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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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Suven Life Sciences secures two product patents for its NCEs
Jun 13,2017

Suven Life Sciences has secured a product patent from Australia (2014358652) and another product patent from USA (9636335) corresponding to the New Chemical Entities (NCEs) for thetreatment of disorders associated with Neurodegenerative diseases and these Patents are valid through 2032 and 2034 respectively.

The granted claims of the patents are from the mechanism of action include the class of selective 5HT6 and 5HT4 compounds and are being developed as therapeutic agents and are useful in the treatment of cognitive impairment associated with neurodegenerative disorders like Alzheimers disease, Attention deficient hyperactivity disorder (ADHD),Huntingtons disease, Parkinson and Schizophrenia.

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Subex and STC wins at Global Telecoms Business Innovation Awards 2017
Jun 13,2017

Subex has announced that it has been awarded the Global Telecoms Business Innovation Awards 2017 along with STC in the Enterprise Service Innovation category for its Managed Services offering.

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Meenakshi Enterprises announces change in email and website
Jun 13,2017

Meenakshi Enterprises has changed its E-Mail ID from meenakshienterpriseslimited@gmail.com to investor@melnbfc@gmail.com with immediate effect.

The Company also changed its website from www.meenakshienterprisesltd.com to www.melnbfc.com with effect from 19 June 2017.

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Pennar Industries gains after winning orders
Jun 13,2017

The announcement was made during trading hours today, 13 June 2017.

Meanwhile, the S&P BSE Sensex was up 91.31 points, or 0.29% to 31,187.01.

On the BSE, 2.17 lakh shares were traded in the counter so far, compared with average daily volumes of 1.29 lakh shares in the past one quarter. The stock had hit a high of Rs 58 and a low of Rs 56.20 so far during the day. The stock hit a 52-week high of Rs 58 on 9 June 2017. The stock hit a 52-week low of Rs 39.50 on 21 November 2016.

The stock had outperformed the market over the past one month till 12 June 2017, rising 15.69% compared with 3.01% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 33.97% as against Sensexs 5.61% rise. The scrip had also outperformed the market in past one year, rising 28.47% as against Sensexs 17.80% rise.

The small-cap company has equity capital of Rs 60.17 crore. Face value per share is Rs 5.

On a consolidated basis, net profit of Pennar Industries rose 10.82% to Rs 18.02 crore on 32.56% rise in net sales to Rs 464.87 crore in Q4 March 2017 over Q4 March 2016.

Pennar Industries offers specialized, engineered steel solutions. The company has a strong presence across growth sectors in India through four business units, steel products, tubes, industrial components and systems & projects, and its subsidiary companies, Pennar Engineered Building Systems, Pennar Renewables and Pennar Enviro.

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NIIT Technologies allots 34,000 equity shares
Jun 13,2017

NIIT Technologies has allotted 34,000 equity shares of Rs 10 each under ESOP on 12 June 2017. Consequent to this allotment, the paid up share capital of the Company has increased to 61,396,174 equity shares of Rs 10 each.

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Mawana Sugars extends post-result gain
Jun 13,2017

Meanwhile, the S&P BSE Sensex was up 91.65 points or 0.29% at 31,187.35. The S&P BSE Small-Cap index rose 116.88 points or 0.76% at 15,570.94.

On the BSE, 26,000 shares were traded on the counter so far as against the average daily volumes of 38,000 shares in the past two weeks. The stock had hit a high of Rs 84.90 and a low of Rs 83 so far during the day. The stock had hit a 52-week high of Rs 99 on 23 May 2017 and hit a 52-week low of Rs 34.65 on 17 November 2016.

The stock had underperformed the market over the past one month till 12 June 2017, sliding 9.2% compared with the Sensexs 3.01% rise. The stock had also underperformed the market over the past one quarter, declining 8.33% as against the Sensexs 7.43% rise. The scrip had, however, outperformed the market over the past one year, gaining 39.97% as against the Sensexs 16.74% rise.

Shares of Mawana Sugars have risen 8.67% in two trading sessions from its closing of Rs 77.20 on 9 June 2017 after the company reported strong quarterly results after market hours on 9 June 2017. The stock had risen 6.15% to settle at Rs 81.95 yesterday, 12 June 2017.

Mawana Sugars net profit rose 42.7% to Rs 92.63 crore on 8.5% decrease in net sales to Rs 422.24 crore in the quarter ended March 2017 over the quarter ended March 2016.

Mawana Sugars in engaged in the manufacturing of some of the finest sugars in the country.

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Board of Ramky Infrastructure approve change in company secretary
Jun 13,2017

The Board of Ramky Infrastructure at its meeting held on 12 June 2017 has transacted the following -

Resignation of Madhusudhana Reddy as Company Secretary.

Appointment of Ashish Kulkarni as Company Secretary and Compliance officer

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US stocks end with moderate losses
Jun 13,2017

U.S. stock-market indices closed lower on Monday, 12 June 2017 weighed by a second straight session of firm losses in technology shares. The stock market opened the week with its second-consecutive decline as the top-weighted technology sector weighed on the broader market.

