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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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Adequate Supply of Coal to Power Sector
Jul 20,2017

During the period April, 2016 to December, 2016, the coal based power generation grew by 6.18 per cent to 674.492 Billion Units over the same period in the previous year. Dispatch of coal and coal products to power sector from Coal India Limited (CIL) sources in October, 2016 was 31.91 Million Tonnes (MT) as against 34.50 MT in October, 2015. This was due to more than adequate availability of coal in stock at power plants and better quality of coal resulting in improvement of Station Heat Rate and reduction in coal consumption per unit of power, despite higher generation.

The target of coal production for CIL for 2017-18 has been as 600 MT. The coal production of CIL have been 462.422 MT, 494.238 MT, 538.754 MT and 554.14 MT in the years 2013-14, 2014-15, 2015-16 & 2016-17 respectively. There is a continuous annual growth in coal production by CIL, the Minister added.

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Hong Kong Stocks climb 0.3%
Jul 20,2017

The Hong Kong stock market finished session higher for ninth straight session on Thursday, 20 July 2017,its longest winning streak since April 2015, as record high closing of Wall Street overnight cheered investors sentiments. The benchmark Hang Seng index ended up 0.3%, or 68.05 points at 26,740.21, its highest level since June, 2015. The Hang Seng China Enterprises Index, that tracks the performance of China companies listed in Hong Kong, was 0.1%, or 13.69 points, lower at 10,846.83. Turnover decreased slightly to HK$90.5 billion from HK$91 billion on Wednesday.

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China Stocks up on repo injection
Jul 20,2017

The Mainland China equity market finished higher for straight third session on Thursday, 20 July 2017, with sentiment supported by Chinese central banks injection of funds into the banking system and expectations of robust first-half corporate earnings. Most sectors gained, led by real estate and consumers stocks, as investors expanded their search for blue-chips still attractively priced. The blue-chip CSI300 index rose 0.5%, to 3,747.88 points, while the Shanghai Composite Index added 0.4% to 3,244.86 points.

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Nikkei gains on BoJ easy monetary policy
Jul 20,2017

The Japan share market finished session higher on Thursday, 20 July 2017, with investor sentiment staying bright after record highs on Wall Street overnight. Meanwhile, gains were further aided by prospects of strong corporate profits and expectations that the Bank of Japan will stick to its loose policy path for some time. Also supporting the mood was data early in the day which showed Japans exports rose for a seventh straight month in June, led by shipments of cars and electronics. The benchmark Nikkei 225 index rose 0.62%, or 123.73 points, to 20,144.59 while the Topix index of all first-section issues gained 0.69%, or 11.14 points, at 1,633.01.

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Australia Market extends gain on Thursday
Jul 20,2017

Australian equity market finished session higher for straight second session on Thursday, 20 July 2017, cheered by a strong rally in bank and energy stocks while record highs on Wall Street further buoyed sentiment. The S&P/ASX 200 rose 29.4 points, or 0.5%, to finish at 5761.5.

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Board of Pratibha Industries appoints company secretary
Jul 20,2017

Pratibha Industries announced that the Board of Directors has appointed Bhavna Shah as Company Secretary and Compliance Officer in their Meeting held on 20 July 2017.

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Outcome of board meeting of Integrated Capital Services
Jul 20,2017

Integrated Capital Services announced that the Board of Directors at its meeting held on 20 July 2017 transacted the following -

1.Approved amended Scheme of merger pursuant to query of BSE regarding clarity on the number of shares to be reduced of Transferee Company (ICSL) upon approval of scheme of Merger of DAPL with the Company.The amended Scheme of merger has also been approved by the Board of DAPL.

2.The Company is incorporating a Wholly Owned Subsidiary Company(WOS), BTG IP Services, which will register itself with IBBI as an Insolvency Professional Entity under Reg 12(1)(b) of IBC,2016. It is proposed that Sanjay Agrawal, CFO, will be appointed as Whole Time Director of BTG IP Services, when incorporated. Accordingly, Sanjay resignation from the office of CFO has been accepted.

3.Appointment of Bhavesh Chadha as CFO, elevating him from the office of General Manager.

