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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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Paramount Printpackaging to hold board meeting
Feb 10,2017

Paramount Printpackaging will hold a meeting of the Board of Directors of the Company on 14 February 2017, to consider and approve, the Unaudited Financial Results of the Company for the quarter ended on 31 December 2016.

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SSPN Finance to hold board meeting
Feb 10,2017

SSPN Finance will hold a meeting of the Board of Directors of the Company on 14 February 2017, to consider adoption and approval of An Un-Audited Financial Results for the quarter ended on 31 December 2016.

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Seshachal Technologies to hold board meeting
Feb 10,2017

Seshachal Technologies will hold a meeting of the Board of Directors of the Company on 14 February 2017, to consider and approve, the Unaudited Financial Results of the Company for the quarter ended on 31 December 2016.

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Board of Bharat Petroleum Corporation recommends special dividend
Feb 10,2017

Bharat Petroleum Corporation announced that the Board of Directors of the Company at its meeting held on 9 February 2017, inter alia, have recommended the special dividend of Rs 4 per equity Share (i.e. 40%), subject to the approval of the shareholders.

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Board of Bharat Petroleum Corporation recommends dividend
Feb 10,2017

Bharat Petroleum Corporation announced that the Board of Directors of the Company at its meeting held on 9 February 2017, inter alia, have recommended the dividend of Rs 15.5 per equity Share (i.e. 155%) , subject to the approval of the shareholders.

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Praj Industries allots 2 lakh equity shares
Feb 10,2017

Praj Industries announced that pursuant to the provisions of the Praj Employee Stock Option Plan 2005, the option grantee has exercised 2,00,000 Stock grants equivalent to 2,00,000 Equity shares of face value Rs. 21- each of the Company.

Accordingly, the duly authorised Compensation & Share Allotment Committee of the Board of Directors of the Company has allotted 2,00,000 Equity shares on 10 February 2017 at an exercise price of Rs.72.70 per Equity share to the option grantee in terms of Praj Employee Stock Option Plan 2005.

Consequently, the issued, subscribed and paid- up share capital of the Company stands increased to 179,017,436 Equity shares of Rs.2/- each.

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Non-expansionary Budget, Unlikely to Catalyse Investment Demand in FY18
Feb 10,2017

Despite fiscal deficit pegged at 3.2% of GDP, a deviation from the target of 3% set out in the Medium Term Fiscal Policy of FY17, Ind-Ra opines that the Union Budget FY18 is non-expansionary. In fact, the total expenditure to GDP ratio at 12.7% for FY18 is lower than 13.4% for FY17 revised estimate (RE).

As the capital expenditure has remained at about 1.8% of GDP in both FY18 and FY17RE, lowering of total expenditure has been on account of compression in revenue expenditure. Revenue expenditure to GDP ratio, therefore, declined to 10.9% in FY18 as compared to 11.5% in FY17RE. This has also led to improvement in the quality of deficit which is measured as percentage of revenue deficit in fiscal deficit. Although the quality of fiscal deficit is still nowhere close to the levels attained before the global financial crisis, it has been estimated at 58.8% for FY18, down from 81.0% in FY10.

Ind-Ra, however, believes the target for debt sustainability should be primary deficit and not fiscal deficit. From the point of view of debt sustainability two items that are critical are - (i) primary deficit (fiscal deficit net of interest payment) and (ii) rate spread (difference between the nominal growth of the economy and average interest rate on debt stock). Since FY11, rate spreads have reduced and primary deficit has increased leading to escalation in debt to GDP ratio. Reduction in primary deficit with some support from a stable rate spread can help India achieve general government debt to GDP ratio of 60% over the next three years as recommended by the N. K. Singh Committee.

Although the net tax/GDP ratio in FY17 improved to 7.2% from 6.9% in FY16 and is budgeted to increase to 7.3% in FY18, it is still nowhere close to the pre-global financial crisis level of 8.8%.

The budgeted growth in excise duty and service tax collection for FY18 appears to be conservative. Ind-Ra believes this has been done to keep the headroom available to offset the shortfall, if any, arising out of other tax/non tax heads such as disinvestment and still meet the fiscal deficit target.

Despite budgeted 10.7% growth in governments capital expenditure in FY18, Ind-Ra feels investment demand will remain muted as the government capex share in total investment is just about 5%.

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Praj Industries allots 38910 equity shares
Feb 10,2017

Praj Industries announced that pursuant to the provisions of the Praj Employee Stock Option Plan 2011, some of the option grantees have exercised 38,910 Stock grants equivalent to 38,910 Equity shares of face value Rs. 2/- each of the Company.

Accordingly, the duly authorised Compensation & Share Allotment Committee of the Board of Directors of the Company has allotted 38,910 Equity shares on 10 February 2017 at an exercise price of Rs.55.75 per Equity share to the option grantees in terms of Praj Employee Stock Option Plan 2011.

