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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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ICICI Bank gets stronger after subsidiary files DRHP for IPO
Jul 17,2017

The announcement was made after market hours on Friday, 14 July 2017.

Meanwhile, the S&P BSE Sensex was up 97.85 points, or 0.31%, to 32,118.60.

On the BSE, 1.85 lakh shares were traded in the counter so far, compared with average daily volume of 14.92 lakh shares in the past one quarter. The stock had hit a high of Rs 301.90 in intraday trade, which is also a 52-week high for the stock. The stock had hit a low of Rs 299 so far during the day. The stock had hit a 52-week low of Rs 215.41 on 4 August 2016.

The stock has gained 3.98% in four sessions to its ruling price from a close of Rs 289.75 on 11 July 2017.

The stock had underperformed the market over the past one month till 14 July 2017, rising 2.71% compared with 2.78% gains in the Sensex. The scrip, had, however, outperformed the market in past one quarter, gaining 16.3% as against Sensexs 8.69% gains. The scrip had also outperformed the market in past one year, gaining 22.2% as against Sensexs 14.6% rise.

The large-cap private sector bank has equity capital of Rs 1282.59 crore. Face value per share is Rs 2.

ICICI Bank said that its subsidiary company, ICICI Lombard General Insurance Company has filed a draft red herring prospectus with the Securities and Exchange Board of India (SEBI) for a public offer of up to 8.62 crore shares of face value of Rs 10 each.

The offer represents approximately 19% of ICICI Lombard General Insurance Companys equity share capital, for cash through an offer for sale of up to 3.17 crore shares by ICICI Bank and up to 5.44 crore shares by FAL Corporation. The offer includes a proposed reservation of up to 43.12 lakh shares or 5% of the offer for individual and Hindu Undivided Family (HUF) shareholders of ICICI Bank.

The board of directors of the bank on 5 June 2017 had approved the sale of a part of banks shareholding in ICICI Lombard General Insurance Company in an initial public offering, subject to requisite approvals and market conditions.

In pursuance of the proposed initial public offering, the bank had announced that the joint venture agreement dated 4 October 2000 (as amended/restated from time to time) entered among Fairfax Financial Holdings and ICICI Bank was terminated pursuant to a termination agreement executed on 3 July 2017.

The termination agreement has customary provisions for protection of parties in the event of non-completion of the proposed initial public offering on or before a mutually agreed date.

ICICI Lombard GIC is one of the leading private sector general insurance companies.

ICICI Banks net profit jumped 188.5% to Rs 2024.64 crore on 10.8% decline in total income to Rs 16585.76 crore in Q4 March 2017 over Q4 March 2016.

ICICI Bank is one of the leading private sector banks in India.

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Three stocks drop ex-dividend
Jul 17,2017

Meanwhile, the S&P BSE Sensex was up 103.66 points or 0.32% at 32,124.41.

PVR fell 1.05% to Rs 1,391.80 as the stock turned ex-dividend today, 17 July 2017, for final dividend of Rs 2 per share for the year ended 31 March 2017. Before turning ex-dividend, the stock offered a dividend yield of 0.14% based on the closing price of Rs 1,406.55 on BSE on Friday, 14 July 2017.

GE T&D India lost 0.71% to Rs 327.15 as the stock turned ex-dividend today, 17 July 2017, for dividend of Rs 1.80 per share for the year ended 31 March 2017. Before turning ex-dividend, the stock offered a dividend yield of 0.55% based on the closing price of Rs 329.50 on BSE on Friday, 14 July 2017.

Dr Reddys Laboratories fell 0.13% to Rs 2,701.05 as the stock turned ex-dividend today, 17 July 2017, for dividend of Rs 20 per share for the year ended 31 March 2017. Before turning ex-dividend, the stock offered a dividend yield of 0.74% based on the closing price of Rs 2,704.50 on BSE on Friday, 14 July 2017.

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GVK Power rallies 10.8% post stake sale in BIAL
Jul 17,2017

Meanwhile, the S&P BSE Sensex was up 99.73 points or 0.31% at 32,120.48. The S&P BSE Small-Cap index rose 27.59 points or 0.17% at 15,935.60.

On the BSE, 14.07 lakh shares were traded on the counter so far as against the average daily volumes of 15.70 lakh shares in the past one quarter. The stock had hit a high of Rs 8.15 and a low of Rs 7.59 so far during the day. The stock had hit a 52-week high of Rs 9.22 on 3 July 2017 and a 52-week low of Rs 5.05 on 25 May 2017.

