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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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Havells India to hold board meeting
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Havells India will hold a meeting of the Board of Directors of the Company on 19 July 2017 to consider and approve, inter alia, the Un-audited Standalone Financial Results of the Company for the first quarter ended 30th June, 2017.

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Empire Industries announced that the th Annual General Meeting(AGM) of the company on 27 July 2017.

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Swan Energy has invested Rs 1 lakh in Triumph Offshore for purchase of its 100% equity shares, equivalent to 10,000 equity shares of Rs 10 each. Consequently, Triumph Offshore has become a subsidiary of the Company of Swan Energy.

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Punjab National Bank announces change in directorate
Jul 05,2017

Punjab National Bank announced that Ravi Mital, Additional Secretary, Department of Financial Services, Ministry of Finance, has been nominated as Govt. Nominee Director of the bank in place of Anil Kumar Khachi by Central Government Vide Govt. Of India, Ministry of Finance, Department of Financial Services Notification F.No. 6/3/2012-BO-I dated 04 July 2017 with immediate effect and until further orders.

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Creative Castings announces resignation of company secretary cum compliance officer
Jul 05,2017

Creative Castings announced that Dharmesh A. Chauhan working with as a Company Secretary cum Compliance Officer has resigned from the said post with effect from 30 June 2017 and he has been relived from his duties.

Further, for the time being, Ashok Shekhat, Chief Financial Officer of the Company, has been vested additional charge to act as a Compliance Officer.

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Toyam Industries announces key appointment
Jul 05,2017

Toyam Industries announced the appointment of Zulfiquar Ghadiyali as Global Strategy Advisor (Member of Advisory Board) of the Company.

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Nishtha Finance & Investment (India) announces new corporate office
Jul 05,2017

Nishtha Finance & Investment (India) announced its new corporate office in the state of Gujarat at Ahmedabad -

Unit No. 2, 2nd Floor Narayana Complex
Neat Navrangpura Bus Stand
Navrangpura
Ahmedabad - 380 009

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Sutlej Textiles and Industries fixes record date for dividend
Jul 05,2017

Sutlej Textiles and Industries has fixed 14 July 2017 as the Record Date for the purpose of Payment of Dividend.

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MERIT app and e-Bidding portal for utilization of domestic coal in IPP Power Stations for reducing the cost of power generation launched
Jul 05,2017

Union Minister of State (IC) for Power, Coal, New & Renewable Energy and Mines, Shri Piyush Goyal launched here today the MERIT app (Merit Order Despatch of Electricity for Rejuvenation of Income and Transparency) and the e-bidding portal for providing e-Bidding solution to States to select Independent Power Producers (IPPs) for procurement of power by transferring their domestic coal under the scheme of flexibility in utilization of domestic coal.

Briefing the media on the occasion, Shri Goyal said that both the initiatives are taken in the direction of Prime Minister Narendra Modis vision of Minimum Government and Maximum Governance through Speed, Skill and Scale. The app and the web portal would result in optimum utilization of Coal which would save the consumer close to Rs. 20,000 crores five years down the line, the Minister added.

Shri Goyal said that use of technology to increase transparency and accountability and transfer maximum benefit to the consumer reflects a 360-degree approach of a Government in Action. The Government is dedicated to ensure access to affordable, quality, 24x7 Power for All, in Prime Ministers vision of New India, the Minister added.

Over the last three years, India has rapidly achieved adequacy in terms of availability of power. Now the time has come to shift the focus to optimal utilization of the valuable and scarce energy resources for achieving economy and efficiency in operation. The merit order stack is a common approach to the problem of minimizing the sum of generators operating costs while honoring the operational constraints of the available generation to supply the demand in a secure and reliable manner.

The Tariff Policy, 2016 provides that the States/DISCOMs shall follow merit order for procurement of power and there should be uniformity in merit order mechanism. During the Power Ministers conference held at Vadodara in Oct, 2016, it was decided to constitute a Committee to examine the status of implementation of Merit Order Dispatch, issues involved therein and for ensuring proper dispatch of renewable energy sources while following the merit order principle. Accordingly, Merit Order Dispatch Committee was constituted in October 2016.

The recommendations of the Committee have been prepared with regard to Transparency in Merit Order operations and promotion of Renewables through effective implementation of Must-Run status of Renewables. Most states follow merit order operation; however, details in this regard need to be made transparently available. Hence, there was a need to have a mechanism to quantify deviation from merit order and check its reasonableness. The adherence to merit order optimizes the power procurement cost and benefits both utility and ultimate consumer.

In this direction, a web portal and mobile apps for Merit Order Despatch of Electricity (MERIT) have been developed in association with POSOCO. The app displays extensive array of information regarding the merit order such as daily state-wise marginal variable costs of all generators, daily source-wise power purchases of respective states/UTs with source-wise fixed and variable costs, energy volumes and purchase prices. The app also gives information regarding reasons for deviation from merit order such as must run conditions, transmission constraints etc.

The advantages of MERIT app are as follows:

n++ Empowerment of the Consumer and participative governance

n++ Transparent information dissemination pertaining to marginal variable cost and source wise purchase of electricity

n++ Promotes economy and efficiency in operations

n++ Helps understand the utility portfolio and its complexity

n++ Optimization of the power procurement costs

n++ Facilitates renewable integration and handling of the variability and uncertainty of renewables

n++ Indication of supply side reliability, adequacy, and co

n++ The flexibility in utilization of domestic coal scheme envisages transferring coal to more efficient IPPs generating stations, leading to lower generation costs and ultimately lesser cost of electricity for the consumers.

The Minister also launched the e-Bidding portal, which has been designed to facilitate States in inviting bids for procurement of power from the prospective IPPs in transparent and fair manner. The successful bidder shall be selected through e-Reverse Bidding process.

The Cabinet, on 4th May 2016, approved the proposal for allowing flexibility in utilization of domestic coal amongst power generating stations. Central Electricity Authority (CEA) has issued the methodology for utilization of domestic coal within State/Central generating stations on 8th June 2016, followed by the issuance of a memorandum by the Ministry of Power on 10th June 2016. The methodology for use of transferred coal in Independent Power Producers (IPPs) generating stations was issued by Ministry of Power on 20th February, 2017.

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V-Guard Industries to hold board meeting
Jul 05,2017

V-Guard Industries will hold a meeting of the Board of Directors of the Company on 31 July 2017 unaudited financial results of the Company for the quarter ended June 30, 2017.

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Ashish Polyplast will hold a meeting of the Board of Directors of the Company on 5 July 2017.

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Crestchem will hold a meeting of the Board of Directors of the Company on 12 July 2017 Change in Auditors

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Kome-On Communication to hold board meeting
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Kome-On Communication will hold a meeting of the Board of Directors of the Company on 14 July 2017 Un-Audited Financial Result for the quarter ended on 30-06-2017

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