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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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Dr Reddys Laboratories gets unfavourable decision of US District Court
Feb 16,2017

Dr Reddys Laboratories announced that the United States District Court for the District of New Jersey issued its opinion regarding Helsinn Healthcares patent infringement claims against Dr Reddys Laboratories.

The Court found that Dr Reddys proposed palonosetron hydrochloride 0.25 mg / 5 ml product infringes claims of US patent Nos. 7947724, 8729094 and 9066980, and that the asserted claims of the 094 and 098 patents were not valid.

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Nestle India slips after weak Q4 results
Feb 16,2017

The result was announced after trading hours yesterday, 15 February 2017.

Meanwhile, the BSE Sensex was up 7.07 points, or 0.03%, to 28,162.63.

On the BSE, so far 1,385 shares were traded in the counter, compared with average daily volumes of 5,675 shares in the past one quarter. The stock had hit a high of Rs 6,126.85 and a low of Rs 5,957.20 so far during the day.

The stock hit a 52-week high of Rs 7,390 on 29 July 2016. The stock hit a 52-week low of Rs 4,990 on 29 February 2016.

The large-cap company has equity capital of Rs 96.42 crore. Face value per share is Rs 10.

Nestle Indias net profit rose 64.5% to Rs 926.54 crore on 12.8% increase in net sales to Rs 9159.28 crore in the year ended December 2016 over the year ended December 2015.

Nestle India is a subsidiary of Nestle S.A. of Switzerland. Nestle S.A. currently holds 62.76% stake in Nestle India (as per the shareholding pattern as at 31 December 2016).

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Honble Bombay High Court dismisses winding up petition against Ruchi Soya
Feb 16,2017

Ruchi Soya Industries announced that the Honble Bombay High Court has dismissed the winding up petition against Ruchi Soya filed by IDFC Bank. The order of dismissal was pronounced on 14 February 2017.

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Cabinet approves signing of Air Services Agreement between India and Rwanda
Feb 16,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the signing of Air Services Agreement between India and Rwanda.

The Agreement has the potential to spur greater trade, investment, tourism and cultural exchange between India and Rwanda, bringing it in tune with developments in the civil aviation sector. It will provide enabling environment for enhanced and seamless connectivity while providing commercial opportunities to the carriers of both the sides ensuring greater safety and security.

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Gracious Software to hold board meeting
Feb 16,2017

Gracious Software will hold a meeting of the Board of Directors of the Company on 18 February 2017, to delist the Equity shares of the Company from Institutional Trading Platform of BSE Limited in terms of the provisions of Chapter XC of SEBI ICDR Regulations, 2009 as amended upto date;

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Northlink Fiscal and Capital Serv. to hold EGM
Feb 16,2017

Northlink Fiscal and Capital Serv. announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 16 March 2017.

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RCL Foods to hold board meeting
Feb 16,2017

RCL Foods will hold a meeting of the Board of Directors of the Company on 21 February 2017, to approve the Unaudited financial results of the Company for the Quarter ended 31 December 2016.

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Hindustan Everest Tools to hold board meeting
Feb 16,2017

Hindustan Everest Tools will hold a meeting of the Board of Directors of the Company on 20 February 2017, to consider and approve unaudited financial results for the quarter ending 31 December 2016.

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TCS gains after buyback proposal
Feb 16,2017

The announcement was made after trading hours yesterday, 15 February 2017.

Meanwhile, the BSE Sensex was up 59.33 points, or 0.21%, to 28,214.89.

On the BSE, so far 17,000 shares were traded in the counter, compared with average daily volumes of 1.01 lakh shares in the past one quarter. The stock had hit a high of Rs 2,477.50 and a low of Rs 2,448.05 so far during the day.

The stock hit a 52-week high of Rs 2,740 on 12 August 2016. The stock hit a 52-week low of Rs 2,054.70 on 15 November 2016.

The large-cap company has equity capital of Rs 197.04 crore. Face value per share is Re 1.

