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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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TCI Industries allots preference shares to Promoter & Promoter Group entities
Mar 09,2017

TCI Industries announced that the Share Allotment Committee of the Board of Directors of the Company at its meeting held on 9 March 2017 has issued and allotted 44287, 0% Non-Convertible Redeemable Preference Shares (NCRPS) of Face Value of Rs. 100/- (Rupees Hundred only) each at a premium of Rs. 300/- (Rupees Three Hundred only) each to the entities belonging to the Promoter & Promoter Group of the Company.

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Outcome of board meeting of Padmanabh Industries
Mar 09,2017

Padmanabh Industries announced that the Board of Directors of the Company at its meeting held on 08 March 2017 has decided not to consider the proposal relating to issue of equity shares on preferential basis due to non-receipt of consent of prospective investors for size of the issue.

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Filatex India corrects on profit booking
Mar 09,2017

Meanwhile, the S&P BSE Sensex was down 8.96 points, 0.03% to Rs 28,892.98.

On the BSE, 1.99 lakh shares were traded on the counter so far as against the average daily volumes of 46,838 shares in the past one quarter. The stock had hit a high of Rs 107.80 so far during the day, which is also 52-week high for the counter. The stock hit a low of Rs 101 so far during the day. The stock had hit a 52-week low of Rs 34.55 on 9 March 2016.

The small-cap company has equity capital of Rs 43.50 crore. Face value per share is Rs 10.

Shares of Filatex India had rallied 56.58% in the preceding three trading sessions to settle at Rs 105.85 yesterday, 8 March 2017, from its closing of Rs 67.60 on 3 March 2017.

Filatex Indias net profit rose 25.4% to Rs 7.20 crore on 22.7% increase in net sales to Rs 366.59 crore in Q3 December 2016 over Q3 December 2015.

Filatex India is engaged in manufacture and trading of synthetic yarn and textiles. It manufactures polyester and polypropylene multifilament yarn, and polyester chips.

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Carborundum Universal allots 2500 equity shares
Mar 09,2017

Carborundum Universal has allotted 2,500 shares of Re.1/- each arising out of the exercise of stock options, granted to the option grantees of the Company under the Employees Stock Option Scheme 2007 on 08 March 2017. With this allotment the number of equity shares outstanding is 188,637,090 and the paid-up equity share capital is Rs.188,637,090/-.

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HCL Technologies wins award for Life-Sciences & Healthcare IT Services
Mar 09,2017

HCL Technologies won Everest Group PEAK Matrix Service Provider of the Yearn++ 2017 award for its Healthcare & Life-Sciences practice. In this category, HCL was recognized as Star Performer of the Year.

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Westlife Development provides update on branding innovation by McDonaldsn++
Mar 09,2017

Westlife Development announced the launch of its new restaurantplatform. The changes announced allow for the brand to deepen its customer experience.

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Lupin launches Hydrocodone Bitartrate and Acetaminophen Tablets
Mar 09,2017

Lupin announced the launch of Hydrocodone Bitartrate and Acetaminophen Tablets USP, 5mg/ 300 mg, 7.5 mg/ 300 mg and 10mg/ 300 mg having received an approval from USFDA earlier.

Lupins Hydrocodone Bitartrate and Acetaminophen Tablets USP, 5 mg/300 mg, 7.5 mg/300 mg and 10 mg/300 mg are the AA rated generic equivalent of Mikart, Incs Hydrocodone Bitartrate and Acetaminophen Tablets USP, 5 mg/300 mg, 7.5 mg/300 mg and 10 mg/300 mg. It is indicated for the relief of moderate to moderately severe pain.

Hydrocodone Bitartrate and Acetaminophen Tablets USP, 5 mg/300 mg, 7.5 mg/300 mg and 10 mg/300 mg had combined US sales of $79.6 million (IMS MAT December 2016).

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Lupin gains after launching pain relief drug in US
Mar 09,2017

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

Meanwhile, the S&P BSE Sensex was down 7.21 points, 0.02% to Rs 28,894.73.

On the BSE, 13,000 shares were traded on the counter so far as against the average daily volumes of 70,904 shares in the past one quarter. The stock had hit a high of Rs 1,458.20 so far and a low of Rs 1,439.65 so far during the day.

The stock had hit a 52-week high 1,874.30 on 14 March 2016 and a 52-week low of Rs 1,294.05 on 29 March 2016.

The large-cap company has equity capital of Rs 90.31 crore. Face value per share is Rs 2.

