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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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Steel Strips Wheels registers flat sales in July 2017 over July 2016
Aug 01,2017

Steel Strips Wheels has achieved total wheel rim sales of 12.61 lakh compared to 12.63 lakh in July 2017 representing a flat YoY growth. The volumes of truck and tractor segment helped post highest ever revenue for the Company.

The Company recorded 38% growth in net turnover of Rs 130.21 crore in July 2017 compared to Rs 103.12 crore in July 2016.

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Tata Steel completes sale of its Hartlepool SAW pipe mills
Aug 01,2017

Tata Steel announced that it has completed the sale of its 42 inch and 84 inch pipe mills (also known as Submerged Arc Weld SAW mills) in Hartlepool to Liberty House Group.

With this sale, Tata Steel UK completes its portfolio restructuring to focus on the strip products supply chain linked to Port Talbot.

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Tata Teleservices (Maharashtra) announces cessation of director
Aug 01,2017

Tata Teleservices (Maharashtra) announced that Kishor A. Chaukar has retired from the Board of Directors of the Company with effect from 01 August 2017 on completing age of 70 years, as per the Governance Guidelines for Tata Companies on Board Effectiveness adopted by the Board.

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Airtel Payments Bank and HPCL announce strategic partnership
Aug 01,2017

Airtel Payments Bank announced a strategic partnership with Hindustan Petroleum Corporation to give further boost to digital payments in the country and to add to customer convenience.

All 14,000 HPCL fuel stations will act as banking points for Airtel Payments Bank. All Airtel Payments Bank customers would be able to access a range of convenient banking services at these 14,000 fuelstations e.g., open new accounts, make cash deposits and withdrawals facility, and transfer money. This will add to the depth and reach of Airtel Payments Banks retail based network that leverages over 300,000Airtel retail outlets as banking points.

Airtel Payments Bank customers will also be able to make secure and convenient digital payments for fuel purchases across 14,000 HPCL fuel stations by using their mobile phones. These cashless payments canbe made via smartphones (MyAirtel App) as well as feature phones (USSD). The customer is not charged any transaction fee for these digital payments. This partnership will further expand Airtels nationwidedigital payments ecosystem that has over 3 million merchant partners/outlet across India.

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Special package to address debt burden of farmers
Aug 01,2017

The Government has taken the following initiatives to reduce the debt burden of farmers:

n++ With a view to ensuring availability of agriculture credit at a reduced interest rate of 7% p.a. to farmers, the Government of India in the Department of Agriculture, Cooperation & Farmers Welfare implements an interest subvention scheme for short term crop loans up to Rs. 3.00 lakh. Under the said scheme, additional subvention of 3% is given to those farmers who repay their short term crop loan in time, thereby reducing the effective rate of interest to 4% p.a. for such farmers.

n++ Reserve Bank of India (RBI) has issued master directions on relief measures to be provided by lending institutions in areas affected by natural calamities including drought which, inter alia, include identification of beneficiaries, extending fresh loans and restructuring of existing loans, relaxed security and margin norms, moratorium, etc. The benchmark for restructuring of loans has been reduced from 50% to 33% crop loss, in line with the National Disaster Management Framework. In addition, as per the Priority Sector Lending Guidelines issued by RBI, loans to distressed farmers to repay non-institutional lenders, are eligible under priority sector.

n++ Pradhan Mantri Fasal Bima Yojana (PMFBY) provides a comprehensive insurance cover against failure of insured crops due to non-preventable natural risks, thus providing financial support to farmers suffering crop loss/ damage arising out of unforeseen events; stabilizing the income of farmers to ensure their continuance in farming; and encouraging them to adopt innovative and modern agricultural practices.

n++ For development of agriculture and welfare of farmers of the country, the Government in Department of Agriculture Cooperation and Farmers Welfare (DAC&FW), is implementing various Central Sector/ Centrally Sponsored Schemes, which include:

i. Rashtriya Krishi Vikas Yojana (RKVY)

ii. National Food Security Mission (NFSM)

iii. National Agriculture Market (e-NAM)

iv. National Mission For Sustainable Agriculture (NMSA)

n++ Post demonetisation, Government has taken the following relief measures for the farmers in the cooperative sector:

i. An additional grace period of 60 days for prompt repayment incentive @ 3% was provided to such farmers whose crop loans dues fell due between 01/11/2016 to 31/12/2016 and if such farmers repaid the same within 60 days from their due date in this period.

ii. Interest waiver for two months (November and December, 2016) for all short term crop loans availed from Cooperative Banks between 01.04.2016 to 30.09.2016 and upfront deposit of the same in the accounts of the concerned farmers.

iii. National Bank For Agriculture And Rural Development (NABARD) raised short term borrowings from the market at prevailing market rate of interest for ₹17,880.78 crore and disbursed the same under refinance for on-lending to Cooperative Banks at 4.5% rate of interest during 2016-17.

