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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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Ess Dee Aluminium surges on revival hopes
Dec 07,2016

The announcement was made after market hours yesterday, 6 December 2016.

Meanwhile, the S&P BSE Sensex was up 27.02 points or 0.1% at 26,419.78.

On the BSE, 5,403 shares were traded on the counter so far as against the average daily volumes of 17,199 shares in the past one quarter. The stock had opened with an upward gap of 5% and remained locked at that level at Rs 44.35 so far during the day.

The stock had hit a 52-week high of Rs 311 on 7 December 2015 and a record low of Rs 39.05 on 24 November 2016. It had underperformed the market over the past one month till 6 December 2016, sliding 19.29% compared with the Sensexs 3.23% fall. The scrip had also underperformed the market in the past one quarter, declining 23.74% as against the Sensexs 8.92% fall.

The small-cap company has equity capital of Rs 32.05 crore. Face value per share is Rs 10.

Ess Dee Aluminium is suffering from severe financial stress due to liquidity constraints which in turn have resulted in to the companys manufacturing plant being virtually non-operational with negligible production. The company has been looking at various options for revival and has been in active discussion with existing and prospective lenders.

In this context, he funds managed/advised by SSG Capital Management and their associates (the prospective investor) have agreed to participate in the revival of the company. The agreement is subject to the consent from the companys bankers/lenders to facilitate a re-working of companys capital structure to long term sustainable levels. The company is hopeful of recommencing the production early in the new calendar year.

Ess Dee Aluminum reported net loss of Rs 58.76 crore in Q1 June 2016, higher than net loss of Rs 13.11 crore in Q1 June 2015. Net sales declined 99.8% to Rs 0.25 crore in Q1 June 2016 over Q1 June 2015.

Ess Dee Aluminum manufactures aluminium foils for packaging purpose.

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Suven Life Sciences secures one product patent
Dec 07,2016

Suven Life Sciences has secured one (1) product patent from India (2770440) corresponding to the New Chemical Entities (NCEs) for the treatment of disorders associated with Neurodegenerative diseases and the Patent is valid through 2024.

The granted claims of the patents are from the mechanism of action include the class of selective 5HT6 compounds and are being developed as therapeutic agents and are useful in the treatment of cognitive impairment associated with neurodegenerative disorders likeAlzheimers disease, Attention deficient hyperactivity disorder (ADHD), Huntingtons disease, Major Depressive disorder (MDD), Parkinson and Schizophrenia.

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KEI Inds gains as new production line gets operational this month
Dec 07,2016

The company gave an update after market hours yesterday, 6 December 2016.

Meanwhile, the S&P BSE Sensex was up 29.51 points or 0.11% at 26,422.27.

On the BSE, 11,249 shares were traded in the counter so far as against average daily volume of 51,712 shares in the past one quarter.

The stock had hit a high of Rs 124.90 and a low of Rs 122.15 so far during the day. The stock had hit a 52-week high of Rs 139.50 on 10 November 2016. The stock had hit a 52-week low of Rs 86 on 29 February 2016. The stock had outperformed the market over the past one month till 6 December 2016, rising 5.59% compared with the Sensexs 3.23% fall. The scrip had also outperformed the market in past one quarter, gaining 4.95% as against the Sensexs 8.92% fall.

The small-cap company has equity capital of Rs 15.56 crore. Face value per share is Rs 2.

KEI Industries had earlier announced capex/expansion at Chopanki plant in Rajasthan.

KEI Industries net profit rose 49.1% to Rs 22.90 crore on 2.1% growth in net sales to Rs 620.65 crore in Q2 September 2016 over Q2 September 2015.

KEI Industries is a leading player in the wires and cables industry.

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JSW Steel records 45% growth in crude steel production
Dec 07,2016

JSW Steel reported crude steel production of 12.27 lakh tonnes in November 2016 compared to 8.84 lakh tonnes in November 2015, recording a growth of 45%.

Production of flat rolled products stood at 8.87 lakh tonnes in November 2016, recording growth of 71% over the corresponding month of previous year. Production of long rolled products declined 2% at 2.21 lakh tonnes in November 2016 compared to 2.25 lakh tonnes in November 2015.

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Lupin edges higher after getting final USFDA approval for generic ointment
Dec 07,2016

The announcement was made after market hours yesterday, 6 December 2016.

Meanwhile, the S&P BSE Sensex was up 49.06 points or 0.19% at 26,441.82.

