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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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AksharChem (India) gets upgradation in ratings for bank facilities
Jan 02,2017

AksharChem (India) announced that Credit Analysis & Research (CARE) has reviewed the ratings on the bank facilities of the Company and upgraded the rating for the Long term Bank Facilities, Short term Bank Facilities and Long term/Short term Bank Facilities.

Long term bank facilities - CARE A+; Stable (upgraded)

Short term bank facilities - CARE A1+ (upgraded)

Long term / short term bank facilities - CARE A+; Stable / CARE A1+ (upgraded)

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Under-recoveries for the month of January 2017 will be Rs. 12.78 per litre for PDS Kerosene
Jan 02,2017

The Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas has reviewed international prices of crude oil and petroleum products for the month of December 2016. In the case of PDS Kerosene, the under-recoveries with effect from January 1, 2017 will be Rs 12.78 per litre. The under-recovery was Rs. 10.51 per litre in the first fortnight of December 2016 and Rs. 10.26 in the last fortnight of the month. The cash transfer to customer under DBTL will be Rs. 150.29, out of which Rs. 121.87 will be Cash Compensation on Domestic LPG by Govt. to consumers & Rs 28.42 will be the Cash compensation on Domestic LPG by OMCs towards Uncompensated Costs to consumers.  

 Product-wise Under-recoveries of Public Sector Oil Marketing Companies (OMCs): 

ProductUnitUnder  Recovery (eff. 1st Jan 17)Cash transfer to customer under DBTL(eff. 1st Jan 17)PDS Kerosene*(Rs./Litre)12.78-Cash Compensation on Domestic LPG by Govt. to consumers**(Rs./Cylinder)-121.87Cash Compensation on Domestic LPG by OMCs towards Uncompensated Costs to consumers**(Rs./Cylinder)-28.42

 * Under Recovery is for Mumbai Market.

 ** Cash Subsidy is for Delhi market.

The under-recoveries/DBTL Subsidy for 2015-16 was Rs. 27,571 crore, while the figure was Rs 76, 285 crore for 2014-15.

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Aagam Capital announces resignation of company secretary and compliance officer
Jan 02,2017

Aagam Capital announced that Asish Narayan, Company Secretary and Compliance Officer of the Company has resigned from the said post with effect from 31 December 2016 and is relieved by the Company after the close of the business hours.

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Ruchi Infrastructure appoints director
Jan 02,2017

Ruchi Infrastructure announced that the Board of Directors of the Company at its meeting held on 31 December 2016 has, inter alia, approved the appointment of Ruchi Joshi as an Additional Director (Independent) of the Company with effect from 31 December 2016.

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Lupin nudges higher after receiving final USFDA approval for generic drug
Jan 02,2017

The company made the announcement during trading hours today, 2 January 2017.

Meanwhile, the S&P BSE Sensex was down 13.43 points or 0.05% at 26,613.03.

On the BSE, 22,206 shares were traded on the counter so far as against the average daily volumes of 87,963 shares in the past one quarter. The stock had hit a high of Rs 1,508.55 and a low of Rs 1,477.70 so far during the day. The stock had hit a 52-week high of Rs 1,911.55 on 9 February 2016 and a 52-week low of Rs 1,294.05 on 29 March 2016.

The stock had underperformed the market over the past one month till 30 December 2016, sliding 1.3% compared with 0.1% drop in the Sensex. The scrip had, however, outperformed the market in past one quarter, sliding 0.12% as against Sensexs 4.45% fall.

The large-cap company has equity capital of Rs 90.29 crore. Face value per share is Rs 2.

Lupin announced that it has received final approval for its Cevimeline Hydrochloride Capsules, 30 mg from the United States Food and Drug Administration (USFDA) to market a generic version of Daiichi Sankyo Incs Evoxac Capsules, 30 mg. Lupin shall commence promoting the product shortly.

Lupins Cevimeline Hydrochloride Capsules, 30 mg are the AB rated generic equivalent of Daiichi Sankyo Incs Evoxac Capsules, 30 mg. Cevimeline Hydrochloride Capsules, 30 mg are indicated for the treatment of symptoms of dry mouth in patients with Sjn++grens Syndrome. Evoxac Capsules had annual US sales of $40.8 million as per IMS MAT September 2016 data.

Lupins consolidated net profit rose 57.8% to Rs 662.19 crore on 31.9% rise in net sales to Rs 4211.18 crore in Q2 September 2016 over Q2 September 2015.

