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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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Shree Bhawani Paper Mills reports standalone net loss of Rs 9.11 crore in the September 2016 quarter
Nov 10,2016

Net Loss of Shree Bhawani Paper Mills reported to Rs 9.11 crore in the quarter ended September 2016 as against net loss of Rs 9.30 crore during the previous quarter ended September 2015. There were no Sales reported in the quarter ended September 2016 and during the previous quarter ended September 2015.

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Hindusthan Udyog reports standalone net loss of Rs 1.60 crore in the September 2016 quarter
Nov 10,2016

Net loss of Hindusthan Udyog reported to Rs 1.60 crore in the quarter ended September 2016 as against net profit of Rs 0.24 crore during the previous quarter ended September 2015. Sales declined 42.57% to Rs 5.76 crore in the quarter ended September 2016 as against Rs 10.03 crore during the previous quarter ended September 2015.

ParticularsQuarter Endedn++Sep. 2016Sep. 2015% Var. Sales5.7610.03 -43 OPM %-34.03-0.80 - PBDT-1.280.68 PL PBT-1.600.24 PL NP-1.600.24 PL

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United Interactive reports standalone net loss of Rs 0.03 crore in the September 2016 quarter
Nov 10,2016

Net Loss of United Interactive reported to Rs 0.03 crore in the quarter ended September 2016 as against net loss of Rs 0.03 crore during the previous quarter ended September 2015. There were no Sales reported in the quarter ended September 2016 and during the previous quarter ended September 2015.

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Lumax Auto Technologies consolidated net profit rises 12.56% in the September 2016 quarter
Nov 10,2016

Net profit of Lumax Auto Technologies rose 12.56% to Rs 11.74 crore in the quarter ended September 2016 as against Rs 10.43 crore during the previous quarter ended September 2015. Sales rose 20.30% to Rs 272.33 crore in the quarter ended September 2016 as against Rs 226.38 crore during the previous quarter ended September 2015.

ParticularsQuarter Endedn++Sep. 2016Sep. 2015% Var. Sales272.33226.38 20 OPM %8.529.28 - PBDT24.2921.50 13 PBT18.4016.47 12 NP11.7410.43 13

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Coventry Coil-O-Matic Haryana to consider Q2 results
Nov 10,2016

Coventry Coil-O-Matic (Haryana) announced that the Board of Directors of the Company would meet on 14 November 2016, inter alia, to consider Unaudited Financial Results of the Company for the 2nd Quarter ended 30 September 2016.

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Hinduja Global Solutions fixes record date for interim dividend
Nov 10,2016

Hinduja Global Solutions has fixed 23 November 2016 as the Record Date for the purpose of Payment of Interim Dividend. The said Dividend will be paid on or after 01 December 2016.

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Sundaram Brake Linings to announce September quarter and half year results
Nov 10,2016

Sundaram Brake Linings announced that a meeting of the Board of Directors of the Company is scheduled to be held on 10 December 2016, interalia, to consider and approve the Unaudited Financial Results in accordance with Ind AS for the Quarter / Half Year ended 30 September 2016.

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Cipla shrugs off weak Q2 outcome
Nov 10,2016

The result was announced after market hours yesterday, 9 November 2016.

Meanwhile, the S&P BSE Sensex was up 309.64 points or 1.14% at 27,562.17.

On BSE, so far 66,000 shares were traded in the counter as against average daily volume of 1.99 lakh shares in the past one quarter. The stock hit a high of Rs 554.30 and a low of Rs 538 so far during the day.

The large-cap company has equity capital of Rs 160.84 crore. Face value per share is Rs 2.

Cipla said that consolidated net profit dropped 34.75% to Rs 354.34 crore on 8.39% rise in total income to Rs 3778.25 crore in Q2 September 2016 over Q2 September 2015. The company said the results are not strictly comparable to Q2 September 2015 results. The Q2 September 2016 earnings include revenue from InvaGen Pharmaceuticals, a US-based company that Cipla acquired in February this year, and as Q2 September 2015 results included profit from Esomeprazole.

Cipla said that Q2 September 2016 reflected improved profitability in base business driven by better product and geography mix. The company launched 6 new products during this quarter in the US market and continues to invest in building a niche and differentiated product portfolio, Cipla said. Commenting on the results, Umang Vohra, MD and Global CEO, Cipla said that the company continues to stay focused on building operational efficiencies and strengthening presence in priority markets.

