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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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Hindustan Motors reports standalone net loss of Rs 4.97 crore in the March 2017 quarter
Jun 01,2017

Net Loss of Hindustan Motors reported to Rs 4.97 crore in the quarter ended March 2017 as against net loss of Rs 8.48 crore during the previous quarter ended March 2016. There were no Sales reported in the quarter ended March 2017 as against Rs 0.30 crore during the previous quarter ended March 2016.

For the full year,net loss reported to Rs 19.14 crore in the year ended March 2017 as against net loss of Rs 32.04 crore during the previous year ended March 2016. Sales rose 25.93% to Rs 1.02 crore in the year ended March 2017 as against Rs 0.81 crore during the previous year ended March 2016.

ParticularsQuarter EndedYear Endedn++Mar. 2017Mar. 2016% Var.Mar. 2017Mar. 2016% Var. Sales00.30 -100 1.020.81 26 OPM %0-1883.33 --915.69-2637.04 - PBDT-4.60-8.00 43 -18.48-30.15 39 PBT-4.97-8.48 41 -20.04-32.04 37 NP-4.97-8.48 41 -19.14-32.04 40

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Assam Company India reports standalone net loss of Rs 45.63 crore in the March 2017 quarter
Jun 01,2017

Net Loss of Assam Company India reported to Rs 45.63 crore in the quarter ended March 2017 as against net loss of Rs 62.79 crore during the previous quarter ended March 2016. Sales rose 92.29% to Rs 21.71 crore in the quarter ended March 2017 as against Rs 11.29 crore during the previous quarter ended March 2016.

For the full year,net loss reported to Rs 70.79 crore in the year ended March 2017 as against net loss of Rs 53.31 crore during the previous year ended March 2016. Sales declined 21.68% to Rs 211.61 crore in the year ended March 2017 as against Rs 270.17 crore during the previous year ended March 2016.

ParticularsQuarter EndedYear Endedn++Mar. 2017Mar. 2016% Var.Mar. 2017Mar. 2016% Var. Sales21.7111.29 92 211.61270.17 -22 OPM %-164.44-466.34 --8.85-4.07 - PBDT-43.39-61.25 29 -53.36-43.85 -22 PBT-45.63-62.79 27 -66.62-53.31 -25 NP-45.63-62.79 27 -70.79-53.31 -33

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Asia Pack consolidated net profit declines 40.00% in the March 2017 quarter
Jun 01,2017

Net profit of Asia Pack declined 40.00% to Rs 0.03 crore in the quarter ended March 2017 as against Rs 0.05 crore during the previous quarter ended March 2016. Sales declined 91.32% to Rs 0.88 crore in the quarter ended March 2017 as against Rs 10.14 crore during the previous quarter ended March 2016.

For the full year,net profit declined 10.20% to Rs 0.44 crore in the year ended March 2017 as against Rs 0.49 crore during the previous year ended March 2016. Sales declined 24.94% to Rs 23.65 crore in the year ended March 2017 as against Rs 31.51 crore during the previous year ended March 2016.

ParticularsQuarter EndedYear Endedn++Mar. 2017Mar. 2016% Var.Mar. 2017Mar. 2016% Var. Sales0.8810.14 -91 23.6531.51 -25 OPM %-17.05-0.89 --1.31-0.98 - PBDT0.060.10 -40 0.560.66 -15 PBT0.030.05 -40 0.440.49 -10 NP0.030.05 -40 0.440.49 -10

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Centum Electronics consolidated net profit rises 113.53% in the March 2017 quarter
Jun 01,2017

Net profit of Centum Electronics rose 113.53% to Rs 14.20 crore in the quarter ended March 2017 as against Rs 6.65 crore during the previous quarter ended March 2016. Sales rose 75.70% to Rs 204.50 crore in the quarter ended March 2017 as against Rs 116.39 crore during the previous quarter ended March 2016.

For the full year,net profit rose 19.08% to Rs 31.27 crore in the year ended March 2017 as against Rs 26.26 crore during the previous year ended March 2016. Sales rose 73.77% to Rs 702.88 crore in the year ended March 2017 as against Rs 404.48 crore during the previous year ended March 2016.

