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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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Assambrook announces board meeting date
Aug 02,2017

Assambrook will hold a meeting of the Board of Directors of the Company on 11 August 2017, to consider and approve the Un-audited Financial Result for the quarter year ended 30th June, 2017.

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Khaitan Electricals to declare Quarterly Result
Aug 02,2017

Khaitan Electricals will hold a meeting of the Board of Directors of the Company on 10 August 2017, to consider approve and take on record the Un-audited Financial Results (Provisional) for the First Quarter ended as on 30th June, 2017, to discuss, consider and approve the appointment and terms and condition of appointment of statutory Auditor, & to fix date, time venue of the Annual General Meeting

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Ballarpur Industries to hold board meeting
Aug 02,2017

Ballarpur Industries will hold a meeting of the Board of Directors of the Company on 8 August 2017.

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RBI has issued Cyber Security Framework in Banks
Aug 02,2017

As per data reported by the Reserve Bank of India (RBI), the number of cyber crime pertaining to credit card, ATM, debit card and Internet banking shows a marginal increase of 4.4% from 13,083 in 2014-15, to 13,653 in 2016-17.

RBI has issued Cyber Security Framework in Banks, mandating banks to put in place a Board-approved cyber-security policy, which covers the risks from cyber threats and the measures to address/ mitigate these risks.

RBI has issued instructions to banks for reversal of erroneous debits arising from fraudulent or other transactions, and for Board-approved bank policy to cover customer protection, the mechanism of compensating the customer for the unauthorised electronic banking transactions, and display of the same on the banks website, along with the details of grievance-handling / escalation procedure. Under the Banking Ombudsman Scheme, if a customer does not receive any reply within a period of one month after receipt of representation by the bank or is not satisfied with the reply given, he can file a complaint before the Ombudsman, who can ask the bank to pay compensation of up to Rs. 20 lakh to the customer for loss, suffered by the customer due to an act of omission of the bank, and also compensation of up to Rs. 1 lakh for mental agony and harassment.

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Hero MotoCorp gains after decent July sales
Aug 02,2017

The announcement was made after market hours yesterday, 1 August 2017.

Meanwhile, the S&P BSE Sensex was up 37.49 points, or 0.12% to 32,612.66.

On the BSE, 2,768 shares were traded in the counter so far, compared with average daily volumes of 65,533 shares in the past one quarter. The stock had hit a high of Rs 3,820.50 and a low of Rs 3,743.45 so far during the day. The stock hit a record high of Rs 3,880.25 on 5 June 2017. The stock hit a 52-week low of Rs 2,844.40 on 17 November 2016.

The stock had underperformed the market over the past one month till 1 August 2017, falling 1.47% compared with 4.34% rise in the Sensex. The scrip had outperformed the market in past one quarter, rising 10.49% as against Sensexs 8.97% rise. The scrip had underperformed the market in past one year, rising 14.16% as against Sensexs 16.42% rise.

The large-cap company has equity capital of Rs 39.94 crore. Face value per share is Rs 2.

Hero MotoCorp said it commenced the second quarter of the fiscal with a robust six-lakh plus sales in July, despite sluggish sales for the first few days of the month due to the transition to goods and services tax (GST). The company said it is confident of carrying forward this growth momentum into the upcoming festive season.

Net profit of Hero MotoCorp rose 3.50% to Rs 914.04 crore on 7.74% rise in net sales to Rs 7971.58 crore in Q1 June 2017 over Q1 June 2016.

Hero MotoCorp is the worlds largest manufacturer of two-wheelers.

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Board of Den Networks approves change in directorate
Aug 02,2017

The Board of Den Networks announced that the Board of Directors of the Company at its meeting held on 01 August 2017 has accepted the resignation of Dr Archana Niranjan Hingorani from the directorship of the Company. The Board has appointed Krishnakumar Gangadharan as Non Executive Director of the Company.

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Board of Vitan Agro Industries approves change in directorate
Aug 02,2017

Vitan Agro Industries announced that the Board of Directors of the Company at its meeting held on 01 August 2017 approved the following -

1. Appointment of Navin Somani Kumar (DIN: 07887499) as an Additional Director of the Company with immediate effect.

2. Appointment of Priyanka Gaur (DIN: 07775206) as an Additional cum Independent Director of the Company with immediate effect.

