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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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Cabinet approves revision of guidelines of Sovereign Gold Bonds Scheme
Jul 27,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given approval for revision of guidelines of Sovereign Gold Bonds (SGB) Scheme with a view to achieve its intended objectives.

Two sets of changes have been made in the scheme:

I. Specific changes have been made in the attributes of the scheme to make it more attractive, mobilise finances as per the target and reduce the economic strains caused by imports of gold and reduce the Current Account Deficit (CAD).

II. Flexibility has been given to Ministry of Finance to design and introduce variants of SGBs with different interest rates and risk protection / pay-offs that would offer investment alternatives to different category of investors. Ministry of Finance (the issuer) has been delegated this power to amend / add to the features of the Scheme with approval of the Finance Minister to reduce the time lag between finalizing the attributes of a particular tranche and its notification. Such flexibility will be effective in addressing the elements of competition with new products of investment, to deal with very dynamic and sometimes volatile market, macro-economic and other conditions such as gold price.

Following specific changes in the scheme have been approved:

i. The investment limit per fiscal year has been increased to 4 kg for individuals, 4 Kg for Hindu Undivided Family (HUF) and 20 Kg for Trusts and similar entities notified by the Government from time to time.

ii. The ceiling will be counted on Financial year basis and will include the SGBs purchased during the trading in the secondary market.

iii. The ceiling on investment will not include the holdings as collateral by Banks and Financial institutions.

iv. SGBs will be available on tap. Based on the consultation with NSE, BSE, Banks and Department of Post, features of product to emulate On Tap sale would be finalised by Ministry of Finance.

v. To improve liquidity and tradability of SGBs, appropriate market making initiatives will be devised. Market makers, could be commercial banks or any other public sector entity, such as MMTC or any other entity as decided by Gol.

vi. The Government may, if so felt necessary, allow higher commission to agents.

Background:

Sovereign Gold Bond (SGB) Scheme was notified by the Government of India on November 05, 2015 after due approval of the Cabinet. The main objective of the scheme was to develop a financial asset as an alternative to purchasing metal gold. The target was to shift part of the estimated 300 tons of physical bars and coins purchased every year for Investment into demat gold bonds. The target mobilisation under the scheme at Rs. 15,000 crore in 2015-16 and at Rs.10,000 crore in 2016-17. The amount so far credited in Government account is Rs. 4,769 crore.

In view of less than expected response of the investors to the scheme, and considering its bearing on CAD and consequently on overall macro-economic health of the country, it was felt necessary to make changes in this scheme to make it a success.

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Redington India gets NCLT approval for scheme of arrangement
Jul 27,2017

Redington India announced that the National Company Law Tribunal, Chennai Bench (NCLT) has sanctioned the scheme of Arrangement (Merger) of Cadensworth (India) (transferor company) with Redington (India) (transferee company). The order of NCLT has been made effective on 26 July 2017 (being the date of filing the order of NCLT with the Registrar of Companies, Chennai) with the Appointed Date being 1 April 2016.

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Tata Motors moves forward on fund raising plan
Jul 27,2017

The announcement was made after market hours yesterday, 26 July 2017.

Meanwhile, the S&P BSE Sensex was up 239.62 points or 0.74% at 32,622.08.

On the BSE, 39,766 shares were traded on the counter so far as against the average daily volumes of 18.74 lakh shares in the past one quarter. The stock had hit a high of Rs 461 and a low of Rs 458.05 so far during the day. The stock had hit a 52-week high of Rs 598.60 on 7 September 2016 and a 52-week low of Rs 417.10 on 8 May 2017.

The stock had underperformed the market over the past one month till 26 July 2017, gaining 3.08% compared with the Sensexs 4% rise. The stock had also underperformed the market over the past one quarter, rising 1.32% as against the Sensexs 7.46% rise. The scrip had also underperformed the market over the past one year, sliding 9.22% as against the Sensexs 15.75% rise.

The large-cap company has equity capital of Rs 577.47 crore. Face value per share is Rs 2.

