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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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Reliance Home Finance announces maiden public issue of secured and unsecured NCDs
Dec 20,2016

Reliance Home Finance announced its maiden public issue offering Secured Redeemable Non-Convertible Debentures (Secured NCDs) and Unsecured Redeemable Non-Convertible Debentures (Unsecured NCDs).

The Company proposes to raise Rs 1000 crore (USD 14.7 million), as base issue size, by offering secured NCDs and unsecured NCDs at a face value of Rs 1000 each. The unsecured NCDs will be in the nature of subordinated debt and will be eligible for inclusion as Upper Tier II Capital.

The NCDs will be issued in one or more tranches up to the shelf limit, on terms and conditions as set out in the Tranche 1 Prospectus.

The Company will used the amount for the purpose of lending, financing, and for repayment of interest and principle of existing borrowings and for general corporate purposes.

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Indo Thai Securities to conduct business review
Dec 20,2016

Indo Thai Securities announced that a meeting of the Board of Directors of the Company is scheduled to be held on 21 December 2016 to transact incidental & ancillary matters relating to the Business of the Company.

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Bharat Financial Inclusion tops losers on BSEs A group
Dec 20,2016

Bharat Financial Inclusion slipped 4.48% at Rs 576.60. The stock topped the losers in A group. On the BSE, 4.32 lakh shares were traded on the counter so far as against the average daily volumes of 1.54 lakh shares in the past two weeks.

Unitech slipped 4.31% at Rs 4.22. The stock was the second biggest loser in A group. On the BSE, 28.84 lakh shares were traded on the counter so far as against the average daily volumes of 27.56 lakh shares in the past two weeks.

Allahabad Bank slipped 4.02% at Rs 63.35. The stock was the third biggest loser in A group. On the BSE, 1.44 lakh shares were traded on the counter so far as against the average daily volumes of 1.83 lakh shares in the past two weeks.

Page Industries slipped 4.08% at Rs 13,408.65. The stock was the fourth biggest loser in A group. On the BSE, 434 shares were traded on the counter so far as against the average daily volumes of 980 shares in the past two weeks.

Jaiprakash Associates slipped 3.88% at Rs 7.43. The stock was the fifth biggest loser in A group. On the BSE, 14.48 lakh shares were traded on the counter so far as against the average daily volumes of 20.02 lakh shares in the past two weeks.

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IL&FS Transportation Networks provides project update
Dec 20,2016

IL&FS Transportation Networks announced that its subsidiary and SPV, GRICL Rail Bridge Development Company mandated for undertaking the development of 8 railway over bridges (RoBs) in the State of Gujarat under PPP Mode on Annuity basis (the project) by R&B Department, Government of Gujarat, has achieved financial tie-up of loans aggregating Rs 188 crore for the project. Loan agreements have been entered into with a consortium of bankers on 15 December 2016.

The project is on annuity basis with a concession period of 17.5 years and the estimated cost of the project is Rs 250.85 crore. The Semi- Annual annuity payable will be Rs 21.99 crore for a period of 15 years.

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Tata Motors announces resignation of director
Dec 20,2016

Tata Motors announced about a letter of resignation from the Companys Chairman, Cyrus Mistry dated 19 December 2016 tendering his resignation with immediate effect.

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Tata Chemicals director resigns
Dec 20,2016

Tata Chemicals announced that Cyrus P. Mistry has tendered his resignation as a Director on the Board of the Company with immediate effect.

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Tata Global Beverages announces resignation of director
Dec 20,2016

Tata Global Beverages announced that Cyrus P. Mistry, Non - Executive Director of Tata Global Beverages has resigned from the Board of the Company with immediate effect.

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Board of Cipla approves raising of funds upto Rs 4000 crore
Dec 20,2016

Cipla announced that the Board of Directors of the Company at its meeting held on 19 December 2016 has approved the following -

Raising funds up to Rs 2000 crore by issue of equity shares or ADRs or GDRs or FCCBs or other securities/ financial instruments whether denominated in Indian Rupee and/or foreign currency(ies), through a public issue or a private placement in accordance with the provisions of the applicable law; and

Raising funds up to Rs 2000 crore by issue of NCDs (in the form of bonds or otherwise) or bonds, whether denominated in Indian Rupee and/or foreign currency(ies), through a public issue or a private placement in accordance with the provisions of the applicable law.

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Board of G M Breweries to consider Q3 & 9M results
Dec 20,2016

G M Breweries announced that a meeting of the Board of Directors of the Company is scheduled to be held on 05 January 2017, to consider and to take on record interalia the unaudited Financial Results for the quarter/Nine months ending 31 December 2016.

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Apar Industries commences trail production at its new plant
Dec 20,2016

Apar Industries announced that the Company has started trial production of its Conductors during September 2016 at its new plant in Jharsuguda, in the State of Odissa.

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Welspun Enterprises spurts on buyback plan
Dec 20,2016

The announcement was made after market hours hours yesterday, 19 December 2016.

Meanwhile, the BSE Sensex was down 65.63 points, or 0.25%, to 26,309.07.