The stock had outperformed the market over the past one month till 14 July 2017, advancing 26.21% compared with the Sensexs 2.78% rise. The stock had also outperformed the market over the past one quarter, gaining 26.63% as against the Sensexs 8.69% rise. The scrip had, however, underperformed the market over the past one year, advancing 6.18% as against the Sensexs 14.6% rise.

The small-cap company has equity capital of Rs 157.92 crore. Face value per share is Rs 1.

Shares of GVK Power & Infrastructure (GVK Power) have rallied 10.83% in two trading sessions to its ruling market price, from its close of Rs 7.29 on 13 July 2017, after the company said after market hours on 13 July 2017 that it has completed the sale of residual 10% stake in Bangalore International Airport (BIAL). The stock had risen 3.7% to settle at Rs 7.56 on Friday, 14 July 2017.

GVK Power announced the successful completion of the sale of its residual stake of 10% in Bangalore International Airport (BIAL), held through its subsidiary, Bangalore Airport Infrastructure Developers (BAIDPL) to Fairfax India Holdings Corporation (Fairfax India) for a consideration of Rs 1290 crore (approximately $200 million).

In March 2017, GVK closed an agreement which was signed during March 2016 with Fairfax India to sell a 33% stake in BIAL. It had retained a 10% stake and the management of BIAL. Subsequently, in June 2017, GVK announced its decision to conclude the sale of this 10% residual stake to Fairfax India, subject to necessary consents and approvals.

GVK Power and Infrastructure reported net loss of Rs 205.85 crore in Q4 March 2017, higher than net loss of Rs 105.59 crore in Q4 March 2016. Net sales rose 4.1% to Rs 7.10 crore in Q4 March 2017 over Q4 March 2016.

GVK is a leading conglomerate with presence across energy, airports, transportation, hospitality and life sciences.

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NDMC Smart City projects given timelines; Rs.1,240 cr worth works to begin in October
Jul 17,2017

New Delhi Municipal Council (NDMC) has been asked by the Ministry of Housing & Urban Affairs to ensure completion of smart city projects ahead of time so as to lead by example in smart city making across the country. Timelines for the same have been fixed at a two hour review of implementation of NDMCs Smart City Plan taken by Shri Durga Shanker Mishra, Secretary (Housing & Urban Affairs) last evening. Shri Naresh Kumar, Chairman, NDMC and senior officials of the ministry and the Council attended the review.

Of the Rs.1,800 cr Smart City Plan of NDMC, work on a range of major impactful projects will begin in phases by October this year, for which tendering is in progress. These include setting up of a Unified Command and Control Centre, Smart water and power grids, multi-level parking at Khan Market, sensor based smart parking, public bike sharing, converting an additional 333 classrooms into smart ones, Sewage Treatment Plants, smart public hygiene centres etc. Smart redesign of 13 roads totaling 31 kms including seven roads leading to Connaught Place will begin much earlier.

Implementation of projects worth another Rs.500 cr will begin by March next year. These include; India Investment Centre at Yashwant Place, Shivaji Terminal Transport Hub, World Class Skill Centre at Moti Bagh, Incubation Centre, Paryatan Bhawan etc.

Presenting the details of projects implemented so far, Shri Naresh Kumar, Chairman of NDMC asserted that n++NDMC has made a quiet smart beginning with smart solutions initiatives already yielding positive results. Student enrollment and OPD registration have shown good improvement further to converting 444 classrooms so far into smart ones and online registration in hospitals run by the Council. Mobile app Smart City 311 is finding wider traction with citizens availing various services onlinen++.

Shri Mishra asked NDMC to include more services on 311 app like bus schedules and frequencies at all bus stops, information related to parking lots and availability of slots therein etc. He also directed the Council to ensure all residents of NDMC are brought on this platform besides promoting use of this app among the large floating population.

Shri Naresh Kumar assured that with most of the projects getting into implementation mode by October this year and the remaining by March next year, all smart city projects will be completed before the scheduled timeline of 2020.

NDMC Chairman requested the Ministry of HUA to transfer Central Vista to the Council for smart redesign and management and was told that it would be considered.

Voicing concern over sub-optimal utilization of multi-level car parking at Sarojini Nagar, Shri Durga Shanker Mishra asked the Council to come out with an enforcement plan for its full utilization at the earliest. NDMC has also been asked to pursue pedestrianisation of Connaught Place and Khan Market with appropriate action plans.

