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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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RIL advances after commissioning paraxylene plant at Jamnagar
Apr 21,2017

The announcement was made after market hours yesterday, 20 April 2017.

Meanwhile, the S&P BSE Sensex was up 82.57 points or 0.28% at 29,504.96.

On the BSE, 1.22 lakh shares were traded on the counter so far as against the average daily volumes of 2.05 crore shares in the past one quarter. The stock had hit a high of Rs 1,408 and a low of Rs 1,373.05 so far during the day.

The stock had hit a 52-week high of Rs 1,448.50 on 6 April 2017 and a 52-week low of Rs 925.70 on 23 May 2016. It had outperformed the market over the past one month till 20 April 2017, advancing 6.96% compared with the Sensexs 0.33% fall. The scrip had also outperformed the market over the past one quarter, surging 33.51% as against the Sensexs 8.83% rise.

The large-cap company has equity capital of Rs 3251.33 crore. Face value per share is Rs 10.

Reliance Industries (RIL) announced the successful and flawless commissioning of the second and final phase of Para-Xylene (PX) comprising of PX Crystallizers trains, Trans-alkylation and Aromatic Extraction units at Jamnagar.

With the commissioning of this plant, RILs PX capacity will be more than double. RIL will emerge as the worlds second-largest producer of PX with about 11% of global production, it said.

RILs consolidated net profit rose 3.6% to Rs 7506 crore on 17.6% growth in net sales to Rs 79408 crore in Q3 December 2016 over Q3 December 2015.

Reliance Industries (RIL) is Indias largest private sector company. RILs activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and telecommunications.

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Diamond Power tumbles after dismal Q4 results
Apr 21,2017

The result was announced after market hours yesterday, 20 April 2017.

Meanwhile, the S&P BSE Sensex was up 59.42 points, or 0.20% to 29,481.81.

On the BSE, 69,000 shares were traded in the counter so far, compared with average daily volumes of 1.11 lakh shares in the past one quarter. The stock had hit a high of Rs 36.70 and a low of Rs 35.50 so far during the day.

The stock hit a 52-week high of Rs 63.15 on 20 October 2016. The stock hit a 52-week low of Rs 25.70 on 25 April 2016.

The stock had underperformed the market over the past one month till 20 April 2017, falling 7.57% compared with 0.87% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 3.20% as against Sensexs 8.83% rise.

The small-cap company has equity capital of Rs 269.71 crore. Face value per share is Rs 10.

On a consolidated basis, Diamond Power Infrastructures net sales fell 72.85% to Rs 192.28 crore in Q4 March 2017 over Q4 March 2016.

On a consolidated basis, the company reported net loss of Rs 808.57 crore in the year ended March 2017 compared with net loss of Rs 272.81 crore in the year ended March 2016. Net sales fell 49.36% to Rs 1131.73 crore in the year ended March 2017 over the year ended March 2016.

Diamond Power Infrastructure is an integrated manufacturer of power transmission equipment and turnkey services provider (EPC).

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Government of India to issue Sovereign Gold Bonds 2017-18- Series I
Apr 21,2017

Government of India, in consultation with the Reserve Bank of India, has decided to issue Sovereign Gold Bonds 2017-18- Series I. Applications for the bond will be accepted from April 24, 2017 to April 28, 2017. The Bonds will be issued on May 12, 2017.

The Bonds will be sold through banks, Stock Holding Corporation of India Limited (SHCIL), designated post offices and recognised stock exchanges viz., National Stock Exchange of India Limited and Bombay Stock Exchange.

