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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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Palred Technologies raises Rs 22 crore
Mar 14,2017

Palred Technologies is raising Rs 22 crore through a preferentialallotment. The board of the Company approved an allotment of Rs 22 crore by way of preferential allotment at a price of Rs 145 per share. Florintree led and advised investors are the lead participants in thisround of preferential allotment.

The investors include Mathew Cyriac (former Co-Head ofBlackstone India Private Equity Business), Chidambaram Palaniappan (founder of Florintree), K. Madhavan (Joint Managing Director of Star TV India) and Bharat Sheth (Managing Director of Great Eastern Shipping).

Ashish Dhawan, founder of Chryscapital and an existing investor for over ten years in the Company is participating in this financing round apart from another existing investor, Passage to India Master Fund.

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Precious metals shine
Mar 14,2017

Bullion prices ended higher at Comex on Monday, 13 March 2017. Gold futures marked their first advance on Monday after nine straight sessions of losses, underpinned by uncertainty surrounding elections in the Netherlands, after strong expectations for a Federal Reserve interest-rate hike on Wednesday clobbered precious metals.

Gold for April delivery rose $1.70, or 0.1%, to settle at $1,203.10. The contract ended at $1,201.40 an ounce Fridayn++the lowest finish since Jan 2016. The metals nine-session slide had marked the longest streak of declines since July 2015.

May silver also rose 4.9 cents, or 0.3%, Monday to finish at $16.972 an ounce.

Futures prices for gold posted a decline of roughly 2% last week, while silver lost about 4.6%.

But golds ability to hold ground late last week above the key $1,200-an-ounce level helped set up a possible short-term rebound for the yellow metal on Monday. The prospect of higher interest rates, with the Federal Reserves looming decision March 15, can boost the allure of holding the dollar and erode demand for dollar-priced commodities like gold. The Fed-funds futures market is currently pricing in a nearly 90% chance that the Fed will raise interest rates at the conclusion of its two-day meeting on Wednesday.

The ICE U.S. Dollar Index was up by 0.1% on Monday.

Global investors also were focused on Wednesdays Dutch parliamentary elections. The risk of a euroskeptic party emerging there is small, but a notable election performance could renew market concerns about the popularity of the anti-euro, far-right party in French presidential elections in April and May. Amid this uncertainty, investors may prefer increased holdings in gold, which is considered a haven asset in times of uncertainty.

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Mission Fingerling with a total expenditure of about Rs. 52000 lakh to achieve Blue Revolution
Mar 14,2017

Recognizing the potential and possibilities in the fisheries sector, Government of India has envisaged a program named Blue Revolution to unlock the countrys latent potential through an integrated approach. The Blue Revolution, in its scope and reach, focuses on creating an enabling environment for an integrated and holistic development and management of fisheries for the socio economic development of the fishers and fish farmers. Thrust areas have been identified for enhancing fisheries production from 10.79 mmt (2014-15) to 15 mmt in 2020-21.

Greater emphasis will be on infrastructure with an equally strong focus on management and conservation of the resources through technology transfer to increase in the income of the fishers and fish farmers. Productivity enhancement shall also be achieved through employing the best global innovations and integration of various production oriented activities such as: Production of quality fish seeds, Cost effective feed and adoption of technology etc.

Fish Fingerling production is the single most important critical input visualised to achieve fish production targets under the Blue Revolution. We need to establish more hatchery to produce Fry/PL required for different categories of water bodies. Barring few States thats to in terms of fry (15-20 mm size), all States are in need of Fingerling production (standard size 80-100 mm). Use of High Yielding Verities of brooders is another significant aspect to be addressed on priority.

The Department has identified 20 States based on their potential and other relevant factors to strengthen the Fish Seed infrastructure in the country. This program with a total expenditure of about Rs. 52000 lakh will facilitate the establishment of hatcheries and Fingerling rearing pond to ensure the fish production of 426 crores fish fingerling, 25.50 crores Post Larvae of shrimp and crab in the country. This will converge in the production of 20 lakh tonnes of fish annually and will benefit about 4 million families. The implementation of this program will supplement the requirement of stocking materials in the country up to a large extent, which is a much needed input to achieve the enhanced fish production.

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Pneumatic Holding fixes record date for interim dividend
Mar 14,2017

Pneumatic Holding has fixed 23 March 2017, as Record Date for the purpose of ascertaining the names of members entitled to interim dividend for the financial year 2016-17. The date of payment of the interim dividend will be 27 March 2017.

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Shares of RMC Switchgears get listed
Mar 14,2017

The equity shares of RMC Switchgears (Scrip Code: 540358) are listed effective 14 March 2017 and admitted to dealings on the Exchange in the list of M Group Securities.

