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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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Snowman Logistics constructs temperature controlled & dry warehouse
Mar 09,2017

Snowman Logistics has completed the construction of the temperature controlled & dry warehouse located at Aroor Village, Cherthala, Alapuzha and the facility is now ready for operations with a total capacity of 4500 pallets, thereby taking the total capacity of the company to 1,03,000 pallets. It is a multi-temperature facility designed to store products ranging from ambient temperature to -25 Deg Centigrade with 10 chambers, 7 docks and ample refrigerated truck parking space.

The facility will mainly cater to the storage, handling & transportation of seafood, spices, ready-to-eat food, ice cream, dairy products, quick service restaurants, confectionery & bakery products, fruits & vegetables, and fruit pulp among other products.

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Wipro positioned in Winner Circle by HfS Research
Mar 09,2017

Wipro announced that it has been positioned in the Winner Circle by leading global analyst firm HfS Research in its first ever Blueprint Report on Capital Markets Operations, January 2017.

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GNA Axles announces resignation of director
Mar 09,2017

GNA Axles announced that Dilsher Singh Bhatti has resigned as Non Executive Independent Director of the Company with effect from 09 March 2017 on personal grounds vide his letter dated 09 March 2017.

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Tridents Bed Linen Certified with Prestigious Egyptian Gold Seal
Mar 09,2017

Trident announced that the Cotton Egypt Association hasaccredited the Company with its coveted Gold Seal for its Bed Linen products. This is in addition to the same Prestigious Egyptian Gold Seal certificate received by the Company in January this year for its Yarnand Terry Towel portfolio. The Gold Seal Certification is conferred after exhaustive DNA testing and is recognition of the Companys product quality. Egyptian cotton is regarded as the worlds most superior &luxurious cotton in terms of quality, softness and durability.

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Board of Shilpa Medicare recommends dividend
Mar 09,2017

Shilpa Medicare announced that the Board of Directors of the Company at its meeting held on 9 March 2017, inter alia, have recommended the dividend of Rs 0.6 per equity Share (i.e. 60%) , subject to the approval of the shareholders.

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Aagam Capital to hold board meeting
Mar 09,2017

Aagam Capital will hold a meeting of the Board of Directors of the Company on 18 March 2017.

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Rural Electrification Corporation to hold board meeting
Mar 09,2017

Rural Electrification Corporation will hold a meeting of the Board of Directors of the Company on 24 March 2017, for consideration of Audited (Standalone) Financial Statements of the Company for the Half-Year ended 30 September 2016

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Pneumatic Holdings to hold board meeting
Mar 09,2017

Pneumatic Holdings will hold a meeting of the Board of Directors of the Company on 13 March 2017, to consider declaration of interim dividend

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Puravankara appoints CFO
Mar 09,2017

Puravankara announced the appointment of Kuldeep Chawla as Chief Financial Officer of Puravankara with effect from 08 March 2017.

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Shilpa Medicare gains as company to evaluate growth opportunities
Mar 09,2017

The announcement was made during market hours today, 9 March 2017.

Meanwhile, the S&P BSE Sensex was up 27.19 points, or 0.09%, to 28,929.13

On the BSE, so far 9,840 shares were traded in the counter, compared with average daily volumes of 12,204 shares in the past one quarter. The stock had hit a high of Rs 642 and a low of Rs 630.35 so far during the day. The stock hit a record high of Rs 786.75 on 21 December 2016. The stock hit a 52-week low of Rs 407.80 on 16 March 2016.

The mid-cap company has equity capital of Rs 8.01 crore. Face value per share is Re 1.

Shilpa Medicare said that given the strong performance of the company, the board has authorized the Managing Director, Vishnukant C. Bhutada to identify and evaluate further opportunities and ideas for organic and inorganic growth including acquisitions in similar and adjacent businesses.

On a consolidated basis, Shilpa Medicares net profit dropped 37.05% to Rs 17.45 crore on 8.23% growth in net sales to Rs 183.58 crore in Q3 December 2016 over Q3 December 2015.

Shilpa Medicare is engaged in the business of bulk drugs manufacturing.

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Board of Noida Toll Bridge Company approves change in director
Mar 09,2017

Noida Toll Bridge Company announced that the Board of Directors, of the Company at its meeting held on 09 March 2017, has approved the following changes in the composition of the Board of Directors, with immediate effect: Resignation of Harish Mathur, Executive Director & CEO and Key Managerial Personnel of the Company, Nominee Director of IL&FS Transportation Networks. The Board has appointed Ajai Mathur, as the Managing Director and Key Managerial Personnel, of the Company, for a period of 5 years w.e.f. 09 March 2017

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Jyothy Laboratories provides update on scheme of amalgamation
Mar 09,2017

Jyothy Laboratories announced that Honble Mumbai Bench of National Company Law Tribunal (NCLT) vide its order dated 01 March 2017 (uploaded on website of NCLT on 09 March 2017) has sanctioned the Scheme of Amalgamation of Jyothy Consumer Products Marketing with Jyothy Laboratories (the Company) under Section 391 to 394 of the Companies Act, 1956 and Section 230 to 232 of the Companies Act, 2013 w.e.f. 01 April 2016 being the appointed date.

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Oracle Financial Services Software hits 52-week high
Mar 09,2017

Meanwhile, the BSE Sensex was up 27.19 points, or 0.09%, to 28,929.13

On BSE, so far 15,000 shares were traded in the counter, compared with an average volume of 2,262 shares in the past one quarter. The stock hit a high of Rs 4,088.60 and a low of Rs 3,834.25 so far during the day. The stock hit a 52-week low of Rs 2,795.75 on 23 November 2016.

The large-cap company has an equity capital of Rs 42.54 crore. Face value per share is Rs 5.

Shares of Oracle Financial Services Software has gained 7.75% in four trading days from its recent low of Rs 3,637.90 on 2 March 2017.

Oracle Financial Services Softwares consolidated net profit rose 20.65% to Rs 319.31 crore on 11.77% increase in total income to Rs 1196.66 crore in Q3 December 2016 over Q3 December 2015.

Oracle Financial Services Software is a world leader in providing products and services to the financial services industry and is a majority owned subsidiary of Oracle Corporation.

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UltraTech Cement allots 16,484 equity shares
Mar 09,2017

UltraTech Cement has allotted 16,484 equity shares of Rs 10 each of the Company to options grantees upon exercise of stock options under the Companys ESOS.

On allotment, the equity share capital of the Company stands increased to 27,45,00,992 equity shares of Rs 10 each aggregating to Rs 274.50 crore.

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Aunde India gets revision in ratings for bank facilities
Mar 09,2017

Aunde India announced that CRISIL has revised its rating outlook on the long term bank facilities of Aunde India (AIL) to Positive from Stable, while reaffirming the rating at CRISIL BB+. The short term rating has been reaffirmed at CRISIL A4+

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