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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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Cabinet approves MoU between India and the United Nations Entity of Gender Equality and Empowerment of Women (UN-Women)
Mar 07,2017

Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the signing of Memorandum of Understanding (MoU) between India and the United Nations Entity of Gender Equality and the Empowerment of Women (UN-Women).

The proposal seeks to provide technical support to the Ministry of Panchayati Raj in strengthening capacities of governance institutions including Panchayati Raj Institutions(PRIs) to better leverage opportunities created for gender equality through legislation, policies and programmes.

Ministry of Panchayati Raj (MoPR) and UN-Women have worked in collaboration with each other to promote participation of women in Panchayati Raj Institutions (PRIs), to focus on building capacities of Elected Women Representatives to empower them and enhance their effectiveness. Given the past gains, the two parties will now work together towards participatory design of governance processes and effective implementation of laws, policies and programmes to promote gender responsive governance. The parties agree that engendering the initiatives of MoPR, including capacity development efforts, will be of mutual benefit, and will further their shared mission of good governance, gender equality and womens empowerment. In the long run, it will enable an improvement in the status of rural women in India, as well as contribute to meeting Indias commitment to the Convention to Eliminate All Forms of Discrimination Against Women (CEDAW), the Beijing Platform for Action and the Sustainable Development Goals.

The proposed MoU will facilitate the achievement of time-bound results in the implementation of specific activities identified jointly by MoPR and UN Women within the broader framework for cooperation under the United Nations Development Assistance Framework ((UNDAF). This MoU would thus facilitate operationalizing this important partnership.

Activities under this MoU will be implemented at the district and sub-district level in six States i.e. Andhra Pradesh, Telengana, Odisha, Karnataka, Rajasthan and Madhya Pradesh.

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Cabinet gives ex-post facto approval to the MoU between India and the United Arab Emirates in the field of providing Energy Efficiency Services
Mar 07,2017

Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its ex-post facto approval to the Memorandum of Understanding (MoU) between the National Productivity Council, an autonomous body under the Department of Industrial Policy & Promotion, Ministry of Commerce & Industry, and Al Etihad Energy Services UAE, to provide various services in the field of energy management and conservation.

Under the MoU, the NPC will provide the following services:

1. Energy Assessment Services

2. Training & Certification of Energy Auditors

3. Demand Side Management.

Meanwhile, Al Etihad ES will provide the following services to all the relevant projects on a case by case basis:

i) Customer Support with UAE Government and Private owned organizations in the United Arab Emirates

ii) All local support for Field Auditing Professionals in the UAE

iii) All local support for Training & Certification of Energy Auditors in UAE

iv) All support related to Demand Side Management of industries based in UAE

The MoU will enable NPC avail high value opportunities such as energy building and develop institutional mechanism in area of energy efficiency in Dubai and other Gulf Cooperation Council, (GCC) member countries. It will provide recognition and exposure to further build NPCs capacities and competencies in rapidly changing international business scenario. MoU will be a precedent for engagements with other International collaboration partners and will enhance NPCs visibility in arena. The MoU will help promote NPC in GCC member countries and will generate business for NPC in the area of energy.

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PNC Infratech in focus after being declared as lowest bidder for highway project
Mar 07,2017

PNC Infratech was declared the L1 (lowest) bidder for NHAI project of six laning Chitradurga - Davanagere including Chitradurga bypass, design chainage km 0.000 to km 20.700 and Km 208.000 to km 260 of NH 48 (Old NH-4) in the state of Karnataka under NHDP V, to be executed on Hybrid Annuity Mode for a bid project cost of Rs 1434 crore. Four firms participated in the bidding and the price bids were opened on 6 March 2017, with PNCs bid being the lowest (L1). This is the second hybrid annuity project won by PNC having construction period of 2 n++ years and operation period of 15 years.

Bharat Electronics has fixed 17 March 2017 as record date for its 10-for-1 stock-split proposal. The announcement was made after market hours yesterday, 6 March 2017.

Tech Mahindra said it will buy US-based healthcare provider CJS Solutions Group for an enterprise value of $110 million. The deal includes an upfront cash payment of $89.5 million to buy an 84.7% stake in CJS with the remaining 15.3% to be acquired over three years, the company said in a press release. The transaction is expected to close before the end of April 2017. The announcement was made after market hours yesterday, 6 March 2017.

Coal Indias board of directors yesterday, 6 March 2017, approved payment of interim dividend of Rs 18.75 per share for the year ending 31 March 2017 (FY 2017). The record date for the interim dividend is 15 March 2017. The announcement was made after market hours yesterday, 6 March 2017.

Arfin India said it bagged an order worth around Rs 107 crore from JSW Steel for supplying its three units located at Bellary, Dolvi and Salem for the financial year 2017-2018. The announcement was made after market hours yesterday, 6 March 2017.

Central Bank of India said that ICRA has revised its rating on banks bonds. ICRA has revised the banks lower tier II bonds - credit rating to [ICRA]A+ (outlook : negative) from [ICRA]AA- (outlook : negative). The rating on upper tier II bonds - credit rating was revised to [ICRA]A (outlook : negative) from [ICRA]A+ (outlook : negative). The rating downgrade factors the continuing deterioration in asset quality, poor financial results for past three quarters upto Q3 December 2016 wherein the bank had to make large provision towards NPAs, and their effect on capital adequacy ratio. The announcement was made after market hours yesterday, 6 March 2017.

