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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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IL&FS Transportation Networks JV emerges Lowest Bidder for Chennai Metro Rail project
Dec 06,2016

IL&FS Transportation Networks announced that the Joint Venture comprising of the Company and PJSC Kyivmetrobud in the ratio of 70:30 had submitted bids with the Chennai Metro Rail (CMRL) on Item Rate basis for Design Validation and Construction of works of underground station (Excluding Station Diaphragm Walls) Associated Structures at Concourse, Platform Level, Entry/Exit, Ancillary Building, Pumphouse, Water Tanks, Ventilation Shafts, Plumbing and Earthmat etc., and Architectural Finishes, Signages etc.(the Project)

Further inform that the Joint Venture has emerged as the Lowest Bidder for the development of the Project. The Joint Venture had quoted an amount of Rs. 371.218 crore for the Project to be completed in a period of 20 months.

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KEI Industries to commence production line of EHV Cables at Chopanki Plant
Dec 06,2016

KEI Industries announced that new production line of Extra High Voltage (EHV) Cables at Chopanki plant would be operational by the end of December 2016.

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Shree Pushkar Chemicals & Fertilizers shifts registered office
Dec 06,2016

Shree Pushkar Chemicals & Fertilizers announced that the Companys registered office is going to shift at more comfortable and spacious area within the city of Mumbai at
Shree Pushkar Chemicals & Fertilisers
301-302, 3rd Floor, Atlanta Centre,
Near Udyog Bhawan, Sonawala Road,
Goregaon East, Mumbai 400063

With effective from 08 December 2016.

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Jindal Steel & Power to consider Q2 and half year results
Dec 06,2016

Jindal Steel & Power announced that due to un-avoidable circumstances, the meeting of the Board of Directors which was scheduled to be held on 09 December 2016, is now preponed to 08 December 2016, inter alia, to consider and approve, the unaudited Financial Results of the Company for the 2nd quarter and half year ended 30 September 2016 (Q2), both on Standalone and Consolidated basis.

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HCL Technologies allots equity shares
Dec 06,2016

HCL Technologies announced that the Employees Stock Option Allotment Committee of the Company has on 06 December 2016 allotted 32,480 Equity Shares of Rs. 2/- each, under the 2004 Stock Option Plan of the Company. Consequent to the said allotment the paid-up share capital of the Company has gone up to 1,411,156,314 equity shares of Rs. 2/- each aggregating to Rs. 2,822,312,628/-.

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Lakshmi Energy & Foods to announces September quarter and half year results
Dec 06,2016

Lakshmi Energy & Foods announced that the meeting of Board of Directors of the company is scheduled to be held on 14 December 2016, inter alia to consider and take on record Unaudited Financial Results for the quarter and half-year ended 30 September 2016.

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Lakshmi Energy & Foods to announce September quarter and half year results
Dec 06,2016

Lakshmi Energy & Foods announced that the meeting of Board of Directors of the company is scheduled to be held on 14 December 2016, inter alia to consider and take on record Unaudited Financial Results for the quarter and half-year ended 30 September 2016.

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Deep Industries provides update on QIP issue
Dec 06,2016

Deep Industries announced that subsequent to the approval accorded by Board of Directors of the Company, at its meeting held on 27 October 2016 and approval of the shareholders of the Company by way of a special resolution dated 28 November 2016 for the QIP, the QIP Committee of the Company has, at its meeting held on 06 December 2016, inter alia, passed resolution in connection with the following:

(a) Approval of Preliminary Placement Document.

(b) Authorising opening of the issue on 06 December 2016.

Further, The Relevant Date for this purpose in term of the Regulation 81(c)(i) of Chapter VIII of SEBI ICDR Regulations is 06 December 2016 and accordingly the floor price in respect of aforesaid QIP, based on the pricing formula as prescribed under Regulation 85(1) of SEBI Regulation is Rs. 239.80/- per Equity Share. The Company may its discretion offer a discount up to 5% on the floor price in the QIP.

Further, a meeting of QIP Committee of the Company is scheduled is scheduled to be held on 09 December 2016, inter alia to consider and determine the price of Equity Shares of the Company to be issued in the QIP, in accordance with chapter VIII and other applicable provisions of the SEBI Regulations and Section 42 of the Companies Act, 2013 read with Rule 14 of the Companies (Prospectus and Allotment of Securities) Rules, 2014.

