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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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Asian Oilfield Services drops on profit booking
Mar 06,2017

Meanwhile, the S&P BSE Sensex was up 140.86 points, or 0.49%, to 28,973.31

On the BSE, so far 1.22 lakh shares were traded in the counter, compared with average daily volumes of 1.55 lakh shares in the past one quarter. The stock hit a high of Rs 218.50 in intraday trade so far, which is 52-week high for the counter. The stock had hit a low of Rs 205.10 so far during the day. The stock hit a 52-week low of Rs 29.70 on 29 March 2016.

The stock had outperformed the market over the past 30 days till 3 March 2017, rising 57.8% compared with 2.15% rise in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 104.4% as against Sensexs 9.92% rise.

The small-cap company has equity capital of Rs 22.32 crore. Face value per share is Rs 10.

On a consolidated basis, Asian Oilfield Services reported net loss of Rs 2.53 crore in Q3 December 2016, higher than net loss of Rs 20.05 crore in Q3 December 2015. Net sales rose 38.24% to Rs 16.63 crore in Q3 December 2016 over Q3 December 2015.

Asian Oilfield Services is engaged in providing geophysical, drilling and well services to customers across the Indian sub-continent.

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Emami fixes record date for interim dividend
Mar 06,2017

Emami has fixed 15 March 2017 as record date for payment of interim dividend.

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Metal stocks drop on weak China GDP growth target for 2017
Mar 06,2017

High Grade Copper for May 2017 delivery was down 1.04% at $2.6685 per pound on the COMEX.

Meanwhile, the S&P BSE Sensex was up 147.90 points or 0.51% at 28,980.35.

Bhushan Steel (down 1.21%), Jindal Steel & Power (down 0.55%), Vedanta (down 1.12%), Tata Steel (down 0.62%), NMDC (down 0.65%), Hindalco Industries (down 0.15%), Steel Authority of India (down 0.56%), JSW Steel (down 0.3%), Hindustan Zinc (down 1.1%) and National Aluminium Company (down 0.26%) edged lower.

The BSE Metal index had matched the market over the past one month till 3 March 2017, gaining 2.1% compared with the Sensexs 2.1% rise. The index had, however, outperformed the market over the past one quarter, gaining 16.98% as against the Sensexs 9.92% rise.

Meanwhile, disappointing economic news from China also weighed on metal sector stocks. China set its GDP growth target at around 6.5% for 2017, down from last years 6.7%, as the worlds second largest economy braced for further slowdown of its growth.

China is the worlds largest consumer of steel, copper and aluminum.

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Volumes jump at Rallis India counter
Mar 06,2017

Rallis India clocked volume of 5.33 lakh shares by 13:46 IST on BSE, a 27.02-times surge over two-week average daily volume of 20,000 shares. The stock was up 2.24% at Rs 239.50.

Dredging Corporation of India notched up volume of 1.87 lakh shares, a 18.41-fold surge over two-week average daily volume of 10,000 shares. The stock jumped 8.43% at Rs 483.05 after a media report suggested that the government is looking to sell 51% stake in the company. The strategic stake sale should materialize by middle of the next fiscal year starting April, the media report suggested.

Texmaco Rail & Engineering saw volume of 8.06 lakh shares, a 16.06-fold surge over two-week average daily volume of 50,000 shares. The stock rose 0.06% at Rs 89.70.

KEC International clocked volume of 5.57 lakh shares, a 12.5-fold surge over two-week average daily volume of 45,000 shares. The stock rose 0.51% at Rs 167.85.

Bajaj Electricals saw volume of 4.94 lakh shares, a 7.47-fold rise over two-week average daily volume of 66,000 shares. The stock rose 2.05% at Rs 263.25.

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TVS Motor Company fixes record date for 2nd interim dividend
Mar 06,2017

TVS Motor Company has fixed 15 March 2017 as record date for second interim dividend. The dividend will be paid on or after 18 March 2017.

