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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 Veto Switchgears & Cables declares interim dividend of 10%
Feb 13,2017

Veto Switchgears & Cables announced that the Board of Directors of the Company at their meeting held on 13 February 2017, has inter-alia, consented to the following:

1. Declared Interim Dividend of Re. 1 per share having face value of Rs. 10/- per share (i.e. 10%) for the Financial Year 2016-17.

2. Confirmed the relieve and resignation of Murlidhar Kaurani, Independent Director.

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Board of Suprajit Engineering declares interim dividend of 50%
Feb 13,2017

Suprajit Engineering Ltd has informed BSE that the Board of Directors of the Company at its meeting held on 13 February 2017, inter alia, has declared an Interim Dividend of Re. 0.50 per share of Re. 1/- each (50%) for the year 2016-17.

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Suprajit Engineering fixes record date for interim dividend
Feb 13,2017

Suprajit Engineering has fixed 23 February 2017 as the Record Date for the purpose of Payment of Interim Dividend.

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SRF tops losers on BSEs A group
Feb 13,2017

SRF slipped 10% at Rs 1576.95. The stock topped the losers in A group. On the BSE, 54,000 shares were traded on the counter so far as against the average daily volumes of 13,000 shares in the past two weeks.

Bank of Baroda slipped 9.15% at Rs 170.85. The stock was the second biggest loser in A group. On the BSE, 22.04 lakh shares were traded on the counter so far as against the average daily volumes of 11.31 lakh shares in the past two weeks.

IFCI slipped 7.77% at Rs 28.50. The stock was the third biggest loser in A group. On the BSE, 11.56 lakh shares were traded on the counter so far as against the average daily volumes of 27.78 lakh shares in the past two weeks.

PTC India slipped 6.58% at Rs 85.15. The stock was the fourth biggest loser in A group. On the BSE, 3.37 lakh shares were traded on the counter so far as against the average daily volumes of 2.41 lakh shares in the past two weeks.

Unitech slipped 5.95% at Rs 6.17. The stock was the fifth biggest loser in A group. On the BSE, 42.05 lakh shares were traded on the counter so far as against the average daily volumes of 1.74 lakh shares in the past two weeks.

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Uttam Sugar Mills sweetens after turnaround Q3 earnings
Feb 13,2017

The result was announced after market hours on Friday, 10 February 2017.

Meanwhile, the S&P BSE Sensex was down 16.34 points, or 0.06%, to 28,317.91.

On the BSE, 42,000 shares were traded on the counter so far as against the average daily volumes of 46,530 shares in the past one quarter. The stock had hit a high of Rs 103.10 and a low of Rs 99.50 so far during the day.

The stock had hit a 52-week high of Rs 103.50 on 10 February 2017 and a 52-week low of Rs 16.55 on 17 February 2016. The stock had outperformed the market over the past one month till 10 February 2017, advancing 26.46% compared with the Sensexs 5.33% rise. The scrip had also outperformed the market over the past one quarter advancing 86.51% as against the Sensexs 2.97% rise.

The small-cap company has equity capital of Rs 38.14 crore. Face value per share is Rs 10.

Uttam Sugar Mills net sales fell 4.81% to Rs 225.77 crore in Q3 December 2016 over Q3 December 2015.

Uttam Sugar Mills is engaged in production of sugar, ethanol and generation of power. The company operates in three business segments: sugar, cogeneration and distillery

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NRB Bearings to pay interim dividend
Feb 13,2017

NRB Bearings announced that interim dividend of Rs.1.40/- per equity share of Rs. 2/- each will be paid/dispatched to the shareholders on or before 13 March 2017.

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NRB Bearings declares interim dividend of Rs 1.40 per share
Feb 13,2017

NRB Bearings announced that at the board meeting held on 13 February 2017, the Board has approved the following:

- Declaration of interim dividend for the Financial Year 2016-2017 @Rs. 1.40/- per equity share of Rs. 2/- each.

The interim dividend of Rs.1.40/- per equity share of Rs. 2/- each will be paid/dispatched to the shareholders on or before 13 March 2017.

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RCF gains after good Q3 financial performance
Feb 13,2017

The result was announced after market hours on Friday, 10 February 2017.

