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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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Piramal Enterprises to hold board meeting
Jul 25,2017

Piramal Enterprises will hold a meeting of the Board of Directors of the Company on 1 August 2017.

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Gabriel India to hold board meeting
Jul 25,2017

Gabriel India will hold a meeting of the Board of Directors of the Company on 8 August 2017, to consider and approve the Unaudited Financial Results of the Company for the quarter ended June 30, 2017

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Vistar Amar to discuss results
Jul 25,2017

Vistar Amar will hold a meeting of the Board of Directors of the Company on 4 August 2017, to consider and approve the Unaudited Financial Results of the Company for the quarter ended 30th June 2017 amongst other matters

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Chowgule Steamships schedules AGM
Jul 25,2017

Chowgule Steamships announced that the 54th Annual General Meeting (AGM) of the company will be held on 21 July 2017.

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Unichem Laboratories to conduct board meeting
Jul 25,2017

Unichem Laboratories will hold a meeting of the Board of Directors of the Company on 9 August 2017, to interalia consider and approve the Unaudited Financial Results of the Company for the quarter ended June 30, 2017.

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Batliboi to discuss results
Jul 25,2017

Batliboi will hold a meeting of the Board of Directors of the Company on 4 August 2017.

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Somany Ceramics issues commercial paper aggregating Rs 30 cr
Jul 25,2017

Somany Ceramics has issued Commercial paper of Rs. 30.00 crore value dated 25 July 2017 having maturity on 15 September 2017.

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S Chand & Company allots 143,930 equity shares
Jul 25,2017

S Chand & Company has allotment of 143,930 equity shares of Rs. 5/- each to the applicants on exercise of stock options under the ESOP Scheme 2012 of the Company on 25 July 2017.

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Board of Lakshmi Vilas Bank approves issuance of shares under QIP
Jul 25,2017

Lakshmi Vilas Bank announced that the Board of Directors of the Company at its meeting held on 25 July 2017 has approved issuance of upto 5,00,00,000 equity shares of Rs. 10 each of the Bank, as approved by the shareholders at the AGM, to qualified institutional buyers through a qualified institutional placement (QIP).

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Board of Zenotech Laboratories approves allotment of rights shares
Jul 25,2017

Zenotech Laboratories announced that the Board of Directors of the Company at its meeting held on 25 July 2017 has approved the allotment of 2,66,03,068 Fully Paid up Equity Shares of Rs.10/- each at a price of Rs. 45/- per equity share (including a share premium of Rs.35/- per equity share) issued on rights basis, to all eligible applicants who have subscribed to the said issue and whose applications were valid.

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Aditya Birla Fashion gains after bulk deal
Jul 25,2017

Meanwhile, the S&P BSE Sensex was up 22 points, or 0.07%, to 32,267.87.

Bulk deal boosted volume on the scrip. On BSE, so far 34 lakh shares were traded in the counter, compared with an average daily volume of 70,072 shares in the past one quarter. The stock hit a high of Rs 185.80 and a low of Rs 172.80 so far during the day. The stock hit a 52-week high of Rs 188.60 on 13 June 2017. The stock hit a 52-week low of Rs 127 on 21 November 2016.

The stock had underperformed the market over the past one month till 24 July 2017, staying unchanged compared with 3.56% rise in the Sensex. The scrip had also underperformed the market in past one quarter, gaining 0.81% as against Sensexs 8.73% rise. The scrip, however, outperformed the market in past one year, rising 23.77% as against Sensexs 15.98% rise.

The large-cap company has an equity capital of Rs 771.60 crore. Face value per share is Rs 10.

Aditya Birla Fashion and Retail reported net profit of Rs 21.83 crore in Q4 March 2017, compared with net loss of Rs 108.97 crore in Q4 March 2016. Net sales rose 12.49% to Rs 1614.93 crore in Q4 March 2017 over Q4 March 2016.

Aditya Birla Fashion and Retail is a premium clothing retail chain.

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An amount of Rs. 3694.136 released to West Bengal under NAM during last 3 years: AYUSH Minister
Jul 25,2017

Under Centrally Sponsored Scheme of National AYUSH Mission (NAM), total amount of grant-in-aid of Rs. 471.230 lakhs, Rs. 1,924.85 lakhs and Rs. 1,298.056 lakhs have been released during the year 2014-15, 2015-16 and 2016-17 respectively to West Bengal. The said amount have been allocated for the activities under AYUSH Services, AYUSH Educational Institution, Quality Control of Ayurveda, Siddha, Unani & Homoeopathy (ASU&H) Drugs, Medicinal Plants, Flexi pool and Administrative cost.

Under National AYUSH Mission (NAM), eight camps have been organised in the district of Bankura under Public Health Outreach Activities.

