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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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GSL Nova Petrochemicals to hold board meeting
Nov 02,2016

GSL Nova Petrochemicals will hold a meeting of the Board of Directors of the Company on 14 November 2016, to consider and approve the unaudited Financial Results with Limited review report from auditor of the Company for the quarter ended on 30 September 2016.

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India Gelatine & Chemicals to hold board meeting
Nov 02,2016

India Gelatine & Chemicals will hold a meeting of the Board of Directors of the Company on 11 November 2016, to consider Un-audited Financial Results, (Provisional) of the company, for the second quarter and half year ended on 30 September 2016.

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Finkurve Financial Services to hold board meeting
Nov 02,2016

Finkurve Financial Services will hold a meeting of the Board of Directors of the Company on 10 November 2016, to consider and approve the Standalone Un-Audited Financial Results for the quarter and half year ended 30 September 2016.

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Bagadia Colourchem to hold board meeting
Nov 02,2016

Bagadia Colourchem will hold a meeting of the Board of Directors of the Company on 10 November 2016, to consider amongst other business the consideration of Unaudited Financial Results for the Quarter ended as on 30 September 2016.

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TajGVK Hotels jumps after turnaround in Q2
Nov 02,2016

The result was announced during market hours today, 2 November 2016.

Meanwhile, the S&P BSE Sensex was down 351.62 points or 1.26% at 27,524.99.

On BSE, so far 2.17 lakh shares were traded in the counter as against average daily volume of 26,367 shares in the past one quarter. The stock hit a high of Rs 133.50 and a low of Rs 120.25 so far during the day. The stock had hit a 52-week high of Rs 158 on 23 August 2016. The stock had hit a 52-week low of Rs 64.90 on 29 February 2016. The stock had outperformed the market over the past one month till 1 November 2016, advancing 0.71% compared with 0.04% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, sliding 15.33% as against Sensexs 0.45% fall.

The small-cap company has equity capital of Rs 12.54 crore. Face value per share is Rs 2.

TajGVK Hotels total income from operations rose 8.85% to Rs 65.52 crore in Q2 September 2016 over Q2 September 2015.

TajGVK Hotels & Resorts is a joint venture, formed through a strategic alliance, between the Indian Hotels Company (IHCL) and the Hyderabad based GVK Group in the year 1999/2000. GVK Group is a Hyderabad based multi product and multi-location business conglomerate with several integrated companies in India and abroad. IHCL is a TATA enterprise with a chain of hotels owning the Taj Group of Hotels and manages and operates various hotels across the country and abroad. The company owns & operates three five star hotels in Hyderabad and one five star hotel each in the cities of Chennai and Chandigarh.

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Dilip Buildcon awarded new contract
Nov 02,2016

The Ministry of Road Transport & Highways has declared Dilip Buildcon as the selected bidder for Rehabilitation and up-gradation of NH-66 from Km-406/030 to Km 450/170 to four lane with paved shoulder in the state of Maharashtra at a project cost of Rs. 914.00 crores and the first year O&M cost of Rs. 3.00 Crores.

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Directorate of Revenue Intelligence (DRI) seizes about 23.5 metric tonnes of Mandrax Tablets (Methaqualone)
Nov 02,2016

In one of the biggest seizure of Narcotic Drugs & Psychotropic Substances, the officers of Directorate of Revenue Intelligence (DRI), apex counter-smuggling agency of the Central Board of Excise and Customs (CBEC), have seized about 23.5 metric tonnes of Mandrax Tablets (Methaqualone), a banned psychotropic substance under Schedule I of NDPS Rules, 1985. Active assistance of officials of Border Security Force at Udaipur has been taken by the officers of DRI for the operation.

Information was received that huge quantities of Mandrax Tablets have been concealed in a premises at Udaipur (Rajasthan) by one Mumbai-based mastermind. On 28th October 2016, a team of officers of DRI raided the premises of M/s Marudhar Drinks, Bhamasha Industial Area, Kaladwas, Udaipur.

During the search, DRI officers detected a hidden room filled with cartons of Mandrax tablets. The total number of tablets are estimated to be about 2 crore in numbers with a weight of about 23.5 metric tonnes (23500 kgs). The international market value of seized tablets is estimated to be over Rs. 3000 crores. This is one of the largest seizures of Methaqualone not only in India but also in the world. The mastermind of the syndicate has been arrested by DRI and follow-up operation is underway to nab others involved with the drug syndicate.

