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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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Board of Dhanuka Agritech approves buyback of share upto Rs 80 crore
Jan 03,2017

Dhanuka Agritech announced that the Buyback Committee of Board of Directors of the Company at its meeting held on 03 January 2017, inter alia, have determined the Final Buyback Price of Rs. 850 (the n++Buyback Pricen++) and the final amount for Buyback to be Rs. 80 crore (the n++Buyback Sizen++) excluding the transaction costs viz. brokerage, applicable taxes such as securities transaction tax, service tax, stamp duty etc.

With the Buyback price of Rs. 850 and Buyback Size of Rs. 80 crore the total number of shares to be bought back in the Buyback shall be 9,41,176 Equity Shares, representing about 1.88% of the total issued and paid-up equity capital of the Company as on 31 March 2016.

The aforesaid terms of Buyback are within the maximum limits approved by the Board of Directors at its Board Meeting held on 10 November 2016, and as approved by shareholders by Special Resolution, through Postal Ballot, results of which were announced on 02 January 2017.

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Yes Bank implements multi-nodal blockchain solution in India
Jan 03,2017

Yes Bank announced that the Bank has implemented a multi-nodal Blockchain transaction to fully digitise vendor financing for Bajaj Electricals. The implementation has been done on a blockchain-based smart contract written by fintech start-up Cateina Technologies. Yes Bank will also leverage IBM Watson Conversation, a cloud based cognitive service, to enhance the digital experience of partners, corporate clients and developers collaborating with them on the integrated Blockchain - API Banking platform.

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Rupee sags further
Jan 03,2017

Rupee dropped further on Tuesday (03 January 2017) to close at 68.3879/4030 per dollar, versus its previous close of 68.2225/2325 per dollar.

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Prime Securities reports standalone net loss of Rs 1.07 crore in the December 2016 quarter
Jan 03,2017

Net loss of Prime Securities reported to Rs 1.07 crore in the quarter ended December 2016 as against net profit of Rs 3.41 crore during the previous quarter ended December 2015. Sales declined 89.89% to Rs 0.19 crore in the quarter ended December 2016 as against Rs 1.88 crore during the previous quarter ended December 2015.

ParticularsQuarter Endedn++Dec. 2016Dec. 2015% Var. Sales0.191.88 -90 OPM %-736.8418.09 - PBDT-1.314.40 PL PBT-1.344.26 PL NP-1.073.41 PL

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Asia Pacific Market: Stocks start 2017 on a high
Jan 03,2017

Asia Pacific share market inclined on the first trading session of new year, Tuesday, 03 January 2017, after upbeat Chinese and British manufacturing data bolstered investor sentiment. But gains in the regional markets were capped by concern over a rising U.S. currency, which makes emerging markets less attractive.

Investors welcomed a private business survey showing Chinas factory activity picked up more than expected in December as demand accelerated, with rate of output growth accelerated to a 71-month high, highlighted by a sustained increase in new business during December. The China Caixin manufacturing Purchasing Managers Index (PMI) released on Tuesday showed that manufacturing activity climbed in December to 51.9 from 50.9 in November - the fastest rate of improvement in three years. A reading above 50 indicates expansion in a sector, whereas a reading below 50 represents contraction.

The private manufacturing survey results came after official figures at the weekend showed manufacturing activities expanded for a fifth month in December but the pace fell from November due to slower production. The official purchasing managers index, reflecting conditions in largely state-owned manufacturers, edged down to 51.4 in December from Novembers 51.7, according to the National Bureau of Statistics and the China Federation of Logistics and Purchasing.

Britains private survey showed manufacturers gaining business from the slide in the value of the pound since the countrys decision in June to leave the European Union. The survey of manufacturers from financial information company IHS Markit and the Chartered Institute of Procurement & Supply showed the sector enjoying a strong rise in new business in December. The so-called purchasing managers index n++ a broad gauge of business activity n++ rose to a two-and-a-half year high of 56.1 points from the previous months 53.6. Markit noted that the UK manufacturing sector starts 2017 on a strong footing. The headline PMI hit a two-and-a-half year high in December, with rates of expansion in output and new orders among the fastest seen during the surveys 25-year history. And, a plus point from the December survey was that the expansion was led by the investment and intermediate goods sectors, suggesting capital spending and corporate demand took the reins from the consumer in driving industrial growth forward.