Consequently, the issued, subscribed and paid- up share capital of the Company stands increased to 179,056,346 Equity shares of Rs.2/- each.

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Dune Mercantile announces change in directorate
Feb 10,2017

Dune Mercantile announced that Mayank Agarwal has resigned from Directorship and Sunil Choukse has appointed as additional director of the Company with effect from 10 February 2017.

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SBI gains after good Q3 report card
Feb 10,2017

The result was announced during trading hours today, 10 February 2017.

Meanwhile, the BSE Sensex was up 11.20 points, or 0.04%, to 28,340.90

On the BSE, so far 50.47 lakh shares were traded in the counter, compared with average daily volumes of 19.06 lakh shares in the past one quarter. The stock had hit a high of Rs 282.45 and a low of Rs 276.65 so far during the day. The stock hit a 52-week high of Rs 288.50 on 11 November 2016. The stock hit a 52-week low of Rs 148.30 on 12 February 2016.

The large-cap bank has equity capital of Rs 797.35 crore. Face value per share is Re 1.

State Bank of India (SBIs) consolidated net profit rose 70.88% to Rs 2152.23 crore on 11.89% increase in total income to Rs 75537.22 crore in Q3 December 2016 over Q3 December 2015.

SBI is Indias biggest bank in terms of branch network. The Government of India currently holds 61.23% stake in SBI (as per the shareholding pattern as on 20 January 2017).

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Large Corporates Pull Through from Cash Shortage, Demonetisation Impact Credit Neutral
Feb 10,2017

The impact of demonetisation on the credit profile of large corporates (revenue over INR2.5 billion) is neutral, with no major rating changes envisaged due to its after-effects, says India Ratings and Research (India Ratings). Based on a sensitivity analysis of all corporates in our portfolio India Ratings believes large corporates have sufficient liquidity buffers to meet debt servicing obligations.

The immediate impact of demonetisation on revenues of large corporates in 3QFY17 ranges from nil for the export-oriented sectors namely IT/ITeS, to a significant impact on the auto, real estate, gems and jewellery sectors, with a gradual recovery expected as cash availability improves in 4QFY17. Despite the cash shortage hurting some sectors significantly in 3QFY17, the impact on their credit profile is cushioned by the availability of sufficient liquidity (in the form of cash & equivalents or unutilised working capital limits) to meet the debt servicing obligations. India Ratings believes large corporates also have sufficient rating headroom to absorb the transitory impact on revenue, profitability and working capital.

The impact of demonetisation has been varied, depending on the extent and nature of cash usage within an industry. The revenue of sectors which are predominantly digital due to their focus on exports or business to business sales (for instance, IT/ITeS) is not impacted by the tight liquidity conditions. However sectors which are predominantly digital may also face temporary disruption due to of their employee payments, for instance, construction or supply chain payments historically which were done in cash.

Sectors which rely on consumer spending saw a fall in sales during the cash shortage period, with eventual recovery once normalisation of cash availability is achieved. The extent of impact would depend on the level of discretion involved in spending (impact on hospitals is lower compared to auto or luxury retail) and the proportion of transactions in cash.

A couple of sectors wherein the nature of cash usage is often considered dubious (such as real estate, gems and jewellery) faced a significant fall in sales during the cash shortage period, with a lasting impact on the sector and the sector adapting to a new normal, especially in the unorganised segment. Organised players and large corporates in such sectors will benefit in the long-run.

The sectors which are ancillary to the impacted sectors such as auto components, cement, steel or other metals will also see the ripple effects of demonetisation.

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Board of Jumbo Bag appoints director
Feb 10,2017

Jumbo Bag announced that Board of Directors at their meeting held on 09 February 2017 has approved the appointment of Renuka Mohan Rao as an Additional Director (Non Executive, Independent) on Board of the Company effective from 09 February 2017 to hold office up to the next Annual General Meeting where the appointment will be placed for the members approval.

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Symphony to pay 3rd interim dividend
Feb 10,2017

Symphony announced that 3rd interim dividend of 50% i.e. Rs. 1/- per equity share of Rs. 2/- each will be paid on or before 10 March 2017.

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Symphony fixes record date for 3rd interim dividend
Feb 10,2017

Symphony has fixed 03 March 2017 as Record Date for the purpose of Payment of Third Interim Dividend.

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Board of Symphony declares 3rd interim dividend
Feb 10,2017

Symphony announced that the Board of Directors of the Company at its meeting held on 10 February 2017, declared 3rd Interim Dividend of 50% i.e. Rs. 1/- per equity share of Rs. 2/- each amounting to Rs. 841.99 lacs including dividend distribution tax. The interim dividend will be paid on or before 10 March 2017.

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