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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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NIIT to hold EGM
Aug 16,2017

NIIT announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 16 September 2017.

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RDB Rasayans to hold AGM
Aug 16,2017

RDB Rasayans announced that the 22nd Annual General Meeting (AGM) of the company will be held on 6 September 2017.

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Super Crop Safe to hold board meeting
Aug 16,2017

Super Crop Safe will hold a meeting of the Board of Directors of the Company on 21 August 2017.

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Bazel Intl. to conduct AGM
Aug 16,2017

Bazel Intl. announced that the Annual General Meeting (AGM) of the company will be held on 11 September 2017.

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Bartronics India to convene AGM
Aug 16,2017

Bartronics India announced that the Annual General Meeting (AGM) of the company will be held on 26 September 2017.

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Tiaan Ayurvedic & Herbs to hold AGM
Aug 16,2017

Tiaan Ayurvedic & Herbs announced that the 25th Annual General Meeting (AGM) of the company will be held on 28 September 2017.

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Kirloskar Ferrous Industries plant commences operation
Aug 16,2017

Kirloskar Ferrous Industries announced that its Mini Blast Furnace at Koppal plant which was suspended temporarily from 12 July 2017 due to market conditions, has commenced its operations from 16th August 2017.

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Ind-Ra: Low Tariffs Face Uncertainty; Capex Pressure and Robust Capacity Additions to Continue in Solar Power Sector
Aug 16,2017

Low solar bids, while causing disruption in the power sector, have little financial buffers to face challenges such as cost overrun, increased interest rate and counterparty delays, according to India Ratings and Research (Ind-Ra). An analysis, where specific project features have been assumed by Ind-Ra, shows that a tariff of INR2.44/kWh could have an equity internal rate of return of 10%.

Falling panel prices and increased competition have contributed to aggressive bids. In addition, an increase in panel conversion efficiency has contributed to a reduction in land required for panels and a fall in the balance of system cost. Falling panel prices have encouraged developers to have a high DC/AC capacity ratio to optimise supply.

Risk allocation in tenders has taken centre stage in bids. Tenders floated consciously address payment security and grid curtailment to attract low bids. The Rewa bid started this trend. Solar Energy Corporation of India and NTPC Limited (IND AAA/Stable) have witnessed low bids from developers, because of the comfort derived from their credit profiles.

Utility scale solar capacity additions are likely to be in line with the Ministry of Power targets. The pace of solar capacity auctions, along with an emphasis on compliance with renewable purchase obligations, is critical. On the other hand, rooftop solar capacity installation is lagging behind ground-mounted installation owing to no concerted efforts to achieve targets.

Payments days across counterparties, except Tamil Nadus distribution utility, have been observed at less than 90 days. Adverse financial conditions can derail renewable projects. Also, the grid curtailment risk, albeit likely to be temporary in nature, is a concern as renewable penetration increases. Against the backdrop of distribution utilities trying to reduce power purchase costs, the emerging threat of renegotiation and termination of power purchase agreements can derail developments in the sector.

Developers seem to be favouring USD bonds for financing because of ease of placing large issuances. Rupee bonds for renewable projects have taken a backseat owing investor perception of fast-changing dynamics and doubts about long-term sustainability.

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NCL Industries surges after strong Q1 results
Aug 16,2017

The result was announced after market hours on Monday, 14 August 2017.

Meanwhile, the S&P BSE Sensex was up 232.01 points, or 0.74% at 31,681.04. The S&P BSE Small-Cap index was up 171.99 points, or 1.12% at 15,581.41.

On the BSE, 38,000 shares were traded on the counter so far as against the average daily volumes of 20,361 shares in the past one quarter. The stock had hit a high of Rs 224 and a low of Rs 216 so far during the day. The stock had hit a record high of Rs 228.65 on 17 May 2017 and a 52-week low of Rs 99.90 on 17 November 2016.

The stock had underperformed the market over the past one month till 14 Aug 2017, declining 3.54% compared with the Sensexs 1.79% fall. The scrip had, however, outperformed the market over the past one year advancing 84.23% as against the Sensexs 11.71% rise.

The small-cap company has equity capital of Rs 36.73 crore. Face value per share is Rs 10.

NCL Industries is engaged in manufacturing cement. The companys segments are cement, boards, prefab structures, hydel power and ready-mix concrete (RMC).

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ICICI Prudential Life Insurance Company allots equity shares
Aug 16,2017

ICICI Prudential Life Insurance Company has allotted 16,000 equity shares of face value of Rs 10 each on 14th August 2017 under the Employee Stock Option Scheme.

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Biocon tanks on heavy volumes
Aug 16,2017

Meanwhile, the S&P BSE Sensex was up 245.63 points or 0.78% at 31,694.66.

