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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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India and Vietnam to strengthen bilateral relations through medium of Cinema
Mar 28,2017

Shri M Venkaiah Naidu, Minister for Information & Broadcasting has said that collaboration in the field of Films, Broadcasting and Information Dissemination would strengthen the ties between India and Vietnam. Cooperation in the field of institutional capacity building in social media, student exchange programs between premier institutes of both the countries in the field of journalism and films would bring the two countries close. He mentioned this while meeting the Vietnamese delegation led by Minister of Information and Communications, Government of Vietnam Mr. Truong Minh Tuan.

During the discussions, Shri Naidu said that Ministry of Information & Broadcasting would extend all possible support to promote exchange programs between public broadcasters of the two countries, content creation, screening and distribution of films.

Shri Naidu apprised the Vietnam delegation about the Film Facilitation Office (FFO) setup in the Ministry of I&B to facilitate single window clearance for film makers. The FFO setup shall act as a facilitation point for film producers and assist them in obtaining requisite permissions, disseminate information on shooting locales as well as the details about the various facilities available within the Indian film industry for production/post production thereof.

Vietnam Minister in his remarks gave a brief overview about the Media scenario in their country and expressed hope that there would be cooperation between the National Broadcasters of both the countries to work closely in the field of real time information gathering and dissemination.

The Cultural Exchange Programme (CEP) signed in 2014 between the Ministry of Culture, Government of India and Ministry of Culture, Sports and Tourism, Government of Vietnam for the year 2015-17, provided the institutional framework for collaboration in the Films sector. Indian Prime Minister Shri Narendra Modis visit to Vietnam in 2016 was a significant event for both the countries reinforcing the Government of Indias n++Act East Policy.n++ The year 2017, marks 45th anniversary of the diplomatic relation and 10 years of strategic partnerships between the two countries.

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82 coal mines have been allocated by way of auction / allotment under the provisions of the Coal Mines (Special Provisions) Act, 2015 so far
Mar 28,2017

So far, 82 coal mines have been allocated by way of auction / allotment under the provisions of the Coal Mines (Special Provisions) Act, 2015 and the Rules made thereunder. Of these 82 coal mines, 31 have been allocated through e-auction and 51 by way of allotment.

No coal mine / block has been auctioned in the last one year under the provisions of the Coal Mines (Special Provisions) Act, 2015.. However, 6 coal mines have been allotted to State Government Undertakings for sale of coal in the last one year under the provisions of the said Act.

The Government has not fixed any revenue generation target from the auction/allotment of coal mines. A monitoring mechanism for the development of the coal mines in accordance with the efficiency parameters specified in the agreement is in place. The Nominated Authority reviews the progress of coal mines allocated under Coal Mines (Special Provisions) Act, 2015 on a regular basis. Failure by the allocattee companies in adhering to the terms and conditions / efficiency parameters for the development of the coal mines results in measures as stipulated in the agreement which includes appropriation of the performance bank guarantee and cancellation of the Allotment / Vesting Order, the Minister added.

An Online Coal Project Monitoring Portal has been established in the Ministry of Coal for resolving issues pending at the State level. Clarifications have been issued on various issues hampering mine development for expeditious operationalization of coal mines.

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Kotak Mahindra Bank may gain on capital raising plans
Mar 28,2017

Kotak Mahindra Bank said that the banks board of directors has scheduled a meeting on 30 March 2017 to consider raising of equity capital by the bank through rights issue, private placement, follow-on public offering (FPO), Qualified Institutions Placement (QIP), Global Depository Receipts (GDR), American Depository Receipts (ADR) or through any other permissible mode or a combination thereof, as may be considered appropriate. The announcement was made after market hours yesterday, 27 March 2017.

Axis Bank said that the board of directors of the bank has passed a resolution approving the allotment of 3 year senior floating rate notes aggregating to $10 million under the MTN programme through its Dubai International Financial Centre (DIFC) branch. The announcement was made after market hours yesterday, 27 March 2017.

