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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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Arvind consolidated net profit rises 1.47% in the September 2016 quarter
Oct 25,2016

Net profit of Arvind rose 1.47% to Rs 71.70 crore in the quarter ended September 2016 as against Rs 70.66 crore during the previous quarter ended September 2015. Sales rose 18.65% to Rs 2319.47 crore in the quarter ended September 2016 as against Rs 1954.90 crore during the previous quarter ended September 2015.

ParticularsQuarter Endedn++Sep. 2016Sep. 2015% Var. Sales2319.471954.90 19 OPM %10.0211.65 - PBDT181.32156.63 16 PBT109.3899.40 10 NP71.7070.66 1

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Asian Paints advances after announcing good Q2 financials
Oct 25,2016

The result was announced during market hours today, 25 October 2016.

Meanwhile, the S&P BSE Sensex fell 87.66 points or 0.31% at 28,091.42

On BSE, 1.82 lakh shares were traded in the counter as against average daily volume of 1.05 lakh shares in the past one quarter. The stock hit a high of Rs 1,156.90 and a low of Rs 1,117.20. The stock hit a record high of Rs 1,230 on 13 October 2016. The stock had hit a 52-week low of Rs 785 on 9 November 2015. The stock had underperformed the market over the past 30 days till 24 October 2016, falling 5.2% compared with 1.71% decline in the Sensex. The scrip, however, outperformed the market in past one quarter, gaining 6.31% as against Sensexs 0.72% rise.

The large-cap company has equity capital of Rs 95.92 crore. Face value per share is Re 1.

K.B.S. Anand, Managing Director & CEO, Asian Paints, said that the decorative business segment in India registered double digit growth in Q2 September 2016. However, a prolonged monsoon did affect demand in west and central India. Good demand conditions in the auto OEM and general industrial business segment led to improved performance of the automotive coatings joint venture (PPG-AP). In the industrial coatings joint venture (AP-PPG), the industrial liquid paints segment cotinued to grow well in Q2 September 2016. The international business performed well aided by contribution from pick-up in Nepal, Fiji and certain units in the Middle East, K.B.S. Anand said. The kitchen business (Sleek) and bath business (ESS ESS) in the home improvement category delivered good growth in Q2 September 2016, he added.

Asian Paints is Indias leading paint company and ranked among the top ten decorative coatings companies in the world. The company along with its subsidiaries have operations in 19 countries across the world and 26 paint manufacturing facilities, servicing consumers in over 65 countries.

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Asian Paints gains after declaring good Q2 result
Oct 25,2016

The result was announced during market hours today, 25 October 2016.

Meanwhile, the S&P BSE Sensex was down 80.95 points or 0.29% at 28,098.13

On BSE, so far 1.81 lakh shares were traded in the counter as against average daily volume of 1.05 lakh shares in the past one quarter. The stock hit a high of Rs 1,156.90 and a low of Rs 1,117.20 so far during the day. The stock hit a record high of Rs 1,230 on 13 October 2016. The stock had hit a 52-week low of Rs 785 on 9 November 2015. The stock had underperformed the market over the past 30 days till 24 October 2016, falling 5.2% compared with 1.71% decline in the Sensex. The scrip, however, outperformed the market in past one quarter, gaining 6.31% as against Sensexs 0.72% rise.

The large-cap company has equity capital of Rs 95.92 crore. Face value per share is Re 1.

Asian Paints is Indias leading paint company and ranked among the top ten decorative coatings companies in the world. The company along with its subsidiaries have operations in 19 countries across the world and 26 paint manufacturing facilities, servicing consumers in over 65 countries.

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Stampede Capital withdraws record date for bonus issue
Oct 25,2016

Stampede Capital announced about withdrawal of record date of 29 October 2016 fixed for Bonus issue.

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Hexaware Technologies fixes record date for interim dividend
Oct 25,2016

Hexaware Technologies has fixed 07 November 2016 as the Record Date for the purpose of Payment of Interim Dividend.

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Asian Paints fixes record date for interim dividend
Oct 25,2016

Asian Paints has fixed record date of 02 November 2016 for payment of interim dividend of Rs 2.65 per share for FY 2017. The dividend will be paid on or after 05 November 2016.

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Volumes jump at Bharti Infratel counter
Oct 25,2016

Bharti Infratel clocked volume of 21.92 lakh shares by 14:58 IST on BSE, a 46.55-times surge over two-week average daily volume of 47,000 shares. The stock rose 2.46% to Rs 378.95.

Arvind notched up volume of 31.07 lakh shares, a 17.23-fold surge over two-week average daily volume of 1.80 lakh shares. The stock rose 11.54% to Rs 401.

