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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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Pennar Engineered Building Systems incorporates subsidiary in US
Dec 06,2016

Pennar Engineered Building Systems announced that the Company has formed a subsidiary by the name PEBS Pennar LLC in United States of America (USA) for expansion of Companys Engineering Business.

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Sahyadri Industries gets revision in credit ratings
Dec 06,2016

Sahyadri Industries announced that CRISIL has reviewed the credit ratings of the Company -

Long term rating - CRISIL BB/ Stable (Downgraded from CRISIL BB+/Stable)

Short term rating - CRISIL A4+ (Reaffirmed)

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Board of Blue Circle Services decides to enter new business of agriculture / farming products
Dec 06,2016

Blue Circle Services announced that the Board of Directors of the Company at its meeting held on 06 December 2016 has decided to enter into new business segment of agriculture / farming products. The Company will start its activities into said agri-segment soon and will also commence marketing of agri products.

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Technocraft Industries (India) to announces September quarter and half year results
Dec 06,2016

Technocraft Industries (India) announced that a Meeting of the Board of Directors of the Company will be held on 14 December 2016, inter- alia to consider and approve the Un-Audited Financial Results for the quarter and half year ended 30 September 2016.

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Board of Allied Digital Services to consider September quarter results
Dec 06,2016

Allied Digital Services announced that the Meeting of Board of Directors of the Company is scheduled to be held on 14 December 2016 to consider, approve and take on records the standalone and consolidate Un-audited Financial Results of the Company for the quarter ended 30 September 2016, amongst other matters.

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South Asian Enterprises announces resignation of director
Dec 06,2016

South Asian Enterprises announced Divya Mehrotra has resigned from the Directorship of the Company w.e.f. 02 December 2016. Accordingly her cessation as Director of the Company from 02 December 2016.

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Tata Chemicals leads gainers in A group
Dec 06,2016

Tata Chemicals rose 5.29% to Rs 500.40 at 12:15 IST. The stock topped the gainers in the BSEs A group. On the BSE, 1.78 lakh shares were traded on the counter so far as against the average daily volumes of 44,000 shares in the past two weeks.

Oberoi Realty gained 4.35% at Rs 295. The stock was second biggest gainer in A group. On the BSE, 8,221 shares were traded on the counter so far as against the average daily volumes of 76,000 shares in the past two weeks.

National Aluminium Company rose 4.26% to Rs 58.75. The stock was third biggest gainer in A group. On the BSE, 3.66 lakh shares were traded on the counter so far as against the average daily volumes of 4.36 lakh shares in the past two weeks.

BEML gained 4.1% at Rs 875.45. The stock was fourth biggest gainer in A group. On the BSE, 22,000 shares were traded on the counter so far as against the average daily volumes of 21,000 shares in the past two weeks.

JK Tyre & Industries rose 4.08% to Rs 122.40. The stock was fifth biggest gainer in A group. On the BSE, 3.15 lakh shares were traded on the counter so far as against the average daily volumes of 3.66 lakh shares in the past two weeks.

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Oil & Natural Gas Corpn fixes record date for bonus issue
Dec 06,2016

Oil & Natural Gas Corpn announced that the Company has fixed 16 December 2016 as Record date for the purpose of ascertaining the eligibility of shareholders for issuance of Bonus shares in the ratio of 1 (One) new equity bonus share of Rs.5/- each for every 2 (two) existing equity shares of Rs.5/- each held, subject to the approval of shareholders through postal ballot.

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Board of Gammon Infrastructure Projects to consider September quarter results
Dec 06,2016

Gammon Infrastructure Projects announced that the Board of Directors of the Company will meet on 14 December 2016, inter-alia, to consider and approve the un-audited financial results of the Company for the quarter ended 30 September 2016.