Under National AYUSH Mission (NAM), the State Government of West Bengal has selected the following villages district-wise under AYUSH Gram:

(i) Village - Saguna, District- Nadia.

(ii) Village- Pathra, District- Paschim Medinipur.

(iii) Village- Polba, District- Hooghly.

(iv) Village- Sahapur, District- Malda.

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Asian Paints loses shine after posting dismal Q1 results
Jul 25,2017

The result was announced during market hours today, 25 July 2017.

Meanwhile, the S&P BSE Sensex was up 11.71 points or 0.04% at 32,257.58.

On the BSE, 1.11 lakh shares were traded on the counter so far as against the average daily volumes of 94,871 shares in the past one quarter. The stock had hit a high of Rs 1,161 and a low of Rs 1,140.25 so far during the day. The stock had hit a record high of Rs 1,230 on 13 October 2016 and a 52-week low of Rs 850.10 on 22 December 2016.

The stock had underperformed the market over the past one month till 24 July 2017, rising 0.18% compared with 3.56% rise in the Sensex. The scrip had also underperformed the market in past one quarter, gaining 8.2% as against Sensexs 8.73% rise. The scrip had also underperformed the market in past one year, gaining 10.6% as against Sensexs 15.98% rise.

The large-cap company has equity capital of Rs 95.92 crore. Face value per share is Rs 1.

K B S Anand, Managing Director and CEO of the company said that the decorative business in India registered low single digit volume growth in Q1 June 2017 with the business getting impacted especially in the month of June due to GST roll out from 1 July 2017.

In the international operations, currency devaluations in Egypt and forex unavailability in Ethiopia, impacted overall performance.

Both the segments within the home improvement business-the kitchen business under Sleek and the bath business under Ess Ess, registered low growth in the quarter, mainly impacted by GST transition effect, he added.

Asian Paints is Indias leading paint company and ranked among the top ten decorative coatings companies in the world.

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Salasar Techno Engineering sees stellar debut
Jul 25,2017

Meanwhile, the S&P BSE Sensex was up 18.01 points or 0.06% at 32,263.88

The stock debuted at Rs 259.15, a premium of 139.95% over its issue price of Rs 108 per share. The stock had hit a high of Rs 272.10 and a low of Rs 250 so far during the day. On the BSE, 10.74 lakh shares were traded so far on the counter.

Shares of Salasar Techno Engineering were listed and admitted to dealings today, 25 July 2017 on the BSE in T group. The initial public offer (IPO) of Salasar Techno Engineering received bids for 90.67 crore shares, NSE data showed. The IPO was subscribed 273.05 times. The IPO opened for bidding on 12 July 2017 and closed on 17 July 2017. The IPO price was fixed at Rs 108 per share.

On a consolidated basis, Salasar Techno Engineering reported profit after tax of Rs 18.37 crore on net sales of Rs 372.96 crore in the year ended March 2017.

Salasar Techno Engineering is a leading provider of steel solutions in India with global operations spread throughout Asia and Africa.

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Global Growth Forecast to Pick up in 2017 and 2018
Jul 25,2017

The pickup in global growth anticipated in the April World Economic Outlook remains on track, with global output projected to grow by 3.5 percent in 2017 and 3.6 percent in 2018, said International Monetary Fund (IMF) in its latest World Economic Outlook.

The unchanged global growth projections mask somewhat different contributions at the country level. U.S. growth projections are lower than in April, primarily reflecting the assumption that fiscal policy will be less expansionary going forward than previously anticipated. Growth has been revised up for Japan and especially the euro area, where positive surprises to activity in late 2016 and early 2017 point to solid momentum. Chinas growth projections have also been revised up, reflecting a strong first quarter of 2017 and expectations of continued fiscal support. Inflation in advanced economies remains subdued and generally below targets; it has also been declining in several emerging economies, such as Brazil, India, and Russia.

n++While risks around the global growth forecast appear broadly balanced in the near term, they remain skewed to the downside over the medium term. On the upside, the cyclical rebound could be stronger and more sustained in Europe, where political risk has diminished. On the downside, rich market valuations and very low volatility in an environment of high policy uncertainty raise the likelihood of a market correction, which could dampen growth and confidence. The more supportive policy tilt in China, especially strong credit growth, comes with rising downside risks to medium-term growth. Monetary policy normalization in some advanced economies, notably the United States, could trigger a faster-than-anticipated tightening in global financial conditions. And other risks discussed in the April 2017 WEO, including a turn toward inward-looking policies and geopolitical risks, remain salient.

n++Projected global growth rates for 2017-18, though higher than the 3.2 percent estimated for 2016, are below pre-crisis averages, especially for most advanced economies and for commodity-exporting emerging and developing economies. Among the former, many face excess capacity as well as headwinds to potential growth from aging populations, weak investment, and slowly advancing productivity. In view of weak core inflation and muted wage pressures, policy settings should remain consistent with lifting inflation expectations in line with targets, closing output gaps, andn++where appropriaten++external rebalancing. Reforms to boost potential output are of the essence, and slow aggregate output growth makes it even more important that gains are shared widely across the income distribution. Financial stability risks need close monitoring in many emerging economies. Commodity exporters should continue adjusting to lower revenues, while diversifying their sources of growth over time.

