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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: Asian Liquidity Stress Index improves to lowest level since August 2015
May 11,2017

Moodys Investors Service says that its Asian Liquidity Stress Index (Asian LSI) has fallen for a fifth consecutive month, registering 25.4% in April 2017 from 26.8% in March 2017.

Moodys Asian LSI measures the percentage of high-yield companies with the weakest speculative-grade liquidity score of SGL-4, and increases when speculative-grade liquidity appears to deteriorate.

The strong high-yield issuance momentum continued in April 2017, with Moodys-rated high-yield issuance totaling $3.2 billion during the month, says Annalisa Di Chiara, a Moodys Vice President and Senior Credit Officer. The majority of the bond proceeds has been used for refinancing upcoming maturities, supporting some of the improvement in the Asian LSI.

Year-to-date bond issuance of $13.2 billion is at the strongest level for comparable periods since 2013.

However, despite five straight months of improvement, the Asian LSI reading remains above the long-term average of 22.8%, highlighting ongoing weakness in liquidity for many companies in Asia, adds Di Chiara.

The liquidity stress sub-index for North Asian high-yield companies fell to 25.0% in April 2017 from 26.6% in March 2017. Within this portfolio, the Chinese sub-index fell to 25.7% from 27.5%. And, the Chinese high-yield property sub-index fell to 10.0% from 12.5%, its lowest level since October 2011. The Chinese high-yield industrial sub-index fell to 46.7% from 48.3%.

The liquidity stress sub-index for South and Southeast Asian high-yield companies dropped to 26.1% in April 2017 from 27.3% in March 2017, with the Indonesian sub-index falling to 22.7% from 23.8%.

Moodys report points out that the number of Moodys-rated high-yield companies with Moodys weakest speculative-grade liquidity score of SGL-4 fell to 32 in April 2017 from 33 in March 2017, while the total number of rated high-yield companies increased to 126 from 123 during the same period.

At end-April 2017, Moodys rated 126 speculative-grade non-financial corporates in Asia n++ excluding Japan and Australia n++ with rated debt of $69.7 billion.

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Shriram EPC announces change in JV company in Oman
May 11,2017

Shriram EPC announced that the name of its joint venture in Oman has change from Shriram EPC Muscat LLC to Shriram EPC Arkan LLC.

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Berger Paints India intimates of strike by Union at Goa factory
May 11,2017

Berger Paints India announced that a strike has been called by the union at the Companys Goa factory on 10 May 2017. The Goa factory is operating at a reduced scale and the strike is not likely to significantly affect the Companys operations.

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Hero MotoCorp gains after Q4 results
May 11,2017

The result was announced after market hours yesterday, 10 May 2017.

Meanwhile, the S&P BSE Sensex was up 69.34 points, or 0.23% to 30,317.51.

On the BSE, 14,000 shares were traded in the counter so far, compared with average daily volumes of 43,259 shares in the past one quarter. The stock had hit a high of Rs 3,379.50 and a low of Rs 3,295.50 so far during the day. The stock hit a record high of Rs 3,739.90 on 8 September 2016. The stock hit a 52-week low of Rs 2,844.40 on 17 November 2016.

The stock had outperformed the market over the past one month till 10 May 2017, rising 3.78% compared with 1.54% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, rising 1.78% as against Sensexs 6.77% rise.

The large-cap two-wheeler major has equity capital of Rs 39.94 crore. Face value per share is Rs 2.

Hero MotoCorp said it took a proactive approach towards the launch of BS IV-compliant vehicles, and liquidated large BS III inventory, leading up to 29 March 2017. In the last two days of the month, the company took some tactical steps to assist its dealers and incentivise the customers with an objective to liquidate the remaining BS Ill stocks, resulting in a one-time impact to the margins of the fourth quarter.

EBITDA (earnings before interest, taxes, depreciation and amortization) margin stood at 12.79% in Q4 March 2017, lower than 14.66% in Q4 March 2016.

Hero MotoCorps retail sales have been outpacing wholesale numbers, as a result of which the company has now been able to maintain healthy dealer inventory. Meanwhile, input costs have been on an upward trend. To partially offset the commodity costs, Hero MotoCorp raised prices ranging from Rs 500 to Rs 2200 on some of the models, with effect from 1 May 2017.

Hero MotoCorp is the worlds largest manufacturer of two-wheelers.

