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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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Westlife Development moves higher on brokerage coverage
Mar 27,2017

Meanwhile, the S&P BSE Sensex was down 211.54 points or 0.72% at 29,209.86. The BSE Mid-Cap index was down 38.69 points or 0.28% at 13,810.49.

On the BSE, 2.74 lakh shares were traded on the counter so far as against the average daily volumes of 1.39 lakh shares in the past one quarter. The stock had hit a high of Rs 222.90 and a low of Rs 214 so far during the day.

The stock had hit a 52-week high of Rs 259.90 on 5 July 2016 and a 52-week low of Rs 152 on 23 December 2016. It had underperformed the market over the past one month till 24 March 2017, sliding 0.26% compared with the Sensexs 1.83% rise. The scrip had, however, outperformed the market over the past one quarter, gaining 26.43% as against the Sensexs 12.98% rise.

The mid-cap company has equity capital of Rs 31.11 crore. Face value per share is Rs 2.

Meanwhile, Westlife Development after market hours on Friday, 24 March 2017, announced that its board of directors approved the proposal of investment in the equity shares offered on rights basis to the company by Hardcastle Restaurants, against inter corporate loan borrowed by it from the company. Hardcastle Restaurants is a wholly owned subsidiary of Westlife Development.

On consolidated basis, Westlife Development reported net loss of Rs 1.71 crore in Q3 December 2016 compared with net profit of Rs 0.23 crore in Q3 December 2015. Net sales rose 13.2% to Rs 238.04 crore in Q3 December 2016 over Q3 December 2015.

Westlife Development has widespread interests in trading, hospitality and quick service restaurant industry.

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Fitch Assigns Indian Renewable Energy Development Agencys upcoming MTN Programme BBB-(EXP)
Mar 27,2017

Fitch Ratings has assigned Indian Renewable Energy Development Agencys (IREDA; BBB-/F3/Stable) upcoming USD300m MTN programme expected ratings of BBB- (EXP) and a short-term expected rating of F3(EXP).

The assignment of the final ratings on the programme is contingent upon the receipt of final documents conforming to information already received and details regarding the amount, coupon rate and maturity.

KEY RATING DRIVERS

The programme is rated in line with IREDAs Long-Term Issuer Default Rating (IDR) as issues under the programme will constitute direct, unconditional, unsubordinated and unsecured obligations of the IREDA. The MTN programme will be used for general corporate purposes.

IREDAs ratings are equalised with those of the sovereign (BBB-/F3/Stable) IDR. This reflects the 100% state ownership of the company, the entitys public-sector legal status and the strong operational and strategic ties with the government, resulting in a high likelihood of extraordinary government support if needed. IREDA is therefore classified as a credit-linked entity under Fitchs public-sector entity (PSE) criteria.

IREDA was incorporated under the 1956 Companies Act, and is instrumental for the governments core policy of fostering the renewable energy sector. It remains crucial in light of the countrys sizeable projected growth. IREDA is the only public entity devoted to renewable energy funding. It does not have a majority market share, but IREDA is viewed as a benchmark investor for its sector expertise. It is recognised as a systemically important non-banking financial company by the Reserve Bank of India, so IREDA complies with specific prudential regulations.

RATING SENSITIVITIESAny rating action on the issuer would be mirrored on the ratings of the programme or issues under the programme.

IREDAs ratings are credit-linked to those of the sovereign, so a positive or negative rating action on the sovereign would result in similar rating action on the issuer. Changes to IREDAs legal status, weakening potential support from the state could lead to a downgrade.

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HCL Tech trips after client files lawsuit
Mar 27,2017

The company issued the clarification on Saturday, 25 March 2017 with regards to news item appearing in the media.

Meanwhile, the S&P Sensex was down 154.34 points or 0.52% at 29,267.06.

On the BSE, 6,957 shares were traded on the counter so far as against the average daily volumes of 2.1 lakh shares in the past one quarter. The stock had hit a high of Rs 873 and a low of Rs 865.30 so far during the day.

The stock had hit a 52-week high of Rs 880 on 23 March 2017 and a 52-week low of Rs 706.50 on 11 May 2016. The stock had outperformed the market over the past one month till 24 March 2017, rising 3.42% compared with the 1.83% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, rising 9.73% as against Sensexs 12.98% gains.

The large-cap company has equity capital of Rs 285.36 crore. Face value per share is Rs 2.