On the BSE, so far 2.70 lakh shares were traded in the counter, compared with average daily volumes of 1.36 lakh shares in the past one quarter. The stock had hit a high of Rs 66.65 and a low of Rs 59.55 so far during the day.

The stock hit a 52-week high of Rs 75.30 on 3 November 2016. The stock hit a 52-week low of Rs 43 on 12 February 2016. The stock had outperformed the market over the past 30 days till 19 December 2016, rising 1.28% compared with the 0.86% rise in the Sensex. The scrip had also outperformed the market in past one quarter, falling 5.70% as against Sensexs 7.53% decline.

The small-cap company has equity capital of Rs 174.28 crore. Face value per share is Rs 10.

Net profit of Welspun Enterprises rose 116.67% to Rs 2.86 crore on 16.93% rise in net sales to Rs 33.22 crore in Q2 September 2016 over Q2 September 2015.

Welspun Enterprises key activity is in the infrastructure business. The company has executed infrastructure projects such as highways, bridges, industrial, residential and commercial buildings.

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8K Miles Software jumps on acquisition of US firm
Dec 20,2016

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

Meanwhile, the S&P BSE Sensex was down 85.45 points or 0.32% at 26,289.25.

On the BSE, 26,000 shares were traded on the counter so far as against the average daily volumes of 10,047 shares in the past one quarter. The stock had hit a high of Rs 701.90 and a low of Rs 651 so far during the day.

The stock had a hit record high of Rs 956.25 on 14 January 2016 and a 52-week low of Rs 478.13 on 12 Febraury 2016. The stock had underperformed the market over the past one month till 19 December 2016, declining 1.43% compared with the Sensexs 0.86% rise. The scrip had also underperformed the market over the past one quarter declining 9.92% as against the Sensexs 7.89% fall.

The small-cap company has equity capital of Rs 15.26 crore. Face value per share is Rs 5.

8K Miles Software Services announced that its US-subsidiary 8K Miles Software Services, Inc has entered into a definitive Agreement to acquire Cornerstone Advisors Group, LLC (Cornerstone), a leading US healthcare information technology company, for $10,250,000 inclusive of earn-out payments as a combination of cash and stock from the 8K Miles US-subsidiary.

Once completed, the acquisition of Cornerstone will further strengthen 8K Miles position as a partner, consultant and technology solution provider to healthcare clients in the US.

Suresh Venkatachari, Chairman & CEO of 8K Miles said that with the acquisition of Cornerstone, the company will add more than 50 top healthcare experts, consultants and practice directors in the US. Also, this acquisition strengthens 8k Miles position as a thought leader in healthcare information technology services.

This acquisition is subject to customary closing conditions and is expected to close in Q4 March 2017.

8K Miles Software Services consolidated net profit rose 22.24% to Rs 23.63 crore on 17.62% growth in net sales to Rs 122.18 crore in Q2 September 2016 over Q1 June 2016.

8K Miles Software Services is a leading global IT business transformation, secure cloud solutions and managed services company.

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The Phoenix Mills gains on plan to hike stake in subsidiary
Dec 20,2016

The announcement was made after market hours yesterday, 19 December 2016.

Meanwhile, the BSE Sensex was down 71.49 points, or 0.27%, to 26,303.21.

On the BSE, so far 566 shares were traded in the counter, compared with average daily volumes of 2,516 shares in the past one quarter. The stock had hit a high of Rs 376 and a low of Rs 366.85 so far during the day.

The stock hit a 52-week high of Rs 445 on 8 September 2016. The stock hit a 52-week low of Rs 238.30 on 29 February 2016. The stock had outperformed the market over the past 30 days till 19 December 2016, rising 8.63% compared with the 0.86% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, falling 14.11% as against Sensexs 7.53% decline.

The mid-cap company has equity capital of Rs 30.61 crore. Face value per share is Rs 2.

The Phoenix Mills entered into a share purchase agreement for acquisition of the entire 15.18% stake in its subsidiary Offbeat Developers (ODPL) held by Vistra ITCL (India) and IIRF Holdings X. Further, the company has entered into a share purchase agreement to acquire Eder Rivers entire 4.98% stake in ODPL. Subsequent to the completion of both the aforesaid transactions, the shareholding of The Phoenix Mills in ODPL will increase from 74.48% to 94.64%.

On a consolidated basis, net profit of Phoenix Mills rose 41.98% to Rs 54.28 crore on 16.22% rise in net sales to Rs 491.08 crore in Q2 September 2016 over Q2 September 2015.

The Phoenix Mills focuses on real estate development and entertainment.

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Indo Count Industries Executive Chairman wins Best CEO (Textile & Apparel) Award 2016
Dec 20,2016

Indo Count Industries announced that Anil Kumar Jain, Executive Chairman, was honoured with n++Business Today Best CEO (Textiles & Apparel)n++ Award for the year 2016.

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Best Steel Logistics gets short term credit rating
Dec 20,2016

Best Steel Logistics has received the short term rating of [ICRA]A2+(SO) from ICRA.

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