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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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Wipro Cited as a Leader in Service Providers for Next-Generation Oracle Application Projects
Nov 09,2016

Wipro announced that Wipro has been cited as a Leader by technology global research and advisory firm Forrester Research Inc. in its report, The Forrester Wave : Services Providers for Next-Generation Oracle Application Projects, Q3 2016.

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JTL Infra to announce September quarter and half year results
Nov 09,2016

JTL Infra announced that a Meeting of Board of Directors of the Company for the Year 2016-17, is scheduled to be held on 14 November 2016, inter alia, to consider, approve & to take on record Unaudited Financial Results of the Company for the quarter & half year ending on 30 September 2016.

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Emkay Global Financial Services allots equity shares
Nov 09,2016

Emkay Global Financial Services announced that Nomination, Remuneration and Compensation Committee of the Board in it meeting held on 09 November 2016, have transacted the following business:

1. Allotted 400 equity shares of Rs. 10 each under ESOP-2007 to the eligible employee of the Company. Consequently, the Issued, Subscribed and Paid-up Equity Shares Capital of the Company has increased from 2,44,37,750 equity shares to 2,44,38,150 equity shares of Rs. 10/- each.

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Monotype India announces change in registered office
Nov 09,2016

Monotype India has obtained the approval from the Regional Director, Eastern Region, for shifting of registered office from the state of West Bengal to the state of Maharashtra, at Mumbai.

The order confirming the alteration to the situation clause of Memorandum of Association for the shifting of registered office from the state of West Bengal to the state of Maharashtra, at Mumbai has been issued by the Regional Director, Eastern Region, Ministry of Corporate Affairs vide order dated October 06, 2016.

Further, ROC Mumbai has issued the Certificate of Registration of Regional Director Order for Change of State dated 09 November 2016.

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Board of Perfect-Octave Media Projects to consider September quarter results
Nov 09,2016

Perfect-Octave Media Projects announced that a meeting of Board of Directors of the Company shall be held on 14 November 2016, inter alia, to consider the following:

- To approve the unaudited financial results for the quarter ended on 30 September 2016.

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Asia Pacific Market: Stocks hammer on Trumps shock win in U.S. election
Nov 09,2016

Asia Pacific share market tumbled in rollercoaster trade on Wednesday, 09 November 2016, as investors fled risky assets as Republican Donald Trump claimed a shock victory in the U.S. presidential election. The MSCI Asia Pacific Index fell 2.7% to 134.19.

Regional stocks were initially on a firm note on growing speculation of a win for Clinton. But stocks gradually lost steam and fluctuated between gains and losses before turning sharply lower as results showing Trump taking key battleground states rolled in.

Trump, who has stoked uncertainty over his stance on foreign policy, trade and immigration, rattled world markets that had expected Democrat Hillary Clinton to defeat the political outsider. Donald Trump won 276 votes and Hillary Clinton won 218 votes. Candidates need at least 270 electoral votes to win. Trump will be the 45th President of the United States. The United States presidential elections of 2016 were held yesterday, 8 November 2016.

Markets from Japan to India fell the most since at least June 24, when Britain shocked investors by opting to leave the European Union, as investors dumped global risk securities and bought safe-haven assets including the yen and gold.

Among Asian bourses

Australia Stocks hammer

Australian share market stumbled to a four-month low, losing ~A$35 billion in value amid a global shock from US election results that have left Donald Trump poised to won the U.S. presidential election. All sectors on the ASX closed deep in the red, with the banks, health and energy sectors suffering the biggest declines. At the closing bell, the benchmark S&P/ASX 200 index tumbled 101.20 points, or 1.92%, to 5,156.60, while the broader All Ordinaries index stumbled 103.90 points, or 1.94%, to 5,238.30. Falling stocks outnumbered advancing ones on the Australia Stock Exchange by 981 to 221 and 229 ended unchanged. The S&P/ASX 200 VIX, which measures the implied volatility of S&P/ASX 200 options, was up 14.69% to 21.030 a new 3-month high.

Shares of major banks and the big miners led the falls. The ANZ closed down 2% to A$26.47 and Westpac 1.95% to A$29.66. BHP fell 3.1% to close at A$22.56 and Rio Tinto 1.94% to A$53.73.

Among individual mover, Aristocrat Leisure shares fell 5.9% to A$14.30 following news poker machine maker chief executive, Jamie Odell, is stepping down next year.

Seven West Media dropped 5% to A$0.67 after the company said its full-year earnings will be close to 20% down on the year before - the lower end of its earlier guidance of 15% to 20%.

