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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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Jay Shree Tea & Industries reports standalone net loss of Rs 41.79 crore in the March 2017 quarter
May 08,2017

Net Loss of Jay Shree Tea & Industries reported to Rs 41.79 crore in the quarter ended March 2017 as against net loss of Rs 33.72 crore during the previous quarter ended March 2016. Sales declined 2.34% to Rs 128.60 crore in the quarter ended March 2017 as against Rs 131.68 crore during the previous quarter ended March 2016.

For the full year,net loss reported to Rs 15.45 crore in the year ended March 2017 as against net loss of Rs 19.16 crore during the previous year ended March 2016. Sales declined 22.09% to Rs 535.88 crore in the year ended March 2017 as against Rs 687.85 crore during the previous year ended March 2016.

ParticularsQuarter EndedYear Endedn++Mar. 2017Mar. 2016% Var.Mar. 2017Mar. 2016% Var. Sales128.60131.68 -2 535.88687.85 -22 OPM %-25.65-19.67 -2.973.26 - PBDT-33.90-27.10 -25 2.860.11 2500 PBT-37.81-30.83 -23 -11.47-16.27 30 NP-41.79-33.72 -24 -15.45-19.16 19

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Board of Mafatlal Industries recommends final dividend
May 08,2017

Mafatlal Industries announced that the Board of Directors of the Company at its meeting held on 5 May 2017, inter alia, have recommended the final dividend of Rs 2 per equity Share (i.e. 20%) , subject to the approval of the shareholders.

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Board of Indag Rubber recommends final dividend
May 08,2017

Indag Rubber announced that the Board of Directors of the Company at its meeting held on 5 May 2017, inter alia, have recommended the final dividend of Rs 1.5 per equity Share (i.e. 75%) , subject to the approval of the shareholders.

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Advance Syntex to hold EGM
May 08,2017

Advance Syntex announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 27 May 2017 .

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Board of Monsanto India recommends final dividend
May 08,2017

Monsanto India announced that the Board of Directors of the Company at its meeting held on 5 May 2017, inter alia, have recommended the final dividend of Rs 15 per equity Share (i.e. 150%) , subject to the approval of the shareholders.

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Monsanto India to hold AGM
May 08,2017

Monsanto India announced that the 67th Annual General Meeting (AGM) of the company will be held on 10 August 2017.

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PVV Infra to hold board meeting
May 08,2017

PVV Infra will hold a meeting of the Board of Directors of the Company on 13 May 2017, to consider and approve the Audited Financial Results for the Fourth Quarter and year ended 31st March 2017

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Yogya Enterprises to hold board meeting
May 08,2017

Yogya Enterprises will hold a meeting of the Board of Directors of the Company on 15 May 2017, to consider and approve the audited financial results of the Company for the financial year ended 31 March 2017.

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FPIs continue selling
May 08,2017

Foreign portfolio investors (FPIs) sold stocks worth a net Rs 391.44 crore into the secondary equity markets on 5 May 2017, as compared with net outflow of Rs 409.60 crore on 4 May 2017. On that day, the Sensex lost 267.41 points or 0.89% at to settle at 29,858.80, its lowest closing level since 24 April 2017.

The net outflow of Rs 391.44 crore on 5 May 2017 was a result of gross purchases of Rs 4794.22 crore and gross sales of Rs 5185.66 crore.

There was a net inflow of Rs 143.19 crore into the category primary market & others on 5 May 2017 which was a result of gross purchases of Rs 143.19 crore and nil gross sales.

FPIs have sold stocks worth a net Rs 2491.12 crore into the secondary equity markets in May 2017 so far (till 5 May 2017). They sold stocks worth a net Rs 1645.32 crore in April 2017.

FPIs have purchased shares worth a net Rs 32351.03 crore from the secondary equity markets in calendar year 2017 so far (till 5 May 2017). They had purchased shares worth a net Rs 12094.42 crore from the secondary equity markets in calendar year 2016.

FPIs have purchased stocks worth a net Rs 562.47 crore from the category primary market & others in May 2017 so far (till 5 May 2017). They had bought stocks worth a net Rs 4039.81 crore from the category primary market & others in April 2017.

FPIs have purchased shares worth a net Rs 7746.39 crore from the category primary markets & others in calendar year 2017 so far (till 5 May 2017). The net inflow from FPIs into the category primary markets & others had totaled Rs 8471.76 crore in calendar year 2016.

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NGL Fine Chem to hold AGM
May 08,2017

NGL Fine Chem announced that the Annual General Meeting (AGM) of the company will be held on 11 August 2017.

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Board of Spenta International recommends final dividend
May 08,2017

Spenta International announced that the Board of Directors of the Company at its meeting held on 5 May 2017, inter alia, have recommended the final dividend of Rs 1.3 per equity Share (i.e. 13%) , subject to the approval of the shareholders.

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Board of Shoppers Stop recommends final dividend
May 08,2017

Shoppers Stop announced that the Board of Directors of the Company at its meeting held on 5 May 2017, inter alia, have recommended the final dividend of Rs 0.75 per equity Share (i.e. 15%) , subject to the approval of the shareholders.

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Board of Dalmia Bharat Sugar & Industries recommends final dividend
May 08,2017

Dalmia Bharat Sugar & Industries announced that the Board of Directors of the Company at its meeting held on 5 May 2017, inter alia, have recommended the final dividend of Rs 2 per equity Share (i.e. 100%) , subject to the approval of the shareholders.

