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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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RBL Bank launches Aadhaar Payment Bridge System
Nov 30,2016

RBL Bank announced that it has become the first bank in India to launch Aadhaar Payment Bridge System (APBS) for micro finance loan disbursements. This was achieved by doing the first successful cashless disbursement to various beneficiaries in the rural segment across the country.

Usage of APBS for micro finance disbursements will help the sector to accelerate the move towards cashless loan disbursements in a space which has been heavily dominated by physical cash. RBL Bank conceptualized this idea of utilizing APBS platform for this unique use case which should become a trendsetter.

The APBS system can now enable MFIs to disburse loan amounts directly in Aadhaar enabled bank accounts through RBL Bank. APBS has been developed by NPCI mainly to process government subsidies or direct benefit transfer (DBT) to the various government scheme beneficiaries.

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Board of Gujarat State Petronet approves allotment of shares under ESOP
Nov 30,2016

Gujarat State Petronet announced that the Board of Directors of the Company at its meeting held on 30 November 2016, inter alia, has approved allotment of 50866 Equity Shares under Employees Stock Option Scheme - 2010 (ESOP - 2010) consequent to which the Paid-up Share Capital of the Company has increased from Rs. 5,63,46,65,750 to Rs. 5,63,51,74,410.

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GVK Power turns volatile after Q2 results
Nov 30,2016

Meanwhile, the S&P BSE Sensex was up 207.82 points or 0.79% at 26,601.83.

On the BSE, 6.40 lakh shares were traded on the counter so far as against the average daily volumes of 18.29 lakh shares in the past one quarter. At the days low of Rs 5.74 so far during the day, the stock has lost 1.37%. At the days high of Rs 5.94 so far during the day, the stock has risen 2.06%. The stock had hit a 52-week high of Rs 9.44 on 12 January 2016. The stock had hit a record low of Rs 4.13 on 6 June 2016. The stock had underperformed the market over the past one month till 29 November 2016, declining 12.35% compared with the Sensexs 5.54% fall. The scrip had also underperformed the market in past one quarter, sliding 7.03% as against the Sensexs 5.41% fall.

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

GVK Power & Infrastructure (GVK Power) reported net loss of Rs 13.41 crore in Q2 September 2016, compared with net loss of Rs 8.09 crore in Q2 September 2015. Total income rose 8.41% to Rs 18.55 crore in Q2 September 2016 over Q2 September 2015.

GVK Power & Infrastructure is a leading Indian conglomerate with presence across energy, resources, airports, transportation, hospitality and life sciences sectors.

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Yes Bank gains after launching digital banking product
Nov 30,2016

The announcement was made during market hours today, 30 November 2016.

Meanwhile, the BSE Sensex was up 172.11 points, or 0.65%, to 26,566.12.

On the BSE, 1.48 lakh shares were so far traded in the counter, compared with average daily volume of 3.24 lakh shares in the past one quarter. The stock had hit a high of Rs 1,166.10 and a low of Rs 1,145.60 so far during the day. The stock had hit a record high of Rs 1,450 on 7 September 2016. The stock had hit a 52-week low of Rs 632.25 on 20 January 2016. The stock had underperformed the market over the past one month till 29 November 2016, falling 10.04% compared with 5.54% fall in the Sensex. The scrip had also underperformed the market in past one quarter, falling 14.44% as against Sensexs 5.41% decline.

The large-cap private sector bank has equity capital of Rs 422.75 crore. Face value per share is Rs 10.

Yes Bank announced the launch of SIMsePAY, a unique innovation that allows any account holder to do money transfers, pay utility bills and other mobile banking services, without the need for smart phones or internet.

The offering is based on a frugal sim-sleeve technology in association with Taisys Technologies, who holds global patent for the same and has implemented the same successfully in other countries including Kenya and China. The solution will cater to the large section of Indian population who remain unbanked or under banked due to lack of access to smart phones and mobile internet. This represents a large inherent market need, and hence a large scope for the solution.