ParticularsQuarter EndedYear Endedn++Mar. 2017Mar. 2016% Var.Mar. 2017Mar. 2016% Var. Sales204.50116.39 76 702.88404.48 74 OPM %3.528.96 -7.6011.91 - PBDT20.2612.63 60 69.0452.56 31 PBT12.078.07 50 39.8235.91 11 NP14.206.65 114 31.2726.26 19

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D & H India consolidated net profit rises 46.15% in the March 2017 quarter
Jun 01,2017

Net profit of D & H India rose 46.15% to Rs 0.19 crore in the quarter ended March 2017 as against Rs 0.13 crore during the previous quarter ended March 2016. Sales declined 19.54% to Rs 15.19 crore in the quarter ended March 2017 as against Rs 18.88 crore during the previous quarter ended March 2016.

For the full year,net profit remain constant at Rs 0.29 crore in the year ended March 2017 and also during the previous year ended March 2016. Sales declined 3.72% to Rs 60.23 crore in the year ended March 2017 as against Rs 62.56 crore during the previous year ended March 2016.

ParticularsQuarter EndedYear Endedn++Mar. 2017Mar. 2016% Var.Mar. 2017Mar. 2016% Var. Sales15.1918.88 -20 60.2362.56 -4 OPM %6.784.77 -6.285.31 - PBDT0.660.60 10 2.302.31 0 PBT0.330.23 43 0.540.51 6 NP0.190.13 46 0.290.29 0

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Ind-Agiv Commerce consolidated net profit declines 47.06% in the March 2017 quarter
Jun 01,2017

Net profit of Ind-Agiv Commerce declined 47.06% to Rs 0.45 crore in the quarter ended March 2017 as against Rs 0.85 crore during the previous quarter ended March 2016. Sales rose 56.98% to Rs 4.05 crore in the quarter ended March 2017 as against Rs 2.58 crore during the previous quarter ended March 2016.

For the full year,net profit declined 54.05% to Rs 0.17 crore in the year ended March 2017 as against Rs 0.37 crore during the previous year ended March 2016. Sales rose 53.06% to Rs 11.25 crore in the year ended March 2017 as against Rs 7.35 crore during the previous year ended March 2016.

ParticularsQuarter EndedYear Endedn++Mar. 2017Mar. 2016% Var.Mar. 2017Mar. 2016% Var. Sales4.052.58 57 11.257.35 53 OPM %20.7430.23 -7.29-14.56 - PBDT0.791.07 -26 0.510.59 -14 PBT0.590.96 -39 0.310.48 -35 NP0.450.85 -47 0.170.37 -54

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JITF Infra Logistics reports standalone net loss of Rs 0.17 crore in the March 2017 quarter
Jun 01,2017

Net loss of JITF Infra Logistics reported to Rs 0.17 crore in the quarter ended March 2017 as against net profit of Rs 0.43 crore during the previous quarter ended March 2016. Sales reported to Rs 0.53 crore in the quarter ended March 2017. There were no Sales reported during the previous quarter ended March 2016.

For the full year,net profit declined 23.53% to Rs 1.56 crore in the year ended March 2017 as against Rs 2.04 crore during the previous year ended March 2016. Sales reported to Rs 0.53 crore in the year ended March 2017. There were no Sales reported during the previous year ended March 2016.

ParticularsQuarter EndedYear Endedn++Mar. 2017Mar. 2016% Var.Mar. 2017Mar. 2016% Var. Sales0.530 0 0.530 0 OPM %-105.660 --130.190 - PBDT-0.160.80 PL 2.383.20 -26 PBT-0.160.80 PL 2.383.20 -26 NP-0.170.43 PL 1.562.04 -24

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M&M accelerates after good tractor sales in May
Jun 01,2017

The announcement was made during market hours today, 1 June 2017.

Meanwhile, the S&P BSE Sensex was up 17.87 points or 0.06% at 31,163.67.

On the BSE, 64,023 shares were traded on the counter so far as against the average daily volumes of 1.54 lakh shares in the past one quarter. The stock had hit a high of Rs 1,441 and a low of Rs 1,419.50 so far during the day. The stock had hit a record high of Rs 1,508.80 on 9 August 2016 and a 52-week low of Rs 1,141.80 on 2 December 2016.

The stock has gained 8.98% in six sessions to its ruling price of Rs 1,425, from a close of Rs 1,307.50 on 24 May 2017.

