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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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National Fertilizers announces cessation of director
Feb 23,2017

National Fertilizers announced that Gurinderjit Singh Sandhu, Independent Director has vacated the office of Director of the Company on 20 February 2017 on completion of his term.

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Lupin allots 34604 equity shares
Feb 23,2017

Lupin announced that the Allotment Committee of Directors at its meeting held on 23 February 2017 has allotted 34604 fully paid up equity shares of Rs. 2/- each. These shares have been allotted upon exercising of options granted to the employees under Stock option plans of the Company.

In view of the above, the issued and paid up capital of the Company has been increased to Rs. 90,30,59,916 consisting 45,15,29,958 equity shares of Rs. 2/- each.

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Lupin allots 34604 equity shares
Feb 23,2017

Lupin announced that the Allotment Committee of Directors at its meeting held on 23 February 2017 has allotted 34604 fully paid up equity shares of Rs. 2/- each. These shares have been allotted upon exercising of options granted to the employees under Stock option plans of the Company.

In view of the above, the issued and paid up capital of the Company has been increased to Rs. 90,30,59,916 consisting 45,15,29,958 equity shares of Rs. 2/- each.

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Phoenix Mills gains on foreign brokerage buy call
Feb 23,2017

Meanwhile, the BSE Sensex was up 111.52 points, or 0.39%, to 28,976.23.

On the BSE, so far 4,092 shares were traded in the counter, compared with average daily volumes of 3,458 shares in the past one quarter. The stock had hit a high of Rs 382.45 and a low of Rs 367 so far during the day.

The stock hit a 52-week high of Rs 445 on 8 September 2016. The stock hit a 52-week low of Rs 238.30 on 29 February 2016.

The mid-cap company has equity capital of Rs 30.61 crore. Face value per share is Rs 2.

The brokerage reportedly said that Phoenix Mills may benefit from rental renewals, new area additions, strong brands and falling cost of funds. Malls are seeing traction, it reportedly said, adding that consumption and rental income is growing at 20% for Pune and Bangalore. Phoenix Mills rental income grew 12% year-on-year even though demonetisation hurt the sentiment, it reportedly noted.

On a consolidated basis, Phoenix Millss net profit fell 6.86% to Rs 44.54 crore on 11.72% decline in net sales to Rs 436.69 crore in Q3 December 2016 over Q3 December 2015.

Phoenix Mills focuses on real estate development and entertainment.

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Dilip Buildcon to hold board meeting
Feb 23,2017

Dilip Buildcon will hold a meeting of the Board of Directors of the Company on 28 February 2017, to Consider and approve Incorporation of New SPV as Wholly Owned Subsidiary.

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Jigyasa Infrastructure to hold board meeting
Feb 23,2017

Jigyasa Infrastructure will hold a meeting of the Board of Directors of the Company on 27 February 2017.

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Indo Amines to hold board meeting
Feb 23,2017

Indo Amines will hold a meeting of the Board of Directors of the Company on 27 February 2017, to approve the appointment of Mr. Madhav N. Nandgaonkar as an Independent Director of the Company.

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Rajsanket Realty to hold board meeting
Feb 23,2017

Rajsanket Realty will hold a meeting of the Board of Directors of the Company on 28 February 2017, to consider and approve the allotment of Secured, Unlisted, Redeemable, Non - Convertible Debentures of the Company on receipt of monies, on private placement basis.

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Housing finance stocks rise after Sebi ups MFs exposure limit
Feb 23,2017

GRUH Finance (up 3.42%), Dewan Housing Finance Corporation (up 2.79%), GIC Housing Finance (up 1.93%), PNB Housing Finance (up 0.99%), LIC Housing Finance (up 0.95%), Indiabulls Housing Finance (up 0.68%) and Can Fin Homes (up 0.23%), edged higher. HDFC was down 0.13%.

Meanwhile, the S&P BSE Sensex was up 95.86 points, or 0.33% at 28,960.57.

The capital market regulator, the Securities and Exchange Board of India (Sebi), has increased the additional permissible investment limit of debt mutual funds to invest in corporate bonds, sold by housing finance companies (HFCs).

In light of the role of HFCs especially in affordable housing and to further the Governments goal under Pradhan Mantri Aawas Yojana (PMAY), it has now been decided to increase additional exposure limits provided for HFCs in financial services sector from 10% to 15%, Sebi said in a statement.

