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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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CTE achieves AWS Oracle Enterprise Applications Competency Status
Aug 21,2017

Cambridge Technology Enterprises announced that it has achieved the Amazon Web Services (AWS) Oracle Enterprise Applications Competency Status.

The success highlights the companys ability to support its AWS clients and their Oracle applications by providing support for Oracle database administration, middleware, UNIX system administration, the installation and configuration of Oracle Weblogic Server, mailing solutions and backup and recovery solutions.

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Hexaware Technologies named among Top 15 sourcing service providers
Aug 21,2017

Hexaware Technologies announced that it has been named a Top 15 Sourcing Standout by Information Services Group.

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South India Projects fixes record date for interim dividend
Aug 21,2017

South India Projects has fixed 29 August 2017 as the Record Date for the purpose of Payment of Interim Dividend.

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South India Paper Mills fixes record date for dividend
Aug 21,2017

South India Paper Mills has fixed 31 August 2017 as record date for dividend.

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SRG Housing Finance gets reaffirmation in ratings for bank facilities
Aug 21,2017

SRG Housing Finance announced that Brickwork Ratings has reaffirmed Long Term Fund Based Bank Loan Facilities Rating of SRG Housing Finance aggregating to Rs. 130 crore as BWR BBB- (BWR Triple B Minus); Outlook: Stable.

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IVRCL update on divestment of 3 tollway projects
Aug 21,2017

IVRCL announced that the long pending deal with TRIL Roads for sale of three SPVs (Kumarapalayam Tollways, Salem Tollways and IVRCL Chengapally) got terminated due to delay in achieving certain conditions precedent, as per the share purchase agreements.

The Company is exploring other options for disinvestment of these tollway projects in order to reduce the debt burden of these SPV Companies and free the investment of the Company.

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Websol Energy System update on expansion of cell line facility
Aug 21,2017

Websol Energy System announced that the company has placed orders for expansion of its Existing cell line facility from 200 MW to 250 MW. Necessary advances has been made and commercial production will start from October 2017 .

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Mangalam Seeds fixes record date for bonus issue
Aug 21,2017

Mangalam Seeds has fixed 31 August 2017 as record date for bonus issue.

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Ramco Systems allots 14,585 equity shares
Aug 21,2017

Ramco Systems has allotted 14585 Equity Shares under ESOP. Consequent, to this paid up equity share capital has increased to 3,04,62,132 equity shares of Rs 10 each.

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Gitanjali Gems to pay dividend
Aug 21,2017

Gitanjali Gems announced that dividend, if approved at the AGM, will be made on or after 03 October 2017.

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Dhunseri Tea & Industries pares its entire stake in Elfin Heights
Aug 21,2017

Dhunseri Tea & Industries has disposed off its entire shareholding (100%) held in its wholly owned subsidiary i.e. Elfin Heights, comprising of 38,10,000 equity shares of Rs. 10/-each. The said company i.e. Elfin Heights ceases to be a subsidiary of the Company.

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Tirupati Tyres shifts registered office
Aug 21,2017

Tirupati Tyres has shifted its registered office to D/1, Jafferbhai Industrial Estate, Near Marol Metro Station, Marol Naka, Andheri East Mumbai - 400 059.

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GOIs Street Lighting National Programme illuminates 50,000 KM of Indian roads
Aug 21,2017

The Government of Indias Street Lighting National programme (SLNP) has illuminated 50,000 KM of Indian roads with installation of 30 lakh LED street lights across the country. With this milestone Energy Efficiency Services Limited, a government of India company under the administration of Ministry of Power, has become the worlds largest street light management company.

The installation of 30 lakh LED street lights has resulted in 39 crore kWh of annual energy savings, avoided capacity of over 104.19 MW to the Urban Local Bodies (ULBs). Further it has also helped in reduction of 3.29 lakh tonnes of CO2 annually.

Under SLNP, Rajasthan is leading the country with an installation of 7.85 lakh LED street lights followed by Andhra Pradesh and Gujarat with 6.03 lakhs and 5.4 lakhs respectively. Presently, EESL is retrofitting 15,000 conventional lights with LED street lights every day. Project is near completion in the states of Himachal Pradesh, Tripura and Gujarat. EESL is also implementing a special heritage lighting project in Kashi region of Uttar Pradesh where 4,000 lights are being installed. The programme has also recently commenced in the cities of Chandigarh and Port Blair, Andaman and Nicobar Islands.

