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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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8K Miles Software Services to consider December quarter results
Dec 30,2016

8K Miles Software Services announced that the meeting of the Board of Directors of the Company is scheduled to be held on 09 January 2017 inter-alia, to consider, approve and take on record the unaudited financial results for the quarter ended 31 December 2016.

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Housing Development & Infrastructure leads gainers in A group
Dec 30,2016

Housing Development & Infrastructure (HDIL) jumped 7.7% to Rs 60.15 at 13:11 IST. The stock topped the gainers in the BSEs A group. On the BSE, 17.07 lakh shares were traded on the counter so far as against the average daily volumes of 10.59 lakh shares in the past two weeks.

Kajaria Ceramics surged 7.03% at Rs 470.95. The stock was second biggest gainer in A group. On the BSE, 34,000 shares were traded on the counter so far as against the average daily volumes of 8,196 shares in the past two weeks.

Shree Cement advanced 6.48% to Rs 14,700.05. The stock was third biggest gainer in A group. On the BSE, 655 shares were traded on the counter so far as against the average daily volumes of 8,177 shares in the past two weeks.

Shree Renuka Sugars gained 5.73% at Rs 13.84. The stock was fourth biggest gainer in A group. On the BSE, 8.84 lakh shares were traded on the counter so far as against the average daily volumes of 3.18 lakh shares in the past two weeks.

Arvind rose 5.04% to Rs 351.10. The stock was fifth biggest gainer in A group. On the BSE, 2.74 lakh shares were traded on the counter so far as against the average daily volumes of 1.17 lakh shares in the past two weeks.

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Board of Rashtriya Chemicals & Fertilizers issues Commercial Paoer aggregating Rs 175 cr
Dec 30,2016

Rashtriya Chemicals & Fertilizers announced that in terms of the guidelines issued by the Reserve Bank of India, the Company has issued Commercial Paper for Rs.175 crore on 30 December 2016, in favour of State Bank of India, having maturity date as 30 March 2017.

Further, the Commercial Paper issued on 19 October 2016, for Rs.150 crore, has been redeemed on 30 December 2016.

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Rashtriya Chemicals & Fertilizers issues Commercial Paper aggregating Rs 175 cr
Dec 30,2016

Rashtriya Chemicals & Fertilizers announced that in terms of the guidelines issued by the Reserve Bank of India, the Company has issued Commercial Paper for Rs.175 crore on 30 December 2016, in favour of State Bank of India, having maturity date as 30 March 2017.

Further, the Commercial Paper issued on 19 October 2016, for Rs.150 crore, has been redeemed on 30 December 2016.

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Board of Kaushalya Infrastructure Development Corpn appoints director
Dec 30,2016

Kaushalya Infrastructure Development Corpn announced that a Board Meeting of Company held on 30 December 2016, have considered and approved the following businesses:

- Approved appointment of Asoke Das as a Non- Executive Additional Independent Director w.e.f. 30 December 2016.

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Cera Sanitaryware issues Commercial Paper aggregating Rs 30 cr
Dec 30,2016

Cera Sanitaryware has issued Commercial Paper of Rs. 30 crore value dated 30 December 2016 having maturity on 30 March 2017.

The said commercial paper is issued for the working capital requirements of the Company.

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Volumes jump at Aditya Birla Nuvo counter
Dec 30,2016

Aditya Birla Nuvo clocked volume of 59.27 lakh shares by 12:55 IST on BSE, a 535.28-times surge over two-week average daily volume of 11,000 shares. The stock rose 2.75% to Rs 1,276.75.

Gujarat Pipavav Port notched up volume of 20.39 lakh shares, a 72.38-fold surge over two-week average daily volume of 28,000 shares. The stock rose 1.59% to Rs 130.75.

Havells India saw volume of 24.03 lakh shares, a 34.52-fold surge over two-week average daily volume of 70,000 shares. The stock rose 3.25% to Rs 338.65.

Lux Industries clocked volume of 90,000 shares, a 11.81-fold surge over two-week average daily volume of 8,000 shares. The stock rose 1.66% to Rs 745.

Engineers India saw volume of 11.26 lakh shares, a 2.88-fold rise over two-week average daily volume of 3.91 lakh shares. The stock fell 9.47% to Rs 151.45.

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Board of Asian Oilfield Services approves preferential alloment of warrants
Dec 30,2016

Asian Oilfield Services announced that the Board of Directors of the company at its meeting held on 30 December 2016 has approved the allotment of 50 lakh warrants convertible into equity shares of the company at an issue price of Rs 80 per warrant including a premium of Rs 70 per warrant on preferential basis to promoter entity - Oilmax Energy.

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L&T Finance Holdings gains on report Harsh Mariwala buys shares
Dec 30,2016

Meanwhile, the BSE Sensex was up 231.43 points, or 0.88%, to 26,597.58.

