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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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Balrampur Chini Mills allots equity shares
Dec 16,2016

Balrampur Chini Mills announced that the Company has on 16 December 2016, allotted 3,500 Equity Shares of Rs.1 each of the Company at a price of Rs. 45 per share (including premium of Rs. 44 per share) to the eligible employees on exercise of stock options pursuant to Employee Stock Option Scheme of the Company.

Post the above allotment, the paid-up equity capital of the Company would stand at Rs. 245010467 consisting of 245010467 Equity Shares of Rs. 1 each.

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Swan Energy surges after Gujarat govt invests equity in its LNG port project
Dec 16,2016

The announcement was made during market hours today, 16 December 2016.

Meanwhile, the S&P BSE Sensex was down 24.42 points or 0.12% at 26,485.80.

High volumes were witnessed on the counter. On the BSE, 14.89 lakh shares were traded in the counter so far as against average daily volume of 4.16 lakh shares in the past one quarter. The stock had hit a high of Rs 210.25 and a low of Rs 193.90 so far during the day. The stock had hit a record high of Rs 213.40 on 14 December 2016. The stock had hit a 52-week low of Rs 57.50 on 16 May 2016.

The stock had outperformed the market over the past one month till 15 December 2016, surging 41.79% compared with the 0.82% rise in the Sensex. The scrip had also outperformed the market in past one quarter, jumping 204.39% as against Sensexs 6.67% decline.

The mid-cap company has an equity capital of Rs 22.12 crore. Face value per share is Re 1.

Swan Energy is developing Indias first liquified natural gas (LNG) port along with floating and regasification unit (FSRU) near Jafrabad in Gujarat state with a total investment of Rs 5900 crore. A subsidiary company and special purpose vehicle company namely, Swan LNG is implementing this project.

Government of Gujarat has now decided to participate by investing 26% in equity of the LNG port project through Gujarat State Petronet and Gujarat Maritime Board jointly.

Swan Energys net profit jumped 1170.6% to Rs 2.16 crore on 1.6% growth in net sales to Rs 96.09 crore in Q2 September 2016 over Q2 September 2015.

Swan Energy is an emerging green energy company with a pipeline of innovatively structured power projects.

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Bharat Heavy Electricals secures order worth Rs 200 crore
Dec 16,2016

Bharat Heavy Electricals has bagged a major order for the supply of 118 sets of IGBT-based Traction Converters for 3 phases 6000 HP Electric Locomotives.

Valued at Rs 200 crore the order has been placed by Chittaranjan Locomotive Works. The Company has already supplied 225 such IGBT- based Traction Converters, which are under operation with Indian Railways.

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KLG Capital Services announces resignation of company secretary
Dec 16,2016

KLG Capital Services announced Akshika Thakkar has tendered her resignation from the position of Company Secretary and Compliance Officer of the Company with effect from closing hours of 16 December 2016 due to personal reasons.

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Tamilnadu Jai Bharath Mills announces change in directorate
Dec 16,2016

Tamilnadu Jai Bharath Mills announced that D. Senthilkumar, has resigned from Whole Time Director and Executive Director of the Company.

D. Senthilkumar shall continue to be the Director of the Company.

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Palred Technologies provides business update for LatestOne.com
Dec 16,2016

Palred Technologies announced that LatestOne.com has entered into the fashion accessories segment with the launch of a wide assortment of product like wallets, watches and sunglasses.

In the last 3 months, over 100,000 orders in the category of fashion accessories have been processed by LatestOne.com. The target is to process 5,000 orders per day in this category by next financial year

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HUL edges higher after subsidiary sells certain leather business
Dec 16,2016

The announcement was made during market hours today, 16 December 2016.

Meanwhile, the S&P BSE Sensex was down 31.59 points or 0.12% at 26,487.48.

On the BSE, 19,217 shares were traded in the counter so far as against average daily volume of 70,041 shares in the past one quarter. The stock had hit a high of Rs 820.50 and a low of Rs 815.75 so far during the day. The stock had hit a 52-week high of Rs 954 on 9 September 2016. The stock had hit a 52-week low of Rs 765.35 on 27 January 2016.

Hindustan Unilever (HUL) announced that Ponds Exports (PEL), a subsidiary of HUL, engaged in the business of manufacturing of leather products, has entered into an agreement with Hindustan Foods for sale of certain movable assets and inventory with respect to the leather business of PEL.

Hindustan Foods has thus made an entry in the leather shoes exports space with a global clientele.

HULs net profit rose 11.5% to Rs 1095.60 crore on 1.3% rise in net sales Rs 7697.55 crore in Q2 September 2016 over Q2 September 2015.

HUL is a leading fast moving consumer goods (FMCG) company.

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Bank of Maharashtra raises Rs 500 crore
Dec 16,2016

Bank of Maharashtra has successfully raised Rs 500 crore on 15 December 2015 by issue of BASEL III Compliant Unsecured Perpetual Non-Convertible Additional Tier I Bonds on private placement basis.

