

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Government training people for entry level jobs to work as drivers, domestic help abroad: Rajiv Pratap Rudy
Aug 11,2017

The Government is imparting skill-based training for entry-level jobs and employment opportunities for people in unorganised sector including those seeking to work abroad as drivers and domestic help, Union Minister for Skill Development and Entrepreneurship, Mr Rajiv Pratap Rudy said at an ASSOCHAM event.

n++Ideally such basic skills should be imparted at the school level itself but since it did not happen, it is being taken up separately by the Government,n++ said Mr Rudy.

Mr Rudy also said there have been many instances where people went abroad to work as a driver or as domestic help but since they were not aware of the rules, law and order of that foreign country they got caught and were imprisoned for unknowingly doing something wrong.

He however conceded that Government is finding it difficult to train as many people in accordance with the demand/requirement of the industry.

n++We are glad to see the response of all stakeholders including the industrial houses in terms of skill development which had been missing for all these years, as such we are imparting industrial training, short-term training, services sector training to people,n++ the Union Minister said.

He also said that in the post-independent India, people at the helm put significant focus on developing education sector but somehow forgot the relevance of skill development.

n++It is only the skill that portrays once success but we have not been able to realise this for years as only those people became successful who got educated, though skills should have been developed along with education but that did not happen,n++ said Mr Rudy.

He added that it took India 68 years to realise the importance of developing skills. n++Though previously attempts were made to add skills and vocations to education but it did not actually take off and I very reluctantly say this that education had a bias against skills which was not given due importance.n++

He also lauded efforts being made by states like Rajasthan, Maharashtra, Kerala, Madhya Pradesh, Chhattisgarh and others in promoting skill development and employment.

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Shares of Cochin Shipyard get listed
Aug 11,2017

The equity shares of Cochin Shipyard (Scrip Code: 540678) are listed effective 11 August 2017 and admitted to dealings on the Exchange in the list of B Group Securities.

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SIP Industries schedules AGM
Aug 11,2017

SIP Industries announced that the 30th Annual General Meeting (AGM) of the company will be held on 4 September 2017.

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Bhilwara Technical Textiles to hold AGM
Aug 11,2017

Bhilwara Technical Textiles announced that the 10th Annual General Meeting (AGM) of the company will be held on 21 September 2017.

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Bhagwati Autocast to convene AGM
Aug 11,2017

Bhagwati Autocast announced that the 35th Annual General Meeting (AGM) of the company will be held on 20 September 2017.

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GAIL (India) drops after weak Q1 results
Aug 11,2017

The result was announced after market hours yesterday, 10 August 2017.

Meanwhile, the S&P BSE Sensex was down 287.79 points or 0.91% at 31,243.54.

On the BSE, 14,000 shares were traded on the counter so far as against the average daily volumes of 2.15 lakh shares in the past one quarter. The stock had hit a high of Rs 363.25 and a low of Rs 356.30 so far during the day. The stock had hit a record high of Rs 433.50 on 3 May 2017 and a 52-week low of Rs 269.25 on 29 September 2016.

The stock had underperformed the market over the past one month till 10 August 2017, sliding 0.94% compared with the Sensexs 0.58% fall. The stock had also underperformed the market over the past one quarter, declining 12.89% as against the Sensexs 4.24% rise. The scrip had, however, outperformed the market over the past one year, advancing 29.3% as against the Sensexs 13.52% rise.

The large-cap company has equity capital of Rs 1691.30 crore. Face value per share is Rs 10.

GAIL (India)s profit after tax (PAT) after excluding one-time gains has seen a growth of 21% in Q1 June 2017 over Q1 June 2016. There was a one-time gain of Rs 489 crore in Q1 June 2017 from stake sale in Mahanagar Gas. The growth in the bottom line has been led by better performance of Gas Transmission & LHC segment, better price realisation in LHC segment & decrease in cost of production and finance cost.

GAIL (India) is Indias largest natural gas company. The government of India (GoI) held 54.44% stake in the firm as per the shareholding pattern as on 31 March 2017.

