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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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Cooperatives can Play a Very Important Role in Creating Job Opportunities in Rural Areas: Radha Mohan Singh
Nov 17,2016

The Union Agriculture and Farmers Welfare Minister, Shri Radha Mohan Singh has said that cooperatives can play a paramount role in creating employment opportunities in rural areas. .Cooperatives related to dairy have proved this while creating employment opportunities in plenty. Shri Radha Mohan Singh said that cooperatives have made themselves prominent in every walk of life and through the vast network of cooperatives about 100 million people have benefitted with opportunities of employment throughout the world. The Minister of Agriculture was speaking at a conference of the 12th International Cooperative Alliance (ICA) - Asia Pacific Regional Assembly and 9th Cooperative Forum.

The Minister added that the Government of India has launched a number of schemes of paramount importance under the guidance of Honble Prime Minister, Shri Narendra Modi. Shri Singh said that cooperatives can play a vital role in implementing schemes such as Toilets in Schools, Jan Dhan Yojana, Swachh Bharat Abhiyan, Pradhan Mantri Krishi Sinchai Yojana, Make in India, Soil Health Card because it has large network spread in the remotest areas as well as in villages. The Minister further said that government has put a strong thrust on the creation of employment opportunities related to skills. As nearly 65% population of the country is below 38. Keeping in view this sort of scenario the cooperatives can play a very important role in creating the opportunities of employment as well as access to rural areas.

Shri Singh opined that ICA Asia Pacific Regional Assembly has sustained development for all, which is very much consistent with present perspective. This corresponds to the sustainable development agenda 2030 of the United Nations which has put a special thrust on reaching the target of sustainable development comprised of poverty abolition, health services, employment creation and check on climate change.

Shri Radha Mohan Singh further said that there are more than 6 lakh cooperatives in the country. The membership of them has gone up as the 2491.20 million. These cooperatives have made the cooperative movement as the largest movement in the world. These cooperatives are working in the regime of fertilizers delivery, sugar production, handlooms as well as retail sector. The cooperatives sector imparts self employment to 17.80 million people and cooperatives related to fisheries, labour, handlooms and gender cooperatives have played very important role in bringing improvement in social economic condition of the weaker sections of the society. The cooperatives related to dairy sector have made the country self dependent by realizing n++White Revolutionn++. Housing cooperatives have provided facilities of accommodation to the weaker section of the society at reasonable price.

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Ashoka Buildcon provides update on project SPV - Ashoka Highways (Durg)
Nov 17,2016

Ashoka Buildcon announced that one of its Project SPVs viz. Ashoka Highways (Durg) (SPV) has issued Non-Convertible Debentures (NCDs) of Rs. 200 crore to IDFC Infra Debt, as a part of refinancing. The NCDs will carry Coupon rate @ 9.40% per annum. The SPV has re-paid the rupee term of Rs. 200 Cr. loan carrying interest cost @ 9.90% per annum.

Post issue of NCDs, the average interest cost has been reduced to 9.62% per annum resulting in saving of interest cost @ 0.28% per annum.

Further the Company has informed that, the SPV executes the Project viz. to carry on the business of construction, operation, maintenance of End of Durg Bypass - Chattisgarh/Maharashtra Border, Section from KM 322.4 to KM 405.0 of NH - 6 in the State of Chattisgarh under NHDP Phase IIIA on Build, Operate and Transfer (BOT) basis.

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Lupin in pink of health after receiving USFDAs final approval for drug
Nov 17,2016

The announcement was made during market hours today, 17 November 2016.

Meanwhile, the S&P BSE Sensex was down 100.01 points or 0.38% at 26,198.68.

On BSE, so far 47,871 shares were traded in the counter as against average daily volume of 1.03 lakh shares in the past one quarter. The stock hit a high of Rs 1,437.70 and a low of Rs 1,405, so far during the day. The stock had hit a 52-week high of Rs 1,911.55 on 9 February 2016. The stock had hit a 52-week low of Rs 1,294.05 on 29 March 2016. The stock outperformed the market over the past one month till 16 November 2016, dropping 3.88% compared with the Sensexs 4.97% fall. The scrip however underperformed the market in past one quarter, declining 11.45% as against the Sensexs 6.29% decline.

The large-cap company has equity capital of Rs 90.25 crore. Face value per share is Rs 2.