Meanwhile, the S&P BSE Sensex was down 54.33 points, or 0.19%, to 28,279.92

On BSE, so far 3.76 lakh shares were traded in the counter, compared with average daily volume of 4.76 lakh shares in the past one quarter. The stock hit a high of Rs 61.90 and a low of Rs 60 so far during the day. The stock hit a 52-week high of Rs 64.40 on 9 February 2017. The stock hit a 52-week low of Rs 35.25 on 12 February 2016.

The small-cap company has an equity capital of Rs 551.69 crore. Face value per share is Rs 10.

State-run Rashtriya Chemicals and Fertilizers (RCF) is one of the leading producers of urea in India. The Government of India (GoI) currently holds 80% stake in RCF (as per the shareholding pattern as on 31 December 2016).

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Board of Modi Naturals approves entering into other allied foods category business
Feb 13,2017

Modi Naturals announced that the Board of Directors of the Company at its meeting held on 13 February 2017 has approved the following -

Entering into other allied foods category business in addition to existing business of edible oils processing subject to the provisions of the Companies Act 2013 and other applicable laws and requisite approvals.

Amendment in the Main Objects clause of Memorandum of Association of the Company by inserting new main object clause of other allied food products category of business subject to approval of shareholders.

Adoption of new set of Memorandum and Articles of Association of the Company subject to approval of shareholders.

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Reliance Defence gains after signing master ship repair pact with US Navy
Feb 13,2017

The announcement was made during trading hours today, 13 February 2017.

Meanwhile, the BSE Sensex was down 17.23 points, or 0.06%, to 28,317.02.

On the BSE, so far 10.61 lakh shares were traded in the counter, compared with average daily volumes of 6.86 lakh shares in the past one quarter. The stock had hit a high of Rs 61.90 and a low of Rs 57.40 so far during the day.

The stock hit a 52-week high of Rs 74.90 on 8 March 2016. The stock hit a 52-week low of Rs 48.40 on 22 November 2016. The stock had underperformed the market over the past 30 days till 10 February 2017, rising 2.44% compared with the 3.99% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 6.72% as against Sensexs 5.65% decline.

The mid-cap company has equity capital of Rs 736.21 crore. Face value per share is Rs 10.

Reliance Infrastructure (Rlnfra) controlled Reliance Defence and Engineering (RDEL) has signed the master ship repair agreement (MSRA) with US Navy. Earlier in January 2017, the Reliance Shipyard was qualified by US Navy as an approved contractor to perform complex repair and alternation services for the US Navys Seventh Fleet vessels operating in the region.

Reliance Shipyard at Pipavav, Gujarat is the first Shipyard in India to have received MSRA Certification to undertake servicing and repairing works for the vessels of Seventh Fleet. The fleet has about 100 vessels of different types including auxiliaries. Currently, the vessels of US Navys Seventh Fleet visit Singapore or Japan for such works.

Reliance Shipyard has been selected after a detailed site survey by US Government representatives in end October 2016.

Reliance Defence & Engineering reported net loss of Rs 132.71 crore in Q3 December 2016 as against net loss of Rs 293.60 crore in Q3 December 2015. Net sales rose 142.8% to Rs 120.94 crore in Q3 December 2016 over Q3 December 2015.

Reliance Defence and Engineering (RDEL) has a large ship building/repair infrastructure in India. It has one of the largest Dry Dock in the world.

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Fitch: The Trump Administration Poses Risks to Global Sovereigns
Feb 13,2017

The Trump Administration represents a risk to international economic conditions and global sovereign credit fundamentals, Fitch Ratings says. US policy predictability has diminished, with established international communication channels and relationship norms being set aside and raising the prospect of sudden, unanticipated changes in US policies with potential global implications.

The primary risks to sovereign credits include the possibility of disruptive changes to trade relations, diminished international capital flows, limits on migration that affect remittances and confrontational exchanges between policymakers that contribute to heightened or prolonged currency and other financial market volatility. The materialisation of these risks would provide an unfavourable backdrop for economic growth, putting pressure on public finances that may have rating implications for some sovereigns. Increases in the cost or reductions in the availability of external financing, particularly if accompanied by currency depreciation, could also affect ratings.

