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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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Jubilant Life gains after USFDA nod for generic drug
Jul 06,2017

The announcement was made during trading hours today, 6 July 2017.

Meanwhile, the S&P BSE Sensex was up 160.84 points, or 0.51% to 31,406.40.

On the BSE, 36,000 shares were traded in the counter so far, compared with average daily volumes of 80,604 shares in the past one quarter. The stock had hit a high of Rs 724 and a low of Rs 706 so far during the day. The stock hit a record high of Rs 879.10 on 12 April 2017. The stock hit a 52-week low of Rs 298.05 on 18 July 2016.

The stock had underperformed the market over the past one month till 5 July 2017, falling 4.53% compared with 0.18% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 15.38% as against Sensexs 4.40% rise. The scrip had outperformed the market in past one year, rising 122.72% as against Sensexs 15.01% rise.

The large-cap company has equity capital of Rs 15.93 crore. Face value per share is Re 1.

Jubilant Life Sciences announced that Jubilant Pharma, a material wholly owned subsidiary of the company, through one of its wholly-owned subsidiaries, has received abbreviated new drug application (ANDA) final approval for Bupropion Hydrochloride extended-release tablets USP (XL), 150 mg and 300 mg, the generic version of Wellbutrin XL of Valeant, which is used for the treatment of major depressive disorder and prevention of seasonal affective disorder.

This is the fourth approval that the company has received from the US Food and Drug Administration (USFDA) during the current financial year. As on 31 March 2017, Jubilant Life Sciences had a total of 81 ANDAs for oral solids filed in the US, of which 51 have been approved.

Jubilant Life Sciences consolidated net profit spurted 1272.3% to Rs 149.03 crore on 7% growth in net sales to Rs 1565.79 crore in Q4 March 2017 over Q4 March 2016.

Jubilant Life Sciences is an integrated global pharmaceutical and life sciences company engaged in pharmaceuticals, life science ingredients and drug discovery solutions.

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Industry alone to add USD 280 billion to GDP from GST in 8-9 years: ASSOCHAM
Jul 06,2017

Industry alone is expected to contribute USD 280 billion to Indias Gross Domestic Product (GDP) in the next 8-9 years, as a positive fall out of the Goods and Services Tax as structural changes in the ease of doing business would propel the growth, an ASSOCHAM-APAS study has said.

Describing the GST, in the short-term, as a n++mini budget short of projection of estimated revenue,n++ the paper said most businesses would be able to get significantly more credits under GST, leading to a benefit for most of them.

n++It will bring a systematic approach and enhance transparency which will aid growth of business and would help the industry to concentrate on its core business,n++ the paper said, adding n++we believe that GST is a structural reform and is expected to accelerate the pace of GDP growth in India, despite implementation challenges in the near term. It would usher in lower taxes, seamless input tax credit, logistics savings and market share swings from unorganized to organised playersn++.

The ASSOCHAM Secretary General Mr D S Rawat said, one of the most visible benefits, accruing immediately from GST is removal of the octroi / chungi check posts at the inter-state borders, the most irritating and efficiency killing phenomenon that should have gone long ago. In any case, with most of the states, removing the major trade obstacle, immediately after the roll out of the GST, the ease of doing business would go up significantly and the operational efficiency would improve singularly from the removal of the border check posts at inter-state borders.

As the paper notes that industry would alone would bring accretion to the GDP by USD 280 billion by 2026. Combined with other vital sectors of the economy, the gains would be still higher, significantly.

Notwithstanding the teething troubles, the GST would make even the micro, small and medium enterprises (MSMEs) more efficient and confident, integrating them well into the mainstream of the economy. n++Eventually, GST will turn these MSMEs more competitive with a level playing field between large enterprises and them. Furthermore, the Indian MSMEs would be able to compete with foreign competition coming from cheap cost centres such as China, the Philippines and Bangladeshn++.

Among the other benefits to the industry and particularly the SMEs, they would find it easier to start the business and improvement in the market for the MSMEs. Besides the logistics overheads would be lower as the country-wide market becomes unified.

Just as GST would help the MSMEs, the newly started Insolvency and Bankruptcy Code (IBC) should put the non-productive assets into productive use, though the institutional infrastructure and capacity building to implement the IBC would be key.

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Alps Industries to hold AGM
Jul 06,2017

Alps Industries announced that the th Annual General Meeting(AGM) of the company on 29 August 2017.

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Jubilant Life Science gets final approval for Bupropion Hydrochloride ER Tablets
Jul 06,2017

Jubilant Life Science has announced that Jubilant Pharma, a material wholly owned subsidiary of the Company, through one of its wholly owned subsidiaries, has received Abbreviated New Drug Application(ANDA) final approval for Bupropion Hydrochloride Extended-Release Tablets USP (XL), 150 mg and 300 mg, the generic version of Wellbutrin XLn++ of Valeant, which is used for the treatment of major depressive disorder and prevention of seasonal affective disorder.

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OM Metals gallops after sale of cineplex division
Jul 06,2017

The announcement was made after market hours yesterday, 5 July 2017.

Meanwhile, the S&P BSE Sensex was up 158.16 points or 0.51% at 31,403.72.

