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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 Marathon Nextgen Realty appoints director
Feb 10,2017

Marathon Nextgen Realty announced that at the Meeting of Board of Directors of the Company held on 09 February 2017, the Board has appointed Deepak R Shah as an Additional Director (Independent Director).

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Two key labour reform bills to come up in Parliament: Labour Minister
Feb 10,2017

As a part of Labour reforms, The Government would introduce two important bills relating to wages and industrial relations in Parliament in March for simplification and rationalisation of the Labour Laws, Labour Minister Mr.Bandaru Dattatreya said.

n++Next week at the inter-ministerial meeting under the chairmanship of Finance Minister Mr. Arun Jaitely, we will take the final decision and after that we will go to the Cabinet. In the March (leg of Budget Session) both the bills would be introduced and I am hopeful it would be passedn++, Mr.Dattatreya said. He said all 43 Labour Laws would be codified into four broad categories.

The Labour Minster said the Central Board of Trustees would consider the proposal to increase the EPFO portfolio in the share market from existing 10 % to 15% from the total corpus. At present as much as Rs. 17000 crore from the EPFO corpus of Rs. 8.70 Lakh crore has already been invested in the stock market.

The minister said the returns on EPFO investment into equities amounted to 8.7-9% annually.

Mr.Dattatreya said with the codification of Labour Laws the industry would see an end to the red tape and inspector Raj while the welfare of the workers would also be ensured.

In response to queries from the ASSOCHAM members, the minister said the minimum wages of skilled and unskilled workers have been fixed keeping in view the rising cost of living.

He also listed initiatives for women work force for whom the maternity leave is being extended from 12 to 23 weeks. The bonus limit for workers has also been increased along with the health benefits being extended by the Employees State Insurance Corporation (ESIC).

In his remarks ASSOCHAM President Mr. Sunil Kanoria said that a fine balance was required between welfare of the workforce and industrial productivity. He complimented the government for taking a number of steps in this direction.

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Board of Central Bank of India approves fund raising up to Rs 500 crore
Feb 10,2017

Central Bank of India announced that the Capital Raising Committee of the Board of Directors of the Bank at their meeting held on 09 February 2017 considered and approved the proposal for raising capital funds upto Rs. 500.00 crore by issuance and allotment of Non-Convertible Redeemable Unsecured Basel III compliant Tier 2 Bonds (Series-II) in the nature of promissory notes of the face value of Rs. 10.00 lakh each on private placement basis.

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Board of Century Enka announces change in CFO
Feb 10,2017

Century Enka announced that pursuant to an exercise undertaken on restructuring the functions of Senior Executives of the Company, the Board of Directors, in its meeting held on 09 February 2017 have appointed K. G. Ladsaria as the Chief Financial Officer (CFO) in place of D. B. Roonghta effective from 13 February 2017.

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Board of Joy Realty announces change in directorate
Feb 10,2017

Joy Realty announced that the Board of Directors of the Company at its meeting held on 09 February 2017 accepted the resignation of Jayant Bhavanji Soni from post of Directorship of the company. The Board appointed Jayant Bhavanji Soni as CFO of the company.

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Board of Weizmann Forex appoints MD
Feb 10,2017

The Board of Directors of Weizmann Forex at its meeting held on 09 February 2017 approved appointment of B Karthikeyan as Managing Director of the Company with effect from 01 March 2017.

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Board of 63 Moons Technologies appoints MD & CEO
Feb 10,2017

63 Moons Technologies announced that the Board of Directors of the company at its meeting held on 09 February 2017 have appointed S Rajendra as MD & CEO in place of Prashant Desai with effect from 10 February 2017.

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PGCIL moves higher after good Q3 result
Feb 10,2017

The result was announced after market hours yesterday, 9 February 2017.

Meanwhile, the S&P BSE Sensex was up 37.45 points or 0.13% at 28,367.15

On BSE, so far 1.10 lakh shares were traded in the counter as against average daily volume of 3.82 lakh shares in the past one quarter. The stock hit a high of Rs 206 and a low of Rs 200.80 so far during the day. The stock had hit a record high of Rs 208.85 on 31 January 2017. The stock had hit a 52-week low of Rs 129.25 on 29 February 2016.

