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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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Solar Industries India issued Commercial Paper aggregating Rs 25 crore
Mar 25,2017

Solar Industries India has issued Commercial Paper for an aggregate amount of Rs 25 crore on 24 March 2017 in favour of ICICI Bank, having maturity of 21 June 2017.

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Bajaj Corp wins CFO of the Year Award
Mar 25,2017

Bajaj Corp announced that the Company has received fe CFO of the Year Award in the category of Medium Enterprises Manufacturing Company in recognition of the Companys robust financial control at an event organised by The Financial Express.

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Shares of Urja Global get listed on NSE
Mar 25,2017

Urja Global has received approval of listing of equity shares of the Company on the National Stock Exchange with effect from 28 March 2017.

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CCI issues order against CIL and its subsidiaries for abusing dominant position, imposes penalty
Mar 24,2017

The Competition Commission of India (CCI) has found Coal India Limited (CIL) and its subsidiaries to be in contravention of the provisions of Section 4(2)(a)(i) of the Competition Act, 2002 for imposing unfair/ discriminatory conditions in Fuel Supply Agreements (FSAs) with the power producers for supply of non-coking coal.

The Final Order has been passed on a batch of informations filed by Maharashtra State Power Generation Company Ltd. and Gujarat State Electricity Corporation Limited against Coal India Ltd. and its subsidiaries (Mahanadi Coalfields Ltd., Western Coalfields Ltd., South Eastern Coalfields Ltd.).

The Order has been passed by CCI pursuant to the directions issued by Competition Appellate Tribunal remanding the matter back while setting aside the original order of CCI in which a penalty of Rs. 1773.05 crore had been imposed upon CIL. After hearing the parties afresh in terms of the directions issued by Competition Appellate Tribunal, CCI held that CIL through its subsidiaries operates independently of market forces and enjoys dominance in the relevant market of production and supply of non-coking coal in India. CCI noted in the order that CIL did not evolve/ draft/ finalize the terms and conditions of FSAs through a bilateral process and the same were imposed upon the buyers through a unilateral conduct. CCI found CIL and its subsidiaries to be in contravention of the provisions of Section 4(2)(a)(i) of the Competition Act, 2002 for imposing unfair/ discriminatory conditions in FSAs with the power producers for supply of non-coking coal.

Apart from issuing a cease and desist order against CIL and its subsidiaries, CCI has directed modification of FSAs in light of the findings and observations recorded in the order. The impugned clauses related to sampling and testing procedure, charging transportation and other expenses for supply of ungraded coal from the buyers, capping compensation for supply of stones etc. For effecting the modifications in FSAs, CIL has been ordered to consult all the stakeholders. CIL has also been directed to ensure uniformity between old and new power producers as well as between private and PSU power producers.

Further, CCI has imposed a penalty of Rs. 591.01 crore upon CIL for the abusive conduct. While reducing penalty, CCI noted the steps taken by CIL to improve the sampling procedure even post-passing of the original order by CCI. However, while holding the extant sampling procedure as unfair, CIL has been directed to incorporate suitable modifications in fuel supply agreements to provide for a fair and equitable sampling and testing procedure besides considering the feasibility of sampling at the unloading-end in consultation with power producers and adopting international best practices.

The common Order of the Commission has been passed in Case Nos. 03, 11 and 59 of 2012 and a copy thereof has been uploaded on the website of CCI at www.cci.gov.in.

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Benami Transactions (Prohibition) Act, 1988 amended through the Benami Transactions (Prohibition) Amended Act, 2016
Mar 24,2017

Benami Transactions (Prohibition) Amended Act, 2016 Though the Benami Transactions (Prohibition) Act, 1988 has been on the statute book since more than 28 years, the same could not be made operational because of certain inherent defects. With a view to providing effective regime for prohibition of benami transactions, the said Act was amended through the Benami Transactions (Prohibition) Amended Act, 2016. The amended law empowers the specified authorities to provisionally attach benami properties which can eventually be confiscated. Besides, if a person is found guilty of offence of benami transaction by the competent court, he shall be punishable with rigorous imprisonment for a term not less than one year but which may extend to 7 years and shall also be liable to fine which may extend to 25% of the fair market value of the property.

The Benami Transactions (Prohibition) Amendment Act, 2016 came into effect from1st November, 2016. Several benami transactions have been identified since the coming into effect of the amended law. Show cause notices for provisional attachment of benami properties have been issued in 140 cases involving properties of the value of about Rs. 200 crore. Out of these, provisional attachment has already been effected in 124 cases. The benami properties attached include deposits in bank accounts and immovable properties.

