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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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MFL India to hold board meeting
Jun 17,2017

MFL India will hold a meeting of the Board of Directors of the Company on 22 June 2017.

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Deepak Fertilizers & Petrochem. Corp to hold board meeting
Jun 17,2017

Deepak Fertilizers & Petrochem. Corp will hold a meeting of the Board of Directors of the Company on 30 June 2017.

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Uniworth Securities to hold board meeting
Jun 17,2017

Uniworth Securities will hold a meeting of the Board of Directors of the Company on 29 June 2017.

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Medicamen Biotech to hold board meeting
Jun 17,2017

Medicamen Biotech will hold a meeting of the Board of Directors of the Company on 21 June 2017.

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IndusInd Bank acquires 75 lakh equity shares of Kesoram Industries
Jun 17,2017

IndusInd Bank has acquired 75,00,000 Equity Shares of Rs.10 each, pursuant to exercise of conversion option on Optionally Convertible Redeemable Preference Shares, i.e., conversion of each Optionally Convertible Preference Share held by the Bank into 10 Equity Shares of Kesoram Industries at a price of Rs.120 per Equity Share.

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Ind-Ra: Demonetisation Could Cause Capital Erosion for MFIs
Jun 17,2017

India Ratings and Research (Ind-Ra) says that following demonetisation and political interferences, microfinance institutions (MFIs), including non-banking finance companies (NBFCs) and small finance banks (SFBs), with exposure to states (Uttar Pradesh, Uttarakhand, Maharashtra and Madhya Pradesh) faced with asset quality overhang stare at significant credit costs and capital erosion in FY18.

Demonetisation Brings Inherent Issues to Fore: The current upheaval has validated Ind-Ras earlier opinion of borrower overleverage and idiosyncratic and systemic risks (due to political ecosystem) prevalent in the industry. Furthermore, borrower discipline, a key ingredient for the smooth functioning of microfinance, has severely deteriorated in certain districts of affected states and may take years to be restored. In addition, MFIs need to structurally look beyond joint liability group (JLG) loans for loan growth and product diversification by building capabilities.

Collection Pick-Up Slower than Ind-Ra Expectations: Ind-Ras analysis of MFIs within and outside of its coverage indicates that the aggregate collection efficiency (CE; collection/billing for that month; aggregate CE includes CE for the period November 2016-May 2017) of the majority of MFIs (with significant exposure to affected states) on portfolio outstanding as of December 2016 was 75%-80% in May 2017 compared with a low of 50%-60% in December 2016. Maharashtra was one of the worst affected states, with monthly collections in some districts in single digits. During the revival period after December 2016, the intensity of political interference in affected states was such that demand for loan waivers did not die down in some districts even after local elections.

Equity Erosion Possible: Ind-Ras analysis indicates that in case collections (on portfolio as on 31 December 16) do not increase from the current level, MFIs with significant exposure to affected states and with aggregate loans under management of INR10 billion and above could incur credit costs and capital erosion and, thus, higher leverage. At 80%, these MFIs could require an equity of INR1 billion-3 billion (depending on loans under management) to ensure their capital levels remain over the regulatory minimum. The aggregate recovery level on the December 2016 portfolio should exceed at least 85% by 2QFY18-3QFY18 to prevent capital erosion beyond the regulatory minimum, without additional infusion for some MFIs. At 95% collections on portfolio at end-December 2016, MFIs are likely to witness marginal capital erosion.

Lower-than-worse-case credit costs and equity erosions are supported by the fact that 15%-20% of assets under management of MFIs are off-balance-sheet, where credit enhancements, over-collateralisation and first loss default guarantees could range between 5% and 15% (on an aggregate basis).

Unintentionally Defaulting Borrower Unlikely to Clear Four or More EMIs: Ind-Ras borrower interactions over the last six months indicate that earning members have lost one-three-month wages/income due to demonetisation in FY17. However, business almost recovered in 1QFY18. The analysis suggests that incremental incomes of such borrowers in FY18 would be enough to repay three missed EMIs at best. However, MFIs may need to take haircuts on borrowers that have missed more than three EMIs or are intentional defaulters. The extension of loans by three months may work if default is unintentional.

Focus on Idiosyncratic Risk Mitigation: Microfinance: Borrower Overleverage Warrants Course Correction from MFIs indicated that MFIs need to go back to basics by focusing on vintage, quality of penetration (incremental borrowers to be new-to-microfinance), low ticket sizes, product diversification (one size fits all approach may not be incrementally fit for its borrowers). Ind-Ra opines that investors in MFIs need to increase their investment horizons to enable MFIs to develop tested products over one-two loan cycles. Over time, the regulator may relook at qualifying asset requirements to expand the target borrower segment for MFIs.