Tata Motors announced that a authorised committee of board of directors approved offering for subscription, on a private placement basis, up to 10,000 rated, listed, unsecured, redeemable, non-convertible debentures (NCDs) E27-I series of face value Rs 10 lakh each, at par, aggregating up to Rs 1000 crore, comprising of two tranches of debentures of Rs 500 crore each.

The company will announce its Q1 results on 9 August 2017. On a consolidated basis, net profit of Tata Motors declined 16.8% to Rs 4336.43 crore on 2.9% decline in net sales to Rs 77217.19 crore in Q4 March 2017 over Q4 March 2016.

Tata Motors is a market leader in commercial vehicles in India. The companys British luxury unit Jaguar Land Rover (JLR) sells premium luxury cars.

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Cabinet apprised of the Joint Declaration of Intent between India and Germany on Indo German-Centre for Sustainability
Jul 27,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has been apprised of the Joint Declaration of Intent (JDI) between Department of Science & Technology (DST), India and the Federal Ministry of Education and Research (BMBF), Germany on Indo German-Centre for Sustainability (IGCS). The JDI was concluded on 30th May, 2017 in Germany during the fourth Inter-Governmental Consultations (IGC) between India and Germany between Prime Minister of India and the German Federal Chancellor in Berlin. The JDI was signed by the Union Minister for Science & Technology and Earth Sciences, India, Dr Harsh Vardhan and Germanys Minister for Education & Research Prof. Dr. Johanna Wanka.

The objective of the JDI on IGCS is to promote cooperation between German and Indian scientists on fundamental and applied scientific research. It includes areas such as policy support, teaching, training and dissemination of information in the area of sustainable development and climate change through inter-disciplinary/trans-disciplinary research. The IGCS will nurture future collaboration by widening the network with other Universities, Institutes and industries both in India and Germany. On the Indian side, Indian Institute of Technology (IIT), Madras will act as the host institution for IGCS.

Under this JDI, the required institutional framework will be developed to provide fund support to the IGCS at IIT, Madras by DST and BMBF. DST will provide grant-in-aid support to IGCS for undertaking research in the areas of climate change for sustainable development. DST and BMBF will jointly support the IGCS for a period of five years starting from January 2018.

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Board of HCL Technologies recommends dividend
Jul 27,2017

HCL Technologies announced that the Board of Directors of the Company at its meeting held on 27 July 2017, inter alia, have recommended the interim dividend of Rs 2 per equity Share (i.e. 100%) , subject to the approval of the shareholders.

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Techno Electric& Engg. Company to announce Quarterly Result
Jul 27,2017

Techno Electric& Engg. Company will hold a meeting of the Board of Directors of the Company on 12 August 2017.

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Trinity League India to declare Quarterly Result
Jul 27,2017

Trinity League India will hold a meeting of the Board of Directors of the Company on 3 August 2017.

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Engineers India to announce Quarterly Result
Jul 27,2017

Engineers India will hold a meeting of the Board of Directors of the Company on 9 August 2017.

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Tokyo Finance to table results
Jul 27,2017

Tokyo Finance will hold a meeting of the Board of Directors of the Company on 11 August 2017.

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PSL to discuss results
Jul 27,2017

PSL will hold a meeting of the Board of Directors of the Company on 10 August 2017.

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Aksh Optifibre announces board meeting date
Jul 27,2017

Aksh Optifibre will hold a meeting of the Board of Directors of the Company on 12 August 2017.

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Prestige Estates Projects to hold board meeting
Jul 27,2017

Prestige Estates Projects will hold a meeting of the Board of Directors of the Company on 14 August 2017.

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Summit Securities (New) to hold board meeting
Jul 27,2017

Summit Securities (New) will hold a meeting of the Board of Directors of the Company on 7 August 2017.

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Asian Granito India to hold board meeting
Jul 27,2017

Asian Granito India will hold a meeting of the Board of Directors of the Company on 10 August 2017.

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Marico to announce Quarterly Result
Jul 27,2017

Marico will hold a meeting of the Board of Directors of the Company on 1 August 2017.

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