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Cox & Kings owned Meininger hotel opens hotel in Milan
Mar 06,2017

Cox & Kings owned Meininger hotel group and Fondazione Fratelli di S. Francesco DAssisi ONLUS signed an agreement for a Meininger Hotel in Milan.

The property with 80 rooms and 268 beds is located in the city of Milan on Strada Private Calvino 11 close to the Garibaldi train station. It is the second hotel of the Meininger group in Milan.

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Intellect Design Arena allots 84,500 equity shares
Mar 06,2017

Intellect Design Arena announced that the Stakeholders Relationship Committee of the Company vide its Circular Resolution dated March 03rd, 2017 has approved the allotment of 3,100 shares to Three (3) associates under ASOP 2003 Scheme, the allotment of 56,100 shares to Seventeen (17) associates under ASOP 2011 Scheme and the allotment of 25,300 shares to Twelve (12) associate under ISOP 2015 scheme.

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Moodys: Project finance bank loans continue to demonstrate resilience
Mar 06,2017

Moodys Investors Service has released its annual study on default and recovery rates for unrated project finance bank loans, which examines 6,389 global project finance transactions during a 33 year period from 1983 to 2015. The updated Study includes for the first time Moodys analysis on the impact of a projects location on its credit performance, based on the World Bank Groups country classification.

Consistent with last years study, Moodys found a 10-year cumulative default rate of 6.7% and an average recovery rate of 79.5%. Infrastructure projects and public-private partnership projects experienced an increase in their 10-year cumulative default rates compared to the previous study. However, their cumulative default rates remain materially below the study data average.

Moodys says marginal annual default rates for project finance bank loans exhibit certain characteristics that distinguish them from corporate finance bonds and loans. As a result, marginal default rates tend to fall over time and trend toward those consistent with the single-A rating category by the seventh year after financial close.

The decline in marginal annual default rates over time suggests that the default risk of a project declines as construction is completed and the project starts to build its operating track record, says Kathrin Heitmann, a Moodys AVP-Analyst and co-author of the report.

Consistent with this finding, project jurisdiction matters in the initial years of a project but jurisdiction tends to be a less critical driver once a project has started to build an operating track record.

Recovery rates for project finance bank loans are similar to recovery rates for senior secured corporate bank loans and show some variation by World Bank Group Country Classification and by industry, says Heitmann. The most likely recovery rate remains 100%, seen in nearly two-thirds of projects.

The study also found ultimate recovery rates for construction-phase defaults to be lower than those for operation-phase defaults. Project finance lenders typically seek higher loan margins during the construction phase than during early stage operations.

The study, which updates a previous report from March 2016, is 9% larger and accounts for some 62% of all project finance transactions originated globally between 1983 and 2015. The study is based on a data set from a consortium of project finance lenders and investors. Neither Moodys Investors Service nor Moodys Analytics verifies the data submitted for the study.

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Hatsun Agro Product commissions 24 MW wind power plants for captive consumption
Mar 06,2017

Hatsun Agro Product has commissioned wind power plants with 24 MW capacity in Tuticorin district, Tamil Nadu. A solar plant with 550 kW capacity is getting commissioned during March 2017 in Dindigul district, Tamil Nadu. The wind and solar power projects are part of Hatsuns ongoing efforts to promote the use of clean and green energy sources.

The projects costing Rs 180 crore are expected to generate around 73 million units of electricity per annum which will be utilised for captive consumption. The green energy projects will meet 75% of the power requirements of the Company.

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HUL slips after bulk deal
Mar 06,2017

Meanwhile, the S&P BSE Sensex was up 169.11 points or 0.59% at 29,001.56

Bulk deal boosted volume on the scrip. On BSE, so far 6.98 lakh shares were traded in the counter as against average daily volume of 1.18 lakh shares in the past one quarter. The stock hit a high of Rs 882.10 and a low of Rs 866.50 so far during the day.

