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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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Tata Consultancy Services partners with Aurus Inc.
Jan 17,2017

Tata Consultancy Services announced its partnership with Aurus Inc., a global leader in innovative payments technology, to deliver payments solution for retailers using TCS OmniStoren++, a first of its kind Unified Store Commerce Platform. The omnichannel payment solution facilitates transactions across channels and delivers unmatched convenience and security to both end consumers and retailers.

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Bhartiya International allots 1718 equity shares
Jan 17,2017

Bhartiya International announced that the Nomination and Remuneration Committee of Board of Directors of the Company had allotted 1718 Equity Shares of Rs. 10/- each under the Employees Stock Option Plan 2013 to the employees, who had exercised the option at an exercise price of Rs. 50/- in the meeting held on 16 January 2017. These shares shall rank pari-passu with the existing equity shares of the Company.

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RIL slips after muted Q3 numbers
Jan 17,2017

The result was announced after market hours yesterday, 16 January 2017. The result is as per Indian Accounting Standards (Ind AS).

Meanwhile, the BSE Sensex was up 73.25 points, or 0.27%, to 27,361.42.

On the BSE, so far 99,000 shares were traded in the counter, compared with average daily volumes of 1.90 lakh shares in the past two weeks. The stock had hit a high of Rs 1,074.70 and a low of Rs 1,055.10 so far during the day.

The stock hit a 52-week high of Rs 1,128.90 on 26 September 2016. The stock hit a 52-week low of Rs 888.50 on 12 February 2016.

On a consolidated basis, Reliance Industries (RIL) profit before depreciation, interest, and taxes (PBDIT) increased by 3.9% to Rs 14215 crore in Q3 December 2016 over Q3 December 2015. Profit before tax increased by 3.7% to Rs 10213 crore in Q3 December 2016 over Q3 December 2015. Cash profit increased by 2.3% to Rs 10586 crore in Q3 December 2016 over Q3 December 2015.

Increase in revenue is primarily on account of increase in prices of refining and petrochemical products led by 13% increase in Brent crude prices. Turnover was also boosted by robust growth in retail business.

Other income rose 12.13% to Rs 2736 crore in Q3 December 2016 over Q3 December 2015, primarily due to higher profit on sale of investments partially offset by lower interest income.

Revenue from the refining and marketing segment increased by 7.5% to Rs 61693 crore in Q3 December 2016 over Q3 December 2015. Segment EBIT fell 4.3% to Rs 6194 crore ($912 million) in Q3 December 2016 over Q3 December 2015 on account of lower volumes and decline in GRMs.

On a standalone basis, GRM for Q3 December 2016 stood at $10.80 a bbl as against $11.5 a bbl in Q3 December 2015. RILs GRM outperformed Singapore complex margins by $ 4.1 a bbl. RIL Jamnagar refineries processed 17.8 MMT in Q3 December 2016, marginally lower over Q2 September 2016. As at the end of the quarter, RIL operated 1,151 petroleum retail outlets in the country.

Outstanding debt as on 31 December 2016 was Rs 194381 crore ($28.6 billion) compared to Rs 180388 crore as on 31 March 2016.

Cash and cash equivalents as on 31 December 2016 were at Rs 76339 crore ($11.2 billion) compared to Rs 89966 crore as on 31 March 2016. These were in bank deposits, mutual funds, CDs and Government Bonds and other marketable securities.

Reliance Industries (RIL) is Indias largest private sector company. RILs activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and telecommunications.

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Punjab National Bank announces resignation of director
Jan 17,2017

Punjab National Bank announced that Rajinder Mohan Singh, Shareholder director, ceases to be Director on the Board of the Bank w.e.f. 16 January 2017 on his resignation from this position.

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Metalyst Forgings appoints company secretary and compliance officer
Jan 17,2017

Metalyst Forgings announced that Prabhleen Kaur Sethi has been appointed as the Company Secretary and Compliance Officer of the Company with immediate effect.

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Axis Bank allots 35,100 equity shares
Jan 17,2017

Axis Bank has allotted 35,100 equity shares of Rs. 2/- each on 16 January 2017, pursuant to exercise of options under its ESOP Scheme.

