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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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Cash Flow Recovery Concern for Corporates with Relatively Weak Asset Quality
Nov 29,2016

India Ratings and Research (Ind-Ra) says that 111 of the top 500 corporate borrowers, which held INR7.4trn of the overall debt of INR30.2trn at FYE16, are unlikely to generate higher return on capital employed (ROCE) than weighted average cost of capital (WACC), even in a high economic growth scenario. The agency attributed this to an incremental build-up of relatively high non-productive assets during FY11-FY16. Such corporates witnessed a decline in the proportion of their fixed assets to total assets to 52% in FY16 from 71% in FY11. As a result, the credit metrics of these corporates are likely to marginally improve in the near term.

85 Corporates with Relatively Weak Asset Quality Unlikely to ReviveInd-Ra analysed the balance sheets of borrowers for the period FY11-FY16. The agency observed that INR4trn of the INR12.4trn debt as at FYE16 of the 240 Vulnerable corporates was held by entities with a relatively high proportion of non-productive assets and weak cash flows. Debt servicing could remain a challenge for such corporates. Hence, these entities must engage in deep debt restructurings and reduce their debt significantly for long-term sustainability. Banks exposed to such entities may find it difficult to fit these corporates into the Scheme for Sustainable Structuring of Stressed Assets (S4A). Largely, corporates from infrastructure and construction, sugar, consumer durables, engineering and equipment, airlines and trading have a relatively high proportion of non-productive assets and a structural mismatch in cash flows.

155 Corporates with Relatively Better Asset Quality to Gain from Economic Recovery

Ind-Ra believes that corporates with a relatively high proportion of productive assets but with cash flow mismatches have a better chance of servicing their debts. Such corporates accounted for INR8.4trn debt of the overall Vulnerable debt. Ind-Ra believes such corporates could fall under the ambit of S4A scheme. Although haircuts may still be inevitable in many of them, quantum could be significantly lower. Such entities are likely to generate higher ROCE than WACC as the economy recovers. With an economic recovery, sectors such as oil and gas, metals and mining, power and textile are likely to rebound.

26 Corporates with Relatively Weak Asset Quality to Continue to Receive Lender Support

Ind-Ra expects lower shareholder returns to be generated by 26 Non-Vulnerable corporates with low volatility in cash flows but a relatively high proportion of non-productive assets. These entities accounted for INR3.4trn of the INR17.8trn debt held by Non-Vulnerable corporates. The debt servicing ability of these corporates would remain intact, as many of them benefit from strong parentage. Ind-Ra believes equity investment would be the most desirable option for these entities to deleverage and improve their capital structure. Sectors such as real estate and telecom have corporates with a relatively high proportion of non-productive assets and low, but, positive cash flow growth.

234 Corporates with Relatively Better Asset Quality to Drive Private Sector Capex

Corporates with strong profitability levels, healthy capital structures and a relatively higher productive asset base hold INR14.3trn debt of the overall Non-Vulnerable debt. These entities are likely to significantly benefit from an economic recovery. Ind-Ra believes these corporates would be the key driver of a revival in private sector investment. Corporates from sectors such as auto and automotive supplier, cement, chemical and pharmaceutical have low cash flow volatility and a high proportion of productive assets.

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Outcome of board meeting of Gokul Refoils and Solvent
Nov 29,2016

Gokul Refoils and Solvent announced that at the meeting of Board of Directors held on 29 November 2016, the following matters have been approved:-

1. To evaluate the option of divestment of Haldia Undertaking of the Company and obtain prior approval of the members of the Company for said divestment pursuant to Section 180(1)(a) of the Companies Act, 2013.

2. Postal Ballot Notice and Postal Ballot Form

3. Calendar of Events for the Postal Ballot Process.

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Exide Industries director resigns
Nov 29,2016

Exide Industries announced that Nadeem Kazim, Director - HR & Personnel of the Company has tendered his resignation with effect from the close of business hours on 28 November 2016 due to personal reasons.

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Natco Pharma receives ANDA approval for Generic Armodafinil Tablets
Nov 29,2016

Natco Pharma has received final approval for Abbreviated New Drug Application (ANDA) containing a paragraph IV certification filed with the United Food and Drug Administration for generic version of Armodafinil Tablets, 50 mg, 150 mg and 250 mg. The Company and its marketing partner Breckenridge Pharmaceutical, Inc. plant to launch this product in USA market immediately.

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Tara Jewels to announce September quarter and half year results
Nov 29,2016

Tara Jewels announced that a meeting of the Board of Directors of the Company is scheduled to be held on 09 December 2016, inter alia, to consider and approve the Un-audited Financial Results of the Company for the Quarter and half year ended 30 September 2016

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Nagarjuna Fertilizers & Chemicals intimates of arbitration awards against itself
Nov 29,2016

Nagarjuna Fertilizers & Chemicals announced that Arbitration Awards have been passed against the Company for the following amounts:

1. Payment of USD 18,40,000 + interest at 5% pa w.e.f 12 September 2013

2. (a) Cost for Interim Final Award - GBP 465,630 + US$ 43,187.79 with interest at 1% above Bank Rate with 3 monthly rests wef 07 January 2016 + GBP 15,000

(b) Cost ordered by the Court at London - GBP 100,000

(c) Second Interim Final Award for a sum of USD 1,43,55,000

The Company is taking necessary steps to contest in relation to the Awards.