The U.S. oil prices rose in the first trading hours of 2017 on Tuesday, buoyed by a deal for OPEC and non-OPEC production cuts which kicked off on Sunday. During Asian trade, U.S. crude rose 0.54% to $54.01 per barrel , while global benchmark Brent was up 0.55% at $57.13.

The U.S. dollar racked up its biggest rise in almost three weeks against a basket of the worlds other major currencies to leave it just 1% off Decembers 14-year high. Dollar index reaches as high as 103.52 and is set to test recent high at 103.65.

Among Asian bourses

Australia Market ends highest in 19 months

Australian share market ended at a 19-month high on the first trading day of the year, boosted by strong Chinese manufacturing data that indicated the economic rebound in Australias main trading partner remains intact. All ASX sectors inclined, exception being bullion counter, with financials and miners being major gainers. At the closing bell, the benchmark S&P/ASX 200 index inclined 67.40 points, or 1.19%, to 5733.20, while the broader All Ordinaries index added 65.50 points, or 1.15%, to close at 5784.60. The index climbed 7% in 2016, its best yearly performance since 2013, as gains in most commodity prices powered a bull run among miners.

Shares of financial sector gained, with Australia & New Zealand Banking Group leading rally, up 1.7% to A$30.94, after the Australias third-largest bank by market cap said it would sell its stake in Shanghai Rural Commercial Bank Co to China COSCO Shipping and Shanghai Sino-Poland Enterprise Management Development for A$1.8 billion. The sale is expected to increase the banks APRA CET1 capital ratio by around 40 basis points. Among other major banks, Westpac added 1.1% to A$32.95, Commonwealth Bank of Australia 0.7% to A$82.97, and National Australia Bank 1.3% to A$31.06.

Mining stocks gained on rising base metal prices. The big diversified miners such as BHP and Rio Tinto traded up by 1.6% to A$25.46 and 1.8% to A$60.98, respectively, meanwhile Fortescue added 1.2% to A$5.96.

Oil producers also met with buying pressure after the U.S. oil prices rose in the first trading hours of 2017 on Tuesday, buoyed by a deal for OPEC and non-OPEC production cuts which kicked off on Sunday. Woodside Petroleum rose 1.3% to A$31.55 and Origin Energy added 0.8% to A$6.64.

Gold stocks were among the main losers of the session, despite a strong Asian session for the precious metal, which was up 0.9% to $US1157 an ounce on its first trading day of the year. Newcrest Mining shed 0.3% to A$20.19.

Australian factory activity picked up last month on the back of improving demand and recovering commodity prices. The Australian Industry Groups PMI rose 1.2 points to 55.4 in December.

China Stocks rise on upbeat manufacturing PMI

Mainland China stock market finished up on first trading session of year, after upbeat Chinese manufacturing data bolstered investor sentiment. All main sectors advanced, with gains leading by blue-chips, especially financials. The blue-chip CSI300 index, which tracks large companies in Shanghai or Shenzhen, rose 0.97% to 3,342.23, while the Shanghai Composite Index rose 1.04% to 3,135.92 points. The Shenzhen Composite Index, which tracks stocks on Chinas second exchange, added 0.86% to 1,985.95. The ChiNext Index, which tracks Chinas NASDAQ-style board of growth enterprises, jumped 0.06% to close at 1,963.26 points.

The Chinese currency renminbi, or yuan, was lower against the U.S. dollar Tuesday after the Peoples Bank of China set a weaker fixing. The yuan was last at 6.9548 against the U.S. unit compared with the official closing price of 6.9495 last Friday. The PBOC set the yuan central weaker at 6.9498 in the first trading day of 2017, compared with a fixing of 6.9370 last Friday.

