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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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Board of Sandu Pharmaceuticals to review operations
Jan 19,2017

Sandu Pharmaceuticals announced that a Meeting of the Board of Directors of the Company will be held on 28 January 2017, to review business operation of the Company

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Board of Veljan Denison to take on record December quarter results
Jan 19,2017

Veljan Denison announced that a meeting of the Board of Directors of the Company will be held on 28 January 2017, to consider and take on record the Un-Audited Financial Results of the Company for the quarter/ Nine Months ended 31 December 2016.

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Board of IRB Infrastructure Developers to consider Q3 results and interim dividend
Jan 19,2017

IRB Infrastructure Developers announced that the Meeting of the Board of Directors of the Company will be held on 25 January 2017, inter alia, to consider and take on record :

1. Unaudited Financial Results of the Company for the quarter and nine months ended 31 December 2016 (Q3);

2. To consider declaration of interim dividend, if any, for the financial year 2016-17.

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Outcome of board meeting of Cigniti Technologies
Jan 19,2017

Cigniti Technologies announced that the Board of Directors of the Company at its meeting held on 19 January 2017 has taken note of the following -

Appointment of Phaneesh Murthy as Non Executive Director of Cigniti Technologies Inc., USA a wholly owned subsidiary of the Company.

Review of overseas operation of the Company.

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RACL Geartech to approve December quarter results
Jan 19,2017

RACL Geartech announced that a meeting of the Board of Directors of the Company will be held on 06 February 2017, inter alia, to consider and approve the unaudited financial results of the Company for the quarter ended 31 December 2016.

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Manali Petrochemicals to announce December quarter results
Jan 19,2017

Manali Petrochemicals announced that a meeting of the Board of Directors of the Company will be held on 31 January 2017, inter alia, for considering the Un-audited Financial Results of the Company for the Quarter ended 31 December 2016.

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Board of PTL Enterprises to consider Q3 and 9M results
Jan 19,2017

PTL Enterprises announced that the meeting of the Board of Director of the Company will be held on 01 February 2017, inter alia, to consider, and approve the unaudited financial results (Standalone) of the Company for the quarter/nine months ended 31 December 2016.

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HCL Infosystems Board to consider December quarter results
Jan 19,2017

HCL Infosystems announced that the meeting of the Board of Directors of the Company is scheduled to be held on 31 January 2017, inter alia, to consider and take on record the unaudited Financial Results of the Company on standalone and consolidated basis for the quarter ending 31 December 2016.

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Moodys sees stable outlook for Asia Pacific sovereigns; negative outlook for banks
Jan 19,2017

Moodys Investors Service says that the outlook for Asia Pacifics sovereigns is stable in 2017, reflecting a mix of credit-supportive increases in incomes and strengthening institutions, and a credit-challenging external environment with slow global trade and capital outflows.

Moreover, political risk, although generally low, is becoming increasingly unpredictable.

At the same time, the outlook for Asia Pacifics banks is negative, in view of challenges related to asset quality and profitability, while Chinas ongoing process of reforms -- including that of state-owned enterprises (SOEs) -- remains a key determinant for future growth.

Global conditions are largely unfavourable for sovereigns in Asia Pacific, which are reliant on trade and capital flows. Furthermore, in some cases, the presence of large financing needs -- stemming from current account or external debt -- means direct exposure to capital flows, says Marie Diron, an Associate Managing Director with Moodys Sovereign Group.

Moodys says that increasing capital flows into Asia Pacific in recent years have contributed to higher leverage.

With the banking system, Moodys sees a negative outlook because challenging operating conditions in the region are weighing on the banks asset quality and profitability, says Stephen Long, Moodys Managing Director for Financial Institutions in Asia Pacific.

In such an environment, problem assets will continue to rise, foreign private capital flows will remain volatile, and property price increases in some parts of the region will further amplify credit risk for the banks.

With the corporate sector, steady macro conditions and the partial recovery in commodity prices support stability in credit quality, but the details differ for each economy in Asia Pacific, says Gary Lau, a Managing Director in Moodys Corporate Finance Group for the region.

Financial leverage for private-sector companies will remain broadly stable due to earnings stability and/or manageable levels of capital expenditure, while steady economic growth, low commodity prices and competitive edges among companies support stable earnings.

Stable outlooks are existent for key sectors across Asia, including China property, refining & marketing, telecommunications and power; but challenges will continue for the steel sector.

