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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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RIL strengthens after board recommends 1:1 bonus issue
Jul 21,2017

The announcement was made during market hours today, 21 July 2017.

Meanwhile, the S&P BSE Sensex was up 14.40 points or 0.05% at 31,918.80.

High volumes were witnessed on the counter. On the BSE, 15.41 lakh shares were traded on the counter so far as against the average daily volumes of 3.94 lakh shares in the past one quarter. The stock had hit a high of Rs 1,588.20 in intraday trade, which is also a 52-week high for the stock. The stock had hit a low of Rs 1,544.40 so far during the day. The stock had hit a 52-week low of Rs 932 on 9 November 2016.

The stock had outperformed the market over the past one month till 20 July 2017, gaining 8.25% compared with Sensexs 1.94% rise. The scrip had also outperformed the market in past one quarter, rising 11.63% as against Sensexs 8.44% rise. The scrip had also outperformed the market in past one year, jumping 49.5% as against Sensexs 14.29% rise.

The large-cap company has equity capital of Rs 3251.74 crore. Face value per share is Rs 10.

Reliance Industries (RIL) consolidated net profit rose 28% to Rs 9108 crore on 26.7% rise in revenue to Rs 90537 crore in Q1 June 2017 over Q1 June 2016. The announcement was made after market hours yesterday, 20 July 2017.

Reliance Industries (RIL) increase in revenue is primarily on account of increase in prices and volumes of refining and petrochemical products partially offset by lower prices and volumes from exploration and production (E&P) business. Revenue was also boosted by robust growth in retail business which recorded a 73.6% increase in revenue to Rs 11571 crore. Reliance Retail witnessed growth across all consumption baskets during the quarter.

Strong refining and petrochemicals margin environment contributed to higher operating profits for the quarter. Gross refining margins recorded nine-year-high of $ 11.9 per bbl whereas petrochemicals EBIT (earnings before interest and depreciation) margin were at all-time high of 15.8%. Gross refining margin rose to $11.9 per barrel in Q1 June 2017 from $11.5 per barrel in Q1 June 2016.

Meanwhile, the board of directors of RIL considered and approved an investment in Balaji Telefilms (BTL), to acquire 2.52 crore equity shares constituting 24.92% of BTLs equity, through subscription to preferential issue of shares by BTL to RIL for cash consideration of Rs 164 per equity share amounting to an investment of Rs 413.28 crore. This investment in content production (including digital content) is in line with RILs commitment to invest and grow in telecom digital and media businesses.

BTL has launched a new digital platform, ALTBalaji (ALT), in April 2017, which has garnered over 3 million downloads and subscribers from over 75 countries since its launch. The transaction is subject to BTLs shareholder approval and regulatory compliances and other conditions precedent and is expected to be completed in 45 to 60 days.

Shares of Balaji Telefilms gained 1.02% to Rs 188.55.

The RILs board has also approved to set up and invest in a technology incubator by the name Jerusalem Innovation Incubator (JII), licensed by Israel Innovation Authority (IIA), Ministry of Economy, Israel, under competitive bidding process.

The investment in JII shall be done in partnership with OurCrowd, Motorola Solutions and Yissum. JII will be in the form of limited liability partnership with RIL holding 20% interest. OurCrowd will hold 60%, Motorola 20% and Yissum.

RIL proposes to invest upto $25 million in JII and in frontier technology start-ups in tranches, over a period of about 8 years.

RIL is Indias largest private sector company. RILs activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and telecommunications.

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Dena Bank to hold board meeting
Jul 21,2017

Dena Bank will hold a meeting of the Board of Directors of the Company on 29 July 2017, to consider and approve, inter-alia, the Unaudited Financial Results for the quarter ended June 30, 2017.

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Grovy India to declare Quarterly Result
Jul 21,2017

Grovy India will hold a meeting of the Board of Directors of the Company on 31 July 2017.

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Super Bakers (India) to conduct AGM
Jul 21,2017

Super Bakers (India) announced that the 23rd Annual General Meeting (AGM) of the company will be held on 16 September 2017.

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Ashok Leyland declines after poor Q1 earnings
Jul 21,2017

The result was announced during market hours today, 21 July 2017.

Meanwhile, the S&P BSE Sensex was up 5.95 points or 0.02% at 31,910.35.

