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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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Shantai Industries to hold board meeting
Jun 29,2017

Shantai Industries will hold a meeting of the Board of Directors of the Company on 4 July 2017.

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Betala Global Securities to hold board meeting
Jun 29,2017

Betala Global Securities will hold a meeting of the Board of Directors of the Company on 5 July 2017.

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Richirich Inventures to hold board meeting
Jun 29,2017

Richirich Inventures will hold a meeting of the Board of Directors of the Company on 24 July 2017.

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Raj Television Network to hold board meeting
Jun 29,2017

Raj Television Network will hold a meeting of the Board of Directors of the Company on 30 June 2017.

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Nucleus Software declines ex-dividend
Jun 29,2017

Meanwhile, the S&P BSE Sensex was up 174.66 points, or 0.57% at 31,008.98. The S&P BSE Small-Cap index was up 168.02 points, or 1.11% at 15,329.34.

On the BSE, 1,617 shares were traded on the counter so far as against the average daily volumes of 20,974 shares in the past one quarter. The stock had hit a high of Rs 334.85 and a low of Rs 327 so far during the day. The stock had hit a 52-week high of Rs 343.90 on 22 May 2017 and a 52-week low of Rs 171 on 29 September 2016.

The stock had outperformed the market over the past one month till 28 June 2017, advancing 2.42% compared with the Sensexs 0.62% fall. The scrip had also outperformed the market over the past one quarter gaining 34.91% as against the Sensexs 4.84% rise. The scrip had also outperformed the market over the past one year advancing 56.15% as against the Sensexs 16.25% rise.

The small-cap company has equity capital of Rs 32.38 crore. Face value per share is Rs 10.

Before turning ex-dividend, the stock offered a dividend yield of 1.47% based on the closing price of Rs 338.70 yesterday, 28 June 2017.

Nucleus Software Exports consolidated net profit rose 39.82% to Rs 22.26 crore on 0.59% increase in net sales to Rs 93.69 crore in Q4 March 2017 over Q3 December 2016.

Nucleus Software Exports is the leading provider of lending and transaction banking products to the global financial services industry.

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Axis Bank raises Rs 3500 crore
Jun 29,2017

Axis Bank announced that the Board of Directors have approved the allotment of 35,000 Unsecured Subordinated Perpetual Additional Tier 1 Basel III compliant Non-convertible Debentures (Sr-28) of the FV of Rs.10 lakh each for cash at par aggregating to Rs.3,500 crore, on a private placement basis.

The Bank has successfully issued Rs.3,500 crore Basel III compliant AT 1 (Additional Tier 1) Debentures today through private placement to augment the Tier 1 capital base. The perpetual Debentures with a 5 year call are priced at a fine coupon rate of 8.75%.

The said Debentures are rated CRISIL AA+/Stable by CRISIL, ICRA AA+(hyb) by ICRA and IND AA+ by India Ratings & Research.

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Shares of ERIS Lifesciences get listed
Jun 29,2017

The equity shares of ERIS Lifesciences (Scrip Code: 540596) are listed effective 29 June 2017 and admitted to dealings on the Exchange in the list of B Group Securities.

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Axis Bank advances after raising capital
Jun 29,2017

The announcement was made after market hours yesterday, 28 June 2017.

Meanwhile, the S&P BSE Sensex was up 156.10 points or 0.51% at 30,979.01.

On the BSE, 26,862 shares were traded on the counter so far as against the average daily volumes of 6.04 lakh shares in the past two weeks. The stock had hit a high of Rs 503.25 and a low of Rs 497 so far during the day.

Axis Bank announced that it has successfully issued Rs 3500 crore Basel III compliant additional tier 1 debentures through private placement to augment the tier 1 capital base. The perpetual debentures with a 5 year call are priced at a fine coupon rate of 8.75%.

The board of directors of the bank had yesterday, 28 June 2017, approved the allotment of 35,000 unsecured subordinated perpetual additional tier 1 Basel III compliant non-convertible debentures of the face value of Rs 10 lakh each for cash at par aggregating to Rs 3500 crore, on a private placement basis.

On 22 June 2017, the bank had said that it proposes to raise funds by issuing unsecured, subordinated, perpetual, additional tier 1, Basel III compliant NCDs of the face value of Rs 10 lakh each for cash at par aggregating to Rs 3500 crore.

