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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 SJVN to consider Q3 results and interim dividend
Feb 01,2017

SJVN announced that a Meeting of the Board of Directors is scheduled to be held on 13 February 2017 to, inter alia, consider and approve the unaudited Financial Results of the Company for the Third Quarter/Nine Months ending 31 December 2016 (Q3) and Interim Dividend for the FY 2016-17, if any.

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Punjab & Sind Bank announces cessation of Executive Director
Feb 01,2017

Punjab & Sind Bank announced that as per Notification dated 15 December 2015, Arvind Kumar Jain was appointed as Executive of Director of Punjab & Sind Bank.

Arvind Kumar Jain has demitted the charge of Executive Director of the Bank, on superannuation on 31 January 2017.

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Bank of Baroda to announce Q3 results
Feb 01,2017

Bank of Baroda announced that a meeting of Board of Directors of the Bank will be held on 10 February 2017, inter alia:

- To consider & approve the Un-audited (Reviewed) Standalone Financial Results of the Bank together with relevant segment reporting, for the quarter / nine months ended 31 December 2016 (Q3).

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Bank of Baroda to announce Q3 results
Feb 01,2017

Bank of Baroda announced that a meeting of Board of Directors of the Bank will be held on 10 February 2017, inter alia:

- To consider & approve the Un-audited (Reviewed) Standalone Financial Results of the Bank together with relevant segment reporting, for the quarter / nine months ended 31 December 2016 (Q3).

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Maruti hits record high after strong January sales
Feb 01,2017

The announcement was made during market hours today, 1 February 2017.

Meanwhile, the S&P BSE Sensex was up 6.25 points or 0.02% at 27,662.21.

On the BSE, 39,000 shares were traded on the counter so far as against the average daily volumes of 68,837 shares in the past one quarter. The stock had hit a high of Rs 5,999.90 so far during the day, which is a record high. The stock hit a low of Rs 3,202.10 so far during the day. The stock had hit a 52-week low of Rs 3,202.10 on 29 February 2016.

The large-cap company has equity capital of Rs 151.04 crore. Face value per share is Rs 5.

The companys total domestic sales rose 25.9% to 1.33 lakh units in January 2017 over January 2016. Total export sales surged 44.8% to 10,462 units in January 2017 over January 2016.

Maruti Suzuki Indias net profit rose 47.5% to Rs 1744.50 crore on 12.4% growth in net sales to Rs 16623.60 crore in Q3 December 2016 over Q3 December 2015.

Maruti Suzuki India is Indias biggest car maker in terms of market share. Japanese parent Suzuki Motor Corporation currently holds 56.21% stake in Maruti (as per the shareholding pattern as on 31 December 2016).

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Board of Super Bakers (India) to consider December quarter results
Feb 01,2017

Super Bakers (India) announced that the Meeting of the Board of Directors of the Company to consider and take on record the Unaudited Financial Results for the quarter ended on 31 December 2016 is scheduled to be held on 14 February 2017.

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Board of Super Bakers (India) to consider December quarter results
Feb 01,2017

Super Bakers (India) announced that the Meeting of the Board of Directors of the Company to consider and take on record the Unaudited Financial Results for the quarter ended on 31 December 2016 is scheduled to be held on 14 February 2017.

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Promact Plastics to consider December quarter results
Feb 01,2017

Promact Plastics announced that the Meeting of the Board of Directors of the Company to consider and take on record the Unaudited Financial Results for the quarter ended on 31 December 2016 is scheduled to be held on 14 February 2017.

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Swaraj Automotives to consider Q3 and 9M results
Feb 01,2017

Swaraj Automotives announced that the Meeting of the Board of Directors of the Company will be held on 10 February 2017, inter alia, to consider and approve the Unaudited Financial Results of the Company for quarter and nine months ended 31 December 2016.

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Govind Poy Oxygen to consider December quarter results
Feb 01,2017

Govind Poy Oxygen announced the Board of Directors of the Company will meet on 07 February 2017, to consider the unaudited financial results for the quarter ended on 31 December 2016.

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Board of Standard Batteries to consider December quarter results
Feb 01,2017

Standard Batteries announced that the Meeting of the Audit Committee and Board of Directors of the Company will be held on 10 February 2017, to consider the Un-Audited Financial Results for the Quarter ended 31 December 2016.

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Gujarat Industries Power Co signs PPA for 27.3 MW wind power project at Kuchhdi Site
Feb 01,2017

Gujarat Industries Power Co announced that GIPCL has signed Power Purchase Agreement (PPA) with Gujarat Urja Vikas Nigam (GUVNL) for the balance 27.3 MW (2.1 MW x 13 WTGs), out of the 50.4 (2.1MW x 24 WTGs) Wind Power Project at the Kuchhdi Site under the Letter of Intent dated 12 February 2016 issued to Suzlon Energy.

