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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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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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About 85,000 candidates placed after skill training in DDU-GKY IN 2016-17
Jul 20,2017

Deendayal Upadhayaya Grameen Kaushalya Yojana (DDU-GKY) is a placement linked skill development programme for the rural poor youth being implemented by the Ministry of Rural Development. The Minister of State for Rural Development Shri Ram Kripal Yadav said that training under this scheme enables a youth to seek wage employment. He said that during the financial year 2016-17, a total of 1,62,586 candidates have been skilled and 84,900 placed.

Another component is skill development through Rural Self Employment and Training Institutes (RSETI) which enables a trainee to seek self-employment with bank credit. A total of 4,45,106 candidates have been trained and 3,63,111 settled in the financial year 2016-17.

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Indergiri Finance shits registered office
Jul 20,2017

Indergiri Finance announced that the Board of Directors of the Company on 17 July 2017 passed resolution for shifting of the registered office from existing premises to new address as mentioned below effective from 19 July 2017:

Indergiri Finance, Office No. 327, 3rd Fl, Goyal Trade Center, Near Sona Talkies, Shantivan, Borivali (E), Mumbai - 400 066

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South Asian Enterprises announces resignation of director
Jul 20,2017

South Asian Enterprises announced that . Bhatnagar (DIN 00115108) has resigned as director of the Company w.e.f. 19 July, 2017.

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Reliance Capital to discuss results
Jul 20,2017

Reliance Capital will hold a meeting of the Board of Directors of the Company on 27 July 2017.

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Inclusion of more holidays in national calendar
Jul 20,2017

The Government has received proposal to make Patriots Day, observed on 13th August, and Ningol Chakkouba, which coincides with Bhai Duj, as restricted holidays and include them in the National Calendar.

As per existing policy, the Central Government administrative offices observe 17 holidays in a year. Out of these 17 holidays, 14 are pre-notified, compulsory holidays, which include three National holidays, namely, Republic Day, Independence Day and Mahatma Gandhis birthday. The remaining three holidays are required to be selected, by the Central Government Employees Welfare Coordination Committee (CGEWCC), functioning in respective states, from another list of 12 occasions. In addition, individual employees are allowed two restricted holidays in a year to be selected from a notified list of such Restricted Holidays.

In view of the ceiling on the total number of holidays that can be declared in a year by the Government, it has not been found possible to declare additional Restricted Holiday for the above occasions.

As per policy, the Central Government Employees Welfare Coordination Committee in the State Capitals choose three holidays keeping in view the occasions of local importance. The Coordination Committees at the State Capitals may draw up separate list of Restricted Holidays keeping in view the occasions of local importance.

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Tinplate retracts from 52-week high on profit booking
Jul 20,2017

Meanwhile, the S&P BSE Sensex was down 47.34 points or 0.15% at 31,908.01. The S&P BSE Small-Cap index rose 28.66 points or 0.18% at 16,003.23.

On the BSE, 13.67 lakh shares were traded on the counter so far as against the average daily volumes of 3.20 lakh shares in the past one quarter. The stock had hit a high of Rs 146.70 so far during the day, which is a 52-week high. The stock hit a low of Rs 136.95 so far during the day. The stock had hit a 52-week low of Rs 64 on 9 November 2016.

The stock had outperformed the market over the past one month till 19 July 2017, advancing 64.08% compared with the Sensexs 2.06% rise. The stock had also outperformed the market over the past one quarter, surging 69.81% as against the Sensexs 8.93% rise. The scrip had also outperformed the market over the past one year, spurting 75.44% as against the Sensexs 15% rise.

The small-cap company has equity capital of Rs 104.67 crore. Face value per share is Rs 10.

Shares of Tinplate Company of India had rallied 24.52% in the preceding three trading sessions to settle at Rs 145.70 yesterday, 19 July 2017, from its close of Rs 117 on 14 July 2017.

Tinplate Company of Indias net profit surged 74.6% to Rs 11.02 crore on 58.9% growth in net sales to Rs 259.26 crore in Q4 March 2017 over Q4 March 2016.

Tinplate Company of India is one of the leading indigenous producers of tin coated and tin free steel sheets in India.

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CL Educate to table results
Jul 20,2017

CL Educate will hold a meeting of the Board of Directors of the Company on 24 July 2017.

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Sang Froid Labs (India) to convene EGM
Jul 20,2017

Sang Froid Labs (India) announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 19 August 2017 .

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Mangalore Chemicals grows after recommencing operations of plants
Jul 20,2017

The announcement was made during market hours today, 20 July 2017.

Meanwhile, the S&P BSE Sensex was down 71.55 points, or 0.22%, to 31,883.80. The S&P BSE Small-Cap index was up 24.23 points, or 0.15%, to 15,998.80.