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ACC in focus after selling shares in Shiva Cements
Mar 14,2017

Cement major ACC announced that it has on 9 March 2017, sold its entire 12.13% stake in Shiva Cement, comprising 2.36 crore shares, at a total consideration of Rs 38.66 crore to JSW Cement. The open market transaction took place at Rs 16.35 per share. The announcement was made after market hours on Friday, 10 March 2017. The transaction is part of an earlier share purchase agreement (SPA) dated 15 February 2017, entered into between the company and JSW Cement. ACC was holding 12.13% in Shiva Cement in the public shareholders (non-promoter) category.

Shiva Cement had executed a SPA with JSW Cement in January this year for sale of shares held by the promoters of Shiva Cement, followed by an open offer to the public shareholders of Shiva Cement, to enable JSW Cement to get a controlling stake in the Odisha-based company. JSW Cement had agreed to buy a 35.6% stake from Shiva Cements promoters for Rs 97.24 crore. Further, JSW Cement had made an open offer to the public equity shareholders of Shiva Cement to acquire up to 6.24 crore fully paid-up equity shares, constituting 32% of the total fully diluted voting equity share capital of the company.

The total promoter holding in Shiva Cement end December 2016 stood at 35.62%. Shiva Cement runs an integrated plant near Rourkela in Odisha. It sells cement under the Sumangal brand and caters primarily to the eastern states.

Power Grid Corporation of India (PGCIL) said that its board of directors at a meeting held on Friday, 10 March 2017, accorded approval for various investment proposals aggregating to Rs 1197.10 crore. The announcement was made on Saturday, 11 March 2017.

NBCC (India) announced that the company has signed an agreement on Friday 10 March 2017, with the State of Mauritius (Government of Mauritius) and Landscope (Mauritius) for construction of new supreme court building on PMC basis in Mauritius. The approximate value of the project is Rs 250 crore having completion period of 24 months. The announcement was made after market hours on Friday, 10 March 2017.

Alkem Laboratories announced that US Food and Drug Administration (USFDA) had conducted an inspection at the companys manufacturing facilities located at Baddi from 2 March 2017 to 10 March 2017. The company has received the inspection report which contains three 483 observations. Alkem said it shall put together a detailed response with adequate corrective and preventive measures to address the USFDA observations and the same is proposed to be filed within the timeline stipulated by USFDA. The announcement was made after market hours on Friday, 10 March 2017.

Karnataka Bank announced that the bank entered into Memorandum of Understanding with Bajaj Allianz General Insurance Company (BAGICL) for general insurance business. Karnataka Banks Managing Director & CEO P Jayarma Bhat said the bank will be able to provide vast choice of non-life insurance products to its customers across all its 747 branches, supported by the customer centric products of BAGICL. The announcement was made after market hours on Friday, 10 March 2017.

Bombay Burmah Trading Corporation announced that the company has issued commercial paper for an aggregate amount of Rs 50 crore on 10 March 2017 for 90 days and having maturity on 8 June 2017. India Ratings & Research has granted rating of A1+ for issue of commercial paper by the company. The announcement was made after market hours on Friday, 10 March 2017.

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ACC in focus after selling shares in Shiva Cements
Mar 14,2017

Cement major ACC announced that it has on 9 March 2017, sold its entire 12.13% stake in Shiva Cement, comprising 2.36 crore shares, at a total consideration of Rs 38.66 crore to JSW Cement. The open market transaction took place at Rs 16.35 per share. The announcement was made after market hours on Friday, 10 March 2017. The transaction is part of an earlier share purchase agreement (SPA) dated 15 February 2017, entered into between the company and JSW Cement. ACC was holding 12.13% in Shiva Cement in the public shareholders (non-promoter) category.

Shiva Cement had executed a SPA with JSW Cement in January this year for sale of shares held by the promoters of Shiva Cement, followed by an open offer to the public shareholders of Shiva Cement, to enable JSW Cement to get a controlling stake in the Odisha-based company. JSW Cement had agreed to buy a 35.6% stake from Shiva Cements promoters for Rs 97.24 crore. Further, JSW Cement had made an open offer to the public equity shareholders of Shiva Cement to acquire up to 6.24 crore fully paid-up equity shares, constituting 32% of the total fully diluted voting equity share capital of the company.

The total promoter holding in Shiva Cement end December 2016 stood at 35.62%. Shiva Cement runs an integrated plant near Rourkela in Odisha. It sells cement under the Sumangal brand and caters primarily to the eastern states.

Power Grid Corporation of India (PGCIL) said that its board of directors at a meeting held on Friday, 10 March 2017, accorded approval for various investment proposals aggregating to Rs 1197.10 crore. The announcement was made on Saturday, 11 March 2017.

NBCC (India) announced that the company has signed an agreement on Friday 10 March 2017, with the State of Mauritius (Government of Mauritius) and Landscope (Mauritius) for construction of new supreme court building on PMC basis in Mauritius. The approximate value of the project is Rs 250 crore having completion period of 24 months. The announcement was made after market hours on Friday, 10 March 2017.