On the BSE, 21,827 shares were traded on the counter so far as against the average daily volumes of 98,710 shares in the past one quarter. The stock had hit a high of Rs 1,544.85 and a low of Rs 1,513.10 so far during the day.

The stock had hit a 52-week high of Rs 1,911.55 on 9 February 2016. The stock had hit a 52-week low of Rs 1,294.05 on 29 March 2016. The stock had outperformed the market over the past one month till 6 December 2016, rising 7.54% compared with the Sensexs 3.23% fall. The scrip had also outperformed the market in past one quarter, declining 0.49% as against the Sensexs 8.92% fall.

The large-cap company has equity capital of Rs 90.27 crore. Face value per share is Rs 2.

Lupin said that its US subsidiary, Lupin Pharmaceuticals, Inc. received final approval for its Desoximetasone Ointment USP, 0.25% from the United States Food & Drug Administration (USFDA) to market a generic version of Taro Pharmaceuticals, Incs Topicort Ointment, 0.25%.

It is indicated for the relief of the inflammatory and pruritic manifestations of corticosteroid responsive dermatoses. Topicort had annual US sales of $14.4 million as per IMS MAT September 2016 data.

Lupins consolidated net profit jumped 57.8% to Rs 662.19 crore on 31.9% rise in net sales to Rs 4211.18 crore in Q2 September 2016 over Q2 September 2015.

Lupin is an innovation led transnational pharmaceutical company developing and delivering a wide range of branded & generic formulations, biotechnology products and active pharmaceutical ingredients (APIs) globally.

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Bharti Airtel announces appointment of MD and CEO for Airtel Africa
Dec 07,2016

Bharti Airtel announced top level changes in its African operations. Raghunath Madhav, who is currently the Chief Operating Officer - Airtel Africa, will take over as Managing Director and CEO - Airtel Africa with effect from 01 January 2017.

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Jack up Govt expenditure to make up for loss in private consumption due to demonetisation: ASSOCHAM
Dec 07,2016

As the private consumption would be taking a significant hit on account of cash crunch in the economy at least in the next two quarters, the government should make all efforts to at least partly limit the impact of demonetization on the GDP by sharply jacking up its own expenditure during the fiscal 2016-17, the ASSOCHAM has said.

Measured in terms of expenditure, the Private Final Consumption Expenditure (PFCE) or popularly known as the India consumption story accounts for close to 60 per cent of the countrys Gross Domestic Product (GDP) at current prices and 55 per cent at constant prices (base 2011-12).

n++With 86 per cent of the cash out of circulation and replenishment facing difficulties, the PFCE in the third quarter is expected to see a sizeable reduction to the extent of at least 35-40 per cent and slightly lower in the fourth quarter. Surely, when an important component accounting for 60 per cent of the GDP takes a hit to this extent, the overall impact is bound to be significant,n++ the ASSOCHAM said.

In terms of numbers, the PFCE, at current prices, was estimated at Rs 21.78 lakh crore in Q2 of 2016-17 with a growth of 12.4 per cent over the similar period last year. At constant prices, it was estimated at Rs 16.26 lakh crore for the July-September quarter of the current fiscal with the growth of 7.6 per cent.

Different ministries which have been earmarked the annual budget, should exceed their expenditure aggressively in case the damage control has to be effected from the demonetisation in the short to medium term. The government expenditure itself accounts for a good part of the GDP to the extent of 14 per cent.

n++As against Rs 5.15 lakh crore in the second quarter of the current fiscal, the government expenditure , at market prices, should be jacked up to Rs 7 lakh crore for each of the third and fourth quarter, even if some fiscal imbalances take place for the sake of growth,n++ ASSOCHAM said.

The chamber also said focus should be on sectors like roads and highways, ports, railways, telecom infrastructure, irrigation, flood control and rural uplift programmes. n++Somehow, the government should devise ways to ensure that the construction of the projects do not suffer on account of shortages of cashn++.

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ICICI Bank nudges higher on fund raising plans
Dec 07,2016

The announcement was made after market hours yesterday, 6 December 2016.

Meanwhile, the BSE Sensex was up 56.96 points, or 0.22%, to 26,449.72.

On the BSE, 24,000 shares were traded in the counter so far, compared with average daily volume of 14.97 lakh shares in the past two weeks. The stock had hit a high of Rs 263 and a low of Rs 261.95 so far during the day.