The stock had outperformed the market over the past one month till 31 May 2017, rising 6.13% compared with 4.1% gains in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 8.37% as against Sensexs 8.36% gains. The scrip had, however, underperformed the market in past one year, gaining 6.92% as against Sensexs 16.79% gains.

The large-cap company has equity capital of Rs 310.55 crore. Face value per share is Rs 5.

Mahindra & Mahindra (M&M)s domestic tractor sales grew by 11% to 24,575 units in May 2017 over May 2016. Exports rose 18% to 1,024 units in May 2017 over May 2016.

Commenting on the months performance, Rajesh Jejurikar, President - Farm Equipment Sector, M&M said company hopes that the announcement of record production estimates for major crops, coupled with higher minimum support price (MSP) will drive positive sentiments and boost tractor demand in this season.

Separately, M&Ms total auto sales rose 3% to 41,895 units in May 2017 over May 2016. Total domestic sales grew by 11% to 40,602 units in May 2017 over May 2016. Exports fell 68% to 1,293 units in May 2017 over May 2016.

M&Ms net profit rose 19.9% to Rs 725.16 crore on 3.3% rise in net sales to Rs 11125.15 crore in Q4 March 2017 over Q4 March 2016.

M&M enjoys a leadership position in tractors and utility vehicles in India.

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Ashok Leyland announces sales performance
Jun 01,2017

Ashok Leyland announced that total sales stood at 9071 units in May 2017 compared to 7469 units in May 2016, recording a decline of 8%. Total sales included sales of M&HCVs of 6139 units (decline of 18% over May 2016) and LCVs of 2932 units (growth of 22% over May 2016).

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Moodys: Global growth strengthens as risks abate; China likely to avoid sudden slowdown
Jun 01,2017

The improving outlook for global growth in 2017 appears to be sustainable as some of the biggest risks to advanced economies have subsided and emerging markets maintain their expansion, says Moodys Investors Service in a new report.

Moodys expects G20 economies, which account for 78% of the global economy, to collectively grow at an annual rate of 3.1% in 2017 and 2018, compared with growth of 2.6% in 2016. The potential damage to global trade and growth from a pursuit of protectionist policies in the US appears to have diminished for now.

Overall, global growth is looking increasingly sustainable with economic data surprising to the upside in a number of emerging market countries, said Madhavi Bokil, a Vice President and Senior Analyst at Moodys. The current momentum should continue, barring any negative surprises.

Growth in China will continue to slow over the year due to reduced property-related investment as liquidity-tightening measures of the central bank, including limits on home mortgage lending, take effect. Accordingly, we expect that GDP will grow at 6.6% in 2017, in line with the governments target of at least 6.5% and higher if possible.

We continue to believe that the near-term risk of disorderly deceleration of growth in China is limited, said Elena Duggar, an Associate Managing Director at Moodys. Government policy will target limiting the growth of leverage, rather than bring about a rapid deleveraging that could be potentially destabilizing.

Indias economy will strengthen as the impact of last years demonetization fades. The government has been successful in pushing through several key reforms, which will help reduce inefficiencies and improve trend growth in the long run.

Moodys forecasts that Indias economy will grow 7.2% in 2017, 7.7% in 2018 and will gradually accelerate to around 8% over the next three to four years.

Despite the pickup in growth this year, it is worth noting that trend growth remains low globally and factors including, changing demographics, muted investment, low productivity growth and stagnant real wage growth continue to curtail the strength of the global economy. The lack of fiscal buffers and limited scope for effective monetary accommodation in the event of shocks remain a concern even as growth strengthens.

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Max Financial Services leads gainers in A group
Jun 01,2017

Max Financial Services jumped 8.17% to Rs 631.50 at 13:07 IST. The stock topped the gainers in the BSEs A group. On the BSE, 3.07 lakh shares were traded on the counter so far as against the average daily volumes of 3.22 lakh shares in the past two weeks.

Vakrangee surged 6.03% to Rs 386.05. The stock was the second biggest gainer in A group. On the BSE, 3.23 lakh shares were traded on the counter so far as against the average daily volumes of 2.88 lakh shares in the past two weeks.

