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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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Board of Power Grid Corporation of India recommends dividend
Feb 10,2017

Power Grid Corporation of India announced that the Board of Directors of the Company at its meeting held on 9 February 2017, inter alia, have recommended the dividend of Rs 1 per equity Share (i.e. 10%), subject to the approval of the shareholders.

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Effingo Textile & Trading to hold board meeting
Feb 10,2017

Effingo Textile & Trading will hold a meeting of the Board of Directors of the Company on 13 February 2017, to consider and approve unaudited financial results for the Quarter Ended 31 December 2016.

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ITD Cementation India to hold board meeting
Feb 10,2017

ITD Cementation India will hold a meeting of the Board of Directors of the Company on 21 February 2017, to consider and approve the Audited Financial Results for the quarter and year ended 31 December 2016 and recommend dividend

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Innoventive Venture to hold board meeting
Feb 10,2017

Innoventive Venture will hold a meeting of the Board of Directors of the Company on 14 February 2017, to consider and approve the Un-Audited Financial Results for the Quarter ended 31 December 2016.

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KLG Capital Services appoints director
Feb 10,2017

KLG Capital Services announced that vide circular resolution passed on 10 February 2017, inter alia, approved appointment of J Alexander as an Additional (Independent) Director of the Company for a period of 5 years.

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No decision taken on bank transaction tax; govt. examining recommendations received from Chief Ministers panel: Shaktikanta Das
Feb 10,2017

The government has not taken any decision with regard to the tax on bank transactions, though it has received a set of recommendations from the Committee of Chief Ministers, Economic Affairs secretary, Mr Shaktikanta Das said.

n++The government is carefully examining the report, no decision has been taken so far, as and when a decision is taken, naturally government will give it out,n++ said Mr Das.

Highlighting Indias strong fiscal foundation, he said, n++Fiscal deficit has gradually been brought down, it is necessary to find the right balance between requirements of public expenditure and fiscal consolidation by targeting those sectors of economy where you need to spend more.n++

He said that the government has certain fiscal constraints and it will be difficult for the government to reduce corporate tax rates to 25 per cent overnight because fiscal cost will be very high and government will not be able to do justice to various other sectors of the economy - agriculture, rural infrastructure and other areas.

Talking about Indias growth prospective, Mr Das said though the world scenario overall remains uncertain, the outlook for Indias growth is very positive.

n++We would expect the growth to be upwards of seven per cent on the back of various policy measures taken by the government both before and during the budget and which the government will continue to take in the coming months,n++ said the Economic Affairs secretary.

n++Our growth is premised on creating more job opportunities through increased infrastructure spending by carrying out reforms and new policy initiatives in sectors like - textiles, leather, footwear and other similar sectors by taking tax reform measures, by continuing with the policy of reforms,n++ he added.

With regards to taxation, he said that the government is very much committed to ensure that tax administration is taxpayer friendly. n++Emphasis of the government is on honouring the honest. The Revenue Department, CBEC (Central Board of Excise and Customs) and CBDT (Central Board of Direct Taxes) are taking number of steps to ensure that there is no misuse of power, the annual performance reports of officers in the tax departments together with orders passed by officers of income tax are also being gone through by senior level officers.n++

He also said that private sector should also take stringent steps in this regard. n++While from the government side, we are taking steps, I think from the private sector and industry side we would encourage similar steps to be taken as the tax administration at the highest level, in the ministry is working towards bringing about greater accountability, transparency.n++

Highlighting the strong and robust reforms undertaken by the government on tax side, he said that the reform agenda of the government will continue as spelt out by the finance minister in this years budget.

On the issue of transfer of technology, Mr Das said that India has to use its markets and low-cost manufacturing capabilities to ensure that there is domestic manufacturing. n++We have to spend more on research and developing own technological capabilities.n++

In her address at the ASSOCHAM event, Union Textile Minister, Ms Smriti Irani said stressed upon the need for systematic reforms as the challenges faced by India over 70 years ago still stand.

n++Industry cannot grow at the cost of labour rights, as such the government has also ensured of safeguarding labours interest, besides state levies will be refunded to industry to fuel growth and create job opportunities,n++ said Ms Irani.

n++This government understands the need for entrepreneurship even of the not financially stable section of the society,n++ she said.

She added that another example set by this government is the declaration of rail and general budget together for the first time ever.

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Lypsa Gems & Jewellery secured order worth Rs 15.5 crore in UAE
Feb 10,2017

Lypsa Gems & Jewellery announced that its subsidiary - Lypsa Gems & Jewellery DMCC has received an order of Rs 15.5 crore to supply diamonds and diamond studded jewellery to customers in UAE.

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NHPC fixes record date for buyback of shares
Feb 10,2017

NHPC has fixed Record Date as 20 February 2017 for the purpose of Buyback of equity shares of the Company.

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Prime Securities allots 41800 equity shares
Feb 10,2017

Prime Securities announced that the Board of Directors of the Company, vide a resolution passed by circulation on 09 February 2017, has allotted 41,800 equity shares of face value of Rs. 5/- each to employees, pursuant to the exercise of the Options granted to them under the Employee Stock Option Scheme 2008 (ESOS 2008), at an exercise price of Rs. 15/- per equity share.

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Veronica Production announces new website
Feb 10,2017

Veronica Production announced that the Companys new website address is www.veronicaproduction.com

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Sika Interplant Systems provides update on subsidiary - Sikka N Sikka Engineers
Feb 10,2017

Sika Interplant Systems announced that the Board of Directors of Sikka N Sikka Engineers (Sikka N Sikka), a subsidiary of the Company, has noted the proposal of shifting of the Registered Office of Sikka N Sikka from the State of Maharashtra to State of Karnataka and consequent changes to the Clause II of the Memorandum of Association, subject to the approval of the members and confirmation by the Regional Director, Western Region, Mumbai, Ministry of Corporate Affairs and/or other prescribed authorities.

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Ajmera Realty & Infra India provides update on subsidiary - Ajmera Clean Green Energy
Feb 10,2017

Ajmera Realty & Infra India announced that its subsdiary, Ajmera Clean Green Energy (ACGL) has agreed to sell its entire 49% stake in associate Company, Comet Power (CPPL) to Ramesh A. Mehta Group for a consideration of Rs.16.92 crore.

The Comet Power had Loss of Rs.3.67 Lakhs for the financial year ended 31 March 2016. Thus, sale of Power Business will not have any impact in the Profit of the Company. The sale proceeds of stake in CPPL will be deployed in the Company for core Real Estate business.The Comet Power Private Limited ceases to be associate Company of ACGL after completion of the transaction, which shall be completed on or before March 31, 2016.None of the Promoters are interested in the said transaction and it is not a related party transaction for the Company.

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Board of SRM Energy appoints CFO and company secretary
Feb 10,2017

SRM Energy announced that the Board of Directors of the company at its meeting held on 09 February 2017 approved the appointment of Achyut Pai as CFO with immediate effect. The Board also appointed Ruchi Singh as Company secretary and Compliance officer of the Company with immediate effect.

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Uttam Galva Steels appoints director
Feb 10,2017

Uttam Galva Steels announced the induction of Rajiv Munjal as an Additional Director on the Board of the Company with effect from 09 February 2017 in the category of Non-Executive & Non Independent Director at board meeting held on 09 February 2017.

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Usha Martin Education & Solutions announces resignation of director
Feb 10,2017

Usha Martin Education & Solutions announced that R. P. Agrawal and S. K. Mitra, Independent and Non-Executive Directors of the Company resigned from their position w.e.f. 08 February 2017.

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