ICICI Bank announced that the committee of executive directors of the bank is scheduled to have a meeting on 9 December 2016, to consider fund raising in single/multiple tranches in any currency through public/private placement by way of issuances of debt instruments etc. for the remaining period of the financial year ending 31 March 2017 (FY 2017).

ICICI Banks net profit rose 2.4% to Rs 3102.27 crore on 41.3% rise in total income to Rs 22759.08 crore in Q2 September 2016 over Q2 September 2015.

ICICI Bank is one of the leading private sector banks in India.

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Promote separate hill farming policy: ASSOCHAM plea to Ukhand govt.
Dec 07,2016

Uttarakhand needs to promote a separate hill farming policy as the state has a meagre 14 per cent net sown area, more so as 3/5th of the states total working population is engaged in agriculture, noted a recent ASSOCHAM-RNCOS joint study.

n++The performance of Uttarakhand in agriculture and allied activities has not been up to the mark as its share in the gross state domestic product (GSDP) had declined sharply from over 22 per cent in 2004-05 to just over nine per cent in 2014-15,n++ highlighted the study titled Agri business outlook in Uttarakhand, conducted by ASSOCHAM jointly with research firm RNCOS.

In terms of issues being faced by farm sector in Uttarakhand, the ASSOCHAM-RNCOS study highlighted that low level of land holdings is a key challenge as over 70 per cent of states farmers hold less than one hectare of land.

Considering that topography of Uttarakhand is characterised by sandy soils that do not retain water and due to unavailability of moisture in the soil, state has recorded poor crop productivity has so much so that agriculture sector clocked just about three per cent CAGR between 2004-05 and 2014-15.

In terms of year-on-year growth rate, Uttarakhands agriculture and allied sector has registered over five per cent growth in 2014-15 which is better than negative growth of 2.5 per cent recorded in the previous year.

n++Priority must be given to further developing irrigation infrastructure in Uttarakhand including the canal network and also lift canals, tube-well, pump sets and others,n++ said Mr Rawat.

n++Together with promotion of local and traditional hill crops, farmers must also be given adequate cover in terms of welfare schemes, besides adequate technical and financial support for water conservation should also be extended by the state administration,n++ he added.

n++Apart from this, steps should be taken to encourage improved agronomic practices for higher farm productivity, improved soil treatment, increased water holding capacity, judicious use of chemicals and enhanced soil carbon storage,n++ further said Mr Rawat.

Uttarakhand food and agro based sector has attracted investments worth over Rs 1,600 crore as of financial year (FY) 2015-16 increasing from about Rs 450 crore as of FY 2010-11 thereby clocking a CAGR of over 29 per cent, according to analysis of ASSOCHAM Economic Research Bureau (AERB).

The share of food and agro based industries has also increased from 0.4 per cent in total investments worth over Rs 98,960 crore attracted by Uttarakhand in FY 2010-11 to 1.1 per cent in total investments worth Rs 1.4 lakh crore attracted by the state in FY 2015-16, noted the chambers analysis.

The ASSOCHAM-RNCOS study has suggested the state to focus on strengthening rural economy by focusing more on dairy sector by imparting technical assistance for dairy development in Uttarakhand, more so as milk production in the state grew by just about one per cent between 2013-14 and 2014-15.

Strengthening of dairy farms, genetic up-gradation of cattle through induction of genetic variability in female germ plasma and establishment of goat units are some of the key initiatives that can help boost dairy production in the state, it suggested.

The state should promote poultry, fisheries, food processing, horticulture, agro-based, medicinal and aromatic herbs as thrust industries by offering a wide range of incentives and subsidies.

Besides, the state government in tandem with private sector should set up strong infrastructure backed by efficient supply chains in food and agro processing sector to increase farmers income and promote employment opportunities in rural areas.

Holistic development to achieve the goal of reducing yield gaps in important crops through focussed interventions and good productive practices is imperative for the state to improve its performance in agriculture and allied activities sector.

The state should aim to make agriculture more productive, sustainable, remunerative and climate resilient by promoting location specific, integrated/composite farming systems.

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Interest rate sensitive stocks in focus ahead of RBIs rate decision
Dec 07,2016

Interest rate sensitive bank, realty and auto stocks will be in focus ahead of the Reserve Bank of Indias (RBI) monetary policy decision scheduled at 14:30 IST today, 7 December 2016. It will be interesting to watch RBIs monetary policy stance this time in a scenario of governments recent historic move of demonetization of higher denomination notes and amid easing consumer inflation.