Lupin said that its US subsidiary, Gavis Pharmaceuticals LLC., USA received final approval for its Hydrocodone Bitartrate and Acetaminophen Tablets USP, 5mg/300 mg, 7.5 mg/300 mg & 10 mg/300 mg from the United States Food and Drug Administration (USFDA) to market a generic equivalent of Mikart, Incs Hydrocodone Bitartrate and Acetaminophen Tablets USP, 5 mg/300 mg, 7.5 mg/300 mg & 10 mg/300 mg.

Lupins Hydrocodone Bitartrate and Acetaminophen Tablets USP, 5 mg/300 mg, 7.5 mg/300 mg & 10 mg/300 mg are the AA rated generic equivalent of Mikart, Incs Hydrocodone Bitartrate and Acetaminophen Tablets USP, 5 mg/300 mg, 7.5 mg/300 mg & 10 mg/300 mg. It is indicated for the relief of moderate to moderately severe pain. Hydrocodone Bitartrate and Acetaminophen Tablets USP had US sales of $89.6 million as per IMS MAT September 2016 data.

Lupins consolidated net profit jumped 57.8% to Rs 662.19 crore on 31.9% rise in net sales to Rs 4211.18 crore in Q2 September 2016 over Q2 September 2015.

Lupin is a pharmaceutical company producing and developing a wide range of branded & generic formulations, biotechnology products and active pharmaceutical ingredients (APIs) globally. The company is a significant player in the cardiovascular, diabetology, asthma, pediatric, CNS, GI, anti-infective and NSAID space and holds global leadership position in the anti-TB segment.

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Resolution of more than 100 cases under MAP and Agreement on terms and conditions of First ever Bilateral APA involving India and USA
Nov 17,2016

The Bilateral Competent Authority Mutual Agreement Procedure (MAP) / Advance Pricing Agreement (APA) meeting between India and USA was held in Washington DC, USA during the last week of October, 2016. The discussions in the meeting were focussed on resolving MAP cases pending for a long time and to achieve significant developments in Bilateral APA Process.

During the meeting, 66 MAP cases relating to Transfer Pricing issues and 42 MAP cases relating to Treaty Interpretation issues were agreed to be resolved successfully. The total amount that was locked-up in dispute in these cases is approximately Rs.5,000 crore and these cases were related to Assessment Years ranging from AY 1999-2000 to AY 2011-12. The resolved cases pertain to various issues like transfer pricing adjustments made to the international transactions in the nature of Payment of Royalty, Payment of Management Fees, Cost Contribution Arrangements, Engineering Design Services, Contract R&D Services, Investment Advisory Services, Marketing Support Services, Software Development Services, IT enabled Services (both BPO and KPO services) etc. and treaty interpretative issues in the nature of Presence of Permanent Establishment (PE) in India and Profit Attribution to such PEs, disputes pertaining to royalty income v/s business income of foreign companies, etc.

Further, during the meeting, the two Competent Authorities reached an agreement on the terms and conditions of the first ever Bilateral APA involving India and USA. Though India started its Bilateral APA process with the USA by accepting applications from the Indian taxpayers from FY 2012-13, the USA started its Bilateral Process with India only in February 2016 by way of accepting applications from US taxpayers. Within a short span of 8 months, the Agreement has been reached upon in the first ever Bilateral APA involving India and USA.

The speedy resolution of cases and agreement on Bilateral APA due to effective mechanism of development of mutual trust and cooperation between the Competent Authorities of two countries would really be a positive factor in creating a conducive atmosphere for investments and business by US Companies in India.

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Federal Bank gains after bulk deal
Nov 17,2016

Meanwhile, the S&P BSE Sensex was down 6.56 points or 0.02% at 26,292.13

On BSE, so far 8.06 lakh shares were traded in the counter as against average daily volume of 10.86 lakh shares in the past one quarter. The stock hit a high of Rs 74.20 and a low of Rs 72.30 so far during the day. The stock had hit a 52-week high of Rs 85.90 on 26 October 2016. The stock had hit a 52-week low of Rs 41.35 on 12 February 2016. The stock outperformed the market over the past 30 days till 16 November 2016, rising 0.77% compared with the Sensexs 6.25% fall. The scrip also outperformed the market in past one quarter, gaining 11.57% as against the Sensexs 6.49% decline.

The large-cap private-sector bank has equity capital of Rs 344.23 crore. Face value per share is Rs 2.

Federal Banks net profit rose 24.78% to Rs 201.24 crore on 11.67% rise in total income to Rs 2327.79 crore in Q2 September 2016 over Q2 September 2015.

Federal Bank is one of the leading private sector banks in India.

