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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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Asian Oilfield Services bags two contract valued at Rs 140 crore
Nov 22,2016

Asian Oilfield Services has received Letters of Award of two contracts from Oil India for an estimated value of Rs 140 crore for both the contracts. The contract is for acquisition of 2D Seismic Data in unappraised on land areas of North East India.

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Pine Animation director resigns
Nov 22,2016

Pine Animation has received resignation from Mandar Subhash Palav from the designation of the director of the Company with immediate effect dated 21 October 2016.

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Board of Quess Corp to consider issue of debt securities
Nov 22,2016

Quess Corp announced that a meeting of the Board of Directors of the Company will be held on 28 November 2016, inter-alia, to consider and approve issue of debt securities including Non-Convertible Debentures.

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AXIS Bank in focus on plan to raise upto Rs 1800 crore via debentures
Nov 22,2016

AXIS Bank said it proposes to raise funds by issuing unsecured redeemable non-convertible subordinated debentures (Basel- III compliant Tier II debentures) (Series - 25) of the face value of Rs 10 lakh each for cash at par aggregating to Rs 1800 crore. The board of directors of the bank will consider the proposal to issue and allot the above securities through circular resolution. The announcement was made after market hours yesterday, 21 November 2016.

On a consolidated basis, Sobhas net profit fell 1.03% to Rs 38.40 crore on 8.36% increase in total income to Rs 552.20 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 21 November 2016.

Real estate developer Brigade Enterprises said it launched the countrys first real estate focused accelerator program. The accelerator will mentor startups whose products or services can be used in the real estate industry across various domains be it Residential, Office, Retail or Hospitality. The sectors in focus are Internet of Things (loT), nano technology, cleantech & renewables, visual computing such as augmented reality and virtual reality and logistics. Solutions can be applicable n++n either B2B or B2C models. The announcement was made after market hours yesterday, 21 November 2016.

Muthoot Capital Services said that Crisil has downgraded its rating on the debt instruments and bank facilities to Crisil A-/FA-/Stable from Crisil A/FA/Stable; the rating on the short-term debt has been reaffirmed at Crisil A1. The downgrade is primarily on account of downgrade in ratings on the bank facilities and debt instruments of Muthoot Fincorp (MFL). MFL is a flagship company of the group. The announcement was made after market hours yesterday, 21 November 2016.

Indian Hotels Company said that its board of directors has decided to convene an extraordinary general meeting (EGM) to pass an ordinary resolution for removal of C. P. Mistry as director of the company. The EGM will be held on 20 December 2016. The announcement was made after market hours yesterday, 21 November 2016.

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14.30 GW RE Capacity added during last two and half years under Grid Connected Renewable Power
Nov 21,2016

A capacity addition of 14.30 GW of renewable energy has been reported during the last two and half years under Grid Connected Renewable Power, which include 5.8 GW from Solar Power, 7.04 GW from Wind Power, 0.53 from Small Hydro Power and 0.93 from Bio-power.   NITI Aayog presented the achievement of the various infrastructure Ministries including Ministry of New & Renewable Energy before the Prime Minister on 22nd August 2016. The progress and overall achievement made under Wind Power, Solar Power, Solar Roof Top, Solar power capacity tendered, state policies etc were satisfactory.

The target set for the various renewable energy sources for the next three years are:

            Source

2016-17

2017-18

2018-19

Solar Power

12,000

15,000

16,000

Wind

4000

4600

5200

Biomass

500

750

850

SHP

225

100

100

Grand Total

16725

20450

22150

To achieve the targets, various initiatives have been taken by the Government which interalia include:

amendments in the Tariff Policy for strong enforcement of Renewable Purchase Obligation (RPO) and for providing Renewable Generation     Obligation (RGO); setting up of exclusive solar parks; development of power transmission network through Green Energy Corridor project; identification of large government complexes/ buildings for rooftop projects; provision of roof top solar and 10 percent renewable energy as mandatory under Mission Statement and Guidelines for development of smart cities; amendments in building bye-laws for mandatory provision of roof top solar for new construction or higher FAR; infrastructure status for solar projects; raising tax free solar bonds; making roof top solar a part of housing loan by banks/NHB; incorporating measures in Integrated Power Development Scheme (IPDS) for encouraging distribution companies and making net-metering compulsory raising funds from bilateral and international donors as also from the Green Climate Fund to achieve the target. and creation of Surya Mitras for installation and maintenance of the Solar Projects.

