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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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NMCG Approves Projects Worth Rupee 1900 cr Hundred Percent Sewage Treatment for Haridwar, Rishikesh, Vrindavan, Varanasi, Allahabad and Delhi
Jun 05,2017

Giving another major push to Namai Gange programme National Mission for Clean Ganga (NMCG) has approved projects worth Rs 1,900 crore for the creation of sewage treatment infrastructure in Uttar Pradesh, Bihar and UT of Delhi. With approval of these projects hundred percent sewage treatment facility will be made available for Haridwar, Rishikesh, Vrindavan, Varanasi, Allahabad and NCT of Delhi. These projects were approved in the third meeting of the Executive Committee of NMCG.

A comprehensive project of interception, diversion and treatment of sewage in Naini, Phaphamau and Jhunsi sewerage zones of Allahabad at an estimated cost of Rs 767.59 crore has been approved. Apart from construction of a 42 MLD (million litres per day) Sewage Treatment Plant (STP) in Naini, the project also encompasses building up of eight sewage pumping stations among other works. None of the three zones have any sewerage schemes or any sanctioned STPs as yet. These approved projects along with the existing ones would take care of sewage management of the core city of Allahabad bounded by rivers Ganga and Yamuna. The projects would also arrest flowing waste water of 18 drains into the rivers to ensure pollution free water for bathing at Sangam during Ardh Kumbh mela 2019. With approval of these projects 100% sewage treatment capacity can be achieved in Allahabad.

Three projects of sewage treatment infrastructure were approved for Pahari sewage zone in Patna city of Bihar including construction of a 60 MLD STP and laying of sewerage lines at an estimated cost of about Rs 744 crore. With these approvals, Patna will now have a sewage treatment capacity of 200 MLD.

In the National Capital Territory of Delhi, construction of as many as seven prioritized STPs of total capacity of 94 MLD in Najafgarh area have been approved at an estimated cost of Rs 344.81 crore under Maily Se Nirmal Yamuna project that was initiated on the directions of National Green Tribunal (NGT). Najafgarh drain contributes around 70 per cent of the total discharge of the city into river Yamuna that includes a lot of untreated sewage. The locations where STPs have been approved are Tajpur Khurd (36 MLD), Jaffarpur Kalan (12 MLD), Khera Dabar (5 MLD), Hasanpur (12 MLD), Kakraula (12 MLD), Kair (5 MLD) and Tikri Kalan (12 MLD). With this, all planned projects in Delhi have been approved.

On afforestation front, an all-encompassing programme in five Ganga main stem States - Uttarakhand, Uttar Pradesh, Bihar, Jharkhand and West Bengal - at an estimated cost of Rs 61.5 crore has also been given a go-ahead. This would include sapling preparations in nurseries, soil work, plantation and care.

With this, NMCG has given go-ahead to projects worth more than Rs 4,100 crore during the last three months in the States of Uttarakhand, Uttar Pradesh, Bihar, Jharkhand and NCT of Delhi.

It may be recalled that Union Minister for Water Resources, River development and Ganga Rejuvenation Sushri Uma Bharti is currently on a three week Ganga Nirikshan Abhiyan from Gangasagar to Gangotri to personally monitor the progress of Namami Gange programme. The Minister has reached Narora in UP and will proceed to Haridwar today via Bhrigu Ashram and Najibabad.

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Time Technoplast provides business update for its LiteSafe Composite Cylinders
Jun 05,2017

Time Technoplast has provided update on composite cylinders for distribution of LPG manufactured by the Company under the brand name LiteSafe. Reliance Gas has for the first time launched LPG in LiteSafe Composite Cylinders of 10 kg and 5 kg capacity in Pune (Maharashtra).

The Company is in advanced stage of capacity expansion from 700k p.a to 1400k p.a Cylinders to meet projected demand particularly from OMCs and private players in India. It may be noted that Indias nodal Agency - Petroleum And Explosives Safety Organization (formerly CCOE) - has already approved LiteSafe Comp osite Cylinders of 2 kg, 5 kg, 7 kg, 10 kg & 15 kg capacity for LPG distribution in India.

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Den Networks exits TV Commerce Business
Jun 05,2017

Den Networks has entered into a Share Purchase Agreement with Primex Broadcast for selling off its entire stake held in Macro Commerce on a going concern basis. With this sale, Den will now be focusing on the Indian Cable and Broadband Industry.

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Indiabulls Housing Finance gets upgradation in long term rating
Jun 05,2017

Indiabulls Housing Finance announced that ICRA has upgraded the long-term rating of Indiabulls Housing Finance to [ICRA] AAA, from its earlier assigned rating of [ICRA] AA+. The Outlook on the long-term rating is Stable.

