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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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Moodys: Global oil and gas industry to see continued tepid prices, belt-tightening in 2017
Jan 05,2017

Oil prices likely will remain volatile and range-bound in the coming year, Moodys Investors Service says in a new report discussing its expectations for the global oil and gas industry. Alongside anticipated changes in US energy policy focused on domestic development and deregulation, the industry will see increased merger & acquisition (M&A) activity in both the North American E&P and midstream sectors.

The rating agencys oil and natural gas price estimates -- within a medium-term oil price band of $40-$60/bbl for both Brent and West Texas Intermediate (WTI) crude globally and in North America -- remain unchanged for 2017-19 from its November 2016 update. Moodys expects prices to remain volatile within this band.

We foresee three possible scenarios for oil prices in 2017, each with their own impact on ratings, says Moodys managing director, Steve Wood. If they retreat to the low $40s, stress in the oil and gas industry will again increase, while prices in the mid-to-high $40s would continue to offer some relief for oil producers. At a sustainable mid-$50/bbl level, however, we could take more positive rating actions on integrated and exploration and production companies.

Under the Trump administration, US energy policy likely will prioritize domestic oil and coal production, in addition to reducing federal regulatory burdens. Energy infrastructure projects would benefit most immediately, but the success of other policy goals, such as easing the permitting and leasing of new coal mines, will depend on their ability to generate favorable economic returns. Meanwhile, a US failure to work toward the Paris Climate Agreement commitments could lead to a carbon tax on US exports or other retaliatory trade measures.

Increasing confidence in the oil and gas industrys prospects will spur acquisition activity among North American exploration and production (E&P) firms, Moodys says. Debt and equity markets are again offering financing for producers seeking to re-position and enhance their asset portfolios after a lull. M&A will also pick up in the midstream sector. At the same time, integrated oil and gas firms will continue to improve their cash flow metrics and leverage profiles by cutting operating costs, further reducing capital spending and divesting assets.

Even so, the oilfield services and drilling (OFS) sector is in for another tough year, with continued weak customer demand, overcapacity and a high debt burden.

Demand for the services of OFS companies will grow only very gradually next year, while pricing recovery and cash flow growth will lag those of upstream customers by at least a year, Wood says. Within the broader energy sector, we expect the OFS sector to suffer the most defaults in 2017 as more companies run out of cash and credit lines, struggle with debt covenants and maturities and produce barely breakeven cash flow.

Meanwhile, EBITDA growth of 5% or less in 2017 will strain the North American midstream sectors ability to reduce debt leverage, in some cases putting investment-grade ratings at risk. Midstream growth capital spending will again drop by about 20%, with slower growth leading more companies to resort to self-help measures to address balance-sheet, funding and distribution concerns.

And though funding risk has declined somewhat for Latin Americas national oil companies, it will remain an issue for years to come, given tight capital market conditions and volatile oil and gas prices and cash flows, Moodys says. Meanwhile, Russias agreement to cut oil production next year poses little difficulty for the countrys oil companies, since the move effectively freezes production rates and likely will entail the resumption of cuts in Western Siberia, which is already in decline.

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JMD Telefilms Industries announces change in directorate
Jan 05,2017

JMD Telefilms Industries announced that Renu Kedia, Non-Executive, Independent Director of the Company, has resigned from the Directorship of the Company w.e.f. 04 January 2017 and in her place, Saroj Devi Kothari has been appointed as Additional Director, (Independent) of the Company with effect from 04 January 2017 and will hold the office till conclusion of next Annual General Meeting.

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Prime Capital Market announces change in directorate
Jan 05,2017

Prime Capital Market announced Susmita Kundu, Non-Executive Independent Director of the Company, has resigned from the Directorship of the Company w.e.f. 04 January 2017 and in her place, Saroj Devi Kothari has been appointed as Additional Director, (Independent) of the Company with effect from 04 January 2017 and will hold the office till conclusion of next Annual General Meeting.

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Lypsa Gems & Jewellery bags order worth Rs 22.3 crore
Jan 05,2017

Lypsa Gems & Jewellery DMCC, a wholly owned subsidiary ofLypsa Gems & Jewellery has received a prestigious new order worth Rs. 22.3 crore on from customers based out of UAE, for the supply of diamonds and diamond-studded jewellery. This order will be executed over a 9-month period.

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V B Industries announces change in directorate
Jan 05,2017

V B Industries announced that Susmita Kundu, Non-Executive, Independent Director of the Company, has resigned from the Directorship of the Company w.e.f. 04 January 2017 and in her place, Saroj Devi Kothari has been appointed as Additional Director, (Independent) of the Company with effect from 04 January 2017 and will hold the office till conclusion of next Annual General Meeting.

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Metal stocks in demand after positive economic data in China
Jan 05,2017

Meanwhile, the S&P BSE Sensex was up 261.51 points or 0.98% at 26,894.64.

