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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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Sunil Industries announces resignation of director
Jun 07,2017

Sunil Industries announced that Mohd Iqbal, Independent Director has resigned with effect from 03 June 2017 and the same is accepted in their meeting held on 07 June 2017.

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Darshan Orna appoints director
Jun 07,2017

Darshan Orna announced that the Board of Directors of the company has appointed Satish Sheth as an Additional Director (Non-executive independent) of Darshan Orna w.e.f 07 June 2017.

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PC Jeweller fixes record date for bonus issue
Jun 07,2017

PC Jeweller has fixed 07 July 2017 as record date for bonus issue in ratio of 1:1.

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Wintac announces resignation of director
Jun 07,2017

Wintac announced that Kavita Krishnamoorthy has resigned from her position as Independent Director of the Company with immediate effect.

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Asia Pacific Market: Stocks end mixed ahead of trio of risk events
Jun 07,2017

Asia Pacific share market closed mixed after trading in tight range on Wednesday, 07 June 2017, risk sentiments turned muted after weak offshore lead and on caution ahead of Britains general election, a European Central Bank policy decision and testimony by former FBI Director James Comey.

Wall Street shares pulled away from recent record highs and fell overnight as demand for risky assets waned ahead of Thursdays events. Comey, who will testify on Thursday, was investigating whether Donald Trumps presidential campaign and Russia colluded to sway the 2016 US election when he was fired by Trump in May. Investors are worried his testimony could dampen already flagging momentum for Trumps agenda of rolling back regulations and overhauling the tax code.

A wait-and-see mood also prevailed ahead of the European Central Banks policy meeting on Thursday, another of this weeks major events that the markets are bracing for. While the ECB is not expected to shift rates or make changes to its quantitative easing scheme this week, market participants will sift through President Mario Draghis statements for his view on the euro zone economy.

Among Asian bourses

Australia Stocks end flat

Australian equity market ended virtually flat after recouping intraday losses, as investors pleased with better than expected economic growth data. Data from the statistics agency showed Australias gross domestic product expanded 0.3% in the three months through March from the previous quarter and rose 1.7% on year. The S&P/ASX 200 finished 0.3 points lower at 5667.20 after falling by as much as 0.4% in early trading.

Shares of material companies boosted up by strength in gold stocks as the yellow metal surged to seven month highs. Newcrest Mining was up 0.8%, while Evolution Mining rose one%. Rio Tinto was up 1% as the miner on Wednesday detailed pricing for a US$781 million cash tender as part of its already announced US$2.5 billion bond buyback to reduce its debt. A rise in copper on the London Metals Exchange also lent support. BHP, which has significant oil interests, was 0.6% lower as oil and iron ore eased.

Shares of energy sector were driven higher by a gain of up to 5.8% by coal miner Whitehaven Coal. Other energy stocks eked out modest gains as well ahead of inventory data from the US later in the week. Woodside Petroleum, however, was 0.2% lower.

Shares of consumer sector felt selloff pressure due to concerns about falling household spending as a property boom appears to be cooling off. Wesfarmers fell 3.4%, its lowest in nearly seven months, while rival Woolworths was down 0.4%.

Nikkei virtually flat

The Japan share market finished session virtually flat, as some investors chased for bargain on intraday dip. Also, expectations for exchange-traded fund purchases by the Bank of Japan also supported the market. But the markets topside was capped amid a growing wait-and-see mood ahead of key events that include Britains general election, the European Central Banks policy meeting, and testimony in the U.S. Congress by former Federal Bureau of Investigation Director James Comey over Russia-linked allegations surrounding U.S. President Donald Trump. Uncertainties over the results of the events brought about some risk-averse sentiment in the market. Mining, nonferrous metal and securities house-related stocks comprised those that gained the most by the close of play. At the close, the 225-issue Nikkei average gained 4.72 points, or 0.02%, to close at 19,984.62. The Topix index of all first-section issues closed up 0.65 point, or 0.04%, at 1,597.09, after falling 13.53 points the previous day.

