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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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Bharat Financial Inclusion slips on profit booking
Nov 24,2016

Meanwhile, the BSE Sensex was down 73.64 points, or 0.28%, to 25,978.17.

On BSE, so far 1.20 lakh shares were traded in the counter, compared with average daily volume of 2.09 lakh shares in the past one quarter. The stock hit a high of Rs 712 and a low of Rs 679.65 so far during the day. The stock hit a 52-week high of Rs 938.75 on 29 July 2016. The stock hit a 52-week low of Rs 419.75 on 26 November 2015. The stock had underperformed the market over the past 30 days till 23 November 2016, falling 21.77% compared with the 7.26% decline in the Sensex. The scrip had also underperformed the market in past one quarter, falling 6.46% as against Sensexs 6.41% decline.

The mid-cap company has equity capital of Rs 137.81 crore. Face value per share is Rs 10.

Shares of Bharat Financial Inclusion rose 5.89% in two trading sessions to settle at Rs 714.95 yesterday, 23 November 2016, from its close of Rs 675.20 on 21 November 2016.

Bharat Financial Inclusions net profit rose 87.4% to Rs 145.88 crore on 37.4% increase in operating income to Rs 411.37 crore in Q2 September 2016 over Q2 September 2015.

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

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Manpasand Beverages surges after good Q2 result
Nov 24,2016

The result was announced during market hours today, 24 October 2016.

Meanwhile, the BSE Sensex was down 67.34 points, or 0.26%, to 25,984.47

On BSE, so far 32,000 shares were traded in the counter, compared with average daily volume of 22,459 shares in the past one quarter. The stock hit a high of Rs 659 and a low of Rs 616 so far during the day. The stock hit a record high of Rs 775.80 on 5 October 2016. The stock hit a 52-week low of Rs 389 on 10 March 2016. The stock had underperformed the market over the past 30 days till 23 November 2016, falling 14.81% compared with the 7.26% decline in the Sensex. The scrip also underperformed the market in past one quarter, sliding 14.5% as against Sensexs 6.41% decline.

The mid-cap company has an equity capital of Rs 57.19 crore. Face value per share is Rs 10.

Manpasand Beverages is a fruit drink manufacturer focusing on mango. Mango-based fruit drink, Mango Sip, is the flagship brand of the company, which is strategically aimed at customers in semi urban and rural markets. In addition, the company also sells fruit drink in apple flavor under the brand Apple Sip.

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Malabar Trading Company changes directorate
Nov 24,2016

Malabar Trading Company at the board meeting held on 24th November 2016 has accepted the resignation of Mr. Ketanbhai Dineshchandra Sorathiya and Mr. Vipul Shantilal Trivedi from their directorships and has appointed Mr. Ashish Thakkar and Mr. Kaivant Shah as additional directors of the Company with effect from 24th November 2016.

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Aditya Birla Fashion and Retail appoints KMP
Nov 24,2016

Aditya Birla Fashion and Retail has appointed Mr. Vishak Kumar, Chief Executive Officer-Madura Fashion & Lifestyle as one of the Key Managerial Personnel of the Company.

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Short Term Bills May Enable Liquidity Sterilisation as RBIs G-Sec Kitty Limited
Nov 24,2016

The amount of government securities (G-Sec) available with the Reserve Bank of India (RBI) to offer banks in exchange of the spurt in deposits is nearing a critical limit, which may force the central bank to look at alternative means to sterilise liquidity, says India Ratings and Research (Ind-Ra). In Ind-Ras assessment, sterilisation through the issuance of cash management bills (CMB) is likely to be preferred over other structural measures, namely a hike in the cash reserve ratio (CRR) or resorting to the use of the market stabilisation scheme (MSS), since the sustainability of such high deposits remains uncertain. The sterilisation will ensure stability in the money market in sync with the central banks key objective of ensuring financial market stability.

Banks have parked a record INR4.3trn with the RBI as of 22 November 2016, against which the banks receive government securities (G-Sec). However, RBIs G-sec holding currently stands at around INR7trn, which may compel the central bank to look for alternatives to sterilise the liquidity in the near-term.

