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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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Vinati Organics gets reaffirmation in credit ratings for bank facilities
Jul 04,2017

Vinati Organics announced that CARE has reaffirmed its ratings for bank facilities of the Company as under -

Short term bank facilities (Rs 31.65 crore) - CARE A1+
Long term/ Short term bank facilities (Rs 30 crore) - CARE AA-; Stable / CARE A1+
Long term / short term bank facilities (Rs 5 crore) - CARE AA-; Stable/ CARE A1+

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Prestige Estates Projects gets NCLT approval for scheme of amalgamation
Jul 04,2017

Prestige Estates Projects announced that the National Company Law Tribunal, Bengaluru Bench has sanctioned the Scheme of Amalgamation of Downhill Holiday Resorts, Foothills Resorts, Pennar Hotels and Resorts and Valdel Xtent Outsourcing Solutions with Prestige Estates Projects. The copy of the Certified Order sanctioning the Scheme has been received by the Company on 03 July 2017.

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Arvind to pay dividend
Jul 04,2017

Arvind announced that dividend if declared by the shareholders, will be paid on or after 09 August 2017.

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Astra Microwave Products to pay dividend
Jul 04,2017

Astra Microwave Products announced that dividend if approved by the shareholders, will be paid on or before 14 August 2017.

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Maruti Suzuki India announces production performance
Jul 04,2017

Maruti Suzuki India achieved total production of 118,667 units in June 2017 compared to 90,262 units in June 2016.

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Zicom Electronic Security Systems to hold AGM
Jul 04,2017

Zicom Electronic Security Systems announced that the th Annual General Meeting(AGM) of the company on 21 September 2017.

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Eco Recycling to hold AGM
Jul 04,2017

Eco Recycling announced that the 23th Annual General Meeting(AGM) of the company on 4 August 2017.

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Board of V R Woodart approves shifting of registered and corporate office
Jul 04,2017

V R Woodart announced that Board of Directors of the Company at their meeting held on 4 July, 2017, has approved the shifting of their Registered and Corporate office of the Company from the present address within the city limits.

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Deltron to hold board meeting
Jul 04,2017

Deltron will hold a meeting of the Board of Directors of the Company on 8 July 2017.

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Mphasis to hold board meeting
Jul 04,2017

Mphasis will hold a meeting of the Board of Directors of the Company on 26 July 2017 Quarterly Results

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Mine Developer & Operator Appointments - A Large Growth Opportunity for EPC Players
Jul 04,2017

The mine developer and operator (MDO) route presents a large growth opportunity for domestic engineering, procurement and construction (EPC) players with a demonstrated relevant track record, subject to attractive mine economics, says India Ratings and Research (Ind-Ra).

The credit profile of the appointed MDOs during the mine development phase is perceived to be risky, owing to high capex and negative free cash flow. The credit profile is likely to improve gradually over the mine operating period as the cash flows are negative to low till the annual production reaches the peak production capacity, and thereafter turn positive. Given the high capex during the development phase, it becomes extremely important for the operator to achieve the envisaged strip ratio and/or operational efficiencies to recover the capex along with a reasonable return.

As of May 2017, one out of the four MDOs appointed by central and state power utilities in the last 21 months has commenced mining operations and another two are likely to commence operations in FY18. The remaining MDO will commence mine development in FY19. The slow pace of appointment is attributed to the delay in securing requisite clearances and collection of techno-commercial data by the awarding authority for inviting prospective bids. Nevertheless, 14 captive coal mines owned by central and state power utilities with geological reserves of 6.8 billion metric tonnes are under various stages of bid invitation and evaluation while techno-commercial bids for 19 mines with geological reserves of 9.3 billion metric tonnes are in the pipeline.

MDO is a specialised operating leverage play and attracts limited competition, given the risks and reward involved. MDO projects offer multi-year revenue visibility which strengthens the overall order book and imparts diversification benefits to the appointed EPC players. Successful operations require robust mine designing and engineering capabilities as well as the financial strength to sustain viable operations over the long haul.

MDOs need to make significant upfront capex in equipment and infrastructure during the mine development phase, followed by recurring replacement capex for machinery every five years during the mine operation phase based on asset usage. The overall investment outlay is in the range of 8%-10% of project revenues over the MDO tenure. After the commencement of mining operations, it generally takes two to five years for the mine to achieve peak production capacity and EBITDA margins of 25%-30%. Return ratios are likely to be moderate in the range of 11%-14% over the operating period, owing to high capital intensity. The ability of an MDO to maintain the scheduled production timelines; maintain, or operate below, the stipulated strip ratio; and keep asset utilisation at the optimum level are key monitorables.

