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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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Italian communications company AT Media signs LoI with Prabhat Telecoms (India)
Jun 28,2017

Prabhat Telecoms (India) announced that AT Media S.R.L., an innovative communication company based in Italy has signed a Letter of Intent with Prabhat Telecoms (India) to enter into a proposal to embed an app having technology to capture 360n++ in Xccess Mobiles.

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US stocks end in the red
Jun 28,2017

U.S. stocks fell on Tuesday, 27 June 2017 with major indexes ending near session lows after Senate Republicans delayed a vote on health care legislation and as losses for technology shares deepened. Equities sold off into the closing bell, leaving the major averages at their worst marks of the day.

The Dow Jones Industrial Average dropped 98.89 points, or 0.5%, to finish at 21,310.66. The S&P 500 slid 19.69 points, or 0.8%, to close at 2,419.38. The Nasdaq Composite Index which is heavily weighted toward the technology sector, skidded 100.53 points, or 1.6% to 6,146.62.

While the Nasdaq traded lower throughout the session, pressured by the latest day of weakness in the technology space, the Dow and S&P had move into modestly positive territory in midday trading. However, losses accelerated after Republican Senate leaders postponed a vote on a controversial health-care bill that would replace Obamacare until after the July 4 holiday.

Tuesday marked the second straight daily decline for the Nasdaq. The S&P 500 has fallen in four of the past six sessions while the Dow has dropped in five of the past six.

There was a notable jump in long-term rates on Tuesday as sovereign bond markets came under selling pressure in the wake of a morning remark from ECB President Mario Draghi that the threat of deflation is gone. The yield on the 10-yr Treasury note jumped six basis points to 2.20%, which contributed partly to the selling activity in richly-valued technology stocks. However, the heavily-weighted financial sector benefited from the activity in the Treasury market.

The ICE U.S. Dollar Index was down 0.9% and weakness in the greenback tends to boost demand for dollar-priced commodities from investors using another currency.

U.S. data on Tuesday showed a larger-than-expected rise to 118.9 in the consumer confidence index. The key takeaway from the report is that consumer expectations for the short-term have been reined in some, but are still upbeat overall.

Bullion prices ended higher at Comex on Tuesday, 27 June 2017. Gold edged higher on Tuesday to notch its fourth gain in five sessions as the dollar dropped and U.S. equities weakened, drawing investor attention to the precious metal. Prices finished off the days best levels, however, losing ground as Federal Reserve Chairwoman Janet Yellen started speaking about global economic issues at an event in London in the minutes ahead of golds price settlement.

August gold added 50 cents, or less than 0.05%, to settle at $1,246.90 an ounce after touching an earlier high of $1,253.80. September silver rose 2 cents, or 0.1%, to $16.651 an ounce after trading as high as $16.73.

Crude-oil prices advanced on Tuesday, 27 June 2017 with the commodity logging its fourth gain in a row as traders braced for a possible decline in U.S. supplies.

August West Texas Intermediate crude rose by 86 cents, or 2%, to settle at $44.24 a barrel on the New York Mercantile Exchange, while Brent oil for August delivery gained 82 cents, or 1.8%, to $46.65 a barrel.

On Wednesday, investors will receive the weekly MBA Mortgage Applications Index and May Pending Home Sales (consensus 0.5%). The two reports will be released at 7:00 ET and 10:00 ET, respectively.

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HPCL recovers on plans to raise funds from overseas
Jun 28,2017

The announcement was made after market hours yesterday, 27 June 2017.

Meanwhile, the S&P BSE Sensex was down 16.89 points, or 0.05%, to 30,941.36.

On the BSE, 45,960 shares were traded in the counter so far, compared with average daily volume of 2.4 lakh shares in the past one quarter. The stock had hit a high of Rs 514.90 and a low of Rs 504.30 so far during the day. The stock had hit record high of Rs 584.45 on 14 February 2017. The stock had hit a 52-week low of Rs 312.31 on 27 June 2016.

The stock had dropped 5.81% in four sessions to Rs 502.60 yesterday, 27 June 2017, from a close of Rs 533.65 on 20 June 2017.

The stock had underperformed the market over the past one month till 27 June 2017, falling 11.43% compared with 0.23% fall in the Sensex. The scrip had also underperformed the market in past one quarter, dropping 2.82% as against Sensexs 5.89% rise. The scrip had, however, outperformed the market in past one year, gaining 54.93% as against Sensexs 17.25% rise.

The large-cap company has an equity capital of Rs 1015.88 crore. Face value per share is Rs 10.

On 15 November 2016, HPCLs board of directors had approved the issue of secured/unsecured, redeemable non convertible bonds/debentures aggregating Rs 6000 crore from domestic as well as overseas market. The shareholders had approved the same on 6 January 2017.

The company has appointed intermediaries for organizing investor meetings for the probable foreign currency denominated bonds. The bond offering may follow subject to market conditions.

HPCLs net profit rose 31% to Rs 1818.79 crore on 25.3% rise in net sales to Rs 51414.21 crore in Q4 March 2017 over Q4 March 2016.

