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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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Cabinet approves North East Road Network Connectivity Project Phase I
Mar 23,2017

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, has given its approval for development of 403 kms of National Highways in Meghalaya and Mizoram. Out of 403 km, approximately 52 kms will be in Meghalaya and 351 km in Mizoram. The project will be executed in EPC Mode.

The estimated cost is Rs 6,721 crore including cost of land acquisition, resettlement and other pre-construction activities.

The projects will be taken up for implementation during the financial year 2017-18. The civil works are expected to be completed by 2021 and maintenance works are expected to be completed by 2025.

The projects will encourage sub-regional socio-economic development by improvement of infrastructure in Meghalaya and Mizoram. It will also enhance the connectivity with inter-state roads and International Borders.

The work for development to two lane standards are under scheme North East Road Network Connectivity Project Phase I with loan assistance of Japan International Cooperation Agency (JICA).

Background:

The existing carriageway of all the stretches is varying between Single lane to Intermediate lane. The condition of the pavement is very poor and at some locations not in traffic worthy condition. In addition, the stretches are also in poor condition in the landslides areas / sinking zone. Updation and development of these stretches to the two lane with paved shoulders standard will be done.

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Hindustan Zinc gains after boards nod for special interim dividend
Mar 23,2017

The announcement was made after market hours yesterday, 22 March 2017.

Meanwhile, the S&P BSE Sensex was up 94.24 points or 0.32% at 29,261.92.

On the BSE, 6.51 lakh shares were traded on the counter so far as against the average daily volumes of 3.84 lakh shares in the past two weeks. The stock had hit a high of Rs 322.10 and a low of Rs 316.70 so far during the day.

The record date for the payment of interim dividend is 30 March 2017.

Hindustan Zinc stock offers a dividend yield of 8.82% based on the closing price of Rs 311.75 yesterday, 22 March 2017.

Hindustan Zincs net profit rose 26.11% to Rs 2319.90 crore on 38.45% growth in total income to Rs 5972.16 crore in Q3 December 2016 over Q3 December 2015.

Hindustan Zinc is a subsidiary of Vedanta (formerly known as Sesa Sterlite), a part of London listed Vedanta Resources plc, a global diversified natural resources company.

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IndusInd Bank allots AT1 Bonds aggregating Rs 1000 cr
Mar 23,2017

IndusInd Bank announced that the Finance Committee of the Board has allotted 10,000 Rated, Listed, Non-Convertible, Perpetual Subordinated Unsecured Basel III-compliant Bonds in the nature of Debentures towards non-equity regulatory Additional Tier 1 Capital (AT1 Bonds), for Face Value of Rs.10 lakh each for cash aggregating to Rs.1,000 crore (Rupees One Thousand crore only) on Private Placement basis. The aforesaid Bonds will be issued in dematerialised form and will be listed on the Wholesale Debt Market (WDM) segment of National Stock Exchange of India.

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Mahindra & Mahindra provides update on indirect subsidiary - Mahindra Retail
Mar 23,2017

Mahindra & Mahindra announced that Mahindra Retail (MRPL), an indirect subsidiary of the Company, has sold its entire shareholding (100%) in Mahindra Internet Commerce (MICPL). Hence, MICPL has ceased to be a subsidiary of MRPL and as such of the Company.

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L&T Technology Services inaugurates delivery center in Munich
Mar 23,2017

L&T Technology Services inaugurated its new center of excellence dedicated for a leading German Original Equipment Manufacturer(OEM) in Munich Germany, its fourth delivery center for the customer following R&D hubs in Mumbai, Bangalore and Mysore in India.

The delivery center will also be instrumental in hiring local talent and foster skill development for the youth in Munich region and Germany. Through LTTS focus on automotive technologies, the center will propel the regional economy into the next phase of growth, delivering quality services, expanding workforce, and supporting major projects in the region through innovative engineering processes.

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Bharti Infratel fixes record date for interim dividend
Mar 23,2017

Bharti Infratel has fixed 03 April 2017 as the Record Date for the purpose of Payment of Interim Dividend.

The payment of Interim Dividend/dispatch of Dividend Warrants will be made on or before 21 April 2017.

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Cabinet approves in situ promotion to the officers of Indian Trade Service (ITS) to the Senior Administrative Grade (SAG)
Mar 23,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved in- situ promotion of officers of the Indian Trade Service (ITS), belonging to 1989 to 1991 batches, to the Senior Administrative Grade (SAG) level, on personal basis, as a onetime relaxation, with the condition that, as and when vacancies at SAG arise on the cadre post, these officers would be adjusted against the vacant cadre posts and the posts held by these officers at present, would be retained at the original level of Junior Administrative Grade (JAG), after their retirement or being covered against the original sanctioned strength of SAG.