The Government has put in place empowered institutions for efficient implementation of the amended law. In exercise of powers conferred under sub-section (2) of section 28 read with section 59 of the amended Prohibition of Benami Property Transactions Act, 1988, vide Notification No. SO 3290E, dated 25.10.2016 the Central Government has notified specified Income-tax authorities to act as Initiating Officer, Approving Authority and Administrator in respect of benami transactions. Further, vide Notification No. SO 3288E, dated 25.10.2016, the Adjudicating Authority has been notified

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CCRAS has undertaken several projects to develop medicines for chronic and lifestyle diseases
Mar 24,2017

The technology related to the drug developed by Central Council for Research in Ayurvedic Sciences (CCRAS), namely, AYUSH-82 has been given to eight manufacturing firms through National Research Development Corporation (NRDC), Dept. of Scientific & Industrial Research, Ministry of Science & Technology, Government of India. The scientific study on AYUSH-82 carried out by CCRAS has shown encouraging results.

CCRAS has developed medicine for other Chronic diseases like arthritis and cancer. CCRAS has developed AYUSH-SG (Sunthi Guggulu) for Arthritis and the technology has been transferred to five firms through NRDC and is available in the market.

Projects on AYUSH -QOL2C for improving quality of life in cancer patients and AYUSH-Manas in Mental Retardation have been recently concluded. Further, CCRAS has undertaken work for developing AYUSH-SL for Lymphatic Filariasis, AYUSH-D for Diabetes Mellitus, Carctol-S for Ovarian Cancer and AYUSH M-3 for Migrane.

The Ministry of AYUSH through its research organizations. namely, Central Council for Research in Ayurvedic Sciences (CCRAS), Central Council for Research in Unani Medicine (CCRUM), and Central Council for Research in Homoeopathy (CCRH) have launched a pilot programme to integrate Ayurveda, Homoeopathy and Unani with National Programme for prevention and Control of Cancer, Diabetes, Cardiovascular diseases and Stroke (NPCDCS). Initially the pilot study has been started in six districts.

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Infibeam Incorporation allots 4818 equity shares
Mar 24,2017

Infibeam Incorporation has allotted 4818 equity shares under ESOS. Post the allotment, the paid up equity share capital has increased to 5,34,57,557 equity shares of Rs 10 each.

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Speciality Restaurants gets reaffirmation in ratings for line of credit
Mar 24,2017

Speciality Restaurants announced that ICRA has reaffirmed the long term rating of ICRA A+ and short term rating of ICRA A1 rating assigned to Rs 100 crore line of credit of the Company. The outlook on the long term rating has been revised to Negative from Stable.

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ICICI Bank allots 335,975 equity shares
Mar 24,2017

ICICI Bank has on 23 March 2017 allotted 335,975 equity shares under ESOS.

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Board of Rane Engine Valve appoints CFO
Mar 24,2017

Rane Engine Valve announced that the Board of Directors of the Company at its meeting held on 24 March 2017 have inter alia approved the appointment of V K Vijayaraghavan as Chief Financial Officer effective 16 February 2017.

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Bharat Electronics fixes record date for 2nd interim dividend
Mar 24,2017

Bharat Electronics has fixed 30 March 2017 as record date for payment of second interim dividend.

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Federal Bank allots 10,98,446 equity shares
Mar 24,2017

Federal Bank has allotted 10,98,446 Equity Shares with face value of Rs. 2/- each of the Bank to the Option Grantees has been made upon exercise of stock options under ESOS 2010 Scheme for which allottees have paid money.

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SMS Pharmaceuticals invests Rs 6.98 crore in VKT Pharma
Mar 24,2017

SMS Pharmaceuticals has invested an amount of Rs 6.98 crore in VKT Pharma, an associate company, by subscribing to 3.10 lakh equity shares of Rs 10 each at a price of Rs 225 per share, including premium of Rs 215 per share.

Consequent to this investment, the total holding of the Company has increased to 40.26% of total paid up share capital of VKT Pharma.

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Bharat Forge divests 23% stake in power equipment JV with Alstom
Mar 24,2017

Bharat Forge has divested 23% of its stake holding in power equipment JV with GE (erstwhile Alstom), Alstom Bharat Forge. The transaction for the balance 26% equity would be consummated upon receipt of customer approvals for certain projects. Pending this, the Company has received the entire amount of USD 35 million on agreed terms of sale.

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Board of Vinayak Vanijya appoints company secretary and compliance officer
Mar 24,2017

The Board of Directors of Vinayak Vanijya in its meeting held on 24 March 2017 has appointed Shikhar Agarwal as Company Secretary & Compliance Officer of the Company.

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