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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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Libord Finance to hold board meeting
Jun 20,2017

Libord Finance will hold a meeting of the Board of Directors of the Company on 22 June 2017.

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Transport Corporation of India to hold board meeting
Jun 20,2017

Transport Corporation of India will hold a meeting of the Board of Directors of the Company on 2 August 2017.

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Frontline Securities to hold board meeting
Jun 20,2017

Frontline Securities will hold a meeting of the Board of Directors of the Company on 24 June 2017.

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Taparia Tools to hold board meeting
Jun 20,2017

Taparia Tools will hold a meeting of the Board of Directors of the Company on 27 June 2017.

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Prime Urban Development India to hold board meeting
Jun 20,2017

Prime Urban Development India will hold a meeting of the Board of Directors of the Company on 20 June 2017.

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Innovative Tech Pack to hold board meeting
Jun 20,2017

Innovative Tech Pack will hold a meeting of the Board of Directors of the Company on 22 June 2017.

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K D Trend Wear announces change in directorate
Jun 20,2017

K D Trend Wear announced the resignation of Arjun Singh on 15 May 2017 and appointment of Rakesh Verma as Director with effect from 15 May 2017.

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Quick Heal Technologies allots 67,081 equity shares
Jun 20,2017

Quick Heal Technologies has allotted 67,081 equity shares under ESOP on 19 June 2017. The total issued share capital after this issue is Rs 70.17 crore comprising of 7,01,76,586 equity shares of Rs 10 each.

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Rama Steel Tubes advances after installing solar project
Jun 20,2017

The announcement was made after market hours yesterday, 19 June 2017.

Meanwhile, the S&P BSE Sensex was up 48.95 points or 0.16% at 31,360.52. The S&P BSE Small-Cap index was up 44.16 points or 0.28% to 15,698.13.

On the BSE, 8,349 shares were traded on the counter so far as against the average daily volumes of 36,167 shares in the past one quarter. The stock had hit a high of Rs 135.40 and a low of Rs 133.95 so far during the day. The stock had hit a record high of Rs 162.85 on 10 May 2017 and a 52-week low of Rs 88.10 on 24 June 2016.

Rama Steel Tubes said that the solar project will be generating 1100 MWh/Year of energy, same amount of energy needed to power the installed and upcoming capacities.

The solar project has a capacity of 750 KWp and will generate the same amount of energy needed to power the current as well as the planned upcoming capacity. An array of 2400 solar panels carpets the land, converting sunlight into electrical currents. lt will save money and energy while also protecting the environment. The estimated amount of reduction in the carbon footprint will be 1120 metric tonnes (MT) per annum by reducing the emission of carbon dioxide into the atmosphere.

Rama Steel Tubes has unveiled one of the lndias largest solar energy projects of its kind in the electric resistance welding (ERW) pipes segment. The company has executed the entire project in less than 3 months time at a cost of Rs 3.75 crore. Working with Visa Powertech P Ltd, the sustainable energy developer, Rama Steel Tubes has mounted 2,400 solar panels on the factory land at its Khopoli facility, Maharashtra - an area equivalent to 3.75 acres.

Currently this facility has an overall manufacturing capacity of 72,000 MT per annum, however the company has plans to bring in additional 60,000 MT capacity at the same location. This facility is going to boost the performance of the company. ln line with its vision of profitable growth, the company has been successful in further strengthening its presence in highly profitable geographies. The companys products have been well accepted and appreciated in all the markets that it caters to.

Rama Steel Tubes deals in manufacturing, supplying and exporting of steel pipes, steel tubes and fittings.

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Kanak Krishi Implements announces change in directorate
Jun 20,2017

Kanak Krishi Implements announced that Shyam Saini has resigned on 15 May 2017 due to personal reason and Roshan Tirkey has been appointed as director w.e.f. 15 May 2017.

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Board of Southern Online Bio Technologies accepts resignation of company secretary
Jun 20,2017

The Board of Southern Online Bio Technologies in their meeting held on 22 May 2017 has accepted the resignation of Ankita Damani as Company Secretary & Compliance Officer.

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Biocon allots 40 crore equity shares
Jun 20,2017

Biocon announced that the Board of Directors of the Company at its meeting held on 19 June 2017 has allotted 40,00,00,000 equity shares of Rs. 5/- each as fully-paid up bonus equity shares, in the ratio of 2 equity shares for every 1 equity share held, to the eligible members whose names appear on the register of members/list of beneficial owners as on 17 June 2017, being the record date fixed for this purpose.

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Eros International Media allots 17,889 equity shares
Jun 20,2017

Eros International Media has allotted 17,889 equity shares of Rs. 10/- each under ESOP.

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Ind-Ra: Religare Enterprises Dependent on External Inflows for Immediate Payouts
Jun 20,2017

Religare Enterprise Limited (REL; IND AA-/Stable) is likely to meet its immediate debt repayment (including interest) of INR1.55 billion on 30 June 2017 through external flows, due to temporary insufficient cash on its own book, says India Ratings and Research (Ind-Ra). REL may raise short-term bank loans or commercial papers to meet the immediate payouts.

