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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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Ujaas Energy receives order for 1 Mwp Solar Power Plant
Jun 09,2017

Ujaas Energy has received letter of award from Numaligarh Refinery for supply, installation, testing and commissioning of 1 Mwp Solar Power Plant at NRL.

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Kellton Tech Solutions allots 11,667 equity shares
Jun 09,2017

Kellton Tech Solutions has allotted 11667 equity shares of Rs 5 each under ESOP on 08 June 2017.

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Pidilite Industries gains as overseas unit to sell Cyclo Division
Jun 09,2017

The announcement was made after market hours yesterday, 8 June 2017.

Meanwhile, the S&P BSE Sensex was down 58.66 points or 0.19% at 31,154.70

On the BSE, 20,000 shares were traded on the counter so far as against the average daily volumes of 45,311 shares in the past one quarter. The stock had hit a high of Rs 811.25 and a low of Rs 801.50 so far during the day. The stock had hit a record high of Rs 813.85 on 6 June 2017 and a 52-week low of Rs 568.75 on 26 December 2016.

The stock had outperformed the market over the past one month till 8 June 2017, rising 6.69% compared with 3.19% rise in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 16.5% as against Sensexs 7.83% rise. The scrip, however, underperformed the market in past one year, rising 13.59% as against Sensexs 16.63% rise.

The large-cap company has equity capital of Rs 51.27 crore. Face value per share is Re 1.

Pidilite Industries said that the companys wholly owned subsidiary Pidilite USA Inc. (PUSA), has entered into an agreement with Niteo Products LLC, USA for sale of business of the Cyclo Division of PUSA. Cyclo Division has been engaged in the business of automobile grooming, performance and maintenance products and other such products. Some of the trademarks used by the Cyclo Division were owned by Pidilite International Pte., Singapore, a wholly owned subsidiary of the company and the same will also stand assigned to Niteo Products LLC, USA.

Pidilite Industries consolidated net profit fell 7.01% to Rs 157.23 crore on 5.07% rise in total income to Rs 1326.30 crore in Q4 March 2017 over Q4 March 2016.

Pidilite Industries is a leading manufacturer of adhesives and sealants, construction chemicals, craftsmen products, DIY (Do-It-Yourself) products and polymer emulsions in India.

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DQ Entertainment recovers on bargain hunting
Jun 09,2017

Meanwhile, the S&P BSE Sensex was down 61.67 points, or 0.2% at 31,151.69. The S&P BSE Small-Cap index was up 53.03 points, or 0.34% at 15,525.58.

On the BSE, 19,000 shares were traded on the counter so far as against the average daily volumes of 24,458 shares in the past one quarter. The stock had hit a high of Rs 16.10 so far during the day. The stock had hit a low of Rs 14.50 so far during the day which is also its 52-week low. The stock had hit a 52-week high of Rs 29.85 on 1 November 2016.

The stock had underperformed the market over the past one month till 8 June 2017, declining 30.35% compared with the Sensexs 4.3% rise. The scrip had also underperformed the market over the past one quarter declining 25.06% as against the Sensexs 8% rise. The scrip had also underperformed the market over the past one year declining 47.73% as against the Sensexs 15.52% rise.

The small-cap company has equity capital of Rs 79.28 crore. Face value per share is Rs 10.

Shares of DQ Entertainment (International) had declined 17.78% in the preceding two trading sessions to settle at Rs 14.80 yesterday, 8 June 2017, from its close of Rs 18 on 6 June 2017.

DQ Entertainment (International) reported consolidated net loss of Rs 283.70 crore in Q4 March 2017, compared with net profit of Rs 26.03 crore in Q4 March 2016. Total income fell 93.5% to Rs 6.29 crore in Q4 March 2017 over Q4 March 2016.

DQ Entertainment (International) is engaged in the business of providing services relating to animation production for television and film production companies.

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Hindustan Copper provide update on operations at Surda mine
Jun 09,2017

Hindustan Copper has received Notice from India Resources, Special Purpose Vehicle of Eastern Goldfields stating to have purportedly terminated the contract for operation and maintenance of Surda mine located at Ghatshila, Jharkhand with effect from C Shift of 2 June 2017.

Hindustan Copper has appointed an agency for re-starting the operations at Surda mine. The Company has floated tender for award of fresh contract for long term operations and maintenance of Surda mine.

