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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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Adani Ports advances on plans to issue foreign currency denominated bonds
Jan 10,2017

The announcement was made before market hours today, 10 January 2017.

Meanwhile, the BSE Sensex was up 125.38 points, or 0.47%, to 26,851.93.

On the BSE, 41,989 shares were traded in the counter so far, compared with average daily volume of 3.06 lakh shares in the past one quarter. The stock had hit a high of Rs 290.05 and a low of Rs 285.10 so far during the day. The stock had hit a 52-week high of Rs 317 on 25 October 2016. The stock had hit a 52-week low of Rs 169.65 on 12 February 2016.

The stock had underperformed the market over the past one month till 9 January 2017, falling 0.33% compared with the Sensexs 0.08% fall. The scrip had, however, outperformed the market in past one quarter, rising 6.65% as against the Sensexs 4.76% fall.

The large-cap company has equity capital of Rs 414.19 crore. Face value per share is Rs 2.

The proposed issue of foreign currency denominated bonds has already been approved by the board of directors of the company at a meeting held on 2 November 2015 and by the shareholders at a meeting held on 9 August 2016.

The pricing, tenure and other terms of the bonds to be issued pursuant to the issue will be determined by the Finance Committee of the company. The details of which shall be intimated in due course and shall take place on 12 January 2017 or on a later date subject to market conditions and other considerations, Adani Ports said.

Adani Ports and Special Economic Zones (APSEZ) consolidated net profit rose 61% to Rs 1090.81 crore on 20.7% increase in net sales to Rs 2175.77 crore in Q2 September 2016 over Q2 September 2015.

APSEZ, a part of the Adani Group, is Indias largest private port operator.

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Board of Gandhi Special Tubes to consider Q3 results and interim dividend
Jan 10,2017

Gandhi Special Tubes announced that the meeting of the Board of Directors of the company is scheduled to be held on 24 January 2017, inter alia, to transact the following business:

1. To consider and approve the Un-Audited Financial Results for the Quarter and Nine months ended 31 December 2016 together with the Limited Review Report of the Auditor.

2. To consider and declare Interim Dividend for the Financial Year ending 31 March 2017.

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Sri Nachammai Cotton Mills to announce December quarter results
Jan 10,2017

Sri Nachammai Cotton Mills announced that a Meeting of the Board of Directors of the Company will be held on 02 February 2017, inter alia, to consider the Unaudited Financial Results of the Company for the Quarter ended 31 December 2016.

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Everest Organics to consider conversion of warrants
Jan 10,2017

Everest Organics announced that a meeting of the Board of Directors of the Company will be held on 12 January 2017, inter alia, to convert warrants into Equity Share.

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Board of Endurance Technologies to consider December quarter results
Jan 10,2017

Endurance Technologies announced that a meeting of Board of Directors of the Company is scheduled to be held on 08 February 2017, inter alia, to consider and approve the unaudited financial results for the quarter and nine months ended on 31 December 2016.

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Board of Vinyl Chemicals (I) to consider Q3 and 9M results
Jan 10,2017

Vinyl Chemicals (I) announced that a meeting of the Board of Directors of the Company will be held on 31 January 2017, inter alia, to consider the Unaudited Financial Results (Provisional) for the third quarter and 9 months ended 31 December 2016.

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G G Automotive Gears to announce December quarter results
Jan 10,2017

G G Automotive Gears announced that the fourth meeting for the Financial year 2016-17 of the Board of Directors of the Company will be held on 06 February 2017, inter alia, to transact the following business.

1. To consider the proposal for approval of un-audited financial results for the quarter ended 31 December 2016.

2. Appointment of New Chairman.

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Board of Shri Jagdamba Polymers appoints company secretary and compliance officer
Jan 10,2017

Shri Jagdamba Polymers announced that Board Meeting held on 09 January 2017, the Board of Directors of the company approve and consider the Appointment of Dhruvi Rameshbhai Patel under Key Managerial personnel as Company Secretary cum Compliance officer of the Company w.e.f. 09 January 2017.

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Board of Dr Reddys Laboratories to consider Q3 and 9M results
Jan 10,2017

Dr Reddys Laboratories announced that a meeting of the Board of Directors of the Company will be held on 04 February 2017, inter alia, to consider and approve the Unaudited Financial Results of the Company for the quarter and nine months ended 31 December 2016 (Q3).

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Board of Repro India to consider Q3 and 9M results
Jan 10,2017

Repro India announced that the meeting of the Board of Directors of Company is scheduled to be held on 18 January 2017, inter alia, to take on record, the Un-Audited Standalone and Consolidated Financial Results along with the Limited Review Report for the quarter and nine months ended 31 December 2016.

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Board of Trijal Industries accepts resignation of director
Jan 10,2017

Trijal Industries announced that the Board of Directors in their meeting held on 09 January 2017, accepted the Resignation of Ketki Mehta as a Director w.e.f. 09 January 2017.