A fortnight after the government notified the withdrawal of the legal tender status of high denomination currency notes, banks find themselves flooded with a gush of liquidity. As on 22 November 2016, on a net basis, banks have parked a record INR4.3trn with the RBI - earning in range of 6.21% to 6.24% as overnight interest. This is the highest liquidity absorption carried out by RBI (earlier record absorption was INR1.7trn in May 2009). In order to absorb that liquidity, the RBI tenders G-sec as collateral (under the liquidity adjustment facility window) by conducting reverse repo operations.

The average amount that banks have been parking with the RBI since 9 November 2016 is INR1.75trn compared to the last three months average pre-demonitisation of INR256bn. Ind-Ra believes, in the event that the liquidity surplus in the system increases beyond the level of G-secs held by RBI, several alternative and unconventional measures can be deployed. The issuance of CMB is likely to emerge as the preferred alternative for the RBI owing to benefits like (1) short duration of underlying security, less than 91 days (2) existing secondary market and qualification for a ready forward facility and investment in Statutory Liquidity Ratio (3) consistent with RBIs stance on liquidity and monetary policy. The issuance of CMB will limit the softening of yields, especially on the shorter end of the curve. Traditionally, CMB are issued to enable the government to tide over temporary liquidity mismatches. Ind-Ra, however, believes given the current scenario it can be an effective liquidity management tool for the RBI.

Apart from CMB issuances, the RBI could also look at other options to durably sterilise liquidity:

n++Utilisation of MSS limits to issue bonds - the ceiling for which is fixed at INR300bn for FY17.

n++Increasing reserve requirement by hike in CRR - a mode less preferred given its permanent nature and perverse impact on banks ability to ensure transmission

n++Intervene in the forex market - RBI has accumulated USD10.7bn through spot market in April-September 2016

n++Explore the option of uncollateralised window of liquidity absorption (standing deposit facility as proposed in the Report of Expert Committee to Revise and Strengthen Monetary Policy Framework)

n++Introduce reward based excess reserve maintenance as introduced by the Federal Reserve in 2009. This encourages commercial banks to park excess liquidity in the hands of central banks with nominal interest rate, creating an alternative tool for non-collateral sterilisation.

However, the agency believes each of the above measure comes with its own set of implication and limit the fluidity required for the central bank operation. The MSS bonds may pose a challenge with respect to eventual de-sequestration, while a hike in CRR may result in a negative shock to the banking system - limiting their ability to pass on easy rates. On the other hand, intervention in the foreign exchange market will necessitate RBI to utilise their forex reserves. Given the global risk aversion and elevated probability of a Fed rate hike, the ensuing currency volatility may compel RBI to preserve forex reserves and utilise it judiciously. Lastly, in order to operationalise the standing deposit facility (uncollateralised liquidity absorption facility, as proposed by Urjit Patel committee 2014), an amendment in the RBI Act is required- thus prohibiting its immediate utilisation.

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A2Z Infra Engineering corrects on profit booking
Nov 24,2016

Meanwhile, the BSE Sensex was down 39.40 points, or 0.15%, to 26,012.41.

On BSE, so far 2.17 lakh shares were traded in the counter, compared with average daily volume of 2.62 lakh shares in the past one quarter. The stock hit a high of Rs 40.05 and a low of Rs 37.55 so far during the day. The stock hit a 52-week high of Rs 51.65 on 1 November 2016. The stock hit a 52-week low of Rs 16.50 on 12 February 2016. The stock had outperformed the market over the past 30 days till 23 November 2016, falling 2.64% compared with the 7.26% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 4.25% as against Sensexs 6.41% decline.

The small-cap company has equity capital of Rs 129.62 crore. Face value per share is Rs 10.

Shares of A2Z Infra Engineering rose 20.54% in two trading sessions to settle at Rs 40.50 yesterday, 23 November 2016, from its close of Rs 33.60 on 21 November 2016.

