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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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Astro Bio Systems to hold board meeting
Feb 08,2017

Astro Bio Systems will hold a meeting of the Board of Directors of the Company on 13 February 2017, to consider and take on record the unaudited financial results for the quarter ended 31 December 2016.

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Adi Rasayan to hold board meeting
Feb 08,2017

Adi Rasayan will hold a meeting of the Board of Directors of the Company on 14 February 2017, to approve Un-Audited Financial Results along with Limited Review Report for the Quarter ended on 31 December 2016.

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Noida Medicare Centre to hold board meeting
Feb 08,2017

Noida Medicare Centre will hold a meeting of the Board of Directors of the Company on 13 February 2017, to consider and approve the Unaudited Financial Results of the Company for the quarter ended on 31 December 2016.

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Hindustan Dorr-Oliver to hold board meeting
Feb 08,2017

Hindustan Dorr-Oliver will hold a meeting of the Board of Directors of the Company on 13 February 2017, for consideration of Un-Audited Financial Results of the Company for the quarter ended 31 December 2016.

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Vax Housing Finance Corporation to hold board meeting
Feb 08,2017

Vax Housing Finance Corporation will hold a meeting of the Board of Directors of the Company on 14 February 2017, to consider and approve the Unaudited Financial Results of the Company for the quarter ended on December 31, 2016.

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Gem Spinners India to hold board meeting
Feb 08,2017

Gem Spinners India will hold a meeting of the Board of Directors of the Company on 14 February 2017, to consider the approval of Unaudited Financial Results for the Third quarter ended 31 December 2016.

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VMS Industries to hold board meeting
Feb 08,2017

VMS Industries will hold a meeting of the Board of Directors of the Company on 14 February 2017, to consider and approve the Unaudited Financial Results of the Company for the quarter ended on 31 December 2016.

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Solis Marketing to hold board meeting
Feb 08,2017

Solis Marketing will hold a meeting of the Board of Directors of the Company on 14 February 2017, to consider and approve the Unaudited Financial Results of the Company for the quarter ended on 31 December 2016.

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Godawari Power & Ispat to hold EGM
Feb 08,2017

Godawari Power & Ispat announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 6 March 2017.

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Board of Accelya Kale Solutions recommends dividend
Feb 08,2017

Accelya Kale Solutions announced that the Board of Directors of the Company at its meeting held on 7 February 2017, inter alia, have recommended the dividend of Rs 11 per equity Share (i.e. 110%) , subject to the approval of the shareholders.

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Jain Irrigation Systems acquires precision irrigation leader - Observant Technology
Feb 08,2017

Jain Irrigation Systems has acquired the technology and core team of Australian Observant (Observant). Observant is a world leader in providing in-field hardware and cloud based applications for precision farm water management.

The acquisition will combine Observants board field monitoring and control technology with Jains global irrigation manufacturing and precision agriculture technology platform to provide farmers with a board suite of capabilities to increase crop yield and profitably manage limited resources.

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Fitch: India Oil Merger May Boost Efficiency; Faces Challenges
Feb 08,2017

A proposed merger of Indias state-controlled oil companies could reduce inefficiencies across the sector. It would also create an entity that is better placed to compete globally for resources, and less vulnerable to shifts in oil prices. However, a merger would face significant execution challenges, particularly in terms of managing the integration of employees, addressing overcapacity in the merged entity, and winning the backing for the merger from private shareholders, says Fitch Ratings.

Fitch would expect the merger to give the new entity much stronger bargaining power with suppliers, and greater financial clout to secure oil resources. Most Asian countries have just one national oil company integrated across the value chain. In contrast, there are 18 state-controlled oil companies in India, with at least six that can be considered key players - Oil India Limited, Indian Oil Corporation, Bharat Petroleum Corporation, Hindustan Petroleum Corporation and GAIL (India) (all BBB-/Stable) and ONGC. Proposals to consolidate Indias oil & gas sector have been floated before, but last week the idea was presented in a budget speech for the first time. No details have yet been provided on which companies would be involved, but the aim is to create an integrated public sector oil major.