The Global Economy Maintains Momentum

The cyclical recovery continues. Growth outturns in the first quarter of 2017 were higher than the April WEO forecasts in large emerging and developing economies such as Brazil, China, and Mexico, and in several advanced economies including Canada, France, Germany, Italy, and Spain. High-frequency indicators for the second quarter provide signs of continued strengthening of global activity. Specifically, growth in global trade and industrial production remained well above 2015-16 rates despite retreating from the very strong pace registered in late 2016 and early 2017. Purchasing managers indices (PMIs) signal sustained strength ahead in manufacturing and services.

Commodities and inflation. Oil prices have receded, reflecting strong inventory levels in the United States and a pickup in supply. Headline inflation also generally softened as the impact of the commodity price rebound of the second half of 2016 faded, and remains at levels well below central bank targets in most advanced economies. Core inflation has remained broadly stable. It has largely been stable in emerging economies as well, with a few, such as Brazil and Russia, witnessing strong declines.

Bond and equity markets. Long-term bond yields in advanced economies, which had declined since March, rebounded in late June and early July. The U.S. Federal Reserve raised short-term interest rates in June, but markets still expect a very gradual path of U.S. monetary policy normalization. Bond spreads over Germany have compressed sharply in France, Italy, and Spain on reduced electoral uncertainty and firming signs of recovery. Equity prices in advanced economies remain strong, signaling continued market optimism regarding corporate earnings. Markets are also optimistic about emerging market prospects as reflected in strengthening equity markets and some further compression of interest rate spreads. Oil exporters provide an exception to this pattern, in light of the marked weakening of oil prices since March.

Exchange rates and capital flows. As of end-June, the U.S. dollar has depreciated by around 3n++ percent in real effective terms since March, while the euro has strengthened by a similar amount on increased confidence in the euro area recovery and a decline in political risk. Over the same period, exchange rate changes across emerging market currencies have been relatively modest, with some strengthening of the Mexican peso on tighter monetary policy and reduced concerns about U.S. trade frictions, and a depreciation of the Brazilian real on renewed political uncertainty. Capital flows to emerging economies have been resilient in the first few months of 2017, with a notable pickup in non-resident portfolio inflows.

Global Growth Forecast to Pick up in 2017 and 2018

Global growth for 2016 is now estimated at 3.2 percent, slightly stronger than the April 2017 forecast, primarily reflecting much higher growth in Iran and stronger activity in India following national accounts revisions. Economic activity in both advanced economies and emerging and developing economies is forecast to accelerate in 2017, to 2 percent and 4.6 percent respectively, with global growth projected to be 3.5 percent, unchanged from the April forecast. The growth forecast for 2018 is 1.9 percent for advanced economies, 0.1 percentage point below the April 2017 WEO, and 4.8 percent for emerging and developing economies, the same as in the spring. The 2018 global growth forecast is unchanged at 3.6 percent. The revisions reflect primarily the macroeconomic implications of changes in policy assumptions for the worlds two largest economies, the United States and China, as discussed below.

Advanced economies

n++The growth forecast in the United States has been revised down from 2.3 percent to 2.1 percent in 2017 and from 2.5 percent to 2.1 percent in 2018. While the markdown in the 2017 forecast reflects in part the weak growth outturn in the first quarter of the year, the major factor behind the growth revision, especially for 2018, is the assumption that fiscal policy will be less expansionary than previously assumed, given the uncertainty about the timing and nature of U.S. fiscal policy changes. Market expectations of fiscal stimulus have also receded.

n++The growth forecast has also been revised down for the United Kingdom for 2017 on weaker-than-expected activity in the first quarter.

n++By contrast, growth projections for 2017 have been revised up for many euro area countries, including France, Germany, Italy, and Spain, where growth for the first quarter of 2017 was generally above expectations. This, together with positive growth revisions for the last quarter of 2016 and high-frequency indicators for the second quarter of 2017, indicate stronger momentum in domestic demand than previously anticipated.

n++The growth forecast for 2017 was also revised up for Canada, where buoyant domestic demand boosted first-quarter growth to 3.7 percent and indicators suggest resilient second-quarter activity, and marginally f