The large-cap company has equity capital of Rs 5231.59 crore. Face value per share is Rs 10.

Power Grid Corporation of India is a state run electric power transmission utility company. The Government of India holds 57.9% stake in the firm as at 31 December 2016.

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Board of ITI approves allotment of 8 crore equity shares to President of India
Feb 10,2017

ITI announced that the Board of Directors in its meeting held on 09 February 2017, considered and approved the issue and allotment of 8,00,00,000 equity shares of Rs. 10 each at par amounting to Rs. 80,00,00,000 to President of India. The said allotment of equity shares is made pursuant to BIFR order dated 08 January 2013, sanctioning the revival scheme of the Company.

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Board of ITI approves allotment of 8 crore equity shares to Government of India
Feb 10,2017

ITI announced that the Board of Directors in its meeting held on 09 February 2017, considered and approved the issue and allotment of 8,00,00,000 equity shares of Rs. 10 each at par amounting to Rs. 80,00,00,000 to President of India. The said allotment of equity shares is made pursuant to BIFR order dated 08 January 2013, sanctioning the revival scheme of the Company.

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Cosmo Films drops after Q3 result disappoints
Feb 10,2017

The result was announced after market hours yesterday, 9 February 2017.

Meanwhile, the S&P BSE Sensex was up 49.70 points, or 0.18%, to 28,379.40.

On the BSE, 12,000 shares were traded on the counter so far as against the average daily volumes of 12,793 shares in the past one quarter. The stock had hit a high of Rs 364 and a low of Rs 352 so far during the day.

The stock had hit a record high of Rs 431 on 20 October 2016 and a 52-week low of Rs 212.50 on 29 February 2016.

The mid-cap company has equity capital of Rs 19.44 crore. Face value per share is Rs 10.

Cosmo Films is one of the global leaders and manufacturers of biaxially oriented polypropylene (BOPP) films used for packaging, labels and lamination applications. The company is the largest exporter of BOPP films from India and is also the largest producer of thermal lamination films in the world with plant cum distribution centres in India, Japan, Korea and the US along with global channel partners in more than fifty countries.

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3M India falls after poor Q3 financial performance
Feb 10,2017

The result was announced after market hours yesterday, 9 February 2017.

Meanwhile, the S&P BSE Sensex was up 61.25 points, or 0.22%, to 28,390.95

On BSE, so far 198 shares were traded in the counter as against average daily volume of 1,645 shares in the past one quarter. The stock hit a high of Rs 11,863 and a low of Rs 11,600 so far during the day. The stock hit a record high of Rs 15,200 on 26 July 2016. The stock hit a 52-week low of Rs 10,325.20 on 12 February 2016.

The large-cap companys equity capital is Rs 11.27 crore. Face value per share is Rs 10.

3M India provides industrial, automotive, electrical, telecom and safety products.

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Board of ICRA approves buyback of shares for an aggregate upto Rs 40 crore
Feb 10,2017

ICRA announced that the Board of Directors of the Company at its meeting held on 09 February 2017 approved the proposal for buyback of the Companys equity shares for a total amount not exceeding Rs 40 crore and at a price not exceeding Rs 4500 per equity share.

At the maximum buyback price and maximum buyback size, the indicative number of equity shares bought back would be 88,888 equity shares (comprising around 0.889% of the existing paid up share capital of the company).

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Ind-Swift Laboratories intimates of fire incident
Feb 10,2017

Ind-Swift Laboratories announced that a fire broke out in one of the manufacturing block of the Company situated at Derabassi Punjab. There was no causality but loss of goods for which the company is assessing the value of the loss.

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GPT Infraprojects secured order worth Rs 217 crore
Feb 10,2017

GPT Infraprojects has bagged an order valued at Rs 217 crore from Rail Vikas Nigam for construction of important and major steel girder bridges, along with foundation, substructure and related protection works in connection with Mathura Jhasi third line in Agra and Jhasi Division of North Central Railway in the State of U.P., M.P and Rajasthan.

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