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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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Board of EIH Associated Hotels recommends final dividend
May 31,2017

EIH Associated Hotels announced that the Board of Directors of the Company at its meeting held on 29 May 2017, inter alia, have recommended the final dividend of Rs 4.5 per equity Share (i.e. 45%) , subject to the approval of the shareholders.

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Board of Lakshmi Electrical Control Systems recommends final dividend
May 31,2017

Lakshmi Electrical Control Systems announced that the Board of Directors of the Company at its meeting held on 29 May 2017, inter alia, have recommended the final dividend of Rs 8 per equity Share (i.e. 80%) , subject to the approval of the shareholders.

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Board of Info Edge (India) recommends final dividend
May 31,2017

Info Edge (India) announced that the Board of Directors of the Company at its meeting held on 29 May 2017, inter alia, have recommended the final dividend of Rs 1.5 per equity Share (i.e. 15%) , subject to the approval of the shareholders.

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Board of PBM Polytex recommends final dividend
May 31,2017

PBM Polytex announced that the Board of Directors of the Company at its meeting held on 29 May 2017, inter alia, have recommended the final dividend of Rs 3 per equity Share (i.e. 30%) , subject to the approval of the shareholders.

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Board of Finolex Industries recommends final dividend
May 31,2017

Finolex Industries announced that the Board of Directors of the Company at its meeting held on 26 May 2017, inter alia, have recommended the final dividend of Rs 11.5 per equity Share (i.e. 115%) , subject to the approval of the shareholders.

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Board of ITC recommends final dividend
May 31,2017

ITC announced that the Board of Directors of the Company at its meeting held on 26 May 2017, inter alia, have recommended the final dividend of Rs 4.75 per equity Share (i.e. 475%) , subject to the approval of the shareholders.

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Board of Hindustan Petroleum Corporation recommends final dividend
May 31,2017

Hindustan Petroleum Corporation announced that the Board of Directors of the Company at its meeting held on 26 May 2017, inter alia, have recommended the final dividend of Rs 1.1 per equity Share (i.e. 11%) , subject to the approval of the shareholders.

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Moodys: Improving global growth outlook for 2017 appears sustainable as risks abate
May 31,2017

The improving outlook for global growth in 2017 appears to be sustainable as some of the biggest risks to advanced economies have subsided and emerging markets maintain their expansion, says Moodys Investors Service in a new report.

Moodys expects G20 economies, which account for 78% of the global economy, to collectively grow at an annual rate of 3.1% in 2017 and 2018, compared with growth of 2.6% in 2016. The US will rebound after a soft first quarter and its economy will expand around 2.4% this year, putting it among the fastest growing advanced economies.

Overall, global growth is looking increasingly sustainable with economic data surprising to the upside in a number of emerging market countries, said Madhavi Bokil, a Vice President and Senior Analyst at Moodys. The current momentum should continue, barring any negative surprises.

The risk to global trade and economic growth from the introduction of protectionist policies in the US appears to have receded for now and there has been a significant softening of the US administrations stance on what should be considered free and fair trade.

In the US, an overall increase in housing and business capital investment suggest that the first quarter slowdown will be temporary. Personal consumption, which grew 0.3% in the first quarter, will improve as the labor market continues to strengthen. Business sentiment, financial conditions and other economic indicators have all remained strong since the start of the year.

Economic momentum has undoubtedly picked up, especially in emerging market countries, said Elena Duggar, an Associate Managing Director at Moodys. But strength is likely to be held down by changing demographics, muted investment, low productivity growth and stagnant real wage growth.

Moreover, the lack of fiscal buffers and limited scope for effective monetary accommodation in the event of shocks remain a concern even as growth strengthens.

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Chola MS General Insurance Raises INR 100cr of Tier 2 Capital to Fuel Growth in Fiscal 2017-18
May 31,2017

Cholamandalam MS General Insurance Company Limited has announced the successful private placement of 1,000 Unsecured, Subordinated, Fully Paid-up, Listed, Redeemable, Non-Convertible Debentures having face value of Rs. 10,00,000 each (the NCDs), at par, aggregating to Rs. 100 crores. The coupon rate is 8.75% per annum and a maturity period of 10 years with a call option after 5 years.