The major raw material for Mandrax is acetic anhydride which was manufactured by the syndicate at Shreenath Industries, Rajsamand. The other raw materials for Methaqualone, apart from acetic anhydride (manufactured at Shreenath Industries) are Anthranillic Acid (which was imported from Indonesia from Kandla Port by misdeclaring it as Mallic Anhydride), ortho toloudiene, phosporous trichloride, caustic soda (procured locally).

Methaqualone is a depressant, overdose of which can lead to coma and death. It is used as a recreational drug in Africa and Asia. It is commonly known as Mandrax, M-pills, buttons, or smarties and is usually smoked mixed with cannabis.

Relentless efforts put in by the Directorate of Revenue Intelligence has resulted in neutralizing 10 other factories across several States in the recent past manufacturing various types of synthetic drugs like Mephedrone, Ketamine, Alprazolam and precursor chemical like Ephedrine.

In last five years, DRI has seized more than 540 kgs of Heroin, and 7400 kgs of ephedrine along with other narcotics and psychotropic substances under NDPS Act 1985. DRI has been in active liaison with international enforcement agencies for combating the menace of drug abuse.

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Mawana Sugars commences crushing operations
Nov 02,2016

Mawana Sugars has commenced its crushing operations for the season 2016-17 at its following units: Mawana Sugars Works, Naglamal Sugar Complex, and Titawi Sugar Complex.

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Modison Metals Chairman passes away
Nov 02,2016

Ranjan Dasgupta, Chairman & Independent Director of Modison Metals has passed away.

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Sundram Fasteners spurts after strong Q2 earnings
Nov 02,2016

The result was announced during market hours today, 2 November 2016.

Meanwhile, the S&P BSE Sensex was down 253.04 points or 0.91% at 27,623.57.

On BSE, so far 4.82 lakh shares were traded in the counter as against average daily volume of 95,133 shares in the past one quarter. The stock hit a high of Rs 354.40 so far during the day, which is a record high for the counter. The stock hit a low of Rs 313.30 so far during the day. The stock had hit a 52-week low of Rs 135 on 29 February 2016. The stock had outperformed the market over the past one month till 1 November 2016, advancing 10.49% compared with 0.04% rise in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 66.43% as against Sensexs 0.45% fall.

The mid-cap company has equity capital of Rs 21.01 crore. Face value per share is Rs 1.

Sundram Fasteners earnings before interest, taxation and depreciation rose 36.5% to Rs 141.51 crore in Q2 September 2016 over Q2 September 2015.

Sundram Fasteners is a part of TVS Group. The company is engaged in the manufacturing of automotive and engineering components.

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Online submission of applications by urban poor for affordable houses from tomorrow
Nov 02,2016

In a significant initiative, the Ministry of Housing & Urban Poverty Alleviation has enabled online submission of applications by the urban poor for affordable houses under the Pradhan Mantri Awas Yojana(Urban) from tomorrow.

A Memorandum of Understanding (MoU) in this regard was signed today by the Ministry of HUPA and Common Services Centre e-Governance Services India of the Ministry of Electronics and Information Technology, in the presence of respective ministers Shri M.Venkaiah Naidu and Shri Ravi Shankar Prasad.

Out of the over two lakh Common Services Centre across the country, about 60,000 located in urban areas will enable online submission of applications from November 3,2016 at a nominal cost of Rs.25/- per application. As per the MoU, CSCs will also facilitate printing of the acknowledgement receipt with beneficiary photograph which helps applicants in tracking application status. Beneficiaries have to visit the nearest CSC for seeking assistance for seeking benefits of PMAY(Urban) online. In case the beneficiary does not have Aadhar Card, CSCs will enable beneficiaries acquiring them. This process of applying online is e-KYC (Know Your Client) enabled which means applications are submitted after due verification.

Minister of HUPA Shri M.Venkaiah Naidu said on the occasion that Digital India Mission is transforming the country and collaboration with CSC SPV will help in bringing more urban poor under the ambit of PMAY(Urban) by addressing the difficulties associated in physical submission of applications to Urban Local Bodies, for want of adequate help and guidance. He said that while 13.70 lakh urban poor were sanctioned affordable houses during 2005-14, about 11 lakh houses have been already sanctioned for urban poor during the last one year and this will pick up further momentum through online applications.

Minister of Electronics and IT Shri Ravi Shankar Prasad said that CSCs are the front end soldiers of Digital India Mission and are engaged in empowering different sections of the society through skilling and online delivery of services.

The MoU was signed by Shri Amrit Abhijat, Joint Secretary, Ministry of HUPA and Shri Dinesh Tyagi, CEO, CSC e-Governance Services India Ltd.