HCL Technologies said MillerCoors, LLC, a client of the company has filed a lawsuit in the United States District Court for the Northern District of Illinois against the company and HCL America Inc., a wholly owned subsidiary of the company.

MillerCoors allegations under the complaint is that HCL did not deliver an enterprise software project as per the agreed timelines. The specific project started in December 2013 and ended in June 2016. The company continues to have a good business relationship with MillerCoors. The company has other ongoing projects with MillerCoors running smoothly.

The company is in discussions with MillerCoors to resolve this matter amicably. The project in consideration has already ended and the company is not expecting any adverse financial impact of the same for Q4 March 2017.

HCL Technologies consolidated net profit rose 2.3% to Rs 2062.04 crore on 2.56% growth in net sales to Rs 11814.20 crore in Q3 December 2016 over Q2 September 2016.

HCL Technologies is a leading global IT services company working with clients in the areas that impact and redefine the core of their businesses.

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Outcome of board meeting of BLB
Mar 27,2017

BLB announced that the Board of Directors of the Company at its meeting held on 25 March 2017 approved the following -

1. The Board considered and decided to shift the Corporate Office of the Company to H. No. 4760-61, 3rd Floor, Ansari Road, Darya Ganj, New Delhi-110002 with immediate effect.

2. Scheme of Arrangement The Board of Directors of the Company after considering the report of the Audit Committee of the Company, has considered and approved Composite Scheme of Arrangement pursuant to section 230 to 232 of the Companies Act, 2013 for amalgamation of four wholly owned subsidiaries with BLB and subsequent Demerger of Commodities Trading Division and Financial Service Division of the company into newly incorporated wholly owned subsidiary Resulting Company-1 and Resulting Company-2 respectively.

3. The Board considered and decided to incorporate two Wholly Owned Subsidiaries of the Company

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Bharat Electronics fixes record date for 2nd interim dividend
Mar 27,2017

Bharat Electronics has fixed 30 March 2017 as the Record Date for the purpose of Second interim Dividend.

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Kitex Garments wins FE CFO of the Year Award 2017
Mar 27,2017

Kitex Garments has received the FE CFO of the Year Award 2017 in manufacturing category in the medium enterprise segment for the year 2017 instituted by The Financial Express.

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Sintex extends gains
Mar 27,2017

Meanwhile, the S&P BSE Sensex was down 148.39 points or 0.5% at 29,273.01. The BSE Mid-Cap index was down 15.67 points or 0.11% at 13,833.51.

On the BSE, 10.20 lakh shares were traded on the counter so far as against the average daily volumes of 9.64 lakh shares in the past one quarter. The stock had hit a high of Rs 103.30 so far during the day, which is a 52-week high for the counter. The stock hit a low of Rs 100.40 so far during the day.

The stock had hit a 52-week low of Rs 70 on 12 August 2016. It had outperformed the market over the past one month till 24 March 2017, surging 7.02% compared with the Sensexs 1.83% rise. The scrip had also outperformed the market over the past one quarter, gaining 37.16% as against the Sensexs 12.98% rise.

The mid-cap company has equity capital of Rs 52.71 crore. Face value per share is Rs 1.

Shares of Sintex Industries have risen 7.4% in three trading sessions from its close of Rs 95.90 on 22 March 2017.

Sintex Industries announced during market hours on Friday, 24 March 2017 that the National Company Law Tribunal (NCLT) sanctioned the composite scheme of agreement between Sintex Industries, Sintex Plastic Technology, Sintex-BAPL and Sintex Infra Projects.

Meanwhile, Sintex Industries during market hours today, 27 March 2017 issued clarification with regard to media reports of sale of minority stake in Sintex Plastics. Sintex Industries said that as a corporate policy it does not normally comment on speculative news articles.

As part of corporate strategy, the company is always evaluating opportunities for enhancing the stakeholders value. As and when such proposals are considered by the board of directors of the company and warrant disclosure, the company shall comply with the disclosure obligations, it added.

Currently there is no such proposal as reported by the media that is being considered by the board of directors of the company, Sintex Industries said.

On consolidated basis, net profit of Sintex Industries declined 38.9% to Rs 110.81 crore on 0.1% decline in net sales to Rs 2075.01 crore in Q3 December 2016 over Q3 December 2015.

Sintex is a diversified group with businesses across 2 principal business segments - plastics (including infrastructure) and textiles.

