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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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Board of Manvijay Development Company approves change in registered office
Nov 29,2016

Manvijay Development Company announced that the Board of Directors of the Company at its meeting held on 28 November 2016, had conducted the following business:

1. Change of Registered Office of the Company from Unit No. 509, 5th Fir, Stanford Plaza, Off New Link Road, Andheri (W), Mumbai - 400053.To: Office No. 701, 7th Floor, Platinum Arcade, J.S.S Road, Girgaum, Charni Road, Mumbai - 400004.

2. The Director Sangeeta Shrikant Karnik has been taken as vacated from the office due to her absence from all the meetings of the Board of Directors held during a period of twelve months with or without seeking leave of absence of the Board.

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Outcome of board meeting of Quess Corp
Nov 29,2016

Quess Corp announced that the Board of Directors of the Company at its meeting held on 28 November 2016 transacted the following -

Appointment of Sudershan Pallap as Company Secretary and Compliance Officer in place of N V S Pavan Kumar, with effect from 28 November 2016.

Approved subscription to Compulsorily Convertible Preference Shares of Manipal Integrated Services for Rs 200 crore.

Acquisition of facility management business and catering business of Manipal Integrated Services.

Acquisition of 74% equity in Inticore VJP Advance Systems subject to necessary approvals.

Approved issue of NCDs and other debt instruments of the Company aggregating up to Rs 150 crore, subject to necessary approvals.

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Pfizer provides business update
Nov 29,2016

Pfizer announced that the Company has undertaken a comprehensive review of its respiratory offerings in order to better cover a broader range of indications through an expanded product portfolio. As a result of this review, the Company will launch additional products while it may also discontinue the manufacture of certain SKUs where needed.

The Company will be launching a series of products as line extensions under the Corex brand name, starting with the first launch in December, 2016 and subsequent launches over the next year. The Company has also decided to discontinue the manufacturing of the current Corex Cough Syrup formulation (Codeine Phosphate 10mg + Chlorpheniramine Maleate 4mg). Pfizer stands by the safety and efficacy of its current Corex Cough Syrup formulation that has been duly approved by Central and State regulators. As with this formulation, all additional line extensions will be introduced with all due regulatory approvals in place.

The Company remains committed to providing a more comprehensive set of solutions in respiratory indications, while ensuring minimal impact towards patients resulting from the discontinuation of manufacturing of the current Corex Cough Syrup formulation.

It may be noted that Corex Cough Syrup recorded a sale of Rs.244.48 crores for the financial year ended 31 March 2016.

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Asian Oilfield Services to hold EGM
Nov 29,2016

Asian Oilfield Services announced that the Extra Ordinary General Meeting (EGM) of the Company will be held on 23 December 2016.

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Cholamandalam Investment & Finance Company allots equity shares
Nov 29,2016

Cholamandalam Investment & Finance Company announced that the Nomination and Remuneration Committee has approved an allotment of 5,768 equity shares of Rs.10/- each to the option grantees who have exercised their options.

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Board of Shiva Cement to consider conversion of warrants
Nov 29,2016

Shiva Cement announced that the Board Meeting of the Board of Directors of the Company will be held on 06 December 2016 to transact the following business :

To consider allotment of 80,00,000 Nos. of Equity Shares of Rs. 2/- each at a premium of Rs. 4.20 per share to Harsh Vanijya upon exercise of option by them for conversion of Equity Share Warrants earlier allotted to them on preferential basis.

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ASSOCHAM collaborates with Tally Solutions to simplify GST for the Retail Community
Nov 29,2016

The Associated Chambers of Commerce and Industry of India (ASSOCHAM) and Tally Solutions, the premier Indian software product company, today, signed a Memorandum of Understanding (MoU) to demystify, educate and train the retail community for the roll out of the Goods and Services Tax (GST) law in India.

ASSOCHAM & Tally Solutions plan to conduct a series of conferences for the retail community across the nation, over the next few months. Tax experts from government bodies will be participating in these conferences to help clear the air about GST, by discussing the law and its implementation in these events. The conferences are designed to help the businesses shift from the existing taxation method and adapt to the new technology led law with ease.

