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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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Ramco Systems partners with Bank Islam Brunei Darussalam Berhad
Nov 23,2016

Ramco Systems announced that Bank Islam Brunei Darussalam Berhad (BIBD) has selected Ramco Systems Enterprise Resource Planning (ERP) integrated with full suite Human Capital Management (HCM) and Global Payroll for integrating its business processes across HR and enterprise resource planning functions.

Ramco beat global vendors to secure the contract with BIBD, Bruneis flagship Islamic bank and the countrys largest financial services provider serving all banking sectors. The partnership marks Ramcos entry into Brunei and strengthening of presence in South East Asia.

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JB Chemicals & Pharmaceuticals director resigns
Nov 23,2016

J B Chemicals & Pharmaceuticals announced that Dr. Niranjan N. Maniar, independent director of the Company, has resigned from the Board of directors of the Company with immediate effect due to his health problems.

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JMD Telefilms Industries invest in subsidairy - JMD Medico Services
Nov 23,2016

JMD Telefilms Industries announced that the Company has invested sum of Rs. 60 lakhs into its Subsidiary Company namely JMD Medico Services and has also launched around 30 products in the pharma segment till the time. The marketing of said products has also been started and will be available in market under the brand n++JMDn++.

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JMD Telefilms Industries invest in subsidairy - JMD Medico Services
Nov 23,2016

JMD Telefilms Industries announced that the Company has invested sum of Rs. 60 lakhs into its Subsidiary Company namely JMD Medico Services and has also launched around 30 products in the pharma segment till the time. The marketing of said products has also been started and will be available in market under the brand n++JMDn++.

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CEAT announces change in company secretary and compliance officer
Nov 23,2016

CEAT announced that Shruti Joshi has been appointed as the Company Secretary and Compliance Officer of the Company with effect from 01 September 2016 in place of H. N. Singh Rajpoot who has ceased to be the Company Secretary and Compliance Officer with effect from 01 September 2016. She is also designated as the Compliance Officer and Key Managerial Personnel as per section 203 of the Companies Act, 2013 and Regulation 6(1) of the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

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CEAT announces change in company secretary and compliance officer
Nov 23,2016

CEAT announced that Shruti Joshi has been appointed as the Company Secretary and Compliance Officer of the Company with effect from 01 September 2016 in place of H. N. Singh Rajpoot who has ceased to be the Company Secretary and Compliance Officer with effect from 01 September 2016. She is also designated as the Compliance Officer and Key Managerial Personnel as per section 203 of the Companies Act, 2013 and Regulation 6(1) of the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

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Cipla gains after UK arm divests stake in Chase Pharmaceuticals
Nov 23,2016

The announcement was made during trading hours today, 23 November 2016.

Meanwhile, the BSE Sensex was up 38.86 points, or 0.15%, to 25,999.64.

On BSE, so far 80,000 shares were traded in the counter, compared with average daily volume of 1.70 lakh shares in the past one quarter. The stock hit a high of Rs 559 and a low of Rs 547.85 so far during the day. The stock hit a 52-week high of Rs 660 on 29 December 2015. The stock hit a 52-week low of Rs 458.25 on 25 May 2016. The stock had outperformed the market over the past 30 days till 22 November 2016, falling 6.03% compared with the 7.87% decline in the Sensex. The scrip had also outperformed the market in past one quarter, falling 2.85% as against Sensexs 7.48% decline.

The large-cap company has equity capital of Rs 160.85 crore. Face value per share is Rs 2.

Cipla announced that Chase Pharmaceuticals Corporation, a Delaware based corporation (Chase) (in which Ciplas UK arm, Cipla (EU), (Cipla UK) has 16.7% stake) has been acquired by a subsidiary of Allergan, plc. Allergan has agreed to pay $125 million upfront plus potential regulatory and commercial milestones of up to $875 million to the shareholders of Chase. Cipla UK acquired a minority stake in Chase in May 2014 via a syndicated venture investment.

Chandru Chawla, Head of Corporate Strategy and Cipla New Ventures said, Cipla Group is proud to have made a meaningful contribution in advancing an Alzheimers drug to an advanced stage of development where the product has now successfully concluded Phase 2 study. Chases pipeline will be successful at Allergan, given their strength as a leading CNS commercial franchise, he added.

Chase Pharmaceuticals Corporation is a clinical-stage biopharmaceutical company focused on the development and commercialization of improved treatments for neurodegenerative disorders.

