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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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Board of GTL Infrastructure to consider September quarter and half year results
Nov 16,2016

GTL Infrastructure announced that a Meeting of the Board of Directors of the Company is scheduled to be held on 22 November 2016, inter alia, to consider and approve the Unaudited Financial Results for the Quarter and Half year ended 30 September 2016.

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Shree Renuka Sugars turns sweeter on turnaround Q2 results
Nov 16,2016

The result was announced after market hours yesterday, 15 November 2016.

Meanwhile, the BSE Sensex was up 186.28 points, or 0.71%, to 26,490.91.

On BSE, so far 6.99 lakh shares were traded in the counter, compared with average daily volume of 8.92 lakh shares in the past one quarter. The stock hit a high of Rs 14.25 and a low of Rs 13.65 so far during the day. The stock hit a 52-week high of Rs 19.18 on 15 June 2016. The stock hit a 52-week low of Rs 7.03 on 25 August 2015. The stock underperformed the market over the past one month till 15 November 2016, dropping 17.03% compared with the Sensexs 4.95% fall. The scrip also underperformed the market in past one quarter, declining 14.38% as against the Sensexs 6.56% decline.

The mid-cap company has equity capital of Rs 92.88 crore. Face value per share is Re 1.

Shree Renuka Sugars total income jumped 107.05% to Rs 2049.80 crore in Q2 September 2016 over Q2 September 2015.

Shree Renuka Sugars is one of the leading sugar manufacturers in India.

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Agenda for board meeting of Alfavision Overseas India
Nov 16,2016

Alfavision Overseas India announced that a meeting of the Board of Directors of the Company is scheduled to be held on 21 November 2016 to transact the following business:

1. To alter the Articles of Association of the Company for increase in Authorised Capital.

2. To consider and approve Issue of Convertible Warrants by way of preferential allotment in accordance with the provisions of the Companies Act, 2013 and Chapter VII of Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 and other applicable statutory provisions.

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Wheels India enters into technology agreement with FLUITECNIK, S.A, Spain
Nov 16,2016

Wheels India has entered into a Technology transfer Agreement with FLUITECNIK, S.A, Spain for the manufacture of Hydraulic components for supply to wind mill manufacturers in India.

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New York Property Insurance Underwriting Association selects Majescos portfolio of solutions
Nov 16,2016

Majesco announced that New York Property Insurance Underwriting Association selected Majesco P&C Suite including Majesco Policy, Majesco Billing and Majesco Claims as the foundation of their transformation initiative. Majesco DigitalConnect will be used to provide agent and customer portal. Majesco Business Analytics and Majesco Operational Data Store will provide a data and business intelligence solution and enterprise data store pre-integrated with the Majesco P&C suite.

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HDFC climbs higher on fund raising plans
Nov 16,2016

The announcement was made after market hours yesterday, 15 November 2016.

Meanwhile, the BSE Sensex was up 111.84 points, or 0.43%, to 26,416.47.

On BSE, so far 27,561 shares were traded in the counter, compared with average daily volume of 1.77 lakh shares in the past one quarter. The stock hit a high of Rs 1,242.85 and a low of Rs 1,223.20 so far during the day. The stock hit a record high of Rs 1,463.25 on 7 September 2016. The stock hit a 52-week low of Rs 1,012 on 25 February 2016. The stock underperformed the market over the past one month till 15 November 2016, dropping 7.05% compared with the Sensexs 4.95% fall. The scrip also underperformed the market in past one quarter, declining 11.05% as against the Sensexs 6.56% decline.

The large-cap company has equity capital of Rs 316.80 crore. Face value per share is Rs 2.

HDFC said that the debentures will carry a coupon rate of 7.72% per annum and will have a tenor of 10 years. The proceeds of the present issue would be utilised for financing/refinancing the housing finance business requirements of the company. The issue will remain open for only one day on 18 November 2016.

HDFCs consolidated net profit rose 16.1% to Rs 2446.21 crore on 16.5% increase in total income to Rs 14526.69 crore in Q2 September 2016 over Q2 September 2015.

HDFC is Indias first retail housing finance company and is currently one of the largest originators of housing loans in the country.

