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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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Electrotherm (India) announces resignation of director
May 17,2017

Electrotherm (India) announced the resignation of Chaitanyapratap Sharma, Independent & Non-Executive Director with immediate effect.

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Hindusthan National Glass & Industries announces demise of director
May 17,2017

Hindusthan National Glass & Industries announced the sad demise of the Chairman and Promoter Chandra Kumar Somany on 17 May 2017.

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Cabinet approves construction of electrified third line between Manmad-Jalgaon in Maharashtra
May 17,2017

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, has approved the construction of electrified third line between Manmad-Jalgaon in Maharashtra.

The total length of the Manmad-Jalgaon line will be 160 km. The estimated cost of the Project will be Rs.1035.16 crore with expected completion cost of Rs.1198.92 crore. The project is likely to be completed in next five years.

Construction of third line will greatly ease the ever increasing passenger and freight traffic on Manmad-Jalgaon route thereby increasing the revenue of Railways. Jalgaon and Nashik districts of Maharashtra will be covered by this route.

Background:

Manmad-Jalgaon section caters to the traffic of Delhi-Mumbai and Kolkata-Mumbai corridors. Two double line tracks from Wardha and Itarsi, respectively, converge at Bhusawal. Work of 3rd and 4th line in Jalgaon-Bhusawal section is already under progress. Operations on the section have already reached to saturation. The third line between Manmad-Jalgaon section is imperative and inescapable.

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ICICI Bank allots 286,000 equity shares
May 17,2017

ICICI Bank has allotted 286,000 equity shares under ESOS on 15 May 2017.

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Board of Dr Lal Pathlabs approves allotment of shares under ESOP
May 17,2017

Dr Lal Pathlabs announced that the Board of Directors of the Company on 17 May 2017 approved allotment of 2,66,560 equity shares under the ESOP 2010 Plan of the Company.

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Jumbo Bag commences commercial production at new unit in Thiruvallur
May 17,2017

Jumbo Bag has successfully commenced the commercial production in the new manufacturing unit at Peruvoyal Village, Thiruvallur District (Tamil Nadu) w.e.f. 17 May 2017.

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Manali Petrochemicals appoints director
May 17,2017

Manali Petrochemicals has appointed C Subash Chandra Bose as Whole Time Director of the Company

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Polaris Consulting & Services allots 45,080 equity shares
May 17,2017

Polaris Consulting & Services has allotted 45,080 equity shares under ASOP.

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Outcome of board meeting of Emerald Leisures
May 17,2017

Emerald Leisures announced that the Board of Directors of the Company, at their meeting held on Wednesday 17 May 2017 have considered and approved the following matters:

(i) Took note and confirmed the appointment of Nilesh P. Kelkar as the Company Secretary & Compliance Officer of the Company with effect from 01 March 2017.

(ii) Reclassification of Authorized Share Capital of the Company, subject to an approval of the shareholders in General Meeting;

(iii) Increase the Authorized Share Capital of the Company, subject to an approval of the shareholders in General Meeting;

(iv) Approved issue of 40,00,000 warrants convertible into Non-Convertible Non-Cumulative Redeemable Preference Shares of face value Rs. 100/- each for an aggregate to Rs. 40 crore in one or more tranches on preferential basis to only promoter group, however this securities will not be listed at any Stock Exchange, subject to approval of the shareholders of the Company. The tenure is for a period not exceeding 10 years from the date of allotment and the same will be redeemed in accordance with section 55 of the Companies Act, 2013.

(v) Authorize Committee of Board of Directors to finalize Notice of General Meeting to be issued to the shareholders of the Company.

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Cabinet approves Signing of Fuel Supply Agreement (FSA) with Letter of Assurance (LoA) holders of Thermal Power Plants(TPPs)
May 17,2017

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, has approved the signing of Fuel Supply Agreement (FSA) with the Letter of Assurance (LoA) holders. Allocation of linkages for power sector shall be based on auction of linkages or through Power Purchase Agreement (PPA) based on competitive bidding of tariffs except for the State and the Central Power Generating companies and the exceptions provided in Tariff Policy, 2016. Coal drawal will be permitted against valid Long Term PPAs and to be concluded Medium Term PPAs.

