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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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Lupin advances after reporting robust Q2 results
Nov 09,2016

The result was announced during market hours today, 9 November 2016.

Meanwhile, the S&P BSE Sensex was down 239.89 points or 0.87% at 27,351.25.

High volumes were witnessed on the counter. On BSE, so far 3.51 lakh shares were traded in the counter as against average daily volume of 1.17 lakh shares in the past one quarter. The stock hit a high of Rs 1,563.10 and a low of Rs 1,383.50 so far during the day. The stock had hit a 52-week high of Rs 1,911.55 on 9 February 2016. The stock had hit a 52-week low of Rs 1,294.05 on 29 March 2016. The stock outperformed the market over the past one month till 8 November 2016, gaining 0.7% compared with 1.67% fall in the Sensex. The scrip however underperformed the market in past one quarter, dropping 10.84% as against Sensexs 2.1% fall.

The large-cap company has equity capital of Rs 90.25 crore. Face value per share is Rs 2.

Lupin is a pharmaceutical company producing and developing a wide range of branded & generic formulations, biotechnology products and active pharmaceutical ingredients (APIs) globally. The company is a significant player in the cardiovascular, diabetology, asthma, pediatric, CNS, GI, anti-infective and NSAID space and holds global leadership position in the anti-TB segment.

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Kopran intimates of commencement of work at Khopoli facility
Nov 09,2016

Kopran announced that workers have commenced work at the Companys Khopoli facility.

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Board of Cheviot Company approves scheme of amaglamation
Nov 09,2016

The Board of Directors of Cheviot Company at its meeting held on 09 November 2016 have approved the scheme of amalgamation of Harsh Investments (Transferor Company) with Cheviot Company (Transferee Company).

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Rashtriya Chemicals & Fertilizers redeems Commercial Paper aggregating Rs 100 crore
Nov 09,2016

Rashtriya Chemicals & Fertilizers announced that the Commercial Paper issued on 12 August 2016, for Rs.100 Crore, has been redeemed on 09 November 2016.

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Australia Stocks hammer
Nov 09,2016

Australian share market stumbled to a four-month low on Wednesday, 09 November 2016, losing ~A$35 billion in value amid a global shock from US election results that have left Donald Trump poised to won the U.S. presidential election. All sectors on the ASX closed deep in the red, with the banks, health and energy sectors suffering the biggest declines. At the closing bell, the benchmark S&P/ASX 200 index tumbled 101.20 points, or 1.92%, to 5,156.60, while the broader All Ordinaries index stumbled 103.90 points, or 1.94%, to 5,238.30. Falling stocks outnumbered advancing ones on the Australia Stock Exchange by 981 to 221 and 229 ended unchanged. The S&P/ASX 200 VIX, which measures the implied volatility of S&P/ASX 200 options, was up 14.69% to 21.030 a new 3-month high.

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Oil E&P stocks decline as crude oil prices edge lower
Nov 09,2016

Meanwhile, the S&P BSE Sensex was down 358.77 points or 1.3% at 27,232.37.

Reliance Industries (RIL) (down 0.26%), Cairn India (down 2.37%), ONGC (down 1.61%) and Oil India (down 1.32%) declined. Lower crude oil prices would result in decrease in realizations from crude sales for oil exploration firms.

In global commodities markets, Brent crude oil futures edged lower as Donald Trump stunned the world by winning the US presidential election, throwing global markets into turmoil in a result reminiscent of Junes Brexit vote. Brent for January settlement was off 56 cents at $45.48 a barrel. The contract had dropped 11 cents or 0.23% to settle at $46.04 a barrel during previous trading session.

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Sun Pharma recovers from 52-week low
Nov 09,2016

Meanwhile, the S&P BSE Sensex was down 358.31 points or 1.3% at 27,232.83.

On BSE, so far 11.83 lakh shares were traded in the counter as against average daily volume of 3.31 lakh shares in the past one quarter. The stock hit a low of Rs 572.40 so far during the day, which is a 52-week low for the counter. The stock hit a high of Rs 668.80 so far during the day. The stock had hit a 52-week high of Rs 898 on 23 February 2016. The stock had underperformed the market over the past one month till 8 November 2016, sliding 15.44% compared with 1.67% fall in the Sensex. The scrip had also underperformed the market in past one quarter, declining 23.73% as against Sensexs 2.1% fall.

The large-cap company has equity capital of Rs 240.68 crore. Face value per share is Rs 1.

Taro Pharmaceutical Industries (Taro Pharma) net profit fell 7.2% to $123.7 million on 7.9% growth in net sales to $228.8 million in Q2 September 2016 over Q2 September 2015. The top line during the quarter was driven by increased volumes in the US generic business. However, the increase in operating profit was offset by the decrease in foreign exchange income and an increase in tax expense thereby pulling down the bottom line in Q2 September 2016.