Hindustan Copper (up 2.65%), JSW Steel (up 6.35%), Hindustan Zinc (up 2.45%), Vedanta (up 4.75%), Steel Authority of India (up 2.97%), Tata Steel (up 4.2%), Hindalco Industries (up 1.98%), Jindal Steel & Power (up 6.11%), Bhushan Steel (up 1.93%) and NMDC (up 0.71%), edged higher. National Aluminium Company declined 0.08%.

The BSE Metal index had underperformed the market over the past one month till 4 January 2017, falling 0.43% compared with Sensexs 1.53% gains. The stock had, however, outperformed the market in past one quarter, gaining 2.49% as against Sensexs 6% decline.

Activity in Chinas service sector expanded at a faster pace in December, a private gauge showed today, 5 January 2017, adding to recent signs of firmness in Chinas economy. The Caixin China services purchasing managers index rose to 53.4 in December from 53.1 in November, Caixin Media Co. and research firm Markit said. A reading above 50 indicates a month-to-month expansion, while a reading below that points to a contraction.

The rise in the private gauge came despite a decline in an official measure of activity outside the factory sector. Chinas official nonmanufacturing PMI, which includes the construction sector, edged down to 54.5 in December from 54.7 in November, the National Bureau of Statistics said last weekend.

China is the worlds largest consumer of steel, copper and aluminum.

Meanwhile, Hong Kongs PMI moved back into growth territory for the first time in nearly two years in December.

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Unisys Softwares and Holding Industries announces change in direcorate
Jan 05,2017

Unisys Softwares and Holding Industries announced that Renu Kedia, Non-Executive, Independent Director of the Company, has resigned from the Directorship of the Company w.e.f. 04 January 2017 and in her place, Saroj Devi Kothari has been appointed as Additional Director, (Independent) of the Company with effect from 04 January 2017 and will hold the office till conclusion of next Annual General Meeting.

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Entertainment Network (India) commences broadcast from 3rd radio station Mirchi Love
Jan 05,2017

Entertainment Network (India) has on 05 January 2017 commenced broadcast from its 3rd radio station at Hyderabad (3rd channel - 104 FM - acquired under Phase 3 auctions held last financial year). The 3rd channel has been branded Mirchi Love. ENIL is the only broadcaster to have 3 stations in any city in India.

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Siyaram Silk Mills provides update on scheme of amalgamation
Jan 05,2017

Siyaram Silk Mills announced that the Honble High Court of Judicature at Bombay has approved the Scheme of Amalgamation of Balkrishna Synthetics (n++the Transferor Companyn++) with Siyaram Silk Mills (n++the Companyn++ or n++the Transferee Companyn++) vide order dated 22 November 2016. The certified copy of the order has been issued on 04 January 2017.

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Strong rally in BGR Energy comes to halt on profit booking
Jan 05,2017

Meanwhile, the S&P BSE Sensex was up 225.36 points or 0.85% at 26,858.49.

On the BSE, 63,000 shares were traded on the counter so far as against the average daily volumes of 43,694 shares in the past one quarter. The stock had hit a high of Rs 126.85 and a low of Rs 122.95 so far during the day.

The stock had hit a 52-week high of Rs 138.80 on 6 January 2016 and a 52-week low of Rs 89.40 on 12 February 2016. It had outperformed the market over the past one month till 4 January 2017, surging 11.27% compared with the Sensexs 1.53% rise. The scrip had also outperformed the market in past one quarter, advancing 10.92% as against the Sensexs 6% fall.

The small-cap company has equity capital of Rs 72.16 crore. Face value per share is Rs 10.

Shares of BGR Energy Systems rallied 16.97% in preceding seven straight trading sessions to settle at Rs 125.40 yesterday, 4 January 2017, from its close of Rs 107.20 on 26 December 2016. The stock had settled higher by surging 6.32% in a single trading session yesterday, 4 January 2017, after the company during market hours announced that it has recently won two large value contracts aggregating to Rs 650 crore for water treatment projects.

The company had in November 2016 announced receiving a letter of award from Neyveli Uttar Pradesh (NUPPL) for balance of plant (BoP) contract for the 3 x 660 megawatts (MW) super critical Ghatampur thermal power project, Uttar Pradesh. The total lump sum price of this contract was Rs 2788.60 crore.

BGR Energy Systems order book now stands at Rs 10425 crore.

BGR Energy Systems net profit rose 35.4% to Rs 10.70 crore on 0.4% decline in net sales to Rs 824.66 crore in Q2 September 2016 over Q2 September 2015.

BGR Energy Systems is a leading engineering, procurement and construction (EPC) and balance of plant (BoP) engineering and contracting company for power projects in India.

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Moodys and ICRA: Stable outlook for Indian corporates reflects sustained economic growth
Jan 05,2017

Moodys Investors Service and its Indian affiliate, ICRA, say that their stable outlook for non-financial corporates in India (rated Baa3 positive by Moodys) over the next 12-18 months reflects in large part the countrys sustained economic growth.

