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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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Margo Finance reports standalone net profit of Rs 0.19 crore in the March 2017 quarter
May 12,2017

Net profit of Margo Finance reported to Rs 0.19 crore in the quarter ended March 2017. There were no net profit/loss reported during the previous quarter ended March 2016. Sales declined 71.43% to Rs 0.02 crore in the quarter ended March 2017 as against Rs 0.07 crore during the previous quarter ended March 2016.

For the full year,net profit rose 933.33% to Rs 0.31 crore in the year ended March 2017 as against Rs 0.03 crore during the previous year ended March 2016. Sales declined 20.00% to Rs 0.20 crore in the year ended March 2017 as against Rs 0.25 crore during the previous year ended March 2016.

ParticularsQuarter EndedYear Endedn++Mar. 2017Mar. 2016% Var.Mar. 2017Mar. 2016% Var. Sales0.020.07 -71 0.200.25 -20 OPM %-250.00-14.29 --50.00-20.00 - PBDT0.190 0 0.320.04 700 PBT0.190 0 0.310.03 933 NP0.190 0 0.310.03 933

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ICRA consolidated net profit rises 13.60% in the March 2017 quarter
May 12,2017

Net profit of ICRA rose 13.60% to Rs 21.97 crore in the quarter ended March 2017 as against Rs 19.34 crore during the previous quarter ended March 2016. Sales declined 14.56% to Rs 78.36 crore in the quarter ended March 2017 as against Rs 91.71 crore during the previous quarter ended March 2016.

For the full year,net profit declined 2.70% to Rs 74.18 crore in the year ended March 2017 as against Rs 76.24 crore during the previous year ended March 2016. Sales declined 2.48% to Rs 331.33 crore in the year ended March 2017 as against Rs 339.76 crore during the previous year ended March 2016.

ParticularsQuarter EndedYear Endedn++Mar. 2017Mar. 2016% Var.Mar. 2017Mar. 2016% Var. Sales78.3691.71 -15 331.33339.76 -2 OPM %37.6331.11 -30.4429.74 - PBDT35.7533.44 7 125.39127.58 -2 PBT33.7430.59 10 116.85118.00 -1 NP21.9719.34 14 74.1876.24 -3

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Westlife Development reports consolidated net loss of Rs 4.15 crore in the March 2017 quarter
May 12,2017

Net Loss of Westlife Development reported to Rs 4.15 crore in the quarter ended March 2017 as against net loss of Rs 6.53 crore during the previous quarter ended March 2016. Sales rose 7.42% to Rs 223.27 crore in the quarter ended March 2017 as against Rs 207.85 crore during the previous quarter ended March 2016.

For the full year,net loss reported to Rs 12.12 crore in the year ended March 2017 as against net profit of Rs 2.83 crore during the previous year ended March 2016. Sales rose 11.55% to Rs 918.87 crore in the year ended March 2017 as against Rs 823.75 crore during the previous year ended March 2016.

ParticularsQuarter EndedYear Endedn++Mar. 2017Mar. 2016% Var.Mar. 2017Mar. 2016% Var. Sales223.27207.85 7 918.87823.75 12 OPM %4.375.41 -5.115.17 - PBDT12.078.68 39 51.6037.34 38 PBT-4.15-6.34 35 -12.12-20.31 40 NP-4.15-6.53 36 -12.122.83 PL

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ITD Cementation India consolidated net profit declines 30.35% in the March 2017 quarter
May 12,2017

Net profit of ITD Cementation India declined 30.35% to Rs 15.26 crore in the quarter ended March 2017 as against Rs 21.91 crore during the previous quarter ended March 2016. Sales declined 46.21% to Rs 523.20 crore in the quarter ended March 2017 as against Rs 972.69 crore during the previous quarter ended March 2016.

ParticularsQuarter Endedn++Mar. 2017Mar. 2016% Var. Sales523.20972.69 -46 OPM %11.346.78 - PBDT45.9345.65 1 PBT31.9334.70 -8 NP15.2621.91 -30

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S V Global Mill standalone net profit rises 11.54% in the March 2017 quarter
May 12,2017

Net profit of S V Global Mill rose 11.54% to Rs 0.29 crore in the quarter ended March 2017 as against Rs 0.26 crore during the previous quarter ended March 2016. There were no Sales reported in the quarter ended March 2017 and during the previous quarter ended March 2016.

For the full year,net profit declined 89.78% to Rs 1.46 crore in the year ended March 2017 as against Rs 14.28 crore during the previous year ended March 2016. There were no Sales reported in the year ended March 2017 and during the previous year ended March 2016.

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Fitch: Prospects for Bad Loan Clean-Up at Indian Banks Improving
May 12,2017

Recent regulatory actions in India suggest the authorities are making a more concerted push to tackle banks bad loan problems, says Fitch Ratings. We believe that asset resolution will be a dominant theme in the sector over the next few years.

