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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 Kilpest India recommends final dividend
Jun 13,2017

Kilpest India announced that the Board of Directors of the Company at its meeting held on 29 May 2017, inter alia, have recommended the final dividend of Rs 0.3 per equity Share (i.e. 3%) , subject to the approval of the shareholders.

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Board of Kovai Medical Center & Hospital recommends final dividend
Jun 13,2017

Kovai Medical Center & Hospital announced that the Board of Directors of the Company at its meeting held on 29 May 2017, inter alia, have recommended the final dividend of Rs 2.5 per equity Share (i.e. 25%) , subject to the approval of the shareholders.

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Board of Hindustan Tin Works recommends final dividend
Jun 13,2017

Hindustan Tin Works announced that the Board of Directors of the Company at its meeting held on 27 May 2017, inter alia, have recommended the final dividend of Rs 1 per equity Share (i.e. 10%) , subject to the approval of the shareholders.

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Board of Shri Keshav Cements & Infra recommends final dividend
Jun 13,2017

Shri Keshav Cements & Infra announced that the Board of Directors of the Company at its meeting held on 27 May 2017, inter alia, have recommended the final dividend of Rs 1 per equity Share (i.e. 10%) , subject to the approval of the shareholders.

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Board of Sandesh recommends final dividend
Jun 13,2017

Sandesh announced that the Board of Directors of the Company at its meeting held on 27 May 2017, inter alia, have recommended the final dividend of Rs 5 per equity Share (i.e. 50%) , subject to the approval of the shareholders.

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Board of Indo Amines recommends final dividend
Jun 13,2017

Indo Amines announced that the Board of Directors of the Company at its meeting held on 27 May 2017, inter alia, have recommended the final dividend of Rs 1 per equity Share (i.e. 10%) , subject to the approval of the shareholders.

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JSW Steel announces production figures
Jun 13,2017

JSW Steel has achieved crude steel production of 13.57 lakh tonnes in May 2017 compared to 13.48 lakh tonnes in May 2016, recording a growth of 1%.

Production of flat rolled products rose 1% to 9.39 lakh tonnes in May 2017 over May 2016. Production of long rolled products rose 4% to 3.09 lakh tonnes in May 2017 over May 2016.

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Ind-Ra: Improvement in Aggregate Liquidity Profile of States
Jun 13,2017

India Ratings and Research (Ind-Ra) says aggregate liquidity position of the states has improved during FY16 (revised estimate (RE)) and FY17 (budget estimate (BE)). As the Reserve Bank of India is no longer publishing the information relating to the number of days of ways and means advances (WMA) facility being utilised by various states, Ind-Ra has computed a WMA utilisation ratio of states to analyse the liquidity position of the states. This WMA utilisation ratio, which bottomed out at 1.6x in FY10 rose to 5.1x in FY15. Thereon, it moderated to 4.2x in FY16 (RE) and was budgeted to soften further to 2.7x in FY17 (BE).

Notwithstanding the recent divergence, Ind-Ras analysis indicates states liquidity position broadly moves in tandem with their fiscal position in the medium-to-long term. Barring few exceptions, WMA utilisation by the states has broadly moved in tandem with their fiscal deficit/GSDP ratio. Moreover, WMA utilisation/GSDP ratio is on the higher side for highly indebted and fiscally weak states. On aggregate basis, states utilisation of the Reserve Bank of Indias WMA facility has varied between 0.2% and 0.6% of GDP since FY06.

The states use WMA facility to manage their short-term revenue and expenditure mismatches. It has been observed that states with higher deficit and/or debt depend more on WMA facility. Some of the states that have been depending heavily on the WMA facility are Assam, Jammu and Kashmir, Kerala, Nagaland, Punjab and West Bengal.

Ind-Ra believes the reasons for divergence between fiscal performance and liquidity conditions during FY16 (RE) and FY17 (BE) were due to enhanced liquidity provision for states from January 2016 and impact of Ujwal Discom Assurance Yojana on states fiscal position.

Another aspect of states liquidity management is surplus management. Surplus cash of state governments is invested in auction and intermediate treasury bills. These investments enable the states to earn some return on surplus cash while managing their liquidity. While the above mentioned six states have a very low investment, Maharashtra and Tamil Nadu budgeted to have the highest cash balance as at FYE17.