The Peoples Bank of China injected CNY20 billion via seven-day reverse repos and CNY20 billion via 14-day reverse repos at open-market operations Tuesday. The central bank continued to skip 28-day reverse repos. The moves resulted in a net drain of CNY155 billion for the day. The central bank drained a net CNY245 billion last week - the first removal of liquidity in three weeks. A total of CNY745 billion in outstanding reverse repos matures this week.

Hong Kong Stocks start 2017 on a high

The Hong Kong stock market closed up on the first trading day of 2017, with data showing a further expansion in Chinese manufacturing aiding sentiment. But gains in the city were capped by concern over a rising U.S. currency, which makes emerging markets less attractive. Most sectors rose, with property stocks leading the gains. Hong Kongs benchmark Hang Seng Index closed 149.84 points, or 0.68%, higher at 22,150.40. The Hang Seng China Enterprises Index, known as the H-shares index, added 64.68 points, 0.69%, to 9,459.55. Turnover decreased to HK$49.3 billion from HK$53.8 billion on Friday. The local market closed on Monday for New Year holiday.

Casino stocks retreated on Tuesday after data showing that Macau gambling revenue fell 3.3% in 2016, the third straight year of declines. Gross gaming revenues increased 8% in December from a year earlier. Galaxy Entertainment (00027) fell 1.3% to HK$33.35. Sands China (01928) softened 0.3% to HK$33.6.

CRRC, a Chinese train maker, rose 0.9% to HK$7.02 after saying late Friday that it has received approval to issue 1.4 billion shares on the domestic market in a private placement.

China Railway Construction (CRCC) added 0.8% to HK$10.06 following an announcement Friday that one of its units has signed an ecological town construction contract worth 5.1 billion yuan.

Property counters were higher after reports new home sales doubled during new-year holiday period. with Wharf (00004) jumped 4.4% to HK$53.8 after Citi Research published bullish report on landlords. Hysan Development (00014) soared 4.8% to HK$33.6.. SHKP (000016) gained 2.8% to HK$100.7. New World Development (00017) added 2.8% to HK$8.43. China Evergrande Group rose 3.5% to HK$5 after saying it will sell a stake of more than 13% in a property subsidiary to eight investors for 30 billion yuan.

Hong Kongs value of total retail sales in November, provisionally estimated at HK$36 billion, decreased by 5.5% compared with the same month in 2015, according to the Census and Statistics Department. For the first eleven months of 2016 taken together, it was provisionally estimated that the value of total retail sales decreased by 8.6% compared with the same period in 2015.

Small gains power Sensex, Nifty to 3-week closing high

Reversing its previous days losses, the flagship Sensex staged a modest comeback to end with paltry gain, buoyed by pick-up in the infrastructure sector in November coupled with firm global cues. The overall recovery also received some support from banking stocks which recouped their previous losses after being hit by profitability fears in the wake of lending rate cuts. Core industries grew 4.9% in November 2016 on the back of healthy performance by sectors, including coal, steel and electricity, prompting investors to go in for fresh bets. The barometer index, the S&P BSE Sensex, rose 47.79 points or 0.18% to settle at 26,643.24. The Nifty 50 index rose 12.75 points or 0.16% to settle at 8,192.25.

Hero MotoCorp fell 1.44% after the company announced before market hours today, 3 January 2017 that sales fell 33.91% to 3.3 lakh units in December 2016 over December 2015. The companys manufacturing facilities at Gurgaon, Neemrana and Haridwar were closed from 26-31 December 2016 on account of annual maintenance.

Tata Motors dropped 1.23%. The company said its passenger and commercial vehicle total sales rose 2% to 40,944 units in December 2016 over December 2015. The companys domestic sales of Tata commercial and passenger vehicles rose 1% to 35,825 units in December 2016 over December 2015. Exports surged 12% to 5,119 units in December 2016 over December 2015. The sales figures were announced after market hours yesterday, 2 January 2017.

TVS Motor Company gained 3.07%. The companys sales fell 8.47% to 1.84 lakh units in December 2016 over December 2015. The announcement was made after market hours yesterday, 2 January 2017.

