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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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Gratex Industries to hold board meeting
May 19,2017

Gratex Industries will hold a meeting of the Board of Directors of the Company on 29 May 2017, to consider and take on record audited financial results for the quarter and year ended 31 March 2017.

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Chartered Capital & Investment to hold board meeting
May 19,2017

Chartered Capital & Investment will hold a meeting of the Board of Directors of the Company on 30 May 2017, to consider and approve Audited Financial Results of the company for the quarter and year ended March 31, 2017.

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Elegant Marbles and Grani Industries to hold board meeting
May 19,2017

Elegant Marbles and Grani Industries will hold a meeting of the Board of Directors of the Company on 26 May 2017, to consider, approve and adopt Audited Financial Results for the Quarter and Financial Year ended 31st March, 2017, and to discuss any other matter with the permission of Chair Heena Joshi Company Secretary & Compliance Officer.

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Amrapali Industries to hold board meeting
May 19,2017

Amrapali Industries will hold a meeting of the Board of Directors of the Company on 26 May 2017, for consideration and Approval of Financial results for the quarter and year ended on 31st March,2017 along with Audit report.

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Riga Sugar Company to hold board meeting
May 19,2017

Riga Sugar Company will hold a meeting of the Board of Directors of the Company on 29 May 2017, to consider ,take on record and approve inter-alia the Audited Financial Results of the Company for the quarter and year ended 31st March, 2017.

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Foundry Fuel Products to hold board meeting
May 19,2017

Foundry Fuel Products will hold a meeting of the Board of Directors of the Company on 30 May 2017, to consider, inter-alia, and approve the standalone Audited Financial Results of the Company for the Quarter and year ended 31st March, 2017.

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Artech Power Products to hold board meeting
May 19,2017

Artech Power Products will hold a meeting of the Board of Directors of the Company on 29 May 2017, to consider, approve and take on record the Audited Financial Results of the Company for the Quarter and Year ended 31st March, 2017 and any other business with the permission of Chair.

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CIAN Agro Industries & Infrastr. to hold board meeting
May 19,2017

CIAN Agro Industries & Infrastr. will hold a meeting of the Board of Directors of the Company on 25 May 2017, to consider and approve Standalone and Consolidated Audited Financial Results for the quarter and year ended 31st March 2017, amongst others.

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Commercial Engrs.& Body Builders Co. to hold board meeting
May 19,2017

Commercial Engrs.& Body Builders Co. will hold a meeting of the Board of Directors of the Company on 29 May 2017, to consider, approve and take on record Statement of Unaudited/Audited Results for the Quarter/Year ended for the Financial Year 2016-17 ended on 31st March 2017.

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Videocon Industries to hold board meeting
May 19,2017

Videocon Industries will hold a meeting of the Board of Directors of the Company on 26 May 2017to consider and take on record the Audited Financial Results for the Financial Period and Quarter ended on 31st March, 2017.

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V I P Industries gains after strong Q4 results
May 19,2017

The result was announced after market hours yesterday, 18 May 2017.

Meanwhile, the S&P BSE Sensex was up 185.11 points, or 0.61% to 30,619.90.

On the BSE, 38,000 shares were traded in the counter so far, compared with average daily volumes of 1.07 lakh shares in the past one quarter. The stock had hit a high of Rs 203.40 and a low of Rs 198.40 so far during the day. The stock hit a record high of Rs 216.90 on 6 April 2017. The stock hit a 52-week low of Rs 103 on 24 June 2016.

The stock had underperformed the market over the past one month till 18 May 2017, rising 0.49% compared with 3.74% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 28.95% as against Sensexs 6.91% rise.

The small-cap company has equity capital of Rs 28.26 crore. Face value per share is Rs 2.

On a consolidated basis, V I P Industries net profit rose 26.18% to Rs 83.86 crore on 4.89% increase in net sales to Rs 1272.33 crore in the year ended March 2017 over the year ended March 2016.

V I P Industries is engaged in the manufacturing of hard luggages and soft luggages.