On the BSE, 3,366 shares were traded in the counter so far, compared with average daily volume of 36,246 shares in the past one quarter. The stock had hit a high of Rs 73.70 and a low of Rs 70.80 so far during the day. The stock had hit a 52-week high of Rs 81.25 on 10 May 2017. The stock had hit a 52-week low of Rs 39 on 9 November 2016.

The stock had underperformed the market over the past one month till 19 July 2017, falling 6.78% compared with Sensexs 2.06% rise. The scrip had also underperformed the market in past one quarter, rising 7.44% as against Sensexs 8.93% rise. The scrip had, however, outperformed the market in past one year, gaining 36.02% as against Sensexs 15% rise.

The small-cap company has equity capital of Rs 118.52 crore. Face value per share is Rs 10.

Mangalore Chemicals and Fertilizers said that the plants commenced operations after carrying out refractory repair job in the primary reformer of the ammonia plant.

On 27 June 2017, the company had informed that it has shutdown the ammonia, urea and ABC plant for attending to ammonia plant primary reformer furnace refractory repair.

Mangalore Chemicals and Fertilizers reported net profit of Rs 4.69 crore in Q4 March 2017 compared with net loss of Rs 5.12 crore in Q4 March 2016. The companys net sales fell 32.4% to Rs 545.46 crore in Q4 March 2017 over Q4 March 2016.

Mangalore Chemicals and Fertilizers is the largest manufacturer of chemicals fertilizers in Karnataka. The company with its wide range of products that include urea, di-ammonium phosphate, muriate of potash, granulated fertilizers, micronutrients, soil conditioners and specialty fertilizers, touches and enriches the lives of farmers across Southern India.

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Relax bank guarantee norms for ship construction orders by Navy: ASSOCHAM
Jul 20,2017

The ASSOCHAM has approached the Defence Ministry, seeking relaxation for stringent bank guarantee norms required for the private sector shipyards which want to bid for construction of ships for the Indian Navy.

As per the latest policy changes brought in June this year, the shipyards to whom the contract is awarded are required to furnish Performance cum Warranty Bank Guarantee (PWBG) of 10% of the value of the Contract. Besides, the shipyards also need to furnish Advance Bank Guarantee (ABG) for all milestone payments and Integrity Pack Bank Guarantee (IPBG).

These Bank Guarantees (BGs) remain in force till delivery of the vessels. While this is a measure to safeguard the interest of the Government of India, it puts an unsustainable burden on the shipbuilding companies, which will make the projects unviable, the ASSOCHAM has written to the Defence Secretary Mr Sanjay Mitra.

The letter said the Defence Shipbuilding is possibly the only industry wherein Government contracts require all milestone payments to be backed by equivalent amount of ABG as well as PWBG. In all other industries in India such as infrastructure, the BG requirement is restricted to a PWBG of about 5 % and / or an ABG for the first advance.

n++Given the programme size, this is a very challenging task for any shipyard. There are restrictions imposed through RBI guidelines on the maximum credit exposure that a bank can take on a single entity or a single group. The total amount of Bank Guarantees issued by all schedule commercial banks in India across all industries in India and outside India as of March 31, 2016 was Rs. 10,58,116 crore. The Total value of Naval Defence contracts awarded and to be awarded in the next few years is in several lakhs of crores. Hence, the requirement of Bank Guarantees for Defence shipbuilding alone would be a substantial percentage of the total Bank Guarantees issued by the banks in Indian++.

Presently, the Defence PSUs in case of orders on a nomination basis from the MoD are allowed to submit indemnity bonds in lieu of BGs. n++It is recommended that similar provision may be made applicable in case of Private Sector Shipyards.n++

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GAIL (India) schedules AGM
Jul 20,2017

GAIL (India) announced that the Annual General Meeting (AGM) of the company will be held on 12 September 2017.

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Rama Pulp & Papers to hold board meeting
Jul 20,2017

Rama Pulp & Papers will hold a meeting of the Board of Directors of the Company on 28 July 2017, to take on record unaudited financial results for the quarter ended 30th June 2017.

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Ultracab (India) announces board meeting date
Jul 20,2017

Ultracab (India) will hold a meeting of the Board of Directors of the Company on 25 July 2017, to consider and approve the Unaudited Standalone Financial Results of the Company for the quarter ended on 30th June 2017.

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Equitas Holdings to convene board meeting
Jul 20,2017

Equitas Holdings will hold a meeting of the Board of Directors of the Company on 28 July 2017, to consider and approve, the unaudited standalone & consolidated financial results of the Company for the quarter ended June 30, 2017.

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