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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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Lanco Infratech appoints director
May 31,2017

Lanco Infratech announced that the Board of Directors of the Company at its meeting held on 30 May 2017 has appointed Satish Chandra Sinha as Independent Director of the Company.

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GST would help in creating lot of jobs for young generation
May 31,2017

Dr. Hasmukh Adhia, Revenue Secretary, Ministry of Finance, Government of India categorically stated that the Goods and Services Tax (GST) will be implemented from 01 July 2017.

Dr. Adhia further said that the Karnataka Government has made maximum contribution for GST and the Central Government is moving ahead as the GST would prove to be a game changer. He said that GST would help in creating lot of jobs for young generation. Dr Adhia further said that Indias economic potential is much higher and the GST would help in converting the economic energy in to real growth.

Dr Adhia elaborated the benefits of GST, explained how it would lead to ease of doing business, how to comply with its various provisions among others. He said that GST would bring in uniformity of different tax laws and tax rules. He said that there would be seamless transfer of input tax credit under GST regime. In his concise briefing, Dr Adhia clarified the doubts of various stakeholders about different issues relating to GST. He also assured to reply to the queries and to clarify the doubts of people at large about GST through the GST Twitter handle.

Shri Krishna Byre Gowda, Agriculture Minister, Government of Karnataka and Member of the GST Council spoke at length and explained the rationale of tax structure under GST regime. He also elaborated the contribution of GST Council under the Chairmanship of the Union Finance Minister Shri Arun Jaitley which took all the decisions so far unanimously and helped in reaching the present stage of GST implementation. He said that the GST is a major customer-friendly indirect tax reform. He said that the intention is not to increase the taxes but to increase the revenue by implementing GST as it would bring transparency, simplification and efficiency in tax administration and help in curbing tax evasion & thereby leading to tax buoyancy.

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Chembond Chemicals fixes record date for dividend
May 31,2017

Chembond Chemicals has fixed 14 June 2017 as record date for payment of dividend. Dividend, if approved will be paid on or after 28 June 2017.

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Jet Airways grounded after weak Q4 result
May 31,2017

The result was announced after market hours yesterday, 30 May 2017.

Meanwhile, the S&P BSE Sensex was down 8.29 points, or 0.03%, to 31,151.11. The S&P BSE Mid-Cap index was up 125.54 points, or 0.87%, to 14,615.30.

On BSE, so far 2.56 lakh shares were traded in the counter as against average daily volume of 3.88 lakh shares in the past one quarter. The stock hit a high of Rs 456.50 and a low of Rs 436 so far during the day. The stock had hit a 52-week high of Rs 626.70 on 1 August 2016. The stock had hit a 52-week low of Rs 332.40 on 27 December 2016.

The mid-cap company has equity capital of Rs 113.60 crore. Face value per share is Rs 10.

Jet Airways (India)s available seat kilometers rose 8% at 13.7 billion in Q4 March 2017 over Q4 March 2016. Passengers carried increased by 5.4% to 7.02 million in Q4 March 2017 over Q4 March 2016.

On a consolidated basis, Jet Airways (India)s net profit dropped 63.81% to Rs 438.45 crore on 2.67% increase in total income to Rs 23669.91 crore in the year ended 31 March 2017 (FY 2017) over FY 2016.

Jet Airways (India) said that despite the challenges posed by the recent increase in Brent crude oil prices, coupled with continuing low airfares and increased capacity, the airline reported profit during FY 2017.

Naresh Goyal, Chairman, Jet Airways (India), said that the past year has been extremely challenging for both domestic and international markets. Notwithstanding the growth in traffic in the domestic market, the downward pressure on yields continued despite rise in oil prices.

The company achieved positive results through relentless effort to streamline operations, improve productivity and business performance, enabling it to reduce debt by Rs 1902 crore during FY 2017, despite weakening demand in certain international markets, especially Gulf, Naresh Goyal said.