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Lupin receives tentative approval for Diclofenac Capsules
Dec 06,2016

Lupin announced that its US subsidiary Lupin Pharmaceuticals, Inc. has received tentative approval for its Diclofenac Capsules USP, 18 mg and 35 mg from the United States Food & Drug Administration to market a generic version of Iroko Pharmaceuticals LLCs Zorvolexn++ Capsules 18 mg and 35 mg.

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Amal announces resignation of MD
Dec 06,2016

Amal announced that in view of other professional engagements, Prashant Ogale - Managing Director of the Company has resigned and will be relieved from his duties on 14 December 2016 after office hours.

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Outcome of board meeting of Syndicate Bank
Dec 06,2016

Syndicate Bank announced that the Board of Directors in its meeting held on 28 November 2016 has accorded approval for the Bank to exercise the call option for Upper Tier II Bonds 2022 Series of Rs. 200.10 crore, which is due for call option on 28 February 2017, subject to obtaining necessary approvals from Government of India/ Regulatory Authorities.

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Dabur India declines on near term pressure on business from demonetization
Dec 06,2016

The company gave an update on impact of demonetization by the government on the company after market hours yesterday, 5 December 2016.

Meanwhile, the BSE Sensex was up 115.36 points, or 0.44%, to 26,470.30.

On the BSE, 20,113 shares were traded in the counter so far, compared with average daily volume of 95,340 shares in the past one quarter. The stock had hit a high of Rs 284.95 and a low of Rs 280.25 so far during the day.

The large-cap company has equity capital of Rs 176.15 crore. Face value per share is Re 1.

Dabur India said that the impact varies across channels and geographies and stress is highest for wholesalers and small town grocery shops, who are facing a severe liquidity crisis and are destocking. The impact is likely to be positive on modern trade outlets and plastic money enabled retailers who are likely to benefit from this change.

On account of continuity of current uncertain situation it is difficult to quantify the impact on Q3 December 2016 at this point of time, however it is temporary in nature and situation will improve with increase in availability of new currency.

In the meanwhile, the company is focusing more on modern retail, e-commerce and institutional sales and also is encouraging general trade retailers to adopt cashless payment systems. This will help in mitigating the overall impact of demonetization and pave the way for normalization in the next few months, Dabur added.

It may be recalled that government from 9 November 2016 had banned legal tender of higher denomination notes; namely Rs 500 and Rs 1000 notes, dubbed as demonetization in its crackdown on black money.

Dabur India is one of the largest FMCG companies in India. The company operates in key consumer products categories like hair care, oral care, health care, skin care, home care & foods.

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Inox Wind advances after order win from SJVN
Dec 06,2016

The announcement was made during market hours today, 6 December 2016.

Shares of SJVN gained 0.45% to Rs 33.40.

Meanwhile, the BSE Sensex was up 103.46 points, or 0.39%, to 26452.81.

On the BSE, 18,235 shares were traded in Inox Winds counter so far, compared with average daily volume of 75,044 shares in the past one quarter. The stock had hit a high of Rs 194.45 and a low of Rs 187.25 so far during the day.

The mid-cap company has equity capital of Rs 221.92 crore. Face value per share is Rs 10.

Inox Wind bagged an order for a 50 megawatts wind power project to be deployed in Gujarat from SJVN, category-I Mini Ratna, central public sector enterprise and hydroelectric power major. The project is scheduled to be commissioned by November 2017 and will be executed on turnkey basis.

On a consolidated basis, net profit of Inox Wind declined 39.9% to Rs 56.42 crore on 21.3% decline in net sales to Rs 797.67 crore in Q2 September 2016 over Q2 September 2015.

Inox Wind is a fully integrated player in the wind energy market with three manufacturing plants at Gujarat, Himachal Pradesh and Madhya Pradesh.

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L&T Infotech provides updates on its contract with Insurity
Dec 06,2016

L&T Infotech announced that it has completed transition phase of strategic long term managed services engagement with Insurity to provide end-to-end quality assurance services across clients and product lines. The multi-year, multi-million dollar contract was signed in July 2016. The transition phase for this complex engagement was completed in 90 days, as stipulated.

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