For Asia Pacific corporates as a whole, the funding environment will remain favorable.

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Torrent Pharmaceuticals to announce Q3 results and consider interim dividend
Jan 19,2017

Torrent Pharmaceuticals announced that a meeting of the Board of Directors of the Company will be held on 03 February 2017, inter alia, to consider and approve the Audited Financial Results on Standalone basis and Unaudited Financial Results (with limited review) on Consolidated basis of the Company for the quarter and nine months ended on 31 December 2016 (Q3).

Futher, in the above meeting the Board would also consider payment of Interim Dividend for the year 2016-17.

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Sudal Industries to hold board meeting for December quarter results
Jan 19,2017

Sudal Industries announced that a Meeting of the Board of Directors of the Company will be held on 27 January 2017, to consider amongst other matters, approve and take on record the Unaudited Financial Results of the Company for the quarter ended on 31 December 2016 together with Limited Review Report as on that date.

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Board of Fomento Resorts & Hotels to approve Q3 and 9M results
Jan 19,2017

Fomento Resorts & Hotels announced that a meeting of the Board of Directors of the Company will he held on 11 February 2017, to consider and approve the Unaudited financial Results for the quarter and nine months ended 31 December 2016.

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S & T Corporation to consider December quarter results
Jan 19,2017

S & T Corporation announced that the meeting of Board of Directors of the Company will be held on 24 January 2017, to transact following businesses:

- To consider unaudited financial statement of the company for the quarter ended 31 December 2016 along with Limited Review Report.

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Coral Laboratories to announce December quarter results
Jan 19,2017

Coral Laboratories announced that a meeting of Board of Directors of the Company will be held on 30 January 2017 to consider unaudited financial results for the quarter ended 31 December 2016.

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Fitch: Agency Less Optimistic than Market on Top Indian Companies
Jan 19,2017

Fitch Ratings and India Ratings & Research (collectively Fitch) are less optimistic in their projections for the 27 Indian corporates they publicly rate compared with Bloomberg consensus estimates (BEst), the agency says in its credit change zone report for the countrys listed corporates.

BEst expect 87 of Indias top-100 listed non-financial corporates by market capitalisation to be in the credit-positive change zones of cash flow growth exceeding net debt growth over the financial years ending-March 2016 (FY16) to FY18, while 13 are expected to be in the credit-negative change zones of net debt growth exceeding cash flow growth. This represents a more optimistic position compared to FY14-FY16, where 64 corporates were in credit-positive change zones.

Fitch projects 17 of the 27 Fitch-rated corporates in the top-100 portfolio to be in credit-positive change zones, where leverage is forecast to fall, and 10 companies in the credit-negative change zones, where leverage is forecast to rise. For this same set of corporates, BEst forecast a higher 20 in credit-positive change zones and only seven in credit-negative change zones.

Four of the 27 Fitch-rated companies are positioned in opposite credit change zones when comparing Fitch and BEst estimates. Fitch forecasts Wockhardt (AA-(ind)/Negative), NHPC (BBB-/Stable), and Reliance Industries Ltd (BBB-/Stable) to be in credit-negative change zones, whereas BEst forecasts these companies in credit-positive change zones. Conversely, Fitch forecasts Bharti Airtel Limited (BBB-/Stable) in the credit-positive change zone, whereas BEst forecasts this company in the credit-negative change zone.

We believe market expectations of improving corporate credit profiles is driven more by projected higher EBITDA generation than lower debt and capex. BEst forecasts aggregate net debt/EBITDA leverage for the top-100 portfolio to fall to 1.3x by FY18, from 1.7x in FY16. Leverage is forecast to fall most for corporates in the construction and engineering sector, followed by metals and mining, then the retail, leisure and consumer products sector.

The report includes Venn diagrams illustrating overlapping areas of our top-10 lists based on BEst projections. Vedanta (AA(ind)/Negative) stands out as being in the Blue Joy Zone of BEst-projected higher EBITDA and debt paydown over FY17f and FY18f. Conversely, Idea Cellular Ltd is in the Top-10 Red Pain Zone of BEst-projected EBITDA decline and rising net debt over the projected period. The report also contains scatter charts illustrating the credit zone of each company in both projected and historical periods as well as explanatory notes and rating sensitivities for the 27 Fitch-rated listed Indian corporates.

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