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Swan Energy provides update on its LNG Port Project in Gujarat
Dec 16,2016

Swan Energy announced that Government of Gujarat has now decided to participate by investing 26% in Equity of SWANS LNG Port Project in Gujarat.

Swan Energy is developing Indias first LNG Port along with Floating and Regasification Unit (FSRU) near Jafrabad in Gujarat state with a total investment of Rs. 5900 crore. A subsidiary Company and special purpose vehicle Company namely Swan LNG is implementing this project.

Government of Gujarat has now decided to participate by investing 26% in equity of the LNG Port Project through Gujarat State Petronet and Gujarat Maritime Board jointly.

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Hindustan Unilever provides update on Ponds Exports
Dec 16,2016

Hindustan Unilever announced that Ponds Exports (PEL), a subsidiary of Hindustan Unilever, engaged in the business of manufacturing of leather products, has entered into an agreement with Hindustan Foods for sale of certain movable assets and inventory with respect to the leather business of PEL.

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Hindustan Foods to acquire leather business of Ponds Exports
Dec 16,2016

Hindustan Foods announced that the Company has entered into an agreement for buying certain movable assets and stocks in respect of the leather business of Ponds Exports, a subsidiary of Hindustan Unilever. This marks the entry of Hindustan Foods in the Leather shoes exports space with a global clientele.

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Saksoft surges after acquiring majority stake in technology solution consulting firm
Dec 16,2016

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

Meanwhile, the S&P BSE Sensex was down 7.57 points or 0.03% at 26,511.50.

On the BSE, 44,998 shares were traded in the counter so far as against average daily volume of 3,344 shares in the past one quarter. The stock had hit a high of Rs 252 and a low of Rs 221.65 so far during the day.

Saksoft said that the cost of acquisition of 60% stake in DreamOrbit Softech is Rs 16.75 crore. The acquisition of the balance 40% stake in Dreamorbit will be completed in a phased manner by 2019.

DreamOrbit Softech is a technology solution consulting firm with a focus on providing IT services to the logistics industry. With this acquisition, Saksoft will further strengthen its offerings in the digital space with special emphasis on internet of things (IoT).

Incorporated in 2010, DreamOrbit has been providing specialist technology solutions for the logistics & transportation including air, land & ocean enterprises and has offices in Bengaluru (India), Delaware (USA). DreamOrbits consolidated revenues for the financial year FY 2016 was Rs 28.86 crore.

DreamOrbit has 230 employees and works with 40+ active customers. Almost all the revenues are offshore driven and cater primarily to the US market with a small portion coming in from rest of the world. DreamOrbit has been recognised in Deloitte Technology Fast 50 India for the past three years.

Saksofts consolidated net profit fell 1.06% to Rs 4.65 crore on 3.94% decline in net sales to Rs 61.43 crore in Q2 September 2016 over Q1 June 2016.

Saksoft is a provider of Information Management solutions to successful organizations around the world.

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Indias services export declines 1.7% in October 2016
Dec 16,2016

As per the data released by the Reserve Bank of India, Indias services exports declined 1.7% to US$ 13.11 billion in October 2016 over October 2015. Meanwhile, Indias services imports moved up 9.5% to US$ 7.68 billion in October 2016. Indias services trade surplus narrowed 14.2% to US$ 5.43 billion in October 2016 from US$ 6.33 billion in October 2015.

Indias services trade surplus fell 6.4% to US$ 37.79 billion in April-October 2016 over a year ago, with 7.9% rise in services imports to US$ 54.94 billion. Indias services exports rose mere 1.6% to US$ 92.73 billion in April-October 2016.

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Credit Analysis & Research to consider Q3 results and interim dividend
Dec 16,2016

Credit Analysis & Research announced that the meeting of the Board of Directors of the Company will be held on 03 February 2017, inter alia, to consider and approve the Unaudited Financial Results of the Company for the quarter and nine months ended 31 December 2016 and the declaration of Interim Dividend, if any for the financial year 2016-17 (Q3).

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Nitin Alloys Global provides update on scheme of arrangement
Dec 16,2016

Nitin Alloys Global announced that the Honorable High Court of Judicature at Bombay had on 13 October 2016 approved the Scheme of Arrangement for demerger of the Castings Business of Nitin Castings Private Limited (the Demerged Company) into Nitin Alloys Global Limited (the Resulting Company) and their respective shareholders (Scheme).

The Company has received the certified copy of the order of the Honble High Court sanctioning the Scheme on 13 December 2016. This Scheme was approved by the Shareholders of the Company at the Court Convened Meeting held on 20 June 2016.

The relevant Form INC-28 for making the Scheme effective has been filed with the Registrar of Companies on 15 December 2016. Accordingly, the Scheme shall be effective from the Appointed Date i.e. 01 April 2015. The Company will also upload the said order on its website.

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