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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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Jagran Prakashans subsidiary Music Broadcast files DRHP with SEBI
Nov 28,2016

Jagran Prakashan announced that the Companys subsidiary, Music Broadcast (MBL) has filed its draft red herring prospectus with the Securities and Exchange Board of India on 28 November 2016 in order to undertake an initial public offering (the IPO). The IPO will comprise of a fresh issue aggregating upto Rs. 400 crore and an offer for sale of upto 2,658,518 equity shares by certain existing shareholders of MBL. JPL is not selling any of its shareholding in MBL under the offer for sale portion.

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CyberTech Systems & Software receives refund of Rs 6.97 crore
Nov 28,2016

CyberTech Systems & Software announced that the Company has received Refund of Rs.6.97 crore on 28 November 2016 from the Income Tax Department towards refund of penalty earlier paid by the Company.

This refund money includes Interest on Refund of Income tax to the tune of Rs. 1.85 crore.

In this connection, the above refund and the interest on refund is on account of interim relief which is subject to the pending order of the High Court while passing the Final Assessment Order.

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Board of Banco Products (India) to consider buyback of equity shares
Nov 28,2016

Banco Products (India) announced that the Meeting of the Board of Directors is scheduled to be held on 08 December 2016, to consider a proposal for Buyback of the Companys Equity Shares, constitution of Buyback Committee and appointment of Intermediaries and matters incidental thereto, in accordance with all applicable Rules and Regulations and other provisions of various laws.

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Board of Shilpa Medicare to consider preferential issue of equity shares
Nov 28,2016

Shilpa Medicare announced that a meeting of Board of Directors will be held on 01 December 2016, inter alia, to consider the issue of Equity Shares or Convertible Securities on Preferential basis under SEBI (ICDR) Regulations, 2009.

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Board of Sai Capital approves change in registered office
Nov 28,2016

Sai Capital announced that the Board of Directors of the Company at its meeting held on 25 November 2015 approved the shifting of registered office of the Company to E-10A, Kailash Colony, Greater Kailash - I, New Delhi 110048.

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Rupee drifts
Nov 28,2016

Month-end dollar demand from the importers led to rupee weakness on Monday (28 November 2016). Rupee closed lower at 68.7079/7200 per dollar, versus its previous close of 68.4799/4900 per dollar last Friday.

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Six Rivers of Goa to be developed as National Waterways
Nov 28,2016

Total 106 new waterways have been declared as National Waterways (NWs) under the National Waterways Act, 2016, in addition to the five existing NWs notified earlier. Specific stretches of six rivers of Goa viz. Chapora (NW-25), Cumberjua Canal (NW-27), Mandovi (NW-68), Mapusa (NW-71), Sal (NW-88) and Zuari (NW-111) have been included in the declared NWs.

Detailed Project Reports have been prepared for the rivers Mandovi, Zuari and Cumberjua. For the remaining three NWs, two-stage DPR studies (Stage-I - Feasibility study) and (Stage-II-DPR) have been awarded. The requirement of land and civil structural interventions and the requirement of funds for the development of the six NWs in Goa would be known after the finalization of the DPRs.

For development of NWs in Goa, a Memorandum of Understanding (MoU) has been signed by Inland Waterways Authority of India (IWAI) with Mormugao Port Trust (MPT). Expenditure to develop these waterways will be met from Government Budgetary Support (GBS), extra budgetary resources such as bonds, MPT and Government of Goa.

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NESCO appoints CEO as KMP
Nov 28,2016

NESCO announced that Dibakar Chatterjee, Chief Executive Officer has been appointed as the Key Managerial Personnel (KMP) of the Company with effect from 08 November 2016.

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Board of Glance Finance appoints directors
Nov 28,2016

The Board of Directors of Glance Finance at its meeting held on 28 November 2016 has approved appointment of Shripal Choudhari as an Independent Director of the Company with effect from 28 November 2016.

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TCS recognised as a Leader in Worldwide IoT Consulting and Systems Integration Services
Nov 28,2016

Tata Consultancy Services announced that it has been recognised as a Leader in IDC MarketScape, Worldwide Internet of Things Consulting and Systems Integration Services, report.

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Board of Oil India recommends bonus shares
Nov 28,2016

Oil India announced that the Board of Directors of the Company in their Meeting held on 28 November 2016, inter alia, have recommended Issue of Bonus shares in the ratio of 1:3 i.e. One (1) bonus equity shares of Rs. 10/- each for every Three (3) existing fully paid up equity share of Rs. 10/- each subject to approval of the shareholders.

