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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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Power Grid Corporation of India enters into loan agreement with Asian Development Bank
Apr 06,2017

Power Grid Corporation of India has entered into loan agreement with Asian Development Bank on 05 April 2017 for an amount of USD 225 million (including USD 50 million as Clean Technology Fund) for part of its transmission projects associated with Solar Power Parks.

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Capital First allots NCDs aggregating Rs 500 crore
Apr 06,2017

Capital First announced that the Debenture Committee vide Resolution passed by Circulation on 05 April 2017 has inter - alia approved allotment of 5000 NCDs having Face Value of Rs. 10,00,000 each. The said NCDs shall be listed on National Stock Exchange of India

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Cabinet approves closure of Mahatma Gandhi Pravasi Suraksha Yojana
Apr 06,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved closure of the Mahatma Gandhi Pravasi Suraksha Yojana (MGPSY) which was set up in 2012 to address the social security-related issues of the Emigration Check Required (ECR)-category workers going abroad for employment to ECR countries.

The subscription under the MGPSY was very low and no new subscription was received for more than a year. Closure of the scheme will, therefore, obviate the avoidable recurring administrative and record-keeping expenditure.

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Reliance Defence beefs up after plans to approve rights issue
Apr 06,2017

The announcement was made after market hours yesterday, 5 April 2017.

Meanwhile, the S&P BSE Sensex was down 86.22 points, or 0.29%, to 29,888.02. The S&P BSE Mid-Cap index was down 19.05 points or 0.13% to 14,236.50.

On the BSE, 3.56 lakh shares were traded in the counter so far, compared with average daily volumes of 6.55 lakh shares in the past one quarter. The stock had hit a high of Rs 69.50 and a low of Rs 66.80 so far during the day.

The stock had hit a 52-week high of Rs 72.85 on 1 August 2016. The stock had hit a 52-week low of Rs 48.40 on 22 November 2016. It had outperformed the market over the past one month till 5 April 2017, advancing 11.54% compared with the Sensexs 3.96% rise. The scrip had also outperformed the market over the past one quarter, gaining 20.32% as against the Sensexs 11.52% rise.

The mid-cap company has equity capital of Rs 736.21 crore. Face value per share is Rs 10.

Reliance Defence said that the rights issue was earlier approved at the board meeting held on 22 April 2016.

The companys board will also announce companys Q4 results on 11 April 2017.

Reliance Defence & Engineering reported net loss of Rs 132.71 crore in Q3 December 2016 as against net loss of Rs 293.60 crore in Q3 December 2015. Net sales rose 142.8% to Rs 120.94 crore in Q3 December 2016 over Q3 December 2015.

Reliance Defence and Engineering (RDEL) has a large ship building/repair infrastructure in India. It has one of the largest dry dock in the world.

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Amrapali Fincap announces resignation of company secretary and compliance officer
Apr 06,2017

Amrapali Fincap announced that Chinmay Methiwala has resigned from the post of Company Secretary and Compliance officer of the Company w.e.f. 05 April 2017.

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HDFC Bank grants 1,68,65,850 equity stock options
Apr 06,2017

HDFC Bank has granted 1,68,65,850 equity stock options of the face value of Rs. 2/- (options) each to the eligible employees of the Bank at the grant price of Rs. 1433.20

Under the current Scheme, 7,01,600 options are being granted to Aditya Puri, Managing Director, 3,19,000 options to Paresh Sukthankar, Deputy Managing Director and 2,32,000 options to Kaizad Bharucha, Executive Director, all subject to the approval of the Reserve Bank of India. The options were granted under the Scheme titled ESOS 27 in terms of SEBI (Share Based Employee Benefits) Regulations, 2014.

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Keynote Corporate Services announces change in directorate
Apr 06,2017

Keynote Corporate Services announced that Vineet Suchanti has resigned as Managing Director of the Company with immediate effect. He will continue to be a Non-Executive Director of the Company.

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Firstsource Solutions allots 92,775 Equity shares
Apr 06,2017

Firstsource Solutions has allotted 92,775 Equity shares of Rs.10/- each bearing distinctive numbers 681,215,563 to 681,308,337 on 24 March 2017, under Employee Stock Option Scheme 2003 of the Company. Consequent to the said allotment, the paid up capital of the Company has increased to Rs. 6,813,083,370 consisting of 681,308,337 Equity shares of Rs.10/- each

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Kinetic Engineering advances on proposal to issue preferential shares
Apr 06,2017

The announcement was made after market hours yesterday, 5 April 2017.

Meanwhile, the S&P Sensex was down 71.59 points, 0.24% at 29,902.65. The S&P BSE Small-cap index was up 19.80 points, 0.13% at 14,804.48.

On the BSE, 2,751 shares were traded on the counter so far as against the average daily volumes of 18,963 shares in the past one quarter. The stock had hit a high of Rs 84.50 and a low of Rs 79 so far during the day.