Now, regulatory guidelines debar sectoral exposure in debt oriented mutual fund schemes with a cap of 25% at the sector level. An additional exposure not exceeding 10%, over and above the limit is allowed in financial services sector only to HFCs.

Mutual Funds/AMCs shall ensure that total exposure of debt schemes of mutual funds in a particular sector shall not exceed 25% of the net assets of the scheme, Sebi added.

The sector excludes investments in bank certificate of deposits (CDs), CBLO (Collataralised Borrowing and Lending Obligation), G-Secs, Treasury bills, short term deposits of scheduled commercial banks and top-rated rated securities issued by public financial institutions and public sector banks. This circular shall be applicable with immediate effect, Sebi said.

According to media reports, the enhancement in investment limits of MFs for HFCs will ensure meaningfully increased flow of capital for HFCs. It will strengthen HFCs ability to grow their home loans portfolio faster while offering the best possible rates to borrowers.

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Mercator concludes sale of Floating Production Unit of Mercator Offshore
Feb 23,2017

Mercator announced that the sale of Floating Production Unit of Mercator Offshore has been concluded. The sale proceeds have been realized and will be used towards repayment of high cost debt and for other operational purposes.

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Dewan Housing Finance Corporation gains on fund raising plan
Feb 23,2017

The announcement was made after market hours yesterday, 22 February 2017.

Meanwhile, the S&P BSE Sensex was up 50.93 points, or 0.18%, to 28,915.64.

On the BSE, 1.18 lakh shares were traded on the counter so far as against the average daily volumes of 2.56 lakh shares in the past one quarter. The stock had hit a high of Rs 328.20 and a low of Rs 317.60 so far during the day.

The stock had hit a record high of Rs 337 on 20 October 2016 and a 52-week low of Rs 141.75 on 25 February 2016. The stock had outperformed the market over the past one month till 22 February 2017, advancing 16.54% compared with the Sensexs 6.77% rise. The scrip had also outperformed the market over the past one quarter advancing 39.83% as against the Sensexs 11.19% rise.

The mid-cap company has equity capital of Rs 313.13 crore. Face value per share is Rs 10.

Dewan Housing Finance Corporation said it proposes to issue secured redeemable non convertible debentures amounting to Rs 1500 crore on private placement basis, pursuant to special resolution passed by the shareholders of the company at the 32nd annual general meeting held on 20 July 2016. The debentures have tenure of 10 years and carry a coupon rate of 8% per annum.

Dewan Housing Finance Corporations net profit rose 31.7% to Rs 244.77 crore on 25.5% increase in total income to Rs 2366.53 crore in Q3 December 2016 over Q3 December 2015.

Dewan Housing Finance Corporation provides loans for purchase or construction of residential houses.

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RJios New Prime Tariff Plan, While Boosting Industry ARPU, Would Target Peers High-end Subscribers
Feb 23,2017

India Ratings and Research (Ind-Ra) says Reliance Jio Infocomms (RJio; IND AAA/Stable) recently announced tariff plan for its first 100 million subscribers, who also subscribe to its Prime Membership Programme, would help improve industry average revenue per user (ARPU) over the medium to long term. This is because the tariff plan under its Prime Membership Programme of INR303/month/subscriber generates an ARPU of INR260 (net of taxes), which is higher than the industry-blended ARPU (incumbents blended ARPU of INR190 and data ARPU of INR150).

RJios strategy clearly targets the high-end consumers of other dominant industry players. Ind-Ra expects incumbents to follow suit by offering a similar package plan to retain their data subscribers. This would test the traffic carrying ability of industry players in the near term, and the players with required network infrastructure and capacity would be able to protect their subscriber market shares. Bharti Airtel Ltd has 118,197 3G and 4G enabled sites and a 210,000km fibre cable network compared to RJios 90,000 4G sites and 126,000km fibre cable, Idea Cellular Ltds 65,000 sites (3G and 4G) and 115,500km cable network and Vodafone India Ltds 76,000 (3G and 4G) sites.

As RJio would start pricing its offerings from April 2017, its quickly garnered subscriber base of 100 million users could witness some churn. RJios prime subscribers would continue to avail the unlimited voice and data services for the next 12 months, starting 1 April 2017. These services were available to them at free of charge till March 2017 under RJios Welcome Offer and Happy New Year Offer. RJio apart from bundled services offers free content to its subscribers.