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Goa Carbon temporarily shuts down plant
Nov 17,2016

Goa Carbon announced that the operations at the Companys Goa Plant located at St. Jose de Areal, Salcete-Goa, has been temporarily shut down from 16 November 2016.

There would not be any financial impact due to the temporary shutdown of the Companys Goa Unit on account of sufficient inventory of finished material.

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Volumes jump at Fag Bearing (India) counter
Nov 17,2016

Fag Bearing (India) clocked volume of 14,000 shares by 13:00 IST on BSE, a 46.31-times surge over two-week average daily volume of 1,291 shares. The stock fell 0.11% to Rs 4,150.

Cyient notched up volume of 1.68 lakh shares, a 31.72-fold surge over two-week average daily volume of 5,000 shares. The stock dropped 0.81% to Rs 465.95.

Persistent Systems saw volume of 1.28 lakh shares, a 15.82-fold surge over two-week average daily volume of 8,000 shares. The stock gained 0.06% to Rs 607.

Godrej Consumer Products clocked volume of 1.38 lakh shares, a 13.07-fold surge over two-week average daily volume of 11,000 shares. The stock declined 0.83% to Rs 1,403.55.

Carborundum Universal saw volume of 3.22 lakh shares, a 8.83-fold rise over two-week average daily volume of 36,000 shares. The stock rose 3.6% to Rs 259.30.

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Triveni Engineering & Industries to announce Q2 and HY results
Nov 17,2016

Triveni Engineering & Industries announced that a meeting of the Board of Directors of the Company will be held on 28 November 2016, inter-alia, to consider and take on record Unaudited Financial Results of the Company for the 2nd quarter/half year (Q2/H1 FY17) ended 30 September 2016.

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Board of Jindal Stainless (Hisar) to consider September quarter results and fund raising
Nov 17,2016

Jindal Stainless (Hisar) announced that a meeting of Board of Directors of the Company will be held on 22 November 2016 to consider and approve the unaudited standalone financial results of the Company for the quarter and half year ended 30 September 2016 and proposal for raising of funds by way of acceptance of fixed deposit.

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Moodys Affirms Indias Baa3 Rating; Maintains Positive Outlook
Nov 17,2016

Moodys Investors Service (Moodys) has affirmed the Government of Indias Baa3 issuer and senior unsecured ratings and maintained the positive outlook on the rating. Moodys has also affirmed Indias P-3 short-term local currency rating.

The decision to maintain a positive outlook on the Baa3 rating rather than assigning a stable outlook to the rating at either Baa3 or Baa2 reflects two drivers:

- Economic and institutional reforms introduced since the positive outlook was assigned, and potentially forthcoming, continue to offer a reasonable expectation that Indias growth will outperform that of its peers over the medium term and that further improvements in its macro-economic and institutional profile will be achieved.

- However, the reform effort to date has not yet achieved the conditions that would support an upgrade to Baa2, in particular in accelerating private investment to support high, stable growth, without which the governments debt burden -- a key constraint on the rating -- is likely to remain high for a sustained period.

RATINGS RATIONALE

Moodys assigned a positive outlook to Indias Baa3 rating in April 2015 to reflect our view that Indias policymakers were establishing a framework that would likely allow the countrys growth to continue to outperform that of its peers over the medium term, and improve its macro-economic, infrastructure and institutional profile to levels commensurate with a higher rating.

Having assessed progress made since then, Moodys conclusion is that important steps have been taken to strengthen Indias institutions. However, thus far, the policy effort has not delivered a sufficiently clear prospect of the reform dividends -- sustained, high growth and the promise of a reduction in the countrys debt burden -- to support an upgrade.

Moodys still expects that the measures taken to date, together with further reforms, will in time achieve those objectives and support an upgrade to Baa2. However, a further period is needed to assess how the reform program will evolve and the likely impact of recent and potential future reforms on growth and, over time, on Indias debt burden.

RATIONALE FOR MAINTAINING THE POSITIVE OUTLOOK

The positive outlook denotes Moodys expectation that, over time, Indias credit metrics will likely shift to levels consistent with a Baa2 rating. In particular, the outlook reflects our expectation that continued policy reform implementation will allow balanced growth to support a reduction in the government debt burden, currently a constraint on Indias rating.

A broad range of policies have been implemented that are conducive to moderate inflation and limited current account deficits. In addition, a number of policy reforms, if effective, would lead to higher investment and more efficient savings.

In particular, the passage and ongoing implementation of a range of economic reform measures, including the Goods and Services Tax and reform of the bankruptcy code, points to improvements in government effectiveness. This assessment is also supported by higher rankings in the World Economic Forum Global Competitiveness Index and World Bank Worldwide Governance Indicators.