SML Isuzu rose 1.68% after the company said its total sales rose 16.4% to 1,021 units in December 2016 over December 2015. The sales figures were announced after market hours yesterday, 2 January 2017.

New Zealand, Japan and Thailand markets were shut for public holidays.

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Bharat Heavy Electricals announces change in directorate
Jan 03,2017

Bharat Heavy Electricals announced that Bhaskar Jyoti Mahanta, Joint Secretary, Department of Heavy Industry has been appointed as Part-time Official Director on the Board of BHEL w.e.f. 03 January 2017 vice Anshu Prakash, Additional Secretary, transferred to Department of Rural Development.

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China Stocks rise on upbeat manufacturing PMI
Jan 03,2017

Mainland China stock market finished up on first trading session of year, Tuesday, 03 January 2017, after upbeat Chinese manufacturing data bolstered investor sentiment. All main sectors advanced, with gains leading by blue-chips, especially financials. The blue-chip CSI300 index, which tracks large companies in Shanghai or Shenzhen, rose 0.97% to 3,342.23, while the Shanghai Composite Index rose 1.04% to 3,135.92 points. The Shenzhen Composite Index, which tracks stocks on Chinas second exchange, added 0.86% to 1,985.95. The ChiNext Index, which tracks Chinas NASDAQ-style board of growth enterprises, jumped 0.06% to close at 1,963.26 points.

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Lakshmi Vilas Bank allots equity shares
Jan 03,2017

Lakshmi Vilas Bank announced that the Committee of Directors for Capital Raising of the Bank (the Committee) at its meeting held on 03 January 2017, approved the issue and allotment of 1,19,85,138 Equity Shares of face value Rs. 10 each to eligible qualified institutional buyers at the issue price of Rs. 140.00 per Equity Share, aggregating to Rs. 167.79 crore.

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Hong Kong Stocks start 2017 on a high
Jan 03,2017

The Hong Kong stock market closed up on the first trading day of 2017, Tuesday, 03 January 2017, with data showing a further expansion in Chinese manufacturing aiding sentiment. But gains in the city were capped by concern over a rising U.S. currency, which makes emerging markets less attractive. Most sectors rose, with property stocks leading the gains. Hong Kongs benchmark Hang Seng Index closed 149.84 points, or 0.68%, higher at 22,150.40. The Hang Seng China Enterprises Index, known as the H-shares index, added 64.68 points, 0.69%, to 9,459.55. Turnover decreased to HK$49.3 billion from HK$53.8 billion on Friday. The local market closed on Monday for New Year holiday.

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Japan Market shut for an extended New Year holiday
Jan 03,2017

Japan share market closed on Tuesday, 03 January 2017 for an extended New Year holiday.

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Australia Market ends highest in 19 months
Jan 03,2017

Australian share market ended at a 19-month high on the first trading day of the year, Tuesday, 03 January 2017, boosted by strong Chinese manufacturing data that indicated the economic rebound in Australias main trading partner remains intact. All ASX sectors inclined, exception being bullion counter, with financials and miners being major gainers. At the closing bell, the benchmark S&P/ASX 200 index inclined 67.40 points, or 1.19%, to 5733.20, while the broader All Ordinaries index added 65.50 points, or 1.15%, to close at 5784.60. The index climbed 7% in 2016, its best yearly performance since 2013, as gains in most commodity prices powered a bull run among miners.

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Sugar production touch 80.9 lakh tonnes in Oct-Sept SS2017
Jan 03,2017

The sugar production for 462 sugar mills in the country has touched 80.90 lakh tonnes of sugar, which is 0.4% higher as compared to last seasons production for the corresponding period. In 2015-16 SS, there were 481 sugar mills in operation on 31 December 2015 and they had produced 80.56 lakh tonnes of sugar till that date.

