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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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Aban Offshore leads gainers in A group
Dec 12,2016

Aban Offshore surged 6.05% to Rs 264.85 at 13:45 IST. The stock topped the gainers in the BSEs A group. On the BSE, 6.8 lakh shares were traded on the counter so far as against the average daily volumes of 5.6 lakh shares in the past two weeks.

National Aluminium Company jumped 5.38% at Rs 68.55. The stock was second biggest gainer in A group. On the BSE, 10.16 lakh shares were traded on the counter so far as against the average daily volumes of 11.2 lakh shares in the past two weeks.

TTK Prestige gained 4.67% to Rs 5,671. The stock was the third biggest gainer in A group. On the BSE, 481 shares were traded on the counter so far as against the average daily volumes of 319 shares in the past two weeks.

Tata Elxsi gained 4.23% at Rs 1,485.65. The stock was the fourth biggest gainer in A group. On the BSE, 1.77 lakh shares were traded on the counter so far as against the average daily volumes of 1.2 lakh shares in the past two weeks.

MMTC rose 3.52% to Rs 53. The stock was the fifth biggest gainer in A group. On the BSE, 3.44 lakh shares were traded on the counter so far as against the average daily volumes of 8.57 lakh shares in the past two weeks.

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Board of R S Software (India) approves investment in subsidiary
Dec 12,2016

R S Software (India) announced that the Board of Directors of the company at its meeting held on 12 December 2016 has approved the investment in the share capital of the Companys subsidiary in India, Paypermint Private Limited.

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Board of R S Software (India) approves investment in subsidiary
Dec 12,2016

R S Software (India) announced that the Board of Directors of the company at its meeting held on 12 December 2016 has approved the investment in the share capital of the Companys subsidiary in India, Paypermint Private Limited.

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Suyog Telematics complets acquisition of tower business of Nisa Industrial Services
Dec 12,2016

Suyog Telematics has completed the acquisition of the tower business (all tower assets on a no liability basis) of Nisa Industrial Services along with rights and licenses there forth.

This acquisition would add an aggregate of 209 active cell tower assets across Mumbai, Gujarat, Delhi & NCR, and Maharashtra telecom circles and hence marks a landmark event in the expansion of the companys telecom infrastructure capacity build up.

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Suyog Telematics complets acquisition of tower business of Nisa Industrial Services
Dec 12,2016

Suyog Telematics has completed the acquisition of the tower business (all tower assets on a no liability basis) of Nisa Industrial Services along with rights and licenses there forth.

This acquisition would add an aggregate of 209 active cell tower assets across Mumbai, Gujarat, Delhi & NCR, and Maharashtra telecom circles and hence marks a landmark event in the expansion of the companys telecom infrastructure capacity build up.

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Dune Mercantile announces change in MD
Dec 12,2016

Dune Mercantile announced that Harishkumar Kailashchandra Panwar has resigned as a Managing Director of the Company and Board has appointed Kamlesh Solanki as a Managing director of the Company.

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Dune Mercantile announces change in MD
Dec 12,2016

Dune Mercantile announced that Harishkumar Kailashchandra Panwar has resigned as a Managing Director of the Company and Board has appointed Kamlesh Solanki as a Managing director of the Company.

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Borosil Glass Works surrenders land in Andheri (East), Mumbai
Dec 12,2016

Borosil Glass Works announced that the Company has a vacant land admeasuring 4237 sq. mtr. at J. B. Nagar, Andheri (East), Mumbai. The said land was reserved by Municipal Corporation of Greater Mumbai (MCGM) in their Development Plan for the Purpose of Recreation Ground (R.G.).

The Deputy Collector, Land Acquisition, Mumbai Suburban has asked the Company vide its letter dated 07 December 2016 to surrender the said land on 16 December 2016 for the purpose of recreation ground against a compensation amount of Rs. 94,44,24,162/- out of which the Company is required to pay to MCGM Rs. 3,56,22,100/- towards cost of training of Nalla on the said land by them. The Company is in the process of obtaining the copy of the award, on receipt of which it will decide whether to accept the same or not.

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Borosil Glass Works surrenders land in Andheri (East), Mumbai
Dec 12,2016

Borosil Glass Works announced that the Company has a vacant land admeasuring 4237 sq. mtr. at J. B. Nagar, Andheri (East), Mumbai. The said land was reserved by Municipal Corporation of Greater Mumbai (MCGM) in their Development Plan for the Purpose of Recreation Ground (R.G.).

