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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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Bhilwara Technical Textiles Board to review Q3 and 9M results
Jan 03,2017

Bhilwara Technical Textiles announced that a meeting of the Board of Directors of the Company is scheduled to be held on 20 January 2017, to consider and approve the unaudited financial results of the Company for the quarter and Nine Months ended the 31 December 2016.

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Board of Elecon Engineering Company to consider Q3 and 9M results
Jan 03,2017

Elecon Engineering Company announced that the meeting of the Board of Directors of the Company will be held on 08 February 2017, to consider and approve the Unaudited Financial Results (Both Standalone & Consolidated) for the quarter & nine months ended on 31 December 2016.

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Maral Overseas to announce Q3 and 9M results
Jan 03,2017

Maral Overseas announced that a meeting of the Board of Directors or the Company is scheduled to be held on 20 January 2017 to consider and approve the unaudited financial results of the Company for the quarter and nine months ended the 31 December 2016.

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Panacea Biotec increases availability of Life Saving Drug Cilamin 250
Jan 03,2017

Panacea Biotec announced that it has increased the availability of Life Saving Drug Cilamin 250 (D-Penicillamine IP 250 mg) Capsules used for treatment of Wilsons disease, Rheumatoid, Arthritis and other conditions. These capsules witnessed short supply in the market during last few months due to non-availability of raw material i.e. D-Penicillamine, in India.

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MEP Infra strengthens after receiving fee collection rights for toll plaza
Jan 03,2017

The announcement was made during market hours today, 3 January 2017.

Meanwhile, the BSE Sensex was unchanged at 26,595.68.

On the BSE, 23,297 shares were traded in the counter so far, compared with average daily volume of 45,621 shares in the past one quarter. The stock had hit a high of Rs 39 and a low of Rs 36.30 so far during the day. The stock had hit a 52-week high of Rs 50 on 23 September 2016. The stock had hit a record low of Rs 34 on 24 November 2016.

The stock had outperformed the market over the past one month till 2 January 2017, rising 3.56% compared with Sensexs 1.39% rise. The scrip had, however, underperformed the market in past one quarter, dropping 10.57% as against Sensexs 4.56% decline.

The small-cap company has equity capital of Rs 162.57 crore. Face value per share is Rs 10.

MEP Infrastructure Developers announced that it has received the letter of acceptance (LOA) dated 2 January 2017 from National Highways Authority of India (NHAI) informing that it has been engaged as the contractor for the collection of user fee through competitive bidding on e-tender basis only for Brijghat fee plaza for the section of Hapur-Garhmuketeshwar of National Highways No. 24 in Uttar Pradesh.

The period of the contract is one year. The contractual amount for the project is Rs 60.03 crore payable to NHAI on a weekly basis over a period of one year.

The operations will commence within two days after complying the statutory formalities namely, submission of performance security, signing of contract as per the letter of acceptance.

MEP Infrastructure Developers consolidated net profit jumped 655.8% to Rs 62.42 crore on 1.2% drop in net sales to Rs 437.70 crore in Q2 September 2016 over Q2 September 2015.

MEP Infrastructure Developers is among the leading players in tolling operations in the road infrastructure sector.

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Ujaas Energy receives LoI from MOIL
Jan 03,2017

Ujaas Energy has received letter of Intent from MOIL for design, engineering, procurement & supply, construction, erection, testing & Commissioning of Solar PV Plant with Tracking system on turnkey basis 5.0 MW (AC) in Maharashtra.

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SML Isuzu advances after decent monthly sales
Jan 03,2017

The sales figures were announced after market hours yesterday, 2 January 2017.

Meanwhile, the S&P BSE Sensex was down 1.86 points or 0.01% at 26,593.59.

On the BSE, 2,111 shares were traded on the counter so far as against the average daily volumes of 12,058 shares in the past one quarter. The stock had hit a high of Rs 1,157.45 and a low of Rs 1,139.40 so far during the day.

The stock had hit a 52-week high of Rs 1,433.85 on 31 August 2016 and a 52-week low of Rs 645.50 on 29 February 2016. It had outperformed the market over the past one month till 2 January 2017, advancing 3.29% compared with the Sensexs 1.39% rise. The scrip had, however, underperformed the market over the past one quarter declining 11.21% as against the Sensexs 4.56% fall.

The small-cap company has equity capital of Rs 14.47 crore. Face value per share is Rs 10.

