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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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Source Industries (India) reports standalone nil net profit/loss in the March 2017 quarter
Jun 08,2017

Source Industries (India) reported no net profit/loss in the quarter ended March 2017 as against net loss of Rs 0.07 crore during the previous quarter ended March 2016. Sales rose 100.00% to Rs 0.04 crore in the quarter ended March 2017 as against Rs 0.02 crore during the previous quarter ended March 2016.

For the full year,net profit reported to Rs 0.02 crore in the year ended March 2017 as against net loss of Rs 0.14 crore during the previous year ended March 2016. Sales rose 17011.11% to Rs 15.40 crore in the year ended March 2017 as against Rs 0.09 crore during the previous year ended March 2016.

ParticularsQuarter EndedYear Endedn++Mar. 2017Mar. 2016% Var.Mar. 2017Mar. 2016% Var. Sales0.040.02 100 15.400.09 17011 OPM %0-350.00 -0.13-155.56 - PBDT0-0.07 100 0.02-0.14 LP PBT0-0.07 100 0.02-0.14 LP NP0-0.07 100 0.02-0.14 LP

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Jayabharat Credit reports standalone net loss of Rs 0.63 crore in the March 2017 quarter
Jun 08,2017

Net Loss of Jayabharat Credit reported to Rs 0.63 crore in the quarter ended March 2017 as against net loss of Rs 1.90 crore during the previous quarter ended March 2016. There were no Sales reported in the quarter ended March 2017 and during the previous quarter ended March 2016.

For the full year,net loss reported to Rs 1.80 crore in the year ended March 2017 as against net loss of Rs 3.39 crore during the previous year ended March 2016. Sales reported to Rs 0.65 crore in the year ended March 2017. There were no Sales reported during the previous year ended March 2016.

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Board of Jenson & Nicholson (India) approves formation of wholly owned subsidiary
Jun 08,2017

Jenson & Nicholson (India) announced that the Board of Directors of the Company at its meeting held on 08 June 2017 approved the following -

Formation of a newly formed wholly owned subsidiary of the Company in the name and style of Jenson & Nicholson Colours.

Proposal to pledge Companys investment in equity shares of its wholly owned subsidiary company named Jenson & Nicholson Colours as security to existing lender of the Company i.e. Vivid Colors.

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J&K Bank advances after bulk deal
Jun 08,2017

Meanwhile, the S&P BSE Sensex was down 57.92 points or 0.19% at 31,213.36. The BSE Mid-Cap index was up 33.57 points or 0.23% to 14,834.42

Bulk deal boosted volume on the scrip. On the BSE, 26.35 lakh shares were traded on the counter so far as against the average daily volumes of 2.05 lakh shares in the past one quarter. The stock had hit a high of Rs 86.50 and a low of Rs 81.30 so far during the day.

The stock had hit a 52-week high of Rs 91.95 on 5 October 2016 and a 52-week low of Rs 54.60 on 24 November 2016.

The stock had underperformed the market over the past one month till 7 June 2017, falling 0.9% compared with 4.47% rise in the Sensex. The scrip, however, outperformed the market in past one quarter, surging 18.01% as against Sensexs 8.10% rise. The scrip also outperformed the market in past one year, gaining 31.14% as against Sensexs 15.73% rise.

The mid-cap bank has equity capital of Rs 52.13 crore. Face value per share is Re 1.

Jammu & Kashmir Bank reported a net loss of Rs 554.30 crore in Q4 March 2017, compared with net loss of Rs 56.02 crore in Q4 March 2016. The banks total income declined 0.1% to Rs 1802.74 crore in Q4 March 2017 over Q4 March 2016.

Jammu & Kashmir Bank is the only bank in the country with majority ownership vested with a state government. The J&K state government holds 53.17% stake in the bank as at 31 March 2017.

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Bargain hunting arrests steep slide in Sinclairs Hotels
Jun 08,2017

Meanwhile, the S&P BSE Sensex was down 54.96 points or 0.18% at 31,216.32. The S&P BSE Small-Cap index was up 50.60 points or 0.33% at 15,476.46.

On BSE, so far 3.81 lakh shares were traded in the counter as against average daily volume of 45,539 shares in the past one quarter. The stock hit a high of Rs 346.90 and a low of Rs 302 so far during the day. The stock had hit a 52-week high of Rs 454 on 2 May 2017. The stock had hit a 52-week low of Rs 275 on 10 January 2017.

The small-cap company has equity capital of Rs 5.57 crore. Face value per share is Rs 10.

Sinclairs Hotels net profit fell 6.42% to Rs 1.75 crore on 13.21% rise in net sales to Rs 12.60 crore in Q4 March 2017 over Q4 March 2016.

Sinclairs Hotels owns and operates hotels and resorts at Burdwan, Darjeeling, Dooars, Kalimpong, Siliguri, Ooty and Port Blair.

