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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: Global speculative-grade default rate down again in Q2 2017
Jul 14,2017

Moodys global trailing 12-month speculative-grade default rate closed at 3.2% in the second quarter of 2017, down from 3.9% the prior quarter and 4.7% a year ago, Moodys Investors Service says in its latest global monthly default report. The US speculative-grade default rate, meanwhile, fell to 3.8% in the second quarter from 4.7% in the first quarter, while the European rate edged up to 2.8% from 2.5% over the same period.

Globally, the year-to-date corporate default tally rose to 50 in the past quarter after 28 Moodys-rated companies defaulted. Defaults remained concentrated in the US in Q2 2017, with 18 US companies defaulting, as compared to 8 companies in Europe. Notably, the oil and gas and retail sectors were the biggest contributors of the quarters defaults, with five in each sector.

Despite some concerns about distressed retailers, overall credit conditions remain benign as indicated by the low unemployment rates and high yield spreads, observed Sharon Ou, a Moodys Vice President.

Looking ahead, Moodys expects the global speculative-grade default rate to finish 2017 at 2.7%, before continuing its descent to reach 2.4% a year from now. In the US, Moodys expects the default rate to close the year at 3.1%, down from 3.8% currently, while in Europe the rate is expected to fall to 2.3% from its current 2.8% during the same period.

Across sectors, Moodys expects the Media: Advertising, Printing & Publishing sector to see the highest default rate in the coming 12 months, followed by retail, in both the US and Europe.

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NMDC intimates of strategic divestment of its Steel Plant
Jul 14,2017

NMDC announced that the Department of Investment and Public Asset Management has prepared strategic divestment plan as per the decision of Cabinet Committee on Economic Affairs, Government of India for strategic disinvestment of various PSEs including NMDCs Steel Plant, Nagarnar, Chhattisgarh.

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Apex Buildsys announces resignation of company secretary and compliance officer
Jul 14,2017

Apex Buildsys announced that Puneet Jolly has resigned from the post of Company Secretary & Compliance Officer of the Company w. e. f 15 July 2017.

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National Fittings fixes record date for final dividend
Jul 14,2017

National Fittings has fixed 05 August 2017 as record date for payment of final dividend.

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Sunteck Realty fixes record date for stock split
Jul 14,2017

Sunteck Realty has fixed 26 July 2017 as record date for sub-division of 1 equity shares of Rs 2 each into 2 equity shares of Re 1 each.

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Hexaware Technologies gets NCTL approval for scheme of amalgamation
Jul 14,2017

Hexaware Technologies announced that the Honble National Company Law Tribunal, Mumbai bench has approved Scheme of Amalgamation of Risk Technology International (the Transferor Company) with Hexaware Technologies (the Transferee Company) and their respective Shareholders. The copy of the order is awaited. The Scheme will come into effect upon filing of certified true copy of order with Registrar of Companies at Mumbai, Maharashtra.

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Fitch Assigns Asian Infrastructure Investment Bank AAA; Outlook Stable
Jul 14,2017

Fitch Ratings has assigned the Asian Infrastructure Investment Bank (AIIB) a Long-Term Issuer Default Rating (IDR) of AAA and a Short-Term IDR of F1+. The Outlook is Stable.

KEY RATING DRIVERS

The ratings of AIIB are based on its existing and expected intrinsic strengths. Created in 2015, AIIB has been endowed with a substantial capital base which, in Fitchs view, will support the projected rapid expansion in lending; exposure to risk will be mitigated by a comprehensive set of policies and by high quality governance. AIIB enjoys an excellent level of liquidity and should benefit from easy access to capital markets.

The aaa intrinsic rating reflects Fitchs long-term projections for capitalisation, risks and liquidity indicators, based on the banks business plan. Capitalisation is assessed as Excellent, as the 80 existing member states have committed to subscribe USD100bn of capital, of which USD20bn will be paid-in. As the bank expands its operations - the loan portfolio should reach USD50bn by 2027 - the equity to assets ratio will progressively erode, but will remain above the 25% threshold consistent with our Excellent capitalisation assessment.

Risks are expected to remain Low. Based on the banks strategy and policies, Fitch anticipates that the average rating of the loan portfolio will be around BB over the 10-year forecast period. Approximately 60% of the loans will be extended to sovereign-backed borrowers, and will benefit from the preferred creditor status of AIIB, a common feature of multilateral development banks (MDBs). Concentration risk is assessed as Moderate. Given the internal limits set by the bank, the ratio of the 5 largest exposures to total banking exposures will progressively decrease and should be below 50% by 2027. AIIB will invest in some equity participations but, over time, they will account for less than 5% of the banking portfolio.