Technofab Engineering won new orders including three orders from Power Grid Corporation of India for about Rs 255 crore in Tripura. All three orders are in the Industrial and Rural Electrification Sector and works related to 33/11 KV Sub Stations & associated lines. The orders have a timeline of thirty three months for completion. One order from the Ministry of Agriculture and Animal Resources, Kigali , Rwanda for construction contract for establishment of centre of excellence in farm mechanization for $12.29 million exclusive of taxes and duties in Rwanda. The order has a timeline of twelve months for completion. The announcement was made after market hours yesterday, 27 March 2017.

Berger Paints India has commenced commercial production of its automotive and general industrial paints production plant having a capacity of 4,800 KL/MT per annum at Jejuri near Pune in Maharashtra on 27 March 2017. This facility will strengthen the companys supply capabilities in respect of automotive and general industrial paints and the capacity will be enhanced to 24,000 KL/MT per annum in phases. The announcement was made after market hours yesterday, 27 March 2017.

UCO Bank said that the board of directors of the bank approved proposal for issue of equity shares to Government of India against the proposed capital infusion of Rs 1150 crore by way of preferential allotment of equity shares. The announcement was made after market hours yesterday, 27 March 2017.

Dilip Buildcon said that it has been declared as the lowest-1 (L-1) bidder for two projects of Ministry of Road Transport & Highways (MORTH) in the state of Maharashtra. The projects include rehabilitation and up-gradation of two lane with paved shoulders on engineering, procurement and construction (EPC) mode from Kalamb to Wadki of total length of the project is 50.275 kilometers worth Rs 292.50 crore. The second project is rehabilitation and up-gradation of two lane with paved shoulder on EPC mode, from Mantha Taluka Border to Barshi, having total length of the project of 57.518 kilometers and worth Rs 288 crore. The announcement was made before market hours today, 28 March 2017.

India Home Loan announced that the company has entered into MOU with National Housing Bank (NHB) for implementation of Credit Linked Subsidy Scheme for MIG (Middle Income Group) for providing interest subsidy to cater to the housing needs of middle income group segments. The announcement was made after market hours yesterday, 27 March 2017.

Bank of India said that it has raised Rs 1000 crore by issue of Basel-III compliant tier-II bonds (Series XIV) on 27 March 2017. The bonds bear coupon rate of 8% per annum. . The announcement was made after market hours yesterday, 27 March 2017.

Aurobindo Pharma clarified with reference to article published with heading n++Aurobindo Pharma may face the brunt of suspension calln++ that it has five products with different strengths in select EU countries which are affected due to decision by European Medicines Agency (EMA) on the CRO. Some of these products are not currently on market and, in fact, are awaiting for approval in some countries. The combined sales of these products is less than $5 million per annum for the company. The clarification was issued after market hours yesterday, 27 March 2017.

Jindal Steel & Power said that a meeting of the board of directors of the company is scheduled to be held on 30 March 2017, to consider various modes of fund raising by way of preferential allotment of securities to different entities including the promoter(s)/promoter group entity(ies). The announcement was made after market hours yesterday, 27 March 2017.

Andhra Bank said that the board of directors of the bank, in the meeting held on yesterday, 27 March 2017 has approved. raising of equity capital of the bank by way of preferential allotment to Government of India (GOI) to the tune of Rs 1100 crore. The board also approved raising of equity capital of the bank through qualified institutional placement, follow-on public offer, etc. at an appropriate time. The announcement was made after market hours yesterday, 27 March 2017.

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HeidelbergCement India gets upgradation in long term issuer rating
Mar 27,2017

HeidelbergCement India announced that India Ratings and Research has upgraded the Long-Term Issuer Rating of HeidelbergCement India to Ind AA+ (with stable outlook) from Ind AA. The credit rating with respect to 370 numbers of Non-Convertible Debentures of Rs 1 crore each aggregating to Rs 370 crore allotted on 16 December 2013, has also been upgraded to Ind AA+ (with stable outlook) from IND AA.