The approved framework ensures that all projects with linkages are supplied coal as per their entitlement. This will ensure the rights of coal supplies for FSA holders and signing of FSA with LoA holders.

Allocation of linkages in future will be transparent and bidding based, barring some exceptions as per Tariff Policy. Future allocation/grant of linkages will be based on auction and/or tariff based bidding. It attempts to make optimal allocation of the vital natural resource across the power units.

The salient features of the SHAKTI are as follows:

i. TPPs having LoA shall be eligible to sign FSA after ensuring that the plants are commissioned, respective milestones met, all specified conditions of the LoA fulfilled within specified timeframe and where nothing adverse is detected against the LoA holders and the TPPs are commissioned before 31.03.22.

ii. TPPs, part of 78000 MW, that could not be commissioned by 31.03.15 shall now be eligible for coal drawal if the plants are commissioned before 31.03.22.

iii. Actual coal supplies to all TPPs shall be to the extent of long term PPAs or medium term PPAs to be concluded in future.

iv. Future coal linkages shall be granted as per the following provisions:

a) To Central and State Gencos, on recommendations of Ministry of Power (MoP).

b) Coal linkages shall be granted on auction basis for Independent Power producers (IPPs) with PPA based on domestic coal. The IPPs participating in auction will bid for discount on the existing tariff. The discount on tariff would be adjusted from the gross amount of bill at the time of billing.

c) The future coal linkages for supply of coal to IPPs without PPA shall be on the basis of auction where bidding for linkage shall be done over the Notified Price of Coal Company. The LoA shall be issued to the successful bidders and FSA signed after meeting the terms of LoA.

d) Linkages shall be earmarked to the States where any linkage quantity unutilized for two years shall lapse. States may indicate the earmarked linkages to the DISCOMs/SDAs, who may:

n++ Undertake tariff based competitive bidding on long-term and medium-term PPAs and allot these linkages to the successful bidder; or

n++ Assign these linkages to capacities that are covered under exceptions and proviso clauses of para 5.2 of the Tariff Policy dated 28.01.16.

e) Power requirement of group of States can be aggregated and procurement of power on tariff based bidding shall be made by a designated agency. Coal linkages shall be earmarked for such agency.

f) Linkages, for full normative quantity, shall be granted for setting up Ultra Mega Power Projects (UMPP).

g) Coal linkages, for IPPs having PPA based on imported coal, shall be made available through a transparent bidding process.

Policy directions will be issued by the Ministry of Coal and Ministry of Power and will be implemented by CIL (Coal India Ltd.) / SCCL (Singareni Collieries Company Ltd.) and different power entities of the State and Central Government.

Background:

The coal supply to the TPPs has been made as per the provisions of the New Coal Distribution Policy (NCDP), 2007. Till 2010, CIL had issued LoA for approximately 1,08,000 MW capacity and no new LoAs were issued thereafter due to the prevailing scarcity scenario. The CCEA decision of 21.06.13 directed CIL to sign FSA with TPPs of about 78,000 MW capacity. The coal availability scenario has, now, emerged from scarcity to adequacy. In this adequate coal availability scenario, the present policy proposes a fading away of the old linkage allocation policy and emergence of a new linkage allocation policy based on transparent and objective criteria for the optimal utilisation of the natural resources.

Coal linkage to the power sector is governed by provisions of the NCDP, 2007. Under the NCDP, a system of issuance of LoA was introduced wherein requests for Linkage/LoA are forwarded to MoP for its recommendations. These recommendations are placed before the Standing Linkage Committee (SLCLT) which authorizes issue of LoA.