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Caplin Point scales record high after stellar Q4 outcome
May 11,2017

The result was announced after market hours yesterday, 10 May 2017.

Meanwhile, the S&P BSE Sensex was up 62.87 points or 0.21% at 30,311.04. The S&P BSE Mid-Cap index was up 95.51 points, or 0.64% at 15,045.05.

On BSE, so far 67,000 shares were traded in the counter as against average daily volume of 7,391 shares in the past one quarter. The stock hit a high of Rs 466.95 in intraday trade so far, which is a record high for the counter. The stock hit a low of Rs 430.80 so far during the day. The stock hit a 52-week low of Rs 184 on 12 May 2016.

The mid-cap company has equity capital of Rs 15.12 crore. Face value per share is Rs 2.

Caplin Points earnings before interest, taxation, depreciation and amortization (EBITDA) rose 116% to Rs 47.64 crore in Q4 March 2017 over Q4 March 2016. The companys EBITDA margin surged to 40% in Q4 March 2017 from 27% in Q4 March 2016.

Caplin Point on 8 May 2017 announced that the company has received the Establishment Inspection Report (EIR) from USFDA (United States Food and Drug Administration) for inspection carried out between 21 October 2016 to 27 October 2016, at its sterile injectable plant at Gummidopoondi, Tamil Nadu (TN).

Caplin Point Laboratories is a niche pharmaceutical company, catering predominantly to emerging markets of Latin America and Africa. The company caters to a complete range of finished dosage forms.

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Saraswati Commercial (India) to hold board meeting
May 11,2017

Saraswati Commercial (India) will hold a meeting of the Board of Directors of the Company on 22 May 2017.

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HCL Technologies fixes record date for interim dividend
May 11,2017

HCL Technologies has fixed 25 May 2017 as record date for determining the entitlement of the shareholders to interim dividend of Rs 6 per share for FY 2017-18.

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HCL Technologies to pay interim dividend
May 11,2017

HCL Technologies announced that interim dividend for FY 2017-18 shall be paid on 02 June 2017.

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Remove novel hardware, requirement in prevailing CRI guidelines: ASSOCHAM plea
May 11,2017

Apex industry body ASSOCHAM has urged the Prime Minister Narendra Modi for bringing out appropriate amendments to the prevailing computer related invention (CRI) guidelines that have led to an instable and unpredictable environment in Indias information, communication and technology (ICT) sector.

n++The present CRI guidelines have put a blanket ban on patenting of computer related inventions unless a novel hardware, is also invented thereby impacting the entire ICT sector and allied industries that contribute immensely to Indias gross domestic product (GDP) and generate significant employment,n++ highlighted ASSOCHAM in a communication addressed to Mr Nripendra Misra, Principal Secretary in the PMO (Prime Ministers Office).

n++The lack of intellectual property (IP) protection opportunities in the area of CRI will not only effect investment but will also have a direct impact on employment and job growth related opportunities in the ICT industry,n++ said ASSOCHAM secretary general, Mr D.S. Rawat.

n++For India, to become a leading global player in areas of research and development (R&D) and software products, it is imperative that IP protection is made available at par with global standards,n++ said Mr Rawat.

The ASSOCHAM letter also highlighted how the PM recently launched BHIM-Adhaar app aiming to bring about innovation for digital payments and recommended that such technology be patented.

n++It is abundantly clear that prevailing guidelines are not aligned to Digital India, initiative and are also not in compliance with Indian Patent Law and Indian Judicial Dictum,n++ it added.

As such presently the CRI guidelines do not support objectives of various schemes launched by the government.

The contribution of industrial sector to Indias GDP is close to 25 per cent and this is all applied research utilising well established scientific principles, mathematical formulas and algorithms to research into its practical industrial application but the CRI guidelines place complete restriction on patenting of the same.

Thus entire 25 per cent of its contribution to countrys GDP is now at stake due to the prevailing scenario vis-n++-vis CRI guidelines, noted the ASSOCHAM letter.

Further, it is rare to invent any improvements of new product without the use of software as all the forefronts of new technologies be it robotics, internet of things, ICT, cloud technology, genomics and renewable or alternative energy are implemented by software and such inventions are patentable outside but not in India.

n++Therefore, investors will not be encouraged to make inventions in India and even start-ups will not be encouraged and motivated to innovate in India if we continue with the present CRI guidelines released in February 2016 and it will be death knell to all software implemented innovations in India,n++ highlighted ASSOCHAM.

