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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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Dabur India declines on near term pressure on business from demonetization
Dec 06,2016

The company gave an update on impact of demonetization by the government on the company after market hours yesterday, 5 December 2016.

Meanwhile, the BSE Sensex was up 115.36 points, or 0.44%, to 26,470.30.

On the BSE, 20,113 shares were traded in the counter so far, compared with average daily volume of 95,340 shares in the past one quarter. The stock had hit a high of Rs 284.95 and a low of Rs 280.25 so far during the day.

The large-cap company has equity capital of Rs 176.15 crore. Face value per share is Re 1.

Dabur India said that the impact varies across channels and geographies and stress is highest for wholesalers and small town grocery shops, who are facing a severe liquidity crisis and are destocking. The impact is likely to be positive on modern trade outlets and plastic money enabled retailers who are likely to benefit from this change.

On account of continuity of current uncertain situation it is difficult to quantify the impact on Q3 December 2016 at this point of time, however it is temporary in nature and situation will improve with increase in availability of new currency.

In the meanwhile, the company is focusing more on modern retail, e-commerce and institutional sales and also is encouraging general trade retailers to adopt cashless payment systems. This will help in mitigating the overall impact of demonetization and pave the way for normalization in the next few months, Dabur added.

It may be recalled that government from 9 November 2016 had banned legal tender of higher denomination notes; namely Rs 500 and Rs 1000 notes, dubbed as demonetization in its crackdown on black money.

Dabur India is one of the largest FMCG companies in India. The company operates in key consumer products categories like hair care, oral care, health care, skin care, home care & foods.

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Inox Wind advances after order win from SJVN
Dec 06,2016

The announcement was made during market hours today, 6 December 2016.

Shares of SJVN gained 0.45% to Rs 33.40.

Meanwhile, the BSE Sensex was up 103.46 points, or 0.39%, to 26452.81.

On the BSE, 18,235 shares were traded in Inox Winds counter so far, compared with average daily volume of 75,044 shares in the past one quarter. The stock had hit a high of Rs 194.45 and a low of Rs 187.25 so far during the day.

The mid-cap company has equity capital of Rs 221.92 crore. Face value per share is Rs 10.

Inox Wind bagged an order for a 50 megawatts wind power project to be deployed in Gujarat from SJVN, category-I Mini Ratna, central public sector enterprise and hydroelectric power major. The project is scheduled to be commissioned by November 2017 and will be executed on turnkey basis.

On a consolidated basis, net profit of Inox Wind declined 39.9% to Rs 56.42 crore on 21.3% decline in net sales to Rs 797.67 crore in Q2 September 2016 over Q2 September 2015.

Inox Wind is a fully integrated player in the wind energy market with three manufacturing plants at Gujarat, Himachal Pradesh and Madhya Pradesh.

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L&T Infotech provides updates on its contract with Insurity
Dec 06,2016

L&T Infotech announced that it has completed transition phase of strategic long term managed services engagement with Insurity to provide end-to-end quality assurance services across clients and product lines. The multi-year, multi-million dollar contract was signed in July 2016. The transition phase for this complex engagement was completed in 90 days, as stipulated.

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Board of Saboo Sodium Chloro to consider preferential issue of shares
Dec 06,2016

Saboo Sodium Chloro announced that a meeting of the Board of Directors of the Company will be held on 15 December 2016, interalia to receive, consider and take on record the following:

To Discuss a Suitable plan relating to further issue of shares on preferential allotment basis.

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Nectar Lifescience to announce September quarter results
Dec 06,2016

Nectar Lifescience announced that a meeting of the Board of Directors of the company will be held on 14 December 2016 to consider and approve, inter alia amongst items, the Unaudited Financial Results of the Company for the Quarter ended on 30 September 2016.

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Board of Marathon Nextgen Realty to consider September quarter results
Dec 06,2016

Marathon Nextgen Realty announced that at the Meeting of Board of Directors of the Company is scheduled to be convened on 14 December 2016, to consider interalia the Un-audited Financial Results for the quarter ended 30 September 2016.

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Oracle Financial drops as devaluation in Egyptian Pound to hit receivables
Dec 06,2016

The announcement was made after market hours yesterday, 5 December 2016.

Meanwhile, the BSE Sensex was up 82.16 points, or 0.31%, to 26,431.26.

On BSE, so far 220 shares were traded in the counter, compared with an average volume of 2,109 shares in the past one quarter. The stock hit a high of Rs 3,020 and a low of Rs 2,994.40 so far during the day.

The large-cap company has an equity capital of Rs 42.51 crore. Face value per share is Rs 5.

Oracle Financial Services Software announced that due to significant devaluation of Egyptian Pound post the recent liberalization of the exchange rates by the Egypt Government, the company is estimating a charge of Rs 60 crore on its receivables from customers in Egypt during the current quarter.