Cairn India said it has appointed senior oil & gas advisors, Melody Meyer and Atul Gupta. These senior leaders bring on board more than 70 years of combined experience across oil & gas conglomerates such as Chevron, Petrofina and Burren Energy, across geographies as diverse as Middle East, Central Asia and Alaska. They will provide strategic direction and delivery focus to Cairn India, as the company embarks upon its growth journey of contributing to 50% of Indias overall crude production, through 5 billion barrels of oil equivalent reserves and growing and sustaining production at 300,000 barrels of oil and oil equivalent per day. The announcement was made after market hours yesterday, 6 March 2017.

Mangalore Chemicals & Fertilizers said it has completed the reassessed capacity of urea production for the financial year 2016-2017, as fixed by the Department of Fertilizers (DoF), Government of India. The company is also carrying out annual maintenance of its plants. In view of this, the company has shutdown its ammonia, urea and ABC plants from 3 March 2017. The company will inform once it resumes operations of these plants. The announcement was made after market hours yesterday, 6 March 2017.

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Outcome of board meeting of Sical Logistics
Mar 06,2017

The Board of Directors of Sical Logistics at its meeting held on 06 March 2017 considered the proposal to provide corporate guarantee to one of the bankers on behalf of the companys subsidiary, Sical Multimodal and Rail Transport for the fund to be raised by them by way of issue of NCDs to an extent of Rs 100 crore and to seek the approval of the shareholders of the same.

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Board of Sword-Edge Commercials considers change in registered office
Mar 06,2017

Sword-Edge Commercials announced that the Board of Directors of the company at its meeting held on 06 March 2017 considered shifting of registered office of the company from PLOT NO. 71, MIDC, CROSS ROAD, C, OPPOSITE SEEPZ GATE NO. 2, ANDHERI (EAST), MUMBAI 400093 IN to OFFICE No. 5, ANUBHAV APARTMENT, PLOT NUMBER 62 & 31, ZAVER ROAD, NEXT TO MUMBAI DISTRICT BANK, MULUND (W), MUMBAI 400080, India with immediate effect.

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Intense Technologies allots 4,27,977 equity shares
Mar 06,2017

Intense Technologies announced that on the recommendation of Nomination and Remuneration Committee, the Board in its meeting held on 6 March, 2017 allotted 4,27,977 equity shares of Rs. 2/- each pursuant to exercise of stock options under the Companys Intense ESOP Scheme A 2009.

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Board of Concrete Credit accepts resignation of director
Mar 06,2017

The Board of Directors of Concrete Credit at its meeting held on 06 March 2017 has approved the resignation of Moumita Majumder from directorship of the Company with effect from 06 March 2017.

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Board of Jindal Poly Films approves investment of Rs 350 crore in capacity expansion
Mar 06,2017

Jindal Poly Films announced that the Board of Directors has considered and approved inter-alia the following matters, in its meeting held on 06 March 2017 -

Expansion plans for Companys India operation by way of investment of Rs. 350 crores in: A. Polyester Line - H, (PET). B. C.P. Plant for manufacturing of Polyester Chips to be used for internal consumption to manufacture BOPET Film. After commencement of Line, the combined capacity of BOPET films will be totalling to 1, 82, 000 TPA.

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Rasandik Engineering Industries India appoints director
Mar 06,2017

Rasandik Engineering Industries India announced that the Board of Directors of the Company through a circular resolution on 06 March 2017 has appointed Agharam Ramakrishnan Halasyam (DIN: 00775926) as an Additional Director of the Company with effect from 6 March 2017 to hold office as an Independent Director of the Company.

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Mangalore Chemicals & Fertilizers provides operations update
Mar 06,2017

Mangalore Chemicals & Fertilizers has completed the reassessed capacity of Urea production for the financial year 2016-17, as fixed by the Department of Fertilizers (DoF), Government of India. The Company is also carrying out annual maintenance of its plants. In view of this, the Company has shutdown its Ammonia, Urea and ABC plants from 03 March 2017.

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Board of Kaya accepts resignation of CFO
Mar 06,2017

The Board of Directors of Kaya at its meeting held on 06 March 2017 has taken on record resignation of Dharmendar Jain - Chief Financial Officer, who had expressed his interest to pursue opportunities outside the organization. He will continue his services with the Company as the Chief Financial Officer till 21 April 2017.

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Sangam Advisors enters into agreement with Maharashtra Seamless
Mar 06,2017

Sangam Advisors has entered into agreement with Maharashtra Seamless to supply 1 MW power for 25 years. The Company will be setting up a solar power plant of 1 MW on the roof of the factory at Nagothane in the State of Maharashtra for the purpose.

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Jindal Poly Films director resigns
Mar 06,2017

Jindal Poly Films announced that Amit Jain, (DIN: 00028335), Non-Executive Independent Director has resigned from the Directorship of the Company and his resignation has been accepted by the Board in its meeting held on today, w.e.f 3 March 2017.

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PNC Infratech bags Chitradurga - Davanagere road project
Mar 06,2017

PNC Infratech has been declared the L1 (lowest) bidder for project of six laning Chitradurga - Davanagere including Chitradurga bypass, design chainage km 0.000 to km 20.700 and Km 208.000 to km 260.000 of NH 48 (Old NH-4) in the state of Karnataka under NHDP V on HYBRID ANNUITY MODEL.

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Riga Sugar Company gets revision in ratings for bank facilities
Mar 06,2017

Riga Sugar Company announced that CARE has reviewed the following credit ratings for bank facilities -

Long term bank facilities (Rs 124.80 crore) - CARE B+/ Stable (Revised from CARE B)

Short term bank facilities (Rs 5 crore) - CARE A4 (Reaffirmed)

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