SML Isuzus net profit rose 52.4% to Rs 9.69 crore on 13.5% growth in net sales to Rs 303.08 crore in Q2 September 2016 over Q2 September 2015.

SML Isuzu is a commercial vehicle manufacturer. Sumitomo Corporation, Japan and Isuzu Motors, Japan respectively held 43.96% and 15% stake in SML Isuzu (as per the shareholding pattern as on 30 September 2016).

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PC Jeweller announces resignation of director
Jan 03,2017

PC Jeweller announced that Kusum Jain, Non-Executive Director has resigned as director from the Board of Directors of the Company w.e.f. 30 December 2016.

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Hathway Cable & Datacom provides update on subsidiary
Jan 03,2017

Hathway Cable & Datacom announced on 31 December 2016 that GTPL Hathway, a material subsidiary of the Company has filed Draft Red Herring Prospectus with Securities and Exchange Board of India as well as with both the Stock Exchanges i.e. BSE and National Stock Exchange of India.

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Hindustan Zinc announces change in nominee director
Jan 03,2017

Hindustan Zinc announced that the Government of India, Ministry of Mines vide their letter dated 29 December 2016 informed that Reena Sihha Puri has been appointed as Government Nominee Director on the Board of the Company with immediate effect, in place of Nikunja Bihari Dhal.

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IL&FS Engineering & Construction Co bags road project
Jan 03,2017

IL&FS Engineering & Construction Co announced on 30 December 2016 that the Company has received a Letter of Acceptance for a road contract on Bidar to Humnabad section on NH-50 from Ministry of Road Transport and Highways through CE(NH)PWD, Government of Karnataka for a total value of Rs 242.56 crore.

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ICICI Bank drops after reducing MCLR by 0.7%
Jan 03,2017

The announcement was made after market hours yesterday, 2 January 2017.

Meanwhile, the BSE Sensex was down 96.78 points, or -0.39%, to 26,491.39.

On the BSE, 47,741 shares were traded in the counter so far, compared with average daily volume of 15.41 lakh shares in the past one quarter. The stock had hit a high of Rs 252.70 and a low of Rs 249.35 so far during the day. The stock had hit a 52-week high of Rs 298.20 on 10 November 2016. The stock had hit a 52-week low of Rs 180.80 on 26 February 2016.

The stock had underperformed the market over the past one month till 2 January 2017, falling 3.02% compared with Sensexs 1.39% rise. The scrip had, however, outperformed the market in past one quarter, dropping 0.2% as against Sensexs 4.56% decline.

The large-cap private sector bank has equity capital of Rs 1164.11 crore. Face value per share is Rs 2.

ICICI Banks marginal cost of funds based lending rate (MCLR) for overnight loans will be 8%, the rate for one month will be 8% and for three months it will be 8.1%. The MCLR on 6-month loans will be 8.15% and for one-year loans the rate will be 8.2%, the bank said.

All rupee loans sanctioned and credit limits renewed with effect from 1 April 2016 are priced with reference to the MCLR which is the internal benchmark of the concerned bank. Actual lending rates are determined by adding the components of spread to the MCLR.

ICICI Banks net profit rose 2.4% to Rs 3102.27 crore on 41.3% increase in total income to Rs 22759.08 crore in Q2 September 2016 over Q2 September 2015.

ICICI Bank is one of the leading private sector banks in India.

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Majestic Research Services & Solutions divests its stake in JV
Jan 03,2017

Majestic Research Services & Solutions has divested its stake in joint venture between the Company and Analysis the Scent International GmbH on 28 December 2016 due to strategic differences in the business model to be followed. For this purpose, the Company has transferred 50% of its stake and control in Scent Analysis Majectic to Analysis the Scent International GmbH and its nominee.

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Board of Dr Lal Pathlabs to consider December quarter results and interim dividend
Jan 03,2017

Dr Lal Pathlabs announced that a meeting of the Board of Directors is scheduled to be held on 02 February 2017 to inter-alia consider and approve the un-audited financial results of the Company for the Quarter ended 31 December 2016 and to consider the proposal of payment on interim dividend, if any, for the financial Year 2016-17.

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Muthoot Finance hikes stake in subsidairy - Belstar Investment and Finance
Jan 03,2017

Muthoot Finance has further acquired 1,728,571 Equity Shares of subsidiary company - Belstar Investment and Finance of nominal value of Rs. 10/- each at a total price of Rs. 7.26 crore from existing shareholders.

With this investment, the Company has increased its shareholding in aforesaid subsidiary to 64.60% from existing shareholding of 57.16%.

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