On the BSE, 12.91 lakh shares were traded on the counter so far as against the average daily volumes of 3.74 lakh shares in the past one quarter. The stock had hit a high of Rs 353.70 and a low of Rs 320.80 so far during the day. The stock had hit a record high of Rs 424.15 on 19 July 2017 and a 52-week low of Rs 255.66 on 12 August 2016.

The stock had underperformed the market over the past one month till 14 August 2017, sliding 12.51% compared with the Sensexs 1.79% fall. The stock had, however, outperformed the market over the past one quarter, gaining 6.78% as against the Sensexs 4.18% rise. The scrip had also outperformed the market over the past one year, advancing 23.76% as against the Sensexs 11.71% rise.

The large-cap company has equity capital of Rs 300 crore. Face value per share is Rs 5.

Biocon in its clarification issued to the stock exchanges during market hours today, 16 August 2017 said that as previously communicated, whilst its drug substance facilities for Trastuzumab and Pegfilgrastim were approved, the European regulatory authorities had informed Biocon of the need for a re-inspection of its drug product facility for these products.

Biocon further said that the request for withdrawal of the dossiers and re-submission is part of the EMA procedural requirements linked to this re-inspection and will be considered by the EMAs Committee for Medicinal Products for Human Use (CHMP).

Biocon said it is on track to complete its corrective and preventive actions (CAPAs) by the end of this quarter and it is its intent to seek re-inspection and re-submission thereafter.

On a consolidated basis, net profit of Biocon declined 51.2% to Rs 81.30 crore on 5.6% decline in net sales to Rs 927.40 crore in Q1 June 2017 over Q1 June 2016.

Biocon is Indias largest and fully-integrated, innovation-led biopharmaceutical company.

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NBCC (India) changes directorate
Aug 16,2017

NBCC (India) vide Ministry of Housing and Urban Affairs Order date 08 August 2017 has appointed Shri Manoj Kumar as a Government Nominee Director vice Shri Durga Shanker Mishra, Secretary (H&UA).

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Granules India jumps after USFDA clears facility
Aug 16,2017

The announcement was made during market hours today, 16 August 2017.

Meanwhile, the S&P BSE Sensex was up 236.86 points or 0.75% at 31,685.89. The S&P BSE Small-Cap index was up 165.71 points or 1.08% at 15,574.91.

Huge volumes were witnessed on the counter. On the BSE, 5.16 lakh shares were traded on the counter so far as against the average daily volumes of 1.68 lakh shares in the past one quarter. The stock had hit a high of Rs 128.05 and a low of Rs 118.45 so far during the day. The stock had hit a 52-week high of Rs 157 on 18 May 2017 and a 52-week low of Rs 91.45 on 9 November 2016.

The stock has jumped 17.24% in three sessions to its ruling price from a close of Rs 107.30 on 10 August 2017.

The stock had underperformed the market over the past one month till 14 August 2017, falling 17.06% compared with the Sensexs 1.79% decline. The stock had also underperformed the market over the past one quarter, declining 18.68% as against the Sensexs 4.18% rise. The scrip had also underperformed the market over the past one year, dropping 13.42% as against the Sensexs 11.71% rise.

The small-cap company has equity capital of Rs 22.89 crore. Face value per share is Re 1.

Granules India said that the US drug regulator has issued Establishment Inspection Report (IER) for the Gagillapur facility of the company located at Hyderabad, Telangana, India.

The facility was inspected by United States Food & Drug Administration (USFDA) in October 2016 and there were no observations during the inspection. The facility manufactures finished dosages and pharmaceutical formulation intermediates.

Granules Indias consolidated net profit fell 5.5% to Rs 36.80 crore on 10.2% rise in net sales to Rs 378.73 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours on Friday, 14 August 2017.

Granules India said that the board of directors of the company declared first interim dividend of 25 paise per share for the year ending 31 March 2018 (FY 2018).

Granules India is present across the entire pharmaceutical manufacturing value chain from active pharmaceutical ingredients (API) to pharmaceutical formulation intermediates (PFI) to finished dosages (FD) manufacturing.

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Dena Bank gets ratings revised
Aug 16,2017

Dena Banks Long term debt instruments, Lower Tier II Bonds (BAsel II Compliant) and Tier II Bonds (Basel III Compliant) were revised from CARE AA- Negative to CARE A+ Negative.

The Banks Additional Tier I Perpetual Bonds (Basel III Com pliant) and Perpetual Bonds (Basel II Compliant) were reaffirmed CARE BBB+ and CARE A respectively.

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PC Jewellers gets rating upgradation
Aug 16,2017

PC Jewellers has announced that the lon-term rating on the bank loan facilities of the Company is upgraded to CRISIL A+/Stable from CRISIL A/Stable and the short-term rating remains affirmed at CRISIL A1.

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