Shares of A2Z Infra Engineering rose 6.86% to Rs 40.50 yesterday, 23 November 2016, after the company said its subsidiary A2Z Green Waste Management has agreed with one of its lenders for a settlement of its various debt obligation aggregating to Rs 416.18 crore. The announcement was made after market hours on Tuesday, 22 November 2016.

The stock surged 12.80% to Rs 37.90 on Tuesday, 22 November 2016, after the company said that a contract has been awarded to the company by Chhattisgarh State Power Transmission Company for construction of 132 kilovolt S/S Bijapur and associated EHV Line on turnkey basis. The aggregate value of the contract is Rs 41.33 crore. The announcement was made during market hours on Tuesday, 22 November 2016.

A2Z Infra Engineering reported a net loss of Rs 18.75 crore in Q1 June 2016, lower than net loss of Rs 34.21 crore in Q1 June 2015. Net sales surged 148.5% to Rs 202.70 crore in Q1 June 2016 over Q1 June 2015.

A2Z Infra Engineering (formerly known as A2Z Maintenance & Engineering Services) is a fast growing, fully integrated electrical business group (EBG) in India catering to the needs of domestic and international power sector clients in building distribution and transmission infrastructure.

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Indiabulls Real Estate to buyback shares
Nov 24,2016

The Board of Indiabulls Real Estate on 24th November 2016 has approved the proposal of buy-back of upto Rs 6 Crore fully paid up equity shares of Rs 2 each of the Company, being 11.8% approx. of existing paid-up share capital of the company.

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Cabinet approves introduction of revamped Merchant Shipping Bill 2016 in Parliament
Nov 24,2016

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the Merchant Shipping Bill, 2016 for introducing it in the Parliament.

The Merchant Shipping Bill, 2016 is a revamped version of the Merchant Shipping Act, 1958. The Bill provides for repealing of Merchant Shipping Act, 1958 as well as for the repealing of the Coasting Vessels Act, 1838.

The Merchant Shipping Act, 1958 had become a bulky piece of legislation over the years as a result of various amendments carried out in the Act from time to time. It was amended 17 times between 1966 and 2014 resulting in an increase in the number of sections to more than 560 sections. These provisions have been meticulously shortened to 280 sections in the Bill.

The provisions of the Bill will simplify the law governing the merchant shipping in India. Further, certain redundant provisions will be dispensed with and remaining provisions will stand consolidated and simplified so as to promote case of doing business, transparency and effective delivery of services.

The significant reforms that will usher in, upon enactment of the Bill, are:

A. Augmentation of Indian tonnage promotion/development of coastal shipping in India by:-

a) allowing substantially-owned vessels and vessels on Bare Boat-cum-Demise (BBCD); charter by Indians to be registered as Indian flag vessels;

b) recognising Indian controlled tonnage as a separate category;

c) dispensing with the requirement for issuing of licences to Indian flag vessels for coastal operation and for port clearance by the Customs authorities; and

d) making separate rules for coastal vessels to develop & promote coastal shipping.

B. Introduction of welfare measures for seafarers, such as:-

a) seafarers held in hostage captivity of pirates will receive wages till they are released and reach home back safely;

b) owners of vessels to compulsorily take insurance of crew engaged on vessels including fishing, sailing without mechanical means of propulsion and whose net tonnage is less than 15; and

c) the requirement of signing of articles of agreement by the crew before the Shipping Master will no longer be necessary.

C. Registration of certain residuary category of vessels not covered under any statute and lo make provisions for security-related aspects.

D. Incorporation of all International Maritime Organisation (IMO) Conventions/Protocols in the Indian laws up-to-date (an essential pre-requisite for compliance with the IMO Member-State Audit Scheme that is mandatory since 1/1/2016) by inserting provisions relating to seven different conventions, namely,

a) the Intervention Convention 1969,

b) the Search and Rescue Convention 1979

c) the Protocol for Prevention of Pollution from Ships Annex VI to Marine Pollution Convention,

d) the Convention for Control and Management of Ships Ballast Water and Sediments, 2004,

e) the Nairobi Wreck Removal Convention, 2007,

f) the Salvage Convention 1989 and

g) the International Convention for Bunker Oil Pollution Damage, 2001.