Strong GDP growth, capacity additions and stabilizing commodity prices will support EBITDA growth of 6%-12% over the next 12-18 months, says Laura Acres, a Managing Director in Moodys Corporate Finance Group.

Moodys also points out that the capex cycle for Indian corporates has peaked, as projects near completion, and declining investments will slow the pace of borrowing over the next 12-18 months. Moreover, refinancing needs are manageable for most corporates in 2017, given their better access to the capital markets and large cash balances.

As for specific sectors, our outlook for the power, hotel and sugar industries is stable, while that for the real estate and cement sectors is negative, says Subrata Ray, Senior Group President and Head of Research for ICRA.

ICRA says that distribution utilities will benefit from the lower cost of power purchases, due to improved domestic coal availability, the subdued tariff level of short-term traded power, and flexibility provided by the government to generating companies for the optimal utilization of coal.

ICRA also points out that an improvement in domestic coal availability has substantially mitigated coal supply risk and the risk of under-recovery in fuel costs n++ due to a reliance on costlier coal imports n++ for thermal independent power producers.

Moodys stable outlook for exploration & production companies reflects higher production volumes, low subsidy burdens and a recovery in oil prices, which will offset lower natural gas prices and higher royalty payments.

In the refining & marketing segment, Moodys says that its stable outlook is based on the fact that capacity additions will partly offset weaker refining margins, while marketing margins will remain stable.

Moodys also maintains a stable outlook on the Indian telecommunications sector. Moodys says that while companies in this sector face intensifying competition n++ which will pressure margins n++ such a situation should be offset by growth in data consumption.

As for the auto sector, Moodys says that its outlook for the industry is stable, because companies in this industry should benefit from improving customer sentiment, following an above-average monsoon season, as well as likely falling vehicle prices, after the implementation of the goods and services tax in April 2017 that will replace a web of taxes. In the near term, however, sales volumes could be negatively affected by demonetization.

ICRA explains that its outlook on the cement sector is negative, because cement demand growth n++ which has stagnated around the mid-single digit over the last few years n++ will likely be further negatively affected by demonetization through the real estate sector, which is a major consuming segment.

In the short-term, ICRA says that the cement industry will likely experience stretched receivables, given their need to provide liquidity to offset the impact of demonetization. ICRA points out that cement prices have fallen across regions following demonetization; this situation, combined with increased input prices n++ such as petcoke and rising freight costs n++ will adversely affect profitability.

ICRAs outlook on the sugar sector is stable. ICRA expects domestic sugar production to fall 8% during October 2016 - September 2017 on lower cane availability, owing to poor monsoons in CY 2015. While monsoons have been relatively better in CY 2016, its impact on sugarcane production will be felt only between October 2017- September 2018. Accordingly, ICRA expects sugar prices to remain firm in the near-term, on lower production, low sugar stocking levels and a global supply deficit.

ICRA points out that while sugar prices have remained strong, cane prices have only increased modestly. This situation, along with strong by-product prices for molasses, alcohol, and bagasse should support profit margins for sugar companies. However, company balance sheets will remain under strain, due to past losses.

With the real estate sector, Moodys expects the countrys demonetization to negatively affect sales volumes. Nevertheless, volumes will start to pick up, as interest rates fall.

On the hotel industry, ICRA says that large supply additions n++ which had plagued the industry in the past several years n++ will likely moderate to a compound annual growth rate of about 8% over the next four years.

Based on the improved supply absorption n++ supported by double-digit growth in demand n++ ICRA expects a gradual improvement in revenue per available room. Better profit margins will also improve debt coverage indicators.

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Savant Infocomm to announce December quarter results
Jan 05,2017

Savant Infocomm announced that a meeting of the Board of Directorsscheduled on 17 January 2017 to consider, inter alia the un-audited financial results for the quarter ended 31 December 2016.

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Board of Maruti Securities to consider December quarter results
Jan 05,2017

Maruti Securities announced that a meeting of the Board of Directors of the Company will be held on 23 January 2017, to approve the Unaudited Financial Results for the quarter ended 31 December 2016.

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Agenda for board meeting of Persistent Systems
Jan 05,2017

Persistent Systems announced that the meeting of the Board of Directors of the Company is scheduled to be held on January 20, 2017 and will continue on 21 January 2017, to consider inter alia, the following businesses:

1. The Audited Financial Results of the Company for the quarter and period ended 31 December 2016 (Q3)

2. The Audited Financial Results of the Company and its subsidiaries for the quarter and period ended 31 December 2016

3. The payment of Interim Dividend, if any, for the Financial Year 2016-17.

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Board of Cadila Healthcare to approve Q3 and 9M results
Jan 05,2017

Cadila Healthcare announced that the meeting of the Board of Directors of the Company will be held on 31 January 2017 to consider inter alia, to approve the un-audited financial results for the quarter / nine months ended on 31 December 2016 (Q3).

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