Apollo Tyres gained 5.43% at Rs 240.80. The stock was the third biggest gainer in A group. On the BSE, 5.42 lakh shares were traded on the counter so far as against the average daily volumes of 3.01 lakh shares in the past two weeks.

KEC International advanced 5.32% at Rs 274. The stock was the fourth biggest gainer in A group. On the BSE, 3.27 lakh shares were traded on the counter so far as against the average daily volumes of 1.28 lakh shares in the past two weeks.

Balkrishna Industries rose 5.2% to Rs 1,545. The stock was the fifth biggest gainer in A group. On the BSE, 16,000 shares were traded on the counter so far as against the average daily volumes of 6,252 shares in the past two weeks.

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Strides Shasun receives USFDA approval
Jun 01,2017

Strides Shasun has announced that it has received approval from the United States Food & Drug Administration (USFDA) for Ibuprofen Tablets USP, 200 mg (OTC), which is used to relieve pain from, various conditions such as headache, dental pain, muscle aches and arthritis.

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Corporate Deleveraging to Remain Slow in FY18; Impact of Rising Commodity Prices to Vary
Jun 01,2017

India Ratings and Research (Ind-Ra) does not expect a meaningful deleveraging of corporate borrowers in FY18. Broader macroeconomic indicators suggest improving demand conditions; however, the recovery in the operating profitability levels of Indian corporates is likely to be moderate in FY18.

The agency expects corporates operating in consumption and export-oriented sectors to exhibit a moderate improvement in their credit profiles. However, the credit profiles of corporates in investment-oriented sectors are unlikely to meaningfully improve in the near term. Although better demand conditions will support an improvement in manufacturing activity, service sector corporates will continue to outperform manufacturing sector corporates.

Although global trade continues to improve despite rising protectionism and political uncertainty, the possibility of an escalation in trade-protectionism and rising populism in Western countries remain the key risks for the global economy, as well as for Indian corporates.

EBITDA Growth to be Limited in FY18: Ind-Ra expects EBITDA levels of corporate borrowers to grow 6%-8% in FY18 on an aggregate basis (FY17 estimate: 3%-5%; FY16: 6.4%). This will be driven by increased consumer demand, higher commodity prices and improving demand for exports. Operating performance, however, will vary across industries. Despite improving demand conditions, corporates in sectors such as infrastructure, telecommunications, and iron and steel are unlikely to exhibit major improvements. Ironically, sectors where corporates have a relatively better credit profile are likely to register better improvement compared with sectors where entities have a highly stressed credit profile. As a result, the recovery in the overall credit quality of India Inc. will remain limited.

Varied Impact of Rising Commodity Prices: At end-March 2017, the World Banks non-energy price, energy price and base metal price indices were up 9.3%, 38% and 22.4% on a year-on-year-basis, respectively. Higher commodity prices are likely to have a varied impact on Indian corporates. In addition to commodity producers, merchandise exporters will benefit from higher commodity prices, as global reflation will support an improvement in demand conditions, particularly in emerging markets, thus boosting global trade. However, heavy users of commodities, which previously benefitted from a decline in input costs, will witness the benefits of improving demand being offset by higher commodity prices. The agency expects commodity prices to remain range-bound over the next 12 months. However, if uncertainty over global economic growth arises, commodity markets could exhibit further volatility, which could dampen the expected recovery in operating profits.

Corporate Leverage to Remain High: Corporate leverage continued to remain high in FY16, as the aggregate EBITDA moderately increased (up 6.4% yoy). The aggregate net leverage of the largest 420 borrowers analysed by Ind-Ra remained high at 5.43x (FY15: 5.42x). At FYE16, 29.5% of the total debt (INR8.56 trillion of INR29 trillion) of the entities in this sample set belonged to companies with an interest coverage below 1x. An additional 12.7% of debt (INR3.5 trillion) was held by companies with an interest cover of 1x-1.5x.

The agency estimates a similar situation for FY17, as aggregate EBITDA is likely to have grown 3%-5%. A meaningful credit quality improvement will still take time, as about two-fifths of the borrowing by the largest 420 borrowers remain with entities with weak ROCE levels (< 5%). Stressed corporates with large refinancing requirements are likely to face severe challenges in raising debt, as the balance sheets of mid-sized PSU banks remain stretched due to high NPA levels.

