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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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Aurionpro Solutions secures project worth Rs 70.8 crore from Rajasthan Government
Mar 02,2017

Aurionpro Solutions has won a project from RajCOMP Info Services, a Government of Rajasthan undertaking, for supply, installation and FMS of Edge equipments under City Surveillance projects for seven cities (Ajmer, Bharatpur, Bikaner, Jodhpur, Jaipur, Kota and Udaipur) valued at Rs 70.8 crore (plus taxes). Aurionpro will also be responsible for managing the services for next five years.

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Balkrishna Industries surges 19.83% in eight sessions
Mar 02,2017

Meanwhile, the S&P BSE Sensex was up 87.27 points, or 0.3%, to 29,071.76.

More than usual volumes were witnessed on the counter. On the BSE, 23,174 shares were traded in the counter so far, compared with average daily volumes of 13,648 shares in the past one quarter. The stock had hit a high of Rs 1,398 in intraday trade, which is also a record high for the stock. The stock had hit a low of Rs 1,318.95 so far during the day.

The stock had hit a 52-week low of Rs 561.05 on 29 February 2016. It had outperformed the market over the past one month till 1 March 2017, gaining 13.97% compared with the Sensexs 3% rise. The scrip had also outperformed the market over the past one quarter, rising 10.04% as against the Sensexs 9.13% rise. The stock has returned 57.38% in six months and 127.21% in one year till 1 March 2017.

The large-cap company has equity capital of Rs 19.33 crore. Face value per share is Rs 2.

Shares of Balkrishna Industries surged 19.83% in eight sessions to its current ruling price of Rs 1,380.50, from a close of Rs 1,152 on 17 February 2017.

Balkrishna Industries net profit rose 94.2% to Rs 185.69 crore on 25.7% rise in net sales to Rs 864.69 crore in Q3 December 2016 over Q3 December 2015. The result was announced on 10 February 2017.

Balkrishna Industries is a leading manufacturer in the off-highway tire market. The company has focused on specialist segments such as agricultural, construction and industrial vehicles as well as earthmoving, port and mining, ATV, and gardening applications.

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Apcotex Industries intimates of withdrawal of strike by workmen union
Mar 02,2017

Apcotex Industries announced that the workmen union at Taloja Plant has withdrawn the strike and have resumed work with immediate effect.

The estimates loss of gross sale due to strike is about Rs 16 crore to Rs 18 crore for the month of February 2017.

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Bella Casa Fashion & Retail to hold EGM
Mar 02,2017

Bella Casa Fashion & Retail announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 28 March 2017 .

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Grasim Industries to hold EGM
Mar 02,2017

Grasim Industries announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 6 April 2017.

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Kellton Tech Solutions to hold board meeting
Mar 02,2017

Kellton Tech Solutions will hold a meeting of the Board of Directors of the Company on 7 March 2017, to consider and approve the Scheme of fast track merger between Kellton Tech Solutions Limited and its wholly owned subsidiary (Kellton Dbydx Software Private Limited).

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Quadrant Televentures to hold EGM
Mar 02,2017

Quadrant Televentures announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 29 March 2017.

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Board of Zydus Wellness recommends dividend
Mar 02,2017

Zydus Wellness announced that the Board of Directors of the Company at its meeting held on 1 March 2017, inter alia, have recommended the dividend of Rs 6.5 per equity Share (i.e. 65%) , subject to the approval of the shareholders.

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Kkalpana lndustries (India) to hold board meeting
Mar 02,2017

Kkalpana lndustries (India) will hold a meeting of the Board of Directors of the Company on 9 March 2017.

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Gillanders Arbuthnot & Company to hold board meeting
Mar 02,2017

Gillanders Arbuthnot & Company will hold a meeting of the Board of Directors of the Company on 9 March 2017, to consider and approve sale of its stake in Waldies Compound Limited (Formerly Barfani Builder Limited), an Indian Subsidiary of the Company.

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V-Guard Industries gains after fixing record date for issuing bonus shares
Mar 02,2017

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

Meanwhile, the S&P BSE Sensex was up 116.59 points, or 0.4%, to 29101.08.

