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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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Canara Bank renews MCLR rates
Mar 06,2017

Canara Bank has renewed MCLR rates with effect from 07 March 2017 as under -

Overnight - 8.20%
One month - 8.25%
Three month - 8.30%
Six month - 8.40%

One year - 8.45%

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Australia Stocks up, driven by miners
Mar 06,2017

Australian equity market finished marginally higher on Monday, 06 March 2017, due to gains in material stocks and financials offset the losses in defensive and energy stocks. The S&P/ASX 200 index finished 0.29%, or 16.899 points, higher at 5,746.5. Falling stocks outnumbered advancing ones on the Australia Stock Exchange by 586 to 485 and 335 ended unchanged. The S&P/ASX 200 VIX, which measures the implied volatility of S&P/ASX 200 options, was down 3.27% to 12.101.

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Board of PG Foils recommends dividend
Mar 06,2017

PG Foils announced that the Board of Directors of the Company at its meeting held on 6 March 2017, inter alia, have recommended the dividend of Rs 1.1 per equity Share (i.e. 11%) , subject to the approval of the shareholders.

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Ambuja Cements to hold AGM
Mar 06,2017

Ambuja Cements announced that the Annual General Meeting (AGM) of the company will be held on 31 March 2017.

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Infronics Systems to hold board meeting
Mar 06,2017

Infronics Systems will hold a meeting of the Board of Directors of the Company on 10 March 2017, to acquire small time Companies engaged in the Information Technology related business to achieve in organic growth.

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Mudunuru to hold board meeting
Mar 06,2017

Mudunuru will hold a meeting of the Board of Directors of the Company on 10 March 2017, to sell non critical Assets/ loss making divisions or Subsidiaries.

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Looks Health Services to hold board meeting
Mar 06,2017

Looks Health Services will hold a meeting of the Board of Directors of the Company on 14 March 2017, for appointment of Ms. Avni Garnara as a Company Secretary & Compliance Officer of the Company W.e.f 3rd March, 2017.

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Shilpa Medicare to hold board meeting
Mar 06,2017

Shilpa Medicare will hold a meeting of the Board of Directors of the Company on 9 March 2017, to consider declaration of Interim Dividend For Financial Year Ending 31St March, 2017.

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Mount Shivalik Industries to hold board meeting
Mar 06,2017

Mount Shivalik Industries will hold a meeting of the Board of Directors of the Company on 9 March 2017, to consider the proposals for the operation and management of Restaurants Business of the Company and other matters

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Lakshmi Precision Screws to hold board meeting
Mar 06,2017

Lakshmi Precision Screws will hold a meeting of the Board of Directors of the Company on 11 March 2017, for considering and approval of results for quarter and nine month ended on 31 December 2016.

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Pondy Oxides & Chemicals wins Silver Trophy for Top Exporter (Medium Enterprise)
Mar 06,2017

Pondy Oxides & Chemicals has been awarded Silver Trophy for Top Exporter (Medium Enterprise) from Engineering Export Promotion Council, Ministry of Commerce, Government of India.

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Govt. & industry should work towards sustainable development of commodity futures market: C.R. Chaudhary
Mar 06,2017

The Government together with industry should work towards protecting the rights of all stakeholders viz., producer, consumer and traders operating in the commodity futures market, Union Minister of State for Consumer Affairs, Food and Public Distribution, Mr C.R. Chaudhary said at an ASSOCHAM event.

n++We need to strike a balance between producer, consumer and trader for sustainable growth and development of commodity futures market in the long run,n++ said Mr Chaudhary.

n++Traders will grow when they deal fairly with consumers and producers, while the producers will become self-sufficient and satisfied if they get their return together with cost of production and labour and the consumers want things to be made available at affordable prices,n++ said the Union Minister of State.

n++In future trading, sometimes speculators play a major role in fixing and jacking up prices by making promises to purchase small quantity at very high prices,n++ he lamented.

Recalling the crisis in futures trade of guargum, the Minister said, n++About 3-4 years ago, some party just increased the prices that reached Rs 30,000 per quintal thereby making it equivalent to gold, I could never imagine that guar could be sold at more than Rs 3,000 per quintal but it was due to gamble of certain speculators and today no one is buying guar at Rs 2,500 per quintal.n++

He said that though farmers often complaint to him about drastic decline in prices of commodities. n++I told them that you too are responsible for the same to some extent as if there is a jump in prices of a particular commodity owing to some reason or the other, you start producing only the same like in the case of onion.n++

The Minister also said that excess production also considerably reduces the prices of the produce and even traders are also not able to make much profits.

n++As such we have to make some arrangements, like the government has to think on setting up cold storages near production hubs of perishable commodities so they can be stored and sold at an apt price,n++ said Mr Chaudhary.

n++Besides, there is also a need to simultaneously develop processing centres for the producer and trader to realise the right cost,n++ he added.

