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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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Issues arising from the implementation of Minimum Alternate Tax (MAT) provisions relating to Indian Accounting Standards (Ind AS) compliant companies
Jul 26,2017

Finance Act, 2017 amended the provisions of section 115JB of the Income-tax Act,1961(the Act) so as to provide the framework for computation of book profit for the purposes of levying Minimum Alternate Tax (MAT) in case of Indian Accounting Standards (Ind AS) compliant companies in the year of adoption and thereafter. This framework was specified on the basis of the recommendations of the MAT-Ind AS Committee (the Committee) constituted for this purpose.

Subsequently, representations have been received from various stakeholders regarding certain issues arising from the implementation of provisions of amended section 115JB of the act. These representations were forwarded to the Committee for examination. After detailed examination of implementation issues raised by the stakeholders, the Committee vide report dated 17th June, 2017 has recommended certain amendment to the provisions of section 115JB of the Act with effect from 1st April,2017 (i.e. A.Y.2017-18) which is the date of coming into effect of the amendments made in section 115JB of the Act by the Finance Act, 2017.

The recommendations of the Committee regarding issuance of circular in the form of FAQs have been accepted by the Government and circular in the form of FAQs has been issued vide No 24/2017 dated 25.07.2017.

Further, in order to have wider consultation in response of Committees recommendations regarding amendment to the provisions of section 115JB of the Act w.e.f. 1st April, 2017, the relevant part of the Committees Report has been uploaded on the department website: www.incometaxindia.gov.in. The stakeholders are requested to send the comments/ suggestions on E-mail ID dirtpl2@nic.in latest by 11th August, 2017.

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Vedanta strengthens after solid Q1 performance
Jul 26,2017

The result was announced at the fag end of market hours yesterday, 25 July 2017. The stock had risen 3.66% to Rs 274.40 yesterday, 25 July 2017.

Meanwhile, the S&P BSE Sensex was up 71.77 points or 0.22% at 32,300.04.

On the BSE, 7.5 lakh shares were traded on the counter so far as against the average daily volumes of 10.48 lakh shares in the past one quarter. The stock had hit a high of Rs 282.95 in intraday trade, which is also a 52-week high for the stock. The stock had hit a low of Rs 278 so far during the day. The stock had hit a 52-week low of Rs 154 on 2 August 2016.

The stock gained 15.93% over the past one month till 25 July 2017, outperforming the Sensexs 3.5% rise. The scrip had also outperformed the market in past one quarter, rising 16.57% as against Sensexs 7.63% rise. The scrip had also outperformed the market in past one year, jumping 59.63% as against Sensexs 14.71% rise.

The large-cap company has equity capital of Rs 371.72 crore. Face value per share is Re 1.

Vedantas consolidated net profit rose 67.15% to Rs 2270 crore on 26.72% growth in revenue to Rs 18203 crore in Q1 June 2017 over Q1 June 2016.

Revenue was higher due to higher volume at Zinc India & ramp-up at aluminium business and higher commodity prices partially offset by currency appreciation, lower volume at Copper India and iron ore and pot outages at 500 kilotonnes Jharsuguda-I smelter and TSPL fire incident in 17 April 2017.

Earnings before interest, tax, depreciation and amortization (EBITDA) rose 40% to Rs 4965 crore in Q1 June 2017 over Q1 June 2016, driven by higher commodity prices, higher volumes and cost savings. This was partially offset by currency appreciation, input commodity inflation and lower plant availability at TSPL. EBITDA margin rose to 36% in Q1 June 2017 from 32% in Q1 June 2016, on increased volumes and cost efficiencies.

Vedanta is a diversified natural resources company, whose business primarily involves producing oil & gas, zinc - lead - silver, copper, iron ore, aluminium and commercial power.

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Axis Bank declines after poor Q1 earnings
Jul 26,2017

The result was announced after market hours yesterday, 25 July 2017.

Meanwhile, the S&P BSE Sensex was up 65.08 points or 0.2% at 32,293.35

On the BSE, 2.18 lakh shares were traded on the counter so far as against the average daily volumes of 4.54 lakh shares in the past one quarter. The stock had hit a high of Rs 543.85 and a low of Rs 533.30 so far during the day. The stock had hit a 52-week high of Rs 638 on 7 September 2016 and a 52-week low of Rs 424.60 on 10 January 2017.

The large-cap bank has equity capital of Rs 479.44 crore. Face value per share is Rs 2.

Axis Banks gross non-performing assets (NPAs) stood at Rs 22030.87 crore as on 30 June 2017 as against Rs 21280.48 crore as on 31 March 2017 and Rs 9553.17 crore as on 30 June 2016.

