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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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Nikkei falls 0.47% on strong yen
Feb 16,2017

The Japan share market settled down on Thursday, 16 February 2017, as risk sentiment weighed down by yen ascent to 114 level against the dollar and skeptical about a possible March interest rate hike by the U.S. Federal Reserve, overshadowing another record close on Wall Street. The 225-issue Nikkei average shed 90.45 points, or 0.47%, to close at 19,347.53. The Topix index of all first-section issues finished down 2.62 points, or 0.17%, at 1,551.07.

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Coal-Metal stocks lead China market gains
Feb 16,2017

Mainland China stock market settled higher on Thursday, 16 February 2017, with gains led by coal miners and metal firms, as the publication of regional governments investment targets lifted commodities markets. At the close, the blue-chip CSI300 index, which tracks large companies in Shanghai or Shenzhen, advanced 0.56% to close at 3,440.93. The Shanghai Composite Index added 0.52% to close at 3,229.62. The Shenzhen Composite Index, which tracks stocks on Chinas second exchange, increased 0.57% to 1958.11. The ChiNext Index, which tracks Chinas NASDAQ-style board of growth enterprises, drorose 0.28% to 1,897.63 points.

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Gartner Positions Infosys as a Leader In Magic Quadrant
Feb 16,2017

Infosys announced that Gartner Inc. has positioned Infosys asa Leader in its EMEA and North America 2016 Magic Quadrant reports for SAPn++ Application Services.

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Estimated growth rate of Agriculture Sector is 4.1% in the next financial year
Feb 16,2017

The Union Minister of Agriculture and Farmers Welfare, Shri Radha Mohan Singh said that despite difficult challenges being faced by ICAR in its working period of 87 years, it has attained many achievements and these achievements are the milestones of progress of agriculture. Increase in production and income, development of institutes, human resources, development of new techniques, agriculture diversification are the areas in which ICAR has established new standards of success.

On this occasion, Secretary, the Department of Agricultural Research and Education & DG, ICAR, Dr. Trilochan Mohapatra and distinguished members of Society and senior officers of ICAR were also present.

Shri Singh said that Government is committed to double the income of farmers in five years. In this budget, holistic development of agriculture is the main focus in which to provide credit to farmers on affordable rates, assured supply of seeds and fertilisers, increase in irrigation facilities, increase in productivity through soil health cards, through E-nam assured market and providing profitable price has been emphasised.

Agriculture Minister said that for the progress of agriculture and prosperity of farmers, Government has made many initiatives in the budget, In comparison to the budget last year, in the budget of year 2017-18, the fund for rural, agriculture and allied sectors has been increased by 24%, it is now Rs. 1,87,223 crore. In the next financial year, it is estimated that the progress rate of agriculture sector will be 4.1%.

Shri Singh said that because of a good monsoon and policy initiatives by the government, there is a record production of food grains this year. As per the second advance estimate for the year 2016-17, there would be a total of 271.98 million tonnes production of food grains which is 6.94 million tonnes compared to last records (265.04 MT is 2013-14) 20.41 million tonnes higher than last year production.

Shri Singh said that during this Rabi in comparison to last year 2015-16, we got more sowing has been done viz. 7.7% in wheat, 12.96% in pulses and 12.69% in oilseeds which is in total 6.86% more in comparison to last year. Agriculture Minister said that Indian agriculture scientists have played a major role developing research and technology and bringing green revolution, and thereby in the development of agriculture. Since 1951, production of food grains has increased five times, horticulture production by 9.5 times, Fisheries production by 12.5 times, milk production by 7.8 times and egg production by 3.9 times. This has made a considerable impact on national food nutritional security. Our scientists have major role in increasing the excellence of higher agriculture education.

Shri Singh said that in the International Pulse Year 2016, 150 seed herbs of pulses have been established. Early maturing variety of moong IPM 205-7(VIRAT) has been released. The efforts for promoting research in agriculture sector have been remarkable in the last two and a half years. From the year 2012 to May, 2014, 261 new varieties of different crops have been released and from of June, 2014 to December, 2016, 437 new varieties have been released.

To increase International co-operation in the field of agriculture during October, 2016, in New Delhi with the help of coordination unit, one MoU has been signed for establishment of BRICS research platform in agriculture. This unit will be managed by DARE, GoI. Besides this in the year 2016, 17 international collaborative projects have also been approved.

