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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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Board of GE Power India to consider September quarter and half year results
Nov 25,2016

GE Power India announced that a meeting of the Board of Directors of the Company will be held on 02 December 2016, inter alia, to consider and approve the Unaudited Financial Results of the Company for the quarter / half year ended 30 September 2016.

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Aurobindo Pharma provides update on its French subsidairy
Nov 25,2016

Arrow Generiques SAS, the French subsidiary of Aurobindo Pharma, announced the signing of an agreement to acquire select commercial products in France from Teva. Arrow Generiques will acquire theright, title and interest in products Calcium and Calcium Vitamin D3, including the use of the OROCAL trademark.

The transaction is subject to the approval of the European Commission. Following receipt of clearances from European authorities, Arrow Generiques will integrate these products with its existing commercial operations in France, and focus on maximizing their potential. Arrow Generiques and Teva intend to ensure continuity of the supply of the products to the market.

This acquisition will enable Arrow Generiques to continue to increase its branded products portfolio and leverage its position as a key player in the drug market. Arrow Generiques is a pharmaceutical company withfocus on selling generics on the retail and hospital markets in France since 2002. Arrow Generiques entered a strategy of diversification with the acquisition of the first branded products a few years ago to become acompany balanced between generics / branded products / biosimilars on retail and hospital market. A dedicated Business Unit with sales and marketing team had been set up to specifically enhance this business.

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Australia Market hits 3-month high
Nov 25,2016

Australian share market closed at highest level in three months on Friday, 25 November 2016, due to continued demand for mining and energy stocks, thanks to gains in commodity prices, including copper and iron ore. At the closing bell, the benchmark S&P/ASX 200 index rose 22.70 points, or 0.41%, to 5507.80, its highest level since August 26, while the broader All Ordinaries index was up 21.50 points, or 0.39%, to close at 5570.50.

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Board of Yash Management & Satellite to consider resignation of company secretary
Nov 25,2016

Yash Management & Satellite announced that the Board of Directors Meeting of the Company is to be held on 05 December 2016, inter alia, to consider the following:

- To consider the resignation of Chaitali Salgaonkar, Company Secretary & Compliance Officer.

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Nikkei hits 11-months high
Nov 25,2016

The Japan share market finished at an 11-month high on Friday, 25 November 2016, as risk sentiments underpinned by yen depreciation against greenback. Total 22 out of 33 TSE industry category on the main section inclined, led by Transportation Equipment, Precision Instruments, Electric Power & Gas, Nonferrous Metals, and Warehousing & Harbor Transportation Services issues, while Banks, Real Estate, Marine Transportation, and Fishery, Agriculture & Forestry issues being major decliners. The benchmark Nikkei 225 index added 0.26%, or 47.81 points, to close at 18,381.22, while the broader Topix index of all first-section issues gained 0.31%, or 4.57 points, to 1,464.53.

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China Stocks end stronger
Nov 25,2016

Mainland China stock market closed stronger on Friday, 25 November 2016, due to gains in real estate and banking shares on signs that the economy is on steadier footing were more than offset by losses in resources shares on profit booking. The blue-chip CSI300 index rose 0.93%, to 3,521.30, while the Shanghai Composite Index gained 0.62% to 3,261.94 points. The Shenzhen Composite Index, which tracks stocks on Chinas second exchange, added 0.4% to 2,129.84. For the week, the CSI300 rose 3%, while the SSEC gained 2.2%, its best week since mid-November.

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Board of Puravankara Projects to consider September quarter results
Nov 25,2016

Puravankara Projects announced that a Meeting of the Board of Directors of the Company will be held on 09 December 2016, inter alia:

- To consider and approve the Consolidated & Standalone Unaudited Financial Statements of the Company & its Subsidiaries for the quarter ended 30 September 2016.

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Hong Kong Stocks closed higher
Nov 25,2016

The Hong Kong stock market advanced on Friday, 25 November 2016, partly aided by steady money inflows from China as a cross-border link will be launched soon. The Thanksgiving break in the United States also helped slow a relentless surge in the U.S. dollar that has sucked capital out of most emerging markets. The market has witnessed relatively strong inflows from Chinese investors via the Shanghai-Hong Kong Stock Connect, as a sister investment link connecting Hong Kong and Shenzhen will be launched soon. Most sectors rose, with financial and consumer related stocks leading the gains. The Hang Seng Index ended up 0.51%, or 114.96 points, to 22,723.45 and the Hang Seng China Enterprises index added 1.15%, or 111.46 points, to 9,9790.23. Turnover increased to HK$56.2 billion from HK$55.8 billion on Thursday.

