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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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NHPC signs MOU with Ministry of Power, GoI
Jun 21,2017

NHPC has signed a Memorandum of Understanding on 20 June 2017 with Ministry of Power, Government of India for year 2017-18. The salient features of the MoU are enlisted below -

Generation target under excellent rating has been set as 24000 MU as against last year target of 23500 MU.

Excellent targets for Revenue from Operations has been kept as Rs 7350 crore.

Operating Profit as a % of Revenue from Operations (Net) has been kept as 25.09%.

PAT/ Average Networth has been kept as 7.15%.

Ensure optimum utilisation of budget CAPEX programme of NHPC has been assigned 10% weightage in the MOU 2017-18.

Further, targets regarding Plant Availability Factor, Forced Outage and Reduction in outstanding claims, Trade Receivables , Dividend/ PAT etc have been included in the MoU. Human Resources Management (HRM) related parameters have also been included with 10% weightage in the MOU.

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Mindtree introduces Mindtree Integrated Services
Jun 21,2017

Mindtree has introduced Mindtree Integrated Services. The servicecombines next-practice methods and tools to tightly integrate infrastructure and applications into a unified foundation that provides up to 30% cost savings from traditional operating models.

Integrated Services is powered by Mindtree CAPE, a customizable plug-and-play platform that integrates the enterprise technology landscape and accelerates the automation journey. It is equipped with converged capabilities of DevOps and Agile along with technologies like RoboticProcess Automation and Cognitive Computing.

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Vaibhav Global allots 4,384 equity shares
Jun 21,2017

Vaibhav Global has allotted 4,384 Equity Shares of Rs. 10 each on 21st June, 2017 to Vaibhav Global Employee Stock Option Welfare Trust under VGL Employee Stock Option Plan (As Amended) - 2006.

Consequent to the said allotment, the paid up Equity Share Capital of the Company has increased to Rs. 32,55,30,430 consisting of 3,25,53,043 Equity Shares of Rs. 10 each.

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Hinduja Leyland Finance withdraws DRHP from SEBI
Jun 21,2017

Ashok Leyland announced that the Board of Directors of its subsidiary, Hinduja Leyland Finance at their meeting held on 23 May 2017 had decided withdraw the Draft Red Herring Prospectus (DRHP) and accordingly the DRHP had been withdrawn from SEBI on 16 June 2017.

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TCS recognised as One of Americas Civic 50
Jun 21,2017

Tata Consultancy Services has been recognised in The Civic 50 as one of Americas 50 most community minded companies by Points of Light, the worlds largest organisation dedicated to volunteer service.

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Outcome of board meeting of Medicamen Biotech
Jun 21,2017

Medicamen Biotech announced that the Board of Directors at its meeting held on 21 June 2017 has approved the following -

Approval to the Issue & Allot 306000 Warrants, convertible into Equity Shares of the Company at a price of Rs. 543/- per warrant (including a premium of Rs.533/- each), in accordance with the SEBI (ICDR) Regulations, 2009 on Preferential Allotment basis to a promoter group and non promoter group/ Investors.

Calling of an Extraordinary General Meeting, of the Company in relation to the Preferential Issue as aforesaid on 17 July, 2017.

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Prism Cement announces completion of capacity expansion of JV Sanskar Ceramic
Jun 21,2017

Prism Cement announced that its step down joint venture, Sanskar Ceramic, has completed the expansion of 4.2 million m2 (MSM) per annum Vitrified Tiles capacity at its Dhuva plant, Morbi. The commercial production has commenced from 21 June 2017.

With this expansion, the Company would be able to reduce outsourcing of Vitrified Tiles from third party sources and become more self-reliant. The capacity of Sanskar now stands at 2.3 MSM of wall tiles and 4.2 MSM of Vitrified Tiles.

The overall capacity of H & R Johnson (India), a Division of Prism Cement, along-with its joint ventures and subsidiaries would stand at over 65 MSM per annum.