Mr. S S Gopalarathnam, MD & CEO, Chola MS General Insurance said, We have augmented our capital base by issuing subordinated debt, post the recent measures announced by the Insurance Regulatory and Development Authority of India (IRDAI), allowing alternative forms of capital. The funds raised through this issue would be used to fuel and facilitate business growth by further strengthening the Companys solvency. During Fiscal 2017-18, Chola MS is poised to grow its Gross Written Premium (GWP) to INR 4,500 cr - a growth of 40% over the last fiscal.

The NCDs have been assigned a credit rating AA+ (Outlook: Stable) by rating agencies CRISIL and ICRA.

The NCDs will be listed in National Stock Exchange of India Limited.

The issuance of these NCDs are in accordance with the provisions of inter alia the Insurance Regulatory and Development Authority of India (Other Forms of Capital) Regulations, 2015, as amended from time to time, which were notified in November 2015 whereby Indian insurers were allowed to raise additional capital through subordinated debt or preference shares

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Ahluwalia Contracts (India) cracks after poor Q4 result
May 31,2017

The result was announced after market hours yesterday, 30 May 2017.

Meanwhile, the S&P BSE Sensex was up 1.28 points, to 31,160.68. The S&P BSE Small-Cap index was up 170.77 points, or 1.14%, to 15,094.81.

On BSE, so far 4,366 shares were traded in the counter, compared with average daily volume of 11,085 shares in the past one quarter. The stock hit a high of Rs 365 and a low of Rs 345 so far during the day. The stock hit a record high of Rs 409 on 11 May 2017. The stock hit a 52-week low of Rs 240 on 16 November 2016.

The stock had outperformed the market over the past one month till 30 May 2017, rising 6.85% compared with 4.15% gains in the Sensex. The scrip had also outperformed the market in past one quarter, rising 18.98% as against Sensexs 8.41% gains. The scrip had also outperformed the market in past one year, advancing 37.06% as against Sensexs 16.59% gains.

The small-cap company has equity capital of Rs 13.40 crore. Face value per share is Rs 2.

Ahluwalia Contracts (India) is one of the leading civil contractors in India.

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Talwalkars jumps after posting decent Q4 results
May 31,2017

The result was announced after market hours yesterday, 30 May 2017. The stock had risen 0.98% to Rs 268.95 yesterday, 30 May 2017, ahead of results.

Meanwhile, the S&P BSE Sensex was up 55.49 points, or 0.18%, to 31,214.89. The S&P BSE Small-Cap index was up 172.87 points, or 1.16%, to 15,096.91.

More than usual volumes were witnessed on the counter. On the BSE, 96,405 shares were traded in the counter so far, compared with an average volume of 29,163 shares in the past one quarter. The stock had hit a high of Rs 299 and a low of Rs 272.70 so far during the day. The stock had hit a 52-week high of Rs 302.05 on 3 October 2016. The stock had hit a 52-week low of Rs 207.55 on 24 June 2016.

The stock had underperformed the market over the past one month till 30 May 2017, rising 0.22% compared with 4.15% gains in the Sensex. The scrip had, however, outperformed the market in past one quarter, gaining 19.32% as against Sensexs 8.41% gains. The scrip had also outperformed the market in past one year, gaining 20.2% as against Sensexs 16.59% gains.

The small-cap company has equity capital of Rs 29.70 crore. Face value per share is Rs 10.

Talwalkars Better Value Fitness board of directors recommended dividend of Rs 1.50 per share for the year ended 31 March 2017 (FY 2017).

Talwalkars Better Value Fitness is a leading chain of health and fitness centers in India.

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Moodys downgrades RCOM to Caa1; ratings on review for further downgrade
May 31,2017

Moodys Investors Service has downgraded Reliance Communications (RCOM) corporate family rating and senior secured bond rating to Caa1 from B2.

At the same time, the ratings are under review for further downgrade.

RATINGS RATIONALE

The downgrade reflects RCOMs weak operating performance, high leverage and fragile liquidity position. The companys reported EBITDA has fallen 29% year-over-year, evidencing its weak market position and contracting subscriber base, says Annalisa DiChiara, a Moodys Vice President and Senior Credit Officer.

