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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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Kakatiya Cement Sugar & Industries to hold board meeting
May 17,2017

Kakatiya Cement Sugar & Industries will hold a meeting of the Board of Directors of the Company on 26 May 2017.

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Birla Capital & Financial Services to hold board meeting
May 17,2017

Birla Capital & Financial Services will hold a meeting of the Board of Directors of the Company on 30 May 2017.

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Golden Legand Leasing & Finance to hold board meeting
May 17,2017

Golden Legand Leasing & Finance will hold a meeting of the Board of Directors of the Company on 26 May 2017.

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Tata Motors to hold board meeting
May 17,2017

Tata Motors will hold a meeting of the Board of Directors of the Company on 23 May 2017.

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Anugraha Jewellers to hold board meeting
May 17,2017

Anugraha Jewellers will hold a meeting of the Board of Directors of the Company on 27 May 2017.

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Prashant India to hold board meeting
May 17,2017

Prashant India will hold a meeting of the Board of Directors of the Company on 29 May 2017.

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Exdon Trading Company to hold board meeting
May 17,2017

Exdon Trading Company will hold a meeting of the Board of Directors of the Company on 26 May 2017.

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Pooja Entertainment & Films to hold board meeting
May 17,2017

Pooja Entertainment & Films will hold a meeting of the Board of Directors of the Company on 29 May 2017.

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Balgopal Commercial t hold board meeting
May 17,2017

Balgopal Commercial will hold a meeting of the Board of Directors of the Company on 29 May 2017, to consider and take on record the Audited Financial Results of the Company for the 4th quarter ended 31st March 2017 and to discuss any other amtters with consent of the chair.

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Blueblood Ventures to hold EGM
May 17,2017

Blueblood Ventures announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 15 June 2017 .

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Tata Steel gains after announcing Q4 results
May 17,2017

The result was announced after market hours yesterday, 16 May 2017.

Meanwhile, the S&P BSE Sensex was down 3.18 points or 0.01% at 30,579.42.

On the BSE, 9.46 lakh shares were traded on the counter so far as against the average daily volumes of 7.09 lakh shares in the past one quarter. The stock had hit a high of Rs 476.40 and a low of Rs 466 so far during the day.

The stock had hit a 52-week high of Rs 508.45 on 17 March 2017 and a 52-week low of Rs 297.40 on 24 June 2016. It had underperformed the market over the past one month till 16 May 2017, declining 1.51% compared with the Sensexs 3.81% rise. The scrip had also underperformed the market over the past one quarter, sliding 2.72% as against the Sensexs 8.06% rise.

The large-cap company has equity capital of Rs 971.22 crore. Face value per share is Rs 10.

On consolidated basis, Tata Steel reported a pre-exceptional profit after tax (PAT) from continuing operations at Rs 3352 crore in Q4 March 2017 as against loss of Rs 453 crore in Q4 March 2016.

The companys consolidated net sales rose 29.6% to Rs 33424.09 crore in Q4 March 2017 over Q4 March 2016.

Tata Steels consolidated earnings before interest, taxation, depreciation and amortization (EBITDA) rose 217.8% to Rs 6982 crore in Q4 March 2017 over Q4 March 2016.

On consolidated basis, there was exceptional expense of Rs 4069 crore in Q4 March 2017 as against exceptional expense of Rs 2296 crore in Q4 March 2016.

T V Narendran, Managing Director, Tata Steel India and South East Asia, said that Tata Steel continued to outperform the market in Q4 March 2017 as well. It recorded robust sales across all its target segments and its overall volumes stood at 3.21 million tonnes which was higher by 7% sequentially.

Tata Steel is committed to investing in its customer relationships and on its marketing franchise to consolidate its position in India. Further, its focus on cost improvement initiatives and its integrated operations helped it to contain the impact of rising raw material prices, Narendran said.

Increasing emphasis for domestically manufactured steel in government projects coupled with renewed thrust on infrastructure, affordable housing and tax reforms are expected to be supportive for demand and margins, Narendran stated.

He added that the companys Kalinganagar facility which continues to ramp up smoothly, is well positioned to serve the expected increase in demand in FY 2018 and beyond.

Tata Steels board recommended a dividend of Rs 10 per share for the financial year ended 31 March 2017.

Meanwhile, Tata Steel said that after prolonged and intense discussions and negotiations with the BSPS Trustee, the Pensions Regulator (TPR) and the Pension Protection Fund (PPF), the key commercial terms of a Regulated Apportionment Arrangement (RAA) have been agreed in principle between TSUK and the BSPS Trustee.

These terms are in line with the published principles of TPR and PPF. However, the RAA is subject to detailed documentation and formal approval by TPR and non-objection from the PPF, and the formal agreement of the individual entities who would be party to the RAA. These parties are in positive discussions and are hopeful of reaching final agreement shortly, Tata Steel said.

If agreement is reached and the necessary approvals are obtained, the RAA will become effective once agreed conditions are satisfied, including the payment by a member of the Tata Steel group of an agreed settlement amount of GBP 550 million to the BSPS and the provision of a 33% equity stake in TSUK, Tata Steel said.

Tata Steel is the worlds second-most geographically-diversified steel producer, with operations in 26 countries and commercial presence in over 50 countries.