In assessing the global sovereign credit implications of policies enacted by the new US Administration, Fitch will focus on changes in growth trajectories, public finance positions and balance of payments performances, with particular emphasis on medium-term export prospects and possible pressures on external liquidity and sustainable funding. US positions on some countries may change quickly, at least initially, but any potential rating adjustments will depend on consequent changes to sovereign credit fundamentals, which will almost certainly be slower to materialise.

Elements of President Trumps economic agenda would be positive for growth, including the long-overdue boost to US infrastructure investment, the focus on reducing the regulatory burden and the possibility of tax cuts and reforms, assuming cuts dont lead to proportionate increases in the government deficit and debt. One interpretation of current events is that, after an early flurry of disruptive change to establish a fundamental reorientation of policy direction and intent, the Administration will settle in, embracing a consistent business- and trade-friendly framework that leverages these aspects of its economic programme, with favourable international spill-overs.

In Fitchs view, the present balance of risks points toward a less benign global outcome. The Administration has abandoned the Trans-Pacific Partnership, confirmed a pending renegotiation of the North American Free Trade Agreement, rebuked US companies that invest abroad, while threatening financial penalties for companies that do so, and accused a number of countries of manipulating exchange rates to the USs disadvantage. The full impact of these initiatives will not be known for some time, and will depend on iterative exchanges among multiple parties and unforeseen additional developments. In short, a lot can change, but the aggressive tone of some Administration rhetoric does not portend an easy period of negotiation ahead, nor does it suggest there is much scope for compromise.

Sovereigns most at risk from adverse changes to their credit fundamentals are those with close economic and financial ties with the US that come under scrutiny due to either existing financial imbalances or perceptions of unfair frameworks or practices that govern their bilateral relations. Canada, China, Germany, Japan and Mexico have been identified explicitly by the Administration as having trade arrangements or exchange rate policies that warrant attention, but the list is unlikely to end there. Our revision of the Outlook on Mexicos BBB+ sovereign rating to Negative in December partly reflected increased economic uncertainty and asset price volatility following the US election.

The integrative aspects of global supply chains, particularly in manufactured goods, means actions taken by the US that limit trade flows with one country will have cascading effects on others. Regional value chains are especially well developed in East Asia, focused on China, and Central Europe, focused on Germany.

Tighter immigration controls and possible deportations could have meaningful effects on remittance flows, as the US has the worlds largest immigrant population. World Bank data confirm that the US and Mexico share the worlds top migration corridor and have the largest bilateral remittance flows. Relative to GDP, remittances are even larger for Honduras, El Salvador, Guatemala and Nicaragua, all of which receive most inflows from the US.

Countries hosting US direct investment, at least part of which has financed export industries focused back on the US, are at risk of being singled out for punitive trade measures. The list of these countries is potentially long, since US-based entities account for nearly one-quarter of the stock of global foreign direct investment. Countries with the highest stock of US investment in manufacturing are Canada, the UK, Netherlands, Mexico, Germany, China and Brazil.

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DCW declares lock-out at Sahupuram factory
Feb 13,2017

DCW has declared lock- out at its factory at Sahupuram, Tamil Nadu at 9.30 p.m. on 10 February 2017.

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Idea Cellular slips after dismal Q3 earnings
Feb 13,2017

The result was announced on Saturday, 11 February 2017.

Meanwhile, the BSE Sensex was almost flat at 28,334.72.

On the BSE, so far 11.79 lakh shares were traded in the counter, compared with average daily volumes of 16.48 lakh shares in the past one quarter. The stock had hit a high of Rs 107.80 and a low of Rs 102 so far during the day.

The stock hit a 52-week high of Rs 128.05 on 28 April 2016. The stock hit a 52-week low of Rs 66 on 9 November 2016. The stock had outperformed the market over the past 30 days till 10 February 2017, rising 52.84% compared with the 3.99% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 57.76% as against Sensexs 5.65% decline.

The large-cap company has equity capital of Rs 3601.69 crore. Face value per share is Rs 10.

Consolidated net sales fell 3.73% to Rs 8660.74 crore in Q3 December 2016 over Q3 December 2015.