Process for issuance of bonus shares and Credit / Dispatch of the Bonus Shares would be completed within the stipulated time period.

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Jaiprakash Associates announces change in directorate
Nov 28,2016

Jaiprakash Associates announced that IDBI Bank, has informed to the Company that it withdraws the nomination of Madhav Vasant Phadke from the Board of Directors and instead appoints Subrat Kumar Mohapatra, Chief General Manager, with effect from 28 November 2016, in terms of the provisions of the Loan Agreement executed with the said Bank.

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Tube Investments of India makes investment of Rs 7.5 cr in JV with Absolute
Nov 28,2016

Tube Investments of India announced that pursuant to the Joint Venture Agreement with Absolute Speciality Foods Chennai (Absolute) for the establishment of a joint venture company viz., TI Absolute Concepts (Tl Absolute), the Company has on 28 November 2016 invested Rs. 7.5 crore towards subscription to the equity share capital of TI Absolute and the Company has been allotted 75,00,000 equity shares of the face value of Rs. 10/- each, at par, by TI Absolute. The Company now holds 50% of the equity share capital of TI Absolute, with the balance 50% being held by the Companys JV partner.

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During Q2 of FY17, the Government issued dated securities worth Rs. 176,000 crore taking the gross borrowings during H1 FY17 to Rs. 341,000 crore
Nov 28,2016

During Q2 of FY17, the Government issued dated securities worth Rs. 176,000 crore taking the gross borrowings during H1 FY17 to Rs. 341,000 crore or 56.8 per cent of BE, vis-a-vis 58.5 per cent of BE in H1 FY 16. Net market borrowings during H1 FY 17 was at Rs.124,777crore, 55.1 per cent of BE. Auctions, both Government dated Securities and Treasury Bills, during Q2 of FY17 were held in accordance with the pre-announced issuance calendar.

Since April-June (Q1) 2010-11, Public Debt Management Office (PDMC) (earlier Middle Office), Budget Division, Department of Economic Affairs, Ministry of Finance, is bringing-out a Quarterly Report on Debt Management on regular basis. The Current Report pertains to the Quarter July-Sept. 2016 (Q2 FY 17).

In the 12 tranches of G-securities auction, two new securities, namely 6.97% GS 2026 and 6.84% GS 2022 were issued during the quarter on Sep 6 and Sep 12, 2016, respectively. The weighted average maturity (WAM) and weighted average yield (WAY) issued during Q2 FY17 was 14.26 years and 7.24 per cent. Liquidity conditions in the economy remained comfortable and in surplus mode during the quarter. It continued to improve in Q2 with RBI front-loading the liquidity required to manage FCNR (B) redemptions. The cash position of the Government during Q2 of FY17 was comfortable and remained mostly in surplus mode.

The Public Debt (excluding liabilities under the Public Account) of the Central Government provisionally increased by 3.0 per cent in Q2 of FY 17 on Q-o-Q basis. Internal debt constituted 92.3 per cent of Public Debt as at end-September 2016, while marketable securities accounted for 83.4 per cent of Public Debt. About 26.2 per cent of outstanding stock has a residual maturity of up to 5 years at end - September 2016, which implies that over the next five years, on an average, around 5.6 per cent of outstanding stock needs to be rolled over every year. Thus, the rollover risk in the debt portfolio continues to be low. The implementation of budgeted buy back/ switches in coming period is expected to reduce roll over risk further.

G-sec yields declined sharply across the curve during the quarter, with 10 yr segment gaining the most, on the back of softening of crude prices, increase in risk appetite globally after sharp correction post Brexit, passage of GST Bill by Upper House of Parliament, liquidity easing measures of RBI, expectation of rate cut from RBI, etc.The trading volume of Government securities on an outright basis during Q2 FY 17 increase by 78.45 per cent over the previous quarter.

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Tata Steel UK signs Letter of Intent with Liberty House Group
Nov 28,2016

Tata Steel UK announced the signing of a Letter of Intent with Liberty House Group to enter into exclusive negotiations for the potential sale of its Speciality Steels business for an enterprise value of GBP 100 million subject to due diligence and corporate approvals.

The Letter of Intent covers several South Yorkshire-based assets including the Rotterdam electric arc steelworks, the steel purifying facility in Stocksbridge and a mill in Brinsworth as well as service centres in Bolton and Wednesbury, UK and in Suzhou and Xian, China. Speciality employs about 1700 people making steels for the aerospace, automotive and the oil & industries.

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