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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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Edelweiss Financial Services gets ratings assigned for ST debt programme
Dec 08,2016

Edelweiss Financial Services announced that ICRA has assigned the rating of [ICRA] A1+ (ICRA A one plus) to the proposed Short Term Debt Programme of Rs. 3,000 crore of the Company.

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APL Apollo Tubes wins Fastest Growing Manufacturing Company award
Dec 08,2016

APL Apollo Tubes has bagged the Fastest Growing Manufacturing Company Category Award at the IPF Industrial Excellence Awards.

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Himachal Pradesh becomes 18th State to join UDAY: an overall net benefit of approximately Rs. 823 crores to accrue to the State
Dec 08,2016

Government of India signed a Memorandum of Understanding (MOU) with the State of Himachal Pradesh and the State DISCOM under the Ujwal DISCOM Assurance Yojana (UDAY), the for operational and financial turnaround of the DISCOM. Himachal Pradesh is the 18th State to sign MoU under UDAY.

An overall net benefit of approximately Rs. 823 crores would accrue to the State by opting to participate in UDAY, by way of savings in interest cost, reduction in Aggregate Technical and Commercial (AT&C) and transmission losses, interventions in energy efficiency etc. during the period of turnaround.

By signing the MOU under UDAY, the Government of Himachal Pradesh would take over Rs.2891 crores of DISCOM debt, being 75% of the total DISCOM debt of Rs.3854 crores outstanding as on 30.09.2015, as envisaged in the scheme. The scheme also provides for the balance debt of Rs.963 crores to be re-priced or issued as State guaranteed DISCOM bonds, at coupon rates around 3% less than the average existing interest rate. The annual saving in the interest cost to the State would be around Rs.140 crores on account of restructuring of the DISCOM debt.

UDAY not only focusses on bringing about financial turnaround of the DISCOMs, but also lays stress on improving operational efficiencies of the DISCOMs. In order to bring about a sustainable turnaround of the DISCOM, the State Government and the DISCOM will improve operational efficiency through compulsory Distribution Transformer metering, consumer indexing & GIS mapping of losses, upgrade/change transformers, meters etc., smart metering of high-end consumers, thereby bringing about reduction in transmission losses and AT&C losses, besides eliminating the gap between cost of supply of power and realization. The reduction in AT&C and transmission losses to 12.75% and 3.50% respectively is likely to bring additional revenue of around Rs.119 crores during the period of turnaround.

With the financial turnaround through financial and operational efficiencies, the rating of the DISCOM would improve, which would help them in raising cheaper funds for their future capital investment requirement. This is expected to provide interest cost saving of around Rs.6 crores to the DISCOM.

Demand Side interventions in UDAY such as usage of energy-efficient LED bulbs, agricultural pumps, fans & air-conditioners and efficient industrial equipment through PAT (Perform, Achieve, Trade) would help in reducing peak load, flatten load curve and thus help in reducing energy consumption in the State. The gain is expected to be around Rs.278 crores.

While efforts will be made by the State Government and the DISCOM to improve the operational efficiency of the DISCOM, and thereby reduce the cost of supply of power, the Central government would also provide incentives to the DISCOM and the State Government for improving Power infrastructure in the State and for further lowering the cost of power.

Central schemes such as Deen Dayal Upadhyaya Gram Jyoti Yojana (DDUGJY), Integrated Power Development Scheme (IPDS), Power Sector Development Fund (PSDF) or such other schemes of Ministries of Power and New & Renewable Energy are already providing funds for improving Power Infrastructure in the State and additional/priority funding would be considered under these schemes, if the State/DISCOM meet the operational milestones outlined in the scheme.

The ultimate benefit of signing the MOU would go to the people of Himachal Pradesh. Higher demand for power from DISCOM would mean higher Plant Load Factor (PLF) of Generating units and therefore, lesser cost per unit of electricity thereby benefitting consumers. The DISCOM would also increase power supply in areas with reduced AT&C losses. Availability of electricity would boost the economy, promote industries, thereby improving employment opportunities and see Himachal Pradesh develop into one of the leading industrialized States in India.

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Board of Jyothy Laboratories approves private placement of NCDs
Dec 08,2016

Jyothy Laboratories announced that the Board of Directors of the Company at its meeting held on 08 December 2016 has approved the proposal of issue of 4000 secured, rated, unlisted, redeemable, non-convertible debentures of face value of Rs 10 lakh each aggregating Rs 400 crore on private placement basis.

