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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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Volumes jump at Apar Industries counter
Nov 10,2016

Apar Industries clocked volume of 2.64 lakh shares by 13:37 IST on BSE, a 104.44-times surge over two-week average daily volume of 3,000 shares. The stock rose 1.79% at Rs 577.10.

Mahindra Lifespace Developers notched up volume of 4.73 lakh shares, a 65.57-fold surge over two-week average daily volume of 7,000 shares. The stock was up 1.59% at Rs 418.

Godrej Properties saw volume of 5.37 lakh shares, a 29.85-fold surge over two-week average daily volume of 18,000 shares. The stock fell 2.89% at Rs 339.35.

Blue Star clocked volume of 1.42 lakh shares, a 13-fold surge over two-week average daily volume of 11,000 shares. The stock was down 0.16% at Rs 537.05.

Apollo Hospitals Enterprise saw volume of 60,000 shares, a 9.47-fold rise over two-week average daily volume of 6,000 shares. The stock was up 2.4% at Rs 1,323.

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Outcome of board meeting of Maithan Alloys
Nov 10,2016

Maithan Alloys announced that the Board of Directors of the Company at its meeting held on 10 November 2016 approved the following -

Appointment of Palghat Krishnan Venkatramani, Director of the Company as Independent Director with effect from 10 November 2016, subject to approval of shareholders.

Appointment of Parasantha Chattopadyay as Additional Director with effect from 10 November 2016.

Appointment of Sudhanshu Agarwalla, as President and CFO with effect from 10 November 2016.

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Navkar Corporation shifts registered office
Nov 10,2016

Navkar Corporation has shifted its registered office to 4th Floor, Godwill Infinity, Plot No. E/3A, Sector 12, Near Utsav Chowk, Kharghar, Navi Mumbai - 410210.

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Gateway Distriparks to pay interim dividend
Nov 10,2016

Gateway Distriparks announced that Interim Dividend of Rs. 3 per equity share of Rs. 10/- each, for the financial year 2016-17 will be paid on 28 November 2016.

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Gateway Distriparks declares interim dividend of Rs 3
Nov 10,2016

Gateway Distriparks announced that the Board of Directors, at their meeting held on 10 November 2016, inter alia, approved the payment of Interim Dividend of Rs. 3 per equity share of Rs. 10/- each, for the financial year 2016-17 to the shareholders. The date of payment will be 28 November 2016.

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Board of Siti Networks to consider Q2 and HY results
Nov 10,2016

Siti Networks announced that a meeting of the Board of Directors of the Company will be held on 22 November 2016, inter alia, to consider, approve and take on record the Unaudited Financial Results of the Company for the second quarter of the Financial Year 2016- 17 and 6 months period ended 30 September 2016.

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Vakrangee allots equity shares
Nov 10,2016

Vakrangee announced that the Nomination and Remuneration and Compensation Committee of the Board of Directors of the Company at its meeting held on 09 November 09, 2016 has approved and allotted 36250 numbers of Equity Shares having Face Value of Re. 1/- each to the employees of the Company (the Allottees) pursuant to exercise of options under the companys Employee Stock Option (ESOP) Scheme which may please be noted.

Post allotment of 36250 shares of face value of Re. 1/- each, the Companys issued and paid-up share capital stands increased to 529232420 Equity Shares of face value of Re. 1/- each aggregating to Rs. 52,92,32,420/-.

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Intec Capital announces resignation of director
Nov 10,2016

Intec Capital has received resignation letter dated 09 November 2016 from Y. L. Madan, Non-executive Independent Director, resigning from the Board of company and its various committees with immediate effect.

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Ducon completes a de-dusting system project for Nalco
Nov 10,2016

Ducon Technologies India, the Company under amalgamation with Ducon Infratechnologies announced that it has successfully completed a de-dusting system project for National Aluminium Company (Nalco) in India.

With the installation, the Ducons de-dusting system has reduced the dust concentration in the plant to 5mg/ Nm3 and the stack emission to 30mg/ Nm3, thereby allowing Nalco to comply with the regulations of both central and state pollution control board for overall pollution control for both surface and air.

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Ashok Leyland received prestigious 2016 Deming Prize
Nov 10,2016

Ashok Leyland announced that it has received the prestigious 2016 Deming Prize for the successful implementation of Total Quality Management at its Pantnagar manufacturing facility. Ashok Leyland Pantnagar has become the first truck and bus plant in the world and also the only CV manufacturer outside of Japan to win the Deming Prize.

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Allcargo Logistics fixes record date for buyback of shares
Nov 10,2016

Allcargo Logistics has fixed 18 November 2016 as the Record Date for the purpose of Buy-back of equity shares.

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Eicher moves north on foreign brokerage upgrade
Nov 10,2016

Meanwhile, the S&P BSE Sensex was up 460.69 points or 1.69% at 27,713.22.

On BSE, so far 2,278 shares were traded in the counter as against average daily volume of 3,644 shares in the past one quarter. The stock was volatile. The stock rose as much as 2.52% at the days high of Rs 24,000 so far during the day. The stock rose 0.7% at the days low of Rs 23,575.10 so far during the day. The stock had hit a record high of Rs 26,601.95 on 29 September 2016. The stock had hit a 52-week low of Rs 14,817.75 on 19 January 2016. The stock had underperformed the market over the past one month till 9 November 2016, sliding 9.28% compared with 2.88% fall in the Sensex. The scrip had, however, outperformed the market in past one quarter, advancing 6.1% as against Sensexs 2.96% fall.

The large-cap company has equity capital of Rs 27.20 crore. Face value per share is Rs 10.

On a consolidated basis, net profit of Eicher Motors rose 45.19% to Rs 413.16 crore on 35.14% rise in net sales to Rs 1748.44 crore in Q2 September 2016 over Q2 September 2015.

Eicher Motors (EML) is the flagship company of the Eicher Group. EML is one of the leading players in the Indian automotive space. EML owns the iconic Royal Enfield motorcycle business which leads the premium motorcycle segment in India. EMLs joint venture with the Volvo group, VE Commercial Vehicles, designs, manufactures and markets reliable, fuel-efficient trucks and buses.

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Board of Delma Infrastructure tp consider September quarter results
Nov 10,2016

Delma Infrastructure announced that a meeting of the Board of Directors of the Company will be held on 11 November 2016, inter alia, to consider and approve the unaudited financial results of the Company for the quarter ended 30 September 2016.

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DCM Shriram commissions additional power generation capacity
Nov 10,2016

DCM Shriram has on 08 November 2016 commissioned additional captive power generation capacity at its Chlor-alkali unit in Bharuch (Gujarat). The total coal based captive power generation at the Bharuch (Gujarat) unit now stands at 115 MW. The increased power generation capacity will meet the power requirements of its Chloro-alkali unit at Bharuch (Gujarat) wherein the expansion of Chlor-alkali capacity to 1013 TPD was completed in October 2016.

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Outcome of board meeting of Snowman Logistics
Nov 10,2016

Snowman Logistics announced that the Board of Directors, at their meeting held on 09 November 2016, has appointed Sunil Nair as the Chief Executive Officer and Additional and Whole time Director of the Company with effect from 01 December 2016 and Pradeep Kumar Dubey has resigned as the Whole time Director from the Board of Directors of the Company with immediate effect.

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