Shares of Mega-bank groups Mitsubishi UFJ, Sumitomo Mitsui and Mizuho, insurer Tokio Marine and brokerage firm Nomura were buoyant. Oil companies Japex, Inpex and JXTG Holdings also attracted buying. Other major winners included mobile phone carrier SoftBank Group, semiconductor-related Tokyo Electron, electronics maker Panasonic and daily goods producer Kao.

By contrast, automakers Toyota and Honda, camera producer Canon and industrial robot manufacturer Fanuc met with selling. Drug makers Takeda and Astellas, clothing store chain operator Fast Retailing and retail giant Seven & I Holdings were also on the minus side.

China Stocks up as firms urge workers to buy shares, MSCI inclusion hopes

The Mainland China equity market closed up, as a growing number of listed firms encouraged employees to buy shares, and as the central bank moved to ease fears of a mid-year liquidity crunch. Hopes that MSCI will include Chinas A shares in its indexes later this month also whetted investors appetite for big-cap stocks. At the close, the benchmark Shanghai Composite Index closed 1.23%, or 38.19 points, higher at 3,140.32. The Shenzhen Composite Index, which tracks stocks on Chinas second exchange, advanced 2.19%, or 39.73 points, to 1,850.53. The ChiNext gauge of smaller companies advanced 1.9% to 1,799.85 in Shenzhen, the biggest gain in three weeks.

Since Tuesday, 10 companies, including Qingdao Kingking Applied Chemistry , issued statements to the effect that the companys controlling shareholders were encouraging employees to buy shares and would compensate them should losses occur. Shares in those companies have jumped in response, and the optimism appears to be spreading as investors bet more companies would issue similar statements.

Small-capitalisation companies led gains after the China Securities Regulatory Commission slowed down the pace at which it was approving initial public offerings, which are dominated by smaller firms. The number of IPO companies was cut to four last week from seven, a second straight week of reductions. Hangzhou Landscape Architecture Design Institute surged by the 10% daily cap to 61.45 yuan and Shenzhen Minde Electronics Technology gained 6.3% to 54.83 yuan.

A gauge of consumer stocks rose 2.1% on Wednesday, the best-performing industry group after small-cap technology companies Kweichow Moutai, the nations biggest liquor maker, added 2.4% to 459.37 yuan, a record close. Wuliangye Yibin, a smaller rival, also closed at a record 50.90 yuan after a 4.9% gain.

Hong Kong Stocks end lower

The Hong Kong stock market finished session down, as risk sentiments weighed down ahead of key events that include Britains general election, a European Central Bank policy meeting and congressional testimony by fired FBI boss James Comey on Donald Trumps Russia ties. The Hang Seng Index ended down 22 points or 0.1% to 25,974. Turnover increased to HK$87 billion from HK$74.6 billion on Tuesday.

AAC Tech (02018) soared 14% to HK$92.55 on resumption of trading after dismissing an allegation by a US-based short-seller of n++dubious accounting practicesn++ and overstating profits. The company issued a clarification announcement and denied all the allegations made against the company in the Gotham City Researchs report. The company provided an independent report that rates it as a n++strong buyn++ with a target price of HK$111 at a Tuesday press conference.

Macau gaming counters were higher. Galaxy Entertainment (00027) and Sands China (01928) rose 4% and 2% to HK$45.95 and HK$35.05. Melco International Development (00200) added 2% to HK$19.9.

Link REIT (00823) declared a final distribution of HK116.7 cents, up 8.8%. The stock was flat at HK$61.65.

Tongda Group (00698) rebounded 9% to HK$2.2 after the company fell off the radar of the short-sellers.Meanwhile, FG Alpha Management also said it was short Dali Foods (03799), which ended down 7% to HK$4.3.

Man Wah Holdings tumbled 10% to HK$6.03 before trading was suspended, as the sofa maker became the latest short-selling target of Muddy Waters Research. The company has 48% more debt than it had disclosed, Muddy Waters founder Carson Block said during an investment conference in Hong Kong.

New World Department Store China surged 43% to HK$1.90 on plans to take the company private as the stock resumed trading after being suspended over the past two days.