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NTPC commissions 55 MW of Bhadla Solar Power Project
Mar 27,2017

NTPC announced the commissioning of 55 MW of Bhadla Solar Power Project. With this, the installed capacity of Bhadla Solar Power project has become 260 MW and that of NTPCs solar power projects has become 620 MW. The total installed capacity of NTPC on standalone basis has become 43032 MW and that of NTPC group has become 49998 MW.

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Credit Rating of Urban Local Bodies gain Momentum
Mar 27,2017

With the exercise of Credit Rating of cities and towns gaining momentum, 94 of the 500 cities included in Smart City Mission and Atal Mission for Rejuvenation and Urban Transformation (AMRUT) have obtained such ratings which are necessary for issuing Municipal Bonds for mobilization of resources.

During the review of progress of Credit Rating exercise taken by Minister of Urban Development Shri M.Venkaiah Naidu, it was revealed that 55 of these cities have got Investment Grade ratings. Shri Naidu noted that 59% of cities assessedn++ getting Investment Grade rating was better than what was thought of about the financial situation of Urban Local Bodies in the country.

The 94 cities that have so far been assigned Credit Ratings are spread across 14 States. Ministry of Urban Development is promoting Credit Rating of cities as one of the five Transformational Reforms under which about 500 cities and towns that account for about 65% of total urban population were to be given Credit Ratings during this year.

Of the total 20 ratings ranging from AAA ton++ D, BBB- is the GÿInvestment Grade ratings and cities rated below BBB- need to undertake necessary interventions to improve their ratings for obtaining positive response to the Municipal Bonds to be issued.

Credit Ratings are assigned based on assets and liabilities of Urban Local Bodies, revenue streams, resources available for capital investments, Double Entry Accounting practice and other governance practices. Besides the Credit Rating of Urban Local Bodies, ratings for individual projects for which resources are to bemobilised through Municipal Bonds would have a bearing on the response to such bonds.

Details of cities and towns and respective Credit Ratings are as below:

Credit
Rating

Cities/Towns

AA+ (3)

New Delhi Municipal Council (NDMC), Navi Mumbai and Pune

AA (3)

Ahmedabad, Visakhapatnam and Greater Hyderabad Municipal Corporation

AA- (4)

Surat, Nashik, Thane and Pimpri-Chindwad

A+ (5)

Indore, Kishanganj(Rajasthan), Kolkata, Vadodara(Gujarat) and Warangal(Telangana)

A (1)

Jhunjhunu (Rajasthan)

A-(8)

Alwar, Bhiwadi, Beawar, Jaipur(Raj), Bhopal,Jabalpur(MP), Mira Bhayandar(Maha) and New Town Rajarhat(W.Bengal)n++

BBB+ (5)

Ajmer , Kota and Udaipur(Rajasthan), Ludhiana(Punjab) and Jamnagar(Guj)

BBB (14)

Kakinada, Anantapur, Kurnool and Tirupati (Andhra Pradesh), Davanagere and Hubbali-Dharwar(Karnataka), Kochi and Trivendrum (Kerala), Panaji (Goa), Kolhapur and Nagpur(Maharashtra), Jodhpur, Nagaur and Tonk(Rajasthan)

BBB- (12)

Amaravati (Maharashtra), Belgavi (Karnataka), Bharuch and Bhavnagar (Gujarat), Bharatpur, Bhilwara, Bikaner and Hanumangarh(Rajasthan), Chittor and Cuddapah (Andhra Pradesh), Cuttack (Odisha), Ranchi (Jharkhand).n++n++

BB+ (14)

Proddatur, Nandyaln++ and Nellore (Andhra Pradesh), Kollam and Kozhikode (Kerala), Kalol, Nadiad and Navsarai (Gujarat), Nanded and Solapur (Maharashtra), Gangapur City, Dhaulpur, Pali and SawaiMadhopur (Rajasthan)n++n++

BB (14)

Adoni and Tadipatri (Andhra Pradesh), Dwaraka (Gujarat), Aizawal (Mizoram), Thrisur (Kerala), Berhampur, Rourkela and Sambhalpur (Odisha), Bundi, Churu, Chittorgarh, Hindaun, Jodhpur and Sujangarh (Rajasthan)

BB- (7)

Adityapur, Chas,n++Deogarh and Giridh (Jharkhand), Mori (Gujarat), Baran and Jhalawar (Raj)

B+ (3)

Baripada and Puri (Odisha) and Hazaribagh (Jharkhand)

B (1)

Bhadrak (Odisha)

As per the reforms timelines suggested by the Ministry of Urban Development, 39 cities that have got Credit Ratings below the investment grade (BBB-) have to undertake necessary interventions for improving the ratings in one year.