On the BSE, so far 2.92 lakh shares were traded in the counter, compared with average daily volumes of 10.50 lakh shares in the past one quarter. The stock had hit a high of Rs 87.80 and a low of Rs 85.85 so far during the day.

The stock hit a record high of Rs 109.15 on 1 November 2016. The stock hit a 52-week low of Rs 48.30 on 12 February 2016. The stock had underperformed the market over the past 30 days till 29 December 2016, falling 5.09% compared with the 1.08% fall in the Sensex. The scrip had also underperformed the market in past one quarter, falling 7.37% as against Sensexs 5.38% decline.

The large-cap company has equity capital of Rs 1754.95 crore. Face value per share is Rs 10.

According to a report, Marico chairman Harsh Mariwala, an independent board member of L&T Finance, bought 46,000 shares in the company early this week from open market.

Mariwala was quoted by the media as saying that as a board member, he had to take the relevant approvals from the board before purchasing the shares in his individual capacity. He added that it was a confirmation of the fact that he believed in the L&T Finance story.

On a consolidated basis, L&T Finance Holdings net profit rose 15.16% at Rs 248.06 crore on 16.55% growth in total income to Rs 2141.57 crore in Q2 September 2016 over Q2 September 2015.

L&T Finance Holdings is a financial holding company offering a focused range of financial products and services across rural, housing and wholesale finance sectors, as well as mutual fund products and wealth management services.

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Veto Switchgears & Cables provides update on subsidiary - Veto Overseas F.Z.E.
Dec 30,2016

Veto Switchgears & Cables announced that Veto Overseas F.Z.E., Wholly owned subsidiary of the Company, has declared an interim dividend of Rs. 2 crore on 29 December 2016.

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Steel Strips Wheels bags export order for winter market in EU and Canada
Dec 30,2016

Steel Strips Wheels has bagged a repeat export order for supply of steel wheels for winter market in EU and Canada. The total value of the order would be more than USD 107000 for supplies in a period of four months. Orders comprise mix of 14, 17 and 18 steel wheels to be supplied from the Companys Chennai plant with shipments starting from next month.

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Shriram Transport Finance gains after raising funds
Dec 30,2016

The announcement was made after market hours yesterday, 29 December 2016.

Meanwhile, the S&P BSE Sensex was up 257.97 points or 0.98% at 26,624.12.

On the BSE, 34,000 shares were traded on the counter so far as against the average daily volumes of 1.07 lakh shares in the past one quarter. The stock had hit a high of Rs 863.35 and a low of Rs 839 so far during the day.

The stock had hit a record high of Rs 1,325 on 1 August 2016 and a 52-week low of Rs 736.50 on 21 January 2016. The stock had underperformed the market over the past one month till 29 December 2016, declining 8.43% compared with the Sensexs 0.11% fall. The scrip had also underperformed the market over the past one quarter declining 25.99% as against the Sensexs 5.25% fall.

The large-cap company has equity capital of Rs 226.88 crore. Face value per share is Rs 10.

Shriram Transport Finance Company said it has allotted unsecured redeemable rated listed non-convertible subordinated debt in the nature of debentures aggregating to Rs 75 crore yesterday, 29 December 2016 on private placement basis. The debentures have tenure of 10 years and carry coupon rate of 8.5% per annum.

Shriram Transport Finance Companys net profit rose 14.7% to Rs 387.65 crore on 11.8% growth in total income to Rs 2713.59 crore in Q2 September 2016 over Q2 September 2015.

Shriram Transport Finance Company is the largest asset financing non-banking financial company (NBFC). The company is a leader in organized financing of pre-owned trucks with strategic presence in 5-12 year old trucks.

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GIC Housing Finance to announce Q3 and 9M results
Dec 30,2016

GIC Housing Finance announced that the meeting of the Board of Directors of the Company is scheduled to be held on 23 January 2017, to consider amongst other things, to approve and take on record the Un-audited (provisional) Financial Results for the quarter/nine months ended 31 December 2016.

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Lumax Auto Technologies announces closure of its Aurangabad plant
Dec 30,2016

Lumax Auto Technologies announced that the Company has permanently closed manufacturing activities at one of its plant situated at A-8, MIDC, Waluj Industrial Area, Aurangabad, Maharashtra w.e.f. 30 December 2016.

The manufacturing activities at the above plant have been closed after completion of necessary formalities in accordance with the provisions of Section 25FFA read with Section 25F of the Industrial Disputes Act, 1947.

The entire workforce affected by this closure have been paid appropriate compensation payable as per Industrial Dispute Act, 1947 along with all other statutory dues.

This closure does not have any adverse effect on operations of the Company.

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Bajaj Finserv to consider Q3 results
Dec 30,2016

Bajaj Finserv announced that the Board of Directors of the Company will meet on 30 January 2017, to consider, inter alia, the unaudited financial results for the quarter and nine months ending 31 December 2016 (Q3).

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