On the BSE, 43,000 shares were traded on the counter so far as against the average daily volumes of 51,966 shares in the past one quarter. The stock had hit a high of Rs 237.25 and a low of Rs 230.25 so far during the day.

The stock had hit a record high of Rs 237.90 on 28 February 2017 and a 52-week low of Rs 79.10 on 1 March 2016. The stock had outperformed the market over the past one month till 1 March 2017, advancing 12.29% compared with the Sensexs 3% rise. The scrip had also outperformed the market over the past one quarter advancing 36.62% as against the Sensexs 9.13% rise.

The mid-cap company has equity capital of Rs 30.25 crore. Face value per share is Re 1.

V-Guard Industries announced that the company has fixed 16 March 2017 as the record date for the purpose of ascertaining the eligibility of shareholders for issuance of bonus shares in the ratio of 2:5 i.e, two bonus shares for every five held.

V-Guard Industries net profit rose 30.17% to Rs 27.96 on 10.38% increase in net sales to Rs 457.13 crore in Q3 December 2016 over Q3 December 2015.

V-Guard Industries makes consumer electrical and electronics products. The companys product range includes voltage stabilizer, digital UPS, inverter and inverter batteries, electric water heaters, solar water heaters, domestic pumps, agricultural pumps, industrial motors, domestic switch gears, distribution boards, wiring cables, industrial cables, induction cooktops, mixer grinders and fans.

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Sita Shree Food Products announces increase in FII/FPI investment limit
Mar 02,2017

Sita Shree Food Products announced that the Reserve Bank of India has on 01 March 2017 approved increase in FII/ FPI Investment limit under Portfolio Investment Scheme from 24% to 100%.

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Metal stocks advance
Mar 02,2017

National Aluminium Company (up 5.31%), Vedanta (up 2.64%), Hindustan Copper (up 1.56%), Hindalco Industries (up 1.53%), Jindal Steel & Power (up 0.75%), Steel Authority of India (up 0.55%) and NMDC (up 0.4%) edged higher. Hindustan Zinc (down 1.54%), JSW Steel (down 1.27%) and Tata Steel (down 0.36%) edged lower.

Meanwhile, the S&P BSE Sensex was up 102.15 points or 0.35% at 29,086.64. The S&P Metal index was up 0.65%, outperforming the Sensex.

China is the worlds largest consumer of steel, copper and aluminum.

The S&P BSE Metal index had underperformed the market over the past one month till 1 March 2017, advancing 1.52% compared with the Sensexs 3% rise. The index had, however, outperformed the market over the past one quarter, advancing 15.58% as against the Sensexs 9.13% rise.

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Devhari Exports (India) appoints company secretary and compliance officer
Mar 02,2017

Devhari Exports (India) announced that the Board of Directors at its meeting held on 01 March 2017 have appointed Hetal Vachhani as a Company Secretary and Compliance Officer of the Company.

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Moodys: China, Australia and Japan auto loan ABS markets stable; demonetization negative impacts Indian market
Mar 02,2017

Moodys Investors Service says that the performance of auto loans and auto loan asset backed securities (ABS) in China, Australia, and Japan is strong and stable, and should remain so, but to different degrees, with some sectors outperforming others, owing to diverging trends in economic growth.

However, demonetization had a negative impact on the performance of Indian auto ABS in December 2016 and the market will remain weaker than before the governments decision in November 2016 to remove all INR500 and INR1,000 notes from circulation.

The sectors performance should return to pre-demonetization levels over the course of 2017.

On issuance, for the Chinese market during Q4 2016, seven auto loan ABS transactions -- with a total aggregate portfolio of RMB24.5 billion -- were issued compared with only three in Q3 2016. Total issuance for 2016 was 20 transactions with an aggregate portfolio of RMB59.7 billion.

For the Australian market, three transactions were issued in Q4 2016, and a total of eight with an aggregate portfolio of approximately AUD6.1 billion for 2016.

In Japan, three transactions were issued in Q4 2016, with a total of 26 with an aggregate portfolio of JPY316 billion for 2016.

Moodys rated 10 auto ABS transactions across Asia Pacific in Q4 2016, which was the same as the number of deals we rated in Q4 2015. Moodys also upgraded the ratings of one Australian auto ABS and one Chinese auto ABS in Q4 2016.

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