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Board of Capital Trade Links approves appointment of director
Dec 08,2016

Capital Trade Links announced that the Board of Directors at its meeting held on 08 December 2016 at its meeting approved the appointment of Raj Kumar as Whole Time Director and Jagrati Sethi as a Woman Director on the Board of the Company.

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Agenda for Board meeting of Yuranus Infrastructure
Dec 08,2016

Yuranus Infrastructure announced that a meeting of the Board of Directors of the Company is scheduled to be held on 14 December 2016, inter alia, to transact the following business:

1. To add main object clause apart from existing main object clause of the Memorandum of Association of the Company.

2. To adopt fresh Memorandum of Association and new set of Articles of Association as per Companies Act, 2013.

3. To Convene an Extraordinary General Meeting of the Company for seeking shareholders approval for the aforesaid matters.

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Prajay Engineers Syndicate to announce September quarter results
Dec 08,2016

Prajay Engineers Syndicate announced that a meeting of the Board of Directors of the Company will be held on 14 December 2016, inter alia, to consider and approve the Un-audited Financial Results of the Company for the quarter ended 30 September 2016.

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Board of Scanpoint Geomatics to consider rights issue
Dec 08,2016

Scanpoint Geomatics announced that the meeting of the Board of Directors of the Company will be held on 14 December 2016, to consider and accord a fresh approval to issue equity shares on right basis.

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Board of Power Grid Corporation of India to consider private placement of NCDs
Dec 08,2016

Power Grid Corporation of India announced that a meeting of Committee of Directors for Bonds is planned to be held on 14 December 2016 to consider issue of Secured, Redeemable, Non-Convertible, Non-Cumulative, Taxable Bonds (Debenture) under private placement.

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Board of Banco Products (India) decides to drop proposal for buyback of shares
Dec 08,2016

Banco Products (India) announced that the Board of Directors of the Company at its meeting held on 08 December 2016 decided to drop the proposal of buyback of equity shares of the Company and decided not to further proceed with the proposal of buyback of equity shares of the Company.

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Board of Banco Products (India) decideds to drop proposal for buyback of shares
Dec 08,2016

Banco Products (India) announced that the Board of Directors of the Company at its meeting held on 08 December 2016 decided to drop the proposal of buyback of equity shares of the Company and decided not to further proceed with the proposal of buyback of equity shares of the Company.

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FPIs step up buying
Dec 08,2016

Foreign portfolio investors (FPIs) bought stocks worth a net Rs 229.95 crore from the secondary equity markets on 7 December 2016, compared with their net inflow of Rs 158.74 crore during the preceding trading session on 6 December 2016. The net inflow of Rs 229.95 crore on 7 December 2016 was a result of gross purchases of Rs 3968.96 crore and gross sales of Rs 3739.01 crore. On that day, the Sensex lost 155.89 points or 0.59% to settle at 26,236.87, its lowest closing level since 2 December 2016.

There was an inflow of Rs 124.45 crore from the category primary markets & others on 7 December 2016, which was a result of gross purchases of Rs 125.61 crore and gross sales of Rs 1.16 crore.

FPIs have sold stocks worth a net Rs 781.87 crore into the secondary equity markets in this month so far (till 7 December 2016). FPIs bought shares worth a net Rs 20116.27 crore from the secondary equity markets last month. FPIs have purchased shares worth a net Rs 20272.91 crore from the secondary equity markets in calendar year 2016 so far (till 7 December 2016). FPIs sold shares worth a net Rs 4863.71 crore into the secondary equity markets in calendar year 2015.

There has been a net inflow of Rs 177.23 crore from FPIs into the category primary markets & others in this month so far (till 7 December 2016). There was a net inflow of Rs 1872.02 crore from FPIs into the category primary markets & others last month. The net inflow from FPIs into category primary markets & others has totaled Rs 7864.92 crore in calendar year 2016 so far (till 7 December 2016). There was net inflow of Rs 22168.40 crore from FPIs into the category primary markets & others in calendar year 2015.

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Airlines to post another strong year of profits in 2017: IATA
Dec 08,2016

The International Air Transport Association (IATA) announced that it expects the global airline industry to make a net profit in 2017 of $29.8 billion. On forecast total revenues of $736 billion, that represents a 4.1% net profit margin. This will be the third consecutive year (and the third year in the industrys history) in which airlines will make a return on invested capital (7.9%) which is above the weighted average cost of capital (6.9%).

IATA revised slightly downward its outlook for 2016 airline industry profitability to $35.6 billion (from the June projection of $39.4 billion) owing to slower global GDP growth and rising costs. This will still be the highest absolute profit generated by the airline industry and the highest net profit margin (5.1%).

