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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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CCL International get reaffirmation in credit ratings
Jan 13,2017

CCL International announced that ICRA, vide its letter dated 30 December 2016 has reaffirmed the long-term rating of [ICRA] BB (pronounced as ICRA double B) assigned to the Rs. 5 crore fund-based limits and the short-term rating of [ICRA] A4+ (pronounced ICRA A four plus) assigned to the Rs. 8.50 crore non-fund-based limits.

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PTC India announces cessation of nominee director
Jan 13,2017

PTC India announced that Anil Kumar Agarwal, Nominee Director of Power Finance Corporation (PFC), has ceased to be a Director on the Board of PTC India w.e.f 01 January 2017 consequent upon his superannuation from PFC.

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Lahoti Overseas announces resignation of company secretary and compliance officer
Jan 13,2017

Lahoti Overseas announced that Mrunal S Vaidya has resigned from the post of Company Secretary and Compliance Officer of the Company w.e.f 10 January 2017.

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RMG Alloy Steel announces demise of director
Jan 13,2017

RMG Alloy Steel announced that the Company was intimated on 12 January 2017, of the sad demise of one of its Director Sahasranama Iyer.

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Infosys slips after declaring dull Q3 result
Jan 13,2017

The results are as per International Financial Reporting Standards (IFRS). The result was announced before market hours today, 13 January 2017.

Meanwhile, the S&P BSE Sensex was up 33.55 points or 0.12% at 27,280.71

On the BSE, so far 4.23 lakh shares were traded in the counter, compared with average daily volumes of 2.29 lakh shares in the past one quarter. The stock had hit a high of Rs 1,045 and a low of Rs 988.40 so far during the day. The stock had hit a record high of Rs 1,278 on 3 June 2016. The stock hit a 52-week low of Rs 900.30 on 9 November 2016.

The large-cap company has equity capital of Rs 1148.47 crore. Face value per share is Rs 5.

Infosys is one of the leading information technology outsourcing services providers. The company provides business consulting, information technology and outsourcing services.

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MOIL announces change in directorate
Jan 13,2017

MOIL has received Government of India letter dated 11 January 2017, extending the additional charge of the post of Director (Production & Planning), MOIL to T. K. Pattnaik, Director (Commercial), MOIL for further period of three months w.e.f. 01 February 2017, or till a regular incumbent joins the post, or until further orders, whichever is the earliest.

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Infosys consolidated net profit rises 7.01% in the December 2016 quarter
Jan 13,2017

Net profit of Infosys rose 7.01% to Rs 3708.00 crore in the quarter ended December 2016 as against Rs 3465.00 crore during the previous quarter ended December 2015. Sales rose 8.62% to Rs 17273.00 crore in the quarter ended December 2016 as against Rs 15902.00 crore during the previous quarter ended December 2015.

ParticularsQuarter Endedn++Dec. 2016Dec. 2015% Var. Sales17273.0015902.00 9 OPM %27.6027.22 - PBDT5587.005130.00 9 PBT5154.004761.00 8 NP3708.003465.00 7

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Tata Consultancy Services appoints CEO cum MD
Jan 13,2017

Tata Consultancy Services announced the appointment of Rajesh Gopinath as Chief Executive Officer and Managing Director. Gopinath takes over from N Chandrasekaran who has been appointed as Chairman of Tata Sons effective 21 February 2017.

TCS has also named N Ganapathy Subramaniam, wh is currently President, TCS Financial Solutions as the President and Chief Operating Officer and appointed him as a Director on the Board of the Company.

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Board of Sanco Trans approves change in company secretary and compliance officer
Jan 13,2017

Sanco Trans announced that the Board of Directors of the Company, by passing of resolution through circulation on 12 January 2017.

1. has accepted the resignation of B. Lakshmi Sowjanya from the post of Company Secretary and Compliance officer of the Company with effect from the closing hours of 31 December 2016.

2. has appointed S. R. Srinivasan, Director- Finance and Chief Financial Officer of the Company as Compliance Officer of the Company with effect from 10 January 2017 till the time a qualified Company Secretary is appointed as a Whole-time Company Secretary and Compliance Officer of the Company.

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Board of Tree House Education & Accessories approves converting owned schools into franchise
Jan 13,2017

Tree House Education & Accessories announced that the Board of Directors of the Company at its meeting held on 12 January 2017 has considered and approved to convert pre-school owned by the Company in its own name into franchise on such royalty fees and other terms and conditions as may be decided by any one or all Directors of the Company from time to time in the best interest of the Company.

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TCS drops after declaring muted Q3 result
Jan 13,2017

The result was announced after market hours yesterday, 12 January 2017. The results are as per International Financial Reporting Standards (IFRS).

Meanwhile, the S&P BSE Sensex was up 91.97 points, or 0.34%, to 27,339.13

On the BSE, so far 65,000 shares were traded in the counter, compared with average daily volumes of 95,222 shares in the past one quarter. The stock had hit a high of Rs 2,368 and a low of Rs 2,286 so far during the day.