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India Ratings Downgrades IDBI Bank to IND AA; Outlook Negative
May 19,2017

The downgrade in the Long-Term Issuer Rating reflects the consistent drop in IDBIs share of systemic assets (domestic share of advances - 1HFY16: 3.0%; FY13: 3.5%) and liabilities (domestic share of deposits - 1HFY16: 2.8%; FY13: 3.2%) as the bank struggles with its asset quality challenges. The bank continues to grapple with a weak capital profile and the Reserve bank of Indias invocation of prompt corrective action framework would continue to weigh on its share of systemic assets and liabilities. The Negative Outlook reflects the high possibility of IDBI reporting its common equity tier 1 (9MFY17: 7.24%) below the minimum regulatory requirement (FY17: 6.75%) and continuously struggling with its core capitalisation level, both on an immediate and sustained basis, in the absence of a significant capital infusion from the government of India

The rating downgrade of AT1 bond and upper Tier II subordinated debt reflects the structural weakening of IDBIs standalone profile, likely elevated levels of credit costs, significant erosion of capital, limited visibility on capital infusion and the banks inability to timely garner equity capital by monetisation of its non-core assets. The downgrade of AT1 instrument also factors in weakening of IDBIs distributable reserve position which depleted to around 1.28% at end-December 2016 post accounting for nine-month losses, much lower than peers median of 4.50% for the same period.

For AT1 instruments, the agency considers discretionary component, coupon omission risk and write-down/conversion risk as key parameters to arrive at the rating. The agency recognises the unique going-concern loss absorption features that these bonds carry and differentiates them from the banks senior debt, factoring in a higher probability of an ultimate loss for investors in these bonds. The rating on AT1 bond reflects the banks standalone credit profile, along with its ability to service coupons and manage principal write-down risk over the Basel III transition period. Ind-Ra recognises that government support may be difficult to be relied upon by the holders of AT1 bonds considering loss absorption nature of these instruments.

In case the governments stake in IDBI drops below the majority level through a strategic divestment or otherwise, the credit profile of the bank will be reviewed on the basis of the transformation strategy and the strength of the strategic investors coming on board.

KEY RATING DRIVERS

Corporate Stress Yet to Completely Show Up: Ind-Ra expects IDBIs credit costs (9MFY17 (annualised): 369bp; FY16: 415bp) to remain significantly high over the medium term, on account of higher fresh slippages and provisioning requirements on the current stock of stressed corporates. According to Ind-Ra, the stock of stressed corporates with minimal provisioning remains high for IDBI. A substantially large portion of this exposure could slip to a substandard category over the next few quarters (including unsuccessful cases under strategic debt restructuring) which, along with the ageing impact of NPLs recognised under the asset quality review, would put significant pressure on its profit and loss statement. IDBI reported stressed assets to total loans ratio of 21.45% at end-December 2016 (FY16: 18.96%). IDBIs pre-provision profitability and capitalisation levels remain weak due to muted credit growth and the impact of interest rate reversals on its margins. Ind-Ra expects IDBIs net interest margins to remain under pressure, as more stressed assets start slipping into the non-performing category.

Large Capital Requirement Through FY19: IDBIs capitalisation is modest at 7.24% (prior to adjusting the losses in 9MFY17; FYE16: 7.98%), driven by losses and a substantial increase in risk weighted assets adjusting for nine-month loan growth, indicating accelerated deterioration of its asset quality. The banks risk weighted assets/net advances ratio at around 150% at end-March 2017 is the highest in the system. Ind-Ra believes IDBIs inability to grow at a decent pace would continue to put pressure on its operating buffers, limiting its ability to absorb the expected increase in credit costs and operating expenses. Considering the banks existing capitalisation level and structural weakness, it could remain under pressure on the capital front even after an equity infusion by the government in line with past allocation. IDBI will need to raise fresh equity from capital markets by diluting some of the governments shareholding and plan for significant capital raising under Basel III. Ind-Ra estimates IDBI would need INR91 billion of Tier I capital (assuming CAGR growth of 9% over FY18-FY19) to maintain a Tier I ratio of 10% (including a capital conservation buffer of 2.5%) by FYE19. IDBIs ability to raise sufficient growth capital, along with the governments equity infusion in the short term, will be a key monitorable for its standalone credit profile and instruments linked to it, such as AT1 bonds.