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Shree Rama Multi-Tech to consider September quarter and half year results
Dec 06,2016

Shree Rama Multi-Tech that the Meeting of the Board of Directors of the Company is scheduled to be held on 13 December 2016, inter alia, to consider and approve the Un-audited Financial Results for the quarter and half year ended on 30 September 2016.

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FCS Software Solutions to announce September quarter results
Dec 06,2016

FCS Software Solutions announced that the meeting of the Board of Directors of the Company is scheduled to be held on 14 December 2016, inter alia, to consider, approve and publish unaudited Financial Results of the Company for the quarter ended 30 September 2016.

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Shree Global Tradefin fixes record date for stock split
Dec 06,2016

Shree Global Tradefin has fixed 22 December 2016 as the Record Date for the purpose of sub-division / stock split of Rs. 5/- per share of the Company into the shares of Re. 1/- each.

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Gujarat Alkalies & Chemicals appoints director
Dec 06,2016

Gujarat Alkalies & Chemicals announced that P K Taneja has been appointed as an Additional Director on the Board of Directors of the Company.

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Asia Pacific Market: Strong overseas leads spur stocks
Dec 06,2016

Asia Pacific share market bounced on Tuesday, 06 December 2016, recovering nearly all of the previous days losses following a positive lead from European and US markets. MSCIs broadest index of Asia-Pacific shares outside Japan bounced 0.7%, its biggest daily rise since Nov. 22, breaking two days of falls.

US stock markets were modestly higher by the end of Monday trading, shrugged off concerns about Italys lost referendum on constitutional reform. At the close, Dow closed at 19,216.24 (up 45.82 or 0.2%); S&P 500 ended at 2,204.71 (up 12.76 or 0.6%); and NASDAQ closed at 5,308.89 (up 53.24 or 1%). The US economic stats out on the day were unambiguously positive, providing further reasons - as if they were needed - for the FOMC to get serious about normalising US monetary policy settings. Overnight in the U.S., the ISM nonmanufacturing index rose to 57.2 in November from 54.8 in the previous month. The November ISM services index data bettered economists consensus forecasts, providing yet another sign that corporate America was not overly fussed about as pending Trump administration. The Fed-prepared labor market conditions index was materially stronger than the economists consensus forecast - and this after the preceding months data also enjoyed a nice upward revision.

Italian Prime Minister Matteo Renzi resigned Monday after a decisive referendum defeat, raising some uncertainty over the stability of European policy-making. Market reaction appeared relatively mild, however, compared with the fallout from the Brexit vote and the U.S. presidential election.

The markets near-term focus is on the Federal Reserves rate decision later this month. While a December rate increase has been factored in, investors are eager for any clues about the number of times the Fed will raise rates next year.

Among Asian bourses

Australia stocks gain 0.5%

Australian share market advanced today, snapping two straight sessions of losses, as investors appetite for risk assets underpinned on tracking gains on the offshore market overnight. With the exception of consumer staples and technology issues, every sector was up, with realty, industrials, and materials issues being notable gainers. At the closing bell, the benchmark S&P/ASX 200 index advanced 28.30 points, or 0.52%, to 5428.70, while the broader All Ordinaries index inclined 28.60 points, or 0.52%, to close at 5486.60.

Shares of materials and resources were performers among ASX sectors, thanks to base metal positive close in overnight trade. Base metals were in demand in Monday LME trading, with copper closing at an 18-month high. Rio Tinto added 0.9% to A$59.14 and Fortescue added 0.8% to A$6.31. BHP ended up 1.2% to A$25.48, after winning a bid to partner with Mexican state oil company Pemex in a joint venture to develop a potentially lucrative deep water field in the countrys untapped Gulf waters.

Origin Energy shares gained 2.5% to A$6.58 after the gas and power retailer announced a plan to spin off its interests in conventional oil and gas fields in an initial public offering expected to be worth at least A$1 billion.

The Reserve Bank of Australia held interest rates at a record low of 1.5% on Tuesday despite a recent run of soft economic data but weak inflation figures kept the door open for future cuts. Inflation continued to disappoint, with core prices rising just 1.3% in the September quarter, well off the RBAs target range of 2-3%. The central bank acknowledged the housing market had strengthened, with prices in some regions rising briskly. A booming property sector previously saw the Reserve Bank reluctant to ease rates further owing to concern it could lead to overheating. The RBAs board next meets in early February, two weeks after the release of fourth-quarter inflation figures.