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Board of Medinova Diagnostic Services approves preferential issue of shares
Nov 29,2016

The Board of Directors of Medinova Diagnostic Services at its meeting held on 29 November 2016 has approved the issue of 5 lakh equity shares to Vijaya Diagnostic Centre, the Promoter on preferential basis.

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Promoter of Mac Charles (India) sells shares
Nov 29,2016

Mac Charles (India) announced that the promoter of the Company C.B. Pardhanani has sold 67,43,152 equity shares of Mac Charles (India) at Rs.641.80 each on 28 November 2016 through Block deal on BSE stock exchange.

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Mac Charles (India) announces sale of shares by promoter
Nov 29,2016

Mac Charles (India) announced that the promoter of the Company C.B. Pardhanani has sold 28,73,800 equity shares of Mac Charles (India)at Rs.642.55 each on 29 November 2016 through Block deal on BSE stock exchange.

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Ansal Buildwell appoints director
Nov 29,2016

Ansal Buildwell announced that the Board of Directors of the Company in their meeting held on 11 November 2016 has appointed Kaadambari Puri , as Additional Director (Independent) of the Company.

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Fortis Healthcare receives Notice for conversion of FCCBs
Nov 29,2016

Fortis Healthcare announced that the Company has issued USD 30 Million Foreign Currency Convertible Bonds due 2018 (FCCBs) through an Offering Circular listed on Singapore Stock Exchange in the year 2013. The maturity date/ last date of conversion of FCCBs is 01 August 2018.

The Company has received Conversion Notice from DB Trustees (Hong Kong) (the trustees) that the investor Standard Chartered Private Equity (Mauritius) III Limited (SCPE) has requested for conversion of entire FCCBs into equity shares equivalent to 1,80,70,650 equity shares of Rs. 10 each @ Rs.99.09 per shares with a fixed rate of exchange on conversion of Rs 59.6875 = U.S.$1.00.

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Sanguine Media to hold EGM
Nov 29,2016

Sanguine Media announced that the Extra Ordinary General Meeting (EGM) of the Company will be held on 30 December 2016.

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Board of Rajkumar Forge to consider change in management and control
Nov 29,2016

Rajkumar Forge announced that a Meeting of the Board of Directors of the Company is convened to be held on 01 December 2016, inter alia, to consider and take on record change in management and control of the Company in accordance with the Share Purchase Agreement dated 18 May 2016 entered in to by Rajkumar Shankarrao Kothavale and others (Promoters of the Company) with Western India Forging, Arun Jindal and Krishnakumar Jindal.

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Idea Cellular surges on buzz over stake sale in tower subsidiary
Nov 29,2016

Meanwhile, the S&P BSE Sensex was up 168.84 points or 0.64% at 26,519.01.

On the BSE, 9.43 lakh shares were traded on the counter so far as against average daily volumes of 10.01 lakh shares in the past one quarter. The stock had hit a high of Rs 79.55 and a low of Rs 77.60 so far during the day. The stock had hit a 52-week high of Rs 147.70 on 27 November 2015. The stock had hit a 52-week low of Rs 66 on 9 November 2016. The stock had outperformed the market over the past one month till 28 November 2016, sliding 0.52% compared with the Sensexs 5.7% fall. The scrip had, however, underperformed the market in past one quarter, declining 19.32% as against the Sensexs 5.15% fall.

The large-cap company has equity capital of Rs 3601.13 crore. Face value per share is Rs 10.

Idea Cellular has dropped its earlier plans to sell a minority stake in the tower business and now it is looking to sell 11,000 telecom towers for close to $1 billion, reports suggested.

On a consolidated basis, Idea Cellulars net profit fell 88% to Rs 91.46 crore on 7.2% growth in net sales to Rs 9298.89 crore in Q2 September 2016 over Q2 September 2015.

Idea Cellular is the third largest wireless operator in India. Idea is part of the Aditya Birla Group, which is one of the largest business groups in India.

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Adani Ports & Special Economic Zone allots NCDs aggregating Rs 1300 crore
Nov 29,2016

Adani Ports & Special Economic Zone announced that the Company has raised Rs. 1300 crore (Rupees One Thousand and Three Hundred Crores only) on 29 November 2016 by allotment of 13,000 Rated, Listed, Secured, Taxable, Redeemable, Non-Convertible Debentures (NCDs) of the face value of Rs. 10,00,000/- each on private placement basis.

The said NCDs will be listed on the Wholesale Debt Market segment of BSE.

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