The bank plans to garner a base of 5 lakh SIMsePAY by 2017. The bank has launched the services with the District Co-operative Bank, Dehradun and subsequently plans to launch it across the country.

The product will be offered in a phased manner. The first phase will involve collaboration with co-operative and regional rural banks. The second phase will involve direct outreach to the target segment through Yes Banks banking correspondent network.

Yes Bank reported 31.31% rise in net profit to Rs 801.54 crore on 24.7% rise in total income to Rs 4982.23 crore in Q2 September 2016 over Q2 September 2015.

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

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IWAI takes up construction of Navigational Lock at Farakka
Nov 30,2016

The Inland Waterways Authority of India (IWAI) has awarded the work for the construction of a new state of the art navigational lock at Farakka in West Bengal on 24th November, 2016 to a reputed company at a cost of Rs 359 crore, under Jal Marg Vikas Project (JMVP) which is being implemented in National Waterway-1 (River Ganga).

A navigational lock is a device used for raising and lowering ships/vessels between stretches of water of different levels on river and canal waterways. The existing lock gate at Farakka which has been operational since 1978, is old and inefficient. Since the modernisation of the existing lock will entail closing down the lock gate for to 8-10 months, it has been decided to first build a new navigational lock and subsequently the modernisation of the existing lock would be undertaken. With the existing lock it takes about 2 hours or more for a vessel to pass upstream or downstream of Farakka. With the new lock it will take only 38 minutes for a vessel to pass through. If movement of a vessel is followed by movement of another vessel in the reverse direction, the operating time will be 23 minutes only. The new lock is proposed with modern state of the art features like electro hydraulic operations of Mitre Gates and Radial Gates on filling culverts and remote control operations of all the gates from a central control room.

The Farakka navigational lock is the third major work on National Waterway-1 to be awarded in record time. The contract for construction of Multi-Modal Terminal (MMT) at Varanasi and Sahibganj were awarded in May and October 2016 respectively.

The Jal Marg Vikas Project is being implemented with technical and financial assistance of the World Bank at an estimated cost of Rs. 5369 crore for plying of vessels with capacity of 1500-2,000 tons. Phase-I of the project covers the Haldia-Varanasi stretch which includes development of fairway, Multi-Modal Terminals, strengthening of river navigation system, conservancy works, modern River Information System (RIS), Digital Global Positioning System (DGPS), night navigation facilities, modern methods of channel marking etc.

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Bharat Financial extends Tuesdays rally
Nov 30,2016

Meanwhile, the S&P BSE Sensex was up 126.78 points or 0.48% at 26,520.79.

On the BSE, 2.13 lakh shares were traded on the counter so far as against the average daily volumes of 2.19 lakh shares in the past one quarter. The stock had hit a high of Rs 754.60 and a low of Rs 735.45 so far during the day. The stock had hit a 52-week high of Rs 938.75 on 29 July 2016. The stock had hit a 52-week low of Rs 434.85 on 9 December 2015. The stock had underperformed the market over the past one month till 29 November 2016, declining 16.88% compared with the Sensexs 5.54% fall. The scrip had also underperformed the market in past one quarter, sliding 7.31% as against the Sensexs 5.41% fall.

The large-cap company has equity capital of Rs 137.91 crore. Face value per share is Rs 10.

A foreign brokerage has recently maintained overweight rating on Bharat Financial Inclusion (BFIL) stock for a target price of Rs 1,125, citing the companys strong collection progress. The brokerage reportedly said that BFIL has collected 89% of its overall dues over the period from 11 November to 25 November 2016. In the wake of brokerage reports, BFIL stock had surged 7.86% to settle at Rs 734 yesterday, 29 November 2016.

Meanwhile, the company in its presentation issued to the stock exchanges before market hours yesterday, 29 November 2016, said, it is recording a collection efficiency of 97% with a 2-week lag in the wake of the governments recent demonetisation move. The company said that most of its customers cater to non-discretionary spending.