Separately, Axis Bank announced before market hours today, 29 June 2017 that the Reserve Bank of India (RBI) issued directions in its communication dated 15 June 2017 advising banks to initiate insolvency resolution process in select accounts under the provisions of the Insolvency and Bankruptcy Code, 2015 (IBC). Axis Bank had exposure on 8 of these accounts.

Total fund based outstanding of the bank on these accounts was Rs 5071 crore. Non-fund based outstanding was Rs 212 crore as on 31 March 2017. Around 80% of the outstanding was secured. Against this outstanding, the provision held was Rs 2497 crore.

Axis Banks net profit fell 43.1% to Rs 1225.10 crore on 4.3% growth in total income to Rs 14181.31 crore in Q4 March 2017 over Q4 March 2016.

Axis Bank is one of the biggest private sector banks in India.

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Axis Bank intimates on exposure to select accounts
Jun 29,2017

The Reserve Bank of India issued directions in their communication dated 15 June 2017 advising banks to initiate insolvency resolution process in select accounts under the provisions of the Insolvency and Bankruptcy Code, 2015 (IBC).

The Banks exposure status with respect to these accounts as on 31s March, 2017 was as follows:

The Bank had exposure on 8 of these accounts.
Total fund based outstanding of the Bank on these accounts was Rs. 5,071 crore. Non-fund based outstanding was Rs. 212 crore.
Around 80% of the outstanding was secured.
Against this outstanding, the provision held was Rs. 2,497 crore.

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Eris Lifesciences in focus on debut
Jun 29,2017

Shares of Eris Lifesciences will be listed on the bourses today, 29 June 2017. The issue price was fixed at a higher end of the IPO price band at Rs 603 per share. The companys initial public offering (IPO) received bids for 5.25 crore shares compared with 1.59 crore shares, data on NSE showed.

The IPO was subscribed 3.29 times. Incorporated in 2007, Gujarat-based Eris Lifesciences undertakes research and development (R&D) and manufactures and sells branded pharmaceutical products in select therapeutic areas within the chronic and acute categories of the Indian pharmaceutical market (IPM). The categories include cardiovascular, anti-diabetics, vitamins, gastroenterology and anti-infectives. The focus is on developing products in the chronic and acute categories that are linked to lifestyle-related disorders.

Axis Bank announced that it has successfully issued Rs 3500 crore Basel III compliant additional tier 1 debentures through private placement to augment the tier 1 capital base. The perpetual debentures with a 5 year call are priced at a fine coupon rate of 8.75%. The announcement was made after market hours yesterday, 28 June 2017.

The board of directors of the bank had approved the allotment of 35,000 unsecured subordinated perpetual additional tier 1 Basel III compliant non-convertible debentures of the face value of Rs 10 lakh each for cash at par aggregating to Rs 3500 crore, on a private placement basis.

Wipro announced that locals now form over 50% of its US workforce. Over the past six months, the company hired over 1,600 employees by attracting and nurturing local talent to drive innovation and help transform clients businesses into digital enterprises. The announcement was made after market hours yesterday, 28 June 2017.

National Aluminum Company will be in focus. The Ministry of Mines in order to clear any misleading information clarified that NALCO is a prestigious Navratna Central Public Sector Enterprise and the Central Government appreciates its role in the progress of the country as well as Odisha. The central government is making all possible efforts to improve and further expand the capacity of NALCO so that it becomes a major producer of aluminum in India as well as at global level. The Ministry of Mines is facilitating NALCO for enhancing its production capacity of alumina refinery by setting up of 1 million tonnes per annum (MTPA) alumina refinery (Stream-5), Damanjodi under Phase-3 expansion of M&R unit at an estimated cost of Rs 5540 crore.

To augment the bauxite reserves of the company, the central government has recently extended the reservation of Potangi Mines in favour of NALCO for further 5 years.

Clarification was issued yesterday, 28 June 2017 after a news item appearing in some section of the press that Government of India is trying to privatise the company through buyback and offer for sale (OFS). Due to such news items, NALCO is facing agitation by its workers.

LT Foods commenced operations of its first rice processing plant in Europe at Rotterdam, Netherlands. LT Foods has made an investment of $15 million in the plant with initial capacity of 60,000 tonnes and scope for further expansion in the future. The company plans to make its most popular Daawat brand a household name in Europe using raw material from India. The move will benefit 5,000 farmer families in India with brown rice supply increasing from India.

