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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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DCM to hold board meeting
May 23,2017

DCM will hold a meeting of the Board of Directors of the Company on 30 May 2017.

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Bajrang Finance to hold board meeting
May 23,2017

Bajrang Finance will hold a meeting of the Board of Directors of the Company on 29 May 2017.

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Remi Process Plant & Machinery to hold board meeting
May 23,2017

Remi Process Plant & Machinery will hold a meeting of the Board of Directors of the Company on 30 May 2017.

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Remi Edelstahl Tubulars to hold board meeting
May 23,2017

Remi Edelstahl Tubulars will hold a meeting of the Board of Directors of the Company on 30 May 2017.

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Cromakem to hold board meeting
May 23,2017

Cromakem will hold a meeting of the Board of Directors of the Company on 26 May 2017.

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Board of Onward Technologies approves appointment of directors
May 23,2017

Onward Technologies announced that the Board of Directors of the Company at its meeting held on 22 May 2017 approved appointment of Rahul Rathi and Parish Meghani as Independent Directors of the Company, subject to approval of shareholders.

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Allcargo Logistics to pay dividend
May 23,2017

Allcargo Logistics announced that dividend, if approved by shareholders at the AGM, will be paid on or after 14 August 2017.

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GAIL (India) slips after posting weak Q4 results
May 23,2017

The result was announced after market hours yesterday, 22 May 2017.

Meanwhile, the S&P Sensex was down 9.32 points or 0.03% at 30,561.65.

On the BSE, 39,592 shares were traded on the counter so far as against the average daily volumes of 3.75 lakh shares in the past one quarter. The stock had hit a high of Rs 381 and a low of Rs 375.65 so far during the day.

GAIL (India) said that the fall in bottomline was due to accounting of impairment of investments in Ratnagiri Gas and Power (RGPPL) of Rs 783 crore in Q4 March 2017. The net profit without the impact of impairment rose 25% to Rs 1043 crore in Q4 March 2017 over in Q4 March 2016.

Gail (India) said that the board of directors recommended the payment of final dividend of Rs 2.7 per share for the year ended 31 March 2017.

GAIL (India), Indias largest natural gas company, is one of the seven Maharatna Public Sector Undertakings (PSUs). Government of India held 54.44% stake in the firm as per the shareholding pattern as on 31 March 2017.

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MEP Infrastructure Developers provides update on Mahuva Kagavadar road project
May 23,2017

MEP Infrastructure Developers announced that its subsidiary, MEP Sanjose Mahuva Kagavadar Road had entered into Concession Agreement with The National Highways Authority of India (NHAI) dated 09 August 2016 for Four Laning of Mahuva to Kagavadar of NH-8E from km100.100 to km139.915 (design chainage from km100.450 to km140.470)(PackageIII) in Gujarat on HAM under NHDP Phase IV.

Key highlights are:
(i)Construction Period:2.5 years from Appointed Date
(ii)Concession Period:15 years (excluding Construction Period of 2.5 years)
(iii)The Co will receive Bi-Annual Annuity from NHAI post Comm Operation Date(COD).
(iv)The Bid project cost is 604.68 crore out of which Project finance will contribute Rs.272.11 crore and remaining will be funded by grant from NHAI and equity contributed by the Company.

MEPMK had achieved the Financial Closure in terms of Concession Agreement executed with NHAI, by tying up of Project Finance of Rs.272.11 crore on 31 March 2017. NHAI now has given 15 May 2017 as the Appointed Date for the project vide letter dated 22 May 2017.

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HPL Electric & Power appoints CFO
May 23,2017

HPL Electric & Power announced the appointment of Neeraj Kumar as CFO of the Company with immediate effect at board meeting held on 22 May 2017.

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CBDT signs 2 Unilateral APAs with Indian taxpayers taking the number of APAs signed in the current Financial Year to four
May 23,2017

The Central Board of Direct Taxes (CBDT) has entered into two Unilateral Advance Pricing Agreements (APA) on 04th May, 2017 and 11th May, 2017 respectively, with Indian taxpayers. One of the Agreements also has n++Rollbackn++ provision.

The two APAs signed pertain to chip design/development of embedded software and Information technology (software development) sectors of the economy. The number of APAs signed in the current financial year now is four. The CBDT expects more APAs to be signed in the near future. The progress of the APA Scheme strengthens the Governments commitment to foster a non-adversarial tax regime.

The APA Scheme endeavours to provide certainty to taxpayers in the domain of transfer pricing by specifying the methods of pricing and determining the arms length price of international transactions in advance for the maximum of five future years. Further, the taxpayer has the option to roll-back the APA for four preceding years, as a result of which, total nine years of tax certainty is provided. Since its inception, the APA scheme has attracted tremendous interest among Multi National Enterprises (MNEs).