Further, the procurement price of the LED Street Lights has been reduced from Rs. 135/watt to Rs. 80/watt due to mass procurement of the lights. EESL makes the entire upfront investment in installation of the Street Lights and no additional budget allocation from the Municipalities is required. Municipalities pay EESL from the savings in energy and maintenance cost over a 7-year period, making the LED lights affordable and accessible. EESL also undertakes social audits in ULBs where the project is under implementation and post the completion of the project. Few of the social audit results give a clear indication that the overall satisfaction level and the perception of safety among the citizens is extremely high from the newly installed LED street lights.

EESL procurements conform to BIS specification & carry a 7-year warranty against technical defects. EESL conducts appropriate quality checks right from the bidding stage to the field level. This has resulted in the LEDs overall technical fault being less than 2% in the 30 lakh lights installed by EESL in the country. EESL has maintained an uptime of 97% for all street lights across the country.

EESL has a stringent complaint redressal mechanism wherein consumers can go to the n++Register your complaintn++ section on UJALA dashboard www.ujala.gov.in, or on EESL social media handles - for Twitter @EESL_India and for Facebook @EESLIndia for registering complaints. They can also contact the All-India helpline number 1800 180 3580. The official EESL complaint registration email ID is helpline@eesl.co.in. Consumers can also register their complaints at the EESL complaint logging portal - http://support.eeslindia.org/. Further EESL has also installed Centralised Control and Monitoring System (CCMS) to enable remote operation and monitoring of the street lights. CCMS provides real time information on energy consumption and remote monitoring of the street lights.

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Infosys, HDFC in focus
Aug 21,2017

Infosys at its board meeting held on 19 August 2017 approved a proposal to buyback equity shares for an amount not exceeding Rs 13000 crore. The buyback offer will comprise a purchase of up to 11.30 crore shares aggregating up to 4.92% of the paid-up equity capital via tender route at Rs 1,150 per share. The announcement was made on Saturday, 19 August 2017.

Shares of HDFC will be in focus. HDFC Standard Life Insurance Company, a material subsidiary of HDFC has on Friday, 18 August 2017 filed a draft red herring prospectus with Securities & Exchange Board of India for an initial public offer of up to 29.98 crore shares of Rs 10 each. The announcement was made after market hours on Friday, 18 August 2017.

ICICI Bank announced revision in interest rates on savings bank account interest rate with effect from 19 August 2017. Interest rate on deposits below Rs 50 lakh were revised to 3.5% per annum (pa) from 4% pa. Interest rate on deposits of Rs 50 lakh and above were kept unchanged at 4% pa. The announcement was made after market hours on Friday, 18 August 2017.

Laurus Labs announced that it has completed the US Food and Drug Administration (USFDA) inspection of its API facilities in Units 1 and 3 at Parawada, Visakhapatnam, Andhra Pradesh with two observations which are only procedural in nature on Friday, 18 August 2017. It is a regular surveillance audit by USFDA and no data issues were observed in the inspection. The announcement was made after market hours on Friday, 18 August 2017.

Bajaj Electricals announced that the company has bagged an order from Transmission Corporation of Telangana worth Rs 391.45 crore. The order was received for the supply, erection, testing and commissioning of 400 KV QMDC line, from 400 kV NTPC Common point (end of multi-circuit tower) to 400 kV Narsapur sub-station on Turnkey basis. The order completed period is 18 months. The announcement was made after market hours on Friday, 18 August 2017.

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Last Date for Payment of GST and Filing of Return For July 2017 Extended By 5 Days
Aug 21,2017

The GST Implementation Committee, consisting of State and Central Government officers, has taken a decision to extend the last date for payment of the GST for the month of July 2017 to 25th August, 2017.

Earlier the last date for payment of taxes and filing of GST Return in Form 3B for the month of July was kept as 20th of August 2017. Since it is the first Return to be filed under GST, the tax payers and the tax practitioners have requested for few more days to file their Return. Also there have been requests from States which are hit with floods to extend the last date for filing of GST Returns. The State of Jammu & Kashmir has also requested for extension of time because of late passing of their GST Ordinance. Some technical glitches are also experienced by last minute return filers.

It has been specified that for those tax payers, who do not want to avail of transitional credit in TRANS1 this month, the date for return filing will be 25th August 2017. And for those who want to fill up TRANS1 this month, the last date for filing of returns will be 28th August 2017, as announced earlier. In order not to face any last moment technological difficulty in submission of return, all tax payers are requested to kindly file their return well before 25th / 28th of August 2017 and not wait for the last date. Suitable notification is being issued shortly.

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