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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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Goa Carbon resumes operations at Bilaspur Unit
Mar 03,2017

Goa Carbon announced that its Bilaspur Unit located at 34-40, Sector B, Sirgitti Industrial Area, Bilaspur (Chattisgarh), has resumed operations from 02 March 2017.

There would not be any financial impact due to the temporary shutdown of the Companys Bilaspur Unit as there was sufficient inventory of finished material.

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Goa Carbon resumes operations at Bilaspur Unit
Mar 03,2017

Goa Carbon announced that its Bilaspur Unit located at 34-40, Sector B, Sirgitti Industrial Area, Bilaspur (Chattisgarh), has resumed operations from 02 March 2017.

There would not be any financial impact due to the temporary shutdown of the Companys Bilaspur Unit as there was sufficient inventory of finished material.

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Pidilite Industries allots 7,400 equity shares
Mar 03,2017

Pidilite Industries has allotted on 03 March 2017, 7400 equity shares of face value of Re.1/- each in the share capital of the Company for cash at par to the eligible employees of the Company who exercised their stock option under ESOS-2012. These shares shall rank pari passu, in all respects with the existing equity shares of the Company.

After allotment of aforesaid equity shares, the share capital of the Company stands increased from 51,26,75,330 to 51,26,82,730.

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Pidilite Industries allots 7,400 equity shares
Mar 03,2017

Pidilite Industries has allotted on 03 March 2017, 7400 equity shares of face value of Re.1/- each in the share capital of the Company for cash at par to the eligible employees of the Company who exercised their stock option under ESOS-2012. These shares shall rank pari passu, in all respects with the existing equity shares of the Company.

After allotment of aforesaid equity shares, the share capital of the Company stands increased from 51,26,75,330 to 51,26,82,730.

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MSTC supports the Promotion of Agri-Forest Produce of the North Eastern Region
Mar 03,2017

The Minister of State (Steel) Shri Vishnu Deo Sai said that the North-East Region is endowed with a climate for rich agri and forest produce but the growers do not have any market access for their produce and are compelled to be exploited by middle men leading to a very pitiable situation for them. The situation is also aggravated due to the lack of proper logistic supports in the region.

The Minister appreciated MSTCs vision towards developing an eco system bringing all the enabling partners such as North-Eastern Regional Agriculture and Marketing Corporation (NERAMAC), Central Railside Warehousing Corporation (CRWC), Packaging Company and Inland Waterways Authority (IWA).

The above ecosystem will not only improve the financial status of the growers but also prevent the crops from colossal wastage and make niche products available to the rest of the country. This collaborative effort may play an important role as envisaged in the Government Policy for the development of the north-east region.

In order to provide direct market access to the growers of the North-East region and also effective co-ordination and required services amongst the above agencies, MSTC has recently opened an office at Guwahati, which will be a nodal point to cater to the needs of all the sister states of the North-East.

MSTC, a PSU under Ministry of Steel has also been rendering services to the oil marketing companies and paramilitary forces including defence in this region since long. In addition, MSTC is eying on all the State Government Departments of North-East states to provide e-Commerce services.

To increase its presence and services in the North East Region, the Minister of State for Steel has advised MSTC to waive off the registration fees charged to the new buyers in the North East Region to increase its buyer base and help the region in reaping the benefits of the e-commerce services.

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Lancor Holding provides update on scheme of amalgamation
Mar 03,2017

Lancor Holding announced that the Honble Madras High Court has approved the Scheme of Amalgamation of Lancor Guduvancherry Developments (LGDL - Transferor - 1) and Lancor Sriperumbudur Developments (LSDL - Transferor - 2) with Lancor Holdings (LHL - Transferee) vide order dated 03 January 2017. Subsequently the company received the certified true copy of the order on 13 February 2017.

Further, Lancor Holdings (Transferee) filed the aforesaid Court order through appropriate e-forms with the Registrar of Companies (ROC), Chennai on 28 February 2017.

Consequently, the abovementioned companies viz., Lancor Guduvancherry Developments (LGDL) and Lancor Sriperumbudur Developments (LSDL) stand merged with Lancor Holdings w.e.f. 28 February 2017.

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Lancor Holding provides update on scheme of amalgamation
Mar 03,2017

Lancor Holding announced that the Honble Madras High Court has approved the Scheme of Amalgamation of Lancor Guduvancherry Developments (LGDL - Transferor - 1) and Lancor Sriperumbudur Developments (LSDL - Transferor - 2) with Lancor Holdings (LHL - Transferee) vide order dated 03 January 2017. Subsequently the company received the certified true copy of the order on 13 February 2017.