POLICY HIGHLIGHTS

I. Existing Regime

n++ FSA to be signed with the existing LoA holders

-About 28,000 MW

-Plants have to be commissioned within 31.03.2022

-Respective milestones are met

-All LoA conditions fulfilled in specified time frame

-Nothing adverse is detected

n++ TPPs which are part of 78000 MW, to get coal if commissioned within 31.03.2022

n++ TPPs to get coal at existing rate (@75% of ACQ)

n++ Coal supply to increase on coal availability

II. New Regime (SHAKTI, 2017)

n++ State/Central Gencos & their JVs to get coal linkages as per MoP recommendations

n++ Coal Linkage on auction basis for IPPs:

-Having PPA based on Domestic Coal

n++ Bid for discount in existing tariff (paise/unit)

n++ A minimum discount in tariff to be determined

n++ Discount to be adjusted from gross amount at time of billing

-Without PPA

n++ Bid for linkages over CIL notified price

n++ PPA to be submitted within 2 years

-Having PPA based on Imported Coal

n++ Transparent bidding process of linkages

n++ Methodology to be formulated by MoC & MoP

n++ Future Medium Term PPAs also to be eligible for linkage coal

n++ Coal linkages for full normative quantity of UMPPs on tariff based competitive bidding

n++ Coal linkages to be earmarked to States for

- Tariff based competitive bidding for PPA; OR

-Grant to capacities covered under exceptions in Tariff Policy dated 28.01.16, namely,

n++ One time capacity addition of up to 100% of existing capacity

n++ Plant set up under a notified policy of State Government for investment promotion (maximum 35% can be procured by State Discom)

-State to decide from above two, in public interest and requirement

-Linkage quantity unutilised for 2 years to lapse

n++ Power requirement of group of States can be aggregated

- Linkage to agency designated by MoP/States

-Agency to undertake tariff based competitive bidding

III. Benefits of the Policy

n++ Coal available to all Power Plants in transparent and objective manner

n++ Auction to be made the basis of linkage allocations to IPPs; cheaper and affordable POWER FOR ALL

n++ The Stress on account of non-availability of linkages to Power Sector Projects shall be overcome. Good for the Infrastructure and banking Sector

n++ PPA holders to reduce tariff for linkage; Direct benefit of reduced tariff to Discom/consumers

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Cabinet approves Pan-India implementation of Maternity Benefit Program
May 17,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given ex-post facto approval to Pan-India implementation of Maternity Benefit Program which now has been extended to all districts of the country w.e.f. 01.01.2017. The Prime Minister in his address to the nation on 31.12.2016 had announced Pan-India implementation of Maternity Benefit Program.

The Maternity Benefit Program will provide compensation for the wage loss in terms of cash incentives so that the women can take adequate rest before and after delivery and not be deprived of proper nutrition.

The total cost of the proposal for the period from 01.01.2017 to 31.03.2020 including Central and State Government share isRs.12,661crore. Government of Indias share during the period 01.01.2017 to 31.03.2020 comes to around Rs. 7932 crore.

Objective of the Scheme

i)        To provide partial compensation for the wage loss in terms of cash incentives so that the woman can take adequate rest before and after delivery of the first living child.

ii)      The cash incentives provided would lead to improved health seeking behaviour amongst the Pregnant Women and Lactating Mother (PW&LM) to reduce the effects of            under-nutrition namely stunting, wasting and other related problems.

Target Group

All eligible Pregnant Women and Lactating Mothers (PW&LM), excluding the Pregnant Women and Lactating Mothers who are in regular employment with the Central Government or State Government or Public Sector Undertakings or those who are in receipt of similar benefits under any law for the time being. It has been decided to give the benefit of Rs.5000/- to PW&LM in three installment for the birth of the first live child by MWCD and the remaining cash incentive as per approved norms towards Maternity Benefit under existing programmes after institutional delivery so that on an average, a woman will get ? 6000/-.

Conditions and installments

Pregnant Women and Lactating Mothers who are eligible will receive a cash benefit of Rs.5,000/- in three installment at the following stages as specified in the table given below:

Cash TransferConditionsAmount (in Rs)

First installment

n++   Early Registration of Pregnancy.

1,000/-

Second installment

n++   Received at least one antenatal Check-up (after 6 months of pregnancy)

2,000/-

Third installment

n++   Child birth is registered.
n++   Child has received first cycle of BCG, OPV, DPT and Hepatitis-B or its equivalent/substitute.

2,000/-

The eligible beneficiaries would continue to receive the remaining cash incentive as per approved norms towards Maternity Benefit under existing programmes after institutional delivery so that on an average, a woman will get Rs 6000/-.

Mode of cash transfer to the Beneficiaries

The conditional cash transfer scheme would be in DBT mode.

