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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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Metalyst Forgings announces resignation of company secretary
Dec 20,2016

Metalyst Forgings announced that Swati Ahuja has resigned from the post of Company Secretary cum Compliance Officer of the Company with immediate effect pursuant to Regulation 30(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

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Oriental Carbon & Chemicals commences commercial production of insoluble sulphur
Dec 20,2016

Oriental Carbon & Chemicals announced that the Company has commissioned / started the Commercial production, ahead of schedule, on 20 December 2016, of the First Phase (5500 Mt pa Capacity) of its project for expansion of Insoluble Sulphur production capacity at Special Economic Zone (SEZ) at Mundra, Gujarat.

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Rupee weakens further
Dec 20,2016

Rupee closed weaker on Tuesday (20 December 2016) at 68.0279/0430 per dollar, versus its previous close of 67.8650/8750 per dollar.

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Essel Propack plans to raise Rs 20 crore
Dec 20,2016

Essel Propack is raising funds through issue of Commercial Papers (CP) for Rs. 20 crore on private placement basis.

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Burnpur Cement announces resignation of director
Dec 20,2016

Burnpur Cement announced that Manoj Kumar Agarwal has been resigned from the directorship of the Company with effective from 12 December 2016.

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TCS recognised as Leader in Services for Global Banking
Dec 20,2016

Tata Consultancy Services has been recognised as Leader in Mobile Services for Global Banking by Everest Group in its report - Mobility Services in Global Banking - Service Provider Lanscape with PEAK Matrix Assessment 2016: A New Paradigm.

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Intercontinental Leasing and Finance Company appoints director
Dec 20,2016

Intercontinental Leasing and Finance Company announced that the Company has appointed Kalpak Ajay Vora as Additional Director of the Company with effect from 20 December 2016.

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Gala Print City provides update on scheme of amalgamation
Dec 20,2016

Gala Print City announced that with reference to the scheme of amalgamation Gala Products with Gala Print City, the Honourable High Court of Gujarat has passed an Oral Order dated 14 December 2016 stating final hearing of the petition on 24 January 2017.

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NHPC Board to consider interim dividend for FY 2017
Dec 20,2016

NHPC announced that the Board of Directors of the Company may propose and consider interim dividend on the equity share capital of the Company for the FY 2016-17 in its meeting scheduled to be held on 22 December 2016.

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Maxwell Industries renamed as VIP Clothing
Dec 20,2016

Maxwell Industries has change its name from MAXWELL INDUSTRIES to VIP CLOTHING, the same has been approved by both the stock exchanges where the shares of the company are listed.

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Ankit Metal & Power resumes operations of its factory
Dec 20,2016

Ankit Metal & Power announced that the Companys Factory at Jorehira, Chattna, Bankura, West Bengal which was under temporary suspension of work since 25 February 2016 after successfully trial runs has resumed operations.

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Tata Steel announces resignation of director
Dec 20,2016

Tata Steel announced that Cyrus P. Mistry, Member of the Board of Directors (Board) of Tata Steel has stepped down from the Board with immediate effect.

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FPIs turn net sellers
Dec 20,2016

Foreign portfolio investors (FPIs) sold stocks worth a net Rs 515.03 crore into the secondary equity markets on 19 December 2016, as compared with their net inflow of Rs 10.71 crore during the preceding trading session on 16 December 2016. The net outflow of Rs 515.03 crore on 19 December 2016 was a result of gross purchases of Rs 3086.10 crore and gross sales of Rs 3601.13 crore. On that day, the Sensex lost 114.86 points or 0.43% to settle at 26,374.70, its lowest closing level since 7 December 2016.

There was a net outflow of Rs 39.03 crore from the category primary markets & others on 19 December 2016, which was a result of gross purchases of Rs 0.43 crore and gross sales of Rs 39.46 crore.

FPIs have sold stocks worth a net Rs 2228.68 crore into the secondary equity markets in this month so far (till 19 December 2016). They bought shares worth a net Rs 20116.27 crore from the secondary equity markets last month. FPIs have purchased shares worth a net Rs 18826.10 crore from the secondary equity markets in calendar year 2016 so far (till 19 December 2016). They sold shares worth a net Rs 4863.71 crore into the secondary equity markets in calendar year 2015.

There has been a net inflow of Rs 787.46 crore from FPIs into the category primary markets & others in this month so far (till 19 December 2016). There was a net inflow of Rs 1872.02 crore from FPIs into the category primary markets & others last month. The net inflow from FPIs into category primary markets & others has totaled Rs 8475.15 crore in calendar year 2016 so far (till 19 December 2016). There was net inflow of Rs 22168.40 crore from FPIs into the category primary markets & others in calendar year 2015.

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Deep Inds scales record high after announcing PE investment in subsidiary firm
Dec 20,2016

The announcement was made during market hours today, 20 December 2016.

Meanwhile, the S&P BSE Sensex was down 82 points or 0.31% at 26,292.70

On the BSE, 1.77 lakh shares were traded on the counter so far as against the average daily volumes of 70,819 shares in the past one quarter. The stock hit a high of Rs 313.20 in intraday trade so far, which is record high for the counter. The stock hit a low of Rs 297.50 so far during the day. The stock had hit a 52-week low of Rs 117 on 26 February 2016. The stock had outperformed the market over the past 30 days till 19 December 2016, rising 29.22% compared with the 0.86% rise in the Sensex. The scrip also outperformed the market in past one quarter, surging 49.19% as against Sensexs 7.53% decline.

The small-cap company has equity capital of Rs 32 crore. Face value per share is Rs 10.

Deep Industries said that the investment shall be made through subscription of compulsorily convertible debentures, which shall represent 40% equity stake in Prabha Energy on fully diluted basis upon conversion of equity shares, for a cash consideration of $20 million at a total valuation of Prabha Energy at $50 million. Prabha Energy is engaged in activities relating to exploration, production, development, mining, marketing, transportation of CBM in India.

The funds invested would primarily be utilised for capital and operating expenditure for the development and production of natural gas from coal bed methane block in north Karanpura coalfields (NK-CBM) in Jharkhand. Prabha Energy holds 25% participating interest in NK-CBM block.

Deep Industries net profit rose 109.36% to Rs 16.77 crore on 97.14% growth in net sales to Rs 67.50 crore in Q2 September 2016 over Q2 September 2015.

Deep Industries is engaged in business of oil and gas services, exploration and production.

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63 Moons Technologies announces change in directorate
Dec 20,2016

63 Moons Technologies announced that Nisha Dutt and Miten Mehta, Non-Executive Directors have resigned from the Board of the Company and the same has been accepted by the Board at its meeting held on 20 December 2016.

Jigish Sonagara, Whole-time Director, has also decided to stepdown as Whole-time Director, but has consented to continue on the Board as a Non-Executive Director.

Further, the Company has informed that Justice Deepak Verma, former Judge - Supreme Court of India and Chitkala Zutshi (Retd. IAS) have been appointed as additional Non-Executive Directors.

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