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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 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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Indo Cotspin reports standalone net profit of Rs 0.02 crore in the September 2016 quarter
Nov 02,2016

Net profit of Indo Cotspin remain constant at Rs 0.02 crore in the quarter ended September 2016 and also during the previous quarter ended September 2015. Sales declined 32.52% to Rs 0.83 crore in the quarter ended September 2016 as against Rs 1.23 crore during the previous quarter ended September 2015.

ParticularsQuarter Endedn++Sep. 2016Sep. 2015% Var. Sales0.831.23 -33 OPM %13.2511.38 - PBDT0.080.16 -50 PBT0.020.02 0 NP0.020.02 0

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Lypsa Gems & Jewellery ties up with Gitanjali Group
Nov 02,2016

Lypsa Gems & Jewellery has tied up with Jewelsouk.com, the e-commerce arm of the Gitanjali Group to sell diamond-studded jewellery under the Lypsa Atelier brand name.

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Bank of Maharashtra director ceases
Nov 02,2016

R Athmaram, Executive Director of Bank of Maharashtra has ceased to be a director of the bank upon attaining his superannuation on 31 October 2016.

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Volumes jump at Kuantum Papers counter
Nov 02,2016

Kuantum Papers clocked volume of 4.25 lakh shares by 14:01 IST on BSE, a 98.18-times surge over two-week average daily volume of 4,000 shares. The stock surged 4.41% at Rs 504.95.

TCS notched up volume of 6.46 lakh shares, a 18.18-fold surge over two-week average daily volume of 36,000 shares. The stock fell 1.34% at Rs 2,316.35.

Punjab Chemicals and Crop Protection saw volume of 2.49 lakh shares, a 17.55-fold surge over two-week average daily volume of 14,000 shares. The stock surged 9.39% at Rs 252.75.

DCB Bank clocked volume of 15.86 lakh shares, a 16.99-fold surge over two-week average daily volume of 93,000 shares. The stock fell 0.89% at Rs 128.05.

Mphasis saw volume of 1.93 lakh shares, a 13.23-fold rise over two-week average daily volume of 15,000 shares. The stock lost 0.54% at Rs 514.05.

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Apunka Invest Commercial changes RTA
Nov 02,2016

Apunka Invest Commercial has approved the proposal for change of Share Registrar and Transfer Agent from Maheshwari Datamatics Pvt Ltd to Purva Sharegistry (India) Pvt. Ltd. at the board meeting held on 02nd November 2016.

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Khoday India vice CMD passes away
Nov 02,2016

K L Srihari the Vice-Chairman & Managing Director of Khoday India has expired on 31 October 2016.

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Ajanta Pharma launches Amlodipine + Olmesartan Medoxomil Tablets
Nov 02,2016

Ajanta Pharma has launched after due approval from the US FDA Amlodipine + Olmesartan Medoxomil Tablets in the US market through its wholly owned subsidiary Ajanta Pharma USA Inc. Ajanta now has 29 Abbreviated New Drug Application (ANDA) of which it has for 16 final ANDA approvals; 2 tentative approvals; and 11 ANDAs under review with US FDA.

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Economy set to perform better in 2nd half of FY16: ASSOCHAM Bizcon survey
Nov 02,2016

Indian economy would be performing better in the second half of the current fiscal and the trend appears to have begun from the quarter beginning October, 2016 with 66.7 per cent of the latest ASSOCHAM Bizcon Survey respondents expecting uptick in sales, capacity utilization, though positivity on fresh investment is tentative.

Increased spend on infrastructure development, largely in the government is seen as the most important driver for a turnaround in the economic outlook for the current quarter and the last quarter of the financial year 2016-17.

The second best driver for the optimistic outlook is effective policy reforms followed by a stable foreign exchange rate of the Indian currency despite global head winds like uncertainty on account of the Federal Reserves next policy move and the most bitterly fought US Presidential elections.

While a big chunk of Bizcon Survey participants felt the present economic situation appears to be in a better shape than the previous six months on several parameters, the optimism is more pronounced for the second half of the current fiscal.

