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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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Elcid Investments to announce December quarter results
Jan 05,2017

Elcid Investments announced that the meeting of Board of Directors of the Company is scheduled to be held on 19 January 2017 to consider and take on record the audited financial results for the quarter ended on 31 December 2016.

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Rosekamal Textiles to announce December quarter results
Jan 05,2017

Rosekamal Textiles announced that the Board of Directors are scheduled to meet on 24 January 2017 to consider interalia, Quarterly unaudited performance of the Company for three months ended 31 December 2016.

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Volumes jump at NRB Bearings counter
Jan 05,2017

NRB Bearings clocked volume of 5.01 lakh shares by 13:17 IST on BSE, a 246.24-times surge over two-week average daily volume of 2,000 shares. The stock surged 4.72% at Rs 112.

Carborundum Universal notched up volume of 4.07 lakh shares, a 63.31-fold surge over two-week average daily volume of 6,000 shares. The stock rose 1.33% at Rs 254.50.

MBL Infrastructures saw volume of 16.66 lakh shares, a 30.54-fold surge over two-week average daily volume of 55,000 shares. The stock was locked at 5% upper circuit at Rs 38.25.

Supreme Industries clocked volume of 60,000 shares, a 28.49-fold surge over two-week average daily volume of 2,000 shares. The stock lost 1.3% at Rs 876.80.

Just Dial saw volume of 8.64 lakh shares, a 7.1-fold rise over two-week average daily volume of 1.22 lakh shares. The stock jumped 12.63% at Rs 386.55.

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Board of ICICI Bank to consider Q3 and 9M results
Jan 05,2017

ICICI Bank announced that the Board of Directors of the Bank will, inter alia, consider the approval of audited accounts for the quarter and nine months ended 31 December 2016 (Q3) at its Meeting to be held on 31 January 2017.

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Bijlee Textiles to announce December quarter results
Jan 05,2017

Bijlee Textiles announced that the Board of Directors are scheduled to meet on 24 January 2017 to consider interalia, Quarterly unaudited performance of the company for three months ended 31 December 2016.

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Board of Manappuram Finance to consider Q3 results
Jan 05,2017

Manappuram Finance announced that the Board of Directors of the Company will be meeting on 09 February 2017 interalia to consider the Un-audited Consolidated and Standalone Financial Results of the Company for the quarter ended 31 December 2016 (Q3).

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Board of Aurum Soft Systems to consider Q3 and 9M results
Jan 05,2017

Aurum Soft Systems announced that a meeting of the Board of Directors of the Company will be held on 13 January 2017, to consider the audited financial results of the Company for the quarter and the Nine Months ended 31 December 2016.

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Just Dial leads gainers in A group
Jan 05,2017

Just Dial jumped 11.13% to Rs 381.40 at 12:35 IST. The stock topped the gainers in the BSEs A group. On the BSE, 7.62 lakh shares were traded on the counter so far as against the average daily volumes of 1.22 lakh shares in the past two weeks.

Jindal Steel & Power rose 6.39% to Rs 75.80. The stock was the second biggest gainer in A group. On the BSE, 9.98 lakh shares were traded on the counter so far as against the average daily volumes of 10.75 lakh shares in the past two weeks.

JSW Steel gained 6.32% at Rs 173.30. The stock was the third biggest gainer in A group. On the BSE, 3.91 lakh shares were traded on the counter so far as against the average daily volumes of 61,000 shares in the past two weeks.

Unitech surged 6.29% at Rs 4.73. The stock was the fourth biggest gainer in A group. On the BSE, 54.05 lakh shares were traded on the counter so far as against the average daily volumes of 49.68 lakh shares in the past two weeks.

PTC India jumped 5.82% to Rs 78.20. The stock was the fifth biggest gainer in A group. On the BSE, 4.96 lakh shares were traded on the counter so far as against the average daily volumes of 75,000 shares in the past two weeks.

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Dena Bank gains on fund raising plan
Jan 05,2017

The announcement was made after market hours yesterday, 4 January 2017.

Meanwhile, the S&P BSE Sensex was up 213.91 points or 0.8% at 26,847.04.

On the BSE, 64,000 shares were traded on the counter so far as against the average daily volumes of 1.13 lakh shares in the past one quarter. The stock had hit a high of Rs 34.45 and a low of Rs 33.90 so far during the day.

The stock had hit a 52-week high of Rs 43.90 on 7 July 2016 and a 52-week low of Rs 25.60 on 26 February 2016. It had underperformed the market over the past one month till 4 January 2017, sliding 2.63% compared with the Sensexs 1.53% rise. The scrip had also underperformed the market in past one quarter, declining 13.82% as against the Sensexs 6% fall.

The small-cap bank has equity capital of Rs 787.15 crore. Face value per share is Rs 10.

Dena Bank reported net loss of Rs 44.32 crore in Q2 September 2016 compared with net profit of Rs 38.76 crore in Q2 September 2015. Total income rose 1.5% to Rs 2914.13 crore in Q2 September 2016 over Q2 September 2015.

