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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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EIH Associated Hotels standalone net profit rises 12.68% in the December 2016 quarter
Jan 24,2017

Net profit of EIH Associated Hotels rose 12.68% to Rs 20.89 crore in the quarter ended December 2016 as against Rs 18.54 crore during the previous quarter ended December 2015. Sales rose 11.48% to Rs 84.21 crore in the quarter ended December 2016 as against Rs 75.54 crore during the previous quarter ended December 2015.

ParticularsQuarter Endedn++Dec. 2016Dec. 2015% Var. Sales84.2175.54 11 OPM %41.5538.15 - PBDT35.4527.38 29 PBT31.9223.49 36 NP20.8918.54 13

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Asia Pacific Market: Stocks subdued on concerns of US protectionism
Jan 24,2017

Asia Pacific equity market closed mixed on Tuesday, 24 January 2017, as U.S President Donald Trumps trade protectionist stance dented the dollar and tempered concerns over capital outflows. MSCIs broadest index of Asia-Pacific shares outside Japan edged up 0.1%.

Risk sentiments were subdued overall regional market amid concerns over President Donald Trumps global trade plans and comments from his Treasury Secretary pick over a stronger dollar. Trump followed up an inauguration speech seen as angry and protectionist by making his first official act the withdrawal from the 12-nation Trans-Pacific Partnership (TPP). He also said he would renegotiate the North American Free Trade Agreement with Canada and Mexico and threaten to impose border taxes, while his chief spokesman warned he would not hesitate to confront Beijing the South China Sea issue.

The market is afraid that if President Trump further intensifies his protectionist colours with border taxes, the global economy will start shrinking.

Sentiment took a fresh knock when U.S. Treasury Secretary nominee Steven Mnuchin told senators that he would work to combat currency manipulation but would not give a clear answer on whether he views China as manipulating its yuan. In written answers to a Senate Finance Committee, Mnuchin also reportedly said an excessively strong dollar could be negative in the short term. Against a basket of currencies, the dollar index was down 0.1% at 100.040.

Among Asian bourses

Australia Market recovers

Australian share market recovered most of previous day losses, on the back of strong buying in materials and resources counter, thanks to gains in base metal prices and positive earnings news from steelmaker BlueScope Steel and medical device maker ResMed. At the closing bell, the benchmark S&P/ASX 200 recovered 39.1 points, or 0.7%, to end at 5650.1.

Material sector had best day today, as Chinese iron-ore futures surged and BlueScope Steel tipped better-than-expected half-year earnings. Iron-ore producers BHP Billiton, Rio Tinto and Fortescue Metals Group were all stronger, gaining between 2.4% and 5.5%. BHP closed at its highest level since mid-2015 and Rio ended at its strongest level since March that year. BlueScope, Australias biggest steelmaker, jumped 8% for the day after forecasting stronger first-half profit, thanks to a rise in steel prices and better-than-anticipated iron-ore prices that lifted the profitability of its New Zealand iron-sands business.

The healthcare sector also saw gains, with Resmed Incs rising 7.6% to their highest in four months after sleep disorder equipment supplier posted jump in second-quarter revenue. The company lifted second-quarter revenue by 17%, or 18% on a constant currency basis, to $US530.4 million, helped by income from the Brightree business it acquired in 2016. However, its net profit declined 20% to $US76.7 million due to increased operating expenses.

Japan Stocks fall on stronger yen

The Japan share market continued losses, as firmer yen against the U.S. dollar pressured exporters, while sentiment was clouded after U.S. President Donald Trump renewed a threat to levy border taxes on companies that move production overseas. The key 225-issue Nikkei Stock Average lost 103.04 points, or 0.55%, to close at 18,787.99, while the Topix index of all first-section issues shed 0.55%, or 8.30 points, to 1,506.33.

Japanese exporters stocks declined as the yen appreciated against the greenback and other major currencies, on concerns about President Donald Trumps protectionist policy stance spilled over to the safety of yen -- seen as a safe investment. A stronger yen hurts Japanese exporters as it makes their products more expensive abroad and reduces the value of repatriated profits. Toyota dropped 1.65% to 6,579 yen and Honda shed 1.66% to 3,375 yen. Toshiba fell 3.38% to 259.8 yen while market heavyweight Fast Retailing, the operator of Uniqlo clothing chain, sank 2.72% at 35,350 yen.