Thus far, private investment has not picked-up in response to the governments measures, denoting limited policy effectiveness. Investment has been constrained by high leverage in some sectors, a relatively unfavorable global environment and, in some cases, limited access to finance. Businesses are also likely to have opted to wait for more certainty about the tangible implications of reforms on their operating environment.

Policy reforms are still relatively recent with material uncertainty about the effectiveness of measures already implemented and whether momentum will sustain. The coordination and alignment of objectives between different parts of the government and the private sector poses implementation challenges.

RATIONALE FOR AFFIRMING THE Baa3 RATING

Indias core credit strengths are its size and growth potential, which are amongst the highest of Moodys-rated sovereigns and provide key support to its Baa3 rating.

Low incomes constrain Indias sovereign credit profile by limiting the governments revenue base and adding to its social and development spending requirements. However, incomes are growing. GDP per capita in India was 11% of the US levels on a Purchasing Power Parity basis in 2015 -- still well below the level in other Baa-rated sovereigns. But this level marks an increase from 6.6% of US levels in 2005 and 9.2% in 2010.

In an environment of lackluster global trade which we expect to continue, Indias very large domestic markets provide a relative competitive advantage compared to other, smaller and more trade-reliant economies.

As the economy shifts towards higher value-added and higher productivity growth, incomes will continue to rise faster than in most other economies. Combined with the very large size of the economy which prevents high concentration and hence vulnerability to sector-specific shocks, higher incomes will bolster economic resilience.

Indias significantly reduced and now very low external vulnerability also contributes to resilience by sheltering the economy from abrupt changes in financing conditions. The marked narrowing of current account deficits, to around 0.5-1.5% of GDP, from as high as nearly 5% of GDP in 2013 is partly accounted for by the lower cost of energy imports and policy measures that have dis-incentivized gold imports, which would outlast fluctuations in commodity prices.

Together with marked increases in Foreign Direct Investment, which now provides full financing of the current account deficit, this indicates limited external vulnerability.

However, India continues to display a number of features which constrain the credit rating.

First, year to year, incomes and consumption remain more vulnerable to negative shocks than in other Baa-rated sovereigns. With low per capita incomes at around $6,000 on a PPP basis limit, households have very limited capacity to absorb negative income shocks, whether domestic, external or weather related.

For instance, monsoon rains are critical for Indias agricultural sector given that almost half of the countrys farm land is not irrigated. Half of Indias overall consumption comes from rural sector and a major portion of rural incomes is dependent on agriculture.

In addition, the governments debt burden is high and is likely to remain so for some time. Room to reduce the deficit quickly is limited. Wages and salaries account for about 50% of total expenditure with a large, once in 10 years, increase in central government compensation just implemented. The shift towards cash-based benefit transfers, if effective, will help reduce some of the current inefficiencies of current spending. However, more rapid cuts in spending for instance through reductions in public investment outlays compared to current plans would have a negative economic impact.

Meanwhile, on the revenue side, Indias large low-income population limits the governments tax revenue base. At 20.9% of GDP in 2015, general government revenues were markedly lower than the 27.1% median for Baa-rated sovereigns. Although the implementation of GST and other measures aimed at enhancing income declarations and tax collection will help widen and boost revenues, the effects will only materialize over time and their magnitude is uncertain so far.

As a result, the general government deficits will remain sizeable and any reduction in Indias government debt burden will largely rely on robust nominal GDP growth. We expect that the debt-to-GDP ratio will hover around the current levels, at 68.6% in 2015, before falling gradually as nominal GDP growth is sustained and revenue-broadening and expenditure efficiency-enhancing measures take effect.

The banking sector also continues to pose material contingent liability risks to the soverei

Lupin gets final approval for Hydrocodone Bitartrate and Acetaminophen Tablets
Nov 17,2016

Lupin announced that its subsidiary, Gavis Pharmaceuticals LLC, has received final approval for its Hydrocodone Bitartrate and Acetaminophen Tablets USP, 5mg/300mg, 7.5mg/300mg and 10mg/300mg from United States Food and Drug Administration to market a generic equivalent of MilKart Incs Hydrocodone Bitartrate and Acetaminophen Tablets USP, 5mg/300mg, 7.5mg/300mg and 10mg/300mg.

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Gayatri Projects builds up after JV company constructs first unit of power plant
Nov 17,2016

The announcement was made after market hours yesterday, 16 November 2016.

