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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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Laurus Labs completes USFDA inspection of its API facilities in Visakhapatnam
Aug 19,2017

Laurus Labs has completed USFDA inspection of its API facilities in Units 1 & 3 at Parawada, Visakhapatnam, Andhra Pradesh, with two obeservations which are only procedural in nature on 18 August 2017.

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Board of Infosys approves buyback of shares for an aggregate Rs 13000 cr
Aug 19,2017

The Board of Infosys at its meeting held on 19 August 2017 has approved buyback of its fully paid equity shares of Rs 5 each for an amount not exceeding Rs 13000 crore. The Buyback offer size is 20.51% of the total paid up equity capital and free reserves of the Company.

The buyback offer will comprise a purchase of upto 113,043,478 equity shares aggregating up to 4.92% of the paid up capital of the Company at a price of Rs 1150 per equity share.

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Indian Overseas Bank intimates of All India strike
Aug 19,2017

Indian Overseas Bank announced that the members of the United Forum of Bank Unions proposes to go on strike on 22 August 2017. The operations of the Banks branches and offices will be affected partially or fully, in case the strike materialises.

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Board of Intellect Design Arena approves allotment of 2.31 cr rights shares
Aug 19,2017

Intellect Design Arena announced that the Board of the Company at its meeting held on 19 August 2017 has approved the allotment of 2,31,35,710 fully paid up Rights Equity Shares of face value of Rs. 5/- each at a price of Rs. 86 (including premium of Rs. 81) per Rights equity share to the eligible equity shareholders of the Company on the basis of allotment as approved by NSE, the designed stock exchange.

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Rashtriya Chemicals & Fertilizers to pay dividend
Aug 19,2017

Rashtriya Chemicals & Fertilizers announced that dividend warrants for FY 2017 will be dispatched on 27 September 2017, subject to approval by shareholders.

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Board of Nava Bharat Ventures approves setting up new subsidiary in Singapore
Aug 19,2017

Nava Bharat Ventures announced that the Board of Directors of the Company at its meeting held on 18 August 2017 has inter alia, approved the following proposals:

1) Formation of special purpose vehicle (SPV) as a wholly owned subsidiary of the Company in Singapore for pursuing emerging business opportunities, including Healthcare Enabled Services abroad, with an investment commitment upto US $ 11 million over a period of time.

2) Co-option of Ashwin Devineni as an Additional Director (Non-Executive and Non-Independent) on the Board of the Company with immediate effect.

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HealthCare Global Enterprises to acquire 17.72% stake in Suchirayu Health Care Solutions
Aug 19,2017

HealthCare Global Enterprises has entered into a Share Purchase Agreement and Shareholders Agreement relating to the purchase of shares of Suchirayu Health Care Solutions (Suchirayu) to an extent of 17.72% for a cash consideration of Rs 5 lakh.

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Thyrocare Technologies announces change in directorate
Aug 19,2017

Thyrocare Technologies has appointed Dr. Indumati Gopinathan (DIN: 06779331) as a Non-Executive Non-Independent Director in the place of Sohil Chand, (DIN: 02170052), the retiring director, who had expressed his intention not to seek reappointment.

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Board of Automotive Axles appoints company secretary and compliance officer
Aug 19,2017

The Board of Automotive Axles at its meeting held on 18 August 2017 has appointed Debadas Panda as the Company Secretary and Compliance Officer of the Company effective 18 August, 2017

Further Thejeshwini. N ceased to be Company Secretary and Compliance Office of the Company effective 18 August, 2017.

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Max Financial Services to allot 4,07,768 shares
Aug 19,2017

Max Financial Services announced that the Nomination and Remuneration Committee of the Company, on 18 August 2017, approved allotment of 4,07,768 equity shares of Rs.2/- each of the Company for cash, to certain stock option-holders arising from the exercise of Stock Options granted by the Company earlier.

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Web Based System for Online Processing of Application for ICD/CFS/AFS
Aug 19,2017

The Government has simplified the process for companies to set up an Inland Container Depot (ICD)/ Container Freight Station (CFS)/Air Freight Station (AFS). The improved procedure is aimed at ensuring a speedier and more transparent approval process. Towards this objective, companies can now make their application online and view its progress/update on-line, without a visit to any government office. Also this is a pioneer attempt as a major Inter-Ministerial IT application rather than a mere Intra-Ministerial IT initiative.

The approval process for setting up an ICD/CFS/AFS involves many departments. This is facilitated through an Inter-Ministerial Committee (IMC) which consists of officials from Ministries of Commerce, Finance (Dept. of Revenue), Railways and Shipping. If required, the view of the respective State Government is also sought. This IMC is housed in the Department of Commerce which is mandated to act as a single window for the approval process.

CURRENT PROCESS

In the current process the applicant submits as many as ten physical copies of the application form with the requisite documents to the Infrastructure Division at Department of Commerce (DoC), New Delhi, besides one copy with the Jurisdictional Commissioner of Customs.