In the short term, this is likely to create provisioning costs that will mean continued pressure on bank profits, and it is possible that further losses will push some weaker banks closer to breaching minimum capital requirements, unless they receive pre-emptive capital injections. However, the increased powers given to the Reserve Bank of India (RBI) to clean up asset quality, and to intervene in banks at an earlier stage when risks build, represents an important positive step toward ensuring a healthy banking system in the future.

The governments recent step to enhance the RBIs powers appears to be a signal to the regulator to assume a more interventionist approach to directly tackle banks slow progress on bad loan resolution. RBI direction that pushes banks into initiating insolvency processes against borrowers could help to break a deadlock caused by concerns among bank officials that decisions on troubled borrowers will attract investigation by anti-corruption agencies. Meanwhile, the RBI has made it easier for the majority of a borrowers joint creditors to agree and implement resolution plans without being blocked by a minority of creditors. These changes follow the RBIs revisions to its prompt corrective action framework last month, which gave it more tools to intervene in struggling banks at an earlier stage.

Regulation to speed up resolution is the logical next step to follow the asset-quality review and other measures that increased recognition of bad loans over the last two years. This was important as there has been little evident progress on bad-loan resolution, while the NPL stock has continued to rise, albeit at a slowing pace. We believe this natural progression reflects stronger intent and willingness from the authorities to address the problem. There will be significant implementation challenges, but asset resolution is likely to strengthen over the next few years.

The resolution of non-performing loans is likely to require significant haircuts if the re-priced loans are to attract attention from private investors and asset-reconstruction companies. State banks, which hold the bulk of stressed assets, are likely to report low returns on assets for FY17 and any material recovery is likely to be delayed as resolution crystallises losses and forces a higher level of provisioning.

Further losses at some of the weakest small- to medium-sized state banks could pressure them to shrink, or to eventually exit the system by entering into forced mergers. We expect the authorities to manage this in a way that is least disruptive for the financial system, but the process will entail risks for investors of capital securities, at least in the case of weakest banks. We believe it has become more likely that the number of state banks will fall in the medium term.

The large state banks will also face higher provisioning costs and we expect them to eventually receive more capital from the government than has already been budgeted. However, very weak loan growth could mean that banks will require less new capital by FYE19 than we had previously estimated. Bank loan growth reached a multi-decade low of around 5% in FY17, and looks set to remain low for the next one to two years.

Demonetisation has had a net beneficial impact on the sector by triggering a sharp influx of low-cost deposits, and there are signs that banks are retaining a higher proportion of these deposits than they had initially predicted. The resulting decline in funding costs may not be enough to counter the pressures of income loss and weak growth, but should allow banks some more room to absorb higher provisions and lessen the impact on their capital.

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IL&FS Engineering & Construction Co bags contracts worth Rs 559.35 crore
May 12,2017

IL&FS Engineering & Construction Co has received Letter of Intents (LOIs) from Jharkhand Bijli Vitran Nigam (JBVNL), Ranchi for Rural Electrification (RE) Works of East Singhbhum Package comprising East Singhbhum district, and West Singhbum Package comprising West Singhbhum districts in Jharkhand state under Deen Dayal Upadhyay Gram Jyoti Yojna (DDUGJY).

IL&FS Engineering Services has also received LOIs for Urban Electrification Works of Jamshedpur Electric Supply Area of JBVNL covering eight towns (Jamshedpur, Mango, Jugsalai, Chakuliya, Adityapur, Chaibasa, Chakradharpur, and Seraikela) in East Singhbhum, West Singhbum, and Seraikela-Kharsawan districts in Jharkhand state under Integrated Power Development Scheme (IPDS) on behalf of JBVNL

The total value of these contracts is Rs. 559.35 crore and the completion schedule of the works is 24 months.

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Board of Aditya Birla Fashion & Retail approves issuance of NCDs up to Rs 1250 crore
May 12,2017

The Board of Directors of Aditya Birla Fashion & Retail at its meeting held on 12 May 2017 has approved issuance and allotment of NCDs of up to Rs 1250 crore in one or more tranches subject to approval of shareholders.

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Larsen & Toubro wins Rs 4500 crore order from Ministry of Defence
May 12,2017

Larsen & Toubro has entered into a contract with the Ministry of Defence for supply of 100 units of 155 mm/ 52 calibre tracked self-propelled gun systems to the Indian Army. The contract value is Rs 4500 crore.

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GlaxoSmithkline Consumer Healthcare fixes record date for dividend
May 12,2017

GlaxoSmithkline Consumer Healthcare has fixed 03 August 2017 as record date for payment of dividend.

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OBC slumps after reverse turnaround in Q4
May 12,2017

The result was announced during trading hours today, 12 May 2017.