Meanwhile, the BSE Sensex was up 41.54 points, or 0.16%, to 26,339.85.

On BSE, so far 403 shares were traded in the counter, compared with average daily volume of 5,379 shares in the past one quarter. The stock hit a high of Rs 627.35 and a low of Rs 610.05 so far during the day. The stock hit a record high of Rs 790 on 23 September 2016. The stock hit a 52-week low of Rs 482 on 17 February 2016. The stock underperformed the market over the past one month till 16 November 2016, falling 7.24% compared with the Sensexs 4.97% fall. The scrip also underperformed the market in past one quarter, declining 7.24% as against the Sensexs 6.29% decline.

The mid-cap company has equity capital of Rs 35.45 crore. Face value per share is Rs 10.

Gayatri Projects said that the second unit of the 660 megawatts (MW) is expected to be completed in the first quarter of 2017. Sembcorp Gayatri Power (SGPL), formerly NCC Power Projects, is a joint venture between Sembcorp Industries wholly owned subsidiary, Sembcorp Utilities and Gayatri Energy Ventures, a wholly owned subsidiary of Gayatri Projects. The 1,320 megawatts capacity power plant is located at Krishnapatnam in Andhra Pradeshs SPSR Nellore District. Sembcorp Industries is a leading energy, water and marine group operating across five continents worldwide.

Gayatri Projects consolidated net profit jumped 50.8% to Rs 16.35 crore on 6.6% growth in net sales to Rs 431.03 crore in Q1 June 2016 over Q1 June 2015.

Gayatri Projects is a Hyderabad-based infrastructure and construction company with a presence across the segment, and a special focus on road and irrigation projects.

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Sanofi India collaborates with NIPER, Kolkata
Nov 17,2016

Sanofi India signed a MoU with National Institute of Pharmaceutical Education and Research, Kolkata. The collaboration with NIPER will set promote academic excellence and research in areas of pharmaceuticals and consumer healthcare products, to cater to the current and future needs of the pharma industry.

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Inox Wind rises after new order win
Nov 17,2016

The announcement was made during trading hours today, 17 November 2016.

Meanwhile, the BSE Sensex was up 40.24 points, or 0.15%, to 26,338.93

On BSE, so far 9,838 shares were traded in the counter, compared with average daily volume of 86,419 shares in the past one quarter. The stock hit a high of Rs 188.75 and a low of Rs 183.50 so far during the day. The stock hit a 52-week high of Rs 378.40 on 23 December 2015. The stock hit a record low of Rs 161 on 6 September 2016. The stock underperformed the market over the past 30 days till 16 November 2016, sliding 18.68% compared with the Sensexs 6.25% fall. The scrip, however, outperformed the market in past one quarter, declining 1.94% as against the Sensexs 6.49% decline.

The mid-cap company has equity capital of Rs 221.92 crore. Face value per share is Rs 10.

Inox Wind said that the company has bagged a repeat order for a 40 MW wind power project to be deployed in Gujarat from Roha Dyechem. The project is scheduled to be commissioned by March 2017 and will be executed on turnkey basis. The order is a part of the 350 MW of orders announced by the company on 3 October 2016.

The order comprises of supply and installation of 20 units of Inox Winds pioneering 113 meter rotor diameter turbine. The 113 meter rotor diameter turbines are part Inoxs successful 2 MW platform and presently the companys most technologically advanced wind- turbine variant, the company said. As part of the turnkey order, Inox Wind will provide Roha Dyechem with end to end solutions from development and construction to commissioning and providing long term operations and maintenance services, it said.

Established in 1972, Roha Dyechem is one of the fastest growing manufacturers of natural and synthetic colours, specializing in the food & beverage, paints, fertilizers, cosmetics and pharmaceutical industries.

On a consolidated basis, net profit of Inox Wind declined 39.93% to Rs 56.42 crore on 21.33% decline in net sales to Rs 797.67 crore in Q2 September 2016 over Q2 September 2015.

Inox Wind is a fully integrated player in the wind energy market with three manufacturing plants at Gujarat, Himachal Pradesh and Madhya Pradesh.

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Arvind Infrastructure renamed as Arvind SmartSpaces
Nov 17,2016

Arvind Infrastructure announced that the name of the Company has been changed from Arvind Infrastructure to Arvind SmartSpaces, w.e.f. 16 November 2016 by virtue of Certificate of Incorporation pursuant to change of name [Pursuant to rule 29 of the Companies (Incorporation) Rules, 2014] issued by the office of Registrar of Companies, Gujarat.

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