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Hindustan Copper provides update on operations at Surda mine
Jun 09,2017

Hindustan Copper has received Notice from India Resources, Special Purpose Vehicle of Eastern Goldfields stating to have purportedly terminated the contract for operation and maintenance of Surda mine located at Ghatshila, Jharkhand with effect from C Shift of 2 June 2017.

Hindustan Copper has appointed an agency for re-starting the operations at Surda mine. The Company has floated tender for award of fresh contract for long term operations and maintenance of Surda mine.

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Board of Sunteck Realty approves sub-division of equity shares
Jun 09,2017

Sunteck Realty announced that the Board of Directors of the Company at its meeting held on 08 June 2017, inter alia, have approved the following matters subject to the approval of Shareholders of the Company.

1. Sub-division of the Equity Shares of face value of Rs. 2/- each into Equity Shares of face value of Re. 1/- each and consequently amendment of the Capital Clause of Memorandum of Association of the Company.

2. Alteration of Memorandum and Articles of Association of the Company in compliance to Companies Act, 2013.

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Cybele Industries announces change in website
Jun 09,2017

Cybele Industries announced that the Companys website is changed to cybele.co.in from the existing website qflexcable.com.

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Zee Learn allots 2,35,000 equity shares
Jun 09,2017

Zee Learn has allotted 2,35,000 equity shares under ESOP on 08 June 2017. Consequently, the paid up equity share capital has increased to 324,000,256 equity shares of Re 1 each.

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Akzo Nobel India to pay dividend
Jun 09,2017

Akzo Nobel India announced that dividend if approved at the AGM, will be paid by 30 August 2017.

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Videocon Industries biggest loser on BSEs A group
Jun 09,2017

Videocon Industries hit a lower circuit limit of 5% at Rs 28.55. The stock topped the losers in A group. On the BSE, 31,000 shares were traded on the counter so far as against the average daily volumes of 37,000 shares in the past two weeks.

United Breweries declined 3.44% at Rs 792.30. The stock was the second biggest loser in A group. On the BSE, 17,000 shares were traded on the counter so far as against the average daily volumes of 24,000 shares in the past two weeks.

Housing Development & Infrastructure (HDIL) fell 3.21% at Rs 85.90. The stock was the third biggest loser in A group. On the BSE, 16.63 lakh shares were traded on the counter so far as against the average daily volumes of 27.69 lakh shares in the past two weeks.

Tech Mahindra skid 2.88% at Rs 385.95. The stock was the fourth biggest loser in A group. On the BSE, 1.76 lakh shares were traded on the counter so far as against the average daily volumes of 5.31 lakh shares in the past two weeks.

Max Financial Services tumbled 2.65% at Rs 604.50. The stock was the fifth biggest loser in A group. On the BSE, 48,000 shares were traded on the counter so far as against the average daily volumes of 3.43 lakh shares in the past two weeks.

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Ind-Ra: Capital Expenditure May be the Soft Target to Accommodate Maharashtra Farm Loan Waiver
Jun 09,2017

The Maharashtra farm loan waiver of INR 300 billion for small and marginal farmers will push up states fiscal deficit to 2.71% (budgeted: 1.53%) in FY18 of gross state domestic product (GSDP) and in order to manage the elevated debt levels the state could reduce expenditure on capital formation, says India Ratings and Research (Ind-Ra). Ind-Ra believes the loan waiver is likely to reduce the fiscal space for the government to undertake higher capital expenditure over the medium-term, thus affecting its medium-term growth prospects.

Ind-Ra estimates that the debt/GSDP will rise to 17.44% against the budgeted 16.26% in FY18. Ind-Ra assesses the impact however will depend on whether the entire loan waiver is absorbed in FY18 or is staggered over a period of three to four years.

The Chief Minister of Maharashtra has promised a farm loan waiver of INR300 billion to small and marginal farmers of the state on 4 June 2017. Ind-Ra opines that the pressure on Maharashtras fiscal position would be less intensive if the debt waiver is absorbed in the state finances in a staggered manner. Ind-Ra estimates the fiscal deficit to increase by 29.5bp to 1.82% of GSDP in FY18 if the loan waiver is phased equally (INR75 billion) over a four-year period. In this scenario, the fiscal deficit/GSDP is estimated to increase by 22bps-27bps over FY19-FY21. However, despite fiscal deficit expansion, it is likely to remain within the 14th Finance Commissions prescribed limit of 3% of GSDP.

