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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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Chennai Petroleum Corporation to hold board meeting
Oct 26,2016

Chennai Petroleum Corporation will hold a meeting of the Board of Directors of the Company on 14 November 2016.

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Brady & Morris Engineering Company to hold board meeting
Oct 26,2016

Brady & Morris Engineering Company will hold a meeting of the Board of Directors of the Company on 12 November 2016 to approve and take on record the Unaudited Financial Results of the Company for the quarter ended September 30, 2016.

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Pfizer to hold board meeting
Oct 26,2016

Pfizer will hold a meeting of the Board of Directors of the Company on 4 November 2016 to consider and take on record the unaudited Financial Results of the Company for the second quarter and half year ended September 30, 2016 (Q2).

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Nahar Polyfilms to hold board meeting
Oct 26,2016

Nahar Polyfilms will hold a meeting of the Board of Directors of the Company on 11 November 2016 to consider and approve the Un-Audited Financial Results for the quarter and half year ended September 30, 2016.

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MSR India to hold board meeting
Oct 26,2016

MSR India will hold a meeting of the Board of Directors of the Company on 11 November 2016 Unaudited Q2 results for the quarter ended September 30, 2016.

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Rajath Finance to hold board meeting
Oct 26,2016

Rajath Finance will hold a meeting of the Board of Directors of the Company on 29 October 2016.

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Essel Propack gets reaffirmation of credit ratings
Oct 26,2016

Essel Propack announced that India Ratings and Research has reaffirmed long term issuer rating at IND AA and Commercial Paper at IND A1+. The rating agency has assigned fresh rating of IND A1+ for issuance of additional commercial paper of Rs 50 crore.

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Bharti Airtel gains after Q2 results
Oct 26,2016

The result was announced after market hours yesterday, 25 October 2016.

Meanwhile, the BSE Sensex was down 207.88 points, or 0.74%, to 27,883.54.

On BSE, so far 1.71 lakh shares were traded in the counter, compared with average daily volume of 3.32 lakh shares in the past one quarter. The stock hit a high of Rs 322.75 and a low of Rs 315.05 so far during the day. The stock hit a 52-week high of Rs 384.90 on 28 April 2016. The stock hit a 52-week low of Rs 282.30 on 29 January 2016. The stock had underperformed the market over the past 30 days till 25 October 2016, faling 2.93% compared with 0.72% decline in the Sensex. The scrip had also underperformed the market in past one quarter, falling 16.51% as against Sensexs 0.24% rise.

The large-cap company has equity capital of Rs 1998.70 crore. Face value per share is Rs 5.

Bharti Airtel said the consolidated revenues grew 5.6% to Rs 24652 crore in Q2 September 2016 over Q2 September 2015, on an underlying basis (viz. adjusted for Africa divested operating units and tower assets sale). Consolidated revenue growth was muted by 3.3% on account of full quarter impact of Nigeria currency devaluation.

Bharti Airtels consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) rose 14.5% to Rs 9466 crore in Q2 September 2016 over Q2 September 2015. EBITDA margin was reported at 38.4% in Q2 September 2016, higher than 34.7% Q2 September 2015.

Consolidated mobile data revenues grew by 21% to Rs 4536 crore in Q2 September 2016 over Q2 September 2015 on underlying basis.

India revenues grew by 10.1% to Rs 19219 crore in Q2 September 2016 over Q2 September 2015. This was led by healthy growth of 20.9% in Digital TV, 19.2% in Airtel Business, 14.9% in Homes and 7.9% in Mobile (net revenues up 10.3%) on a year-on-year (Y-o-Y) basis.

Mobile Data revenues grew by 23.6% to Rs 3576 crore in Q2 September 2016 over Q2 September 2015, led by increase in the Data customer base by 22.8% and traffic by 54.9%. Mobile Broadband customers increased by 62.2% to 41.30 million from 25.50 million in the corresponding quarter last year. Data average revenues per user (ARPU) has moved up by Rs 8 to Rs 201 in Q2 September 2016 over Q2 September 2015, led by 30.6% increase in usage per customer. Mobile Data revenues now contribute to 24.7% of Mobile India revenues compared with 21.5% in the corresponding quarter last year.

Gopal Vittal, MD and CEO, India & South Asia, said that the overall revenue momentum in India has been sustained during Q2 September 2016 with a growth of 10.1% Y-o-Y. This is primarily due to the strong performance of the companys non-mobile businesses which grew in aggregate at 18.8% Y-o-Y, albeit the companys mobile business has experienced a slowdown in growth due to free services being offered by a new operator.

Raghunath Mandava, Chief Operating Officer, Africa, said that underlying Africa revenue growth for the quarter was 4.7% Y-o-Y, backed by the companys focus on profitable top line growth, led via localized distribution, stronger data networks and our war on waste program. Customer growth with focus on quality helped garner the highest net adds over the past 4 quarters, with churn remaining stable. With over 23% of our customers now using data, consumption and revenues have grown by 116.8% & 24.9% Y-o-Y respectively. Airtel Money also continues to lead with transaction values growing over 53% Y-o-Y, and base expansion of 15.3% Y-o-Y. As a result, the companys EBITDA margin has improved by 5.3% Y-o-Y on an underlying basis.

