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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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Swelect Energy Systems standalone net profit rises 50.00% in the September 2016 quarter
Dec 07,2016

Net profit of Swelect Energy Systems rose 50.00% to Rs 7.71 crore in the quarter ended September 2016 as against Rs 5.14 crore during the previous quarter ended September 2015. Sales rose 55.17% to Rs 26.86 crore in the quarter ended September 2016 as against Rs 17.31 crore during the previous quarter ended September 2015.

ParticularsQuarter Endedn++Sep. 2016Sep. 2015% Var. Sales26.8617.31 55 OPM %2.7213.17 - PBDT11.5211.16 3 PBT8.867.61 16 NP7.715.14 50

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Subex reports consolidated net profit of Rs 9.74 crore in the September 2016 quarter
Dec 07,2016

Net profit of Subex reported to Rs 9.74 crore in the quarter ended September 2016 as against net loss of Rs 10.62 crore during the previous quarter ended September 2015. Sales rose 5.15% to Rs 83.36 crore in the quarter ended September 2016 as against Rs 79.28 crore during the previous quarter ended September 2015.

ParticularsQuarter Endedn++Sep. 2016Sep. 2015% Var. Sales83.3679.28 5 OPM %19.6616.28 - PBDT13.89-3.20 LP PBT12.72-4.25 LP NP9.74-10.62 LP

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Ballarpur Industries reports consolidated net loss of Rs 452.03 crore in the September 2016 quarter
Dec 07,2016

Net Loss of Ballarpur Industries reported to Rs 452.03 crore in the quarter ended September 2016 as against net loss of Rs 18.06 crore during the previous quarter ended September 2015. Sales declined 57.42% to Rs 419.63 crore in the quarter ended September 2016 as against Rs 985.62 crore during the previous quarter ended September 2015.

ParticularsQuarter Endedn++Sep. 2016Sep. 2015% Var. Sales419.63985.62 -57 OPM %-52.7012.21 - PBDT-421.0128.73 PL PBT-493.03-38.59 -1178 NP-452.03-18.06 -2403

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FPIs turn buyers
Dec 07,2016

Foreign portfolio investors (FPIs) bought stocks worth a net Rs 158.74 crore from the secondary equity markets on 6 December 2016, compared with their net outflow of Rs 270.42 crore during the preceding trading session on 5 December 2016. The net inflow of Rs 158.74 crore on 6 December 2016 was a result of gross purchases of Rs 3114.79 crore and gross sales of Rs 2956.05 crore. On that day, the Sensex rose 43.66 points or 0.17% to settle at 26,392.76, its highest closing level since 1 December 2016.

There was an inflow of Rs 47.45 crore from the category primary markets & others on 6 December 2016.

FPIs have sold stocks worth a net Rs 1011.82 crore into the secondary equity markets in this month so far (till 6 December 2016). FPIs sold shares worth a net Rs 20116.27 crore from the secondary equity markets last month. FPIs have purchased shares worth a net Rs 20042.96 crore from the secondary equity markets in calendar year 2016 so far (till 6 December 2016). FPIs sold shares worth a net Rs 4863.71 crore into the secondary equity markets in calendar year 2015.

There has been a net inflow of Rs 52.78 crore from FPIs into the category primary markets & others in this month so far (till 6 December 2016). There was a net inflow of Rs 1872.02 crore from FPIs into the category primary markets & others last month. The net inflow from FPIs into category primary markets & others has totaled Rs 7740.47 crore in calendar year 2016 so far (till 6 December 2016). There was net inflow of Rs 22168.40 crore from FPIs into the category primary markets & others in calendar year 2015.

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October global passenger demand moderates: IATA
Dec 07,2016

The International Air Transport Association (IATA) announced global passenger traffic results for October showing that demand (measured in revenue passenger kilometers, or RPKs) rose 5.8% compared to the same month last year. Capacity grew 6.3% and load factor slid 0.4 percentage points to 80.1%.

Octobers performance was a slow-down on the 7.1% year-on-year growth rate recorded in September but still was broadly in line with 10-year averages. Domestic and international travel growth largely was in balance.

Passenger demand growth in October was consistent with long-term trends but represented deterioration compared to September. While the negative traffic impact from terror attacks and political instability in parts of the world has receded, the long downward trend in yield - which helped to stimulate travel - has leveled off. Furthermore, the recent OPEC agreement to restrict oil production suggests fuel prices have ended their slide, said Alexandre de Juniac, IATAs Director General and CEO.