Sun Pharmaceutical Industries (Sun Pharma) is set to announce Q2 September 2016 results tomorrow, 10 November 2016. The companys consolidated net profit surged 265.8% to Rs 2033.71 crore on 22.7% growth in net sales to Rs 8006.68 crore in Q1 June 2016 over Q1 June 2015.

Sun Pharmaceutical Industries is the worlds fifth largest specialty generic pharmaceutical company and Indias top pharmaceutical company.

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Bank stocks drop after govt bans some bank notes to curb black money
Nov 09,2016

Among private sector banks, IndusInd Bank (down 1.66%), Axis Bank (down 0.66%), ICICI Bank (down 2.1%), Kotak Mahindra Bank (down 0.81%), Yes Bank (down 1.43%), and HDFC Bank (down 0.53%) declined.

Among public sector bank stocks, Canara Bank (down 0.22%), Union Bank of India (down 1.44%), Bank of India (down 0.73%), and Bank of Baroda (down 0.65%) declined. State Bank of India (SBI) (up 1.86%) and Punjab National Bank (up 0.25%) gained.

The S&P BSE Bankex shed 167.70 points or 0.75% at 22,166.87. It outperformed the Sensex which was down 383.12 points or 1.39% at 27,208.02.

The S&P BSE Bankex outperformed the market over the past one month till 8 November 2016, gaining 0.82% compared with 1.67% fall in the Sensex. The index also outperformed the market in past one quarter, gaining 3.13% as against Sensexs 2.1% fall.

With a view to curb financing of terrorism through the proceeds of fake Indian currency notes (FICN) and use of such funds for subversive activities such as espionage, smuggling of arms, drugs and other contrabands into India, and for eliminating black money which casts a long shadow of parallel economy on real economy, it has been decided by the NDA government yesterday, 8 November 2016, to cancel the legal tender character of the high denomination bank notes of Rs 500 and Rs 1,000 denominations issued by the Reserve Bank of India (RBI) till now. This takes effect from the expiry of the 8 November 2016.

Fake Indian currency notes (FICN) in circulation in these denominations are comparatively larger as compared to those in other denominations. For a common person, the fake notes look similar to genuine notes. Use of FICN facilitates financing of terrorism and drug trafficking. Use of high denomination notes for storage of unaccounted wealth has been evident from cash recoveries made by law enforcement agencies from time to time. High denomination notes are known to facilitate generation of black money. New Series bank notes of Rs 500 and Rs 2,000 denominations will be introduced for circulation from 10 November 2016. Infusion of Rs 2,000 bank notes will be monitored and regulated by RBI. Introduction of new series of banknotes which will be distinctly different from the current ones in terms of look, design, size and colour has been planned.

The World Bank in July, 2010 estimated the size of the shadow economy for India at 20.7% of the GDP in 1999 and rising to 23.2% in 2007. There are similar estimates made by other Indian and international agencies. A parallel shadow economy corrodes and eats into the vitals of the countrys economy. It generates inflation which adversely affects the poor and the middle classes more than others. It deprives Government of its legitimate revenues which could have been otherwise used for welfare and development activities.

Keeping in view the need to minimise inconvenience to the public, the operational guidelines have been issued which among others includes deposition of old high denomination bank notes by individuals/persons into their bank accounts and/or exchanged in bank branches or Issue offices of RBI till the close of business hours on 30 December 2016. Old high denomination bank notes of aggregate value of Rs 4,000 only or below held by a person can be exchanged by him/her at any bank branch or Issue Office of Reserve Bank of India for any denomination of bank notes having legal tender character, provided a Requisition Slip as per format to be specified by RBI is presented with proof of identity and along with the Old High Denomination Bank Notes. Similar facilities will also be made available in Post Offices.

Cash withdrawal from a bank account, over the counter will be restricted to Rs 10,000 subject to an overall limit of Rs 20,000 in a week for the first fortnight, i.e., until the end of business hours on 24 November 2016. There will be no restriction on the use of any non-cash method of operating the account which will include cheques, demand drafts, credit/debit cards, mobile wallets and electronic fund transfer mechanisms. Withdrawal from ATMs would be restricted to Rs 2,000 per day per card up to 18 November 2016. The limit will be raised to Rs 4,000 per day per card from 19 November 2016 onwards.

For those who are unable to exchange their Old High Denomination Bank Notes or deposit the same in their bank accounts on or before 30 December 2016, an opportunity will be given to them to do so at specified offices of the RBI on later dates along with necessary documentation as may be specified by the Reserve Bank of India. Instruction is also being issued for closure of banks and Government Treasuries on 9 November, 2016. The bank branches and Government Treasuries will function from 10 November, 2016.

