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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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Capital First invests Rs 99.99 crore in subsidiary - Capital First Home Finance
Aug 01,2017

Capital First has made an investment of Rs 99.99 crore in Capital First Home Finance, a wholly owned subsidiary by way of subscription to rights issue of equity shares of CFHF which have been allotted on 31 July 2017. The said funds will be utilised for growth of operations of CFHF.

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Maruti Suzuki gains after good July sales
Aug 01,2017

The announcement was made during trading hours today, 01 August 2017.

Meanwhile, the S&P BSE Sensex was up 5.74 points, or 0.02% to 32,520.68.

On the BSE, 41,000 shares were traded in the counter so far, compared with average daily volumes of 50,696 shares in the past one quarter. The stock had hit a high of Rs 7,920 so far during the day, which is also a record high for the counter. The stock had hit a low of Rs 7,729.05 so far during the day. The stock hit a 52-week low of Rs 4,769.65 on 21 November 2016.

The stock had outperformed the market over the past one month till 31 July 2017, rising 6.79% compared with 5.15% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 14.95% as against Sensexs 8.67% rise. The scrip had also outperformed the market in past one year, rising 58.28% as against Sensexs 16.11% rise.

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

Maruti Suzuki Indias domestic sales grew by 22.4% to 1.54 lakh units in July 2017 over July 2016. Export sales rose 0.01% to 11,345 units in July 2017 over July 2016.

Maruti Suzuki Indias net profit rose 4.4% to Rs 1556.40 crore on 16.7% rise in net sales to Rs 17132.40 crore in Q1 June 2017 over Q1 June 2016.

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 30 June 2017).

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Zydus receives final approval for Temozolomide Capsules
Aug 01,2017

Zydus Cadila has received final approval from USFDA to market Temozolomide Capsules in strengths of 5 mg, 20 mg, 100 mg, 140 mg, 180 mg and 250 mg. Temozolomide capsule is a chemotheraphy drug used in the management of brain tumors.

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Union Bank of India gets levy of penalty by RBI
Aug 01,2017

Union Bank of India announced that the Reserve Bank of India has imposed a penalty of Rs. 1 crore on the Bank for non-compliance with the directions issued by RBI on Know Your Customer (KYC) norms in a case of huge cash withdrawals in certain accounts maintained with the Bank.

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Polyplex (Thailand) to set up greenfield PET film line project in Indonesia
Aug 01,2017

Polyplex Corporation announced that the Board of Directors of Polyplex (Thailand), a subsidiary of the Company in which the Company has 51% stake in equity share capital, have decided to set up a greenfield PET Film Line project of a capacity of 44,000 TPA alongwith upstream resin line and downstream coating plant, in Indonesia at an estimated cost of USD 95 Million (including Working Capital of USD 15 Million).

Above project would be implemented in a subsidiary/ step down subsidiary of PTL.

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Indias solar capacity fell short of target of 17 GW by FY2017: study
Aug 01,2017

Indias installed solar capacity fell short of target of 17 gigawatts (GW) by the end of FY2017, the country will need to significantly ramp up the pace of solar capacity additions by 10 GW this year and 15+ GW per year to meet the 2022 target, noted a recent ASSOCHAM-NEC joint study.

In 2014, Indias Prime Minister Narendra Modi announced a goal to increase solar power capacity to 100 GW by 2022n++five times higher than the previous target, said the report.

The biggest technological issue in terms of solar is the efficiency of solar cells. Currently the efficiency ranges from 12% to 20%, though this continues to improve. The rest of the energy striking the panel is either reflected or is wasted as heat. The main issue with efficiency is that higher efficiency solar panels cannot be commercially mass produced, said the ASSOCHAM-NEC study.

To achieve the 100 GW target by 2022, the focus has slightly shifted from indigenous manufacturing. Policies to curb the imports from other countries (for instance China) are not benefiting the domestic manufacturing. Furthermore the increase in taxes in the GST structure in solar from 0% to 5% coupled with reduced taxes in coal from 11.69% to 5% may lead to slow adoption of solar in Indian energy sector.

Lack of uniform policies across sectors and implementation issues is also an area of concern. In India subsidy structure is complex and there are involvement of multiple agencies. Land allotment is a long procedure in India, which requires approvals at different levels from authorities.

Currently the foreign investment in Indian solar industry is less than 20%. Even after the 100% FDI under automatic route and 74% through foreign equity participation in a joint venture (without approval), it has not paved the path for significant foreign investments in Indian solar industry.

One major issue with solar power is its reliability. At best, a solar panel can generate power for 12 hours a day. As the solar power is available only in at a certain time interval, it makes sense to bottle up the energy and save it for later use. However, main issue with battery packs is the longevity and cost for better reliability. Reliability of grid integration system is also an issue in most of the small residential and commercial rooftop systems and large utility-scale solar power stations.

