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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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Godrej Industries subsidiary - Godrej Agrovet files DRHP for IPO
Jul 20,2017

Godrej Industries announced that its subsidiary, Godrej Agrovet has filed Draft Red Herring Prospectus dated 18 July 2017 with SEBI on 19 July 2017 in order to undertake an initial public offering of equity shares of Rs 10 each. The issue consists of fresh issue of equity shares aggregating up to Rs 300 crore and an offer for sale of equity shares by Godrej Industries aggregating up to Rs 300 crore and upto 12,300,000 equity shares by V-Sciences Investment.

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Cabinet approves IRDAIs admission as a signatory to IAIS, MMOU
Jul 20,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its ex-post facto approval for IRDAIs admission as a signatory to International Association of Insurance Supervisors (IAIS), Multilateral Memorandum of Understanding (MMoU)

The International Association of Insurance Supervisors is a global framework for cooperation and information exchange between insurance supervisors. International Association of Insurance Supervisors, Multilateral Memorandum of Understanding is a statement of its signatories intent to cooperate in the Field of information exchange as well as procedure for handling information requests. With increasing integration of financial market and growing number of internationally active insurance companies there is an increased need for mutual cooperation and information exchange between insurance industry supervisors. In this background the IRDAI had become a signatory member of the International Association of Insurance Supervisors, Multilateral Memorandum of Understanding. In the absence of any bilateral agreements the IAIS, MMoU provides a formal basis for cooperation and information exchange between the Signatory Authorities regarding the supervision of insurance companies where cross-border aspects arise. The scope of the IAIS MMoU is wider than the existing agreements as this agreement also provides for supervision of other regulated entities such as insurance intermediaries under Anti Money Laundering, (AML) and Combating the Finance of Terrorism (CFT).

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Sutlej Textiles slumps after weak Q1 results
Jul 20,2017

The result was announced after market hours yesterday, 19 July 2017.

Meanwhile, the S&P BSE Sensex was up 33.36 points or 0.1% at 31,988.71. The S&P BSE Small-Cap index rose 67.28 points or 0.42% at 16,041.85.

On the BSE, 10,000 shares were traded on the counter so far as against the average daily volumes of 1,513 shares in the past one quarter. The stock had hit a high of Rs 930 and a low of Rs 897.05 so far during the day. The stock had hit a record high of Rs 988 on 19 July 2017 and a 52-week low of Rs 631 on 21 July 2016.

The stock had outperformed the market over the past one month till 19 July 2017, advancing 2.9% compared with the Sensexs 2.06% rise. The stock had, however, underperformed the market over the past one quarter, gaining 7.18% as against the Sensexs 8.93% rise. The scrip had outperformed the market over the past one year, surging 43.62% as against the Sensexs 15% rise.

The small-cap company has equity capital of Rs 16.38 crore. Face value per share is Rs 10.

Commenting on the companys Q1 results, C.S. Nopany, Chairman, Sutlej Textiles and Industries said that the domestic environment pressures continued to adversely impact the textiles sector during Q1 June 2017. Following the disruption due to demonetization, the imminent introduction of GST further dampened demand during this quarter. The implementation of GST has disrupted the unorganized sector which has been demanding its removal on fabrics and resolution of the inverted duty structure. As anticipated, margins during Q2 September 2017 continue to be under pressure due to the lack of domestic demand coupled with a strong rupee affecting exports, Nopany said.

He further said that Sutlej has been able to achieve top line growth as new capacities have started commercial production, both in spinning and home textiles. The operations are expected to be stabilized during Q2 September 2017 and the value added products will be the profit driver in the future, Nopany added.

Sutlej Textiles and Industries is an integrated textile manufacturing company.

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IFB Industries advances after acquisition
Jul 20,2017

The announcement was made after market hours yesterday, 19 July 2017.

Meanwhile, the S&P BSE Sensex was up 34.93 points or 0.11% at 31,990.28. The S&P BSE Small-Cap index was up 56.58 points or 0.35% at 16,031.15.

On the BSE, 473 shares were traded in the counter so far as against average daily volume of 10,960 shares in the past one quarter. The stock had hit a high of Rs 737.95 and a low of Rs 729.80 so far during the day. The stock had hit a record high of Rs 791 on 5 July 2017. The stock had hit a 52-week low of Rs 358.40 on 29 September 2016.

