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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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State Trading Corporation of India appoints directors
Feb 15,2017

State Trading Corporation of India announced that Ministry of Commerce & Industry vide its office order dated 27 January 2017 has conveyed the appointment of Mohan Lal Pareek and Dr. Amitabh Rajan as part time non-official Directors (Additional/Independent Director) on the Board of STC.

Further, Mohan Lal Pareek and Dr. Amitabh Rajan have been appointed as part time non-official on the Board of STC w.e.f. 14 February 2017.

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Wipro gains after powering Japans in-car Digital TV market
Feb 15,2017

The announcement was made before trading hours today, 15 February 2017.

Meanwhile, the BSE Sensex was down 21.15 points, or 0.07%, to 28,318.16.

On the BSE, so far 5,281 shares were traded in the counter, compared with average daily volumes of 1.11 lakh shares in the past one quarter. The stock had hit a high of Rs 478.70 and a low of Rs 474.50 so far during the day.

The stock hit a 52-week high of Rs 606.75 on 20 April 2016. The stock hit a 52-week low of Rs 410 on 9 November 2016.

The large-cap company has equity capital of Rs 486.18 crore. Face value per share is Rs 2.

Wipro announced that its Digital-TV (DTV) Middleware Solution, which facilitates In-Car TV reception systems, has been customized for the Japanese automotive market. Wipros DTV Middleware offering provides a turnkey solution for global Original Equipment Manufacturers (OEMs) of automotive infotainment systems to enable broadcast TV reception within vehicles. Wipros DTV Middleware Solution provides a robust, flexible and proven platform that allows device manufacturers to enable broadcast TV reception and related interactive services in automotive infotainment systems. Wipros In-Car DTV Middleware solution adds value to automotive OEM companies by supporting a range of features such as Antenna Diversity, Background Scans, Service Presets, One Touch Support, and Error concealments. These features facilitate the seamless consumption of premium entertainment content for in-car viewers.

Wipros consolidated net profit rose 2.04% to Rs 2109.40 crore on 0.93% decline in net sales to Rs 13764.50 crore in Q3 December 2016 over Q2 September 2016.

Wipro is a leading information technology, consulting and business process services company that delivers solutions to enable its clients do business better.

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Jagsonpal Pharmaceuticals announces resignation of director
Feb 15,2017

Jagsonpal Pharmaceuticals announced that Dr. Surinder Kumar Goyal, Director has resigned from Directorship of the Company w.e.f. 14 February 2017, his resignation has been approved by the Board of Directors in their meeting held on 14 February 2017.

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Entertainment Network (India) commences broadcast from Shillong radio station
Feb 15,2017

Entertainment Network (India) announced that the Company has on 15 February 2017 commenced broadcast from its radio station at Shillong (91.1 FM) - acquired under Phase 3 auctions held last financial year.

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Adani Enterprises gains after strong Q3 results
Feb 15,2017

The result was announced after market hours yesterday, 14 February 2017.

Meanwhile, the BSE Sensex was down 7.71 points, or 0.03%, to 28,331.60.

On the BSE, so far 1.22 lakh shares were traded in the counter, compared with average daily volumes of 5.29 lakh shares in the past one quarter. The stock had hit a high of Rs 93.85 and a low of Rs 91.40 so far during the day.

The stock hit a 52-week high of Rs 100.20 on 6 February 2017. The stock hit a 52-week low of Rs 58.35 on 9 November 2016.

The large-cap company has equity capital of Rs 109.98 crore. Face value per share is Re 1.

Adani Enterprises is the flagship entity of the Adani Group. It is one of the fastest growing diversified conglomerates with business interests across - coal trading and mining, renewable energy generation, agri-storage infrastructure and services as well as edible oil and gas distribution.