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Maharashtra Scooters announces resignation of nominee director
Jun 08,2017

Maharashtra Scooters announced the resignation of nominee director, Sadashiv S Survase with effect from 07 June 2017.

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Videocon Inds slumps over 70% In 14 sessions
Jun 08,2017

Meanwhile, the S&P BSE Sensex was down 48.14 points, or 0.15% to 31,223.14.

On the BSE, 31,000 shares were traded in the counter so far, compared with average daily volumes of 33,553 shares in the past one quarter. The stock opened with an downward gap of 5% at Rs 33.25 and remained stuck at that level so far, which is also its 52-week low level. The stock hit a 52-week high of Rs 114.90 on 6 October 2016.

The stock had underperformed the market over the past one month till 7 June 2017, falling 69.50% compared with 4.47% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 69.53% as against Sensexs 8.10% rise. The scrip had also underperformed the market in past one year, falling 69.62% as against Sensexs 15.73% rise.

The small-cap company has equity capital of Rs 334.46 crore. Face value per share is Rs 10.

Shares of Videocon Industries have fallen 70.08% in the preceding 14 trading sessions from its close of Rs 100.45 on 19 May 2017.

The recent sell-off in the stock has been triggered by media reports of escalating debt woes of the company. As per reports, Central Bank of India declared the company as a non-performing asset (NPA) in Q1 June 2017. Central Bank of India has one of the highest exposures to Videocon at Rs 2700 crore, reports added. Other banks are likely to soon follow suit in declaring the account as a bad loan or an NPA.

Dena Bank had recently announced that it had classified Videocons loan amounting to Rs 520 crore as a NPA. This has resulted into some negative publicity of the company and, accordingly, impacted its stock price, the company recently clarified to the bourses on 23 May 2017.

Videocon Industries reported net loss of Rs 547.73 crore in Q4 March 2017 as against net loss of Rs 189.59 crore in Q4 March 2016. Net sales declined 28.26% to Rs 1985.85 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours on Friday, 26 May 2017.

Videocon Industries operates in four segments: consumer electronics and home appliances, crude oil and natural gas, telecommunications and power.

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Tata Power Company signs Distribution Franchisee Agreement with Ajmer Vidyut Vitran Nigam
Jun 08,2017

Tata Power Company announced that it has signed a Distribution Franchisee Agreement with Ajmer Vidyut Vitran Nigam to cater to the power requirements of customers in Ajmer for a period of 20 years.

To serve the purpose, Tata Power has formed a special purpose vehicle - TP Ajmer Distribution, which will be responsible for operating and maintaining the distribution network in Ajmer City. It will also be responsible for managing the billing and collections.

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Ramco Systems launches Japan Payroll software
Jun 08,2017

Ramco Systems announced the launch of Japan Payroll software on its Global Payroll engine. The highly configurable payroll solution available in both English and Japanese languages comes with capability to handle social and labour insurance contributions for all states, resident tax and reporting, bonus tax, among others.

Complete with chatbots, simplified User Experience, and an intelligent ln-memory based engine which identifies, suggest and resolves errors; Ramco Global Payroll has compliance across 40+ countries and comesintegrated with Core HR, Time & Attendance, Talent Management, Recruitment and Analytics.

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Government keen to support indigenous, affordable e-mobility solutions for intra-city transportation
Jun 08,2017

The Government of India is promoting e-mobility by working towards adopting indigenous and affordable e-mobility solutions which are sustained by an economic model.

Mr Abhay Damle, Joint Secretary (Transport), Ministry of Road Transport and Highways, Government of India, highlighted the importance of building Indias transportation and logistics infrastructure for future mobility. He stated that Indian cars produce less pollution compared to trucks and buses, which travel an average 200 km per day and while comprising 2.5% of vehicles, consume 65% of fuel and emit about 70% NOx and SOx. Therefore, the e-mobility industry should focus on converting high mileage vehicles into electrical.

Prof Ashok Jhunjhunwala, Principal Advisor, Minister of Power and New & Renewable Energy, Government of India said that globally electric vehicles are promoted with huge subsidies, which is not feasible for India. He said innovative techniques should offset high battery prices, concessional GST and road-tax for three years. Battery swapping& charging, module-based battery design, developing business opportunities for battery ownership, etc. can alleviate battery costs. In the first stage, 4 wheelers, city buses and 3-wheelers may see a launch in Oct-Nov2017. Electricity from renewables will be primary source for EVs.

Speaking on Indias biofuels mandate, Mr Y B Ramakrishna, Chairman - Working Group on Biofuels, Ministry of Petroleum and Natural Gas said that biofuels can mitigate climate change and secure Indias energy by replacing upto 30 per cent generation from fossil fuels. The Government is implementing policies to promote sustainable conversion technologies to produce blended fuels like bio-ethanol, bio-diesel and biogas, and India is already leading in technology to produce second generation ethanol. He said that issues like underutilization of production capacity and feedstock supply and cost need to be resolved.