Electricity transmission & distribution (T&D) performs a vital task of connecting end-users to electricity generators. Despite considerable improvement in the past decade, India has one of the highest level of electricity transmission and distribution (T&D) losses in the world. T&D losses represent electricity that is generated but does not reach to the end customer. Indias T&D losses range from 20%-30% which is primarily due to two reasons, (1) technical inefficiency, and (2) theft.

The solar panels used in India are not designed to handle very high temperatures and dust prone conditions. Because of this, module damages are common and result in loss in energy generation. Stress related damages to panel results reduced yield. It also increases the cleaning and replacement cost at the site. The efficiency of solar panel drops drastically even when a small portion is blocked by a film of dust.

Poor financial conditions of distribution companies coupled with inadequate financial capacity of stakeholders amounts to financial challenges in the Indian solar industry. Investment required per MW generation of solar power is around INR 6 crores, which means a total of approximately INR 600,000 crores for 100 GW.

Viability of solar power projects in India has become an area of serious concern. Solar projects being capital intensive, the project companies take hefty loans from the banks and any change in timeline or policy affects the overall budget of the project. Due to long timeline of the projects, payback period also gets extended.

For solar projects, cost of obtaining capital is usually considered high. This high risk is because of the counter party risk. The counter party risk is because of the inability of the distribution companies (Discoms) to pay for the power they purchase. Discoms have mandate to purchase renewable power to fulfil RPOs (renewable purchase obligations).

Indian solar industry is growing at a rapid pace and requires an integrator to coordinate with private companies and public sectors. There is a need of a consolidator to bring every stakeholder on the same table to better define policies and frameworks for Indian solar industry (public-private partnerships (PPPs) may offer an effective way to promote and implement rooftop solar PV projects, particularly in India).

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Maruti Suzuki India records 20% growth in sales in July 2017
Aug 01,2017

Maruti Suzuki India has sold a total of 165,346 units in July 2017, recording a growth of 20.6% over the same period of last fiscal. Total sales include 154,001 units in domestic market and 11,345 units of exports. The Company sold 137,116 units in July 2016.

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Shares of Captain Technocast get listed
Aug 01,2017

The equity shares of Captain Technocast (Scrip Code: 540652) are listed effective 01 August and admitted to dealings on the Exchange in the list of M Group Securities.

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Balrampur Chini Mills fixes record date for interim dividend
Aug 01,2017

Balrampur Chini Mills has fixed 10 August 2017 as the Record Date for the purpose of Payment of Interim Dividend.

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InterGlobe Aviation gains after good Q1 earnings
Aug 01,2017

The result was announced after market hours yesterday, 31 July 2017.

Meanwhile, the S&P BSE Sensex was down 7.41 points, or 0.02% to 32,507.53.

On the BSE, 1.56 lakh shares were traded in the counter so far, compared with average daily volumes of 52,222 shares in the past one quarter. The stock had hit a high of Rs 1,334 so far during the day, which is also a 52-week high for the counter. The stock had hit a low of Rs 1,270 so far during the day. The stock hit a 52-week low of Rs 790 on 11 August 2016.

The stock had outperformed the market over the past one month till 31 July 2017, rising 10.80% compared with 5.15% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 14.75% as against Sensexs 8.67% rise. The scrip had also outperformed the market in past one year, rising 32.53% as against Sensexs 16.11% rise.

The large-cap low-cost airliner has equity capital of Rs 361.68 crore. Face value per share is Rs 10.

InterGlobe Aviation said it reported the highest quarterly profit ever. The companys EBITDAR (earnings before finance income and cost, tax, depreciation, amortization and aircraft and engine rentals) rose 26.3% to Rs 19618 crore in Q1 June 2017 over Q1 June 2016.

The airline has a fleet of 135 planes including 22 A32neos and operates about 937 daily flights.

IndiGo said it has a cash balance of about Rs 10185 crore and free cash of about Rs 5189 crore. It had an aircraft debt of about Rs 2524 crore.

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RBI imposes penalty on Union Bank of India
Aug 01,2017

Union Bank of India announced that the Reserve Bank of India has imposed a penalty of Rs. 2 crore on the Bank for non-compliance with the directions issued by RBI on Know Your Customer (KYC) norms on examination of certain accounts with substantial transactions.

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Trent hits record high after strong Q1 earnings
Aug 01,2017

The result was announced after market hours yesterday, 31 July 2017.

Meanwhile, the S&P BSE Sensex was down 18.33 points, or 0.06% at 32,496.61. The S&P BSE Mid-Cap index was up 59.49 points, or 0.39% at 15,449.06.