Lupin is an innovation led transnational pharmaceutical company developing and delivering a wide range of branded & generic formulations, biotechnology products and active pharmaceutical ingredients (APIs) globally. The company is a significant player in the cardiovascular, diabetology, asthma, pediatric, CNS, GI, anti-infective and NSAID space and holds global leadership position in the Anti-TB segment.

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M&M moves higher after decent tractor sales
Jan 02,2017

The company announced the monthly sales volume during market hours today, 2 January 2017.

Meanwhile, the S&P BSE Sensex was down 24.14 points or 0.09% at 26,602.32.

On the BSE, 57,000 shares were traded on the counter so far as against the average daily volumes of 80,811 shares in the past one quarter. The stock had hit a high of Rs 1,214.60 and a low of Rs 1,171.10 so far during the day.

The stock had hit a record high of Rs 1,508.80 on 9 August 2016 and a 52-week low of Rs 1,092 on 12 February 2016. It had underperformed the market over the past one month till 30 December 2016, sliding 0.13% compared with the Sensexs 0.1% fall. The scrip had also underperformed the market over the past one quarter declining 15.75% as against the Sensexs 4.45% fall.

The large-cap company has equity capital of Rs 310.55 crore. Face value per share is Rs 5.

Mahindra & Mahindras (M&M) domestic tractor sales rose 8% to 12,619 units in December 2016 over December 2015. Exports surged 21% to 1,428 units in December 2016 over December 2015.

Rajesh Jejurikar, President and Chief Executive - Farm Equipment and Two Wheer Division, M&M, said that with good progress in Rabi sowing and increased minimum support prices (MSPs), the company expects to see the growth momentum to continue in the coming months.

M&Ms total auto sales declined 4% to 36,363 units in December 2016 over December 2015. Total domestic sales fell 1.5% to 34,310 units in December 2016 over December 2015. Total exports dropped 33% to 2,053 units in December 2016 over December 2015.

Commenting on the performance for December 2016, Pravin Shah, President & Chief Executive (Automotive), M&M, said, the auto industry continues to go through challenging times, grappling with the short term effects of demonetisation as well as reduced and postponed purchase decisions. However, the company believes there will be a gradual pick-up in demand starting next few months.

M&Ms net profit rose 27.1% to Rs 1163.27 crore on 13.8% growth in net sales to Rs 10411.67 crore in Q2 September 2016 over Q2 September 2015.

M&M enjoys a leadership position in tractors and utility vehicles in India.

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Nirlon to announce December quarter results
Jan 02,2017

Nirlon has scheduled meetings of the Board of Directors and Committees, including Audit Committee on 03 February 2017 to consider and to take on record the Unaudited Financial Results for the Quarter ended 31 December 2016 along with the Limited Review Report.

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Outcome of board meeting of Divya Jyoti Industries
Jan 02,2017

Divya Jyoti Industries announced that the Board of Directors of the Company at its meeting held on 02 January 2017 approved the following -

Accepted the resignation of Poorva Agarwal as Company Secretary and appointed Prabhavi Mungee as Company Secretary of the Company.

The Board conveyed and recorded their heart felt condolence of the sad demise of Chairman cum Director of the Company Rangnath Ji Nyati.

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Uniworth International appoints company secretary
Jan 02,2017

Uniworth International announced that Parinita Goenka has been appointed as Company Secretary of the Company w.e.f. 02 January 2017 duly approved at the Board Meeting of the Company held on 02 January 2017.

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Dabur India to announce Q3 results
Jan 02,2017

Dabur India announced that the Board of Directors of the Company is scheduled to meet on 31 January 2017 to, inter alia, consider and approve the unaudited financial results for the quarter/nine months ended on 31 December 2016 (Q3).

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Volumes jump at Nestle India counter
Jan 02,2017

Nestle India clocked volume of 59.27 lakh shares by 13:14 IST on BSE, a 40.44-times surge over two-week average daily volume of 2,000 shares. The stock fell 0.08% at Rs 6,025.05.

MMTC notched up volume of 27.34 lakh shares, a 5.21-fold surge over two-week average daily volume of 5.24 lakh shares. The stock surged 12.04% at Rs 59.10.

LIC Housing Finance saw volume of 4.23 lakh shares, a 4.1-fold surge over two-week average daily volume of 1.03 lakh shares. The stock declined 5.44% at Rs 529.

Kushal Tradelink clocked volume of 53.78 lakh shares, a 2.3-fold surge over two-week average daily volume of 23.41 lakh shares. The stock rose 2.58% at Rs 565.05.