The Deputy Collector, Land Acquisition, Mumbai Suburban has asked the Company vide its letter dated 07 December 2016 to surrender the said land on 16 December 2016 for the purpose of recreation ground against a compensation amount of Rs. 94,44,24,162/- out of which the Company is required to pay to MCGM Rs. 3,56,22,100/- towards cost of training of Nalla on the said land by them. The Company is in the process of obtaining the copy of the award, on receipt of which it will decide whether to accept the same or not.

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Board of Kothari World Finance to consider change in directorate
Dec 12,2016

Kothari World Finance announced that the meeting of Board of Directors of the Company is scheduled to be held on 16 December 2016, for considering and adopting the following Business:

1. Appointment of Vivek Mhatre and Atheva Mayekar as additional Director of the Company.

2. Proposal to appoint Vivek Mhatre and Atheva Mayekar as Independent Directors subject to Shareholders approval.

3. Acceptance of Resignation of M/S. Shahade and Associates.

4. Proposal to appoint Statutory Auditor of the Company in place of M/S. Shahade and Associates to fill up the casual Vacancy caused due to the resignation of M/S. Shahade & Associates subject to Shareholders approval.

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Gulshan Polyols fixes record date for sub-division of shares
Dec 12,2016

Gulshan Polyols announced that the Company has fixed 28 December 2016 as the Record Date for the purpose of sub-division / stock split of Rs. 5/- per share of the Company into the shares of Re. 1/- each.

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Gulshan Polyols fixes record date for sub-division of shares
Dec 12,2016

Gulshan Polyols announced that the Company has fixed 28 December 2016 as the Record Date for the purpose of sub-division / stock split of Rs. 5/- per share of the Company into the shares of Re. 1/- each.

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Alkem Lab drops after receiving observations from USFDA for API facility
Dec 12,2016

The announcement was made during market hours today, 12 December 2016.

Meanwhile, the S&P BSE Sensex was down 130.87 points or 0.49% at 26,616.31.

More than usual volumes were witnessed on the counter. On the BSE, 15,540 shares were traded in the counter so far as against average daily volume of 9,124 shares in the past one quarter. The stock had hit a high of Rs 1,685 and a low of Rs 1,588 so far during the day. The stock had hit a record low of Rs 1,175 on 2 May 2016. The stock had hit a record high of Rs 1,852.95 on 29 September 2016.

The stock had outperformed the market over the past one month till 9 December 2016, rising 1.48% compared with the Sensexs 1.85% fall. The scrip had also outperformed the market in past one quarter, gaining 4.47% as against the Sensexs 7.12% fall.

The large-cap company has equity capital of Rs 23.91 crore. Face value per share is Rs 2.

Alkem Laboratories announced that United States Food & Drug Administration (USFDA) had conducted an inspection at the companys active pharmaceutical ingredient manufacturing facility located at Ankleshwar, India from 5 December to 9 December 2016.

The company has received the inspection report from the USFDA which contains three 483 observations after the inspection. The company shall put together a detailed response with adequate corrective and preventive measures to address the USFDA observations and the same is proposed to be filed within the timeline stipulated by USFDA.

An FDA form 483 is issued to firm management at the conclusion of an inspection when an investigator has observed any conditions that in their judgement may constitute violations of the Food Drug and Cosmetic (FD&C) Act and related Acts.

Alkem Laboratories consolidated net profit rose 6% to Rs 282.83 crore on 18.6% growth in net sales to Rs 1615.01 crore in Q2 September 2016 over Q2 September 2015.

Alkem Laboratories is a pharmaceutical company with global operations, engaged in the development, manufacture and sale of pharmaceutical and nutraceutical products.

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IFCI announces change in directorate
Dec 12,2016

IFCI announced that Malay Mukherjee, Chief Executive Officer & Managing Director and Achal Kumar Gupta, Deputy Managing Director have ceased to be on the Board of the Company, pursuant to the completion of their tenure on 11 December 2016.

Further, based on the order received from Ministry of Finance assigning additional charge to Sanjeev Kaushik (IAS-KL 92) as Deputy Managing Director of IFCI, Board of IFCI has inducted Sanjeev Kaushik as Director and appointed him as Deputy Managing Director w.e.f 12 December 2016.

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TCPL Packaging commissions new offset printing machine
Dec 12,2016

TCPL Packaging has commissioned a new 7 colour offset printing machine along with requisite post printing equipment at their existing plant in Silvassa.

The Company has commenced production with effect from 07 December 2016 and it has an annual capacity to convert 9000 T of paperboard. The printing line has been imported from Germany.

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