The stock had outperformed the market over the past one month till 19 July 2017, gaining 8.99% compared with Sensexs 2.06% rise. The scrip had also outperformed the market in past one quarter, rising 15.85% as against Sensexs 8.93% rise. The scrip had also outperformed the market in past one year, surging 95.47% as against Sensexs 15% rise.

The small-cap company has equity capital of Rs 40.52 crore. Face value per share is Rs 10.

IFB Industries said that it has entered into an agreement with IFB Automotive towards acquisition of Global Automotive & Appliances (GAAL), Singapore and consideration money of Rs 19.99 crore paid to acquire 100% equity capital of GAAL.

The board of directors of IFB Industries on 25 March 2017 had accorded in-principle approval to acquire 100% equity capital of GAAL, Singapore from IFB Automotive Pvt. Ltd., a promoter group company at a consideration of Rs 20 crore.

GAAL has a step down subsidiary in Thailand viz. Thai Automotive & Appliances (TAAL), engaged in fine blanking business. The acquisition is in same field of business and will help company in market entry in South East Asia.

IFB Industries net profit fell 46.6% to Rs 2.68 crore on 16.5% rise in net sales to Rs 429.17 crore in Q4 March 2017 over Q4 March 2016.

IFB Industries is engaged in the business of manufacturing and trading of home appliances and fine blanking components.

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InterGlobe Aviation to convene board meeting
Jul 20,2017

InterGlobe Aviation will hold a meeting of the Board of Directors of the Company on 31 July 2017, to consider and approve the unaudited financial results of the Company for the quarter ended 30 June 2017 subject to a limited review by the Statutory Auditors.

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Canara Bank drops after Q1 results on bad loan worries
Jul 20,2017

The result was announced after market hours yesterday, 19 July 2017.

Meanwhile, the S&P BSE Sensex was up 23.28 points or 0.07% at 31,976.63.

On the BSE, 2.61 lakh shares were traded on the counter so far as against the average daily volumes of 3.31 lakh shares in the past one quarter. The stock had hit a high of Rs 359.70 and a low of Rs 350 so far during the day. The stock had hit a 52-week high of Rs 414.90 on 5 May 2017 and a 52-week low of Rs 231.25 on 25 July 2016.

The stock had outperformed the market over the past one month till 19 July 2017, advancing 4.26% compared with the Sensexs 2.06% rise. The stock had also outperformed the market over the past one quarter, gaining 17.11% as against the Sensexs 8.93% rise. The scrip had also outperformed the market over the past one year, surging 47.41% as against the Sensexs 15% rise.

The large-cap state-run bank has equity capital of Rs 597.29 crore. Face value per share is Rs 10.

Canara Banks net profit rose 9.9% to Rs 251.60 crore on 4.4% growth in total income to Rs 12304.10 crore in Q1 June 2017 over Q1 June 2016.

The banks gross non-performing assets (NPAs) stood at Rs 37657.76 crore as on 30 June 2017 as against Rs 34202.04 crore as on 31 March 2017 and Rs 32334.07 crore as on 30 June 2016.

The ratio of gross NPAs to gross advances stood at 10.56% as on 30 June 2017 as against 9.63% as on 31 March 2017 and 9.71% as on 30 June 2016.

The ratio of net NPAs to net advances stood at 7.09% as on 30 June 2017 as against 6.33% as on 31 March 2017 and 6.69% as on 30 June 2016.

The banks provisions and contingencies surged 47.6% to Rs 2203.78 crore in Q1 June 2017 over Q1 June 2016.

The Government of India held 66.3% stake in Canara Bank as per the shareholding pattern as on 30 June 2017.

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Cabinet approves MOC in respect of tax matters between India and BRICS countries - Brazil, Russia, China and South Africa
Jul 20,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given the approval for the signing of Memorandum of Cooperation (MOC) in respect of tax matters between India and the Revenue administrations of BRICS countries namely, Brazil, Russian Federation, China and South Africa

Objective:

The MoC aims to further promote cooperation amongst the BRICS Revenue administrations in international forum on common areas of interest in tax matters and in the area of capacity building and knowledge sharing. It envisages regular interaction amongst the heads of Revenue administration of BRICS countries to continue discussion on common areas of interest and strive towards convergence of views and meeting of the Experts on tax matters to discuss the contemporary issues in areas of international tax. In addition, the MoC accords confidentiality and protection to information exchanged under this MoC.

