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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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JB Chemicals drops after posting poor Q4 results
May 24,2017

The result was declared after market hours yesterday, 23 May 2017.

Meanwhile, the S&P BSE Sensex was up 68.45 points, or 0.23%, to 30,433.70. The S&P BSE Small-Cap index was down 18.19 points, or 0.12%, to 14,751.67.

On the BSE, 2,666 shares were traded in the counter so far as against average daily volume of 10,926 shares in the past one quarter. The stock had hit a high of Rs 344.25 and a low of Rs 330.80 so far during the day. The stock had hit a record high of Rs 403.60 on 14 October 2016. The stock had hit a 52-week low of Rs 231 on 24 June 2016.

The stock had underperformed the market over the past one month till 23 May 2017, rising 2.48% compared with Sensexs 3.41% gains. The scrip had also underperformed the market in past one quarter, advancing 3.57% as against Sensexs 5.1% rise.

The small-cap company has an equity capital of Rs 16.96 crore. Face value per share is Rs 2.

JB Chemicals & Pharmaceuticals board recommended a dividend of Re 1 per share for the year ended 31 March 2017 (FY 2017).

Meanwhile, JB Chemicals & Pharmaceuticals board of directors approved the buy-back of up to 12.5 lakh shares, representing 1.47% of total paid up share capital at Rs 400 per share for a total consideration not exceeding Rs 50 crore, through the tender offer route on a proportionate basis.

The buyback price of Rs 400 was at a premium of 16.39% over the closing price of Rs 343.65 yesterday, 23 May 2017.

J B Chemicals & Pharmaceuticals is a pharmaceutical company manufacturing & marketing a diverse range of pharmaceutical formulations, herbal remedies and active pharmaceutical ingredient (API)s.

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V2 Retail announces resignation of CFO
May 24,2017

V2 Retail announced the resignation of Varun Kumar Singh from the post of CFO (Chief Financial Officer) of the company w.e.f 23 May 2017.

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Sterlite Technologies to hold EGM
May 24,2017

Sterlite Technologies announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 23 June 2017 .

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Gujarat Automotive Gears to hold EGM
May 24,2017

Gujarat Automotive Gears announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 23 June 2017 .

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Board of Venkys (India) recommends final dividend
May 24,2017

Venkys (India) announced that the Board of Directors of the Company at its meeting held on 22 May 2017, inter alia, have recommended the final dividend of Rs 6 per equity Share (i.e. 60%) , subject to the approval of the shareholders.

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Board of Thirumalai Chemicals recommends final dividend
May 24,2017

Thirumalai Chemicals announced that the Board of Directors of the Company at its meeting held on 20 May 2017, inter alia, have recommended the final dividend of Rs 18.75 per equity Share (i.e. 187.5%) , subject to the approval of the shareholders.

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Board of Zuari Global recommends final dividend
May 24,2017

Zuari Global announced that the Board of Directors of the Company at its meeting held on 19 May 2017, inter alia, have recommended the final dividend of Rs 1 per equity Share (i.e. 10%) , subject to the approval of the shareholders.

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Board of Zuari Agro Chemicals recommends final dividend
May 24,2017

Zuari Agro Chemicals announced that the Board of Directors of the Company at its meeting held on 19 May 2017, inter alia, have recommended the final dividend of Rs 1 per equity Share (i.e. 10%) , subject to the approval of the shareholders.

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Software Procurement Policy-Digital India
May 24,2017

The Digital India foot print is expanding day by day. It has been the consistent focus of Shri Narendra Modi Government, to improve Digital Governance as it is critical for faster delivery and effective monitoring of services.

The transformation happening under the overall Digital India initiative is creating huge opportunities for involvement of industry/private sector, mainly providers of IT/IT enabled systems and services. However, various concerns have been raised from time to time by the industry relating to their engagements (and contracts) with government funded projects. These issues include terms of payments, acceptance criteria, service level agreement and change management etc.

It is the consistent representation of NASSCOM, as also the major System Integrators like TCS, Wipro, Tech Mahindra, IBM etc, for the need of a model RFP to guide all the organizations across governments, so that all variations, vagaries and uncertainties may be avoided. Based on intensive deliberations with the industry and other stakeholders, this model RFP has been formulated.