Based on discussions with management, Fitch expects AIIB to pursue conservative policies, and to maintain a very low exposure to market risks, in line with peers. However, risk management policies are assessed as Moderate, as a number of limits have not been yet been set explicitly, and the model to compute economic capital has yet to be finalised. The lower limit for the credit quality of liquid assets is A, which is not conservative relative to AAA peers. However, given the quality of the management team overall and their stated commitment to a conservative approach, Fitch expects AIIBs liquidity policy to be managed prudently.

Liquidity is assessed as excellent, reflecting the very large liquidity buffer set by the bank, which should remain above 150% of short-term debt in the forecast period. According to AIIBs internal policy, liquid assets must cover at least 40% of annual cash requirements, which is in line with peers. Although the minimum rating level for treasury investment is A, Fitch expects that at least 50% of assets will be invested in assets rated AA- or higher.

AIIBs business profile is assessed as Medium risk, which translates into a one-notch uplift for the intrinsic rating. AIIB operates in a high-risk operating environment, evidenced by the relatively low credit quality of its countries of operations. This is offset by the Low risk business profile of the bank, stemming from its high governance standards, clear strategy and well-controlled exposure to the private sector.

No credit uplift is granted for support. The average rating of key shareholders - China, India, Russia and Germany, which together own 54% of capital - is A-; once the bank has reached its target size, net debt will not be covered by callable capital rated A+ and above. Nonetheless, the propensity of member states to provide extraordinary support is deemed Strong.

RATING SENSITIVITIES

The Outlook on the IDR is Stable. The factors that could, individually or collectively, lead to a negative rating action are:

- Lending growth more rapid than anticipated, leading to the equity to assets ratio falling below 25%, which would likely exert a negative impact on our Excellent assessment of AIIBs capitalisation ratio.

- Deterioration in expected asset quality leading to an average rating of B+ or lower or a marked increase in the impaired loan ratio.

- Longer than anticipated implementation of the risk management policies or any material change to the conservative approach to liquidity and other policies articulated by AIIBs senior management.

KEY ASSUMPTIONS

In its projections, Fitch assumes that capital will be paid-in according to the schedule and that, by 2027, the size of the loan portfolio will reach USD50bn with an average rating of BB. Additionally, any impaired loans will be 100% provisioned, the liquidity ratio will cover more than 150% of short-term debt, and consist of investment-grade assets, with at least 50% of them invested in AAA/AA assets or bank placements.

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GP Petroleums slips on profit taking
Jul 14,2017

Meanwhile, the S&P BSE Sensex was down 12.66 points or 0.04% at 32,024.72. The S&P BSE Small-Cap index declined 56.85 points or 0.36% at 15,906.72.

On the BSE, 21,000 shares were traded on the counter so far as against the average daily volumes of 32,609 shares in the past one quarter. The stock had hit a high of Rs 101.90 and a low of Rs 96.85 so far during the day. The stock had hit a record high of Rs 103.60 on 21 April 2017 and a 52-week low of Rs 55 on 2 August 2016.

The stock had outperformed the market over the past one month till 13 July 2017, surging 12.44% compared with the Sensexs 3% rise. The stock had, however, underperformed the market over the past one quarter, gaining 8.72% as against the Sensexs 8.74% rise. The scrip had also outperformed the market over the past one year, jumping 69.51% as against the Sensexs 15.18% rise.

The small-cap company has equity capital of Rs 25.49 crore. Face value per share is Rs 5.

Shares of GP Petroleums had surged 10.21% in the preceding three trading sessions to settle at Rs 100.35 yesterday, 13 July 2017, from its closing of Rs 91.05 on 10 July 2017.

GP Petroleums net profit rose 4.5% to Rs 5.79 crore on 16.4% decline in net sales to Rs 127.91 crore in Q4 March 2017 over Q4 March 2016.

GP Petroleums is engaged in the production of lubricating oils, greases, and other products from crude oil. The companys segments are Lubricants and Trading.

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As per the Third Advance Estimates, food production increased to 273 million metric tonnes: Shri Singh
Jul 14,2017

Union Agriculture and Farmers Welfare Minister, Shri Radha Mohan Singh said only through cross-pollination of expertise and innovations and thereafter synergy during implementation of the programs conceived we would be able to achieve the goal set for the country by Prime Minister, through his farsightedness, of doubling farmers income by 2022.

Shri Radha Mohan Singh said as per the Third Advance Estimates food grain production in the country has increased to 273 MT in 2016-17, oil seeds to 32.5 MT, and sugarcane to 306 MT. Fruits & Vegetable production has increased to 287 MTs, according to the Second Advance Estimate. He said that there has been a record production of food grains in 2016-17 and all previous records were broken.

