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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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United Bank of India revises interest rates on domestic term deposits
Nov 17,2016

United Bank of India has revised the banks interest rates on domestic term deposits across various tenures with effect from 18 November 2016.

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Reliance Industries and GE form a global partnership
Nov 17,2016

Reliance Industries and GE announced the signing of a global partnership agreement in the Industrial IOT (IIOT) space whereby RIL and GE will work together to build out joint applications on GEs Predix platform.

The first-of-its-kind partnership marks the coming together of two of the worlds largest industrial conglomerates to provide Industrial IOT solutions to customers in oil & gas, fertilizer, power, healthcare, telecom and other industries.

GE will provide its Predix cloud offering, Industrial Internet applications and data science expertise. RIL will develop solutions on Predix as an Independent Software Vendor (ISV), bringing to bear its over 30 years of data, process and operational expertise. RIL will also offer nationwideconnectivity infrastructure to customers through a 4G network powered by Jio. GE would offer the security, availability and monitoring aspects of the platform to RIL and its customers. The potential for other revenue streams includes telecom, healthcare and agriculture.

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Board of Neelkanth Technologies approves change in company secretary
Nov 17,2016

Neelkanth Technologies announced that the existing Secretarial Auditor has expressed their inability to continue as a Secretarial Auditor. The Board of Directors of the Company at their meeting held on 17 November 2016 at appointed Jimmy N. Panthaky, Company Secretary, for the financial year 2016-17 in place of Hemant Shetye, Partner of HS Associates, Company Secretary, Mumbai who expressed his unwillingness to continue.

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IIFL Holdings provides update on subsidiary - India Infoline Finance
Nov 17,2016

IIFL Holdings announced that the Companys NBFC subsidiary namely India Infoline Finance [IIFL] proposes to acquire the management and control of Samasta Microfinance [Samasta], a Non Banking Finance Company - Micro Finance Institution [NBFC-MFI] registered with RBI and based in Bangalore through acquisition of upto 100% equity shares of Samasta subject to completion of necessary due diligence, regulatory and other internal approvals.

In this regard, Samasta has received the approval of RBI and necessary Public Notice is being issued. Pursuant to this, IIFL, Samasta and the promoters of Samasta will enter into necessary agreements and documents to effect sale and purchase shares of Samasta in due course upon completion of due diligence, internal approvals and regulatory process.Samasta promoted by Mr. Narayanswamy Venkatesh and Mr. Deviah Shivaprasad, first generation entrepreneurs, began operations as an MFI in March 2008 and operates in Tamil Nadu, Karnataka, Maharashtra and Goa through 64 branches. It currently has an AUM of about Rs. 100 crore as on 30 September 2016. The proposed acquisition of Samasta will help IIFL to enter into micro finance segment and extend its wide ranging financial services to their large customer base.

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Board of Bindal Exports approves change in company secretary and compliance officer
Nov 17,2016

Bindal Exports announced that pursuant to Resignation of Hiren shah form the Service of the Company in the Month of October 2016, the Board of Directors of the Company has accepted his Resignation as the Company Secretary and Compliance officer of the Company w.e.f. 25 October 2016

In view of the aforesaid the Board of Directors of the Company at its meeting held on 14 November 2016, has appointed Nikhil Mistry as Company Secretary, and Compliance officer (under Regulation 6) of SEBI (LODR), 2015. w.e.f. 14 November 2016.

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TCS recognized as Leader in Life Sciences IT Infrastructure, IT Application Services and Digital IT Services
Nov 17,2016

Tata Consultancy Services announced that it has been recognised as a Leader in Life Sciences IT Applications Services and IT Infrastructure Services, and a Leader and Star Performer in Digital IT Services in three recent Everest Group reports.

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UDAN to promote Regional Connectivity
Nov 17,2016

The Ministry of Civil Aviation (MoCA) launched the Regional Connectivity Scheme (RCS)-UDAN in October, 2016, to promote regional air connectivity in the country including North Eastern region and creating additional infrastructure by revival of unserved and underserved airports/airstrips. The scheme has been finalized after extensive consultation with all the stakeholders including State Governments. Suggestions were received from stakeholders including the states at the time of consultation with public/stakeholders on the draft Scheme.

The indicative list of underserved and unserved airports in India of the Scheme also includes Defence airports. However, for such airports, approval from Ministry of Defence needs to be obtained for permitting joint use/civil operation under the Scheme.

The primary objective of RCS is to facilitate / stimulate regional air connectivity by making it affordable. Promoting affordability of Regional air connectivity is envisioned under RCS by supporting airline operators through (i) concessions by Central Government, State Governments and airport operators to reduce the cost of airline operations on regional routes and (ii) financial support (Viability Gap Funding or VGF) to meet the gap, if any, between the cost of airline operations and expected revenues on such routes. RCS-UDAN is a demand-driven scheme, where airline operators undertake assessment of demand on particular routes.

