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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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Amani Trading & Exports reports standalone net profit of Rs 0.01 crore in the September 2016 quarter
Nov 10,2016

Net profit of Amani Trading & Exports reported to Rs 0.01 crore in the quarter ended September 2016 as against net loss of Rs 0.02 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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Integra Engineering India standalone net profit rises 60.87% in the September 2016 quarter
Nov 10,2016

Net profit of Integra Engineering India rose 60.87% to Rs 0.37 crore in the quarter ended September 2016 as against Rs 0.23 crore during the previous quarter ended September 2015. Sales rose 42.14% to Rs 7.32 crore in the quarter ended September 2016 as against Rs 5.15 crore during the previous quarter ended September 2015.

ParticularsQuarter Endedn++Sep. 2016Sep. 2015% Var. Sales7.325.15 42 OPM %0.14-4.47 - PBDT0.630.41 54 PBT0.430.22 95 NP0.370.23 61

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Board of Lincoln Pharmaceuticals approved proposal for delisting shares from Ahmedabad Stock Exchange
Nov 10,2016

Lincoln Pharmaceuticals announced that the Board of Directors of the Company at their meeting held on 10 November 2016, had considered and approved the following:

- The proposal of Delisting of Equity Shares of the Company from Ahmedabad Stock Exchange pursuant to SEBI (Delisting of Equity Shares) Regulations, 2009 as amended from time to time.

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Bank of India surges after posting turnaround in Q2 results
Nov 10,2016

The result was announced during market hours today, 10 November 2016.

Meanwhile, the S&P BSE Sensex was up 463.59 points or 1.7% at 27,701.44.

High volumes were witnessed on the counter. On BSE, so far 17.07 lakh shares were traded in the counter as against average daily volume of 6.2 lakh shares in the past one quarter. The stock hit high of Rs 123 and low of Rs 111.90 so far during the day. The stock had hit a 52-week high of Rs 138.90 on 10 November 2015. The stock had hit a 52-week low of Rs 78.60 on 25 May 2016. The stock underperformed the market over the past one month till 9 November 2016, falling 6.19% compared with the Sensexs 2.88% fall. The scrip however outperformed the market in past one quarter, dropping 0.45% as against the Sensexs 2.96% decline.

The large-cap state-run bank has equity capital of Rs 1054.70 crore. Face value per share is Rs 10.

Bank of Indias total income rose 1.33% to Rs 11469.11 crore in Q2 September 2016 over Q2 September 2015. The bank said that the figures of Q2 September 2016 are not comparable with those of Q2 September 2015.

The banks provisions and contingencies fell 29.07% to Rs 2296.22 crore in Q2 September 2016 over Q2 September 2015. The provision coverage ratio stands at 55.23% compared with 55.08% in the previous period.

The banks gross non-performing assets (NPAs) rose to Rs 52261.95 crore as on 30 September 2016 compared with Rs 51874.50 crore as on 30 June 2016 and Rs 29893.67 crore as on 30 September 2015. The ratio of gross NPAs to gross advances rose to 13.45% as on 30 September 2016 as against 13.38% as on 30 June 2016 and 7.55% as on 30 September 2015. The ratio of net NPAs to net advances stood at 7.56% as on 30 September 2016 compared with 7.78% as on 30 June 2016 and 4.31% as on 30 September 2015.

The Government of India held 73.72% stake in Bank of India (as per the shareholding pattern as on 30 September 2016).

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JK Tyre jumps after announcing Q2 earnings
Nov 10,2016

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

Meanwhile, the S&P BSE Sensex was up 402.82 points or 1.48% at 27,655.35.

On BSE, so far 4.14 lakh shares were traded in the counter as against average daily volume of 5.75 lakh shares in the past one quarter. The stock hit a high of Rs 148.85 and a low of Rs 142 so far during the day. The stock had hit a 52-week high of Rs 161.50 on 6 October 2016. The stock had hit a 52-week low of Rs 74.05 on 29 February 2016.