Speaking on this occasion, Mr. Sathya Pramod, Chief Financial Officer of Tally Solutions Private Limited, said, n++Since the inception of GST discussion, Tally has been making constant efforts to demystify the new taxation policies for businesses and help with its smooth transition. This association with ASSOCHAM gives us a wider platform to reach out to the retail community and acquaint them with the technological changes that they need to adopt in the next few months. A thorough understanding of GST will allow these businesses to continue their functions comfortably post the roll out as well.n++

Mr. D.S Rawat, Secretary General, ASSOCHAM, said, n++GST has created a lot of clamour in the business community given the technological changes required to comply with the law. The lack of clear knowledge at the grassroots level about the draft Bill is another reason for resistance by the smaller businesses in the Nation. We are happy to partner with Tally on this, as this provides our members a platform to understand the significance of this new taxation policy and make an easy transition towards itn++

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MoPNG & MSDE sign MoU to boost to skill initiatives in the Hydrocarbon sector
Nov 29,2016

The Ministry of Petroleum & Natural Gas (MoPNG) and Ministry of Skill Development & Entrepreneurship (MSDE) signed a Memorandum of Understanding (MoU) to scale up skill development initiatives in the Hydrocarbon and allied sectors among other areas of cooperation.

Speaking on the occasion, Shri Pradhan said as his ministry is gearing up for new avenues that Petroleum and Natural Gas sector will open up for the country, there is tremendous focus on sourcing skilled workforce to make all plans successful. The partnership with MSDE through this MoU signing will help MoPNG to develop the ready workforce for Exploration and Production, Pipeline & Transportation, Refinery & Marketing and Service providers going forward. He said, in this way, we are investing back into our sectors and the countrys brighter future.

Welcoming contribution from the hydrocarbon sector, Shri Rajiv Pratap Rudy said, the hydrocarbon sector has tremendous potential for employment generation, and hence it is vital to develop a skilled workforce to meet both current and future needs. The setting up of the Hydrocarbons SSC is the first step in that direction. He said, with todays partnership, both Ministries commit to develop globally benchmarked workforce for the sector so that lakhs of youth can aspire for better economic opportunities through skill development programs.

MoPNG has now formally joined hands with MSDE to:

n++ Develop comprehensive skill development plans for existing and potential workforce in alignment with National Skills Qualification Framework (NSQF)

n++ Certify existing workforce in the hydrocarbon sector for Recognition of Prior Learning under Pradhan Mantri Kaushal Vikas Yojana (PMKVY)

n++ Promote and scale-up apprenticeship training under National Apprenticeship Promotion Scheme

n++ Facilitate the setting-up of Skill Development Institutes/Centres of Excellence for vocational training to meet sectoral needs

MoPNG has setup the Hydrocarbons Sector Skill Council (HSSC) with representatives from the Government, PSUs and private sector to address the skill development needs across the value chain of the sector.

Under the MoU, MoPNG will continue to support the growth of the Hydrocarbon Sector Skill Council and align with the NSQF for skill development programs. Additionally, MoPNG will encourage Oil & Gas Companies and related contractors to hire skilled personnel, incentivize skill training & certification, promote apprenticeship programs, undertake Recognition of Prior Learning (RPL) programs in the sector and setup institutes focused on various sub-sectors and allied trades. MoPNG will catalyse these initiatives in the Hydrocarbon sector, through its various agencies and PSUs, and develop a plan in close alignment with the Skill India mission.

MSDE would primarily discharge its responsibilities through Directorate General of Training (DGT) and National Skill Development Corporation (NSDC).

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Tata Steel in focus after signing pact with Liberty House for sale of UK speciality steel biz
Nov 29,2016

Tata Steel will be in focus. Tata Steel UK announced the signing of a letter of intent with Liberty House Group to enter into exclusive negotiations for the potential sale of its Speciality Steels business for an enterprise value of n++100 million subject to due diligence and corporate approvals. The letter of intent covers several South Yorkshire-based assets including the Rotherham electric arc steelworks, the steel purifying facility in Stocksbridge and a mill in Brinsworth as well as service centres in Bolton and Wednesbury, UK, and in Suzhou and Xian, China. Speciality Steels employs about 1,700 people making steels for the aerospace, automotive and the oil & gas industries. The announcement was made after market hours yesterday, 28 November 2016.

Tata Steel UK has invested n++1.5 billion of capital over the last nine years. The companys boards consider the technical feasibility and economic returns of investments when taking decisions, as well as their affordability. The company is pursuing a transformation plan to create a sustainable future for its UK strip products business. The success of this plan is likely to influence decisions on future investments.

In the current year, the company is pursuing n++85m worth of capital investments covering a range of sustenance and improvement schemes. Tata Steel has recently approved schemes focused on improving manufacturing capability to enable the production of premium steels in Shotton, Llanwern, Trostre, Orb in Newport, and other downstream operations as well as environmental schemes for Port Talbots power plant. Investments in packaging steels, electrical steels, an automotive finishing line, laser welding and next-generation coated products are in line with companys strategy to enhance premium product focus for UK strip products supply chain.

