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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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Reliance Power gets credit rating revised
Aug 14,2017

ICRA Ratings has revised its long term ratings on Reliance Powers Rs 6015 Crore Line of Credit to [ICRA] BBB (pronounced ICRA triple B) and the short-term rating to [ICRA] A2 (pronounced ICRA A two). The Company however disagrees with views of ICRA stating that ICRA has not appropriately factored in the above measures taken by the Company while assigning the rating.

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Voltamp Transformers advances after good Q1 results
Aug 14,2017

The result was announced on Saturday, 12 August 2017.

Meanwhile, the S&P BSE Sensex was up 223.32 points, or 0.72% at 31,436.91. The S&P BSE Small-Cap index was up 303.36 points, or 2.02% at 15,339.69.

On the BSE, 5,070 shares were traded on the counter so far as against the average daily volumes of 4,660 shares in the past one quarter. The stock had hit a high of Rs 1,160 and a low of Rs 1,100 so far during the day. The stock had hit a 52-week high of Rs 1,367 on 16 May 2017 and a 52-week low of Rs 751 on 9 November 2016.

The stock had underperformed the market over the past one month till 11 Aug 2017, declining 17.16% compared with the Sensexs 1.68% fall. The scrip had also underperformed the market over the past one quarter declining 12% as against the Sensexs 3.18% rise. The scrip had, however, outperformed the market over the past one year advancing 31.05% as against the Sensexs 12.04% rise.

The small-cap company has equity capital of Rs 10.12 crore. Face value per share is Rs 10.

Voltamp Transformers is engaged in the manufacturing of electrical transformers. The companys products include oil filled transformers, cast resin transformers, unitised sub-station, induction furnace transformers and lighting transformers.

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Savings Bank Rate Cut - HFCs to Face More Competition in Mid-to-Large Ticket Housing Segment
Aug 14,2017

India Ratings and Research (Ind-Ra) expects housing finance companies (HFCs) to face intense competition in the mid-to-large ticket housing (above INR3 million) segment, if banks were to reprice (downward) marginal cost of lending rate, following rate cut for savings deposits. HFCs would have limited manoeuvrability, considering limited weak tailwinds in terms of bond yields.

Also, HFCs might find it challenging to expand their portfolio in the large ticket housing segment amid increasing prepayment rates on account of portfolio transfers. The agency believes HFCs will face a margin contraction in this segment, limiting the spreads to absorb all the costs, while trying to generate reasonable returns. Ind-Ra estimates about one-fifth of the total HFCs portfolio to be of ticket size higher than INR5 million.

The current spread between State Bank of Indias (IND AAA/Stable) MCLR rate and a five-year AAA yield curve rate is 74bp (on 10 August 2017 as per Bloomberg). This will contract as the rating of the borrower goes down the curve. According to Ind-Ras sensitivity analysis, MCLR can face downward revision up to 35bp for some of public sector banks (25bp for private sector banks).

Ind-Ra believes the increased pressure on the large ticket housing portfolio together with increasing opportunity in the small ticket housing space will increase HFCs focus towards financing small ticket housing loans. This space is characterised by limited competition from banks and hence offers reasonable risk adjusted returns.

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Ganesha Ecosphere approves raising of funds
Aug 14,2017

The Board of Directors of Ganesha Ecosphere have approved the raising of funds by way of issue of Equity Shares including Convertible Bonds/ Debentures through Qualified Institutional Placement (QIP) and/ or Depository Receipts and / or bank borrowings and/ or any other modes for an amount not exceeding Rs. 250.00 Crore, subject to approval of members of the Company.

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Bank of Baroda declines after posting dismal Q1 results
Aug 14,2017

The announcement was made after market hours on Friday, 11 August 2017.

Meanwhile, the S&P Sensex was up 224.25 points or 0.72% at 31,438.40.

On the BSE, 4.49 lakh shares were traded on the counter so far as against the average daily volumes of 11.18 lakh shares in the past one quarter. The stock had hit a high of Rs 143.05 and a low of Rs 139.60 so far during the day. The stock had hit a 52-week high of Rs 202.45 on 5 May 2017 and a 52-week low of Rs 136 on 9 November 2016.

The stock had underperformed the market over the past one month till 11 August 2017, dropping 12.28% compared with the Sensexs 1.68% decline. The stock had also underperformed the market over the past one quarter, declining 24.14% as against the Sensexs 3.18% rise. The scrip had also underperformed the market over the past one year, shedding 2.33% as against the Sensexs 12.04% rise.

The large-cap public sector bank has equity capital of Rs 460.83 crore. Face value per share is Rs 2.

The banks gross non-performing assets (NPAs) rose to Rs 46172.77 crore as on 30 June 2017 as against Rs 42718.70 crore as on 31 March 2017 and Rs 42991.68 crore as on 30 June 2016.

The ratio of gross NPAs to gross advances rose to 11.4% as on 30 June 2017 as against 10.46% as on 31 March 2017 and 11.15% as on 30 June 2016.

The ratio of net NPAs to net advances rose to 5.17% as on 30 June 2017 as against 4.72% as on 31 March 2017 and 5.73% as on 30 June 2016.

The banks provisions and contingencies rose 18.16% to Rs 2368.05 crore in Q1 June 2017 over Q1 June 2016. The Provision Coverage Ratio (PCR) stood at 66.28% as at 30 June 2017.

Separately, Bank of Baroda said that it allotted 8,500 Basel III compliant unsecured, perpetual bonds carrying coupon of 8.65% and face value of Rs 10 lakh each worth Rs 850 crore to ten allottees on 11 August 2017.

The bank said that Ramesh Gopalaratnam has been assigned the position of Chief Financial Officer of the bank from 14 August 2017.

Government of India holds 59.24% stake in Bank of Baroda as per the shareholding pattern as on 30 June 2017.

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Rain Industries fixes record date for Interim Dividend
Aug 14,2017

Rain Industries has fixed 24th August 2017 as the record date for the purpose of payment of interim dividend.

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Inertia Steel to convene AGM
Aug 14,2017

Inertia Steel announced that the Annual General Meeting (AGM) of the company will be held on 27 September 2017.

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Kreon Finnancial Services to hold AGM
Aug 14,2017

Kreon Finnancial Services announced that the Annual General Meeting (AGM) of the company will be held on 27 September 2017.

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ITL Industries to conduct AGM
Aug 14,2017

ITL Industries announced that the Annual General Meeting (AGM) of the company will be held on 28 September 2017.

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Ind Bank Housing schedules AGM
Aug 14,2017

Ind Bank Housing announced that the Annual General Meeting (AGM) of the bank will be held on 16 September 2017.

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Hindustan Tin Works AGM scheduled
Aug 14,2017

Hindustan Tin Works announced that the Annual General Meeting (AGM) of the company will be held on 27 September 2017.

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Ind-Agiv Commerce to hold AGM
Aug 14,2017

Ind-Agiv Commerce announced that the Annual General Meeting (AGM) of the company will be held on 7 September 2017.

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Jumbo Bag AGM scheduled
Aug 14,2017

Jumbo Bag announced that the Annual General Meeting (AGM) of the company will be held on 8 September 2017.

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JK Lakshmi Cement to convene AGM
Aug 14,2017

JK Lakshmi Cement announced that the Annual General Meeting (AGM) of the company will be held on 7 September 2017.

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IVP to convene AGM
Aug 14,2017

IVP announced that the Annual General Meeting (AGM) of the company will be held on 10 August 2017.

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