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GAIL (India) may drop after posting weak Q4 results
May 23,2017

GAIL (India)s net profit dropped 68.74% to Rs 260.16 crore on 15.86% rise in total income to Rs 13674.09 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 22 May 2017.

The fall in bottomline was due to accounting of impairment of investments in Ratnagiri Gas and Power (RGPPL) of Rs 783 crore in Q4 March 2017. The net profit without the impact of impairment rose 25% to Rs 1043 crore in Q4 March 2017 over in Q4 March 2016.

Tata Motors unveils Q4 results today, 23 May 2017.

Brigade Enterprises consolidated net profit jumped 173% to Rs 82 crore on 11% rise in total revenues to Rs 561 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 22 May 2017.

Hinduja Global Solutions consolidated net profit fell 9.6% to Rs 42.7 crore on 1.7% fall in operating revenues to Rs 940 crore in Q4 March 2017 over Q3 December 2016. The result was announced after market hours yesterday, 22 May 2017.

Seamec said that the charter for the vessel HAL SUPPORTER taken on charter basis from HAL for the contract with National Petroleum Construction Company has ended at 20:30 IST on 20 May 2017. The announcement was made after market hours yesterday, 22 May 2017.

Dwarikesh Sugar Industries has scheduled a board meeting on 2 June 2017, to consider the sub division of face value of equity shares of the company. The announcement was made after market hours yesterday, 22 May 2017.

MT Educare (MTEL) announced that it, alongwith its subsidiary Lakshya Educare Private Limited, has been sanctioned a long term debt facility from Xander Finance Private Limited (Xander) of Rs 110 crore. The initial disbursement proceeds from Xander of Rs 80 crore were utilized largely to repay short term debt raised by the company from various lenders who had provided loans to the company against promoter Mahesh Shettys shares, as primary security. With the above deal, MTEL has been successfully able to convert most of its short term debt outstanding as on 31st March 2017, to long term debt.

This transaction has also enabled MTEL to significantly reduce its average cost of borrowings to the mid-teens. The above clarification is given by MTEL, in continuation of a clarification given to the stock exchanges in response to a new article in a leading newspaper recently. The announcement was made after market hours yesterday, 22 May 2017.

VA Tech Wabag said that board of directors in its meet on 25 May 2017 will consider the proposal of fund raising through private placement/preferential allotment/ qualified institutional placement or in any combination thereof. The announcement was made after market hours yesterday, 22 May 2017.

Vishal Fabrics announced that the board of directors of in a meeting on 30 May 2017 will consider 2 for 1 stock split. The announcement was made after market hours yesterday, 22 May 2017.

SRF said that the board of directors at a meeting held on 22 May 2017 has approved setting-up of a facility to produce agrochemical at SRFs chemical complex in The proposed capacity addition 250 metric tonne per annum. The period within which the proposed capacity is to be added is 12 to 18 months. The investment required is Rs 180 crore. The mode of financing is mix of debt and internal accruals. The announcement was made after market hours yesterday, 22 May 2017.

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Tata Consultancy Services launches Exchange for Adaptive Streetlight Optimisation
May 22,2017

Tata Consultancy Services has unveiled intelligent software that allows cities to cater to derive greater value from costly LED lighting by reducing the typical four to five year payback period almost in half - to just two to three years. This allows cities to invest in other smart city projects sooner, cuts energy consumption using self learning algorithms and improves public safety responding to real time change in traffic, whether and people movement.

Available from TCS Digital Software & Solutions Group, Intelligent Exchange for Adaptive Streetlight Optimisation also helps cities to jump start smart city projects in other domains, such as water and transportation, by leveraging smart streetlight wide area networks and a common data analytics platform.

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Tata Consultancy Services launches Intelligent Exchange for Adaptive Streetlight Optimisation
May 22,2017

Tata Consultancy Services has unveiled intelligent software that allows cities to cater to derive greater value from costly LED lighting by reducing the typical four to five year payback period almost in half - to just two to three years. This allows cities to invest in other smart city projects sooner, cuts energy consumption using self learning algorithms and improves public safety responding to real time change in traffic, whether and people movement.

Available from TCS Digital Software & Solutions Group, Intelligent Exchange for Adaptive Streetlight Optimisation also helps cities to jump start smart city projects in other domains, such as water and transportation, by leveraging smart streetlight wide area networks and a common data analytics platform.

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ICICI Prudential Life Insurance Company allots 1100 equity shares
May 22,2017

ICICI Prudential Life Insurance Company has allotted 1100 equity shares under ESOS on 22 May 2017.

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