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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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Board of Uflex to consider Q2 results and private placement of NCDs
Nov 17,2016

Uflex announced that the Meeting of the Board of Directors of the Company is scheduled to be held on 25 November 2016, inter alia, to consider and approve the following:

1. Un-audited Financial Results of the Company for the Second Quarter / Half Year ended September 30, 2016 along with Limited Review Report thereon by the Statutory Auditors of the Company.

2. Issuance of Redeemable Non-Convertible Secured Debentures (NCDs)/Bonds upto an amount of Rs. 650 crore subject to necessary approvals on Private Placement basis.

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Board of Just Dial to consider issue of shares under ESOP
Nov 17,2016

Just Dial announced that a meeting of the Board of Directors of the Company will be held on 21 November 2016, inter alia, to consider the following business as under:

1. To consider and approve draft Employee Stock Option Scheme, 2016 and issuance of fresh equity shares under ESOP.

2. To consider and approve the draft postal ballot notice to be sent to shareholders for obtaining their approval to proposed new Employee Stock Option Scheme and matter incidental thereto.

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Indian Bank announces change in nominee director
Nov 17,2016

Indian Bank announced that, in exercise of the powers conferred by clause (c) of Sub-Section (3) of Section 9 of the Banking Companies (Acquisition & Transfer of Undertakings) Act, 1970 / 1980, read with sub-clause (1) of Clause 3 of the Nationalized Banks (Management and Miscellaneous Provisions) Scheme, 1970 / 1980, the Central Government has, vide Notification dated 16 November 2016, nominated J K Dash, CGM and Regional Director, Reserve Bank of India, Ahmedabad as Director (RBI Nominee) of Indian Bank, in place of B P Vijayendra with immediate effect and until further orders.

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Setting up of Industry Driven SRTMI
Nov 17,2016

Ministry of Steel is facilitating an Industry driven institutional mechanism namely Steel Research & Technology Mission of India (SRTMI), to facilitate joint collaborative research projects in the iron & steel sector in India. The salient features of SRTMI are as under:

n++ SRTMI is an industry driven initiative which has been setup as a Registered Society wherein Ministry of Steel is a facilitator.

n++ SRTMI will be governed and administered by a Governing Body comprising the steel CEOs, Domain Experts and a representative of Ministry of Steel.

n++ The executive functioning of SRTMI will be carried out by the Director, SRTMI, who will be assisted by a suitable/appropriate supporting structure.

n++ Initial corpus for setting up of SRTMI is Rs. 200 crore of which 50% is to be provided by Ministry of Steel and the balance by the participating steel companies.

n++ Thereafter, the centre will run on yearly contributions from the steel companies based on their turnover of the previous year.

The R&D investment of the leading steel companies in India in terms of percentage of their turnover ranges from 0.05 to 0.5% vis-n++-vis upto 1% in leading steel companies internationally. Some of the steel companies have also formulated their R&D masterplans to increase their R&D expenditure to 1% of their turnover. SRTMI is likely to enhance the R&D investments in the industry to international levels.

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Engineers India may gain after good Q2 result, liberal bonus issue
Nov 17,2016

Engineers Indias net profit rose 21.42% to Rs 93.75 crore on 22.60% decline in total income to Rs 394.98 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 16 November 2016. In a separate announcement, Engineers India said that its board approved 1:1 bonus issue of shares.

Bharti Airtel announced the completion of the merger of its subsidiary Airtel Bangladesh with Robi Axiata, a unit of Axiata Group Berhad. The merger was completed following the fulfilment of the condition precedents to the agreement and filing of the merger order with the registrar of joint stock companies and firms of Bangladesh Court. Post the merger, Axiata will hold 68.7% stake in the combined entity, while Airtel will hold 25%. The remaining 6.3% stake will be held by NTT DoCoMo. The announcement was made after market hours yesterday, 16 November 2016.

The combined entity will be the second largest mobile operator in Bangladesh with approximately 32.2 million customers and will operate under the Robi Axiata brand. It is well positioned to deliver an unparalleled portfolio of innovative mobile and broadband offerings at affordable rates with deep network coverage.

The joint strengths of Robi and Airtel sets the stage for the company to deliver the widest mobile network coverage across Bangladesh, enhancing its stronghold in the mobile Internet segment as well as consolidating its position as the second largest operator in the country.

The merger strengthens the long-term sustainability of the Bangladesh telecoms landscape and business environment, and will secure faster nationwide rollout of mobile broadband as well as contribute significantly to the overall economy of the country.

ITC after market hours yesterday, 16 November 2016 announced that King Maker Marketing, Inc., USA has ceased to be a subsidiary of the company with immediate effect. It may be recalled that ITC had announced on 9 October 2016, regarding divestment of the companys entire shareholding in its wholly owned subsidiary King Maker Marketing, Inc., USA.

Indraprastha Gas net profit rose 41.87% to Rs 144.18 crore on 1.21% rise in total income to Rs 987.57 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 16 November 2016.

Shipping Corporation of India reported net loss of Rs 20 crore in Q2 September 2016 as compared to net profit of Rs 161.83 crore in Q2 September 2015. Total income fell 29.58% to Rs 805.77 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 16 November 2016.

