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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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Larsen & Toubro Infotech acquires Pune based AugmentlQ Data Sciences
Nov 30,2016

Larsen & Toubro Infotech has acquired 100% equity shareholding in AugmentlQ Data Sciences, Pune on 30 November 2016.

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Monnet Ispat & Energy announces resignation of nominee director
Nov 30,2016

Monnet Ispat & Energy announced that the Company has on 30 November 2016 received a letter from Suresh Kishinchand Khatanhar, Nominee Director of IDBI Bank, tendering his resignation from the Board of Directors of the Company w.e.f. 27 November 2016.

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Hemang Resources announces resignation of director
Nov 30,2016

Hemang Resources announced that Varsha Jain has resigned from the position of Director of the Company with effect from 30 November 2016.

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Hindustan Construction Company provides update on arbitral award payment
Nov 30,2016

Hindustan Construction Company has received communications from NHPC and NHAI regarding arbitral award payment. NITI Ayog has given SOP (Standard Operating Procedures) for release of payment for timely implementation. HCC has been asked to reconcile the award within 7 days and thereafter open escrow account and submit bank gurantees within 30 days for recovering the amount. This communication clears the way for HCC for receiving close to Rs 2000 crore within 4-6 weeks.

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Eight core infrastructure output growth inches up to 6.6% in October 2016
Nov 30,2016

The output of eight core infrastructure sector comprising nearly 38% of the weight of items included in the Index of Industrial Production (IIP) has posted healthy 6.6% growth in October 2016 over October 2015. Its cumulative growth during April to October 2016-17 was 4.9%.

Coal production (weight: 4.38%) declined by 1.6% in October 2016 over October 2015. Its cumulative index during April to October 2016-17 increased by 0.7% over corresponding period of previous year.

Crude Oil production (weight: 5.22%) declined by 3.2% in October 2016 over October 2015. Its cumulative index during April to October 2016-17 declined by 3.3% over the corresponding period of previous year.

The Natural Gas production (weight: 1.71%) declined by 1.4% in October 2016 over October 2015. Its cumulative index during April to October 2016-17 declined by 4.0% over the corresponding period of previous year.

Petroleum Refinery production (weight: 5.94%) increased by 15.1% in October 2016 over October 2015. Its cumulative index during April to October 2016-17 increased by 8.9% over the corresponding period of previous year.

Fertilizer production (weight: 1.25%) increased by 0.8% in October 2016 over October 2015. Its cumulative index during April to October 2016-17 increased by 4.8% over the corresponding period of previous year.

Steel production (weight: 6.68%) increased by 16.9% in October 2016 over October 2015. Its cumulative index during April to October 2016-17 increased by 8.5% over the corresponding period of previous year.

Cement production (weight: 2.41%) increased by 6.2% in October 2016 over October 2015. Its cumulative index during April to October 2016-17 increased by 4.8% over the corresponding period of previous year.

Electricity generation (weight: 10.32%) increased by 2.8% in October 2016 over October 2015. Its cumulative index during April to October 2016-17 increased by 4.7% over the corresponding period of previous year.

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Khaitan (India) announces resignation of director
Nov 30,2016

Khaitan (India) announced that Surendra Bafna has resigned as Director of the Company with effect from 30 November 2016 due to preoccupation and medical ground.

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Panoramic Universal announces resignation of director
Nov 30,2016

Panoramic Universal announced that Dilip Mulay, Non-Executive Independent Director of the Company has resigned from the directorship of the Company as well as various committees of the Board in which he is a member and the same has been accepted w.e.f. 28 November 2016.

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Tata Metaliks shuts down Mini Blast Furnace #1
Nov 30,2016

Tata Metaliks announced that the proposed shutdown to modernize and expand the Mini Blast Furnace #1, has commenced on 30 November 2016.