Background:

The Government of India is committed to ensure that every woman gets adequate support and health care during pregnancy and at the time of delivery and every newborn is immunized on time which is the foundation for better health of the mother and the newborn. Normally, the first pregnancy of a woman exposes her to new kinds of challenges and stress factors. Hence, the scheme intends to provide support to the mother for safe delivery and immunization of her first living child. The improved health care seeking behaviour of the PW&LM would lead to better health status for the mother and the child.

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Cabinet approves Industry-Academia Collaborative Mission for accelerating discovery research to early development for biopharmaceuticals
May 17,2017

The Cabinet Committee on Economic Affairs chaired by the Prime Minister Shri Narendra Modi has given its approval for Industry-Academia Collaborative Mission for accelerating discovery research to early development for biopharmaceuticals - Innovate in India (13) empowering biotech entrepreneurs & accelerating inclusive innovation to be funded by the Government of India. The Mission will be implemented by Biotechnology Industry Research Assistance Council (BIRAC) - a Public Sector Undertaking of Department of Biotechnology (DBT).

The Mission Program would be a Pan-India program. The key focus areas of the program would aid in preparing Indias technological and product development capabilities in the biopharmaceutical sector to a level that it is globally competitive over the next 10-15 years and will transform the health standards of Indias population through affordable product development.

Total project cost to be funded by Government of India is Rs. 1500 crore for five years. 50% cost for the Mission Programme will be arranged through the World Bank loan.

For the implementation, a Programme Management Unit will be set up at BIRAC which will work as an operational and functional arm that oversees and monitors program implementation and progress.

The Mission will focus on Development of specific products - vaccines, biotherapeutics, medical devices and diagnostics; establishment of shared infrastructure and facilities; building and strengthening domain specific knowledge and management skills; creating and enhancing technology transfer capabilities in public and private sector.

The Mission will provide a holistic and integrated approach to strengthen and support the entire product development value chain for accelerating the research leads to product development. This will help not only in immediate product development addressing public health needs, but will also help to create an ecosystem which will facilitate development of a continuous pipeline of products.

Background:

The National Biotechnology Development Strategy 2015-2020 announced by the DBT lays emphasis on making India ready to meet the challenge of achieving US $100 billion biotech industry by 2025. The focus is on generation of biotech products, processes and technologies for affordable and accessible health care, promoting innovation R&D, establishing India as world class biomanufacturing hub, and building the required skilled workforce. To achieve this, it is important to promote industry -academia interface and enable the start-ups and small and medium enterprises to build translational innovation research capacities for affordable healthcare product development.

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Board of JK Lakshmi Cement approves fund raising up to Rs 500 crore
May 17,2017

JK Lakshmi Cement announced that the Board of Directors at its meeting held on 17 May 2017 has approved raising of funds by way of issue of securities, convertible/ non convertible with or without warrant by any of public and/or private offerings and/or qualified institutional placement or any combination thereof of up to Rs 500 crore, subject to requisite approval of shareholders in the ensuing AGM of the Company.

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Eastern Gases to allot convertible warrants
May 17,2017

The Allotment Committee of Eastern Gases in their meeting held on 17 May 2017 has considered and approved the Preferential Allotment of 2,00,000 Fully Convertible Warrants (Warrants), convertible into equivalent number of Equity shares of Rs. 10/-, at an Issue Price of Rs. 58/- each to the following person belonging to promoter group and non- promoter group.

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Outcome of board meeting of JSW Steel
May 17,2017

The Board of Directors of JSW Steel has approved raising of long term funds through issue of non-convertible foreign currency/ rupee denominated senior unsecured fixed rate bonds upto USD 1 billion in one or more tranches in international markets. The Board also approved the raising of additional long term funds to meet approved capital expenditure and/or for general corporate purposes, an amount not exceeding Rs 10,000 crore in the aggregate, by a combination of rupee term loan / non-convertible debentures / ECA/ ECB.

The Board has approved the appointed of P Hemalatha in place of Naveen Raj Singh, as Nominee Director of Karnataka State Industrial and Infrastructure Development Corporation. The board also approved appointment of Hiroyuki Ogawa in place of Hiromu Oka as Nominee Director of JFE Steel Corporation, Japan.

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