Reliance Communications (RCom), through its wholly-owned subsidiary Reliance Globalcom Services Inc, acquired a newly incorporated company named Onyx NewCo LLC (ONL), a Delaware Registered Company, on 15 November 2016. Delaware is a state located in the United States. ONL will be a telecommunications company, which is yet to commence its business operations. The announcement was made after market hours yesterday, 16 November 2016.

On a consolidated basis, Voltas net profit rose 7.21% to Rs 72.11 crore on 4.31% decline in total income to Rs 1047.30 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 16 November 2016.

Greenply Industries said that MSCI has announced the changes to constituents for the MSCI Global Small Cap Indexes and as part of change, Greenply industries will be added to the said index. Change in constituents for the MSCI Global Small Cap Indexes will take place as of the close of 30 November 2016. The announcement was made after market hours yesterday, 16 November 2016.

MSCI is a leading provider of benchmark indices and risk management analytics products. Many global mutual funds passively track MSCI indices. Hence any addition or deletion of a stock or change in weightage of a stock in MSCI indices will require the fund tracking MSCI indices to make adjustment to its portfolio.

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Airtel and Axiata announce completion of merger in Bangladesh
Nov 16,2016

Bharti Airtel announced the completion of the merger of its subsidiary Aitel Bangladesh with Robi Axiata, a unit of Axiata Group Berhad. Post the merger, Axiata will hold 68.7% stake in the combined entity, while Airtel will hold 25%. The remaining 6.3% stake will be held by NTT DoCoMo.

The combined entity will be the second largest mobile operator in Bangladesh with approx. 32.2 million customers and will operate under the Robi Axiata brand.

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Board of Engineers India recommends bonus issue
Nov 16,2016

Engineers India announced that the Board of Directors of the Company at its meeting held on 16 November 2016, inter alia, has recommended the issue of Bonus Shares in the proportion of 1 (one) new equity share of Rs. 5/- each for every 1 (one) existing equity shares of Rs. 5/- each fully paid up of the Company, subject to the approval of shareholders.

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Reliance Communications provides update on subsidiary
Nov 16,2016

Reliance Communications announced that the Company through its wholly owned subsidiary Reliance Globalcom Services Inc, has acquired a newly incorporated Company named Onyx NewCo LLC, a Delaware Registered Company, on 15 November 2016.

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Shriram City Union Finance allots equity shares
Nov 16,2016

Shriram City Union Finance announced that the Banking and Securities Management Committee as empowered by the board of directors in its meeting held on 16 November 2016 allotted 200 (neglible % of paid up equity share capital) Equity Shares of Rs 35 each (including Rs 25 as premium) to two employees of the Company namely Anil Bhupal Mangaj and Parikshit Sureshrao Thakare who exercised their options under ESOP Scheme 2006. As intimated by the said employees, the Company intimate the allotment of shares made under regulation 7(2) under Chapter III of the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations 2015 and other applicable regulations.

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Gayatri Projects concludes construction of first 660 MW unit of SembCorp Gayatri Power
Nov 16,2016

Gayatri Projects announced that its second thermal power plant, the 1320 megawatt SembCorp Gayatri Power, has completed construction of its first 660 megawatt unit. The second unit of the 660 megawatts is expected to be completed in the first quarter of 2017.

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Navkar Corporation to announces September quarter results
Nov 16,2016

Navkar Corporation announced that a meeting of the Board of Directors of the Company is scheduled to be held on 25 November 2016, inter alia, to consider and take on record, the Unaudited Financial Results of the Company for the quarter ended 30 September 2016.

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Navkar Corporation to announce September quarter results
Nov 16,2016

Navkar Corporation announced that a meeting of the Board of Directors of the Company is scheduled to be held on 25 November 2016, inter alia, to consider and take on record, the Unaudited Financial Results of the Company for the quarter ended 30 September 2016.

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Board of Asian Hotels (North) to consider Q2 and HY results
Nov 16,2016

Asian Hotels (North) announced that a meeting of the Board of Directors of the Company is scheduled to be held on 05 December 2016, inter alia, to consider the Un-audited Financial Results for the second quarter / half year ended 30 September 2016.

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Board of Nilachal Refractories to consider alltoment of preference shares on conversion of loan
Nov 16,2016

Nilachal Refractories announced that a Meeting of the Board of Directors of the Company for the financial year 2016-17 will be held on 24 November 2016. The following matters will be discussed at the meeting :

- To consider, issue and approve allotment of 0% redeemable Preference Shares pursuant to shareholders approval for conversion of Unsecured Loan to 0% Redeemable Preference Shares, granted at the Annual General Meeting of the Company held on 28 September 2016.

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B A G Films & Media reports consolidated net profit of Rs 0.27 crore in the September 2016 quarter
Nov 16,2016

Net profit of B A G Films & Media reported to Rs 0.27 crore in the quarter ended September 2016 as against net loss of Rs 3.66 crore during the previous quarter ended September 2015. Sales rose 47.45% to Rs 36.79 crore in the quarter ended September 2016 as against Rs 24.95 crore during the previous quarter ended September 2015.

ParticularsQuarter Endedn++Sep. 2016Sep. 2015% Var. Sales36.7924.95 47 OPM %22.4015.79 - PBDT4.710.37 1173 PBT1.44-3.24 LP NP0.27-3.66 LP

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