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GVK Power & Infra advances after completing stake-sale in BIAL
Mar 27,2017

The announcement was made after market hours on Friday, 24 March 2017.

Meanwhile, the S&P Sensex was down 145.51 points, or 0.49% at 29,275.89. The S&P BSE Small-Cap index was up 13.19 points, or 0.09% at 14,090.80.

On the BSE, 5.55 lakh shares were traded on the counter so far as against the average daily volumes of 10.14 lakh shares in the past one quarter. The stock had hit a high of Rs 6.16 and a low of Rs 5.89 so far during the day.

The stock had hit a 52-week high of Rs 7.70 on 14 February 2017 and a 52-week low of Rs 4.13 on 6 June 2016. The stock had underperformed the market over the past one month till 24 March 2017, declining 10.05% compared with the Sensexs 1.83% rise. The scrip had also underperformed the market over the past one quarter advancing 5.63% as against the Sensexs 12.98% rise.

The small-cap company has equity capital of Rs 157.92 crore. Face value per share is Re 1.

GVK Power & Infrastructure said that it has divested 33% of its stake in Bangalore International Airport Limited (BIAL) from its wholly owned subsidiary, Bangalore Airport & Infrastructure Developers (BAIDPL) to Fairfax India Holdings Corporation, through its wholly-owned subsidiary in Mauritius, for an aggregate investment of Rs 2202 crore.

Dr GVK Reddy, founder Chairman and Managing Director, GVK, said that the companys primary focus is to deleverage its balance sheet, and all proceeds from this stake sale shall be used to reduce debt. The company looks forward to partnering with Fairfax and working with all the stakeholders in developing the Kempegowda International Airport through its next stage of expansion.

GVK Power & Infrastructure reported net loss of Rs 0.71 crore in Q3 December 2016, as against with net loss of Rs 6.80 crore in Q3 December 2015. Net sales rose 4.2% to Rs 7.12 crore in Q3 December 2016 over Q3 December 2015.

GVK is a leading Indian conglomerate with diversified interests across various sectors including energy, resources, airports, transportation, hospitality and life sciences.

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RIL declines as Sebi imposes penalty
Mar 27,2017

Meanwhile, the S&P BSE Sensex was down 145.90 points or 0.5% at 29,275.50.

On the BSE, 1.67 lakh shares were traded on the counter so far as against the average daily volumes of 1.94 crore shares in the past one quarter. The stock had hit a high of Rs 1,278.50 and a low of Rs 1,259 so far during the day.

The stock had hit a 52-week high of Rs 1,326.75 on 7 March 2017 and a 52-week low of Rs 925.70 on 23 May 2016. It had outperformed the market over the past one month till 24 March 2017, surging 8.76% compared with the Sensexs 1.83% rise. The scrip had also outperformed the market over the past one quarter, gaining 21.55% as against the Sensexs 12.98% rise.

The large-cap company has equity capital of Rs 3251.28 crore. Face value per share is Rs 10.

The markets regulator Securities and Exchanges Board of India (Sebi) directed Reliance Industries (RIL) to disgorge Rs 447.27 crore in the matter relating to trading of shares in Reliance Petroleum (RPL) by RIL in November 2007. Sebi also barred RIL from the futures and options (F&O) segment for a year and asked it to settle all existing open positions. It will also have to pay 12% per annum on the disgorgement amount of Rs 447.27 crore since 29 November 2007 onwards. RIL has been asked to pay up within 45 days of the order.

Meanwhile, RIL after market hours on Friday, 24 March 2017, said that the trades in RPL shares which were examined by Sebi were genuine and bona fide transactions. These were carried out keeping the best interest of the company and its shareholders, in view, it added.

RIL said that Sebi appears to have misconstrued the true nature of the transactions and imposed unjustifiable sanctions.

RIL said it is in the process of consulting its legal advisors. It proposes to prefer an appeal and challenge the order in Securities Appellate Tribunal (SAT). RIL said it remains confident of fully justifying the veracity of the transactions and vindicating its stand.

RIL said that it has full confidence in the judicial process and it proposes to vigorously exercise all options available to it to challenge the untenable findings in the order.