For instance on the parameter of industrial performance, the ASSOCHAM Bizcon done in September , noted over 83 per cent of the respondents believing things would look better in at the industry level in the ongoing six month period.

n++Good thing is, there is a clear turnaround in business confidence, which holds the key to new investment and consumer confidencen++, the chamber President Mr. Sunil Kanoria said. He said unlike the previous surveys, the latest round indicates a slight uptick even with regard to capacity utilization going forward and the order book. However, generation of new employment and improvement in wages is still some distance away.

The confidence was quite pronounced at the level of individual firms level, as about 89 per cent of the respondents expressed optimism about better days ahead.

In terms of the capacity utilization expectations, over 66 per cent participants shared the opinion that the industry would be operating at higher levels than 70 per cent of the plant or service facility capacities.

The majority (55.6 percent) of the respondents feel that there is an increase in the sales volume during July to September 2016 and also expecting better sales volume during October to December 2016. However, 38.9 percent of the respondents feel that their profits may not change in the short term (October to December 2016). n++The power to increase price on the part of producers and service providers would remain constrained till there is some more improvement in the consumer demandn++, Mr Kanoria said.

In the short horizon, the survey indicates that there will not be any change in the employment scenario in the industry. As majority (55.6 percent) of respondents believe that employment condition will not improve in the coming days.

In terms of the wage costs scenario, the majority of the industry (44.4 percent) opines that in the July to September 2016, there is no change in wages costs. Going forward as well, majority of the industry respondents (50.0 percent) feel that the wage costs will not change in future also (October to December 2016).

As many as, 38.9 per cent respondents felt that there was an increase in the raw material prices. In the shorter horizon industry is not confident about the raw material price witnessing much movement.

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Taj Gvk Hotels & Resorts director resigns
Nov 02,2016

Anil P Goel, Director of Taj Gvk Hotels & Resorts has resigned from his position with effect from 15th October 2016, and the same was accepted by the Board of Directors at the meeting held on 02nd November 2016.

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Tata Motors declines after JLR reports October US sales
Nov 02,2016

Meanwhile, the S&P BSE Sensex was down 255.04 points or 0.91% at 27,621.57.

On BSE, so far 5.57 lakh shares were traded in the counter as against average daily volume of 7.90 lakh shares in the past one quarter. The stock hit a high of Rs 526.50 and a low of Rs 515.70 so far during the day. The stock had hit a 52-week low of Rs 266 on 11 February 2016. The stock had hit a 52-week high of Rs 598.60 on 7 September 2016. The stock had underperformed the market over the past one month till 1 November 2016, sliding 0.71% compared with 0.04% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, advancing 4.5% as against Sensexs 0.45% fall.

The large-cap company has equity capital of Rs 577.44 crore. Face value per share is Rs 2.

Jaguar US sales jumped 226% to 3,219 units in October 2016 over October 2015. Land Rover US sales declined 23% to 5,532 units in October 2016 over October 2015.

Tata Motors consolidated net profit declined 57% to Rs 2260.40 crore on 10.1% rise in net sales to Rs 64940.12 crore in Q1 June 2016 over Q1 June 2015.

Tata Motors is a market leader in commercial vehicles in India. The companys British unit JLR sells premium luxury cars.

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Coal India drops as monthly production and offtake falls short of target
Nov 02,2016

Meanwhile, the BSE Sensex was down 243.50 points, or 0.87%, to 27,633.11.

On BSE, so far 18.30 lakh shares were traded in the counter, compared with average daily volume of 4 lakh shares in the past one quarter. The stock hit a high of Rs 326.80 and a low of Rs 323.20 so far during the day. The stock hit a 52-week high of Rs 349.85 on 17 August 2016. The stock hit a 52-week low of Rs 272.05 on 12 April 2016.

The large-cap company has equity capital of Rs 6316.36 crore. Face value per share is Rs 10.

Coal India and its subsidiaries achieved 84% of targeted production at 43.51 million tonnes in October 2016. The company achieved 90% of targeted offtake at 43.04 million tonnes in October 2016.

Coal Indias consolidated net profit fell 14.78% to Rs 3065.28 crore on 6.12% decline in net sales to Rs 17796.05 crore in Q1 June 2016 over Q1 June 2015.

State-run Coal India is Indias biggest coal miner. The Government of India currently holds 79.65% stake in Coal India (as per the shareholding pattern as on 30 September 2016).

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