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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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Shares of Manas Properties get listed
Mar 30,2017

The equity shares of Manas Properties (Scrip Code: 540402) are listed effective 30 March 2017 and admitted to dealings on the Exchange in the list of M Group Securities.

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Shares of Maximus International get listed
Mar 30,2017

The equity shares of Maximus International (Scrip Code: 540401) are listed effective 30 March 2017 and admitted to dealings on the Exchange in the list of M Group Securities.

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Dilip Buildcon receives LoA for three road projects from NHAI
Mar 30,2017

Dilip Buildcon has received Letter of Award from the National Highways Authority of India (Ministry of Road Transport & Highways, Government of India) for three projects in a single stretch in the state of Maharashtra.

1.Four Laning of Mahagaon to Yavatmal section of NH-361 from Km 320.580 to Km 400.575 (Package-II) in the state of Maharashtra under NHDP Phase IV on Hybrid Annuity mode at a Project cost of Rs. 1160.64 crore, having the length of 80.195 Km.

2.Four Laning of Yavatmal to Wardha section of NH-361 from Km 400.575 to Km 465.500 (Package-III) in the state of Maharashtra under NHDP Phase IV on Hybrid Annuity Mode at a Project cost of Rs. 1043.28 crore having length of 64.925Km.

3.Four Laning of Wardha-Butibori Section of NH-361 from km 465.500 to km 524.690 (design length 59.190 km) under NH (O) in the State of Maharashtra on Hybrid Annuity Modeat a Project cost of Rs. 1065.51 crore.

Completion period for all projects: 30 Months

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Alkem Lab moves higher after receiving EIR for facility
Mar 30,2017

The announcement was made after market hours yesterday, 29 March 2017.

Meanwhile, the S&P BSE Sensex was up 85.40 points or 0.29% at 29,616.83.

On the BSE, 1,248 shares were traded on the counter so far as against the average daily volumes of 9,467 shares in the past one quarter. The stock had hit a high of Rs 2,195 and a low of Rs 2,165 so far during the day. It had hit a record high of Rs 2,225 on 28 March 2017 and a 52-week low of Rs 1,175 on 2 May 2016.

The large-cap company has equity capital of Rs 23.91 crore. Face value per share is Rs 2.

Alkem Laboratories said that the United States Food and Drug Administration (USFDA) has issued an Establishment Inspection Report (EIR) for the companys active pharmaceutical ingredient (API) manufacturing facility located at Ankaleshwar, which was inspected in December 2016.

The inspection has now been closed by the USFDA. In response to the Form 483 issued by the USFDA, the company had submitted a detailed corrective and preventive action (CAPA) plan to the regulator within the stipulated timelines. The USFDA has reviewed the CAPA and has found them acceptable.

Alkem Laboratories consolidated net profit rose 24.9% to Rs 233.40 crore on 15% growth in net sales to Rs 1462.23 crore in Q3 December 2016 over Q3 December 2015.

Alkem Laboratories is a pharmaceutical company with global operations, engaged in the development, manufacture and sale of pharmaceutical and nutraceutical products.

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Mixed finish for US stocks
Mar 30,2017

US stocks closed at a mixed mode on Wednesday, 29 March 2017. Nasdaq closed higher for a fourth straight session on Wednesday, while the Dow industrials finished lower, as stock investors digested mixed economic data and a drop in U.S. gasoline inventories bolstered the energy sector.

The Dow Jones Industrial Average fell 42.18 points, or 0.2%, to close at 20,659.32, for its ninth losing session in the past 10. The Nasdaq Composite climbed 22.41 points, or 0.4%, to finish at 5,897.55. Meanwhile, the S&P 500 index finished up 2.56 points, or 0.1%, at 2,361.13.

Energy was the days largest gainer, with the sector closing up 1.2% following bigger-than-expected declines in gasoline and distillate stockpiles in the latest week, a positive sign for demand.

Shares of UnitedHealth Group and Travelers were the largest decliners. Only five of the S&P 500s 11 primary sectors finished in the green. Financials, which have been big gainers in recent months, led decliners.

Crude oil prices rallied on Wednesday, 29 March 2017 settling at their highest level in roughly three weeks after data from the Energy Information Administration showed a weekly rise in U.S. crude inventories that was below some market forecasts, along with bigger-than-expected declines in gasoline and distillate stockpiles. Disruptions to crude output in Libya, as well as hopes for a six-month extension to the production cut agreement, led by the Organization of the Petroleum Exporting Countries, added further support to oil prices.