Jet Airways (India) is Indias leading international airline which operates flights to 65 destinations, including India and overseas. The Jet Airways Group currently operates a fleet of 113 aircraft.

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Board of E.Com Infotech (India) decides to focus business on cyber security area
May 31,2017

E.Com Infotech (India) announced that the Board of Directors of the Company at its meeting held on 30 May 2017 has decided to change focus its business activities to mainly Cyber Security areas in view of the rising cybercrimes across the globe and increasing cyberattacks in the country.

On this focus the company has signed a Business Partner Agreement with the International company HP to promote its Data Security and Information Security solutions in the Indian market.

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India sees three years of path-breaking and inclusive growth in aviation sector Emerges as worlds third largest aviation market
May 31,2017

The civil aviation industry in India has emerged as one of the fastest growing industries in the country during the last three years. With a 19 percent growth in domestic passenger traffic from about 6.1 crore in 2014 to 10 crore in 2016-17, India is now the third largest aviation market in the world, with the promise to grow even further. What is most impressive about this growth is its inclusive nature defined by the Regional Connectivity Scheme -UDAN, that has made air travel possible for even the common man in remote areas. According to Shri P Ashok Gajapathy Raju, Union Minister for Civil Aviation, his Ministry has worked towards reshaping aviation ecosystem for affordable and convenient flying for everyone by bringing in the National Civil Aviation Policy 2016.

Shri Raju said that average or median airfares fell by 18 percent during 2016-17, making flying more affordable for the common man. Scheduled domestic flight movements also rose from 7 lakh in 2014 to 8.2 lakh in 2016, an 8.2 percent CAGR growth. As against 395 aircrafts in the fleet of Indian carriers, there are 496 aircrafts in operation today, and another 654 are under purchase. Route Dispersal Guidelines have been rationalized, multiple provisions have been made for MRO service providers and a slew of initiatives like the AirSewa portal, enhanced compensation for cancellation and boarding denial have been taken for improving passenger convenience

The Regional Connectivity Scheme UDAN has been by far the most path-breaking achievement of the Ministry. 31 currently served, 12 under-served and 27 unserved airports are now connecting 128 RCS routes across the country. 50 airports are being revived and 13 lakh new UDAN seats are being added annually under the first round of UDAN for a Viability Gap Funding of Rs 205 crore.

Shri Raju also talked about the other achievements of the Ministry like promoting Ease of Doing Business by allowing 100 % FDI in domestic scheduled air transport, Open Skies Service Agreements offers to 49 countries and 5 SAARC nations etc, developing a robust security architecture by complying with ICAO requirements, Anti Hijacking Act etc, promoting innovative technology like GAGAN, Indias first navigation based system to improve accuracy of air navigation services and focusing on skill development in the aviation sector. About skill development the Minister informed that the first Executive Aviation Course was launched by Indias first Aviation University in February 2017. 800 ATCs were recruited by AAI in the last 2 years and more than 400 are planned to be recruited in 2017. The Minister said that Aerospace and Aviation Skill Sector Council has been formed to monitor growth of skill development.

Also speaking on the occasion MoS Civil Aviation Shri Jayant Sinha said that the civil aviation sector in India has undergone a complete transformation in the last three years with India emerging as the worlds third largest aviation market. As against 70-75 airports in the country in all these years, we now have more than 100 airports with the implementation of UDAN. We hope to have 200 plus airports in the next 10-15 years. He informed that the capacity of existing major airports is also being increased rapidly, while Greenfield airports are coming up at several places in the country like Goa , Navi Mumbai and other places. Shri Sinha informed that Air India has also performed extremely well during the last three years.

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Glenmark Pharmaceuticals receives final approval for Atomoxetine Capsules
May 31,2017

Glenmark Pharmaceuticals has been granted final approval by the United States Food & Drug Administration (U.S. FDA) for Atomoxetine Capsules USP, 10 mg, 18 mg, 25 mg, 40 mg, 60 mg, 80 mg and 100 mg, the generic version of Stratteran++ Capsules, 10 mg, 18 mg, 25 mg, 40 mg, 60 mg, 80 mg and 100 mg, of Eli Lilly and Company.