Ind-Ra estimates debt/GSDP to increase to 17.44% in FY18 (with entire waived amount absorbed in FY18) as against the budgeted 16.26%. The state has budgeted debt stock at INR4,129.92 billion for FY18. With the loan waiver, this will rise to INR4,429.92 billion. Ind-Ra believes that the elevated debt levels will raise concern that the state could reduce expenditure on capital formation. The share of capital expenditure in total expenditure averaged 16.6% during FY10-FY17 (revised estimate). Deficits in the revenue account persisted during this period due to large interest payments. Interest payment (INR341.27 billion) to revenue expenditure ratio is budgeted at 13.75% for FY18. The state government has budgeted capex at 15.21% of total expenditure in FY18.

This is the second farm waiver announced by a state this year after Uttar Pradesh and farmers in states namely Madhya Pradesh, Punjab and Tamil Nadu are also demanding similar waivers.

Ind-Ra had highlighted in the report the negative implication that debt waivers have on credit culture. The debt waiver announced can significantly impact the credit culture among the agriculture communities in other states. More importantly demand for debt waiver may also come in from other states as well. The waivers may mask the delinquencies for the time being. Nevertheless, it carries the risk of significantly impairing asset quality going forward. The unintended outcome of this could be reduced availability of credit to the farmers from banks, forcing them to resort to the unorganised lending sector.

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Siti Networks gallops after large bulk deal
Jun 09,2017

Meanwhile, the S&P BSE Sensex was down 57 points or 0.18% at 31,156.36. The BSE Small-Cap index was up 60.47 points or 0.39% at 15,533.02.

Bulk deal boosted volume on the scrip. On the BSE, 1.77 crore shares were traded on the counter so far as against average daily volumes of 8.59 lakh shares in the past one quarter. The stock had hit a high of Rs 32 and a low of Rs 28.50 so far during the day. The stock had hit a 52-week high of Rs 41.35 on 20 December 2016. The stock had hit a 52-week low of Rs 26.15 on 6 June 2017.

The stock had underperformed the market over the past one month till 8 June 2017, falling 10.87% compared with 3.19% rise in the Sensex. The scrip had also underperformed the market in past one quarter, declining 25.23% as against Sensexs 7.83% rise. The scrip had also underperformed the market in past one year, sliding 24.93% as against Sensexs 16.63% rise.

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

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 3.95% to Rs 325.52 crore in Q4 March 2017 over Q4 March 2016.

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

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Adani Transmission gains on bargain hunting
Jun 09,2017

Meanwhile, the S&P BSE Sensex was down 44.24 points, or 0.14% to 31,169.12.

On the BSE, 3.99 lakh shares were traded in the counter so far, compared with average daily volumes of 3.92 lakh shares in the past one quarter. The stock had hit a high of Rs 118.05 and a low of Rs 108.40 so far during the day. The stock hit a record high of Rs 137 on 5 June 2017. The stock hit a 52-week low of Rs 30.30 on 9 June 2016.

The stock had outperformed the market over the past one month till 8 June 2017, rising 49.70% compared with 3.19% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 83.19% as against Sensexs 7.83% rise. The scrip had also outperformed the market in past one year, rising 240.87% as against Sensexs 16.63% rise.

The large-cap company has equity capital of Rs 1,099.81 crore. Face value per share is Rs 10.

Shares of Adani Transmission fell 14.24% in four trading sessions to settle at Rs 113.85 yesterday, 8 June 2017, from its close of Rs 132.75 on 2 June 2017.

On a consolidated basis, net profit of Adani Transmission declined 5.18% to Rs 94.90 crore on 30.93% rise in net sales to Rs 835.52 crore in Q4 March 2017 over Q4 March 2016.

Adani Transmission is into power transmission business and is a part of business conglomerate Adani Group.

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Indiabulls Real Estate allots NCDs aggregating Rs 75 crore
Jun 09,2017

Indiabulls Real Estate has allotted secured redeemable NCDs of Rs 10 lakh each aggregating Rs 75 crore on private placement basis on 08 June 2017.

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