Nikkei bounces on yen depreciation, upbeat offshore lead

The Japan share market closed session in positive territory on Tuesday, 06 December 2016, bouncing back from Mondays losses as investors follow the lead in European and US markets overnight. Meanwhile, yen depreciation to lower 114-level against greenback also added strength to benchmark indices. Total 25 out of 33 TSE industry category on the main section gained ground, with Marine Transportation, Iron & Steel, Nonferrous Metals, Securities & Commodities Futures, Electric Power & Gas, and Insurance issues being major gainers. The 225-issue Nikkei average inclined 85.55 points, or 0.47%, to close at 18,360.54. The Topix index of all first-section issues finished up 10.24 points, or 0.7%, at 1,477.20.

Shares of financial, electronics and steel makers were stronger. Nomura Holdings Inc. rose 3% to 695.9 yen. Electronics firm Sharp Corp. gained 8.3% to Y208. Steel maker JFE Holdings Inc. advanced 3.9% to Y1,803.5.

Preliminary average wages data in the Monthly Labor Survey from the Ministry of Health, Labour and Welfare released on Tuesday, showing the total monthly average cash earnings per regular employee rose just 0.1% on year in October to Y266,802 for the first rise in three months after being unchanged in the previous two months.

China Stocks edge lower

Mainland China stock market declined for second straight session on Tuesday, 06 December 2016, as investors contemplated the possible repercussions on trade from scathing comments by a top securities regulator about barbaric share acquisitions. Most sectors lost ground, while gains were only seen in defensive consumer and healthcare sectors, perceived as prominent beneficiaries of the newly launched Shenzhen-Hong Kong stock connect. The Shanghai Composite Index dropped 0.16%, to 3,199.65, while the Shenzhen Composite Index, which tracks stocks on Chinas second exchange, added 0.16% to 2,071.44. The ChiNext Index, which tracks Chinas NASDAQ-style board of growth enterprises, fell 1% to close at 2,122.26 points.

The chairman of Chinas securities regulator condemned n++barbaricn++ leveraged company buyouts by some asset managers using illegal funds, according to a statement posted on the China Securities Regulatory Commission (CSRC) on Saturday. n++

Chinas industry-leading blue-chips witnessed a broad slump on Monday, posting its heaviest fall in six months, after top securities regulator condemned barbaric share acquisitions by some unidentified asset managers.

Piling up the pressure, the countrys insurance regulator said it has taken regulatory measures against Foresea Life, a unit of Chinese financial conglomerate Baoneng Group, and Evergrande Insurance, a unit of China Evergrande, including suspending some of their insurance businesses.

Financial shares in China weakened after the countrys insurance regulator suspended an unlisted insurer from selling some products. This followed the countrys top market regulators scathing comments over the weekend condemning barbaric share acquisitions by some unidentified asset managers.

Gree Electric Appliances rebounded following the previous days 10% slump, after data showed overseas investors spent 372 million yuan buying the stock on Monday via the Shenzhen-Hong Kong Stock Connect as they hunted for bargains.

Hong Kong Stocks end higher

The Hong Kong stock market finished session higher, recovering nearly triple of the previous days losses following a positive lead from European and US markets. The Hang Seng Index ended up 0.75%, or 169.60 points, to 22,675.15, while the Hang Seng China Enterprises index inclined 0.59%, or 57.05 points, to 9,768.85. Turnover decreased to HK$60.7 billion from HK$68.8 billion on Monday.

HSBC (00005) soared 3% to HK$63.4 after Morgan Stanley upgraded the stock to overweight with a higher target price of HK$64 (previously HK$53). It contributed a 79-point gain to the HSI.

Citi Research revised up Macaus GGR to MOP19 billion, representing a growth of 4%. SJM Holdings (00880) soared 7% to HK$6.59 after Goldman Sachs upgrade to buy and a higher target price of HK$8, citing Macaus VIP gross gaming revenue is improving as big players are returning. Galaxy Entertainment (00027) and Wynn Macau (01928) rose 4% and 3% to HK$38 and HK$14.02.

China Life (02628) shot up 3% to HK$22.3 after Nomura reiterated its buy call. China Taiping (00966) gained 2% to HK$17.36.