Impact:

The MoC will stimulate effective cooperation in tax matters. The collective stand of BRICS countries can prove to be beneficial not only to these countries but also to other developing countries in the long run in tax matters being steered by the G20.

Background:

The Heads of Revenue of the BRICS countries have been meeting regularly to discuss the potential areas of cooperation in tax matters and to exchange opinions and views based on the existing commitment to openness, solidarity, equality, mutual understanding, inclusiveness and mutually beneficial cooperation, as stated in the Goa Declaration issued on October 16, 2016. The BRICS countries have identified four areas of mutual interest on which understanding and cooperation can be further strengthened. The heads of Revenue of BRICS countries in their meeting held on the sidelines of FTA plenary at Beijing, China in May, 2016 decided to sign a MoC outlining these areas of cooperation.

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Cabinet approves Cadre Review of Indian Defence Accounts Service (IDAS)
Jul 20,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the Cadre Review of the Indian Defence Accounts Service (IDAS) under the Ministry of Defence. The decision provides for an increase of 23 (twenty three) posts which includes 1 post at Apex Scale, 6 posts at HAG level, 6 posts at SAG level and 10 posts at JAG level and reduction of 1 post at HAG+, 12 posts at STS level and 10 posts at JTS level.

The Cadre review of IDAS has come in the wake of the functional requirements, cadre structure and career progression of the officials belonging to the service.

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Just Dial rings loud on share buyback plan
Jul 20,2017

The announcement of the board meet to consider share buyback was made after market hours yesterday, 19 July 2017.

Meanwhile, the S&P BSE Sensex was up 56.09 points, or 0.18% to 32,011.44. The S&P BSE Small-Cap index was up 60.22 points, or 0.38% to 16,034.79.

On the BSE, 64,927 shares were traded in the counter so far, compared with average daily volumes of 1.91 lakh shares in the past one quarter. The stock had hit a high of Rs 372.90 and a low of Rs 364 so far during the day.

Before the todays recovery in stock, it had fallen 4.67% in five sessions to settle at Rs 354.45 yesterday, 19 July 2017, from a close of Rs 371.85 on 12 July 2017.

Just Dial will also announce its Q1 results on 24 July 2017. Net profit of Just Dial declined 37.1% to Rs 25.35 crore on 5.9% rise in net sales to Rs 181.72 crore in Q4 March 2017 over Q4 March 2016.

Just Dial is a leading local search engine in India.

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Shares of Bhagyanagar Properties get listed
Jul 20,2017

The equity shares of Bhagyanagar Properties (Scrip Code: 540621) are listed effective 20 July 2017 and admitted to dealings on the Exchange in the list of T Group Securities

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Shares of Artemis Global Life Science get listed
Jul 20,2017

The equity shares of Artemis Global Life Science (Scrip Code: 540616) are listed effective 20 July 2017 and admitted to dealings on the Exchange in the list of T Group Securities.

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Cabinet apprised of MoU between India and Netherlands on cooperation in space technology
Jul 20,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has been apprised of the Memorandum of Understanding (MoU) between India and Netherlands on cooperation in the exploration and uses of outer space for peaceful purposes. The MoU was signed on May 11 & 22, 2017 at Bangalore and The Hague respectively.

Benefits:

This MoU shall enable the following areas of cooperation such as, space science, technology and applications including remote sensing of the earth; satellite communication and satellite based navigation; Space science and planetary exploration; use of spacecraft and space systems and ground system; and application of space technology.

Modalities:

The MoU would lead to set up a Joint Working Group, drawing members from Department of Space/ Indian Space Research Organisation (DOS/ISRO), and the Netherlands Space Office (NSO), which will further work out the plan of action including the time-frame and the means of implementing this MoU. It will provide impetus to explore newer research activities and application possibilities in the field of remote sensing of the earth; satellite communication; satellite navigation; space science and exploration of outer space.

The MoU would lead to develop a joint activity in the field of application of space technologies for the benefit of humanity. Thus all sections and regions of the country will get benefited.