Meanwhile, the BSE Sensex was down 62.83 points, or 0.21%, to 30,188.15. The S&P BSE Mid-Cap index was down 102.68 points, or 0.69%, to 14,854.45.

On BSE, so far 15.16 lakh shares were traded in the counter, compared with an average volume of 3.94 lakh shares in the past one quarter. The stock hit a high of Rs 177.60 and a low of Rs 161.15 so far during the day. The stock hit a 52-week high of Rs 190.80 on 5 May 2017. The stock hit a 52-week low of Rs 76.80 on 24 May 2016.

The stock had outperformed the market over the past one month till 11 May 2017, rising 15.29% compared with 2.05% rise in the Sensex. The scrip had also outperformed the market in past one quarter, surging 39.33% as against Sensexs 6.76% rise.

The mid-cap state-run bank has an equity capital of Rs 346.17 crore. Face value per share is Rs 10.

Oriental Bank of Commerce (OBCs) total income 7.19% to Rs 5093.84 crore in Q4 March 2017 over Q4 March 2016.

The banks gross non-performing assets (NPAs) stood at Rs 22859.27 crore as on 31 March 2017 as against Rs 20492.18 crore as on 31 December 2016 and Rs 14701.78 crore as on 31 March 2016.

The ratio of gross NPAs to gross advances stood at 13.73% as on 31 March 2017 as against 13.8% as on 31 December 2016 and 9.57% as on 31 March 2016.

The ratio of net NPAs to net advances stood at 8.96% as on 31 March 2017 as against 9.68% as on 31 December 2016 and 6.7% as on 31 March 2016.

Provision coverage ratio of the bank was at 53.61% as on 31 March 2017.

Oriental Bank of Commerces board of directors approved the banks capital plan for raising of capital through FPO / rights issue / private placement / QIP or any other mode approved by Government of India / RBI for an amount not exceeding Rs 25000 crore (including share premium) within the ceiling of authorised capital of the bank at an appropriate time.

Government of India holds 58.37% stake in OBC (as on 31 March 2017).

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GlaxoSmithkline Consumer Healthcare to pay dividend
May 12,2017

GlaxoSmithkline Consumer Healthcare announced that dividend shall be paid to the entitled Members on or before 08 September 2017.

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IL&FS Engineering rises after getting LoIs worth Rs 559 crore
May 12,2017

The announcement was made during trading hours today, 12 May 2017.

Meanwhile, the S&P BSE Sensex was down 55.04 points, or 0.18% to 30,195.94.

On the BSE, 93,000 shares were traded in the counter so far, compared with average daily volumes of 32,166 shares in the past one quarter. The stock had hit a high of Rs 57 and a low of Rs 54.30 so far during the day. The stock hit a 52-week high of Rs 66 on 9 September 2016. The stock hit a 52-week low of Rs 36.80 on 22 November 2016.

The stock had underperformed the market over the past one month till 11 May 2017, falling 2.66% compared with 2.05% rise in the Sensex. The scrip had also underperformed the market in past one quarter, rising 6% as against Sensexs 6.76% rise.

The small-cap company has equity capital of Rs 131.12 crore. Face value per share is Rs 10.

IL&FS Engineering and Construction Company (IL&FS Engineering Services) received Letter of Intents (LoIs) from Jharkhand Bijli Vitran Nigam (JBVNL), Ranchi for rural electrification works of East Singhbhum package comprising East Singhbhum district, and West Singhbum package comprising West Singhbhum districts in Jharkhand under Deen Dayal Upadhyay Gram Jyoti Yojna (DDUGJY).

IL&FS Engineering Services also received LoIs for urban electrification works of Jamshedpur Electric Supply Area of JBVNL covering eight towns (Jamshedpur, Mango, Jugsalai, Chakuliya, Adityapur, Chaibasa, Chakradharpur, and Seraikela) in East Singhbhum, West Singhbum, and Seraikela-Kharsawan districts in Jharkhand under Integrated Power Development Scheme (IPDS) on behalf of JBVNL.

The total value of these contracts is Rs 559.35 crore. The completion schedule of the works is 24 months.

IL&FS Engineering & Construction Company reported net profit of Rs 1.64 crore in Q3 December 2016 as against net loss of Rs 78.57 crore in Q3 December 2015. Net sales declined 9.20% to Rs 397.16 crore in Q3 December 2016 over Q3 December 2015.

IL&FS Engineering and Construction Company is one of the leading infrastructure development, construction and project management companies in India.

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Alicon Castalloy to hold EGM
May 12,2017

Alicon Castalloy announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 8 June 2017 .

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Board of Endurance Technologies recommends final dividend
May 12,2017

Endurance Technologies announced that the Board of Directors of the Company at its meeting held on 10 May 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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