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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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Tata Power Company announces change in directorate
Jan 04,2017

Tata Power Company announced that S. Padmanabhan, additional director on the Companys Board, has been nominated as Chairman of the Board of Directors of the Company effective from 04 January 2017.

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Uflex provides business update
Jan 04,2017

Uflex has designed a three layered; 12.5 micron coated polyester / 18 micron BOPP (both side treated) / 35 micron Polyethylene packaging structure as a 3D flat bottom pouch. The product has been designed for its client Whole Foods Market for its Tortilla Chips. The transformed packaging has offered the following advantages - increased shelf life of tortilla chips; a concealed press to close pocket zipper allows for deferred consumption of the packet contents; and the 3D pouch renders 360 degree branding canvas to the packet as it has five distinct panels.

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Board of Coromandel International to consider Q3 results
Jan 04,2017

Coromandel International announced that a Meeting of the Board of Directors of the Company has been convened to be held on 25 January 2017, inter alia, to consider and approve the Un-audited Financial Results of the Company for the quarter ended 31 December 2016 (Q3).

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Outcome of board meeting of Stone India
Jan 04,2017

Stone India announced that the Board of Directors of the Company at its meeting held on 03 January 2017 accepted the sanction advice dated 12 December 2016 issued by Indian Overseas Bank for enhancement cum renewal of working capital limit and authorised the company officials to execute the necessary documents.

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Nikkei India Services PMI unhanged in December 2016
Jan 04,2017

Business activity in the Indian service sector fell for the second consecutive month in December 2016, reflecting a steeper reduction in incoming new work. Backlogs continued to rise, while employment decreased fractionally. Panel members widely blamed the deterioration in economic conditions on the rupee demonetization, with concerns towards the speed of the recovery weighing heavily on sentiment. Meanwhile, input costs rose further, but efforts to boost demand led some firms to lower their charges.

The seasonally adjusted headline Nikkei India Services Business Activity Index registered 46.8 in December, little-changed from Novembers reading of 46.7 and indicating a further solid contraction in output. Moreover, the downturn was broad-based by sub-sector, with Hotels & Restaurants firms the worst performers.

With factory production also falling, activity across the private sector economy as a whole dipped to the greatest extent in over three years. This was highlighted by the seasonally adjusted Nikkei India Composite PMI Output Index recording 47.6 in December, from 49.1 in November.

Data implied that services activity fell in response to a solid and accelerated drop in new business during December. The rate of contraction in new work quickened to the fastest since September 2013, with anecdotal evidence suggesting that the decline reflected shortages of money in the country. Meanwhile, order books at manufacturers decreased for the first time in 2016, albeit marginally.

Cash flow issues reportedly caused another increase in outstanding business among private sector firms, with backlogs rising for the seventh straight month (although only moderately).

In spite of higher backlogs, service providers made cutbacks to staffing levels during December. That said, the drop in employment was only fractional, thereby continuing a trend of broadly stagnant workforces that was evident throughout 2016. A similar trend of fractional job losses was seen among goods producers.

Input prices faced by service providers in India continued to rise in December. However, with less than 1% of firms indicating higher cost burdens and the remaining respondents signalling no change since November, the rate of cost inflation was only marginal and negligible in the context of historical data. Purchase price inflation at manufacturers picked up, but remained below the series long-run average.

Services charges were lowered for the third successive month amid intense competitive pressures and attempts to stimulate demand. Nevertheless, the rate of discounting was marginal overall. Conversely, goods producers raised their output prices for the tenth straight month, but the rate of inflation eased to the weakest since August.

Indian service providers signalled optimism regarding the 12-month outlook for activity during December, although the level of positive sentiment dipped to the third-lowest in over 11 years of data collection. Evidence highlighted expectations of a rebound in demand in the coming 12 months, but worries towards the speed of the recovery following the rupee demonetization hampered confidence.

Commenting on the Indian Services PMI survey data, Pollyanna De Lima, economist at IHS Markit, and author of the report, said The Indian service economy ended 2016 on a grim note, with the average PMI activity index reading for the Oct-Dec quarter the lowest since early-2014. Combined with the manufacturing PMI, data suggest that Indian GDP is set to grow in Q3 FY16/17, but a slowdown is likely. Of concern, business confidence among service providers plunged to one of the lowest in the series 11-year history, suggesting that an imminent rebound from the rupee-demonetization downturn is unlikely.

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Jindal Leasefin appoints company secretary and compliance officer
Jan 04,2017

Jindal Leasefin announced that the Board of Directors of the Company has appointed Itika Singhal, as the Secretary and Compliance Officer of the Company.

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Oudh Sugar Mills gains as CARE upgrades rating of bank facilities
Jan 04,2017

The announcement was made after market hours yesterday, 3 January 2017.

Meanwhile, the S&P BSE Sensex was up 68.91 points or 0.26% at 26,712.15.