Shri Singh said farmers have not been getting the corresponding increase in remuneration. The Government is seized of the urgent requirement of strengthening market systems to reduce post-harvest losses to enable farmers to tide over both situations of bumper production leading to a glut and abrupt price fall and incidences of less production resulting in the availability of meagre marketable surplus.

Union Agriculture Minister said the approach adopted encompasses both adoptions of cost effective production and diversifying agriculture towards growing of high-value crops, agroforestry, rearing of livestock, poultry, fisheries, etc, as well as creating accessible and efficient markets to ensure better price realisation to the farmers through a robust value supply chain. We empathise with the farmers and for that purpose have formulated farmer welfare centric programs and policies, which is equally related to food security and price security.

Shri Singh said in order to address the constraints of present agricultural marketing system promoted by APMCs and assure accessible marketing facilities to farmers, the Government has shared a corrective reform with the States and we have been able to move faster on this front in the last 2-3 years since the circulation of model APMC Act, 2003 to the States.

Union Agriculture Minister informed that the model Agriculture Produce and Livestock Marketing (Promotion and Facilitation) Act, 2017 was released to the States on April 24, 2017, and has received a positive response regarding its adoption from all States. Shri Singh said my Ministry is seized with the consolidation of the Mandis integrated by way of total transition to online bidding and payments so that the envisaged benefits reach the farmers and traders both. Shri Radha Mohan Singh said the aim is to bring markets closer to the farms along with appropriate storage, grading and sorting facilities to reduce transportation costs, distress sale as well as the number of intermediaries so that farmers can get a larger share. Shri Singh said an important step that States could take in this regard is the declaration of the warehouses/silos/cold storages, etc as market sub-yards so that the farmers can store surpluses and sell directly without having to transport the produce to the APMC yard. He said the government is in discussion with Warehousing Development and Regulatory Authority (WDRA) on synergy with our programs so that the farmers can also avail pledge financing against the produce stored in scientific WDRA compliant warehouses.

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Navin Fluorine drops on profit booking
Jul 14,2017

Meanwhile, the S&P BSE Sensex was down 38.46 points, or 0.12% at 31,998.92. The S&P BSE Mid-cap index was up 1.55 points, or 0.01% at 15,155.09.

On the BSE, 1,696 shares were traded on the counter so far as against the average daily volumes of 12,277 shares in the past one quarter. The stock had hit a high of Rs 3,333 and a low of Rs 3,231.95 so far during the day. The stock had hit a 52-week high of Rs 3,434 on 13 July 2017 and a 52-week low of Rs 1,997 on 11 July 2016.

The stock had outperformed the market over the past one month till 13 July 2017, advancing 3.26% compared with the Sensexs 3% rise. The scrip had, however, underperformed the market over the past one quarter advancing 6.21% as against the Sensexs 8.74% rise. The scrip had, however, outperformed the market over the past one year advancing 55.87% as against the Sensexs 15.18% rise.

The mid-cap company has equity capital of Rs 9.85 crore. Face value per share is Rs 10.

Shares of Navin Fluorine International had rallied 9.38% in the preceding four trading sessions to settle at Rs 3,305.05 yesterday, 13 July 2017, from its close of Rs 3,021.65 on 7 July 2017.

Navin Fluorine International announced on 7 July 2017 that it has fixed 20 July 2017 as record date for 5-for-1 stock split.

Navin Fluorine Internationals net profit fell 6.7% to Rs 29.38 crore on 5.8% increase in net sales to Rs 200.53 crore in Q4 March 2017 over Q4 March 2016.

Navin Fluorine International is the largest integrated specialty fluorochemical company in India.

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Hatsun Agro Product standalone net profit rises 18.76% in the June 2017 quarter
Jul 14,2017

Net profit of Hatsun Agro Product rose 18.76% to Rs 35.19 crore in the quarter ended June 2017 as against Rs 29.63 crore during the previous quarter ended June 2016. Sales rose 12.76% to Rs 1168.74 crore in the quarter ended June 2017 as against Rs 1036.51 crore during the previous quarter ended June 2016.

ParticularsQuarter Endedn++Jun. 2017Jun. 2016% Var. Sales1168.741036.51 13 OPM %8.848.05 - PBDT85.3668.63 24 PBT44.8940.69 10 NP35.1929.63 19

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Aqua Pumps Infra Ventures standalone net profit declines 20.00% in the June 2017 quarter
Jul 14,2017

Net profit of Aqua Pumps Infra Ventures declined 20.00% to Rs 0.04 crore in the quarter ended June 2017 as against Rs 0.05 crore during the previous quarter ended June 2016. Sales rose 50.00% to Rs 1.50 crore in the quarter ended June 2017 as against Rs 1.00 crore during the previous quarter ended June 2016.