The stock had hit a 52-week high of Rs 109.80 on 3 November 2016 and a 52-week low of Rs 69.55 on 22 March 2017. The stock had underperformed the market over the past one month till 5 April 2017, advancing 0.79% compared with the Sensexs 3.96% rise. The scrip had also underperformed the market over the past one quarter declining 10.24% as against the Sensexs 11.52% rise.

The small-cap company has equity capital of Rs 16.73 crore. Face value per share is Rs 10.

Kinetic Engineering said that a meeting of the board of directors of the company has been scheduled on Saturday, 8 April 2017, to consider the proposal of preferential issue of shares.

Kinetic Engineering reported net loss of Rs 4.86 crore in Q3 December 2016, as compared with net loss of Rs 0.21 crore in Q3 December 2015. Net sales rose 26.7% to Rs 19.57 crore in Q3 December 2016 over Q3 December 2015.

Kinetic Engineering manufactures a variety of automobile components.

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Jindal Steel & Power provides performance update
Apr 06,2017

Jindal Steel & Power announced that it has achieved production and sales of over 4.8 Million Tonne in FY 2016-17. Jindal Shadeed Oman clocked highest ever production and sales, by recording an over 20% risein Production and over 17% rise in Sales. Jindal Shadeed produced over 1.33 Million Tonnes of Steel and recorded Sales of over 1.31 Million Tonnes during FY 2016-17.

JSPL Consolidated 4Q FY 2016-17 Performance -

JSPLs Q4 consolidated Steel Production at 1.3 Million Tonne, recorded 12.3% Quarter-on-Quarter rise.

JSPLs Q4 consolidated Steel Sales at 1.34 Million Tonne, recorded 11.2%Quarter-on-Quarter rise.

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IndusInd Bank edges higher after capital raising plans
Apr 06,2017

The announcement was made after market hours yesterday, 5 April 2017.

Meanwhile, the S&P BSE Sensex was down 58.30 points or 0.19% at 29,915.94.

On the BSE, 4,372 shares were traded on the counter so far as against the average daily volumes of 1.58 lakh shares in the past one quarter. The stock had hit a high of Rs 1,407.70 and a low of Rs 1,397.50 so far during the day. It had hit a record high of Rs 1,440 on 31 March 2017 and a 52-week low of Rs 935.05 on 8 April 2016.

It had outperformed the market over the past one month till 5 April 2017, advancing 7.62% compared with the Sensexs 3.96% rise. The scrip had also outperformed the market over the past one quarter, gaining 24.19% as against the Sensexs 11.52% rise.

The large-cap bank has equity capital of Rs 598.15 crore. Face value per share is Rs 10.

IndusInd Bank said it proposes to raise funds by issue and allotment of rated, listed, non-convertible, perpetual, subordinated and unsecured Basel III compliant bonds in the nature of debentures towards non-equity regulatory additional tier I capital (AT1 bonds), for face value of Rs 10 lakh each for cash aggregating to Rs 1000 crore on private placement basis.

The board of directors of the bank shall consider the proposal for issuance and allotment of the above securities via circular resolution. Upon receipt of approval of the board of directors, the bank shall intimate the date of passing of the circular resolution and other details of the issue.

IndusInd Banks net profit rose 29.2% to Rs 750.64 crore on 22.9% growth in total income to Rs 4716.13 crore in Q3 December 2016 over Q3 December 2015.

IndusInd Bank is a leading private sector bank in India.

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US stocks end in the red
Apr 06,2017

U.S. stocks ended lower on Wednesday, 05 April 2017 suffering a late selloff after minutes of the Federal Reserves March meeting showed policy makers plan to begin unwinding the central banks gigantic balance sheet before the end of the year. Stocks started strong out of the gate following an upbeat ADP Employment Change Report on Wednesday morning, but the hawkish tone of the FOMC Minutes prompted an afternoon retreat.

The Dow Jones Industrial Average which had earlier been up nearly 200 points, closed with a loss of 41.09 points, or 0.2%, at 20,648.15. The Nasdaq Composite Index which had reached an all-time intraday high of 5,936.39, closed down 34.13 points, or 0.6%, to 5,864.48. The S&P 500 which had been up 18 points earlier in the session, finished down 7.21 points, or 0.3%, at 2,352.95

19 of the 30 blue-chip companies finished lower. Shares of J.P. Morgan Chase & Co, Cisco Systems and IBM led decliners.

Nine of the 11 main sectors closed lower with financials and telecom stocks leading decliners. Energy shares finished down 0.3% after leading gains earlier in the session.

Markets appeared to shrug off geopolitical news coming from North Korea, which launched another intermediate-range missile, and a chemical attack in Syria that left hundreds dead. There was also little reaction to news that Jeffrey Lacker, a hawkish policy maker who isnt a voting member of the Federal Open Market Committee, dramatically quit on Tuesday after disclosing he leaked confidential material on the central banks plans.