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GHCL extinguishes 253,255 equity shares
Jun 21,2017

GHCL announced that pursuant to buyback of shares on 20 June 2017 for extinguishment of 253,255 equity shares of Rs. 10/- each, the paid-up and issued share capital of GHCL stands reduced to Rs. 977,107,860 /- consisting of 97,710,786 equity shares.

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Tube Investments of India allots 26,376 equity shares
Jun 21,2017

Tube Investments of India has allotted 26,376 Equity Shares of Rs 2 each under ESOP. Post this allotment, the number of outstanding equity shares has increased to 187,483,247 and paid up equity share capital to Rs 37.49 crore.

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Board of OnMobile Global appoints director
Jun 21,2017

The Board of OnMobile Global at its meeting held on 21 June 2017 have approved the appointment of Sanjay Kapoor as an Additional Director on the Board with effect from 21 June 2017.

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Electrex India to hold board meeting
Jun 21,2017

Electrex India will hold a meeting of the Board of Directors of the Company on 25 July 2017.

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L&T nudges higher on reports of Govts stake sale
Jun 21,2017

Meanwhile, the S&P BSE Sensex was down 16.55 points or 0.05% at 31,280.98.

On the BSE, 2.39 crore shares were traded on the counter so far as against the average daily volumes of 1.97 lakh shares in the past one quarter. The stock had hit a high of Rs 1,781.40 and a low of Rs 1,751.55 so far during the day. The stock had hit a 52-week high of Rs 1,834 on 30 May 2017 and a 52-week low of Rs 1,295.30 on 9 November 2016.

The stock had underperformed the market over the past one month till 20 June 2017, gaining 1.54% compared with the Sensexs 2.73% rise. The stock had, however, outperformed the market over the past one quarter, advancing 13.8% as against the Sensexs 6.03% rise. The scrip had underperformed the market over the past one year, gaining 16.27% as against the Sensexs 16.49% rise.

The large-cap company has equity capital of Rs 186.68 crore. Face value per share is Rs 2.

As per reports, the Government of India (GoI), through the state-owned Specified Undertaking of Unit Trust of India (SUUTI) sold about 2.5% stake in L&T through block deals on the stock exchanges today, 21 June 2017.

SUUTI owned a 6.55% stake in L&T end March 2017.

Meanwhile, media reports suggested that ABB India is in discussions with L&T to acquire the latters electrical and automation division. According to reports, ABB has offered over Rs 14000 crore for the deal and discussions are yet to arrive at a final figure.

In a separate development, NHPC announced after market hours yesterday, 20 June 2017 that it has awarded EPC contract for the development of 50 megawatts (MW) Solar Power project in Tamil Nadu to L&T for an amount of Rs 287.48 crore. The project is slated to complete in 9 months.

L&Ts consolidated net profit rose 28.1% to Rs 3180.41 crore on 12% increase in net sales to Rs 36827.99 crore in Q4 March 2017 over Q4 March 2016.

L&T is a major Indian multinational engaged in technology, engineering, construction, manufacturing and financial services.

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Corporation Bank gets reaffirmation in ratings for debt instruments
Jun 21,2017

Corporation Bank announced that Brickwork Ratings has reviewed the credit ratings of the Banks Debt Instrument as below -

Upper Tier II Bonds (Rs 500 crore) - BWR AA+; Negative (Reaffirmed)
Perpetual Tier I Bonds (Rs 300 crore) - BWR AA+; Negative (Reaffirmed)

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Tribhovandas Bhimji Zaveri gets revision in credit ratings
Jun 21,2017

Tribhovandas Bhimji Zaveri announced that CRISIL has reviewed its ratings on long term bank facilities of the Company.

Total Bank Loan Facilities - Rs 735 crore

Long term ratings - CRISIL BBB+/Stable (Reaffirmed)

CRISIL has reaffirmed its ratings on the bank facilities of the Company at CRISIL BBB+/ Stable.

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Alora Trading Company announces change in registered office
Jun 21,2017

Alora Trading Company has shifted its registered office from State of West Bengal to State of Maharashtra. The New Address of the Company is - Shop No. 37, Rock Avenue, E Plot, Hindustan Naka, Kandivali (W), Mumbai - 400 067.

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