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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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Zydus receives final approval for Metronidazole Tablets
Nov 21,2016

Zydus Cadila has received final approval from USFDA to market Metronidazole Tablets USP in strengths of 250 mg and 500 mg. The drug which is used to treat infections caused by bacteria or parasite will be produced at the groups formulations manufacturing facility at Baddi.

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Board of Spice Mobility decides not to acquire any stake in New Spice Solutions
Nov 21,2016

Spice Mobility announced that the Board of Directors of the Company has now decided not to acquire any stake in New Spice Solutions.

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Board of Spice Mobility decides not to acquire any stake in New Spice Solutions
Nov 21,2016

Spice Mobility announced that the Board of Directors of the Company has now decided not to acquire any stake in New Spice Solutions.

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3M India drops after dull Q2 financial performance
Nov 21,2016

The result was announced after market hours on Friday, 18 November 2016.

Meanwhile, the S&P BSE Sensex was down 55.89 points, or 0.21%, to 26,094.35

On BSE, so far 52 shares were traded in the counter as against average daily volume of 270 shares in the past one quarter. The stock hit a high of Rs 11,910 and a low of Rs 11,640.30 so far during the day. The stock hit a record high of Rs 15,200 on 26 July 2016. The stock hit a 52-week low of Rs 9,405 on 27 January 2016.

The large-cap companys equity capital is Rs 11.27 crore. Face value per share is Rs 10.

3M India provides industrial, automotive, electrical, telecom and safety products.

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Equitas Holdings allots equity shares
Nov 21,2016

Equitas Holdings announced that the Stakeholders Relationship Committee (SRC) of Board of Directors of the Company has, on 19 November 2016, approved allotment of 1,21,310 Equity shares of Rs.10/- each to the option grantees who have exercised their options vide Resolution by Circulation dated 18 November 2016.

The paid up share capital of the Company will accordingly increase from Rs. 337,09,37,680 to Rs. 337,21,50,780.

The new equity shares issued shall rank pari passu with existing equity shares.

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RCF falls after poor Q2 result
Nov 21,2016

The result was announced after market hours on Friday, 18 November 2016.

Meanwhile, the S&P BSE Sensex was down 40.46 points, or 0.15%, to 26,109.78

On BSE, so far 21,000 shares were traded in the counter, compared with average daily volume of 2.94 lakh shares in the past one quarter. The stock hit a high of Rs 42 and a low of Rs 41.05 so far during the day. The stock hit a 52-week high of Rs 53.75 on 7 July 2016. The stock hit a 52-week low of Rs 35.25 on 12 February 2016.

The small-cap company has an equity capital of Rs 551.69 crore. Face value per share is Rs 10.

State-run Rashtriya Chemicals and Fertilizers (RCF) is one of the leading producers of urea in India. The Government of India (GoI) currently holds 80% stake in RCF (as per the shareholding pattern as on 30 September 2016).

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HPL Electric & Power provides business update
Nov 21,2016

HPL Electric & Power announced that the Company has reduced its debt around Rs 320 crore from IPO proceeds. The Company was listed on stock exchange on 04 October 2016. The Company has order book pipeline of around Rs 365 crore including lighting and switchgear segments and exports have grown by 14.5%. Order book includes Rs 234 crore of meter orders from utilities including a new order from Gujarat Urja Vikas Discoms in Q2FY2017.

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NBCC (India) slips after muted Q2 outcome
Nov 21,2016

The result was announced after market hours on Friday, 18 November 2016.

Meanwhile, the S&P BSE Sensex was down 83.75 points or 0.32% at 26,066.49

On BSE, so far 27,000 shares were traded in the counter as against average daily volume of 1.91 lakh shares in the past one quarter. The stock hit a high of Rs 223 and a low of Rs 212.40 so far during the day. The stock had hit a record high of Rs 299.20 on 5 October 2016. The stock had hit a 52-week low of Rs 162 on 12 February 2016.

The large-cap company has equity capital of Rs 120 crore. Face value per share is Rs 2.

NBCC (India) is a blue-chip Government of India (GoI) Navratna Enterprise under the Ministry of Urban Development, in construction sector. The GoI held 90% stake in the firm (as per shareholding pattern as on 30 September 2016).

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Board of Sharad Fibres & Yarn Processors approves scheme of amalgamation
Nov 21,2016

The Board of Sharad Fibres & Yarn Processors at its meeting held on 19 November 2016 has approved the scheme of amalgamation of BST Exports (first transferor company), wholly owned susbsidiary of Sharad Fibres & Yarn Processors , Dalmia Exim (second transferor company), wholly owned subsidiary of BST Exports with Sharad Fibres & Yarn Processors (transferee company).

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GE Power India postpones board meeting
Nov 21,2016

GE Power India announced that due to unavoidable circumstances, the aforesaid Meeting of the Board of Directors is postponed. The fresh date of the Board Meeting to consider and approve inter-alia the unaudited financial results for the 2nd quarter and half year ended 30 September 2016 will be intimated in due course.