The stock had hit a 52-week high of Rs 954 on 9 September 2016. The stock had hit a 52-week low of Rs 782.95 on 23 December 2016. The stock had outperformed the market over the past 30 days till 3 March 2017, rising 3.82% compared with 2.15% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, gaining 5.3% as against Sensexs 9.92% rise.

The large-cap company has equity capital of Rs 216.43 crore. Face value per share is Re 1.

Hindustan Unilevers (HUL) net profit rose 6.82% to Rs 1037.93 crore on 0.02% growth in total income to Rs 7947.42 crore in Q3 December 2016 ove Q3 December 2015.

HUL is a leading fast moving consumer goods (FMCG) company.

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RIL hits almost nine-year high
Mar 06,2017

Reliance Industries had made the presentation to the analysts after market hours on Thursday, 2 March 2017 on Jio. The stock had gained 2.04% to Rs 1,258.45 on Friday, 3 March 2017.

Meanwhile, the S&P BSE Sensex was up 172.58 points or 0.6% at 29,005.03.

More than usual volumes were witnessed on the counter. On the BSE, 5.99 lakh shares were traded on the counter so far as against the average daily volumes of 4.15 lakh shares in the past one quarter. The stock had hit a high of Rs 1,307.05 so far during the day, its highest level since 21 May 2008, for the counter. The stock had hit a low of Rs 1,265.45 so far during the day.

The stock had hit a 52-week low of Rs 925.70 on 23 May 2016. The stock had outperformed the market over the past one month till 3 March 2017, gaining 21.74% compared with the Sensexs 2.1% rise. The scrip had also underperformed the market over the past one quarter, gaining 26.44% as against the Sensexs 9.92% rise.

The stock has jumped 26.8% in fourteen sessions to its current ruling price of Rs 1,304, from a close of Rs 1,028.35 on 13 February 2017.

The large-cap company has equity capital of Rs 3243.98 crore. Face value per share is Rs 10.

Reliance Industries telecom arm Reliance Jio Infocomm (RJIL) believes that it is well-positioned to achieve more than 50% of revenue market share and expects earnings before interest, tax, depreciation and amortisation (EBITDA) margin of greater than 50%. Jio also considers it is the only 5G ready network in India due to its elastic network and deep fiber.

The company believes that voice revenues in industry will shift to data and that the data market in India will be Rs 3 lakh crore by 2020-21. The 40 crore subscribers in industry can afford to spend minimum of Rs 500 on digital services. Jio caters to 85% of mobile data traffic in India today and it can support more than 60% of forecasted 2020-21 India data demand, it added.

Shares of Reliance Industries (RIL) had rallied 10.97% in a single trading session on 22 February 2017, amid investors expectations of revenue generation from its telecom subsidiary RJIL starting from 1 April 2017. RIL on 21 February 2017 said that it has breached the 100 million customer mark in 170 days. The stock has witnessed a rising trend amid upgrades by brokerage houses.

The stock is seeing increased interest from several institutional funds that were massively underweight on it due to the under-performance in the past eight years.

The most aggressive target for RIL set out by one of the global brokerage was of Rs 1,500 last week. Another global brokerage firm, too had raised the target price to Rs 1,375 from Rs 1,200 earlier.

RILs consolidated net profit rose 3.6% to Rs 7506 crore on 17.6% growth in net sales to Rs 79408 crore in Q3 December 2016 over Q3 December 2015.

Reliance Industries (RIL) is Indias largest private sector company. RILs activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and telecommunications.

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Dredging Corporation spurts on stake sale reports
Mar 06,2017

Meanwhile, the S&P BSE Sensex was up 163.30 points, 0.57% to Rs 28,995.75.

On the BSE, 1.71 lakh shares were traded on the counter so far as against the average daily volumes of 30,760 shares in the past one quarter. The stock had hit a high of Rs 518.80 so far during the day, which is also 52-week high. The stock hit a low of Rs 480.60 so far during the day. The stock had hit a 52-week low of Rs 313.70 on 4 March 2016.

The small-cap company has equity capital of Rs 28 crore. Face value per share is Rs 10.