Pharma major Lupin announced today, 9 March 2017, the launch of Hydrocodone Bitartrate and Acetaminophen Tablets USP, 5 mg/300 mg, 7.5 mg/300 mg and 10 mg/300 mg after having received an approval from the United States Food and Drug Administration (FDA) earlier.

Lupins Hydrocodone Bitartrate and Acetaminophen Tablets USP, 5 mg/300 mg, 7.5 mg/300 mg and 10 mg/300 mg are the AA rated generic equivalent of Mikart, Incs Hydrocodone Bitartrate and Acetaminophen Tablets USP, 5 mg/300 mg, 7.5 mg/300 mg and 10 mg/300 mg. It is indicated for the relief of moderate to moderately severe pain.

Hydrocodone Bitartrate and Acetaminophen Tablets USP, 5 mg/300 mg, 7.5 mg/300 mg and 10 mg/300 mg had combined US sales of $79.6 million (IMS MAT December 2016).

Lupins consolidated net profit rose 20.7% to Rs 633.11 crore on 31.5% increase in net sales to Rs 4404.94 crore in Q3 December 2016 over Q3 December 2015.

Lupin is a pharmaceutical company developing and delivering a wide range of branded & generic formulations, biotechnology products and APIs globally. The company is a significant player in the cardiovascular, diabetology, asthma, pediatric, CNS, GI, anti-infective and NSAID space and holds global leadership position in the anti-TB segment.

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Maitri Enterprises to hold board meeting
Mar 09,2017

Maitri Enterprises will hold a meeting of the Board of Directors of the Company on 15 March 2017 to Consider the resignation of Ms. Barkha Deshmukh as Company secretary and the compliance officer of the company.

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Saboo Sodium Chloro to hold board meeting
Mar 09,2017

Saboo Sodium Chloro will hold a meeting of the Board of Directors of the Company on 11 March 2017, to allot 50,00,000 equity shares to Promoter/ Promoter Group and Non Promoters on Preferential Allotment basis through Resolution passed in the Extra Ordinary General Meeting on February 13, 2017 pursuant to the provisions of Section 62 and other applicable provisions of The Companies Act, 2013.

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Sanguine Media to hold EGM
Mar 09,2017

Sanguine Media announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 7 April 2017 .

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World Bank Approves Support to Vocational Training Across India
Mar 09,2017

The World Bank Board has approved the US$ 125 million Skills Strengthening for Industrial Value Enhancement Operation (STRIVE) aimed at improving the quality of long-term vocational training provided in Industrial Training Institutes (ITIs) and apprenticeships.

STRIVE is a five-year government program which will help improve the performance of ITIs; increase the capacities of state governments to support them; improve teaching and learning; and broaden Apprenticeship Training. This Program will support vocational training in 300 ITIs and 100 industrial clusters and improve state systems in all ITIs across India.

Over 40 percent of those enrolled in ITIs and apprenticeships come from families that live below the poverty line. The STRIVE Program will help broaden the range of training options available to them and create a more conducive learning environment - important for attracting more young women and youth from vulnerable population groups.

n++Expanding and improving formal long-term skills is essential for India to create a globally competitive workforce,n++ said Junaid Ahmad, World Bank Country Director in India. n++This Program will also focus on inclusion, by providing greater opportunities for Indias youth, particularly women and underserved communities.n++

Recent studies estimate the demand for skilled workers at 400 million by 2022, of which 150 million are required in the manufacturing and services sector alone. With over 13,000 institutions across India, ITIs represent the largest network of technical training providers in the country. However, they face a series of challenges in adapting to increasingly dynamic industry demands. The formal apprenticeship system is an important but under-used resource for workplace exposure and relevant on-the-job training.

A striking feature of Indias labor market is the extremely low (31 percent) female labor force participation. More than 50 million of Indias young women are neither studying nor working and they constitute less than 9 percent of the enrollment in most ITIs.

To realize the benefits of a skilled workforce, further efforts are required to harness the full potential of its large youthful population.