On a consolidated basis, TCS net profit rose 3.20% to Rs 6814 crore on 1.54% increase in net sales to Rs 29735 crore in Q3 December 2016 over Q2 September 2016.

TCS is an IT services, consulting and business solutions organization.

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Sasken Communication Technologies renamed as Sasken Technologies
Feb 16,2017

Sasken Communication Technologies announced that the Registrar of Companies, Bengaluru, Karnataka have issued a fresh Certificate of Incorporation on 14 February 2017 pursuant to change of name to Sasken Technologies. The said change is effective from 14 February 2017.

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Dr. Mahesh Sharma launches pre-loaded Sim Card for Tourists arriving in India on E-visa
Feb 16,2017

Dr. Mahesh Sharma,Minister of State (Independent Charge) for Tourism and Culture, launched the initiative of the Ministry of Tourism, Government of India for providing pre-loaded Sim Card to foreign tourists arriving in India on e-Visa here today. Addressing on the occasion, he said that this unique initiative will facilitate the foreign tourists in communicating with their acquaintances immediately after their arrival in India. Earlier, the Ministry of Tourism had also launched a 24 x 7 Tourist Helpline 1800111363 in Twelve foreign languages so that the foreign tourists can get the required information in their own language. The Minister presented the First Kit containing Sim to a representative of Travel and Tourism sector.

This initiative has been launched in association with Bharat Sanchar Nigam, (BSNL), wherein BSNL would distribute pre-loaded SIM Cards to foreign tourists arriving in India on e-Visa. This facility will be initially available in the Indira Gandhi International Airport (T3 Terminal), New Delhi and later cover remaining 15 international airports, where e-Visa facility is currently available.

To avail pre-loaded Sim Card, BSNL will collect e-Visa copy and the first page of passport from foreign tourists on arrival at the airport. This facility is only available for tourists arriving in India on e-Visa. Sim cards will be pre-loaded with a value of Rs. 50 talk time and 50 MB data and will be activated on immediate basis so as to enable them use this facility instantly. This initiative is also aimed at providing connectivity to foreign touriststo enable them to stay in touch with their near and dear ones and also help them to contact with the 24x7 Multi lingual toll free helpline of Ministry of Tourism for any assistance and guidance during times of distress / medical emergency, etc.

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Canara Bank signs MoU with Ministry of HRD
Feb 16,2017

Canara Bank announced that an MOU has been signed between Canara Bank and the Ministry of HRD at New Delhi on 09 February 2017 towards operationalizing the Higher Education Financing Agency (HEFA).

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State Bank of India intimates of Cabinet approval for proposed merger with 5 associate banks
Feb 16,2017

State Bank of India announced that the Finance Minister of India, in a press briefing earlier on 15 February 2017 has announced that the Cabinet has approved the proposal for merger of State Bank of Bikaner & Jaipur (SBBJ), State Bank of Mysore (SBM), State Bank of Travancore (SBT), State Bank of Patiala (SBP) and State Bank of Hyderabad (SBH) with State Bank of India.

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State Bank of India intimates of Cabinet approval for proposed merger of 5 associate banks with SBI
Feb 16,2017

State Bank of India announced that the Finance Minister of India, in a press briefing earlier on 15 February 2017 has announced that the Cabinet has approved the proposal for merger of State Bank of Bikaner & Jaipur (SBBJ), State Bank of Mysore (SBM), State Bank of Travancore (SBT), State Bank of Patiala (SBP) and State Bank of Hyderabad (SBH) with State Bank of India.

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Update on Tata Steel UK Pension Scheme
Feb 16,2017

Tata Steel announced that the National Trade Union Steel Coordinating Committee (Steel Committee) in the UK has announced with its statement dated 15 February 2017 that its members have voted to support the Companys proposals including the proposal to close the pension scheme in the UK to future accrual.

The formal pension consultation is expected to conclude in the coming days and Tata Steel UK, will continue to review all of the responses and feedback received during this process and will continue to work with the Steel Committee and all relevant stakeholders.

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