On a consolidated basis, Ciplas net profit dropped 34.75% to Rs 354.34 crore on 8.66% rise in net sales to Rs 3671.88 crore in Q2 September 2016 over Q2 September 2015.

Cipla is a global pharmaceutical company.

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Insolvency and Bankruptcy Board (IBBI) of India notifies two Regulations
Nov 23,2016

The Insolvency and Bankruptcy Board of India (IBBI), in exercise of its powers conferred under section 240 of the Insolvency and Bankruptcy Code, 2016, has notified the following two regulations yesterday:

n++ The Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016, and

n++ The Insolvency and Bankruptcy Board of India (Insolvency Professional Agencies) Regulations, 2016.

These two regulations inter alia provide for the eligibility norms to be a Professional Member of an Insolvency Professional Agency and also for eligibility norms to be registered with the IBBI as an Insolvency Professional Agency.

A company registered under Section 8 of the Companies Act, 2013 with a minimum net worth of Rs. 10 crore shall be eligible to be an Insolvency Professional Agency. More than half of the Directors of its Board shall be independent directors and not more than one fourth of the Directors shall be insolvency professionals. It shall have Membership Committee(s), Monitoring Committee, Grievance Redressal Committee(s), and Disciplinary Committee(s) for regulation and oversight of professional members.

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NIITs managaged training services contract gets 4 year extension
Nov 23,2016

NIIT announced that its current managed training services contract with a global pharmaceutical company headquartered in West London, UK has been extended for a further 4 years. The client is one of the worlds largest science led healthcare companies that researches and develops a board range of innovative product in three primary areas of pharmaceuticals, vaccines and consumer healthcare.

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Lupin gains after tentative approval from USFDA for Epzicom generic
Nov 23,2016

The announcement was made during market hours today, 23 November 2016.

Meanwhile, the BSE Sensex was up 51.06 points, or 0.20%, to 26,011.84.

On BSE, so far 38,000 shares were traded in the counter, compared with average daily volume of 1.04 lakh shares in the past one quarter. The stock hit a high of Rs 1,447.90 and a low of Rs 1,417.10 so far during the day. The stock hit a 52-week high of Rs 1,911.55 on 9 February 2016. The stock hit a 52-week low of Rs 1,294.05 on 29 March 2016. The stock had outperformed the market over the past 30 days till 22 November 2016, falling 7.59% compared with the 7.87% decline in the Sensex. The scrip had also outperformed the market in past one quarter, falling 7.08% as against Sensexs 7.48% decline.

The large-cap company has equity capital of Rs 90.25 crore. Face value per share is Rs 2.

Lupin announced that it has received tentative approval from the United States Food and Drug Administration (USFDA) to market a generic version of ViiV Healthcare Companys Epzicom Tablets, 600 mg/300 mg.

Lupins Abacavir Sulfate and Lamivudine Tablets, 600 mg/300 mg are the AB rated generic equivalent of ViiV Healthcare Companys Epzicom Tablets, 600 mg/300 mg. Abacavir Sulfate and Lamivudine Tablets, 600 mg/300 mg in combination with other antiretroviral agents is indicated for the treatment of human immunodeficiency virus type 1 (HIV-1) infection. Epzicom Tablets had US sales of $426 million as per IMS MAT September 2016 data.

Lupins consolidated net profit jumped 57.8% to Rs 662.19 crore on 31.9% rise in net sales to Rs 4211.18 crore in Q2 September 2016 over Q2 September 2015.

Lupin is an innovation led transnational pharmaceutical company developing and delivering a wide range of branded & generic formulations, biotechnology products and active pharmaceutical ingredients (APIs) globally. The company is a significant player in the cardiovascular, diabetology, asthma, pediatric, central nervous system (CNS), GI, Anti-Infective and NSAID space and holds global leadership position in the Anti-TB segment.

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534 Pradhan Mantri Jan Aushadhi Kendras functioning in 26 States/UTs
Nov 23,2016

With a view to achieving the objective of making available quality medicines at affordable prices, the Government has been taking several regulatory and fiscal measures from time to time. In order to provide further relief to the common man in the area of healthcare, a countrywide campaign for ensuring availability of quality generic medicines at affordable prices to all, in the name of n++Pradhan Mantri Jan Aushadhi Yojanan++ (PMJAY) has been started. As on date, there are 534 Pradhan Mantri Jan Aushadhi Kendras (PMJAK) functioning over 26 States/UTs. The PMJAY is being implemented by the Bureau of Pharma PSUs of India (BPPI).