A merged entity would have opportunities to save on costs and improve operational efficiency. For example, there would be less need for multiple retail outlets in a single area. Transport costs could be reduced by retailers sourcing from the nearest refinery, rather than the ones they own - as is currently the common practice. A merged entity would also be able to share expertise for exploration and acquisition of resources.

The integration of upstream, refining and retail companies would have the additional benefit of spreading the impact of oil prices movements across the various parts of the value chain, which would reduce volatility in cash generation.

However, there will be considerable difficulties involved in merging a number of entities with differing structures, operational systems, and cultures. Political sensitivities are likely to limit job cuts, and personnel-related issues are likely to arise from the need to manage hierarchies and potential overcapacity in the integrated entity. Moreover, all are listed companies, with public shareholding ranging from 51%-70%. That could cause some problems in obtaining approval from the 75% of shareholders that is typically required to approve a merger, particularly if there are concerns over valuation.

There is also a question of how the state will handle the likely decline in competition after a merger. Consumers have benefitted from competition among the state-controlled retail companies, which has supported improvements in service standards. Private companies are increasing their market share from a low base, but could find it even harder to compete with a single large state-controlled company.

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Cipla allots 39691 equity shares
Feb 08,2017

Cipla announced that the Nomination and Remuneration Committee of the Company on 08 February 2017 allotted 39,691 equity shares of Rs. 2/- each pursuant to exercise of the stock options by the option grantees under Employee Stock Option Scheme 2013-A.

Consequently, the issued share capital of the Company stands increased to Rs. 1,61,09,50,272 comprising of 80,54,75,136 equity shares of face value Rs. 2/- each. The paid-up & subscribed share capital of the Company stands increased to Rs. 1,60,89,43,482 comprising of 80,44,71,741 equity shares of face value Rs. 2/- each.

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Titan Company gains after reporting decent Q3 results
Feb 08,2017

The result was announced after market hours yesterday, 7 February 2017.

Meanwhile, the S&P BSE Sensex was down 3.16 points, or 0.01%, to 28,332.

On the BSE, 6.06 lakh shares were traded on the counter so far as against the average daily volumes of 2.96 lakh shares in the past one quarter. The stock had hit a high of Rs 431 and a low of Rs 406.20 so far during the day.

The stock had hit a 52-week high of Rs 445 on 7 September 2016 and a 52-week low of Rs 296.30 on 21 November 2016.

The large-cap company has equity capital of Rs 88.78 crore. Face value per share is Re 1.

Titan Company reported a growth of 14.7% in income in Q3 December 2016 over Q3 December 2015, despite some headwinds on account of demonetization. A good festival and wedding season contributed to growth in retail sales.

Titan Company said that the income from watches business rose 5.1% to Rs 508.26 crore in Q3 December 2016 over Q3 December 2015. Total income from jewellery business rose 15.4% to Rs 3255 crore in Q3 December 2016 over Q3 December 2015. Total income from the eyewear business rose 12.4% to Rs 90.65 crore in Q3 December 2016 over Q3 December 2015. Revenue from other businesses, including precision engineering business spurted 44.5% to Rs 75.97 crore in Q3 December 2016 over Q3 December 2015.

Titan Company said that the expansion of retail chain is 1,333 stores across all its business as on 31 December 2016.

Bhaskar Bhat, Managing Director, Titan Company said that the Q3 December 2016 results have been good for the company. Despite initial headwinds on account of demonetization, the company clocked a growth of over 14% and a profit before tax growth of 21%. The festival season was very good for both its jewellery and watches business. Its effort continues therefore to be one of generating demand, through new product introductions and network expansion while retaining its focus on cost control.

Titan Companys main business lines are watches, jewellery and eyewear.

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Hindusthan Udyog announces resignation of company secretary and compliance officer
Feb 08,2017

Hindusthan Udyog announced that Shikha Bajaj, the Company Secretary and Compliance Officer has resigned from the post with effect from the close of 31 January 2017.

Her resignation was accepted by the Board at its Meeting held on 07 February 2017.

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