ICICI Bank announced after market hours yesterday, 6 December 2016, that the committee of executive directors of the bank is scheduled to have a meeting on 9 December 2016, to consider fund raising in single/multiple tranches in any currency through public/private placement by way of issuances of debt instruments etc. for the remaining period of the financial year ending 31 March 2017 (FY 2017).

Adani Enterprises announced after market hours yesterday, 6 December 2016, that the company has incorporated a wholly owned subsidiary namely, Adani Cementation Limited (ACL) on 6 December 2016.

Lupin announced after market hours yesterday, 6 December 2016, that its US subsidiary, Lupin Pharmaceuticals, Inc. received final approval for its Desoximetasone Ointment USP, 0.25% from the United States Food & Drug Administration (USFDA) to market a generic version of Taro Pharmaceuticals, Incs Topicort Ointment, 0.25%. It is indicated for the relief of the inflammatory and pruritic manifestations of corticosteroid responsive dermatoses. Topicort had annual US sales of $14.4 million as per IMS MAT September 2016 data.

Jubilant FoodWorks announced after market hours yesterday, 6 December 2016, that Dominos launched new products designed for Foodies -Quattro Formaggi Burst Pizza and Choco Pizza.

Kirloskar Brothers announced after market hours yesterday, 6 December 2016, that Kirloskar Brothers International Pty Limited, companys step down subsidiary company in South Africa, being direct subsidiary of Kirloskar Brothers International B.V. has incorporated Kirloskar Brothers International Zambia Limited as its wholly owned subsidiary on 30 November 2016.

Shiva Cement announced before market hours today, 6 December 2016, that the board of directors of the company at a meeting held on 6 December 2016, approved allotment of 80 lakh equity shares of Rs 2 each at a premium of Rs 4.20 per share to Harsh Vanijya Private Limited upon exercise of option by them for conversion of equity share warrants earlier allotted to them on preferential basis.

Vishal Bearings announced after market hours yesterday, 6 December 2016, that the board of directors of the company have fixed the record date as 16 December 2016 for 1:4 bonus issue.

VST Tillers Tractors reported after market hours yesterday, 6 December 2016, power tiller sales of 1,495 units and tractors sales of 684 units in November 2016.

Deep Industries informed that a meeting of qualified institutional placement (QIP) committee of the company is scheduled to be held on 9 December 2016, to consider and determine the price of equity shares of the company to be issued in the QIP. The announcement was made after market hours yesterday, 6 December 2016.

KEI Industries in focus. In continuation of companys earlier update on planned capex/expansion at Chopanki plant, KEI Industries has announced after market hours yesterday, 6 December 2016, that new production line of Extra High Voltage (EHV) cables at Chopanki plant would be operational by the end of December 2016.

IL&FS Transportation Networks announced that the Joint Venture comprising of the company and PJSC Kyivmetrobud in the ratio of 70:30 had submitted bids with the Chennai Metro Rail (CMRL) on item rate basis for design validation and construction of works of underground station.

The Joint Venture has emerged as the lowest bidder for the development of the project. The Joint Venture had quoted an amount of Rs 371.218 crore for the project to be completed in a period of 20 months. The announcement was made after market hours yesterday, 6 December 2016.

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Jubilant FoodWorks provides update on Dominos Pizza India
Dec 07,2016

Jubilant FoodWorks announced that Dominos Pizza India has launched two new products - Quattro Formaggi Burst Pizza and the Choco Pizza.

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VST Tillers Tractors announces sales figures
Dec 07,2016

VST Tillers Tractors sold 1495 no. of Tillers and 684 no. of Tractors in the month of November 2016.

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Balaji Telefilms announces resignation of CEO of Balaji Motion Pictures
Dec 07,2016

Balaji Telefilms has announced that Aman Gill has resigned as CEO of Balaji Motion Pictures, a 100% subsidiary of Balaji Telefilms. The movies business which currently has two movies under production will continue to function under the supervision of the Group CEO, Sameer Nair.

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Shares of Osiajee Texfab get listed
Dec 07,2016

The equity shares of Osiajee Texfab (Scrip Code: 540198) are listed effective 07 December 2016 and admitted to dealings on the Exchange in the list of XT Group Securities.

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Shares of Corporate Merchant Bankers get listed
Dec 07,2016

The equity shares of Corporate Merchant Bankers (Scrip Code: 540199) are listed effective 07 December 2016 and admitted to dealings on the Exchange in the list of XT Group Securities.

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