The current process of examination of the application is very cumbersome and the application form is very bulky with the ancillary material running into almost 500-1000 pages. This is initially scrutinized by the Department of Commerce for adherence to the land acquisition guidelines. Copies of the application are then sent to Ministry of Railways, Shipping, Civil Aviation and Department of Revenue (CBEC) for scrutiny and comments. Department of Revenue (CBEC) then sends the copies of this application to the Jurisdictional Commissioners in the field and thereafter on receiving a report from them sends their clearances to Department of Commerce. Upon receiving the comments from the Ministry of Railways, Shipping, Civil Aviation and Department of Revenue (CBEC), Department of Commerce convenes the meeting of Inter-Ministerial Committee where the application is reviewed on the basis of the comments received, and a decision taken on issue of the Letter of Intent (LoI) to the applicant.

Upon receiving the approval, the applicant is required to set up the infrastructure within one year from the date of approval. The IMC may grant an extension of six months after reviewing the justification for delays given by the party.

After the applicant has put up the required infrastructure, conformed with the security standards of the Jurisdictional Commissioner of Customs and provided a bond backed by bank guarantee to the Customs, a final clearance and Customs notification is issued by the Customs department which then declares the facility operational.

IMPROVED PROCESS

There have been frequent complaints from the Stakeholders (applicants) that the manual process is very cumbersome and not only does it result in loss of documents in the transit but also there is lack of transparency regarding the status of various clearances by the various agencies/departments. There have been persistent demands from the various stakeholders to streamline the processes and therefore, Department of Commerce embarked upon a project to have the complete process made online for the convenience of the applicants.

Now with the culmination of the project, the backend process will also be online and the applicant can see the various stages of processing of his application in the various Ministries/Departments as it is visible online.

Apart from saving reams of paper, the process also brings about greater transparency by disclosing the status of the application. This includes sending out SMS and Email alerts to keep all the stakeholders abreast with the progress.

This approach was conceived under the broader umbrella motto of the government - n++Minimum Government, Maximum Governancen++ espoused by honourable Prime Minister Shri Narendra Modi

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Kharif Crop Sowing Crosses 976 Lakh Hectare Area
Aug 18,2017

The total sown area as on 18th August 2017, as per reports received from States, stands at 976.34 lakh hectare as compared to 984.57 lakh hectare at this time last year.

 It is reported that rice has been sown/transplanted in 341.58 lakh ha, pulses in 130.68 lakh ha, coarse cereals in 171.75 lakh ha, sugarcane in 49.78 lakh hectare and cotton in 118.14 lakh ha.

 The details of the area covered so far and that covered during this time last year are given below:

                                                                                                                                Lakh hectare 

CropArea sown in 2017-18Area sown in 2016-17Rice341.58340.14Pulses130.68135.42Coarse Cereals171.75179.17Oilseeds157.36175.10Sugarcane49.7845.64Jute & Mesta7.057.56Cotton118.14101.54Total976.34984.57

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Khaitan (India) reports standalone net profit of Rs 0.06 crore in the June 2017 quarter
Aug 18,2017

Net profit of Khaitan (India) reported to Rs 0.06 crore in the quarter ended June 2017 as against net loss of Rs 1.56 crore during the previous quarter ended June 2016. Sales rose 425.00% to Rs 12.18 crore in the quarter ended June 2017 as against Rs 2.32 crore during the previous quarter ended June 2016.

ParticularsQuarter Endedn++Jun. 2017Jun. 2016% Var. Sales12.182.32 425 OPM %0.826.47 - PBDT0.60-1.11 LP PBT0.06-1.56 LP NP0.06-1.56 LP

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SSPDL consolidated net profit declines 98.60% in the June 2017 quarter
Aug 18,2017

Net profit of SSPDL declined 98.60% to Rs 0.10 crore in the quarter ended June 2017 as against Rs 7.13 crore during the previous quarter ended June 2016. Sales declined 40.38% to Rs 18.63 crore in the quarter ended June 2017 as against Rs 31.25 crore during the previous quarter ended June 2016.

ParticularsQuarter Endedn++Jun. 2017Jun. 2016% Var. Sales18.6331.25 -40 OPM %8.0033.50 - PBDT0.7010.03 -93 PBT0.599.85 -94 NP0.107.13 -99

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Suyog Telematics standalone net profit rises 42.25% in the June 2017 quarter
Aug 18,2017

Net profit of Suyog Telematics rose 42.25% to Rs 4.68 crore in the quarter ended June 2017 as against Rs 3.29 crore during the previous quarter ended June 2016. Sales rose 55.90% to Rs 19.30 crore in the quarter ended June 2017 as against Rs 12.38 crore during the previous quarter ended June 2016.

ParticularsQuarter Endedn++Jun. 2017Jun. 2016% Var. Sales19.3012.38 56 OPM %46.0146.45 - PBDT7.625.04 51 PBT6.594.52 46 NP4.683.29 42

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