May West Texas Intermediate crude rose $1.14, or 2.4%, to settle at $49.51 a barrel on the New York Mercantile Exchange. The contract settled at its highest level since 9 March. May Brent gained $1.09, or 2.1%, to $52.42 a barrel.

The EIA reported that crude inventories rose by 900,000 barrels to a weekly record 534 million barrels for the week ended March 24. But that rise was less than half the 1.9 million-barrel climb posted by the American Petroleum Institute late Tuesday.Market had forecast a climb of 300,000 barrels, while others expected an even larger increase. The EIA also said gasoline supplies dropped 3.7 million barrels, while distillate stockpiles fell 2.5 million barrels last week. Market had forecast a fall of 2.1 million for gasoline and decline of 1.1 million for distillates.

The ICE U.S. Dollar Index rose 0.3% to trade above 100.

On the data front, todays economic releases were limited to February Pending Home Sales and the weekly MBA Mortgage Applications Index. Pending Home Sales for February rose 5.5% while the consensus expected an increase of 2.4%. Todays reading follows an unrevised 2.8% drop in January. Separately, the weekly MBA Mortgage Applications Index decreased 0.8% to follow last weeks 2.7% decline.

Bullion prices ended lower at Comex on Wednesday, 29 March 2017. Gold futures fell on Wednesday for a second straight session, adding to their decline from the one-month high they hit at the start of the week as the U.S. dollar strengthened on the back of Brexit-induced weakness in the euro.

Gold for April delivery on Comex fell $1.90, or 0.2%, to settle at $1,253.70 an ounce. It settled Monday at a one-month high, then lost a dime on Tuesday. June gold which is also among the most-active contracts, ended at $1,256.80, down $2, or 0.2%. May silver finished flat at $18.252 an ounce.

In the Treasury market, U.S. sovereign debt settled with a modest gain for the second time this week. The benchmark 10-yr yield closed four basis points lower at 2.38%.

Tomorrow, investors will receive the third estimate of fourth quarter GDP (consensus 2.0%) and Initial Claims (consensus 245,000) at 8:30 ET.

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L&T HydroCarbon Engineering bags orders worth Rs 4000 cr
Mar 30,2017

L&T HydroCarbon Engineering, a wholly owned subsidiary of Larsen & Toubro, has bagged orders totalling close to Rs 4000 crore in the International market.

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Precious metals end mostly lower
Mar 30,2017

Bullion prices ended lower at Comex on Wednesday, 29 March 2017. Gold futures fell on Wednesday for a second straight session, adding to their decline from the one-month high they hit at the start of the week as the U.S. dollar strengthened on the back of Brexit-induced weakness in the euro.

Gold for April delivery on Comex fell $1.90, or 0.2%, to settle at $1,253.70 an ounce. It settled Monday at a one-month high, then lost a dime on Tuesday. June gold which is also among the most-active contracts, ended at $1,256.80, down $2, or 0.2%.

May silver finished flat at $18.252 an ounce.

The ICE U.S. Dollar Index rose 0.3% to trade above 100. U.S. equities saw mixed trading after the Dow industrials on Tuesday snapped an eight-day losing streak.

The yellow metal fell on Wednesday as the U.K. government letter formally starting the Brexit process was delivered to the European Council, kicking off two years of negotiations.

On the data front, todays economic releases were limited to February Pending Home Sales and the weekly MBA Mortgage Applications Index. Pending Home Sales for February rose 5.5% while the consensus expected an increase of 2.4%. Todays reading follows an unrevised 2.8% drop in January. Separately, the weekly MBA Mortgage Applications Index decreased 0.8% to follow last weeks 2.7% decline.

Metals traders will continue to eye U.S. economic data for hints on the pace and timing of interest-rate hikes by the Federal Reserve. With a rate hike earlier this month, the Fed penciled in two more hikes for 2017.

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RIL inches up after completing stake sale in GAPCO
Mar 30,2017

The announcement was made after market hours yesterday, 29 March 2017.

Meanwhile, the S&P BSE Sensex was up 70.06 points or 0.24% at 29,601.49.

On the BSE, 19,000 shares were traded on the counter so far as against the average daily volumes of 1.97 crore shares in the past one quarter. The stock had hit a high of Rs 1,266.20 and a low of Rs 1,254.05 so far during the day. It 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.

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

Pursuant to the sale agreements signed by Reliance Exploration & Production DMCC (REPDMCC), an indirect wholly owned subsidiary of Reliance Industries (RIL) and TOTAL, for the sale of the entire 76% interest held by REPDMCC in the Mauritius-incorporated Gulf Africa Petroleum Corporation (GAPCO), REPDMCC, TOTAL and GAPCO have obtained requisite regulatory approvals, consents and successfully completed the sale transaction.