There exists divergence between states liquidity position and the payment track-record of the selected states power utilities. While some of the states have healthy liquidity position as evinced in their WMA utilisation ratios, the performance is not reflected in the states utilities. The vice-versa also holds true. While payment by state power utilities is not a direct obligation of state governments, disparity and delay in payment of dues by the utilities plague and often constrain the financial health of counterparties.

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FPIs step up selling
Jun 13,2017

Foreign portfolio investors (FPIs) sold stocks worth a net Rs 92.35 crore into the secondary equity markets on 12 June 2017, slightly higher than net outflow of Rs 68.88 crore on 9 June 2017. On that day, the Sensex shed 166.36 points or 0.53% to settle at 31,095.70, its lowest closing level since 26 May 2017.

The net outflow of Rs 92.35 crore on 12 June 2017 was a result of gross purchases of Rs 3340.03 crore and gross sales of Rs 3432.38 crore.

There was a net inflow of Rs 87.69 crore from the category primary market & others on 12 June 2017, which was a result of gross purchases of Rs 177.42 crore and gross sales of Rs 89.73 crore.

FPIs have purchased stocks worth a net Rs 3402.96 crore from the secondary equity markets in June 2017 so far (till 12 June 2017). FPIs had bought stocks worth a net Rs 2807.24 crore in May 2017.

FPIs have purchased shares worth a net Rs 41052.35 crore from the secondary equity markets in calendar year 2017 so far (till 12 June 2017). They had purchased shares worth a net Rs 12094.42 crore from the secondary equity markets in calendar year 2016.

FPIs have sold stocks worth a net Rs 3765.65 crore into the category primary market & others in June 2017 so far (till 12 June 2017). FPIs had purchased stocks worth a net Rs 4904.17 crore from the category primary market & others in May 2017.

FPIs have purchased shares worth a net Rs 8322.44 crore from the category primary markets & others in calendar year 2017 so far (till 12 June 2017). The net inflow from FPIs into the category primary markets & others had totaled Rs 8471.76 crore in calendar year 2016.

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Government emphasizes that Goods and Services Tax (GST) is scheduled to roll-out on 1st July, 2017
Jun 13,2017

The Government of India has emphasised that Goods and Services Tax (GST) is scheduled to roll-out on 1st July,.2017. The Central Board of Excise and Customs (CBEC) in coordination with the State Governments have increased their outreach programmes with regard to Goods and Services Tax (GST) so as to reach the last trader. The GST formations are being notified shortly. The window for migration to GSTN has re-opened to assist the remaining taxpayers. The preparations are in full swing for a smooth implementation of the landmark tax reform from 1st July, 2017.

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Government emphasizes that Goods and Services Tax (GST) is scheduled to roll-out on 1st July 2017
Jun 13,2017

The Government of India has emphasised that Goods and Services Tax (GST) is scheduled to roll-out on 1st July 2017. The Central Board of Excise and Customs (CBEC) in coordination with the State Governments have increased their outreach programmes with regard to Goods and Services Tax (GST) so as to reach the last trader. The GST formations are being notified shortly. The window for migration to GSTN has re-opened to assist the remaining taxpayers. The preparations are in full swing for a smooth implementation of the landmark tax reform from 1st July 2017.

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Board of Dutron Polymers recommends final dividend
Jun 13,2017

Dutron Polymers announced that the Board of Directors of the Company at its meeting held on 27 May 2017, inter alia, have recommended the final dividend of Rs 1.4 per equity Share (i.e. 14%) , subject to the approval of the shareholders.

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Board of Control Print recommends final dividend
Jun 13,2017

Control Print announced that the Board of Directors of the Company at its meeting held on 29 May 2017, inter alia, have recommended the final dividend of Rs 3.5 per equity Share (i.e. 35%) , subject to the approval of the shareholders.

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Board of Khaitan Chemicals & Fertilizers recommends final dividend
Jun 13,2017

Khaitan Chemicals & Fertilizers announced that the Board of Directors of the Company at its meeting held on 29 May 2017, inter alia, have recommended the final dividend of Rs 0.05 per equity Share (i.e. 5%) , subject to the approval of the shareholders.

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Board of IL&FS Investment Managers recommends final dividend
Jun 13,2017

IL&FS Investment Managers announced that the Board of Directors of the Company at its meeting held on 29 May 2017, inter alia, have recommended the final dividend of Rs 0.6 per equity Share (i.e. 30%) , subject to the approval of the shareholders.

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