Ion Exchange India saw volume of 2.15 lakh shares, a 9.15-fold surge over two-week average daily volume of 23,000 shares. The stock rose 4.66% to Rs 310.

Deep Industries clocked volume of 4.71 lakh shares, a 7.35-fold surge over two-week average daily volume of 64,000 shares. The stock slipped 0.38% to Rs 274.

MindTree saw volume of 5.22 lakh shares, a 6.84-fold rise over two-week average daily volume of 76,000 shares. The stock shed 0.33% to Rs 454.50.

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Adani Ports spurts after strong Q2 results
Oct 25,2016

The result was announced during trading hours today, 25 October 2016.

Meanwhile, the BSE Sensex was down 87.87 points, or 0.31%, to 28,091.21.

On BSE, so far 15.87 lakh shares were traded in the counter, compared with average daily volume of 4.05 lakh shares in the past one quarter. The stock hit a high of Rs 312.70 and a low of Rs 280.90 so far during the day. The stock hit a 52-week high of Rs 317.50 on 26 October 2015. The stock hit a 52-week low of Rs 169.65 on 12 February 2016. The stock had outperformed the market over the past 30 days till 24 October 2016, rising 3.78% compared with 1.71% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 27.32% as against Sensexs 0.72% rise.

The large-cap company has equity capital of Rs 414.19 crore. Face value per share is Rs 2.

Adani Ports and Special Economic Zone (APSEZ)s consolidated operating income rose 21% to Rs 2183 crore in Q2 September 2016 over Q2 September 2015.

Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) increased by 23% to Rs 1451 crore in Q2 September 2016 over Q2 September 2015.

In Q2 September 2016, APSEZ handled cargo of 43 million metric tonnes (MMT), a growth of 17% over Q2 September 2015.

Karan Adani, Chief Executive Officer of APSEZ said that healthy growth in cargo volumes, operational efficiencies and our efforts to change the mix of bulk cargo beyond coal has enabled us to report all-round growth in our financial numbers. With Make in India scheme of Government of India likely to take off in the near future, the companys special economic zone (SEZ) monetization is expected to gain momentum. Implementation of GST will help the companys logistic arm to expand further. With the companys port to Hinterland connectivity further improving, the company would be truly a fully integrated player providing end to end service to the customers. This will result in higher volume and financial growth.

In a separate announcement during trading hours today, 25 October 2016, the company said its board of directors has given their in-principle approval for issue of non-convertible debentures for an aggregate amount not exceeding Rs 2000 crore in one or more tranches on private placement basis.

APSEZ, a part of the Adani Group, is Indias largest private port operator.

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Ind-AS: Credit Neutral for Corporates
Oct 25,2016

India Ratings and Research (Ind-Ra) says that changes in accounting standards under Ind-AS are unlikely to have any impact on the credit quality of Ind-Ra rated large corporates (issuers).

The central government of India notified the Companies (Indian Accounting Standards) Rules, 2015 in February 2015, to achieve convergence of Indian Generally Accepted Accounting Principles (IGAAP) and International Financial Reporting Standards. With the implementation of Ind-AS, it has become mandatory for the specified companies to comply with Ind-AS over FY17-FY18. Ind-AS is based on substance over legal form, fair value and time value of money whereas IGAAP is based on legal form, conservatism, and historical value.

As an analytical practice, Ind-Ra focuses more on cash flow in its credit quality assessments than on accrual based numbers. However according to the agency, increased disclosure and transparency could provide early signs of potential pressure in corporates earnings or cash flow. Ind-AS would also make the financial statements of Indian corporates comparable across geographical markets. This would give a better understanding to global investors about the financial state of Indian corporates, and help Indian corporates raise capital abroad with minimal administrative costs. However, implementing it would be challenging in terms of different legal and regulatory requirements, depth of domestic markets to provide reliable fair values and preparedness of Indian corporates and accounting professionals.

Ind-AS provides for some significant changes in the financial reporting of corporates. Some of these changes are listed below:

a) Revenue recognition

b) Consolidation

c) Property, plant & equipment, intangibles

d) Business combination

e) Disclosure requirement

f) Financial instruments

g) Introduction of Other Comprehensive Income as part of financial statements

h) Employee cost

We have discussed these changes, their impact on financial statements, Ind-Ras treatment of these changes in credit assessments and the consequent impact, if any, on the credit profile of issuers in our report. Ind-Ra has also analysed Ind-AS compliant financial statements reported by some of the large entities in the following sectors - fast moving consumer goods, information technology, pharma, oil & gas, auto, construction, power and cement.