The strategic stake sale should materialize by middle of the next fiscal year starting April, the media report suggested.

The government currently holds 73.47% stake in Dredging Corporation of India (as on 31 December 2016).

Dredging Corporation of Indias reported net profit of Rs 14.04 crore in Q3 December 2016, compared with net loss of Rs 19.62 crore in Q3 December 2015. Net sales fell 13.7% to Rs 139.39 crore in Q3 December 2016 over Q3 December 2015.

State-run Dredging Corporation of India provides dredging services to the major ports of the country.

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Everest Organics provides update on USFDA inspection of facility At Aroor Village
Mar 06,2017

Everest Organics announced that USFDA inspected its facility at Aroor Village, from 27 February 2017 to 03 March 2017. The Company has received only one observation. The Company believes this to be of minor in nature and corrective & preventive action for this observation will be presented to USFDA, shortly.

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Punjab National Bank extends gains after raising capital
Mar 06,2017

The announcement was made at the fag end of market hours on Friday, 3 March 2017. The stock had gained 0.32% to Rs 139.65 on that day.

Meanwhile, the BSE Sensex was up 183.31 points, or 0.64%, to 29,017.29.

On the BSE, 1.91 lakh shares were traded in the counter so far, compared with average daily volumes of 9.72 lakh shares in the past one quarter. The stock had hit a high of Rs 141.50 and a low of Rs 139.90 so far during the day.

The stock had hit a 52-week high of Rs 164.30 on 11 November 2016. The stock had hit a 52-week low of Rs 71.10 on 24 May 2016. The stock had underperformed the market over the past one month till 3 March 2017, sliding 6.9% compared with the Sensexs 2.1% rise. The scrip had also underperformed the market over the past one quarter, rising 4.26% as against the Sensexs 9.92% rise.

The large-cap state-run bank has equity capital of Rs 425.59 crore. Face value per share is Rs 2.

Punjab National Bank said that the bonds carry a coupon rate of 8.95% per annum, payable semi- annually.

Punjab National Banks net profit jumped 306.16% to Rs 207.18 crore on 4.4% increase in total income to Rs 14497.65 crore in Q3 December 2016 over Q3 December 2015.

Government of India holds 65.01% stake in Punjab National Bank (as on 31 December 2016).

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Maruti advances after foraying into high performance segment
Mar 06,2017

The introductory price of Baleno RS is Rs 8.69 lakh ex-showroom Delhi. The announcement was made after market hours on Friday, 3 March 2017.

Meanwhile, the S&P BSE Sensex was up 162.34 points or 0.56% at 28,994.79

On the BSE, 21,000 shares were traded on the counter so far as against the average daily volumes of 59,272 shares in the past one quarter. The stock had hit a high of Rs 5,979.35 and a low of Rs 5,910 so far during the day.

The stock had hit a record high of Rs 6,230.30 on 8 February 2017 and a 52-week low of Rs 3,418.80 on 8 April 2016. The stock had underperformed the market over the past 30 days till 3 March 2017, falling 4.12% compared with 2.15% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, advancing 16.24% as against Sensexs 9.92% rise.

The large-cap company has equity capital of Rs 151.04 crore. Face value per share is Rs 5.

Presenting the Baleno RS, Managing Director & CEO, Maruti Suzuki India, Kenichi Ayukawa said that Baleno RS is for the performance enthusiasts who seek more power, throttle response and excitement in their day-to-day driving.

Separately, Maruti Suzuki India after market hours on Friday, 3 March 2017 said its total production rose 15.12% to 1.37 lakh units in February 2017 over February 2016.

Maruti Suzuki Indias net profit rose 47.46% to Rs 1744.50 crore on 12.44% growth in net sales to Rs 16623.60 crore in Q3 December 2016 over Q3 December 2015.

Maruti Suzuki India is Indias biggest car maker in terms of market share. Japanese parent Suzuki Motor Corporation currently holds 56.21% stake in Maruti Suzuki India (as per the shareholding pattern as on 31 December 2016).

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