Through a similar MoU with the Ministry of Urban Development, CSCs have so enabled 15 lakh transactions helping beneficiaries apply on line for construction of toilets under Swachh Bharat Mission in urban areas.

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GSL Securities standalone net profit rises 25.00% in the September 2016 quarter
Nov 02,2016

Net profit of GSL Securities rose 25.00% to Rs 0.05 crore in the quarter ended September 2016 as against Rs 0.04 crore during the previous quarter ended September 2015. There were no Sales reported in the quarter ended September 2016 and during the previous quarter ended September 2015.

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Sobhagya Mercantile reports standalone nil net profit/loss in the September 2016 quarter
Nov 02,2016

Sobhagya Mercantile reported no net profit/loss in the quarter ended September 2016 and during the previous quarter ended September 2015. There were no Sales reported in the quarter ended September 2016 and during the previous quarter ended September 2015.

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Both promoter and buyer can terminate agreement in case of default by each other
Nov 02,2016

To ensure timely implementation of real estate projects, the Real Estate (Regulation & Development) Agreement for Sale Rules, 2016 specify in black and white, the rights and obligations of both the promoters and buyers, including the right to terminate the agreement entered into by them in case of default by each other.

Agreement for Sale Rules notified by the Ministry of Housing & Urban Poverty Alleviation notified on October 31, 2016 seeks to eliminate the scope of such agreements being in favour of either of the parties. These Rules are applicable to the Union Territories of Andaman & Nicobar Islands, Dadra and Nagar Haveli, Daman & Diu, Lakshadweep and Chandigarh.

Under these Rules, a 20-page Agreement has been specified in which the date of delivery of possession to buyer is to be clearly mentioned and a schedule of payment as agreed upon by both parties is to be enclosed. Violation of these commitments is to be treated as default, in which case, promoter and buyer can terminate the agreement.

If the buyer defaults by not paying to the promoter for a specified number of demands made by promoter and such a default persists for an agreed upon number of months, promoter can terminate the agreement and cancel the allotment made to buyer. Promoter, can then deduct the booking amount and interest liabilities from the amount to be repaid to buyer.

If promote fails to give ready to move in possession of the apartment or fails to complete the project as per the stipulated time, amounting to default, buyer can then terminate the agreement and is entitled to refund of amount paid with interest in 45 days of such termination. In case, the buyer does not want to withdraw from such a delayed project, he needs to be paid interest till the project is completed. This however, does not apply if the development of project is delayed by force majeure conditions like war, floods, cyclone, drought, etc., which are beyond the control of promoter.

The Agreement to be entered into stipulates that the total price of apartment/plot shall be escalation free except when development charges are increased by the competent authorities.

Agreement provides for certain rights of promoters including timely payments as per the mutually agreed upon payment schedule, interest in case of delay in payments by buyer, additional payments for increase in carpet area up to 3% of corporate area originally offered to buyer and no liability on his part in case of delay in execution of project due to force majeure conditions.

The rights of buyers include timely delivery of possession of property by buyer, refund or payment of compensation with interest in case of delays, rectification of structural defects by promoter over a period of five years from the date of issuance of occupancy certificate etc.

The Agreement for Sale Rules, notified along with General Rules make it mandatory, disclosure of the number of apartment and the floor allotted to buyer, carpet area, number and the area of garage/covered parking, date of grant of commencement certificate by the competent authority, name of the authority that granted required approvals, Regulatory Authority with which the project is registered and such registration number, break up of cost including the cost of apartment, exclusive balcony or verandah, exclusive open terrace, proportionate cost of common area, preferential location charges, taxes and maintenance charges etc.

Underlining that timely execution of project is the essence of the Agreement to be entered in to, the Rules define the role and responsibilities of both buyers and promoters.

The Rules provide for amending the agreement with written consent of both the parties.

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Harita Seating Systems standalone net profit rises 3.13% in the September 2016 quarter
Nov 02,2016

Net profit of Harita Seating Systems rose 3.13% to Rs 4.62 crore in the quarter ended September 2016 as against Rs 4.48 crore during the previous quarter ended September 2015. Sales rose 9.41% to Rs 79.27 crore in the quarter ended September 2016 as against Rs 72.45 crore during the previous quarter ended September 2015.

ParticularsQuarter Endedn++Sep. 2016Sep. 2015% Var. Sales79.2772.45 9 OPM %8.815.76 - PBDT7.164.57 57 PBT5.953.40 75 NP4.624.48 3

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