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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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ONGC Board approves acquisition of GSPCs stake and operations in Block KG-OSN-2001/3
Dec 24,2016

Oil & Natural Gas Corpn and Gujarat State Petroleum Corporation have engaged in discussion on a potential transaction for purchase by ONGC of GSPCs stake and operations in NELP - III Block KG-OSN-2001/3 in Krishna Godavari (KG) Basin offshore.

The Board of Oil & Natural Gas Corpn on 23 December 2016 considered and approved the acquisition of entire 80% participating interest of GSPC along with operatorship rights, at a purchase consideration of USD 995.26 million for Deen Dayal West Field in the Block. ONGC shall also pay part consideration of USD 200 million to GSPC towards future consideration for six discoveries other than Deen Dayal West Field, which would be adjusted upon valuation of these discoveries subsequent to approval of their Field Development plans by DGH/ Management Committee of the Block.

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Sustained Recovery Challenge for Commercial Vehicle Industry
Dec 24,2016

Despite a drop in sales over the recent quarters, a spike in incremental capacity additions of medium and heavy commercial vehicles (MHCVs) since July 2016 is expected to increase the System Capacity (SC) and elevate deployment risk in the medium term, says India Ratings and Research (Ind-Ra). If an aggressive selling strategy is adopted by the financiers through attractive financing options, it may create inorganic demand resulting in overcapacity in the system and eventually leading to higher delinquencies.

Ind-Ra calculated SC multiple of 1.6x as on August 2016 is unlikely to return to its ideal level of 1.4x in the near term, despite witnessing correction over the months from 1.85x in June 2013. Ind-Ra believes that a structural shift towards higher tonnage MHCVs will continue, especially after the roll-out of GST.

Ind-Ra developed an index known as the SC multiplier to study the sensitivity of system capacity and Index of Industrial Production (IIP) on delinquencies. The SC multiplier estimates an expected movement of delinquencies based on the movement in the system capacity and IIP growth. Higher the multiple, higher would be the delinquencies. Delinquencies of less than 2% in August 2016 corresponds to the SC multiple of 1.6x. Ind-Ra believes the multiple is expected to move upwards in the medium term, resulting in an expected rise in delinquencies.

A steep reduction in MHCV sales and higher replacement demand in FY14 and FY15 has led to limited new additions, thus correcting excess capacity and improving CV capacity utilisation. This has corrected delinquencies to less than 2% in August 2016 from 4% in October 2015. However, a relatively lower replacement demand in 2HFY16 and FY17 has resulted in an increase in new additions, despite lower sales in the recent quarters. However, if the incremental capacity build-up is not supported by the corresponding growth in the industrial activity, it may result in higher delinquencies.

Ind-Ra believes the structural shift towards higher tonnage MHCVs will continue. Sales data indicates that the proportion of MHCVs over 25 tonne has increased manifold (56% in 1HFY17 from 19% in FY10). Furthermore, roll-out of GST is expected to further boost the demand for high tonnage vehicles, as large scale intrastate good transport will become cost effective and hassle-free. This, however, exposes the industry to elevated deployment risk, if industrial activity registers disappointing growth. Moreover, deployment of heavy tonnage MHCVs will also be a constraint due to high fixed cost associated with it.

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Gujarat Narmada Valley Fertilizers & Chemicals completes Safety Audit for TCI-II Plant at Dahej
Dec 24,2016

Gujarat Narmada Valley Fertilizers & Chemicals announced that Safety Audit of TDI-II Plant, Dahej by Internationally reputed Company Lloyds Registers has been completed. The TDI technology supplier Chematur A.B. Sweden, has reviewed the corrective actions / modifications suggested by Lloyds Registers and currently the same are under implementation. The plant will be restarted as early as possible after implementing all corrective actions / modifications and ensuring safety and security of the plant.

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Yes Bank raises Rs 3000 cr in Tier-I Capital
Dec 24,2016

Yes Bank has placed Rs 3000 crore Basel III Compliant Additional Tier-I Bonds through private placement against the base issue size of Rs 2100 crore. The bonds carry a coupon rate of 9.50% p.a. With this capital raising, Yes Banks Tier I Capital Ratio will be at 12%.