GAPCO is a holding company with operating subsidiaries in Tanzania, Kenya and Uganda which are primarily engaged in petroleum product import, and trading, storage, distribution, marketing, supply and transportation of oil products in East Africa.

Since the acquisition of 76% equity interest in GAPCO by REPDMCC in 2007, GAPCO has significantly grown and is one of leading petroleum marketing company in East Africa owning retail outlets as well as onshore and offshore terminals.

REPDMCCs sale of its interest in GAPCO is pan of a joint transaction, wherein REPDMCC as well as the minority shareholder have sold their entire respective holdings in GAPCO for cash.

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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Allocation of Funds for Fame India Scheme
Mar 30,2017

The Government has not allocated 14,000 crores for the FAME India Scheme for promoting hybrid and electric mobility vehicles;

Under Faster Adoption and Manufacturing of (Hybrid and) Electric Vehicles (FAME-India) Scheme of the Government, demand incentives are being extended to all vehicle segments i.e. 2 - Wheelers, 3-Wheeler Auto, Passenger 4-Wheeler Vehicles, Light Commercial Vehicles and Buses.

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Retirement Facilities for Employees Resigned from CPSEs
Mar 30,2017

Department of Public Enterprises (DPE) issued OM No. W-02/0017/2014-DPE(WC) dated 01.02.2017 clarifying the term n++technical formality clausen++ as mentioned in point xvi) of OM No. W-02/0017/2014-DPE (WC) dated 21.05.2014. This has no effect on the provisions of the OM dated 21.05.2014.

In term of para vii) read with para x) of Department of Public Enterprises (DPE)s OM dated 21.05.2014, any employee resigning from service of CPSEs and joining another CPSE having broadly similar schemes of pension and post superannuation medical benefit the entire amount of employers and employees contribution along with interest accrued thereon would be transferred to such CPSE. The services rendered in CPSEs prior to resigning would also be counted for the schemes. Thus, these provisions are available even prior to issue of the OM dated 01.02.2017 on Technical formality.

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FPIs continue buying
Mar 30,2017

Foreign portfolio investors (FPIs) bought stocks worth a net Rs 7193.36 crore from the secondary equity markets on 28 March 2017. On that day, the Sensex rose 172.37 points or 0.59% to settle at 29,409.52, its highest closing level since 24 March 2017.

The net inflow of Rs 7193.36 crore on 28 March 2017 was a result of gross purchases of Rs 20957.23 crore and gross sales of Rs 13763.87 crore.

There was a net inflow of Rs 158.59 crore from the category primary market & others on 28 March 2017, which was a result of gross purchases of Rs 409.89 crore and gross sales of Rs 251.30 crore.

FPIs bought stocks worth a net Rs 29982.58 crore in March 2017 so far (till 28 March 2017). They had purchased stocks worth a net Rs 8322.23 crore in February 2017.

FPIs have purchased shares worth a net Rs 36989.68 crore from the secondary equity markets in calendar year 2017 so far (till 28 March 2017). They had purchased shares worth a net Rs 12094.42 crore from the secondary equity markets in calendar year 2016.

There was a net inflow of Rs 804.69 crore from FPIs into the category primary market & others in March 2017 so far (till 28 March 2017). FPIs bought stocks worth a net Rs 1579.95 crore from the category primary market & others in February 2017.

FPIs have purchased shares worth a net Rs 2523.17 crore from the category primary markets & others in calendar year 2017 so far (till 28 March 2017). The net inflow from FPIs in the category primary markets & others had totaled Rs 8471.76 crore in calendar year 2016.

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RIL in focus after completing stake sale in GAPCO
Mar 30,2017

Reliance Industries (RIL) will be in spotlight. Pursuant to the sale agreements signed by Reliance Exploration & Production DMCC (REPDMCC), an indirect wholly owned subsidiary of RIL and TOTAL, for the sale of the entire 76% interest held by REPDMCC in the Mauritius-incorporated Gulf Africa Petroleum Corporation (GAPCO), REPDMCC, TOTAL and GAPCO have obtained requisite regulatory approvals, consents and successfully completed the sale transaction.

GAPCO is a holding company with operating subsidiaries in Tanzania, Kenya and Uganda which are primarily engaged in petroleum product import, and trading, storage, distribution, marketing, supply and transportation of oil products in East Africa.

Since the acquisition of 76% equity interest in GAPCO by REPDMCC in 2007, GAPCO has significantly grown and is one of leading petroleum marketing company in East Africa owning retail outlets as well as onshore and offshore terminals.