The features of the Bond are given below:

Sl. No.ItemDetails1Product nameSovereign Gold Bond 2017-18 Gô Series I2IssuanceTo be issued by Reserve Bank India on behalf of the Government of India.3EligibilityThe Bonds will be restricted for sale to resident Indian entities including individuals, HUFs, Trusts, Universities and Charitable Institutions. 4DenominationThe Bonds will ben++denominated in multiples of gram(s) of gold with a basic unit of 1 gram.5TenorThe tenor of the Bond will be for a period of 8 years with exit option from 5th year to be exercised on the interest payment dates.6Minimum sizeMinimum permissible investment will be 1 gram of gold.7Maximum limitThe maximum amount subscribed by an entity will not be more than 500 grams per person per fiscal year (April-March). A self-declaration to this effect will be obtained.8Joint holderIn case of joint holding, the investment limit of 500 grams will be applied to the first applicant only.9Issue pricePrice of Bond will be fixed in Indian Rupees on the basis of simple average of closing price of gold of 999 purity published by the India Bullion and Jewellers Association Limited for the week (Monday to Friday) preceding the subscription period. The issue price of the Gold Bonds will be Rs. 50 per gram less than the nominal value.10Payment optionPayment for the Bonds will be through cash payment (upto a maximum of Rs. 20,000) or demand draft or cheque or electronic banking.11Issuance formThe Gold Bonds will be issued as Government of India Stocks under GS Act, 2006. The investors will be issued a Holding Certificate for the same. The Bonds are eligible for conversion into demat form.12Redemption priceThe redemption price will be in Indian Rupees based on previous weeks (Monday-Friday) simple average of closing price of gold of 999 purity published by IBJA.13Sales channelBonds will be sold through banks, Stock Holding Corporation of India Limited (SHCIL), designated post offices as may be notified and recognised stock exchanges viz., National Stock Exchange of India Limited and Bombay Stock Exchange, either directly or through agents. 14Interest rateThe investors will be compensated at a fixed rate of 2.50 per cent per annum payable semi-annually on the nominal value.15CollateralBonds can be used as collateral for loans. The loan-to-value (LTV) ratio is to be set equal to ordinary gold loan mandated by the Reserve Bank from time to time.16KYC DocumentationKnow-your-customer (KYC) norms will be the same as that for purchase of physical gold. KYC documents such asn++Voter ID, Aadhaar card/PAN or TAN /Passport will be required.17Tax treatmentThe interest on Gold Bonds shall be taxable as per the provision of Income Tax Act, 1961 (43 of 1961). The capital gains tax arising on redemption of SGB to an individual has been exempted. The indexation benefits will be provided to long term capital gains arising to any person on transfer of bond18TradabilityBonds will be tradable on stock exchanges within a fortnight of the issuance on a date as notified by the RBI. 19SLR eligibilityThe Bonds will be eligible for Statutory Liquidity Ratio purposes.20CommissionCommission for distribution of the bond shall be paid at the rate of 1% of the total subscription receivedn++ byn++ then++ receiving offices and receiving offices shall share at least 50% of the commission so received with the agents or sub agents for the business procured through them.

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Board of SKP Securities approves buyback of shares up to Rs 6.19 crore
Apr 21,2017

SKP Securities announced that the Board of Directors of the Company at its meeting held on 20 April 2017 has approved proposal to buyback up to 12,15,600 full paid equity shares of the Company (representing 21.65% of the total number of equity shares in the paid up share capital of the Company) at a price of Rs 51 per share for an aggregate consideration of Rs 6.19 crore.

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Tata Steel inches up on boards nod for fund raising
Apr 21,2017

The announcement was made after market hours yesterday, 20 April 2017.

Meanwhile, the S&P BSE Sensex was up 64.08 points or 0.22% at 29,486.47.

On the BSE, 39,000 shares were traded on the counter so far as against the average daily volumes of 6.85 lakh shares in the past one quarter. The stock had hit a high of Rs 460 and a low of Rs 456.50 so far during the day.

The stock had hit a 52-week high of Rs 508.45 on 17 March 2017 and a 52-week low of Rs 297.40 on 24 June 2016. It had underperformed the market over the past one month till 20 April 2017, sliding 8.61% compared with the Sensexs 0.33% fall. The scrip had also underperformed the market over the past one quarter, declining 0.13% as against the Sensexs 8.83% rise.

The large-cap company has equity capital of Rs 971.22 crore. Face value per share is Rs 10.

Tata Steels board at a meeting held yesterday, 20 April 2017, reviewed the performance, capital structure and financing plan of the company. Based on the review and pursuant to the existing shareholders approval, the board approved issue of debt securities of upto Rs 9000 crore in the form either of non-convertible debentures on private placement basis or foreign currency or rupee denominated bonds or a combination thereof in one or more tranches.

