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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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Mindtree fixes record date for interim dividend
Mar 21,2017

Mindtree has fixed 10 April 2017 as record date for payment of interim dividend, if approved.

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The Union Government has decided to make timely payment of accumulations under the Savings Fund of CGEGIS
Mar 21,2017

The Union Government has decided that in all cases where the service of the retiring Central Government employees has been verified, payment of the accumulation under Savings Fund of Central Government Employee Group Insurance Scheme (CGEGIS) will be made without awaiting confirmation of deduction of each monthly subscription of CGEGIS. This would help in timely payment of accumulations under the Savings Fund of the CGEGIS. The necessary Orders in this regard have been issued by Department of Expenditure, Ministry of Finance on 17.03.2017.

Often delay occurs in payment of dues to the retiring Central Government employees as the existing procedure requires confirmation of deduction of each monthly subscription to the scheme. The present decision of the Union Government is a step towards simplification of procedure as well as to ensure timely payment of savings along with interest under CGEGIS, to the Central Government employees at the time of retirement.

Under the Central Government Employees Group Insurance Scheme, 1980, the accumulations under the component of Savings Fund together with interest thereon are payable to the employees on retirement or on cessation of employment with the Central Government or to their family on death while in service.

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Gartner Says by 2020, At Least 30 Percent of Industrie 4.0 Projects Will Source Their Algorithms From Leading Algorithm Marketplaces
Mar 21,2017

Industrie 4.0* has been underway for more than five years, and while many businesses have begun some promising Industrie 4.0 projects, key challenges remain that are making algorithms the heartbeat of these projects, according to Gartner, Inc. By 2020, Gartner predicts that at least 30 percent of Industrie 4.0 projects will source their algorithms from leading algorithm marketplaces n++ a significant rise from less than 5 percent in 2016.

Industrie 4.0 projects are facing two significant challenges, said Thomas Oestreich, managing vice president at Gartner. First n++ in the connected world of cyber-physical systems n++ they need to deal with the sheer volume, real-time velocity and diversity of data. Second, in order to drive new value and differentiating innovations, new algorithms need to be developed. This is making algorithms the pulse of Industrie 4.0 initiatives.

Mr. Oestreich added that developing new algorithms requires skills and competencies that most companies do not have yet. To increase time to market and speed up the development process, some organizations employ service providers and combine this with using algorithm marketplaces.

Reusable Algorithms Can Reduce Development Time

Analytics vendors have started creating marketplaces for software components, such as analytical algorithms, to bring greater flexibility and choice to end users. These marketplaces will bring the benefits of the app economy to software development. They will radically lower software distribution costs and improve access to thousands n++ if not millions n++ of available algorithms.

Algorithm marketplaces offer reusable algorithms, which help organizations speed up their development processes and cope with the transformational changes introduced with digital business. Reusing prebuilt algorithms and applying them to a specific use case can significantly reduce development time and will offer an important library, expanding the possibilities for in-house development teams, said Mr. Oestreich.

We encourage CIOs to build a task force with data and analytics leaders to evaluate algorithm marketplaces, and then create their own library of available and potentially useful algorithms, said Mr. Oestreich.

Modernize and Transform ERP Solutions Into a Solid Foundation for Industrie 4.0

Early adopters of Industrie 4.0 are also renovating their enterprise resource planning (ERP) solutions. ERP systems are connected to Internet of Things (IoT) infrastructure that consists of sensors and actuators, middleware to collect and store data, and applications and analytics to make decisions and trigger actions.

Many ERP solutions are old, and they cannot cope with the amount of data and transactions to be processed, and the level of granularity in business transactions, said Christian Hestermann, research director at Gartner.

The music industry is a good example of how an industry has gone through transformation. Customers went from buying complete albums in a record store to streaming one individual song, which triggers an immediate invoice about the microamounts due. ERP could fast become the bottleneck of digital business, not allowing a business to act quickly enough to grasp digital business opportunities in a fast-changing business world, Mr. Hestermann added.

CIOs need to develop digital business moments to grow their business. Signals coming from sensors inside products or from external sources could be used to offer additional services to customers. This will likely require the modernization of the ERP solutions involved, as older ones will not support the level of granularity and the volumes of microtransactions required, said Mr. Hestermann.

Gartner said that, by 2020, 50 percent of the companies that have renovated their ERP core and migrated their IoT infrastructure to a standardized platform will increase customer interactions by over 20 percent.

CIOs should determine where IoT and digital business play a role in their business scenarios, and develop Industrie 4.0 value chains by modeling the business capabilities that their organizations need, concluded Mr. Hestermann. They also need to assess their current state and their needs for renovation on all layers of the IoT architecture and take the necessary measures to improve.