The Medical Council of India has amended the Indian Medical Council (Professional Conduct, Etiquette and Ethics) Regulations, 2002 on 08 October 2016 to provide a new para 1.5 regarding use of generic names of drugs which provides as under:

n++Every physician should prescribe drugs with generic names legibly and preferably in capital letters and he/she shall ensure that there is a rational prescription and use of drugs.n++

As on date, 226 Pradhan Mantri Jan Aushadhi Kendras (PMJAK) have been opened in State run hospitals, Medical Colleges and other Government hospitals.

Indian Medical Association and Indian Medical Council are supporting PMJAY to promote the use of generic medicines. Medical Council of India has amended the code to promote the use of generic medicines.

Generic version of each medicine is available in the market except patented medicines. The Government companies which are manufacturing generic medicines are : Indian Drugs & Pharmaceuticals Limited (IDPL), Rajasthan Drugs & Pharmaceuticals Limited (RDPL), Hindustan Antibitoics Limited (HAL), Karnataka Antibiotics & Pharmaceuticals Limited (KAPL) and Bengal Chemicals & Pharmaceuticals Limited (BCPL).

BPPI is buying generic medicines from private companies also through open tendering process for Pradhan Mantri Jan Aushadhi Yojana. Presently, more than 100 private manufacturers are providing generic medicines to Pradhan Mantri Jan Aushadhi Yojana (PMJAY).

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Gravity grips Sunil Hitech Engineers after bulk deal
Nov 23,2016

Meanwhile, the S&P BSE Sensex was up 64.63 points or 0.25% at 26,025.41

Bulk deal boosted volume on the scrip. On BSE, so far 28.70 lakh shares were traded in the counter as against average daily volume of 2.51 lakh shares in the past one quarter. The stock hit a high of Rs 184 and a low of Rs 166.65 so far during the day. The stock had hit a record high of Rs 468.65 on 20 October 2016. The stock had hit a 52-week low of Rs 155 on 24 June 2016. The stock had underperformed the market over the past 30 days till 22 November 2016, sliding 59.85% compared with the 7.87% decline in the Sensex. The scrip, however, outperformed the market in past one quarter, falling 6.28% as against Sensexs 7.48% decline.

The small-cap company has equity capital of Rs 18.90 crore. Face value per share is Rs 10.

Sunil Hitech Engineers net profit rose 39.74% to Rs 14.84 crore on 19.6% growth in net sales to Rs 496.91 crore in Q2 September 2016 over Q2 September 2015.

Sunil Hitech Engineers is an engineering, procurement & construction (EPC) company.

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Board of Western India Cottons appoints director
Nov 23,2016

The Board of Directors of Western India Cottons at its meeting held on 12 November 2016 has appointed A K Shereif as an Independent Director with effect from 12 November 2016 for a period of five years.

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JK Lakshmi Cement gains on bargain hunting
Nov 23,2016

Meanwhile, the BSE Sensex was up 64.85 points, or 0.25%, to 26,025.63.

On BSE, so far 3,735 shares were traded in the counter, compared with average daily volume of 20,864 shares in the past one quarter. The stock hit a high of Rs 364.30 and a low of Rs 347.50 so far during the day. The stock hit a record high of Rs 513.75 on 6 October 2016. The stock hit a 52-week low of Rs 253 on 12 February 2016. The stock had underperformed the market over the past 30 days till 22 November 2016, falling 31.31% compared with the 7.87% decline in the Sensex. The scrip had also underperformed the market in past one quarter, falling 23.22% as against Sensexs 7.48% decline.

The mid-cap company has equity capital of Rs 58.84 crore. Face value per share is Rs 5.

Shares of JK Lakshmi Cement fell 22.44% in seven trading sessions to settle at Rs 347.05 yesterday, 22 November 2016, from its close of Rs 447.45 on 10 November 2016.

JK Lakshmi Cement reported net profit of Rs 24.91 crore in Q2 September 2016 as against net loss of Rs 8.38 crore in Q2 September 2015. Net sales rose 1.52% to Rs 655.57 crore in Q2 September 2016 over Q2 September 2015.

JK Lakshmi Cement manufactures cement, which it sells under the brand name JK Lakshmi.

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BGR Energy Systems secures contract valued at Rs 2788.60 crore
Nov 23,2016

BGR Energy Systems announced that the Company has received a Letter of Award from Neyveli Uttar Pradesh Power (NUPPL) for BoP contract for the 3 x 660MW - Super Critical Ghatampur Thermal Power Project, Uttar Pradesh. The total lump sum price of the contract is Rs.2788.60 crore.

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