Appreciating the Council for the smart city projects implemented so far, Shri Mishra asked the Council to mount a special communication outreach plan for wider dissemination of information about the benefits of these initiatives among the people. He further stressed that benefits of Unified Command and Control Centre, smart water and power grids etc., that result in effective resource management need to be informed to the public for informed participation.

Informing that NDMC has already commissioned 3.30 MW of solar power by installing solar panels on roof tops of buildings, Shri Naresh Kumar suggested to the Ministry to consider allowing NDMC to install solar panels on central government office buildings either free or on nominal charges.

Shri D.S.Mishra also asked the Council to convert major parks into smart ones since the same could be done with minimal investments for better feel and experience.

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Linc Pen climbs higher after starting production at new facility
Jul 17,2017

The announcement was made by the company on Saturday, 15 July 2017.

Meanwhile, the S&P BSE Sensex was up 81.84 points, or 0.26%, to 32,102.59. The S&P BSE Small-Cap index was up 14.71 points, or 0.09%, to 15,922.72.

On the BSE, 50 shares were traded in the counter so far as against an average daily volume of 2,344 shares in the past one quarter.

The stock had hit a high of Rs 287.50 and a low of Rs 277 so far during the day. The stock had scaled a record high of Rs 338.95 on 28 March 2017. The stock had hit a 52-week low of Rs 220.05 on 21 November 2016.

The stock had underperformed the market over the past one month till 14 July 2017, rising 2.36% compared with 2.78% gains in the Sensex. The scrip also underperformed the market in past one quarter, falling 5.67% as against Sensexs 8.69% gains. The scrip had also underperformed the market in past one year, gaining 8.32% as against Sensexs 14.6% rise.

The small-cap company has an equity capital of Rs 14.79 crore. Face value per share is Rs 10.

On 1 May 2017, company had inaugurated the facility at Umbergaon, Gujarat. Investment of Rs 26 crore was made for the first phase of the unit. With this third unit, the company will immediately add a capacity enhancement of 18 crore pens annually, that will be scaled up to nearly 50 crore pens each year.

Linc Pen & Plastics net profit fell 10.5% to Rs 5.63 crore on unchanged growth in sales to Rs 105.01 crore in Q4 March 2017 over Q4 March 2016.

Linc Pen & Plastics is one of Indias leading writing instrument brands.

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Bhansali Engg hits record high after stellar Q1 earnings
Jul 17,2017

The result was announced after market hours on Friday, 14 July 2017.

Meanwhile, the S&P BSE Sensex was up 90.93 points, or 0.28% at 32,111.68. The S&P BSE Small-Cap index was up 4.45 points, or 0.03% at 15,912.46.

On the BSE, 15.34 lakh shares were traded on the counter so far as against the average daily volumes of 10.94 lakh shares in the past one quarter. The stock had hit a high of Rs 82.25 so far during the day, which is also its record high. The stock hit a low of Rs 76.25 so far during the day. The stock had hit a 52-week low of Rs 18.95 on 29 September 2016.

The stock had outperformed the market over the past one month till 14 July 2017, advancing 43.15% compared with the Sensexs 2.78% rise. The scrip had also outperformed the market over the past one quarter gaining 95.9% as against the Sensexs 8.69% rise. The scrip had also outperformed the market over the past one year advancing 227.37% as against the Sensexs 14.6% rise.

The small-cap company has equity capital of Rs 16.59 crore. Face value per share is Rs 1.

Bhansali Engineering Polymers is a vertically integrated petrochemical company that manufactures acrylonitrile butadiene styrene (ABS) which acts as a raw material for leading companies dealing in automobiles, home appliances, telecommunications, luggage, bus body and various other applications.

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Wipro surges on share buyback proposal
Jul 17,2017

The announcement was made after market hours on Friday, 14 July 2017.

Meanwhile, the S&P BSE Sensex was up 83.03 points or 0.26% at 32,103.78.

On the BSE, 1.56 lakh shares were traded on the counter so far as against the average daily volumes of 2.33 lakh shares in the past one quarter. The stock had hit a high of Rs 273.90 and a low of Rs 264.70 so far during the day. The stock had hit a 52-week high of Rs 288.75 on 13 July 2016 and a 52-week low of Rs 205 on 9 November 2016.

The stock had underperformed the market over the past one month till 14 July 2017, advancing 1.35% compared with the Sensexs 2.78% rise. The stock had also underperformed the market over the past one quarter, gaining 4.89% as against the Sensexs 8.69% rise. The scrip had also underperformed the market over the past one year, sliding 9.06% as against the Sensexs 14.6% rise.