Shri Singh said that since agriculture is state subject, so State Agriculture Ministers have an important role in its progress. On this occasion Agriculture Minister appealed to all the representatives to develop scientists-state-farmer linkage and to work unitedly in coordination with centre for the prosperity of farmers and progress of agriculture.

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Hong Kong Stocks up on solid U.S. lead
Feb 16,2017

The Hong Kong stock market climbed to best close in 18 months on Thursday, 16 February 2017, thanks to an ongoing rally on Wall Street and bolstered by gains in Chinese stocks. The benchmark Hang Seng Index climbed 0.47% or 112.83 points higher to 24,107.70, the highest since August 2015 and the first close above 24,000 since September last year. The Hang Seng China Enterprises Index, or the H-share index, edged up 0.18% or 18.98 points to 10,455.02. Turnover decreased to HK$107.6 billion from HK$111 billion on Wednesday.

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Ashari Agencies announces resignation of company secretary
Feb 16,2017

Ashari Agencies announced that Surpiya Singh has resigned from the post of Company Secretary of the Company with effect from 03 February 2017.

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Ishita Drugs & Industries standalone net profit rises 100.00% in the December 2016 quarter
Feb 16,2017

Net profit of Ishita Drugs & Industries rose 100.00% to Rs 0.06 crore in the quarter ended December 2016 as against Rs 0.03 crore during the previous quarter ended December 2015. Sales declined 4.42% to Rs 1.73 crore in the quarter ended December 2016 as against Rs 1.81 crore during the previous quarter ended December 2015.

ParticularsQuarter Endedn++Dec. 2016Dec. 2015% Var. Sales1.731.81 -4 OPM %6.942.76 - PBDT0.130.08 63 PBT0.080.04 100 NP0.060.03 100

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Bridge Securities reports standalone net loss of Rs 0.05 crore in the December 2016 quarter
Feb 16,2017

Net loss of Bridge Securities reported to Rs 0.05 crore in the quarter ended December 2016 as against net profit of Rs 0.11 crore during the previous quarter ended December 2015. Sales reported to Rs 0.03 crore in the quarter ended December 2016. There were no Sales reported during the previous quarter ended December 2015.

ParticularsQuarter Endedn++Dec. 2016Dec. 2015% Var. Sales0.030 0 OPM %-166.670 - PBDT-0.050.11 PL PBT-0.050.11 PL NP-0.050.11 PL

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Epic Energy reports standalone net loss of Rs 1.87 crore in the December 2016 quarter
Feb 16,2017

Net Loss of Epic Energy reported to Rs 1.87 crore in the quarter ended December 2016 as against net loss of Rs 1.95 crore during the previous quarter ended December 2015. Sales declined 1.26% to Rs 4.71 crore in the quarter ended December 2016 as against Rs 4.77 crore during the previous quarter ended December 2015.

ParticularsQuarter Endedn++Dec. 2016Dec. 2015% Var. Sales4.714.77 -1 OPM %-0.426.92 - PBDT-0.020.33 PL PBT-0.250.03 PL NP-1.87-1.95 4

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Mahindra & Mahindra launches Supro Minivan and Mini Truck
Feb 16,2017

Mahindra & Mahindra has launched Supro Minivan and Mini Truck to cater to the domestic market on 16 February 2017.

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ISMT declares lock out at its steel plant in Jejuri, Pune
Feb 16,2017

ISMT has declared a lockout at the its Steel Plant situated at Jejuri-Morgon Road, Village Kolvihre, Post Jejuri - 412303, Dist. Pune, Maharashtra with effect from 16 February 2017.

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BLS International Services to hold board meeting
Feb 16,2017

BLS International Services will hold a meeting of the Board of Directors of the Company on 6 March 2017, to Sub-divide Equity Shares of the Company from Face value of Rs. 10/- per share to Re. 1/- per share, To call Extra-ordinary General Meeting of the Company.

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Ashari Agencies to hold board meeting
Feb 16,2017

Ashari Agencies will hold a meeting of the Board of Directors of the Company on 20 February 2017, to consider issue of Equity shares through Bonus Issue.

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TVS Motor Company to hold board meeting
Feb 16,2017

TVS Motor Company will hold a meeting of the Board of Directors of the Company on 6 March 2017, to consider and declare second interim dividend, if any, to the shareholders of the Company for the year ending March 31, 2017.

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Sundaram Clayton to hold board meeting
Feb 16,2017

Sundaram Clayton will hold a meeting of the Board of Directors of the Company on 15 March 2017, to consider and declare second interim dividend, if any, to the shareholders of the Company for the year ending March 31, 2017

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