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Tata Power Company wins award for Excellence in Cost Management
Aug 01,2017

Tata Power Company has been awarded for excellence in cost management in the power distribution and transmission category at the 14th National Awards for Excellence in Cost Management 2016.

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Lupin receives final approval for Fluocinonide Topical Ointment
Aug 01,2017

Lupin has received final approval for its Fluocinonide Topical Ointment USP, 0.05% from the United States Food and Drug Administration to market a generic version of County Line Pharmaceuticals, LLCs Lidex Ointment, 0.05%. It is indicated for the relief of the inflammatory and pruritic manifestation of corticosteroid-responsive dermatoses.

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TVS Motor Company records 9% growth in sales in July 2017
Aug 01,2017

TVS Motor Company registered a sales growth of 9% increasing from 248,002 units in July 2016 to 271,171 units registered in the month of July 2017.

Total two-wheeler registered growth of 9.7% with sales increasing from 240,042 units in July 2016 to 263,336 units in July 2017. Domestic two-wheeler sales grew by 6.2% increasing from 206,605 units in July 2016 to 219,396 units in July 2017.

Scooter sales of the Company grew by 35.8% from 68,033 units in July 2016 to 92,378 units in July 2017. Motorcycles grew by 15.1% from 95,062 units in July 2016 to 109,427 units in July 2017.

The Companys total exports grew by 26.8% from 40,192 units registered in the month of July 2016 to 50,957 units in July 2017. Two-wheeler exports grew by 31.4% increasing from 33,437 units in July 2016to 43,940 units in July 2017.

Three-wheeler of the Company registered sales of 7,835 units in July 2017 as against 7,960 units registered in July 2016.

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Cummins India announces change in directorate
Aug 01,2017

Cummins India announced that Nicole McDonald, Alternate Director to Suzanne Wells has ceased to be a Director of the Company with effect from 31 July 2017 on account of arrival of Wells in India.

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Carborundum Universal announces cessation of directors
Aug 01,2017

Carborundum Universal announced that M Lakshminarayan and Shobhan M Thakore have retired from the Board at the closing hours of 31 July 2017.

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Hero MotoCorp records 17% growth in July 2017
Aug 01,2017

Hero MotoCorp has sold 623,269 units of two wheelers in July 2017, registering a growth of 17.1% over 532,113 units sold in July 2016.

This is the third consecutive month of six-lakh plus sales, having clocked 624,185 units in June and 633,884 units in May.

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Gujarat State Fertilizers & Chemicals resumes production at Ammonia-IV plant
Aug 01,2017

Gujarat State Fertilizers & Chemicals has re-started Ammonia-IV plant after rectifying the problems. Ammonia production is started (at 70% capacity) since 22.00hrs, 30/07/2017. Production levels of downstream plants are being increased which were affected due to Ammonia availability. During stoppage of Ammonia production, liquid Ammonia was arranged to maximum possible extent through external supply. Operation of Urea-II plant shall also commence shortly.

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Reliance Industries allots 165,054 equity shares
Aug 01,2017

Reliance Industries has allotted 1,65,054 equity shares of Rs.10/- each, on 24 July 2017 pursuant to the Employees Stock Option Scheme.

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UltraTech Cement allots 3,113 equity shares
Aug 01,2017

UltraTech Cement has allotted 3,113 equity shares under ESOP on 01 August 2017. On allotment, the equity share capital has increased to 27,45,27,047 equity shares of Rs 10 each.

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Reduction/exemption of tax rates under GST for small businesses
Aug 01,2017

The Government has received representations from small businesses relating to exemption from GST, reduction in applicable rates of GST, and product and area wise exemptions. The GST rates on supply of goods and services have been notified based on the recommendations of the GST Council. The tax rates on goods have been fixed taking into consideration, inter alia, the total indirect tax incidence on goods prior to GST, which included the central excise duty rates / embedded central excise duty incidence, VAT rates or weighted average VAT rates, embedded VAT incidence, cascading of VAT over excise duty, incidence on account of CST, Octroi, entry tax, etc.

Keeping in view the interests of small business, any supplier in the State or Union territory, other than special category States, whose aggregate turnover in a financial year does not exceed Rs.20 lakh [Rs.10 lakh in the case of Special Category States] is not liable to be registered under the Central Goods and Services Tax Act, 2017.

Further, a composition scheme has been provided for the benefit of small business. An eligible registered person in the State or Union territory, other than Special Category States [other than Uttarakhand], can avail benefit of this scheme (Except those manufacturing ice-cream, pan masala and tobacco products) by paying an amount equal to 2% of turnover in the State in case of manufacturers and 1% equal to the turnover in the State in the case of trader dealers. The turnover limit for availing of composition levy initially was Rs. 50 lakhs in the preceding financial year. However, keeping in view the interests of small businesses, the same was increased to 75 lakhs [except in case of Special Category States]. The raised limit in case of Uttarakhand, however, is Rs. 75 lakhs. Thus, the interests of traders are not likely to be adversely affected in general.

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