On the BSE, 41,000 shares were traded on the counter so far as against the average daily volumes of 64,327 shares in the past one quarter. The stock had hit a high of Rs 116.50 and a low of Rs 112.50 so far during the day.

The stock had hit a 52-week high of Rs 160.95 on 16 June 2016 and a 52-week low of Rs 33 on 12 February 2016. The stock had outperformed the market over the past one month till 3 January 2017, advancing 6.21% compared with the Sensexs 1.57% rise. The scrip had also outperformed the market over the past one quarter advancing 7.18% as against the Sensexs 5.67% fall.

The small-cap company has equity capital of Rs 11.56 crore. Face value per share is Rs 10.

Oudh Sugar Mills announced that rating agency Credit Analysis & Research (CARE) has upgraded and assigned CARE BBB- (Triple B Minus) rating to long-term bank facilities from banks so accepted by the company.

Oudh Sugar Mills reported net profit of Rs 18.63 crore in Q2 September 2016, as compared to net loss of Rs 19.15 crore in Q2 September 2015. Net sales advanced 31.7% to Rs 330.29 crore in Q2 September 2016 over Q2 September 2015.

Oudh Sugar Mills is engaged in sugar manufacturing. Its segments include sugar, distillery, co-generation and food processing.

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Board of Havells India to consider Q3 and 9M results
Jan 04,2017

Havells India announced that a meeting of Board of Directors of the Company is scheduled to be held on 17 January 2017, inter alia, to consider and approve the Unaudited Standalone Financial Results of the Company for the third quarter and nine months ended 31 December 2016 (Q3).

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Dolphin Offshore Enterprises (India) to announce December quarter results
Jan 04,2017

Dolphin Offshore Enterprises (India) announced that the Meeting of the Board of Directors of the Company will be held on 02 February 2017 to consider interalia the Unaudited Financial Results (Provisional) for the quarter ended 31 December 2016.

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Nandan Denim jumps as RBI raises foreign investment ceiling
Jan 04,2017

Meanwhile, the S&P BSE Sensex was up 28.13 points or 0.11% at 26,671.37.

On the BSE, 1.19 lakh shares were traded on the counter so far as against the average daily volumes of 74,097 shares in the past one quarter. The stock had hit a high of Rs 126.85 and a low of Rs 114 so far during the day.

The stock had hit a 52-week high of Rs 165.80 on 18 May 2016 and a 52-week low of Rs 97.20 on 12 February 2016. It had underperformed the market over the past one month till 3 January 2017, sliding 6.23% compared with the Sensexs 1.57% rise. The scrip had also underperformed the market over the past one quarter declining 18.62% as against the Sensexs 5.67% fall.

The small-cap company has equity capital of Rs 48.05 crore. Face value per share is Rs 10.

The Reserve Bank of India (RBI) yesterday, 3 January 2017, notified that foreign institutional investors (FIIs)/registered foreign portfolios investors (RFPIs) can now invest up to 49% of the paid-up capital of Nandan Denim under the Portfolio Investment Scheme (PIS).

The central bank has stated that Nandan Denim has passed resolutions at its board of directors level and a special resolution by the shareholders, agreeing for enhancing the limit from default 24% to 49% for the purchase of its equity shares by FIIs/RFPIs. The purchases could be made through primary market and stock exchanges.

FIIs held 11.95% stake in Nandan Denim end September 2016.

Nandan Denims net profit rose 4.4% to Rs 16.30 crore on 2.8% growth in net sales to Rs 302.63 crore in Q2 September 2016 over Q2 September 2015.

Nandan Denim is engaged in textile business.

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Ramco Systems spurts after signing multi-million dollar deal
Jan 04,2017

The announcement was made during market hours today, 4 January 2017.

Meanwhile, the BSE Sensex was up 55.02 points, or 0.21%, to 26,698.26.

Higher than average volumes were witnessed on the counter. On the BSE, 78,436 shares were traded in the counter so far, compared with average daily volume of 40,473 shares in the past one quarter. The stock had hit a high of Rs 378.60 and a low of Rs 346.50 so far during the day. The stock had hit a 52-week high of Rs 814 on 3 May 2016. The stock had hit a 52-week low of Rs 286 on 15 December 2016.

The stock had outperformed the market over the past one month till 3 January 2017, rising 6.33% compared with the 1.57% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, declining 26.25% as against Sensexs 5.67% decline.

The small-cap aviation software provider has equity capital of Rs 30.34 crore. Face value per share is Rs 10.

Panasonic Group of companies in Malaysia has signed a multi-million-dollar strategic deal with Ramco Systems Sdn. Bhd. Malaysia part of Ramco Systems to digitize and transform HR and payroll operations for nearly 20,000 employees nationwide on a unified platform.

Panasonic Group of companies in Malaysia, part of the leading Japanese electronics manufacturer, said employees in 21 entities using multiple systems currently will now be powered by integrated Ramco HR software giving a seamless HR experience, group-wide.