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ICICI Bank in focus on offshore borrowing plan
May 11,2017

ICICI Bank said that the committee of executive directors at its meeting held on 10 May 2017, approved the proposed offshore borrowing plan for the financial year 2017-18. The announcement was made after market hours yesterday, 10 May 2017.

Two-wheeler major Hero MotoCorps net profit fell 13.9% to Rs 717.75 crore on 7.9% decline in net sales to Rs 6915.20 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 10 May 2017.

Hero MotoCorp said it took a proactive approach towards the launch of BS IV-compliant vehicles, and liquidated large BS III inventory, leading up to 29 March 2017. In the last two days of the month, the company took some tactical steps to assist its dealers and incentivise the customers with an objective to liquidate the remaining BS Ill stocks, resulting in a one-time impact to the margins of the fourth quarter.

EBITDA (earnings before interest, taxes, depreciation and amortization) margin stood at 12.79% in Q4 March 2017, lower than 14.66% in Q4 March 2016.

Hero MotoCorps retail sales have been outpacing wholesale numbers, as a result of which the company has now been able to maintain healthy dealer inventory. Meanwhile, input costs have been on an upward trend. To partially offset the commodity costs, Hero MotoCorp raised prices ranging from Rs 500 to Rs 2200 on some of the models, with effect from 1 May 2017.

Hindalco Industries will be watched. Novelis Inc, an overseas subsidiary of Hindalco Industries, announced 46% jump in net income at $73 million in Q4 March 2017. Net sales increased 9% to $2.6 billion for the fourth quarter of fiscal 2017, driven by higher average aluminum prices and increased shipments of higher conversion premium products, including a 26% increase in automotive shipments.

Mahindra & Mahindra (M&M) said that India Ratings and Research (Ind-Ra) has affirmed the companys long-term issuer rating at IND AAA. The outlook is stable. Ind-Ra continues to take a consolidated view of M&M after excluding its financial services subsidiary Mahindra & Mahindra Financial Services. The announcement was made after market hours yesterday, 10 May 2017.

Edelweiss Financial Services said that ratings agency CRISIL has assigned the rating of CRISIL A1+ (CRISIL A one plus) to the proposed short term debt issue aggregating to Rs 5000 crore of the company. The announcement was made after market hours yesterday, 10 May 2017.

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Pan India Corporation appoints MD
May 10,2017

Pan India Corporation announced that Omprakash Ramashankar Pathak has been appointed as Managing Director of the Company with effect from 08 May 2017.

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Tata Teleservices (Maharashtra) announces subscriber numbers
May 10,2017

Tata Teleservices (Maharashtra) announced that total subscribers stood at 84,95,125 as on 30 April 2017.

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Edelweiss Financial Services gets ratings assigned for ST debt issue
May 10,2017

Edelweiss Financial Services announced that CRISIL has assigned the rating of CRISIL A1+ (CRISIL A one plus) to the proposed Short Term Debt Issue aggregating to Rs. 5,000 crore of the Company.

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Board of Chartered Logistics appoints director
May 10,2017

Chartered Logistics announced that the Board of Directors of the Company at its meeting held on 10 May 2017 has approved the appointment of Mittal P. Mistry as an Additional Independent Director and Woman Director of the company with effect from 10 May 2017.

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Orient Green Power Company provides update on sale of Green Power (Maharashtra)
May 10,2017

Orient Green Power Company announced that the Company had earlier signed a Share Purchase Agreement with Sindicatum Captive Energy Singapore towards sale of 100% equity shares held in Orient Green Power (Maharashtra) (OGPML). However Padmashri Dr. D.Y. Patil Sahakari Sakhar Karkhana (PDDPSSKL) exercised its option of first right to purchase the Shares of OGPML as per the terms of Build, Own Operate and Transfer (BOOT) Agreement signed with them.

As a result, the SPA signed with Sindicatum Captive Energy Singapore stands cancelled and further an Memorandum of Understanding ( MoU) has been signed between OGPML and PDDPSSKL for a sale of 20 MW CO-Generation Power Plant at GAGANBAWDA, Kolhapur.

The Board has approved the same through a circular resolution.

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