The large-cap company has equity capital of Rs 973.23 crore. Face value per share is Rs 2.

Wipros consolidated net profit rose 7.2% to Rs 2267 crore on 2.16% rise in net sales to Rs 14062 crore in Q4 March 2017 over Q3 December 2016.

Wipro is a leading information technology, consulting and business process services company that delivers solutions to enable its clients do business better.

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Industrial & Prudential Invest. Co. to hold board meeting
Jul 17,2017

Industrial & Prudential Invest. Co. will hold a meeting of the Board of Directors of the Company on 1 August 2017 to approve and adopt unaudited Financial Results for the first quarter ended 30th June 2017.

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South India Paper Mills to hold board meeting
Jul 17,2017

South India Paper Mills will hold a meeting of the Board of Directors of the Company on 10 August 2017 to consider and to take on record unaudited financial results of the Company for the Quarter ended 30th June 2017

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Sanco Trans fixes record date for dividend
Jul 17,2017

Sanco Trans has fixed 11 September 2017 as record date for payment of dividend for FY 2017.

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PNC Infratech announces cessation of CFO
Jul 17,2017

PNC Infratech announced that Devendra Kumar Agarwal, has retired from the position of Chief Financial Officer from the Company with effect from close of business hours of 15 July 2017.

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Building market institutions can help M&As move faster: IBBI chief
Jul 17,2017

Building the institutions of market can help the mergers and acquisitions (M&As) process to move faster, chairperson of the Insolvency and Bankruptcy Board of India (IBBI), Mr M.S. Sahoo said at an ASSOCHAM event.

n++We have not completely moved to market model as of now but IPO is a complete model hub market, takeover almost, I think if we can build institutions of market probably that will all help the M&As to move faster,n++ said Mr Sahoo.

Highlighting how the M&A resolution process should be in hands of market participants, he said that the Insolvency and Bankruptcy Code (IBC) has segregated the commercial aspects of insolvency from judicial aspects.

n++The IBC has put the commercial aspects in hands of stakeholders and judicial aspects with tribunal and with all that it has put a timeline with firm consequences,n++ said Mr Sahoo.

n++It says that if you do not do that in 180 days time, the company will compulsorily go into liquidation,n++ he added.

The IBBI chief further said that M&As are very important activities for economies of scale, economies of scope, from micro and macro point of views and it affects the rights and interests of two sets of people.

n++It does readjustments of rights of financials of an enterprise, equity holders or debt holders and it also affects the rights of the consumers of the products produced by an enterprise,n++ he said.

Talking about three very high level principles in M&A sector, Mr Sahoo said, n++It should gel well with current reforms of last three years in Indian economy whereby we have almost moved on many matters so that decisions are taken by the parties themselves not by any third person, government or court.n++

Besides, considering the era of minimum government and maximum governance, he said, n++We are looking at stakeholders who stand to lose or gain from the transaction only they should take decision, they should have incentive, motivation to do it in an orderly manner and complete it in a time-bound manner.n++

He also talked about the need for conducive regulations to ensure that parties do as much as required and no more. n++That means, have the regulations which address the problem precisely and does not do beyond what is required.n++

He further said that merely making rules and regulations is not adequate unless there are facilitators in the system.

n++Since 1992 we have been talking about economic liberty but we are yet to build very sophisticated institutions for promotion and protection of this liberty,n++ said Mr Sahoo.

Adding that there should be facilitators which allow people to undertake the transactions with the capacity in the system, the IBBI chief stressed upon the need for valuers which act as an institution in all commercial transactions.

n++The system must provide valuers who will help in transactions and all other elements of the ecosystem must have the institutional capacity and motivation to help these transactions,n++ said Mr Sahoo.

He said that to the extent possible we now enable the market participants take decisions for themselves and take responsibility for their decisions.

n++We are looking at such regulations and facilitations, regulations essentially to protect interests of various stakeholders while in case of acquisitions we look at the people who would be exiting they get a fair opportunity to exit and exit at the highest possible price and all those who exit they get the same price but with least disruption to business,n++ he added.

He also said that there must be enough legal protection, clarity for those coming in, least possible financial and regulatory burden with tax and it should be completed in an orderly and time-bound manner and not linger for years.

n++We have allowed to a large extent, let the market decide what is good for them, let us put the entire process at their disposal, let them have enough motivation to do it and let them do it in a time-bound manner, the rest of mechanism are there to create a very congenial market environment, create a very conducive regulation and there is no infringement, no cutting corners and no compromises but only keep a watch on that,n++ further said the IBBI chief.