Bharat Financial Inclusions net profit rose 87.4% to Rs 145.88 crore on 38.6% increase in total income to Rs 449.60 crore in Q2 September 2016 over Q2 September 2015.

Bharat Financial Inclusion is among the largest microfinance companies in India.

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INR 4000 crore Welding Industry Set to Grow to INR 5700 crore by 2021
Nov 30,2016

The two flagship programmes of the government - Make in India and Skill India got a big boost at the maiden CII Welding conference. Speaking during the session Y S Trivedi, Sr Vice President and Member of the Board - Heavy Engineering IC, Larsen & Toubro stressed, n++The amount of weld in a nuclear reactor and submarine is less than 2 and 8 percent respectively, yet these welds decide the fate of the INR 12,000 crore submarine as well as determines whether a nuclear power plant lasts 10 years or 60. If we have to transform India into a global manufacturing hub we need to pay attention to welding.n++ Further he commended that welding holds immense potential for employment and skill development initiative and has a major role to play in the nations growth.

Talking of the present welding industry, Chetan Ligade, Director, BDB India said that the sector today stands at INR 4,000 crore out of which INR 2,800 falls under consumables and INR 1,200 crore under welding equipment market. Driven by infrastructure, the welding industry is slated to pick up rapidly in the next few quarters and by 2021 the consumable market will grow to INR 4,200 crore and equipment market to INR 1,500 crore. On this occasion a special report on Indian welding industry was released.

Elaborating on the importance of R&D in manufacturing sector D G Padmanabham, Director, International Advanced Research Centre for Power Metallurgy and New Materials (ARCI), emphasized, n++In the west, 70% of R&D funding comes from the industry and 30% from the government whereas in India only 10% comes from the industry. This needs to change. When industry funds a project it drives R&D with purpose, focus, application and absorption. Hence, industry R&D interaction has to be strengthened.n++ Sharing his experience on industry government collaboration he averred that the success rate has been always very high when there is co-operation and collaboration.

A Shivkumar, Conference Chairman and Former Chief Executive, EWAC Alloys said, n++The stakeholders in the welding sector such as researchers who work on materials, manufacturers, people who execute it like welders and the final beneficiary the consumer - are not connected and aligned to a common agenda. At CII we aim to bring all stakeholders together to create a common agenda and goal to meet challenges and make opportunities available to them in the future.n++

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Sarda Energy & Minerals announces resumption of operations at iron ore mine
Nov 30,2016

Sarda Energy & Minerals announced that the operations at the iron ore mine of the Company, which were suspended on 07 March 2016 due to naxal attack, have been restored.

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State Bank of Bikaner and Jaipur revises MCLR
Nov 30,2016

State Bank of Bikaner and Jaipur has revised the Marginal Cost of Fund based Lending Rates (MCLR) with effect from 01 December 2016.

Overnight - 8.75%
1 month - 8.85%
3 months - 8.95%
6 months - 9.05%
1 year - 9.15%
2 year - 9.20%
3 year - 9.30%.

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UCO Bank allots equity shares to LIC of India
Nov 30,2016

UCO Bank announced that on 29 November 2016, the Bank has issued and allotted 7,17,00,000 equity shares of Rs. 10/- to Life Insurance Corporation of India at an issue price of Rs. 37.74 per equity shares including a premium of Rs. 27.74 on preferential basis. The above shares will be under lock-in for a period of one year from the date of trading from the Stock Exchanges i.e. NSE & BSE where the equity shares of the Bank are listed.

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Steel Authority of India gets in principle approval for divestment of 3 alloy steel plants
Nov 30,2016

Steel Authority of India announced Government of India, Ministry of Steel has communicated the in principle approval of the Cabinet Committee on Economic Affairs (CCEA) of the Government of India for strategic disinvestment of the Bhadrawati, Salem and Durgapur (Alloy Steel Plants) Units of Steel Authority of India. Disinvestment of these Units shall be to strategic buyer(s) to be identified through two stage auction process, as recommended by the Core Group of Secretaries on Disinvestment.