Alkem Laboratories announced that US Food and Drug Administration (USFDA) had conducted an inspection at the companys manufacturing facilities located at Baddi from 2 March 2017 to 10 March 2017. The company has received the inspection report which contains three 483 observations. Alkem said it shall put together a detailed response with adequate corrective and preventive measures to address the USFDA observations and the same is proposed to be filed within the timeline stipulated by USFDA. The announcement was made after market hours on Friday, 10 March 2017.

Karnataka Bank announced that the bank entered into Memorandum of Understanding with Bajaj Allianz General Insurance Company (BAGICL) for general insurance business. Karnataka Banks Managing Director & CEO P Jayarma Bhat said the bank will be able to provide vast choice of non-life insurance products to its customers across all its 747 branches, supported by the customer centric products of BAGICL. The announcement was made after market hours on Friday, 10 March 2017.

Bombay Burmah Trading Corporation announced that the company has issued commercial paper for an aggregate amount of Rs 50 crore on 10 March 2017 for 90 days and having maturity on 8 June 2017. India Ratings & Research has granted rating of A1+ for issue of commercial paper by the company. The announcement was made after market hours on Friday, 10 March 2017.

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Board of Aarey Drugs & Pharmaceuticals consider proposal to takeover Forel Labs
Mar 11,2017

Aarey Drugs & Pharmaceuticals announced that the Board of Directors at its meeting held on 10 March 2017 has considered the takeover of Forel Labs in equity swap after due diligence and considering viability of takeover.

Forel Labs is a manufacturer of API products with production facility at Visakhapatnam, Andhra Pradesh. These products are - Clopidogrel Bisulfate, Fexofenadine Hydrochloride and Pantoprazole Sodium. Forel Labs is certified with ISO 9001:2008 &GMP and facilities are in-compliance with US-FDA & WHO norms.

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Board of Sun TV Network recommends dividend
Mar 11,2017

Sun TV Network announced that the Board of Directors of the Company at its meeting held on 10 March 2017, inter alia, have recommended the dividend of Rs 5 per equity Share (i.e. 100%) , subject to the approval of the shareholders.

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PNC Infratech pares stake in subsidiary - PNC Power
Mar 11,2017

PNC Infratech has sold its investment 26500 no. of equity shares held in PNC Power (PNC Power) equivalent to 76.50% of the Paid up capital of the Subsidiary Company. Since the said subsidiary could not have any business activity over a good period of more than 4 years. Therefore, the Company is desirous of exiting its investment in equity shares of said subsidiary.

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Upper Ganges Sugar & Industries to hold board meeting
Mar 11,2017

Upper Ganges Sugar & Industries will hold a meeting of the Board of Directors of the Company on 14 March 2017 to fix a record date for reckoning the shareholders of the company who shall be entitled to the shares which shall be allotted pursuant to the scheme and to constitute a committee which shall give effect to the order of the court and the scheme.

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Alkem Laboratories provides update on USFDA inspection of facility at Baddi
Mar 11,2017

Alkem Laboratories announced that US FDA had conducted an inspection at the Companys manufacturing facility located at Baddi, India from 2nd March, 2017 to 10th March, 2017. In this regard, the Company has received the inspection report which contains three 483 observations. The Company shall put together a detailed response with adequate corrective and preventive measures to address the US FDA Observations and the same is proposed to be filed within the timeline stipulated by US FDA.

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Karnataka Bank enters into MoU with Bajaj Allianz General Insurance
Mar 11,2017

Karnataka Bank has entered into Memorandum of Understanding with Bajaj Allianz General Insurance for General Insurance business on 10 March 2017.

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Outcome of board meeting of Satin Creditcare Network
Mar 11,2017

Satin Creditcare Network announced that the Board of Directors of the Company at its meeting held on 10 March 2017 considered and approved the following:

a) Proposal of Increase in the Authorized Share Capital of the Company, which is subject to shareholders approval.

b) Proposal of issue on preferential basis of warrants convertible into equivalent number of equity shares of face value of Rs. 10/- each of the Company and proposal of issue on preferential basis of the equity shares of face value of Rs. 10/- each of the Company, to proposed allotteees - Trishashna Holdings & Investments Private and Asian Development Bank.

Approved the notice of Extraordinary General Meeting scheduled to be held on Friday, 07 April 2017.

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Oudh Sugar Mills to hold board meeting
Mar 11,2017

Oudh Sugar Mills will hold a meeting of the Board of Directors of the Company on 14 March 2017 to fix a record date for reckoning the shareholders of the company who shall be entitled to the shares which shall be allotted pursuant to the scheme and to constitute a committee which shall give effect to the order of the court and the scheme.

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