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Future Consumer to consider issue of NCDs on private placement basis
Jan 10,2017

Future Consumer announced that a meeting of the Board of Directors of the Company is scheduled to be held on 12 January 2017, inter alia, to consider and approve the following:

1. Issue of non-convertible debentures on private placement basis or otherwise;

2. Conducting Postal Ballot for seeking approval of the Shareholders.

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Centenial Surgical Suture appoints director
Jan 10,2017

Centenial Surgical Suture announced that Neel Vora appointed as an Additional Independent Non-Executive Director w.e.f. 09 January 2017.

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Future Consumer gains on proposal to issue debentures
Jan 10,2017

The announcement was made after market hours yesterday, 09 January 2017.

Meanwhile, the S&P BSE Sensex was up 118.59 points or 0.44% at 26,845.14.

On the BSE, 51,000 shares were traded on the counter so far as against the average daily volumes of 6.37 lakh shares in the past one quarter. The stock had hit a high of Rs 21.55 and a low of Rs 21.10 so far during the day.

The stock had hit a 52-week high of Rs 25.40 on 29 June 2016 and a 52-week low of Rs 18.10 on 9 November 2016.

The mid-cap company has equity capital of Rs 997.50 crore. Face value per share is Rs 6.

Future Consumers said that a meeting of the board of directors of the company is scheduled on 12 January 2017 to consider issue of non-convertible debentures on private placement basis or otherwise.

On a consolidated basis, Future Consumer reported net loss of Rs 16.17 crore in Q2 September 2016, lower than net loss of Rs 28.66 crore in Q2 September 2015. Net sales rise 30.6% to Rs 559.83 crore in Q2 September 2016 over Q2 September 2015.

Future Consumer is Indias first sourcing-to-supermarket food company by Future Group.

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Max Ventures surges after selling partial stake to New York Lifes subsidiary
Jan 10,2017

The announcement was made after market hours yesterday, 9 January 2017.

Meanwhile, the S&P BSE Sensex was up 124.44 points or 0.47% at 26,857.70.

Huge volumes were witnessed on the counter. On the BSE, 14.09 lakh shares were traded on the counter so far as against the average daily volumes of 1.08 lakh shares in the past one quarter. The stock had hit a high of Rs 79.15 and a low of Rs 74.80 so far during the day. The stock had hit a record high of Rs 85.80 on 7 July 2016. The stock had hit a record low of Rs 43.30 on 21 November 2016.

The stock had outperformed the market over the past one month till 9 January 2017, gaining 12.97% compared with the Sensexs 0.08% fall. The scrip had also outperformed the market in past one quarter, rising 32.77% as against the Sensexs 4.76% fall.

The small-cap company has equity capital of Rs 53.45 crore. Face value per share is Rs 10.

The board of Max Ventures and Industries (MaxVIL) made a preferential offer, subject to shareholders approval, to issue common stock to a subsidiary of New York Life Insurance Company. New York Life is the largest mutual life insurance company in the United States and one of the largest life insurers in the world, with more than $500 billion under management.

Subject to MaxVILs shareholders approval, a subsidiary of New York Life Insurance Company will acquire a 22.51% equity stake in MaxVIL at an offer price of Rs 78 per share aggregating to Rs 121 crore on a diluted basis and will be entitled to one nominee director to the board of MaxVIL.

The offer price of Rs 78, was at a premium of 16.33% to the closing price of Rs 67.05 hit yesterday, 9 January 2017.

The board of MaxVIL also proposed an allotment of 34.48 lakh share warrants to the promoter group, namely, Shiva Enterprises, equivalent to 4.76% of the post-issue share capital of the company on a fully diluted basis assuming full conversion of the warrants. These share warrants will be issued at Rs 78 per warrant aggregating to Rs 26.9 crore and will be convertible into equivalent equity shares within 18 months, taking the shareholding of the promoter group in MaxVIL to around 38.02% on fully diluted basis.

New York Life and the Max Group have a longstanding association. In 2001, the two entities partnered to set up Max New York Life n++ one of Indias largest private life insurance companies. In 2012, New York Life sold its 26% stake in Max New York Life to Mitsui Sumitomo Insurance Co. Ltd., after which the life insurance company was renamed Max Life.

Max Ventures and Industries consolidated net profit fell 90.4% to Rs 0.45 crore on 4% decline in net sales to Rs 169.89 crore in Q2 September 2016 over Q1 June 2016.

MaxVIL is the newest entity in the Max Group of companies that came into existence after the erstwhile Max India Group was demerged into Max Financial Services Limited, Max India Limited and Max Ventures and Industries Limited (MaxVIL).

MaxVIL has four distinct business verticals Max Speciality Films (manufacturing), Max Estates (real estate), Max Learning (education) and Max I. (i.e. intellectual and financial support). Other investors in MaxVIL include International Finance Corporation (IFC) and Reliance Mutual Fund.

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