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Sunil Hitech Engineers announces incorporation of subsidiary
Mar 27,2017

Sunil Hitech Engineers has incorporated a Wholly Owned Subsidiary Company, namely Bodhre Dhule Highway as SPV to undertake the project of Four / six Laning of Bodhre (km 390.000) to Dhule (km 452.800) section of NH-211 (new NH No. 52); (Existing Length 62.800 km; Design Length 67.231 km) in the state of Maharashtra under phase NHDP-IV on Hybrid Annuity Mode bagged by Sunil Hitech Engineers.

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Spentex Industries announces resignation of director
Mar 27,2017

Spentex Industries announced that Shyamal Ghosh, Independent Director of the Company has resigned from the Board of the Company w.e.f 27 March 2017 due to engagement with new assignments.

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Motilal Oswal Financial Services allots 8,90,851 equity shares
Mar 27,2017

Motilal Oswal Financial Services has allotted 8,90,851 equity shares on exercise of stock options granted to various employees of the Companys subsidiary company.

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Euro Ceramics announces demise of director
Mar 27,2017

Euro Ceramics announced that Mukund Manubhai Modi, Independent Director of the Company passed away on 25 March 2017.

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Umang Dairies announces change in CFO
Mar 27,2017

Umang Dairies announced that Gaurav Jain, consequent upon his resignation has been relieved from the post of Chief Financial Officer (KMP) of the Company on the close of working hours on 27 March 2017 and; Diwan Singh, General Manager (Finance and Accounts) is the Chief Financial Officer (KMP) of the Company w.e.f. 28 March 2017.

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Great Eastern Shipping Company acquires Secondhand Suezmax Crude Carrier Jag Lakshya
Mar 27,2017

Great Eastern Shipping Company took delivery of a Secondhand Suezmax Crude Carrier Jag Lakshya (2011 Built) of about 157,000 dwt. The Company had contracted to buy the vessel in December 2016.

With this inclusion, the Companys current fleet stands at 44 vessels. Additionally, the Company has committed to purchase 1 secondhand Supramax Dry Bulk Carrier.

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Board of Mindtree accepts resignation of director
Mar 27,2017

Mindtree announced that the Board of Directors of the Company at their meeting held on 27 March 2017 have accepted and taken on record the retirement of Dr. Albert Hieronimus as Independent Director with effect from 01 April 2017 due to the completion of his tenure as Independent Director.

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Axis Bank allots 5,34,620 equity shares
Mar 27,2017

Axis Bank has allotted 5,34,620 equity shares of Rs. 2/- each on 27 March 2017, pursuant to exercise of options under its ESOP Scheme. The paid up share capital of the Bank will accordingly increase from Rs. 478,83,83,526 (239,41,91,763 equity shares of Rs. 2/- each) to Rs. 478,94,52,766 (239,47,26,383 equity shares of Rs. 2/- each).

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Arrow Textiles announces resignation of company secretary and compliance officer
Mar 27,2017

Arrow Textiles announced that Sushama Sudhakar Vesvikar resigned from the post of Company Secretary and Compliance Officer of the Company with effect from 27 March 2017 (from the closing business hours of the Company.)

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Yes Bank receives rating for AT1 Bonds aggregating Rs 3000 crore
Mar 27,2017

Yes Bank has received rating of ICRA AA (hyb) with Stable Outlook from ICRA ratings for Rs 3000 crore of Basel III compliant AT1 Bonds. ICRA also upgraded Yes Banks Rs 280 crore issue of Basel III AT1 Bonds from ICRA A+ (hyb) to ICRA AA (hyb).

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Bank of India raises Rs 1000 crore by issue of Tier II Bonds
Mar 27,2017

Bank of India has raised Rs.1,000 crore by issue of Basel-III compliant Tier-II Bonds (Series XIV) on 27 March 2017. The Bonds have been rated as BWR AA (+) by Brickwork Ratings India and IND AA (+) by India Ratings & Research and bear coupon rate of 8% p.a.

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