In a separate announcement, Bharti Airtel announced that the board of directors of the company at its meeting held on 25 October 2016, has authorised a committee of directors to evaluate options for monetization of a significant stake in Bharti Infratel, in accordance with applicable regulations. The final outcome of this exercise will be placed before the board for approval, before any final decision is taken. Bharti Airtel has also requested Bharti Infratel to allow sharing of any information with any prospective buyer, subject to customary confidentiality arrangements. There is no certainty of any transaction until such time the board reviews and approves the final proposal. The announcement was made after market hours yesterday, 25 October 2016.

Bharti Infratel, Indias leading telecom tower infrastructure provider, is a significant subsidiary of Bharti Airtel. Bharti Airtel has, in the past, divested stakes in Bharti Infratel to a clutch of private equity investors led by Temasek, KKR and other high quality investors in 2008. This was followed by an initial public offering (IPO) in the year 2012 and block sales in the stock market in 2014 and 2015. As on date Airtel holds 71.96% stake in Bharti Infratel.

Bharti Airtel is a leading global telecommunications company with operations in 18 countries across Asia and Africa.

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State Bank of India allots ATI Basel III compliant debt instrument aggregating Rs 2500 crore
Oct 26,2016

State Bank of India announced that the Bank on 25 October 2016 has issued and allotted 25,000 AT1 Basel III compliant Non- convertible, Perpetual, Subordinated, Unsecured Debt instrument in the nature of debenture, of face value Rs. 10,00,000/- each at par through private placement bearing coupon @ 8.39% p.a. payable annually with call option after 5 years or any coupon payment date thereafter aggregating to Rs.2,500 crore (Rupees two thousand five hundred crore) in third tranche.

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Reliance Industries avails term loan facilties of USD 573 million
Oct 26,2016

Reliance Industries through its overseas wholly owned subsidiaries have signed facilities agreement for availing term loan facilities for an aggregate amount of USD 573 million (approximately Rs 3828 crore) for part financing the construction cost of six very large ethane carriers (VLECs) (the facilities). RIL group had ordered six state of the art VLECs, which will be the largest Ethane vessels ever built in the world.

The Facilities with door to door tenor of 12 years comprise of a Korean Trade Insurance Corporation (K-Sure) insured tranche of USD 286.5 million and a commercial tranche of USD 286.5 million. The Facilities shall be secured by collateral of respective VLECs. The said VLECs are financed at a debt to equity ratio of 80:20.

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Axis Bank tumbles after weak Q2 results
Oct 26,2016

The result was announced after market hours yesterday, 25 October 2016.

Meanwhile, the BSE Sensex was down 205.15 points, or 0.73%, to 27,886.27.

On BSE, so far 6.11 lakh shares were traded in the counter, compared with average daily volume of 7.23 lakh shares in the past one quarter. The stock hit a high of Rs 502.80 and a low of Rs 490 so far during the day. The stock hit a 52-week high of Rs 638 on 7 September 2016. The stock hit a 52-week low of Rs 366.65 on 18 January 2016. The stock had underperformed the market over the past 30 days till 25 October 2016, falling 3.39% compared with 0.72% decline in the Sensex. The scrip had also underperformed the market in past one quarter, falling 3.57% as against Sensexs 0.24% rise.

The large-cap private sector bank has equity capital of Rs 478.10 crore. Face value per share is Rs 2.

Axis Banks net interest income (NII) rose 11% to Rs 4514 crore in Q2 September 2016 over Q2 September 2015. The banks provisions and contingencies jumped 412.28% to Rs 3622.74 crore in Q2 September 2016 over Q2 September 2015.

Axis Banks gross non-performing assets (NPAs) stood at Rs 16378.65 crore as on 30 September 2016 as against Rs 9553.17 crore as on 30 June 2016 and Rs 4451.11 crore as on 30 September 2015. The ratio of gross NPAs to gross advances stood at 4.17% as on 30 September 2016 compared with 2.54% as on 30 June 2016 and 1.38% as on 30 September 2015. The ratio of net NPAs to net advances stood at 2.02% as on 30 September 2016 as against 1.08% as on 30 June 2016 and 0.48% as on 30 September 2015.

Axis Bank is one of the biggest private sector banks in India.

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Sunil Hitech Engineers withdraws record date for sub-division of equity shares
Oct 26,2016

Sunil Hitech Engineers announced the withdrawal of record date of 28 October 2016 for sub-division of equity shares of the Company having a face value of Rs. 10/- each fully paid-up into 10 (Ten) equity shares of the face value of Re.1/- each fully paid-up.

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P I Industries to pay interim dividend
Oct 26,2016

P I Industries announced that interim dividend of Rs 1.50 per share shall be paid or dispatched on or before 24 November 2016.

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P I Industries fixes record date for interim dividend
Oct 26,2016

P I Industries has fixed 09 November 2016 as the Record Date for the purpose of Payment of Interim Dividend.

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Vedanta fixes record date for interim dividend
Oct 26,2016

Vedanta has fixed 08 November 2016, as the Record Date for the purpose of Payment of Interim Dividend.

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