With the above, execution of PPA with GUVNL for the entire 50.4 MW Kuchhdi Wind Farm has been completed.

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Ind-Ra: Auto Sales Fuelled by Aspirational Utility Vehicle Volumes
Feb 01,2017

Surging volumes of compact utility vehicles (UVs) revs up growth for passenger cars in FY17, says India Ratings and Research (India Ratings). In the agencys assessment, the key contributors to higher demand for UVs are shifting preferences among buyers to aspirational products such as UVs and more options available in the segment. In addition, buyers having opted for larger UVs are migrating towards compact UVs given the regulatory challenges - such as the ban on registration of new large diesel passenger vehicles (PVs) in the National Capital Region which has hurt large diesel UVs in particular. In addition, the proliferation in the compact UV models which are available at attractive price points and availability of both petrol and diesel variants have also fuelled demand.

For the April to December 2016, UV volumes grew by 33%, compared with a mere 2.5% for cars. The overall growth rate of 8.6% for passenger vehicles (PV) for this period was pushed into the fast track by UVs. The surge in UV sales volumes can in turn be attributed to the success of the new compact UV models namely, Grand Vitara, S-Cross and Vitara Brezza from Maruti Suzuki India (MSIL) and Creta from Hyundai Motor India (HMIL). In line with the increased volume contribution from UVs, the share of UVs in total domestic PV volumes has increased to almost 25% in April to December 2016 from 21% in FY16.

Due to the intensely competitive nature of the domestic auto industry, the launch of new models on a regular basis has become a driving strategy for companies aspiring for high volumes and significant market share. It is observed that on the launch of a new model, sales volumes tend to spike initially, before other factors such as sustained on-road performance and consequent consumer perceptions determine monthly volumes over an extended period. The new launches in the UV segment in the past one year particularly by MSIL have supported volume growth in the segment in FY17.

Buyers shifting preferences to UVs from cars is evident from the reduction in the proportion of car sales to PV segment volumes to 69.3% in April to December 2016 (from 73.4% in the corresponding period of the previous year). This has been offset by a similar increase in contribution of UVs to the segment volumes to 24.8% (April-December 2016) from 20.2% yoy. The biggest beneficiaries of the surge in UV sales, MSIL and HMIL which reported 124% and 70.5% yoy growth in volumes respectively in UV sales in April to December 2016, also reported 0.7% and -4.1% yoy changes in their car sales volumes in the same period. In comparison, Mahindra & Mahindra Limited (M&M; IND AAA/Stable) which does not have a material presence in the car segment reported an increase in UV volumes at a modest growth rate of 4.4%.

The UV product portfolio of MSIL and HMIL mostly comprises compact UV models targeted primarily at urban buyers and their sales were therefore not impacted by the recent demonetisation drive, which is likely to have impacted sales of semi-urban and rural centric vehicles to a greater extent. This is considering the relatively higher proportion of cash dealings in transactions in these locations. Considering that the rural-centric Bolero model has traditionally accounted for over 30% of M&Ms UV volumes, M&Ms sales was impacted due to demonetisation. In general, UVs entail higher margins than cars and companies generating high revenue growth through UVs are expected to see improvement in operating margins in FY17.

The next trigger for the auto industry is the union budget FY18, India Ratings believes there could be a reduction in excise duty on large UVs in the upcoming budget, considering that under Goods and Service Tax (GST) the highest tax rate applicable is 28%, while large UVs (>1500cc engine capacity and length > 4m) attract excise duty of 30%. However the impact on overall UV sales would be moderate, since the highest volumes are being generated from the compact UV segment. Also any changes in the income tax slabs, resulting in a lower tax outgo for buyers will support demand for PVs.

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Maruti Suzuki India announces sales figures
Feb 01,2017

Maruti Suzuki India announced total sales of 144396 units in January 2017 compared to 113606 units in January 2016, recording a growth of 27.1%. Total sales includes domestic sale of 133934 units, higher by 25.9% and exports of 10462 units, higher by 44.8% compared to January 2016.

For the period April - January 2017, total sales rose 9.8% at 1298560 units compared to corresponding period of previous year.

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GKB Ophthalmics to consider Q3 and 9M results
Feb 01,2017

GKB Ophthalmics announced that a Meeting of the Board of Directors of the Company will be held on 13 February 2017, inter alia, to consider and take on record the Unaudited Financial Results of the Company for the quarter and nine months ended 31 December 2016.

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