Airlines continue to deliver strong results. This year we expect a record net profit of $35.6 billion. Even though conditions in 2017 will be more difficult with rising oil prices, we see the industry earning $29.8 billion. Thats a very soft landing and safely in profitable territory. These three years are the best performance in the industrys history - irrespective of the many uncertainties we face. Indeed, risks are abundant - political, economic and security among them. And controlling costs is still a constant battle in our hyper-competitive industry, said Alexandre de Juniac, IATAs Director General and CEO.

We need to put this into perspective. Record profits for airlines means earning more than our cost of capital. For most other businesses that would be considered a normal level of return to investors. But three years of sustainable profits is a first for the airline industry. And after many years of hard work in restructuring and re-engineering the business the industry is also more resilient. We should also recognize that profits are not evenly spread with the strongest performance concentrated in North America, said de Juniac.

2017

While airline industry profits are expected to have reached a cyclical peak in 2016 of $35.6 billion, a soft landing in profitable territory is expected in 2017 with a net profit of $29.8 billion. 2017 is expected to be the eighth year in a row of aggregate airline profitability, illustrating the resilience to shocks that have been built into the industry structure. On average, airlines will retain $7.54 for every passenger carried.

Expected higher oil prices will have the biggest impact on the outlook for 2017. In 2016 oil prices averaged $44.6/barrel (Brent) and this is forecast to increase to $55.0 in 2017. This will push jet fuel prices from $52.1/barrel (2016) to $64.9/barrel (2017). Fuel is expected to account for 18.7% of the industrys cost structure in 2017, which is significantly below the recent peak of 33.2% in 2012-2013.

The demand stimulus from lower oil prices will taper off in 2017, slowing traffic growth to 5.1% (from 5.9% in 2016). Industry capacity expansion is also expected to slow to 5.6% (down from 6.2% in 2016). Capacity growth will still outstrip the increase in demand, thus lowering the global passenger load factor to 79.8% (from 80.2% in 2016).

The negative impact of a lower load factor is expected to be offset somewhat by a strengthening of global economic growth. World GDP is projected to expand by 2.5% in 2017 (up from 2.2% in 2016). Along with structural changes in the industry, this is expected to help stabilize yields for both the cargo and passenger businesses. This is a welcome development as yields (calculated in dollar terms) have fallen each year since 2012.

There is some optimism over the prospects for the cargo business in 2017. The break in falling yields and a moderate uptick in demand (3.5%) will see cargo industry volumes reach a record high of 55.7 million tonnes (up from 53.9 million tonnes in 2016). Industry revenues are expected to rise slightly to $49.4 billion (still well below the $60 billion level of annual revenues experienced in 2010-2014). Trading conditions remain challenging.

Connectivity continues to set new records. We expect nearly 4 billion travelers and 55.7 million tonnes of cargo in the coming year. And almost 1% of global GDP is spent on air transport - some $769 billion. Air transport has made the world more accessible than ever and it is a critical enabler of the global economy, said de Juniac.

Governments, however, do not make aviations work easy. The global tax bill has ballooned to $123 billion. Over 60% of countries put visa barriers in the way of travel. And the total number of ticket taxes exceeds 230. Billions of dollars are wasted in direct costs and lost productivity as a result of inefficient infrastructure. These are only some of the hurdles which confront airlines. Our aim is to work in partnership to help governments better understand and fully maximize the social and economic benefits of efficient global air links, said de Juniac.

2017 Regional Analysis

North American carriers: The strongest financial performance is being delivered by airlines in North America. Net post-tax profits will be the highest at $18.1 billion next year, although down slightly from the $20.3 billion expected in 2016. The net margin for the regions carriers is also expected to be the strongest at 8.5% with an average profit of $19.58/passenger. In 2017 capacity offered by the regions carriers is expected to grow by 2.6%, slightly outpacing expected demand growth of 2.5%. Recent consolidation continues to underpin the regions strong profitability, even as the region faces upwards cost pressures which include the price of fuel.

European carriers: Airlines based in Europe are expected to post an aggregate net profit of $5.6 billion in 2017 which is below the $7.5 billion for 2016. Nonetheless, carriers there are forecast to generate a 2.9% net profit margin and a per passenger profit of $5.65. There remains a significant gap between the performance of the regions carriers and the performance of North American ones. Capacity in 2017 is expected to grow by 4.3%, ahead of demand growth which is forecast at 4.0%. The region is subject to intense competition and hampered by high costs, onerous regulation and high taxes. And terrorist threats remain a real risk, even if confidence is starting to return after the tragic incidents in recent times.