LT Foods plant is the first rice processing plant by any Indian foods brand in Europe. LT Foods plans to expand its geographical footprint in important markets of Europe and UK through this plant by increasing its sales from the current 5,000 tonnes to 60,000 tonnes over the next 3 years. The company would be manufacturing a wide range of rice including popular varieties like Basmati, Thai, Jasmine and American rice from the new plant. Rotterdam, which is popularly known as the gateway to Europe will be a critical geographical location as it will give the company easy access to the whole of Europe and UK for its expansion plans. The announcement was made after market hours yesterday, 28 June 2017.

Rashtriya Chemicals & Fertilizers said the government, the promoter of the company announced its intention to sell up to 2.75 crore equity shares of the company of face value of Rs 10 each, representing 5% of the total paid up equity share capital of the company on 29 June 2017 (for non-retail Investors) and 30 June 2017 (for retail investors and for non-retail Investors who choose to carry forward their bids). The floor price for the offer shall be Rs 74.25 per equity share of the company.

Further upto 5% of the offer shares (over and above the number of offer shares) could be offered to eligible and willing employees of the company at a discount of upto 5% of the cut-off price subsequent to completion of the offer. The announcement was made after market hours yesterday, 28 June 2017.

SEAMEC announced after market hours yesterday, 28 June 2017, that the charter for its vessel SEAMEC III with L&T Hydrocarbon Engineering ended yesterday, 28 June 2017.

Gujarat Pipavav Port announced after market hours yesterday, 28 June 2017, that A.P.Moller-Maersk was hit by a global cyber attack affecting multiple sites and business units including Gujarat Pipavav Port. This attack has not had any major impact on the company at this point in time. The company is responding to the situation to limit the impact and uphold the port operations. The company said it continues to assess the situation that may impact its customers and partners.

Godrej Industries announced after market hours yesterday, 28 June 2017, that its board on 28 June 2017, has decided to participate in the initial public offer (IPO) of equity shares by Godrej Agrovet. Godrej Industries proposes to sell equity shares worth up to Rs 400 crore through the IPO of Godrej Agrovet. The board of Godrej Industries has authorized the management committee of its board, to consider and finalise the terms and conditions with respect to participation in offer and for matters incidental thereto.

Mindtrees board approved buyback of equity shares of the company not exceeding 43.2 lakh equity shares, being 2.57% of the total paid up equity share capital at a price not exceeding Rs 625 per equity share for an aggregate amount of Rs 270 crore. The announcement was made after market hours yesterday, 28 June 2017.

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TCS recognised among Achievers 50 Most Engaged Workplaces
Jun 28,2017

Tata Consultancy Services announced that it has been recognised as one of the Achievers 50 Most Engaged Workplaces in North America.

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Sicagen India announces appointment of directors
Jun 28,2017

Sicagen India announced that the Board of the Company has appointed Rita Chandrasekar as an additional Director with immediate effect and she will act as Independent Director of the Company for a period of 5 years with effect from 28 June 2017. The Board has appointed Shridhar Gogte, as an additional Director with immediate effect and he will act as Whole Time Director of the Company for a period of 2 years with effect from 28 June 2017.

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Jubilant Foodworks allots 31,920 equity shares
Jun 28,2017

Jubilant Foodworks has allotted 31,920 equity shares of face value of Rs. 10/- each to the employees of the Company on 28 June 2017 under ESOPs. Post allotment, the paid up capital has increased to 65,981,990 equity shares.

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Board of Godrej Industries decides to participate in IPO of Godrej Agrovet
Jun 28,2017

The Board of Directors of Godrej Industries on 28 June 2017 has decided to participate in the Initial Public Offering of equity shares of its subsidiary, Godrej Agrovet. Godrej Industries proposes to sell such number of equity shares in Godrej Agrovet up to Rs 400 crore through the offer.

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Hindusthan Urban Infrastructure announces resignation of CFO
Jun 28,2017

Hindusthan Urban Infrastructure announced that Anil Kumar Chandani, CFO and Key Managerial Personnel of the Company has resigned from the services of the Company. He will be relieved with effect from close of business hours of 04 August 2017.

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