The Program will modernize formal apprenticeship training in India and strengthen the role of industry, especially small and medium enterprises (SMEs) in improving and developing needs-based Apprenticeship Programs. It will also help increase quality and relevance as well as financial and administrative autonomy of ITIs; improve states regulatory and monitoring systems for skills development; reduce teachers vacancy rates; facilitate industry training for teachers in ITIs, among others. STRIVE will also invest in introducing state of the art technology-based teaching and learning resources in ITI training, developing online and distance learning modules for technical teachers training and upgrading technical teachers training institutions.

n++Research has shown that youth who undergo some form of formal training tend to earn nearly 18 percent more compared to those with only a grade 10 or a grade 12 education. Beyond the direct benefit for the trainee, the development of a globally competitive manufacturing sector requires a cadre of comprehensively skilled technicians, said Muna Salih Meky, Senior Education Specialist and World Banks Task Team Leader for the Program. n++The Program is also expected to contribute to increased diversity and reduced inequities in the workforce.n++

The credit is from the International Development Association (IDA) - the World Banks concessionary lending arm with a maturity of 25 years, including a 5-year grace period.

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Shree Renuka Sugars sweetens as board approves allotment to SCB
Mar 09,2017

The announcement was made after market hours yesterday, 8 March 2017.

Meanwhile, the S&P BSE Sensex was up 0.19 points or at 28,902.13

On the BSE, 8.19 lakh shares were traded on the counter so far as against the average daily volumes of 7.12 lakh shares in the past one quarter. The stock had hit a high of Rs 15.95 and a low of Rs 15.40 so far during the day. The stock had hit a 52-week high of Rs 19.18 on 15 June 2016 and a 52-week low of Rs 11.47 on 23 December 2016.

The small-cap company has equity capital of Rs 92.88 crore. Face value per share is Rs 1.

Shree Renuka Sugars said that as per the rectification package approved by the Joint Lenders Forum (JLF) under the Corrective Action Plan, the allotment committee of the board of directors of the company has approved the allotment of 1.64 crore equity shares at Rs 16.56 per share to Standard Chartered Bank (SCB), one of the JLF Lenders in lieu of and against the conversion of a part of the loans availed by the company from SCB.

Shree Renuka Sugars reported a net loss of Rs 42 crore in Q3 December 2016, higher than net loss of Rs 24.10 crore in Q3 December 2015. Net sales rose 33.4% to Rs 2041.40 crore in Q3 December 2016 over Q3 December 2015.

Shree Renuka Sugars is one of the leading sugar manufacturers in India.

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Tamil Nadu Newsprint drops after announcing production stoppage
Mar 09,2017

The announcement was made after market hours yesterday, 8 March 2017.

Meanwhile, the S&P BSE Sensex, was currently down 6.39 points or 0.02% at 28,895.55

On BSE, so far 28,000 shares were traded in the counter, compared with an average daily volume of 14,892 shares in the past one quarter. The stock hit a high of Rs 340 and low of Rs 327 so far during the trading session. The stock had hit record high of Rs 392.45 on 13 October 2017. The stock hit 52-week low of Rs 198.55 on 16 March 2016.

The small-cap company has equity capital of Rs 69.21 crore. Face value per share is Rs 10.

Tamil Nadu Newsprint & Papers said that due to water shortage, the company has stopped production in Paper Machine II (PM II), in Unit I at Karur, Tamil Nadu from afternoon of 7 March 2017. The other two paper machines are in operation. The production in PM II will be resumed on availability of water.

Tamil Nadu Newsprint & Papers after net profit rose 39.18% to Rs 61.06 crore on 49.29% growth in net sales to Rs 698.85 crore in Q3 December 2016 over Q3 December 2015.

Tamil Nadu Newsprint & Papers (TNPL) manufactures newsprint and printing & writing paper using bagasse, a sugarcane residue, as primary raw material.

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Kotak Bank slips as Uday Kotak pares stake
Mar 09,2017

Meanwhile, the S&P BSE Sensex was down 41.29 points or 0.14% at 28,860.65

On the BSE, 50,15 shares were traded on the counter so far as against the average daily volumes of 6.63 lakh shares in the past one quarter. The stock hit a high of Rs 825.50 and a low of Rs 820.55 so far during the day. The stock had hit a record high of Rs 839.75 yesterday, 8 March 2017. The stock had hit a 52-week low of Rs 631.50 on 15 March 2016.

The large-cap bank has equity capital of Rs 919.93 crore. Face value per share is Rs 5.

Shares of Kotak Mahindra Bank gained 0.88% to settle at Rs 824.50 yesterday, 8 March 2017 after the bank said its board of directors has approved increase in ceiling limit for investment by foreign investors in the equity share capital of the bank to 42% from 40% earlier. The announcement was made during market hours yesterday, 8 March 2017.

Kotak Mahindra Banks net profit rose 38.6% to Rs 879.76 crore on 11.02% growth in total income to Rs 5377.83 crore in Q3 December 2016 over Q3 December 2015.

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

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