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Asian Oilfield Services jumps after winning contract
Feb 23,2017

The announcement was made after market hours yesterday, 22 February 2017.

Meanwhile, the BSE Sensex was up 61.83 points, or 0.21%, to 28,926.54.

On the BSE, so far 1.11 lakh shares were traded in the counter, compared with average daily volumes of 1.52 lakh shares in the past one quarter. The stock had hit a high of Rs 181 so far during the day, which is also a 52-week high for the counter. The stock had hit a low of Rs 170.10 so far during the day. The stock hit a 52-week low of Rs 29 on 24 February 2016.

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

Asian Oilfield Services said that its wholly-owned subsidiary, Asian Oilfield & Energy Services DMCC, Dubai, has signed a contract for providing operations and maintenance services (O&M) for an offshore production unit operating at EBOK field offshore Nigeria. The total value of contract is about $95 million for a total period of 5 years (inclusive of client options). The company added that it had earlier announced on 27 December 2016 about receipt of a binding Letter of Intent (LOI) for contract of approximately $57 million for providing O&M services for 3 years. The above contract of $95 million for a total period of 5 years (inclusive of client options) is for the same LOI.

Further, the companys wholly owned subsidiary Asian Oilfield & Energy Services DMCC has also entered into an agreement to acquire 99.99% shareholding of Ivorene Oil Services Nigeria (a company registered under Nigeria) to provide local support for this O&M contract.

On a consolidated basis, Asian Oilfield Services reported net loss of Rs 2.53 crore in Q3 December 2016 as against 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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Trident gets upgradation in credit ratings
Feb 23,2017

Trident has received upgradation in credit ratings from Credit Analysis & Research for bank facilities of the Company as under -

Long term bank facilities (Rs 2334.85 crore) - CARE A+; Stable (Revised from CARE A)

Long term/short term bank facilities (Rs 1200 crore) - CARE A+; Stable / CARE A1 (Revised from CARE A/ CARE A1)

Short term bank facilities (Rs 350 crore) - CARE A1 (Reaffirmed)

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Telecom shares in demand
Feb 23,2017

Bharti Airtel (up 7.43%), Idea Cellular (up 6.36%), Tata Teleservices (Maharashtra) (up 4.67%), Reliance Communications (up 3.64%) and MTNL (up 3.61%), edged higher.

Telecom tower infrastructure provider Bharti Infratel was down 0.18%.

Meanwhile, the S&P BSE Sensex was up 59.99 points, or 0.21% at 28,924.70.

Bharti Airtel, Indias largest telecommunications services provider, announced that it has entered into a definitive agreement with Telenor South Asia Investments (Telenor) to acquire Telenor (India) Communications (Telenor India). The acquisition is subject to requisite regulatory approvals. As part of the agreement, Airtel will acquire Telenor Indias running operations in seven circles - Andhra Pradesh, Bihar, Maharashtra, Gujarat, UP (East), UP (West) and Assam. These circles represent a high population concentration and therefore offer a high potential for growth. The announcement was made before trading hours today, 23 February 2017.

The entry of Reliance Jio with its free services has had significant impact on the existing telecom operators.

Reliance Industries (RIL) announced at the fag end of market hours on Tuesday, 21 February 2017, that its subsidiary Reliance Jio Infocomm (RJIL) breached the 100 million customer mark in 170 days. Jio announced that in addition to its own market leading tariff plans, it will also offer its customers the option to choose the highest selling tariff plan of any of the other leading Indian telecom operators, but with 20% more data than what any other operator provides. As a token of its gratitude, the existing 100 million plus Jio subscribers can avail of the special Jio Prime Membership programme which comes with several special benefits. First, Jio Prime Members will be able to enjoy the unlimited benefits of the existing Jio Happy New Offer for another full year or till 31 March 2018 for a nominal, one-time enrolment fee of just Rs 99 and a rock-bottom introductory price of only Rs 303 per month or effectively at just Rs 10 per day.

The telecom sector has been abuzz with news of massive mergers to fight Reliance Jios might. As per recent media reports, Tata Teleservices is mulling to join the planned Reliance Communications (RCom)-Aircel-MTS merger, while Idea Cellular is reportedly planning a merger with Vodafone India.

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