Emphasing an India-specific policy, Dr Suddhasatwa Basu, Professor, Chemical Engineering, IIT Delhi said that a clear policy roadmap is required to run over 10 billion electric cars over the next decade.

Mr P K Banerjee, Deputy Executive Director (Tech.), SIAM said that four main forces will drive the mobility sector: consumer need, move from connected to autonomous mobility, infrastructure, and management of old vehicles including recycling.

Ms Soma Banerjee, Principal - Energy & Infrastructure, CII, said that with growing urban population and increasing pollution, India must choose between public and private vehicles. Government policy should encourage citizens and Industry to move towards public vehicles, taking into account energy efficiency and global market conditions. Also, given Indias diversity, it would need a combination of biofuels, renewables, electricity and cleaner fossil fuelsto serve its future mobility needs.

Ms Mansi Tripathy, Managing Director, Shell Lubricants India, said that India needs multivariant e-mobility solutions which are affordable and customised to the Indian market. Despite challenges to the last mile connectivity, such as charging points and urban infrastructure, industry including OEMs are fully committed to realising the national vision.

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TAJGVK Hotels & Resorts declines on profit booking
Jun 08,2017

Meanwhile, the S&P BSE Sensex was down 54.83 points, or 0.18% at 31,216.45. The S&P BSE Small-Cap index was up 55.23 points, or 0.36% at 15,481.09.

High volumes were witnessed on the counter. On the BSE, 53,000 shares were traded on the counter so far as against the average daily volumes of 18,623 shares in the past one quarter. The stock had hit a high of Rs 182 and a low of Rs 166.85 so far during the day. The stock had hit a 52-week high of Rs 184 on 25 April 2017 and a 52-week low of Rs 92.55 on 21 November 2016.

The stock had outperformed the market over the past one month till 7 June 2017, advancing 6.52% compared with the Sensexs 4.73% rise. The scrip had also outperformed the market over the past one quarter gaining 38.88% as against the Sensexs 7.83% rise. The scrip had also outperformed the market over the past one year advancing 69.34% as against the Sensexs 15.78% rise.

The small-cap company has equity capital of Rs 12.54 crore. Face value per share is Rs 2.

TAJGVK Hotels & Resorts had rallied 17.75% in the preceding two trading sessions to settle at Rs 176.45 yesterday, 7 June 2017, from its closing of Rs 149.85 on 5 June 2017.

TAJGVK Hotels & Resorts net profit fell 86.5% to Rs 0.78 crore on 5% decrease in net sales to Rs 73.43 crore in Q4 March 2017 over Q4 March 2016.

TajGVK Hotels & Resorts is a joint venture, formed through a strategic alliance, between the Indian Hotels Company (IHCL) and the Hyderabad based GVK Group.

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HDIL tumbles on getting property possession notice from bank
Jun 08,2017

Meanwhile, the S&P BSE Sensex was down 53.09 points, or 0.17% to 31,218.19.

On the BSE, 30.18 lakh shares were traded in the counter so far, compared with average daily volumes of 22.66 lakh shares in the past one quarter. The stock had hit a high of Rs 92.30 and a low of Rs 88.30 so far during the day. The stock hit a 52-week high of Rs 108.75 on 12 July 2016. The stock hit a 52-week low of Rs 52.25 on 27 December 2016.

The stock had underperformed the market over the past one month till 7 June 2017, falling 4.22% compared with 4.47% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 30.23% as against Sensexs 8.10% rise. The scrip had underperformed the market in past one year, falling 4.12% as against Sensexs 15.73% rise.

The mid-cap company has equity capital of Rs 434 crore. Face value per share is Rs 10.

According to reports, Housing Development and Infrastructure (HDIL) owes Rs 144 crore loan amount to Central Bank of India. It failed to repay, and the bank has taken symbolic possession of its property in Kurla West. While the bank says it is carrying out the procedures required under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, HDIL has called it a technical default.

Meanwhile, HDIL clarified during trading hours today, 8 June 2017, that it received the possession notice from the Central bank of India on account of non-performing assets (NPA) due to technical reasons. The company has written to the Central bank of India for closure of the said loan and reply is awaited.

HDILs consolidated net profit rose 28% to Rs 60.88 crore on 61.62% decline in net sales to Rs 129.51 crore in Q4 March 2017 over Q4 March 2016.

HDIL is a real estate development company, with significant operations in the Mumbai Metropolitan Region.