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Fitch: Global Demand for New Autos to Increase 1%-2% in 2017
May 08,2017

Global demand for new vehicles will increase 1%-2% in 2017, according to Fitch Ratings. Growth in China, Europe and Brazil will more than offset demand declines in the U.S., Japan and South Korea. In the US, we expect sales to decrease to 17.0 million in 2017 from 17.5 million in 2016.

In China, sales growth will likely fall to the mid-single-digit range in 2017. The government has partially rolled back the tax incentive on small-engine vehicles that it enacted in 2015, raising the vehicle purchase tax to 7.5% from 5%. The tax increase will be phased-in to cushion the impact on vehicle sales, but Chinese consumers pulled forward their purchase of qualifying vehicles in late 2016 in anticipation of the tax increase, leading to lower sales of these vehicles in 2017.

European sales remain about 10% off their 2007 peak. We expect growth of 2% to 3% in 2017 in Europe due to pent-up demand, continued favorable economic conditions in several countries and low interest rates supporting vehicle purchasing.

US trade policy is also a key focus of investors. Among the Detroit auto manufacturers, a broad-based increase in import taxes on vehicles from Mexico would likely have a more significant impact on General Motors Company (GM) and Fiat Chrysler Automobiles N.V. (FCA) than on Ford Motor Company. Auto suppliers are less likely to be directly affected by import taxes, but a decline in demand for vehicles manufactured in Mexico would negatively affect the suppliers that manufacture components for them.

The Trump administration is also looking at relaxing some of the emissions and fuel efficiency regulations that were enacted under the Obama administration. However, due to continued tightening of emissions regulations outside the US, global auto manufacturers will likely continue investing in lower emission technologies. Also, auto manufacturers will likely try to avoid getting caught off-guard if fuel prices unexpectedly rise.

The migration toward electrified powertrains and the quickening pace of research into autonomous vehicles are also driving radical changes in the global auto industry. Although the effect of these changes will not be a near-term threat to traditional auto manufacturers and suppliers, the potential long-term effects could be substantial. Auto manufacturers and suppliers are competing with numerous start-ups and technology companies to dictate the terms of the coming disruption in personal mobility. Traditional auto manufacturers risk losing relevance as the mobility landscape changes.

As the global auto industry evolves, Fitch is placing increased emphasis on auto issuers long-term positioning relative to developing trends. A rapid change in the competitive environment could alter our view regarding issuers market positions, which could affect their ratings, although the shifting landscape is unlikely to have a direct effect on issuers ratings in the near term.

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Fitch: Basel III Implementation in APAC to Follow Global Pace
May 08,2017

Implementation of the second wave of Basel III rules might continue to be delayed in the Asia-Pacific (APAC) by a lack of progress in other markets, as regulators in this region have remained reluctant to take a lead in implementing requirements ahead of their global peers, Fitch Ratings says.

However, the credit profiles of APAC banks are unlikely to be significantly affected. We expect most APAC regulators will continue to push ahead with consultations, and most plan to be ready to meet scheduled deadlines, even if implementation is likely to be contingent on international progress. Moreover, APAC banks are still likely to prepare for the new requirements by further building up capital and other loss-absorbing buffers, which will strengthen their financial profiles and underpin ratings.

Implementation of some components of Basel III in APAC banking systems has already been delayed from the timeline set by the Basel Committee as a result of developments elsewhere. A new standardised approach for measuring counterparty credit risk exposures and revised capital requirements for equity investments in funds and for central counterparties - initially scheduled to be introduced by January 2017 - were delayed by US pushback and lengthy legislative processes in the EU. Those rules are likely to have a greater impact on European and US banks than banks in APAC. Only Singapore in APAC stuck to the agreed timeline, and it has applied transitional arrangements. Korea and India have rules scheduled to come into effect in January 2018, while those in Hong Kong, Australia and Indonesia are at the draft stage. Taiwans rules are final, but their implementation has been delayed to align with other jurisdictions.

There is a risk of delays to other Basel III regulations set to be introduced in the next few years, but we expect requirements on leverage ratios and net stable funding ratios (NSFR) to come into effect in January 2018, as planned. Most APAC banks are unlikely to have difficulty meeting leverage ratio requirements, as they do not generally hold huge stocks of low-risk-weighted assets.

Looking further ahead, we expect APAC regulators will continue to embrace the Basel Committees risk-weighted asset initiatives, including measures to limit capital relief from banks use of internal models, once these are finalised. Banks in APAC are less reliant on models than those in Europe, with regulators already sceptical of models being used to reduce risk-weighted assets, as evidenced by some of them having applied risk-weight floors to certain exposures. In addition, we expect that supervisory work across APAC will continue to result in frequent use of macro-prudential regulation to address the build-up of specific risk pockets or risks at a system-wide level.

A major reporting change is also scheduled for 2018, with the adoption in 10 jurisdictions of IFRS 9 - the new international standard that, among other things, introduces expected credit-loss provisioning requirements. We expect loan loss provision charges to be more volatile under IFRS 9, giving a better reflection of how risk evolves, while total loan loss allowances will tend to be higher. However, banks in some markets should be able to limit the provisioning impact by releasing reserves to offset initial additional charges.

Bank resolution remains a relatively low priority in the region. Frameworks are becoming stronger in jurisdictions where resolution regimes exist or are being developed, but progress has been slow and frameworks remain untested. Fitch expects sovereign support to remain available in most APAC jurisdictions, as regulators will be reluctant to require the bail-in of troubled banks senior debt holders in systems where financial markets are still developing or where banks are reliant on wholesale funding. A large deposit base that limits funds available for bail-in also weakens appetite for adding this option to resolution frameworks in a few countries.

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