Among other individual stock movers, Takata dived 5.99% to 439 yen, a seventh straight loss that has seen its market value more than halved over fears of a lengthy bankruptcy restructuring for the airbag maker at the centre of the biggest-ever auto safety recall.

Mitsubishi Heavy Industries fell 1.64% to 515.5 yen, extending the previous days losses after it postponed delivery of its long-awaited regional jet by two years and warned over soaring development costs for the problem-plagued plane.

China Equities edge up as liquidity levels rise on cash infusion

Mainland China stock market finished session at fresh two-week high in thin trade, as move by Chinas central bank to provide temporary liquidity support marks the creation of a new policy tool designed to ease seasonal cash shortages, while sending the signal that monetary policy remains stable and neutral. Market gains were, however, limited as investors were reluctant to stake out fresh positions ahead of the week-long Chinese New Year holiday. Sentiment was also affected by renewed debt worries after Beijing reported a significantly larger fiscal deficit in 2016. Most sectors remained largely unchanged. Gains were led by cyclical stocks, in particular banks and ferrous metals and oil sectors. The blue-chip CSI300 index, which tracks large companies in Shanghai or Shenzhen, was up 0.01% to close at 3,364.45. The Shanghai Composite Index added 0.18% to close at 3,142.55. The Shenzhen Composite Index, which tracks stocks on Chinas second exchange, shed 0.3% to 1896.45. The ChiNext Index, which tracks Chinas NASDAQ-style board of growth enterprises, fell 1.38% to 1,861.22 points.

The use of the n++Temporary Liquidity Facility (TLF),n++ announced by the central bank last Friday, is expected to inject several hundred billion yuan into the banking system, according to the Financial News publication, which is affiliated with the Peoples Bank of China (PBOC). The PBOC made the funds available to the countrys five biggest banks after short-term funding costs spiked to near 10-year highs heading into the long Lunar New Year holiday starting Jan. 27, sparking fears of a cash squeeze. The central bank has avoided cutting banks required reserve ratios (RRRs) too frequently, because the move would inject a large amount of liquidity into the banking system, pushing down yields, fuelling expectations of monetary policy loosening, and increasing depreciation pressure on the yuan. TLF is another gadget in the central banks expanding toolkit and will continue to play an important role in the future.

The fiscal deficit was larger than the government targeted, as the worlds second-largest economy has relied on government spending to stabilise economic growth in the past year, raising concerns about Chinas mounting debt load.

Energy sector advanced after receiving a boost from heavyweights China Petroleum & Chemical Corp and PetroChina Co. Both added more than 2% on restructuring hopes.

Beijing Originwater Technology tumbled 9% to hit a near 7-month low after it posted a profit forecast for 2016.The stock was down 12.6% year-to-date after losing 16.6% in 2016.

Hang Seng notches gains

The Hong Kong stock market closed up, thanks to strength in resources shares. The Hang Seng Index added 0.22% or 51.34 points to close at 22,949.86. The Hang Seng China Enterprises index, or the H-share index, rose 0.33% or 32.44 points to 9,759.26. Turnover increased slightly to HK$60.5 billion from HK$56.1 billion on Monday.

Shares of resources linked companies advanced on reports that the SASAC aims at speeding up integration among steel, coal and power industries. China Shenhua (01088) climbed 3% to HK$16.28. Yitai Coal (03948) surged 14% to HK$5.85 on positive profit alert. Yanzhou Coal (01171) jumped 5% to HK$5.85. China Coal (01898) soared 6% to HK$4.12.

PetroChina (00857) and Sinopec (00386) climbed 2% to HK$6.18 and HK$6.2. COSL (02883) gained 5% to HK$7.95 after CLSA upgraded its rating to outperform with a higher target price of HK$8.8.

India Indices gain for second day in a row

Key benchmark indices logged decent gains led by index heavyweights L&T, HDFC and Reliance Industries. The barometer index, the S&P BSE Sensex, gained 258.24 points or 0.95% to settle at 27,375.58. The Nifty 50 index gained 84.30 points or 1% to settle at 8,475.80.