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Board of Tayo Rolls allots preference shares to Tata Steel
Nov 16,2016

Tayo Rolls announced that the Committee of the Board at their meeting held on 16 November 2016 have decided to allot 6,00,000 (six lakh only) 7.17% Non-cumulative Redeemable Preference Shares of Rs. 100/- (Rupees one hundred only) each aggregating to Rs. 6,00,00,000/- (Rupees six crore only) to Tata Steel, the Promoter on Preferential basis.

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Manaksia Industries director resigns
Nov 16,2016

Manaksia Industries announced that Ajay Kumar Chakraborty, Independent Director has resigned from the directorship of the Company due to personal reasons vide his letter dated 12 November 2016 and received by the Company on 15 November 2016.

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Wipro and ASG Technologies announce expanded partnership
Nov 16,2016

Wipro and ASG Technologies announced an expanded partnership that integrates the offerings of Wipros Data Management Centre of Excellence with ASGs Enterprise Data Intelligence solution to improve compliance for the global financial services companies.

Wipro has signed a global value added reseller agreement with ASG. With this agreement, Wipro will have a non-exclusive license to sell the ASG Enterprise Data Intelligence solution worldwide to its customers.

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Board of Captain Polyplast declares interim dividend
Nov 16,2016

Captain Polyplast announced that the announcement of interim dividend should be read as follows:

- The Board has declared Interim Dividend @2% per share (i.e. 20 Paise per share) for the financial year 2016-17.

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Hind Rectifiers gets credit ratings assigned
Nov 16,2016

Hind Rectifiers announced that ICRA has assigned a long term rating of BB+ and a short term rating of A4+. The Long term rating has a Stable outlook.

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Order win pushes ABB India counter higher
Nov 16,2016

The announcement was made after market hours yesterday, 15 November 2016.

Meanwhile, the S&P BSE Sensex was up 91.22 points or 0.35% at 26,400.69.

On BSE, so far 1,141 shares were traded in the counter as against average daily volume of 5,608 shares in the past one quarter. The stock hit a high of Rs 1,093 and a low of Rs 1,077 so far during the day. The stock had hit a 52-week high of Rs 1,432.70 on 11 April 2016. The stock had hit a 52-week low of Rs 950 on 9 November 2016. The stock underperformed the market over the past one month till 15 November 2016, dropping 7.14% compared with the Sensexs 4.95% fall. The scrip also underperformed the market in past one quarter, declining 10.08% as against the Sensexs 6.56% decline.

The large-cap company has an equity capital of Rs 42.38 crore. Face value per share is Rs 2.

ABB India said that it won an order from Alstom to supply 1,600 traction transformers for 800 new electric freight locomotives in India. The transformers will be manufactured locally in ABBs Vadodara facility in Gujarat, supporting the governments Make in India initiative to encourage manufacturing in the country. ABB will supply 25 kilovolt (kV)/50 hertz (Hz) underframe traction transformers for the 800 locomotives (2 units per locomotive). The compact transformers are designed for the most demanding conditions, including extreme temperatures and voltage fluctuations. They will support heavy freight loads over long distance haulage under rigorous conditions, including steep inclines.

ABB Indias net profit rose 38% to Rs 81.06 crore on 4.4% rise in net sales to Rs 2024.80 crore in Q3 September 2016 over Q3 September 2015.

ABB is a leading global technology company in power and automation that enables utility, industry, and transport & infrastructure customers to improve their performance while lowering environmental impact.

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Kratos Energy & Infrastructure appoints CFO
Nov 16,2016

Kratos Energy & Infrastructure announced that the Board of Directors of the Company at its meeting held on 14 November 2016, has appointed Mr. Murlidharan P. P. as Chief Financial Offer of the Company with immediate effect.

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JM Financial acquires stake in India Home Loan
Nov 16,2016

JM Financial announced that JM Financial Products, a subsidiary of the Company has on 15 November 2016 acquired 19,93,380 equity shares of India Home Loan (IHL) representing 17.53% of the total paid up equity share capital of IHL through secondary purchase route.

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Capri Global Capital fixes record date for sub-division of shares
Nov 16,2016

Capri Global Capital has fixed 24 November 2016 as the Record Date for the purpose of Sub-Division of Rs. 10/- per share of the Company into two shares of Rs. 2/- each.

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