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Wipros Digital TV Middleware Solution enables In-Car TV reception
Feb 15,2017

Wipro announced that its Digital-TV Middleware Solution, which facilitates In-Car TV reception systems, has been customised for the Japanese automotive market. Wipros DTV Middleware offering provides a turnkey solution for global Original Equipment Manufacturers of automotive infotainment systems to enable broadcast TV reception within vehicles.

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Board of Opto Circuits (India) approves preferential issue of equity shares
Feb 15,2017

Opto Circuits (India) announced that the Board of Directors of the Company at its meeting held on 14 February 2017 has transacted the following -

Approved preferential issue of equity shares on stock swap basis to shareholders of Opto Eurocor Healthcare (wholly owned subsidiary).

Approved preferential issue of equity shares to Promoters and Associates against money outstanding in the books of Opto Circuits (India).

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Board of Corporate Courier & Cargo appoints company secretary
Feb 15,2017

The Board of Directors of Corporate Courier & Cargo at its meeting held on 14 February 2017 have appointed Divya Mer as Company Secretary.

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Siti Networks allots 1.35 lakh equity shares
Feb 15,2017

Siti Networks announced that the Board constituted Allotment Committee in its meeting held on 14 February 2017 has approved the allotment of 1,35,000 Equity Shares to three eligible persons pursuant to SITI ESOP-2015 of the Company read with Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014, as amended from time to time.

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IL&FS Transportation Networks provides financial update on subsidiary - Hazaribagh Ranchi Expressway
Feb 15,2017

IL&FS Transportation Networks announced that the Hazaribagh Ranchi Expressway, a subsidiary of the Company has re-financed its Debts including Senior Debt amounting to Rs. 715 crore availed for development of section of NH-33 from km 40.500 to 114.00 in the State of Jharkhand (n++the Projectn++) by issue of Non-Convertible Debentures at a weighted average coupon of 8.56% payable semi-annually resulting in interest savings of approx. 282 bps in interest cost.

The Project was completed on 27 January 2013 and receives from NHAI a semi-annual annuity of Rs. 64.08 crore for a period of 15.5 years effective 15 September 2012.

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Board of Techno Electric & Engineering Company approves buyback of shares
Feb 15,2017

Techno Electric & Engineering Company announced that the Company vide a meeting of the Board of Directors held on 10 February 2017 has approved the Buyback of 15,00,000 fully paid-up equity shares of face value of Rs. 2/- from the equity shareholders/beneficial owners of the Company on a proportionate basis through Tender Offer Method at a price of Rs. 400/- per equity share for an amount not exceeding Rs. 60 crore representing 8.30% of the Companys paid up equity capital and free reserves as on 31 March 2016.

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Insolvency and Bankruptcy Board of India invites public comments on Draft Regulations for Voluntary Liquidation by 8th March, 2017
Feb 15,2017

The Ministry of Corporate Affairs had set-up four Working Groups to facilitate implementation of the Insolvency and Bankruptcy Code, 2016. The Working Group-3 had a mandate to deliberate and submit its recommendations on rules and regulations and other related matters for the insolvency and liquidation process under the Insolvency and Bankruptcy Code, 2016. This Working Group had earlier developed draft regulations for corporate insolvency resolution and liquidation process. Based on these drafts and after considering public comments on the same and following the due process, the Insolvency and Bankruptcy Board of India (Board) has notified (a) the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 and (b) the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016.

This Working Group has now submitted draft regulations for Voluntary Liquidation of Corporate Persons. A corporate person who has not committed any default may initiate voluntary liquidation subject to certain conditions. It has been decided to to invite public comments on the draft regulations. Accordingly, comments on each provision of the draft regulations are invited by 8th March, 2017.

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DLF in focus after weak Q3 results
Feb 15,2017

Realty major DLFs consolidated net profit fell 46.11% to Rs 98.14 crore on 30.23% declined n net sales to Rs 2057.92 crore in Q3 December 2016 over Q3 December 2015. The result was announced after market hours yesterday, 14 February 2017.