The Government of India (GoI) held 68.56% stake in Dena Bank as on 3 October 2016.

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NIIT awarded status of Accredited Learning Provider
Jan 05,2017

NIIT announced that it has been awarded the status of Accredited Learning Provider for its commitment to high quality and process improvement in the provision of learning, development and training services to clients by the Learning and Performance Institute, UK.

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Moodys Liquidity-Stress Index falls again in December, points to fewer defaults in year ahead
Jan 05,2017

Moodys Liquidity-Stress Index (LSI) extended its declining trend in the final month of 2016, pointing to a more benign default environment in the year ahead, the rating agency says in its most recent edition of SGL Monitor Flash. The speculative-grade liquidity gauge fell for a ninth straight month in December, to 5.9% from 6.0% in November.

Moodys Liquidity-Stress Index falls when corporate liquidity appears to improve and rises when it appears to weaken.

The LSI enters 2017 on a much calmer tone than it began 2016, with the energy sector strains that drove liquidity weakness and pushed up defaults now moderating, said Senior Vice President, John Puchalla. Meanwhile, a steady stream of new speculative-grade issuance continues to provide lower-rated companies with liquidity support, while generally positive economic sentiment should help them maintain healthy cash flows.

Moodys forecasts that the US speculative-grade default rate will fall to about 4.0% by the end of 2017, from 5.6% currently.

In December, downgrades of Moodys speculative-grade liquidity (SGL) ratings exceeded upgrades due mainly to company-specific or transaction-related issues. SGL rating volatility declined as 2016 progressed, and will be considerably more muted this year now that the worst of the energy crisis has passed. Decembers SGL ratings downgrades included two retailers, one being the indirect parent of J. Crew, Chinos Intermediate Holdings A, Inc., which has been experiencing operating pressures, as well as broadcast company iHeartCommunications, Inc.

As investors continued their hunt for yield in a low interest rate environment, combined speculative-grade loan and bond issuance jumped roughly 20% in 2016, despite a slow start to the year, according to Dealogic data. In 2017, the prospect of higher interest rates could create selective challenges for low-rated companies with weaker operating performance, Moodys says, but these wont be of the same magnitude as energy companies confronted in 2016.

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Yes Bank launches Yes mPower - a banking chat bot for its loan products
Jan 05,2017

Yes Bank has partnered with Gupshup, a leading bot platform, to launch Yes mPower - a banking chat bot for its loan products. Currently active on Facebook Messenger, Yes mPower helps customers get information about loan products offered by Yes Bank and instantly gives loan eligibility, enabling customers to get the information they need quickly and easily. Yes Bank plans to incrementally release more services through the chat bot, making Yes mPower the one stop shop for all loan requirements.

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Godrej Properties grants stock options
Jan 05,2017

Godrej Properties announced that the Nomination & Remuneration Committee of the Board of Directors of the Company on 04 January 2017, granted 2,612 stock grants to the Eligible Employees under the Godrej Properties Limited Employee Stock Grant Scheme, 2011 (GPL ESGS).

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Regency Trust announces change in company secretary
Jan 05,2017

Regency Trust announced that Komal Chokhani, Company Secretary of the Company has tendered resignation with effect from 04 January 2017 and Company has appointed Rebecca Nevis as Company Secretary with effect from 05 January 2017.

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Gravita India edges higher after starting lead metal production from new plant
Jan 05,2017

The announcement was made during market hours today, 5 January 2017.

Meanwhile, the BSE Sensex was up 223.71 points, or 0.84%, to 26,856.84.

On the BSE, 30,858 shares were traded in the counter so far, compared with an average volume of 86,585 shares in the past one quarter. The stock had hit a high of Rs 41.70 and a low of Rs 40.20 so far during the day. The stock had hit a 52-week high of Rs 47.75 on 29 November 2016. The stock had hit a record low of Rs 16 on 24 June 2016.

The stock had underperformed the market over the past one month till 4 January 2017, falling 7.33% compared with Sensexs 1.53% gains. The stock had, however, outperformed the market in past one quarter, gaining 21.68% as against Sensexs 6% decline.

The small-cap company has an equity capital of Rs 13.69 crore. Face value per share is Rs 2.

Gravita India said that the plant is having production capacity of 12,000 metric tonnes per annum. The company will grab the opportunity of domestic scrap available with the large telecom players, UPS batteries from IT offices in and around southern markets by having long term contracts to collect their pan India scrap in cost effective manner and by exporting the finished products using the nearest Chennai port, which will help In reducing logistics cost.

The projected cost of the plant is Rs 25 crore for which around Rs 15.46 crore is funded by way of secured term loan from Punjab National Bank and balance from internal accruals of the company.

The plant will help the company to further strengthen its presence in Southern market and for exports in far East markets.

On a consolidated basis, Gravita Indias consolidated net profit jumped 142.2% to Rs 6.83 crore on 48.3% rise in net sales to Rs 154.18 crore in Q2 September 2016 over Q2 September 2015.

Gravita India is engaged in the business of manufacturing of lead metal by recycling & smelting process.

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