Cipla is a global pharmaceutical company

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Direct Tax Collections up to October, 2016 show an increase of 10.6%
Nov 10,2016

The figures for Direct Tax Collections up to October, 2016 show that net collections are at Rs.3.77 lakh crore which is 10.6% more than the net collections for the corresponding period last year. Till October, 2016, 44.5% of the Budget Estimates of direct taxes for FY 2016-17 has been achieved.

As regards the growth rates for Corporate Income Tax (CIT) and Personal Income Tax (PIT), in terms of gross revenue collections, the growth rate under CIT is 11.6% while that under PIT (including STT etc.) is 18.6%. However, after adjusting for refunds, the net growth in CIT collections is 5.0% while that in PIT collections is 18.4%. Refunds amounting to Rs.93,836 crore have been issued during April-October, 2016, which is 32.2% higher than the refunds issued during the corresponding period last year.

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TCS announces change in Chairman
Nov 10,2016

Tata Consultancy Services announced about the following material events:

1. The Company has received a letter dated 09 November 2016 from Tata Sons Limited nominating Ishaat Hussain as the Chairman of the Board of Directors of the Company in place of Cyrus P. Mistry with immediate effect. In view of this, Mistry has ceased to be the Chairman of the Board of Directors of the Company and Hussain is the new Chairman of the Company. The Company has been further informed that Hussain shall hold office as Chairman of the Company until a new Chairman is appointed in his place.

2. Tata Sons has issued a special notice under Section 169 read with Section 115 of the Companies Act, 2013 and a requisition for convening an extraordinary general meeting of shareholders of the Company under Section 100(2) of the Companies Act, 2013 to consider a resolution for the removal of Cyrus P. Mistry as Director of the Company.

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Hinduja Global Solutions to pay 2nd interim dividend
Nov 10,2016

Hinduja Global Solutions announced that second Interim Dividend of Rs. 2.50 per equity share of Rs. 10/- each paid up for the Financial Year 2016-17 will be paid on or after 01 December 2016.

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Hinduja Global Solutions declares 2nd interim dividend of Rs 2.50
Nov 10,2016

Hinduja Global Solutions announced that the Board of Directors at their meeting held on 09 November 2016 declared second Interim Dividend of Rs. 2.50 per equity share of Rs. 10/- each paid up for the Financial Year 2016-17. The said Dividend will be paid on or after 01 December 2016.

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Poly Medicure to pay interim dividend for FY 2017
Nov 10,2016

Poly Medicure announced that interim dividend for the financial year 2016-17, of Re. 1.00/- (Rupee One Only) per Equity Share i.e. @20% (Twenty) on equity shares of Rs. 5.00/- each fully paid-up of the Company shall be paid to the shareholders on or before 08 December 2016.

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Board of Poly Medicure declares interim dividend of Re 1
Nov 10,2016

Poly Medicure announced that the Board of Directors of the Company at its meeting held on 09 November 2016, inter alia, has declared interim dividend for the financial year 2016-17, of Re. 1.00/- (Rupee One Only) per Equity Share i.e. @20% (Twenty) on equity shares of Rs. 5.00/- each fully paid-up of the Company.

The said interim dividend will be paid to the shareholders on or before 08 December 2016.

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Protocol amending the Double Taxation Amending Convention (DTAC) between India and Japan comes into force
Nov 10,2016

A Protocol amending the Double Taxation Avoidance Convention (DTAC) between India and Japan for the Avoidance of Double Taxation and the Prevention of Fiscal evasion with respect to taxes on income which was signed on 11th December, 2015 has entered into force on 29th October, 2016 on completion of procedural requirements by both countries. The Protocol amending the DTAC aims to promote transparency and cooperation between the two countries.

The Protocol provides for internationally accepted standards for effective exchange of information on tax matters including bank information and information without domestic tax interest. It is further provided that the information received from Japan in respect of a resident of India can be shared with other law enforcement agencies with authorization of the Competent Authority of Japan and vice versa.

The Protocol provides for exemption of interest income from taxation in the source country with respect to debt-claims insured by the Government/Government owned financial institutions.

The Protocol inserts a new article on assistance in collection of taxes. India and Japan shall now lend assistance to each other in the collection of revenue claims.

The existing Double Taxation Avoidance Convention (DTAC) between India and Japan was earlier signed on 7th March, 1989 and was notified on 1st March 1990. The DTAC was subsequently amended on 24th February, 2006.

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