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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Board of Bloom Industries to consider sale of assets and shifting of registered office
Dec 06,2016

Bloom Industries announced that Meeting of the Board of Directors of the Company will be held on 08 December 2016, inter alia, to transact the following Business:

1. To Consider and decide sale of Companys Land, Building and Other Assets.

2. Shifting the Registered Office of the Company from its present location to 5, Devpark, Opp. Chandan Cinema, J,V.P.D.Scheme, Juhu, Vile-Parle (W), Mumbai - 400049, under Section 12 of the Companies Act, 2013.

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Fiberweb (India) receives new export order worth Rs 15.4 crore
Dec 06,2016

Fiberweb (India) has received a new export order worth Rs 15.4 crore from USA. This is a repeat order and the delivery is after six months as there is over-booked position of orders in the company.

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Bajaj Hindusthan Sugar to announce Q2 results
Dec 06,2016

Bajaj Hindusthan Sugar announced that a meeting of Board of Directors of Company is scheduled to be held on 13 December 2016, inter alia, to take on record and approve the un-audited financial results for the second quarter ended on 30 September 2016 of the Financial Year 2016-17.

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OM Metals Infraprojects jumps after bagging contract
Dec 06,2016

The announcement was made after market hours yesterday, 5 December 2016.

Meanwhile, the S&P BSE Sensex was up 108.95 points or 0.41% at 26,458.05.

On the BSE, 32,584 shares were traded in the counter so far as against average daily volume of 27,622 shares in the past one quarter. The stock had hit a high of Rs 45.50 and a low of Rs 43.50 so far during the day.

The small-cap company has equity capital of Rs 9.63 crore. Face value per share is Re 1.

OM Metals Infraprojects announced that the company has been awarded a works contract for hydro mechanical works package for modernization and renovation of 180 megawatts Baira Siul hydro electric power station in Himachal Pradesh by NHPC. The contract value is Rs 19.91 crore and this contract has to be executed in 28 months time period.

Om Metals Infraprojects is a conglomerate having diverse business activities and interests related to hydro mechanical equipments, turn key solutions for steel fabrication, hydro power developments, real estate, leasing, finance, entertainment centers, hotels and tourism.

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Rupee sags
Dec 06,2016

Rupee on Monday closed lower at 68.2175 per Dollar on Monday (05 December 2016), versus its previous close of 68.03/04 per Dollar last Friday.

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Inox Wind bags order for 50 MW wind power project
Dec 06,2016

Inox Wind has bagged an order for a 50 MW wind power project to be deployed in the State of Gujarat from SJVN, category-I Mini Ratna CPSE and Hydroelectric Power Major. The project is scheduled to be commissioned by November 2017 and will be executed on turnkey basis. The order involves supply and installation of 25 units of its advanced 2MW DFIG 13 rotor diameter Wind Turbine Generators.

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Tata Power powers ahead after winning defence order
Dec 06,2016

The announcement was made after market hours yesterday, 5 December 2016.

Meanwhile, the S&P BSE Sensex was up 70.19 points or 0.27% at 26,464.20.

On the BSE, 2.71 lakh shares were traded on the counter so far as against average daily volume of 4.7 lakh shares in the past one quarter. The stock had hit a high of Rs 75.95 and a low of Rs 74.50 so far during the day.

The large-cap company has equity capital of Rs 270.46 crore. Face value per share is Re 1.

Tata Powers strategic engineering division, Tata Power SED has received an order from, Ministry of Defence, Government of India for the supply of one regiment of command post and launcher of Pinaka multi rocket launcher system (MRLS) to Indian Army. The order worth over Rs 200 crore includes supply of 20 launchers and 8 command posts.

Pinaka weapon system is one of the first Create in India product designed & developed by Indian private industry in association with Armament Research and Development Establishment (DRDO). Tata Power SED had delivered one regiment of Pinaka launcher and command post in the period of 2006 to 2010, which was then inducted in the Army.

Multi-barrel rocket launcher system Pinaka, is an area weapon system which supplements the existing artillery gun at ranges beyond 30 kilometers, and has a quick reaction time and high rate of fire. Its success has been well documented during Kargil conflict and has earned the confidence of Indian armed forces.

Tata Power is Indias largest integrated power company with a growing international presence. The company together with its subsidiaries and jointly controlled entities has an installed gross generation capacity of 10,477 megawatts (MW) and a presence in all the segments of the power sector viz. fuel security and logistics, generation, transmission, distribution and trading.

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Board of VEDAVAAG Systems to consider increase in authorised capital
Dec 06,2016

VEDAVAAG Systems announced that the meeting of our Board of Directors of the Company will be held on 12 December 2016, to transact the following business.

1. To get in-principal approval of directors for increase in authorised capital of the Company.

2. To fix date, time and place to hold Extraordinary General Meeting and to get approval of shareholders by way of ordinary resolution for amendment of authorised share capital clause of memorandum of association .This amendment of authorised share capital clause of memorandum of association shall be in accordance with section 61 of The companies act 2013.

3. To consider issue of equity shares/warrants to promoters and non promoters on a preferential basis.

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