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Board of Simplex Projects to consider September quarter results
Nov 30,2016

Simplex Projects announced that the meeting of Board of Directors will be held on 09 December 2016, inter alia, to consider the Unaudited Financial Results for the Quarter ended 30 September 2016.

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Welspun Corp leads gainers in A group
Nov 30,2016

Welspun Corp jumped 16.29% to Rs 82.80 at 13:12 IST. The stock topped the gainers in the BSEs A group. On the BSE, 22.64 lakh shares were traded on the counter so far as against the average daily volumes of 1.22 lakh shares in the past two weeks.

Jubilant Life Sciences galloped 7.66% at Rs 709.55. The stock was second biggest gainer in A group. On the BSE, 2.54 lakh shares were traded on the counter so far as against the average daily volumes of 81,000 shares in the past two weeks.

Balkrishna Industries spurted 7.93% to Rs 994.40. The stock was third biggest gainer in A group. On the BSE, 26,000 shares were traded on the counter so far as against the average daily volumes of 4,190 shares in the past two weeks.

JK Lakshmi Cement gained 5.32% at Rs 395.80. The stock was fourth biggest gainer in A group. On the BSE, 6,114 shares were traded on the counter so far as against the average daily volumes of 25,000 shares in the past two weeks.

Crompton Greaves rose 4.54% to Rs 77.20. The stock was fifth biggest gainer in A group. On the BSE, 2.27 lakh shares were traded on the counter so far as against the average daily volumes of 3.07 lakh shares in the past two weeks.

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Fitch: Indian ABS Buffers Cover Near-Term Demonetisation Impact
Nov 30,2016

Fitch Ratings believes that demonetisation could lead to a short-term liquidity stress in Indian auto ABS transactions. The stress is likely to be limited to a few months, in which case it would not result in pressure on ratings.

India began to withdraw high-denomination bank notes - that account for 86% of the value of currency in circulation - earlier this month. The withdrawal has created a cash crunch that Fitch expects to hold back economic activity in the near term.

Fitch expects a liquidity squeeze in Indian auto ABS to result from a substantial drop in collections from small commercial vehicle (CV) operators - especially used-CV operators - in November and December. Cash collections typically account for 20%-50% of total collections by Indian CV loan originators within Fitch-rated ABS transactions. The cash-collection percentage is especially high on loans for used CVs, as well as for new small CVs, light CVs and tractors. Smaller CV operators usually receive their income and pay expenses in cash. We expect the cash crunch caused by demonetisation to affect both the income of these borrowers and their repayment capabilities in the short term, due to the delaying of non-critical economic activities by their customers.

Furthermore, the impact of demonetisation on economic activity could lead to a temporary drop in demand for services involving CVs, creating stress on the repayment capabilities of CV loan borrowers. We also see a moral-hazard risk of capable borrowers also defaulting on their monthly repayments, given the potential for a general increase in tolerance of delinquencies due to this disruption.

Delinquencies are likely to remain high for several months in 2017, as small borrowers are likely to take time to make up for missed payments. Fitch will continue to monitor closely the repayment behaviour of underlying borrowers in the next few months.

Average collection for Fitch-rated Indian ABS transactions was around 107% of scheduled investor payout obligations, as of the last reported collection month. In a scenario of a sharp decline of 30% in collections, all Fitch-rated Indian ABS transactions could manage timely payment of interest and principal for at least nine months, and on average for 24 months, with support from available external CE.

Nevertheless, there could be an impact on the ratings of recent, less-seasoned transactions if delinquencies continue to rise sharply for more than a few months.

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Board of Rajasthan Petro Synthetics accepts resignation of company secretary cum compliance officer
Nov 30,2016

Rajasthan Petro Synthetics announced that Amit Kumar resigned as Company Secretary (KMP)-cum-Compliance Officer of the Company and the Board of Directors have accepted his resignation w.e.f. 31 October 2016.

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