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Board of Southern Magnesium & Chemicals approves change in nominee director
Mar 21,2017

Southern Magnesium & Chemicals announced that the Board of Directors of the Company at its meeting held on 21 March 2017 transacted the following business:

1. Admission of Securities of the company on National Securities Depositories.
2. Board took note of withdrawal of C Mariamma as Nominee Director of APIDC Limited and took note of her resignation. Board further approved appointment of E. Maha Lakshmi as Nominee Director in place of C.Mariamma as per the letter given to the company by APIDC.

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Board of AAR Commercial Company approves acquisition of subsidiary
Mar 21,2017

AAR Commercial Company announced that the Board of Directors at their meeting held on 21 March 2017, inter alia has approved acquisition of Camellia Tradelink as a Wholly Owned Subsidiary and accordingly, Camellia Tradellink shall be regarded as a Wholly Owned subsidiary of the Company.

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Outcome of board meeting of Vikas Wsp
Mar 21,2017

Vikas Wsp announced that the Board of Directors of the Company at its meeting held on 21 March 2017, inter alia, approved and proposed the following resolution for approve of their members at Extra Ordinary General Meeting:-

1.To issuance of 5.10 Crore equity shares as per SEBI guidelines to allot fresh equity shares on preferential basis to prospective investors other than promoters at a price of Rs. 10 per share (Face Value Rs.1 and premium Rs. 9 per equity shares).
2.To issuance of 1.70 Crore equity shares as per SEBI guidelines to allot fresh equity shares on preferential basis to promoters at a price of Rs. 10 per share (Face Value Rs. 1 and premium Rs. 9 per equity shares).
3.To approve the ESOP-2017 Policy of the Company for allotment of shares to the Employees of the Company.
4.Notice of Extra Ordinary General Meeting Notice, which will be held on 21 April 2017.

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Indiabulls Housing Finance corrects on profit booking
Mar 21,2017

Meanwhile, the S&P BSE Sensex was down 11.95 points, or 0.04% to 29,506.79.

On the BSE, 1.16 lakh shares were traded in the counter so far, compared with average daily volumes of 8.99 lakh shares in the past one quarter. The stock had hit a high of Rs 969.65 and a low of Rs 924.30 so far during the day. The stock hit a record high of Rs 982.40 yesterday, 20 March 2017. The stock hit a 52-week low of Rs 600.10 on 6 April 2016.

The stock had outperformed the market over the past one month till 20 March 2017, rising 12.91% compared with 3.69% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 50.39% as against Sensexs 12.20% rise.

The large-cap company has equity capital of Rs 84.77 crore. Face value per share is Rs 2.

Shares of Indiabulls Housing Finance rose 13.56% in six trading sessions to settle at Rs 964.55 yesterday, 20 March 2017, from its close of Rs 849.40 on 9 March 2017.

On a consolidated basis, net profit of Indiabulls Housing Finance rose 24.75% to Rs 751.49 crore on 25.92% rise in net sales to Rs 2475.94 crore in Q3 December 2016 over Q3 December 2015.

Indiabulls Housing Finance is a housing finance company.

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HCL Tech declines on reports brokerage maintains reduce rating
Mar 21,2017

Meanwhile, the S&P Sensex was down 36.63 points or 0.12% at 29,482.11.

On the BSE, 1.58 lakh shares were traded on the counter so far as against the average daily volumes of 84,433 shares in the past one quarter. The stock had hit a high of Rs 874.60 and a low of Rs 853 so far during the day.

The stock had hit a 52-week high of Rs 879.15 on 20 March 2017 and a 52-week low of Rs 706.50 on 11 May 2016. The stock had underperformed the market over the past one month till 20 March 2017, advancing 2.57% compared with the Sensexs 2.99% rise. The scrip had also underperformed the market over the past one quarter, rising 4.14% as against the Sensexs 12.2% rise.

The large-cap company has equity capital of Rs 282.24 crore. Face value per share is Rs 2.

Meanwhile, HCL Technologies board at its meeting held yesterday, 20 March 2017, approved buyback of up to 3.50 crore fully paid-up equity shares of the company at Rs 1000 per share, for an aggregate amount not exceeding Rs 3500 crore. The announcement was made after market hours yesterday, 20 March 2017.

The buyback price of Rs 1000 is at a premium of 15.83% to the stocks closing price of Rs 863.30 yesterday, 20 March 2017.

The buyback is proposed to be made from the shareholders of the company on a proportionate basis, through the tender offer route. The announcement was made after market hours yesterday, 20 March 2017.

Separately, HCL Technologies said that it has been chosen as the strategic IT services provider to the Volvo Ocean Race. HCL will be responsible for developing and delivering IT solutions for the 2017-18 edition of the race around the world. The Volvo Ocean Race held every three years witnesses the coming together of the best sailors across the world. The announcement was made after market hours yesterday, 20 March 2017.