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Board of Subex approves change in CFO
Jun 05,2017

Subex announced that the Board of Directors of the Company at its meeting held on 05 June 2017 has accepted the resignation of Ganesh K V, CFO, Global Head- Legal & Company Secretary. The Board has approved the appointment of Mehernaz Dalal as CFO with effect from 15 June 2017.

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Transport Corp rises after incorporating subsidiary in Nepal
Jun 05,2017

The announcement was made on Saturday, 3 June 2017.

Meanwhile, the S&P BSE Sensex was up 25.39 points or 0.08% at 31,298.68. The S&P BSE Small-Cap index was up 81.71 points or 0.53% at 15,392.88.

On the BSE, 9,350 shares were traded in the counter so far as against average daily volume of 21,448 shares in the past one quarter. The stock had hit a low of Rs 325.70 so far during the day. The stock had hit a 52-week low of Rs 144 on 28 December 2016. The stock hit a high of Rs 334.50 in intraday trade so far, which is record high for the counter.

The stock had outperformed the market over the past one month till 2 June 2017, rising 24.16% compared with 3.81% rise in the Sensex. The scrip also outperformed the market in past one quarter, gaining 61.98% as against Sensexs 8.47% rise. The scrip also outperformed the market in past year, surging 97.4% as against Sensexs 16.5% rise.

The small-cap company has equity capital of Rs 15.32 crore. Face value per share is Rs 2.

Transport Corporation of Indias net profit dropped 26.4% to Rs 18.54 crore on 12.91% rise in total income to Rs 488.04 crore in Q4 March 2017 over Q4 March 2016.

Transport Corporation of India is Indias leading integrated multimodal logistics and supply chain solutions provider.

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Titan Company leads gainers on BSEs A group
Jun 05,2017

Titan Company surged 17.26% at Rs 553.75. The stock topped the gainers in A group. On the BSE, 19.42 lakh shares were traded on the counter so far as against the average daily volumes of 1.05 lakh shares in the past two weeks.

PC Jeweller spurted 11.33% at Rs 560.05. The stock was the second biggest gainer in A group. On the BSE, 6.31 lakh shares were traded on the counter so far as against the average daily volumes of 1.61 lakh shares in the past two weeks.

United Spirits jumped 5.83% at Rs 2,480.05. The stock was the third biggest gainer in A group. On the BSE, 1.30 lakh shares were traded on the counter so far as against the average daily volumes of 1.29 lakh shares in the past two weeks.

Vakrangee rose 4.50% at Rs 407.70. The stock was the fourth biggest gainer in A group. On the BSE, 1.18 lakh shares were traded on the counter so far as against the average daily volumes of 1.59 lakh shares in the past two weeks.

Redington (India) rose 4.09% at Rs 147.75. The stock was the fifth biggest gainer in A group. On the BSE, 1.28 lakh shares were traded on the counter so far as against the average daily volumes of 79,000 shares in the past two weeks.

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Suzlon Energy gains as board approves share allotment
Jun 05,2017

The announcement was made on Saturday, 3 June 2017.

Meanwhile, the S&P BSE Sensex was up 42.34 points, or 0.14% at 31, 315.63.

On the BSE, 26.78 lakh shares were traded on the counter so far as against the average daily volumes of 90.13 lakh shares in the past one quarter. The stock had hit a high of Rs 20.20 and a low of Rs 19.75 so far during the day. The stock had hit a 52-week high of Rs 22.25 on 22 May 2017 and hit a 52-week low of Rs 12.47 on 9 November 2016.

The stock had underperformed the market over the past one month till 2 June 2017, declining 4.59% compared with the Sensexs 4.52% rise. The scrip had, however, outperformed the market over the past one quarter advancing 12.22% as against the Sensexs 8.44% rise. The scrip had also outperformed the market over the past one year advancing 27.42% as against the Sensexs 16.5% rise.

The large-cap company has equity capital of Rs 1025.59 crore. Face value per share is Rs 2.

Suzlon Energy said that foreign currency convertible bonds (FCCBs) committee of the board on Saturday, 3 June 2017, allotted 5.61 crore equity shares to FCCB holders. The shares were allotted at a conversion price of Rs 15.46 per share.

The company had in June 2014 issued FCCBs worth $546.916 million due July 2019.

Separately, Suzlon Energy after market hours on Friday, 2 June 2017, announced that the National Company Law Tribunal (NCLT) Ahmedabad Bench, has approved the composite scheme of amalgamation and arrangement between SE Blades (SEBL), SE Electricals (SEEL), Suzlon Wind International (SWIL) and Suzlon Structures (SSL) (now known as Suzlon Global Services) with Suzlon Energy and their respective shareholders and creditors.