RILs consolidated net profit rose 3.6% to Rs 7506 crore on 17.6% growth in net sales to Rs 79408 crore in Q3 December 2016 over Q3 December 2015.

Reliance Industries (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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Board of Coal India recommends dividend
Mar 27,2017

Coal India announced that the Board of Directors of the Company at its meeting held on 26 March 2017, inter alia, have recommended the dividend of Rs 1.15 per equity Share (i.e. 11.5%) , subject to the approval of the shareholders.

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Third meeting of G-20 framework working group to be held at Varanasi, Uttar Pradesh (UP) on 28th and 29th March, 2017
Mar 27,2017

The 3rd G-20 Framework Working Group (FWG) Meeting under the G-20 German Presidency is being co-hosted by Department of Economic Affairs, Ministry of Finance, Govt. of India and Reserve Bank of India (RBI) in Varanasi on 28th and 29th of March, 2017. The first two G 20 FWG meetings under the G-20 German Presidency have already been held at Berlin in Dec 16 and at Riyadh in Feb 17.

Since the inception of the FWG in 2009, this is the fourth occasion that India is hosting this meeting. Previously, India had hosted the G-20 FWG Meetings in Neemrana, Rajasthan (2012 under Mexican Presidency), in Goa (in 2014 under G-20 Australian Presidency) and in Kerala (2015 under G-20 Turkish Presidency).

In the forthcoming meeting in Varanasi, the G-20 FWG will discuss the current global economic situation as well as deliberate on the policy options that countries can pursue to counter the important development challenges. One important focus of this meeting will be to deliberate on the inclusive growth agenda of G-20 and to formulate a framework that will enable countries to help frame country specific inclusive growth policies.

The G-20 is the group of 19 countries and European Union (EU) deliberating on global economic issues and other important development challenges. G-20 Framework Working Group (FWG) is one of the core working groups of G-20. The mandate of FWG is to deliberate on the challenges facing the global economy and the policy options that countries can use to address these challenges. India along with Canada has been co-chairing this group.

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ITC declines after govt divests part stake
Mar 27,2017

It was stated by Arjun Ram Meghwal, Minister of State in the Ministry of Finance in written reply to a question in Lok Sabha on Friday, 24 March 2017.

Meanwhile, the S&P BSE Sensex was down 159.71 points, or 0.54% to 29,261.69.

On the BSE, 45,097 shares were traded on the counter so far as against the average daily volumes of 11.98 lakh shares in the past one quarter. The stock had hit a high of Rs 281.20 and a low of Rs 276.40 so far during the day.

The stock had hit a record high of Rs 291.95 on 7 February 2017 and a 52-week low of Rs 204 on 6 May 2016. The stock had outperformed the market over the past one month till 24 March 2017, rising 5.78% compared with the 1.83% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 25.02% as against Sensexs 12.98% gains.

The large-cap company has equity capital of Rs 1214.74 crore. Face value per share is Re 1.

Government through specified undertaking of the Unit Trust of India (SUUTI) has divested 2% shares of the total shares of ITC to LIC through block trade on 7 March 2017. Government has received an amount of Rs 6682 crore from this transaction.

Disinvestment of Government of India equity is under taken as per the disinvestment policy of the GoI keeping in view the resource requirement of the Government and the prevailing market conditions. SUUTI had held 11.1% stake and LIC of India held 14.29% in ITC as on 31 December 2016, as per the shareholding pattern of the company.

ITCs net profit rose 5.7% to Rs 2646.73 crore on 4.1% increase in net sales to Rs 9149.31 crore in Q3 December 2016 over Q3 December 2015.

ITC is a diversified company, with presence in cigarettes, hotels, paperboards & specialty papers, packaging, agri-business, packaged foods & confectionery, information technology, branded apparel, personal care, stationery and other FMCG products. ITC is a market leader in cigarettes.

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Oberoi Realty allots 20,037 equity shares
Mar 27,2017

Oberoi Realty announced that the Directors of the Company vide a resolution passed by circulation on 24 March 2017 have allotted 20,037 equity shares of Rs. 10 each to certain option grantees pursuant to exercise by them of the options granted to them under the Companys Employee Stock Option Scheme 2009. The exercise price for the said options is Rs. 260 per share. Post the aforesaid allotment the equity share capital of the Company stands increased to 33,95,35,426 equity shares of Rs. 10 each, aggregating to Rs. 3,39,53,54,260.

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