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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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Panjon announces board meeting date
Aug 04,2017

Panjon will hold a meeting of the Board of Directors of the Company on 11 August 2017.

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Premier Synthetics to declare Quarterly Result
Aug 04,2017

Premier Synthetics will hold a meeting of the Board of Directors of the Company on 12 August 2017, to consider & approve Unaudited financial results for the Quarter ended on 30.06.2017, & to fix time, date and venue for convening 47th Annual General Meeting (AGM) of Company.

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Outcome of board meeting of Alphageo (India)
Aug 04,2017

The Board of Alphageo (India) at its meeting held on 04 August 2017 has approved to seek approval of members at the ensuing AGM for issue of securities on preferential basis to the extent of Rs 300 crore. The Board decided to convene AGM on 29 September 2017.

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SAB Industries to declare Quarterly Result
Aug 04,2017

SAB Industries will hold a meeting of the Board of Directors of the Company on 11 August 2017, to take on record Unaudited Financial Results for the quarter ended 30/06/2017.

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Sueryaa Knitwear schedules board meeting
Aug 04,2017

Sueryaa Knitwear will hold a meeting of the Board of Directors of the Company on 12 August 2017, to consider and approve Unaudited Financial Results along with Limited Review Report for the quarter ended 30th June 2017.

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Swaraj Automotives to announce Quarterly Result
Aug 04,2017

Swaraj Automotives will hold a meeting of the Board of Directors of the Company on 11 August 2017, to consider and approve the Unaudited Financial Results of the Company for quarter ended 30th June, 2017.

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Board of Modern Steels approves appointment of directors
Aug 04,2017

The Board of Modern Steels at its meeting held on 04 August 2017 has approved the appointment of D S Gill and Dr Priyavrat Thareja as Independent Directors of the Company subject to approval of shareholders in the forthcoming AGM.

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Maruti Suzuki India achieves production of 1.56 lakh units
Aug 04,2017

Maruti Suzuki India reported production at 156,987 units in July 2017 compared to 136,761 units in July 2016.

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Rupee firms further
Aug 04,2017

Rupee closed higher at 63.77/7725 per dollar on Friday (04 August 2017), versus its previous close of 63.87/8750 per dollar.

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Tirupati Tyres director resigns
Aug 04,2017

Tirupati Tyres announced the resignation of Uttamkant Ambre from post of Additional Director of the Company with immediate effect.

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Microfinance Institutions Could Report Higher Credit Costs and Losses for 1QFY18-2QFY18
Aug 04,2017

India Ratings and Research (Ind-Ra) expects microfinance institutions (MFIs, both listed and unlisted) with significant exposure to the states of Maharashtra, Madhya Pradesh, Uttar Pradesh, Uttarakhand and Karnataka to witness 5%-10% of December 2016 assets under management as credit costs over FY18-FY19.

For instance, if an MFI with significant exposure to the above states had assets under management of INR30 billion as of December 2016, it could experience a loss of INR1.5 billion-3.00 billion over FY18-FY19. Of this, 50% is likely to be borne over 1QFY18-2QFY18, leading to PAT losses and capital impairment. Ind-Ra in its earlier report titled n++MFIs Need to Address Existing Structural Issues, Likely Capital Erosionn++ had highlighted that non-recovering portfolio (a part of which may be off books) could result in higher credit costs and capital erosion and thus higher leverage for MFIs in FY18 and partly in FY19.

According to Ind-Ras calculations, the cumulative collection levels of the affected MFIs on the December 2016 portfolio were 82%-87% of the total demand from November 2016 to June 2017. Assuming 10%-15% portfolio growth in 1QFY18, Ind-Ra expects 8%-10% lower credit costs than its earlier assessment, as incremental disbursements would yield operating profits similar to pre-demonetisation levels. Mid- or small-sized MFIs may immediately require capital infusions to stay above the regulatory minimum levels to mitigate the impact of losses in 1QFY18-2QFY18. Some of the larger MFIs raised equity just before demonetisation, which may help them to scrape through these assessed credit costs and capital impairment without the need for capital infusion. The losses given default may be only marginal for MFI borrowers that are not intentional defaulters, assuming that the overdue payments come at the end of the loan tenors. Nevertheless, even these accounts may need to be provided for in FY18.