The paid up share capital of the Bank will accordingly increase from Rs. 478,30,18,646 (239,15,09,323 equity shares of Rs. 2/- each) to Rs. 478,30,88,846 (239,15,44,423 equity shares of Rs. 2/- each).

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Duke Offshore wins contract for its high speed crew boat
Jan 17,2017

Duke Offshore has been awarded a contract for its high speed crew boat Duke Command.

The vessel will operate on the west coast of India to support specialized operations to the Indian arm of a multinational corporation.

The full charter contract will start with immediately effect.

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Oriental Bank of Commerce announces appointment of nominee director
Jan 17,2017

Oriental Bank of Commerce announced that pursuant to sub-section 3(b) of Section 9 of the Banking Companies (Acquisition & Transfer of Undertakings) Act, 1970/80 read with sub-clause (1) of clause 3 of the Nationalised Banks (Management and Miscellaneous Provisions) Scheme 1970/80, the Central Government has vide Notification dated 16 January 2017 nominated Prashant Goyal, Joint Secretary (Budget), Department of Economic Affairs, as Government Nominee Director on the Board of the Bank with immediate effect and until further orders, in place of Arunish Chawla.

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Mastek allots 57,260 equity shares
Jan 17,2017

Mastek announced that a meeting of Stakeholder Relationship Committee (SRC) of the Board of Directors of the Company, held on 16 January 16, 2017. SRC has allotted 57,260 Equity Shares of Rs. 5/- each (Face Value) to the eligible employees who exercised their vested options under the Companys Employee Stock Option Schemes (ESOP). The said equity shares shall rank pari-passu with the existing equity shares of the Company in all respects.

Resultantly, the paid up share capital of the Company stands increased to 2,33,48,779 Equity Shares amounting in aggregate to Rs. 11,67,43,895/-.

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Nila Infrastructures allots 4.24 lakh shares
Jan 17,2017

Nila Infrastructures announced that the Compensation Committee of the ESOP scheme of the Company Nila Infrastructures Ltd. ESOP. - 2014 has, on January 16, 2017 made allotment of 424000 equity shares of Re. 1/- each at an exercise price of Rs. 6.64/- per share to the employees of the Company consequent upon exercise of stock options.

The issued, subscribed and paid up equity share capital of the Company is therefore now increased to Rs. 39,33,92,700 comprising of 393392700 equity shares of Re. 1/- each.

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IDFC Bank aquires 100% stake in Grama Vidiyal Micro Finance
Jan 17,2017

IDFC Bank announced that the Bank acquired 100% equity stake in Grama Vidiyal Micro Finance (GVMFL) on 13 October 2016, thereby making it a wholly owned subsidiary of the Bank.

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Board of JM Financial to consider interim dividend
Jan 17,2017

JM Financial announced that the Board of Directors of the Company will consider the declaration of interim dividend at its meeting convened on 23 January 2017.

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Board of Burnpur Cement approves change in CFO
Jan 17,2017

The Board of Directors of Burnpur Cement at its meeting held on 16 January 2017 accepted the resignation of Sajjan Kumar Agarwal as CFO of the Company and appointed Sandip Kumar Roy as CFO of the Company.

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Board of Geometric allots equity shares under ESOP
Jan 17,2017

Geometric announced that the Board of Directors of the Company at its meeting held on 16 January 2017, inter alia,

- Approved allotment of 237,290 (Two lakhs thirty seven thousand two hundred and ninety only) Equity shares of Rs. 2/- each on the exercise of vested stock options under the ESOP Scheme 2011 and ESOP Scheme 2013 - Employees.

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India & Mauritius Sign MoU for Cooperation in the field of Cooperatives
Jan 17,2017

The Union Minister of Agriculture and Farmers Welfare, Shri Radha Mohan Singh and Minister of Business, Enterprise and Cooperatives, Govt. of Mauritius, Shri Soomilduth Bholah signed on MoU for Cooperation in the field of Cooperatives & related areas here today. The MoU will enable the two countries to collaborate in this vital sector and can significantly benefit thousands of Mauritians. India offered to exchange its expertise and technology with Mauritius in agro industry, fisheries and dairy sector.

The two ministers expressed satisfaction at the historic, time-tested relationship between India and Mauritius which is anchored in linkages of culture and ancestry has grown from strength to strength over the years, adding that frequent high level visits have added significant momentum to the bilateral relationship between the two countries.

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