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Zee Entertainment Enterprises gains after good Q2 numbers
Oct 25,2016

The result was announced during trading hours today, 25 October 2016.

Meanwhile, the BSE Sensex was down 77.86 points, or 0.28%, to 28,101.22.

On BSE, so far 2.31 lakh shares were traded in the counter, compared with average daily volume of 1.17 lakh shares in the past one quarter. The stock hit a high of Rs 522.50 and a low of Rs 507.70 so far during the day. The stock hit a 52-week high of Rs 588.80 on 3 October 2016. The stock hit a 52-week low of Rs 350.15 on 17 February 2016. The stock had underperformed the market over the past 30 days till 24 October 2016, falling 2.46% compared with 1.71% decline in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 7.92% as against Sensexs 0.72% rise.

The large-cap company has equity capital of Rs 96.04 crore. Face value per share is Re 1.

Zee Entertainment Enterprises advertising revenues grew by 15.7% to Rs 959.20 crore in Q2 September 2016 over Q2 September 2015. Domestic advertising revenues were Rs 880 crore while International advertising revenues stood at Rs 79.20 crore for the quarter.

Subscription revenues rose 21.7% to Rs 583.30 crore in Q2 September 2016 over Q2 September 2015. During the quarter, domestic subscription revenues stood at Rs 467.50 crore while international subscription revenues stood at Rs 115.80 crore.

Consolidated earnings before interest, tax, depreciation and amortization (EBITDA) rose 36.40% to Rs 489.20 crore in Q2 September 2016 over Q2 September 2015. EBITDA margin stood at 28.9%.

The company launched 5 new channels during the quarter n++ 3 in domestic market and 2 in International market.

Zee Entertainment Enterprises is one of Indias leading television media and entertainment companies.

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Mahindra & Mahindra unveiled plans to refocus on two wheeler business
Oct 25,2016

Mahindra & Mahindra unveiled plans to refocus its two wheeler business, to target premium niche segments. With the acquisition of Classic Legends, M&M aims to co-create a lifestyle mobility company with exciting and relevant partners across products & services, and enter into previously untapped segments using iconic brands like BSA and JAWA.

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Tata Metaliks intimates of change in chairman of Tata Sons
Oct 25,2016

Tata Metaliks announced that Tata Sons at its board meeting held on 24 October 2016 has replaced Cyrus Mistry as Chairman of Tata Sons with immediate effect. Ratan Tata has been appointed as Interim Chairman of Tata Sons.

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Artson Engineering intimates of change in chairman of Tata Sons
Oct 25,2016

Artson Engineering announced that Tata Sons has replaced Cyrus Mistry as Chairman of Tata Sons with immediate effect. Ratan Tata has been appointed as Interim Chairman of Tata Sons.

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Tata Investment Corporation intimates of change in chairman of Tata Sons
Oct 25,2016

Tata Investment Corporation announced that Tata Sons has replace Cyrus Mistry as Chairman of Tata Sons with immediate effect. Ratan Tata has been appointed as Interim Chairman of Tata Sons.

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Low Risk Appetite to Keep Markets Range-Bound
Oct 25,2016

Debt and currency markets will focus on global cues over the coming week and are likely to trade in a range-bound manner. The 10-year G-sec yield could trade in the 6.71%-6.81% range (6.76% at close on 21 October 2016). The rupee is likely to trade at 66.70/USD-67.30/USD (66.89/USD at close on 21 October 2016).

Bond Rally to be Slow: An incremental rally in the bond market is likely to be slow and protracted, even as underlying fundamentals continue showing improvement in the recent past. A meaningful containment of inflation and inflationary expectations has the potential to open up room for another rate cut by the Reserve Bank of India (RBI) in the near term. However, RBI will increasingly focus on the transmission of previous rate cuts, in order to support growth impulses.

Rupee to Face Headwinds: The subdued risk appetite globally will pose headwinds for currency. With foreign investors wary amid tepid domestic corporate sector performance, investment flows are unlikely to revive in a major way in the near term. Additionally, the upcoming FCNR B (foreign currency non-resident) deposits redemptions and strengthened prospects of the Fed rate hike will keep the rupee bias marginally weak.

RBIs Liquidity Operations Pre-emptive: A shift in interbank liquidity to deficit from surplus led to the RBI announcing INR100bn worth of OMO purchases, in order to alleviate the liquidity crunch. Given the lumpy state borrowings along-with scheduled G-sec borrowings as the system moves towards the period of seasonal liquidity tightness, RBI may continue intervention in order to keep the system in a close to neutral mode.

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