On 27 May, RCOM reported an 11% YoY decline in revenues and a 29% contraction of EBITDA to INR53.9 billion ($830 million) for full year ending 31 March 2017 from INR76.3 billion ($1.2 billion) a year ago, while its EBITDA margin dropped to 27.0% from 34.2% over the same period. RCOMs weak operating results reflect the intense state of competition, driven in turn by the free services offered by Reliance Infocomm Limited (RJio) from mid-September 2016 through 1 April 2017.

RCOMs liquidity position is fragile. RCOM has around INR 230 billion short-term debt and current long term debt maturities through 31 March 2018. In addition, the company disclosed in its financial statements that it is still awaiting formal confirmation from lenders for waivers of certain loan covenants so the loan amount continues to be classified as a non-current liability. We believe failure to obtain could exacerbate near-term liquidity pressures, adds DiChiara.

Historically, the company has relied on short-term debt and covenant waivers from its banking relationships.

Should the waivers not be received, this development could have significant implications for the holders of RCOMs $300 million bond, as there are cross-payments and cross-defaults for any acceleration, in each case by the issuer or any restricted subsidiary, with respect to debt in aggregate of $10 million.

Separately, the company announced that it is current on interest payments as related to its $300 million bond.

Meanwhile, as of 31 March 2017, RCOM reported cash and cash equivalents of INR10.2 billion. Together with Moodys expectation of the companys limited ability to generate free cash flow, Moodys believes this will be insufficient to cover upcoming debt maturities, absent waivers from its lenders while the company pursues the completion of its corporate restructuring.

The restructuring includes the sale of its telecommunications tower assets and the de-merger of its core wireless operations which it will merge with Aircel Limited (unrated) in a new joint venture (MergerCo).

At the same time, RCOMs consolidated debt levels continued to rise through year-end. The company reported total debt of INR457 billion at 31 March 2017, resulting in reported debt/EBITDA of 8.5x. Including its reported INR 33.2 billion of deferred payment liabilities, leverage increases further to over 9.0x.

Given the weak operating outlook and high competitive intensity of the Indian mobile sector, there is no scope for RCOM to delever, absent the successful execution of its corporate restructuring.

RCOM announced on 27 May that it will transfer around INR140 billion of balance-sheet debt and INR60 billion of deferred spectrum liabilities to MergedCo and repay an additional INR110 billion of balance-sheet debt with the proceeds from the sale of its tower assets.

However, even assuming these transactions are completed as planned, post restructuring, Moodys estimates that RCOM will have over $3.0 billion of debt remaining on its balance sheet. This total includes both RCOMs $300 million senior secured bond and a $350 million senior secured bond issued by its 100%-owned subsidiary, GCX Limited.

But GCX, which Moodys estimates will account for a significant portion of revenues post restructuring (based on Moodys estimates), is not a restricted subsidiary under RCOMs $300 million bond indenture, and therefore RCOM has no recourse to those assets or cash flows. GCX is ring-fenced from creditors at RCOM, with dividend payments currently representing the only form of cash flow stream from GCX.

GCX is able to pay dividends so long as its leverage remains below 3.75x and interest coverage above 2.25x. In addition, GCX can incur additional indebtedness under its indenture, including drawing down on its $30 million revolving credit facility.

Depending on the outcome of the restructuring process and the lenders consent process, Moodys will also further evaluate the RCOMs business risk position, business strategy, financial policies, liquidity position, and the effect these have on its credit profile. The cash flow-generating capabilities of some of RCOMs remaining businesses n++ namely the enterprise and fiber optic business segments n++ remain unclear.

Moodys review will focus on: (1) timely progress in RCOMs announced transactions, including regulatory approvals and processes related to lender and bondholder consents, as required, for the de-merger of the wireless business and the sale of its tower assets; (2) assessing the credit quality and financial strength of the remaining businesses, particularly as related to the companys enterprise and fiber optic business; and (3) assessing the effects of the proposed restructuring on the collateral package for RCOMs USD bondholders as well as the cash flow prioritization relative to other debt and cash obligations.

Further downward pressure on the ratings is possible if the company fails to address its liquidity position within the next 3 months, or fails to provide a clear refinancing plan for pending maturities over the next 12-15 months.

