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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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Eastcoast Steel to hold board meeting
Jul 18,2017

Eastcoast Steel will hold a meeting of the Board of Directors of the Company on 25 July 2017, to consider and approve the Un-audited Financial Results along with other reports for the quarter ended 30th June 2017.

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TechNVision Ventures to hold board meeting
Jul 18,2017

TechNVision Ventures will hold a meeting of the Board of Directors of the Company on 28 July 2017.

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Longview Tea Company to hold AGM
Jul 18,2017

Longview Tea Company announced that the Annual General Meeting (AGM) of the company will be held on 21 August 2017.

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Wim Plast to hold AGM
Jul 18,2017

Wim Plast announced that the 29th Annual General Meeting (AGM) of the company will be held on 12 August 2017.

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AD Manum Finance to hold board meeting
Jul 18,2017

AD Manum Finance will hold a meeting of the Board of Directors of the Company on 31 July 2017, to approve the Un-Audited Financial Results of the company for the quarter ended 30th day of June 2017.

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Bata India to hold board meeting
Jul 18,2017

Bata India will hold a meeting of the Board of Directors of the Company on 2 August 2017, to consider and approve the Unaudited Financial Results of the Company for the first quarter ended 30 June 2017.

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Vedanta to hold board meeting
Jul 18,2017

Vedanta will hold a meeting of the Board of Directors of the Company on 25 July 2017, to consider, inter alia, the un-audited financial results of the Company for the First Quarter and Three months ended 30 June 2017.

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Amrit Corp. to hold AGM
Jul 18,2017

Amrit Corp. announced that the 76th Annual General Meeting (AGM) of the company will be held on 19 September 2017.

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FM: Organized traders and unorganized sellers in Textile Sector have not been affected by the Goods and Services Tax (GST)
Jul 18,2017

In a written reply to a Starred Question in Rajya Sabha today, the Union Minister for Finance, Defence and Corporate Affairs, Shri Arun Jaitley said that the organized traders and unorganized sellers in Textile Sector have not been affected by the Goods and Services Tax (GST).

Shri Jaitley said that the GST rate structure for the textile sector was discussed in detail in the GST Council Meeting held on 3rd June, 2017, wherein the Council recommended the detailed rate structure for the textile sector. Accordingly, the GST rates for the textile sector have been notified as under: 

S. No.

Type of fibre/filament

GST rate

Fibre

Yarn

Fabrics*

Garments and made ups**

1.

Silk

Nil

5%

5%

5% / 12%

2.

Wool

Nil

5%

5%

5% / 12%

3.

Cotton

Nil

5%

5%

5% / 12%

4.

Other vegetable fibres

Nil / 5%

5%

5%

5% / 12%

5.

Manmade fibres / filaments

18%

18%

5%

5% / 12%

* - 5% GST rate with no refund of unutilized input tax credit.

** - (i) 5% GST rate for garments / made ups of sale value not exceeding Rs.1000 per piece.

       (ii) 12% GST rate for garments / made ups of sale value exceeding Rs.1000 per piece.

 Thus, the GST rate structure for the Textiles Sector enables ease of classification and determination of rate.

 The main demand of the textile traders is not to put any tax on fabrics. However, the same cannot be accepted because of the following reasons:

 -+         Nil GST on fabrics will break the input tax credit chain and then the garments / made ups manufacturers will not be able to get the credit of tax on previous stages

-+         Nil GST on fabrics will result in zero rating of imported fabrics, while domestic fabrics will continue to bear the burden of input taxes.

-+         Generally, the GST rates are equal or lower than the pre-GST tax incidence. And therefore, the price of fabrics is not likely to go up. 

It is not correct to say that textiles sector was never taxed in independent India. In fact, during 2003-04, the entire textiles sector was subjected to central excise duty. Necessary steps have been taken to facilitate taxpayers to take GST registration. GST Sewa Kendras have been set-up in various centres to handhold the taxpayers and to provide all necessary guidance regarding GST compliance.

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Shriram Transport Finance Company allots NCDs aggregating Rs 980 crore
Jul 18,2017

Shriram Transport Finance Company announced that the Allotment Committee - NCDs of the Company in its meeting held on 18 July 2017, approved and allotted 9800 Secured Redeemable Rated Listed Non-Convertible Debenture of face value of Rs.10,00,000/- (Rupees Ten Lakh only) each, aggregating to Rs. 980 crore on private placement basis.

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Board of Golkonda Aluminium Extrusions appoints director
Jul 18,2017

The Board of Golkonda Aluminium Extrusions at its meeting held on 18 July 2017 has appointed Pradeep Kumar Jain as Additional Independent Director with effect from 18 July 2017.

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HCL Technologies fixes record date for 2nd interim dividend
Jul 18,2017

HCL Technologies has fixed 04 August 2017 as the Record Date for the purpose of Payment of Second Interim Dividend.

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Jayant Agro Organics fixes record date for bonus issue
Jul 18,2017

Jayant Agro Organics has fixed 02 August 2017 as record date for bonus issue.

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IL&FS Engineering & Construction Co gets rating assigned for proposed CP issue
Jul 18,2017

IL&FS Engineering & Construction Co announced that CARE Ratings has issued credit rating of CARE A1+ (SO) to the proposed issue of commercial paper of the Company for an amount of Rs 100 crore.

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TV18 Broadcast tumbles after weak Q1 numbers
Jul 18,2017

The result was announced during market hours today, 18 July 2017.

Meanwhile, the S&P BSE Sensex was down 367.89 points or 1.15% at 31,706.89. The S&P BSE Mid-Cap index declined 89.14 points or 0.59% at 15,108.31.

On the BSE, 56.97 lakh shares were traded on the counter so far as against the average daily volumes of 8.20 lakh shares in the past one quarter. The stock had hit a high of Rs 41.85 and a low of Rs 38.35 so far during the day. The stock had hit a 52-week high of Rs 50 on 10 October 2016 and a 52-week low of Rs 33.15 on 24 May 2017.

The stock had outperformed the market over the past one month till 17 July 2017, advancing 9.68% compared with the Sensexs 3.28% rise. The stock had, however, underperformed the market over the past one quarter, declining 4.39% as against the Sensexs 9.05% rise. The scrip had also underperformed the market over the past one year, gaining 1.1% as against the Sensexs 15.23% rise.

The mid-cap company has equity capital of Rs 342.87 crore. Face value per share is Rs 2.

TV18 Broadcasts consolidated total income rose 2.9% to Rs 226.72 crore in Q1 June 2017 over Q1 June 2016.

Adil Zainulbhai, Chairman of TV18, said that the industry is navigating through a period of flux in both the advertising environment and the subscription business model; but underlying growth tailwinds are intact and bode well for committed players. The management believes that TV18 is well-positioned to capitalize on its strengths in content curation and creation of scalable platforms for seamless delivery.

TV18 Broadcast telecasts and produces news and current affairs programmes.

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