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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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Cipla gets reaffirmation in credit ratings for short term bank facilities
May 16,2017

Cipla announced that Credit Analysis and Research (CARE) has reaffirmed a CARE A1+ rating to the various existing short-term bank facilities. The Company is not availing long-term bank facilities and accordingly the rating for long-term bank facilities has been withdrawn.

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Avanti Feeds rallies 30.45% in two sessions
May 16,2017

Meanwhile, the S&P BSE Sensex was up 96.96 points or 0.32% at 30,419.08. The BSE Small-Cap index was up 31.83 points or 0.2% at 15,682.20.

On the BSE, 49,000 shares were traded on the counter so far as against the average daily volumes of 13,958 shares in the past one quarter. The stock had hit a high of Rs 1,220 so far during the day, which is a record high. The stock hit a low of Rs 1,125 so far during the day.

The stock had hit a 52-week low of Rs 411 on 9 November 2016. It had outperformed the market over the past one month till 15 May 2017, advancing 23.76% compared with the Sensexs 2.92% rise. The scrip had also outperformed the market over the past one quarter, gaining 84.39% as against the Sensexs 7.69% rise.

The mid-cap company has equity capital of Rs 9.08 crore. Face value per share is Rs 2.

Shares of Avanti Feeds have rallied 30.45% in two trading sessions from its closing of Rs 898.30 on 12 May 2017 after the company announced strong Q4 March 2017 earnings on Saturday, 13 May 2017. The stock spurted by the maximum permissible level of 20% to settle at Rs 1,077.95 yesterday, 15 May 2017.

On consolidated basis, Avanti Feeds net profit surged 168.6% to Rs 83.88 crore on 50.8% increase in net sales to Rs 699.30 crore in Q4 March 2017 over Q4 March 2016.

The companys consolidated net profit rose 36.1% to Rs 214.35 crore on 35.4% increase in net sales to Rs 2701.98 crore in the year ended March 2017 over the year ended March 2016.

Avanti Feeds is the leading manufacturer of prawn and fish feeds and shrimp processor and exporter from India.

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Delta Corp announces closure of QIP issue
May 16,2017

The QIP Committee meeting of Board of Directors of Delta Corp at its meeting held on 16 May 2017 passed the following resolutions -

Approved and declared the closure of QIP on 16 May 2017.

Determined and approved the issue price of Rs 155 per equity share, including a premium of Rs 154 per equity share against the floor price of Rs 162.78 with a discount of Rs 7.78 which was determined as per the formula prescribed under Regulations of SEBI Regulations for issuance of 3,54,83,874 equity shares, to be allotted to eligible qualified institutions buyers in the QIP;

Approved and adopted the placement document dated 16 May 2017, in connected with the QIP (the placement document).

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Good gains at Wall Street
May 16,2017

The major U.S. indices ended in positive territory on Monday, 15 May 2017 with the S&P 500 and the Nasdaq eking out record closes. The Dow finished at tick behind its peers. Investors shook off concerns surrounding this weekends cyber security attack from the jump, pushing the stock market higher at the opening bell. From there, the energy sector carried the S&P 500 to its best mark of the day as crude oil rallied on news that Saudi Arabia and Russia are in favor of extending the original OPEC/non-OPEC supply cut agreement.

The Dow Jones Industrial Average rose 85.33 points, or 0.4%, to close at 20,981.94. The S&P 500 index added 11.42 points, or 0.5%, to finish at 2,402.32. The Nasdaq Composite Index gained 28.44 points, or 0.5%, to end at 6,149.67.

Cisco Systems and Johnson & Johnson were the top performers, both gaining more than 2%.

Among economic reports expected for the day, investors received May Empire Manufacturing and May Net Long-Term TIC Flows. The Empire Manufacturing Survey for May declined to -1.0 from the prior months reading of 5.2. The consensus estimate was pegged at 7.5.The key takeaway from this report is that manufacturing activity in the New York Fed region slowed in May, which will create a dent in some of the lofty second quarter growth expectations.

