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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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WPI inflation dips to 11-month low of 0.9% in June 2017
Jul 14,2017

The Wholesale Price Index (WPI)-based inflation, base year 2011-12, dipped to a 11-month low of 0.9% in May 2017, showing sharp moderation for fourth straight months from 33-month high of 5.5% in February 2017. The WPI inflation dipped driven by fall in inflation for all three major sub-groups - primary articles, fuel and power group as well as manufactured products group in May 2017.

Inflation of primary articles plunged to (-) 3.9% in June 2017 from (-) 1.8% in May 2017. The inflation for fuel items dipped to 5.3% in June 2017 from 11.7% in May 2017. The inflation for manufactured products also fell to 2.3% in June 2017 from 2.6% in May 2017.

As per major commodity group-wise, inflation declined for foodgrains, vegetables, milk, spices, tea, coffee, betel leaves, fibres, oilseeds, fodder, metallic minerals, crude petroleum, mineral oils, electricity, food products, textiles, wearing apparel, paper & products, pharmaceutical products, rubber and plastic products, computer & products, machinery & equipment, motor vehicle, and other transport equipment in June 2017. On the other hand, inflation of fruits, egg, meat & fish, coking coal, beverages, leather products, wood products, media, chemical products, other non-metallic mineral products, basic metals, electrical equipment, furniture, and other manufacturing increased in June 2017.

Inflation of food items (food articles and food products) turned negative to (-) 1.2% in June 2017 from 0.1% in May 2017 level. Meanwhile, inflation of non-food items (all commodities excluding food items) also eased to 1.8% in June 2017 from 3.1% in May 2017.

Core inflation (manufactured products excluding foods products) eased marginally to 2.0% in June 2017 from 2.1% in May 2017.

The contribution of primary articles to the overall inflation, at 0.90%, was negative at (-) 103 basis points (bps) in June 2017 compared with (-) 47 bps to 2.17% in May 2017. The contribution of fuel product group dipped to 53 bps against 113 bps in May 2017, while that of manufactured products was lower at 144 bps compared with 163 bps.

The contribution of food items (food articles and food products) to inflation turned negative at (-) 37 bps in 0.90% in June 2017 compared with 4 bps to 2.17% in May 2017. Meanwhile, the contribution of non-food items (all commodities excluding food items) was 125 bps in June 2017 compared with 221 bps in May 2017.

The WPI inflation stood at 2.3% in April-June FY2018 against (-) 0.7% in April-June FY2017. The primary articles inflation was at (-) 1.6% in April-June FY2018 from 4.6% in April-June FY2017, while fuel products inflation increased to 11.2% from (-) 13.6%. The inflation for manufactured products bounced to 2.6% in April-June FY2018 from (-) 0.6% in April-June FY2017.

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PTC India announces cessation of director
Jul 14,2017

PTC India announced that Jyoti Arora, (DIN - 00353071), nominee of Ministry of Power, Government of India has completed her present tenure with Central Government on 05-07-2017 and ceased to be a Director on the Board of PTC India Ltd. w.e.f 06 July 2017.

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Board of Akashdeep Metal Industries appoints director
Jul 14,2017

The Board of Akashdeep Metal Industries at its meeting held on 14 July 2017 approved the appointment of Ram Pal Kasana as an Independent Director on the Board of Director of the Company with effect from 14th July 2017.

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DLF allots 33,227 equity shares
Jul 14,2017

DLF has allotted 33,227 equity shares under ESOP on 13 July 2017.

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Insilco temporarily shuts down plant
Jul 14,2017

Insilco announced that its plant will remain shut down from 14 July 2017 to 21 July 2017 due to high inventory and low sales volume. The Company would also carry out routine preventive maintenance and cleaning during this time.

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Alembic Pharmaceutical inaugurates oncology manufacturing facility
Jul 14,2017

Alembic Pharmaceutical has inaugurated its state-of-the-art Anti-Cancer Manufacturing Facility at Panelav, Halol. The Rs 300 crore oncology manufacturing facility has an initial manufacturing capacity of 60 million tablets/ capsules and approximately 20 million vials of liquid injectable and lyophilised concentrates.