In Maharashtra, 147 sugar mills commenced crushing operations. As was generally expected, 25 of the mills have stopped crushing. These mills are mostly in the drought affected areas of Marathwada, Sholapur and Ahmednagar. As on 31 December 2016, 25.25 lakh tonnes of sugar have been produced in the State as against 33.70 lakh tonnes produced during the corresponding period last season when 169 mills were running. It is important to note that the mills in Kolhapur, Sangli, Satara and Pune, which were not as adversely impacted by drought, are crushing at almost similar levels like last year. The mills in these four regions generally contribute for almost 55-60% of Maharashtras production.

Barring some sugar mills in Marathwada and Solapur region where sugar recovery during the current season was low as compared to last season, sugar recovery % till 31 December 2016 was 10.52% as against 10.43% as on same date last year.

In Uttar Pradesh, 116 sugar mills are in operation and they have crushed 278 lakh tonnes of sugarcane and produced 27.40 lakh tonnes as on 31 December 2016, with an average recovery of 9.86%. Last year i.e. in 2015-16 SS, 113 sugar mills were in operation on 31 December 2015 and they crushed around 178 lakh tonnes of cane to produce 17.97 lakh tonnes of sugar at an average recovery of 10%. Sugar production this year in UP is higher by 52% as compared to last year same time.

56 sugar mills in Karnataka are in operation on 31 December 2016, who have produced 15.60 lakh tonnes of sugar, as compared to 15.94 lakh tonnes produced by 63 sugar mills in 2015-16 SS on 31 December 2015. As was expected, 5 mills have shut down operations in Karnataka on 31 December 2016. As compared to 40.5 lakh tonnes produced by Karnataka in last season, ISMA expects 31 lakh tonnes of sugar to be produced in the State this year.

In Gujarat, 20 sugar mills are operating during 2016-17 SS and they have produced 3.50 lakh tonnes of sugar till 31 December 2016. In 2015-16 SS, 19 sugar mills were in operation on 31 December 2015, who had produced 4.61 lakh tonnes of sugar till that date.

In Tamil Nadu, 25 sugar mills are in operation as on 31 December 2016 which has produced 1.25 lakh tonnes as compared to 1.01 lakh tonnes of sugar production by 25 mills as on 31 December 2015.

In Andhra Pradesh and Telangana, 24 sugar mills have produced 1.80 lakh tonnes of sugar till 31 December 2016 and this is 0.18 lakh tonnes less than the sugar produced by 25 mills in 2015-16 SS till 31 December 2015.

11 mills in Bihar have produced 1.50 lakh tonnes of sugar till 31 December 2016 as against 1.37 lakh tonnes produced by 11 mills in 2015-16 season as on 31 December 2015. Similarly, 14 mills in Haryana, 16 in Punjab, 17 mills in Madhya Pradesh & Chhattisgarh and 8 mills in Uttarakhand have together produced 4.45 lakh tonnes, as compared to 3.85 lakh tonnes produced on the corresponding date last year.

As per information gathered from the main sugar belt of Maharashtra viz. Kolhapur, Sangli and Satara, most of the sugar mills in these regions will continue their operations till end of March 2017, whereas mills in Pune and Ahmednagar are likely to operate till later part of February 2017. Average sugar recovery achieved by the mills of Maharashtra so far is more or less same as that of last year till December 2016. Early closures are mainly because of lower sugarcane production in some parts of Maharashtra, which have been accounted for while estimating sugar production from the State in the current year.

Ex-mill sugar prices which dropped by Rs. 2 to 3 per kilo since second week of November, 2016 have started improving and are now at the levels seen a couple of months back. These prices are just enough to cover the costs of production.

With lower offtake and sugar consumption in 2016-17, the sugar stocks at the end of the current season may be more, than being estimated earlier, by 5-10 lakh tonnes. However, one needs to do more analysis to arrive at the figure of estimated consumption.

ISMA will carry out its second advance estimate for sugar production in 2016-17, in later part of January, 2017, which will be based on satellite images. Trend of yields and recoveries up to January, 2017 would be considered. ISMA will review the same in its Committee Meeting on 25 January, 2017, and release its second advance estimate for 2016-17 sugar production on that date.