4.Appointment of Shivani Arora, a former Company Secretary(CS)& Compliance Officer, as CS & Compliance Officer upon her rejoining employment and acceptance of resignation of Preeti Gupta from the said office.

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Suzlon Energy allots 9,87,12,902 equity shares
Jul 20,2017

Suzlon Energy has allotted 9,87,12,902 equity shares of Rs 2 each on conversion of FCCBs. Post the allotment, the paid up capital of the Company is Rs 1058.15 crore dividend into 529,07,99,122 equity shares of Rs 2 each.

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FPIs step up buying
Jul 20,2017

Foreign portfolio investors (FPIs) bought stocks worth a net Rs 1015.41 crore from the secondary equity markets on 19 July 2017, higher than net inflow of Rs 373.45 crore on 18 July 2017. On that day, the Sensex gained 244.36 points or 0.77% to settle at 31,955.35, its highest closing level since 17 July 2017.

The net inflow of Rs 1015.41crore on 19 July 2017 was a result of gross purchases of Rs 6578.95 crore and gross sales of Rs 5563.54 crore.

There was an inflow of Rs 1.47 crore into the category primary market & others on 19 July 2017.

FPIs have bought stocks worth a net Rs 1696.17 crore from the secondary equity markets in July 2017 so far (till 19 July 2017). They had purchased stocks worth a net Rs 906.13 crore from the secondary equity markets in June 2017.

FPIs have purchased shares worth a net Rs 40251.69 crore from the secondary equity markets in calendar year 2017 so far (till 19 July 2017). They had purchased shares worth a net Rs 12094.42 crore from the secondary equity markets in calendar year 2016.

FPIs have bought stocks worth a net Rs 1105.45 crore from the category primary market & others in July 2017 so far (till 19 July 2017). They had bought stocks worth a net Rs 2710.69 crore from the category primary market & others in June 2017.

FPIs have purchased shares worth a net Rs 15904.23 crore from the category primary markets & others in calendar year 2017 so far (till 19 July 2017). The net inflow from FPIs into the category primary markets & others had totaled Rs 8471.76 crore in calendar year 2016.

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Rs. 3653 Crore of Amount Received from Allocation of Coal Blocks
Jul 20,2017

The Coal bearing State Governments have received an amount of Rs. 3653 crores till June 2017 from the allocation of Coal blocks/Mines under the provisions of Coal mines (Special Provisions) Act, 2015. Under the aforesaid Act, provisions of the entire revenue from allocation (auction and allotment) of coal blocks / mines under the accrues to the coal bearing State Government concerned.

The utilization of the revenue generated from the allocation of coal mines / blocks under the provisions of the Coal Mines (Special Provisions) Act, 2015 is the prerogative of the coal bearing State Government, the Minister added.

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Mangalore Chemicals & Fertilizers provides operations update
Jul 20,2017

Mangalore Chemicals & Fertilizers announced that the Company has commenced operations of Ammonia, Urea and Ammonia Bi-carbonate plants after carrying out refractory repair job in the primary reformer of the Ammonia plant.

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Anshuni Commercials appoints director
Jul 20,2017

Anshuni Commercials has appointed Kanhai Shah (DIN: 00120267) as Additional Independent Director of the Company by the Board of Directors in its meeting held on 20 July 2017 with immediate effect subject to approval of shareholders in ensuring Annual General Meeting.

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Petronet LNG announces cessation of director
Jul 20,2017

Petronet LNG announced that R. K. Garg has been superannuated as Director (Finance) of the Company w.e.f. 19 July 2017 after office hours.

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Somi Conveyor Beltings secures new orders worth Rs 15.11 crore
Jul 20,2017

Somi Conveyor Beltings has secured multiple orders aggregating Rs 15.11 crore for a total 34969 meters since 01 April 2017 till date.

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LKP Finance gets reaffirmation in credit ratings for bank facilities
Jul 20,2017

LKP Finance has received reaffirmation in rating for bank facilities availed by the Company from Brickwork Ratings as under -

Long term - Cash Credit (Rs 125 crore) - BWR BBB; Stable

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