Sun Pharmaceutical Industries (Sun Pharma) announced the launch of BromSite (bromfenac ophthalmic solution) 0.075% in the US market. A nonsteroidal anti-inflammatory drug (NSAID) indicated for the treatment of postoperative inflammation and prevention of ocular pain in patients undergoing cataract surgery, BromSite will be marketed by Sun Ophthalmics, the companys branded ophthalmic business solution. BromSite is the first branded product launched by the company in the US, following its focus on Specialty business. The announcement was made after market hours yesterday, 28 November 2016.

Tata Power Company will be in spotlight. With regard to news article in media titled Fire breaks out at Tata Power Delhi Distributions Badli power house, the company after market hours yesterday, 28 November 2016, issued a clarification to the exchanges. Tata Power said that on 27 November 2016, there was a fire incident in the area next to the boundary wall of the Tata Power Delhi Distribution (TPDDL) Badli grid. There were nearly 76 drums of 66 KV cables which were stored by a vendor/contractor for project work. 46 cable drums were damaged while 30 cable drums were quickly shifted and saved. The cable belonged to the vendor who had stored/kept it in the grid till it was installed. The cables are insured by the vendor and there is no impact on TPDDL. TPDDL senior officials were there at the site. There was no impact on the grid and grid is safe and supply to TPDDLs consumers was not impacted. The reason for the fire is being investigated and suitable corrective action will be taken based on the fact finding report, Tata Power said.

Timken Indias net profit rose 41.11% to Rs 29.86 crore on 7.26% rise in net total income from operations to Rs 296.75 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 28 November 2016.

Triveni Engineering & Industries consolidated net profit jumped 205.53% to Rs 67.92 crore on 49.69% rise in total income from operations to Rs 675.51 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 28 November 2016.

Mahanagar Gas net profit rose 40.88% to Rs 102.24 crore on 3.11% decline in total income from operations to Rs 574.18 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 28 November 2016.

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Board of Himachal Futuristic Communications declares 1st interim dividend on preference shares
Nov 28,2016

Himachal Futuristic Communications announced that the Board of Directors of the Company at its Meeting held on 28 November 2016, inter alia, have taken the following decisions:

1. Declared First Interim Dividend of Rs. 3.25 per share on 80,50,000 Cumulative Redeemable Preference Shares (CRPS) of Rs. 100/- each for the financial year 2016-17.

2. The Company has constituted a Committee of Directors for allotment of Secured Unlisted Non-Convertible Debentures (NCDs) which are to be allotted by way of conversion of outstanding right of recompense payable to various lenders.

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Sun Pharmaceuticals Industries launches first branded ophthalmic product - BromSiten++
Nov 28,2016

Sun Pharmaceuticals Industries announced the launch of BromSiten++ (bromfenac ophthalmic solution) 0.075% in the US market. A nonsteroidal anti-inflammatory drug (NSAID) indicated for the treatment of postoperative inflammation and prevention of ocular pain in patients undergoing cataract surgery, BromSiten++ will be marketed by Sun Ophthalmics, thecompanys branded ophthalmic business division. BromSite is the first branded product launched by the company in the USA, following its focus on Specialty Business.

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Net 4 India to announce September quarter results
Nov 28,2016

Net 4 India announced that the meeting of the Board of Directors of the Company held on 28 November 2016; stands adjourn for want of quorum due to the non-availability of majority of requisite board members at within the scheduled time.

The Adjourn Meeting of the Board of Directors of the Company to consider, inter-alia, approve and take on record the Un- audited Financial Results of the Company for the Quarter ended on 30 September 2016; will held on 30 November 2016.

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Board of Indian Terrain Fashions appoints company secretary & compliance officer
Nov 28,2016

Indian Terrain Fashions announced that the Board of Directors of the Company at its meeting held on 28 November 2016 approved the appointment of Ravi B S G as the Company Secretary and Compliance Officer with immediate effect.

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Outcome of board meeting of Jayaswal Neco Industries
Nov 28,2016

Jayaswal Neco Industries announced that the Board of Directors of the Company at its meeting held on 28 November 2016 transacted the following -

Took note of appointment of Baljinder Kaur Mandal as Nominee Director of IDBI Bank with effect from 28 November 2016 in place of P K Das.

Approved dis-investment of share held in Jayaswal Neco Urja, the subsidiary of Company, thereby ceasing the status of holding and subsidiary company.

Considered the proposal for exploring the possibility of hiving off Flat Product Division (which is non-operational) of the Company.

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Board of Asian Hotels (East) to consider Q2 and HY results
Nov 28,2016

Asian Hotels (East) announced that a meeting of the Board of Directors of the Company will be held on 09 December 2016, inter alia, to consider and approve the unaudited standalone financial results for quarter (Q2) and half year (H1) ended on 30 September 2016.

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