In a separate announcement, DLF said it has decided to extend the deadline for sale of 40% stake owned by its promoters in its rental arm DLF Cyber City Developers (DCCDL) to March 2018.

On a consolidated basis, Adani Enterprises net profit rose 61.72% to Rs 339.96 crore on 9.10% rise n net sales to Rs 8602.77 crore in Q3 December 2016 over Q3 December 2015. The result was announced after market hours yesterday, 14 February 2017.

MOILs net profit rose 670.7% to Rs 101.42 crore on 299.3% rise n net sales to Rs 355.30 crore in Q3 December 2016 over Q3 December 2015. The result was announced after market hours yesterday, 14 February 2017.

On a consolidated basis, Jindal Steel & Power (JSPL) reported a net loss of Rs 407.44 crore in Q3 December 2016 compared with a net loss of Rs 573.48 crore in Q3 December 2015. Net sales rose 28.15% to Rs 5296.80 crore in Q3 December 2016 over Q3 December 2015. The result was announced after market hours yesterday, 14 February 2017.

On a consolidated basis, Voltas net profit rose 38.71% to Rs 80.19 crore on 6.72% decline n net sales to Rs 1174.53 crore in Q3 December 2016 over Q3 December 2015. The result was announced after market hours yesterday, 14 February 2017.

Housing Development Finance Corporation (HDFC) said it established a medium term note programme (MTN programme) for an amount of up to $750 million for enabling the corporation to issue debt instruments in the international capital markets. The establishment of the MTN programme is only an enabling step and presently, no instruments are being issued by the corporation. The announcement was made after market hours yesterday, 14 February 2017.

On a consolidated basis, Unitech reported a net loss of Rs 17.13 crore in Q3 December 2016 compared with net loss of Rs 12.25 crore in Q3 December 2015. Total income rose 8.97% to Rs 414.16 crore in Q3 December 2016 over Q3 December 2015. The result was announced after market hours yesterday, 14 February 2017.

Sagar Cements said that its board allotted 24 lakh equity shares to eligible qualified institutional buyers at Rs 720 each, aggregating to Rs 172.80 crore. The announcement was made after market hours yesterday, 14 February 2017.

Gitanjali Gems said that its wholly owned subsidiary, Gitanjali Infratech, has acquired 100% equity shares of Dynamic Infrazone for setting up and developing gems and jewellery park in Orissa. The announcement was made after market hours yesterday, 14 February 2017.

Oricon Enterprises said that its wholly owned subsidiary, Oriental Containers, has completed expansion of its plastic closures manufacturing capacity at Rs 35 crore at M.I.D.C.-Murbad, (Maharashtra) with a capacity of 1.2 billion closures per annum. With this total installed capacity of plastic closures is increased to over 8 billion per annum, highest in India. The announcement was made after market hours yesterday, 14 February 2017.

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Board of Tarai Foods appoints director
Feb 14,2017

Tarai Foods announced that the Board of Directors in their meeting held on 14 February 2017 appointed Ganesh Kumar as an Additional director (Independent) of the Company for a term of Five years upto 13 February 2022 which shall be subject to approval of Shareholders in ensuing General Meeting.

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Bharat Electronics launches Remote Controlled Weapon Station for MBT Arjun Mk II
Feb 14,2017

Bharat Electronics has unveiled a new Weapon Control system n++ Remote Controlled Weapon Station (RCWS)/Air Defence Weapon Station (ADWS) for 12.7 mm Gun of MBT Arjun Mk II battle tank, at Aero India 2017 on 14 February 2017.

The RCWS is an improvised version of the manually operated air defence gun. It enables the soldier to aim and fire at aerial targets from the safe interiors of the battle tank. Presently, the 12.7 mm guns of all tanks are manually operated. RCWS integrated on MBT Mk II has successfully completed tank integration and firing trials in September 2015. RCWS has also been developed for use in Armed Repair and Recovery Vehicle(ARRV). It can also be mounted on hovercraft / fast moving boats for the Coast Guard.

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