Asia-Pacific carriers: Airlines in the Asia-Pacific region are expected to generate a net profit of $6.3 billion in 2017 (down from $7.3 billion in 2016) for a net margin of 2.9%. On a per passenger basis average profits are anticipated to be $4.44. Capacity offered by the regions carriers is forecast to grow by 7.6%, ahead of a forecast growth in demand of 7.0%. Improved cargo performance is expected to offset rising fuel prices for many of the regions airlines. The expansion of new model airlines and progressive liberalization in the region is intensifying already strong competition. In addition profitability varies widely across the region.

Middle Eastern carriers: Middle Eastern airlines are forecast to generate a net profit of $0.3 billion for a net margin of 0.5% and an average profit per passenger of $1.56. This is below the $900 million profit expected in 2016. Average yields for the regions carriers are low but unit costs are even lower, partly driven by the strong capacity expansion, forecast at 10.1% this year, ahead of expected demand growth of 9.0%. Threats are emerging to the success story of the Gulf carriers, including increases in airport charges across the Gulf States and growing air traffic management delays.

Latin American carriers: Latin American airlines are expected to post a net profit of $200 million, which is slightly lower than the $300 million forecast for 2016. Profit per passenger is expected to be $0.76 with a net profit margin of 0.7%. Capacity offered by the regions carriers is forecast to grow by 4.8% which is ahead of ex

Dharamsi Morarji Chemical Co allots equity shares
Dec 08,2016

Dharamsi Morarji Chemical Co announced that the equity share allotment committee of the Company at its meeting held on 07 December 2016 passed the resolution for issue of 588,930 equity shares of Rs 10 each at price of Rs 101.88 per share on preferential basis.

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Asia Pacific Market: Stocks extend gains
Dec 08,2016

Asia Pacific share market inclined on Thursday, 08 December 2016, as risk appetite buying resumed after the Wall Street powered to fresh record highs overnight. But gains across the region capped as investor eye a key European Central Bank meeting.

Markets were waiting for a statement from the European Central Bank late on Thursday. The European Central Bank (ECB) is widely expected to prolong massive monetary stimulus Thursday to spur an economy crimped by a rise in political uncertainty as exemplified by Trumps upset win, Brexit and the rise of the far right in Europe.

Among Asian bourses

Australia market spurs to 4-month high

Australian share market advanced to its highest point in nearly four months, on the back of significant gains in resources and financial stocks. With the exception of energy issue, every ASX sector was up, with technology, financial and mining issues leading rally. At the closing bell, the benchmark S&P/ASX 200 index advanced 65.50 points, or 1.2%, to 5543.60, while the broader All Ordinaries index inclined 63.60 points, or 1.15%, to close at 5599.

Shares of materials and resources were best performers among ASX sectors, thanks to jump in base metal price in overnight trade. Rio Tinto added 3.1% to A$62.73 and BHP ended up 1.2% to A$26.04. Fortescue added 1.7% to A$6.69.

Shares of financial players, which had lost ground over the last few months, were attracting the attention of international investors, in part due to a lower Australian dollar. Among major banks, Westpac added 2.1% to A$32.13, Australia & New Zealand Banking Group 2.5% to A$29.53, Commonwealth Bank of Australia 0.5% to A$79.73, and National Australia Bank 1.1% to A$29.32.

Nikkei extends gains on strong global cues

The Japan share market inclined to its best close this year, after Wall Street powered to fresh record highs overnight. But gains were limited after weak revised figures that showed Japans economy grew less than expected in the third quarter and as investors eye a key European Central Bank meeting. Total 31 out of 33 TSE industry category on the main section gained ground, with Electric Power & Gas, Securities & Commodities Futures, Insurance, Iron & Steel, Information & Communication, and Air Transportation issues being major gainers. The 225-issue Nikkei average inclined 268.78 points, or 1.45%, to close at 18,765.47. The Topix index of all first-section issues finished up 22.07 points, or 1.48%, at 1,512.69.

SoftBank shares roared again in the wake of Trumps announcement of a $50 billion investment in the US by the telecoms giant.The stock jumped more than six% on Wednesday, with investors hailing CEO Masayoshi Sons meeting with Trump in New York.

Honda Motor Corp jumped after the announcement that its joint venture in China plans to build a third production plant in the country.

Sony was up after it announced plans to release new smartphone games in April into the Japanese market.