Indian market logs modest gains as RBI maintains status quo on repo rate

Key benchmark indices settled with modest gains in a volatile session of trade after the Reserve Bank of India (RBI) decided to keep the policy repo rate unchanged after a policy review meet today. The barometer index, the S&P BSE Sensex rose 80.72 points or 0.26% to settle at 31,271.28. The Nifty 50 index gained 26.75 points or 0.28% to settle at 9,663.90. Gains on the domestic bourses supported by good prospects of rains and firm global stocks.

A sharp drop was witnessed in IT stocks amid a media report saying that the Infosys clients were asking for 20-30% cut in prices for projects. Bank stocks rose after RBI kept policy repo rate steady. Pharma stocks rose on bargain hunting after the recent losses.

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Healthcare Global Enterprises launches Cancer Center in Nagpur
Jun 07,2017

Healthcare Global Enterprises announced the launch of a comprehensive cancer center in Nagpur, Maharashtra. The HCG NCHRI cancer center is a 125 bed dedicated comprehensive cancer hospital established incollaboration with the Nagpur Cancer Hospital and Research Institute (n++NCHRIn++). The new center is based on a multi-disciplinary team, adherence to proven clinical protocols and quality norms and features advanced technology including the TrueBeam STxTM radiotherapy system, PET-CT as well as a Bone Marrow Transplant Unit.

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Hong Kong Stocks end lower
Jun 07,2017

The Hong Kong stock market finished session down on Wednesday, 07 June 2017, as risk sentiments weighed down ahead of key events that include Britains general election, a European Central Bank policy meeting and congressional testimony by fired FBI boss James Comey on Donald Trumps Russia ties. The Hang Seng Index ended down 22 points or 0.1% to 25,974. Turnover increased to HK$87 billion from HK$74.6 billion on Tuesday.

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SLR reduced to 20% from the fortnight commencing 24 June 2017
Jun 07,2017

The Reserve Bank of India has decided to reduce the Statutory Liquidity Ratio (SLR) of commercial banks, primary (urban) co-operative banks (UCBs), state co-operative banks and central co-operative banks from 20.5% of their Net Demand and Time Liabilities (NDTL) to 20% from the fortnight commencing 24 June 2017.

It is clarified that notwithstanding the reduction in the SLR, the ceiling on amount of SLR securities that can be held under Held to Maturity category remains unchanged.

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China Stocks up as firms urge workers to buy shares
Jun 07,2017

The Mainland China equity market closed up on Wednesday, 07 June 2017, as a growing number of listed firms encouraged employees to buy shares, and as the central bank moved to ease fears of a mid-year liquidity crunch. Hopes that MSCI will include Chinas A shares in its indexes later this month also whetted investors appetite for big-cap stocks. At the close, the benchmark Shanghai Composite Index closed 1.23%, or 38.19 points, higher at 3,140.32. The Shenzhen Composite Index, which tracks stocks on Chinas second exchange, advanced 2.19%, or 39.73 points, to 1,850.53. The ChiNext gauge of smaller companies advanced 1.9% to 1,799.85 in Shenzhen, the biggest gain in three weeks.

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Nikkei ends virtually flat
Jun 07,2017

The Japan share market finished session virtually flat on Wednesday, 07 June 2017, as some investors chased for bargain on intraday dip. Also, expectations for exchange-traded fund purchases by the Bank of Japan also supported the market. But the markets topside was capped amid a growing wait-and-see mood ahead of key events that include Britains general election, the European Central Banks policy meeting, and testimony in the U.S. Congress by former Federal Bureau of Investigation Director James Comey over Russia-linked allegations surrounding U.S. President Donald Trump. Uncertainties over the results of the events brought about some risk-averse sentiment in the market. Mining, nonferrous metal and securities house-related stocks comprised those that gained the most by the close of play. At the close, the 225-issue Nikkei average gained 4.72 points, or 0.02%, to close at 19,984.62. The Topix index of all first-section issues closed up 0.65 point, or 0.04%, at 1,597.09, after falling 13.53 points the previous day.