HCL Technologies consolidated net profit rose 2.3% to Rs 2062.04 crore on 2.56% growth in net sales to Rs 11814.20 crore in Q3 December 2016 over Q2 September 2016.

HCL Technologies is a leading global IT services company working with clients in the areas that impact and redefine the core of their businesses.

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Sharda Cropchem fixes record date for 2nd interim dividend
Mar 21,2017

Sharda Cropchem has fixed 31 March 2017 as Record Date for payment of second interim dividend for FY 2017.

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Board of Empee Distilleries approves allotment of 11,66,860 equity shares on conversion of warrants
Mar 21,2017

Empee Distilleries announced that the Board of Directors of the Company at its meeting held on 21 March 2017 has approved and allotted 11,66,860 equity shares of Rs 10 each at a premium of Rs 54.64 per share on conversion of share warrants.

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Board of IDBI Bank approves preferential issue of capital to GoI
Mar 21,2017

The Board of Directors of IDBI Bank at its meeting held on 21 March 2017 has approved the proposal for preferential issue of capital to Government of India and other Financial Institutions, if any aggregating up to Rs 2500 crore subject to statutory / regulatory approvals required to be obtained in this regard. In this connection, EGM of the Bank is proposed to be held on 27 April 2017 for obtaining shareholders approval in this regard.

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Fitch: Strategic Business and Market Value in Vodafone India Idea Merger
Mar 21,2017

Fitch Ratings says the announced merger between Vodafone India and Idea Cellular has strong business logic and strategic sense - both in terms of the scale of the enlarged group as well as how it may affect the overall market structure. On a reported basis the transaction will have a positive effect on net debt/EBITDA leverage once India is deconsolidated at the group level. However, Fitch estimates a mildly negative effect on funds from operations (FFO) lease adjusted net leverage given that Fitch does not currently include the Indian spectrum in its leverage calculation. Roughly 80% of the combined entitys pro-forma debt represents spectrum commitments. The effect is estimated at around 0.2x negative turns of leverage and is not considered material in the context of Vodafones BBB+/Stable rating and the wider positive implications of the deal.

With FFO net leverage of 3.3x as at September 2016, the group has limited headroom versus a rating sensitivity of 3.5x. An ownership equalisation put option granted to Vodafone by joint venture partner, Aditya Birla Group, following a three-year lock-up period, would realise cash proceeds at the Vodafone Group level of USD1.3bn. This could provide leverage relief if at the time it was needed. The transaction is expected to immediately be accretive to Vodafones cash flow. The limited impact on leverage and timing of the transaction, which is not expected to close until sometime in 2018, reduce any potential leverage risks.

Fitch considers the strategic rationale for the merger is strong. It brings together Indias number two market player (Vodafone India) with the market number three (Idea). Importantly the enlarged group will have the market number one or two position, in 21 of the 22 circles (regions) in which they operate, with Vodafone strong in markets where Idea is weaker and vice versa, making a strong complimentary fit.

The combined business is targeting run-rate annual synergies of USD2.1bn to be achieved over the four years from closing. Of these, opex savings are expected in the region of 60% and the business estimated to deliver an EBITDA margin of around 40% subject to the market becoming more rationale once new entrant, Reliance Jio, starts to charge its subscribers (expected from April 2017). The latter entered the market a little over a year ago and has quickly built a customer base of 72 million and 6% share of the market on the back of free trial subscriptions. Given the costs of developing a greenfield-mobile business, a free subscription model is not sustainable indefinitely.

Elsewhere in the market, Telenor is selling its Indian operations to current market leader, Airtel. Fitch regards both transactions as positive signs of the consolidation the market has been waiting for.

Fitch does not believe the Indian transaction reveals a new economic model at the Vodafone group level, given that it represents a second transaction where it has been prepared to address a structural market weakness through a joint venture; the other recent example being the VodafoneZiggo JV with Liberty Global in the Netherlands. Moreover, Fitch sees both transactions as pragmatic and strategic approaches to markets where a partnership makes a strong economic proposition. In both examples the combinations will provide what Fitch regards as structural solutions to markets where competition has proven intense.

In the Netherlands the combination was about securing a strong convergent position relative to a strengthened incumbent. In the latest transaction Vodafone is seeking a solution to a market which has long needed consolidation and where competition has been intensified by the entrance of an aggressive new entrant. Fitch regards both as providing sound strategic logic, ultimately seeking ways of de-risking the overall group perimeter.

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GAIL (India) slips on reports of brokerage sell rating
Mar 21,2017

Meanwhile, the S&P Sensex was down 52.44 points or 0.18% at 29,466.30.