Sensex hovers in positive terrain

Indian share market continued to hover in a narrow range in mid-afternoon trade. At 14:16 IST, the barometer index, the S&P BSE Sensex, was up 114.10 points or 0.43% at 26,463.20. The Nifty 50 index was up 39.10 points or 0.48% at 8,167.85.

FMCG major Dabur India declined 1.48% after the company foresees some near term pressure on the business on account of scarcity of cash with customers and trade due to demonetization.

On macro front, a two-day meet of the monetary policy committee (MPC) of the Reserve Bank of India (RBI) is scheduled today, 6 December 2016 and tomorrow, 7 December 2016. It will be interesting to watch RBIs monetary policy stance this time in a scenario of governments recent historic move of demonetization of higher denomination notes and amid easing consumer inflation. RBI had cut policy rates by 25 basis points in its last meet in October.

Meanwhile, Chief minister of Tamil Nadu, J Jayalalithaa, died yesterday, 5 December 2016, after undergoing treatment at Apollo Hospitals in Chennai. She was 68.

Elsewhere in the Asia Pacific region: New Zealands NZX50 rose 0.8% to 6910.36. Indonesias Jakarta Composite index added 0.1% to 5272.96. Taiwans Taiex grew 1% to 9250.77. South Koreas KOSPI index was up 1.4% to 1989.86. Malaysias KLCI grew 0.3% to 1629.73. Singapores Straits Times index added 0.2% to 2949.12.

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Several policy initiatives as well as administrative measures taken to enhance production of oil and gas for meeting domestic demand
Dec 06,2016

Ministry of Petroleum & Natural Gas for each financial year, sign MoU (Memorandum of Understanding) with the Oil & Gas CPSEs (Central Public Sector Enterprises). Under this agreement, the CPSEs undertake to achieve the targets set in the agreement at the beginning of the year.

Government of India has taken several policy initiatives as well as administrative measures to enhance production of oil and gas in the country for meeting domestic demand. The policy initiatives can be mentioned as:

i. Policy for Relaxations, Extensions and clarifications under Production Sharing Contract (PSC) regime for early monetization of hydrocarbon Discoveries.

ii. Policy on Testing Requirements.

iii. Discovered Small Field Policy.

iv. Policy for marketing freedom for gas production from difficult areas.

v. Policy for exploration in Mining Lease Area.

vi. Hydrocarbon Exploration and Licensing Policy.

vii. Policy for Extension of Production Sharing Contracts.

viii. Shale Gas Policy etc.

Some of the administrative steps taken by the Government are:

i. Setting up of National Data Repository.

ii. Appraisal of Unappraised area in Sedimentary Basin.

iii. Streamlining of functioning of Management Committee for timely approval of Work Program and Budget in PSC regime.

iv. Re-assessment of Hydrocarbon Resources.

The Government has decided that Oil PSUs may formulate policies for import of crude oil in their best commercial interest and in accordance with the extant guidelines of the Central Vigilance Commission etc. Therefore Public Sector Oil Marketing Companies (OMCs) procure crude oil as per Crude Import Policy. Crude Oil is procured on term and spot basis from NOCs and other registered parties with OMCs. There is no restriction on import of Liquefied Natural Gas (LNG).

Under Pre-New Exploration Licensing Policy (Pre-NELP)/NELP, exploration blocks were awarded through Competitive Bidding Process for carrying out Exploration & Production activities. In various rounds of biddings held under Pre-NELP/NELP, Private/JV companies had also participated alongwith the National Oil Companies (NOCs).

Based on the experiences of implementation of NELP and to simplify contractual regimes, Government has recently announced Hydrocarbon Exploration Licensing Policy (HELP) with the objective to enhance domestic oil and gas production.

In addition to above, to enhance oil & gas production in the country and inviting private investment, a policy named as Discovered Small Field Policy has been approved by the government, envisaging auctioning of 67 small/marginal fields of ONGC and OIL through International Competitive Bidding.

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Hong Kong Stocks end higher
Dec 06,2016

The Hong Kong stock market finished session higher on Tuesday, 06 December 2016, recovering nearly triple of the previous days losses following a positive lead from European and US markets. The Hang Seng Index ended up 0.75%, or 169.60 points, to 22,675.15, while the Hang Seng China Enterprises index inclined 0.59%, or 57.05 points, to 9,768.85. Turnover decreased to HK$60.7 billion from HK$68.8 billion on Monday.

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