Ramco Systems Human Capital Management (HCM) solution will integrate with multiple enterprise applications and finance systems in individual companies for statutory and payroll requirements.

Panasonic Group of companies in Malaysia will lead the digital HR transformation initiative with a cloud-hosted Ramco HCM suite covering core HR, time & attendance, talent management, recruitment, planning & analytics in addition to payroll.

With this initiative, the role of HR Management in Panasonic Group will evolve from administrative roles to more strategic and business transformation roles by leveraging the reporting and analytical capabilities of this new system.

On the part of employees by using this new integrated system, all the tedious and time consuming HR processes will be simplified and fully automated. Employees can now be able to apply leave, manage claims, and pull pay slips using self-service features across various platforms including smart phones, tablets and desktops.

Ramco Systems reported consolidated net loss of Rs 1.17 crore in Q2 September 2016 compared with consolidated net profit of Rs 0.9 crore in Q1 June 2016. Consolidated net sales rose 2.48% to Rs 112.39 crore in Q2 September 2016 over Q1 June 2016.

Ramco Systems is an enterprise software player offering multi-tenanted cloud and mobile-based enterprise software in the area of HCM and Global Payroll, ERP and M&E MRO for Aviation.

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Board of PALCO Company to consider December quarter results
Jan 04,2017

PALCO announced that the Meeting of the Board of Directors of the Company will be held on 10 January 2017, inter alia, to consider the Subject matter mentioned below:

1. To consider and approve the Un-Audited Financial Results for the Quarter ended on 31 December 2016.

2. To consider the resignation of the Statutory Auditor and to appoint the New Auditor in place of the resigned Auditors.

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Board of PALCO Company to consider December quarter results
Jan 04,2017

PALCO announced that the Meeting of the Board of Directors of the Company will be held on 10 January 2017, inter alia, to consider the Subject matter mentioned below:

1. To consider and approve the Un-Audited Financial Results for the Quarter ended on 31 December 2016.

2. To consider the resignation of the Statutory Auditor and to appoint the New Auditor in place of the resigned Auditors.

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Bajaj Hindusthan extends gains
Jan 04,2017

Meanwhile, the S&P BSE Sensex was up 68.32 points or 0.26% at 26,711.56.

On the BSE, 3.51 lakh shares were traded on the counter so far as against the average daily volumes of 4.37 lakh shares in the past one quarter. The stock had hit a high of Rs 15.66 and a low of Rs 15.25 so far during the day.

The stock had hit a 52-week high of Rs 24.20 on 13 June 2016 and a 52-week low of Rs 12.65 on 12 February 2016. It had outperformed the market over the past one month till 3 January 2017, surging 9.5% compared with the Sensexs 1.57% rise. The scrip had, however, underperformed the market over the past one quarter declining 8.76% as against the Sensexs 5.67% fall.

The small-cap company has equity capital of Rs 113.36 crore. Face value per share is Rs 1.

Shares of Bajaj Hindusthan Sugar have risen 4.39% in two trading sessions from its close of Rs 14.78 on 2 January 2017, after the companys announcement after market hours on 2 January 2017, that its board of directors considered seeking necessary approval of shareholders for sale of co-generation business comprising of power generation facility aggregating to 449 megawatts (MW). The stock had risen 2.17% to settle at Rs 15.10 yesterday, 3 January 2017.

The company will seek shareholders nod for entering into contracts/arrangements in respect of the transaction with Lalitpur Power Generation Company (LPGCL) for sale of co-generation power business and also transactions of purchase of power and steam, sale of bagasse, bio gas and water, right to use agreement for use of common facilities, etc.

It may be recalled that the companys board on 20 December 2016, approved the sale and transfer of co-generation power business aggregating 449 MW capacity located at 14 locations to LPGCL, a group company, for a lumpsum cash consideration of about Rs 1800 crore, as a going concern on slump sale basis. The company had at that time said that entire amount of cash consideration is proposed to be utilised by it towards advance repayment of its existing term debt.

Shares of Bajaj Hindusthan Sugar are on a roll recently. The stock has rallied 19.24% in five straight trading sessions from its close of Rs 12.94 on 28 December 2016 to its current ruling price.

Bajaj Hindusthan Sugar reported net loss of Rs 137.71 crore in Q2 September 2016, lower than net loss of Rs 282.72 crore in Q2 September 2015. Net sales rose 13% to Rs 850.08 crore in Q2 September 2016 over Q2 September 2015.

Bajaj Hindusthan Sugar is a sugar and ethanol manufacturing company.

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Board of Silver Oak (India) approves change in directorate
Jan 04,2017

Silver Oak (India) announced that the Board of Directors at their meeting held on 03 January 2017 has transacted the following business:

1. Considered the appointment of Shirish Jaltare as Additional Director of the Company.

2. Considered the resignation of Bhupendra Singh from the post of Whole time Director of the Company.

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