On the BSE, 22.49 lakh shares were traded on the counter so far as against the average daily volumes of 16.82 lakh shares in the past one quarter. The stock had hit a high of Rs 106.15 and a low of Rs 100 so far during the day. The stock had hit a 52-week high of Rs 109.50 on 18 July 2017 and a 52-week low of Rs 73.60 on 22 November 2016.

The stock had outperformed the market over the past one month till 20 July 2017, advancing 13.8% compared with the Sensexs 1.94% rise. The stock had also outperformed the market over the past one quarter, gaining 29.37% as against the Sensexs 8.44% rise. The scrip had, however, underperformed the market over the past one year, advancing 13.38% as against the Sensexs 14.29% rise.

The large-cap company has equity capital of Rs 292.65 crore. Face value per share is Rs 1.

Ashok Leylands profitability in Q1 June 2017 was lower, primarily because of a richer mix and exchange gain on swap contracts in Q1 June 2016. The mix is expected to significantly improve in the coming quarters, the company said. The next 3 quarters look promising as the demand is expected to pick up on the back of Government spending on infrastructure as well as positive impact of GST, it added.

Ashok Leyland is one of the leading manufacturers of medium and heavy commercial vehicles in India.

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Kush Industries schedules AGM
Jul 21,2017

Kush Industries announced that the Annual General Meeting (AGM) of the company will be held on 25 September 2017.

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Mangal Credit & Fincorp to hold board meeting
Jul 21,2017

Mangal Credit & Fincorp will hold a meeting of the Board of Directors of the Company on 27 July 2017.

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Promact Plastics schedules AGM
Jul 21,2017

Promact Plastics announced that the 33th Annual General Meeting (AGM) of the company will be held on 22 September 2017.

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Safari Industries (India) to hold AGM
Jul 21,2017

Safari Industries (India) announced that the 37th Annual General Meeting (AGM) of the company will be held on 30 August 2017.

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Dish TV India leads losers in A group
Jul 21,2017

Dish TV India slumped 6.1% to Rs 77.8 at 13:45 IST on profit booking after the stock gained 6.08% in three sessions to Rs 82.85 yesterday, 21 July 2017, from a close of Rs 78.10 on 17 July 2017. The stock topped the losers in the BSEs A group. On the BSE, 13.79 lakh shares were traded on the counter so far as against the average daily volumes of 3.34 lakh shares in the past two weeks.

Idea Cellular skidded 5.9% at Rs 89.25. The stock was the second biggest loser in A group. On the BSE, 34.66 lakh shares were traded on the counter so far as against the average daily volumes of 29.57 lakh shares in the past two weeks.

Ashok Leyland dropped 4.58% to Rs 101.10. The stock was the third biggest loser in A group. On the BSE, 20.58 lakh shares were traded on the counter so far as against the average daily volumes of 15.96 lakh shares in the past two weeks.

Dewan Housing Finance Corporation declined 4.27% at Rs 456.20. The stock was the fourth biggest loser in A group. On the BSE, 5.3 lakh shares were traded on the counter so far as against the average daily volumes of 2.09 lakh shares in the past two weeks.

DLF fell 4.01% to Rs 194.85. The stock was the fifth biggest loser in A group. On the BSE, 8.67 lakh shares were traded on the counter so far as against the average daily volumes of 7.54 lakh shares in the past two weeks.

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Volumes jump at Vesuvius India counter
Jul 21,2017

Vesuvius India clocked volume of 3.96 lakh shares by 13:44 IST on BSE, a 296.58-times surge over two-week average daily volume of 1,000 shares. The stock surged 7.12% at Rs 1,474.90.

Godrej Consumer Products notched up volume of 16.07 lakh shares, a 88.53-fold surge over two-week average daily volume of 18,000 shares. The stock advanced 1% at Rs 965.90.

3M India saw volume of 10,000 shares, a 51.24-fold surge over two-week average daily volume of 197 shares. The stock lost 0.27% at Rs 13,350.

HDFC clocked volume of 37.55 lakh shares, a 29.01-fold surge over two-week average daily volume of 1.29 lakh shares. The stock fell 0.76% at Rs 1,638.50.

Crompton Greaves Consumer Electricals saw volume of 7.62 lakh shares, a 12.65-fold rise over two-week average daily volume of 60,000 shares. The stock rose 1.31% at Rs 209.