ParticularsQuarter Endedn++Jun. 2017Jun. 2016% Var. Sales1.501.00 50 OPM %8.00-54.00 - PBDT0.130.16 -19 PBT0.060.09 -33 NP0.040.05 -20

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Aqua Pumps Infra Ventures consolidated net profit declines 20.00% in the June 2017 quarter
Jul 14,2017

Net profit of Aqua Pumps Infra Ventures declined 20.00% to Rs 0.04 crore in the quarter ended June 2017 as against Rs 0.05 crore during the previous quarter ended June 2016. Sales rose 50.00% to Rs 1.50 crore in the quarter ended June 2017 as against Rs 1.00 crore during the previous quarter ended June 2016.

ParticularsQuarter Endedn++Jun. 2017Jun. 2016% Var. Sales1.501.00 50 OPM %8.00-53.00 - PBDT0.130.17 -24 PBT0.050.09 -44 NP0.040.05 -20

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Multi Commodity Exchange of India consolidated net profit declines 20.06% in the June 2017 quarter
Jul 14,2017

Net profit of Multi Commodity Exchange of India declined 20.06% to Rs 26.30 crore in the quarter ended June 2017 as against Rs 32.90 crore during the previous quarter ended June 2016. Sales declined 6.02% to Rs 59.19 crore in the quarter ended June 2017 as against Rs 62.98 crore during the previous quarter ended June 2016.

ParticularsQuarter Endedn++Jun. 2017Jun. 2016% Var. Sales59.1962.98 -6 OPM %21.7435.20 - PBDT40.9253.04 -23 PBT36.1348.12 -25 NP26.3032.90 -20

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GVK Power advances after completing stake sale in Bangalore airport
Jul 14,2017

The announcement was made after market hours yesterday, 13 July 2017.

Meanwhile, the S&P BSE Sensex was down 29.24 points or 0.09% at 32,008.14. The S&P BSE Small-Cap index declined 61.95 points or 0.39% at 15,901.62.

On the BSE, 16.02 lakh shares were traded on the counter so far as against the average daily volumes of 15.43 lakh shares in the past one quarter. The stock had hit a high of Rs 7.78 and a low of Rs 7.36 so far during the day. The stock had hit a 52-week high of Rs 9.22 on 3 July 2017 and a 52-week low of Rs 5.05 on 25 May 2017.

The stock had outperformed the market over the past one month till 13 July 2017, surging 19.9% compared with the Sensexs 3% rise. The stock had also outperformed the market over the past one quarter, advancing 22.11% as against the Sensexs 8.74% rise. The scrip had, however, underperformed the market over the past one year, gaining 7.05% as against the Sensexs 15.18% rise.

The small-cap company has equity capital of Rs 157.92 crore. Face value per share is Rs 1.

GVK Power and Infrastructure (GVK Power) announced the successful completion of the sale of its residual stake of 10% in Bangalore International Airport (BIAL), held through its subsidiary, Bangalore Airport Infrastructure Developers (BAIDPL) to Fairfax India Holdings Corporation (Fairfax India) for a consideration of Rs 1290 crore (approximately $200 million).

In March 2017, GVK closed an agreement which was signed during March 2016 with Fairfax India to sell a 33% stake in BIAL. It had retained a 10% stake and the management of BIAL. Subsequently, in June 2017, GVK announced its decision to conclude the sale of this 10% residual stake to Fairfax India, subject to necessary consents and approvals.

Dr. G V K Reddy, Founder Chairman & Managing Director of GVK while speaking on the development said that since deleveraging is currently the managements top priority, it decided to part ways with BIAL. However, the Airports sector will continue to be a core focus area for GVK, he said.

Reddy added that the management will now focus on Mumbai as well as the Navi Mumbai airport for which the company has won the bid and also on selectively evaluating privatization opportunities. Capacity optimization and real estate development will now be the priority areas for the existing Mumbai airport, added Dr. Reddy.

GVK Power and Infrastructure reported net loss of Rs 205.85 crore in Q4 March 2017, higher than net loss of Rs 105.59 crore in Q4 March 2016. Net sales rose 4.1% to Rs 7.10 crore in Q4 March 2017 over Q4 March 2016.

GVK is a leading conglomerate with presence across energy, airports, transportation, hospitality and life sciences.

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