Mr Amardeep Singh Bhatia, joint secretary in Ministry of Corporate Affairs said that more benches and members would be joining the National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT).

n++As the load is increasing, the responsibilities of NCLT and NCLAT have been increased, the capacity also is proposed to be increased,n++ said Mr Bhatia.

n++Increase in capacity is a work in progress and that will happen over the course of next couple of months and you will have more benches, more members joining in,n++ he added.

He said that creation of national company law tribunals is the foremost thing that has happened as the cases have shifted from courts. n++That is a huge change as it provides the opportunity to all the professionals, it has widened the scope for chartered accountants and company secretaries to practice before the tribunal.n++

He also said that the tribunals have also been entrusted with the responsibility of ensuring that the processes are completed in an efficient manner. n++We have had an experience of almost an year of how the tribunals have been functioning, although the merger cases got transferred only after December last year but there is still a lot of scope for improvement.n++

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Alkem Laboratories gets rosier after USFDA clears facility
Jul 17,2017

The announcement was made by the company after market hours on Friday, 14 July 2017.

Meanwhile, the S&P BSE Sensex was up 68.80 points or 0.22% at 32,090.05.

On the BSE, 553 shares were traded on the counter so far as against the average daily volumes of 3,328 shares in the past one quarter. The stock had hit a high of Rs 1,844 and a low of Rs 1,821.85 so far during the day.

Alkem Laboratories said that no Form 483 was issued by United States Food & Drug Administration (USFDA) after conducting an inspection at the companys Bioequivalence facility located at Taloja, Navi Mumbai from 10 July 2017 to 14 July 2017.

The stock had dropped 3.12% in four sessions to Rs 1,787.90 on 14 July 2017 from a close of Rs 1,845.65 on 10 July 2017.

Alkem Laboratories consolidated net profit rose 58.3% to Rs 136.96 crore on 9% rise in net sales to Rs 1251.4 crore in Q4 March 2017 over Q4 March 2016.

Alkem Laboratories is a pharmaceutical company with global operations, engaged in the development, manufacture and sale of pharmaceutical and nutraceutical products.

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Cadila gains after FDA nod for sclerosis treatment drug
Jul 17,2017

The announcement was made after market hours on Friday, 14 July 2017.

Meanwhile, the S&P BSE Sensex was up 57.96 points or 0.18% at 32,078.71.

On the BSE, 9,336 shares were traded on the counter so far as against the average daily volumes of 1.43 lakh shares in the past one quarter. The stock had hit a high of Rs 543.20 and a low of Rs 539 so far during the day. The stock had hit a record high of Rs 558 on 12 June 2017 and a 52-week low of Rs 329.95 on 26 December 2016.

The stock had underperformed the market over the past one month till 14 July 2017, advancing 0.25% compared with the Sensexs 2.78% rise. The stock had, however, outperformed the market over the past one quarter, gaining 16.95% as against the Sensexs 8.69% rise. The scrip had also outperformed the market over the past one year, advancing 45.49% as against the Sensexs 14.6% rise.

The large-cap company has equity capital of Rs 102.37 crore. Face value per share is Rs 1.

Cadila Healthcare announced that it has received the tentative approval from the United States Food and Drug Administration (USFDA) to market Fingolimod Capsules, 0.5 mg. The drug is an immunomodulating drug, mostly used for treating multiple sclerosis and will be produced at the groups formulations manufacturing facility at the Pharma SEZ, in Ahmedabad. The sales of Fingolimod Capsules is estimated at $2.1 billion as per IMS Health data.

The group now has more than 120 approvals and has so far filed over 300 abbreviated new drug applications (ANDAs) since the commencement of the filing process in FY 2003-04.

Cadila Healthcares consolidated net profit fell 32.2% to Rs 385.5 crore on 6.5% rise in net sales to Rs 2417.50 crore in Q4 March 2017 over Q4 March 2016.

Cadila Healthcare is an innovative, global pharmaceutical company that discovers, develops, manufactures and markets a broad range of healthcare therapies.

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Shares of G G Engineering get listed
Jul 17,2017

The equity shares of G G Engineering (Scrip Code: 540614) are listed effective 17 July 2017 and admitted to dealings on the Exchange in the list of M Group Securities.

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