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United Spirits leads gainers in A group
May 31,2017

United Spirits jumped 10.17% to Rs 2,302.30 at 14:23 IST. The stock topped the gainers in the BSEs A group. On the BSE, 3.60 lakh shares were traded on the counter so far as against the average daily volumes of 77,000 shares in the past two weeks.

Mahindra & Mahindra Financial Services surged 8.32% to Rs 359.50. The stock was the second biggest gainer in A group. On the BSE, 3.97 lakh shares were traded on the counter so far as against the average daily volumes of 4.01 lakh shares in the past two weeks.

BEML gained 7.11% at Rs 1,253.80. The stock was the third biggest gainer in A group. On the BSE, 1.06 lakh shares were traded on the counter so far as against the average daily volumes of 54,000 shares in the past two weeks.

NLC India advanced 6.59% at Rs 105.90. The stock was the fourth biggest gainer in A group. On the BSE, 1.28 lakh shares were traded on the counter so far as against the average daily volumes of 26,000 shares in the past two weeks.

Gujarat State Fertilizers & Chemicals rose 6.34% to Rs 130.05. The stock was the fifth biggest gainer in A group. On the BSE, 4.46 lakh shares were traded on the counter so far as against the average daily volumes of 2.55 lakh shares in the past two weeks.

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McNally Bharat Engg zooms after turnaround in Q4
May 31,2017

The result was announced after market hours yesterday, 30 May 2017.

Meanwhile, the S&P BSE Sensex was up 87.36 points, or 0.28% at 31,246.76. The S&P BSE Small-Cap index was up 167.81 points, or 1.12% at 15,091.85.

High volumes were witnessed on the counter. On the BSE, 1.20 lakh shares were traded on the counter so far as against the average daily volumes of 32,217 shares in the past one quarter. The stock had hit a high of Rs 44.55 and a low of Rs 38 so far during the day.

The stock had hit a 52-week high of Rs 79.40 on 16 June 2016 and hit a 52-week low of Rs 37.60 on 30 May 2017. The stock had underperformed the market over the past one month till 30 May 2017, declining 22.36% compared with the Sensexs 4.15% rise. The scrip had also underperformed the market over the past one quarter declining 34.4% as against the Sensexs 8.41% rise.

The small-cap company has equity capital of Rs 53.59 crore. Face value per share is Rs 10.

McNally Bharat Engineering Companys total income from operations fell 14.15% to Rs 654.83 crore in Q4 March 2017 over Q4 March 2016.

McNally Bharat Engineering Company is a engineering company engaged in providing turnkey solutions in the areas of power, steel, aluminium, material handling, mineral beneficiation, pyroprocessing, pneumatic handling of powdered materials including fly ash handling and high concentrate disposal, coal washing, port cranes, cement, oil & gas, civic and industrial water supply etc.

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SAIL drops after posting dismal Q4 results
May 31,2017

The announcement was made after market hours yesterday, 30 May 2017.

Meanwhile, the BSE Sensex was up 71.61 points, or 0.23%, to 31,231.01.

On the BSE, 6.42 lakh shares were traded in the counter so far, compared with an average volume of 7.8 lakh shares in the past one quarter. The stock had hit a high of Rs 59 and a low of Rs 57.20 so far during the day. The stock had hit a 52-week high of Rs 68.55 on 7 April 2017. The stock had hit a 52-week low of Rs 40.75 on 24 June 2016.

The stock had underperformed the market over the past one month till 30 May 2017, sliding 3.23% compared with 4.15% gains in the Sensex. The scrip had underperformed the market in past one quarter, dropping 4.34% as against Sensexs 8.41% gains. The scrip had, however, outperformed the market in past one year, gaining 36.09% as against Sensexs 16.59% gains.

The large-cap company has an equity capital of Rs 4130.53 crore. Face value per share is Rs 10.

Steel Authority of India (SAIL)s total income rose 12.33% to Rs 14543.53 crore in Q4 March 2017 over Q4 March 2016.

The unprecedented increase in coal prices during the year ended 31 March 2017 (FY 2017) impacted the results and stunted the overall margins, SAIL said.

SAIL is a PSU steel manufacturing company. The Government of India held 75% stake in SAIL (as per the shareholding pattern as on 31 March 2017).

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