Chinas President Xi Jinping over the weekend said there will be more than $100 billion in fresh financing in support for the initiative, a bid to link regions via infrastructure projects that is seen as a bid to reshape the geopolitical world order by casting China as the protector of globalization.

Oil prices settled at a two-week high on Monday, 15 May 2017 at Nymex. Prices rose after energy ministers from Saudi Arabia and Russia released a joint statement backing a nine-month extension of OPEC-led production cuts. But prices finished below earlier highs above $49 after a month report from the Energy Information Administration revealed expectations for a monthly climb in U.S. shale oil production.

On the New York Mercantile Exchange, June West Texas Intermediate crude rallied $1.01, or 2.1%, to settle at $48.85 a barrel, the highest settlement since April 28. July Brent on Londons ICE Futures exchange gained 98 cents, or 1.9%, to end at $51.82.

The cut would keep current output caps in place through the first quarter of 2018 if agreed to by all parties at the coming meeting of the Organization of the Petroleum Exporting Countries on May 25.

Geopolitical uncertainty also continues to hang over the market. North Korea over the weekend tested another ballistic missile over the Sea of Japan on Sunday, seen as a direct challenge to the newly elected president of South Korea, Moon Jae-in.

Bullion prices ended higher at Comex on Monday, 15 May 2017. Gold settled at a nearly two-week high on Monday after more show of nuclear strength from North Korea finding traction after weekend comments from China about a boost in infrastructure projects.

Gold for June rose by $2.30, or 0.2%, to settle at $1,230 an ounce. That was the highest finish since 3 May 2017. July silver rose 20.1 cents or 1.2%, to $16.603 an ounce.

North Korea said Monday it had successfully conducted a newly developed mid- to long-range missile test on Sunday aimed at verifying the capability to carry a n++large scale heavy nuclear warhead,n++.

Commodities were also supported as the ICE U.S. Dollar Index which measures the greenbacks value versus euro, yen and four other major currencies, was down 0.3%.

In the bond market, Treasuries ended slightly lower with the 10-yr yield climbing one basis point to 2.34%.

Tomorrow, investors will receive April Housing Starts (consensus 1.255 million) and April Industrial Production (consensus 0.3%). The two reports will cross the wires at 8:30 ET and 9:15 ET, respectively.

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Board of Jindal Leasefin approves change in directorate
May 16,2017

Jindal Leasefin announced that the Board of Directors of the Company at its meeting held on 12 May 2017 has accepted the resignation of Surendra Kumar Jindal, and appointed Nishant Garg as Additional Director .

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Brigade Enterprises leases office space to TCS
May 16,2017

Tata Consultancy Services has signed a deal for office space in Brigade Bhuwalka Icon, a 3.75 lakh sq. ft development strategically located on Whitefield main road. The office space will house more than 4,000 IT professionals and the office is expected to start operations in around 4 months.

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Future Lifestyle Fashions hits record high after strong Q4 earnings
May 16,2017

The result was announced after market hours yesterday, 15 May 2017.

Meanwhile, the S&P BSE Sensex was up 123.51 points, or 0.41% at 30,445.63. The S&P BSE Mid-cap index was up 1.89 points, 0.01% at 15,042.36.

On the BSE, 1.39 lakh shares were traded on the counter so far as against the average daily volumes of 1.26 lakh shares in the past one quarter. The stock had hit a high of Rs 321.25 so far during the day, which is also its record high. The stock hit a low of Rs 291 so far during the day.

The stock had hit a 52-week low of Rs 103 on 16 May 2016. The stock had underperformed the market over the past one month till 15 May 2017, advancing 2.47% compared with the Sensexs 2.92% rise. The scrip had, however, outperformed the market over the past one quarter advancing 53.89% as against the Sensexs 7.69% rise.

The mid-cap company has equity capital of Rs 38.03 crore. Face value per share is Rs 2.