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ICICI Lombard General Insurance Company files DRHP for proposed IPO
Jul 14,2017

ICICI Bank announced that its subsidiary, ICICI Lombard General Insurance Company has filed a draft red herring prospectus with the Securities and Exchange Board of India for a public offer of up to 86,247,187 Equity Shares of face value of Rs 10 each (Equity Shares) of ICICI Lombard General Insurance Company, representing approximately 19.0% of its equity share capital, for cash through an offer for sale of up to 31,761,478 Equity Shares by ICICI Bank and up to 54,485,709 Equity Shares by FAL Corporation. The offer includes a proposed reservation of up to 4,312,359 Equity Shares (5.0% of the offer) for individual and Hindu Undivided Family (HUF) shareholders of ICICI Bank.

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Dewan Housing Finance Corporation gets reaffirmation in credit ratings
Jul 14,2017

Dewan Housing Finance Corporation announced that Brickwork Ratings India has reaffirmed its credit ratings as under -

Secured NCD (Public Issue) (Rs 14000 crore) - BWR AAA; Stable
Secured NCD (Rs 6900 crore) - BWR AAA; Stable
Subordinate Debt (Rs 2250 crore) - BWR AAA; Stable
Innovative Perpetual Debt Instrument (Rs 1300 crore) - BWR AA+; Stable
Fixed Deposit (Rs 9000 crore) - BWR FAAA; Stable

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Outcome of board meeting of Paramount Communications
Jul 14,2017

Paramount Communications announced that the Board of Directors of the Company at its meeting held on 14 July 2017 transacted the following -

Early redemption of 765,000 outstanding 0.00% Non-Convertible Redeemable Preference Shares of face value Rs. 100 per share (NCRPS) at a price of Rs. 121.25 per NCRPS (including premium) out of fresh issue of equity shares of the Company;

To issue and allot, subject to the approval of the shareholders of the Company, a maximum of upto 20,000,000 equity shares of the Company of face value Rs. 2 each (Equity Shares) to the existing NCRPS holders.

The issue price for the proposed allotment of Equity Shares will be determined in accordance with the Securities and Exchange Board of India (ICDR) Regulations, 2009.
Notice of 23rd Annual General Meeting of the Company to be held on 17 August 2017.

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Capital First allots NCDs aggregating Rs 475 crore
Jul 14,2017

Capital First announced that the Debenture Committee constituted by the Board of Directors of the Company vide Resolution passed by Circulation in 14 July 2017, inter alia approved the allotment of Rated, Listed, Secured, Redeemable, Non-Convertible Debentures (NCDs)

1. The Company has raised Rs. 475 crore by issue of NCDs on private placement basis.

2. The Debenture Committee vide Resolution passed by Circulation on 14 July 2017 has inter - alia approved allotment of 4750 NCDs having Face Value of Rs. 10,00,000/- (Rupees Ten Lacs Only) each.

The said NCDs shall be listed on National Stock Exchange of India.

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Blue Circle Services fixes record date for consolidation of equity shares
Jul 14,2017

Blue Circle Services fixed 28 July 2017 as record date for consolidation of equity shares from Rs. 1/- to Rs. 10/- u/r 42 of SEBI LODR Regulations, 2015

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Alkem Laboratories intimates of successful USFDA inspection of Bioequivalence facility
Jul 14,2017

Alkem Laboratories announced that US FDA had conducted an inspection at the Companys Bioequivalence facility located at Taloja, India from 10 July, 2017 to 14 July, 2017. At the end of the inspection, no Form 483 was issued.

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First Winner Industries announces resignation of company secretary and compliance officer
Jul 14,2017

First Winner Industries announced that Avani Sanghavi has resigned from the post of Company Secretary and Compliance Officer of our company with immediate effect i.e. from 14 July, 2017.

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Board of Tirupati Tyres appoints director
Jul 14,2017

The Board of Tirupati Tyres at its meeting held on 14 July 2017 have appointed Uttamkant Ambre as Independent Director of the Company.

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Kharif Crop Sowing Crosses 563 Lakh Hectare Area
Jul 14,2017

The total sown area as on 14th July 2017, as per reports received from States, stands at 563.17 lakh hectare as compared to 521.80 lakh hectare at this time last year.

It is reported that rice has been sown/transplanted in 125.77 lakh ha, pulses in 74.61 lakh ha, coarse cereals in 113.06 lakh ha, sugarcane in 47.94 lakh hectare and cotton in 90.88 lakh ha.

The details of the area covered so far and that covered during this time last year are given below:

                                                                                                                              Lakh hectare 

CropArea sown in 2017-18Area sown in 2016-17Rice125.77120.32Pulses74.6160.28Coarse Cereals113.0698.79Oilseeds103.92115.75Sugarcane47.9445.22Jute & Mesta6.987.51Cotton90.8873.93Total563.17521.80

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