On a standalone basis, the company reported net loss of Rs 492.28 crore in Q3 December 2016 compared with net profit of Rs 636.03 crore in Q3 December 2015. Net sales fell 4.4% to Rs 8570.50 crore in Q3 December 2016 over Q3 December 2015.

The company said that the Indian mobile industry witnessed an unprecedented disruption in Q3 December 2016, primarily due to free voice and mobile data promotions by the new entrant in the sector. Consequently, revenue key performance indicators (KPIs) and financial parameters for all mobile operators have sharply declined, and for the first time in its history the flourishing Indian wireless sector is trending towards an annual revenue decline of 3 to 5% in the financial year ending March 2017 (FY2017) compared with FY 2016. The sector can expect to recover revenues only once the new operator starts charging for its pan India mobile services, the company added.

As a result of this current industry upheaval, the companys standalone revenue dropped 6.9% to Rs 8662.70 crore and standalone EBITDA fell 23.9% to Rs 2165.50 crore in Q3 December 2016 over Q2 September 2016. The Q3 December 2016 EBITDA margin at 25% is lower by 5.5% against EBITDA margin of 30.5% in Q2 September 2016, impacted by the free offerings of new operator along with minor effects of demonetisation.

In an effort to retain its existing mobile subscribers, Idea was forced to reduce on sequential quarterly basis its voice rates by 10.6% to 29.60 paisa per minute (compared with 33.10 paisa in Q2 September 2016) and drop its mobile data rates (ARMB) by 15.2% to 15.9 paisa per megabyte (compared with 18.70 paisa in Q2 September 2016). Despite an unprecedented outgoing voice rate fall, the lure of free offerings resulted in lower than normal volume elasticity with the quarterly sequential voice minutes growing only by 7.3% to 210 billion minutes (compared with 195.50 billion minutes in Q2 September 2016), that too led by double digit growth in incoming call volume. The higher blended voice realisation rate fall was also an outcome of the tsunami of minutes terminating on Ideas network from the new operator resulting in overall higher ratio of subsidised incoming minutes recovered at below cost IUC settlement rates.

The impact of free promotions was even more pronounced on mobile data business. Idea, for the first time, witnessed a decline of 5.5 million mobile data customers on sequential quarter basis with overall mobile data subscriber (2G+3G+4G) base receding to 48.6 million (compared with 54.1 million in Q2 September 2016). In spite of a massive mobile data rate drop of 15.2%, mobile data volume elasticity was negligible as overall Idea mobile data volume grew only by 1.3% (compared with Q2 September 2016) to 108.8 billion megabyte, though the per subscriber data usage grew marginally to 703 megabyte against 694 megabyte in Q2 September 2016.

Consequently, the data ARPU per data subscriber (2G+3G+4G) fell to Rs 111 against Rs 130 in Q2 September 2016. The Non Voice Revenue (including mobile data) contribution to the overall service revenue fell to 27.2% as mobile data revenue contribution declined to 20.2% level.

Idea Cellular is the third largest wireless operator in India with a revenue market share of 18.7% (Q2 September 2016).

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Reliance Defence & Engineering selected to undertake repair and maintenance works for U.S. Navy
Feb 13,2017

Reliance Infrastructure controlled Reliance Defence & Engineering has signed the Master Ship Repair Agreement with U.S. Navy. Earlier in January 2017, the Reliance Shipyard was qualified by U.S. Navy as an approved contractor to perform complex repair and alternation services for the U.S. Navys Seventh Fleet Vessels operating in the region.

Reliance Shipyard at Pipavav, Gujarat is the first Shipyard in India to have received MSRA Certification to undertake servicing and repairing works for the vessels of Seventh Fleet. The fleet has about 100 vessels of different types including auxiliaries. Currently, the vessels of U.S. Navys Seventh Fleet visit Singapore or Japan for such works.

Reliance Shipyard has been selected after detailed site survey by US Government representatives in end October 2016.

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Board of Indo Count Industries recommends dividend
Feb 13,2017

Indo Count Industries announced that the Board of Directors of the Company at its meeting held on 11 February 2017, inter alia, have recommended the dividend of Rs 0.4 per equity Share (i.e. 20%) , subject to the approval of the shareholders.

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