Kotak Mahindra Bank saw volume of 3.03 lakh shares, a 2.22-fold rise over two-week average daily volume of 1.36 lakh shares. The stock fell 1.18% at Rs 710.60.

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LIC Housing Finance leads losers in A group
Jan 02,2017

LIC Housing Finance dropped 5.14% to Rs 530.70 at 12:45 IST. The stock topped the losers in the BSEs A group. On the BSE, 3.82 lakh shares were traded on the counter so far as against the average daily volumes of 1.03 lakh shares in the past two weeks.

HDFC declined 3.48% at Rs 1,218.50. The stock was the second biggest loser in A group. On the BSE, 1.35 lakh shares were traded on the counter so far as against the average daily volumes of 1.06 lakh shares in the past two weeks.

State Bank of India (SBI) shed 2.44% to Rs 243.65. The stock was the third biggest loser in A group. On the BSE, 15.35 lakh shares were traded on the counter so far as against the average daily volumes of 11.33 lakh shares in the past two weeks.

SBI has reportedly cut its marginal cost of lending rate, or MCLR, by 90 basis points across all maturities. The countrys largest bank has reduced its key one-year benchmark MCLR to 8% per annum. The one-year benchmark is used for pricing home and car loans. Loans are provided to borrowers at 35 basis points over the MCLR. SBIs new rates were effective from 1 January 2017.

Bajaj Auto declined 2.12% at Rs 2,578. The stock was the fourth biggest loser in A group. On the BSE, 21,000 shares were traded on the counter so far as against the average daily volumes of 12,000 shares in the past two weeks.

Bajaj Auto announced that total sales fell 22% to 2.25 lakh units in December 2016 over December 2015. Domestic sales dropped 17% to 1.19 lakh units in December 2016 over December 2015. Exports fell 27% to 1.05 lakh units in December 2016 over December 2015. The company announced the monthly sales volume data for December during market hours today, 2 January 2017.

Bank of Baroda fell 2.1% to Rs 149. The stock was the fifth biggest loser in A group. On the BSE, 3.41 lakh shares were traded on the counter so far as against the average daily volumes of 7.96 lakh shares in the past two weeks.

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Board of M M Rubber Co to consider December quarter results
Jan 02,2017

M M Rubber Co announced that meeting of the Board of Directors of the Company will be held on 23 January 2017, inter alia, to consider the following:

1. To approve the Un-audited Financial Results of the Company for the quarter ending 31 December 2016 and to authorize the Managing Director of the Company to file the same with the Stock Exchanges.

2. To record share transfer/transmission effected during the quarter.

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Ashok Leyland announces sales figure
Jan 02,2017

Ashok Leyland has reported total sales of 10,731 units in December 2016 compared to 12,154 units in December 2015, recording a decline of 12%. For the period April - December 2016, the total sales stood higher by 1% at 97,445 unit compared to corresponding period of previous year.

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SBI drops after slashing lending rates
Jan 02,2017

Meanwhile, the S&P BSE Sensex was down 127.10 points or 0.48% at 26,499.36.

On the BSE, 12.61 lakh shares were traded on the counter so far as against the average daily volumes of 21.45 lakh shares in the past one quarter. The stock had hit a high of Rs 253.50 and a low of Rs 242.80 so far during the day.

The stock had hit a 52-week high of Rs 288.50 on 11 November 2016 and a 52-week low of Rs 148.30 on 12 February 2016. The stock had underperformed the market over the past one month till 30 December 2016, declining 3.35% compared with the Sensexs 0.1% fall. The scrip had, however, outperformed the market over the past one quarter declining 0.38% as against the Sensexs 4.45% fall.

The large-cap public sector bank has equity capital of Rs 776.28 crore. Face value per share is Re 1.

State Bank of India (SBI) has reportedly cut its marginal cost of lending rate, or MCLR, by 90 basis points across all maturities. MCLR is the benchmark rate to which all loans are linked. The bank has reduced its key one-year benchmark MCLR to 8% per annum. The one-year benchmark is used for pricing home and car loans. Loans are provided to borrowers at 35 basis points over the MCLR. SBIs new rates were effective from yesterday, 1 January 2017.

SBIs net profit fell 34.6% to Rs 2538.32 crore on 8.3% growth in total income to Rs 50742.99 crore in Q2 September 2016 over Q2 September 2015.

SBI is Indias biggest bank in terms of branch network. The Government of India currently holds 60.18% stake in SBI (as per the shareholding pattern as on 30 September 2016).

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