On the BSE, 1.16 lakh shares were traded in the counter so far as against average daily volume of 26,625 shares in the past one quarter. The stock hit a high of Rs 60.10 in intraday trade so far, which is 52-week high for the counter. The stock had hit a low of Rs 53.15 so far during the day. The stock had hit a 52-week low of Rs 38.30 on 22 March 2017.

The small-cap company has equity capital of Rs 9.63 crore. Face value per share is Re 1.

OM Metals Infraprojects said it has on 4 July 2017 sold its cineplex division, Om Cineplex Commercial Complex, for Rs 18 crore to Princess Infra and Development.

OM Metals Infraprojects net profit fell 81.47% to Rs 1.31 crore on 5.56% fall in net sales to Rs 66.20 crore in Q4 March 2017 over Q4 March 2016.

OM Metals Infraprojects has diverse business activities and interests related to hydro mechanical equipments, turn key solutions for steel fabrication, hydro power developments, real estate, entertainment centers and hotels.

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IRB Infra gains on achieving financial closure of road project
Jul 06,2017

The announcement was made after market hours yesterday, 5 July 2017.

Meanwhile, the S&P BSE Sensex was up 159.19 points, or 0.51% to 31,404.75.

On the BSE, 1.61 lakh shares were traded in the counter so far, compared with average daily volumes of 3.08 lakh shares in the past one quarter. The stock had hit a high of Rs 221.10 and a low of Rs 214.50 so far during the day. The stock hit a 52-week high of Rs 272.40 on 3 May 2017. The stock hit a 52-week low of Rs 177.50 on 23 November 2016.

The stock had underperformed the market over the past one month till 5 July 2017, falling 7.58% compared with 0.18% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 12.93% as against Sensexs 4.40% rise. The scrip had also underperformed the market in past one year, falling 2.13% as against Sensexs 15.01% rise.

The mid-cap company has equity capital of Rs 351.45 crore. Face value per share is Rs 10.

IRB Infrastructure Developers said that its special purpose vehicle, Udaipur Tollway, has successfully achieved financial closure for its Udaipur-Gujarat Border six laning BOT (build-operate-transfer) project.

The special purpose vehicle, in terms of the concession agreement executed with the National Highways Authority of India (NHAI), has tied up with the consortium of lenders for project finance to the tune of Rs 1461 crore.

The project involves 6 laning of national highway (NH)-8 between Udaipur to Gujarat border of 113.8 Kms length. Concession Period for the project is 21 years including construction period of 910 days. Tolling commences from the appointed date.

The total project cost is Rs 2088 crore, out of which Rs 627 crore will be an equity contribution by the road developer and remaining will be funded by the consortium of lenders led by Canara Bank with average cost of around 10.65% per annum. Other lenders of the project include Bank of India, Bank of Maharashtra, Oriental Bank of Commerce, Indian Overseas Bank, Andhra Bank and Aditya Birla Finance.

On a consolidated basis, IRB Infrastructure Developers net profit rose 32.15% to Rs 207.23 crore on 5.89% growth in net sales to Rs 1627.12 crore in Q4 March 2017 over Q4 March 2016.

IRB Infrastructure Developers is one of the largest private roads and highways infrastructure developers in India.

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Valiant Organics to hold board meeting
Jul 06,2017

Valiant Organics will hold a meeting of the Board of Directors of the Company on 6 July 2017.

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Tata Global Beverages to pay dividend
Jul 06,2017

Tata Global Beverages announced that dividend, if approved by the Shareholders at the ensuing AGM will be paid on or after 21 August, 2017.

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JV of ARSS Infrastructure Projects bags work order worth Rs 71.57
Jul 06,2017

ARSS Infrastructure Projects announced that its JV ARSS-SCPL has been awarded a work order by East Coast Railway on 04 July 2017. The work order amounting to Rs 71.57 crore namely Koraput - Singapur Road Doubling Project involves construction of Major Bridge No. 1 (1x18.3m Composite Girder, RUB), Br. No3 (5x30.5m composite Girder), Br.No.6 (5x30.5 Composite Girder),Br. No.12 (1x12.2m +1x30.5m+1x12.2m Composite Girder),Br. No.19 (1x12.2m +1x30.5m+1x12.2m Composite Girder),Br. No. 21A (1x36.0m Composite Girder, ROB),Br.NO.25(2x9.15m RCC Box) &,Br.NO.26(3x6.1m RCC Box) between Koraput -Damanjodi stations in connection with Doubling of Koraput - Singapur Road section of WAT Division, East Coast Railway.

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Lloyds Metals & Energy to hold board meeting
Jul 06,2017

Lloyds Metals & Energy will hold a meeting of the Board of Directors of the Company on 18 July 2017.

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Multi Commodity Exchange of India to hold board meeting
Jul 06,2017

Multi Commodity Exchange of India will hold a meeting of the Board of Directors of the Company on 13 July 2017.

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Oriental Hotels to hold board meeting
Jul 06,2017

Oriental Hotels will hold a meeting of the Board of Directors of the Company on 25 July 2017.

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Prakash Industries to hold board meeting
Jul 06,2017

Prakash Industries will hold a meeting of the Board of Directors of the Company on 17 July 2017.

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SIL Investments to hold board meeting
Jul 06,2017

SIL Investments will hold a meeting of the Board of Directors of the Company on 17 July 2017.

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Grand Foundry to hold board meeting
Jul 06,2017

Grand Foundry will hold a meeting of the Board of Directors of the Company on 13 July 2017.

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