The release of the minutes from the Federal Reserves meeting in March revealed that it would like to start reducing the Feds balance sheet later in the year. In addition, the Minutes showed that some Fed officials are worried about high equity valuations. Stocks held steady immediately following the report, but the hawkish tone eventually seeped in, sending the cash market into the red.

The minutes indicated that the Fed is likely to start shrinking its balance sheet this year in line with its tighter monetary-policy regime. Higher rates tend to strengthen the dollar which in turn makes assets priced in the U.S. currency more expensive.

The two-day summit between Trump and Chinas President Xi was still in focus for investors, who are looking for clues on ramifications for trade and the dollar. Xis visit to Mar-a-Lago in Florida begins Thursday.

Among economic data expected for the day, investors received March ADP Employment Change, March ISM Services, and the weekly MBA Mortgage Applications Index. The ADP National Employment Report showed an increase of 263,000 in March (consensus 175,000) while the February reading was revised lower to 245,000 from 298,000. The ADP reading precedes Fridays more influential Employment Situation Report for March, which the consensus expects will show the addition of 180,000 nonfarm payrolls. The Employment Situation Report for February indicated that nonfarm payrolls increased by 235,000.

The ISM Services Index for March declined to 55.2 from an unrevised reading of 57.6 in February while the consensus expected a downtick to 57.0. The key takeaway from the report is that growth in the services sector, which accounts for a much bigger slice of economic activity than the manufacturing sector does, persisted for the 87th straight month.

Separately, the weekly MBA Mortgage Applications Index decreased 1.6% to follow last weeks 0.8% decline.

Crude oil futures ended modestly higher on Wednesday, 05 April 2017 trimming sharp, early gains, after government data showed an unexpected rise in U.S. crude inventories, disappointing bullish traders looking for signs of shrinking stockpiles.

Crude oil for May delivery rose 12 cents or 0.2%, to close at $51.15 a barrel, but well off a session high of $51.88. Brent oiln++the international benchmarkn++rose 19 cents, or 0.4%, to close at $54.36 a barrel.

But upside momentum was dented after the Energy Information Administration said U.S. crude inventories rose by 1.6 million barrels last week. Market had forecast a 200,000 barrel decline in inventories. There was some disappointment in smaller-than-expected declines in gasoline and distillate inventories, which fell by 600,000 barrels and 500,000 barrels, respectively. Market had forecast a 1.6 million barrel drop in gasoline demand and a 700,000 barrel fall in distillate supplies, which include diesel and heating oil.

Gold prices retreated on Wednesday, 05 April 2017 at Comex after a reading of private-sector employment came in stronger than expected, steering buying to assets perceived as risky such as stocks.

June gold fell $9.90, or 0.8%, to settle at $1,248.50 an ounce, logging its first decline out of the past four sessions. Silver for May delivery dropped 13 cents, or 0.7%, to settle at $18.18 an ounce.

In the Treasury market, Treasuries experienced increased demand in the wake of the FOMC Minutes. The benchmark 10-yr yield finished four basis points lower at 2.33%.

Tomorrow, March Challenger Job Cuts will be released at 7:30 ET while Initial Claims (consensus 245,000) will cross the wires at 8:30 ET.

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Cabinet approves MoU between India and Bangladesh for fairway development
Apr 06,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved MoU between India and Bangladesh for fairway development of Ashuganj-Zakiganj stretch of Kushiyara river and Sirajganj-Daikhawa stretch of Jamuna river in the Indo-Bangladesh protocol route by undertaking necessary dredging jointly by the two countries.

The MoU will considerably reduce the logistics cost of cargo movement to North Eastern India. It will also reduce the congestion through the Siliguri Chickens Neck corridor.

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JSW Steel to issue fixed rate senior unsecured notes
Apr 06,2017

JSW Steel announced that finance committee of the Company has approved the issuance of fixed rate senior unsecured notes aggregating USD 500 million and has approved the pricing, tenure and other terms of the notes. The proceeds of the notes will be used by the Company to repay external commercial borrowing loans, for capital expenditure or any other purpose in accordance with the ECB regulations. The date of allotment is 12 April 2017 and maturity date is 13 April 2022. The notes will be listed on the Singapore Exchange Securities Trading.

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Cabinet approves MoU between India and France on Technical Cooperation in Civil Aviation
Apr 06,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval to the Memorandum of Understanding (MoU) between the Airports Authority of India (AAI) and its French counterpart, Civil Aviation Authority (DGAC), France to implement Technical Cooperation Program in civil aviation sector.

The Technical Cooperation Program will be beneficial for enhancement of skills and expertise of AAIs officers. This MoU is also beneficial for imparting training of engineers, technicians, managers etc.

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