The funds will primarily be deployed towards re-financing the existing debt, capex/working capital requirements and general corporate purposes. The board of directors also authorized the finance committee of the board to determine and approve the timing and terms of such issue of securities.

On consolidated basis, Tata Steel reported net profit of Rs 231.90 crore in Q3 December 2016 compared with net loss of Rs 2747.72 crore in Q3 December 2015. Net sales rose 13.4% to Rs 27843.92 crore in Q3 December 2016 over Q3 December 2015.

Tata Steel is the worlds second-most geographically-diversified steel producer, with operations in 26 countries and commercial presence in over 50 countries.

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Thomas Cook (India) intimates of NCLT approval for composite scheme of arrangement and amalgamation between its subsidiaries
Apr 21,2017

Thomas Cook (India) announced that it has received intimation on 20 April 2017 from Travel Corporation (India) (TCI) and SOTC Travel Services (formerly known as Kuoni Travel (India)) (SOTC), wholly owned subsidiaries of the Company, pertaining to approval granted by the National Company Law Tribunal (NCLT) for the Composite Scheme of Arrangement and Amalgamation between SOTC Travel Services (earlier known as Kuoni Travel (India)), Distant Frontiers Tours, SITA Beach Resorts, SITA Destination Management, SITA Holidays (India), SITA Holidays Resorts, SITA Incoming (India), SOTC Travel (formerly known as SITA Travels) and Travel Corporation (India).

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NALCO OFS over-subscribed 3 times; Government of India to raise Rs. 1200 crores
Apr 21,2017

The Central Government has successfully divested 9.2% of paid-up capital in National Aluminum Company (NALCO) to raise Rs. 1,200 crore to begin FY 2017-18 with a bang. Department of Investment and Public Asset Management (DIPAM), Ministry of Finance, Government of India is set a record target of realizing Rs. 72,500 crore through disinvestment. This follows an all-time high achievement of Rs. 46,247 crore during 2016-17.

Originally, the disinvestment in NALCO OFS was pegged at 5% of paid-up capital, but seeing the overwhelming response from the market, DIPAM exercised the green shoe option to retain over-subscription and raised the offer to 9.2% on Wednesday,19th April, 2017. With this transaction, the Government of India shareholding in NALCO has come down to 65.37%.

If the original OFS offer of 5% is considered, the issue is over-subscribed by 2.56 times and if the revised offer of 9.2% is taken, the issue is subscribed 1.43 times. The green shoe option (over-subscription option) was used by the Government for the first time, since the modified OFS procedure spanning 2 days (T and T+1 day) was put in place by SEBI in 2016.

The retail investor continues to back disinvestments of CPSEs by DIPAM. For the fourth time in a row, retail investors out-performed institutional investors. This is particularly satisfying to DIPAM, as one of the objectives of disinvestment policy is to make PSU shareholding broad-based so that nations wealth is shared by its citizens.

Encouraged by the successful completion of NALCO OFS, DIPAM is gearing

- A series of disinvestments throughout the year to meet its target.

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Board of Tata Steel approves issue of debt securities up to Rs 9000 crore
Apr 21,2017

The Board of Directors of Tata Steel at its meeting held on 20 April 2017 reviewed the performance, capital structure and financing plan of the Company. Based on the review and pursuant to the existing shareholders approval, the Board approved issue of debt securities of up to Rs. 9,000 crore in the form either of Non-Convertible Debentures on private placement basis or Foreign Currency or Rupee Denominated Bonds or a combination thereof in one or more tranches. The funds will primarily be deployed towards re-financing the existing debt, capex/working capital requirements and general corporate purposes. The Board of Directors also authorized the Finance Committee of the Board to determine and approve the timing and terms of such issue of securities.

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ACC, HDFC Bank in spotlight ahead of March quarter earnings
Apr 21,2017

ACC will announce its Q1 results today, 21 April 2017. HDFC Bank unveils its Q4 results today, 21 April 2017.

Reliance Industries (RIL) announced the successful and flawless commissioning of the second and final phase of Para-Xylene (PX) comprising of PX Crystallizers trains, Trans-alkylation and Aromatic Extraction units at Jamnagar. The announcement was made after market hours yesterday, 20 April 2017.