This approval would enable the Government to retain and gainfully utilize these senior ITS officers, with significant domain knowledge, in various positions in the areas of trade promotion and trade defense to help in achieving the objective of accelerated growth of Indias export sector. Grant of promotion to SAG level will also enable these officers to be considered for empanelment under the Central Staffing Scheme and add to the pool of officers available for serving the Government of India under the said scheme in different Ministries/ Departments of the Government of India. Indian Trade Service was created as a Central Group A Service to cater to the growing need of an organized cadre to handle various aspects of Indias international trade and trade promotion.

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Cabinet approves MoU between India and the USA on cooperation in the field of Cyber Security
Mar 23,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has been apprised of the Memorandum of Understanding (MoU) signed between the Indian Computer Emergency Response Team (CERT-ln) under the Ministry of Electronics and Information Technology and the US Homeland Security Department on cooperation in the field of Cyber Security. The MOU was signed on 11th January 2017 in New Delhi.

The MoU intends to promote closer co-operation and exchange of information pertaining to the Cyber Security in accordance with the relevant laws, rules and regulations and on the basis of equality, reCciprocity and mutual benefit.

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Hindustan Zinc may gain after boards nod for special interim dividend
Mar 23,2017

Hindustan Zinc said its board of directors at a meeting held on Wednesday, 22 March 2017, approved special interim dividend of Rs 27.50 per share for the year ending 31 March 2017 (FY 2017). The record date for the payment of interim dividend is 30 March 2017. The announcement was made after market hours yesterday, 22 March 2017.

State Bank of India (SBI) announced that it has made payment of Rs 219.93 crore (principal amount plus interest) on 22 March 2017, to the eligible bondholders of under Upper Tier-II subordinated bonds issued on 22 March 2007, by the erstwhile State Bank of Indore since merged with SBI. The announcement was made after market hours yesterday, 22 March 2017.

IndusInd Bank announced that the finance committee of the board yesterday, 22 March 2017, allotted debentures for cash aggregating to Rs 1000 crore on Private Placement basis towards non-equity regulatory Additional Tier 1 Capital (AT1 Bonds). The bonds will be listed on the wholesale debt market (WDM) segment of National Stock Exchange of India (NSE). The announcement was made after market hours yesterday, 22 March 2017.

Axis Bank announced that its board passed a resolution approving the allotment of 1 year senior fixed rate notes aggregating to $16.2 million under the MTN Programme through its Dubai International Financial Centre (DIFC) branch. The announcement was made after market hours yesterday, 22 March 2017.

Menon Bearings announced that the company has transferred its entire stake held in Flyga Auto, a wholly owned subsidiary and hence ceases to be subsidiary of the company from 22 March 2017. The announcement was made after market hours yesterday, 22 March 2017.

Flyga Auto was incorporated on 30 September 2016 and is yet to commence commercial operations. The consideration received from sale in Rs 3.67 crore. The shares are transferred to promoters and promoter group members, namely, Nitin Menon, Sucheta Menon, Aditya Menon and Anshul Menon.

HIL said that the company is holding 33% stake in Supercor Industries, Nigeria as a joint venture between the company and other shareholders including State Government of Bauchi. The JV is under losses since 2014 and facing cash crisis and could not meet their routine obligation of paying salaries/wages and other payments and is under winding up proceedings under the Courts of Nigeria. In view of the above mentioned reasons, company is unable to consolidate the financial statements of its overseas joint venture with the financial statements of company. The announcement was made after market hours yesterday, 22 March 2017.

Hindustan Composites announced that a meeting of the board of directors of the company is scheduled to be held on 10 April 2017, to consider further issue of shares by way of bonus shares, to consider the sub division of face value of equity shares of the company and to consider seeking approval of the shareholders of the company through postal ballot process for the same. The announcement was made after market hours yesterday, 22 March 2017.

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Indias fuel product consumption slips 2.8% in February 2017
Mar 22,2017

Indias fuel product consumption or sales declined 2.8% to 15.89 mt in February 2017 over a year ago. Diesel sales dipped 3.9% to 6.16 mt, while kerosene sales fell 33.8% to 0.37 mt and bitumen 13.9% to 0.55 mt. Consumption of fuel oil also dipped 10.4% to 0.54 mt, petcoke 2.1% to 2.01 mt, and lubes/greases 12.9% to 0.29 mt. However, the consumption of light diesel oil (LDO) moved up 7.1% to 0.03 mt, others 1.8% to 0.54 mt, and naphtha 4.3% to 1.12 mt. Further, the consumption of Aviation Turbine Fuel (ATF) improved 9.7% to 0.58 mt, petrol 3.1% to 1.90 mt, and LPG 3.5% to 1.81 mt in February 2017.

