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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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Suryavanshi Spinning Mills reports standalone net loss of Rs 5.80 crore in the March 2017 quarter
May 29,2017

Net Loss of Suryavanshi Spinning Mills reported to Rs 5.80 crore in the quarter ended March 2017 as against net loss of Rs 2.73 crore during the previous quarter ended March 2016. Sales declined 61.33% to Rs 9.85 crore in the quarter ended March 2017 as against Rs 25.47 crore during the previous quarter ended March 2016.

For the full year,net loss reported to Rs 12.78 crore in the year ended March 2017 as against net loss of Rs 4.20 crore during the previous year ended March 2016. Sales declined 35.35% to Rs 65.82 crore in the year ended March 2017 as against Rs 101.81 crore during the previous year ended March 2016.

ParticularsQuarter EndedYear Endedn++Mar. 2017Mar. 2016% Var.Mar. 2017Mar. 2016% Var. Sales9.8525.47 -61 65.82101.81 -35 OPM %-29.64-2.20 --7.172.68 - PBDT-4.38-1.44 -204 -10.03-1.46 -587 PBT-4.88-1.72 -184 -11.86-3.19 -272 NP-5.80-2.73 -112 -12.78-4.20 -204

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Swadeshi Industries & Leasing reports standalone net loss of Rs 0.11 crore in the March 2017 quarter
May 29,2017

Net Loss of Swadeshi Industries & Leasing reported to Rs 0.11 crore in the quarter ended March 2017 as against net loss of Rs 0.07 crore during the previous quarter ended March 2016. Sales rose 50550.00% to Rs 10.13 crore in the quarter ended March 2017 as against Rs 0.02 crore during the previous quarter ended March 2016.

For the full year,net profit declined 12.50% to Rs 0.07 crore in the year ended March 2017 as against Rs 0.08 crore during the previous year ended March 2016. Sales rose 5062.00% to Rs 25.81 crore in the year ended March 2017 as against Rs 0.50 crore during the previous year ended March 2016.

ParticularsQuarter EndedYear Endedn++Mar. 2017Mar. 2016% Var.Mar. 2017Mar. 2016% Var. Sales10.130.02 50550 25.810.50 5062 OPM %-1.48-500.00 --1.32-50.00 - PBDT-0.08-0.02 -300 0.130.16 -19 PBT-0.08-0.02 -300 0.130.16 -19 NP-0.11-0.07 -57 0.070.08 -13

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Rapicut Carbides standalone net profit rises 31.03% in the March 2017 quarter
May 29,2017

Net profit of Rapicut Carbides rose 31.03% to Rs 0.76 crore in the quarter ended March 2017 as against Rs 0.58 crore during the previous quarter ended March 2016. Sales rose 3.48% to Rs 10.41 crore in the quarter ended March 2017 as against Rs 10.06 crore during the previous quarter ended March 2016.

For the full year,net profit rose 104.14% to Rs 2.96 crore in the year ended March 2017 as against Rs 1.45 crore during the previous year ended March 2016. Sales rose 25.38% to Rs 41.94 crore in the year ended March 2017 as against Rs 33.45 crore during the previous year ended March 2016.

ParticularsQuarter EndedYear Endedn++Mar. 2017Mar. 2016% Var.Mar. 2017Mar. 2016% Var. Sales10.4110.06 3 41.9433.45 25 OPM %11.2413.22 -12.359.99 - PBDT1.231.22 1 5.022.94 71 PBT1.061.08 -2 4.362.38 83 NP0.760.58 31 2.961.45 104

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Siyaram Silk Mills standalone net profit rises 57.10% in the March 2017 quarter
May 29,2017

Net profit of Siyaram Silk Mills rose 57.10% to Rs 43.72 crore in the quarter ended March 2017 as against Rs 27.83 crore during the previous quarter ended March 2016. Sales rose 5.38% to Rs 529.27 crore in the quarter ended March 2017 as against Rs 502.25 crore during the previous quarter ended March 2016.

For the full year,net profit rose 8.26% to Rs 91.01 crore in the year ended March 2017 as against Rs 84.07 crore during the previous year ended March 2016. Sales declined 2.17% to Rs 1573.93 crore in the year ended March 2017 as against Rs 1608.91 crore during the previous year ended March 2016.

ParticularsQuarter EndedYear Endedn++Mar. 2017Mar. 2016% Var.Mar. 2017Mar. 2016% Var. Sales529.27502.25 5 1573.931608.91 -2 OPM %13.7211.98 -12.5012.01 - PBDT74.6856.21 33 190.53178.71 7 PBT62.9742.83 47 135.98127.11 7 NP43.7227.83 57 91.0184.07 8

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Board of Coral Laboratories recommends final dividend
May 29,2017

Coral Laboratories announced that the Board of Directors of the Company at its meeting held on 26 May 2017, inter alia, have recommended the final dividend of Rs 5 per equity Share (i.e. 50%) , subject to the approval of the shareholders.

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Board of DFM Foods recommends final dividend
May 29,2017

DFM Foods announced that the Board of Directors of the Company at its meeting held on 25 May 2017, inter alia, have recommended the final dividend of Rs 5 per equity Share (i.e. 50%) , subject to the approval of the shareholders.