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Board of Indosolar to consider September quarter and half year results
Nov 21,2016

Indosolar announced that the Meeting of Board of Directors of the Company will be held on 26 November 2016, inter-alia, to consider unaudited financial results for the quarter and six months ended 30 September 2016 and approval of Statement of Assets and Liabilities for the half-year ended 30 September 2016.

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Cash crunch fall-out: Non-bank payment players to witness huge growth, says ASSOCHAM Paper
Nov 21,2016

One of the immediate fall outs of the demonitisation of high value notes would be a mushrooming growth in the number of non-bank players like Paytm and Free charge into the payment business, as more and more retailers in the goods and service value chain would be compelled to shift to non-cash modes for customer transactions, an ASSOCHAM Paper has said.

These players engaged into the business known as the pre-paid payment instruments (PPI) work as mobile and digital wallets. While as many as 45 PPI players have started offering services, it is only a handful of operators which have been aggressively ramping up and marketing their operations.

n++However, the demonitisation has come about as a big opportunity for them. It is not only during this immediate cash crisis period that the PPIs would see a huge growth, but going forward also, the system would penetrate into the very small kirana stores as well; it would not be a surprise if well-run road side dhabas also start accepting bills through mobile wallet players,n++ said ASSOCHAM Secretary General Mr D S Rawat.

Offering the stored value service to the customers, the non-bank PPI issuers are allowed by the Reserve Bank of India (RBI) to enable transactions for purchase of goods and services besides remitting payments out of the mobile wallets. The wallet-to-wallet transactions would also see a big growth.

n++Given the thrust being given by the government to move towards the less-cash economy, the private sector PPIs is expected to invest lot more in product innovation and expand the reach through roping in both the customers and the merchants. Needless to say, at the merchants level a lot of sensitization, training and cyber security would be required,n++ the chamber said.

These players are using the increasing mobile density to offer the services through the hand set. Besides, the PPIs, other electronic transactions and services devices would be offered aggressively even by the banks, who are presently bearing the brunt of cash swapping, it said.

The banks would offer on an enhanced scale mobile banking services through SMS, USSD (Unstructured Supplementary Services Data) and applications (Apps). Presently, according to RBI data, as many as 67 banks are offering mobile services to 120 million customers. n++This number is going to grow significantly,n++ the ASSOCHAM said.

With the launch of Unified Payments Interface (UPI customers can provide only a registered virtual address instead of details of bank accounts for making/receiving payments n++However, the banks must use the App based UPI more aggressively as it can really be a game changer,n++ Mr Rawat said.

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Tata Consultancy Services to hold EGM
Nov 21,2016

Tata Consultancy Services announced the Extra Ordinary General Meeting (EGM) of the Company will be held on 13 December 2016.

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PM Launches n++Housing for Alln++ in Rural Areas
Nov 21,2016

Prime Minister Shri Narendra Modi formally launched n++Housing for Alln++ in rural areas under which the Government proposes to provide an environmentally safe and secure pucca house to every rural household by 2022. Named the Pradhan Mantri Awaas Yojana (Gramin), in its first phase the target is to complete one crore houses by March 2019. The unit cost for these houses has been significantly increased and now through convergence a minimum support of nearly Rs. 1.5 lakh to Rs. 1.6 lakh to a household is available. There is also a provision of Bank loan upto Rs. 70,000/-, if the beneficiary so desires. The selection of beneficiaries has been through a completely transparent process using the Socio Economic Census 2011 data and validating it through the Gram Sabha.

PMAY-G is a major step forward in bringing together Skill India, Digital India, Make In India, IT/DBT Aadhaar platform and Pradhan Mantri Jan Dhan Yojana (PMJDY). The programme provides for skilling 5 lakh Rural Masons by 2019 and allows over 200 different housing designs across the country based on a detailed study of housing typologies, environmental hazards and the households requirements. A large scale use of local materials is envisaged along with a complete home with cooking space, electricity provision, LPG, toilet and bathing area, drinking water etc through convergence. The programme targets the poor households and uses ICT and space technology to further confirm correct selection of beneficiaries and progress of work. The entire payments are through IT/DBT mode with Aadhaar linked Bank accounts with consent, to ensure complete transparency and accountability. There is a provision for orientation of beneficiaries. A 45 days on site hands-on skill training of Rural Masons helps poor households to move up the skilling ladder.

The PM saw over 40 of the over 200 building designs and interacted with newly trained Rural Masons and beneficiaries which were showcased near dais. He also distributed Sanction Certificates to a few beneficiaries from Agra District.

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NBCC (India) in focus after declaring Q2 result
Nov 21,2016

NBCC (India)s consolidated net profit rose 1.42% to Rs 69.11 crore on 15.75% increase in net sales to Rs 1224.41 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours on Friday, 18 November 2016.