REPDMCCs sale of its interest in GAPCO is pan of a joint transaction, wherein REPDMCC as well as the minority shareholder have sold their entire respective holdings in GAPCO for cash. The announcement was made after market hours yesterday, 29 March 2017.

Bharti Airtel announced that it has completed sale of 11.32% stake in its mobile tower arm Bharti Infratel to its wholly-owned subsidiary Nettle Infrastructure. Post the inter-se transfer, Bharti Airtel will hold 50.33% while Nettle will hold 11.32% in Bharti Infratel. The announcement was made after market hours yesterday, 29 March 2017.

Punjab National Bank (PNB) announced that it has raised Rs 250 crore through unsecured, subordinated, fully paid-up, non-convertible, Basel III compliant, perpetual debt instruments (series X) in the nature of debentures for inclusion in additional tier I capital. The coupon rate is 9.21% payable annually. The announcement was made after market hours yesterday, 29 March 2017.

Union Bank of India announced that it has issued 2,500 non-convertible, unsecured subordinated Basel III Compliant perpetual debt instruments aggregating to Rs 250 crore, eligible for inclusion in Additional Tier 1 (AT1) Capital. The bonds were issued on private placement basis. They carry a coupon rate of 9.1% per annum payable annually.

The AT1 bonds are rated BWR AA+/Stable by Brickwork Rating India (Brickwork) and IND AA by India Ratings and Research (India Ratings). The announcement was made after market hours yesterday, 29 March 2017.

Alkem Laboratories said that the United States Food and Drug Administration (USFDA) has issued an Establishment Inspection Report (EIR) for the companys active pharmaceutical ingredient (API) manufacturing facility located at Ankaleshwar, which was inspected in December 2016.

The inspection has now been closed by the USFDA. In response to the Form 483 issued by the USFDA, the company had submitted a detailed corrective and preventive action (CAPA) plan to the regulator within the stipulated timelines. The USFDA has reviewed the CAPA and has found them acceptable. The announcement was made after market hours yesterday, 29 March 2017.

Bharat Financial Inclusion said it has completed a securitization transaction for a pool amount of Rs 223.42 crore. With this, the company has completed four securitization transactions aggregating to Rs 1075.86 crore in FY17. The entire pool qualifies for Priority Sector treatment as per the Reserve Bank of Indias Priority Sector lending guidelines.

The pool has been rated AA (SO) by a leading rating agency, signifying a high degree of safety regarding timely servicing of financial obligations. Such instruments carry very low credit risk. The announcement was made after market hours yesterday, 29 March 2017.

Auto stocks will be watched after the Supreme Court yesterday, 29 March 2017, passed an order for ban on sale of vehicles that do not meet BS IV emission standards on and from 1 April 2017.

In this context, Hero MotoCorp, the leading two-wheeler manufacturer, said that, recognizing the need of the hour, it carefully planned a proactive move to switch from BS III to BS IV compliant products across all its range well in time and has been producing only BS IV compliant products since one month before the given deadline.

Hero MotoCorp said it has reduced its BS III inventory significantly in the past few months with the aim to minimize its stakeholder losses. However, environmental protection will take precedence over temporary financial benefits, it added. The announcement was made after market hours yesterday, 29 March 2017.

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Thermax enters into definitive agreement with Weiss SP Z.O.O., Poland
Mar 29,2017

Thermax has entered into definitive agreement with Weiss SP Z.O.O., Poland on 28 March 2017, to acquire 100% share capital of Barite Investments SP Z.O.O., Poland through its step down subsidiary in Denmark. With this, the said entity will become a step down subsidiary of the Company.

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Adani Welspun Exploration awarded contract area B-9 cluster by GoI
Mar 29,2017

Welspun Enterprises announced that Adani Welspun Exploration in which it holds 35% stake, has been awarded the contract area B-9 Cluster by the Government of India in the recently concluded bidding of the Discovered Small Field Bids Round (DSF 2016).

The area of the Cluster is 183 Square Kilometres, and comprises of three offshore fields, B-9, B-7 and BRC, located in the Mumbai Offshore basin. The block is in close proximity to AWELs prospective exploratory block (MB/OSN/2005/2) and ONGCs B-12 area, which is under advanced stage of development.

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Bombay Dyeing & Manufacturing Company appoints director
Mar 29,2017

Bombay Dyeing & Manufacturing Company announced that the Board of Directors of the Company at its meeting held on 29 March 2017, has approved the appointment of Dr. Minnie Bodhanwala (DIN - 00422067) as an Additional Non-Executive - Non-Independent Director.

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