He also said that the industry should chalk out all the rules, regulations, policies that are hindering the growth of commodity futures market and carry out discussions thereby also considering each from the perspective of producer, consumer and trader.

He assured that his ministry would take up the industrys specific suggestions and demands about how to make commodity futures market more sustainable with concerned government authorities.

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Rupee surges
Mar 06,2017

Rupee closed higher at 66.8850/9000 per dollar on Monday (06 March 2017), versus its previous close of 67.0025/0100 per dollar.

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FPIs continue buying
Mar 06,2017

Foreign portfolio investors (FPIs) bought stocks worth a net Rs 1608.37 crore from the secondary equity markets on Friday, 3 March 2017, compared with net inflow of Rs 185.13 crore on 2 March 2017. On that day, the Sensex fell 7.34 points or 0.03% to settle at 28,832.45, its lowest closing level since 28 February 2017.

The net inflow of Rs 1608.37 crore on 3 March 2017 was a result of gross purchases of Rs 5308.41 crore and gross sales of Rs 3700.04 crore.

There was an outflow of Rs 180.46 crore from the category primary market & others on 3 March 2017.

FPIs bought stocks worth a net Rs 2975.46 crore in March 2017 so far (till 3 March 2017). They had purchased stocks worth a net Rs 8322.23 crore in February 2017. FPIs have purchased shares worth a net Rs 9982.56 crore from the secondary equity markets in calendar year 2017 so far (till 3 March 2017). They had purchased shares worth a net Rs 12094.42 crore from the secondary equity markets in calendar year 2016.

There was a net outflow of Rs 586.48 crore from FPIs from the category primary market & others in March 2017 so far (till 3 March 2017). FPIs bought stocks worth a net Rs 1579.95 crore from the category primary market & others in February 2017. FPIs have purchased shares worth a net Rs 1132 crore from the category primary markets & others in calendar year 2017 so far (till 3 March 2017). The net inflow from FPIs in the category primary markets & others had totaled Rs 8471.76 crore in calendar year 2016.

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FY18 Fertiliser Outlook: Debt-Funded Capex to Offset Benefits of Working Capital Improvements
Mar 06,2017

India Ratings and Research (Ind-Ra) has maintained a stable outlook for the fertiliser industry for FY18. The agency expects lower dependence on government subsidies, due to lower international prices of raw materials and finished products, to be a positive driver for the sector in FY18. Additional debt to fund capacity upgrade and expansion projects would be a key negative driver. A combination of lower dependence on government subsidies, which will lead to lower working capital debt, and higher term debt for capex is likely to result in stable debt levels across the sector. Moreover, the agency expects EBITDA levels of fertiliser companies to sustain at the FY17 levels, driven by consumption growth. Thus, stable debt and EBITDA levels would lead to stable credit metrics across the sector in FY18.

Ind-Ra expects demand for fertilisers to increase by about 5% yoy in FY18. Demand for fertilisers is likely to remain strong in FY18 on account of an increase in purchasing power of farmers due to a rise in farm income and a rise in minimum support price (MSP) of key rabi crops in in FY17.

Low domestic gas production, gas supply limitations and low international prices of key fertlisers would continue to affect domestic production.

Ind-Ra expects urea and decontrolled fertiliser manufacturers EBITDA levels in FY18 to sustain at the levels recorded for FY17, as volume growth would neutralise the impact of lower subsidy revenue due to stricter efficiency norms and low international prices of both inputs and finished goods. The agency expects the prices of imported fertilisers to continue to remain low in view of low energy and raw material costs and subdued international demand due to a change in Chinas crop policy.

Low raw material prices, stable subsidy allocation and reduced subsidy backlog would lead to an improved subsidy disbursement and, hence, a lower working capital debt in FY18. However, lower working capital debt would be offset by additional debt-funded capex to comply with energy efficiency norms applicable by FY19, as well as to execute expansion projects.

Ind-Ra believes that sustained debt and EBITDA levels would result in stable credit profiles of fertliser companies in FY18.

OUTLOOK SENSITIVITIES

Impact of Policy Changes; Urea Price Decontrol: Structural reforms leading to a reduction in subsidy dependence and timely release of subsidies could lead to a positive sector outlook.

Weakening in GOI Support: The sector outlook could be revised to negative, if the government of Indias (GOI) subsidy support reduces or there is a large debt-funded capex by fertiliser companies.

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