HPCL is a public sector oil marketing company. The Government of India held 51.11% stake in HPCL as per the shareholding pattern as on 31 March 2017.

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Small gains for bullions
Jun 28,2017

Bullion prices ended higher at Comex on Tuesday, 27 June 2017. Gold edged higher on Tuesday to notch its fourth gain in five sessions as the dollar dropped and U.S. equities weakened, drawing investor attention to the precious metal. Prices finished off the days best levels, however, losing ground as Federal Reserve Chairwoman Janet Yellen started speaking about global economic issues at an event in London in the minutes ahead of golds price settlement.

August gold added 50 cents, or less than 0.05%, to settle at $1,246.90 an ounce after touching an earlier high of $1,253.80. September silver rose 2 cents, or 0.1%, to $16.651 an ounce after trading as high as $16.73.

The ICE U.S. Dollar Index was down 0.9% and weakness in the greenback tends to boost demand for dollar-priced gold from investors using another currency.

U.S. data on Tuesday showed a larger-than-expected rise to 118.9 in the consumer confidence index also helped fuel a decline in gold and silver from the sessions highs.

Early Tuesday, gold had found some underpinning as geopolitics clouded trade, lifting the short-term attraction of haven investments including the yellow metal.

Gold has marked weekly declines in each of the past three weeks yet prices have climbed by around 8% year to daten++close to what they gained for all of last year.

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Ramco Systems positioned in Niche Quadrant for Cloud Financials
Jun 28,2017

Ramco Systems announced that Gartner, Inc. has positioned Ramcoin the Niche Quadrant of Gartners maiden 2017 Magic Quadrant for Cloud Core Financial Management Suites for Midsize, Large and Global Enterprises.

Ramco is the only Asia Pacific-based cloud financial applications vendor to make it to the Maqic Quadrant for Cloud Financials.

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Zydus receives final approval for Oxybutynin Chloride Extended-Release Tablets
Jun 28,2017

Zydus Cadila has received the final approval from USFDA to market Oxybutynin Chloride Extended-Release Tablets in the strengths of 5 mg, 10 mg and 15 mg.

The drug is used to treat symptoms of overactive bladder and urinary incontinence and will be produced at the groups formulations manufacturing facility at Moraiya in Ahmedabad.

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Pearl Global Industries declines on profit booking
Jun 28,2017

Meanwhile, the S&P BSE Sensex was down 37.91 points, or 0.12% at 30,920.34. The S&P BSE Small-Cap index was down 15.11 points, or 0.1% at 15,125.97.

On the BSE, 4,404 shares were traded on the counter so far as against the average daily volumes of 7,647 shares in the past one quarter. The stock had hit a high of Rs 165 and a low of Rs 158 so far during the day. The stock had hit a 52-week high of Rs 257.70 on 11 July 2016 and a 52-week low of Rs 110 on 24 March 2017.

The stock had outperformed the market over the past one month till 27 June 2017, advancing 44.96% compared with the Sensexs 0.23% fall. The scrip had also outperformed the market over the past one quarter advancing 46.89% as against the Sensexs 5.89% rise. The scrip had, however, underperformed the market over the past one year declining 23.62% as against the Sensexs 17.25% rise.

The small-cap company has equity capital of Rs 21.66 crore. Face value per share is Rs 10.

Shares of Pearl Global Industries had rallied 9.65% in the preceding one trading session to settle at Rs 165.40 yesterday, 27 June 2017, from its close of Rs 150.85 on 23 June 2017.

Pearl Global Industries consolidated net profit rose 25.3% to Rs 16.15 crore on 5.1% increase in net sales to Rs 529.12 crore in Q4 March 2017 over Q4 March 2016.

Pearl Global Industries is engaged in the manufacturing and exporting of readymade garments.

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Lypsa Gems & Jewellery provides update on subsidiary
Jun 28,2017

Lypsa Gems & Jewellery announced that its subsidiary - Lypsa Gems and Jewellery DMCC will launch new diamond studded jewellery collection targeting the Middle East Market comprising of more than 100 designs.

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OTCO International to hold board meeting
Jun 28,2017

OTCO International will hold a meeting of the Board of Directors of the Company on 7 July 2017.

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Supreme Tex Mart to hold board meeting
Jun 28,2017

Supreme Tex Mart will hold a meeting of the Board of Directors of the Company on 5 July 2017.

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Grasim Industries to hold board meeting
Jun 28,2017

Grasim Industries will hold a meeting of the Board of Directors of the Company on 21 June 2017.

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GRUH Finance to hold board meeting
Jun 28,2017

GRUH Finance will hold a meeting of the Board of Directors of the Company on 15 July 2017.

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Tata Sponge Iron to hold board meeting
Jun 28,2017

Tata Sponge Iron will hold a meeting of the Board of Directors of the Company on 21 July 2017.

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Richa Industries to hold board meeting
Jun 28,2017

Richa Industries will hold a meeting of the Board of Directors of the Company on 30 June 2017.

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MM Rubber Co to hold board meeting
Jun 28,2017

MM Rubber Co will hold a meeting of the Board of Directors of the Company on 31 July 2017 Quarterly Results

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