The companys bottom line during Q2 September 2016 was weighed down by higher finance costs and higher exceptional expense vis-n++-vis corresponding previous quarter. Finance costs jumped 80.8% at Rs 110.69 crore in Q2 September 2016 over Q2 September 2015. There was exceptional expense of Rs 64.44 crore in Q2 September 2016 compared with exceptional expense of Rs 30.87 crore in Q2 September 2015. Exceptional expense during Q2 September 2016 include unfavourable foreign exchange fluctuation mainly due to translation loss owing to unprecedented depreciation of Mexican Peso vis-n++-vis US dollar/rupee and net loss on sale of certain assets.

Commenting on the companys performance, Raghupati Singhania, Chairman & Managing Director of JK Tyre & Industries said the company continues to surge ahead in the Indian market with higher sales in volume terms. The company continues to maintain its leadership in truck/bus radials and has recorded higher operating profit for Q2 September 2016 on a consolidated basis, Singhania said. He added that import of cheaper Chinese tyres continues unabatedly in the truck/bus radial segment which is causing serious injury to the Indian tyre industry. Tyre industry has taken up this matter with the Government of India more than 18 months back, with a request for imposition of anti dumping duty on these cheap imports, he said. It has still to see an outcome, Singhania added.

JK Tyre & Industries is a leading four-wheeler tyre manufacturer in India and amongst the top 25 manufacturers in the world with a wide range of products catering to diverse business segments in the automobile industry.

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SRF commissions and capitalise expansion of R&D capability at Bhiwadi
Nov 10,2016

SRF announced that the project for enhancing the R&D capability of the chemical business at Bhiwadi, Rajasthan has been commissioned and capitalized at a cost of Rs. 22.6 crore on 09 November 2016.

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Black Day for Black Money - Structural Benefits of Demonetisation Outweigh Short Term Agony
Nov 10,2016

The sudden and abrupt announcement by the government to make the currency notes of INR500 and INR1,000 invalid as legal tender from mid night of 8 November is part of the governments attempt to crack the whip on black money and fake currency, says India Ratings and Research (Ind-Ra). This comes after the disappointing collections made under the Income Disclosure Scheme (IDS), which gave the option to disclose unaccounted money. At an aggregate level, this move will significantly eliminate the existing stock of black money/fake currency and will benefit the economy in the medium- to long-run, but how the creation of black money in the future will be prevented still remains unanswered.

The impact of this move will be felt across sectors with differing intensities and for a different period of time.

Cash Economy To Witness Contraction: The currency of the aforesaid denominations constitutes around 86% of the total value of the currency in circulation, thus its impact on the cash economy will be significant. The key segments of the economy where cash transactions play a vital role are real estate/construction, gold and the informal sectors. The role of cash transaction in case of real estate and gold is mostly dubious, however in case of the informal sectors it is the lifeline. For example, small and marginal farmers in the fruits and vegetable category typically require off-loading of their produce in the local Mandi in cash and could see an immediate impact. A sudden demonetisation will adversely impact this segment of the economy and it will witness immediate contraction, though the impact will diminish over time.

Downward Bias to GDP Growth: The sudden decline in money supply and simultaneous increase in bank deposits is going to adversely impact consumption demand in the economy in the short term. This coupled with the adverse impact on real estate/construction and informal sectors may lead to lowering of GDP growth. However, Ind-Ra feels the impact will be felt more in Q3FY17 and the system is expected to readjust thereafter. Therefore, Ind-Ra retains its GDP growth forecast of 7.8% for FY17 with a downward bias and will monitor this aspect closely.

Lower M3 has Deflationary Effect: Reduction in money supply can also have a deflationary effect in the economy. However, whether the impact of the reduced money supply will lead to deflation or contraction in demand or a mix of both will vary from sector to sector depending on the nature of goods/services.

Impact on Bond Markets: Surge in deposits will create more demand for government bonds and other high rated bonds in a situation of tepid demand for credit, leading to lower bond yields especially in the shorter end of the curve. At the same time a reduction in leakages in systemic liquidity will reduce the scope for open market operation purchases in the coming days. Ind-Ra believes the RBI will continue to sterilise excess liquidity from the banking system to keep the short term rates aligned with the policy rate.

