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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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Tata Consultancy Services to collaborate with Gfi Infromatique on smart city technology
Jan 25,2017

Tata Consultancy Services announced a Proof of Concept for the City of Belfort, France using big data analytics to optimise urban bus transport. The solution is a collaboration between the Citys Board of Public Transport, Gfi Informatique and TCS. It will support Belforts smart city strategy, which aims to help local authorities deploy digital transformation projects.

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Inox Leisure opens Multiplex Cinema Theatre in Aurangabad
Jan 25,2017

Inox Leisure has commenced the Commercial Operations of a Multiplex Cinema Theatre, taken on Leave & License basis, and located at Reliance Mega Mall, Gajanan Maharaj Mandir Road, Garkheda, Aurangabad - 431 009 with effect from 25 January 2017.

The said Multiplex Cinema Theatre has 3 screens and 880 seats.

INOX is now present in 57 cities with 114 Multiplexes, 449 screens and a total seating capacity of 1,14,171 seats across India.

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National Fertilizer gets ratings assigned for various credit facilities
Jan 25,2017

National Fertilizer has been assigned the following ratings by India Ratings & Research -

Fund based working capital - IND AA/ Stable / IND A1+

Non-fund based working capital - IND A1+

Long term loans -Ammonia Feedstock Conversion Project - IND AA/ Stable

Long term loans -External Commercial Borrowings - IND AA/ Stable

Proposed long term loans - Provisional IND AA/ Stable

Commercial Paper - IND A1+

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Great Eastern Shipping Company takes delivery of vessel
Jan 25,2017

Great Eastern Shipping Company took delivery of a second hand Aframax Crude Carrier Jag Laxmi (2012 Built) of about 105,525 dwt. The company had contracted to buy the vessel in November 2016.

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Chemfab Alkalis gets accreditation for chemical testing at its QA Laboratory at Puducherry
Jan 25,2017

Chemfab Alkalis announced that Companys Quality Assurance (QA) Laboratory at Puducherry Plant has been granted Accreditation for Chemical Testing in accordance with ISO 17025-2005 by National Accreditation Board for testing & calibration laboratories (NABL).

NABL is an autonomous Institution under the Department of Science and Technology, Government of India.

Companys QA Laboratory is the first laboratory in India and the Chlor-alkali sector to be given this accreditation for analysis of chlor-alkali related samples.

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Tata Steel to acquire majority stake in Creative Port Development
Jan 25,2017

Tata Steel has executed definitive agreements with Creative PortDevelopment (CPDPL) and their promoters for the proposed development of n++Subarnarekha Portn++ at Chaumukh village of Balasore district in Odisha.

As per the agreements, TSL will acquire majority equity stake in CPDPL, and the port development is envisaged through a wholly-owned subsidiary, Subarnarekha Port (SPPL). The acquisition and development is subject to certain conditions precedent, detailed technical assessments and financial closure.

CPDPL, promoted by two technoprenuers, Ramani Ramaswamy and Ramaswamy Rangarajan, had entered into a Concession Agreement with the Government of Odisha in January 2008 to develop the Subarnarekha Port as an allweather deep-draft facility. Detailed engineering study to arrive at the configuration and the project cost will be undertakensoon.

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Rupee edges up
Jan 25,2017

Rupee closed higher at 68.0779/0930 per dollar on Wednesday (25 January 2017), versus its previous close of 68.1399/14 per dollar.

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Havells India to launch range of personal grooming product
Jan 25,2017

Havells India is extending its current product range of small domestic appliances with the addition of personal grooming products.

The relevant disclosures prescribed under the captioned regulation are given hereunder:-

a) Name of the product - Personal Grooming Products such as Trimmers, Shavers, Hair dryer, Epilator, Straightener etc.

b) Date of launch - Formal launch expected in early February, 2017

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Aro Granite Industries director resigns
Jan 25,2017

Aro Granite Industries announced that Kasturi Lal Arora has resigned from the Board of the Company with immediate effect.

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Tech Mahindra to announce Q3 results
Jan 25,2017

Tech Mahindra will announced its Third Quarter FY 2017 results on 30 January 2017.

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Tech Mahindra to announce Q3 results
Jan 25,2017

Tech Mahindra will announced its Third Quarter FY 2017 results on 30 January 2017.

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Agenda for board meeting of GHCL
Jan 25,2017

GHCL announced a Board Meeting of the Company is scheduled on 31 January 2017 to consider and approve the reviewed un-audited financial results of the Company for the quarter ended 31 December 2016. The Board may also consider the following items in the said meeting:

Payment of Interim Dividend for the financial year 2016-17.

Consideration and evaluation of proposal for Buy Back of the Companys Equity Shares and matters incidental thereto in accordance with the provisions of the SEBI (Buy Back of Securities) Regulations, 1998, the Companies Act, 2013 and rules made thereunder.

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FPIs resume buying
Jan 25,2017

Foreign portfolio investors (FPIs) bought stocks worth a net Rs 92.32 crore from the secondary equity markets yesterday, 24 January 2017, compared with net outflow of Rs 270.66 crore during the preceding trading session 23 January 2017. The net inflow of Rs 92.32 crore on 24 January 2017 was a result of gross purchases of Rs 5061.80 crore and gross sales of Rs 4969.48 crore. On that day, the Sensex gained 258.24 points or 0.95% to settle at 27,375.58, its highest closing level since 10 November 2016.

There was a net inflow of Rs 18.18 crore into the category primary market & others on 24 January 2017, which was a result of gross purchases of Rs 92.18 crore and gross sales of Rs 74 crore.

FPIs have sold stocks worth a net Rs 3470.14 crore in January 2017 so far (till 24 January 2017). They had sold stocks worth a net Rs 8960.36 crore into the secondary equity markets in December 2016. FPIs had purchased shares worth a net Rs 12094.42 crore from the secondary equity markets in calendar year 2016.

There has been a net inflow of Rs 96.82 crore from FPIs from the category primary market & others in January 2017 so far (till 24 January 2017). There was a net inflow of Rs 784.07 crore from FPIs into the category primary market & others in December 2016. The net inflow from FPIs into category primary markets & others had totaled Rs 8471.76 crore in calendar year 2016.

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Wipro to acquire Brazilian IT services provider - InfoSERVER
Jan 25,2017

Wipro has signed an agreement to acquire InfoSERVER S.A. for BRL 27.6 million (USD 8.7 million). InfoSERVER, an IT services provider, which is focused on the Brazilian market, provides custom application development and software deployment services.

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Jubilant Life Sciences gets ratings assigned for proposed NCD issue
Jan 25,2017

Jubilant Life Sciences has received Credit Rating of Proposed IND AA- with a Stable Outlook from India Ratings & Research for the proposed issue of Non-Convertible Debentures of Rs. 495 crore.

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