The Dow Jones Industrial Average snapped three days of gains to close down 36.30 points, or 0.2%, at 21,235.67. The tech-heavy Nasdaq Composite Index remained under pressure. Overcoming a 97-point deficit on the session, the index closed down 32.45 points, or 0.5%, at 6,175.46. The S&P 500 index finished down 2.38 points, or 0.1%, at 2,429.39, overcoming a nearly 12-point deficit earlier.

Six of the benchmarks 10 sectors closed lower led by the technology sector.

Losses in shares of Apple and McDonalds offset gains from shares of General Electric and Chevron Corp.

At the beginning of Mondays session, it appeared that Wall Street may duplicate Fridays sector rotation trade; tech stocks opened sharply lower while financials and energy stocks opened distinctly higher. However, the three sectors quickly retraced a portion of their early moves with the financial sector actually entering negative territory within two hours of the opening bell. The financial space came back a bit in the afternoon, but never returned to its early-morning high.

As the week kicks off, investors are also focused on the Federal Reserve, which on Wednesday is widely anticipated to deliver an interest-rate hike.

The Feds two-day meeting will wrap up on Wednesday, where a dollar-supportive rate increase is widely expected, but not guaranteed. Wall Street is pricing in a 95.8% chance of a lift to U.S. benchmark rates, which would follow the European Central Banks decision last Thursday to keep its rates steady.

The U.K. general election ended Friday in a hung parliament, where no single party holds a majority.

Meanwhile, the dollar, as measured by the ICE U.S. Dollar Index traded nearly flat on Monday after posting a gain for last week. A stronger dollar can provide a headwind for commodities priced in the currency, making it more expensive to buyers using other monetary units.

Shares in Apple finished down 2.5% on Monday. It is the second time in a week that the iPhone maker has been downgraded, with the more bearish view once again stemming from concerns that optimism over the iPhone 8 has been baked into the stock.

On the upside, General Electric finished up 3.6% following news that CEO Jeff Immelt is retiring after nearly 16 years at the helm of the company and will be replaced by John Flannery, currently president and CEO of GE Healthcare.

Bullion prices ended lower on Monday, 12 June 2017 at Comex. Gold prices ended lower Monday, stretching their streak of declines to a fourth session as this weeks focus now turns squarely on the Federal Reserve.

August gold fell $2.50, or 0.2%, at $1,268.90 an ounce. The settlement handed the contract its fourth-straight drop. July silver gave up 27.9 cents, or 1.6%, to $16.944 an ounce.

Oil prices settled higher on Monday, 12 June 2017 following last weeks drop of nearly 4%, as traders look ahead to the weekly update on U.S. petroleum supplies, as well as monthly reports on U.S. shale crude production and global output figures from OPEC and the International Energy Agency due out this week.

July West Texas Intermediate crude tacked on 25 cents, or 0.6%, to settle at $46.08 a barrel on the New York Mercantile Exchange. August Brent crude, the global oil benchmark, rose 14 cents, or 0.3%, to $48.29 a barrel on the ICE Futures Europe exchange.

> Investors did not receive any economic data on Monday. Tomorrows economic calendar will also be light with just one report--May PPI (consensus 0.0%) on the docket. The report will be released at 8:30 ET.

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Shreyas Shipping spurts after joint venture with Japanese firm
Jun 13,2017

The announcement was made after market hours yesterday, 12 June 2017.

Meanwhile, the S&P BSE Sensex was up 78.68 points, or 0.25% to 31,174.38.

On the BSE, 17,000 shares were traded in the counter so far, compared with average daily volumes of 15,348 shares in the past one quarter. The stock had hit a high of Rs 364.75 and a low of Rs 345 so far during the day. The stock hit a 52-week high of Rs 464.55 on 11 July 2016. The stock hit a 52-week low of Rs 193.10 on 26 December 2016.

The stock had underperformed the market over the past one month till 12 June 2017, falling 11% compared with 3.01% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 13.82% as against Sensexs 5.61% rise. The scrip had underperformed the market in past one year, falling 19% as against Sensexs 17.80% rise.

The small-cap company has equity capital of Rs 21.96 crore. Face value per share is Rs 10.

Shreyas Shipping and Logistics (Shreyas) and Suzue Corporation of Japan signed the joint venture agreement wherein a joint venture company would be formed, which will capitalise on the possibilities in international freight forwarding, customs clearance service, warehousing services, land transport services and other related logistic services with additional focus on land bank development for commercial purposes in Indian Sub-continent and Japan.

The geographies covered by the agreement initially include Indian sub-continent and Japan, with the possibility of extending to South East Asian nations.

On a consolidated basis, Shreyas Shipping & Logistics reported net loss of Rs 9.94 crore in Q4 March 2017 as against net profit of Rs 15.11 crore in Q4 March 2016. Net sales rose 4.69% to Rs 184.31 crore in Q4 March 2017 over Q4 March 2016.