A Regional Connectivity Fund (RCF) has been created under powers conferred under Rule 88-B of the Aircraft Rules, 1937 to provide the VGF requirements under the scheme. The Central Government has decided to impose a levy on the scheduled flights being operated within India to fund the Regional Connectivity Fund. However, following flights has been exempted from the above mentioned levy:;

i) Flights operated on CAT II/ CAT IIA routes as specified in Route Dispersal Guidelines issued under Rule 134 (1A).;

ii) Flights operated on RCS routes.;

iii) Flights operated with aircraft having maximum certified take off mass not exceeding 40,000 kg.

The payment of VGF will be made to selected airline operators from the RCF.

For imposing levy, amendment was done after consulting all stakeholders. Observations/ comments from different stakeholders including Federation of Indian Airlines (FIA) were considered before amending the rule ibid. The Ministry has signed MoU on RCS-UDAN with the states of Mizoram, Puducherry, Uttarakhand, West Bengal, Assam, Jharkhand, Madhya Pradesh, Maharashtra, Andhra Pradesh, Gujarat and Chhattisgarh. A pre-bid meeting was held on 11-11-2016 with all the stakeholders including states and airline operators to facilitate the effective and efficient implementation of the scheme.

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Edelweiss Financial Services provides update on subsidiary - Edel Commodities
Nov 17,2016

Edelweiss Financial Services announced that Edel Commodities Limited (ECL), a wholly owned subsidiary of the Company, has entered into a Share Sale & Purchase Agreement with Inditrade Business Consultants (Buyer/IBCL) on 17 November 2016 for sale of its wholly owned subsidiary namely Edel Commodities Trading Limited (ECTL) for a deal size of minimum of Rs. 13 crore receivable in cash and shares.

IBCL is a subsidiary of Inditrade Capital Limited with focus on commodity procurement, financing and export of commodities. It operates in 7 states and is rapidly scaling up its operations in India and abroad.

The aforesaid transactions are not with the Promoter/Promoter Group and also does not fall under the related party transactions.

Consequent to the above, ECTL, Edelweiss Commodities CHAD SARL and Edelweiss Commodities Nigeria Limited, the subsidiaries of ECTL, ceases to be the subsidiaries of ECL and, in turn of the Company.

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Board of La Tim Metal & Industries to consider preferential issue of shares
Nov 17,2016

La Tim Metal & Industries announced that the Meeting of the Board of Directors of the Company will be held on 25 November 2016 to discuss on its plan relating to further Issue of Shares on Preferential basis.

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Canara Bank revises deposit interest rates
Nov 17,2016

Canara Bank has revised deposit interest rates in different maturities in retail and bulk deposits in the range of 5bps to 25 bps and these are effective from 21 November 2016.

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Punj Lloyd provides update on subsidiary - Punj Lloyd Infrastructure
Nov 17,2016

Punj Lloyd announced that Punj Lloyd Infrastructure (n++PLILn++), a wholly owned subsidiary of the Company has executed definitive agreements with India Power Green Utility (n++IPGUPLn++) to co-develop 30 MW of solar assets in Uttarakhand, in respect of three Solar Power Projects, each of 10 MW capacity won by PLIL under the tarrif based competitive bidding process in October 2015 to be executed by its Wholly Owned Subsidiaries (WOS) viz. PL Surya Vidyut, PL Sunrays Power, and PL Solar Renewable.

As per the transaction, PLIL will divest 49% of its shareholding in its three subsidiaries viz. PL Surya Vidyut, PL Sunrays Power and PL Solar Renewable. The SPVs have signed 25 years power purchase agreements with Uttarakhand Power Corporation. The Company shall be responsible for the entire engineering, procurement and commissioning of the above projects.

The transaction is expected to be completed once customary closing conditions and approvals are obtained. Greenstone Energy Advisors is acting as the exclusive financial advisor to PLIL for the transaction.

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Board of Enkei Wheels India to consider preferential issue of shares
Nov 17,2016

Enkei Wheels India announced that Meeting of the Board of Directors of the Company will be held on 23 November 2016, inter-alia, to consider the following:

1. Issue of Equity Shares to its Promoter i.e. Enkei Corporation, Japan on Preferential basis in terms of provisions of Chapter VII of SEBI (Issue of Capital and Disclosure Requirements), Regulations, 2009.

2. Convening an Extra-Ordinary General Meeting and other incidental issues.

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Board of Jyoti Resins and Adhesives to consider preferential issue of shares
Nov 17,2016

Jyoti Resins and Adhesives announced that Meeting of Board of Directors of the Company is scheduled to be held on 22 November 2016, inter alia, to propose and consider the Issue of Equity shares on preferential basis to Promoter and Promoter Group of the Company.

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Board of Astral Poly Technik approves interim dividend
Nov 17,2016

Astral Poly Technik announced that the Board of Directors of the Company at its meeting held on 17 November 2016, inter alia, has considered and approved followings:-

- Payment of Interim Dividend @ Re. 0.20/- per Equity Share of Re. 1/- each. Payment of dividend shall be made before 10 December 2016.

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Power Mech Projects to announce September quarter results
Nov 17,2016

Power Mech Projects announced that a meeting of Board of Directors of the Company is scheduled to be held on 02 December 2016 to inter alia consider, approve the Un Audited Financial Results of the Company for the quarter ended 30 September 2016.

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