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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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Orbit Corporation intimates of withdrawal of resignation of company secretary
Dec 03,2016

Orbit Corporation announced that Ronak V. Kalathiya has withdrawn his resignation and has resumed the office as the Company Secretary & Compliance Officer of the Company w.e.f. 21 November 2016.

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Orbit Corporation intimates of withdrawal of resignation of company secretary
Dec 03,2016

Orbit Corporation announced that Ronak V. Kalathiya has withdrawn his resignation and has resumed the office as the Company Secretary & Compliance Officer of the Company w.e.f. 21 November 2016.

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A2Z Infra Engineering secures contract worth Rs 35.25 cr
Dec 03,2016

A2Z Infra Engineering announced that a contract has been awarded from Chhattisgarh State Power Transmission Company (a government of Chhattisgarh Undertaking) vide the letter of award dated December 02, 2016 for Construction of 132 KV S/S Pakhanjur and associates EHV line on turnkey basis TR-16/05.

The aggregate value of the said Contract is Rs 35,25,84,216.00/- (Rs Thirty Five crore twenty five lakh eighty four thousand two hundred Sixteen only).

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A2Z Infra Engineering secures contract worth Rs 35.25 cr
Dec 03,2016

A2Z Infra Engineering announced that a contract has been awarded from Chhattisgarh State Power Transmission Company (a government of Chhattisgarh Undertaking) vide the letter of award dated December 02, 2016 for Construction of 132 KV S/S Pakhanjur and associates EHV line on turnkey basis TR-16/05.

The aggregate value of the said Contract is Rs 35,25,84,216.00/- (Rs Thirty Five crore twenty five lakh eighty four thousand two hundred Sixteen only).

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Board of AstraZeneca Pharma India approves change in directorate
Dec 03,2016

AstraZeneca Pharma India announced that the Board of Directors of the Company at its meeting held on 02 December 2016 has approved the following change in directorate -

Accepted the resignation of D E Udwadia as Director of the Company with effect from 02 December 2016.

Accepted resignation of K S Shah as Director of the Company with effect from 02 December 2016.

Accepted resignation of Claire-Marie OGrady as Director of the Company with effect from 02 December 2016.

Revathy Ashok and Greg Mueller have been co-opted as Additional Directors on the Board of the Directors with immediate effect.

Rajesh Marwah, CFO of the Company has been inducted into the board as Additional and Whole Time Director.

Narayan K Sheshadri has been elected as Chairman of Board.

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Board of AstraZeneca Pharma India approves change in directorate
Dec 03,2016

AstraZeneca Pharma India announced that the Board of Directors of the Company at its meeting held on 02 December 2016 has approved the following change in directorate -

Accepted the resignation of D E Udwadia as Director of the Company with effect from 02 December 2016.

Accepted resignation of K S Shah as Director of the Company with effect from 02 December 2016.

Accepted resignation of Claire-Marie OGrady as Director of the Company with effect from 02 December 2016.

Revathy Ashok and Greg Mueller have been co-opted as Additional Directors on the Board of the Directors with immediate effect.

Rajesh Marwah, CFO of the Company has been inducted into the board as Additional and Whole Time Director.

Narayan K Sheshadri has been elected as Chairman of Board.

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Asia Pacific Market: Stocks sluggish ahead of US payroll data
Dec 02,2016

Asia Pacific share market ended lower on Friday, 02 December 2016, as investors flew to lock-in recent gains on caution ahead of the release of U.S. jobs data for November later on Friday and Italys national referendum on constitutional amendments on Sunday

Investors are closely watching the U.S. employment data in search of a clue about whether the Fed will carry out an interest rate hiken++ at its Federal Open Market Committee meeting in December in line with growing market expectations.

On Sunday, Italy votes on constitutional reform. The result is being closely watched for its potential to topple the government with Italys heavily indebted banks already close to peril.

Crude Oil prices slipped on Friday as some investors opted to cash out after Brent touched a 16-month high on Thursday, with optimism over this weeks OPEC-Russia accord on cutting output giving way to questions on the sticking point of implementing the deal. Crude prices on Friday were pressured by data showing oil output in Russia rose in November to a post-Soviet high and news that Moscow would use its record November oil production as its baseline when it cuts output. U.S. West Texas Intermediate (WTI) futures settled up 62 cents, or 1.2%, at $51.68. The 5-day gain of 12.2% was the best weekly performance since February, 2011. The Organization of the Petroleum Exporting Countries, which accounts for a third of global oil supply, will reduce production starting in January by 1.2 million barrels per day, or over 3%, to 32.5 million bpd. As part of the OPEC deal, Russia has promised to gradually cut its crude output by up to 300,000 barrels per day in the first half of 2017. Russia and other non-OPEC producer are set to meet with OPEC on Dec. 9.

