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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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Adani Ports may gain on fund raising plan
Jun 23,2017

Adani Ports & Special Economic Zone said that its finance committee approved the issuance of fixed rate senior unsecured notes aggregating $500 million and has approved the pricing tenure and other terms of the note. The notes will mature on 30 July 2017. The announcement was made after market hours yesterday, 22 June 2017.

HDFC has executed a subscription agreement with International Finance Corporation (IFC), Washington whereby IFC would subscribe to the rupee denominated bonds to be issued overseas by the company upto an amount of Rs 1300 crore, subject to the approval of the Reserve Bank of India. The announcement was made after market hours yesterday, 22 June 2017.

V-Mart Retail has opened two stores in the State of Uttar Pradesh and Madhya Pradesh. With this, the total number of stores increases to 148 stores. The announcement was made after market hours yesterday, 22 June 2017.

La Opala RG announced that suspension of activities at the companys Madhupur plant has been lifted, following an amicable settlement with the Workers Union on 21 June 2017. The operations at the plant are expected to resume gradually on a planned basis, which will reach full normalcy by 10 July 2017. The announcement was made after market hours yesterday, 22 June 2017.

Quess Corp has signed the definitive agreements to acquire 46% equity in Heptagon Technologies, on 21 June 2017. The transaction entails a cash consideration of Rs 9.77 crore.

Separately, Quess Corp announced that on 21 June 2017 Quesscorp Holdings, wholly owned subsidiary of the company has entered into definitive agreement to acquire 51% shareholding in Comtel Pro, a private limited company incorporated under the laws of Singapore. The announcement was made after market hours yesterday, 22 June 2017.

Shriram EPC announced that it has won multiple orders under its water management business amounting to Rs 165 crore. The announcement was made after market hours yesterday, 22 June 2017.

The first order amounting to Rs 83.37 crore from City Corporation Davanagere, involves designing, building and improving bulk water supply for 24X7 water supply to Davanagere city and O&M of the Bulk Water Supply Scheme for 3 months. The ADB funded project is to be executed over a period of 30 months with 3 months for O&M.

The second order amounting to Rs 82.56 crore from Tamil Nadu Water Supply & Drainage Board (TWAD Board) entails implementation of Water supply scheme in Hosur Municipal Corporation, Krishnagiri district. The order is to be executed over a period of 24 months.

Sakthi Sugars announced that consequent to issue and allotment of further equity shares by Sakthi Auto Component (SACL) Associate Company, the Companys shareholding in the share capital of SACL stands reduced from 25.93% to 22.67%. The announcement was made after market hours yesterday, 22 June 2017.

Separately, Shakti Sugar had given corporate guarantee for the loan availed by Orlandofin BV, Netherlands, erstwhile wholly owned subsidiary of the Company, amounting to EUR 40 million. As this loan has been fully settled by the borrower, the corporate guarantee given by the Company has been released and discharged.

Mindtree proposes to buyback equity shares of the Company. The Board will consider the proposal on 28 June 2017. The announcement was made after market hours yesterday, 22 June 2017.

Indiabulls Real Estate said that the company proposes to issue secured, redeemable, non-convertible debentures of face value Rs 10 lakh each aggregating Rs 500 crore, on a private placement basis. The announcement was made after market hours yesterday, 22 June 2017.

EID Parry India said that Parry Nutraceuticals (a division of EID Parry and part of the Murugappa Group) has forged a partnership with Synthite Industries, to apply proprietary patented technologies for extraction of Phycocyanin, a natural blue pigment found in Spirulina. The announcement was made after market hours yesterday, 22 June 2017.

Natural Blue is one of the Primary colours, which is difficult to master and has very limited sources that are acceptable by regulatory bodies. Phycocyanin (Extracted from Spirulina) is approved by all major regulatory bodies in USA, EU, Japan and South Korea as food colour. Moreover Phycocyanin offers excellent stability and flexibility for application in a variety of food and beverages. Spirulina is being consumed for many decades as a health supplement and is proven safe. Therefore huge growth is expected in the natural food colours segment mainly driven by the consumers demand for clean labels and favourable regulations.

Synthite Industries, with its strong global presence in the natural colour segment, will focus on this market, while Parry Nutraceuticals will continue catering to the Human nutrition segment.

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India signs loan agreement with World Bank and AIIB for electrification projects in Andhra Pradesh
Jun 22,2017

A Loan Agreement for part funding of US$ 240 million from the World Bank (IBRD) and US$ 160 Million from AIIB (60:40 ratio) for 24X7 Power for All in Andhra Pradesh Project was signed here today by Raj Kumar, Joint Secretary (MI), Department of Economic Affairs,Ministry of Finance on behalf of the Government of India, Hisham Abdo, Operations Manager and Acting Country Director, World Bank (India) on behalf of the World Bank and D.J. Pandian Vice-President & Chief Investment Officer, AIIB. The Program Implementing Entity Agreement was signed by K. Ranganatham, Adviser (Energy), Department of Energy, Government of Andhra Pradesh on behalf of Government of AP, the Country Director (India) on behalf of the World Bank and the Vice President and Chief Investment Officer, AIIB on behalf of the AIIB.

Total Cost of the project is US$ 570 million, out of which US$ 240 million is from World Bank (IBRD) and US$ 160 million from AIIB. The rest will be counterpart funding from GoAP.

The objective of the project is to increase the delivery of electricity to customers and to improve the operational efficiency and system reliability in distribution of electricity in selected areas in Andhra Pradesh.

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Shriram EPC wins multiple orders worth Rs 165 crore
Jun 22,2017

Shriram EPC announced that it has won multiple orders under its water management business amounting to Rs. 165 crore.