The ratio of gross NPAs to gross advances stood at 5.03% as on 30 June 2017 as against 5.04% as on 31 March 2017 and 2.54% as on 30 June 2016. The ratio of net NPAs to net advances stood at 2.3% as on 30 June 2017 as against 2.11% as on 31 March 2017 and 1.08% as on 30 June 2016.

The banks Net Interest Income (NII) grew by 2% to Rs 4616 crore in Q1 June 2017 over Q1 June 2016. Net interest margin stood at 3.63% in Q1 June 2017.

Axis Bank said that the bank during Q1 June 2017 raised Rs 8500 crores through issuance of Tier I and Tier II Bonds, of which Tier I was Rs 3500 crore and Tier II was Rs 5000 crore.

As on 30 June 2017, Axis Banks provision coverage, as a proportion of gross NPAs including prudential write-offs, was at 65%.

Axis Bank is one of the biggest private sector banks in India. As on 30 June 2017, the bank had a network of 3,385 domestic branches and extension counters situated in 1,976 centres. As on 30 June 2017, the bank had 14,311 ATMs and 1,419 cash recyclers spread across the country.

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Hero MotoCorp crawls higher after small rise in PAT in Q1
Jul 26,2017

The result was announced after market hours yesterday, 25 July 2017.

Meanwhile, the S&P BSE Sensex was up 69.15 points, or 0.21% to 32,297.42.

On the BSE, 6,970 shares were traded in the counter so far, compared with average daily volumes of 63,397 shares in the past one quarter. The stock had hit a high of Rs 3,741 and a low of Rs 3,689.95 so far during the day. The stock had hit a record high of Rs 3880.25 on 5 June 2017. The stock had hit a 52-week low of Rs 2,844.40 on 17 November 2016.

The stock gained 1.27% over the past one month till 25 July 2017, underperforming the Sensexs 3.5% rise. The scrip had, however, outperformed the market in past one quarter, rising 12.14% as against Sensexs 7.63% rise. The scrip had, however, underperformed the market in past one year, gaining 13.02% as against Sensexs 14.71% rise.

The large-cap two-wheeler major has equity capital of Rs 39.94 crore. Face value per share is Rs 2.

Hero MotoCorps EBITDA (earnings before interest, taxes, depreciation and amortization) rose 5.35% to Rs 1295.90 crore in Q1 June 2017 over Q1 June 2016. EBITDA margin remained steady at 16.3% in Q1 June 2017.

Pawan Munjal, Chairman, Managing Director and Chief Executive Officer of Hero MotoCorp said that in Q1 June 2017, the company further consolidated domestic motorcycle market share by clocking all time high sales. The growth in the domestic market was aided by an improvement in overall market sentiment and robust demand for companys range of two-wheelers.

With several new products planned for launch over the next few quarters from world class Centre of Innovation and Technology (CIT), the company remains committed to consolidating its domestic leadership and expanding global footprint into new markets, he added.

Hero MotoCorp is the worlds largest manufacturer of two-wheelers.

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KEC International to convene board meeting
Jul 26,2017

KEC International will hold a meeting of the Board of Directors of the Company on 2 August 2017.

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Dalmia Bharat to conduct board meeting
Jul 26,2017

Dalmia Bharat will hold a meeting of the Board of Directors of the Company on 5 August 2017.

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Futuristic Solutions to convene board meeting
Jul 26,2017

Futuristic Solutions will hold a meeting of the Board of Directors of the Company on 4 August 2017.

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HB Portfolio schedules board meeting
Jul 26,2017

HB Portfolio will hold a meeting of the Board of Directors of the Company on 8 August 2017.

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R Systems International to table results
Jul 26,2017

R Systems International will hold a meeting of the Board of Directors of the Company on 3 August 2017.

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Raunaq EPC Intl. to announce Quarterly Result
Jul 26,2017

Raunaq EPC Intl. will hold a meeting of the Board of Directors of the Company on 8 August 2017.

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Nitesh Estates to declare Quarterly Result
Jul 26,2017

Nitesh Estates will hold a meeting of the Board of Directors of the Company on 12 August 2017.

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Mahavir Impex announces board meeting date
Jul 26,2017

Mahavir Impex will hold a meeting of the Board of Directors of the Company on 3 August 2017.

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Fedders Electric & Engg. to discuss results
Jul 26,2017

Fedders Electric & Engg. will hold a meeting of the Board of Directors of the Company on 10 August 2017.

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Dugar Housing Developments to hold board meeting
Jul 26,2017

Dugar Housing Developments will hold a meeting of the Board of Directors of the Company on 31 July 2017.

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Pioneer Agro Extracts to hold board meeting
Jul 26,2017

Pioneer Agro Extracts will hold a meeting of the Board of Directors of the Company on 5 August 2017.

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