Consumption or sales of fuel product increased 6.0% to 177.24 mt in April-February 2017 over April-February 2016. Sales of petcoke increased 25.7%, LPG 10.7%, petrol 9.4%, and diesel 2.0%. Consumption of fuel oil also moved up 13.2%, ATF 12.2%, naphtha 1.4% and others 2.0%. Further, the consumption of LDO inched up 15.4% and bitumen 0.6%, but declined for lubes/greases 2.4% and kerosene 20.4% in April-February 2017.

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Indias natural gas production falls 1.7% in February 2017
Mar 22,2017

Indias natural gas production declined 1.7% to 2.52 billion cubic meters (bcm) in February 2017 over a year ago. Natural gas output of ONGC jumped 2.4% to 1.77 bcm, but that of private and JV companies dipped 14.8% to 0.52 bcm. Meanwhile, the natural gas production of Oil India moved up 3.1% to 0.23 bcm in February 2017. Natural gas output declined 1.9% to 29.15 bcm in April-February 2017 over April-February 2016.

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Indias crude oil refinery output declines 2.3% in February 2017
Mar 22,2017

Indias crude oil refinery output declined 2.3% to 18.71 mt in February 2017 over February 2016. The output of public sector refineries fell 3.7% to 10.17 mt, while the output of private refineries dipped 3.1% to 7.26 mt. However, the refinery output of public-private JV refiners moved up 17.0% to 1.28 mt in February 2017.

Among public refineries, the output of Chennai Petroleum Corporation dipped 49.4% to 0.44 mt, while the output of Mangalore Refineries plunged 5.7% to 1.19 mt, and Hindustan Petroleum Corporation 1.8% to 1.38 mt in February 2017 over February 2016. However, the output of Numaligarh Refineries moved up 1.9% to 0.21 mt, Indian Oil Corporation 1.9% to 4.99 mt and Bharat Petroleum Corporation 2.0% to 1.95 mt in February 2017.

Among private refiners, the output of Reliance Petroleum declined 4.1% to 5.71 mt, while that of Essar Oil rose 0.7% to 1.55 mt in February 2017 over February 2016. Among JV refineries, the output of Bharat Oman fell 3.8% to 0.46 mt, while the output of HPCL Mittal moved up 33.3% to 0.82 mt in February 2016.

The cumulative refinery output increased 5.2% to 217.57 mt in April-February 2017. The output of public refineries increased 8.3% to 117.54 mt, while that of private refineries moved up 2.0% to 85.57 mt. The refinery output of JV refineries rose 0.5% to 14.46 mt in April-February 2017. Among public refineries, the output of Indian Oil Corporation improved 10.9%, Bharat Petroleum Corporation 7.3%, Hindustan Petroleum Corporation 3.7%, Chennai Petroleum Corporation 9.3%, Numaligarh Refineries 7.3% and Mangalore Refineries 4.3%.

The overall capacity utilization was lower at 107.9% in February 2017 compared with 114.5% in February 2016, while it was also lower at 106.4% in April-February 2017 compared with 107.4% in April-February 2016.

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Indias crude oil production declines 3.4% in February 2017
Mar 22,2017

Indias crude oil production declined 3.4% to 2.80 million tonnes (mt) in February 2017 over February 2016. Crude oil output of ONGC dipped 2.2% to 1.74 mt in February 2017. ONGCs offshore output declined 2.4% to 1.28 mt, while onshore production also fell 1.6% to 0.46 mt. The crude oil output of Oil India improved 5.7% to 0.26 mt, but that of private and joint venture (JV) companies dipped 8.5% to 0.80 mt in February 2017.

Crude oil output fell 2.8% to 32.92 mt in April-December period of the fiscal year ending March 2017 (April-February 2017), in addition to 1.0% fall recorded in the corresponding period of last year. Output of ONGC eased 1.0% to 20.29 mt, while that of Oil India rose 0.3% to 2.96 mt and private companies fell 7.3% to 9.67 mt in April-February 2017 over April-February 2016.

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Religare Enterprises announces change in CEO
Mar 22,2017

Religare Enterprises announced that Nalin Nayyar has stepped down as Interim CEO with effect from 22 March 2017. Further, Maninder Singh who was appointed as Chief Business Officer of the Company and currently looking after the business and corporate affairs of Religare Group has been elevated as Group CEO of the Company with effect from 22 March 2017. He has also been designated as a Key Managerial Personnel under the Companies Act, 2013

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Axis Bank raises Senior Notes in International Market
Mar 22,2017

Axis Bank announced that the Board of Directors of the Bank has passed a resolution approving the allotment of 1 year Senior Fixed Rate Notes aggregating to USD 16,200,000 (USD Sixteen Million two hundred thousand only), under the MTN Programme through its Dubai International Financial Centre (DIFC) branch.

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