The stock hit a 52-week high of Rs 2,740 on 12 August 2016. The stock hit a 52-week low of Rs 2,054.70 on 15 November 2016.

The large-cap IT major has equity capital of Rs 197.04 crore. Face value per share is Re 1.

TCS consolidated revenue in constant currency grew 2% in Q3 December 2016 over Q2 September 2016.

Commenting on the Q3 performance, CEO and MD, N Chandrasekaran said that the resilience of the companys business model and strength of its operating strategy has been brought to the fore by its performance in Q3, traditionally a quarter of weak demand. TCS strengths in digital, platforms and cloud as well as its deep knowledge of the customers domain are driving its ability to play a strategic role and make a holistic impact on the business.

Chandrasekaran added that to support and sustain the companys digital business that is growing at 30% on an annual basis, it continues to build new capabilities in digital technologies, empower employees to enhance agility in the workplace and invest more to develop IP-based platforms and products. Some of these products and platforms are maturing with greater customer adoption while others continue to be incubated in its innovation labs. As digital adoption increases in 2017, TCS is well prepared to lead this change.

Rajesh Gopinathan, Chief Financial Officer, said that TCS has shown great discipline and control at all levels to deliver another credible quarter. Alongside a good growth performance, the company has been able to keep profitability stable in the desired range and deliver over $1 billion in free cash flow during the quarter. Meanwhile, TCS after market hours yesterday, 12 January 2017 announced that Rajesh Gopinathan has been appointed as Chief Executive Officer (CEO) and Managing Director of the company. Gopinathan takes over from N Chandrasekaran who has been appointed as the Chairman of Tata Sons, effective 21 February 2017.

TCS is an IT services, consulting and business solutions organization. The company offers a consulting-led, integrated portfolio of IT, BPS, infrastructure, engineering and assurance services.

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Infosys standalone net profit rises 13.78% in the December 2016 quarter
Jan 13,2017

Net profit of Infosys rose 13.78% to Rs 3599.00 crore in the quarter ended December 2016 as against Rs 3163.00 crore during the previous quarter ended December 2015. Sales rose 10.23% to Rs 14949.00 crore in the quarter ended December 2016 as against Rs 13562.00 crore during the previous quarter ended December 2015.

ParticularsQuarter Endedn++Dec. 2016Dec. 2015% Var. Sales14949.0013562.00 10 OPM %29.5528.69 - PBDT5222.004628.00 13 PBT4883.004353.00 12 NP3599.003163.00 14

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Alpha Hi-Tech Fuel reports standalone net loss of Rs 0.02 crore in the December 2016 quarter
Jan 13,2017

Net Loss of Alpha Hi-Tech Fuel reported to Rs 0.02 crore in the quarter ended December 2016 as against net loss of Rs 0.01 crore during the previous quarter ended December 2015. There were no Sales reported in the quarter ended December 2016 and during the previous quarter ended December 2015.

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Baid Leasing & Finance Co standalone net profit rises 13.24% in the December 2016 quarter
Jan 13,2017

Net profit of Baid Leasing & Finance Co rose 13.24% to Rs 0.77 crore in the quarter ended December 2016 as against Rs 0.68 crore during the previous quarter ended December 2015. Sales rose 45.98% to Rs 7.27 crore in the quarter ended December 2016 as against Rs 4.98 crore during the previous quarter ended December 2015.

ParticularsQuarter Endedn++Dec. 2016Dec. 2015% Var. Sales7.274.98 46 OPM %60.3966.27 - PBDT1.341.04 29 PBT1.311.00 31 NP0.770.68 13

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Shree Digvijay Cement Co. provides business update
Jan 13,2017

Shree Digvijay Cement Co. announced that the Company has received an order dated 9 January 2017 from the Honble High Court of Gujarat at Ahmedabad in SCA No. 21188 of 2016, whereby the Honble High Court has directed the Government of Gujarat to issue grant orders and execute mining leases, subject to obtaining Environmental Clearance and fulfillment of other conditions as per said High Court Order, in respect of the areas mentioned in the following letters of intent issued by the Government of Gujarat:

1. Letter of Intent bearing No. MCR-1103-2119 (1) CHH dated 9 November 2005 for grant of mining lease in Village Mokhana, Taluka Bhanvad, District Jamnagar (Now Devbhumi Dwarka);

2. Letter of Intent bearing No. MCR-1103-2119 (2) CHH dated 9 November 2005 for grant of mining lease in Village Pachhtardi, Taluka Bhanvad, District Jamnagar (Now Devbhumi Dwarka);

3. Letter of Intent bearing No. MCR-1103-2119 (3) CHH dated 9 November 2005 for grant of mining lease in Village Dhebar and Village Bhavaneshvar, Taluka Bhanvad, District Jamnagar (Now Devbhumi Dwarka).

In compliance with the directions of the Gujarat High Court and subsequent receipt of separate Grant Orders from the Government of Gujarat on 09 January 2017 in respect of the above Letter of Intent, the Company has on 11 January 2017 executed the mining leases in respect of the previously mentioned mines for a period of 50 years each.

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