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Tide Water Oil Co (I) fixes record date for interim dividend
Nov 25,2016

Tide Water Oil Co (I) announced that the Company has fixed 07 December 2016 as the Record Date for the purpose of Payment of Interim Dividend.

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Rupee recovers
Nov 25,2016

Rupee recovered to close at 68.4799/4900 per dollar on Friday (25 November 2016), versus its previous close of 68.7179/7330 per dollar.

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Mainstreaming New Coal-based Capacities To Require Market Corrections
Nov 25,2016

Favourable government policies have boosted private investments in power generation over the last decade and resulted in significant capacity additions, says FICCI. From 17 GW in 2006-07, private capacity has moved up to 124 GW in 2015-16, constituting 41% of the total generation portfolio of 302 GW in the country.

To examine the business environment in which the commissioned plants are being operationalised and the new capacities in pipeline to be mainstreamed, FICCI took up a unit-wise analysis of the project shelf of base load generation taken up by Independent Power Producers (IPPs) with coal as fuel. Constraints of Power Purchase Agreements (PPA) as well as Fuel Supply Agreements (FSA) are majorly restricting these plants from approaching the power market and finding buyers, the study reveals. An aberration is that while investments have been made in new generating assets, the IPP industry stands fragmented in various capacity compartments according to their FSA and PPA status with limited or no market access.

The study also shows that 46 GW out of installed capacity of 71 GW of coal-based IPP plants are in operational stress attributable largely to absent FSA and PPA, but also to financial and regulatory issues. Taking together the commissioned and pipeline projects of private developers as at August 2016, aggregate coal-based capacities without FSA and PPA are seen to be in the range of 26-28 GW and 41-43 GW respectively. Market corrections are necessary to optimally utilise these generating assets and avoid stress on the banking system by ensuring the operational cash flows. Meanwhile, financing issues have proved to be the major impediment to progressing with 21 GW of 33 GW projects taken up for construction, further straining the lending operations.

n++Government has been pro-actively addressing the refinancing options of the stressed assets in the economy and new guidelines have been recently issued by RBI to recast the debt restructuring schemes and repayment schedules based on asset-liability management risk. For coal-based IPP generating plants, however, the eco-system of fuel tie-up and market access for selling power will have to concurrently improve if financial re-engineering is to have any effectn++ said Dr. A. Didar Singh, Secretary General, FICCI. While the demand for power will be muted till private investments and industrial activity pick-up momentum, an immediate measure is to liberalise the regime of open access by removing the tariff and non-tariff barriers so that large consumers, when faced with unreliable and high-cost power supply, can procure directly from generators, feels Dr. Singh.

The benefit will be economy-wide as it will support Make in India initiative as has been observed by Economic Survey and will result in reducing the cost of power as the plants with unutilised capacities will be able to spread their fixed costs over a larger base of consumers. The new capacities, when operationalised, will also act as a buffer against old plants which do not meet the current-day emission norms and are to be retired in furtherance of countrys climate change goals.

FICCI also suggests a performance metric to be assigned under the UDAY Scheme so that Discoms can transparently demonstrate the efficacy of their power procurement planning to meet the demand estimates and account for un served loads, if any. However, to maximise fuel supply and supplement CILs coal production, FICCI recommends opening up of the coal sector and ushering in commercial mining, which will also be a Make in India initiative. FICCI had earlier proposed the concept of a Clearing House as a market construct for over-the-counter selling of coal under a system of daily trade monitoring and real time liability and collateral management.

FICCI believes that forward trades via term-ahead contracts for procurement of power combined with voluntary spot purchases at the exchange will generally provide the market fundamentals, but with the advent of renewables, lower Plant Load Factors (PLF) will be the new normal for base load generating stations. In future, inclusion of financial products along with physical trading and capacity contracts will be necessary to enable risk management of output and demand, improve liquidity and secure the revenue streams.

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K E C International repurchases debentures
Nov 25,2016

K E C International has on 25 November 2016 repurchased 750 Secured Rated Listed Redeemble Non-Convertible Debentures and made payment of Rs 78.59 crore against the same based on the acceptance by the debenture holders.

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Board of Nestle India to consider 3rd interim dividend
Nov 25,2016

Nestle India announced that the Board of Directors will consider declaration of third interim dividend for the year 2016, if any, on 05 December 2016.

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Nestle India fixes record date for 3rd interim dividend
Nov 25,2016

Nestle India announced that the Company has fixed 13 December 2016 as the Record Date for the purpose of Payment of Third Interim Dividend.

Further, the third interim dividend for 2016, if any declared, would be paid on and from 22 December 2016.

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Hindusthan Urban Infrastructure to hold EGM
Nov 25,2016

Hindusthan Urban Infrastructure announced that the Extra Ordinary General Meeting (EGM) of the Company will be held on 22 December 2016.

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