Suzlon Energy had announced in April 2016 regarding the approval of its board of directors for the composite scheme for merger of SEBL, SEEL and SWIL, 100% owned subsidiaries of the company, into the company and de-merger of the tubular tower manufacturing division of SSL, 100% owned subsidiary of the company, into the company.

Suzlon Energy reported consolidated net profit of Rs 578.99 crore in Q4 March 2017, compared with net loss of Rs 69.31 crore in Q4 March 2016. Net sales rose 55.1% to Rs 4992.59 crore in Q4 Mach 2017 over Q4 March 2016.

The Suzlon Group is one of the leading renewable energy solutions providers in the world with an international presence across 19 countries in Asia, Australia, Europe, Africa and North and South America.

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Videocon Industries extends recent losses
Jun 05,2017

Meanwhile, the S&P BSE Sensex was up 49.83 points, or 0.16% to 31,323.12.

On the BSE, 17,000 shares were traded in the counter so far, compared with average daily volumes of 35,577 shares in the past one quarter. The stock opened with an downward gap of 5% at Rs 34.95 and remained stuck at that level so far, which is also its 52-week low level. The stock hit a 52-week high of Rs 114.90 on 6 October 2016.

The stock had underperformed the market over the past one month till 2 June 2017, falling 64.41% compared with 3.81% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 64.49% as against Sensexs 8.47% rise. The scrip had also underperformed the market in past one year, falling 64.32% as against Sensexs 16.50% rise.

The small-cap company has equity capital of Rs 334.46 crore. Face value per share is Rs 10.

Shares of Videocon Industries have fallen 65.21% in the preceding 11 trading sessions from its close of Rs 100.45 on 19 May 2017.

The recent sell-off in the stock has been triggered by media reports of escalating debt woes of the company. As per reports, Central Bank of India declared the company as a non-performing asset (NPA) in Q1 June 2017. Central Bank of India has one of the highest exposures to Videocon at Rs 2700 crore, reports added. Other banks are likely to soon follow suit in declaring the account as a bad loan or an NPA.

Dena Bank had recently announced that it had classified Videocons loan amounting to Rs 520 crore as a NPA. This has resulted into some negative publicity of the company and, accordingly, impacted its stock price, the company recently clarified to the bourses on 23 May 2017.

Videocon Industries reported net loss of Rs 547.73 crore in Q4 March 2017 as against net loss of Rs 189.59 crore in Q4 March 2016. Net sales declined 28.26% to Rs 1985.85 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours on Friday, 26 May 2017.

Videocon Industries operates in four segments: consumer electronics and home appliances, crude oil and natural gas, telecommunications and power.

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Board of Asian Granito India recommends final dividend
Jun 05,2017

Asian Granito India announced that the Board of Directors of the Company at its meeting held on 30 May 2017, inter alia, have recommended the final dividend of Rs 0.8 per equity Share (i.e. 8%) , subject to the approval of the shareholders.

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Board of Appu Marketing & Manufacturing recommends final dividend
Jun 05,2017

Appu Marketing & Manufacturing announced that the Board of Directors of the Company at its meeting held on 30 May 2017, inter alia, have recommended the final dividend of Rs 0.1 per equity Share (i.e. 1%) , subject to the approval of the shareholders.

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Board of Ashirwad Capital recommends final dividend
Jun 05,2017

Ashirwad Capital announced that the Board of Directors of the Company at its meeting held on 30 May 2017, inter alia, have recommended the final dividend of Rs 0.04 per equity Share (i.e. 4%) , subject to the approval of the shareholders.

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Board of Bannari Amman Spinning Mills recommends final dividend
Jun 05,2017

Bannari Amman Spinning Mills announced that the Board of Directors of the Company at its meeting held on 30 May 2017, inter alia, have recommended the final dividend of Rs 1.8 per equity Share (i.e. 18%) , subject to the approval of the shareholders.

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Board of Bal Pharma recommends final dividend
Jun 05,2017

Bal Pharma announced that the Board of Directors of the Company at its meeting held on 30 May 2017, inter alia, have recommended the final dividend of Rs 1 per equity Share (i.e. 10%) , subject to the approval of the shareholders.

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Board of Pricol recommends final dividend
Jun 05,2017

Pricol announced that the Board of Directors of the Company at its meeting held on 30 May 2017, inter alia, have recommended the final dividend of Rs 1 per equity Share (i.e. 100%) , subject to the approval of the shareholders.

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