Ind-Ra expects EPC contractors with an experience of excavating more than three million metric tonne per annum of mineral or overburden in mining belts, moderate free cash flow, low leverage translating into high financial flexibility to be the strong contenders for MDO appointment. However, given the amount of investment and length of the gestation period involved in mine development, most moderately leveraged private contractors can only operate two mines under development phase at the most to maintain their credit profile in a comfortable range.

Despite the promising benefits, MDO projects are fraught with operational challenges with respect to delay or inability to achieve the peak production capacity, risk of an increase in strip ratio, variability in off-take, challenges in incremental land acquisition and conflicts from inhabitants. These impediments can spiral costs and weaken the financial metrics of appointed contractors.

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Munjal Auto Industries fixes record date for bonus issue
Jul 04,2017

Munjal Auto Industries has fixed 12 June 2017 as record date for proposed bonus issue.

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Emami Paper Mills jumps on capacity expansion plan
Jul 04,2017

The announcement was made after market hours yesterday, 3 July 2017.

Meanwhile, the S&P BSE Sensex was almost flat at 31,221.38.

On the BSE, 18,000 shares were traded in the counter so far, compared with average daily volumes of 7,178 shares in the past one quarter. The stock had hit a high of Rs 134 and a low of Rs 126.05 so far during the day. The stock hit a record high of Rs 152.20 on 3 November 2016. The stock hit a 52-week low of Rs 54 on 11 July 2016.

The stock had outperformed the market over the past one month till 3 July 2017, rising 19.67% compared with 0.17% decline in the Sensex. The scrip had, however, underperformed the market in past one quarter, falling 1.70% as against Sensexs 4.38% rise. The scrip had outperformed the market in past one year, rising 114.02% as against Sensexs 14.45% rise.

The small-cap company has equity capital of Rs 12.10 crore. Face value per share is Rs 2.

Emami Paper Mills said it received in principle approval from Odisha Government for proposed expansion plan for increasing capacity of multi layer coated board manufacturing at Balgopalpur in Odisha at an estimated cost of Rs 650 crore, subject to necessary approvals from the board of directors and other concerned.

Buoyed by the performance of its first packaging unit at Balasore, touching almost 180,000 tonnes per annum (TPA) mark, Emami Paper Mills is now planning to put in place a similar plant of multi-layer coated board. This will result in doubling its present capacity and the significant market share. Encouraged by good market response and growth in packaging sector, the company is now conceptualising another big ticket expansion in the form of similar plant at Balasore with somewhat similar capacity, details of which are being worked out. Emami Paper Mills said it will furnish further information in this context as soon as the decision is firmed up at the board level and after getting further necessary approvals, the company said in a statement.

Net profit of Emami Paper Mills declined 94.02% to Rs 1.40 on 110.26% rise in net sales to Rs 300.84 crore in Q4 March 2017 over Q4 March 2016.

Emami Paper Mills, a part of Emami Group, specializes in the manufacture of newsprint, writing & printing paper and multilayer coated board.

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GIPCO declines on profit booking
Jul 04,2017

Meanwhile, the S&P BSE Sensex was down 2.62 points, or 0.01% at 31,219. The S&P BSE Small-Cap index was down 7.84 points, or 0.05% at 15,564.82.

On the BSE, 72,000 shares were traded on the counter so far as against the average daily volumes of 1.02 lakh shares in the past two weeks. The stock had hit a high of Rs 128 so far during the day, which is also its 52-week high. The stock hit a low of Rs 121.35 so far during the day. The stock had hit a 52-week low of Rs 84.10 on 21 September 2016.

The stock had outperformed the market over the past one month till 3 July 2017, advancing 18.78% compared with the Sensexs 0.17% fall. The scrip had also outperformed the market over the past one quarter advancing 14.75% as against the Sensexs 4.38% rise. The scrip had also outperformed the market over the past one year advancing 33.37% as against the Sensexs 15.02% rise.

The small-cap company has equity capital of Rs 151.25 crore. Face value per share is Rs 10.

Shares of Gujarat Industries Power Company had rallied 13.6% in the preceding four trading sessions to settle at Rs 124.90 yesterday, 3 July 2017, from its close of Rs 109.95 on 27 June 2017.

Gujarat Industries Power Companys net profit rose 29.7% to Rs 82.45 crore on 8.7% decrease in net sales to Rs 336.22 crore in Q4 March 2017 over Q4 March 2016.

Gujarat Industries Power Company is engaged in the business of electrical power generation.

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CCL Products (India) to hold board meeting
Jul 04,2017

CCL Products (India) will hold a meeting of the Board of Directors of the Company on 11 July 2017 to consider and approve un-audited standalone financial results and un-audited consolidated financial results of the Company for the first quarter ended 30th June, 2017.

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