Credit costs and capital impairment have been increasingly impacting the sector since 1QFY18 because the regulatory dispensation of 90 days from November 2016 on recognising NPAs got effectively extended till March 2017 due to financial reporting. In line with the provisioning norms applicable to non-banking financial companies-MFIs, these companies would have to provide for 50% of the overdue installments in case of loans overdue for 90-180 days and 100% of the overdue installments in case the loans overdue for 180 days or more. This implies that for loans that are overdue since November 2016, 50% of the overdue installments and income reversals thereof would need to be provided for in 1QFY18. For the same loans, 100% of the overdue installments would need to be provided for in 2QFY18.

In FY18 till date, Ind-Ra has revised the Outlook on two MFIs under its portfolio to Negative (Satin CreditCare Network Limited (IND BBB+/Negative) and SV Creditline Private Limited (IND BBB/Negative)) while maintaining the other MFIs on a Stable Outlook. The agency will continue to monitor the situation closely.

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ONGC acquires 80% interest and operatorship rights in Block KGOSN-2001/3
Aug 04,2017

Oil & Natural Gas Corpn has bought 80% Participating Interest(PI) and operatorship in NELP-III Block KG-OSN-2001/3 (n++Blockn++) of Gujarat State Petroleum Corporation (GSPC) in Krishna Godavari Basin offshore. GSPC remains in the Block holding 10% PI which they acquired from the outgoing partner M/s Geo Global Resources and other partner in the block is Jubilant Offshore Drilling with 10% PI.

ONGC and GSPC had entered into a Farm-in- Farm-out Agreement (FIFO) on 10 March, 2017 to firm up the methodology and modus operandi to give effect to this transaction.

Following approval of Government of India for transfer of PI and Operatorship as per provisions of the Production Sharing Contract, ONGC on 04 August 2017 has taken over the Block against a purchase consideration of US$ 995.26 million for Deen Dayal West Field in the Block. ONGC has also made an advance payment of US$ 200 million to GSPC in respect of future consideration for six discoveries other than Deen Dayal West Field, which will be adjusted upon valuation of the these discoveries subsequent to approval of their Field Development Plan by Management Committee of the Block.

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Sheela Foam consolidated net profit declines 22.46% in the June 2017 quarter
Aug 04,2017

Net profit of Sheela Foam declined 22.46% to Rs 28.17 crore in the quarter ended June 2017 as against Rs 36.33 crore during the previous quarter ended June 2016. Sales rose 10.23% to Rs 419.47 crore in the quarter ended June 2017 as against Rs 380.54 crore during the previous quarter ended June 2016.

ParticularsQuarter Endedn++Jun. 2017Jun. 2016% Var. Sales419.47380.54 10 OPM %10.6714.09 - PBDT47.9857.46 -16 PBT40.4550.52 -20 NP28.1736.33 -22

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Arvind consolidated net profit declines 22.56% in the June 2017 quarter
Aug 04,2017

Net profit of Arvind declined 22.56% to Rs 56.75 crore in the quarter ended June 2017 as against Rs 73.28 crore during the previous quarter ended June 2016. Sales rose 17.63% to Rs 2475.03 crore in the quarter ended June 2017 as against Rs 2104.13 crore during the previous quarter ended June 2016.

ParticularsQuarter Endedn++Jun. 2017Jun. 2016% Var. Sales2475.032104.13 18 OPM %8.3611.62 - PBDT163.51174.23 -6 PBT77.19105.15 -27 NP56.7573.28 -23

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Swagtam Trading & Services reports standalone net profit of Rs 0.01 crore in the June 2017 quarter
Aug 04,2017

Net profit of Swagtam Trading & Services reported to Rs 0.01 crore in the quarter ended June 2017 as against net loss of Rs 0.06 crore during the previous quarter ended June 2016. Sales reported to Rs 0.05 crore in the quarter ended June 2017. There were no Sales reported during the previous quarter ended June 2016.

ParticularsQuarter Endedn++Jun. 2017Jun. 2016% Var. Sales0.050 0 OPM %-20.000 - PBDT0.01-0.06 LP PBT0.01-0.06 LP NP0.01-0.06 LP

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