The major features of Model RFP provides for,

1. Level playing field, to all stakeholders by defining appropriate pre-qualification and technical evaluation criterion.

2. Aligning legal terms and conditions with the requirements of the IT Industry

n++ Template for scope of work and service level agreements

n++ Change request mechanisms

n++ Dispute resolution

n++ Standard contractual terms & conditions

n++ Standardization of Intellectual property rights

n++ Capping the liability, penalty and liquidated damages

3. Making payment terms, objective and easier, for industry and Government Department

n++ Guidance on simplifying payment related conditions

n++ Incorporating the Exchange rate variations

4. Converging Government schemes like Make in India / Preference for Domestically Manufactured Electronic Goods (PMA), provisions for Start-ups and MSMEs

5. Leveraging latest technologies like cloud, mobiles, etc.

6. Aligned with the General Financial Rule 2017

7. Adherence to the latest standards

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Tata Motors jumps after posting Q4 results
May 24,2017

The result was declared after market hours yesterday, 23 May 2017.

Meanwhile, the BSE Sensex was up 35.28 points, or 0.12%, to 30,400.53.

On the BSE, 2.31 lakh shares were traded in the counter so far, compared with average daily volumes of 5.44 lakh shares in the past one quarter. The stock had hit a high of Rs 472.95 and a low of Rs 466.15 so far during the day. The stock had hit a 52-week high of Rs 598.60 on 7 September 2016. The stock had hit a 52-week low of Rs 380.55 on 23 May 2016.

Tata Motors consolidated net profit fell 16.79% to Rs 4336 crore on 2.86% fall in revenues to Rs 77272 crore in Q4 March 2017 over Q4 March 2016. Consolidated profit and revenue in Q4 was lower due to translation impact from Pound to Indian Rupee.

Consolidated profit before tax shed 12.26% to Rs 5166 crore in Q4 March 2017 over Q4 March 2016. This broadly reflects strong retail sales in Jaguar Land Rover business on continued strong demand for the product and also higher wholesale volumes partially offset by overall higher marketing expenses and higher depreciation and amortization, company said.

Tata Motors is a market leader in commercial vehicles in India. The companys British luxury unit Jaguar Land Rover (JLR) sells premium luxury cars.

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Board of GPT Infraprojects approves fund raising up to Rs 100 crore and bonus issue
May 24,2017

GPT Infraprojects announced that the Board of Directors (Board) of the Company at their meeting held on 23 May 2017, inter alia, has approved the following:

- The Board has recommended Shareholders for Passing the following Resolutions through Postal ballot:-

a) For raising of funds by way of issue of equity shares and/or other securities up to Rs. 100 crore;

b) For Issue of Bonus Shares by capitalization of Security Premium Account in the proportion of 1 (one) equity share of Rs. 10/- for every 1 (one) equity shares of Rs. 10/- each held by the Members on Record date;

c) To create security on whole or substantially the whole of the assets of the Company and the whole or substantially the whole of the undertaking or undertakings of the Company for securing any loans under section 180 (1)(a) of Companies Act, 2013; and

d) To make investments and loan(s) up to Rs. 75 crores under section 186 of the Companies Act, 2013.

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Sunteck Realty plans sub-division of equity shares
May 24,2017

Sunteck Realty plans to undertake sub-division of equity shares of the Company. The Board of Directors will consider the proposal for the same on 08 June 2017.

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Employment prospects in Indias IT Sector: Robust Outlook
May 24,2017

It is asserted that the employment potential and prospects in the IT and related sectors are robust and promising. Some of the reports to the contrary in the media space are highly exaggerated and unfounded.

Indian IT sector employment prospects, both in the near and long-term are expected to be broadly positive and encouraging for the future. India IT companies currently serve two thirds of the fortune 500 companies and have created 40 lakhs direct jobs in India

To present an objective and realistic potential of the employment scenario, the Ministry apart from its own feedback, has taken note of projections by NASSCOM, the principal Industry body, as well as of other well-known independent organizations and consultants working in this field.

