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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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Hindustan Copper slips after weak Q2 results
Dec 13,2016

The result was announced during trading hours today, 13 December 2016.

Meanwhile, the BSE Sensex was up 149.25 points, or 0.56%, to 26,664.49.

On the BSE, so far 3.02 lakh shares were traded in the counter, compared with average daily volumes of 1.69 lakh shares in the past one quarter. The stock had hit a high of Rs 64.60 and a low of Rs 60.90 so far during the day.

The stock hit a 52-week high of Rs 73.60 on 22 August 2016. The stock hit a 52-week low of Rs 42.30 on 19 February 2016. The stock had outperformed the market over the past 30 days till 12 December 2016, rising 5.25% compared with the 1.13% decline in the Sensex. The scrip had also outperformed the market in past one quarter, falling 2.32% as against Sensexs 6.48% decline.

The mid-cap company has equity capital of Rs 462.61 crore. Face value per share is Rs 5.

Hindustan Copper (HCL), a public sector enterprise of the Government of India, has the distinction of being Indias only vertically integrated copper producing company encompassing mining, beneficiation, smelting, refining and casting of refined copper metal.

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Board of Den Networks approves change in directorate
Dec 13,2016

Den Networks announced that the Board of Directors of the Company at its meeting held on 13 December 2016 approved the appointment of Dr Archana Hingorani as Non-Executive Nominee Director and accepted the resignation of Krishna Kumar PT Gangadharan from directorship of the Company. The board also approved the withdrawal from directorship candidature by M G Azhar and Nandita Agarwal Parker.

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Board of HDFC Bank to consider Q3 results
Dec 13,2016

HDFC Bank announced that a meeting of the Board of Directors of the Bank will be held on 24 January 2017, inter alia, to consider the unaudited financial results for the quarter ending 31 December 2016 (Q3).

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Board of K Z Leasing & Finance appoints director
Dec 13,2016

K Z Leasing & Finance announced that a meeting of the Board of Directors of the Company will be held on 29 December 2016 to consider and appoint Babubhai Maganlal Patel as the independent director of the Company.

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Kamron Laboratories announces resignation of company secretary & compliance officer
Dec 13,2016

Kamron Laboratories announced that the Board of Directors, in their meeting held on 12 December 2016, have taken note of resignation of Dhaval Patel, as a Company Secretary and Compliance Officer of the Company.

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Swan Energy commences construction of LNG terminal at Jafrabad Gujarat
Dec 13,2016

Swan Energy announced that:

1. Swan Energy, through its 100% subsidiary company Swan LNG Private (SLPL), has received approval from Gujarat Maritime Board (GMB) for commencement of construction of LNG terminal with ancillary structures for its Floating Storage and Re-gasification Unit (FSRU) Project at Jafrabad, Gujarat.

2. SLPL has executed an EPC contract for Marine and Dredging works worth Rs. 2115 crore with National Marine & Infrastructure India (NMIIPL) for carrying out the construction of LNG terminal at Jafrabad, Gujarat, to be completed within 3 years. NMIIPL has already started the construction works.

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Board of Vascon Engineers approves sale of stake in Viorica Hotels
Dec 13,2016

Vascon Engineers announced that the Board of Directors of the Company at its meeting held on 13 December 2016 approved the sale of its holding in Viorica Hotels for a consideration of Rs. 15.60 crore.

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Swan Energy spurts after subsidiary receives maritime boards approval for LNG terminal
Dec 13,2016

The announcement was made during market hours today, 13 December 2016.

Huge volumes were witnessed on the counter. On the BSE, 17.33 lakh shares were traded in the counter so far as against average daily volume of 3.35 lakh shares in the past one quarter. The stock was locked at a high of Rs 201.35 in intraday trade. The stock hit a low of Rs 169.85 so far during the day.

The stock had outperformed the market over the past one month till 12 December 2016, jumping 25.13% compared with the 1.13% decline in the Sensex. The scrip had also outperformed the market in past one quarter, jumping 167.2% as against Sensexs 6.48% decline.

The small-cap company has an equity capital of Rs 22.12 crore. Face value per share is Re 1.

Swan Energy announced that through its 100% subsidiary company, Swan LNG (SLPL), has received approval from Gujarat Maritime Board (GMB) for commencement of construction of liquified natural gas (LNG) terminal with ancillary structures for its floating storage and re-gasification unit (FSRU) project at Jafrabad, Gujarat.

SLPL has executed an engineering, procurement and construction (EPC) contract for marine and dredging works worth Rs 2115 crore with National Marine & Infrastructure India (NMIIPL) for carrying out the construction of LNG terminal at Jafrabad, Gujarat, to be completed within 3 years. NMIIPL has already started the construction works.

Swan Energys net profit jumped 1170.6% to Rs 2.16 crore on 1.6% growth in net sales to Rs 96.09 crore in Q2 September 2016 over Q2 September 2015.

Swan Energy is an emerging green energy company with a pipeline of innovatively structured power projects.

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Dominos Pizza offers cashless payment option
Dec 13,2016

Dominos Pizza announced a cashless payment option for home delivery orders. With this service, customers call to order and chose to pay with a cashless option, they would be immediately sent a link through SMS on their mobile phone. This link would take the customers to the payment gateway where they choose to pay with a debit card, credit card, net banking or wallet.

