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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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Bharat Heavy Electricals commissions 3rd 660 MW unit of coal based STPP in U.P.
May 23,2017

Bharat Heavy Electricals has commissioned the third unit of the 3x660 MW Prayagraj Super Thermal Power Project and successfully executed the 1980 MW coal based supercritical thermal power project in Uttar Pradesh.

Located in Bara Tehsil in Allahabad district of Uttar Pradesh, the project is owned by Prayagraj Power Generation Company, a subsidiary company of Jaiprakash Power Ventures.

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TTI Enterprise appoints company secretary
May 23,2017

TTI Enterprise has appointed Parul Harlalka as Company Secretary of the Company w.e.f 8 May 2017.

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Ind-Ra: GST Transition to Disrupt Working Capital Cycle of India Inc; Easy System Liquidity Essential
May 23,2017

The transition to GST will disrupt the working capital cycle of businesses in the initial phase and thus easy liquidity in the system is essential for two to four months, says India Ratings and Research (Ind-Ra). The agency believes that in order to minimise the magnitude of such disruption at the earliest, and to absorb the sudden changes in requirement of short term finance, easy system liquidity is necessary. Ind-Ra studied a sample set of 11,000 corporates and estimates that the input credit lock up for this sample could be around INR 1 trillion of which about INR500 billion could be blocked for about two months which may result in higher short term working capital requirement for businesses in the near term.

Ind-Ras sample set of corporates showed that the task is humongous and can be gauged by the size of closing inventory of around INR11.2 trillion as at FY16, which are at various stages of production process and includes other inventory procured at various dates from different sources including CST, VAT and exempt purchases. The average excise duty of the sample set works out to around 5.5%. Further assuming that 25% of the over-all inventory is procured locally and is subject to an average VAT rate of 14%, the over-all input credit lock up will be around INR1 trillion for this sample and would be higher on an over-all basis. Even if 50% of this is not available for set-off during the transition phase, it would result in blockage of INR500 billion of input credit for about two months (although may not necessarily be used during the first two months). Moreover, service tax rates are likely to increase by a flat 3% to 18% as against 15%. These factors may put stress on the short term working capital requirement for businesses.

Ind-Ra believes that even if businesses are able to achieve this seemingly mammoth task and the amounts are credited to the electronic ledger on a provisional basis, it will be subject to variations in the near term as there could be litigations on eligibility and availability under the existing laws and under the GST regime which may lead to disruption of working capital for businesses. The impact on individual companies could however vary widely and Ind-Ras study suggests that around 85% of the blocked input credit will be with companies with greater than INR5 billion revenues. Ind-Ra believes larger companies whose credit profiles are relatively stronger will tide over the short term working capital disruption relatively easily as compared to the ones which have weaker credit profiles.

Focusing on the liquidity conditions, the system liquidity remained abundant- reflected in the liquidity adjustment facility (LAF) provided by Reserve Bank of India (RBI). On an average in May 2017 banks are parking over INR3 trillion (3% of net demand and time liabilities) under the LAF window, comparted to above INR5 trillion in March 2017. Currently, the high liquidity situation is owing to the lower amount of currency in circulation and a surge in foreign portfolio investments (FPI). The currency in circulation has now restored to INR14.5 trillion, compared to INR18 trillion, prior to November 2016. Additionally, net FPI investment in equity and debt has crossed INR1 trillion since the starting of 2017, an exogenous money creation.

The sloshing system liquidity has become a cause for concern, as it impacts the monetary policy objective and practices. The objective of monetary policy is to keep the overnight rate (O/N) and the shortest end of the yield curve anchored to policy rate (i.e. repo rate). During the months of March -April 2017, O/N rates were substantially lower than the policy rates and similarly short term yields were below the policy rate. To tackle such anomalies the RBI in its April 2017 monetary policy spelt out a detailed course of actions. And in line with the monetary policy communication, RBI has sterilised INR1 trillion of liquidity through Treasury bills (T- Bills) under the market stabilisation scheme. As a result, the O/N rates and short term rates have now realigned to RBIs objective, i.e. anchored to repo rates.