On the BSE, 6.15 lakh shares were traded on the counter so far as against the average daily volumes of 3.72 lakh shares in the past one quarter. The stock had hit a high of Rs 374.35 and a low of Rs 366.60 so far during the day.

The stock had hit a 52-week high of Rs 400.80 on 8 March 2017 and a 52-week low of Rs 251.44 on 6 April 2016. The stock had underperformed the market over the past one month till 20 March 2017, declining 4.49% compared with the Sensexs 2.99% rise. The scrip had, however, outperformed the market over the past one quarter, rising 16.75% as against the Sensexs 12.2% rise.

The large-cap company has equity capital of Rs 1691.30 crore. Face value per share is Rs 10.

GAIL (India)s net profit rose 45.4% to Rs 982.92 crore on 9.4% decline in net sales to Rs 12107.89 crore in Q3 December 2016 over Q3 December 2015.

GAIL (India), Indias largest natural gas company, is one of the seven Maharatna Public Sector Undertakings (PSUs). Government of India held 56.11% stake in the firm as per the shareholding pattern as on 31 December 2016.

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Themis Medicare gains as board to discuss biz operations
Mar 21,2017

The announcement was made during trading hours today, 21 March 2017.

Meanwhile, the S&P BSE Sensex was down 83.70 points, or 0.28% to 29,435.04.

On the BSE, 7,127 shares were traded in the counter so far, compared with average daily volumes of 1,866 shares in the past one quarter. The stock had hit a high of Rs 598 and a low of Rs 583.20 so far during the day. The stock hit a record high of Rs 708.95 on 28 October 2016. The stock hit a 52-week low of Rs 325 on 29 March 2016.

The stock had underperformed the market over the past one month till 20 March 2017, rising 1.16% compared with 3.69% rise in the Sensex. The scrip had also underperformed the market in past one quarter, rising 1.33% as against Sensexs 12.20% rise.

The small-cap company has equity capital of Rs 9.04 crore. Face value per share is Rs 10.

On a consolidated basis, Themis Medicares net profit fell 25.37% to Rs 3.56 crore on 12.48% increase in net sales to Rs 62.11 crore in Q3 December 2016 over Q3 December 2015.

Themis Medicare is a pharmaceutical company, engaged in manufacturing pharmaceuticals and medicinal chemicals.

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High expectations riding on new UP Government: ASSOCHAM
Mar 21,2017

Faced with high expectations created by a massive mandate given to the BJP, the incoming Chief Minister of Uttar Pradesh has to meet immediate challenges of ensuring much better electricity supply in the coming summer, give urgent relief to Bundelkhand and find a lasting solutions for arrears of sugarcane farmers, the ASSOCHAM said today.

The Uttar Pradesh has a sizeable annual budget of about Rs 3.5 lakh crore with a deficit of about Rs 50,000 crore. Though there is a scope for bettering the state balance sheet, its fiscal situation is not as bad as some states, the chamber said.

The top priority of the new government should be to drastically improve the quality and quantity of power supply in the ensuing summer. Like several parts of the country, the challenge is not as much generation and availability of power but the financial health of the power utilities, mostly in the state ownership.

The new government should immediately take recourse to the UDAY scheme of the Centre and bring the state utility to robust health so that the users in both rural and urban areas are given better power supply. As is provided in the new scheme of things, fresh investment should be made in separate supply channels to the farmers who, for welfare reasons, have to be given the electricity supply at the concessional rates and the financial load can be taken by the state government, rather than the individual power utility.

n++Being an agricultural state, Uttar Pradesh has a huge potential in diverse agro activities like live stock, milk production and processing, food processing . For instance, abundant supply of potatoes in districts like Kannauj and mango in areas like Maliabad, need a modern processing facilities which should be encouraged in the private sector by way of fiscal and other support. Likewise, lot more agro hubs and mandis should be built in the state,n++ ASSOCHAM Secretary General Mr D S Rawat said.

As of now, the state produces about 360-400 lakh tonnes per annum and is the number one producer of milk in the country.

The state has several large sized cities like Lucknow, Kanpur, Varanasi, Allahabad, Noida, Agra, Meerut, Moradabad, Meerut , which need to be modernized and upgraded in terms of infrastructure. While initiatives like metro rail have been taken, they must be enlarged and lot more investment be made in city infrastructure including sanitation, drinking water, urban waste management.

n++A drive down the state presents a bad picture of heaps of plastics not only in cities but also in villages, creating an environment hazards, including the ground water,n++ the chamber said.

Since the same BJP is now in power in Madhya Pradesh and Uttar Pradesh, a better coordination should be achieved between the two states to give a better deal to the Bundelkhand areas which have suffered for long due to water scarcity and general backwardness.

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