International Passenger Markets

October international passenger demand rose 5.9% compared to October 2015. Airlines in all regions recorded growth. Total capacity rose faster, up 6.6%, causing load factor to slide 0.6% percentage points to 78.6%.

Asia-Pacific airlines traffic rose 7% in October compared to the year-ago period. Capacity rose 7.1% and load factor dipped 0.1 percentage point to 76.9%. The strong upward trend in seasonally-adjusted traffic has slowed in recent months, although it is too soon to determine whether this is an actual weakening or just a brief pause. On the other hand the Asia-to-Europe market, which is highly sensitive to shock events, is continuing to recover.

European carriers saw October demand climb 5.7% over October 2015. Capacity increased 6.2% and load factor slipped 0.4 percentage points to 83.2%. International demand for European carriers appears to be returning to normal after the disruption caused by terrorism and political instability earlier this year.

Middle East carriers experienced a 7% rise in demand in October, the slowest pace for the region in 18 months, although perhaps the timing of regional celebrations could have affected the results. Capacity increased 10%, however, with the result that load factor dropped 2.0 percentage points to 70.1%, its lowest level for the month of October since 2006.

North American airlines traffic climbed 2.4% in October compared to the year-ago period. While this was the lowest among the regions, on a seasonally-adjusted basis, passenger volumes have still risen at an annualized rate of around 5% since March. Capacity rose 4.9% and load factor dropped 1.9 percentage points to 80.1%.

Latin American airlines had a 7.1% increase in traffic in October, supported by robust demand for international traffic within the region. Capacity climbed at a much slower rate of 2.1%, causing load factor to surge 4 percentage points to 84.3%, highest among the regions.

African airlines traffic growth slowed to 5.8% year-on-year in October, from 9.1% in September. Economic conditions in parts of the continent remain challenging. Capacity rose 4.3%, and load factor strengthened to 68.8%, up 1 percentage point.

Domestic Passenger Markets

Domestic demand climbed 5.6% in October compared to October 2015, which was matched by a similar increase in capacity. There was continued wide variation in individual country results, with India and China enjoying double-digit growth rates while other markets experienced much slower growth and Brazil remained in decline.

Indias domestic market soared 22.7% year-on-year in October, supported by significant growth in real consumer spending and increases in the number of airport pairs served.

Chinas traffic jump of 14.1% in October was attributable to similar factors - although flight frequencies actually have fallen year-to-year.

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Hindalco Industries allots equity shares
Dec 07,2016

Hindalco Industries announced that the Committee of Directors vide their resolution passed on 06 December 2016 has allotted 147958 equity shares of face value of Re. 1/- each to the optionees as detailed in the resolution, pursuant to the exercise of the options granted to the employee under the Companys Employee Stock Option Scheme.

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COSYN incorporates subsidiary in US - Well to Desk
Dec 07,2016

COSYN announced that in continuation of the Companys plans to offer Cloud Based services to the Oil and Gas Industry vertical a new subsidiary in the name of WELL TO DESK has been incorporated in partnership with industry experts from USA in the State of Texas, USA with COSYN holding major stake.

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Board of State Bank of Travancore approves fund raising up to Rs 600 crore
Dec 07,2016

State Bank of Travancore announced that the Executive Committee of the Board of Directors of the Bank in its meeting held on 07 December 2016, has approved the raising of up to Rs. 600 crore by way of issue of Basel III compliant Additional Tier I Bonds by private placement.

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Dwarikesh Sugar Industries gets upgradation in credit ratings
Dec 07,2016

Dwarikesh Sugar Industries has upgraded the long term ratings for bank loans from ICRA BBB- to ICRA A-. The outlook on the long term rating has been revised to Stable from Positive.

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Emami gets ratings for commercial paper programme
Dec 07,2016

Emami has received from CRISIL a rating of A1+ for the Companys Rs 500 crore Commercial Paper programme.

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PTC India annnounces cessation of director
Dec 07,2016

PTC India announced that Ved Jain, Independent Director, has completed his tenure on 06 December 2016 and ceased to be a Director on the Board of the Company w.e.f. 07 December 2016.

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Board of Vishal Bearings to consider bonus issue
Dec 07,2016

Vishal Bearings announced that a meeting of the Board of Directors of the Company shall be held on 14 December 2016 has been postponed on 20 December 2016 to consider the following businesses:-

- To issue and allot bonus shares.

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Board of Usher Agro to consider allotment of shares under SDR scheme
Dec 07,2016

Usher Agro announced that a Meeting of the Board of Directors of the Company is scheduled to be held at Short Notice on 08 December 2016, inter alia, to consider and approve the allotment of equity shares to the lenders in pursuance of invocation of SDR Scheme.