Housing finance major HDFC announced after market hours on Friday, 18 November 2016 that it has assigned the outstanding loans in projects of Unitech Group to JM Financial Asset Reconstruction Company (JMFARC). Detailing the rationale behind this move, HDFC stated that over the last three decades, it has funded various projects of the Unitech Group and that HDFCs current exposure to the Group involves funding of certain projects across various locations. In the recent past, the Unitech Group has faced sluggishness in the sale of apartments in its projects. This has affected the cashflows of the Group, which in turn has had an adverse impact on the progress of construction, and has resulted in irregular servicing of the loans. Under these circumstances, HDFC has assigned the outstanding loans in these projects to JMFARC. All these projects are located in prime locations, are financially viable but require additional funding. JMFARC will arrange for funds to support and kick-start these projects. The progress of the projects and the resultant cash flows will thereafter be closely monitored.

Against the total dues of Rs 869 crore in respect of these projects, JMFARC has paid HDFC Rs 155 crore upfront and has issued security receipts (SRs) to HDFC amounting to Rs 705 crore which will be redeemable over the period of construction. Though these accounts were standard assets as at 30 September 2016, and turned non-performing assets (NPA) only at the end of October 2016, in view of the irregular payment history, HDFC said, it has over the last few quarters as a matter of prudence, made provisions amounting to Rs 240 crore in respect of these accounts. No further provisioning is required as a result of the sale of the loans to JMFARC. After considering the provision of Rs 240 crore already made (34% of the SRs) the net carrying value of the SRs will be Rs 465 crore.

Vedanta announced after market hours on Friday, 18 November 2016 that its subsidiary Sesa Mining Corporation has revoked the suspension order in the Bicholim mines with immediate effect. The management took the decision after employees appealed to resume work. Sesa Mining Corporation had recently suspended the work at Bicholim mines due to union agitation/activism.

Alembic Pharmaceuticals announced that it received approval from the US Food & Drug Administration (USFDA) for its abbreviated new drug application (ANDA) for Telmisartan and Amlodipine tablets, 40 mg/5 mg, 40 mg/10 mg, 80 mg/5 mg, and 80 mg/10 mg. The approved ANDA is therapeutically equivalent to the reference listed drug product (RLD) Twynsta tablets, 40 mg/5 mg, 40 mg/10 mg, 80 mg/5 mg, and 80 mg/10 mg, of Boehringer Ingelheim Pharmaceuticals, Inc. Telmisartan and Amlodipine tablets are indicated for the treatment of hypertension, alone or with other antihypertensive agents to reduce blood pressure. Alembic now has a total of 50 ANDA approvals (44 final approvals and 6 tentative approvals) from USFDA. The announcement was made after market hours on Friday, 18 November 2016.

3M Indias net profit rose 1.26% to Rs 48.21 crore on 9.25% increase in total income to Rs 576.74 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours on Friday, 18 November 2016.

Rashtriya Chemicals and Fertilizers net profit fell 4.8% to Rs 43.42 crore on 26.47% side in total income to Rs 1789.03 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours on Friday, 18 November 2016.

Techno Electric & Engineering Companys consolidated net profit rose 58.33% to Rs 70.60 crore on 44.26% increase in total income to Rs 373.71 crore in Q2 September 2016 over Q2 September 2015. The result was announced on Saturday, 19 November 2016.

Siyaram Silk Mills net profit rose 6.06% to Rs 26.79 crore on 7.46% increase in total income to Rs 427.37 crore in Q2 September 2016 over Q2 September 2015. The result was announced on Saturday, 19 November 2016.

Great Eastern Shipping Company announced after market hours on Friday, 18 November 2016, that Greatship Global Offshore Services, a Singapore incorporated subsidiary of Greatship (India) (GIL), which is a wholly-owned subsidiary of the company, has sold and delivered its 2013.-built ROV Support Vessel (ROVSV) Greatship Ragini, to the buyers. With the delivery of this vessel to the buyers, GIL and its subsidiaries currently own and operate five Platform Supply Vessels (PSVs), eight Anchor Handling Tug Supply Vessels (AHTSVs), two Multipurpose Platform Supply and Support Vessels (MPSSVs), five R-class supply vessels and four jack-up rigs.

Shipping Corporation of India (SCI) said that on 18 November 2016, the company took physical delivery of secondhand MPSV m.v. SCI Sabarmati, having a gross tonnage of 3306 metric tonnes and deadweight of 3352.31 metric tonnes, at Singapore. The announcement was made after market hours on Friday, 18 November 2016.

GPT Infraprojects announced the commencement of trial production at the companys concrete sleeper plant in Pahara village located in Mirzapur district, Uttar Pradesh. GPT Infraprojects has set up the sleeper facility in Pahara in connection with the World Bank funded Eastern Dedicated Freight Corridor (EDFC) project for supplying concrete sleepers. This production facility, with a capacity of 400,000 sleepers per annum, is one of the 2 facilities being setup for this 246 crore contract of EDFC by the company. The first facility of similar capacity in Ikari, Uttar Pradesh began trial production this September. The announcement was after market hours on Friday, 18 November 2016.

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