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Indian accounting & finance professionals be given access to overseas market.: ASSOCHAM plea
Jul 21,2017

Apex industry body ASSOCHAM has suggested the Centre to conduct country-specific or geographic market-wise studies to ascertain job prospects for qualified Indian professionals in accountancy, finance, information technology (IT) and related services abroad.

n++Considering the demand and supply of professionals in these sectors, the number of memorandum of undertakings (MoUs) signed by India with several countries may be increased to conduct exchange programmes and exploring job market in favouring countries,n++ highlighted ASSOCHAM in a communication addressed to Union Ministry of Corporate Affairs.

The chamber said that based on the demand analysis, awareness programmes may be organised for professionals like CA/CS/CMA/CFA/MBA both within and outside India.

It added that the focus for awareness programmes should be on ensuring maximum participation of foreign diplomats and MNCs in India as well as Indian companies doing business abroad.

In its communication to the Corporate Affairs Ministry, ASSOCHAM has also said that considering the MBA course comes under purview of the Union Ministry of Human Resource Development (HRD), as such it should also be invited to hold collaborative awareness programs for exploring job opportunities outside India.

n++This will help in revamping the MBA institutions and help them in gaining substantially increased level of interest in MBA/PGDM like professional courses in future,n++ said Mr D.S. Rawat, secretary general of ASSOCHAM.

The chamber has also sought financial support from the Union Government for presenting promotional programmes, events and campaigns about the aforesaid issue.

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Indian Bank turns volatile after announcing Q1 numbers
Jul 21,2017

Meanwhile, the S&P BSE Sensex was up 64.12 points or 0.2% at 31,968.52.

On the BSE, 2.53 lakh shares were traded on the counter so far as against the average daily volumes of 1.89 lakh shares in the past one quarter. The stock was volatile. The stock lost as much as 1.27% at the days low of Rs 326.25 so far during the day. The stock rose as much as 2.66% at the days high of Rs 339.25 so far during the day. The stock had hit a record high of Rs 364.80 on 16 May 2017 and a 52-week low of Rs 143.85 on 25 July 2016.

The stock had outperformed the market over the past one month till 20 July 2017, advancing 9.53% compared with the Sensexs 1.94% rise. The stock had also outperformed the market over the past one quarter, gaining 28.36% as against the Sensexs 8.44% rise. The scrip had also outperformed the market over the past one year, surging 113.88% as against the Sensexs 14.29% rise.

The large-cap state-run bank has equity capital of Rs 480.29 crore. Face value per share is Rs 10.

Indian Banks net profit rose 21.16% to Rs 372.40 crore on 3.79% growth in total income to Rs 4788.04 crore in Q1 June 2017 over Q1 June 2016. The result was announced during market hours today, 21 July 2017.

The banks gross non-performing assets (NPAs) stood at Rs 9653.01 crore as on 30 June 2017 as against Rs 9865.13 crore as on 31 March 2017 and Rs 8894.23 crore as on 30 June 2016.

The ratio of gross NPAs to gross advances stood at 7.21% as on 30 June 2017 as against 7.47% as on 31 March 2017 and 6.97% as on 30 June 2016. The ratio of net NPAs to net advances stood at 4.05% as on 30 June 2017 as against 4.39% as on 31 March 2017 and 4.48% as on 30 June 2016.

The banks provisions and contingencies surged 71.59% to Rs 715.55 crore in Q1 June 2017 over Q1 June 2016.

Government of India held 82.11% stake in Indian Bank (as on 30 June 2017).

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TCI Industries allots 2440 preference shares to Promoter
Jul 21,2017

TCI Industries has allotted 2440, 0% Non-Convertible Redeemable Preference Shares (NCRPS) of Face Value of Rs. 100 each at a premium of Rs. 300 each to Dharmpal Agarwal, Promoter of the Company.

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Board of Reliance Industries approves bonus issue of 1:1
Jul 21,2017

Reliance Industries announced that the Board of Directors of the Company at its meeting held on 21 July 2017, has, subject to approval of members of the Company through postal ballot, recommended issue of Bonus Shares to the members of the Company by capitalisation of its reserves in the ratio of 1 (one) bonus equity share of Rs. 10/- each fully paid-up for every 1 (one) existing equity share of Rs. 10/- each fully paid-up (that is in the ratio of 1:1) held by the members as on a record date to be fixed hereafter for the purpose.

The Company will also seek the approval of members of the Company through postal ballot inter alia for increase in authorised share capital of the Company.

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