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Auto stocks mixed after RBI keeps policy rates unchanged
Dec 07,2016

The monetary policy was announced by the RBI at 14:30 IST today, 7 December 2016.

Meanwhile, the S&P BSE Sensex was down 101.41 points or 0.38% at 26,291.35.

Ashok Leyland (down 1.73%), Maruti Suzuki India (down 0.86%), and Bajaj Auto (down 0.92%) declined. Mahindra & Mahindra (M&M) (up 0.81%), Eicher Motors (up 2.91%), Hero MotoCorp (up 0.51%), Tata Motors (up 0.43%) and TVS Motor Company (up 0.18%) gained.

Purchases of automobiles, including that of cars, utility vehicles and commercial vehicles are substantially driven by financing.

On the basis of an assessment of the current and evolving macroeconomic situation at its meeting today, 7 December 2016, the monetary policy committee (MPC) of the Reserve Bank of India (RBI) decided to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.25%.

Consequently, the reverse repo rate under the LAF remains unchanged at 5.75%, and the marginal standing facility (MSF) rate and the bank rate at 6.75%. The decision of the MPC is consistent with an accommodative stance of monetary policy in consonance with the objective of achieving consumer price index (CPI) inflation at 5% by Q4 March 2017 and the medium-term target of 4% within a band of +/- 2%, while supporting growth.

In the view of the committee, this bi-monthly review is set against the backdrop of heightened uncertainty. Globally, the imminent tightening of monetary policy in the US is triggering bouts of high volatility in financial markets, with the possibility of large spillovers that could have macroeconomic implications for EMEs.

In India, while supply disruptions in the backwash of currency replacement may drag down growth this year, it is important to analyse more information and experience before judging their full effects and their persistence - short-term developments that influence the outlook disproportionately warrant caution with respect to setting the monetary policy stance. If the impact is transient as widely expected, growth should rebound strongly.

Turning to inflation, food prices other than vegetables are exhibiting sustained firmness and a pick-up in momentum. Another disconcerting feature of recent developments is the downward inflexibility in inflation excluding food and fuel which could set a resistance level for future downward movements in the headline. Moreover, volatility in crude prices and the surge in financial market turbulence could put the inflation target for Q4 of 2016-17 at some risk.

Given these indicators of underlying inflation, it is appropriate to look through the transitory but unclear effects of the withdrawal of SBNs while setting the monetary policy stance. On balance, therefore, it is prudent to wait and watch how these factors play out and impinge upon the outlook. Accordingly, the policy repo rate has been kept on hold in this review, while retaining an accommodative policy stance, RBI said

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Bank stocks mixed as RBI keeps key policy rate steady
Dec 07,2016

Among public sector banks, Bank of Baroda (down 1.69%), Punjab National Bank (down 1.23%), Andhra Bank (down 1.16%), Bank of India (down 1.32%), State Bank of India (down 1.1%) and IDBI Bank (down 0.66%) edged lower. Corporation Bank (up 0.33%), Dena Bank (up 0.29%), Indian Bank (up 0.12%) and Vijaya Bank (up 0.34%) edged higher.

Among private sector banks, Axis Bank (down 1.3%), HDFC Bank (down 1.15%), IndusInd Bank (down 1.01%), Yes Bank (down 0.29%), Kotak Mahindra Bank (down 0.2%) edged lower. RBL Bank (up 0.19%) and Federal Bank (up 0.14%) edged higher.

Meanwhile, the S&P BSE Sensex was down 156.91 points or 0.59% at 26,235.85.

ICICI Bank was down 1.42%. The bank announced after market hours yesterday, 6 December 2016, that the committee of executive directors of the bank is scheduled to have a meeting on 9 December 2016, to consider fund raising in single/multiple tranches in any currency through public/private placement by way of issuances of debt instruments etc. for the remaining period of the financial year ending 31 March 2017 (FY 2017).

On the basis of an assessment of the current and evolving macroeconomic situation at its meeting today, 7 December 2016, the Monetary Policy Committee (MPC) decided to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.25%. Consequently, the reverse repo rate under the LAF remains unchanged at 5.75%, and the marginal standing facility (MSF) rate and the bank rate at 6.75%.

The decision of the MPC is consistent with an accommodative stance of monetary policy in consonance with the objective of achieving consumer price index (CPI) inflation at 5% by Q4 March 2017 and the medium-term target of 4% within a band of plus or minus 2%, while supporting growth.

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