Credit Impact across Sectors: Impact of this policy measure will flow to the economy mainly through the real estate/construction sector, which has strong linkages with sectors such as cement and steel and they will turn credit negative in the short-run. A significant impact in the short-run will be on daily/weekly wage employment in the informal sector/construction sector. Construction sector has one of the highest employment multiplier. The key segments of the economy where cash transactions play a vital role are real estate/construction, gold and the informal sectors, which may face near term contraction. With more money coming into the banking ambit, deposit growth is likely to improve and positively impact the savings rate. The medium- to long-term gains are likely to outweigh the short-term pain.

Impact on Financials

Bank Deposit Rates to Soften: Ind-Ra expects a large amount of cash in circulation to be brought within the purview of the formal banking system by way of deposits. This is structurally a positive for banks as part of this cash gets deposited as current account and savings account (CASA) deposits, reducing banks dependence on higher cost borrowing. Deposit deployment remains a challenge in the short to medium term due to the current tepid demand for credit, thus pushing deposit rates lower.

NBFCs Asset Quality Faces Pressure: Ind-Ra believes asset quality of retail asset financers, especially NBFCs which have developed expertise in the credit assessment of the informal segment and have built models around it to come under pressure in the short term. Within NBFCs, asset quality of financers with a large dependence on cash collection remain vulnerable in the short term. In the longer term the implication could be a risk profile shift for the NBFCs, as the stronger borrower profile could potentially migrate to banks. Over the medium term, the demand for real estate especially in the secondary market and tier-ii cities where cash component as a proportion of transaction is significant could face a slowdown. The trickle- down effect could encompass the entire real estate sector putting pressure on demand itself. This could adversely impact NBFCs/housing financers with a large proportion of exposure (LAP/Mortgage) built with a self-employed customer profile. We believe NBFC-MFIs and Small Finance Banks (SFBs) may not be significantly impacted in the long term considering the cash flows of the borrower segment are usually in the smaller denomination. However, there could be near term disruptions in the collection cycles along with a spike in over dues, which could put their liquidity strength and the disbursal cycle under pressure.

Payment Banks to Benefit: Payment banks and others entities which are part of the transaction ecosystem are likely to be long term beneficiaries, as more and more cash finds its way into the formal banking channels. Ind-Ra believes the cumulative measures taken to rein in black money will improve banking habits, create financial and transactional history of the informal/cash dependent segment and could over the long term make them bankable.

Impact on Consumption Sectors

Registered Prices in Real Estate May Rise: Ind-Ra expects that the real estate demand from end users is unlikely to be impacted, since a majority of them are backed by funding from bank loans. Demand from investors for real estate however may come down since in some cases investors prefer cash transactions. Much of the investor demand is in relatively higher value transactions of above INR 10mn, which may now see lower demand. If the proportion of earlier transactions in the real estate sector, which were allegedly done through partial cash payment, reduces, the registered prices of real estate will go up. Ind-Ra expects the supply of real estate in the secondary market, which is strongly rumoured to have a large cash component involved, to suffer in the short term, which may in turn improve demand for residential real estate in the primary market.

Auto Secondary Sales May Fall: Sales of vehicles in the second hand market for original equipment manufacturers will get impacted, which will have a ripple effect on OEM sales, as buyers will not be able to dispose of their old vehicles easily.

Slowdown in Discretionary Spending to Hurt Consumer Durables: To have moderate to negative impact in the short term, since purchases of consumer durables in cash will be impacted by the slowdown in discretionary spending.

Demand for Gems and Jewellery to Decline: Ind-Ra expects the demand for gems and jewellery to decline in the next two to three quarters. This would result in weakening in the credit profile of industry players due to the high working capital cycles and high operating leverage. The unorganised segment will be hit particularly hard given the large proportion of unaccounted inventory and high proportion of cash sales. Over t

Page Industries to pay 2nd interim dividend
Nov 10,2016

Page Industries announced that Second Interim Dividend of Rs. 25 per share on an equity share value of Rs. 10 each will be paid on or before 30 November 2016.