3. Resignation of Baskaran Sathya Prakash (DIN: 01786634), Independent Director of the Company with immediate effect.

4. Resignation of Thilagarasu Venkatasamy (DIN: 01753148), Whole time Director of the Company with immediate effect.

5. Appointment of Navin Somani Kumar (DIN: 07887499) as Managing Director of the Company w.e.f. 02 August, 2017.

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Hinduja Global Solutions fixes record date for interim dividend
Aug 02,2017

Hinduja Global Solutions has fixed 18 August 2017 as record date for interim dividend.

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Bajaj Auto sales fall 7% in July 2017
Aug 02,2017

Bajaj Auto achieved total sales of 307,727 units in July 2017 compared to 329,833 units in July 2016, recording a decline of 7%. Total sales included domestic sales of 186,497 units and exports of 121,230 units in July 2017, recording decline of 6% and 8% respectively over July 2016.

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Glenmark Pharmaceuticals receives ANDA approval for Acyclovir Ointment
Aug 02,2017

Glenmark Pharmaceuticals has been granted final approval by the United States Food & Drug Administration for Acyclovir Ointment USP, 5%, the generic version of Zoviraxn++ Ointment, 5%, of Valeant International Bermuda.

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Australia Building approvals jumps 10.9% in June
Aug 02,2017

The number of dwellings approved rose 10.9% in June 2017, in seasonally adjusted terms, following a fall of 5.4% in the previous month, according to data released by the Australian Bureau of Statistics (ABS) on Wednesday, 02 August 2017. Approvals for private sector houses rose 3.4% in June, and the other dwellings category, which includes apartment blocks and townhouses, was up 20%.

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PBOC Injects CNY120 billion at OMOs
Aug 02,2017

The Peoples Bank of China injected CNY90 billion in seven-day reverse repos and CNY30 billion in 14-day reverse repos via open-market operations on Wednesday. This resulted in a net zero injection/drain for the day. A total of CNY120 billion in reverse repos matures Wednesday.This is the third consecutive trading day that the PBOC didnt change liquidity.

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Interest rate sensitives in spotlight on RBI policy
Aug 02,2017

Interest rate sensitive auto, banking and realty stocks will be watched ahead of the Reserve Bank of Indias (RBI) monetary policy meeting outcome at 14:30 IST today, 2 August 2017. In June 2017, RBI kept the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.25%. Consequently, the reverse repo rate under the LAF remained at 6%, and the marginal standing facility (MSF) rate and the Bank Rate at 6.5%.

Hero MotoCorp said its total two-wheeler sales rose 17.1% to 6.23 lakh units in July 2017 over July 2016, despite sluggish sales for the first few days of the month due to the transition to GST. The announcement was made after market hours yesterday, 1 August 2017.

Coal India reported production and offtake figures for July 2017, which were close to their targets for the month. Coal India said that production of the company and its subsidiary companies on provisional basis was 97% of targeted production at 36.64 million tonnes in July 2017. Offtake was 99% of target at 44.33 million tonnes in July 2017. The announcement was made after market hours yesterday, 1 August 2017.

Hindustan Copper will be watched. The government will sell 3.70 crore equity shares, or 4% equity, in Hindustan Copper at a floor price of Rs 64.75 each through a two-day offer-for-sale (OFS) beginning today, 2 August 2017, with an option to issue a similar number of shares in case of over subscription. The announcement was made after market hours yesterday, 1 August 2017.

Pharma major Lupin announced that it has received final approval for its Fluocinonide Topical Ointment USP, 0.05% from the United States Food and Drug Administration (FDA) to market a generic version of County Line Pharmaceuticals, LLCs Lidex Ointment, 0.05%. Lupins Fluocinonide Topical Ointment USP, 0.05% is AB rated generic equivalent of County Line Pharmaceuticals, LLCs Lidex Ointment, 0.05%. It is indicated for the relief of the inflammatory and pruritic manifestations of corticosteroid-responsive dermatoses. Lidex Ointment had US sales of $40.3 million as per IMS MAT March 2017. The announcement was made after market hours yesterday, 1 August 2017.