NASSCOM has confirmed that the industry continues to be a net hirer and reports that:

n++ 2.5-3 million new jobs will be created by 2025.

n++ In FY 2017, the industry added 1,70,000 new jobs. NASSCOM has already publicly contradicted reports of large scale layoff

n++ IT industry added 600,000 in last three years and today, boasts of a total employee base of 3.9 million.

TeamLease analysis for 2017-18 reports that IT sector hiring sentiments is positive and is up by 4% in October 2016 to March 2017, compared to the previous six-month period.

The TeamLease analyses also indicates that e-commerce and technology startup sector hiring sentiments has increased by 2%, with projected 14.94% job growth. (This is despite recent challenges in these sectors.)

Recruitment and staffing firm Randstad projects (in December 2016), a cumulative growth rate of 9% in the IT / ITeS job market.

The Indian technology startup sector will offer strong and growing employment prospects to Indian IT professionals. According to NASSCOM, in 2016, Indian technology startups employed 95,000 to 100,000 IT professionals, across more than 4,750 startups (including ecommerce and hyperlocals).

Indias domestic IT market offers strong prospects for industry growth (consequently employment), even if global markets were to face challenges.

n++ Indias total software product market grew at 9.5% in FY2017 to reach USD 7 billion. (Exports grew 7.8% to reach USD 2.3 billion.) In comparison, the domestic market grew much faster, at 10.4%, reaching USD 4.8 billion.

n++ Indias overall domestic IT/BPM sector is expected to grow at 8.5% from USD 35 billion in 2016 to an anticipated USD 37 billion in 2017.

Other shining sectors of employment in the overall of IT Industry under Digital India, include, the following:

n++ CSC has generated 10lakhs local level employment by way of village level entrepreneurs.

n++ Total employment in IT/ITES Industry employees is 4 millions as direct employment and 1.3 Crores as indirect employment.

n++ State-owned Software Technology Park of India (STPI) has generated 50% of the employment generated by the Indian IT/ITES industry. It is to be noted that out of 56 STPI centres, 48 are located in tier-ii and tier-iii location, benefitting the qualified youth of such locations.

n++ To further promote the job creation, MeitY has come up with India BPO promotion scheme with an aim to provide employment to 1.45 lakh persons, mostly in the small towns. More than 48 thousand BPO seats in 2017-18 year. It is a matter of assurance that BPO through tendering has been finalized and is in its process of being set up in towns like Imphal, Guwahati, Siliguri, Patna, Muzaffarpur, Samastipur, Gazipur, Unnao, Amravati etc

n++ To encourage Northeastern part of India, MeitY has a separate Northeast BPO promotion scheme with 5000 seats and having employment potential of 15000 persons. This would go a long way to help the employment scene in northeast region of India.

n++ In Mobile phone manufacturing, 72 new mobile manufacturing units started only in last 30 months. It has created 1 lakh direct and 3 lakh indirect jobs in India. All major brands like Apple, Samsung etc. in the ICT sector are manufacturing or ready to manufacture in India.

The emerging and promising digital economy in the country is going create a very powerful potential for job creations.

The Govt is encouraging greater stress on cyber security and this will lead to greater focus on innovation, research and thus significant potential for job creation.

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Board of Tata Investment Corporation approves equity participation in JV
May 24,2017

The Board of Directors of Tata Investment Corporation at its meeting held on 23 May 2017 have approved an equity participation of up to one per cent into a joint venture between Voltas, Koc Holdings A.S. (holding company of Arcelik A.S.), Ardutch B. V ( a wholly owned subsidiary of Arcelik A.S.) and Tata Investment Corporation. The proposed JVC to be incorporated would be engaged in the business of refrigerators, washing machines, microwaves and other white goods/ domestic appliances in India.

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Redington India provides update on subsidiary - Redington Gulf FZE
May 24,2017

Redington India announced that Redington Gulf FZE (RGF), a step down subsidiary of the Company, has acquired additional 10% stake (As of 31 March 2017, RGF holds 80% shares of Linkplus) from shareholder of Linkplus for a consideration of USD 0.99 million. With this the total stake of RGF in Link plus is 90%.

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