Among Asian bourses

Nikkei closes down

The Japan share market ended lower, as investors opted to lock in profits prior to closely watched events (US jobs data and a weekend Italian referendum). The 225-issue Nikkei average lost 87.04 points, or 0.47%, to close at 18,426.08. The Topix index of all first-section issues finished down 5.29 points, or 0.36%, at 1,477.98. Falling issues outnumbered rising ones 1,172 to 700 in the TSEs first section, while 118 issues were unchanged. Volume slightly increased to about 2.83 billion shares from Thursdays about 2.82 billion shares.

A pause in the yens recent weakening battered export-oriented names, including automakers Toyota, Honda and Fuji Heavy and industrial robot manufacturer Fanuc. Apple parts suppliers, such as Murata Manufacturing and Alps Electric, met with selling on a new report that the U.S. technology giant is reducing orders for iPhone 7 with suppliers due to worries about excess inventories. Other major losers included mobile game site operator DeNA, game maker Nintendo, mobile phone carrier KDDI and retail giant Seven & I Holdings.

By contrast, mega-banks Mitsubishi UFJ, Sumitomo Mitsui and Mizuho, brokerage firm Nomura and insurer Tokio Marine were buoyant in line with higher yields on Japanese government bonds after yields on 10-year U.S. Treasuries jumped to their highest levels since June 2015.. Oil Company Inpex, trading houses Mitsui and Mitsubishi and steel makers JFE Holdings and Nippon Steel & Sumitomo Metal were also on the plus side.

Australia Market falls on profit taking

Australian share market finished session deeply in red, as a reversal of the mining rally and profit taking. With the exception of gold producers, every sector was down, with energy and financial issues leading losses on profit booking. At the closing bell, the benchmark S&P/ASX 200 index fell 56.20 points, or 1.02%, to 5444, while the broader All Ordinaries index declined 57.80 points, or 1.04%, to close at 5502.60.

Energy and mining stocks were biggest drag on the benchmark index today on profit taking following strong yesterday gain. Among energy players, Woodside Petroleum sank 1.9% to A$30.94, Oil Search 0.1% to A$7.03, and Santos 0.5% to A$4.37. Among mining shares, BHP Billiton dropped 2.3% to A$25.02 and Rio Tinto 1.1% to A$58.04. Iron ore miner Fortescue Metals Group fell 3.2% to A$6.15.

Shares of financial players snapped their three-day winning streak, with big four banks being major losers. Among major banks, Westpac declined 1% to A$31.34, Australia & New Zealand Banking Group 0.8% to A$28.46, Commonwealth Bank of Australia 1.2% to A$78.60, and National Australia Bank 1.1% to A$29.07.

Bellamys was down 44% to close at A$6.85 after baby foods maker said that new import rules in China had created a supply glut that was hurting sales. Other China-exposed plays such as Bega Cheese and Blackmores were also languishing down 6.3% and 3.6% respectively.

China Stocks fall back on profit-taking

Mainland China stock market turned down on Friday, 02 December 2016, pushed down by selling to lock in profits following previous gains and on caution ahead of closely watched events. The Shanghai Composite Index dropped 0.9%, to 3,243.84, while the smaller Shenzhen Component Index closed 1.58% lower at 10,912.63 points. The ChiNext Index, which tracks Chinas NASDAQ-style board of growth enterprises, lost 1.76% to close at 2,143.45 points.

Securities, insurance, and telecommunications were among the days biggest losers. Leading telecom company China Unicom slumped 6.68% to close at 6.84 yuan per share. Bucking the trend, oil and gas shares extended strong performances on Friday, with oil giant Sinopec gaining 4.36% to end the day at 5.5 yuan per share.

Next week, Chinas stock market will see around 54.8 billion yuan of locked-up shares released for trading, and the stock connection between Hong Kong and Shenzhen will open on December 5, allowing investors to buy and sell shares on each others markets.

Hong Kong Stocks end sharply lower

The Hong Kong stock market finished session lower, as investors locked in gains ahead of U.S. jobs data later in the session and a weekend Italian referendum on Sunday. The Hang Seng Index ended down 1.37%, or 313.41 points, to 22,564.82 while the Hang Seng China Enterprises index declined 1.12%, or 111.08 points, to 9,781.23. Turnover increased to HK$80.9 billion from HK$74.8 billion on Thursday.

Casino players tumbled after reports that visitors carrying more than MOP120,000 cash entering Macau need to declare to the customs. Deutsche Bank said the curb add risks to Macau gaming industry. Sands China (01928) and Galaxy Entertainment (00027) slid 4% and 5% to HK$35.6 and HK$35.75. The stocks were the top blue-chip losers. Wynn Macau (01128) plunged 5% to HK$13.16.

HKEx (00388) softened 1% to HK$202.8 as the Connect factor failed to inspire buying. Mainland insurers retreated, with China Life (02628) and Ping An (02318) falling 3% and 2% to HK$21.7 and HK$41.9.

China Taiping (00966) acquired a 9% stake in Emperor Capital (00717). China Taiping dipped 3% to HK$17.42. Emperor Capital weakened by 1.2% to HK$0.81.