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Cabinet approves Bilateral MoU between India and Iran
Jun 07,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the Bilateral Memorandum of Understanding (MoU) between Securities and Exchange Board of India (SEBI) and Securities and Exchange Organization (SEO), Iran in relation to mutual cooperation on matters pertaining to securities markets.

The MoU is likely to promote further development of economic links and cooperation between the two regulators, and aims at creating conditions for an effective development of securities markets in the two countries. It would also contribute towards strengthening the information sharing framework between the two countries. It is expected to add value to overseas mutual cooperation and regulation activities of SEBI and SEO, Iran.

The MoU is expected to contribute towards strengthening the information sharing framework between SEBI and SEO, Iran.

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Australia Stocks end flat
Jun 07,2017

Australian equity market ended virtually flat after recouping intraday losses late afternoon on Wednesday, 07 June 2017, as investors pleased with better than expected economic growth data. Data from the statistics agency showed Australias gross domestic product expanded 0.3% in the three months through March from the previous quarter and rose 1.7% on year. The S&P/ASX 200 finished 0.3 points lower at 5667.20 after falling by as much as 0.4% in early trading.

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Cabinet approves agreement between India and Cyprus on Merchant Shipping
Jun 07,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its ex-post facto approval to the Agreement between India and Cyprus on Merchant Shipping, which was signed in April 2017.

The Agreement in Merchant Shipping will pave the way for cooperation in eliminating any hindrances which may hamper the development of sea trade between the two nations. The MoU will encourage participation in the transport of goods between the countries, and also from third countries. The MoU further seeks to enhance cooperation for employment, improvement of conditions of work and for the welfare of seafarers employed on each others vessels.

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Cabinet approves MoU between India and Korea for export credit of USD 9 billion
Jun 07,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the proposed Memorandum of Understanding (MoU) between Export-Import Bank of India (EXIM Bank) and Export-Import Bank of Korea (KEXIM) for export credit of USD 9 billion for infrastructural development in India and for the supply of goods and services as part of projects in third countries.

The MoU is proposed to be signed between the two banks during the forthcoming visit of the Finance Minister Shri Arun Jaitley, to Seoul, Korea during 14-15 June 2017 for the Annual Financial Bilateral Dialogue. The decision is expected to promote the countrys international exports, and deepen political and financial ties between India and Korea. The export credit will be utilized through lending by EXIM Bank for promoting projects for priority sectors, including smart cities, railways, power generation and transmission etc., in India and for the supply of goods and services from India and Korea as part of projects in third countries.

Implementation Strategy

Under the implementation strategy, the parties to the MoU will hold mutual consultations to structure the financial assistance, review the existing arrangements and related procedures. EXIM Bank will identify viable projects in India. For projects in third countries, both parties will jointly identify viable projects. It is understood from EXIM Bank that the USD 9 billion would be extended by KEXIM by way of Investment Credit (typically export credit facility to finance projects with a certain level of Korean import content and interest rates as per OECD export credit guidelines). This amount may also be utilized by KEXIM as the financier without the participation of EXIM Bank subject to satisfaction of the purpose.

The supply of goods and services from India and Korea as part of projects in third countries will be an additional avenue which this MoU will enable. It will help in exchanging mutual experience, sharing information on financing export and import operations, project assessment and knowledge generated in respective fields of activities.

Background

The Joint Statement issued in 2015 during the visit of the Prime Minister to the Republic of Korea stated that Korea intends to offer USD 10 billion of infrastructural development in India. The package was subsequently prepared to comprise of USD 1 billion from the South Korean Economic Development Cooperation Fund (EDCF) as government to government funding and USD 9 billion as export credit from KEXIM. The credit of USD 9 billion from KEDIM is to be through a formal MoU to be signed between KEXIM and EXIM Bank.

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TCS wins Pega 2017 Partner Excellence Award
Jun 07,2017

Tata Consultancy Services has been awarded the Pega 2017 Partner Excellence in Driving Customer Success: Advanced Practice Development Award.

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