Dredging Corporation of India (DCI) has participated in the tender invited by Mumbai Port Trust for maintenance dredging work for three years from 2017-2018. The project involves dredging of around 11 million cum at an estimated cost of Rs 141.06 crore for 3 years. DCI stood L1 (lowest bidder) in a stiff competition with an international company at a cost of Rs 83.998 crore. Mumbai Port Trust is expected to issue the work order soon. DCI re-captured the maintenance dredging work at Mumbai Port after almost a decade. The announcement was made after market hours yesterday, 1 August 2017.

Swan Energy announced that its subsidiary, Swan LNG, executed contract agreement worth Rs 459 crore for engineering, procurement, construction and commissioning (EPCC) of the LNG jetty topside and onshore facilities for its 5 million metric tonnes per annum (MMTPA) FSRU based LNG port project near Jafrabad, Gujarat, India with Black & Veatch. The announcement was made after market hours yesterday, 1 August 2017.

GSFC announced that Ammonia-IV plant is re-started after rectifying the problems. Ammonia production is started (at 70% capacity) since 30 July 2017. Production levels of downstream plants are being increased which were affected due to Ammonia availability. During stoppage of Ammonia production, liquid Ammonia was arranged to maximum possible extent through external supply. Operation of Urea-II plant shall also commence shortly. The announcement was made after market hours yesterday, 1 August 2017.

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Asia Pacific Market: Stocks likely trade firm on positive offshore cues
Aug 02,2017

Asia Pacific share market expected to commence trading with firm footing on Wednesday, 02 August 2017, thanks to record close of US markets overnight.

U.S. stocks closed higher on Tuesday and the Dow Jones Industrial Average racked up a fifth straight record high powered by Goldman Sachs, JPMorgan Chase and other banks. The Dow Jones Industrial Average was up 71.36 points, or 0.33%, to 21,962.48, the S&P 500 had gained 5.97 points, or 0.24%, to 2,476.27 and the Nasdaq Composite had added 14.82 points, or 0.23%, to 6,362.94.

In the U.S., the core personal consumption expenditure (PCE) price index for June - which is watched by the Federal Reserve as an estimate of inflation n++ rose 1.5% on-year. The PCE price index rose 0.1% on-month in June, reflecting tepid inflation. Meanwhile, U.S. consumer spending rose just 0.1% in June, while the ISM manufacturing index stood at 56.3, reflecting an expansion in factory activity.

The greenback was a tad higher after hitting a 15-month low earlier in the session on a mix of political uncertainty stateside and market expectations of further rate hikes from the Fed. The dollar index, which measures the dollar against a basket of rival currencies, stood at 93.052, off a low of 92.777 touched overnight. Against the yen, the dollar fetched 110.51 yen, off a low of 110.28 yen seen earlier in the overnight session.

In other economic news, a preliminary reading on gross domestic product (GDP) from the European Union reflected that second-quarter economic growth in the euro zone was healthy. The EUs estimate reflected GDP rose 0.6% in the second quarter, compared with the quarter before, and 2.1% on year.

In energy news, oil prices continued to trend lower after falling more than two% in the previous session after more reports that OPECs output rose last month despite the cartels deal to slash production. U.S. West Texas Intermediate crude prices ended Tuesdays session down $1.01, or 2% to $48.16. International Benchmark Brent crude futures were down $1.04, or 2%, at $51.68 per barrel.

OPECs crude output has been on the rise in recent months, led by Libya and Nigeria, which were exempt from the deal as they restored supplies sidelined by internal conflicts. That supply has come back more quickly than many market watchers anticipated. The producers have agreed to reduce supply by 1.8 million barrels a day through next March. The goal is to shrink global stockpiles of oil and balance the market after about three years of persistent oversupply that has weighed on crude prices.

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NIIT appoints CEO
Aug 01,2017

NIIT announced that Sapnesh Lalla who has been heading NIITs Global Corporate Business, has assumed charge as the CEO of the Company with effect from 01 August 2017.

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