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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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Fiberweb (India) to consider Q3 results
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Fiberweb (India) announced that the Board of Directors of the company will meet on 30 January 2017 to consider and to take on record the un-audited financial results for 3rd quarter ended 31 December 2016.

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Patspin India Board to consider December quarter results
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Patspin India announced that a Meeting of the Board of Directors of the Company will be held on 12 February 2017, to consider among other matters, the Statement of Un-audited financial results for the quarter ended 31 December 2016.

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Board of Ruia Aquaculture Farms to consider December quarter results
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Ruia Aquaculture Farms announced that the Meeting of the Board of Directors of the Company will be held on 27 January 2017, to consider and approve the un-audited financial results for quarter ended 31 December 2016.

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GTN Textiles to consider December quarter results
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GTN Textiles announced that a Meeting of the Board of Directors of the Company will be held on 13 February 2017, to consider among other matters, the Statement of Un-audited financial results for the quarter ended 31 December 2016.

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FDC Board to consider Q3 and 9M results
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FDC announced that a meeting of the Board of Directors of the Company is scheduled to be held on 03 February 2017, inter alia, to consider and approve the Unaudited Financial Results of the Company for the quarter and nine months ended 31 December 2016.

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CSL Finance to consider December quarter results
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CSL Finance announced that a meeting of the Board of Directors will be held on 25 January 2017, inter alia, to consider and take on record the Un-Audited Financial Results for the quarter ended on 31 December 2016.

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Cabinet approves amendment in Modified Special Incentive Package Scheme
Jan 18,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for amendment in the Modified Special Incentive Package Scheme (M-SIPS) to further incentivize investments in Electronic Sector and moving towards the goal of Net Zero imports in electronics by 2020.

Besides expediting investments into the Electronics System Design and Manufacturing (ESDM) sector in India, the amendments in M-SIPS are expected to create employment opportunities and reduce dependence on imports. The projects already received under the scheme have the potential to generate employment to the extent of upto one million persons (direct and indirect).

The Policy covers all States and Districts and provides them an opportunity to attract investments in electronics manufacturing. So far, 243 applications have been received under the scheme, out of which 75 applications have been approved involving investment proposals of Rs. 17,997 crore.

The salient features of the amendment are:

a) The applications will be received under the scheme upto 31st December 2018 or till such time that an incentive commitment of Rs 10,000 crore is reached, whichever is earlier. In case the incentive commitment of Rs 10,000 crore is reached, a review will be held to decide further financial commitments.

b) For new approvals, the incentive under the scheme will be available from the date of approval of a project and not from the date of receipt of application.

c) The incentives will be available for investments made within 5 years from the date of approval of the project.

d) Approvals will normally be accorded to eligible applications within 120 days of submission of the complete application.

e) A unit receiving incentives under the scheme, will provide an undertaking to remain in commercial production for a period of at least 3 years.

f) The Appraisal Committee recommending approval of project will be chaired by Secretary, Ministry of Electronics and IT.

g) A separate Committee headed by Cabinet Secretary and comprising of CEO, NITI Aayog, Secretary Expenditure and Secretary, MeitY will be set up in respect of mega projects, envisaging more than Rs. 6850 crore (approx. USD 1 Billion) investments.

Background

The Cabinet had, in July, 2012 approved the M-SIPS to provide a special incentive package to promote large scale manufacturing in the Electronic System Design and Manufacturing (ESDM) sector. The scheme provides subsidy for capital expenditure - 20% for investments in Special Economic Zones (SEZs) and 25% in non-SEZs. The Scheme was amended in August, 2015 for scope enhancement and simplification of procedure. The Scheme has attracted investments in the ESDM sector to the tune of Rs. 1,26,838 crore, of which investments of around Rs. 17,997 crore have been approved by the MeitY. The M-SIPS has been able to create positive impact on investment in electronics sector.

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Board of Gayatri Tissue & Papers approves change in directorate
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Gayatri Tissue & Papers announced that the Board of Directors of the Company at their meeting held on 18 January 2017 has approved the following:

1. Resignation of V.L. Moorthy as Director of the Company due to personal reasons.

2. Appointment of J. N. Karamchetti as an Independent Director of the Company replacing Dr. V.L. Moorthy subject to the approval of the Shareholders in the general meeting of the Company.

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Board of Mirc Electronics to consider Q3 and 9M results
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Cabinet approves MOU between India and United Arab Emirates for cooperation in the field of Small and Medium Enterprises and Innovation
Jan 18,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for signing the Memorandum of Understanding between India and United Arab Emirates for cooperation in the field of Small and Medium Enterprises and Innovation.

The MoU would benefit Indian SMEs and lead to equitables and inclusive development. The exposure to best practices in SME sector abroad would provide an opportunity to Indian SMEs to improve upon them and innovate further. It would also provide to Indian SME sector an opportunity to have a mutually beneficial relation with SME sector of the United Arab Emirates and to explore their markets.

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Board of Ventura Textiles to consider preferential issue of warrants
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Gujarat Credit Corporation to announce Q3 results
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Gujarat Credit Corporation announced that a meeting of the Board of Directors of the Company will be held on 31 January 2017, to approve the Unaudited Financial Results for the 3rd Quarter ended on 31 December 2016.

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GCCL Infrastructure & Projects to announce Q3 results
Jan 18,2017

GCCL Infrastructure & Projects announced that a meeting of the Board of Directors of the Company will be held on 31 January 2017, to approve the Unaudited Financial Results for the 3rd Quarter ended on 31 December 2016.

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