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Integrated web-based Air Cargo Community System
Aug 11,2017

The National Civil Aviation Policy, 2016 has envisaged growth of cargo volumes to 10 million tonnes by 2027. As per data maintained by the Airports Authority of India (AAI), air freight handled at Indian airports grew by more than 20 times from 0.08 million metric tonnes in 1972-73 to 2.5 million metric tonnes in 2014-15, and its compound annual growth rate (CAGR) was 8.8% during 2013-14 to 2016-17. Measured in million tonne-kilometers, the data maintained by the World Bank also shows that air freight transported by India went up from 96.3 million tonne-kilometers in 1970 to 1,833.8 million tonne-kilometers in 2015.

The Ministry of Civil Aviation had set up a Committee on Air Cargo Community System (ACCS) composed of various stakeholders, including customs authorities, and it was decided to grant approval to AAI for appointment of consultant to prepare a Detailed Project Report (DPR) for the development of a uniform and integrated web-based ACCS in the country, based on the above Committees recommendations.

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Cochin Shipyard in focus ahead of debut
Aug 11,2017

Shares of Cochin Shipyard will get listed on the bourses today, 11 August 2017. The issue price is fixed at Rs 432 per share. The initial public offer (IPO) of Cochin Shipyard had received a stellar response from investors. It was oversubscribed 76.19 times. The IPO price band was fixed at Rs 424-432 per share. Cochin Shipyard is one of the leading shipbuilding and Shiprepairing companies in India.

GAIL (India)s net profit fell 23.2% to Rs 1025.64 crore on 6.7% growth in net sales to Rs 11406.47 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours yesterday, 10 August 2017.

Tata Motors said that the company and Skoda ceased discussions around potential partnership. Tata Motors and Skoda Auto have performed a joint technical feasibility and commercial evaluation of a potential collaboration. Based on intense and constructive discussions, both the companies have jointly concluded that the envisioned areas of partnership may not yield the desired synergies as originally assessed. Nevertheless, the two companies have decided to keep in touch for future areas of collaborations.

Tata Motors will continue to pursue its standalone product strategy to bring exciting and world-class products to its customers. The announcement was made after market hours yesterday, 10 August 2017.

Shriram Transport Finance Company said that allotment committee - non-convertible debentures (NCDs) of the company approved and allotted 3,600 secured redeemable rated listed NCDs of face value of Rs 10 lakh each, aggregating to Rs 360 crore on private placement basis. The announcement was made after market hours yesterday, 10 August 2017.

NMDC said that it has kept prices of iron ore unchanged with effect from 9 August 2017 compared with prior months prices. The price of lump iron ore is fixed at Rs 2,225 per wet metric tonne and fine iron ore at Rs 1,985 per wet metric tonne. The announcement was made after market hours yesterday, 10 August 2017.

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Asia Pacific Market: Korean tensions likely continue selloff
Aug 11,2017

Asia Pacific share market expected to commence trading with a back-foot note on Friday, 11 August 2017, due to ramping up of tensions between the US and North Korea after President Donald Trump doubled down on his warnings to North Korea over its nuclear programme.

Overnight, Wall Street closed sharply lower after Trump, with fiery rhetoric, warned Pyongyang against attacking Guam or US allies after it disclosed plans to fire missiles over Japan to land near the U.S. Pacific territory. Trump took specific aim at North Korean leader Kim Jong Un, saying, he had disrespected our country greatly, and would not be getting away with it.

The Dow Jones Industrial Average fell 0.9% to end at 21,844.01, the only close below 22,000 since breaking through that level for the first time August 2. The broad-based S&P 500 was hit even harder, dropping 1.5% to close at 2,438.22, while the tech-rich Nasdaq Composite Index lost 2.2% 6,216.87.

The MSCI World index dropped 1.1% overnight in its third straight day of declines and its biggest one-day slide since May 17, as US President Donald Trump stepped up his rhetoric against North Korea.