Time to Look Beyond JLG: Ind-Ra acknowledges that JLG loans address an important credit need and have an important role in financial inclusion. However, borrower selection and operating processes need to be reassessed, as pointed in Microfinance: Borrower Overleverage Warrants Course Correction from MFIs. Moreover, MFIs need to develop expertise in other secured and unsecured credit products and roll them out gradually (early experience not pleasant for most MFIs). Instead of pursuing growth, they need to adopt best practices of NBFCs, minimise employee churn, and innovate lending and risk sharing mechanisms.

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Nucleus Software Exports announces buyback offer
Jun 16,2017

Nucleus Software Exports announced that the Buyback Committee in meeting held on 16 June 2017 approved the following -

Buy-back of upto 33,43,000 Fully paid-up equity shares under the Buyback Offer, representing 10.32% of the total paid-up equity share capital of the company at final Buyback price of Rs. 350/- (Rupees Three Hundred and Fifty Only) per share of face value Rs. 10/- each for an aggregate amount not exceeding Rs.117,00,50,000 (excluding transaction cost, viz. brokerage, applicable taxes such as securities transaction tax, service tax, stamp duty etc., cost for the intermediaries appointed for the Buyback and other incidental costs) which is 24.83% of the Paid-up equity share capital and free reserves of the Company for the Financial Year ended 31 March 2017.

Record Date as 30 June 2017 for the purpose of determining the entitlement and the names of the shareholders who are eligible to participate in the Buyback Offer of the Company.

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Nucleus Software Exports announces buyback plan
Jun 16,2017

Nucleus Software Exports announced that the Buyback Committee in meeting held on 16 June 2017 approved the following -

Buy-back of upto 33,43,000 Fully paid-up equity shares under the Buyback Offer, representing 10.32% of the total paid-up equity share capital of the company at final Buyback price of Rs. 350/- (Rupees Three Hundred and Fifty Only) per share of face value Rs. 10/- each for an aggregate amount not exceeding Rs.117,00,50,000 (excluding transaction cost, viz. brokerage, applicable taxes such as securities transaction tax, service tax, stamp duty etc., cost for the intermediaries appointed for the Buyback and other incidental costs) which is 24.83% of the Paid-up equity share capital and free reserves of the Company for the Financial Year ended 31 March 2017.

Record Date as 30 June 2017 for the purpose of determining the entitlement and the names of the shareholders who are eligible to participate in the Buyback Offer of the Company.

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Engineer India fixes record date for buyback of shares
Jun 16,2017

Engineer India has fixed 29 June 2017 as record date for buyback of 4,19,61,780 equity shares of the Company.

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Nucleus Software Exports fixes record date for buyback of shares
Jun 16,2017

Nucleus Software Exports has fixed 30 June 2017 as record date for buyback of shares.

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POWERGRID Warora Transmission completes element of transmission project
Jun 16,2017

POWERGRID Warora Transmission, a 100% subsidiary of Power Grid Corporation of India, secured through Tariff Based Competitive Bidding, has successfully completed an element Gadarwara STPS - Jabalpur Pool 765 kV D/C Transmission Line and declared the said element for commercial operation on 31 May 2017.

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Motherson Sumi Systems subsidiary SMRP BV gets ratings assigned
Jun 16,2017

Motherson Sumi Systems announced that Fitch Ratings (Fitch) has rated outstanding secured bonds of SMRPBV at BBB- Samvardhana Motherson Automotive Systems Group B.V., Netherlands (SMRP BV), a subsidiary of the Company.

Furthermore, Fitch has also assigned a first time corporate rating of BB+ with a Positive outlook to SMRP BV.

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Bharat Financial Inclusion undertakes its first Direct Assignment Transaction for FY18
Jun 16,2017

Bharat Financial Inclusion (formerly known as SKS Microfinance) on 16 June 2017 assigned a pool of receivables of an aggregate value of Rs. 539.67 crore to one of the largest public sector banks on a direct assignment basis as per the guidelines prescribed by the Reserve Bank of India. This is the first Direct Assignment Transaction during FY18.

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IndusInd Bank allots 94,250 equity shares
Jun 16,2017

IndusInd Bank has allotted 94,250 (Ninety Four Thousand Two Hundred Fifty) equity shares of Rs. 10/- (Rupees Ten Only) each on June 16, 2017 to those grantees who had exercised their option under the Companys Employee Stock Option Scheme.

The said shares will rank pari-passu with the existing shares of the Company in all respect.

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Eicher Motors announces resignation of director
Jun 16,2017

Eicher Motors announced that Priya Brat - Non Executive Independent Director of the Company has resigned from the Board of Directors of the Company, effective from 16 June 2017

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