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Board of Fluidomat recommends final dividend
May 29,2017

Fluidomat announced that the Board of Directors of the Company at its meeting held on 26 May 2017, inter alia, have recommended the final dividend of Rs 1.75 per equity Share (i.e. 17.5%) , subject to the approval of the shareholders.

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Board of Divis Laboratories recommends final dividend
May 29,2017

Divis Laboratories announced that the Board of Directors of the Company at its meeting held on 26 May 2017, inter alia, have recommended the final dividend of Rs 10 per equity Share (i.e. 500%) , subject to the approval of the shareholders.

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Board of Bodal Chemicals recommends final dividend
May 29,2017

Bodal Chemicals announced that the Board of Directors of the Company at its meeting held on 25 May 2017, inter alia, have recommended the final dividend of Rs 0.5 per equity Share (i.e. 25%) , subject to the approval of the shareholders.

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Board of Esab India recommends final dividend
May 29,2017

Esab India announced that the Board of Directors of the Company at its meeting held on 25 May 2017, inter alia, have recommended the final dividend of Rs 1 per equity Share (i.e. 10%) , subject to the approval of the shareholders.

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Board of Dhampur Sugar Mills recommends final dividend
May 29,2017

Dhampur Sugar Mills announced that the Board of Directors of the Company at its meeting held on 25 May 2017, inter alia, have recommended the final dividend of Rs 3.5 per equity Share (i.e. 35%) , subject to the approval of the shareholders.

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Dhampur Sugar Mills to hold AGM
May 29,2017

Dhampur Sugar Mills announced that the th Annual General Meeting(AGM) of the company on 9 August 2017.

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Board of Disa India recommends final dividend
May 29,2017

Disa India announced that the Board of Directors of the Company at its meeting held on 25 May 2017, inter alia, have recommended the final dividend of Rs 2.5 per equity Share (i.e. 25%) , subject to the approval of the shareholders.

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Board of Elcid Investments recommends final dividend
May 29,2017

Elcid Investments announced that the Board of Directors of the Company at its meeting held on 25 May 2017, inter alia, have recommended the final dividend of Rs 15 per equity Share (i.e. 150%) , subject to the approval of the shareholders.

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Bank stocks drop amid reports of under-reporting of bad loans
May 29,2017

Meanwhile, the S&P BSE Sensex was up 63.87 points or 0.21% at 31,092.08. The S&P BSE Bankex was down 150.47 points or 0.57% at 26,344.77.

Among public sector bank stocks, State Bank of India (SBI) (down 0.81%), Canara Bank (down 1.49%), Union Bank of India (down 3.01%), UCO Bank (down 7.35%), Bank of India (down 2.25%), Punjab National Bank (down 2.22%) Syndicate Bank (down 2.35%), Indian Overseas Bank (down 1.74%), Bank of Baroda (down 1.64%), Andhra Bank (down 1.66%), Oriental Bank of Commerce (down 3.33%), Dena Bank (down 2.38%), and Indian Bank (down 1.1%), declined.

Among private sector banks, Axis Bank (down 1.29%), ICICI Bank (down 1.2%), Kotak Mahindra Bank (down 0.36%), and Yes Bank (down 2.28%) declined. IndusInd Bank rose 1.09%. HDFC Bank gained 0.42%.

The BSE Bankex had outperformed the market over the past one month till 26 May 2017, rising 5.11% compared with 2.97% rise in the Sensex. The index had also outperformed the market in past one quarter, gaining 11.21% as against Sensexs 7.39% gains.

The Institute of Chartered Accountants of India (ICAI) has reportedly written to the Reserve Bank of India (RBI), seeking information on the divergence in bad-loan estimates by some lenders and the central bank.

ICAIs financial reporting review board (FRRB) will also review the 2015-16 financial statements of Axis Bank and Yes Bank, the accounting body reportedly said. ICICI Banks financial statement would also be reviewed, report added.

ICAIs disciplinary directorate reportedly wrote to RBI on 24 May 2017 seeking specific information/details such as details of inspection by RBI with relevant documents to be made available to ICAI and further requesting them to file a formal complaint, if they so desire. Based on the central banks response, ICAI could consider further course of action in terms of the disciplinary provisions prescribed under the Chartered Accountants Act, 1949.

ICAIs inquiries come after three private sector banks reported a sharp divergence between their asset quality classifications and provisioning for 2015-16 and what the RBI deemed necessary. On 18 April, the regulator had told banks to make a disclosure in their financial statements if the divergence exceeded 15%.

ICAI has also directed its FRRB to engage with the banks auditors to understand the reasons behind the difference between the findings of the statutory audit and the RBI audit.

Meanwhile, the Reserve Bank is reportedly likely to announce within a fortnight the guidelines to operationalise non performing assets (NPA) ordinance so as to expedite the recovery of bad loans which have crossed Rs 8 lakh crore in the public sector banks.

The RBI top brass has been batting for a number of ways to resolve public sector bank problems. The deputy governor Viral Acharya had suggested options like raising private capital, mergers, and divestments for the public sector banks. RBI governor Urjit Patel, in the Third Kotak Family Distinguished Lecture delivered at Columbia University, stated that the system would be better off if public sector banks are consolidated into fewer but healthier banks.

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