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Board of Page Industries declare 2nd interim dividend of Rs 25
Nov 10,2016

Page Industries announced that the Board of Directors of the Company at its meeting held on 10 November 2016, inter alia, has declared payment of Second Interim Dividend of Rs. 25 per share on an equity share value of Rs. 10 each.

The date fixed for payment of dividend is on or before 30 November 2016.

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Bodal Chemicals edges higher after announcing strong Q2 numbers
Nov 10,2016

The result was announced during market hours today, 10 November 2016.

Meanwhile, the S&P BSE Sensex was up 422.61 points, or 1.5%, to 27,661.09.

On BSE, so far 2.91 lakh shares were traded in the counter, compared with average daily volume of 3.17 lakh shares in the past one quarter. The stock hit a high of Rs 146.25 and a low of Rs 142 so far during the day. The stock hit a record high of Rs 155 on 6 October 2016. The stock hit a 52-week low of Rs 35.10 on 9 November 2015. The stock outperformed the market over the past one month till 9 November 2016, falling 2.58% compared with the Sensexs 2.88% fall. The scrip also outperformed the market in past one quarter, gaining 28.28% as against the Sensexs 2.96% decline.

The mid-cap company has an equity capital of Rs 21.82 crore. Face value per share is Rs 2.

Establishing its base in the manufacture of Vinyl Sulphone two decades ago, today Bodal is an internationally acclaimed manufacturer and supplier of dye & dye intermediaries. Currently, Bodal produces 30 major dye intermediates and 150 variants in dyestuff with a monthly capacity of 2500 metric tonne (MT) and 1900 MT respectively.

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Meglon Infra-Real (India) to announce September quarter results
Nov 10,2016

Meglon Infra-Real (India) announced that the meeting of the Board of Directors of the Company shall be held on 14 November 2016, inter alia, to conduct following business:

- To consider, approve and adopt the unaudited Quarterly Financial Statements for the Quarter ended 30 September 2016.

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Volumes jump at Apar Industries counter
Nov 10,2016

Apar Industries clocked volume of 2.64 lakh shares by 13:37 IST on BSE, a 104.44-times surge over two-week average daily volume of 3,000 shares. The stock rose 1.79% at Rs 577.10.

Mahindra Lifespace Developers notched up volume of 4.73 lakh shares, a 65.57-fold surge over two-week average daily volume of 7,000 shares. The stock was up 1.59% at Rs 418.

Godrej Properties saw volume of 5.37 lakh shares, a 29.85-fold surge over two-week average daily volume of 18,000 shares. The stock fell 2.89% at Rs 339.35.

Blue Star clocked volume of 1.42 lakh shares, a 13-fold surge over two-week average daily volume of 11,000 shares. The stock was down 0.16% at Rs 537.05.

Apollo Hospitals Enterprise saw volume of 60,000 shares, a 9.47-fold rise over two-week average daily volume of 6,000 shares. The stock was up 2.4% at Rs 1,323.

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Outcome of board meeting of Maithan Alloys
Nov 10,2016

Maithan Alloys announced that the Board of Directors of the Company at its meeting held on 10 November 2016 approved the following -

Appointment of Palghat Krishnan Venkatramani, Director of the Company as Independent Director with effect from 10 November 2016, subject to approval of shareholders.

Appointment of Parasantha Chattopadyay as Additional Director with effect from 10 November 2016.

Appointment of Sudhanshu Agarwalla, as President and CFO with effect from 10 November 2016.

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Navkar Corporation shifts registered office
Nov 10,2016

Navkar Corporation has shifted its registered office to 4th Floor, Godwill Infinity, Plot No. E/3A, Sector 12, Near Utsav Chowk, Kharghar, Navi Mumbai - 410210.

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Gateway Distriparks to pay interim dividend
Nov 10,2016

Gateway Distriparks announced that Interim Dividend of Rs. 3 per equity share of Rs. 10/- each, for the financial year 2016-17 will be paid on 28 November 2016.

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