State Bank of India (SBI) said it has decided to serve notice of redemption to holders of $400 million Hybrid Tier 1 Notes issued pursuant to SBI, acting through its Nassau branchs $2000 million Medium Term Note programme for the redemption of the Notes on 15 May 2017. The announcement was made after market hours yesterday, 20 April 2017.

Tata Steels board at a meeting held yesterday, 20 April 2017, reviewed the performance, capital structure and financing plan of the company. Based on the review and pursuant to the existing shareholders approval, the board approved issue of debt securities of up to Rs 9000 crore in the form either of non-convertible debentures on private placement basis or foreign currency or rupee denominated bonds or a combination thereof in one or more tranches.

The funds will primarily be deployed towards re-financing the existing debt, capex/working capital requirements and general corporate purposes. The board of directors also authorized the finance committee of the board to determine and approve the timing and terms of such issue of securities. The announcement was made after market hours yesterday, 20 April 2017.

Indian Hotels Company announced that in terms of the authority granted by the board of directors at a meeting held on 18 May 2016, the company has allotted 2,000, rated, listed, unsecured, redeemable, non-cumulative & non- convertible debentures aggregating to Rs 200 crore on private placement basis. The announcement was made after market hours yesterday, 20 April 2017.

Fortune Financial Services (India) announced that a meeting of the board of directors of the company is scheduled to be held on 25 April 2017 to consider the approval for acquisition of equity shares of IRC Credit Management Services and INTL Risk Consultants Insurance Brokers by the company. The board will also consider the merger of Fortune Integrated Assets Finance with Fortune Financial Services(India) and any other business on that day. The announcement was made after market hours yesterday, 20 April 2017.

PVR announced that the employment of Vijay Kapoor who was employed as Chief Business Development Officer of the company has been terminated with effect from 20 April 2017 on disciplinary grounds. The announcement was made after market hours yesterday, 20 April 2017.

Housing Development & Infrastructure (HDIL) announced that it has launched a new project The Nest at Mulund, Mumbai, under the affordable housing brand Budget Homes, having 263 units open for sale in phase 1 of the project. The announcement was made after market hours yesterday, 20 April 2017.

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Roto Pumps wins export excellence award
Apr 20,2017

Roto Pumps has been conferred an award for export excellence as Star Performer for 2013-14 in the products group pumps, compressors, hydraulics and pneumatic power engines and parts - Large Enterprises by EEPC India, Northern Region at its 46th export awards ceremony held on 19 April 2017 in New Delhi.

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Lumax Industries announces resignation of director
Apr 20,2017

Lumax Industries announced that Gursaran Singh, Independent Director of the Company has resigned from the Board of Directors w.e.f.19 April 2017.

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Vedanta provides operations update
Apr 20,2017

Vedanta announced that its 500kt plant-1 smelter at Jharsuguda had an unfortunate pot outage incident earlier this week. 228 pots out of the total 608 pots were damaged and taken out of production. The impacted pots will be required to be repaired over the next few months.

Vedanta also announced that a fire took place at the coal handling plant at 1980 MW Talwandi Sabo Power Plant (wholly owned subsidiary of the Company) in Punjab state earlier this week. This has resulted in a shut down of all three units of the power plant for around 60 days.

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Bajaj Finance allots NCDs aggregating Rs 544.70 crore
Apr 20,2017

Bajaj Finance has allotted 5447 secured redeemable non-convertible debentures aggregating Rs 544.70 crore on private placement basis on 20 April 2017.

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DRA Consultants announces resignation of CFO
Apr 20,2017

DRA Consultants announced that Kiran Selukar, Chief Financial Officer (CFO) of the Company has resigned from the said position effective from 20 April 2017.

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Karnataka Bank bags MSME Banking Excellence Awards - 2016
Apr 20,2017

Karnataka Bank has bagged MSME Banking Excellence Awards - 2016 instituted by Chamber of Indian Micro, Small and Medium Enterprises, under the category of CSR Initiatives and Business Responsibility Award - Runner Up (Emerging Category).

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