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Punjab National Bank reduces MCLR
Nov 30,2016

Punjab National Bank has reduced the Marginal Cost of Funds based Lending Rate with effect from 01 December 2016 as follows -

Overnight - 8.90%
1 month - 8.95%
3 months - 9.05%
6 months - 9.10%
1 year - 9.15%
3 year - 9.30%
5 year - 9.45%

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Cyient completes acquisition of UK based Blom Aerofilms
Nov 30,2016

Cyient announced that it has completed the acquisition of 100% equity stake in in UK based Blom Aerofilms, by and through the Companys wholly owned subsidiary Cyient Europe. The transaction has been consummated effective 30 November 2016.

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Increase in Consumption of Petrol/Diesel
Nov 30,2016

(Million Metric Tonne)          Product2013-142014-152015-16Petrol17.119.121.8Growth in % (with respect to last year)8.8%11.4%14.5%Diesel68.469.474.6Growth in % (with respect to last year)-1.0%1.5%7.5%

Increase in consumption of petrol and diesel during the last few years is mainly due to increase in number of passenger vehicles and two-wheelers, increased commuting distances due to expanding urban areas, increased travel time due to congestion on urban roads, improved and growing highways, increased disposable incomes, enhanced economic activity and fall in prices.

Details of production and import of petrol and diesel during the last three years are given below :

(Million Metric Tonne)

ProductProduction/ Import2013-142014-15 2015-16PetrolProduction30.332.235.3Import0.20.41.0DieselProduction93.894.398.6Import0.10.10.2

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Outcome of board meeting of Metalyst Forgings
Nov 30,2016

Metalyst Forgings announced that the Board of Directors of Amtek Auto, Metalyst Forgings, ARGL and Castex Technologies met independently and each Board approved the infusion of fresh capital by Investor(s) and restructuring of the debt and the Company as proposed by the Investor(s).

A joint board meeting of all the companies was subsequently held where the approval of individual board was adopted.

The joint board further approved the proposal relating to -

- Infusion of fresh equity by new Investor(s)
- Restructuring and reduction of debt subject to approval of lenders.
- The process of monetisation to support the restructuring and debt reduction of the Company.

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Gujarat State Petronet standalone net profit rises 18.83% in the September 2016 quarter
Nov 30,2016

Net profit of Gujarat State Petronet rose 18.83% to Rs 129.83 crore in the quarter ended September 2016 as against Rs 109.26 crore during the previous quarter ended September 2015. Sales rose 1.50% to Rs 256.36 crore in the quarter ended September 2016 as against Rs 252.58 crore during the previous quarter ended September 2015.

ParticularsQuarter Endedn++Sep. 2016Sep. 2015% Var. Sales256.36252.58 1 OPM %88.2289.11 - PBDT240.09215.53 11 PBT196.48169.53 16 NP129.83109.26 19

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Ratnamani Metals & Tubes standalone net profit declines 13.80% in the September 2016 quarter
Nov 30,2016

Net profit of Ratnamani Metals & Tubes declined 13.80% to Rs 28.54 crore in the quarter ended September 2016 as against Rs 33.11 crore during the previous quarter ended September 2015. Sales declined 22.44% to Rs 313.21 crore in the quarter ended September 2016 as against Rs 403.81 crore during the previous quarter ended September 2015.

ParticularsQuarter Endedn++Sep. 2016Sep. 2015% Var. Sales313.21403.81 -22 OPM %16.5414.43 - PBDT54.9361.08 -10 PBT40.6546.86 -13 NP28.5433.11 -14

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GVK Power & Infrastructure reports standalone net loss of Rs 13.41 crore in the September 2016 quarter
Nov 30,2016

Net Loss of GVK Power & Infrastructure reported to Rs 13.41 crore in the quarter ended September 2016 as against net loss of Rs 8.09 crore during the previous quarter ended September 2015. Sales rose 3.18% to Rs 7.13 crore in the quarter ended September 2016 as against Rs 6.91 crore during the previous quarter ended September 2015.

ParticularsQuarter Endedn++Sep. 2016Sep. 2015% Var. Sales7.136.91 3 OPM %-123.56-44.14 - PBDT-10.92-5.06 -116 PBT-10.95-5.10 -115 NP-13.41-8.09 -66

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