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NHAI working on widening NH-21 : Project to cut journey time to Kullu-Manali, Leh, bring prosperity to Himachal
Jun 08,2017

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, has approved the four laning of Pandoh Bypass to Takoli section of National Highway (NH)-21 in Himachal Pradesh. This is a sub project  of the National Highways Authority of Indias larger project for four laning of NH-21 from Kiratpur in Punjab to Manali in Himachal Pradesh. The other four sub- projects of this project  include Kiratpur-Nerchowk, Nerchowk-Pandoh, Takoli-Kullu and Kullu-Manali. Work on three of the sub-projects is already going on, and is likely to start shortly for the fourth sub project.  Completion of  all five sub projects will provide all weather connectivity to important tourist destinations like  Kullu and  Manali and further upto Leh.

 The cost of the Pandoh-Takoli sub project approved today is  estimated to be Rs.2775.93 crore including cost of land acquisition, resettlement and rehabilitation and other pre-construction activities. The total length of the road to be developed is approximately 19 kms.

This work will be done under National Highways Development Project (NHDP) Phase IV B on Hybrid Annuity Mode.

The four laning of NH 21 from Kiratpur to Manali  will provide all weather connectivity to important tourist destinations i.e. Kullu & Manali and further upto Leh. This will help in reduction in accidents and saving of precious human lives due to construction of tunnels in the accident prone land slide areas. The distance from Kiratpur to Manali will get reduced by 38 km, resulting in a time saving  of approximately three hours. This will result in huge saving in terms of fuel consumption and wear and tear cost of vehicles.The project will generate huge employment to the locals residing along the project length which will also help them in getting in job opportunities in future. It has been estimated that a total number of 4,076 mandays are required for construction of one kilometre of highway. As such, employment potential of 77,000 (approx.) mandays will be generated locally during the construction period of the Pandoh-Takoli section alone. The completion of the project will bring all round development and prosperity in the state of Himachal Pradesh.

NHAI is also executing the four laning of NH-22 from Parwanoo to Shimla (including Shimla Bypass). The length of this project is 89.71 km and the cost is Rs. 2739 cr. The work has already been started in the stretch from Parwanoo to Solan. The project construction from Solan to Shimla is likely to commence shortly.

The DPR preparations for four laning of following projects have also been undertaken by the NHAI: 

Sl No.

Section of NH

Stretch in km.

Approximate cost of project.

1

HP/Punjab border to Mandi

km 11.00 to km 208.00
(Length: 197 km)

Rs.4432.50 cr.

2

Pinjor Bypass -Nalagarh

km 00.00 to km 35.00
(35 km)

Rs.405.00 cr.

3

Shimla -Mataur

km 0.00 to km 223.070
(Length: 223.070 km)

Rs.4905 cr.

The construction of above projects will help uplift the socio-economic condition of this region of the state of Himachal Pradesh. It will further enhance the employment potential for the local labourers for the project activities in highways and tunnel constructions.

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Deep Industries slumps on getting show cause notice from ONGC
Jun 08,2017

The announcement was made during trading hours today, 8 June 2017.

Meanwhile, the S&P BSE Sensex was down 8.39 points, or 0.03% to 31,262.89.

On the BSE, 1.73 lakh shares were traded in the counter so far, compared with average daily volumes of 1.81 lakh shares in the past one quarter. The stock had hit a high of Rs 306 and a low of Rs 256 so far during the day. The stock hit a record high of Rs 343.70 on 30 March 2017. The stock hit a 52-week low of Rs 162.05 on 24 June 2016.

The stock had underperformed the market over the past one month till 7 June 2017, falling 5% compared with 4.47% rise in the Sensex. The scrip had also underperformed the market in past one quarter, rising 0.13% as against Sensexs 8.10% rise. The scrip had, however, outperformed the market in past one year, rising 64.55% as against Sensexs 15.73% rise.

The small-cap company has equity capital of Rs 32 crore. Face value per share is Rs 10.

Deep Industries said it has received the show cause notice from ONGC pertaining to certain allegations made in respect of ongoing contracts. The company has sought various documents from ONGC based on which allegations are made. ONGCs response is still awaited on the same.

Deep Industries clarified that it is pioneer company in Indian oil & gas services business for last three decades and maintains highest level of integrity in its business conduct while serving clients across varied services both in public and private space.

The company said it believes that the allegations made in show cause notice are baseless. It is in process of replying to show cause notice and contesting all the allegations made therein.

Net profit of Deep Industries rose 81.20% to Rs 23.23 crore on 36.48% rise in net sales to Rs 74.90 crore in Q4 March 2017 over Q4 March 2016.

Deep Industries is engaged in business of oil and gas services, exploration and production.

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Strides Shasun gets reaffirmation in long term issuer ratings
Jun 08,2017

Strides Shasun announced that India Ratings & Research has affirmed Strides Shasuns Long-Term Issuer Rating at IND A. The Outlook is Stable.

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