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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 Eskay K`nIT (India) approves change in directorate
Nov 15,2016

The Board of Eskay K`nIT (India) approved the appointment of Narayan Ghumatkar as Chairperson of the Company and Neha Patil as an Additional Director of the Company.

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Board of Kreon Finnancial Services approves change in registered office
Nov 15,2016

The Board of Kreon Finnancial Services has approved the change in registered office of the Company to New No. 29, Old No. 12, Mookathal Street, Purasawalkam, Chennai 600 007 from 01 December 2016 onwards.

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Board of Sundaram Multi Pap approves preliminary placement document for proposed QIP issue
Nov 15,2016

The Board of Sundaram Multi Pap approved the Preliminary Placement Document and other incidental activities related to proposed QIP issue. The Board has taken note of the floor price of Rs 4.30 per share and relevant date as 15 November 2016 in respect of the issue.

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Escorts Finance to announce September quarter and half year results
Nov 15,2016

Escorts Finance announced that a meeting of the Board of Directors of the Company is scheduled to be held on 24 November 2016, inter-alia, to consider, approve and take on record the Unaudited Financial Results (Standalone) of the Company for the quarter and half year ended September 30, 2016. The financial results shall be subject to limited review by the Statutory Auditors of the Company.

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Board of Hindustan Petroleum Corporation approves issue of bonds up to Rs 6000 crore
Nov 15,2016

Hindustan Petroleum Corporation announced that the Board of Directors in its meeting held on 15 November 2016 have approved the proposal for issue of secured/unsecured Redeemable non-convertible bonds/debentures(Bonds) of face value aggregating up to Rs. 6,000 crore (from domestic as well as overseas market), subject to the approval of Shareholders.

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Suzlon Energy provides update on subsidairy
Nov 15,2016

Suzlon Energy announced that CARE has upgraded the investment grade credit rating of SE Forge, its wholly owned subsidiary, to BBB from an earlier BBB-.

Long term bank facilities (rupee term loans and fund based working capital) Rs 339.35 crore - CARE BBB

Short term bank facilities (Non-fund based working capita) Rs 96 crore - CARE A3+

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Moodys: Outlook for the global airline industry changed to stable from positive
Nov 15,2016

The outlook for the global airline industry has been changed to stable from positive, Moodys Investors Service says in a new report. Airlines operating margins and operating profits are expected to decline in the coming 12 to 18 months, as capacity continues to outstrip demand.

Capacity will continue to grow a bit more than passenger demand over the next year or so, said Moodys analyst, Jonathan Root. As a result, both the aggregate operating margin and operating profit of Moodys-rated airlines will drop to ranges that are within our range for a stable, rather than a positive, industry outlook.

Aggregate operating margin is expected to fall to 9.4% in 2017 from a projected 10.8% this year, while operating profit will contract by about 11% in 2017, against a projected 1.2% contraction this year, Root says in Global Airline Industry-Changing Outlook to Stable; Operating Margin to Decline Below 10%. Moodys estimates that global capacity will grow between 5.5% and 6.5% next year, against 6.1% growth during the first nine months of this year, spurred by the still-low cost of fuel and increased deliveries of new aircraft that need to be placed in service, primarily by airlines in developing markets.

Meanwhile, growth in passenger demand will slow modestly next year due to lackluster global economic expansion, as well as geopolitical uncertainties and the effect of the threat of terrorism on Asian demand for long-haul travel, particularly to Europe. The strong US dollar, excess capacity growth and competing business models will continue to pressure yields until more players reduce capacity or limit growth, Moodys says. Demand will expand between 5.2% and 6.2% over the next 12 to 18 months, against 5.9% in the first nine months of this year.

For US airlines, a combination of slightly higher fuel costs and higher labor costs at American Airlines, Delta Air Lines, Southwest Airlines and United Continental Holdings will contribute to a 20% contraction in operating profits over Moodys outlook horizon. Conversely, improving economic activity, along with significant capacity adjustments, will drive a recovery in operating profit for rated Latin American carriers, though volatility in local currencies remains a key risk.

Moodys is now basing its outlook for the global airline industry on its expectations for operating margins and changes in operating profits on a reported basis for rated airlines only, in order to better reflect changes in operating conditions for airlines. Previously, the outlook was based on the rating agencys forecasts for aggregate adjusted operating margin, changes in industry yields and revenue passenger kilometers for all carriers.

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Board of Suyog Telematics appoints director
Nov 15,2016

The Board of Suyog Telematics approved the appointment of Anand Ganpat Kode as an Additional Independent Director.

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Kellton Tech ranks 19th on Deloitte Technology Fast 50 India
Nov 15,2016

Kellton Tech Solutions announced that Kellton Tech, a global leader in digital transformation and enterprise solutions, has been ranked 19th on the Deloitte Technology Fast 50 India 2016, a ranking of 50 fastest growing technology companies in India.

The rankings were based on the percentage of growth in fiscal year revenues over three years.

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Outcome of board meeting of Anil
Nov 15,2016

The Board of Anil has taken note of resignation of Chintan Acharya, CFO and Chandresh Pandya, Company Secretary and Compliance Officer of the Company. The Board also reviewed business activities of the Company.

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Aurobindo Pharma fixes record date for interim dividend
Nov 15,2016

Aurobindo Pharma has fixed 25 November 2016 as the Record Date for the purpose of Interim Dividend for the year 2016-17. The Interim dividend will be paid on or before 09 December 2016.

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Polyplex Corporation fixes record date for interim dividend
Nov 15,2016

Polyplex Corporation has fixed 24 November 2016 as the Record Date for the purpose of Payment of Interim Dividend.

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Vipul fixes record date for interim dividend
Nov 15,2016

Vipul has fixed 24 November 2016 as the Record Date for the purpose of Payment of Interim Dividend. The dividend shall be paid on or after 30 November 2016.

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Mayur Uniquoters fixes record date for 2nd interim dividend
Nov 15,2016

Mayur Uniquoters has fixed record date of 22 November 2016 for payment of second interim dividend for FY 2016-17, if declared.

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Board of Mayur Uniquoters declares 2nd interim dividend
Nov 15,2016

The Board of Mayur Uniquoters declared a second interim dividend of 5% or Rs 0.25 per share of Rs 5 each for FY 2016-17.

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