The ongoing dilemma is now, how RBI will tackle this sloshing liquidity surplus, or whether it is even necessary to sterilise such liquidity. Ind-Ra believes that such liquidity surplus need not be sterilised. The RBIs objective is to keep O/N rates close to policy rate, where liquidity is one of the tools. After issuances of T-Bills under the market stabilisation scheme at higher yield, overnight rates have now recalibrated to policy rate. And as more importantly, as per Ind-Ras prognosis the system liquidity should be at ease during the transition phase of GST. Thus in order to minimise the magnitude of such disruption at the earliest and to absorb the sudden changes in requirement of short term finance, easy system liquidity is necessary. However some fine tuning will be needed to maintain O/N rates closer to policy rates.

Thus Ind-Ra believes the changes of both fund flow and cash flow cycle may cause abrupt volatility in the working capital requirements during the initial phase of GST transition. The actual manifestation is expected to be visible in the volatility of system liquidity and short term rates. To tackle such a disruption with ease and so as to ring-fence short term fiancn++ market from a market failure, the easy financing option is critical. Thus an easy system level liquidity is essential to pursue these objectives. Since the overall credit offtakes is low and banking system liquidity is at its high level, banks will also be in a position to tackle any unanticipated volatility in fund requirements.

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Nutech Global to hold board meeting
May 23,2017

Nutech Global will hold a meeting of the Board of Directors of the Company on 30 May 2017to consider and approve Audited Financial Results for quarter and year ended 31st March, 2017 as reviewed by the Audit Committee.

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KMC Speciality Hospitals (India) to hold board meeting
May 23,2017

KMC Speciality Hospitals (India) will hold a meeting of the Board of Directors of the Company on 27 May 2017to consider and approve the Audited financial results of the Company for the quarter and year ended 31st March, 2017.

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Confidence Petroleum India to hold board meeting
May 23,2017

Confidence Petroleum India will hold a meeting of the Board of Directors of the Company on 30 May 2017to consider and approve the audited Financial Results for the Fourth Quarter and Year ended on 31st March, 2017, and any other matter with the permission of Chairman.

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Prem Somani Financial Services to hold board meeting
May 23,2017

Prem Somani Financial Services will hold a meeting of the Board of Directors of the Company on 29 May 2017To Approve Audited Financial Results For Year Ended 31.03.2017.

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Om Metals Infraprojects to hold board meeting
May 23,2017

Om Metals Infraprojects will hold a meeting of the Board of Directors of the Company on 30 May 2017to consider and approve the Audited Financial Results of the Company for the Year ended March 31, 2017 and to recommend a dividend, if any, for the financial year ended March 31, 2017.

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Tavernier Resources to hold board meeting
May 23,2017

Tavernier Resources will hold a meeting of the Board of Directors of the Company on 29 May 2017to consider and approve the Audited Financial Statements of the Company for the Quarter and Financial Year ended March 31, 2017.

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India Home Loans to hold board meeting
May 23,2017

India Home Loans will hold a meeting of the Board of Directors of the Company on 29 May 2017to take on record and approve Audited Accounts and Financial Statements of the Company for the Quarter and Year ended March 31, 2017 alongwith Statutory Auditors Report thereon and to consider recommendation of dividend, if any, for financial year 2016-2017.

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Priyadarshini to hold board meeting
May 23,2017

Priyadarshini will hold a meeting of the Board of Directors of the Company on 29 May 2017to consider and take on record the Audited Financial Results of the Company for the year ended 31st March, 2017.

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LWS Knitwear to hold board meeting
May 23,2017

LWS Knitwear will hold a meeting of the Board of Directors of the Company on 30 May 2017to consider, inter alia, Audited Financial Results of the Company for the Quarter and the Financial Year ended on 31st March, 2017.

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Gujarat Investa to hold board meeting
May 23,2017

Gujarat Investa will hold a meeting of the Board of Directors of the Company on 29 May 2017to consider and approve the audited financial results of the Company for the quarter and financial year ended on March 31, 2017, & to consider any other business with the permission of the Chair.

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Solis Marketing to hold board meeting
May 23,2017

Solis Marketing will hold a meeting of the Board of Directors of the Company on 30 May 2017to Consider and Approve Audited Financial Results for the Quarter and year ended 31 March 2017.

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Va Tech Wabag secured order worth USD 105.5 million
May 23,2017

Va Tech Wabag has won an order from Dangote Oil Refining Company in Nigeria for a value of about USD 105.5 million. This is the second order for Wabag from Dangote after the Raw Water Treatment Plant order for Dangote Fertilisers which is in advanced stage of execution.

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