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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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Aurobindo Pharma acquires four products from TL Biopharmaceutical AG
Feb 10,2017

Aurobindo Pharma announced that the Company has acquired four cell culture derived biosimilar products from TL Biopharmaceutical AG. As part of this agreement, TL will supply all the developmental data for four molecules and Aurobindo and/or its affiliates will develop, commercialize and market these products globally. The branded market size of these four biosimilars, three of them monoclonal antibodies in oncology is very promising. Regulatory filing for these products is intended in the period2020-22.

Aurobindo is preparing to take its lead molecule from this transaction, a Bevacizumab biosimilar, for clinical trials in 2017. Bevacizumab is an anti-antiogenesis drug used in treating multiple-cancers including metastatic colon or rectal cancer, non-squamous and non-small cell lung cancers.

This transaction is a strategic investment for future growth and will position Aurobindo as a strong player in the rapidly evolving biosimilars landscape. Building on these first four products licensed from TL, Aurobindo is expanding its diverse portfolio of eight more next wave of biosimilars ensuring a strong and diverse products pipeline. Aurobindo has set up a fully functional R&D center for biologics development and is also establishing a state-of-art manufacturing facility in Hyderabad, Telangana which would be ready by Q2, FY 18.

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Bharat Petroleum Corporation announces appointment of director
Feb 10,2017

Bharat Petroleum Corporation announced that pursuant to the communication by Ministry of Petroleum & Natural Gas, Govt. of India, vide letter dated 31 January 2017, the Board of Directors has appointed Vishal Vinod Sharma as Independent Director of the Company with effect from 09 February 2017 for a period of three years or until further orders, whichever is earlier.

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Power Grid Corporation of India to pay interim dividend
Feb 10,2017

Power Grid Corporation of India announced that Interim Dividend of 10% shall be paid on 02 March 2017.

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India-UK Deal to Allow More Flights to Boost Tourism and Trade for Global India & Britain
Feb 10,2017

India and the UK signed a MoU to ease restrictions on the number of scheduled flights between the two countries, following successful talks in India this week. Limits on flights from key Indian cities including Chennai and Kolkata have been scrapped, allowing for a greater range of flights for passengers while providing a boost to trade and tourism for the UK and India. Building new links with important trading partners is a key part of the governments plans for a Global Britain, opening up new export markets and creating jobs and economic growth. The agreement also opened all destinations in the UK for Indian carriers for code share flights, and reciprocally the UK carriers can also operate code share flights to any International Airport in India, through domestic code share arrangements.

The agreement was formally signed by Minister of Civil Aviation, Shri Pusapati Ashok Gajapathi Raju, on behalf of India and Lord Ahmad of U.K. during a visit to India where he led a delegation of British companies for the 2017 CAPA India Aviation Summit.

Indian Civil Aviation Minister Pusapati Ashok Gajapathi Raju, said n++The increase in number of flights between the UK and India is encouraging news for our businesses and tourists. We already enjoy strong ties with the UK and we welcome such continued association which in the long run will not only encourage business activity, but also people-to-people contact. I am sure that this agreement will bring direct and indirect benefits to many sectors of the economies of our two countriesn++.

Tourism from India makes an important contribution to the UK economy. In 2015, there were 422,000 visits from India to the UK, bringing more than n++433 million to the economy.

Aviation Minister of U.K., Lord Ahmad said: n++India is one of our closest allies and key trading partners and this new agreement will only serve to strengthen this crucial relationship. We are unlocking new trade and tourism opportunities which will boost our economies, create new jobs and open up new business links. This is great news for both the UK and India and is yet another sign that we are open for business and ready to build and strengthen our trade links.n++

India is a rapidly expanding and important market for aviation and the agreement signed today will allow airlines to develop new services and air routes. The final decision on additional flights between the UK and India is a commercial one for airlines.

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Board of Kisan Mouldings decides to enter polymer trading and related activities
Feb 10,2017

Kisan Mouldings announced that the Board of Directors of the Company at its meeting held on 09 February 2017 approved the following -

Resignation of Vijay Aggarwal from Directorship of the Company with effect from 09 February 2017.

To enter into polymer trading and related activities and acquire controlling stake in Inclination Trade & Commerce, making it a wholly owned subsidiary of the Company for the said activities.

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Shares of Pricol get listed
Feb 10,2017

The equity shares of Pricol (Scrip Code: 540293) are listed effective 10 February 2017 and admitted to dealings on the Exchange in the list of T Group Securities.

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Bharat Petroleum Corporation fixes record date for interim dividend
Feb 10,2017

Bharat Petroleum Corporation has fixed Record Date as 01 March 2017 to determine the eligibility of the shareholders to receive the Interim Dividend (including Special Dividend).

The dividend will be paid or the warrant in respect thereof will be posted on or before 10 March 2017.