Future Lifestyle Fashions earnings before interest, tax, depreciation and amortization (EBITDA) increased by 10.23% to Rs 97 crore in Q4 March 2017 over Q4 March 2016.

EBITDA margin decreased to 9.8% in Q4 March 2017, from 10.3% in Q4 March 2016.

Future Lifestyle Fashions is engaged in the business of fashion. The company offers textiles, wearing apparel, shoes, jewelry, furniture and other fashion goods/accessories.

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Vaibhav Global hits 52-week high
May 16,2017

The result was announced after market hours yesterday, 15 May 2017.

Meanwhile, the S&P BSE Sensex was up 109.80 points or 0.36% at 30,431.92. The BSE Small-Cap index was up 33.91 points or 0.22% at 15,684.28.

On the BSE, 4,047 shares were traded on the counter so far as against the average daily volumes of 2,749 shares in the past one quarter. The stock had hit a high of Rs 512.15 so far during the day, which is a 52-week high for the counter. The stock hit a low of Rs 501 so far during the day.

The stock had hit a 52-week low of Rs 236 on 23 May 2016. It had outperformed the market over the past one month till 15 May 2017, advancing 14.78% compared with the Sensexs 2.92% rise. The scrip had also outperformed the market over the past one quarter, gaining 17.16% as against the Sensexs 7.69% rise.

The small-cap company has equity capital of Rs 32.55 crore. Face value per share is Rs 10.

Vaibhav Global is an electronic retailer of discount fashion jewelry and lifestyle accessories.

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Indo Count Industries increases capacity
May 16,2017

Indo Count Industries announced that the capacity of the Company has increased from 68 million meters to 90 million meters.

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Bright day for precious metals
May 16,2017

Bullion prices ended higher at Comex on Monday, 15 May 2017. Gold settled at a nearly two-week high on Monday after more show of nuclear strength from North Korea finding traction after weekend comments from China about a boost in infrastructure projects.

Gold for June rose by $2.30, or 0.2%, to settle at $1,230 an ounce. That was the highest finish since 3 May 2017.

July silver rose 20.1 cents or 1.2%, to $16.603 an ounce.

North Korea said Monday it had successfully conducted a newly developed mid- to long-range missile test on Sunday aimed at verifying the capability to carry a n++large scale heavy nuclear warhead,n++.

Gold was also supported as the ICE U.S. Dollar Index which measures the greenbacks value versus euro, yen and four other major currencies, was down 0.3%.

Gold is highly sensitive to rising rates, which increases the opportunity cost of holding assets such as bullion, which dont bear a yield, while boosting the dollar, in which it is priced.

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Shreyans Industries to pay dividend
May 16,2017

Shreyans Industries announced that dividend, if declared, shall be paid on or after 12 September 2017.

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Honda Siel Power Products to pay dividend
May 16,2017

Honda Siel Power Products announced that dividend will be paid to shareholders on 01 September 2017.

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Glenmark Pharmaceuticals to initiate clinical study of GBR 1342
May 16,2017

Glenmark Pharmaceuticals announced that the USFDA cleared the companys Investigational New Drug (IND) application to initiate a Phase 1 study of GBR 1342, a humanized, bispecific monoclonal antibody (bsAb)being studied for the treatment of multiple myeloma in patients who have received prior therapies. GBR 1342 is designed to activate the patients immune system by redirecting immune cells towards tumor tissue, whichmay lead to targeted destruction of tumors. It is based on Glenmarks proprietary BEATn++ (Bispecific Engagement by Antibodies based on the T cell receptor) technology platform.

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Jain Irrigation Systems completes acquisition of US based micro irrigation dealers
May 16,2017

Jain Irrigation Systems through its multi generation wholly owned in the United States of America has completed the acquisition of 80% stake in two of the United States largest micro-irrigation dealers - Agri Valley Irrigation, LLC and Irrigation Design and Construction, LLC.

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Kapil Cotex to hold board meeting
May 16,2017

Kapil Cotex will hold a meeting of the Board of Directors of the Company on 31 May 2017.

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