Shares in Medibank dropped 3.92% to A$2.45 after health insurance giant Medibank Private told shareholders at its annual general meeting that it faces a tough year with revenue growth in the first four months of fiscal 2017 missing its initial expectations.

Nikkei falls 5.36%

The Japan share market finished steep lower in a rollercoaster session, as Republican candidate Donald Trump won the U.S. presidential election, shocking traders after recent polls indicated that Hillary Clinton would be the victor. Every industry category on the main section lost ground, led by transportation equipment, marine transportation and equipment issues. The 225-issue Nikkei stock average ended down 919.84 points, or 5.36%, to 16,251.54, its biggest one-day drop since June 24 when Britain voted to leave the European Union. The broader Topix index of all first section issues on the Tokyo Stock Exchange finished 62.33 points, or 4.57%, lower at 1,301.16.

Tokyo market started the day in the black but quickly reversed course as Trumps stronger than expected showing stung the dollar and pushed up the yen n++ a negative for Japanese shares. The yen is seen as a safe haven in times of uncertainty. But a stronger currency is bad for Japanese exporters profitability and tends to spark selling of their shares. In Tokyo the dollar slumped to 102.10 yen from above 105 yen seen earlier in the day.

Export related stocks stumbled on tracking yen ascent against US dollar. Toyota Motor Corp sagged 6.5%, Nissan Motor Corp. dropped 6%, and Honda Motor Co. tumbled 7.8%. Nikon declined 6.6% after the precision machinery manufacturer on Tuesday cut its group net profit forecast, projecting a net loss for fiscal 2016.

China Stocks slide on US election jitters

Mainland China stock market finished session lower, joining global market slide, as Republican president candidate Donald Trump was surprisingly edging ahead of Democratic candidate Hilary Clinton. But falls in China shares - typically shielded from global market volatility by strict capital controls - were more subdued, with benchmark indexes only down slightly amid data showing a recovery in producer prices. Most sectors lost ground, while material and property stocks gained, lifted by a strong rally in the shares of gold miners amid a rush to safe-haven assets. The benchmark Shanghai Composite Index declined 0.62% to close at 3,128.37 points. The CSI 300 index lost 0.54% to close at 3,353.05 points.

Shares shrank in the morning session taking their cue from the global market disarray as it became increasingly clear that Donald Trump would win the US presidential election. However, Chinas Consumer Price Index and Producer Price Index both rose last month and gave the market the tonic it needed.

The CPI, a main gauge of inflation, gained 2.1% in October from a year earlier, the National Bureau of Statistics said. The PPI, a measurement of inflation at the factory gate and an indicator of future prices at the consumer end, rose 1.2% year on year, and was 0.7% higher from September.

Coal firms led the gainers, with Shaanxi Heimao Coking Co rising 6.54% to 10.43 yuan (US$1.54) and Guizhou Panjiang Refined Coal Co climbing 4.74% to 9.50 yuan.

Chinese developer giant Vanke surged as much as 10% despite overall weakness in the market, after reports that China Evergrande Group and its allies had further boosted their combined stake in Vanke to more than 10%.

Hong Kong Stocks fall to three-month low

The Hong Kong stock market declined to lowest level in three-month, taking their cue from the global market disarray as Donald Trump claimed a sock victory in the US presidential election. The Hang Seng Index declined 2.16% or 494.28 points to 22415.19, while the Hang Seng China Enterprises Index slid 2.91% or 281.19 points to 9378.66. Turnover increased significantly to HK$104.2 billion from HK$53.8 billion on Tuesday.

The market heavyweight stocks were shocked by the US election result. HKEx (00388) sank 1% to HK$202.4. HSBC (00005) and Tencent (00700) slipped 1.9% and 1.6% to HK$58 and HK$202.4. China Mobile (00941) dipped 2.3% to HK$86.8.

Link REIT (00823) edged up 0.1% to HK$54.85, becoming the only rising blue chip. It reported that interim distributable income rose 11% to HK$2.45 billion.

Oil prices went down 3% in trade in Asia, pushing down oil majors. Sinopec (00386) and PetroChina (00857) pounded 4% to HK$5.2 and HK$5.46. CNOOC (00883) fell 3% to HK$9.53.

Gold miners stocks climbed after Gold price rose 5% in Asian hours as risk-aversion sentiment soared. Zijin Minging (02899) surged 5% to HK$2.74. Zhaojin Mining (01818) surged 8% to HK$8.74.