In April 2017, REL had announced a stake sale in its health insurance subsidiary. The company expects to receive sale consideration in the near to medium term (post the necessary regulatory approvals), which would provide comfort to the liquidity situation. As a holding company, REL has depended upon cash receipts in the form of dividends from the key operating subsidiary, Religare Finvest Limited (RFL; IND AA-/Stable) as well as interest income from loans and advances. However, RFL was unable to provide dividends to REL in FY17 due to higher credit write-offs.

During FY16 and FY17, REL had sold off and realised purchase consideration from the sale of its stakes in various key businesses such as life insurance business, domestic asset management company and global asset management company. The company has significantly brought down its external debt since the last couple of years by utilising the money raised from the sale of businesses. The lower external debt outstanding (forms just 18% of total debt) provides REL with the buffer to raise additional debt. REL has access to sufficient liquidity buffers available with operating group companies - RFL and its subsidiary Religare Housing Development Finance Corporation Limited (IND AA-/Stable) in the form of cash, liquid investments and unutilised sanctioned bank lines.

RELs ratings are driven by support from its key operating subsidiary, RFL. Post the one-off credit losses in RFL, REL had infused equity into RFL which strengthened RFLs equity buffers. Ind-Ra expects RFL to resume payment of dividends to REL from FY18, which would keep the rating linkages intact. That being said, Religare group is in the restructuring mode. This involves selling off stakes in businesses and announcements relating to the merger of certain subsidiaries into REL. This would simplify the corporate structure and knock-off the inter-group liabilities. It would lead to a decline in RELs double leverage with significant reduction in debt from subsidiaries (82% of RELs debt).

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Rama Steel Tubes may gain after installing solar project
Jun 20,2017

Rama Steel Tubes announced that it has installed solar project at Khopoli facility, Maharashtra. This solar project will be generating 1100 MWh / Year of energy, same amount of energy needed to power the installed and upcoming capacities. The announcement was made after market hours yesterday, 19 June 2017.

The solar project has a capacity of 750 KWp and will generate the same amount of energy needed to power the current as well as the planned upcoming capacity. An array of 2400 solar panels carpets the land, converting sunlight into electrical currents. lt will save money and energy whilealso protecting the environment. The estimated amount of reduction in the Carbon Footprint will reduce by LL20 MT pa by reducing the emission of Carbon dioxide into the atmosphere.

Rama Steel Tubes has unveiled one of the lndias largest solar energy projects of its kind in the ERW pipes segment. The company has executed the entire project in less than 3 months time at a cost of Rs 3.75 crore. Working with Visa Powertech P Ltd, the sustainable energy developer, Rama Steel Tubes has mounted 24OO solar panels on the factory land at its Khopoli facility, Maharashtra - an area equivalent to 3.75 acres. Currently this facility has an overall manufacturing capacity of 72,OOO MT per annum, however the company has plans to bring in additional 60,000 MT capacity at the same location. These facility is going to boost the performance of the company. ln line with its vision of profitable growth, the company has been successful in further strengthening its presence in highly profitable geographies. The companys products have been well accepted and appreciated in all the markets that it caters to.

Indiabulls Ventures said that IVL Finance, a non-public deposit taking NBFC registered with the Reserve Bank of India, a wholly owned subsidiary of Indiabulls Ventures has appointed Pinank Shah, as its CEO with immediate effect. The announcement was made after market hours yesterday, 19 June 2017.

Pinank Shah has been with Indiabulls Group for nearly 6 years. At Indiabulls Housing Finance (IHFL), Pinank Shah has been involved in various functions from time to time including credit and treasury functions and has over time gained very vast and wide experience in context to running a finance business. Prior to joining Indiabulls, Shah has worked with HDFC for about 10 years. Shah holds a Bachelor degree in Commerce from Mumbai University and a Master degree in Management Studies (Finance) from Jamnalal Bajaj Institute of Management Studies.

Tayo Rolls said that a meeting of the committee of the board will be held on 22 June 2017 for allotment of non-cumulative redeemable preference shares. The announcement was made after market hours yesterday, 19 June 2017.

Mindtree said that Magnet 360, a Mindtree company, announced the release of ConsumerConnect 360n++a Salesforce Fullforce Solution Accelerator for consumer goods brands. The announcement was made after market hours yesterday, 19 June 2017.

Bhushan Steel clarified on news item appeared in the channels captioned SFIO grilled Bhushan Steels CFO Nittin Johari; Allegation-Rs 5000 Cr. Re-routed Via Hawala Operators To Promoters? that at the outset the news item as aired is incorrect and wrong for the reason that there has been no grilling of Nittin Johari, CFO by SFIO as mentioned. It is necessary to mention that the allegation(s) as made in news on 19th June, 2017 are completely wrong, baseless and hence, denied in their totality. The announcement was made after market hours yesterday, 19 June 2017.

SpiceJet and Boeing on 19 June 2017 signed a memorandum of understanding for 40 737 MAX airplanes. The agreement, valued at approximately $4.74 billion at current list prices, is split evenly between 20 new orders for the 737 MAX 10 and conversions of 20 of the low-cost carriers 737 MAX 8 airplanes of its current order to 737 MAX 10s. The announcement was made after market hours yesterday, 19 June 2017.

SpiceJet operates a fleet of 35 Next-Generation 737s and 19 Bombardier Q400s. The carrier plans to grow its operational fleet to 100 airplanes by 2020 and looks to expand regionally with the new 737 MAX family of airplanes. SpiceJet will take delivery of its first 737 MAX in 2018.

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