Shreyas Shipping & Logistics, the Indian flagged vessel owning unit of Transworld Group, is a pioneer and market leader in domestic coastal container shipping covering all main ports and container terminals on the Indian coast.

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Vesuvius India hits record high after good Q1 earnings
Jun 13,2017

The result was announced after market hours yesterday, 12 June 2017.

Meanwhile, the S&P BSE Sensex was up 58.53 points, or 0.19% at 31,154.23. The S&P BSE Small-Cap index was up 99.58 points, or 0.64% at 15,553.64.

On the BSE, 489 shares were traded on the counter so far as against the average daily volumes of 141 shares in the past two weeks. The stock had hit a high of Rs 1,313.50 so far during the day, which is also its record high. The stock hit a low of Rs 1,286 so far during the day. The stock had hit a 52-week low of Rs 817.40 on 13 June 2016.

The stock had underperformed the market over the past one month till 12 June 2017, gaining 0.7% compared with the Sensexs 3.01% rise. The scrip had also underperformed the market over the past one quarter advancing 6.95% as against the Sensexs 7.43% rise. The scrip had, however, outperformed the market over the past one year advancing 52.34% as against the Sensexs 16.74% rise.

The small-cap company has equity capital of Rs 20.30 crore. Face value per share is Rs 10.

Vesuvius India is primarily a manufacturer and trader of refractories.

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Dull day for bullions
Jun 13,2017

Bullion prices ended lower on Monday, 12 June 2017 at Comex. Gold prices ended lower Monday, stretching their streak of declines to a fourth session as this weeks focus now turns squarely on the Federal Reserve.

August gold fell $2.50, or 0.2%, at $1,268.90 an ounce. The settlement handed the contract its fourth-straight drop.

July silver gave up 27.9 cents, or 1.6%, to $16.944 an ounce.

The Feds two-day meeting will wrap up on Wednesday, where a dollar-supportive rate increase is widely expected, but not guaranteed. Wall Street is pricing in a 95.8% chance of a lift to U.S. benchmark rates, which would follow the European Central Banks decision last Thursday to keep its rates steady. Higher interest rates are typically a negative for gold, because it enhances the appeal of yield-bearing assets; gold doesnt offer a yield.

The U.K. general election ended Friday in a hung parliament, where no single party holds a majority.

Meanwhile, the dollar, as measured by the ICE U.S. Dollar Index traded nearly flat on Monday after posting a gain for last week. A stronger dollar can provide a headwind for gold, and other commodities priced in the currency, making it more expensive to buyers using other monetary units.

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CPI inflation dips to 2.18% in May 2017
Jun 13,2017

The all-India general CPI inflation dipped to fresh record low of 2.18% in May 2017 (base 2012=100), compared with 2.99% in April 2017. The corresponding provisional inflation rate for rural area was 2.30% and urban area 2.13% in May 2017 as against 3.02% and 3.03% in April 2017. The core CPI inflation eased to 4.14% in May 2017 from 4.44% in April 2017. The cumulative CPI inflation was lower at 2.58% in April-May FY2018 compared with 5.61% in April-May FY2017.

Among the CPI components, inflation of food and beverages dipped to (-) 0.22% in May 2017 from 1.29% in April 2017 mainly contributing to the dip in CPI inflation. Within the food items, the inflation slipped for vegetables to (-) 13.44%, pulses and products (-) 19.45%, fruits 1.40%, spices 0.52%, cereals and products 4.81% and prepared meals, snacks, sweets etc 5.17%. The inflation also declined for milk and products to 4.56%, sugar and confectionery 9.84%, oils and fats 2.70%, egg 0.72% and non-alcoholic beverages to 2.66%. The inflation was nearly flat for meat and fish at 1.87% in May 2017.

The inflation for housing was steady at 4.84%, while that for miscellaneous items dipped to 3.81% in May 2017. Within the miscellaneous items, the inflation for transport and communication eased to 3.46%, personal care and effects 3.27%, education 4.90% and health 3.80%, while it rose slightly for household goods and services to 3.97% in May 2017.

The inflation for clothing and footwear eased to 4.41% in May 2017, while the CPI inflation of fuel and light dipped to 5.46% in May 2017.

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Board of Khaitan (India) appoints director
Jun 13,2017

The Board of Khaitan (India) at its meeting held on 12 June 2017 has appointed Srawan Kumar Jajodia, as an Independent Additional Director w.e.f 12 June 2017.

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Board of NG Industries recommends final dividend
Jun 13,2017

NG Industries announced that the Board of Directors of the Company at its meeting held on 29 May 2017, inter alia, have recommended the final dividend of Rs 3.5 per equity Share (i.e. 35%) , subject to the approval of the shareholders.

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Board of Incap recommends final dividend
Jun 13,2017

Incap announced that the Board of Directors of the Company at its meeting held on 29 May 2017, inter alia, have recommended the final dividend of Rs 1 per equity Share (i.e. 10%) , subject to the approval of the shareholders.

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