High volumes were witnessed on the counter. On the BSE, 1.53 lakh shares were traded on the counter so far as against the average daily volumes of 19,812 shares in the past one quarter. The stock had hit a high of Rs 299.95 so far during the day, which is also its record high. The stock hit a low of Rs 276.05 so far during the day. The stock had hit a 52-week low of Rs 176.80 on 2 December 2016.

The stock had outperformed the market over the past one month till 31 July 2017, advancing 13.21% compared with the Sensexs 5.15% rise. The scrip had, however, underperformed the market over the past one quarter advancing 6.67% as against the Sensexs 8.68% rise. The scrip had, however, outperformed the market over the past one year advancing 46.74% as against the Sensexs 15.91% rise.

The mid-cap company has equity capital of Rs 33.23 crore. Face value per share is Rs 1.

Trent, a retail arm of the Tata group, operates retail chain Westside and bookstore chain Landmark in various locations of India. Trent also operates the hypermarket Star Bazaar in major cities.

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NTPC announces cessation of director
Aug 01,2017

NTPC announced that Anil Kumar Jha has ceased to be the Director (Technical) of NTPC on attaining superannuation on 31 July 2017 (A/N).

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Nikkei India Manufacturing PMI dips sharply in July 2017
Aug 01,2017

PMI survey data indicated that the introduction of the goods & services tax (GST) weighed heavily on the Indian manufacturing industry in July. New orders and output decreased for the first time since the demonetisation-related downturn recorded in December last year, with rates of contraction the steepest since February 2009 in both cases. Consequently, companies purchased fewer quantities of inputs for use in the production process, leading to an overall decline in holdings of raw materials and semi-finished items. Cost burdens increased further, but factory gate charges were lowered as firms attempted to win new business.

At 47.9 in July, down from 50.9 in June, the Nikkei India Manufacturing Purchasing Managers Index (PMI) was at its lowest mark since February 2009 and highlighted the first deterioration in business conditions in 2017 so far. The downturn was widespread across the three broad areas of manufacturing, with intermediate goods producers the worst affected.

Incoming new work dropped for the first time in the year-to-date and at the steepest pace since early- 2009. Anecdotal evidence indicated that the GST launch hampered demand. Different to the trend for total order books, new export orders continued to rise in July. That said, the rate of expansion softened from Junes eight-month high.

Lower sales triggered an overall accumulation in stocks of finished goods. The rise in holdings of manufactured products was marginal, but interrupted a two-year period of ongoing depletion.

Discouraged by the downturn in factory orders, companies lowered production in July. The fall ended a six-month sequence of growth, and the rate of reduction was the most pronounced since the global financial crisis.

Fewer output requirements caused a reduction in purchasing activity. Although moderate, the contraction in buying levels was the quickest in eight-and-a-half years. Subsequently, inventories of inputs decreased.

According to Indian manufacturers, higher tax rates sparked greater cost burdens in July. However, the pace at which input costs rose was moderate and much weaker than its long-run average. Reflecting attempts to win new business in the face of a competitive environment, some companies lowered their selling prices. Overall, the rate of discounting was marginal. Prior to July, charges had increased for 16 months in succession.

After having increased in June, payroll numbers fell in the current reporting month. But, with the vast majority of panellists signalling unchanged headcounts, the rate of job shedding was marginal overall.

The 12-month outlook for output remained positive in July, with companies expecting more clarity regarding the GST to support growth. New projects in the pipeline and improved product quality were also mentioned as reasons underpinning positive sentiment. The level of confidence was at an 11-month high.

Commenting on the Indian Manufacturing PMI survey data, Pollyanna De Lima, Principal Economist at IHS Markit and author of the report, said: Manufacturing growth in India came to a halt in July, with the PMI down to its lowest mark in almost eight-and-a-half years amid widespread reports that the sector has been adversely affected by the implementation of the goods and services tax. The reductions in output, new orders and purchasing activity were all the steepest since early-2009.

The downturn was broad-based across all sub-sectors covered by the survey, with output scaled back among firms in the consumer, intermediate and investment goods categories amid falling order books.

The weakening trend for demand, relatively muted cost inflationary pressures and discounted factory gate charges provide powerful tools for monetary policy easing, which has the potential to revive economic growth.

Upcoming PMI releases will show whether underlying conditions remain on the downside or if Julys contraction was a temporary blip. Goods producers foresee the latter, with panellists widely commenting that a lack of clarity regarding tax rates caused confusion among suppliers and manufacturers themselves when agreeing on prices. As such, businesses expect GST information to become clearer in coming months.

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Vantage Knowledge Academy schedules AGM
Aug 01,2017

Vantage Knowledge Academy announced that the 4th Annual General Meeting (AGM) of the company will be held on 30 September 2017.

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