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Board of Precision Wires India declares interim dividend of 25%
Nov 09,2016

Precision Wires India announced that at the Meeting of the Board of Directors held on 09 November 2016, the following business was transacted:

1. Interim Dividend @ 25% per equity share of the face value of Rs. 5/- each was declared.

2. Approval for purchase of balancing requirement for intermediate product.

3. Annual Renewal received for working facilities from Banks and approved.

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Volumes jump at Greenlam Industries counter
Nov 09,2016

Greenlam Industries clocked volume of 1.20 lakh shares by 13:35 IST on BSE, a 1519.87-times surge over two-week average daily volume of 79 shares. The stock lost 1.03% at Rs 700.

Repco Home Finance notched up volume of 2.59 lakh shares, a 88.45-fold surge over two-week average daily volume of 3,000 shares. The stock tumbled 6.59% at Rs 674.65.

Vesuvius India saw volume of 57,000 shares, a 57.76-fold surge over two-week average daily volume of 1,000 shares. The stock fell 2.4% at Rs 1,145.

United Breweries clocked volume of 8.31 lakh shares, a 40.14-fold surge over two-week average daily volume of 21,000 shares. The stock rose 0.54% at Rs 907.35.

Oberoi Realty saw volume of 9.85 lakh shares, a 33.88-fold rise over two-week average daily volume of 29,000 shares. The stock lost 10.23% at Rs 303.50.

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Maruti Suzuki Indias MD & CEO wins award for Best CEO - Multinational Company
Nov 09,2016

Kenichi Ayukawa, MD & CEO, Maruti Suzuki India, was awarded Best CEO - Multinational Company at Forbes India Leadership Awards (FILA) 2016 in Mumbai.

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Aurum Soft Systems provides business update
Nov 09,2016

Aurum Soft Systems announced that during March 2011, the Company had entered into Resourcing Services Agreement for a period of 5 years with effect from 01 April 2011. The said agreement was further extended upto 30 September 2016.

As the said business agreement has come to a close, the Resourcing Services being rendered by the Company to Accel group of Company has also come to a close.

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Balrampur Chini Mills gets revision in credit ratings
Nov 09,2016

Balrampur Chini Mills announced that ICRA has vide its letter dated 08 November 2016 has revised upwards the Long Term Rating from n++[ICRA] A+n++ (pronounced ICRA A plus) to n++[ICRA]AA-n++ (pronounced ICRA double A minus). Further the outlook on the Long Term Rating has been revised to n++Stablen++. The short term rating has been reaffirmed at n++[ICRA] A1+n++ (pronounced ICRA A one plus).

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Dredging Corporation of India secures contract worth Rs 1119 crore
Nov 09,2016

Dredging Corporation of India has secured contract from Kolkata Port following global competitive bidding. The value of the contract is Rs 1119 crore for a period of 5 years from January 2017. The contract is for maintenance dredging in the shipping channel leading to Haldia Dock complex in the Hooghly Estuary.

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Shri Bandaru Dattatreya Launches Kahin Bhi-Kabhi Bhi medical facilities for ESIC beneficiaries of Delhi
Nov 09,2016

The Minister of State (Independent Charge) for Labour and Employment, Shri Bandaru Dattatreya launched the Kahin Bhi-Kabhi Bhi medical facilities for ESIC beneficiaries of Delhi and Inaugurated the 06 bedded Day Care Unit of ESI Dispensary.

Speaking on the occasion, Shri Bandaru Dattatreya informed that ESIC Dispensary Dwarka has now become a complete unit in itself with medical facilities like General OPD Care, Family Welfare Services, full time Laboratory and X-Ray and Diagnostic care. Now, insured persons and their family members of Delhi need not to visit ESIC Hospital for minor ailments requiring only day care like Diarrhoea, high grade fevers, acute asthama attacks, abdominal pain, chest pain etc. Besides this, in future, Day Care Centres will be developed in three more ESIC Dispensaries in Delhi having high OPD attendance in Nandnagari, Mangolpuri and Jwalapuri which will cover all zones of Delhi.

The Minister further said that ESI Corporation has decided to open six bed Day Care Centres in various ESI Dispensaries, all over the country. These Centres will become a complete unit in itself with medical facilities. To further improve the medical services to patients from working class, facilities like Dental Care, Physiotherapy, Yoga, X-Ray Plant on PPP Model, Mother and Child Tracking, courier services to deliver medicine at Insured Person doorsteps will also be provided. All 04 ESIC Hospitals of Delhi at Basaidarapur, Rohini, Okhla and Jhilmil will also be converted into Super Speciality Hospitals.

Shri Dattatreya also said that ESIC has become one of the largest social security organizations, offering a better and brighter service for all the ESIC beneficiaries making every Insured Person feel like a VIP.

The Minister informed that ESIC has taken an initiative in the form of Kahin Bhi Kabhi Bhi for ESIC beneficiaries of Delhi. Kahin Bhi means- any dispensary/Hospital and Kabhi Bhi means - any time. Now, all the network of dispensaries of Delhi has been made accessible to insured persons and their family members all the time. It will save his/her time and effort to avail services it closer to his workplace or home or any place.

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