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Board of Marksans Pharma recommends final dividend
May 31,2017

Marksans Pharma announced that the Board of Directors of the Company at its meeting held on 29 May 2017, inter alia, have recommended the final dividend of Rs 0.05 per equity Share (i.e. 5%) , subject to the approval of the shareholders.

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Board of Rai Saheb Rekhchand Mohota Spg.&Wvg.Mill recommends final dividend
May 31,2017

Rai Saheb Rekhchand Mohota Spg.&Wvg.Mill announced that the Board of Directors of the Company at its meeting held on 29 May 2017, inter alia, have recommended the final dividend of Rs 0.1 per equity Share (i.e. 1%) , subject to the approval of the shareholders.

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Board of Vidli Restaurants recommends final dividend
May 31,2017

Vidli Restaurants announced that the Board of Directors of the Company at its meeting held on 27 May 2017, inter alia, have recommended the final dividend of Rs 0.5 per equity Share (i.e. 5%) , subject to the approval of the shareholders.

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Board of Pricol approves acquisition of PMP Auto Components
May 31,2017

The Board of Directors of Pricol have approved the acquisition of PMP Auto Components, India (a part of the Ashok Piramal Group). Pricol and PMP Auto Components, India have entered into an exclusive and binding agreement for Pricol to acquire the entire ownership interest in wiping systems business of PMP. The binding offer has been approved by the Board of Pricol and accepted by PMP.

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Board of Mercator approves change in CFO
May 31,2017

Mercator announced that Prasad Patwardhan has resigned from the office of Chief Financial Officer as well as Key Managerial Personnel of the Company w.e.f. 29 May 2017.

Kiran Vaidya has been appointed as Officiating Chief Financial Officer and Key Managerial Personal w.e.f. 30 May 2017 by the Board of Directors in its meeting held on 30 May 2017

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Outcome of board meeting of Rohit Ferro Tech
May 31,2017

Rohit Ferro Tech announced that the Board of Directors of the Company at its meeting held on 30 May 2017 has resolved to execute the Deed of Undertaking binding itself together with the Promoters (including persons belonging to the Promoter Group) to the sale of the entire shareholding of the Promoters in the Company (Promoter Shares) to a prospective Investor to be identified by SBI leading to change in the management of the Company from the existing Promoters to the prospective Investor.

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BEML flexes muscles after good Q4 result
May 31,2017

The result was announced after market hours yesterday, 30 May 2017.

Meanwhile, the S&P BSE Sensex was up 25.91 points, or 0.08%, to 31,185.31. The S&P BSE Mid-Cap index was up 92.31 points, or 0.64%, to 14,582.07.

On BSE, so far 10,000 shares were traded in the counter, compared with an average volume of 33,379 shares in the past one quarter. The stock hit a high of Rs 1,249 and a low of Rs 1,194 so far during the day. The stock hit a 52-week high of Rs 1,440 on 27 April 2017. The stock hit a 52-week low of Rs 770.15 on 23 November 2016.

The mid-cap company has an equity capital of Rs 41.64 crore. Face value per share is Rs 10.

BEMLs board of directors has recommended a dividend of Rs 8 per share for the year ended 31 March 2017.

BEML was established in May 1964 as a public sector undertaking for manufacture of rail coaches & spare parts and mining equipment at its Bangalore complex. The Government of India held 54.03% stake in BEML (as per the shareholding pattern as on 31 March 2017).

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Nutraplus India director resigns
May 31,2017

The Board of Nutraplus India has taken on record the resignation tendered by Kishor Punamchand Ostwal (DIN: 00460257), Non-executive & Non-Independent Director of the Company with effect from 29 May, 2017.

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