In coming years, Ministry is going to focus on : conducive policies for promotion of Grid Interactive Renewable Power so as to reach 175 GW by 2022, Low cost Financing with long tenure for Renewable Energy technologies and Projects, creation of transmission infrastructure for evacuation of Renewable Power, focus on promoting indigenous technologies, technological innovation and research& development in the renewable sector and creation of qualified and skilled man power.

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D S Kulkarni Developers to announce September quarter and half year results
Nov 21,2016

D S Kulkarni Developers announced that the Meeting of the Board of Directors of the Company will be held on 03 December 2016, inter alia, to consider & approve Un-audited financial results of the Company for the quarter & half year ended 30 September 2016.

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Muthoot Capital Services gets downgrade in credit ratings
Nov 21,2016

Muthoot Capital Services announced that CRISIL has downgraded its rating on the debt instruments, bank facilities, fixed deposits and reaffirmed CRISIL A1 for Rs. 30 crore Short Term Debt of the Company vide communication received by the Company on 21 November 2016.

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Kwality to announce September quarter results
Nov 21,2016

Kwality announced that a Meeting of the Board of Directors of the Company will be held on 12 December 2016, inter alia, to take on record the Unaudited Financial Result for the quarter and nine months ended 30 September 2016 keeping in view SEBI Circular dated 05 July allowing extension by 1 month for submission of Financial results by the listed Company to which Ind-AS Rules are applicable.

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Board of G V Films to consider AGM
Nov 21,2016

GV Films announced that a meeting of the Board of Directors of the Company is scheduled to be held on 25 November 2016, inter alia, to consider and approve the following:1. Fix the Date and venue of the Annual General meeting.2. The Notice of the Annual General Meeting.

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Central Provinces Railways Company to hold EGM
Nov 21,2016

Central Provinces Railways Company announced that the Extra Ordinary General Meeting (EGM) of the Company will be held on 14 December 2016.

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Nagarjuna Agrichem allots equity shares
Nov 21,2016

Nagarjuna Agrichem announced that the Compensation Committee, in its meeting held on 21 November 2016 has allotted 2,32,500 equity shares of Rs. 1/- each to the grantees, upon exercise of 2,32,500 options pursuant to Nagarjuna Agrichem Ltd - Employee Stock Option Scheme-2015. The said shares shall rank pari-passu with the existing equity shares of the Company in all respects.

Upon the aforesaid allotment, the equity share capital of the Company stands increased to 15,61,44,008 equity shares of Rs. 1/- each aggregating to Rs. 15,61,44,008/-.

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ESIC Approves the Enhancement of Wage Ceiling from Present Rs. 15,000 per Month to Rs. 21,000
Nov 21,2016

The Employees State Insurance Corporation (ESIC) has approved the enhancement of wage ceiling from present Rs. 15,000 per month to Rs. 21,000/-. The draft Rules calling for objections has been published in Gazette of India on 06.10.2016. This enhancement of wage ceiling shall bring more employees under ESIC coverage. In addition, the decision has also been taken to ensure coverage of the Scheme in all districts of the Country.

The ESIC in its meeting dated 07/08/2015 has decided to bear the expenses on super specialty treatment over and above the expenditure of state government.

The ESIC in its 166th Corporation meetings held on 07.08.2015 has decided to consider eligibility of pre existing diseases i.e. for malignancy & dialysis as prospective w.e.f. 30 August 2016.

Further, ESIC has revised eligibility for Super Specialty including the children of Insured Persons with congenital diseases & genetic disorders.

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Orbit Corporation announces resignation of company secretary
Nov 21,2016

Orbit Corporation announced Ronak V. Kalathiya has resigned as the Company Secretary & Compliance Officer of the Company w.e.f. 21 November 2016.

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Orbit Corporation to decide on AGM
Nov 21,2016

Orbit Corporation announced that a meeting of the Board of Directors of the Company will be held on 30 November 2016, inter alia, to conclude the day, date, venue and time of the Annual General Meeting for the financial year ended 31 March 2016.

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Kwality allots equity shares
Nov 21,2016

Kwality announced that the Securities Allotment Committee of the Company in its meeting held on 21 November 2016, has approved an allotment of 7,53,100 Equity Shares of the face value of Re. 1/- each, being the exercise of 7,53,100 Stock Options under Kwality Employee Stock Option Plan 2014.

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