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Wipro launches nine blockchain-based solutions
May 17,2017

Wipro announced it has developed nine blockchain-based solutions for the Banking Financial Services and Insurance (BFSI), Manufacturing, Retail and Consumer Goods Industries. Defined, designed and co-developed with clients in Wipros Blockchain Innovation Lab, these solutions demonstrates what block chain can accomplish for global enterprises.

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L&T Finance Holdings to allot 6,38,20,990 equity shares
May 17,2017

L&T Finance Holdings announced that the Committee of Directors of the Company at its Meeting held on 17 May 2017 has approved the allotment of 6,38,20,990 (Six Crore Thirty Eight Lakhs Twenty Thousand Nine Hundred and Ninety) equity shares to BC Asia Growth Investments pursuant to conversion of warrants issued on 18 December 2015, on a preferential basis.

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Outcome of board meeting of CSL Finance
May 17,2017

CSL Finance announced that the Board of Directors in their meeting held on 16 May 2017, has appointed Manoj Gupta as the Additional Independent director of the Company w.e.f 16 May 2017. Further, the Company informed that the principle statutory auditor of the company was not in office for ten days due to his being out of city on account of some personal pre-occupation and has now requested for extension of time for audit of the financial results for the quarter and year ended 31 March 2017.

Further, the Company informed that now a meeting of the Board of Directors of the Company will be held on 23 May 2017 at 12:00 p.m., inter alia, to consider and approve the Audited Financial Results of the Company and to consider recommendation of dividend, if any, for the year ended on 31 March 2017.

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FICCIs Economic Outlook Survey projects GDP growth of 7.4% for 2017-18
May 17,2017

The latest round of FICCIs Economic Outlook Survey, conducted during March & April 2017, puts forth a median GDP growth forecast of 7.4% for the fiscal year 2017-18, with a minimum and maximum level of 7.0% and 7.6% respectively.

While agricultural sector is estimated to clock 3.5% growth in 2017-18; the pick-up in overall GDP growth will also be supported by an improvement in industry and services sector growth. The industry and services sector are expected to grow by 6.9% and 8.4% respectively in 2017-18.

The survey was conducted amongst economists belonging to the industry, banking and financial services sector and the participants feel that with the process of re-monetisation almost complete, consumption activity has witnessed an uptick and will further build up going ahead. Also, Indian Meteorological Departments latest forecast of monsoon arriving on time and being sufficient provides some reprieve amidst earlier reports of El Nino having a dampening effect this year.

Moreover, the outlook of economists with regard to prices remains benign and is in line with RBIs projection put out in the monetary policy statement announced in April this year. According to the Economic Outlook Survey results, Consumer Price Index has a median forecast of 4.8% for 2017-18 with a minimum and maximum level of 4.0% and 5.3% respectively. RBI in its latest policy statement estimated CPI inflation to average 4.5% in the first half of the year and 5% in the second half.

The economists were also asked to share their assessment of the concept of Universal Basic Income and suggest ways to ensure its success. The idea of Universal Basic Income (UBI) for guaranteeing minimum basic support to the Indian citizens has been in discussion for some time now and found a special mention in the Economic Survey 2016-17.

A majority of the economists participating in the survey were supportive of the idea of Universal Basic Income. The respondents felt that UBI can be an efficient framework which would help reduce poverty and transfer the choice/decision to spend on the individual. It would also promote labor market flexibility as individuals can enter the labor market without the fear of losing the benefits.

The economists participating in the survey opined that the idea must be taken forward and explored in detail, which would include a plan on implementation and evaluating & overcoming the possible road blocks.

However, the participants also pointed out that though the concept of UBI is relevant in context of providing guaranteed minimum basic support to the people, implementation of same in a highly diverse country like India will be a difficult task. Several challenges could emanate, right from stage of selection of beneficiaries to deciding on an acceptable income level and its distribution. Implementation could be challenging given the poor state of financial infrastructure with digital payments still being a small proportion of the total financial transactions.

It was also pointed out that India lags behind on key human development indicators such as health, nutrition, education, sanitation and drinking water. In such a scenario, a universal income hand-out would not entirely solve some of the key problems that the poor face.

The participants pointed out that the success of the program depends largely on the coordination between states and central government. Once the implementation hurdle is crossed, UBI could be an important welfare program in the country.

Another area where the participating economists were asked to share their views was on the wave of protectionism engulfing the global economy. The respondents were asked to opine on how they see this development unfolding and what steps should India take to minimize the impact resulting from such moves.

Economists participating in the survey unanimously believed that protectionism is becoming a new normal led by certain advanced economies which are increasingly looking inwards to propel growth and increase employment. This could result in increased tension between nations which could lead to trade wars according to some of the respondents.

The economists felt that while protectionism is a challenge, India needs to keep its focus on implementing reforms. The situation calls for improving the investment climate in the country, enhancing hard and soft infrastructure and continuing the efforts on tackling the issue of non-performing assets. Economists felt that higher government and private investments towards infrastructure development and capacity expansion can play a pivotal role in revitalizing domestic demand and would encourage the domestic industry.

Participating economists were of the view that strengthening the domestic economy, in terms of sustainable macroeconomic stability, enhancing skills among youth and the workforce and continuing on the reform path will help India maneuver the rough patches.

It was also suggested that India should look at signing preferential trade agreements with other emerging market economies.

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