Sensex, Nifty tumble to 4-month low on Governments black money crackdown

Indian stock market tumbled to settle at 4-month low on governments black money crackdown and outcome of US presidential election. The barometer index, the S&P BSE Sensex, fell 338.61 points or 1.23% to settle at 27,252.53. The Nifty 50 index fell 111.55 points or 1.31% to settle at 8,432.

Banks stocks tumbled after the government yesterday, 8 November 2016, announced that it is banning use of Rs 500 and Rs 1,000 notes, in its fight against the corruption, fake currency and black money.

Drug major Lupin gained 1.45% after consolidated net profit jumped 57.75% to Rs 662.19 crore on 27.45% rise in total income to Rs 4317.62 crore in Q2 September 2016 over Q2 September 2015. Commenting on the results, Nilesh Gupta, Managing Director, Lupin said that the company continues to invest ahead of the curve be it research or manufacturing. The Q2 September 2016 profit was impacted on account of higher research spend and forex, he added. Investment in research for the quarter was 13.6% of sales at Rs 571.60 crore.

Sun Pharmaceutical Industries rose 4.86% after the companys US subsidiary Taro Pharmaceutical Industries (Taro Pharma) reported better-than-expected Q2 September 2016 results yesterday, 8 November 2016.

Hindalco Industries fell 2.86% on equity dilution concerns after the company announced that board of directors will consider raising of funds by issue of equity related instruments.

Elsewhere in the Asia Pacific region: New Zealands NZX50 slid 3.3%. Indonesias Jakarta Composite index sank 1% to 5414.32. Taiwans Taiex fell 3% to 8943.20. South Koreas KOSPI index slid 2.3% to 1958.38. Malaysias KLCI was down 1% to 1647.62. Singapores Straits Times index dropped 1.1% to 2789.88.

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Board of Rico Auto Industries approves change in registered office
Nov 09,2016

Rico Auto Industries announced that the Board of Directors of the Company at its meeting held on 09 November 2016, inter alia, have approved the following:

- Change in Registered Office of the Company from 69 KM Stone, Delhi - Jaipur Highway, Dharuhera, District Rewari - 122106, Haryana to 38 KM Stone, Delhi - Jaipur Highway, Gurgaon - 122001, Haryana subject to the approval of Shareholders.

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Board of Jaipan Industries to approve September quarter results
Nov 09,2016

Jaipan Industries announced that a meeting of the Board of Directors of the Company is scheduled to be held on 14 November 2016, inter alia, to consider and approve the Unn++-Audited financial results for the Quarter ended 30 September 2016 with Limited Review Report.

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Pan India Corporation MD resigns
Nov 09,2016

Pan India Corporation announced that Ankit Rathi has resigned as Managing Director of the Company due to his personal reasons w.e.f. 08 November 2016 and will continue to act as Director of the Company.

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Board of Hemo Organic to consider September quarter results
Nov 09,2016

Hemo Organic announced that a meeting of the Board of Directors of the Company is scheduled to be held on 14 November 2016, inter alia, to consider, approve & take on record the Unaudited Financial Results of the Company for the quarter ended on 30 September 2016.

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Jog Engineering to announce September quarter results
Nov 09,2016

Jog Engineering announced that a meeting of the Board of Directors of the Company will be held on 14 November 2016, for considering and taking on record the unaudited Financial Results for the quarter ended 30 September 2016.

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Vikas Granaries Board to review September quarter results
Nov 09,2016

Vikas Granaries announced that a meeting of the Board of Directors of the Company is scheduled to be held on 14 November 2016, inter alia, to consider and approve the Un-audited Financial Results of the Company for the quarter ended 30 September 2016.

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Escorts launches new 80 & 90 HP tractors
Nov 09,2016

Escorts announced the launch of new range of FT 6080 Pro and FT 6090 Pro Farmtrac tractors in 80 and 90 HP category simultaneously in Italy and Mexico at EIMA, International Exposition of Machinery for Agriculture and Gardening, Bolongna and at Expo Agroalimentaria, Guanajuoto, Irapuato, respectively.

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Encash Entertainment to announces September half year results
Nov 09,2016

Encash Entertainment announced that the Meeting of the Board of Directors of the Company will be held on 14 November 2016, inter alia, to consider the following business as under:-.

- To consider Unaudited Financial Statement for half year ended 30 September 2016 along with Limited Review Report by auditor.

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Board of Cords Cable Industries approves allotment of preference shares
Nov 09,2016

Cords Cable Industries announced that the Board of Directors of the Company at their meeting held on 09 November 2016 approved issue and allotment (in one or more tranches) 1.60 lakh cumulative redeemable non-convertible preference shares of face value of Rs 10 each aggregating to Rs 1.60 crore to Naveen Sawhney.

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