With higher cane price announced by State Governments like Uttar Pradesh, Punjab and Haryana, low sugar recovery being achieved in the States like Tamil Nadu, Andhra Pradesh etc. and lower capacity utilization in the drought affected States like Maharashtra, Karnataka, Telangana etc. the all India average cost of production of sugar during the current 2016-17 SS, will roughly be higher at around Rs. 35 to 36 per kilo (Rs. 2 per kilo higher than the previous years cost of production).

Sugar mills should be allowed to recover at least their costs during the current season, otherwise, they would not be in a position to make payments to farmers on time and would also not be in a position to repay the loans taken from Government of India including under SEFASU and soft loans, which are due to be repaid this year.

The first 3 months of the current season i.e. October-December 2016, has seen a big fall in sugar offtake. With weddings and family celebrations being at low key, and consumption of sugar sweetened products like biscuits, chocolates, beverages, ice creams etc. being lower due to lower availability of currency, there has been a demand destruction of almost 5 lakh tonnes of sugar. The offtake in October-December 2017 has therefore been significantly lower than last year.

Therefore, the sugar consumption in 2016-17 SS, earlier estimated to grow at 2% over last year, to 255 lakh tonnes, will be much lower. The offtake may thus be lower to even last years consumption of 248 lakh tonnes.

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RBI introduces Facility for Citizens and NRIs who were Abroad for Exchange of SBNs
Jan 03,2017

The Reserve Bank of India has introduced a facility of exchange of specified bank notes (SBNs) to give an opportunity to Indian citizens and non resident Indian (NRI) citizens who were abroad during November 9, 2016 to December 30, 2016.

Resident Indian citizens who were abroad during November 9, 2016 to December 30, 2016 can avail this facility upto March 31, 2017 and Non Resident Indian citizens who were abroad during November 9, 2016 to December 30, 2016 can avail this facility upto June 30, 2017.

While there is no monetary limit for exchange for the eligible Resident Indians, the limit for NRIs will be as per the relevant FEMA Regulations. They can avail this facility in their individual capacity once during the period on submission of ID documents, such as, Aadhaar number, Permanent Account Number (PAN) etc, and on submission of documentary evidence showing they were abroad during the period and, that they have not availed the exchange facility earlier, Customs certificate about import of SBNs by NRIs etc. No third party tender will be accepted under the facility.

On fulfilment of the terms and conditions and the genuineness of the notes tendered, admissible amount will be credited to the tenderers KYC compliant bank account.

The facility will remain open for residents from January 2, 2017 to March 31, 2017 and for NRIs from January 2, 2017 to June 30, 2017.

This facility will be available through Reserve Bank offices at Mumbai, New Delhi, Chennai, Kolkata, and Nagpur.

Indian citizens resident in Nepal, Bhutan, Pakistan and Bangladesh cannot avail this facility.

Any person, aggrieved by the decision of the Reserve Bank may prefer an appeal to the Central Board of the Reserve Bank within fourteen days of the communication of such refusal to him.

The facility has been introduced in terms of Section 4 (1) of the Specified Bank Notes (Cessation of Liabilities) Ordinance, 2016 of the Government of India dated December 30, 2016 read with Notification S.O. 4251(E) dated December 30, 2016.

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CSL Finance gets ratings assigned for bank facilities
Jan 03,2017

CSL Finance has received the rating of CARE BBB for Long Term bank facilities (Rs 10 crore) from CARE Ratings.

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Outcome of board meeting of Arnav Corporation
Jan 03,2017

Arnav Corporation announced that the Board of Directors of the Company at its meeting held on 03 January 2017 has transacted the following -

Appointment of following directors -
Ashish Patel as Joint Managing Director - Additional Executive Director
Ratish Tagdeas as Additional Executive Director
Leena Divianathan as Additional Non-Executive Director

Approved shifting of registered office to 802, Crystal Plaza, AG Link Road, Chakala, Andheri East, Mumbai 400 099.

The Board also decided to launch a basket of General Entertainment (GEC) 5 TV Channels including Hindi Movie Channel, Retro Songs Channel, Human Resources Channel, Wedding & Jewellery and Travel & Tours Channel.

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