Sensex falls on global worries

Indian stock market extended losses for second straight session as investors hit the exit button amid mounting global concerns. Participants are in a wait-and-watch mode ahead of US jobs report as well as Italys constitutional referendum on Sunday, which could determine whether or not the country will remain in the Eurozone. Caution also prevailed ahead of the Reserve Banks policy review next week, leading to fall in banking counters. Sustained foreign capital outflows also affected the market sentiment. Foreign funds sold shares worth a net Rs402.62 crore on Thursday, as per provisional data released by the stock exchanges. All the sectoral indices, led by consumer durables, FMCG and auto, ended with losses up to 2.32% as selling pressure intensified. The BSE Sensex ended down 329.26 points, or 1.24% , lower at 26,230.66, its lowest closing since 28 November. The NSE 50-share Nifty dropped by 106.10 points or 1.30% to close at 8,086.80.

IndusInd Bank lost 2.1%. The bank said it proposes to raise funds by issue and allotment of senior unsecured redeemable non-convertible long term bonds in the nature of debentures (infrastructure bonds) for cash aggregating to Rs 1500 crore on private placement basis. The borrowing shall be within the overall borrowing limits of the bank as may be approved by the shareholders from time to time.

Tata Motors fell 3.5% after the company reported flat sales in November 2016. Tata Motors said its passenger and commercial vehicle total sales in November 2016 were at 38,900 units, almost flat compared with 38,918 vehicles sold in November 2015. The companys domestic sales of Tata commercial and passenger vehicles declined 6% to 33,274 units in November 2016 over November 2015. Exports surged 57% to 5,626 units in November 2016 over November 2015.

Elsewhere in the Asia Pacific region: New Zealands NZX50 was down 0.4% to 6904.85. Indonesias Jakarta Composite index added 0.9% to 5245.96. Taiwans Taiex sank 0.8% to 9189.49. South Koreas KOSPI index was down 0.7% to 1970.61. Malaysias KLCI grew 0.2% to 1628.96. Singapores Straits Times index fell 0.3% to 2919.37.

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Hong Kong Stocks end sharply lower
Dec 02,2016

The Hong Kong stock market finished session lower on Friday, 02 December 2016, as investors locked in gains ahead of U.S. jobs data later in the session and a weekend Italian referendum on Sunday. The Hang Seng Index ended down 1.37%, or 313.41 points, to 22,564.82 while the Hang Seng China Enterprises index declined 1.12%, or 111.08 points, to 9,781.23. Turnover increased to HK$80.9 billion from HK$74.8 billion on Thursday.

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China Stocks fall back on profit-taking
Dec 02,2016

Mainland China stock market turned down on Friday, 02 December 2016, pushed down by selling to lock in profits following previous gains and on caution ahead of closely watched events. The Shanghai Composite Index dropped 0.9%, to 3,243.84, while the smaller Shenzhen Component Index closed 1.58% lower at 10,912.63 points. The ChiNext Index, which tracks Chinas NASDAQ-style board of growth enterprises, lost 1.76% to close at 2,143.45 points.

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Nikkei closes down ahead of US jobs data
Dec 02,2016

The Japan share market ended lower on Friday, 02 December 2016, as investors opted to lock in profits prior to closely watched events (US jobs data and a weekend Italian referendum). The 225-issue Nikkei average lost 87.04 points, or 0.47 percent, to close at 18,426.08. The Topix index of all first-section issues finished down 5.29 points, or 0.36 percent, at 1,477.98. Falling issues outnumbered rising ones 1,172 to 700 in the TSEs first section, while 118 issues were unchanged. Volume slightly increased to about 2.83 billion shares from Thursdays about 2.82 billion shares.

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DLF to announce Q2 results
Dec 02,2016

DLF announced that a meeting of the Board of Directors of the Company will be held on 09 December 2016, inter alia, to consider and approve the Un-audited Financial Results for the quarter ended 30 September 2016 (Q2).

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NMDC gets in-principle approval for divestment of Nagarnar Steel Plant
Dec 02,2016

NMDC announced that Government of India, Ministry of Steel has communicated the in-principle decision of the Cabinet Committee on Economic Affairs (CCEA) of Government of India to consider strategic disinvestment of the Nagarnar Steel Plant of the Company.

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ICICI Bank allots equity shares
Dec 02,2016

ICICI Bank has allotted 22,300 equity shares of face value of Rs. 2/- each on 01 December 2016 under the Employees Stock Option Scheme, 2000 (ESOS).

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Trans Medicare to fix date for AGM
Dec 02,2016

Trans Medicare announced that a meeting of the Board of Directors will be held on 07 December 2016, to transact the following business:

1. To approve the Directors Report for the year ended March 31, 2016

2. To fix the date for convening the 27th Annual General Meeting of the Company

3. To fix the date of book closure.

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Board of PVP Ventures to consider September quarter results
Dec 02,2016

PVP Ventures announced that a meeting of the Board of Directors of the Company will be held on 12 December 2016, inter alia, to consider and approve the Unaudited financial results of the Company for the quarter and half year ended 30 September 2016.

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