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Board of Sasken Communication Technologies provides update on buyback of shares
Dec 24,2016

Sasken Communication Technologies announced that the Buyback Committee of the Board of Directors, at its meeting held on 23 December 2016, inter alia, considered the following:

- Fixed the Buyback Price of Rs 410 (the Buyback Price) and the total consideration for Buyback to be Rs. 120.04 crore (the Buyback Size) excluding the transaction costs viz. brokerage, applicable taxes such as securities transaction tax, service tax, stamp duty etc., the total number of Equity Shares to be bought back in the Buy-back shall be 29,27,879 Equity Shares, representing 16.52% of the total issued and paid-up equity share capital of the Company as on 31 March 2016.

The aforesaid terms of Buy-back are within the maximum limits approved by the Board of Directors at its meeting held on 27 October 2016 and as approved by shareholders by special resolution, through postal ballot, results of which have been announced on 23 December 2016.

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Sidh Automobiles provides update on subsidiary
Dec 24,2016

Sidh Automobiles announced that name of its subsidiary Company Urban Organic Products, has been changed to Wholly Organic Products with effect from 20 December 2016.

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Welspun Enterprises sells its entire investment in Welspun Energy
Dec 24,2016

Welspun Enterprises announced that the Board of Directors of the Company has, subject to the approval of the members of the Company, approved sale of its entire investment of 60,493,342 equity shares representing 15.49% in the paid up equity share capital of Welspun Energy.

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HCL Technologies allots equity shares
Dec 24,2016

HCL Technologies announced that the Employees Stock Option Allotment Committee of the Company has on 23 December 2016 allotted 41,680 Equity Shares of Rs.2/- each under the 2004 Stock Option Plan of the Company.

Consequent to the said allotment the paid-up share capital of the Company has gone up to 1,411,197,994 equity shares of Rs.2/- each aggregating to Rs. 2,822,395,988/-.

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Yes Bank allots equity shares
Dec 24,2016

Yes Bank has allotted 45,550 (Forty Five Thousand Five Hundred and Fifty) equity shares of face value of Rs. 10/- each on 23 December 2016 under the JESOP IV, JESOP V, PESOP I and PESOP II - 2010.

The paid up share capital of the Bank has accordingly been increased from Rs. 4,22,93,25,380/- consisting of 42,29,32,538 equity shares of Rs. 10/- each to Rs. 422,97,80,880/-consisting of 42,29,78,088 equity shares of Rs. 10/- each.

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Board of Shrenuj & Company to consider Q1 and Q2 results
Dec 23,2016

Shrenuj & Company announced that a Meeting of the Board of Directors of the Company is scheduled to be held on 30 December 2016, inter alia, to consider un-audited standalone financial results of the Company along with report on segment-wise revenue results, and the capital employed of the Company for the first quarter ended 30 June 2016 and second quarter ended 30 September 2016.

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Ratnamani Metals & Tubes secures new orders worth Rs 136 crore
Dec 23,2016

Ratnamani Metals & Tubes has bagged two new orders aggregating to 22,000 MT valued at approx. Rs. 103.00 crore and Rs.33.00 crore for supply of Carbon Steel ERW pipes for gas pipe line in India to be completed by June/July 2017 and Oct/Nov 2017 respectively.

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SRM Energy announces resignation of company secretary
Dec 23,2016

SRM Energy announced Kanika Arora, Company Secretary & Compliance Officer of the Company has resigned from her office as the Company Secretary & Compliance Officer w.e.f. 23 December 2016 vide her letter dated 28 November 2016.

Her Resignation has been accepted and she has been relieved from her duties from the end of working hours on 23 December 2016.

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SRM Energy announces resignation of company secretary
Dec 23,2016

SRM Energy announced Kanika Arora, Company Secretary & Compliance Officer of the Company has resigned from her office as the Company Secretary & Compliance Officer w.e.f. 23 December 2016 vide her letter dated 28 November 2016.

Her Resignation has been accepted and she has been relieved from her duties from the end of working hours on 23 December 2016.

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ISGEC Heavy Engineering signs techology agreement with Swedens AP&T
Dec 23,2016

ISGEC Heavy Engineering has signed a Technology Agreement with AP&T of Sweden for cooperation in the manufacture of Hydraulic Press and other equipments for Press Hardening Line.

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ISGEC Heavy Engineering signs techology agreement with Swedens AP&T
Dec 23,2016

ISGEC Heavy Engineering has signed a Technology Agreement with AP&T of Sweden for cooperation in the manufacture of Hydraulic Press and other equipments for Press Hardening Line.

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