Idea Cellular gained 3.21%. The company is proposing to issue unsecured redeemable non-convertible debentures (NCDs) amounting to Rs 2,000 crore on private placement basis. The announcement was made after market hours today, 24 January 2017. The tenure of NCDs is five years and carry a coupon rate of 8.04% per annum.

Wipro rose 0.35%. The company announced that TK Kurien, Executive Vice Chairman and member of the board will retire on 31 January 2017. The announcement was made after market hours today, 24 January 2017.

Bharti Infratel gained 0.92% after consolidated net profit rose 25% to Rs 620 crore on 10% growth in revenue to Rs 3401 crore in Q3 December 2016 over Q3 December 2015. The companys consolidated earnings before interest, taxation, depreciation and amortization (EBITDA) rose 9% to Rs 1496 crore in Q3 December 2016 over Q3 December 2015. The result was announced after market hours yesterday, 23 January 2017.

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Rupee Slips
Jan 24,2017

Rupee on Tuesday (24 January 2017) closed Lower at 68.1399/14 per dollar, versus its previous close of 68.08/21 per dollar.

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Australia Market recovers
Jan 24,2017

Australian share market recovered most of previous day losses on Tuesday, 24 January 2017, on the back of strong buying in materials and resources counter, thanks to gains in base metal prices and positive earnings news from steelmaker BlueScope Steel and medical device maker ResMed. At the closing bell, the benchmark S&P/ASX 200 recovered 39.1 points, or 0.7%, to end at 5650.1.

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Japan Stocks fall on stronger yen
Jan 24,2017

The Japan share market continued losses on Tuesday, 24 January 2017, as firmer yen against the U.S. dollar pressured exporters, while sentiment was clouded after U.S. President Donald Trump renewed a threat to levy border taxes on companies that move production overseas. The key 225-issue Nikkei Stock Average lost 103.04 points, or 0.55%, to close at 18,787.99, while the Topix index of all first-section issues shed 0.55%, or 8.30 points, to 1,506.33.

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China Equities edge up as liquidity levels rise on cash infusion
Jan 24,2017

Mainland China stock market finished session at fresh two-week high in thin trade on Tuesday, 24 January 2017, as move by Chinas central bank to provide temporary liquidity support marks the creation of a new policy tool designed to ease seasonal cash shortages, while sending the signal that monetary policy remains stable and neutral. Market gains were, however, limited as investors were reluctant to stake out fresh positions ahead of the week-long Chinese New Year holiday. Sentiment was also affected by renewed debt worries after Beijing reported a significantly larger fiscal deficit in 2016. Most sectors remained largely unchanged. Gains were led by cyclical stocks, in particular banks and ferrous metals and oil sectors. The blue-chip CSI300 index, which tracks large companies in Shanghai or Shenzhen, was up 0.01% to close at 3,364.45. The Shanghai Composite Index added 0.18% to close at 3,142.55. The Shenzhen Composite Index, which tracks stocks on Chinas second exchange, shed 0.3% to 1896.45. The ChiNext Index, which tracks Chinas NASDAQ-style board of growth enterprises, fell 1.38% to 1,861.22 points.

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Hang Seng notches gains
Jan 24,2017

The Hong Kong stock market closed slight gains on Tuesday, 24 January 2017, thanks to strength in resources shares. The Hang Seng Index added 0.22% or 51.34 points to close at 22,949.86. The Hang Seng China Enterprises index, or the H-share index, rose 0.33% or 32.44 points to 9,759.26. Turnover increased slightly to HK$60.5 billion from HK$56.1 billion on Monday.

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L&T Finance Holdings consolidated net profit rises 27.80% in the December 2016 quarter
Jan 24,2017

Net profit of L&T Finance Holdings rose 27.80% to Rs 270.89 crore in the quarter ended December 2016 as against Rs 211.97 crore during the previous quarter ended December 2015. Sales rose 15.07% to Rs 2093.99 crore in the quarter ended December 2016 as against Rs 1819.81 crore during the previous quarter ended December 2015.