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Intellect Design Arena leads gainers in A group
Dec 13,2016

Intellect Design Arena surged 4.58% to Rs 172.45 at 13:45 IST. The stock topped the gainers in the BSEs A group. On the BSE, 5.28 lakh shares were traded on the counter so far as against the average daily volumes of 2.61 lakh shares in the past two weeks.

South Indian Bank jumped 3.71% at Rs 22.35. The stock was second biggest gainer in A group. On the BSE, 5.62 lakh shares were traded on the counter so far as against the average daily volumes of 4.81 lakh shares in the past two weeks.

Kotak Mahindra Bank gained 3.4% to Rs 110.90. The stock was the third biggest gainer in A group. On the BSE, 2.09 lakh shares were traded on the counter so far as against the average daily volumes of 3.89 lakh shares in the past two weeks.

Fortis Healthcare gained 3.11% at Rs 175.50. The stock was the fourth biggest gainer in A group. On the BSE, 75,000 shares were traded on the counter so far as against the average daily volumes of 78,000 shares in the past two weeks.

NCC rose 2.87% to Rs 84.10. The stock was the fifth biggest gainer in A group. On the BSE, 10.37 lakh shares were traded on the counter so far as against the average daily volumes of 4.63 lakh shares in the past two weeks.

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Hinduja Global Solutions to hire 1225 position in Canada
Dec 13,2016

Hinduja Global Solutions announced the availability of 1,225 career opportunities at its customer experience centers throughout Canada. Thepositions, are expected to meet increasing client needs as well as fuel the companys expansion in the country. HGS will hold three open houses to recruit permanent, full-time inbound customer service representatives.

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ADB scales down Indias growth forecast to 7% for 2016
Dec 13,2016

Economic growth in developing Asia remains broadly stable, but a slight slowdown in India has trimmed the regions growth outlook for 2016, says a new Asian Development Bank (ADB) report. In a supplement to its Asian Development Outlook 2016 Update report, ADB has downgraded 2016 growth to 5.6%, below its previous projection of 5.7%. For 2017, growth remains unchanged at 5.7%.

Asian economies continue their robust expansion in the face of global economic uncertainties, said ADB Deputy Chief Economist Juzhong Zhuang. Structural reforms to boost productivity, improve investment climate, and support domestic demand can help maintain growth momentum into the future.

Combined growth for the major industrial economies exceeded expectations in the Update, ticking up 0.1 percentage point to 1.5% in 2016. Growth in 2017 is maintained at 1.8%. Robust consumer spending supported the US economy, with supportive monetary policy and improved labor markets fueling growth in the euro area. Japans expansion, meanwhile, will be buoyed by strong exports, despite the stronger local currency.

ADB has downgraded the forecast in South Asia from 6.9% to 6.6% in 2016. Growth will bounce back in 2017, reaching 7.3%. Indias tempered growth projection to 7.0% from the previously forecasted 7.4% in 2016 is due to weak investments, a slowdown in the countrys agriculture sector, and the lack of available cash due to the governments decision to ban high-denomination banknotes. This will likely affect largely cash-based sectors in the country including small- and medium-scale businesses. The effects of the transition are expected to be short-lived and the Indian economy is expected to grow at 7.8% in 2017.

The forecast in East Asia is maintained for 2016 and 2017. Growth this year will reach 5.8%, with a slight moderation to 5.6% in 2017. Growth in the Peoples Republic of China (PRC) - the worlds second largest economy - is expected to hit 6.6% this year, driven by strong domestic consumption, solid wage growth, urban job creation, and public infrastructure investment. The forecast for the PRC in 2017 is maintained at 6.4%.

In Southeast Asia, growth forecasts remain unchanged at 4.5% in 2016 and 4.6% in 2017, with Malaysia and the Philippines expecting stronger growth due to a surge in domestic consumption and public and private investment, compared to lower growth forecasts in Brunei Darussalam, Myanmar, and Singapore.

The outlook in Central Asia is maintained at 1.5% in 2016 and 2.6% in 2017, as the ongoing recession in the Russian Federation and low global commodity prices for oil and natural gas continue to dampen growth in the subregion.

The Pacific will see growth of 2.7% in 2016, picking up to 3.3% in 2017. The fiscal contraction in Papua New Guinea - the Pacifics largest economy - and recovery from recent cyclones have weighed on growth in the subregion. While cyclone damage in Fiji has had a bigger impact on its growth outlook than previously envisaged, prospects for Samoa, Kiribati, and Tuvalu are improving through improvements in fisheries, infrastructure, and tourism.

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Prime Securities to announce December quarter results
Dec 13,2016

Prime Securities announced that a Meeting of the Board of Directors of the Company is scheduled to be held on 03 January 2017, inter alia, to consider and approve the unaudited financial results of the Company for the quarter ended 31 December 2016.

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Menon Bearings announces resignation of Chairman
Dec 13,2016

Menon Bearings announced that due to age, Ram Menon has not been able to attend Board meetings and has stepped down as Chairman and resigned as Director of the Company.

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Biocon provides update on subsidiary - Syngene International
Dec 13,2016

Biocon announced that there was a fire on the night of 12 December 2016 within one of the laboratory buildings at Syngene International, a subsidiary of the Company. The fire has since been brought under control and there has been no loss of life or any injury reported. Syngene is in the process of assessing the extent of damage to the building and equipment and also implementing a business continuity plan to minimize impact on operations.

Other facilities at Syngene are not impacted and continue to operate as normal.

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