Japans gross domestic product grew 0.3% on quarter in the third quarter of 2016, the Cabinet Office said in Thursdays final revision. That missed expectations for 0.5%, which would have been unrevised from the November 14 preliminary reading. GDP was up 0.2% in the second quarter. On a yearly basis, GDP was knocked all the way down to 1.3% from the preliminary reading of 2.2%.

Japan had a current account surplus of 1.719 trillion yen in October, the Ministry of Finance said on Thursday, rising 22.7% on year, following the 1.821 trillion yen surplus in September. The trade balance reflected a surplus of 587.6 billion, down from 642.4 billion yen in the previous month. Imports were down 15.9% on year to 5.160 trillion yen, while exports dipped 9.4% to 5.747 trillion yen.

China Stocks edge lower on weak trade data

Mainland China stock market ended slight lower on Thursday, 08 December 2016, as investors grappled with mixed data showing better-than-expected November trade numbers but a sharp fall in foreign-exchange reserves. Sectors were mixed, with banks and raw materials gained, while properties and infrastructures dropped. The Shanghai Composite Index dropped 0.21%, to 3,215.37, while the Shenzhen Composite Index, which tracks stocks on Chinas second exchange, declined 0.52% to 2,077.37. The ChiNext Index, which tracks Chinas NASDAQ-style board of growth enterprises, fell 1% to close at 2,114.71 points.

Investors risk appetites were dented after data late on Wednesday showed forex reserves fell nearly $70 billion last month to the lowest level in nearly six years, as the central bank struggled to prop up the yuans value. However, unexpectedly strong trade data on Thursday provided some relief. Chinas November exports rose by 0.1 percent from a year earlier, while imports expanded 6.7 percent on strong demand for commodities from coal to iron ore.

Resource shares advanced, despite the generally cautious mood. Steelmaker Baoshan Iron & Steel Co and Wuhan Iron and Steel jumped on the heels of regulatory approval for their merger plan.

Hong Kong Stocks extends gain for the third session

The Hong Kong stock market finished higher for third straight session, on the back of positive lead from US markets overnight. Still, the upside was limited by a softer close for mainland shares after Chinas foreign exchange reserves fell far more than expected in November to the lowest level in nearly six years. The reserves data also seemed to have offset any enthusiasm from solid trade numbers for the worlds second-biggest economy. Most sectors rose, with industrial and resource shares leading the gains. The Hang Seng Index ended up 0.27%, or 60.92 points, to 22,861.84, while the Hang Seng China Enterprises index inclined 0.68%, or 67.24 points, to 9,896.82. Turnover increased to HK$73.5 billion from HK$62.5 billion on Wednesday.

HSBC (00005) edged down 0.2% to HK$65.35. The global bank has started buying back its own shares since early August, but it did not issue repurchase notice today.

AIA (01299) slipped 2% to HK$44.25 becoming the largest blue-chip loser. Nomura said in a research report that potential downside from UnionPay restriction is yet to play out fully. AIA today registered a HK$574 million block deal.

Nomura also noted that HKExs (00388) valuation is ahead of fundamentals. But it rebounded 0.7% to HK$195 after four-day decline. MTR Corp (00066) edged up 0.3% to HK$38.6.

China Customs said exports and imports in November rebounded to 0.1% and 6.7% year-on-year in USD terms. COSCO Shipping Ports (01199) and Tianjin Port Development (03382) rose 2.9% and 1.7% to HK$7.92 and HK$1.22.

Sensex, Nifty settle at near 4-week high

Gains in metal, auto sector stocks and index heavyweights ITC, Reliance Industries, Infosys, HDFC and HDFC Bank lifted key benchmark indices. The barometer index, the S&P BSE Sensex, surged 457.41 points or 1.74% to settle at 26,694.28. The Nifty 50 index jumped 144.80 points or 1.79% to settle at 8,246.85. Strong global cues boosted investors sentiment.

Bank stocks edged higher. Tata Motors rose after the company said that Jaguar Land Rover (JLR), the UKs leading manufacturer of premium luxury vehicles, reported its best ever November retail sales. Escorts advanced after the company announced the completion of the divestment of its auto products business to Badve Engineering, Pune. Tata Steel rose as Tata Steel UK reached an agreement with trade unions on a number of proposals that would structurally reduce risks and help secure a more sustainable future for its UK business.

Elsewhere in the Asia Pacific region: New Zealands NZX50 shed 0.08% to 6910.19. Indonesias Jakarta Composite index added 0.7% to 5303.73. Taiwans Taiex grew 1.2% to 9375.86. South Koreas KOSPI index was up 2% to 2031. Malaysias KLCI grew 0.7% to 1643.75. Singapores Straits Times index fell 0.03% to 2958.86.

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