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BPCL, Power Grid in focus after declaring good Q3 earnings
Feb 10,2017

Bharat Petroleum Corporation (BPCLs) net profit rose 47.04% to Rs 2271.94 crore on 15.55% increase in total income to Rs 54093.75 crore in Q3 December 2016 over Q3 December 2015. The result was announced after trading hours yesterday, 9 February 2017.

Power Grid Corporation of Indias net profit rose 20.16% to Rs 1930.02 crore on 23.94% increase in total income to Rs 6787.51 crore in Q3 December 2016 over Q3 December 2015. The result was announced after market hours yesterday, 9 February 2017.

Aurobindo Pharmas consolidated net profit rose 6.3% to Rs 578.59 crore on 11.41% increase in total income to Rs 3914.10 crore in Q3 December 2016 over Q3 December 2015. The result was announced after trading hours yesterday, 9 February 2017.

Cairn Indias consolidated net profit rose 1376.11% to Rs 603.73 crore on 8.74% increase in total income to Rs 2594.41 crore in Q3 December 2016 over Q3 December 2015. The result was announced after market hours yesterday, 9 February 2017.

Bosch, GAIL (India), Mahindra & Mahindra, State Bank of India and Tata Power Company among others will declare their Q3 results today, 10 February 2017.

Bata Indias net profit fell 15.86% to Rs 37.71 crore on 4% increase in total income to Rs 659.77 crore in Q3 December 2016 over Q3 December 2015. The result was announced after market hours yesterday, 9 February 2017.

Steel Authority of India (Sail) reported net loss of Rs 794.84 crore in Q3 December 2016, as compared with net loss of Rs 1481.06 crore in Q3 December 2015. Total income rose 25.26% to Rs 11368.15 crore in Q3 December 2016 over Q3 December 2015. The result was announced after market hours yesterday, 9 February 2017.

ICRAs board of directors approved buyback of a maximum of 88,888 equity shares for price not exceeding Rs 4500 crore and total buyback consideration of Rs 40 crore. The announcement was made after market hours yesterday, 9 February 2017.

ITI said that the board of directors has considered and approved the issue and allotment of 8 crore equity shares of Rs 10 each at par amounting to Rs 80 crore to President of India. The allotment of equity shares is made pursuant to BIFR order dated 8 January 2013, sanctioning the revival scheme of the company. The announcement was made after market hours yesterday, 9 February 2017.

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Tata Steel signs definitive agreement with Liberty House Group
Feb 09,2017

Tata Steel has signed definitive sale agreement to sell its Speciality Steels business to Liberty House Group for a total consideration of n++100 million.

The sale agreement covers several South Yorkshire-based assets including the electric arc steelworks and bar mill at Rotherham, the steel purifying facility in Stocksbridge and a mill in Brinsworth as well as service centres in Bolton and Wednesbury, UK and in Suzho and Xian, China.

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Roto Pumps director resigns
Feb 09,2017

Roto Pumps announced that Vijoy Kumar, Independent Director of the Company, has resigned from Directorship of the Company with immediate effect due to some personal reasons vide his letter dated 09 February 2017 and the same has been accepted by the Board.

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Roto Pumps director resigns
Feb 09,2017

Roto Pumps announced that Vijoy Kumar, Independent Director of the Company, has resigned from Directorship of the Company with immediate effect due to some personal reasons vide his letter dated 09 February 2017 and the same has been accepted by the Board.

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Board of Trent appoints director
Feb 09,2017

Trent announced that the Board of Directors of the Company at its meeting held on 09 February 2017, have approved the appointment of Sonia Singh as an Additional Director (Non-Executive) of the Company. Sonia Singh is also appointed as an Independent Director of the Company for a second term of 5 years w.e.f. 03 March 2017, subject to the approval of the shareholders at the forthcoming Annual General Meeting of the Company.

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Board of Trent appoints director
Feb 09,2017

Trent announced that the Board of Directors of the Company at its meeting held on 09 February 2017, have approved the appointment of Sonia Singh as an Additional Director (Non-Executive) of the Company. Sonia Singh is also appointed as an Independent Director of the Company for a second term of 5 years w.e.f. 03 March 2017, subject to the approval of the shareholders at the forthcoming Annual General Meeting of the Company.

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IndusInd Bank allots 49,520 equity shares
Feb 09,2017

IndusInd Bank has allotted 49,520 (Forty Nine Thousand Five Hundred Twenty) equity shares of Rs. 10/- (Rupees Ten Only) each on 09 February 2017 to those grantees who had exercised their option under the Companys Employee Stock Option Scheme.

The said shares will rank pari-passu with the existing shares of the Company in all respect.

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IndusInd Bank allots 49,520 equity shares
Feb 09,2017

IndusInd Bank has allotted 49,520 (Forty Nine Thousand Five Hundred Twenty) equity shares of Rs. 10/- (Rupees Ten Only) each on 09 February 2017 to those grantees who had exercised their option under the Companys Employee Stock Option Scheme.

The said shares will rank pari-passu with the existing shares of the Company in all respect.

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