  Background:

DOS/ISRO Centres have long association with ITC (International Institute for Geo-Information Science and Earth Observation, University of Twente) Netherlands on capacity building; and with the Royal Netherlands Meteorological Institute (KNMI) for carrying out calibration/ validation experiments on earth observation. Antrix Corporation, the Commercial arm of Department of Space (DOS) launched a satellite belonging to the Netherlands (DELFI-C3) in April 2008. Officials of ISRO and the Netherlands Space Office (NSO) discussed on the modalities of building space cooperation between two countries. Accordingly, both sides arrived at mutually agreed version of MoU for cooperation in the exploration and uses of outer space for peaceful purposes.

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Just Dial may gain on share buyback plan
Jul 20,2017

Just Dial said that the board on 24 July 2017 will also consider a proposal for buyback of shares of the company. The announcement was made before market hours today, 20 July 2017.

Tata Consultancy Services announced that its customer, Axis Securities has launched voice based trading as part of TCS BaNCS Digital and is among the early adopters of this technology to offer such a capability to its customers. As a result of this new offering, trade volumes are expected to grow by 10-15% from the mobile app and the enhanced voice based trading. The announcement was made after market hours yesterday, 19 July 2017.

Wipro, Bajaj Auto, Kotak Mahindra Bank, Reliance Industries and RBL Bank will announce April-June 2017 results on today, 20 July 2017.

Dwarikesh Sugar Industries said that ICRA has vide its letter dated 19 July 2017 upgraded the rating from [ICRA]A- (pronounced as ICRA A minus) to [ICRA]A+ (pronounced as ICRA A Plus) with stable outlook for long term loans/ fund based / non fund based facilities of Rs 599.99 crore. The announcement was made after market hours yesterday, 19 July 2017.

Karnataka Bank said that the bank is targeting a farm credit of Rs 6800 crore during 2017-18. Mahabaleshwara MS, Managing Director and Chief Executive Officer of the bank, said that timely extension of farm credit, technical counselling, marketing input to farmers to reap maximum benefit and thereby ensuring timely renewal shall be focused by agri business managers to have a commercially viable agri portfolio which is remunerative to both the bank and farmers. The announcement was made after market hours yesterday, 19 July 2017.

Subex has been selected by ElevenPaths, Telefonica Cybersecurity Unit to offer a Fraud Management - as a Service (FMaaS) solution. The agreement between Telefonica and Subex will result in the new Telefonica FMaaS Powered by Subex to protect against a comprehensive set of digital risks and threats, along with a library of fraud detection process. The announcement was made after market hours yesterday, 19 July 2017.

Adani Enterprises has incorporated a wholly owned subsidiary company namely, Gare Pelma III Collieries on 18 July 2017. Being a successful bidder, Chhattisgarh State Power Generation Corporation (CSPGCL) has issued Letter of Award to Adani Enterprises for Gare Pelma III Coal Block on 24 June 2017. Accordingly, Gare Pelma III Collieries has been formed as a SPV of Adani for execution of Coal Mining Service Agreement with CSPGCL. The announcement was made after market hours yesterday, 19 July 2017.

IFB Industries has entered into an agreement with IFB Automotive towards acquisition of Global Automotive & Appliances (GAAL), Singapore and consideration money of Rs 19.99 crore paid to acquire 100% equity capital of GAAL. The announcement was made after market hours yesterday, 19 July 2017.

Canara Banks net profit rose 9.9% to Rs 252 crore on 4.39% rise in total income to Rs 12304 crore in Q1 June 2017 over Q1 June 2016. The announcement was made after market hours yesterday, 19 July 2017.

Trent said that board of directors approved entering into definitive agreement with Trent Hypermarket Private Limited (THPL), a Joint Venture of the company, for acquiring their value fashion apparel business. The value fashion business presents significant synergies with the existing apparel business of the company. The announcement was made after market hours yesterday, 19 July 2017.

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Citurgia Biochemicals appoints company secretary
Jul 19,2017

Citurgia Biochemicals announced that Sonia Jain has been appointed as Company Secretary & Compliance Officer of the Company with effect from 01 July 2017.

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Cyient completes FACE Verification for Rockwell Collins
Jul 19,2017

CERTON, a Cyient Company and an approved Future Airborne Capability Environment (FACE) Verification Authority, has completed verification activities on the Rockwell Collins Avoidance Re-router portable component, certified to the FACE Technical Standard. This certification enables Rockwell Collins to integrate their products into multiple aircraft.

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