Capex Activity to Remain Muted: Capex, as measured by gross fixed capital formation (GFCF), registered a sequential decline in three consecutive quarters (4QFY17-2QFY17), as capacity utilisation levels continued to remain range-bound (about 70%). In addition to muted private sector capex activity, the capex activity of PSUs remained limited. In the absence of capex growth, corporate EBITDA growth will remain moderate, with the only triggers being consumption and exports. Furthermore, private corporates have shifted their focus to productivity improvements and will continue to refrain from capex in the near term. Ind-Ra believes that low capacity utilisation levels will lead to higher M&A activity in the near to medium term. As a result, the revival of the capex cycle is unlikely in the near term.

External Risks Could Delay Recovery: A potential rise in global protectionism remains one of the most likely risks that could delay recovery in earnings and consequently credit profiles of corporates. Although global economic recovery continues, economic policies of the new government in the US and the monetary policy stance of central banks worldwide could have a bearing on capital flows and currency markets.

Ind-Ra studied the impact of currency volatility on the credit profiles of corporates and found that nearly half of the top 100 listed forex borrowers EBITDA levels have a negative sensitivity to FX movements. The agencys study indicates that in addition to depreciation, an appreciating Indian rupee affects corporate borrowers. At FYE16, borrowers in the sample set analysed had 64% of the gross FX exposure unhedged, indicating sharp volatility either ways could have an impact on cash flows.

*The economic data on India mentioned above and in the report is based on the old GDP series compiled using the old IIP and WPI series. New GDP figures released on 31 May 2017 have been compiled using the new series of the IIP and the WPI.

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Ashok Leyland in reverse gear after poor monthly sales
Jun 01,2017

The announcement was made during trading hours today, 1 June 2017.

Meanwhile, the S&P BSE Sensex was down 70.34 points, or 0.23%, to 31,075.46

On BSE, 10.65 lakh shares were traded on the counter so far as against the average daily volumes of 15.83 lakh shares in the past one quarter. The stock hit a high of Rs 94.80 and a low of Rs 90.10 so far during the day. The stock hit a 52-week high of Rs 111.65 on 1 June 2016. The stock hit a 52-week low of Rs 73.60 on 22 November 2016.

The stock had outperformed the market over the past one month till 31 May 2017, rising 13.04% compared with 4.1% gains in the Sensex. The scrip, however, underperformed the market in past one quarter, gaining 8.12% as against Sensexs 8.36% gains. The scrip had also underperformed the market in past one year, sliding 9.66% as against Sensexs 16.79% gains.

The large-cap company has equity capital of Rs 284.59 crore. Face value per share is Re 1.

Ashok Leylands sales of light commercial vehicles (LCV) rose 22% to 2,932 units in May 2017 over May 2016. Sales of medium & heavy commercial vehicles (M&HCV) dropped 18% to 6,139 units in May 2017 over May 2016.

Ashok Leyland reported net profit of Rs 476.17 crore in Q4 March 2017 as compared with net loss of Rs 140.81 crore in Q4 March 2016. Net sales rose 10.79% to Rs 6617.89 crore in Q4 March 2017 over Q4 March 2016.

Ashok Leyland is one of the leading manufacturers of medium and heavy commercial vehicles in India.

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Volumes jump at Kalyani Investment Company counter
Jun 01,2017

Kalyani Investment Company clocked volume of 76,000 shares by 12:30 IST on BSE, a 159.76-times surge over two-week average daily volume of 535 shares. The stock jumped 9.95% to Rs 2,020.95.

Credit Analysis and Research notched up volume of 1.47 lakh shares, a 63.24-fold surge over two-week average daily volume of 2,000 shares. The stock declined 0.22% at Rs 1,420.75.

Mphasis saw volume of 98,000 shares, a 15.46-fold surge over two-week average daily volume of 6,000 shares. The stock dropped 1.29% at Rs 602.

ACC clocked volume of 1.53 lakh shares, a 8.2-fold surge over two-week average daily volume of 19,000 shares. The stock rose 0.67% at Rs 1,647.35.

Future Lifestyle Fashions saw volume of 1.62 lakh shares, a 6.49-fold rise over two-week average daily volume of 25,000 shares. The stock jumped 7.04% at Rs 344.50.

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