ParticularsQuarter Endedn++Dec. 2016Dec. 2015% Var. Sales2093.991819.81 15 OPM %70.0272.34 - PBDT373.97345.97 8 PBT358.22325.91 10 NP270.89211.97 28

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Mahindra & Mahindra Financial Services reports standalone net loss of Rs 15.64 crore in the December 2016 quarter
Jan 24,2017

Net loss of Mahindra & Mahindra Financial Services reported to Rs 15.64 crore in the quarter ended December 2016 as against net profit of Rs 67.17 crore during the previous quarter ended December 2015. Sales rose 6.44% to Rs 1490.42 crore in the quarter ended December 2016 as against Rs 1400.23 crore during the previous quarter ended December 2015.

ParticularsQuarter Endedn++Dec. 2016Dec. 2015% Var. Sales1490.421400.23 6 OPM %48.1855.38 - PBDT-13.02114.29 PL PBT-24.13103.88 PL NP-15.6467.17 PL

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Sita Enterprises standalone net profit rises 300.00% in the December 2016 quarter
Jan 24,2017

Net profit of Sita Enterprises rose 300.00% to Rs 0.04 crore in the quarter ended December 2016 as against Rs 0.01 crore during the previous quarter ended December 2015. There were no Sales reported in the quarter ended December 2016 and during the previous quarter ended December 2015.

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Austin Engineering Company reports standalone net loss of Rs 0.83 crore in the December 2016 quarter
Jan 24,2017

Net Loss of Austin Engineering Company reported to Rs 0.83 crore in the quarter ended December 2016 as against net loss of Rs 1.14 crore during the previous quarter ended December 2015. Sales rose 35.89% to Rs 17.72 crore in the quarter ended December 2016 as against Rs 13.04 crore during the previous quarter ended December 2015.

ParticularsQuarter Endedn++Dec. 2016Dec. 2015% Var. Sales17.7213.04 36 OPM %-3.67-5.75 - PBDT-0.61-0.86 29 PBT-0.91-1.17 22 NP-0.83-1.14 27

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Austin Engineering Company reports consolidated net loss of Rs 0.97 crore in the December 2016 quarter
Jan 24,2017

Net Loss of Austin Engineering Company reported to Rs 0.97 crore in the quarter ended December 2016 as against net loss of Rs 1.49 crore during the previous quarter ended December 2015. Sales rose 37.80% to Rs 18.08 crore in the quarter ended December 2016 as against Rs 13.12 crore during the previous quarter ended December 2015.

ParticularsQuarter Endedn++Dec. 2016Dec. 2015% Var. Sales18.0813.12 38 OPM %-4.37-8.16 - PBDT-0.75-1.18 36 PBT-1.05-1.52 31 NP-0.97-1.49 35

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Zee Entertainment Enterprises consolidated net profit rises 8.64% in the December 2016 quarter
Jan 24,2017

Net profit of Zee Entertainment Enterprises rose 8.64% to Rs 250.81 crore in the quarter ended December 2016 as against Rs 230.86 crore during the previous quarter ended December 2015. Sales rose 3.39% to Rs 1639.12 crore in the quarter ended December 2016 as against Rs 1585.42 crore during the previous quarter ended December 2015.

ParticularsQuarter Endedn++Dec. 2016Dec. 2015% Var. Sales1639.121585.42 3 OPM %31.4727.09 - PBDT487.88412.16 18 PBT462.98391.74 18 NP250.81230.86 9

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L&T Finance Holdings standalone net profit declines 94.08% in the December 2016 quarter
Jan 24,2017

Net profit of L&T Finance Holdings declined 94.08% to Rs 11.67 crore in the quarter ended December 2016 as against Rs 197.12 crore during the previous quarter ended December 2015. Sales declined 94.00% to Rs 11.43 crore in the quarter ended December 2016 as against Rs 190.58 crore during the previous quarter ended December 2015.

ParticularsQuarter Endedn++Dec. 2016Dec. 2015% Var. Sales11.43190.58 -94 OPM %46.1195.00 - PBDT3.64197.16 -98 PBT3.63197.12 -98 NP11.67197.12 -94

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Spentex Industries announces resignation of CFO
Jan 24,2017

Spentex Industries announced that Sharat Kumar Gupta has, vide his letter dated 23 January 2017, resigned as Chief Financial Officer of the Company.

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