Deteriorating Standalone Profile: IDBIs standalone credit profile is weaker than its peers on account of its bleak operating and capital buffers. In 9MFY17, high credit costs and weak net interest margin continued to impact the banks profitability, while its CET1 ratio was modest at 7.24% (prior to adjusting the losses in 9MFY17). IDBI Banks dependence on bulk deposit remains higher than those of similar rated peers, with a 42% contribution to its total deposits as of December 2016 (December 2015: 45%). On the liquidity front, IDBIs cumulative one-year funding gap as a percentage of assets marginally improved to 22% in FY16 from 24% in FY15. At end-December 2016, IDBIs liquidity coverage ratio was 115.3%, higher than the current regulatory requirement of 80%.

RATING SENSITIVITIES

Negative: IDBIs Long-Term Issuer Rating could be further downgraded to Ind-Ras support floor for public sector banks if its share of systemic assets and liability continues to decline on a sustained basis.

The rating of AT1 instruments could be further downgraded if IDBI fails to raise sufficient equity capital or replenish distributable reserves in a timely manner. The ratings could also be downgraded in case of a significant (more than expected) decline in the asset quality is not buffered by timely support through equity infusions, leading to a consistent dilution in the banks capability to absorb losses.

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Sutlej Textiles jumps after board OKs stock split
May 19,2017

The announcement was made after trading hours yesterday, 19 May 2017.

Meanwhile, the S&P BSE Sensex was up 208.19 points, or 0.68% to 30,642.98.

On the BSE, 3,901 shares were traded in the counter so far, compared with average daily volumes of 1,629 shares in the past one quarter. The stock had hit a high of Rs 919 and a low of Rs 854.65 so far during the day. The stock hit a record high of Rs 956 on 27 April 2017. The stock hit a 52-week low of Rs 545 on 13 June 2016.

The stock had underperformed the market over the past one month till 18 May 2017, falling 3.12% compared with 3.74% rise in the Sensex. The scrip had also also underperformed the market in past one quarter, rising 4.86% as against Sensexs 6.91% rise.

The small-cap company has equity capital of Rs 16.38 crore. Face value per share is Rs 10.

Sutlej Textiles and Industries said that its board approved splitting each share of face value of Rs 10 each into 10 shares of face value of Re 1 each.

The board also approved raising Rs 500 crore by borrowings through placement of unsecured / secured, redeemable non-convertible debentures/ bonds, or any other permitted mode, for long term working capital requirements, growth plan, etc. The board has also considered approving all ancillary action for the above-mentioned fund raising, including obtaining shareholders approval for the same through requisite mode.

Sutlej Textiles and Industries net profit fell 34.6% to Rs 33.27 crore on 8.9% increase in net sales to Rs 597.67 crore in Q4 March 2017 over Q4 March 2016. The result was announced after trading hours yesterday, 19 May 2017.

Sutlej Textiles and Industries is an integrated textile manufacturing company.

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Cheviot Company plans buyback of shares
May 19,2017

Cheviot Company plans for buyback of ordinary shares of the Company. The Board of the Company will consider the same at meeting scheduled to be held on 24 May 2017.

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TeamLease Services gains after strong Q4 results
May 19,2017

The announcement was made after market hours yesterday, 18 May 2017.

Meanwhile, the S&P BSE Sensex was up 251.64 points, or 0.83% to 30,686.43.

On the BSE, 1,265 shares were traded in the counter so far, compared with average daily volumes of 6,183 shares in the past one quarter. The stock had hit a high of Rs 1,259.50 so far during the day, which is also a record high for the counter. The stock had hit a low of Rs 1,210.15 so far during the day. The stock hit a 52-week low of Rs 828.05 on 5 December 2016.

The stock had outperformed the market over the past one month till 18 May 2017, rising 14.05% compared with 3.74% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 36.99% as against Sensexs 6.91% rise.

The small-cap company has equity capital of Rs 17.10 crore. Face value per share is Rs 10.

Net profit was positively impacted by the tax benefits availed under section 80JJAA of the Income Tax Act, 1961 and deferred tax benefits availed from the recently acquired subsidiaries, TeamLease Services said in a statement.

Earnings before interest, tax, depreciation and amortization (EBITDA) rose 77% to Rs 14.7 crore in Q4 March 2017 over Q4 March 2016. This was achieved by way of margin expansion in general staffing and contribution from IT staffing during FY 2017.

TeamLease Services is one of Indias leading human resource service companies in the organized segment.

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