Further, Lancor Holdings (Transferee) filed the aforesaid Court order through appropriate e-forms with the Registrar of Companies (ROC), Chennai on 28 February 2017.

Consequently, the abovementioned companies viz., Lancor Guduvancherry Developments (LGDL) and Lancor Sriperumbudur Developments (LSDL) stand merged with Lancor Holdings w.e.f. 28 February 2017.

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Board of Sadhbhav Engineering approves change in directorate
Mar 03,2017

Sadhbhav Engineering announced that the Board of Directors of the Company at its meeting held on 03 March 2017 has transacted the following -

Conferred the Honorary title of Chairman Emeritus to Vishnubhai M Patel.

The Board has appointed Shashin V Patel, Non Executive Director as Chairman of the Company due to resignation of Vishnubhai Patel on health grounds.

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Board of SRS Finance accepts resignation of director
Mar 03,2017

SRS Finance announced that the Board of Directors of the Company in its meeting held on 03 March 2017 has accepted the resignation of Naveen Tanyal, Non Executive Director from the directorship of the Company with effect from 03 March 2017.

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Shreyas Intermediates announces resignation of director
Mar 03,2017

Shreyas Intermediates announced that Ramchandra Dhondu Ghanekar has resigned from the office of Whole-time Director of the Company with effect from 3 March 2017 due to his pre-occupation.

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Board of Sadbhav Infrastructure Project approves change in directorate
Mar 03,2017

Sadbhav Infrastructure Project announced that the Board of Directors of the Company at its meeting held on 03 March 2017 has transacted the following -

Conferred the Honorary title of Chairman Emeritus to Vishnubhai M Patel.

The Board has appointed Shashin V Patel, Non Executive Director as Chairman of the Company due to resignation of Vishnubhai Patel on health grounds.

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Board of Sahyog Multibase appoints director
Mar 03,2017

Sahyog Multibase announced that at the meeting of the Board of Directors of the Company held on 3 March 2017 interalia, Vishesh Gupta was appointed as an Additional Director of the Company w.e.f. 03 March 2017.

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Ind Bank Housing announces change in registered office
Mar 03,2017

Ind Bank Housing has shifted its registered office from 01 March 2017 to 3rd Floor, 480, Anna Salai, Nandanam, Chennai 600035.

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Punjab National Bank raises Rs 1500 crore
Mar 03,2017

Punjab National Bank has raised Rs 1500 crore Additional Tier-1 (Basel III Compliant) Capital Bonds at a coupon rate of 8.95% p.a., payable semi-annually on private placement basis on 03 March 2017.

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Jubilant FoodWorks extends Thursdays gains
Mar 03,2017

Meanwhile, the S&P BSE Sensex was down 15.44 points or 0.05% at 28,824.35.

On the BSE, 82,000 shares were traded on the counter so far as against the average daily volumes of 60,242 shares in the past one quarter. The stock had hit a high of Rs 1,060.20 and a low of Rs 1,025.50 so far during the day.

The stock had hit a 52-week high of Rs 1,347.65 on 27 April 2016 and a 52-week low of Rs 761 on 26 December 2016. It had outperformed the market over the past one month till 2 March 2017, gaining 12.3% compared with the Sensexs 2.17% rise. The scrip had also outperformed the market over the past one quarter, advancing 18.52% as against the Sensexs 9.95% rise.

The mid-cap company has equity capital of Rs 65.95 crore. Face value per share is Rs 10.

Shares of Jubilant FoodWorks have risen 5.05% in two trading sessions from its closing price of Rs 1,003.20 on 1 March 2017, on reports a foreign brokerage has upgraded its rating on the stock to buy with a target price of Rs 1,228. The stock had risen 3.24% to settle at Rs 1,035.75 yesterday, 2 March 2017.

Jubilant FoodWorks net profit fell 31.9% to Rs 19.97 crore on 3.9% growth in net sales to Rs 658.76 crore in Q3 December 2016 over Q3 December 2015.

Jubilant FoodWorks is part of Jubilant Bhartia group and Indias largest food service company with a network of Dominos Pizza restaurants pan India. The company & its subsidiary have the exclusive rights to develop and operate Dominos Pizza brand in India, Sri Lanka, Bangladesh and Nepal. The company also has exclusive rights for developing and operating Dunkin Donuts restaurants for India.

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