The first order amounting to Rs. 83.37 crore from City Corporation Davanagere, involves designing, building and improving bulk water supply for 24X7 water supply to Davanagere city and O& M of the Bulk Water Supply Scheme for 3 months. The ADB funded project is to be executed over a period of 30 months with 3 months for O&M.

The second order amounting to Rs. 82.56 crore from Tamil Nadu Water Supply & Drainage Board (TWAD Board) entails implementation of Water supply scheme in Hosur Mu.

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Board of PSP Projects recommends final dividend
Jun 22,2017

PSP Projects announced that the Board of Directors of the Company at its meeting held on 19 June 2017, inter alia, have recommended the final dividend of Rs 2.5 per equity Share (i.e. 25%) , subject to the approval of the shareholders.

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Syschem (India) to hold EGM
Jun 22,2017

Syschem (India) announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 17 July 2017 .

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Anjani Foods to hold EGM
Jun 22,2017

Anjani Foods announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 22 July 2017 .

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Sakthi Sugars intimates of reduction of stake holding in Sakthi Auto Component
Jun 22,2017

Sakthi Sugars announced that consequent to issue and allotment of further equity shares by Sakthi Auto Component (SACL) Associate Company, the Companys shareholding in the share capital of SACL stands reduced from 25.93% to 22.67%.

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China Stocks hit 17-month high after MSCI inclusion
Jun 22,2017

The Mainland China equity market closed at 17-month high on Thursday, 22 June 2017, as sentiments remained firmed after MSCI decided to add yuan-traded equities to its global benchmark indices. However, intraday gains trimmed late afternoon due to profit booking. The Shanghai Composite Index added 0.3%, or 8.76 points, to 3,147.45. The CSI 300 Index of large companies in Shanghai and Shenzhen managed to close 0.1% up at an 18-month high, while the Shenzhen Composite slid 1.3% and the ChiNext index of small-company shares in the city sank 1.4%.

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Nikkei edges down amid lack of incentives
Jun 22,2017

The Japan share market finished session marginally lower after moving around the previous days closing levels throughout the day on Thursday, 22 June 2017, as investors sentiments lacklustre amid a dearth of fresh incentives to trade on. Mining, insurance, and oil and coal product-related issues comprised those that declined the most by the close of play, while pharmaceuticals, banks and electronics makers provided support. The 225-issue Nikkei average shed 28.28 points, or 0.14%, to end at 20,110.51. The Topix index of all first-section issues closed down 1.18 points, or 0.07%, at 1,610.38. Advancing issues outpaced declining ones by 992 to 876 on the First Section. Trading volume on the main section came to 1,550.40 million shares, declining from Wednesdays volume of 1,634.36 million shares. The turnover on the penultimate trading day of the week totaled 2,077.1 billion yen.

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Banks and miners boost Australia market
Jun 22,2017

Australian equity market ended higher for the first time in three consecutive sessions on Thursday, 22 June 2017, as banks rebounded after two straight sessions of losses and mining stocks benefited from a rise in commodity prices. However, market gains capped after South Australia state announced plans for a fresh tax on the countrys biggest lenders that will have the same structure as a new federal levy. The S&P/ASX 200 index closed 0.7 per cent or 40.28 points higher to at 5,706. Rising stocks outnumbered declining ones on the Sydney Stock Exchange by 638 to 512 and 402 ended unchanged. The S&P/ASX 200 VIX, which measures the implied volatility of S&P/ASX 200 options, was down 6.68% to 13.451.

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Rupee extends losing streak
Jun 22,2017

Rupee continued its losing streak to close lower on Thursday (22 June 2017) at 64.6225/6250 per dollar, versus its previous close of 64.5825/5875 per dollar.

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Shakti Sugar intimates of discharge of corporate guarantee given to subsidiary
Jun 22,2017

Shakti Sugar had given corporate guarantee for the loan availed by Orlandofin BV, Netherlands, erstwhile wholly owned subsidiary of the Company, amounting to EUR 40 Million. As this loan has been fully settled by the borrower, the corporate guarantee given by the Company has been released and discharged.

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Grasim Industries fixes record date for scheme of amalgamation
Jun 22,2017

Grasim Industries has fixed 06 July 2017 as the Record Date for merger of Aditya Birla Nuvo (ABNL) with Grasim Industries in terms of the Scheme for determining the entitlement of the equity shareholders of ABNL to receive fully paid up equity shares of Grasim Industries in the ratio of 15 (Fifteen) fully paid up equity share of Rs. 2/- (Rupees Two) each of Grasim Industries credited as fully paid up for every 10 (Ten) fully paid up equity shares of 10/- (Rupees Ten) each, held by such shareholder in ABNL.

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Mindtree plans buyback of equity shares
Jun 22,2017

Mindtree proposes to buyback equity shares of the Company. The Board will consider the proposal on 28 June 2017.

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Motherson Sumi Systems provides update on subsidiary
Jun 22,2017

Motherson Sumi Systems announced that its subsidiary Samvardhana Motherson Automotive Systems Group B.V., Netherlands has made the following announcement :

Samvardhana Motherson Automotive Systems Group B.V., a leading European tier 1 supplier to the automotive industry rated BB+ POSITIVE by S&P and Fitch, has mandated various banks to arrange a series of fixed income investor meetings in Europe, commencing on 26 June 2017. A seven year EUR denominated 144A/Reg S senior secured bond for an expected size of EUR 300 million and rated BB+(EXP) by S&P and BBB-(EXP) by Fitch may follow, subject to market conditions. Relevant stabilization regulations including FCA/ICMA will be applicable.

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