In commodities, Crude failed to hold the 50 per barrel level, falling nearly 2% topping at $50.22 earlier in the session. Gains came following an OPEC report, which upped its demand forecast for its oil in 2018 by over 200k barrels per day to 32.42 million barrels per day. At the same time, the cartel revealed that its July production was 32.87 million barrels per day, above its increased 2018 demand prediction.

Libya, Nigeria, and Saudi Arabia were the main drivers behind the OPEC production increase, with Libya raising its output by 154,300 bpd - by far the biggest increase among the cartels members. Nigerian oil production rose by 34,300 bpd to 1.748 million bpd, while Saudi Arabias went up by 31,800 bpd to 10.067 million bpd. On the other hand, OPEC reported, based on secondary sources, Iraqi oil output fell by 33,100 bpd ion July, the biggest decline among OPEC members. The second-largest decline came from Angola, whose production fell by 19,300 bpd, and Venezuelas output dropped by 15,800 bpd.

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15% of total merchandise exports in 2016-17 supported by ECGC
Aug 10,2017

It was noted that despite ECGC reducing the premium rates (in order to bring down the transaction costs of the exporters) by an average 17% under policies, ECGC recorded only a marginal decline in premium of less than 4%.

ECGC has posted Profit Before Tax of Rs.407 crores, an increase of 5% over previous year. It has also declared a dividend of Rs.72.5 crores at the rate of Rs.5 per share.

ECGCs support of total exports at Rs.2,65,000 crores was around 15% of total merchandise exports in 2016-17. A significant aspect of ECGCs performance was that 85% of its support was accounted for by MSME exporters.

It was mentioned that 12029 covers were in force as on 31st March, 2017 with a total maximum liability of Rs.86,215 Crores. With a view to increase Indian exports in new markets like Africa, covers provided by ECGC to exporters exporting to Africa recorded a growth of 15% over previous year. This was even when exports to Africa recorded a decline of 5% In 2016-17.

ECGC has over 4,00,000 Overseas Buyers on record of which more than 1,20,000 buyers are regular and active buyers for Indian exporters. The cumulative exposure on these active buyers made available by ECGC is more than Rs.1,25,000 Crores for Indian exporters. An active management of exposures on these buyers is supported by a strong data base, built over more than five decades.

ECGC also supports diversification of exports to Focus Markets identified by Department of Commerce by favourably rating such countries to enable coverage of exports at a very competitive rates.

ECGC has been a pioneer in providing ECIB covers to banks, which enables the exporters to get adequate and timely finance from Banks at pre and post-shipment stages. Recognising ECGCs significant contribution in helping Indian Exporters to get much needed working capital finance for the last 50 years, it was most fittingly accorded in its Diamond Jubilee Year the Best ECA Award by Trade and Forfaiting Review for 2017, an award that has been in vogue for last twenty years. ECGCs unique achievement is when pitched against stalwarts ECAs from Germany and UK, it won the award.

ECGC also manages the NEIA Trust of the Government of India that provides credit insurance covers to Medium and Long Term Exports, including Project Exports. The NEIA has supported 76 Contracts with a project value of around Rs.35,000 Crores, being executed by Indian Exporters in 29 countries.

During the Financial Year 2016-17, ECGC hosted the meeting of Heads of BRICS ECAs in New Delhi while India was the BRICS Chair. It has also organized 2 International Workshops for BRICS ECA participants. It also hosted Meeting of Heads of ECAs of G12 Countries consisting of 8 OECD and 4 BRIC Countries, in Chennai during the year.

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63 Moons Technologies director resigns
Aug 10,2017

63 Moons Technologies announced the resignation of Jigish Sonagara, Non Executive Director from the Board of the Company with effect from 10 August 2017.

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TCI Express gets revision in rating for Commercial Paper
Aug 10,2017

TCI Express has received revision in credit ratings from ICRA for its Commercial Paper from ICRA A1+ for Rs 30 crore to ICRA A1+ for Rs 40 crore.

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