Besides, the provisions for survey, inspection and certification of vessels which were scattered in various Parts of the existing Act are placed together to provide for a simplified regime for convenience of Indian shipping industry. The Coasting Vessels Act, 1838, which is an archaic legislation of the British era providing for registration of non-mechanically propelled vessels to a limited jurisdiction of Saurashtra and Kutch, is proposed to be repealed since in the Merchant Shipping Bill 2016 provisions have been introduced for registration of all vessels for the whole of India.

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Manpasand Beverages allots equity shares
Nov 24,2016

Manpasand Beverages has issued and allotted 30,000 Equity Shares of Rs. 10/- each, upon exercise of 30,000 options by optionees under the Companys Employee Stock Options Plan (ESOP-2014).

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Cupid Trades & Finance shifts registered office
Nov 24,2016

The board of Trades & Finance has approved the shifting of the Companys registered oiffice from 407, B Panchratna, Opera House, Mama Parmanand Road, Mumbai, Maharashtra - 400004 to 122, 2nd Floor, Flox Chambers, 10/21 Tata Road, No 1, Opera House, Mumbai 400004.

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Volumes jump at Maithan Alloys counter
Nov 24,2016

Maithan Alloys clocked volume of 79.30 lakh shares by 13:58 IST on BSE, a 1028.78-times surge over two-week average daily volume of 8,000 shares. The stock rose 14.3% to Rs 243. A large bulk deal of 55.05 lakh shares was executed on the scrip at Rs 214.80 per share in opening trade on BSE.

Prism Cement notched up volume of 25.05 lakh shares, a 86.80-fold surge over two-week average daily volume of 29,000 shares. The stock shed 0.28% to Rs 90.

Supreme Industries saw volume of 1.03 lakh shares, a 19.01-fold surge over two-week average daily volume of 5,000 shares. The stock rose 1.3% to Rs 813.05.

Rane Brake Lining clocked volume of 73,000 shares, a 7.27-fold surge over two-week average daily volume of 10,000 shares. The stock rose 12.06% to Rs 1,015.

Adani Transmission saw volume of 16.90 lakh shares, a 6.57-fold rise over two-week average daily volume of 2.57 lakh shares. The stock rose 2.15% to Rs 57.10.

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IT shares in demand
Nov 24,2016

Oracle Financial Services Software (up 2.12%), Tech Mahindra (up 2.04%), TCS (up 1.75%), Infosys (up 1.41%), Persistent Systems (up 1.36%), Wipro (up 1.35%), MindTree (up 1.32%), Hexaware Technologies (up 0.87%) and HCL Technologies (up 0.44%), edged higher. MphasiS was down 0.08%.

The S&P BSE IT index was up 1.35% at 9,445.44. It outperformed the S&P BSE Sensex, which was down 0.78% at 25,848.76.

The S&P BSE IT index had underperformed the market over the past 30 days till 23 November 2016, falling 8.34% compared with the 7.26% decline in the Sensex. The index had also underperformed the market in past one quarter, falling 11.43% as against Sensexs 6.41% decline.

A weak rupee boosts revenue of IT firms in rupee terms as the sector derives a lions share of revenue from exports.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 68.83, compared with its close of 68.56 during the previous trading session.

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Sundaram Multi Pap approves Qualified Institutions Placement
Nov 24,2016

The Board of Sundaram Multi Pap has determined and approved the issue price of Rs. 4.10/- per Equity Share (including premium of Rs. 3.10/- per Equity Share) after giving a discount of around 5% to the Floor Price of Rs. 4.30/-, for the issuance and allocation of 30000000 Equity Shares to eligible qualified institutional buyers in the Qualified Institutions Placement, aggregating up to Rs. 12.30 crore

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HPL Electric & Power gets ratings upgraded
Nov 24,2016

HPL Electric & Power has got its long term bank facilities ratings upgraded by the Fitch to IND A with a positive outlook.

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NIIT allots equity shares
Nov 24,2016

NIIT has allotted 41,528 equity shares of Rs 2 each to the employees of the Company on 23rd November 2016 in accordance with the terms of ESOP-2005.

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