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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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Zensar Technologies recognised as Challenger in 2017 Magic Quadrant for Oracle Application Services, North America
Feb 27,2017

Zensar Technologies has been positioned by Gartner Inc. in the Challengers quadrant of the 2017 Magic Quadrant for Oracle Application Services, North America.

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Jubilant Life Sciences receives final approval for Itraconazole Capsules
Feb 27,2017

Jubilant Life Sciences has announced that it has received Abbreviated New Drug Application (ANDA) final approval from USFDA for Itraconazole Capsules, 100 mg, the generic version of Sporanox of Janssen Pharmaceuticals, which is used for the treatment of fungal infection.

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Bambino Agro Industries appoints director
Feb 27,2017

Bambino Agro Industries announced that Board of Directors have appointed M Kishan Rao, as an Additional Director of the Company w.e.f. 27 February 2017 by circular resolution.

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Shriram Transport Finance Company allots NCDs aggregating Rs 140 crore
Feb 27,2017

Shriram Transport Finance Company announced that the Allotment Committee - NCDs of the Company in its meeting held on 27 February 2017, approved and allotted 1400 Secured Redeemable Rated Listed Non-Convertible Debenture of face value of Rs. 10,00,000/- (Rupees Ten Lakh only) each, aggregating to Rs. 140 crore on private placement basis.

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Bharti Airtel announces value propositions for domestic and international roaming
Feb 27,2017

Bharti Airtel has announced new proposition for domestic and international roaming. From 01 April 2017, Airtel customers roaming in India will enjoy free incoming calls/SMS and there will be no premium on outgoing calls within the country. Also, there will be no additional data charges on national roaming.

From 01 April 2017, Airtel customers on international roaming Without a Pack will be fully protected from bill shocks through an automatic adjustment that is equal to the daily pack for that particular country. This means that the moment a customers billing reaches the price of a one day pack for that country, he/she will be automatically moved to that pack.

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Welterman International to hold board meeting
Feb 27,2017

Welterman International will hold a meeting of the Board of Directors of the Company on 28 February 2017.

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Board of Vesuvius India recommends final dividend
Feb 27,2017

Vesuvius India announced that the Board of Directors of the Company at its meeting held on 27 February 2017, inter alia, have recommended the final dividend of Rs 6.5 per equity Share (i.e. 65%) , subject to the approval of the shareholders.

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Manappuram Finance to hold board meeting
Feb 27,2017

Manappuram Finance will hold a meeting of the Board of Directors of the Company on 17 March 2017.

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Vesuvius India to hold AGM
Feb 27,2017

Vesuvius India announced that the th Annual General Meeting(AGM) of the company on 12 May 2017.

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Simplex Papers director resigns
Feb 27,2017

Simplex Papers announced that K. C. Murarka, Non-Executive Independent Director of the Company has tendered his resignation with effect from the close business hours of 27 February 2017.

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Corporation Bank intimates of bank strike
Feb 27,2017

Corporation Bank announced that the Bank has been informed by the Indian Banks Association vide their Circular letter dated 13 February 2017 that the members of all constituent unions of United Forum of Bank Unions (UFBU) working in various offices/branches of Public Sector Banks in India may take part in the proposed one day strike on 28 February 2017, in support of some of their demands. In view of this, the normal functioning of the Banks Branches may get affected.

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Corporation Bank intimates of bank strike
Feb 27,2017

Corporation Bank announced that the Bank has been informed by the Indian Banks Association vide their Circular letter dated 13 February 2017 that the members of all constituent unions of United Forum of Bank Unions (UFBU) working in various offices/branches of Public Sector Banks in India may take part in the proposed one day strike on 28 February 2017, in support of some of their demands. In view of this, the normal functioning of the Banks Branches may get affected.

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Adani Ports & Special Economic Zone gets reaffirmation of credit ratings
Feb 27,2017

Adani Ports & Special Economic Zone announced that ICRA has re-affirmed its AA+ rating for Bank Limits and Non-Convertible Debentures. The outlook has been revised upwards from negative to STABLE. ICRA has re-affirmed its A1+ rating (Top notch) for the Commercial Papers Programme of the Company.

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Adani Ports & Special Economic Zone gets reaffirmation of credit ratings
Feb 27,2017

Adani Ports & Special Economic Zone announced that ICRA has re-affirmed its AA+ rating for Bank Limits and Non-Convertible Debentures. The outlook has been revised upwards from negative to STABLE. ICRA has re-affirmed its A1+ rating (Top notch) for the Commercial Papers Programme of the Company.

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Goldstone Infratech jumps on big order for pure electric buses
Feb 27,2017

The announcement was made during market hours today, 27 February 2017.

Meanwhile, the S&P BSE Sensex was down 91.96 points or 0.32% at 28,801.01.

On the BSE, 66,000 shares were traded on the counter so far as against the average daily volumes of 50,967 shares in the past one quarter. The stock had hit a high of Rs 47.85 and a low of Rs 46.50 so far during the day.

The stock had hit a 52-week high of Rs 51.50 on 21 February 2017 and a 52-week low of Rs 15.45 on 28 March 2016. It had outperformed the market over the past one month till 23 February 2017, surging 61.7% compared with the Sensexs 6.55% rise. The scrip had also outperformed the market over the past one quarter, advancing 77.43% as against the Sensexs 10.91% rise.

The small-cap company has equity capital of Rs 14.43 crore. Face value per share is Rs 4.

Goldstone Infratech announced that it has bagged its second order for supply of twenty five pure electric buses to Himachal Road Transport Corporation (HRTC), Shimla, at a price of Rs 47.75 crore excluding AMC charges.

Goldstone has successfully completed trials of Midi electric bus in Manali-Rohtang pass. Goldstone shall be assembling these buses in India in tie up with BYD Auto, China. The bus will be designed in India and the bus body shall be fully built in India, the company said.

Goldstone Infratech had received its first order for supply of six pure electric buses to Brihan Mumbai Electricity Supply and Transport (BEST) undertaking, Mumbai.

Goldstone Infratechs net profit rose 35.6% to Rs 1.18 crore on 29.7% growth in net sales to Rs 23.35 crore in Q3 December 2016 over Q3 December 2015.

Goldstone Infratech is one of leading manufacturers for silicone rubber insulators for power transmission and distribution networks and supplies to large transmission & distribution companies and railways/metro rails in India and overseas.

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